HEALTHPEAK PROPERTIES, INC.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
DOC$20.26+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001628280-26-031287
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001628280-26-053373
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 301 previous paragraphs and 367 current paragraphs.
219 unchanged; 70 reworded; 45 added; 7 removed; 5 previous and 33 current paragraphs rearranged.
Tables are not compared: 10 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (45)
Current report
On June 4, 2026, an additional 25,000,000 shares of Janus Living’s Class A-1 common stock were issued to public investors following the completion of a public offering (the “Janus Living June Follow-On Offering”). As part of the Janus Living June Follow-On Offering, Janus Living granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Janus Living’s Class A-1 common stock, which was exercised in full on June 22, 2026. The Janus Living June Follow-On Offering generated total gross proceeds of $719 million, less $28 million of fees paid to the underwriters.
Current report
Janus Living June Follow-On Offering
Current report
•On June 4, 2026, an additional 25,000,000 shares of Janus Living’s Class A-1 common stock were issued to public investors following the completion of the Janus Living June Follow-On Offering. As part of the Janus Living June Follow-On Offering, Janus Living granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Janus Living’s Class A-1 common stock, which was exercised in full on June 22, 2026. The Janus Living June Follow-On Offering generated total gross proceeds of $719 million, less $28 million of fees paid to the underwriters.
Current report
•During the three months ended June 30, 2026, we sold (i) two outpatient medical buildings for $34 million and (ii) one senior housing community for $23 million.
Current report
•In July 2026, we formed a JV with affiliates of Brookfield Asset Management (“Brookfield”). We contributed 86 outpatient medical buildings which are diversified across 11 states. Brookfield purchased a non-controlling 49% equity interest in the JV at a gross valuation of approximately $2.1 billion, generating proceeds of approximately $1.025 billion. Under the terms of the agreement, we will maintain day-to-day control and management of the assets and will retain a call right for a finite period beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield with a 6.5% net annual rate of return excluding initial transaction expenses.
Current report
•During the three months ended June 30, 2026, we acquired (i) one senior housing community in Seattle, Washington for $52 million and (ii) one senior housing community in Tucson, Arizona for $52 million.
Current report
•Subsequent to June 30, 2026, we acquired the following, in each case for a gross purchase price as noted: (i) eight senior housing communities in Texas and New Mexico for $150 million, (ii) one senior housing community in Naples, Florida for $149 million, (iii) one senior housing community in Lexington, Kentucky for $50 million, (iv) three senior housing communities in Atlanta, Georgia for $425 million, (v) four senior housing communities in Florida for $190 million, and (vi) one senior housing community in Denver, Colorado for $47 million.
Current report
•In June 2026, we repaid $142 million of mortgage debt secured by a portfolio of 13 outpatient medical buildings upon maturity.
Current report
•In July 2026, we repaid $650 million aggregate principal amount of 3.25% senior unsecured notes with an effective interest rate of 3.40% at maturity.
Current report
Other Activities
Current report
•In June 2026, we received a $399 million partial principal repayment of a seller financing loan receivable secured by outpatient medical buildings.
Current report
•an increase in interest income related to: (i) the accelerated recognition of a mark-to-market discount resulting from a partial principal repayment on loans receivable and (ii) secured loans funded in 2025 and 2026, partially offset by principal repayments on loans receivable in 2025 and 2026;
Current report
•interest earned on proceeds from the Janus Living IPO and Janus Living June Follow-On Offering;
Current report
•casualty-related recoveries;
Current report
•an increase in loan loss recoveries under the current expected credit losses model related to: (i) macroeconomic conditions and (ii) recoveries related to loans repaid during 2025 and 2026, partially offset by new and extended secured loans executed in 2025 and 2026;
Current report
•an increase in income tax benefit recognized in connection with the disposition of a senior housing community in June 2026;
Current report
•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased occupancy, (ii) increased rates for resident fees, (iii) the SWF JV Buyout, and (iv) other acquisitions of senior housing communities in 2026; and
Current report
•a decrease in transaction costs as a result of costs incurred in 2025 related to investments we are no longer pursuing, partially offset by: (i) costs incurred for the Janus Living IPO and (ii) senior housing operator transition costs.
