Healthpeak Properties, Inc.

NYSE:DOC Stock Report

Market Cap: US$13.8b

Healthpeak Properties Future Growth

Future criteria checks 0/6

Healthpeak Properties's earnings are forecast to decline at 7.8% per annum while its annual revenue is expected to grow at 4.2% per year. EPS is expected to decline by 6.6% per annum. Return on equity is forecast to be 2.2% in 3 years.

Key information

-7.8%

Earnings growth rate

-6.59%

EPS growth rate

Health Care REITs earnings growth24.0%
Revenue growth rate4.2%
Future return on equity2.18%
Analyst coverage

Good

Last updated22 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 13

DOC: Buyback Activity And Raised Earnings Outlook Will Mask Weaker Margin Outlook

Analysts have kept their $16.00 price target on Healthpeak Properties unchanged, citing updated assumptions that include a slightly higher discount rate, a shift to declining revenue growth, lower profit margins, and a much higher future P/E estimate. What's in the News From January 1, 2026 to May 5, 2026, Healthpeak Properties repurchased 5,950,000 shares, representing 0.86% of its stock for US$100 million under its existing buyback program (Key Developments).
Seeking Alpha • May 13

Healthpeak Properties: Lab Weakness Creates A Major Re-Rating Opportunity

Summary Healthpeak Properties is still a Buy after the recent rally, supported by strong earnings, a robust dividend, and significant re-rating potential. DOC's Q1 2026 beat on FFO and revenue; completed the Janus Living IPO; and executed major acquisitions, reinforcing portfolio value and future growth prospects. With $1.17 billion in cash and a sustainable 6.2% monthly dividend yield (~70.7% payout ratio), DOC's dividend looks safe despite macroeconomic headwinds, leaving room for more buybacks. Intrinsic value is estimated above current levels even when using conservative assumptions, with upside to >$30/share possible if macro conditions improve and discount rates normalize. Read the full article on Seeking Alpha
Narrative Update • Apr 28

DOC: Higher Margins And Earnings Outlook Will Support Future Upside Potential

Analysts have trimmed their price target on Healthpeak Properties by about $0.64 to $25.80 as updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E are incorporated into their models. What's in the News Healthpeak Properties reported that from October 1, 2025 to December 31, 2025, it repurchased 0 shares for $0 million under its existing buyback program, closing out a total repurchase of 5,091,156 shares, or 0.73%, for $94.17 million under the authorization announced on July 25, 2024 (Key Developments).
Narrative Update • Apr 14

DOC: Share Repurchases And Improved Margins Will Support Future Upside Potential

Analysts have slightly raised their price target on Healthpeak Properties to about $26.44, a marginal change from roughly $26.43. The revision reflects updated assumptions related to discount rate, revenue growth, profit margin and a projected future P/E near 98x.
Narrative Update • Mar 31

DOC: Earnings Guidance And Completed Buyback Will Shape Measured Future Return Potential

Analysts now hold their $16.00 price target on Healthpeak Properties while adjusting underlying assumptions slightly on discount rate, revenue growth, profit margin, and future P/E. This reflects fine tuning rather than a major shift in their view of the stock.
Narrative Update • Mar 16

DOC: Share Repurchases And Stronger Margins Will Support Future Upside Potential

Analysts now estimate Healthpeak Properties' fair value price target at about $26.43, compared with the previous estimate of roughly $26.71. The revision reflects updated views on revenue growth, profit margin and future P/E assumptions.
Narrative Update • Mar 02

DOC: Earnings Outlook And Completed Buyback Will Highlight Limited Future Upside

Analysts have maintained their $16.00 price target for Healthpeak Properties. They cite only small adjustments to assumptions around discount rate, revenue growth, profit margin, and future P/E that together do not materially change their view of the stock’s valuation.
Narrative Update • Feb 16

DOC: Share Buyback Completion And Earnings Outlook Will Shape Fair Prospects

Analysts have adjusted their price target on Healthpeak Properties from $18.00 to $16.00. The revision reflects updated models that incorporate a slightly higher discount rate, a lower profit margin assumption and a revised future P/E estimate, while also taking into account a higher revenue growth outlook.
Narrative Update • Feb 02

DOC: Stable Margins And Modest Assumption Shifts Will Support Future Upside Potential

Analysts now estimate fair value for Healthpeak Properties at about US$20.17 per share, compared with roughly US$20.68 previously. The change reflects slightly revised assumptions around discount rates, long term revenue growth, profit margins and future P/E levels.
Narrative Update • Jan 19

DOC: Share Repurchases And Higher Future P/E Will Support Upside Potential

Analysts have nudged their price target on Healthpeak Properties slightly higher to about US$26.71 from roughly US$26.65, citing updated assumptions for revenue growth, profit margins and a higher future P/E multiple. Together, these factors shape a modestly revised outlook for the shares.
Narrative Update • Jan 05

