EarningsQ2 2026 Earnings Report
MX:DOC Q2 2026 EPS Results
Actual EPS$1.35
Consensus EPS$0.47
Beat/MissBeat by +$0.88
One Year Ago EPS$0.84
MX:DOC Q2 2026 Revenue Results
Actual Revenue$13.04B
Expected Revenue$12.26B
Beat/MissBeat by +$776.03M
YoY Revenue Growth+11.12%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:DOC Upcoming Earnings
Healthpeak Properties's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DOC Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted meaningful operational progress: strong balance sheet metrics (net debt/EBITDA 4.7x), sizable liquidity, large JV partnerships (Brookfield/Blackstone) that raise $1B+ in proceeds while preserving control, strong outpatient leasing (1.2M SF in Q2; occupancy to 90.7%), lab leasing momentum and occupancy improvement (78.5%, +140 bps YTD), and significant senior housing/Janus performance (45% revenue growth, 34% adjusted EBITDA growth). Challenges remain, notably lab occupancy still below peak, selective elevated CapEx needs for redevelopments, elevated borrowing costs limiting leverage options, cautious tenant timelines, and only a modest FFO guidance raise. Overall the positive operational momentum, strategic partnerships, and strong liquidity and balance sheet outweigh the remaining execution and market risks.Company Guidance
Strong Balance Sheet and Liquidity
Net debt to adjusted EBITDA of 4.7x (below 5x), $4.1 billion of available liquidity, $900 million of debt repaid through Aug 4 (including $650 million of senior unsecured notes in July), and guidance that the company can maintain leverage below its 5.5x long-term target.
Strategic JV Partnerships and Capital Recycling
Completed a $1 billion Brookfield outpatient medical recapitalization while retaining 51% ownership of the 5.6M SF portfolio at a trailing cash cap rate of 5.9%; announced partnerships with Blackstone and Brookfield that expand alternative equity capital access; expect $1.9 billion gross proceeds from capital recycling by year-end.
Outpatient Medical Leasing Momentum
Executed 1.2 million square feet of leases in Q2 (2.3M YTD), 80% tenant retention, cash re-leasing spreads of 5% (in line with 10-quarter average and above pre-merger 2–3%), and outpatient total occupancy up 20 bps sequentially to 90.7%; additional 204k SF executed since July 1 and ~882k SF under LOI.
Life Science (Lab) Leasing Progress
Executed 381k SF of lab leases in Q2 (≈60% new leasing, ≈30% on vacant space); lab total occupancy rose 80 bps sequentially to 78.5% (140 bps increase since year-end 2025); ~480k SF under LOI and leasing pipeline continuing to convert.
Janus Living / Senior Housing Outperformance
Healthpeak now owns 74% of Janus Living (~$6.5 billion equity value). Janus delivered 45% total revenue growth and 34% adjusted EBITDA growth in the quarter, with cash on the balance sheet and no outstanding debt; same-store senior housing occupancy +260 bps and NOI +19%.
Shareholder Returns and Opportunistic Buybacks
Repurchased $100 million in April at a >10% FFO yield when the stock was < $17 per share; company retains flexibility for future buybacks when stock trades below intrinsic value.
Upgraded FFO Guidance and NOI Drivers
Raised full-year FFO as adjusted guidance by $0.02 to a range of $1.73–$1.77 per share, driven by a 75-basis-point increase in total same-store NOI at the midpoint, including a 200-basis-point improvement in both lab and senior housing at the midpoint.
MX:DOC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed