We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Healthpeak Q3 FFO Beats Estimates, Same-Store NOI Rises Y/Y
Read MoreHide Full Article
Key Takeaways
Healthpeak posted Q3 adjusted FFO of $0.46 per share, beating the consensus estimate of $0.45.
Revenues rose to $705.9M, driven by same-store NOI growth in outpatient medical and CCRC segments.
Interest expenses climbed 3.6% to $76.8M, though the company reaffirmed its 2025 FFO outlook.
Healthpeak Properties, Inc. (DOC - Free Report) reported third-quarter 2025 funds from operations (“FFO”) as adjusted per share of 46 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 45 cents per share.
Results reflect better-than-expected revenues. Growth in total merger-combined same-store cash (adjusted) net operating income (“NOI”) was witnessed across the portfolio. However, higher interest expenses affected the results to some extent.
This healthcare real estate investment trust (“REIT”) generated revenues of $705.9 million, beating the Zacks Consensus Estimate of $696 million. The figure increased marginally year over year.
Behind DOC’s Earnings Headlines
In the third quarter, Healthpeak reported 0.9% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI.
DOC witnessed 2.0% and 9.4% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI for its outpatient medical and CCRC segments, respectively. However, the lab segment reported a decline of 3.2%.
During the reported quarter, Healthpeak executed new and renewal leases totaling 339,000 square feet, with positive 4.6% cash-releasing spreads on renewals in the lab portfolio.
For the outpatient medical portfolio, new and renewal leases aggregated 1.2 million square feet, with positive 5.4% cash-releasing spreads on renewals.
However, interest expenses jumped 3.6% year over year to $76.8 million.
DOC’s Balance Sheet
Healthpeak exited the third quarter with cash and cash equivalents of $91 million, up from $89.4 million as of June 30, 2025. Its net debt to adjusted EBITDAre was 5.3X as of Sept. 30, 2025.
In August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due 2033.
DOC’s 2025 Outlook
Healthpeak has reaffirmed its previous guidance. The company expects its 2025 FFO as adjusted per share to be between $1.81 and $1.87. The Zacks Consensus Estimate is presently pegged at $1.83 per share, which is within expectations.
The total merger-combined same-store cash (adjusted) NOI growth is estimated to be in the range of 3-4%.
Healthpeak currently carries a Zacks Rank #4 (Sell).
Healthpeak Properties, Inc. Price, Consensus and EPS Surprise
We now look forward to the earnings releases of other healthcare REITs, such as Welltower, Inc. (WELL - Free Report) and Ventas, Inc. (VTR - Free Report) , slated to report. on Oct. 27 and Oct. 29, respectively.
The Zacks Consensus Estimate for Ventas’ third-quarter 2025 FFO per share is pinned at 87 cents, indicating an 8.8% rise year over year. VTR currently has a Zacks Rank #3 (Hold).
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Healthpeak Q3 FFO Beats Estimates, Same-Store NOI Rises Y/Y
Key Takeaways
Healthpeak Properties, Inc. (DOC - Free Report) reported third-quarter 2025 funds from operations (“FFO”) as adjusted per share of 46 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 45 cents per share.
Results reflect better-than-expected revenues. Growth in total merger-combined same-store cash (adjusted) net operating income (“NOI”) was witnessed across the portfolio. However, higher interest expenses affected the results to some extent.
This healthcare real estate investment trust (“REIT”) generated revenues of $705.9 million, beating the Zacks Consensus Estimate of $696 million. The figure increased marginally year over year.
Behind DOC’s Earnings Headlines
In the third quarter, Healthpeak reported 0.9% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI.
DOC witnessed 2.0% and 9.4% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI for its outpatient medical and CCRC segments, respectively. However, the lab segment reported a decline of 3.2%.
During the reported quarter, Healthpeak executed new and renewal leases totaling 339,000 square feet, with positive 4.6% cash-releasing spreads on renewals in the lab portfolio.
For the outpatient medical portfolio, new and renewal leases aggregated 1.2 million square feet, with positive 5.4% cash-releasing spreads on renewals.
However, interest expenses jumped 3.6% year over year to $76.8 million.
DOC’s Balance Sheet
Healthpeak exited the third quarter with cash and cash equivalents of $91 million, up from $89.4 million as of June 30, 2025. Its net debt to adjusted EBITDAre was 5.3X as of Sept. 30, 2025.
In August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due 2033.
DOC’s 2025 Outlook
Healthpeak has reaffirmed its previous guidance. The company expects its 2025 FFO as adjusted per share to be between $1.81 and $1.87. The Zacks Consensus Estimate is presently pegged at $1.83 per share, which is within expectations.
The total merger-combined same-store cash (adjusted) NOI growth is estimated to be in the range of 3-4%.
Healthpeak currently carries a Zacks Rank #4 (Sell).
Healthpeak Properties, Inc. Price, Consensus and EPS Surprise
Healthpeak Properties, Inc. price-consensus-eps-surprise-chart | Healthpeak Properties, Inc. Quote
Upcoming Earnings Releases
We now look forward to the earnings releases of other healthcare REITs, such as Welltower, Inc. (WELL - Free Report) and Ventas, Inc. (VTR - Free Report) , slated to report. on Oct. 27 and Oct. 29, respectively.
The Zacks Consensus Estimate for Welltower’s third-quarter 2025 FFO per share is pegged at $1.30, implying a 17.1% year-over-year increase. WELL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Ventas’ third-quarter 2025 FFO per share is pinned at 87 cents, indicating an 8.8% rise year over year. VTR currently has a Zacks Rank #3 (Hold).
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.