Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
-5.3%
TRAILING MARKET
DOC -0.8% vs S&P +4.5%
Market Reaction
Did DOC Beat Earnings? Q1 2026 Results
Healthpeak Properties delivered a standout fourth quarter, posting earnings per share of $0.16 against a consensus estimate of $0.07, a beat of 132.90%, while revenue of $719.40 million cleared expectations of $641.73 million by 12.10% and rose 3.1% … Read more Healthpeak Properties delivered a standout fourth quarter, posting earnings per share of $0.16 against a consensus estimate of $0.07, a beat of 132.90%, while revenue of $719.40 million cleared expectations of $641.73 million by 12.10% and rose 3.1% year-over-year. The primary engine behind the outperformance was aggressive capital deployment, headlined by the $600.00 million acquisition of the Gateway Crossing life science campus in South San Francisco and roughly $675.00 million in senior housing investments assembled during the quarter. Perhaps the boldest strategic move was the announced formation of Janus Living, Inc., a dedicated senior housing REIT that Healthpeak plans to take public in the first half of 2026, a structure management believes will unlock value that diversified REITs have historically struggled to capture in public markets, a theme resonating broadly across the healthcare real estate sector. Looking ahead, Healthpeak guided 2026 Nareit FFO per share to $1.70 to $1.74, with same-store NOI growth of negative 1% to positive 1%, as life science fundamentals show early signs of stabilization after a prolonged downturn.
Key Takeaways
- • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of +3.9% year-over-year in Q4
- • Life Plan same-store NOI growth of +16.7% year-over-year in Q4
- • Outpatient Medical same-store NOI growth of +4.1% year-over-year in Q4
- • Record non-refundable entry fee cash collections of $153 million in 2025
- • Outpatient Medical renewal cash releasing spreads of +4.4% in Q4
- • Lab renewal lease executions averaged 84-month term
- • Q4 new and renewal lease executions totaled 2.1 million square feet
DOC Forward Guidance & Outlook
For full year 2026, Healthpeak guided to diluted EPS of $0.34–$0.38, Nareit FFO per share of $1.70–$1.74, FFO as Adjusted per share of $1.70–$1.74, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of -1% to 1%. Guidance reflects the challenging life science environment of recent years, which peaked in intensity in the first half of 2025. Management believes improvement in biopharma M&A and capital markets activity that started in Fall 2025 has continued into early 2026, with minimal new deliveries and some life science buildings pivoting to alternative uses, supporting the view that life science fundamentals are at or near an inflection point while acknowledging a full recovery will take time. The company is pursuing $1 billion of asset sales, recapitalizations, and loan repayments in 2026 to recycle capital into higher-growth opportunities.
DOC YoY Financials
Q1 2026 vs Q1 2025, 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% |