It has been about a month since the last earnings report for Healthpeak (DOC Quick QuoteDOC - Free Report) . Shares have added about 6.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Healthpeak due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Healthpeak Q4 FFO Beats Estimates, Same-Store NOI Rises Y/Y

Healthpeak Properties reported fourth-quarter 2025 FFO as adjusted per share of 47 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 46 cents.

Results reflected better-than-expected revenues and growth in total merger-combined same-store cash (adjusted) NOI. Higher interest expenses affected the results to some extent.

This healthcare REIT generated revenues of $719.4 million, beating the Zacks Consensus Estimate of $699.5 million. The figure increased 3.1% year over year.

The company announced the formation and planned initial public offering of Janus Living, Inc., a senior housing REIT.

Behind Earnings Headlines

In the fourth quarter, Healthpeak reported 3.9% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI.

It witnessed 4.1% and 16.7% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI for its outpatient medical and life plan segments, respectively. However, the lab segment reported a decline of 0.3%.

During the reported quarter, Healthpeak executed new and renewal leases totaling 333,000 square feet, with negative 1.7% cash-releasing spreads on renewals in the lab portfolio.

For the outpatient medical portfolio, new and renewal leases aggregated 1.8 million square feet, with positive 4.4% cash-releasing spreads on renewals.

Interest expenses jumped 14.4% year over year to $80.6 million.

Balance Sheet

Healthpeak exited the fourth quarter with cash and cash equivalents of $467.5 million, significantly up from $91 million as of Sept. 30, 2025. Its net debt to adjusted EBITDAre was 5.2X as of Dec. 31, 2025.

2026 Outlook

The company expects FFO as adjusted per share to be between $1.70 and $1.74.

The total merger-combined same-store cash (adjusted) NOI growth is estimated to be in the range of negative 1% to 1%.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

VGM Scores

Currently, Healthpeak has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Healthpeak has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Healthpeak is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, Prologis (PLD Quick QuotePLD - Free Report) , a stock from the same industry, has gained 6.9%. The company reported its results for the quarter ended December 2025 more than a month ago.

Prologis reported revenues of $2.09 billion in the last reported quarter, representing a year-over-year change of +8%. EPS of $1.49 for the same period compares with $1.50 a year ago.

For the current quarter, Prologis is expected to post earnings of $1.48 per share, indicating a change of +4.2% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.1% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Prologis. Also, the stock has a VGM Score of F.