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Healthpeak Properties (DOC) investor relations material
Healthpeak Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Finished 2025 with earnings in line with guidance, significant transaction activity, and the planned IPO of Janus Living to unlock value in senior housing.
Outpatient Medical now represents over 50% of portfolio income, benefiting from merger synergies and sector tailwinds.
Executed a $1 billion capital recycling plan, including asset sales, recapitalizations, and loan repayments to fund higher-growth opportunities.
Enhanced technology and innovation initiatives, including hiring a Head of Enterprise Innovation and rolling out an agentic operating system.
Strengthened leadership team with key hires in innovation, finance, legal, and investments.
Financial highlights
Q4 2025 FFO as adjusted: $0.47/share; AFFO: $0.40/share; same-store cash NOI growth: 3.9%.
Full-year 2025 FFO as adjusted: $1.84/share; AFFO: $1.69/share; same-store cash NOI growth: 4%.
Outpatient Medical: 4.9M sq ft leased, 5% cash re-leasing spreads, 79% retention, 91% occupancy.
Lab: 1.5% same-store growth, 77% occupancy, 1.5M sq ft lease executions.
Senior Housing/Life Plan: 12.6% same-store growth for 2025, 16.7% in Q4.
Outlook and guidance
2026 FFO as adjusted forecast: $1.70–$1.74/share; diluted EPS: $0.34–$0.38; same-store NOI growth: -1% to +1%.
Outpatient Medical: 2–3% NOI growth; Lab: -5% to -10%; Senior Housing: 8–12%.
Earnings reduction driven by lab occupancy loss; Outpatient Medical and Senior Housing expected to offset some headwinds.
Life science real estate fundamentals expected to be at or near an inflection point, with gradual recovery anticipated.
2026 is expected to be the bottom for FFO, with growth anticipated in 2027.
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Lower earnings and profit, but strong dividends and debt reduction support a positive outlook. - SECU
8% margin reached, strong cash flow, and Liferaft deal to drive digital risk intelligence growth. - SF
Margins rose to 27% despite a 9.4% revenue drop and large non-cash impairments. - COFFEE
Net sales were SEK 293M, down 25% YoY, but cash flow and liquidity remained strong. - BOROUGE
FY2025 net profit hit $1.1B with 37% EBITDA margin, record sales, and major restructuring. - DCRU
Strong FY2025 growth, high occupancy, and strategic expansion driven by digital demand. - WOSG
Q3 sales growth exceeded expectations, guidance raised, and US presence expanded. - NOBA
Record profit growth, robust capital, and SME expansion drive strong 2025 results. - IFX
Q1 FY26 revenue up 7% YoY to €3.66bn, led by AI and automotive, with key acquisition and investments. - WRT1V
All-time high profit and cash flow, with robust Marine and Energy growth and major investments.
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