Q2 25 EPS
$0.05
MISS 11.82%
Est. $0.06
Q2 25 Revenue
$694.3M
BEAT +0.11%
Est. $693.6M
vs S&P Since Q2 25
-19.7%
TRAILING MARKET
DOC -6.6% vs S&P +13.1%
Market Reaction
Did DOC Beat Earnings? Q2 2025 Results
Healthpeak Properties delivered a mixed second quarter, with GAAP earnings falling well short of expectations while revenue barely edged past forecasts. The healthcare REIT posted diluted EPS of $0.05, missing the $0.06 consensus estimate by 11.82%, … Read more Healthpeak Properties delivered a mixed second quarter, with GAAP earnings falling well short of expectations while revenue barely edged past forecasts. The healthcare REIT posted diluted EPS of $0.05, missing the $0.06 consensus estimate by 11.82%, as the absence of $122.04 million in real estate sale gains that padded the year-ago period's $0.21 result weighed heavily on reported income. Revenue of $694.35 million edged 0.11% above consensus, though it slipped 0.2% year-over-year, with lab segment revenue declining to $209.21 million from $214.27 million as life science leasing demand remained soft. Brighter spots included the CCRC segment, which posted record leasing volume and revenue growth to $148.85 million, and same-store Cash NOI growth of 3.5% across the combined portfolio. On the capital front, Healthpeak repurchased $72.00 million in shares and repaid $452.00 million in maturing senior notes, landing Net Debt to Adjusted EBITDAre at 5.2x. Looking ahead, management reaffirmed FFO as Adjusted guidance of $1.81-$1.87 per share but trimmed diluted EPS guidance to $0.25-$0.31 from $0.30-$0.36.
Key Takeaways
- • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.5% in Q2 2025
- • Outpatient medical same-store NOI growth of 3.9% with 85% retention and +6% cash releasing spreads on renewals
- • Lab same-store NOI growth of 1.5% with 87% retention and +6% cash releasing spreads on renewals
- • CCRC same-store NOI growth of 8.6%
- • 1.5 million square feet of new and renewal lease executions in Q2
- • AFFO per share grew to $0.44 from $0.40 year-over-year
DOC YoY Financials
Q2 2025 vs Q2 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% |