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Healthpeak Properties (DOC)
NYSE:DOC
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Healthpeak Properties (DOC) AI Stock Analysis

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DOC

Healthpeak Properties

(NYSE:DOC)

Rating:65Neutral
Price Target:
$18.50
▲(0.60% Upside)
Healthpeak Properties shows a solid financial foundation with strong cash flow and revenue growth, but faces challenges in profitability margins and technical indicators suggest bearish trends. The high P/E ratio indicates potential overvaluation, though the dividend yield is appealing. Earnings call insights reveal strong performance in key segments, but challenges in the lab segment and life sciences sector pose risks.
Positive Factors
Earnings
2Q25 Adj-FFO was in line with the Street, with solid portfolio SSNOI (+3.5%), boosted by MOBs/CCRCs.
Market Confidence
The company repurchased $94 million in shares year-to-date, signaling confidence in its own stock value.
Partnerships
DOC announced a new partnership with Hines, indicating potential growth and collaboration opportunities.
Negative Factors
Growth Projections
DOC's original lab SSNOI guidance (+3-4%) appears optimistic with a modest acceleration implied for 2H25 from the 2Q run rate.
Market Outlook
DOC expects a deceleration in the Life Science occupancy.
Occupancy Challenges
Occupancy results were a disappointment for both, resulting from users of space facing continued headwinds from capital raising and lingering impacts from regulatory concerns, namely around the NIH and the FDA.

Healthpeak Properties (DOC) vs. SPDR S&P 500 ETF (SPY)

Healthpeak Properties Business Overview & Revenue Model

Company DescriptionHealthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery.
How the Company Makes MoneyHealthpeak Properties generates revenue primarily through rental income from its diverse portfolio of healthcare-related properties. The company leases its properties to various healthcare operators and service providers, benefiting from long-term leases that often include rent escalations over time. Key revenue streams include senior housing operations, where Healthpeak collects rental payments from residents; life science facilities, where tenants are typically biotech and pharmaceutical companies; and medical office buildings leased to healthcare providers. Additionally, Healthpeak may engage in property development and redevelopment projects, which can enhance its asset value and yield further income. Significant partnerships with leading healthcare operators and institutions also contribute to the company's stable revenue base and growth potential.

Healthpeak Properties Earnings Call Summary

Earnings Call Date:Jul 24, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong performance in the outpatient and CCRC segments, with record leasing volumes and impressive same-store growth. However, challenges in the lab segment, specifically with occupancy and tenant capital raising, were notable concerns. The overall sentiment reflects sustained strength in core segments with specific challenges in life sciences.
Q2-2025 Updates
Positive Updates
Enterprise-Wide Technology Upgrade
Healthpeak completed an enterprise-wide technology upgrade that will improve data integration, productivity, and provide a foundation for AI capabilities.
Record Leasing Volumes in CCRC Business
The CCRC business experienced record leasing volumes, with the portfolio generating approximately $200 million of annual NOI, which is 50% higher than in 2019.
Strong Same-Store Growth in Outpatient Medical
Outpatient medical segment achieved a same-store cash NOI growth of 3.9%, with 85% tenant retention and a positive rent mark-to-market at 6%.
Improved Tenant Satisfaction
Tenant satisfaction scores showed year-over-year improvement and are well above industry averages, supporting high retention rates and re-leasing spreads.
Strong Financial Results
Reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share, with total portfolio same-store growth of 3.5%.
Negative Updates
Lab Segment Occupancy Decline
Lab segment reported a total occupancy decline by 150 basis points due to lease expirations, tenant relocations, and unsuccessful capital raises.
Capital Raising Challenges for Tenants
Certain small-cap biotech tenants faced challenges raising capital, impacting occupancy and resulting in some early terminations.
Life Science Sector Uncertainty
The life science sector faced uncertainty with a challenging capital market environment, impacting leasing and occupancy.
Company Guidance
During Healthpeak Properties, Inc.'s second quarter 2025 conference call, the company provided detailed guidance and updates on its business segments and financial performance. Healthpeak reported FFO as adjusted of $0.46 per share, AFFO of $0.44 per share, and total portfolio same-store growth of 3.5%. The CCRC business showed a robust same-store growth of 8.6%, driven by a 5% rate growth and increased entrance fee sales. The outpatient medical segment achieved 85% tenant retention and a 6% positive rent mark-to-market, with same-store cash NOI growth of 3.9%. The lab R&D segment reported a same-store growth of 1.5% and a 6% positive rent mark-to-market despite some occupancy challenges. The company maintained its FFO and same-store cash NOI guidance, citing strong performance in the CCRC and outpatient medical segments, with potential upside in the life science sector. Healthpeak also highlighted the strategic internalization of property management, technology upgrades, and AI deployment plans to enhance operational efficiency and tenant relationships.

