At a glance
Healthpeak Properties Inc is worth $13.43B, about 195 times its fiscal 2025 earnings. Revenue grew 4.5% to $2.82B in fiscal 2025, with 2.5% kept as profit; over 5 years it has grown 11.4% a year. It pays a 6.16% dividend yield, and returned $3.97B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.8% over the past year with dividends reinvested and +11.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.0% in the 2020 crash (S&P 500: 33.7%) and 23.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows.
The business in plain English
Healthpeak Properties is a real estate investment trust (REIT). A REIT is a company that owns income-producing property and must pay out at least 90% of its taxable income as dividends. Healthpeak was founded in 1985 and used to be called HCP, Inc. It is based in Denver and belongs to the S&P 500 index. It owns, operates and develops US buildings used for medical research and patient care. As of December 31, 2025, it held interests in 689 properties.
Most of its revenue is rent. Its 507 outpatient medical properties are leased to health systems and physician groups, and many sit on hospital campuses. They brought in $1.27 billion, or 45.1% of 2025 revenue of $2.82 billion. The March 2024 merger with Physicians Realty Trust added 299 of these buildings. Its 145 lab buildings are leased to pharmaceutical, biotech and medical device companies. They brought in $860 million (30.5%).
Senior housing (34 communities) brought in $604 million (21.4%). These communities are run under RIDEA structures. Under RIDEA, Healthpeak hires operators to manage the communities and keeps the operating profit or loss instead of collecting fixed rent. In its 10-K filed February 3, 2026, Healthpeak said it planned to move this 10,422-unit portfolio into Janus Living, a new publicly traded senior housing REIT. Healthpeak would keep a substantial majority stake and act as its external manager.
Price history
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DOC +15.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Outpatient Medical | $1.27B | 45.1% |
| Lab | $860.0M | 30.5% |
| Senior housing | $604.0M | 21.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $771.6M, up 11.1% from a year earlier, and net income was $52.8M (+66.8%).
- For fiscal 2025, revenue was $2.82B (+4.5% year over year; +11.4% a year from FY2020 to FY2025) with a 2.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.4% good |
|---|---|
| Free cash flow margin | 12.6% good |
| Return on equity (FY2025) | 1% weak |
| Return on assets (FY2025) | 0.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.64B | $413.6M | $-30.5M |
| FY2021 | $1.90B | $505.5M | $35.5M |
| FY2022 | $2.06B | $500.4M | $-61.7M |
| FY2023 | $2.18B | $306.0M | $181.7M |
| FY2024 | $2.70B | $243.1M | $333.7M |
| FY2025 | $2.82B | $71.3M | $357.0M |
Valuation snapshot
| Market value | $13.43B |
|---|---|
| P/E ratio | 194.8 |
| Dividend yield | 6.16% |
Rank among 1514 US companies
Market value at each year end
Healthpeak Properties’s market value went from $8.87B at the end of 2016 to $13.43B on Nov 2, 2026, up 51%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $13.43B | +20.2% |
| 2025 | $11.17B | -21.2% |
| 2024 | $14.18B | +94.7% |
| 2023 | $7.28B | -6.4% |
| 2022 | $7.78B | -23.4% |
| 2021 | $10.15B | +5.9% |
| 2020 | $9.58B | +2.2% |
| 2019 | $9.37B | +24.4% |
| 2018 | $7.53B | -10.7% |
| 2017 | $8.44B | -4.9% |
| 2016 | $8.87B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DOC price data to Nov 2, 2026 | +27.7% | +15.8% | +28.4% | +11.0% | +13.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +27.7% |
| 2025 | -15.2% |
| 2024 | +66.1% |
| 2023 | +7.2% |
| 2022 | -12.9% |
| 2021 | +18.9% |
| 2020 | +7.8% |
| 2019 | +35.1% |
| 2018 | +3.6% |
| 2017 | +7.8% |
| 2016 | +44.6% |
| 2015 | +23.3% |
| 2014 | +63.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.6% over that stretch · deepest drop along the way 44%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.1% over that stretch · deepest drop along the way 23.7%, back to its old high 16.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 1 sales ($214K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Scott R Bohn CDO and Head of Lab | sell | $214K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.37% | Mar 31, 2026 |
| Vanguard Capital Management | 7.42% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.4% | Jun 30, 2026 |
| JPMORGAN CHASE & CO | 6.1% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.3% | Jun 30, 2026 |
ETFs with the most weight in DOC
| PSR Invesco Active U.S. Real Estate Fund | 4.32% |
| WTRE WisdomTree New Economy Real Estate Fund | 3.59% |
| BAMD Brookstone Dividend Stock ETF | 3.3% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.22% |
| REZ iShares Residential and Multisector Real Estate ETF | 3.19% |
| DIVP Cullen Enhanced Equity Income ETF | 3% |
| SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 2.43% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 1.94% |
What could go wrong
- Biotech funding strains could hit lab tenants. Lab buildings produced 30.5% of 2025 revenue. Lab tenants depend on investor funding and federal research grants. Changes in research funding, drug pricing and visa policy could hurt their ability to pay rent.
