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Healthpeak Properties
(NYSE:DOC)
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Rating:69Neutral
Price Target:
$23.50
â–²(35.29% Upside)
Action:Reiterated
Date:05/09/26
Overall score reflects solid financial fundamentals led by strong cash generation, but tempered by elevated leverage and uneven net profitability. Technicals are supportive with the stock trading above major moving averages, though momentum is overextended (high RSI/Stoch). Valuation is helped by a moderate P/E and high dividend yield. The latest earnings call adds a constructive tone with a modest guidance raise and disciplined capital actions, partly offset by interest-rate/refinancing headwinds and life science vacancy risks.
Positive Factors
Cash generation
Healthpeak’s consistently positive operating and free cash flow (TTM free cash flow >$1.1B) provides durable internal funding for dividends, buybacks, and accretive acquisitions. This recurring rental cash generation supports capital recycling and cushions the business through cycles, underpinning long-term payout and reinvestment capacity.
Negative Factors
Elevated leverage
Healthpeak’s relatively high leverage constrains financial flexibility and increases exposure to rising interest rates. With debt exceeding equity and net debt/EBITDA near 5.4x, the company has less cushion for shocks, limiting opportunistic investments and increasing refinancing sensitivity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Healthpeak’s consistently positive operating and free cash flow (TTM free cash flow >$1.1B) provides durable internal funding for dividends, buybacks, and accretive acquisitions. This recurring rental cash generation supports capital recycling and cushions the business through cycles, underpinning long-term payout and reinvestment capacity.
Read all positive factors
Healthpeak Properties Key Performance Indicators (KPIs)
Healthpeak Properties (DOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.46B
Dividend Yield7.73%
Average Volume (3M)8.76M
Price to Earnings (P/E)69.4
Beta (1Y)0.51
Revenue Growth2.71%
EPS Growth-19.70%
CountryUS
Employees387
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.32
Shares Outstanding689,419,700
10 Day Avg. Volume7,131,660
30 Day Avg. Volume8,757,106
Financial Highlights & Ratios
PEG Ratio-2.23
Price to Book (P/B)1.49
Price to Sales (P/S)3.97
P/FCF Ratio8.94
Enterprise Value/Market Cap1.48
Enterprise Value/Revenue7.98
Enterprise Value/Gross Profit421.07
Enterprise Value/Ebitda12.84
Forecast
1Y Price Target
$21.25Price Target Upside22.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)0.3
Revenue Forecast (FY)$2.95B
Healthpeak Properties Business Overview & Revenue Model
Company Description
Healthpeak Properties, Inc. is an S&P 500 constituent operating as a fully integrated real estate investment trust (REIT). The firm is dedicated to the acquisition, management, and development of premier properties essential for both medical resea...
How the Company Makes Money
Healthpeak makes money primarily by generating rental and property-related income from its healthcare real estate portfolio. Key revenue streams typically include: (1) Lease income from life science and medical office properties, where tenants (e....
Healthpeak Properties Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
Overall the call conveyed constructive progress across multiple strategic fronts: outpatient medical fundamentals are strong (solid re-leasing spreads, high occupancy, low leasing costs), senior housing outperformance and the Janus Living IPO created clear value and near-term monetization optionality, and life science leasing momentum is building with targeted occupancy improvement guidance (+100 bps). Key near-term risks include lab rent pressure (quarterly re-leasing spreads softened), known vacates/expirations in life science that require conversion of pipeline, temporary earnings drag and public-company costs from the IPO, and refinancing/interest-rate headwinds. On balance, the company emphasized disciplined capital allocation (opportunistic acquisitions, recaps with Blackstone, share buybacks) and expects the recent transactions to be accretive over time.Positive Updates
Strong Q1 FFO and Raised 2026 Guidance
Reported FFO as adjusted of $0.45 per share for Q1 and raised full-year 2026 FFO guidance to a range of $1.71 to $1.75 per share (midpoint ~$1.73), supported by a $100M share repurchase in April (at an implied FFO yield >10%) and senior housing performance.
Negative Updates
Lab Re-leasing Spread Softness This Quarter
While 12-month average cash re-leasing spreads were ~5%, lab re-leasing spreads in the quarter were ~3.5%, reflecting ongoing market pressure and the potential for downward rent pressure in certain submarkets; peers have flagged tougher re-leasing dynamics.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 FFO and Raised 2026 Guidance
Reported FFO as adjusted of $0.45 per share for Q1 and raised full-year 2026 FFO guidance to a range of $1.71 to $1.75 per share (midpoint ~$1.73), supported by a $100M share repurchase in April (at an implied FFO yield >10%) and senior housing performance.