Current report
•an increase in general and administrative expenses related to: (i) lower stock-based compensation expense due to forfeitures recognized during the three and six months ended June 30, 2025 and (ii) incremental stand-alone public company general and administrative expenses for Janus Living;
Current report
•an increase in noncontrolling interests’ share in earnings as a result of third-party noncontrolling interest holders’ share of income from Janus Living.
Current report
•casualty-related losses (recoveries);
Current report
•an increase in interest income related to: (i) the accelerated recognition of a mark-to-market discount resulting from a partial principal repayment on loans receivable and (ii) secured loans funded in 2025 and 2026, partially offset by principal repayments on loans receivable in 2025 and 2026;
Current report
•interest earned on proceeds from the Janus Living IPO and Janus Living June Follow-On Offering;
Current report
•casualty-related recoveries;
Current report
•an increase in loan loss recoveries under the current expected credit losses model related to: (i) macroeconomic conditions and (ii) recoveries related to loans repaid during 2025 and 2026, partially offset by new and extended secured loans executed in 2025 and 2026; and
Current report
•an increase in noncontrolling interests’ share in earnings as a result of third-party noncontrolling interest holders’ share of income from Janus Living.
Current report
•depreciation and amortization expense.
Current report
•casualty-related losses (recoveries);
Current report
•other impairments (recoveries).
Current report
The following table summarizes results at and for the six months ended June 30, 2026 and 2025 (dollars and square feet in thousands, except per square foot data):
Current report
•mark-to-market lease renewals;
Current report
•annual rent escalations; and
Current report
Total Portfolio Adjusted NOI increased primarily as a result of the aforementioned increases to Same-Store, which were partially offset by decreased Adjusted NOI from our 2025 and 2026 dispositions.
Current report
(3)From our second quarter 2025 presentation of Same-Store, we added: (i) four stabilized redevelopments placed in service, and we removed: (i) four buildings that were sold, (ii) two buildings that were placed into redevelopment, and (iii) one asset that experienced a significant tenant relocation.
Current report
Total Portfolio Adjusted NOI decreased primarily as a result of the aforementioned decreases to Same-Store, which were partially offset by increased Adjusted NOI from acquisitions in 2025.
Current report
The following table summarizes results at and for the six months ended June 30, 2026 and 2025 (dollars and square feet in thousands, except per square foot data):
Current report
•lower occupancy; and
Current report
•annual rent escalations.
Current report
Total Portfolio Adjusted NOI decreased primarily as a result of the aforementioned decreases to Same-Store, which were partially offset by increased Adjusted NOI from acquisitions in 2025.
Current report
•higher occupancy; partially offset by
Showing the first 40 of 45 passages. Open the source sections for the rest.
Removed paragraphs (7)
Previous report
(1)Total Portfolio includes results of operations from disposed properties through the disposition date.
Previous report
(5)Average annual rent is total revenues less termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Previous report
•increased Adjusted NOI from outpatient medical buildings acquired in 2025; and
Previous report
(1)Total Portfolio includes results of operations from disposed properties through the disposition date.
Previous report
(5)Average annual rent is total revenues less termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Previous report
General and administrative expenses decreased for the three months ended March 31, 2026 primarily as a result of lower travel and compensation expenses.
Previous report
Noncontrolling interests’ share in earnings decreased for the three months ended March 31, 2026 primarily as a result of third-party noncontrolling interest holders’ share of losses from Janus Living, Inc.
Reworded paragraphs (70)
Previous wording
The information set forth in this Item 2 is intended to provide readers with an understanding of our financial condition, changes in financial condition and results of operations. We will discuss and provide our analysis in the following order:
Current wording
The information set forth in this Item 2 is intended to provide readers with an understanding of our financial condition, changes in financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and accompanying Notes. We will discuss and provide our analysis in the following order:
Previous wording
We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Under the senior housing segment, our properties are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of: (i) loans receivable, (ii) a preferred equity investment, and (iii) three other properties. These non-reportable segments have been presented on a combined basis herein.
Current wording
We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Under the senior housing segment, our properties are operated through RIDEA or similar structures. We have other non-reportable segments that are comprised primarily of: (i) loans receivable, (ii) a preferred equity investment, and (iii) three other properties. These non-reportable segments have been presented on a combined basis herein.