- Janus Living listing may not go as planned. The planned listing of its senior housing business may be delayed, changed or dropped. If it goes ahead, Healthpeak would be exposed to Janus Living's share price and to conflicts from shared officers and directors.
- Senior housing exposes it to operating costs. Under RIDEA structures, Healthpeak keeps the operating profit or loss instead of collecting fixed rent. Higher labor costs, weaker occupancy or regulatory problems at its 34 communities hit its results directly.
- Health policy changes could squeeze medical tenants. Medicaid cuts, expired Affordable Care Act subsidies and other changes to government health payments could reduce income for the hospitals and doctors leasing its outpatient buildings, which produced 45.1% of 2025 revenue.
- Heavy reliance on debt and stock markets. REITs must pay out at least 90% of taxable income, so Healthpeak relies on borrowing and new shares for funding. Debt totaled $6.89 billion as of June 30, 2026, and higher rates could raise refinancing costs.
- Dividend is not guaranteed. The board sets dividends, and available cash may fall short. Dividends paid in 2025 equaled 238% of free cash flow. The dividend per share fell from $1.48 in 2020 to $1.20 in 2021.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Healthpeak pays a sizable dividend, but its record is uneven. Dividends per share fell from $1.48 in 2020 to $1.20 in 2021 and stayed there through 2024. They rose to $1.22 in 2025, a one-year streak of increases. That is an average decline of 3.8% a year from 2020 to 2025. The yield was 6.47% as of October 28, 2026. Dividends paid in 2025 equaled 1,190% of net income and 238% of free cash flow. Large depreciation charges reduce REIT net income, so investors often judge a REIT's dividend against funds from operations (FFO), which adds depreciation back. Buybacks totaled $375 million over 2021–2025, yet the share count rose 27.9% from November 2021 to August 2026.
In the 2020 COVID crash, the stock fell 44% and took about eight months to recover. In the 2022 bear market, it fell 23.7% and took about 17 months to recover. As a single stock, Healthpeak carries more risk than a diversified fund.
Questions investors ask
How does Healthpeak Properties make money?
Mostly by renting out healthcare buildings. In 2025, outpatient medical properties leased to health systems and physician groups produced 45.1% of its $2.82 billion revenue. Lab buildings leased to pharmaceutical, biotech and medical device companies produced 30.5%. Senior housing added 21.4%. There, Healthpeak hires operators to run the communities and keeps the operating profit or loss instead of collecting fixed rent. As of December 31, 2025, it held interests in 689 properties across the US.
Does Healthpeak raise its dividend every year?
No. Dividends per share were $1.48 in 2020 and dropped to $1.20 in 2021. They stayed at $1.20 through 2024, then rose to $1.22 in 2025. That makes a one-year streak of increases and an average decline of 3.8% a year from 2020 to 2025. The dividend yield was 6.47% as of October 28, 2026. Healthpeak's 10-K says the board decides dividends and they may not stay at expected levels.
Why is Healthpeak's P/E ratio so high?
Because its reported earnings are tiny compared with its share price. The price-to-earnings (P/E) ratio was 185.5 as of October 28, 2026. That is based on 2025 diluted earnings of $0.10 per share, after net income fell 70.7% to $71.3 million. Like other real estate investment trusts (REITs), Healthpeak deducts large depreciation charges on its buildings, which keeps net income low. Revenue still grew 4.5% in 2025. REIT investors often look at funds from operations (FFO) instead, which adds depreciation back.
What is Janus Living and how is it connected to Healthpeak?
Janus Living is a new senior housing REIT that Healthpeak formed to take public. In December 2025, Healthpeak confidentially sent the SEC a draft registration statement for its first public share offering. Under the plan in the 10-K filed February 3, 2026, Healthpeak would hand over its 34-community, 10,422-unit senior housing portfolio for a majority stake. It would also act as Janus Living's external manager and keep including it in its own financial statements. The target was the first half of 2026, subject to market conditions and approvals.
How much debt does Healthpeak have?
Healthpeak reported $6.89 billion of total debt as of June 30, 2026. It held $1.63 billion of cash and investments and $7.84 billion of shareholders' equity. The company says it keeps an investment-grade balance sheet, meaning credit ratings that signal lower default risk. Most of its debt is long-term and fixed-rate, with due dates spread out to limit refinancing risk. Because REITs must pay out at least 90% of taxable income, Healthpeak regularly borrows and issues new shares to pay for development, acquisitions and maturing debt.