It has been about a month since the last earnings report for Healthpeak (DOC Quick QuoteDOC - Free Report) . Shares have lost about 2.2% in that time frame, underperforming the S&P 500.

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

Healthpeak Q1 FFOA Tops Estimates on Steady Leasing Momentum

Healthpeak Properties posted first-quarter 2026 funds from operations as adjusted (FFOA) per share of 45 cents, beating the Zacks Consensus Estimate by 4.7%, but declined 2.2% year over year. Total revenues were $752.95 million, which rose 7.1% year over year and exceeded the consensus mark by 12.1%.

The quarter’s performance reflected the benefits from steady leasing activity, along with the Janus Living IPO and active capital allocation. Operationally, the company reported 1.2 million square feet of combined outpatient medical and lab new and renewal lease executions, reinforcing continued tenant demand in key parts of the portfolio.

Leasing Shows Outpatient Strength, Lab Pressure

Leasing momentum remained an important operating signal. In outpatient medical, new leases totaled 195,000 square feet, and renewals totaled 868,000 square feet, with cash releasing spreads on renewals of 5.4%. The company also cited meaningful post-quarter leasing and letters of intent activity through early May.

Lab leasing was more mixed. New lab leases were 129,000 square feet, and renewals were 12,000 square feet, with 3.5% cash releasing spreads on renewals. Even with sequential occupancy improvement in the lab portfolio, management expects occupancy to build through year-end 2026, implying a continued focus on backfilling space and stabilizing that segment.

Healthpeak’s Janus Living IPO Reframes Growth Drivers

A central narrative for the quarter was the completion of the Janus Living IPO, which generated approximately $880 million of net proceeds. Healthpeak remains Janus Living’s largest shareholder, owning 81.6% as of early May 2026, and management tied the structure to favorable senior housing supply-demand dynamics.

Janus Living’s updates also carried operational relevance. The senior housing REIT reported first-quarter net income of 13 cents per share and FFOA of 23 cents per share, while noting it was under contract for about $400 million of additional senior housing acquisitions. Healthpeak consolidates Janus Living’s results, with the non-owned portion reflected as a noncontrolling interest.

Balance Sheet Actions Highlight Recycling and Buybacks

Healthpeak emphasized continued capital recycling. The company generated $267 million of proceeds from recapitalizations, dispositions and loan repayments, including the recapitalization and sale of an 80% joint venture interest in a fully occupied, six-property outpatient medical portfolio valued at $212 million, which generated about $170 million of proceeds.

Capital return also featured prominently. In April 2026, the company repurchased 5.9 million common shares for roughly $100 million at a weighted average share price of $16.81.

Healthpeak exited the first quarter with cash and cash equivalents of $1.17 billion, significantly up from $467.5 million as of Dec. 31, 2025. Its net debt to adjusted EBITDAre was 5.4X as of March 31, 2026.

Healthpeak Raises 2026 View After Solid First Quarter

Management lifted FFOA per share guidance to $1.71-$1.75 from the earlier guided range of $1.70-$1.74.

Same-store expectations were reaffirmed at (1.0%) to 1.0% for total same-store cash (adjusted) NOI growth for 2026.

How Have Estimates Been Moving Since Then?

Estimates revision followed a downward path over the past two months.

VGM Scores

At this time, Healthpeak has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.

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

Outlook

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 belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, Cousins Properties (CUZ Quick QuoteCUZ - Free Report) , has gained 1.7% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Cousins Properties reported revenues of $261.11 million in the last reported quarter, representing a year-over-year change of +7.4%. EPS of -$0.15 for the same period compares with $0.74 a year ago.

Cousins Properties is expected to post earnings of $0.73 per share for the current quarter, representing a year-over-year change of +4.3%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for Cousins Properties. Also, the stock has a VGM Score of F.