Previous wording
In connection with the Janus Living IPO, through a series of formation transactions, we transferred, directly or indirectly, cash plus senior housing real estate communities and certain parcels of land for future development to Janus Living. As a result of these transactions, we received 138,816,246 shares of Janus Living’s Class A-1 common stock and 75,917,780 common units in the Janus Living OP, LLC (“Janus Living OP”), Janus Living’s operating subsidiary. In connection with these formation transactions, we also purchased shares of Janus Living’s Class A-2 common stock in an amount equivalent to the common units of Janus Living OP that we hold following completion of the formation transactions described above, for aggregate consideration of approximately $760 thousand. Janus Living’s Class A-2 common stock are not entitled to receive any dividends or distributions, but were issued to provide us with voting rights that correspond to our common units. Our ownership of the Janus Living Class A-1 and Class A-2 common shares together provides us with voting and economic rights of 81.6% of Janus Living. Janus Living is externally managed by Healthpeak Investment Management, LLC, one of our indirect subsidiaries. Following the Janus Living IPO, we continue to consolidate Janus Living.
Current wording
In connection with the Janus Living IPO, through a series of formation transactions, we transferred, directly or indirectly, cash plus senior housing real estate communities and certain parcels of land for future development to Janus Living. As a result of these transactions, we received 138,816,246 shares of Janus Living’s Class A-1 common stock and 75,917,780 common units in the Janus Living OP, LLC (“Janus Living OP”), Janus Living’s operating subsidiary. In connection with these formation transactions, we also purchased shares of Janus Living’s Class A-2 common stock in an amount equivalent to the common units of Janus Living OP that we hold following completion of the formation transactions described above, for aggregate consideration of approximately $760 thousand. Janus Living’s Class A-2 common stock are not entitled to receive any dividends or distributions, but were issued to provide us with voting rights that correspond to our common units.
Previous wording
At March 31, 2026, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 688 properties: (i) Outpatient medical – 504 properties; (ii) Lab – 141 properties; (iii) Senior housing – 40 properties; and (iv) Other non-reportable – 3 properties. The following table summarizes information for our reportable segments for the three months ended March 31, 2026 (dollars in thousands):
Current wording
At June 30, 2026, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 686 properties: (i) Outpatient medical – 501 properties; (ii) Lab – 141 properties; (iii) Senior housing – 41 properties; and (iv) Other non-reportable – 3 properties. The following table summarizes information for our reportable segments for the three months ended June 30, 2026 (dollars in thousands):
Previous wording
For a description of our significant activities during the months ended March 31, 2026, see “Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Company Highlights” in this report.
Current wording
For a description of our significant activities during the three and six months ended June 30, 2026, see “Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Company Highlights” in this report.
Previous wording
•In March 2026, the Janus Living IPO was completed, including the sale of 48,300,000 shares of its Class A-1 common stock at a price of $20.00 per share. The Janus Living IPO generated total gross proceeds of $966 million, less $65 million of fees paid to the underwriters. See the Notes to the Consolidated Financial Statements for additional information.
Current wording
•In March 2026, the Janus Living IPO was completed, including the sale of 48,300,000 shares of its Class A-1 common stock at a price of $20.00 per share. The Janus Living IPO generated total gross proceeds of $966 million, less $65 million of fees paid to the underwriters. See Note 1 to the Consolidated Financial Statements for additional information.
Previous wording
•We received 138,816,246 shares of Janus Living’s Class A-1 common stock and 75,917,780 common units in the Janus Living OP, Janus Living’s operating subsidiary. We also purchased shares of Janus Living’s Class A-2 common stock in an amount equivalent to the common units of Janus Living OP. Our ownership of the Janus Living Class A-1 and Class A-2 common shares together provides us with voting and economic rights of 81.6% of Janus Living. Following the Janus Living IPO, we continue to consolidate Janus Living.
Current wording
•We received 138,816,246 shares of Janus Living’s Class A-1 common stock and 75,917,780 common units in the Janus Living OP, Janus Living’s operating subsidiary. We also purchased shares of Janus Living’s Class A-2 common stock in an amount equivalent to the common units of Janus Living OP.
Previous wording
•In March 2026, we acquired (i) a portfolio of two senior housing communities in Atlanta, Georgia for $240 million, (ii) a portfolio of three senior housing communities in Orlando, Florida for $121 million, and (iii) one senior housing community in Seattle, Washington for $41 million.
Current wording
•During the three months ended March 31, 2026, we acquired (i) a portfolio of two senior housing communities in Atlanta, Georgia for $240 million, (ii) a portfolio of three senior housing communities in Orlando, Florida for $121 million, and (iii) one senior housing community in Seattle, Washington for $41 million.
