DOC · 10-Q · 2026Q3 · Full report

Outpatient Medical NOI Performance

HEALTHPEAK PROPERTIES, INC. · 2026-11-03 · Importance 49 · Surprise 32

For the three months ended September 30, 2026, outpatient medical Same-Store Adjusted NOI increased 3.1% to $173.2 million, while Total Portfolio Adjusted NOI fell $13.8 million to $184.3 million. Nine-month Same-Store Adjusted NOI increased $13.8 million to $515.9 million, while Total Portfolio Adjusted NOI declined $13.6 million to $580.7 million. Same-Store growth reflected mark-to-market renewals, rent escalations, and percentage rents; portfolio declines reflected 2025–2026 dispositions, including the Brookfield JV and BX JV I and II, partly offset by acquisitions and occupancy gains at properties placed in service.

Key facts

• For the nine months ended September 30, 2026, outpatient medical Same-Store Adjusted NOI was $515.894 million, up $13.775 million from 2025. source
• For the three months ended September 30, 2026, outpatient medical Same-Store Adjusted NOI increased 3.1%. source
• For the nine months ended September 30, 2026, outpatient medical Same-Store Adjusted NOI increased 2.7%. source
• Healthpeak attributed lower outpatient medical Adjusted NOI to 2026 and 2025 dispositions, assets placed into development and redevelopment in 2025 and 2026, and lower occupancy; offsets included projects placed in service and new leasing during 2025 and 2026. source
• Outpatient medical Same-Store Adjusted NOI increased in the third quarter of 2026 primarily from mark-to-market lease renewals, annual rent escalations, increased percentage-based rents, and lower operating expenses, including savings from property management internalization. source
• Outpatient medical Same-Store Adjusted NOI for the nine months ended September 30, 2026 increased primarily from mark-to-market renewals, annual escalations, and percentage-based rents, partly offset by higher operating expenses net of property-management internalization savings. source