Healthpeak Properties Inc 2Q ahead with a small guidance increase; Significant capital recycling and slightly higher lab occupancy

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Healthpeak Properties Inc

2Q ahead with a small guidance increase; Significant

capital recycling and slightly higher lab occupancy

Neutral

DOC, DOC US

Price (04 Aug 26):$21.62

REITs

After Tuesday’s close, DOC reported 2Q FFO/share (as adj.) that came in ahead

of JPM/Street, and management raised the SS NOI and FFO outlooks for 2026.

Operationally, the item that will likely be the key focal point on tomorrow’s call

was the second quarter in a row of marginally increased occupancy for the lab

portfolio. Even though lease spreads were the segment were negative on the

quarter, our sense is that management is going to have positive messaging on its

marginal new leasing volumes and the trajectory for 2H occupancy. On the capital

recycling front, the company has had significant disposition/recap/payoff activity,

and Janus has been equally active in deploying its dry powder into new

acquisitions.

2Q FFO comes in ahead. After Tuesday’s close, Healthpeak (DOC) reported 2Q

FFO/share (as adj.) of $0.46 which compared to JPM at $0.43 and the Bloomberg

consensus of $0.44. Relative to our model, overall NOI came in slightly ahead,

seemingly driven by the lab and senior housing segments. Interest and other

income was relatively in-line with our forecast, although results included ~0.01/

share of one-time income tied to a seller finance loan repayment that we did not

have in our estimate. On an apples to apples basis that put the line items below us.

Michael W. Mueller, CFA AC

(1-212) 622-6689

Anthony Paolone, CFA

(1-212) 622-6682

Nahom Tesfazghi

(1-212) 622 4884

Daniella De Armas Rosales

(1-212) 622-0050

J.P. Morgan Securities LLC

Originally published 4 August 2026.

Raises guidance. Management raised the 2026 FFO/share (as adj.) range from

$1.71–$1.75 to $1.73–$1.77. Driving this, it also increased same-store NOI

guidance by 75 bps with the range changing from -1% to +1% to 0% to +1.5%.

Within same store, lab improved by 200 bps with the range changing from -10.0%

to -5.0%, to -7.0% to -4.0% and senior housing via Janus improved by 200 bps with

the range changing from 11.0% to 15.0%, to 13.0% to 17.0%. For other key

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