Previous wording
•During the three months ended March 31, 2026, we sold an 80% interest in six outpatient medical buildings to a third party for net proceeds of $163 million (“BX I and II JV”).
Current wording
•During the three months ended March 31, 2026, we sold an 80% interest in six outpatient medical buildings to a third party for net proceeds of $163 million (“BX JV I and II”).
Previous wording
•During the three months ended March 31, 2026, the following projects were placed in service: (i) a portion of one lab development project with total project costs of $8 million and (ii) a portion of two lab redevelopment projects with total project costs of $5 million.
Current wording
•During the six months ended June 30, 2026, the following projects were placed in service: (i) one lab redevelopment project with total project costs of $86 million, (ii) a portion of four lab redevelopment projects with total project costs of $65 million, and (iii) a portion of one lab development project with total project costs of $8 million.
Previous wording
We evaluate our business and allocate resources among our operating segments: (i) outpatient medical, (ii) lab, (iii) senior housing, (iv) loans receivable, (v) a preferred equity investment, and (vi) three other properties. Our reportable segments, as determined in accordance with ASC 280, Segment Reporting, are as follows: (i) outpatient medical, (ii) lab, and (iii) senior housing. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Our senior housing properties are operated through RIDEA structures. The loans receivable, preferred equity investment, and the three other properties are non-reportable segments that have been presented on a combined basis herein. Our CODM, the President and CEO, evaluates performance for our outpatient medical and lab segments based upon property adjusted net operating income (“Adjusted NOI”). For our senior housing segment, our CODM evaluates performance based on net income and Adjusted NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC, as updated by Note 2 to the Consolidated Financial Statements herein.
Current wording
We evaluate our business and allocate resources among our operating segments: (i) outpatient medical, (ii) lab, (iii) senior housing, (iv) loans receivable, (v) a preferred equity investment, and (vi) three other properties. Our reportable segments, as determined in accordance with ASC 280, Segment Reporting, are as follows: (i) outpatient medical, (ii) lab, and (iii) senior housing. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Our senior housing properties are operated through RIDEA or similar structures. The loans receivable, preferred equity investment, and the three other properties are non-reportable segments that have been presented on a combined basis herein. Our CODM, the President and CEO, evaluates performance for our outpatient medical and lab segments based upon property adjusted net operating income (“Adjusted NOI”). For our senior housing segment, our CODM evaluates performance based on net income and Adjusted NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC, as updated by Note 2 to the Consolidated Financial Statements herein.
Previous wording
Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
Current wording
Comparison of the Three and Six Months Ended June 30, 2026 to the Three and Six Months Ended June 30, 2025
Previous wording
•an increase in gain on sales of real estate due to no real estate dispositions during the three months ended March 31, 2025;
Current wording
•an increase in gain on sales of real estate due to fewer real estate dispositions during the three months ended June 30, 2025;
Previous wording
•an increase in depreciation related to: (i) acquisitions of real estate in 2025 and 2026 and (ii) development and redevelopment projects placed in service during 2025;
Current wording
•an increase in depreciation related to: (i) acquisitions of real estate in 2025 and 2026, including the SWF JV Buyout, and (ii) development and redevelopment projects placed in service during 2025 and 2026;
Previous wording
•an increase in Adjusted NOI generated from our outpatient medical segment related to: (i) new leasing activity during 2025 and 2026 (including the impact to straight-line rents) and (ii) development and redevelopment projects placed in service during 2025, partially offset by (i) dispositions of real estate in 2025 and 2026 and (ii) assets placed into development and redevelopment in 2025.
