DOC · 10-Q · 2026Q2 · Full report
Segment Revenue Performance
HEALTHPEAK PROPERTIES, INC. · 2026-08-05 · Importance 24 · Surprise 14 · No source text
Outpatient Medical same-store rental and related revenues increased $2.7 million, or 0.9%, to $296.2 million in the three months ended June 30, 2026, while same-store Adjusted NOI increased $4.7 million, or 2.5%, to $189.1 million. Lab same-store rental and related revenues decreased $11.9 million, or 6.9%, to $160.1 million, and same-store Adjusted NOI decreased $3.8 million, or 3.2%, to $114.2 million, primarily because occupancy declined and operating expenses increased. Senior Housing same-store resident fees and services increased $12.4 million, or 8.4%, to $161.3 million, while same-store Adjusted NOI increased $5.2 million, or 19.2%, to $32.1 million as occupancy and resident fee rates improved. For the six months ended June 30, 2026, Senior Housing same-store Adjusted NOI increased 16.4% to $64.5 million, while Lab same-store Adjusted NOI declined 5.0% to $226.5 million.
Key facts
- Equity income from unconsolidated joint ventures was $2,509 thousand for the three months ended June 30, 2026 versus $1,747 thousand in 2025, and $6,774 thousand for the six months ended June 30, 2026 versus $(400) thousand in 2025. source
- For the three months ended June 30, 2026, outpatient medical NOI was $206,587 thousand and outpatient medical Adjusted NOI was $198,005 thousand. source
- For the three months ended June 30, 2026, lab NOI was $154,601 thousand and lab Adjusted NOI was $142,614 thousand. source
- Adjusted NOI for Outpatient Medical Same-Store for the three months ended June 30, 2026 was $189,123 thousand, up $4,671 thousand from $184,452 thousand in 2025 (2.5% change). source
- Senior Housing Same-Store Adjusted NOI for the three months ended June 30, 2026 was $32,121 thousand, up $5,181 thousand from $26,940 thousand in 2025 (Adjusted NOI % change 19.2%). source
- Lab Same-Store Adjusted NOI for the three months ended June 30, 2026 was $114,183 thousand, a decrease of $3,836 thousand from $118,019 thousand in 2025 (−3.2%). source
- For the three months ended June 30, 2026, senior housing NOI and Adjusted NOI were $45,851 thousand. source
- Gain on sales of real estate increased during the three and six months ended June 30, 2026 due to gains on sales of four lab buildings, two outpatient medical buildings, and nine suites within an outpatient medical building sold during the three months ended March 31, 2026, and two outpatient medical buildings and one senior housing community sold during the three months ended June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +3.3% | Equity income from unconsolidated joint ventures was $2,509 thousand for the three months ended June 30, 2026 versus $1,747 thousand in… |
| operating_income | positive | realized | +2.4% | Senior Housing Same-Store Adjusted NOI for the three months ended June 30, 2026 was $32,121 thousand, up $5,181 thousand from $26,940… |
| operating_income | positive | realized | +2.2% | Adjusted NOI for Outpatient Medical Same-Store for the three months ended June 30, 2026 was $189,123 thousand, up $4,671 thousand from… |
| operating_income | positive | realized | — | For the three months ended June 30, 2026, outpatient medical NOI was $206,587 thousand and outpatient medical Adjusted NOI was $198,005… |
| operating_income | positive | realized | — | For the three months ended June 30, 2026, lab NOI was $154,601 thousand and lab Adjusted NOI was $142,614 thousand. |