Healthpeak Sells 80% Stake in Outpatient Medical Portfolio to Blackstone in $212M Recapitalization

Healthpeak, Inc. (NYSE: DOC) completed a $212 million recapitalization of a six-property outpatient medical portfolio in March 2026, selling an 80% joint venture interest to affiliates of Blackstone and generating approximately $170 million in proceeds, the company announced May 5, 2026.

Healthpeak retains a 20% minority interest and will continue to serve as operating member of the joint venture, providing asset and property management services and earning customary fees.

Outpatient Medical Portfolio Transaction Details

The six-property outpatient medical portfolio was 100% occupied at the time of the transaction and comprises approximately 418,000 square feet across California, Maryland, Colorado, Texas, and Nebraska. The deal implies a trailing cash capitalization rate of approximately 6.1% and a valuation of approximately $508 per square foot.

Under the terms of the joint venture, Blackstone holds an 80% majority interest while Healthpeak retains a 20% stake. According to the company, the joint venture establishes a platform from which both parties will seek to expand their relationship over time.

The transaction reflects continued execution on Healthpeak's ongoing capital recycling strategy and what the company described as strong private market interest in its operating platform and relationships. Healthpeak reported same-store cash net operating income growth of 2.4% year-over-year in its outpatient medical segment for the first quarter of 2026 — a segment that represents 55.7% of the company's same-store portfolio.

Q1 2026 Financial Performance and Capital Allocation

The Blackstone joint venture was one of several capital allocation moves Healthpeak highlighted alongside its first quarter 2026 earnings. The company reported net income of $0.28 per share for the quarter ended March 31, 2026, compared to $0.06 per share in the prior-year period. Nareit FFO came in at $0.42 per share, down from $0.45 per share a year earlier, while FFO as Adjusted was $0.45 per share versus $0.46 per share in Q1 2025.

Together with approximately $92 million in dispositions and $5 million in loan repayments, the outpatient medical recapitalization contributed to $267 million in total proceeds generated by Healthpeak as of May 5, 2026. In April 2026, the company repurchased 5.9 million common shares at a weighted average price of $16.81 per share for approximately $100 million under its $500 million share repurchase program. As of May 5, 2026, approximately $306 million remained available under the program.

Healthpeak also closed in March 2026 on a new $400 million unsecured delayed-draw term loan facility maturing in March 2031, bearing interest at SOFR plus 80 basis points based on the company's current credit ratings. The facility was undrawn as of May 5, 2026. Net Debt to Adjusted EBITDAre stood at 5.4x for the quarter ended March 31, 2026.

Leasing Activity and Real Estate Development Highlights

Healthpeak reported leasing activity across its outpatient medical and lab segments during the first quarter. Combined new and renewal lease executions totaled 1.2 million square feet. In the outpatient medical segment, new lease executions totaled 195,000 square feet and renewal executions reached 868,000 square feet, with cash releasing spreads on renewals of positive 5.4%. Subsequent to the first quarter and through May 4, 2026, the company executed an additional 1 million square feet of outpatient medical leases and signed letters of intent.

In the lab segment, new lease executions totaled 129,000 square feet and renewal executions totaled 12,000 square feet, with positive 3.5% cash releasing spreads on renewals. Lab total occupancy increased sequentially and is expected to continue rising through year-end 2026. Post-quarter, the company executed an additional 354,000 square feet of lab leases and signed LOIs through May 4, 2026.

Healthpeak was awarded LEED Silver Core & Shell certification for Medical City McKinney, an outpatient medical development located in suburban Dallas, Texas. The company was also named a member of the Dow Jones Best-in-Class North America Index for the 13th consecutive year and a constituent of the S&P Global Sustainability Yearbook for the 11th consecutive year.

Janus Living IPO and Senior Housing Acquisitions

In March 2026, Janus Living, Inc. (NYSE: JAN) completed its IPO at the high end of its valuation range, generating approximately $880 million in net proceeds in an oversubscribed and upsized offering. As of May 4, 2026, Janus Living had a market capitalization of $6.9 billion, of which Healthpeak owns approximately 81.6%.

During the first quarter, Healthpeak closed on $714 million of senior housing acquisitions across 25 communities, which were contributed to Janus Living as part of its formation transactions. Those acquisitions included a joint venture partner's 46.5% interest in a 19-community portfolio for $314 million, three communities in the Orlando MSA for $119 million, two communities in the Atlanta MSA for $240 million, and one community in the Seattle MSA for $41 million. Janus Living reported it is under contract on an additional $400 million of senior housing acquisitions.

Raised 2026 Guidance

Healthpeak raised its full-year 2026 earnings guidance alongside its first quarter results. The company updated its diluted earnings per common share guidance range from $0.34–$0.38 to $0.46–$0.50. Diluted Nareit FFO per share guidance was revised from $1.70–$1.74 to $1.68–$1.72, while diluted FFO as Adjusted per share guidance was updated from $1.70–$1.74 to $1.71–$1.75. The company reaffirmed full-year 2026 total same-store cash NOI growth guidance in the range of negative 1.0% to positive 1.0%.

Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of April, May, and June 2026, representing total second quarter cash dividends of $0.305 per share and an annualized dividend of $1.22 per share.

Healthpeak Properties, Inc. is a fully integrated real estate investment trust and S&P 500 company focused on healthcare discovery and delivery real estate. The company is scheduled to hold a conference call and webcast on May 6, 2026, at 10:00 a.m. Eastern Time to discuss its first quarter results.