- Company name
- Healthpeak Properties
- Sector
- Healthcare REIT
- About
- Healthpeak Properties is a real estate investment trust (REIT) based in Denver. It owns, operates and develops outpatient medical buildings, often on or near hospital campuses, and lab buildings for life science companies. It also controls Janus Living, a senior housing REIT that listed on the New York Stock Exchange in March 2026, and owned 69% of it at September 30, 2026. In Q3 2026, outpatient medical made about 54% of same-store income, lab about 36% and senior housing about 10%. Occupancy was 90.7% in outpatient medical and 78.5% in lab at June 30, 2026, and lab occupancy rose 1.3 percentage points in Q3 2026. Healthpeak pays its dividend monthly, at an annual rate of $1.22 per share.
- Thesis
- The market prices Healthpeak for empty lab space and weak demand from biotech tenants. Lab occupancy was 78.5% at June 30, 2026 and rose 1.3 percentage points in Q3 2026, but same-store lab income still fell 0.7% in Q3 2026 from a year earlier. Lab demand depends on funding for biotech companies, and many tenants lease less space when funding is scarce. Total same-store income is expected to grow only 0.5% to 2.0% in 2026. Healthpeak has answered with asset sales and a new structure. It listed Janus Living in March 2026, sold 49% of an outpatient medical portfolio to Brookfield in July 2026 for about $1.0 billion and bought back shares. It also buys partly empty lab buildings next to its own campuses. For the gap to close, three things must be true. Lab occupancy must keep rising, as the 643,000 square feet of lab leases signed or under letters of intent after Q3 suggest. Outpatient medical income must keep growing, as it did by 3.1% in Q3 2026. FFO as adjusted per share must grow again in 2027, after $0.44 in Q3 2026 against $0.46 a year earlier and 2026 guidance of $1.76 to $1.78. The full-year report, expected in early February 2027, gives the next test with the lab trend and the 2027 guidance. A full recovery in lab demand can take two to three years. The main reason the gap may not close is a long period of weak biotech funding, which keeps lab space empty.
- Risks
- Lab demand depends on funding for biotech companies. Lab occupancy rose 1.3 percentage points in Q3 2026, but same-store lab income still fell 0.7% from a year earlier. A long funding slowdown keeps space empty and lowers rents.
Higher interest rates increase the cost of new debt and lower the value of real estate. Healthpeak had about $9.4 billion of debt at September 30, 2026, including commercial paper and floating-rate term loans.
Janus Living is now a separate public company that Healthpeak controls. Its growth depends on senior housing acquisitions, such as $1.75 billion of purchases in Q3 2026, and Healthpeak's results now include a large noncontrolling interest.
- Balance sheet
- Cash: $514M
Debt: $9.4B
Net debt: $8.9B
Net debt / EBITDA: 4.7× (high)
Healthpeak funds its properties with senior unsecured notes, term loans, commercial paper and a bank line of credit. At September 30, 2026, debt was $9.38 billion: $6.14 billion of senior unsecured notes, $1.65 billion of term loans, $1.49 billion under the bank line of credit and commercial paper, and $104 million of mortgage debt. Debt was $10.03 billion at June 30, 2026, and it fell mainly because Healthpeak repaid $650 million of 3.25% notes at maturity in July 2026 with the Brookfield proceeds. Cash was $514 million at September 30, 2026, which includes cash that Janus Living holds. The company states net debt to adjusted EBITDAre of 4.7 times for Q3 2026, the same as for Q2 2026. In October 2026, Healthpeak signed a new $500 million unsecured delayed-draw term loan that matures in October 2030 and was undrawn at closing. At October 30, 2026, Healthpeak had $3.8 billion of liquidity, including cash, bank line capacity and undrawn term loans.
As of Sep 30, 2026.
- Checkpoints
- Nov 2, 2026: Q3 2026 earnings: lab occupancy. Passed. Watch: Higher lab occupancy, more signed lab leases and FFO as adjusted on track for the $1.73 to $1.77 guidance pass; lower lab occupancy or lower guidance fails. Outcome: Lab occupancy rose 1.3 percentage points, Healthpeak signed 480,000 square feet of lab leases, and it raised its FFO as adjusted guidance to $1.76 to $1.78 per share.
Feb 2, 2027 (estimate): Full-year 2026 results and 2027 guidance. Pending. Watch: Lab occupancy above the 78.5% of June 2026 and 2027 guidance for growth in same-store income pass; a further fall in lab occupancy or flat guidance fails.
- Recent events
- Nov 2, 2026: Healthpeak reported Q3 2026 results. FFO as adjusted was $0.44 per share, down from $0.46 a year earlier, and net income was $0.02 per share. Total same-store income rose 3.6%: outpatient medical rose 3.1%, lab fell 0.7% and senior housing rose 25.9%. Lab occupancy rose 1.3 percentage points from June 30, 2026. Healthpeak signed 480,000 square feet of lab leases and 846,000 square feet of outpatient medical leases in the quarter. Janus Living closed $1.75 billion of senior housing purchases in the quarter. Healthpeak raised its 2026 guidance for FFO as adjusted to $1.76 to $1.78 per share. It cut its net income guidance to $0.39 to $0.41 per share because of depreciation on the Janus Living purchases. In October 2026, it signed a new $500 million delayed-draw term loan due October 2030.
Sep 30, 2026: Healthpeak bought the senior construction loan on HQ Point, a two-building lab campus in San Diego that was 29% occupied, and the remaining equity interest, for a combined $105 million.
Aug 4, 2026: Healthpeak reported Q2 2026 results. FFO as adjusted was $0.46 per share, the same as a year earlier. Occupancy rose 0.2 percentage points to 90.7% in outpatient medical and 0.8 percentage points to 78.5% in lab. Healthpeak raised its 2026 guidance for FFO as adjusted to $1.73 to $1.77 per share and authorized a new $500 million share buyback.
Jul 20, 2026: Healthpeak formed a joint venture with Brookfield for an 86-property outpatient medical portfolio valued at about $2.1 billion. Brookfield bought 49% for about $1.025 billion, which implies a cash capitalization rate of about 5.9%. Healthpeak used the money to repay $650 million of 3.25% notes and about $375 million of commercial paper.
Mar 23, 2026: Janus Living, Healthpeak's senior housing REIT, completed its initial public offering of 48.3 million shares at $20.00 per share, with net proceeds of about $878 million. Healthpeak also closed a new $400 million delayed-draw term loan.