olivLaw · US equity research
Healthpeak Properties, Inc. DOC
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Healthpeak Properties is a US REIT that owns, operates and develops healthcare real estate, mainly outpatient medical buildings, lab space and senior housing. The company is in transition, separating its senior housing assets through Janus Living and completing a major outpatient medical recapitalization with Brookfield, which makes its financial path closely watched. Occupancy and financing costs remain central to its analysis.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Healthpeak Properties, Inc. (DOC) stock was 20.17 USD (+3.12% on the day), with market capitalisation 13.9 bn USD, P/E 37.1 on diluted EPS of 0.54 USD over the last 12 months, dividend yield 6.05%, beta 0.47, 52-week range 15.78–22.82 USD. Latest reported quarter (Q3 2026): revenue of 820.9 m USD (+16.3% YoY), net income of 17.3 m USD, diluted EPS 0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.8
- strong (55–70)
- Bollinger (20, 2)
- 18.18 – 19.84
- above the upper band · %B 1.20 · band width 8.7%
- SMA 50 / 200
- 19.79 / 19.14
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.1% | −2.0% | +9.1 pp | — |
| 3 months | −7.4% | −2.2% | −5.3 pp | — |
| 6 months | +3.4% | +4.3% | −0.8 pp | — |
| Year to date | +25.4% | +10.6% | +14.9 pp | — |
| 1 year | +15.0% | +10.5% | +4.5 pp | +0.5% |
| 3 years | +17.2% | +73.7% | −56.5 pp | +8.1% |
| 5 years | −41.1% | +61.7% | −102.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 698.0 m | 702.9 m | 694.3 m | 705.9 m | 719.4 m | 753.0 m | 771.6 m | 820.9 m |
| Cost of revenue | 277.0 m | 273.1 m | 276.2 m | 291.9 m | — | — | — | — |
| Depreciation & amortisation | 274.5 m | 268.5 m | 265.9 m | 262.3 m | 262.1 m | 289.7 m | 283.4 m | 298.9 m |
| Interest expense | 70.5 m | 72.7 m | 75.1 m | 76.8 m | 80.6 m | 87.3 m | 92.3 m | 83.9 m |
| Pre-tax income | -3.2 m | 54.3 m | 39.7 m | 65.2 m | 125.1 m | 195.6 m | 59.3 m | 34.2 m |
| Income tax | -14.0 m | 2.1 m | 2.4 m | -1.2 m | 6.0 m | 254.0 k | -1.4 m | 1.3 m |
| Net income | 4.5 m | 42.8 m | 31.7 m | -117.1 m | 114.0 m | 193.6 m | 52.8 m | 17.3 m |
| Diluted EPS | 0.01 ≈ | 0.06 | 0.05 | -0.17 | 0.16 ≈ | 0.28 | 0.08 | 0.02 |
| Operating cash flow | 283.5 m | 279.4 m | 363.5 m ≈ | 315.0 m ≈ | 294.1 m | 260.9 m | 361.1 m ≈ | 354.5 m ≈ |
| Dividends paid | 209.8 m | 213.5 m | 211.9 m ≈ | 211.9 m ≈ | 211.9 m | 212.0 m | 210.3 m ≈ | 210.3 m ≈ |
| Share repurchases | 326.0 k | 25.0 m | 72.1 m ≈ | 17.0 k ≈ | 87.0 k | 1.4 m | 100.2 m ≈ | 99.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 45 percentile of its own 38-quarter history (min 12.6, median 40.1, max 344.7; quarters with earnings only).
