Healthpeak Properties, Inc. (NYSE: DOC) shares were trading around $16.85, down about 1.5% intraday on Tuesday after the REIT reported fourth-quarter and full-year 2025 results. The stock has trended lower over the past year, trading well below its 52-week high near $22.00 and closer to a 52-week low in the mid-$16s, reflecting investor caution amid sector-wide pressures and capital market headwinds that have also weighed on growth names, including SaaS/software stocks, as interest rates remain elevated.
Quarterly results:
Healthpeak reported net income of $0.16 per share for the quarter ended Dec. 31, 2025. Nareit FFO and FFO as Adjusted each came in at $0.47 per share, and Adjusted Funds From Operations (AFFO) was $0.40 per share. Total merger-combined same-store cash (adjusted) net operating income (NOI) grew 3.9% year-over-year.
Revenue and performance metrics showed strength versus the prior year, with Healthpeak reporting revenue of about $719.4 million in the quarter, up approximately 3.1% year-over-year and above consensus estimates, according to Zacks. FFO as adjusted also exceeded the Zacks Consensus Estimate of $0.45 per share.
Leasing and segment highlights:
In the fourth quarter, Healthpeak executed 2.1 million square feet of new and renewal leases. Outpatient medical renewals displayed +4.4% cash releasing spreads on 1.5 million square feet, while life plan properties saw strong same-store NOI growth of 16.7% year-over-year and 15.4% sequentially. Lab lease spreads were slightly negative at -1.7%. Strategic capital recycling continued with about $325 million of outpatient medical dispositions and $24 million in loan repayments during Q4, while the company moved to recapitalize and sell an 80% interest in a six-property outpatient portfolio for roughly $170 million in expected proceeds. Healthpeak also completed acquisitions, including a 1.4 million square foot life sciences campus in South San Francisco for $600 million, and increased its senior housing footprint with joint venture buyouts.
Dividend and capital allocation:
The board declared a monthly cash dividend of $0.10167 per share for each of January through March 2026, representing $0.305 per share for the quarter and an annualized $1.22 per share. Healthpeak’s capital allocation also included ongoing transformations such as the planned IPO of its senior housing platform under Janus Living, aiming to unlock value for shareholders.
Full-year context:
For fiscal 2025, Healthpeak reported Nareit FFO of $1.81 per share and FFO as adjusted of $1.84 per share, up from $1.61 and $1.81, respectively, in 2024. AFFO rose to $1.69 per share from $1.68. Total merger-combined same-store cash (adjusted) NOI grew about 4.0% for the full year. Revenue growth was also positive on a full-year basis, with total revenues up approximately 4.5%, according to Zacks.
Healthpeak maintained an active lease execution profile for 2025 with a record 1 million square feet of outpatient medical new leases and 3.9 million square feet of renewals, both contributing to full-year NOI growth. Life plan properties posted 12.6% same-store NOI growth for the year, and non-refundable entry fee cash collections reached a record $153 million.
Outlook and guidance:
The company provided preliminary guidance for fiscal 2026, anticipating Nareit FFO and FFO as adjusted in a range of about $1.70 to $1.74 per share and same-store NOI growth of between –1% and +1%. Earnings per share for the full year are expected in the range of about $0.34 to $0.38.
Market and sector context:
Healthpeak operates in the healthcare real estate sector, but like many equities outside of defensive staples, its shares have been affected by broader macro pressures that have also weighed on risk assets, including SaaS/software stocks, which have faced valuation pressure amid rising interest rates and expectations of slower capital market growth. Investors have favored sectors with stable cash flows, leaving growth segments more volatile.
