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Average Occupancy by Segment
Tracks the share of leasable space occupied in each business segment (e.g., life sciences, medical office). Higher occupancy supports steady rental income and valuation; falling occupancy is an early warning of weakening demand, increased downtime, or leasing challenges that can hit cash flow.Outpatient occupancy’s 2024 surge appears transitory—merger‑related renewals and in‑house leasing pushed rates into the high‑90s but have reverted to ~90%, meaning limited organic upside. Life‑science/lab occupancy is the biggest red flag: a steady fall from ~99% to the high‑70s reflects softer re‑leasing spreads, expirations and market imbalances (Boston) and poses near‑term NOI/FFO downside unless the pipeline converts as management expects. Senior housing is the reliable offset, driving cash flow and funding buybacks/Janus monetization.
Date | Outpatient Medical | Lab | Senior Housing |
|---|---|---|---|
Jun 30, 2026 | 90.70 | 78.50 | 85.50 |
Mar 31, 2026 | 90.50 | 77.70 | 86.10 |
Dec 31, 2025 | 90.60 | 77.10 | 87.40 |
Sep 30, 2025 | 90.60 | 81.00 | 86.70 |
Jun 30, 2025 | 90.50 | 82.20 | 86.00 |
Mar 31, 2025 | 90.90 | 83.70 | 86.20 |
Dec 31, 2024 | 97.50 | 92.20 | 85.80 |
Sep 30, 2024 | 95.70 | 92.20 | 85.20 |
Jun 30, 2024 | 95.40 | 92.10 | 85.40 |
Mar 31, 2024 | 96.00 | 92.00 | 85.20 |