DOC US S&P 500Russell 1000 Earnings call · transcribed from the recording
Healthpeak Properties (DOC) · Q3 2026 results and valuation
Share price: $20.38 · 2026-11-11
Results Q3 2026 vs Q2 2026 · previous quarter · published 2 Nov 2026 and 5 Aug 2026
Net income down 67.3% on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−67.3%
Net income vs Q2 2026
Guidance raised
Net income 17.3M vs 52.8M
Revenue +6.4%
2 · How management spoke
Typical
More upbeat than 56% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance ↑
Healthpeak Properties raised its FFOs adjusted guidance for the third consecutive quarter by two cents at the midpoint to a range of $1.76 to $1.78…
Valuation
Is Healthpeak Properties undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 11.0% growth a year (3-year revenue growth), the model's fair value is $1.05 a share — the stock trades 1849% above it. Today's price assumes 23.4% growth a year.
Current price
$20.38
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+23.4% for 10 yrs
Fair value / share
$1.05
Buy below
$0.78
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Key theme
Healthpeak Properties delivered another quarter of positive net absorption with new lease commencements that averaged over 11 years and included two…
Source quote
“We delivered another quarter of positive net absorption with new lease commencements that averaged over 11 years and included two... That brings our year-to-date executions to 3.2 million square feet. Tenant retention increased from last quarter to 81.7%, and we...”
-
Guidance ↑
I want to congratulate the team here on a very strong quarter operationally, which allowed us to increase earnings guidance for the third time this year, and by a total...
-
Figure
Healthpeak Properties is also happy to have closed nearly $2 billion of fully stabilized outpatient sales, recaps, and loan repayments earlier this year...
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our outpatient business is stronger than ever, and we expect internal growth to accelerate in 2027 given our recent lease executions and pipeline.”
“The lower rent per square foot on commencements this quarter reflects two large office leases signed in 2025 that carry lower starting rents than lab space, but also require significantly...”
“The update to our guidance reflects stronger leasing across the portfolio, the delayed timing of our remaining dispositions, and highlights the strength of our operating performance year-to-date, including a 50...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 820.9M | 771.6M | +6.4% | 705.9M | +16.3% |
| Net income | 17.3M | 52.8M | −67.3% | -117.1M | Turned profit |
| EPS | 0.02 | 0.08 | −75.0% | -0.17 | Turned profit |
| P/E today 37.5 | 37.0 | 61.1 | −24.1 | 12-mo loss | — |
Topics
Most discussed now
- New Healthpeak Properties has made some proactive early decisions to position itself with $900 million of delayed draw term loan that it can...
- Healthpeak Properties has got a highly valued outpatient business that's allowing us to recap at really strong prices and redeploy into…
- Healthpeak Properties thinks it is buying opportunity at a really cheap price.
Faded since Q2 2026
- Dropped With the leadership from its investments team, Healthpeak Properties has demonstrated its ability to execute scale transactions and partner…
- Fading Healthpeak Properties is in the process of rolling out its AGNext operating platform.
- Fading Like, really making good progress on that at a great basis.
- Fading Think the incumbents like Healthpeak are definitely capturing market share.
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K · routine
- Material agreement; New financial obligation · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K