Current wording
•a decrease in Adjusted NOI generated from our outpatient medical and lab segments related to: (i) lower occupancy for lab, (ii) dispositions of real estate in 2026, and (iii) assets placed into development and redevelopment in 2025, partially offset by: (i) development and redevelopment projects placed in service during 2025 and 2026 and (ii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents); and
Previous wording
Nareit FFO applicable to common shares decreased primarily as a result of the aforementioned events impacting net income (loss) applicable to common shares, except for the following, which are excluded from Nareit FFO applicable to common shares:
Current wording
Nareit FFO applicable to common shares increased primarily as a result of the aforementioned events impacting net income (loss) applicable to common shares, except for the following, which are excluded from Nareit FFO applicable to common shares:
Previous wording
•an increase in gain upon change of control related to: (i) the sale of an 80% interest in six outpatient medical buildings to a third-party in March 2026 and (ii) the SWF JV Buyout;
Current wording
•an increase in gain upon change of control related to: (i) the sale of an 80% interest in six outpatient medical buildings to a third-party in March 2026 and (ii) the SWF JV Buyout in January 2026;
Previous wording
•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased rates for resident fees, (ii) higher occupancy, (iii) the SWF JV Buyout, and (iv) other senior housing communities acquired in 2026;
Current wording
•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased occupancy, (ii) increased rates for resident fees, (iii) the SWF JV Buyout, and (iv) other acquisitions of senior housing communities in 2026;
Previous wording
•an increase in equity income from unconsolidated joint ventures related to: (i) higher income from the South San Francisco joint ventures and (ii) the preferred return on the HQ Point Preferred Equity Investment, partially offset by lower income from the SWF SH JV, which we began consolidating in January 2026 after the SWF JV Buyout;
Current wording
•an increase in equity income from unconsolidated joint ventures related to: (i) the preferred return on the HQ Point Preferred Equity Investment and (ii) increased income from certain lab JVs, partially offset by decreased income from the SWF SH JV, which we consolidated in January 2026 after the SWF JV Buyout;
Previous wording
•a decrease in income tax expense related to the tax benefit from the derecognition of certain deferred tax assets and liabilities related to the change in tax status of certain entities in connection with the Janus Living IPO; and
Current wording
•an increase in income tax benefit recognized in connection with the disposition of a senior housing community in June 2026 and the derecognition of certain deferred tax assets and liabilities related to the change in tax status of certain entities in connection with the Janus Living IPO.
Previous wording
•an increase in interest expense related to: (i) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, (ii) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (iii) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025, (ii) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025, and (iii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026; and
Current wording
•an increase in interest expense related to: (i) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, (ii) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, and (iii) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025, (ii) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025, and (iii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026;
Previous wording
•an increase in transaction costs incurred related to the Janus Living IPO; and
Current wording
•an increase in transaction costs incurred related to: (i) costs incurred for the Janus Living IPO and (ii) senior housing operator transition costs, partially offset by costs incurred in 2025 related to investments we are no longer pursuing;
Previous wording
•a decrease in Adjusted NOI generated from our lab segment related to: (i) lower occupancy, (ii) dispositions of real estate in 2026, and (iii) assets placed into development and redevelopment in 2025, partially offset by: (i) development and redevelopment projects placed in service during 2025 and 2026 and (ii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents).
Current wording
•a decrease in Adjusted NOI generated from our lab segment related to: (i) lower occupancy, (ii) dispositions of real estate in 2026, and (iii) assets placed into development and redevelopment in 2025, partially offset by: (i) development and redevelopment projects placed in service during 2025 and 2026 and (ii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents); and
Previous wording
The following tables provide selected operating information for our Same-Store and total property portfolio for each of our reportable segments. For the three months ended March 31, 2026, our Same-Store consists of 599 properties representing properties fully operating on or prior to January 1, 2025 and that remained in operation through March 31, 2026. See “Non-GAAP Financial Measures” for additional information. Our total property portfolio consisted of 688 and 700 properties at March 31, 2026 and 2025, respectively.
Current wording
The following tables provide selected operating information for our Same-Store and total property portfolio for each of our reportable segments. For the three months ended June 30, 2026, our Same-Store consists of 600 properties representing properties fully operating on or prior to April 1, 2025 and that remained in operation through June 30, 2026. For the six months ended June 30, 2026, our Same-Store consists of 596 properties representing properties fully operating on or prior to January 1, 2025 and that remained in operation through June 30, 2026. See “Non-GAAP Financial Measures” for additional information. Our total property portfolio consisted of 686 and 702 properties at June 30, 2026 and 2025, respectively.
Previous wording
Total Portfolio Adjusted NOI decreased primarily as a result of the aforementioned impacts to Same-Store and the following Non-Same-Store impacts:
Current wording
Total Portfolio Adjusted NOI decreased primarily as a result of the following Non-Same-Store impacts, partially offset by the aforementioned increases to Same-Store:
Previous wording
•decreased Adjusted NOI from our 2025 and 2026 dispositions.
