DOC · Q3 2025 Earnings

Cautious

Healthpeak Properties

Reported October 23, 2025

30-second summary

Healthpeak posted Q3 revenue of $706M (+0.8% YoY, +1.7% QoQ), non-GAAP FFO of $0.46/share, and a GAAP net loss of $117M driven by a $175.8M real estate impairment that management did not pre-announce. Lab segment revenue worsened to -5.5% YoY from -2.4% last quarter, a clear negative resolution to last quarter's "inflection" watch item, while CCRC (+5.4%) and Outpatient Medical (+2.8%) continued to carry the portfolio. No new FY2025 guidance was issued; the FFO and same-store NOI reaffirmations from Q2 stand by default.

Headline numbers

EPS

Q3 FY2025

$0.46

Revenue

Q3 FY2025

$0.71B

+0.8% YoY

Key financials

Q3 FY2025

Metric	Q3 FY2025	YoY	Q2 FY2025	QoQ
Revenue	$0.71B	+0.8%	$0.69B	+1.7%
EPS	$0.46	—	$0.46	+0.0%

Guidance

No new guidance issued; company maintained FY2025 FFO and same-store NOI reaffirmations with Q3 results showing modest top-line growth and segment-level divergence.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q3 FY2025	—	$0.706 billion	in-line	Met

Reaffirmed unchanged this quarter: FFO as Adjusted per share, Same-store cash NOI growth

Segment KPIs

Q3 FY2025

Segment	Q3 FY2025	YoY
Outpatient Medical	$0.327B	+2.8%
Lab	$0.213B	-5.5%
CCRC	$0.15B	+5.4%

Other KPIs

Q3 FY2025

Segment	Q3 FY2025
Diluted Nareit FFO per common share	$0.45
Diluted FFO as Adjusted per common share	$0.46
Diluted AFFO per common share	$0.42
Portfolio Cash Real Estate Revenues	$689.3 million
Merger-Combined Same-Store Cash NOI Growth	3.0% to 4.0% (FY2025 guidance)
Real estate related depreciation and amortization	$262.3 million
Impairments of real estate, net	$175.8 million

Management tone

No transcript was available for this quarter; the press release contained no qualitative forward commentary. The tone shift is itself the signal: Q2 came with concrete language on lab capital markets ("the last 30 days have been a lot more favorable"), CCRC tracking above the segment guide high end, and a regulatory tailwind narrative. Q3 came with none of that — no segment positioning updates, no guidance refresh commentary, no capital deployment update, no tenant credit color. A REIT that talked confidently in July going quiet in October while lab revenue worsens and a $175.8M impairment lands is a posture change, even if it isn't a verbal one.

Answers to last quarter's watch list

Lab segment revenue inflection — Resolved negatively. Q3 lab revenue was -5.5% YoY, worse than Q2's -2.4%. The Q2 narrative of capital markets turning more favorable has not translated to reported segment revenue, and the deterioration was accompanied by a $175.8M real estate impairment that likely touches this portfolio.

Resolved negatively

CCRC same-store growth holding above the FY segment guide high end — CCRC revenue grew +5.4% YoY in Q3, essentially matching Q2's +5.6%. Consistent with the trajectory required to exceed the segment guide high end, but without updated management commentary this quarter, the explicit credibility check from Q2 is not closed.

Continue monitoring

Lab leasing velocity and tenant credit watchlist disclosure — No disclosure on tenant credit watchlist, occupancy, or specific tenant names in the press release. The accelerating lab revenue decline and the impairment charge raise the probability that tenant stress is materializing, but management did not quantify.

Continue monitoring

Capital deployment into distressed lab assets — No announced transaction in the press release. The "bigger opportunity set" framing from Q2 remains rhetorical one quarter later.

Continue monitoring

Outpatient Medical reported revenue vs same-store divergence — Resolved positively. Outpatient Medical revenue swung from -3.6% in Q2 to +2.8% in Q3, validating the Q2 leasing-pipeline framing and closing the divergence between reported revenue and the segment-guide positioning.

Resolved positively

Inpatient-only list rule finalization — Not addressed in the press release. No update on CMS rule-making progress.

Continue monitoring

What to watch into next quarter

Lab revenue YoY trajectory — Q3 was -5.5%, worse than Q2's -2.4%. A third consecutive deterioration in Q4 would put the FY2026 same-store framework at risk; a stabilization at -3% to -5% would buy management time to demonstrate the capital-markets thesis.

Disclosure on the $175.8M impairment — which assets, which segment, what the trigger was. If lab-related, a follow-on impairment cycle becomes plausible. Watch the Q3 10-Q and any subsequent press for specifics.

FY2025 guidance posture on the Q4 print — management has now reaffirmed FFO and same-store NOI for two straight quarters via no-change. Q4 will be either an in-range delivery (credibility intact) or a downward reset (credibility hit given the absence of warning in Q3).

CCRC same-store growth holding — Q2 commitment was to exceed the segment guide high end; Q3 revenue +5.4% is consistent, but without management restating the commitment, watch for any softening in Q4 messaging.

Tenant credit watchlist disclosure — flagged but unquantified in Q2, silent in Q3. Any movement in lab occupancy or credit loss provision would matter.

Capital deployment into distressed lab assets — no transaction yet. A first announced acquisition or JV would operationalize the Q2 thesis; continued silence makes that framing stale.

Sources

Healthpeak Properties Q3 2025 Press Release (Form 8-K Exhibit 99) — https://www.sec.gov/Archives/edgar/data/765880/000162828025046095/ex99309302025.htm
Tapebrief Q2 2025 DOC brief (segment trajectories, watch list, prior management commentary)

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