Healthpeak (DOC) Stock: Dividend vs FFO, Janus, Debt (2026)

The dividend against three FFO measures

Healthpeak reports Nareit FFO (net income plus real estate depreciation, less gains on sales), FFO as Adjusted (Nareit FFO without transaction costs, impairments, casualty items and similar), and, until the end of 2025, AFFO, which also takes out straight-line rent and deducts leasing and maintenance capital. Its stock dividend moved to monthly payments in April 2025 (“Commencing in April 2025, our Board of Directors transitioned to a practice of paying the quarterly common stock cash dividend on a monthly basis,” says the 10-K) without changing the amount.

Net income does not cover the dividend in any quarter shown, and the Q3 2025 loss has a cause. Net income was a $0.17 loss in Q3 2025. The Q4 2025 release shows $175.8 million of 2025 impairments, which its footnote ties to unconsolidated real estate joint ventures, added back in Nareit FFO. FFO is not affected because impairments of depreciable real estate are added back by definition; the dividend is not paid from GAAP earnings.

The AFFO line is gone. The Q4 2025 release gave AFFO of $0.40 for the quarter and $1.69 for 2025. The Q1 and Q2 2026 releases carry the same “other operating data” items (amortization of financing costs, stock compensation, straight-line rents, AFFO capital expenditures of $42.1 million in Q2 against $25.7 million a year earlier) but no AFFO per share. The company has not said in those documents why. The practical effect is that the stricter payout (72.2% of AFFO for 2025) cannot be compared with 2026 on the company's own number.

Tax character matters for holders outside a retirement account. The 10-K shows 2025 distributions of $1.220030 per share: $0.848632 ordinary dividends (69.6%), $0.051744 capital gains (4.2%) and $0.319654 nondividend distributions (26.2%, our arithmetic), which is return of capital for tax purposes. In 2024, $0.184500 of $1.20 was nondividend.

Q2 2026: flat FFO, a one-time $9 million and a larger company

Revenue was $771.6 million in Q2 2026 against $694.3 million, up 11.1% (our arithmetic), almost all of it senior housing: resident fees and services were $216.5 million against $148.9 million. Interest expense rose to $92.3 million from $75.1 million, up 22.9% (our arithmetic). Diluted FFO as Adjusted was $325.4 million against $325.8 million.

The Q2 release says the June repayment “resulted in a one-time $9 million increase in interest income from the accelerated recognition of the remaining fair value discount.” The 10-Q puts it as $9 million of non-cash interest income on the mark-to-market discount and loan fees. The FFO as Adjusted table has a line for other impairments and losses; its Q2 2026 amount is a $1.5 million recovery, and the footnote describes it as loan-loss reserves, not the accelerated interest. On that reading the $9 million is inside the $0.46. Spread over the 704.5 million diluted shares it is $0.013 (our arithmetic). Interest earned on the cash raised by Janus Living is also in the quarter, per the 10-Q.

Seller financing is shrinking: loans receivable were $261.4 million at June 30, 2026 against $606.0 million at December 31, 2025. The remaining outpatient medical seller loan is $20 million and was extended 12 months.

Janus Living: a REIT inside the REIT

In January 2026 Healthpeak said it would list its senior housing portfolio separately. The Q4 2025 release gave the reason: “Given its relative scale within Healthpeak, the public markets have had difficulty properly valuing our senior housing portfolio and platform.”

Three consequences for a DOC holder, each from the documents. First, the consolidated numbers include 100% of Janus, with the outside 26.4% subtracted below the line, so growth in Janus helps DOC only at its ownership share. Second, Healthpeak's balance sheet shows cash of $1.63 billion at June 30 against $467 million at year-end; Janus had $949 million of cash at March 31 (Q1 release), so part of the reported cash, and therefore part of the 4.7x leverage figure, belongs to a company 26.4% owned by others (our reading). Third, Janus has spent heavily: $105 million in Q2 and about $1.0 billion after quarter end, which is where its cash is going; the 10-Q lists $1.011 billion of post-quarter senior housing purchases (our arithmetic), including $425 million in Atlanta.

Capital recycling: Blackstone, Brookfield and the cap rates

The company says 2026 proceeds from recapitalizations, loan repayments and dispositions were $1.75 billion through August 3. Healthpeak keeps 51% of the Brookfield joint venture, manages it, and has a call right beginning after year seven to buy Brookfield out at a price giving it a 6.5% net annual return. The buildings stay under Healthpeak's management at a 51% interest, and Brookfield has a priced exit, which makes the deal part financing and part sale (our reading, not a company statement).

Segments: outpatient medical, lab and senior housing

Q2 2026 Adjusted NOI was $389.4 million: outpatient medical $198.0 million (50.9%), lab $142.6 million (36.6%), senior housing $45.9 million (11.8%) and other $2.9 million (0.8%) (our arithmetic from the reconciliation).

