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REIT owning medical office buildings, life-science lab space and senior housing/CCRC real estate.
REIT owning medical office buildings, life-science lab space and senior housing/CCRC real estate.
Collects rent on medical offices and lab buildings under long leases with built-in rent steps, and for senior housing it often takes the operating profit, rather than a fixed rent, with outside managers running the properties. Merging with Physicians Realty Trust in 2024 added medical office buildings and moved it to the DOC ticker.
Moat: narrow (scale, installed base). Purpose-built medical office and lab real estate near hospitals/research hubs is costly and slow to replicate.
Headquarters: Denver, Colorado, United States · Founded: 1985 · Employees: 411
Size Healthpeak Properties (DOC) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $14.3B, the 618th largest of 3,117 United States companies the cockpit tracks. Shares closed at $20.26 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against -0.8% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +4.4%); the operating margin is 16.9% (peer median 33.0%).
Valuation It trades at 1.78× book value against a peer median of 1.93× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 15.1%; Healthpeak Properties delivers 4.9%, so the price asks more than the business earns today.
Credit Healthpeak Properties has 9 bonds outstanding ($5.00B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 85 bp.
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.06B | $2.82B | $2.70B | $2.18B | $2.06B |
| Revenue growth | — | +5% | +24% | +6% | — |
| Gross profit | $606M | $635M | $568M | $529M | $488M |
| EBITDA | $1.65B | $1.60B | $1.52B | $1.19B | $1.06B |
| Net income | $377M | $70.5M | $242M | $304M | $498M |
| Free cash flow | $1.14B | $1.15B | $978M | $863M | $804M |
| Capital expenditure | $162M | $134M | $116M | $114M | $109M |
| Total debt | $9.67B | $10.3B | $9.22B | $7.21B | $6.86B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Healthpeak Properties DOC | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% |
| Ventas VTR | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% |
| Welltower WELL | $180B | +15% | +39% | 4% | 3.69× | 24.4% |
| Alexandria Real Estate Equities ARE | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DOC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +6.0% | 5th highest of 21 |
| 6-month return | +4.2% | -0.8% | 5th highest of 21 |
| Return on equity | 4.9% | 7.3% | 5th lowest of 21 |
| Price / book | 1.78× | 1.93× | 10th cheapest of 21 |
| Trailing P/E | 37.3× | 26.0× | 5th most expensive of 18 |
| ROE the price implies | 15.1% | 15.0% | 11th least demanding of 21 |
| ROE delivered | 4.9% | 7.3% | 5th lowest of 21 |
| Bond spread | 85 bp | 93 bp | 6th tightest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
Healthpeak Properties has 9 bonds outstanding with $5.00B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.49%, a spread of 85 bp over government bonds.