Healthpeak Properties, Inc. (DOC) · Nov 2, 2026 · Earnings

Healthpeak earnings beat as FFO outlook rises, EPS guide falls

Beat — FFO as Adjusted $0.44 vs ~$0.43 consensus

Healthpeak earnings show a bigger senior-housing platform: FFO and same-store NOI guidance rise, while GAAP EPS falls on acquisition-related depreciation.

Healthpeak is in the middle of a deliberate portfolio shift: using Janus Living to scale senior housing while retaining outpatient medical and life-science real estate as core growth platforms. The Janus structure was designed to give Healthpeak a separate source of capital for senior-housing acquisitions while supporting continued investment in its other healthcare property businesses.

The quarter modestly beat the operating bar. FFO as Adjusted was $0.44 per share, above the roughly $0.43 published consensus, even though it declined from $0.46 a year earlier. Revenue reached $820.9 million, well above published estimates around $748 million-$758 million, but that comparison is heavily influenced by the rapid expansion and consolidation of Janus Living rather than a clean improvement in the legacy portfolio.

Metric	Q3 2026	Q3 2025	Consensus / prior guidance
Total revenues (Income Statement)	$820.9M	$705.9M	~$748M-$758M
Diluted FFO as Adjusted/share (FFO reconciliation)	$0.44	$0.46	~$0.43
Same-store cash NOI guidance (Guidance)	0.5%-2.0%	—	0%-1.5% prior
Diluted FFO as Adjusted guidance (Guidance)	$1.76-$1.78	—	$1.73-$1.77 prior
Diluted EPS guidance (Guidance)	$0.39-$0.41	—	$0.48-$0.52 prior

Management raised the measures that matter most for REIT operating performance. Full-year FFO as Adjusted guidance increased by $0.02 at the midpoint, while same-store cash NOI guidance improved by 50 basis points. That says the underlying recurring property outlook is holding up better than the prior forecast, not merely that acquisitions are making the company larger.

The GAAP EPS cut is mostly an accounting consequence of the acquisition wave, not a deterioration in cash earnings. EPS guidance fell by $0.10 at the midpoint because senior-housing acquisitions add depreciation and amortization; the filing explicitly says that expense is excluded from FFO as Adjusted. 〔0〕

The strategic buildout is real, but it increases execution demands. Healthpeak closed $1.75 billion of senior-housing acquisitions in the quarter, including $743 million beyond the previously disclosed $1.0 billion, while also acquiring or contracting to acquire four life-science buildings for approximately $233 million. The growth broadens the platform, but it also brings operator transitions, newly acquired properties with low occupancy, and additional integration work.

The balance sheet remains usable rather than stretched, but capital deployment is accelerating. Enterprise financial leverage was 34.2%, secured debt was only 1.2% of enterprise gross assets, and the new $500 million term loan was undrawn at closing. 〔1〕 That provides funding flexibility, though the company is simultaneously adding assets, debt capacity, and senior-housing operating exposure.

Bottom line: This was a modestly better operating update, not a clean beat across every line. The important signal is that recurring FFO and same-store NOI expectations improved as Healthpeak executes its senior-housing expansion, while the lower GAAP EPS outlook is largely the accounting cost of that expansion rather than a cash-flow setback.

What to watch next

Closing of South San Francisco and Cambridge life science acquisitions

Original filing on SEC EDGAR

More Healthpeak Properties, Inc. news

FFO beat and guidance rose, but core outpatient trends stayed soft

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Healthpeak earnings beat as FFO outlook rises, EPS guide falls

What to watch next

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