Read all positive updates
Company Guidance
Healthpeak raised its 2026 FFO as adjusted guidance to $1.71–$1.75 per share (up $0.01) after reporting 1Q FFOa of $0.45 and a net debt/EBITDA of 5.4x; same‑store NOI guidance is unchanged while interest expense is now expected to be about $20M higher and G&A about $5M higher. Management repurchased $100M of stock in April at an implied FFO yield >10% (accretive), paid >$200M of dividends in 1Q (a ~7.5% annualized yield), and expects the Janus Living IPO (Healthpeak ~81.6% owner, ~$5.7B implied market value) to be earnings‑neutral in 2026 and accretive thereafter—roughly $0.04 per share once proceeds are fully deployed—with plans to deploy roughly $750M of cash into acquisitions by year‑end. They also expect life‑science total occupancy to rise at least 100 bps versus year‑end 2025, supporting the outlook for earnings upside.Healthpeak Properties Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
75
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.87B | 2.82B | 2.70B | 2.18B | 2.06B | 1.90B |
| Gross Profit | 54.42M | 634.55M | 1.63B | 1.28B | 1.20B | 1.12B |
| EBITDA | 1.78B | 1.47B | 1.61B | 1.27B | 1.39B | 970.63M |
| Net Income | 222.15M | 71.35M | 243.14M | 306.01M | 500.45M | 505.54M |
Balance Sheet | ||||||
| Total Assets | 21.62B | 20.34B | 19.94B | 15.70B | 15.77B | 15.26B |
| Cash, Cash Equivalents and Short-Term Investments | 1.17B | 537.70M | 119.82M | 117.64M | 72.03M | 158.29M |
| Total Debt | 10.71B | 10.44B | 9.02B | 7.08B | 6.71B | 6.37B |
| Total Liabilities | 12.56B | 12.03B | 10.88B | 8.77B | 8.48B | 8.11B |
| Stockholders Equity | 7.83B | 7.50B | 8.40B | 6.35B | 6.65B | 6.52B |
Cash Flow | ||||||
| Free Cash Flow | 1.18B | 1.25B | 1.07B | 956.24M | 900.26M | 795.25M |
| Operating Cash Flow | 1.23B | 1.25B | 1.07B | 956.24M | 900.26M | 795.25M |
| Investing Cash Flow | -1.44B | -1.03B | -113.80M | -576.75M | -876.34M | 531.03M |
| Financing Cash Flow | 1.34B | 136.11M | -941.42M | -337.30M | -116.53M | -1.29B |
Healthpeak Properties Technical Analysis
Positive
17.37
Price Trends
19.20
Positive
17.96
Positive
17.43
Positive
Market Momentum
0.69
Negative
69.00
Neutral
88.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DOC, the sentiment is Positive. The current price of 17.37 is below the 20-day moving average (MA) of 20.55, below the 50-day MA of 19.20, and below the 200-day MA of 17.43, indicating a bullish trend. The MACD of 0.69 indicates Negative momentum. The RSI at 69.00 is Neutral, neither overbought nor oversold. The STOCH value of 88.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DOC.
Healthpeak Properties Risk Analysis
Healthpeak Properties disclosed 58 risk factors in its most recent earnings report. Healthpeak Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Healthpeak Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.76B | 24.92 | 9.88% | 4.73% | 16.91% | -1.91% | |
69 Neutral | $15.46B | 69.40 | 2.88% | 7.73% | 2.71% | -19.70% | |
69 Neutral | $14.71B | 23.08 | 12.40% | 6.11% | 13.95% | 27.68% | |
66 Neutral | $7.14B | -35.39 | -4.34% | 6.56% | -6.44% | 46.41% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.08B | 31.30 | 5.61% | 6.47% | 13.50% | 7.25% |
* Real Estate Sector Average
DOC
Healthpeak Properties
21.89
4.88
28.67%
NHI
National Health Investors
77.49
9.93
14.70%
OHI
Omega Healthcare
49.40
14.94
43.37%
SBRA
Sabra Healthcare REIT
20.16
2.66
15.21%
HR
Healthcare Realty Trust
20.61
5.51
36.50%
Healthpeak Properties Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Healthpeak Properties Boosts Guidance After Strong Q1 Results
Positive
May 5, 2026
Healthpeak Properties reported strong first quarter 2026 results on May 5, 2026, posting net income of $0.28 per share and FFO as Adjusted of $0.45 per share, alongside robust leasing in its outpatient medical and lab portfolios and stable net deb...
Executive/Board ChangesShareholder Meetings
Healthpeak Shareholders Back Board, Pay and Auditor Choices
Positive
May 4, 2026
Healthpeak Properties, Inc. held its annual meeting of stockholders on April 30, 2026, with approximately 91% of eligible shares represented, and stockholders elected nine directors to the board, after which the board size was reduced to nine memb...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.