DOC · 10-Q · 2026Q2 · Full report

Lab Occupancy and Demand

HEALTHPEAK PROPERTIES, INC. · 2026-08-05 · Importance 37 · Surprise 32

Lab same-store Adjusted NOI decreased 3.2% year over year in the second quarter and 5.0% for the first six months of 2026. Same-store occupancy fell to 90.3% from 94.4% in the quarter and to 90.2% from 94.3% year to date, while total portfolio occupancy declined to 87.5% from 95.5%. The decline reflected lower occupancy and higher operating expenses, with annual rent escalations providing only a partial offset. Total portfolio results were also affected by 2026 dispositions and assets moved into development or redevelopment, although acquisitions and completed redevelopment projects contributed incremental Adjusted NOI.

Key facts

• Healthpeak reported a decrease in Adjusted NOI from outpatient medical and lab segments related to lower occupancy for lab, dispositions of real estate in 2026, and assets placed into development and redevelopment in 2025. source
• Lab Same-Store end of period occupancy for the three months ended June 30, 2026 was 90.3% versus 94.4% in 2025. source