Current wording
•decreased Adjusted NOI from our 2025 and 2026 dispositions; partially offset by
Previous wording
•increased occupancy in former redevelopment and development properties that have been placed into service; partially offset by
Current wording
•increased occupancy in former development properties that have been placed into service.
Previous wording
(3)From our first quarter 2025 presentation of Same-Store, we added: (i) two stabilized developments placed in service, and we removed: (i) 25 buildings that were sold, (ii) four buildings that were placed into redevelopment, and (iii) two assets that were classified as held for sale. Additionally, six assets were contributed to a joint venture and are reported at share.
Current wording
(3)From our second quarter 2025 presentation of Same-Store, we added: (i) two stabilized developments placed in service, and we removed: (i) 27 buildings that were sold, (ii) four buildings that were placed into redevelopment, and (iii) one asset that was classified as held for sale. Additionally, six assets were contributed to a joint venture and are reported at share.
Previous wording
(3)From our first quarter 2025 presentation of Same-Store, we added: (i) three stabilized redevelopments placed in service, and we removed: (i) four buildings that were sold, (ii) two buildings that were placed into redevelopment, and (iii) two assets that were classified as held for sale.
Current wording
(3)From our second quarter 2025 presentation of Same-Store, we added: (i) three stabilized redevelopments placed in service, and we removed: (i) four buildings that were sold, (ii) two buildings that were placed into redevelopment, and (iii) one asset that experienced a significant tenant relocation.
Previous wording
(1)Subsequent to the closing of the Janus Living IPO, public investors in Janus Living represent the 18.4% noncontrolling interests’ share of the senior housing reportable segment. To enhance comparability, Same-Store NOI has been adjusted to reflect the noncontrolling interests’ share of consolidated NOI for all periods presented.
Current wording
(1)Subsequent to the closing of the Janus Living IPO and Janus Living June Follow-On Offering, public investors in Janus Living represent the 26.4% noncontrolling interests’ share of the senior housing reportable segment. To enhance comparability, Same-Store NOI has been adjusted to reflect the noncontrolling interests’ share of consolidated NOI for all periods presented.
Previous wording
(3)From our first quarter 2025 presentation of Same-Store, no properties were added or removed.
Current wording
(3)From our second quarter 2025 presentation of Same-Store, no properties were added or removed.
Previous wording
•higher costs of labor, utilities, and other operating expenses.
Current wording
•higher costs of labor, food, utilities, repairs and maintenance, operator management fees, and other operating expenses.
Previous wording
•increased Adjusted NOI from other senior housing communities acquired in 2026.
Current wording
•increased Adjusted NOI from other senior housing communities acquired during 2026.
Previous wording
The following table summarizes the results of our other income and expense items for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following table summarizes the results of our other income and expense items for the three and six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
Interest income and other decreased for the three months ended March 31, 2026 primarily as a result of principal repayments on loans receivable in 2025 and 2026, partially offset by secured loans funded in 2025 and 2026.
Current wording
Interest income and other increased for the three and six months ended June 30, 2026 primarily as a result of: (i) the accelerated recognition of a mark-to-market discount resulting from a partial principal repayment on loans receivable and (ii) secured loans funded in 2025 and 2026, partially offset by principal repayments on loans receivable in 2025 and 2026.
Previous wording
Depreciation and amortization expense increased for the three months ended March 31, 2026 primarily as a result of: (i) acquisitions of real estate in 2025 and 2026 and (ii) development and redevelopment projects placed in service during 2025 and 2026, partially offset by: (i) dispositions of real estate in 2025 and 2026 and (ii) assets placed into development and redevelopment in 2025 and 2026.
Current wording
Depreciation and amortization expense increased for the three and six months ended June 30, 2026 primarily as a result of: (i) acquisitions of real estate in 2025 and 2026, including the SWF JV Buyout, and (ii) development and redevelopment projects placed in service during 2025 and 2026, partially offset by: (i) dispositions of real estate in 2025 and 2026 and (ii) assets placed into development and redevelopment in 2025 and 2026.
Previous wording
Interest expense increased for the three months ended March 31, 2026 primarily as a result of: (i) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, (ii) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (iii) higher borrowings under the commercial paper program, partially offset by: (a) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025, (b) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025, and (c) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026.
Current wording
Interest expense increased for the three and six months ended June 30, 2026 primarily as a result of: (i) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (ii) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025 and (ii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026. Interest expense further increased for the six months ended June 30, 2026 as a result of the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, partially offset by the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025.