Fiscal years
| Fiscal year | ⚠ 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.6 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.7 bn | 2.8 bn |
| Revenue YoY | — | +4.1% | +32.6% | +15.3% | +8.7% | +5.8% | +23.8% | +4.5% |
| Net income | 1.1 bn | 45.5 m | 413.6 m | 505.5 m | 500.4 m | 306.0 m | 243.1 m | 71.3 m |
| Net income YoY | — | −95.7% | +808.3% | +22.2% | −1.0% | −38.9% | −20.5% | −70.7% |
| Diluted EPS | 2.24 | 0.09 | 0.77 | 0.93 | 0.92 | 0.56 | 0.36 | 0.10 |
| Diluted EPS YoY | — | −96.0% | +755.6% | +20.8% | −1.1% | −39.1% | −35.7% | −72.2% |
| net % | 89.1% | 3.7% | 25.1% | 26.7% | 24.3% | 14.0% | 9.0% | 2.5% |
| Free cash flow | 287.8 m | 168.8 m | -30.5 m | 35.5 m | -61.7 m | 181.7 m | 333.7 m | 357.0 m |
The series breaks before 2018: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 467.5 m USD
- Financial debt
- 9.8 bn USD
- Net debt
- 9.4 bn USD
- Equity
- 8.1 bn USD
- Total assets
- 20.3 bn USD
- Debt / equity
- 1.21x
- Current ratio
- unavailable
- ROE
- 0.8%
- ROA
- 0.4%
- FCF margin
- 12.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Cost of revenue | 782.5 m | 773.3 m | 863.0 m | 902.1 m | 1.1 bn | — | SEC (XBRL)· 04 Feb 2025verified |
| Gross profit | 862.3 m ≈ | 1.1 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | 1.6 bn ≈ | — | SEC (XBRL)· 04 Feb 2025derived |
| Depreciation & amortisation | 553.9 m | 684.3 m | 710.6 m | 749.9 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 03 Feb 2026verified |
| Interest expense | 218.3 m | 158.0 m | 172.9 m | 200.3 m | 280.4 m | 305.2 m | SEC (XBRL)· 03 Feb 2026verified |
| Pre-tax income | 217.7 m | 128.4 m | 507.1 m | 314.9 m | 273.2 m | 284.3 m | SEC (XBRL)· 03 Feb 2026verified |
| Income tax | -9.4 m | -3.3 m | -4.4 m | -9.6 m | 4.4 m | 9.3 m | SEC (XBRL)· 03 Feb 2026verified |
| Net income | 413.6 m | 505.5 m | 500.4 m | 306.0 m | 243.1 m | 71.3 m | SEC (XBRL)· 03 Feb 2026verified |
| Diluted EPS | 0.77 | 0.93 | 0.92 | 0.56 | 0.36 | 0.10 | SEC (XBRL)· 03 Feb 2026verified |
| Weighted average diluted shares | 531.1 m | 539.2 m | 539.1 m | 547.3 m | 676.2 m | 696.0 m | SEC (XBRL)· 03 Feb 2026verified |
| Dividend per share | 1.48 | 1.20 | 1.20 | 1.20 | 1.20 | 1.22 | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 44.2 m | 158.3 m | 72.0 m | 117.6 m | 119.8 m | 467.5 m | SEC (XBRL)· 03 Feb 2026verified |
| Goodwill | 18.0 m | 18.0 m | 18.0 m | 18.0 m | 68.5 m | 68.5 m | SEC (XBRL)· 03 Feb 2026verified |
| Intangibles (excl. goodwill) | 519.9 m | 519.8 m | 418.1 m | 314.2 m | 817.3 m | 654.5 m | SEC (XBRL)· 03 Feb 2026verified |
| Total assets | 15.9 bn | 15.3 bn | 15.8 bn | 15.7 bn | 19.9 bn | 20.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Long-term debt | 6.6 bn | 6.2 bn | 6.5 bn | 6.9 bn | 8.7 bn | 9.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Total liabilities | 8.6 bn | 8.1 bn | 8.5 bn | 8.8 bn | 10.9 bn | 12.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Equity | 7.3 bn | 7.1 bn | 7.2 bn | 6.9 bn | 9.1 bn | 8.1 bn | SEC (XBRL)· 03 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 758.4 m | 795.2 m | 900.3 m | 956.2 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Capex | 788.9 m | 759.7 m | 962.0 m | 774.6 m | 736.8 m | 894.9 m | SEC (XBRL)· 03 Feb 2026verified |
| Free cash flow | -30.5 m ≈ | 35.5 m ≈ | -61.7 m ≈ | 181.7 m ≈ | 333.7 m ≈ | 357.0 m ≈ | SEC (XBRL)· 03 Feb 2026derived |
| Investing cash flow | -1.0 bn | 531.0 m | -876.3 m | -576.8 m | -113.8 m | -1.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Financing cash flow | 246.5 m | -1.3 bn | -116.5 m | -337.3 m | -941.4 m | 136.1 m | SEC (XBRL)· 03 Feb 2026verified |
