Healthpeak Properties initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Healthpeak Properties (DOC) with a Neutral rating and $17 price target Channel checks and modeling point to meaningful upside in senior housing occupancy, RevPOR, and margins, though gains are likely capped longer term by vacancy, affordability, and supply, while also improving cash flow visibility for NNN structures and senior housing REIT investment opportunities, the analyst tells investors in a research note. Healpeak’s portfolio has undergone a drastic shift since 2019, most notably through the merger with Physicians Realty Trust, which closed March 1, 2024, effectively doubling the size of Healthpeak’s Outpatient Medical portfolio, the firm says.