Physicians Realty Trust Q3 2026 Earnings Recap

Healthpeak’s shares were nearly flat after earnings, up 0.4%, as higher full-year guidance and improving occupancy were balanced by a mixed outlook across its property segments. Life science and senior housing showed notable operating momentum, while outpatient growth acceleration remains an expectation for 2027.

Key Takeaways

• FFO as adjusted was $0.44 per share; total same-store cash NOI grew 3.6%, and net debt to adjusted EBITDA was 4.7x.
• Management raised earnings guidance for the third time this year, increasing the midpoint by a cumulative $0.05 per share, primarily on portfolio operations and Janus Living.
• Life science occupancy rose 130 basis points in the quarter and 270 basis points year to date; Healthpeak reported Torrey Pines was fully leased, versus 65% leased six months earlier.
• Senior housing same-store occupancy increased 300 basis points, while same-store NOI grew 26% in the quarter.
• Outpatient medical executed 846,000 square feet of leases in the quarter, including 218,000 square feet of new leasing; management expects internal growth to accelerate in 2027.