DOC · 10-Q · 2026Q3 · Full report

Senior Housing NOI Growth

HEALTHPEAK PROPERTIES, INC. · 2026-11-03 · Importance 59 · Surprise 48

For the three months ended September 30, 2026, Senior Housing Same-Store Adjusted NOI increased 25.9% to $31.9 million, and Total Portfolio Adjusted NOI increased to $53.7 million from $42.2 million. For the nine months, Same-Store Adjusted NOI grew 19.5% to $92.5 million and Total Portfolio Adjusted NOI rose to $154.9 million from $129.5 million. Same-Store growth was driven by higher resident fees and occupancy, with average occupancy rising to 88.9% for the nine months; higher labor, management fees, utilities, repairs, taxes, and food costs partially offset gains. Acquisitions during 2026 and the JV Buyout added to Total Portfolio NOI.

Key facts

• Senior housing Same-Store Adjusted NOI increased 25.9% for the three months ended September 30, 2026. source
• Senior housing Same-Store Adjusted NOI increased 19.5% for the nine months ended September 30, 2026. source
• Healthpeak attributed increased senior housing Adjusted NOI to 2026 community acquisitions, increased occupancy, higher resident fee rates, and the SWF JV Buyout. source
• Net income for the nine months ended September 30, 2026 increased partly because senior housing Adjusted NOI rose with 2026 acquisitions, increased occupancy, higher resident fees, and the SWF JV Buyout. source
• Senior housing Same-Store Adjusted NOI increased in the third quarter of 2026 due to increased resident-fee rates and higher occupancy, partly offset by higher labor, operator management, utility, real estate tax, and other operating costs. source