Key Highlights

● Diluted FFO as Adjusted was $0.46 per share, flat year over year.

● Management raised 2026 FFO as Adjusted guidance to $1.73–$1.77 per share.

● Healthpeak owns 73.6% of Janus Living after its initial public offering.

● The board authorized a new $500 million share repurchase program in July.

Healthpeak Properties (NYSE:DOC), a healthcare real estate investment trust, reported second-quarter 2026 results on August 4, 2026. Diluted net income was $0.08 per share, against $0.05 a year earlier, while diluted FFO as Adjusted, the company's preferred earnings measure, was $0.46 per share, flat year over year. Nareit FFO was $0.46, compared with $0.43. Total same-store adjusted cash net operating income rose 1.8%, with outpatient medical up 2.5%, senior housing up 19.2% and lab down 3.2%.

Management lifted its full-year 2026 guidance. Diluted FFO as Adjusted is now expected at $1.73 to $1.77 per share, from $1.71 to $1.75, and diluted EPS at $0.48 to $0.52, from $0.46 to $0.50. Same-store cash NOI growth is guided at 0% to 1.5%, previously negative 1% to positive 1%. These are management expectations, not reported outcomes.

Portfolio mix and capital recycling

Outpatient medical occupancy was 90.7%, up 20 basis points sequentially, with 1.2 million square feet leased in the quarter. Lab occupancy was 78.5%, up 80 basis points, on 381,000 square feet of leasing. Lab remains the softer part of the portfolio: occupancy is improving but still sits below 80%, and same-store income there fell during the quarter. Lab is 34.0% of the same-store pool.

The more visible change is structural. Janus Living, Inc. (NYSE:JAN), the senior housing business, has completed its initial public offering, and Healthpeak owns 73.6% of it. Janus Living reported second-quarter revenue of $216 million, up 45%, and adjusted EBITDAre of $79 million, up 34%. Since quarter end through August 3 it completed about $1.0 billion of senior housing acquisitions, with a further acquisition of $59 million under purchase agreement.

Healthpeak has also been selling down outpatient assets. In July it closed the sale of a 49% interest in an 86-property outpatient medical portfolio to a Brookfield joint venture, at a $2.1 billion gross valuation, generating about $1.025 billion of proceeds and an implied trailing cash cap rate of roughly 5.9%. Year-to-date proceeds from recapitalizations, loan repayments and disposals reached $1.75 billion by August 3.

Balance sheet and shareholder returns

Net debt to adjusted EBITDAre was 4.7 times at June 30, 2026, and liquidity stood at $3.4 billion on August 3. After quarter end the company repaid $650 million of 3.25% senior notes at maturity and about $375 million of commercial paper. The board authorized a new $500 million share repurchase program in July, replacing the previous authorization; the company said about $100 million of shares were bought back in April at a weighted average of $16.81.

The common dividend is paid monthly. The board declared $0.10167 per share for each of July, August and September 2026, or $0.305 for the third quarter and $1.22 annualized. Record dates were July 20, August 17 and September 14, with the final payment due on September 25.

Lab Leasing and Leverage at 4.7 Times

Healthpeak is an S&P 500 constituent, added on March 31, 2008.

Lab leasing could stay uneven if tenant demand remains cautious. The pivot towards senior housing increases exposure to operating performance, while the Janus Living listing introduces minority shareholders into that part of the business. Acquisitions and buybacks are funded partly from disposal proceeds, so execution and pricing of further sales matter. Leverage of 4.7 times leaves less room than a lower figure would if interest costs or valuations moved against the company.