Analyst Consensus ?
ConsensusBuy39 ratings
Bullish2153.8%
Neutral1846.2%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
Healthpeak Properties, Inc. · DOC · FY2026 Q1 · Calendar Q2 2026
Healthpeak Q1: Raised FFO Guidance, Janus Living IPO, $100M Buyback Mark Pivot to Growth
Healthpeak's Q1 FY2026 results marked a decisive shift from the prior quarter's maintained guidance posture to a raised outlook, with adjusted FFO guidance lifted to $1.71-$1.75 per share. The company executed on multiple strategic fronts simultaneously: a $100M stock buyback at a 10%+ FFO yield, a $170M Blackstone joint-venture recap, and the Janus Living IPO that values its senior-housing FFO at a multiple roughly 20x higher than Healthpeak's own. Outpatient medical leasing remained strong with 5.4% cash re-leasing spreads on renewals, and management projected a 100-basis-point improvement in lab occupancy by year-end. The stock surged 18.1% on the report, a 16.7% abnormal move on 3.7x normal volume, reflecting the market's recognition of the earnings power unlocked through capital recycling and the Janus Living separation.
Reported After market closeNYSEReal Estate
$15.21B market cap
100quality score
Company context
Snapshot as of publicationHealthpeak Properties, Inc. is an S&P 500 constituent operating as a fully integrated real estate investment trust (REIT). The firm is dedicated to the acquisition, management, and development of premier properties essential for both medical research and the provision of healthcare services.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.28
Consensus $0
EPS surprise
+430.7%
Reported versus consensus
Reported revenue
$738.8M
Consensus $694.6M
Revenue surprise
+6.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$22.06Previous close
$15Low
$20.62Average
$28High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 15, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 8, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | Jul 7, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 6, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 24, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jun 15, 2026 |
| Morgan Stanley | Equal Weight | Overweight | Downgrade | Jun 11, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | May 27, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | May 14, 2026 |
| Baird | Outperform | Outperform | Maintain | May 13, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 12, 2026 |
| Argus Research | Hold | Buy | Downgrade | Feb 5, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Feb 4, 2026 |
| Jefferies | Hold | Buy | Downgrade | Dec 16, 2025 |
| Raymond James | Outperform | Market Perform | Upgrade | Sep 15, 2025 |
| Deutsche Bank | Hold | Buy | Downgrade | Aug 20, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Apr 28, 2025 |
| B of A Securities | Buy | Underperform | Upgrade | Apr 1, 2024 |
| Keybanc | Overweight | Downgrade | Jan 5, 2024 | |
| Compass Point | Buy | Buy | Maintain | Jan 2, 2024 |
| Truist Securities | Hold | Hold | Maintain | Dec 22, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Sep 28, 2022 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 4, 2022 |
| Berenberg | Buy | Hold | Upgrade | May 20, 2021 |
| B. Riley Securities | Buy | Buy | Maintain | May 7, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 22, 2020 |
| BTIG Research | Neutral | Buy | Downgrade | Mar 16, 2020 |
| BTIG | Neutral | Buy | Downgrade | Mar 15, 2020 |
| B. Riley FBR | Buy | Buy | Maintain | Feb 27, 2020 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Nov 26, 2019 |
| Stifel | Buy | Hold | Upgrade | Nov 25, 2019 |
| Capital One Financial | Equal Weight | Overweight | Downgrade | May 2, 2019 |
| Capital One | Equal Weight | Overweight | Downgrade | May 1, 2019 |
| Bank of America | Buy | Buy | Maintain | Mar 8, 2018 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Nov 6, 2017 |
| Hilliard Lyons | Buy | Long Term Buy | Maintain | Nov 5, 2017 |
| JMP Securities | Market Perform | Outperform | Downgrade | Jun 21, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Feb 29, 2016 |
| Wunderlich | Buy | Buy | Maintain | May 21, 2014 |
| Wunderlich Securities | Buy | Buy | Maintain | May 20, 2014 |
Named analyst price targets
Upside is calculated against the persisted previous close $22.06. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $22 | $21.66 | -0.3% | Jul 15, 2026 |
| Barclays | Analyst unavailable | $23 | $21.75 | +4.3% | Jul 7, 2026 |
| Mizuho Securities | Vikram Malhotra | $24 | $21.86 | +8.8% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $24 | $20.69 | +8.8% | Jun 15, 2026 |
| Morgan Stanley | Ronald Kamdem | $22 | $20.76 | -0.3% | Jun 11, 2026 |
| Scotiabank | Analyst unavailable | $21 | $20.06 | -4.8% | May 27, 2026 |