Previous wording
Transaction costs increased for the three months ended March 31, 2026 primarily as a result of costs incurred related to the Janus Living IPO.
Current wording
Transaction costs decreased for the three months ended June 30, 2026 primarily as a result of costs incurred in 2025 related to investments we are no longer pursuing, partially offset by: (i) costs incurred for the Janus Living IPO and (ii) senior housing operator transition costs. Transaction costs increased for the six months ended June 30, 2026 primarily as a result of: (i) costs incurred for the Janus Living IPO and (ii) senior housing operator transition costs.
Previous wording
Loan loss recoveries decreased for the three months ended March 31, 2026 as a result of a decrease in loan loss recoveries under the current expected credit losses model, which is primarily due to: (i) new and extended loans executed in 2025 and 2026 and (ii) macroeconomic conditions, partially offset by recoveries related to loans repaid during 2025 and 2026.
Current wording
Loan loss recoveries increased for the three and six months ended June 30, 2026 as a result of an increase in loan loss recoveries under the current expected credit losses model, which is primarily due to: (i) macroeconomic conditions and (ii) recoveries related to loans repaid during 2025 and 2026, partially offset by new and extended secured loans executed in 2025 and 2026.
Previous wording
Gain on sales of real estate, net increased during the three months ended March 31, 2026 as a result of: (i) the $44 million gain on sales of four lab buildings, (ii) the $7 million gain on sale of two outpatient medical buildings, and (iii) the immaterial gain on sale of nine suites within an outpatient medical building, which were sold during the three months ended March 31, 2026, as compared to no dispositions of real estate during the three months ended March 31, 2025. Refer to Note 4 to the Consolidated Financial Statements for additional information regarding dispositions of real estate and the associated gain (loss) on sales recognized.
Current wording
Gain on sales of real estate, net increased during the three and six months ended June 30, 2026 as a result of the gain on sales of: (i) four lab buildings, (ii) two outpatient medical buildings, and (iii) nine suites within an outpatient medical building, which were sold during the three months ended March 31, 2026, and the gain on sales of: (i) two outpatient medical buildings and (ii) one senior housing community, which were sold during the three months ended June 30, 2026, as compared to (i) no dispositions of real estate during the three months ended March 31, 2025 and (ii) the gain on sale of one outpatient medical land parcel, which was sold during the three months ended June 30, 2025. Refer to Note 4 to the Consolidated Financial Statements for additional information regarding dispositions of real estate and the associated gain (loss) on sales recognized.
Showing the first 40 of 70 pairs. Open the source sections for the rest.
Rearranged current paragraphs (33)
Current report — wording carried from elsewhere
As of June 30, 2026, our ownership of the Janus Living Class A-1 and Class A-2 common shares, together with our ownership of common units of Janus Living OP, provides us with voting and economic rights of 73.6% of Janus Living. Janus Living is externally managed by Healthpeak Investment Management, LLC, one of our indirect subsidiaries, and is consolidated by us.
Current report — wording carried from elsewhere
•an increase in interest expense related to: (i) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (ii) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025 and (ii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026;
Current report — wording carried from elsewhere
•transaction and restructuring-related costs; and
Current report — wording carried from elsewhere
The following table summarizes results for the six months ended June 30, 2026 and 2025 (in thousands):
Current report — wording carried from elsewhere
Net income (loss) applicable to common shares increased primarily as a result of the following:
Current report — wording carried from elsewhere
•an increase in gain on sales of real estate due to fewer real estate dispositions during the six months ended June 30, 2025;
Current report — wording carried from elsewhere
The increase in net income (loss) applicable to common shares was partially offset by:
Current report — wording carried from elsewhere
•an increase in depreciation related to: (i) acquisitions of real estate in 2025 and 2026, including the SWF JV Buyout, and (ii) development and redevelopment projects placed in service during 2025 and 2026;
Current report — wording carried from elsewhere
Nareit FFO decreased primarily as a result of the aforementioned events impacting net income (loss) applicable to common shares, except for the following, which are excluded from Nareit FFO:
Current report — wording carried from elsewhere
•gain on sales of real estate; and
Current report — wording carried from elsewhere
FFO as Adjusted decreased primarily as a result of the aforementioned events impacting Nareit FFO, except for the following, which are excluded from FFO as Adjusted:
Current report — wording carried from elsewhere
(3)From our second quarter 2025 presentation of Same-Store, we added: (i) three stabilized acquisitions and (ii) two developments placed in service, and we removed: (i) 27 buildings that were sold, (ii) four buildings that were placed into redevelopment, and (iii) one asset that was classified as held for sale. Additionally, six assets were contributed to a joint venture and are reported at share.
