Q3 25 EPS
$-0.17
MISS 383.33%
Est. $0.06
Q3 25 Revenue
$705.9M
BEAT +3.65%
Est. $681.0M
vs S&P Since Q3 25
-15.0%
TRAILING MARKET
DOC -8.6% vs S&P +6.4%
Market Reaction
Did DOC Beat Earnings? Q3 2025 Results
Healthpeak Properties delivered a split verdict in Q3 2025, posting revenue of $705.87 million that edged past the $681.01 million consensus by 3.65% and rose 0.8% year-over-year, while a GAAP loss of $0.17 per share fell well short of the $0.06 cons… Read more Healthpeak Properties delivered a split verdict in Q3 2025, posting revenue of $705.87 million that edged past the $681.01 million consensus by 3.65% and rose 0.8% year-over-year, while a GAAP loss of $0.17 per share fell well short of the $0.06 consensus estimate, a miss of 383.33%. The steep earnings shortfall traced directly to $175.83 million in other-than-temporary impairment charges on unconsolidated lab-segment joint ventures, where fair values had fallen below carrying value for an extended period, overshadowing otherwise stable operating fundamentals. On a non-GAAP basis, Nareit FFO climbed to $0.45 per share from $0.44 a year ago, and the outpatient medical segment delivered 2.0% same-store NOI growth with cash re-leasing spreads of +5.4%. The lab portfolio remained a drag, with same-store NOI declining 3.2%, though management cited a shifting biopharma sentiment and a leasing pipeline at its highest level since Q2 2024. Reflecting the impairment, full-year GAAP EPS guidance was revised down to $0.00 to $0.06, while FFO as Adjusted guidance held firm at $1.81 to $1.87 per share.
Key Takeaways
- • Outpatient medical demand growing faster than new supply driving +5.4% cash re-leasing spreads
- • Higher annual escalators on new leases (+3% vs +2.7% on existing portfolio)
- • CCRC NOI up more than 50% since 2019 with year-to-date same-store growth of 11.3%
- • CCRC total occupancy up 70 basis points sequentially
- • Outpatient medical total occupancy up 10 basis points sequentially
- • Completed merger integration with Physicians Realty Trust
DOC YoY Financials
Q3 2025 vs Q3 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% |