Healthpeak Properties is a US real estate investment trust (REIT) that owns, operates and develops property linked to healthcare discovery and delivery. Founded in 1985 and headquartered in Denver, Colorado, it holds interests in 689 properties across outpatient medical buildings and hospitals, laboratory and office space for life-science tenants, and senior housing communities operated under RIDEA structures.
Income comes mainly from leasing space to healthcare providers, hospital systems, biotechnology and pharmaceutical firms, and research organisations, largely through triple-net or gross leases. In its senior housing business, third-party operators run the communities and pay Healthpeak management fees, with residents or insurers funding the underlying care. Its largest named tenants include HCA Healthcare and CommonSpirit Health.
The company is organised into three reportable segments: outpatient medical, lab, and senior housing, alongside smaller non-reportable holdings such as loans receivable and a preferred equity investment. Lab properties are concentrated around San Francisco, Boston and San Diego. In March 2024, Healthpeak merged with Physicians Realty Trust, adding 299 outpatient medical buildings, and it is preparing to spin off a 34-community senior housing portfolio into a newly formed REIT, Janus Living.
Based on Healthpeak Properties's 10-K filed February 3, 2026.
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~$32
Valuation models combined (2)
Base case. Range ~$24–$36. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Healthpeak Properties valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $2.95bn, up 5.5% on a year earlier, faster than 2.7% a quarter earlier. Our valuation models combined value is $30.05 a share, against a share price of $18.76.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Healthpeak Properties's trailing-twelve-month revenue grew 5.5% year on year, with a free-cash-flow margin of 4.5%. Where it stands out: change in share count of -0.7% ranks 2 of 17 health care reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 14.3% while net income grew 47.5%: a 62pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to diluted ffo as adjusted per share of $1.73 to $1.77 for the Full Year 2026; total same-store cash (adjusted) noi of 0.00 to 1.50 for the Full Year 2026.
We value Healthpeak Properties as an equity reit, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$36 ~$31–$45 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$0.7 ~$16–$34 | Left out: out of range vs price (0.04x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$24 ~$20–$29 | Included |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$32 ~$24–$36 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Healthpeak Properties with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Healthpeak Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 1.7% of total assets over 10 years.
Gross margin has been a median 60.0%, moving by 5.5 percentage points (standard deviation) across 8 years.
Net margin has been a median 16.0%; its worst year was 3.5%.
Free cash flow was positive in 10 of 10 years, at a median 9.6% of revenue.
The diluted share count rose 28.8% over five years; stock-based pay has been a median 1.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.09 | +131% | $2.9bn | +7% |
| Next | $0.14 | +56% | $3.2bn | +8% |
In the last 30 days, 0 analysts raised Healthpeak Properties's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 30 days ago | $0.09 | −$0.15 |
| 7 days ago | $0.09 | −$0.15 |
| Now | $0.09 | $0.14 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.03 | $0.04 | +54.4% |
| Jun 2026 | $0.03 | $0.08 | +198.6% |
| Mar 2026 | $0.06 | $0.28 | +364.7% |
| Dec 2025 | $0.06 | $0.10 | +59.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +15.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2.8bn | $2.9bn | +5.5% |
| Net margin | 5.9% | 8.2% | +39.8% |
| P/E multiple | 71.2x | 55.5x | −22.0% |
| Share count | 699m | 694m | +0.7% |
Biggest factor: net margin.
