A month has gone by since the last earnings report for Healthpeak (DOC Quick QuoteDOC - Free Report) . Shares have lost about 3.5% 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 the most recent earnings report in order to get a better handle on the important catalysts.

Healthpeak Q2 FFO Beat Estimates on Leasing & Senior Housing Gains

Healthpeak Properties reported second-quarter 2026 FFO, as adjusted, of 46 cents per share, which topped the Zacks Consensus Estimate of 44 cents by 4.6%. The figure was unchanged year over year. Total revenues of $771.6 million rose 11.1% year over year and beat the consensus mark of $726.2 million by 6.3%.

The results reflected solid leasing across outpatient medical and lab properties, along with stronger senior housing operations. Combined new and renewal lease executions totaled 1.6 million square feet, while total same-store adjusted NOI increased 1.8%.

Leasing Activity Supports Portfolio Demand

Outpatient medical leasing remained the largest contributor. New lease executions totaled 327,000 square feet, while renewal leases reached 916,000 square feet. Total outpatient medical occupancy improved 20 basis points sequentially to 90.7%.

Lab leasing also advanced, with 222,000 square feet of new leases and 159,000 square feet of renewal leases. Total lab occupancy increased 80 basis points sequentially to 78.5%.

Healthpeak also entered into additional leases after the second quarter-end and reported a substantial pipeline under signed letters of intent.

Same-Store Mix Shows Uneven Trends

Outpatient medical same-store adjusted NOI grew 2.5% year over year to $189.1 million. Same-store cash real estate revenues increased 3.2%, while same-store cash operating expenses rose 4.4%. Same-store occupancy was 91.9%, down 50 basis points year over year.

Lab same-store adjusted NOI declined 3.2% to $114.2 million as revenues fell 2.1%. Same-store occupancy was 90.3%, down 410 basis points.

Senior housing was the standout, with same-store adjusted NOI rising 19.2% to $32.1 million. Occupancy in that portfolio increased 260 basis points to 88.6%.

Segment Results Reflect Senior Housing Growth

Outpatient medical adjusted NOI slipped 1.8% to $198 million, while lab adjusted NOI was nearly flat at $142.6 million.

Senior housing adjusted NOI increased 25.4% to $45.9 million. Janus Living, Healthpeak’s senior housing spin-off, generated second-quarter revenues of $216 million, up 45%, while adjusted EBITDAre rose 34% to $79 million. Healthpeak owned a 73.6% equity interest in Janus Living as of June 30, 2026.

Costs Rise With Expanded Operations

Property operating expenses increased 20.6% year over year to $333.1 million. Depreciation and amortization rose to $283.4 million from $265.9 million, while general and administrative expenses increased to $22.5 million from $20.8 million.

Interest expense climbed 22.9% to $92.3 million.

Healthpeak Advances Capital Recycling

The largest transaction was the sale of a 49% interest in an 86-property outpatient medical portfolio to Brookfield in July 2026. The portfolio was valued at $2.1 billion, and the deal generated approximately $1.025 billion in proceeds. Healthpeak retained a 51% interest and will continue to provide asset and property management services.

After quarter-end, Healthpeak used the Brookfield transaction proceeds to repay $650 million of senior notes and around $375 million of commercial paper borrowings.

Healthpeak generated $1.4 billion of proceeds from outpatient medical recapitalizations, seller financing loan repayments and dispositions during the second quarter and through Aug. 3, bringing year-to-date proceeds to $1.75 billion.

Healthpeak Strengthens Liquidity

Available liquidity totaled $4.13 billion as of June 30. Cash and cash equivalents were $1.63 billion, up from $467.5 million at the end of 2025. Net Debt to Adjusted EBITDAre improved to 4.7X from 5.4X in the preceding quarter.

Healthpeak Raises Its 2026 FFO Outlook

Management increased its 2026 FFO, as adjusted, guidance to $1.73-$1.77 per share from $1.71-$1.75.

Total same-store cash adjusted NOI growth is now expected between 0% and 1.5% compared with the prior range of a 1% decline to 1% growth.

How Have Estimates Been Moving Since Then?

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

VGM Scores

At this time, Healthpeak has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score 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

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, Welltower (WELL Quick QuoteWELL - Free Report) , has gained 0.6% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Welltower reported revenues of $3.54 billion in the last reported quarter, representing a year-over-year change of +39.1%. EPS of $0.61 for the same period compares with $1.28 a year ago.

Welltower is expected to post earnings of $1.64 per share for the current quarter, representing a year-over-year change of +22.4%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

Welltower has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.