| Dividends paid | 787.1 m | 650.1 m | 648.0 m | 657.0 m | 794.8 m | 849.1 m | SEC (XBRL)· 03 Feb 2026verified |
| Share repurchases | 10.5 m | 12.8 m | 67.8 m | 6.5 m | 190.7 m | 97.1 m | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 13.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality42
- Returns55
- Growth100
- Valuation44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.57 – 30.92 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)16.03 – 21.56 (Mid 18.39)
- Peers: P/B10.57 – 30.92 (Mid 18.40)29 companies used · median multiple 1.6x · quartiles 0.9x – 2.7xCUZ, DEA, DLR, EGP, ESS, EXR, HR, HST, ICR-PA, KIM, LAND, MKZR, NYC, O, OHI, PECO, PINE, PLD, PSA, RITM, RYN, SELF, SLG, SVC, VICI, VMRK, VTR, WELL, WY
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 4.9% | 42 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 11.0% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.8x | 48 (vs peers) | 31% |
| P/E (TTM) · Valuation | 37.1x | 33 (vs peers) | 14% |
| Dividend yield · Returns | 6.0% | 71 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 224.3% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth100/100 · 1/1 factors with a value
- Quality· partial42/100 · 1/2 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation44/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Healthpeak Properties, Inc. (DOC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 4.5%; net margin 12.3%; ROE 4.9%.
The estimated value range is 13.30–26.24 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 18.39 USD, the price of 20.17 USD leaves a potential of -8.8% (value / price − 1) and a margin of safety of -9.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.0%
- Dividend yield: 6.0%
What contradicts it
- Payout ratio (EPS): 224.3%
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| WYWeyerhaeuser Company | 15.7 bn | 34.4 | 4.8% | 6.5% | −3.1% | −2% / −31% |
| OHIOmega Healthcare Investors, Inc. | 14.9 bn | 17.7 | 16.5% | 67.0% | +13.2% | +7% / +55% |
| DOCHealthpeak Properties, Inc. | 13.9 bn | 37.1 | 4.9% | 12.3% | +4.5% | +15% / +17% |
| ELSEquity Lifestyle Properties, Inc. | 12.2 bn | 30.8 | 23.1% | 25.6% | +0.3% | −1% / −12% |
| EGPEastgroup Properties, Inc. | 10.8 bn | 34.1 | 8.9% | 41.0% | +12.7% | +11% / +16% |
| HRHealthcare Realty Trust Incorporated | 6.6 bn | — | -1.0% | -4.0% | −6.9% | +7% / +27% |
| RYNRayonier Inc. | 6.1 bn | 6.7 | 12.8% | 68.6% | −51.0% | −9% / −34% |
| PECOPhillips Edison & Company, Inc. | 5.3 bn | 29.3 | 7.8% | 23.9% | +9.9% | +16% / +17% |
1- and 3-year price returns: for DOC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.79 Total return -34% · Per year -34% | 22.55 Total return 15% · Per year 15% | 33.88 Total return 72% · Per year 72% |
| 3 years | 14.11 Total return -23% · Per year -8% | 27.81 Total return 48% · Per year 14% | 45.63 Total return 139% · Per year 34% |
| 5 years | 15.55 Total return -10% · Per year -2% | 34.29 Total return 89% · Per year 14% | 61.44 Total return 230% · Per year 27% |
- Exit P/E± 6.95
- Net margin± 4.87
- Annual revenue growth± 3.76
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Healthpeak Properties is a US REIT that owns, operates and develops healthcare real estate, mainly outpatient medical buildings, lab space and senior housing. The company is in transition, separating its senior housing assets through Janus Living and completing a major outpatient medical recapitalization with Brookfield, which makes its financial path closely watched. Occupancy and financing costs remain central to its analysis.
