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Healthpeak Properties
(NYSE:DOC)
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Rating:62Neutral
Price Target:
$19.50
â–¼(-9.97% Downside)
Action:Reiterated
Date:08/06/26
DOC scores in the low-60s primarily due to mid-tier financial statement quality (margin volatility and weaker recent free-cash-flow momentum offsetting improved leverage) and a supportive earnings-call backdrop (raised FFO guidance, strong liquidity and capital recycling). Technicals are moderately constructive, while valuation is held back by a very high P/E despite an attractive dividend yield.
Positive Factors
Balance Sheet
Healthpeak’s moderate leverage, substantial liquidity, and recent debt repayment provide financial flexibility through changing real-estate conditions. This supports ongoing investment, capital recycling, and selective acquisitions while reducing reliance on additional borrowing over the next several quarters.
Negative Factors
Lab Occupancy
Life-science properties remain less fully occupied than the outpatient portfolio, limiting near-term NOI contribution from that segment. Uncertain absorption timing could prolong vacancy costs and delay the earnings benefit of leasing activity despite an improving pipeline.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet
Healthpeak’s moderate leverage, substantial liquidity, and recent debt repayment provide financial flexibility through changing real-estate conditions. This supports ongoing investment, capital recycling, and selective acquisitions while reducing reliance on additional borrowing over the next several quarters.
Read all positive factors
Healthpeak Properties Key Performance Indicators (KPIs)
Any
Net Income by Segment
Shows profit or loss after all expenses and non‑operating items for each segment. Variations can reflect operating performance, property sales, or one‑time charges, so this helps identify which segments are actually contributing to reported earnings versus being affected by accounting or transaction noise.
Shows profit or loss after all expenses and non‑operating items for each segment. Variations can reflect operating performance, property sales, or one‑time charges, so this helps identify which segments are actually contributing to reported earnings versus being affected by accounting or transaction noise.
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The Fly
The FlyHealthpeak Properties (DOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.25B
Dividend Yield6.6%
Average Volume (3M)5.77M
Price to Earnings (P/E)52.8
Beta (1Y)0.47
Revenue Growth5.52%
EPS Growth48.98%
CountryUS
Employees411
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.35
Shares Outstanding689,527,300
10 Day Avg. Volume5,980,105
30 Day Avg. Volume5,774,179
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 Cap1.89
Enterprise Value/Revenue8.48
Enterprise Value/Gross Profit334.86
Enterprise Value/Ebitda14.33
Forecast
1Y Price Target
$21.73Price Target Upside0.31% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)0.46
Revenue Forecast (FY)$3.01B
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 primarily makes money by earning real estate income from its healthcare property portfolio. Key revenue streams include: (1) Rental and lease revenue: The company leases medical office buildings and life science facilities to healthcare...
Healthpeak Properties Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful operational progress: strong balance sheet metrics (net debt/EBITDA 4.7x), sizable liquidity, large JV partnerships (Brookfield/Blackstone) that raise $1B+ in proceeds while preserving control, strong outpatient leasing (1.2M SF in Q2; occupancy to 90.7%), lab leasing momentum and occupancy improvement (78.5%, +140 bps YTD), and significant senior housing/Janus performance (45% revenue growth, 34% adjusted EBITDA growth). Challenges remain, notably lab occupancy still below peak, selective elevated CapEx needs for redevelopments, elevated borrowing costs limiting leverage options, cautious tenant timelines, and only a modest FFO guidance raise. Overall the positive operational momentum, strategic partnerships, and strong liquidity and balance sheet outweigh the remaining execution and market risks.Positive Updates
Strong Balance Sheet and Liquidity
Net debt to adjusted EBITDA of 4.7x (below 5x), $4.1 billion of available liquidity, $900 million of debt repaid through Aug 4 (including $650 million of senior unsecured notes in July), and guidance that the company can maintain leverage below its 5.5x long-term target.
Negative Updates
Lab Occupancy Still Below Target
Lab total occupancy is 78.5%, improving but still materially below outpatient levels; management said same-store inflection timing is unclear and continued net absorption will be required to drive NOI inflection.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Balance Sheet and Liquidity
Net debt to adjusted EBITDA of 4.7x (below 5x), $4.1 billion of available liquidity, $900 million of debt repaid through Aug 4 (including $650 million of senior unsecured notes in July), and guidance that the company can maintain leverage below its 5.5x long-term target.
