Healthpeak Properties (DOC) Q1 2026 earnings summary

Executive summary

• Completed the Janus Living IPO, raising up to $966 million in gross proceeds and retaining 81.6% ownership; Janus Living remains consolidated in financials.

• Raised 2026 earnings guidance after strong Q1 results, Janus Living IPO, and accretive capital allocation.

• Portfolio includes 688 properties across outpatient medical, lab, and senior housing segments.

• Closed a joint venture recap with Blackstone on a fully occupied outpatient portfolio, raising $170 million and establishing a template for future transactions.

• Paid over $200 million in dividends in Q1, equating to a 7.5% annualized yield.

Financial highlights

• Q1 2026 net income: $193.5 million ($0.28/share), up from $42.4 million ($0.06/share) in Q1 2025.

• Q1 2026 Nareit FFO: $301.5 million ($0.42/share); FFO as Adjusted: $316.9 million ($0.45/share).

• Total revenues for the quarter were $753.0 million, up from $702.9 million year-over-year.

• Janus Living delivered 35% revenue growth and 42% adjusted EBITDA growth year-over-year.

• Net Debt to Adjusted EBITDAre was 5.4x at quarter-end.

Outlook and guidance

• 2026 FFO as Adjusted per share guidance raised to $1.71–$1.75.

• 2026 diluted EPS guidance raised to $0.46–$0.50.

• Expect the Janus Living IPO to be earnings neutral in 2026 and accretive from 2027 as acquisition capital is deployed.

• Management expects cash flows from operations, available cash, and financing activities to be adequate for the next 12 months and beyond.

• Guidance reflects incremental public company costs and higher interest expense, offset by senior housing outperformance and capital deployment.