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Healthpeak Properties
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Latest analysis
Updated Nov 3, 2026
Healthpeak spins out Janus Living as public senior housing REIT while deploying $2.26B in senior housing acquisitions and pivoting lab drag into portfolio restructuring gains
Healthpeak's Q3 2026 10-Q is defined by two structural moves executed simultaneously: the IPO and two follow-on offerings of Janus Living (generating $2.22 billion in gross proceeds) that converted senior housing RIDEA exposure into a consolidated but separately listed subsidiary, and an aggressive $2.26 billion senior housing acquisition program through the first nine months of 2026. Senior housing Same-Store Adjusted NOI grew 25.9% year-over-year in Q3 on higher occupancy and rate increases, validating the demographic demand thesis. Lab remains the principal drag — Same-Store lab Adjusted NOI declined 3.9% through nine months as occupancy fell from 96.6% to 90.4% — while outpatient medical delivered 3.1% Same-Store growth underpinned by rent escalations and property management internalization savings.
Tone: mixedRevenue
$2.8B
DOC 10-K · FY 2025
Employees
411
Revenue (prior FY)
$2.7B
Founded
1985
Profile
DOC 10-K Item 1 · Feb 3, 2026Healthpeak Properties is an S&P 500 healthcare REIT that owns, operates, and develops outpatient medical buildings, lab properties, and senior housing facilities across the United States. The company operates through three reportable segments — outpatient medical, lab, and senior housing — and holds interests in 689 properties as of December 31, 2025. In December 2025, Healthpeak confidentially submitted an IPO registration for Janus Living, Inc., a newly formed senior housing REIT it intends to spin out while retaining a majority interest.
Read filing description ↓ Collapse description ↑
Healthpeak Properties, Inc. is a Standard & Poor's ('S&P') 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States ('U.S.'). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT ('UPREIT'). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S. 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. Our outpatient medical buildings are typically multi-tenant properties leased to healthcare providers (hospitals and physician practices), with approximately 79% of our outpatient medical buildings located on or adjacent to hospital campuses and 96% affiliated with hospital systems as of December 31, 2025. Our lab properties are leased primarily to biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies, and other organizations involved in the life science industry. Our senior housing segment includes life plan communities and our SWF SH JV, an interest in an unconsolidated joint venture with a sovereign wealth fund that owns 19 senior housing assets.
Primary products
- Outpatient medical buildings
- Hospitals
- Lab buildings
- Life plan communities
- Senior housing properties (RIDEA structures)
Business segments
End markets
Geographies
Named customers
HCA Healthcare, Inc. (HCA) 15% of Segment Revenues, 7% of Total Revenues; CommonSpirit Health 6% of Segment Revenues, 3% of Total Revenues.
“We believe we are well-positioned to achieve external growth through acquisitions, development, and redevelopment.” Competitive position, as stated in the filing
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