Read all positive updates
Company Guidance
On guidance, Healthpeak raised full‑year FFO as adjusted by $0.02 to $1.73–$1.77 per share, driven by a 75‑basis‑point increase in total same‑store NOI at the midpoint (including +200 bps each for lab and senior housing) and recognition of lower market interest amortization tied to a $400 million seller‑note repayment; the company reported Q2 FFO as adjusted of $0.46, ended the quarter with net debt/adjusted EBITDA of 4.7x (leverage below 5x vs. a 5.5x long‑term target), expects roughly $1.9 billion of gross capital‑recycling proceeds through year‑end, has completed $1.0 billion of acquisitions and buybacks to date, repaid $900 million of debt (including $650 million of senior notes in July), holds $4.1 billion of available liquidity, and cited ongoing optionality to deploy capital into preleased outpatient development, JV acquisitions, or opportunistic buybacks (having repurchased $100 million in April at a >10% FFO yield when the stock was under $17).Healthpeak Properties Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.95B | 2.82B | 2.70B | 2.18B | 2.06B | 1.90B |
| Gross Profit | 74.71M | 634.55M | 1.63B | 1.28B | 1.20B | 1.12B |
| EBITDA | 1.75B | 1.44B | 1.61B | 1.27B | 1.39B | 970.63M |
| Net Income | 253.72M | 71.35M | 243.14M | 306.01M | 500.45M | 505.54M |
Balance Sheet | ||||||
| Total Assets | 21.68B | 20.34B | 19.94B | 15.70B | 15.77B | 15.26B |
| Cash, Cash Equivalents and Short-Term Investments | 1.63B | 537.70M | 119.82M | 117.64M | 72.03M | 158.29M |
| Total Debt | 10.32B | 10.44B | 9.02B | 7.08B | 6.71B | 6.37B |
| Total Liabilities | 12.18B | 12.03B | 10.88B | 8.77B | 8.48B | 8.11B |
| Stockholders Equity | 7.84B | 7.50B | 8.40B | 6.35B | 6.65B | 6.52B |
Cash Flow | ||||||
| Free Cash Flow | 296.21M | 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 | -1.10B | -1.03B | -113.80M | -576.75M | -876.34M | 531.03M |
| Financing Cash Flow | 1.42B | 136.11M | -941.42M | -337.30M | -116.53M | -1.29B |
Healthpeak Properties Technical Analysis
Neutral
21.66
Price Trends
19.96
Negative
20.40
Negative
18.60
Positive
Market Momentum
-0.36
Negative
50.75
Neutral
54.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DOC, the sentiment is Neutral. The current price of 21.66 is above the 20-day moving average (MA) of 19.06, above the 50-day MA of 19.96, and above the 200-day MA of 18.60, indicating a neutral trend. The MACD of -0.36 indicates Negative momentum. The RSI at 50.75 is Neutral, neither overbought nor oversold. The STOCH value of 54.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $13.47B | 15.38 | 16.51% | 6.05% | 15.18% | 72.69% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $4.83B | 71.59 | 2.34% | 6.35% | 18.43% | -65.50% | |
63 Neutral | $6.09B | -65.73 | -1.94% | 5.57% | -6.28% | 77.63% | |
62 Neutral | $13.25B | 52.80 | 3.30% | 6.60% | 5.52% | 48.98% | |
52 Neutral | $1.64B | -50.10 | -0.66% | 13.69% | 10.56% | 97.81% | |
44 Neutral | $336.11M | -7.85 | -6.25% | 1.02% | -0.51% | 44.14% |
* Real Estate Sector Average
DOC
Healthpeak Properties
19.34
1.98
11.42%
OHI
Omega Healthcare
46.30
7.94
20.69%
SBRA
Sabra Healthcare REIT
19.60
2.46
14.34%
MPT
Medical Properties Trust
2.71
-1.97
-42.13%
HR
Healthcare Realty Trust
17.93
0.17
0.98%
NHP
National Healthcare Properties
15.80
3.92
32.96%
Healthpeak Properties Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Healthpeak Properties Reports Strong Q2 Results, Capital Actions
Positive
Aug 4, 2026
On August 4, 2026, Healthpeak Properties reported second-quarter 2026 diluted net income of $0.08 per share and FFO as Adjusted of $0.46 per share, alongside modest same-store NOI growth led by senior housing and higher occupancy in its outpatient...
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.