HEALTHPEAK PROPERTIES, INC. (DOC)

Price—Loading quote

AI: Fair-priced

Price checkAt today’s price, the shares look fairly valued rather than clearly cheap.

Reported: DOC closed at $20.79 on August 14, the latest completed session before this review. Management guides 2026 adjusted funds from operations—an earnings measure that adds back property depreciation—to $1.73-$1.77 a share. The price is 11.9 times the $1.75 midpoint, while the $1.22 annualized dividend yields 5.9%. Inference: that is reasonable, not distressed, for slow same-property growth and meaningful debt; it requires stable rent collection, a covered dividend, and no sharp rise in refinancing costs.

Big pictureCash generation is durable, but heavy property spending leaves limited dividend protection.

Reported: operating cash flow rose from $1.07 billion in 2024 to $1.25 billion in 2025, while reported revenue increased 6%. Yet capital spending reached $895 million and dividends consumed $849 million; subtracting all capital spending left only $357 million, far below dividends, though this conservative measure includes growth projects. First-half 2026 operating cash flow was $622 million, about 3% below the prior-year period. Inference: leases support recurring cash, but the payout still depends on financing capacity and successful returns from development spending.

Business strengthRecent asset deals strengthened finances while buybacks partly reversed earlier share dilution.

Reported: net debt fell from $9.38 billion at December 2025 to $8.41 billion at June 2026, and management’s debt-to-operating-earnings measure improved to 4.7 times. The Brookfield venture raised $1.025 billion at a 5.9% property yield, validating valuable outpatient assets while surrendering 49% of their future economics. Shares fell from 699.5 million at 2024 year-end to 689.5 million; $100 million was repurchased at $16.81 and another $500 million was authorized. Inference: disciplined asset recycling and buybacks are helping offset merger-era dilution.

What could change the storyStronger laboratory leasing could unlock upside, while rising interest costs threaten the current valuation.

Reported: second-quarter same-property income grew 1.8% overall: outpatient medical rose 2.5% and senior housing 19.2%, but laboratories fell 3.2%; laboratory occupancy was only 78.5%. Interest expense also rose 23% year over year to $92.3 million. Inference: sustained laboratory leasing and senior-housing gains could lift cash and justify a higher valuation. Continued laboratory weakness or costlier refinancing could instead squeeze dividend coverage. The current price appears to assume 2026 guidance holds and same-property growth moves above today’s 0%-1.5% outlook.

$20.79 price considered

AI: News

Outlook Raised AgainHealthpeak raised its annual outlook as senior housing growth offset continued laboratory weakness.

On August 4, Healthpeak reported second-quarter adjusted funds from operations of $0.46 a share, unchanged from a year earlier. It lifted 2026 guidance to $1.73-$1.77 and raised expected same-property growth to 0%-1.5%. The stock rose 0.8% on August 5, then fell 3.2% on August 6; that timing indicates a mixed reaction, not proven causation. Improving occupancy supports future rent, while falling laboratory income remains the main operating restraint.

Brookfield Property PartnershipHealthpeak sold a large minority property stake, bringing in cash while keeping control.

On July 20, Healthpeak and Brookfield formed a venture holding 86 outpatient buildings valued at $2.1 billion. Brookfield paid about $1.025 billion for 49%; Healthpeak retained 51%, management fees, and control. The 95%-leased portfolio was priced at a 5.9% property yield, providing a useful private-market valuation check. Healthpeak later used proceeds to retire $650 million of notes and roughly $375 million of short-term borrowings. Shares slipped 0.5% that day, but timing alone cannot attribute the move.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$604.0M	$568.5M	$527.4M	$494.9M	$471.3M	$436.5M	$144.3M	$144.2M	$524.3M	$2.13B	$1.94B	$1.64B	$2.10B	$1.88B	$1.69B	$1.24B	$1.15B	$1.14B	$953.7M
Operating expenses	$1.13B	$1.07B	$902.1M	$863.0M	$773.3M	$782.5M	$405.2M	$378.7M	$666.3M	$738.4M	$610.7M	$381.3M	$298.3M	—	—	—	—	—	—
Net income	$71.3M	$243.1M	$306.0M	$500.4M	$505.5M	$413.6M	$45.5M	$1.06B	$414.2M	$627.7M	−$559.2M	$922.2M	$970.8M	$832.5M	$538.9M	$330.7M	$131.7M	$448.5M	$614.1M
Basic EPSper diluted share	$0.10	$0.36	$0.56	$0.92	$0.93	$0.77	$0.09	$2.25	$0.88	$1.34	-$1.21	$2.01	$2.13	$1.90	$1.29	$1.01	$0.40	$1.79	$2.72
Diluted EPSper diluted share	$0.10	$0.36	$0.56	$0.92	$0.93	$0.77	$0.09	$2.24	$0.88	$1.34	-$1.21	$2.00	$2.13	$1.90	$1.29	$1.00	$0.40	$1.79	$2.70

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys14$1.12M disclosed value

Sells (SEC code S)1$213.7K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 12, 2026Form 4	Bohn Scott RCDO and Head of Lab	SellCommon Stock	11.0K	$19.45	$213.7K	7.6K
Aug 6, 2025Form 4	Thomas John TDirector	BuyCommon Stock	1.4K	$17.06	$24.7K	810.0K
Aug 4, 2025Form 4	Brinker Scott MPresident and CEO	BuyCommon Stock	1.5K	$16.83	$25.1K	211.9K
Jul 31, 2025Form 4	Brinker Scott MPresident and CEO	BuyCommon Stock	2.9K	$17.06	$50.0K	210.4K
Jul 28, 2025Form 4	Brinker Scott MPresident and CEO	BuyCommon Stock	2.9K	$17.40	$50.0K	207.5K

Review ownership filings at SEC.gov ↗

HEALTHPEAK PROPERTIES, INC. (DOC)

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Insider buys & sells