Healthpeak Properties, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $705.9 million, a slight increase from $700.4 million in the same period last year. The company's rental and related revenues were $539.9 million, down from $543.3 million, while resident fees and services rose to $150.5 million from $142.8 million. However, the company experienced a net loss attributable to common shares of $117.3 million, compared to a profit of $85.7 million in the prior year, primarily due to significant impairment charges related to its unconsolidated joint ventures.
In terms of operational metrics, Healthpeak's Adjusted Net Operating Income (NOI) for the outpatient medical segment was $200.4 million, reflecting a 2% increase from the previous year. The lab segment reported an Adjusted NOI of $138.1 million, a decrease of 3.2%, while the Continuing Care Retirement Community (CCRC) segment saw an increase to $36.5 million from $33.2 million. The company’s total assets decreased to $19.6 billion from $19.9 billion at the end of 2024, largely due to a reduction in cash and cash equivalents and investments in joint ventures.
Strategically, Healthpeak has been active in real estate transactions, acquiring a lab land parcel in Cambridge, Massachusetts for $20 million and a portfolio of outpatient medical buildings in New York for $17 million in February 2025. The company also sold two outpatient medical buildings for $27 million during the third quarter. The merger with Physicians Realty Trust, completed in March 2024, has expanded Healthpeak's portfolio significantly, adding 299 outpatient medical buildings and enhancing its competitive position in the healthcare real estate market.
Looking ahead, Healthpeak anticipates continued challenges from rising interest rates and economic uncertainties, which may impact its operational performance and capital costs. The company has maintained a strong investment-grade balance sheet and plans to leverage its liquidity to fund future acquisitions and development projects. Healthpeak's management remains focused on maximizing risk-adjusted returns and supporting dividend growth, with a commitment to maintaining its REIT status and meeting distribution requirements.
About HEALTHPEAK PROPERTIES, INC.
Healthpeak Properties, Inc. is a real estate investment trust specializing in healthcare properties, including outpatient medical buildings, laboratories, and senior living communities. It owns, operates, and develops high-quality assets across the U.S., serving healthcare providers, biotech firms, and senior residents. The company leverages long-term leases, strategic partnerships, and a diversified portfolio to deliver risk-adjusted returns and support healthcare discovery and delivery.
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