Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Senior housing fees supplied all of the growth
Resident fees grew from a fifth to a third of revenue, so a growing part of Healthpeak runs communities rather than collecting rent.
For investorsWhat has to go right in senior housing
For foundersRaising capital by selling stakes, not control
Operating expenses rose 30%, nearly twice the pace of revenue, as Healthpeak took on the costs of running communities.
Depreciation absorbs 36.4% of revenue, a non-cash charge, so thin reported profit hides a large operating cash flow.
Selling stakes in Janus Living and outpatient buildings raised capital, and outside holders now take more than half of net income.
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Business Lens describes Healthpeak Properties from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
