Healthpeak Properties, Inc. (DOC)
NYSE:DOC
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Healthpeak Properties
(NYSE:DOC)
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Rating:56Neutral
Price Target:
$17.50
â–²(4.98% Upside)
Action:ReiteratedDate:03/24/26
DOC scores as middling overall, driven primarily by mixed financial performance (stronger cash flow but weaker 2025 earnings and higher leverage). Technicals are neutral with limited momentum, valuation is pressured by a very high P/E despite an attractive dividend yield, and the earnings outlook reflects solid segment strength offset by lab-driven NOI declines and refinancing-related headwinds; recent financing actions modestly support liquidity.
Positive Factors
Strong cash generation
Sustained and accelerating operating and free cash flow provide durable funding for dividends, planned CapEx and active capital recycling without relying solely on equity issuance. Strong cash conversion also supports deleveraging or opportunistic property investments over the next several quarters.
Negative Factors
Rising leverage & refinancing load
Material near-term maturities and higher leverage reduce financial flexibility and increase exposure to elevated funding costs. If market conditions deteriorate or refis price poorly, interest expense will rise and constrain cash available for reinvestment or debt reduction for multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained and accelerating operating and free cash flow provide durable funding for dividends, planned CapEx and active capital recycling without relying solely on equity issuance. Strong cash conversion also supports deleveraging or opportunistic property investments over the next several quarters.
Read all positive factors
Healthpeak Properties (DOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.02B
Dividend Yield7.73%
Average Volume (3M)8.29M
Price to Earnings (P/E)156.9
Beta (1Y)0.53
Revenue Growth9.58%
EPS Growth-111.99%
CountryUS
Employees387
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.16
Shares Outstanding695,256,650
10 Day Avg. Volume9,560,512
30 Day Avg. Volume8,287,575
Financial Highlights & Ratios
PEG Ratio-2.17
Price to Book (P/B)1.49
Price to Sales (P/S)3.97
P/FCF Ratio9.76
Enterprise Value/Market Cap1.79
Enterprise Value/Revenue7.62
Enterprise Value/Gross Profit33.88
Enterprise Value/Ebitda13.41
Forecast
1Y Price Target
$18.65Price Target Upside11.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)0.24
Revenue Forecast (FY)$2.79B
Healthpeak Properties Business Overview & Revenue Model
Company Description
Healthpeak 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 Money
Healthpeak primarily makes money by leasing healthcare real estate to tenants and collecting contractual rental revenue. Its core revenue stream is base rent from long-term leases across its portfolio, typically supported by tenant demand for spec...
Healthpeak Properties Earnings Call Summary
Earnings Call Date:Feb 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presented material near-term headwinds driven by the life science (lab) occupancy decline and higher refinancing costs that lowered 2026 FFO guidance versus 2025. However, strong and improving performance in outpatient medical (record leasing, high occupancy, favorable dispositions and realized synergies), an exceptionally strong senior housing performance with a clear strategic path (Janus Living IPO and pipeline), solid liquidity ($2.4B) and active capital recycling/acquisition activity provide multiple offsetting positives. Management highlighted improving capital markets for life science leasing and a sizable leasing pipeline, but acknowledged earnings recovery will lag. On balance, the company appears strategically well-positioned with meaningful operating strength in two of its three core businesses, while near-term lab-driven earnings pressure and refinancing risk remain the primary concerns.Positive Updates
Strong Overall Financials and Same-Store NOI
Q4 FFO as adjusted $0.47 per share and AFFO $0.40 per share; full-year FFO as adjusted $1.84 and AFFO $1.69. Total portfolio same-store cash NOI growth of 3.9% in Q4 and 4.0% for the full year 2025.
Negative Updates
Life Science (Lab) Occupancy and Near-Term Earnings Pressure
Lab total occupancy ended ~77% (reported as depressed by >150 bps due to the Gateway acquisition) with material occupancy loss over the last year (management cited roughly 600 bps of total occupancy decline). Lab same-store NOI is forecast to decline 5%–10% in 2026 and the lost occupancy is estimated to reduce 2026 FFO by approximately $0.12 per share (management noted ~1¢–1.5¢ per 100 bps of occupancy loss).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Overall Financials and Same-Store NOI
Q4 FFO as adjusted $0.47 per share and AFFO $0.40 per share; full-year FFO as adjusted $1.84 and AFFO $1.69. Total portfolio same-store cash NOI growth of 3.9% in Q4 and 4.0% for the full year 2025.
