DOC · 10-Q · 2026Q3 · Full report

Lab Segment NOI Performance

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

For the three months ended September 30, 2026, Lab Same-Store Adjusted NOI decreased 0.7% to $113.6 million, while Total Portfolio Adjusted NOI rose $2.8 million to $140.9 million. For the nine months, Same-Store Adjusted NOI fell $13.8 million to $338.8 million and Total Portfolio Adjusted NOI declined $2.6 million to $424.5 million. Same-Store declines resulted from lower occupancy and higher operating expenses, partly offset by annual rent escalations; acquisitions partly offset same-store weakness in the total portfolio.

Key facts

• For the nine months ended September 30, 2026, lab Same-Store Adjusted NOI was $338.816 million, down $13.838 million from 2025. source
• Lab Same-Store Adjusted NOI decreased 0.7% for the three months ended September 30, 2026. source
• Lab Same-Store Adjusted NOI decreased 3.9% for the nine months ended September 30, 2026. source
• Healthpeak attributed increased lab Adjusted NOI to 2025 and 2026 acquisitions, development and redevelopment projects placed in service in 2025 and 2026, and new leasing activity in 2025 and 2026, including straight-line rents; offsets included 2026 dispositions, 2025 projects placed into development and redevelopment, and lower occupancy. source
• Lab Same-Store Adjusted NOI decreased in the third quarter of 2026 primarily because of lower occupancy and higher operating expenses, partly offset by annual rent escalations. source