Last 3 years +38.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2.1bn | $2.9bn | +39.4% |
| Net margin | 25.1% | 8.2% | −67.2% |
| P/E multiple | 14.4x | 55.5x | +285.7% |
| Share count | 543m | 694m | −21.7% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| DOC | +24% | −28% | −16% | +9% | −15% | +28% |
| Industry peers (median) | +4% | −15% | +15% | +19% | +26% | +11% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| DOC | 42% | 33% | 42% | 42% | 50% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| DOC | −12% | −39% | −43% | −21% | −20% | −18% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 54% from August 5, 2021 to October 31, 2023. Getting back needed a 118% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +0.7% | +1.6% | −5.2% | −2.3% |
| May 5, 2026 | +19.7% | +2.2% | +21.4% | +21.0% |
| February 2, 2026 | −4.6% | −0.4% | −2.3% | +3.0% |
| October 23, 2025 | +0.8% | +1.4% | −5.6% | −3.6% |
| July 24, 2025 | −7.6% | +0.5% | −11.1% | −6.3% |
| April 24, 2025 | −5.3% | +2.8% | −5.5% | −10.0% |
| February 3, 2025 | −2.9% | 0.0% | −5.2% | +0.4% |
| October 24, 2024 | −3.6% | +0.2% | −2.9% | −5.2% |
| July 25, 2024 | +5.5% | +0.6% | +4.7% | +9.7% |
| April 25, 2024 | +0.9% | +0.6% | +2.9% | +4.2% |
| February 8, 2024 | −3.0% | +0.6% | −0.6% | +0.3% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $2.2B |
| FY23 Q4 | $2.2B |
| FY24 Q1 | $2.3B |
| FY24 Q2 | $2.4B |
| FY24 Q3 | $2.6B |
| FY24 Q4 | $2.7B |
| FY25 Q1 | $2.8B |
| FY25 Q2 | $2.8B |
| FY25 Q3 | $2.8B |
| FY25 Q4 | $2.8B |
| FY26 Q1 | $2.9B |
| FY26 Q2 | $2.9B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 6.5% |
| FY23 Q4 | 5.8% |
| FY24 Q1 | 8.3% |
| FY24 Q2 | 14.0% |
| FY24 Q3 | 18.8% |
| FY24 Q4 | 23.8% |
| FY25 Q1 | 23.6% |
| FY25 Q2 | 15.9% |
| FY25 Q3 | 9.6% |
| FY25 Q4 | 4.5% |
| FY26 Q1 | 2.7% |
| FY26 Q2 | 5.5% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 8.9% |
| FY23 Q4 | 9.5% |
| FY24 Q1 | 6.4% |
| FY24 Q2 | 3.2% |
| FY24 Q3 | 1.8% |
| FY24 Q4 | 0.5% |
| FY25 Q1 | 3.2% |
| FY25 Q2 | 5.6% |
| FY25 Q3 | 6.1% |
| FY25 Q4 | 6.8% |
| FY26 Q1 | 5.3% |
| FY26 Q2 | 4.5% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 1.1 | 1.2 | 1.7 | 1.9 | 2.1 | 1.6 | 1.9 | 2.1 | 1.8 | 1.2 | 1.2 | 1.6 | 1.9 | 2.1 | 2.2 | 2.7 | 2.8 | 2.9 |
| Gross profit | — | — | — | — | — | — | — | 1.4 | 1.2 | 0.8 | 0.8 | 0.9 | 1.1 | 1.2 | 1.3 | 1.6 | — | — |
| Net income | 0.1 | 0.3 | 0.5 | 0.8 | 1.0 | 0.9 | −0.6 | 0.6 | 0.4 | 1.1 | 0.0 | 0.4 | 0.5 | 0.5 | 0.3 | 0.2 | 0.1 | 0.2 |
| Diluted EPS | $0.40 | $1.00 | $1.29 | $1.90 | $2.13 | $2.00 | −$1.21 | $1.34 | $0.88 | $2.24 | $0.09 | $0.77 | $0.93 | $0.92 | $0.56 | $0.36 | $0.10 | $0.35 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | +0.2% | +8.1% | +36.6% | +11.0% | +11.7% | −22.1% | +18.6% | +9.7% | −13.2% | −35.5% | +4.1% | +32.6% | +15.3% | +8.7% | +5.8% | +23.8% | +4.5% | +5.5% |
| Net income | −70.6% | +151.1% | +63.0% | +54.5% | +16.6% | −5.0% | −160.6% | — | −34.0% | +156.2% | −95.7% | +808.3% | +22.2% | −1.0% | −38.9% | −20.5% | −70.7% | +47.5% |