Read all positive updates
Company Guidance
Healthpeak guided 2026 FFO as adjusted of $1.70–$1.74 per share (midpoint $1.72) with total same-store NOI growth of down 1% to up 1% (outpatient medical +2% to +3%, lab -5% to -10%, senior housing +8% to +12%); management noted roughly $500M of CapEx planned for 2026, ~ $1.1B of refinancing activity (including $650M of senior unsecured notes maturing in July and ~$440M of secured mortgage maturities), $2.4B of liquidity and a 5.2x net debt / adjusted EBITDA leverage at year-end, and expects the Janus Living IPO to have no meaningful impact on 2026 guidance.Healthpeak Properties Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.82B | 2.70B | 2.18B | 2.06B | 1.90B |
| Gross Profit | 634.55M | 1.63B | 1.28B | 1.20B | 1.12B |
| EBITDA | 1.60B | 1.61B | 1.27B | 1.39B | 970.63M |
| Net Income | 71.35M | 243.14M | 306.01M | 500.45M | 505.54M |
Balance Sheet | |||||
| Total Assets | 20.34B | 19.94B | 15.70B | 15.77B | 15.26B |
| Cash, Cash Equivalents and Short-Term Investments | 537.70M | 119.82M | 117.64M | 72.03M | 158.29M |
| Total Debt | 10.44B | 9.02B | 7.08B | 6.71B | 6.37B |
| Total Liabilities | 12.03B | 10.88B | 8.77B | 8.48B | 8.11B |
| Stockholders Equity | 7.50B | 8.40B | 6.35B | 6.65B | 6.52B |
Cash Flow | |||||
| Free Cash Flow | 1.15B | 1.07B | 956.24M | 900.26M | 795.25M |
| Operating Cash Flow | 1.28B | 1.07B | 956.24M | 900.26M | 795.25M |
| Investing Cash Flow | -1.05B | -113.80M | -576.75M | -876.34M | 531.03M |
| Financing Cash Flow | 122.99M | -941.42M | -337.30M | -116.53M | -1.29B |
Healthpeak Properties Technical Analysis
Positive
16.67
Price Trends
16.98
Negative
16.85
Positive
17.07
Negative
Market Momentum
-0.14
Positive
49.75
Neutral
56.04
Neutral
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 16.67 is below the 20-day moving average (MA) of 16.93, below the 50-day MA of 16.98, and below the 200-day MA of 17.07, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 49.75 is Neutral, neither overbought nor oversold. The STOCH value of 56.04 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $13.43B | 22.25 | 11.83% | 6.11% | 13.50% | 31.56% | |
70 Outperform | $4.09B | 25.18 | 9.63% | 4.73% | 8.04% | 9.20% | |
70 Outperform | $5.05B | 29.37 | 5.63% | 6.47% | 8.12% | 75.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $6.17B | -24.09 | -5.13% | 6.56% | -6.59% | 33.35% | |
56 Neutral | $12.02B | 156.87 | 0.91% | 7.73% | 9.58% | -111.99% |
* Real Estate Sector Average
DOC
Healthpeak Properties
16.88
-0.51
-2.92%
NHI
National Health Investors
84.36
16.23
23.82%
OHI
Omega Healthcare
45.44
10.28
29.26%
SBRA
Sabra Healthcare REIT
20.01
4.14
26.08%
HR
Healthcare Realty Trust
17.68
3.05
20.89%
Healthpeak Properties Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Healthpeak Properties Expands Credit Facilities to Enhance Liquidity
Positive
Mar 23, 2026
On March 23, 2026, Healthpeak Properties and its subsidiaries amended several key credit agreements in conjunction with the completion of Janus Living, Inc.’s initial public offering, securing lender consent for the IPO-related transactions ...
Business Operations and Strategy
Healthpeak CEO to Present at Citi Property Conference
Neutral
Feb 27, 2026
Healthpeak Properties said its president and chief executive officer, Scott Brinker, is scheduled to present at the Citi 2026 Global Property CEO Conference on March 3, 2026, at 9:35 a.m. Eastern Time. The company will offer live and replay webcas...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Healthpeak Unveils Janus Living IPO and Portfolio Strategy
Positive
Feb 2, 2026
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 senio...
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.