Healthpeak Properties, Inc.
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Range $19 – $24
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About the company
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 research and the provision of healthcare services.
- CEO
- Scott Brinker
- IPO
- 1985
- Employees
- 411
- HQ
- Denver, CO, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $14.63B
- P/E
- 60.64
- Fwd P/E
- 53.21
- PEG
- -0.14
- P/S
- 4.96
- P/B
- 1.87
- EV/EBITDA
- 13.08
- Div Yield
- 5.75%
- Gross Margin
- 2.53%
- Op Margin
- 17.61%
- Net Margin
- 8.60%
- ROE
- 3.30%
- ROIC
- 16.06%
Latest fiscal year · YoY change
- Revenue
- $2.82B+4.5%
- Gross Profit
- $634.55M-61.0%
- Op Income
- $544.13M
- Net Income
- $71.35M-70.7%
- EPS
- $0.10-72.2%
- OCF Growth
- +17.0%
- FCF Growth
- +17.0%
- 52W High
- $22.95
- 52W Low
- $15.70
- 50D MA
- $21.35
- 200D MA
- $18.40
- Beta
- 0.99
- RSI (14)
- 51
- Avg Volume
- 7.27M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Healthpeak beat on execution, raised guidance, and said its stronger balance sheet and new capital partnerships position it to grow across outpatient, lab, and senior housing.· August 5, 2026
- FFO as adjusted was $0.46 per share, and net debt-to-EBITDA was 4.7x.
- Healthpeak raised full-year FFO as adjusted guidance by $0.02 to $1.73-$1.77 per share.
- Outpatient medical leasing remained strong with 1.2 million square feet executed, 5% cash re-leasing spreads, and occupancy up 20 bps sequentially to 90.7%.
- Lab occupancy improved to 78.5%, up 80 bps sequentially, and management said modest occupancy gains should continue into year-end.
- Senior Housing via Janus Living posted 45% revenue growth and 34% adjusted EBITDA growth in the quarter, with no debt outstanding.
Healthpeak reported second-quarter FFO as adjusted of $0.46 per share and net debt-to-EBITDA of 4.7x. In outpatient medical, the company executed 1.2 million square feet of leases, including about 327,000 square feet of new leasing, with 80% tenant retention, 5% cash re-leasing spreads, and total occupancy up 20 basis points sequentially to 90.7%. In lab, it executed 381,000 square feet of leases and ended the quarter with total occupancy up 80 basis points sequentially to 78.5%; this was 140 basis points higher than year-end 2025. Janus Living delivered 45% total revenue growth and 34% adjusted EBITDA growth, and ended the period with cash on the balance sheet and no outstanding debt. Management raised full-year FFO as adjusted guidance by $0.02 to $1.73-$1.77 per share, citing a 75 basis point increase in total same-store NOI from midpoint, including 200 basis points increases in both Lab and Senior Housing and the recognition of low market interest amortization related to the $400 million seller note repayment. Through year-end, the company expects $1.9 billion of gross proceeds from capital recycling initiatives, and it has completed $1 billion of acquisitions and buybacks to date.
Scott Brinker framed the quarter as evidence that Healthpeak's repositioning is paying off after several difficult years, emphasizing that the company now has more scale, stronger capabilities, and a more flexible capital platform. He said the firm is acting as an 'on-the-ground operator' and highlighted the Brookfield and Blackstone partnerships as proof that major institutional investors want Healthpeak as a partner. His tone was confident and opportunistic, stressing that the balance sheet is stronger than ever and that the company can be patient in deploying capital into outpatient development, lab acquisitions, and buybacks when conditions are attractive.
Kelvin Moses focused on execution and balance sheet strength. He said Healthpeak raised $1 billion of cash proceeds from the Brookfield outpatient medical recapitalization, while retaining a 51% ownership interest in a 5.6 million square foot portfolio; he also noted the transaction implies a 5.9% trailing cash cap rate and a potential 6.5% unlevered return for Brookfield after 7 years. He reported $1.9 billion of gross proceeds expected from capital recycling through year-end, $1 billion of acquisitions and buybacks completed to date, $900 million of debt repaid through August 4 including $650 million of senior unsecured notes in July, $4.1 billion of available liquidity, and net debt to adjusted EBITDA of 4.7x. He also pointed to the FFO as adjusted guidance increase to $1.73-$1.77 per share.
Analysts focused heavily on the lab recovery, asking when same-store or occupancy would inflect more clearly, how competitive leasing terms are changing, and whether the company would pursue distressed lab acquisitions. Management said the key metric is total occupancy, not same-store, and argued the portfolio is already trending positively with commencements expected to exceed expirations in the back half of the year; they also said any deal activity will focus on core markets where Healthpeak can add value with its platform, and that some opportunities may be complex or take time. On outpatient, questions centered on why spreads were slightly lower sequentially and whether more JV activity is likely; management said the quarter's spread result was driven by one larger Boston lease and that the underlying mark-to-market remains strong, while also saying they expect to do more with Brookfield and Blackstone because both want Healthpeak as their GP in this space.
The call's bull case is that Healthpeak is showing real operating momentum in its key platforms while also improving its capital flexibility. Outpatient leasing is solid, lab occupancy is moving up from a low base, and senior housing is contributing meaningful growth, all while leverage remains below 5x and the company has multiple ways to deploy capital.
The main risks are that lab recovery remains uneven and timing is still uncertain, with management repeatedly saying it is too soon to know exactly when same-store will inflect and that demand is still working through a supply overhang, especially in Boston. Management also noted that lease conversion can be slow, capex can be elevated for certain redevelopments, and some of the acquisition pipeline may not close, so the recovery could be choppy even if the direction is improving.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.6%
- Shares Outstanding
- 689.42M
- Float Shares
- 686.69M
of shares held by institutions
772 13F filers
Buy/sell ratio 7.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for DOC, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 109.04M | ▼ 311.87K |
| Blackrock, Inc. | 70.94M | ▼ 2.43M |
| Vanguard Capital Management LLC | 45.01M | ▼ 204.17K |
| State Street Corp | 44.01M | ▼ 4.49M |
| Jpmorgan Chase & Co | 30.19M | ▼ 14.54M |
| Fuller & Thaler Asset Management, Inc. | 29.12M | ▼ 81.75K |
| Geode Capital Management, LLC | 24.65M | ▲ 252.73K |
| Invesco Ltd. | 18.51M | ▼ 5.66M |
| Principal Financial Group Inc | 16.76M | ▼ 2.01M |
| Bank Of New York Mellon Corp | 15.23M | ▼ 221.76K |
| Morgan Stanley | 14.19M | ▲ 1.88M |
| Sixth Street Partners Management Company, L.P. | 11.94M | ▲ 11.94M |
Held by 876 ETFs
Biggest fund positions in DOC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 29, 26 | Thomas John T | other | 1,385 |
| May 29, 26 | Thomas John T | other | 78 |
| May 29, 26 | Patadia Ankit B. | other | 1,358 |
| May 29, 26 | Patadia Ankit B. | other | 94 |
| May 29, 26 | Moses Kelvin O | other | 937 |
| May 29, 26 | Moses Kelvin O | other | 65 |
| May 29, 26 | Mabry Adam G | other | 625 |
| May 29, 26 | Mabry Adam G | other | 43 |
| May 29, 26 | Johnston Shawn G | other | 1,358 |
| May 29, 26 | Johnston Shawn G | other | 76 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our DOC coverage
Recent articles, reports, and earnings notes.
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