SWOT
Strengths
- Diversified portfolio of outpatient medical buildings, labs and senior housing, with tenants tied to health systems 1.
- Investment-grade balance sheet with long-term fixed-rate debt and staggered maturities, reducing exposure to interest rates 1.
- Ability to generate liquidity from recapitalizations and sales, as the 2026 Brookfield transaction showed 3.
Weaknesses
- Concentration of outpatient medical revenues in a few large tenants, such as HCA Healthcare, exposes the company to a single-group risk 1.
- The lab segment has negative same-store growth and lower occupancy than outpatient medical 3.
- Reliance on external financing and capital markets makes the company sensitive to funding conditions 1.
Opportunities
- If Janus Living accesses public markets, the company could finance senior housing growth more easily 13.
- Pre-leased development projects with health systems, such as the one in Atlanta, could add stable revenue 3.
- Fragmentation and consolidation in healthcare real estate could offer attractive acquisitions for a REIT with good access to capital 1.
Risks
- Federal policy and regulationhigh
Changes in research funding, drug pricing and trade tariffs could affect lab tenants and the healthcare sector 1.
- Dependence on healthcare tenantshigh
Revenues are concentrated in a few large hospital and clinic tenants, and their financial difficulties could directly affect collections 1.
- Janus Living execution riskmedium
If the offering does not deliver the expected benefits, the company could remain exposed to a subsidiary with conflicts of interest and exposure to share price shifts 2.
- Cost of financingmedium
Higher interest rates could raise refinancing costs and reduce the value of fixed-rate assets 12.
- Development and leasing risklow
Development projects could be delayed or become less profitable, and relocating lab tenants can be costly 1.
Investment thesis
What would need to be true (bull case)
- The 2026 guidance was raised and the Brookfield transaction brought significant liquidity, which could support the dividend and debt reduction 3.
- The senior housing segment shows strong same-store growth, and separation through Janus Living could unlock value for shareholders 3.
- The outpatient medical portfolio has high occupancy and long-term contracts with health systems, which could provide predictable revenue 13.
What would break the thesis
- The lab segment is declining on a same-store basis, and demand depends on biotech funding, which remains uncertain 31.
- Recapitalizations and asset sales could become a dependence if the transaction market weakens or repurchase rights prove costly 3.
- Leverage, expressed as net debt to Adjusted EBITDAre, remains high and could limit flexibility if revenues fall 3.
What to watch
- Completion of the Janus Living offering and effects on the capital structure2026
- Occupancy trends in labs and signing of new leasesQ3 2026
- Updates to full-year 2026 FFO as Adjusted guidanceQ3 2026
- Outcomes of Medicare and Medicaid reimbursement policy and effects on tenantsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Healthpeak Properties, Inc. is an S&P 500 company organized as a self-administered REIT, headquartered in Denver, Colorado, that owns, operates and develops real estate for healthcare discovery and delivery in the United States 1. Operations run through its subsidiary Healthpeak OP, and the portfolio included 689 properties at 31 December 2025, of which 507 were outpatient medical and 145 lab properties 1. The 2024 merger with Physicians Realty Trust added 299 outpatient medical buildings 1. In December 2025 the company confidentially filed a draft registration for the initial public offering of Janus Living, dedicated to senior housing, which it expects to complete in the first half of 2026 1.