| Diluted EPS | −77.7% | +150.0% | +29.0% | +47.3% | +12.1% | −6.1% | −160.5% | — | −34.3% | +154.5% | −96.0% | +755.6% | +20.8% | −1.1% | −39.1% | −35.7% | −72.2% | +48.6% |
| Margins | ||||||||||||||||||
| Gross margin | — | — | — | — | — | — | — | 65.3% | 64.0% | 68.2% | 67.3% | 52.4% | 59.2% | 58.1% | 58.6% | 60.2% | — | — |
| Net margin | 11.5% | 26.7% | 31.8% | 44.3% | 46.2% | 56.3% | −28.8% | 29.5% | 22.4% | 89.1% | 3.7% | 25.1% | 26.7% | 24.3% | 14.0% | 9.0% | 2.5% | 8.2% |
| Free-cash-flow margin | — | — | — | — | — | 59.6% | 43.2% | 35.5% | 20.3% | 24.2% | 13.6% | −1.9% | 1.9% | −3.0% | 8.3% | 12.4% | 12.6% | 41.7% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 0.5 | 0.6 | 0.7 | 1.0 | 1.1 | 1.2 | 1.2 | 1.2 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | 1.1 | 1.3 | 1.2 |
| Capital spending | — | — | — | — | — | 0.3 | 0.4 | 0.5 | 0.5 | 0.6 | 0.7 | 0.8 | 0.8 | 1.0 | 0.8 | 0.7 | 0.9 | 0.0 |
| Free cash flow | — | — | — | — | — | 1.0 | 0.8 | 0.8 | 0.4 | 0.3 | 0.2 | −0.0 | 0.0 | −0.1 | 0.2 | 0.3 | 0.4 | 1.2 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow after stock pay | — | — | — | — | — | 1.0 | 0.8 | 0.7 | 0.4 | 0.3 | 0.2 | −0.0 | 0.0 | −0.1 | 0.2 | 0.3 | 0.3 | 1.2 |
| Balance sheet | ||||||||||||||||||
| Cash | 0.1 | 1.0 | 0.0 | 0.2 | 0.3 | 0.2 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.2 | 0.1 | 0.1 | 0.1 | 0.5 | 1.6 |
| Total debt | 5.4 | 4.6 | 7.7 | 8.6 | 8.6 | 9.7 | 11.1 | 9.2 | 7.8 | 5.5 | 6.3 | 6.6 | 6.2 | 6.5 | 6.9 | 8.9 | 10.0 | 10.2 |
| Net debt (negative = net cash) | 5.2 | 3.5 | 7.6 | 8.4 | 8.3 | 9.5 | 10.7 | 9.1 | 7.8 | 5.5 | 6.2 | 6.6 | 6.1 | 6.5 | 6.8 | 8.7 | 9.5 | 8.5 |
| Diluted shares | 275m | 307m | 400m | 428m | 456m | 459m | 463m | 467m | 469m | 475m | 489m | 531m | 539m | 539m | 547m | 676m | 696m | 694m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 0.5 | 0.6 | 0.8 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | 0.6 | 0.7 | 0.8 | 0.8 | 0.8 |
| Buybacks | — | — | — | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.2 | 0.1 | 0.1 |
| Total returned | 0.5 | 0.6 | 0.8 | 0.9 | 1.0 | 1.0 | 1.1 | 1.0 | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | 0.7 | 0.7 | 1.0 | 0.9 | 0.9 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 700 | 698 | 703 | 694 | 706 | 719 | 753 | 772 |
| Gross profit | 420 | 421 | 430 | 418 | 414 | — | — | — |
| Net income | 86 | 5 | 43 | 32 | −117 | 114 | 194 | 53 |
| Diluted EPS | $0.12 | $0.00 | $0.06 | $0.05 | −$0.17 | $0.16 | $0.28 | $0.08 |
| Growth (year on year) | ||||||||
| Revenue | +25.9% | +26.1% | +15.9% | −0.2% | +0.8% | +3.1% | +7.1% | +11.1% |
| Net income | +33.7% | −93.6% | — | −78.3% | −236.4% | — | +352.1% | +66.8% |
| Diluted EPS | 0.0% | −100.0% | — | −76.2% | −241.7% | — | +366.7% | +60.0% |
| Margins | ||||||||
| Gross margin | 60.0% | 60.3% | 61.1% | 60.2% | 58.6% | — | — | — |
| Net margin | 12.3% | 0.7% | 6.1% | 4.6% | −16.6% | 15.8% | 25.7% | 6.8% |
| Free-cash-flow margin | 45.4% | 40.6% | 39.8% | 52.3% | 44.6% | 40.9% | 34.6% | 46.8% |
| Cash flow | ||||||||
| Cash from operations | 318 | 284 | 279 | 363 | 315 | 294 | 261 | 361 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 318 | 284 | 279 | 363 | 315 | 294 | 261 | 361 |
