Q1 25 EPS
$0.06
BEAT +33.33%
Est. $0.05
Q1 25 Revenue
$702.9M
BEAT +1.98%
Est. $689.2M
vs S&P Since Q1 25
-37.8%
TRAILING MARKET
DOC -6.9% vs S&P +30.9%
Market Reaction
Did DOC Beat Earnings? Q1 2025 Results
Healthpeak Properties kicked off 2025 with a strong first quarter, posting earnings per share of $0.06 against a consensus estimate of $0.04, a beat of 33.33%, while revenue of $702.89 million topped expectations of $689.24 million and climbed 15.9% … Read more Healthpeak Properties kicked off 2025 with a strong first quarter, posting earnings per share of $0.06 against a consensus estimate of $0.04, a beat of 33.33%, while revenue of $702.89 million topped expectations of $689.24 million and climbed 15.9% from the year-ago period. The most material driver behind the improvement was a sharp pullback in transaction and merger-related costs, which fell to $5.53 million from $107.22 million in Q1 2024, as integration expenses from the Physicians Realty Trust merger continued to wind down and the combined portfolio began contributing fully. Same-store cash NOI grew 7.0% on a merger-combined basis, led by the CCRC segment at 15.9%, with lab and outpatient medical also posting solid gains. Leasing momentum remained healthy, with 1.2 million square feet executed across the portfolio during the quarter. Healthpeak reaffirmed its full-year 2025 guidance, targeting diluted EPS of $0.30 to $0.36 and FFO as Adjusted of $1.81 to $1.87 per share, signaling management's confidence in sustained operating momentum through year-end.
Key Takeaways
- • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 7.0%
- • CCRC same-store NOI growth of 15.9%
- • Lab same-store NOI growth of 7.7%
- • Outpatient Medical same-store NOI growth of 5.0%
- • Outpatient medical new and renewal lease executions of 973,000 sq ft with 86% retention and +4% cash releasing spreads
- • Lab new and renewal lease executions of 276,000 sq ft with 88% retention and +5% cash releasing spreads
- • Significantly lower transaction and merger-related costs ($5.5M vs $107.2M year-ago)
DOC YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
DOC Revenue by Segment
With YoY comparisons, source: SEC Filings
DOC Earnings Trends
DOC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DOC EPS Trend
Earnings per share: estimate vs actual
DOC Revenue Trend
Quarterly revenue: estimate vs actual
DOC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.07 | $0.16 | +132.90% | $719.4M | +12.10% |
| FY Full Year | $-0.01 | $0.10 | +1,100.00% | $2.82B | +2.83% |
| Q3 25 MISS | $0.06 | $-0.17 | -383.33% | $705.9M | +3.65% |
| Q2 25 MISS | $0.06 | $0.05 | -11.82% | $694.3M | +0.11% |
| Q1 25 BEAT | $0.05 | $0.06 | +33.33% | $702.9M | +1.98% |