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Sep 30
Healthpeak Q3 2025 Earnings Report
reported mixed third-quarter 2025 results with modest same-store NOI growth and steady cash flow amid a challenging operating environment.
Key Takeaways
Healthpeak Properties posted a net loss for Q3 2025 due to non-cash impairment charges but maintained stable core operating performance. Same-store NOI grew modestly, supported by strong outpatient medical performance and continued recovery in senior housing. The balance sheet remained healthy with solid liquidity and moderate leverage.
Reported net loss of $117.26 million, or $(0.17) per share.
FFO as Adjusted per share was $0.46, and AFFO per share was $0.42.
Total merger-combined same-store cash NOI growth of 0.9% for the quarter.
Maintained strong liquidity position with $2.7 billion in available cash and credit.
Healthpeak
Healthpeak
Healthpeak Revenue by Segment
Healthpeak Revenue by Geographic Location
Revenue by Segment
Rental and related Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comInterest income and other Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Healthpeak reaffirmed its 2025 guidance ranges with expectations for modest growth in same-store NOI and steady FFO performance amid a soft leasing environment.
Positive Outlook
- Reaffirmed full-year FFO as Adjusted guidance range of $1.81–$1.87 per share.
- Expecting total merger-combined same-store cash NOI growth of 3.0%–4.0%.
- Strong balance sheet with ample liquidity of $2.7 billion.
- Successful integration with Physicians Realty Trust supports scale benefits.
- Continued improvement in outpatient medical leasing and occupancy trends.
Challenges Ahead
- Diluted EPS guidance reduced to range of $0.00–$0.06 due to non-cash impairments.
- Anticipated near-term Lab occupancy decline from expirations and terminations.
- Private market recovery may take time to translate into leasing momentum.
- Exposure to macroeconomic headwinds including interest rate volatility.
- Potential pressure on margins from elevated operating and development costs.