Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Healthpeak Properties' Q2 FY2026 was defined by the creation and IPO of Janus Living, a publicly traded subsidiary housing its senior living portfolio, which raised $966 million in March and an additional $719 million in a follow-on offering in June. Revenue grew 11% driven by acquisitions and strong same-store performance, while net income surged 67% due to transaction gains and improved operations. However, operating cash flow dipped 3% and stockholders' equity declined slightly, reflecting share repurchases and the impact of consolidating Janus Living. The company ended the quarter with cash exceeding $1.6 billion, up from $89 million a year earlier, positioning it for continued portfolio optimization and debt management.
Revenue
$771.58M
+11.12% YoY
EPS (Diluted)
$0.08
+60.00% YoY
Source: SEC XBRL
Healthpeak Properties (DOC) reported Q2 FY2026 revenue of $771.58M, up 11.1% year over year. DOC's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 0.46 | 0.03 | Beat +1302.4% |
| Mar 2026 | 0.28 | 0.05 | Beat +515.4% |
| Dec 2025 | 0.16 | 0.06 | Beat +179.7% |
| Sep 2025 | 0.08 | 0.06 | Beat +37.7% |
Adjusted (non-GAAP) EPS of $0.46 versus the $0.03 analyst consensus — a +1302.4% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.08.
Compiled by AI from 10-Q Item 2 of this filing
Completed the initial public offering of Janus Living, raising $966 million, followed by a June follow-on offering that generated an additional $719 million, with Healthpeak retaining a 73.6% stake.
Source: 10-Q Item 2 MD&A
Executed multiple transactions, including the $312 million buyout of a joint venture partner's interest, acquisitions of senior housing communities totaling $526 million, and sales generating $310 million in net proceeds across various properties.
Source: 10-Q Item 2 MD&A
Repurchased 5.95 million shares for $100 million, repaid $142 million of mortgage debt, and entered into a new $400 million term loan facility; also received a $399 million partial repayment on a seller financing loan.
Source: 10-Q Item 2 MD&A
Placed in service development and redevelopment projects with total costs of $159 million, including a complete lab redevelopment and portions of four additional lab projects.
Source: 10-Q Item 2 MD&A
After quarter-end, entered a joint venture with Brookfield, contributing 86 outpatient medical buildings at a $2.1 billion valuation, generating expected proceeds of $1.025 billion.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 0 high, 3 medium, 2 low
With $10.0 billion in long-term debt and a debt-to-equity ratio of 1.55, the company is exposed to rising interest rates, which could increase borrowing costs and pressure margins.
Source: 10-Q Balance Sheet (XBRL)
The portfolio is concentrated in healthcare properties; a default by a major tenant or operator could materially reduce revenue. Segment diversification provides some mitigation, but significant exposure remains.
Source: 10-Q MD&A
Operating cash flow decreased 3.3% year-over-year to $622 million in the first half of 2026, indicating potential volatility that could affect dividend coverage and capital spending plans.
Source: 10-Q Cash Flow (XBRL)
The lab segment accounted for $142.6 million in Adjusted NOI in Q2, making the company vulnerable to downturns in the life science industry, which faces funding and demand pressures.
Source: 10-Q MD&A
The IPO and subsequent follow-on offering reduced Healthpeak's economic interest in Janus Living to 73.6%, with potential for further dilution if Janus Living issues additional shares, which could erode Healthpeak's income and control.
Source: 10-Q MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 771.58 $M | 694.35 $M | +11.12% |
Net Income $M | 52.82 $M | 31.67 $M | +66.76% |
EPS (Basic) $ | 0.08 $ | 0.05 $ | +60.00% |
EPS (Diluted) $ | 0.08 $ | 0.05 $ | +60.00% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
DOC delivered strong Q1 FY2026 results with revenue up 7.1% YoY to $753.0M and net income surging 352.1% to $193.6M, while the company raised significant financing capital, boosting cash by over 15x to $1.17B.
DOC reported FY2025 revenue growth of 4.5% to $2.82B, but net income fell sharply by 70.7% to $71.3M, driven by higher liabilities and increased long-term debt, even as operating cash flow improved 17.0% to $1.25B.
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