Lab. Same-store lab NOI was down 5.0% for the first half, and the 10-Q attributes the fall to lower occupancy and higher operating expenses. Same-store lab occupancy was 90.3% at June 30 against 94.4%. The release counts Q2 lab lease executions of 222,000 sq ft new and 159,000 sq ft renewals, and says Lab total occupancy rose 80 basis points sequentially. The company's January language was that fundamentals are “at or near an inflection point, while continuing to acknowledge that a full recovery will take time.” Lab base rent is not due a cliff: 6% expires in 2026 and 8% in 2027 (10-K).

Senior housing. Same-store NOI was up 19.2% on average occupancy of 88.6% against 86.0% and revenue per occupied unit of $8,589 a month against $8,169. The total portfolio is now 41 communities against 34, with revenue per occupied unit of $7,484 against $7,583, a lower number because newly bought communities are less mature.

Outpatient medical is the steadier half: same-store growth of about 2.5%, 72% of buildings triple-net leased at year-end, and the largest tenant, HCA Healthcare, was 7% of total revenues and 15% of the segment in 2025 (10-K).

Debt: 4.7x, but heavy in 2027 to 2029

Net debt of $8.51 billion against annualized Adjusted EBITDAre of $1.82 billion gives 4.7x. The ratio was 5.2x, 5.3x, 5.2x and 5.4x in the four quarters before. About 84% of debt was fixed at June 30 (90% a year earlier), at an effective 4.17%, against 4.24% on the variable portion. The July repayments remove $650 million from the 2026 line, and the 10-Q's 2029 total shows that nearly $1.5 billion of commercial paper is the largest single block (our reading). The senior notes carry a 4.16% weighted average effective rate and about four years to maturity (10-Q). Liquidity was $3.4 billion at August 3.

Shares and buybacks

Healthpeak issued no shares under its $1.5 billion at-the-market program in the first half of 2026. It bought 5.95 million shares at a weighted $16.81 for about $100 million in April, leaving $306 million on a program that expired in July; on July 30 the board approved a new $500 million program, under which no shares had been bought when the 10-Q was filed. Common shares were 689,527,260 at August 3. The Operating Partnership and DownREIT units are outside that count: about 6 million Healthpeak OP units and about 11 million DownREIT units, convertible into about 13 million shares (10-Q).

Who pays the rent

At December 31, 2025 the two largest tenants were HCA Healthcare (7% of total revenues) and CommonSpirit Health (3%); every other outpatient medical tenant and every lab tenant was 1% or less. Medicare was 3% of revenues. By state, California was 23% of revenues and 33% of gross real estate, Florida 17% and 10%, Texas 13% and 10%, and Massachusetts 9% and 14% (10-K). Total consolidated base rent expiring is $147.6 million in 2026 (9%) and $137.6 million in 2027 (9%), excluding senior housing, which is operated through RIDEA or similar structures.

What has been filed, and what comes on November 2, 2026

The last periodic report is the 10-Q filed August 5, 2026, a day after the Q2 earnings 8-K; the same one-day gap held in October 2025 (8-K October 23, 10-Q October 24). The company announced on October 1, 2026 that it will report third-quarter results after the close on Monday, November 2, 2026, with a call at 10:00 a.m. Eastern on Tuesday, November 3 (a press release, not an SEC filing). A 10-Q on November 3 would match the pattern (our inference).

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. Things the filings let you check yourself:

• Choose the denominator and say which. The dividend is about 66% of FFO as Adjusted and 72% of the 2025 AFFO; there is no 2026 AFFO to compare.
• Do not compare 2026 headline FFO with older growth stories. 2026 guidance of $1.73 to $1.77 is below 2025's $1.84.
• Strip the one-timers. The $9 million of accelerated interest in Q2 is about $0.01 of the $0.46.
• Read Janus Living as a separate company. It has its own shareholders, price and dividend, and DOC owns 73.6%.
• Check the occupancy definition before you quote lab. 87.5% (10-Q) and 78.5% (release) are both from the company.
• Listed versus non-traded. To compare a listed healthcare REIT with the non-traded alternatives, see our comparison of non-traded and publicly traded REITs and the pages on American Healthcare REIT, Welltower and Omega Healthcare Investors. The measures differ by company, so the payout ratios are not directly comparable.

FAQ

All figures are from Healthpeak Properties, Inc. (SEC CIK 765880) filings read on EDGAR on October 19, 2026: Form 10-K for 2025 (accession 0001628280-26-005044); Form 10-Q for the quarter ended June 30, 2026 (0001628280-26-053373); earnings releases (Exhibit 99.1) and the June 30, 2026 non-GAAP reconciliation (Exhibit 99.3) attached to Forms 8-K for Q2 2025 (0001628280-25-035929), Q3 2025 (0001628280-25-046095), Q4 2025 (0001628280-26-004623), Q1 2026 (0001628280-26-030561) and Q2 2026 (0001628280-26-052608). The November 2, 2026 reporting date comes from a company press release of October 1, 2026 (Business Wire), which is not an SEC filing. The supplemental reports are image files on EDGAR and were not used. Payout ratios, segment shares, per-share effects, ownership and stake values are our arithmetic from those rows; FFO, FFO as Adjusted, AFFO, Adjusted NOI, same-store NOI and Adjusted EBITDAre are the company's own non-GAAP measures. This is analysis of public documents, not investment, legal or tax advice.