Healthpeak Properties Financial Statement Overview

Summary
Healthpeak Properties exhibits a solid financial position with strong revenue growth and efficient cash flow generation, despite some pressure on profitability margins. The balance sheet reveals moderate leverage, which is manageable but requires monitoring. Overall, the company is well-positioned in its industry, though attention to profitability improvement would benefit future performance.
Income Statement
72
Positive
Healthpeak Properties has shown consistent revenue growth with a TTM (Trailing-Twelve-Months) increase of 3.53% over the previous year, indicating a positive growth trajectory. Gross profit margin stands at 60.4%, showcasing strong operational efficiency. However, the net profit margin has decreased to 5.9% in the TTM, highlighting reduced profitability. The EBIT margin is at a healthy 18%, but the decline in net income suggests some margin pressure.
Balance Sheet
65
Positive
The company's debt-to-equity ratio is 1.18, indicating moderate leverage, which is typical in the REIT industry. The return on equity is relatively low at 2.1% in the TTM, reflecting limited profitability on equity. The equity ratio of 40% indicates a balanced capital structure, but the reliance on debt could pose potential risks in changing interest rate environments.
Cash Flow
78
Positive
Free cash flow has shown a robust growth of 16.26% in the TTM, demonstrating strong cash generation capabilities. The operating cash flow to net income ratio is high at 7.5, indicating efficient cash conversion. The company maintains a solid free cash flow to net income ratio, supporting its ability to cover dividends and reinvest in growth.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.80B2.70B2.18B2.06B1.90B1.64B
Gross Profit1.69B1.63B1.28B1.20B1.12B862.33M
EBITDA1.60B1.61B1.27B1.39B970.63M1.13B
Net Income164.92M243.14M306.01M500.45M505.54M413.56M
Balance Sheet
Total Assets19.81B19.94B15.70B5.10B5.18B4.41B
Cash, Cash Equivalents and Short-Term Investments163.28M119.82M138.99M126.83M158.29M44.23M
Total Debt9.35B9.02B7.08B6.71B6.37B6.48B
Total Liabilities11.22B10.88B8.77B2.10B2.19B1.67B
Stockholders Equity7.93B8.40B6.35B6.65B6.52B6.73B
Cash Flow
Free Cash Flow1.24B1.07B956.24M218.53M214.99M199.41M
Operating Cash Flow1.24B1.07B956.24M258.40M247.56M233.30M
Investing Cash Flow-644.52M-113.80M-576.75M-38.47M-603.22M-1.01B
Financing Cash Flow-596.14M-941.42M-337.30M-222.07M363.03M246.45M

Healthpeak Properties Technical Analysis

Technical Analysis Sentiment
Positive
Last Price18.39
Price Trends
50DMA
17.61
Positive
100DMA
17.43
Positive
200DMA
18.51
Negative
Market Momentum
MACD
0.19
Negative
RSI
65.79
Neutral
STOCH
85.04
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 18.39 is above the 20-day moving average (MA) of 17.46, above the 50-day MA of 17.61, and below the 200-day MA of 18.51, indicating a neutral trend. The MACD of 0.19 indicates Negative momentum. The RSI at 65.79 is Neutral, neither overbought nor oversold. The STOCH value of 85.04 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

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
$3.67B24.6610.49%4.59%6.87%7.23%
76
Outperform
$12.61B26.6610.47%6.21%12.73%23.51%
74
Outperform
$4.56B25.036.66%6.31%6.89%240.70%
65
Neutral
$12.78B76.691.97%6.05%15.91%-49.49%
63
Neutral
$7.09B13.59-0.50%6.85%4.08%-25.24%
61
Neutral
$6.15B-7.59%6.48%-7.16%23.40%
49
Neutral
$2.67B-25.97%6.94%27.66%18.03%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
DOC
Healthpeak Properties
18.39
-2.50
-11.97%
NHI
National Health Investors
78.40
-0.23
-0.29%
OHI
Omega Healthcare
43.14
5.88
15.78%
SBRA
Sabra Healthcare REIT
19.03
2.81
17.32%
MPW
Medical Properties
4.61
-0.13
-2.74%
HR
Healthcare Realty Trust
18.06
1.30
7.76%

Healthpeak Properties Corporate Events

Private Placements and FinancingBusiness Operations and Strategy
Healthpeak Properties Completes $500 Million Senior Notes Offering
Neutral
Aug 14, 2025

On August 14, 2025, Healthpeak OP, LLC, a subsidiary of Healthpeak Properties, completed a $500 million offering of 4.750% senior notes due 2033. The net proceeds, estimated at $491.4 million, are intended for repaying borrowings and general corporate purposes, potentially impacting the company’s financial flexibility and strategic initiatives.

Private Placements and Financing
Healthpeak Properties Announces $500M Senior Notes Offering
Neutral
Aug 6, 2025

On August 5, 2025, Healthpeak Properties, Inc. announced that its operating company, Healthpeak OP, LLC, entered into an underwriting agreement for a public offering of $500 million in senior unsecured notes due 2033. The net proceeds, estimated at approximately $491.4 million, will be used to repay borrowings under its commercial paper program and for general corporate purposes, including potential acquisitions and capital expenditures. The offering is expected to close on August 14, 2025, and involves several underwriters, with the notes being fully guaranteed by Healthpeak and its affiliates.

Regulatory Filings and Compliance
Healthpeak Properties Updates Tax Considerations in SEC Filing
Neutral
Aug 5, 2025

On February 5, 2025, Healthpeak Properties filed a Post-Effective Amendment to a Registration Statement with the SEC, updating the discussion on U.S. federal income tax considerations related to its REIT status and securities offerings. This amendment replaces previous tax considerations and highlights the complexities and potential changes in tax laws affecting REIT qualifications and operations, which could impact Healthpeak’s tax obligations and investor returns.

Business Operations and StrategyFinancial Disclosures
Healthpeak Properties Reports Q2 2025 Financial Results
Positive
Jul 24, 2025

Healthpeak Properties reported its second quarter 2025 financial results, showing a net income of $0.05 per share and a 3.5% growth in Total Merger-Combined Same-Store Cash NOI. The company executed significant lease agreements and entered into new development agreements to support outpatient expansion, while also achieving sustainability milestones and earning prestigious industry awards.

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.Date of analysis: Aug 21, 2025