Healthpeak Raises 2026 FFO Outlook as Revenue Climbs 16.3%

Published November 2, 2026 at 6:12 PM EST

Healthpeak Properties raised its 2026 adjusted funds from operations outlook on Monday, even as third-quarter FFO as adjusted dipped to $0.44 per share from $0.46 a year earlier, helped by stronger results at its senior housing arm, Janus Living.

The healthcare REIT now expects full-year FFO as adjusted of $1.76 to $1.78 per share, up from $1.73 to $1.77 in August, according to its 8-K. It also raised its total same-store cash NOI growth outlook to 0.5% to 2.0% from 0% to 1.5%.

At the same time, Healthpeak cut its 2026 GAAP earnings guidance to $0.39 to $0.41 per share from $0.48 to $0.52. The company said the reduction mainly reflects depreciation and amortization tied to senior housing acquisitions closed by Janus Living, which does not affect FFO as adjusted.

The quarter

Total revenue rose 16.3% to $820.9 million from $705.9 million. Net income applicable to common shares was $17.1 million, or $0.02 per share, compared with a loss of $117.3 million, or $0.17 per share, a year earlier. Nareit FFO was $0.43 per share, down from $0.45.

Same-store adjusted NOI rose 3.6% overall. Outpatient medical, 54.4% of the same-store pool, grew 3.1%, while lab slipped 0.7%. Senior housing jumped 25.9%.

Leasing picks up

Healthpeak signed 846,000 square feet of new and renewal outpatient medical leases in the quarter and 480,000 square feet of lab leases. Since the quarter ended, another 1.3 million square feet of outpatient medical leases and 643,000 square feet of lab leases have been executed or are under letter of intent. Lab occupancy rose 130 basis points from the second quarter and is up 270 basis points since the end of 2025.

Janus Living and deals

Janus Living, which Healthpeak owns 69% of, reported revenue of $268 million, up 78%, and adjusted EBITDAre of $105 million, up 101%. It closed $1.75 billion of senior housing acquisitions in the third quarter.

Healthpeak has acquired, or agreed to buy, four life science buildings across three campuses for an estimated $233 million, the company said. That includes the $105 million purchase of the HQ Point lab campus in San Diego on Sept. 30. In October, it bought Westway One, a Houston medical training facility leased to affiliates of HCA Healthcare, for $38 million.

Balance sheet and dividend

Net debt was 4.7 times adjusted EBITDAre. In October, Healthpeak added a $500 million unsecured delayed-draw term loan maturing in October 2030, and it had $3.8 billion of liquidity as of Oct. 30.

The board declared monthly dividends of $0.10167 per share for October, November and December, an annualized $1.22 per share.

By the numbers

$0.44 FFO as adjusted per share, versus $0.46
$1.76 to $1.78 raised 2026 FFO as adjusted guidance
$820.9 million revenue, up 16.3%
3.6% same-store adjusted NOI growth
$0.39 to $0.41 lowered 2026 EPS guidance
$1.22 annualized dividend

Sources

Healthpeak Properties Form 8-K with third-quarter 2026 results, filed Nov. 2, 2026 (accession 0001628280-26-068878)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.