Healthpeak Properties Inc: 2Q26 earnings: Core FFO above cons; 26e guide raised above cons; KPIs improving; generated $1.4B in proceeds; lab recovery in focus

Research evidence excerpt

M

Update

August 5, 2026 03:16 AM GMT

Healthpeak Properties Inc | North America

Morgan Stanley & Co. LLC

Ronald Kamdem, CFA

Equity Analyst

2Q26 earnings: Core FFO above

cons; 26e guide raised above

cons; KPIs improving; generated

$1.4B in proceeds; lab recovery

in focus

Derrick Metzler

Research Associate

Adam Kramer

Equity Analyst

Healthpeak Properties Inc (DOC.N, DOC UN)

Real Estate Investment Trusts | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

In-Line

$22.00

$21.62

$15,341

$22.95-15.71

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

2Q core FFO of $0.46 vs cons/MSe $0.43; 2Q Total Portfolio SS-NOI was +1.8%

YoY (vs +0.0% in 1Q);

SS-NOI for Lab of -3.2% (vs. -7. 2% in 1Q); Outpatient Medical of +2.5% (vs. +2.4%

in 1Q) and Senior Housing +19.2% (vs. +13.8% in 1Q)

26e guide raised +$0.02 to $1.75 vs. cons $1.74/MSe $1.73; 26e Total Portfolio SSNOI guide raised +75bps to 0.75%

Net Debt to Adjusted EBITDAre was 4.7x vs 5.4x in 1Q; div $0.31 (flat YoY and

QoQ)

Generated ~$1.4 billion of proceeds: $2.1B Brookfield JV ($1.025B proceeds),

$400mn proceeds from seller financing repayment, and a $40mn non-core OM

sale.

Additional Takeaways:

• What's our view? We expect a positive stock price reaction to 2Q core FFO

above cons, improving KPIs and 26e core FFO guidance raised above

consensus. Capital recycling is a big focus as the previously announced

Brookfield JV left the company with ~$1.025B of proceeds at a 5.9% implied

cap rate, which were used to replay $650 million of 3.25% senior notes and

$375 million of 4.14% commercial paper, implying modest dilution, but

addressing significant maturities and resulting in -0.7x lower leverage q/q.

Additionally, DOC entered into a development agreement for a new $20

million OM building in Atlanta that is 84% pre-leased to Northside Hospital

and affiliated physician groups. Our conversations with the company

…