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Healthpeak Unveils Janus Living IPO and Portfolio Strategy

Story Highlights
  • Healthpeak is spinning off senior housing into Janus Living and recycling capital into higher-growth life science and outpatient medical assets.
  • Fourth-quarter and full-year 2025 results showed solid NOI growth, strong leasing, major acquisitions and sales, and sustained sustainability leadership with moderate leverage.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Healthpeak Unveils Janus Living IPO and Portfolio Strategy

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Healthpeak Properties ( (DOC) ) has issued an update.

On February 2, 2026, Healthpeak Properties reported fourth-quarter 2025 results and outlined strategic moves aimed at sharpening its portfolio focus and unlocking value. The company is forming and planning an IPO of Janus Living, a dedicated senior housing REIT, to better surface the value of its senior housing platform, while pursuing an opportunistic capital recycling plan that targets about $1 billion of asset sales, recapitalizations, and loan repayments in 2026 to reinvest in higher-growth life science and outpatient medical opportunities or repurchase shares. Healthpeak is also pushing a technology innovation agenda, hiring a Head of Enterprise Innovation to lead automation and data initiatives, and it signaled cautious optimism that life science real estate fundamentals are nearing an inflection point following improved biopharma M&A and capital markets activity since late 2025. For the quarter ended December 31, 2025, the company posted net income of $0.16 per share, Nareit FFO and FFO as Adjusted of $0.47 per share, AFFO of $0.40 per share, and 3.9% same-store cash NOI growth, supported by strong leasing volumes in outpatient medical and lab space, robust life plan NOI growth, and a series of transactions including a $600 million life science campus acquisition in South San Francisco, a $314 million buyout of a senior housing joint venture stake, and $325 million of outpatient medical sales. For full year 2025, Healthpeak generated net income of $0.10 per share and 4.0% same-store cash NOI growth, delivered record outpatient medical leasing and record non-refundable entry fee cash collections for a fourth consecutive year in its life plan segment, executed more than $500 million of asset sales and loan repayments, and maintained its long-running recognition in major sustainability benchmarks and indices, underscoring its positioning as a leading responsible owner of healthcare real estate with net debt to Adjusted EBITDAre of 5.2x at year-end.

The most recent analyst rating on (DOC) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on Healthpeak Properties stock, see the DOC Stock Forecast page.

Spark’s Take on DOC Stock

According to Spark, TipRanks’ AI Analyst, DOC is a Neutral.

Healthpeak Properties shows potential with strong revenue growth and strategic initiatives. However, profitability challenges, increased leverage, and bearish technical indicators weigh on the overall score. The attractive dividend yield and positive corporate events provide some support.

To see Spark’s full report on DOC stock, click here.

More about Healthpeak Properties

Healthpeak Properties, Inc. (NYSE: DOC) is a real estate investment trust that owns, operates, and develops properties serving healthcare discovery and delivery, with a portfolio spanning life science campuses, outpatient medical facilities, senior housing, and life plan communities in key U.S. markets.

Average Trading Volume: 7,952,419

Technical Sentiment Signal: Sell

Current Market Cap: $12.24B

For an in-depth examination of DOC stock, go to TipRanks’ Overview page.

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