Healthpeak Properties, Inc. (DOC) AI Stock Analysis

Healthpeak Properties, Inc. operates as a healthcare real estate company specializing in the acquisition, development, ownership, and management of properties leased to physicians, hospitals, and healthcare systems. The company employs an UPREIT structure, holding properties through Physicians Realty L.P., where it served as sole general partner with approximately 97.4% ownership of OP Units as of September 30, 2020. Through subsidiaries and partnerships, the trust manages real estate infrastructure designed to support the delivery, accessibility, and efficiency of high-quality healthcare services.

Healthpeak expanded revenue from $1.90B in FY2021 to $2.82B in FY2025, representing a 5-year revenue CAGR of 11.4%. Revenue growth reached 23.8% in FY2024 before moderating to 4.5% in FY2025. Over the same span, net income declined from $505.5M in FY2021 to $71.3M in FY2025, which reduced diluted EPS from $0.73 to $0.04 and contracted gross margin to 22.5%. Performance strengthened in the quarter ending June 30, 2026, delivering quarterly revenue growth of 11.1% and quarterly earnings growth of 68.2% year-over-year.

As of June 30, 2026, Healthpeak held $1.63B in cash and short-term investments against total debt of $10.32B, resulting in net debt of $8.69B. Total assets stood at $21.68B and shareholders' equity was $7.84B, with a debt-to-equity ratio of 1.32 and a current ratio of 2.52. Operating cash flow reached $1.25B in FY2025, fully funding capital expenditures of $134.0M. The company also allocated $849.1M to dividends and $97.1M toward share buybacks during FY2025.

Healthpeak trades at a trailing P/E of 54.2x and a forward P/E of 169.5x, both above the median of its S&P 500 Real Estate peers of 30.3x and 29.2x, respectively. Its enterprise value of $22.82B translates to an EV-to-EBITDA multiple of 12.6x, compared to 17.6x for the peer median. Over the past 12 months, the stock gained 9.9% versus a 16.8% return for the S&P 500 benchmark, while its 5-year return of -27.2% lagged the index return of 83.0%.

Healthpeak pays a monthly dividend with an annualized forward rate of $1.22 per share, yielding 6.43%. The trust has paid dividends for 42 consecutive years, supported by a payout ratio of 61.7%. However, its 5-year annualized dividend growth was -3.7%, and dividends paid totaled $849.1M in FY2025.

Wall Street coverage includes 5 Strong Buy, 3 Buy, and 14 Hold ratings, with no Sell recommendations. The mean price target is $22.61, representing an upside of 19.1% from the last close of $18.98. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $2.94B and EPS of $0.09. Healthpeak beat EPS estimates in 3 of the last 4 quarters, with next earnings scheduled for November 2, 2026.

This page is an AI-written research summary of Healthpeak Properties, Inc. (DOC). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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