| Morgan Stanley | Ronald Kamdem | $20 | $19.7 | -9.3% | May 22, 2026 |
| UBS | Analyst unavailable | $19 | $19.78 | -13.9% | May 13, 2026 |
| Morgan Stanley | Analyst unavailable | $18 | $15.83 | -18.4% | Apr 28, 2026 |
| UBS | Analyst unavailable | $17 | $17.37 | -22.9% | Apr 20, 2026 |
| Wells Fargo | John Kilichowski | $18 | $16.92 | -18.4% | Feb 3, 2026 |
| Goldman Sachs | Analyst unavailable | $17 | $17.04 | -22.9% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $17 | $16.16 | -22.9% | Jan 5, 2026 |
| Jefferies | Analyst unavailable | $17 | $16.66 | -22.9% | Dec 15, 2025 |
| Evercore ISI | Analyst unavailable | $21 | $16.8 | -4.8% | Dec 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $20 | $19.15 | -9.3% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $22 | $18.08 | -0.3% | Sep 15, 2025 |
| Raymond James | Jonathan Hughes | $20 | $18.25 | -9.3% | Sep 15, 2025 |
| Morgan Stanley | Analyst unavailable | $21 | $17.75 | -4.8% | Aug 22, 2025 |
| Robert W. Baird | Analyst unavailable | $21 | $17.22 | -4.8% | Jul 30, 2025 |
| Deutsche Bank | Omotayo Okusanya | $28 | $22.64 | +26.9% | Oct 21, 2024 |
| Citigroup | Nick Joseph | $22 | $21.89 | -0.3% | Aug 21, 2024 |
| Robert W. Baird | Wesley Golladay | $24 | $21.85 | +8.8% | Jul 30, 2024 |
| RBC Capital | Michael Carroll | $25 | $21.85 | +13.3% | Jul 30, 2024 |
| Wedbush | Richard Anderson | $22 | $19.17 | -0.3% | May 3, 2024 |
| RBC Capital | Michael Carroll | $22 | $19.34 | -0.3% | Apr 10, 2024 |
| Robert W. Baird | Analyst unavailable | $22 | $18.31 | -0.3% | Mar 27, 2024 |
| Wells Fargo | Connor Siversky | $19 | $17.54 | -13.9% | Mar 25, 2024 |
| Credit Suisse | Omotayo Okusanya | $15 | $14.64 | -32.0% | Aug 1, 2023 |
| Morgan Stanley | Analyst unavailable | $16.5 | $16.95 | -25.2% | Aug 31, 2022 |
| Morgan Stanley | Analyst unavailable | $16 | $16.76 | -27.5% | Jul 15, 2022 |
| Truist Financial | Analyst unavailable | $17 | $16.58 | -22.9% | Jul 11, 2022 |
| Jefferies | Analyst unavailable | $20 | $17.58 | -9.3% | Jun 30, 2022 |
| Morgan Stanley | Analyst unavailable | $17.5 | $18.55 | -20.7% | Jun 1, 2022 |
| Barclays | Analyst unavailable | $20 | $17.58 | -9.3% | Apr 26, 2022 |
| Truist Financial | Michael R Lewis | $19 | $17.26 | -13.9% | May 6, 2021 |
Track every rating change on DOC the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+18.1%
Event window
SPY move
+1.4%
Same window
Abnormal move
+16.7%
Stock minus SPY
Volume
3.7×
Versus trailing sessions
Subsequent drift
+0.5%
Up to 20 sessions
DOCSPY benchmark
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What changed
Guidance was raised to $1.71-$1.75 per share adjusted FFO, up from a previously maintained posture. The Janus Living IPO emerged as a new development, expected to be earnings-neutral in 2026 and accretive in 2027. The company executed a $100M stock buyback in April at an implied FFO yield exceeding 10% and completed a $170M Blackstone JV recap that establishes a template for future capital recycling. Lab occupancy is now projected to improve 100 basis points by year-end, a more definitive recovery signal than the prior quarter's cautious outlook. Bullish score rose from 72 to 85, and management tone remained confident.
Guidance delta
Raised. Adjusted FFO guidance lifted to $1.71-$1.75 per share from a previously maintained posture. Same-store NOI guidance remains flat. The Janus Living IPO is expected to be earnings-neutral in 2026 and accretive in 2027.
Key takeaways
- FFO guidance raised to $1.71-$1.75 per share, signaling confidence in the earnings trajectory.
- $100M stock repurchase in April at a 10%+ FFO yield, an unusually high dividend-equivalent return.
- Janus Living IPO values senior-housing FFO at roughly 20x Healthpeak's multiple, unlocking a significant valuation arbitrage.
- Outpatient medical delivered 5.4% cash re-leasing spreads on renewals with high tenant retention.
- Lab occupancy projected to rise 100 basis points by year-end, supported by a robust leasing pipeline.
- $1B of acquisitions and $1B of JV recaps planned, with the Blackstone recap as a proven template.
Management priorities
- Complete the Janus Living IPO and transition all senior-housing assets.
- Pursue up to $1B of acquisitions including senior-housing and lab assets.
- Expand joint-venture recaps with Blackstone and co-investments.
- Target 100-basis-point lab occupancy improvement by year-end.
- Continue leverage-neutral stock buybacks.
- Advance the Alewife mixed-use development with Hines, targeting entitlements by Q4 2026.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T09:11:46.633901+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T09:11:46.631097+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.