Healthpeak's strategy rests on four elements: high-quality real estate in desirable locations, an investment-grade balance sheet with long-term fixed-rate debt and staggered maturities, partnerships with pharmaceutical, biotech and medical device companies and health systems, and its own operating platform 1. Because it must distribute at least 90% of its REIT taxable income, the company regularly raises funds in public equity and debt markets 1. Capital recycling through dispositions and acquisitions is an important part of the strategy, and 2025 and 2026 both saw significant transactions 13.
The dividend policy changed in 2025, when the board moved from quarterly to monthly payments, and the annual dividend of 1.22 dollars per share was maintained into 2026 13. For the quarter ended 30 June 2026 the company reported diluted earnings of 0.08 dollars per share and FFO as Adjusted of 0.46 dollars per share, and its 2026 guidance for FFO as Adjusted was raised by 0.02 dollars at the midpoint 3. The guidance was updated in August 2026 and, according to the company, reflects current market conditions and transaction timing 3.
Segments
Outpatient medical
The outpatient medical segment includes physician office buildings and hospitals, with tenants such as HCA Healthcare accounting for 15% of segment revenues in 2025 1. About 79% of the segment's buildings sit on or next to hospital campuses, and 96% are affiliated with hospital systems 1. Occupancy in the segment reached 90.7% in the second quarter of 2026 3.
Market context
The macro environment remains important, since higher interest rates, inflation and construction costs affect financing and project returns 1. Federal policies on research funding, drug prices and tariffs could change demand for lab space and tenants' ability to pay rent 1. The company adjusts its strategy continuously to respond to these pressures 2.
Trends
- Separation of senior housing through Janus Livingmixed
Creating and listing Janus Living allows Healthpeak to transfer part of the capital and risk of senior housing to public investors while keeping control through a majority stake 13. If the offering succeeds it could attract new funding, but it could also create conflicts of interest with the subsidiary 2.
- Variable demand in labsheadwind
Labs are affected by uncertain biotech funding, cuts to research grants and possible migration of activity to other countries 1. If demand stabilizes the segment could recover, but leasing activity remains under pressure in the meantime 3.
- Changes to healthcare policy and reimbursementheadwind
Changes to Medicaid, Medicare and Affordable Care Act programs could reduce patient volumes and pressure hospital and outpatient clinic reimbursement rates 1. For Healthpeak these changes could affect tenants and their ability to pay, especially in states that did not expand Medicaid 1.
Competitive position
Healthpeak's tenants and operators compete with other healthcare providers such as home health agencies, telemedicine and convalescent centers 1. In the lab and senior housing segments, competition comes from other specialized property owners, and the transaction market remains competitive 1. Building quality, location and relationships with health systems are decisive factors 1.
The company argues it has a competitive edge from its portfolio scale, relationships with tenants and institutional investors, and its ability to execute acquisitions quickly 1. Recapitalizations and partnerships with sovereign wealth funds or Brookfield show it can attract outside capital, but this also increases competition for quality projects 13.
- Ventas, Inc.VTR
Competitor in senior housing and healthcare real estate, competing for similar high-quality assets 1.
- Welltower Inc.WELL
Competitor in healthcare and senior housing properties, competing for the same transactions 1.
- Alexandria Real Estate Equities, Inc.ARE
Competitor in the lab and life science space segment, with similar exposure to biotech funding 1.
- Physicians Realty Trust
Company merged into Healthpeak in 2024, whose outpatient medical portfolio is now part of Healthpeak 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Healthpeak (DOC) Turns Portfolio Sales Into Fatter 2026 GuidanceYahoo Finance — News · 18 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report04 May 2026Shareholder vote
- Current report23 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Proxy statement12 Mar 2026
- Current report27 Feb 2026Regulation FD disclosure
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Healthpeak Properties, Inc. · 03 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Healthpeak Properties, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Healthpeak Properties, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.