| Stock-based pay | 5 | 4 | 5 | 3 | 5 | 4 | 5 | 6 |
| Free cash flow after stock pay | 313 | 280 | 275 | 360 | 310 | 290 | 256 | 355 |
| Last 12 months unless stated | DOC | AHR | DHC | VTR | OHI | HR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.9bn | $2.5bn | $1.5bn | $6.8bn | $1.3bn | $1.1bn | $919m |
| Revenue growth, last 12 months | 5.5% | 16.4% | −3.8% | 22.1% | 15.0% | −5.8% | 15.0% |
| Revenue growth, 3-year average | 11.7% | 15.4% | 2.2% | 15.7% | 14.6% | −5.7% | 12.0% |
| Revenue growth, latest quarter | 11.1% | 24.3% | −5.4% | 23.0% | 16.2% | −3.7% | 11.1% |
| Gross margin | 60.1% | 21.2% | — | — | — | — | 60.1% |
| Operating margin | — | 19.2% | 24.9% | — | 43.5% | 20.6% | 35.3% |
| Operating margin, 3-year average | — | 17.8% | 27.4% | — | 53.9% | 21.5% | 35.7% |
| Net margin | 8.2% | 4.8% | −10.3% | 3.9% | 67.0% | −4.0% | 7.8% |
| Cash from operations / revenue | 41.7% | 14.5% | 3.7% | 28.2% | 69.5% | 39.7% | 41.7% |
| Free-cash-flow margin | 4.5% | 4.7% | −4.4% | 4.8% | 63.6% | −5.5% | 15.1% |
| Free-cash-flow margin, 3-year average | 4.4% | 1.6% | −7.6% | 1.9% | 66.1% | −11.2% | 19.1% |
| Stock pay / revenue | 0.7% | 0.8% | 0.1% | 0.6% | 4.1% | 1.6% | 1.6% |
| Change in share count | −0.7% | 20.6% | 0.3% | 10.5% | 7.9% | −1.4% | 6.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 5.5% | 15.0% | 13 of 17 |
| Change in growth rate Growth | +2.8pp | +1.1pp | 6 of 17 |
| Net margin Profitability | 8.2% | 7.8% | 8 of 17 |
| Stock pay as % of revenue Cash generation | 0.7% | 1.8% | 2 of 16 |
| Long-term debt as % of assets Balance sheet | 46.3% | 47.4% | 6 of 14 |
| Change in share count Balance sheet | -0.7% | 6.1% | 2 of 17 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Outpatient Medical | $1.3B | ▲ 7.5% |
| Lab | $860M | ▼ 2.4% |
| Senior Housing | $604M | ▲ 6.2% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Healthpeak Properties's 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $1.5B | 70.9M | 10.7% | ▼ 3.3% |
| Vanguard Portfolio Management LLC | $1.2B | 58.4M | 8.8% | ▲ 0.4% |
| Vanguard Capital Management LLC | $963M | 45.0M | 6.8% | ▼ 0.5% |
| State Street Corp | $942M | 44.0M | 6.7% | ▼ 9.3% |
| Jpmorgan Chase & Co | $661M | 30.2M | 4.7% | ▼ 32.5% |
| Fuller & Thaler Asset Management, Inc. | $623M | 29.1M | 4.4% | ▼ 0.3% |
| Geode Capital Management, LLC | $527M | 24.7M | 3.7% | ▲ 1.0% |
| Invesco Ltd. | $396M | 18.5M | 2.8% | ▼ 23.4% |
| Principal Financial Group Inc | $359M | 16.8M | 2.5% | ▼ 10.7% |
| Bank Of New York Mellon Corp | $326M | 15.2M | 2.3% | ▼ 1.4% |
| Morgan Stanley | $304M | 14.2M | 2.1% | ▲ 15.3% |
| Charles Schwab Investment Management Inc | $256M | 11.9M | 1.8% | ▲ 4.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Healthpeak Properties's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bohn Scott R CDO and Head of Lab | May 12, 2026 | Sell | 10,989 | $19.45 | $213,740 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Healthpeak Properties shares.
Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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