Current report — wording carried from elsewhere
(4)Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
Current report — wording carried from elsewhere
•increased percentage-based rents; partially offset by
Current report — wording carried from elsewhere
•higher operating expenses, net of savings from our internalization of property management.
Current report — wording carried from elsewhere
(2)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our outpatient medical and lab reportable segments. See Note 13 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for the outpatient medical and lab reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
Current report — wording carried from elsewhere
(6)Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Current report — wording carried from elsewhere
(2)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our outpatient medical and lab reportable segments. See Note 13 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for the outpatient medical and lab reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
Current report — wording carried from elsewhere
(6)Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Current report — wording carried from elsewhere
Same-Store Adjusted NOI decreased primarily as a result of the following:
Current report — wording carried from elsewhere
•higher operating expenses; partially offset by
Current report — wording carried from elsewhere
(4)Refer to “Non-GAAP Financial Measures” above for the definition of Same-Store. Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
Current report — wording carried from elsewhere
The following table summarizes results at and for the six months ended June 30, 2026 and 2025 (dollars in thousands, except per unit data):
Current report — wording carried from elsewhere
(1)Subsequent to the closing of the Janus Living IPO and Janus Living June Follow-On Offering, public investors in Janus Living represent the 26.4% noncontrolling interests’ share of the senior housing reportable segment. To enhance comparability, Same-Store NOI has been adjusted to reflect the noncontrolling interests’ share of consolidated NOI for all periods presented.
Current report — wording carried from elsewhere
(2)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI. Refer to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI. For the senior housing reportable segment, refer also to “Non-GAAP Financial Measures Reconciliations” below for a reconciliation of NOI and Adjusted NOI to net income (loss).
Current report — wording carried from elsewhere
(3)From our second quarter 2025 presentation of Same-Store, no properties were added or removed.
Current report — wording carried from elsewhere
(4)Refer to “Non-GAAP Financial Measures” above for the definition of Same-Store. Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
Current report — wording carried from elsewhere
(5)Represents average occupied units as reported by the operators for the six-month period.
Current report — wording carried from elsewhere
(6)Represents revenues (including our share of revenues from unconsolidated joint ventures) per average occupied unit for the applicable period divided by a factor of six. Excludes newly developed assets, assets sold, acquired or converted to a new operating structure during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations.
Current report — wording carried from elsewhere
•increased rates for resident fees; and
Current report — wording carried from elsewhere
•increased Adjusted NOI from the SWF JV Buyout; and
Current report — wording carried from elsewhere
•increased Adjusted NOI from other senior housing communities acquired during 2026.
Current report — wording carried from elsewhere
On July 30, 2026, our Board of Directors approved a new share repurchase program (the “2026 Share Repurchase Program”) to supersede and replace the 2024 Share Repurchase Program. Upon adoption of the 2026 Share Repurchase Program, no further share repurchases may be made pursuant to the 2024 Share Repurchase Program. Under the 2026 Share Repurchase Program, we may acquire shares of our common stock in the open market or other similar purchase techniques (including in compliance with the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or pursuant to one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act), in an amount up to an aggregate purchase price of $500 million. Purchases of common stock under the 2026 Share Repurchase Program may be exercised at our discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. The 2026 Share Repurchase Program may be suspended or terminated at any time without prior notice. No shares have been repurchased under the 2026 Share Repurchase Program.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Same-Store Adjusted NOI increased primarily as a result of the following:
Previous report — wording carried elsewhere
•decreased Adjusted NOI from buildings undergoing development and redevelopment in 2025 and 2026; and
Previous report — wording carried elsewhere
•decreased Adjusted NOI from our 2026 dispositions.
Previous report — wording carried elsewhere
Same-Store Adjusted NOI increased primarily as a result of the following:
Previous report — wording carried elsewhere
In April 2026, we repurchased 5.95 million shares of our common stock under the 2024 Share Repurchase Program at a weighted average price of $16.81 per share for a total of $100 million. Subsequent to these repurchases, $306 million of our common stock remained available for repurchase under the 2024 Share Repurchase Program.