DOC: Completed Buyback And Stable Margins Will Support Future Upside Potential

Analysts have trimmed their price target on Healthpeak Properties to about US$20.68 per share from roughly US$20.92, citing slightly higher discount rate assumptions along with modest adjustments to revenue growth, profit margin, and future P/E inputs in their models. What's in the News From July 1, 2025 to September 30, 2025, Healthpeak Properties reported no share repurchases under its current program, with 0 shares bought for US$0 million in that period (Key Developments).
Narrative Update • Dec 14

DOC: Share Repurchases And Margin Outlook Will Support Future Upside Potential

Analysts have trimmed their price target on Healthpeak Properties to approximately $26.65 from about $27.73, reflecting slightly higher discount-rate assumptions and more modest revenue growth expectations, partially offset by improved profit margin and a lower projected future price to earnings multiple. What's in the News Completed repurchase of 5,091,156 shares for approximately $94.17 million under the buyback program announced on July 25, 2024, representing about 0.73% of shares (Key Developments) No additional shares were repurchased between July 1, 2025 and September 30, 2025 under the existing buyback tranche, with total spending of $0 million in the period (Key Developments) Removed from the FTSE All-World Index (USD), which may affect index-linked ownership and trading volumes for the stock (Key Developments) Valuation Changes Fair Value Estimate decreased slightly to approximately $26.65 from about $27.73.
Narrative Update • Nov 30

DOC: Lower Discount Rate Will Support Improving Profit Margins Moving Forward

Analysts have modestly increased their price target for Healthpeak Properties from $20.86 to $20.92. This reflects slightly improved forward-looking profit margins and a lower discount rate, although it is partially tempered by a more conservative outlook for revenue growth.
Narrative Update • Nov 16

DOC: Discount Rate Improvements Will Drive Margin Gains Ahead

Analysts have slightly lowered their price target for Healthpeak Properties from $21.03 to $20.86. They cite modest adjustments in growth and discount rate assumptions, while also noting a marginal improvement in profit margins.
Narrative Update • Nov 01

DOC: Share Repurchase And Index Removal Will Unlock Future Upside Potential

Analysts have slightly lowered their price target for Healthpeak Properties to $21.03 from $21.19, citing modest reductions in revenue growth and profit margin expectations as key factors behind the revision. What's in the News Healthpeak Properties completed the repurchase of 5,091,156 shares, representing 0.73% of outstanding shares, for $94.17 million under its buyback announced on July 25, 2024 (Key Developments).
Narrative Update • Oct 17

Outpatient And Life Science Trends Will Create Future Opportunities

Analysts have slightly lowered their price target for Healthpeak Properties from $21.31 to $21.19, citing a modest increase in expected discount rates and revenue growth, along with a small dip in projected profit margin. What's in the News Healthpeak Properties, Inc.
Narrative Update • Oct 03

Outpatient And Life Science Trends Will Create Future Opportunities

Analysts have slightly revised their price target for Healthpeak Properties downward from $21.38 to $21.31. This change reflects minor updates to discount rate and valuation assumptions.
Narrative Update • Sep 17

Outpatient And Life Science Trends Will Create Future Opportunities

Healthpeak Properties' fair value estimate edged only slightly lower as both its future P/E ratio and net profit margin saw negligible declines, resulting in a marginal decrease in the consensus analyst price target from $21.53 to $21.38. What's in the News Lowered full-year 2025 diluted EPS guidance to $0.25–$0.31 from $0.30–$0.36.
Narrative Update • Sep 02

Outpatient And Life Science Trends Will Create Future Opportunities

The slight reduction in Healthpeak Properties’ future P/E ratio suggests a modestly improved earnings outlook relative to price, but with consensus revenue growth unchanged, analysts have only marginally decreased the fair value estimate from $21.72 to $21.53. What's in the News Healthpeak Properties lowered its full-year 2025 diluted EPS guidance to $0.25 – $0.31 from $0.30 – $0.36.
Narrative Update • Aug 19

Outpatient And Life Science Trends Will Create Future Opportunities

Healthpeak Properties’ fair value saw a marginal decrease as a slight drop in its future P/E multiple reflected modestly softer forward expectations. What's in the News Completed share repurchase program, buying 5,091,156 shares (0.73%) for $94.17 million.
Seeking Alpha • Apr 10

Healthpeak Properties: Defensive REIT With Strong Dividend And Post-Merger Upside

Summary Healthpeak Properties is a high-quality healthcare REIT trading at a low valuation, offering 25-30% price appreciation and a ~6.7% annual dividend yield. The successful merger with Physicians Realty Trust has created a dominant healthcare REIT with significant synergies, improving operational performance and tenant diversification. Healthpeak's portfolio benefits from a strong demographic tailwind, robust leasing activity, and strategic focus on outpatient medical buildings and life science properties. Trading at a lower valuation than peers, Healthpeak's strong fundamentals make it an attractive buy for total return and income-focused investors. Read the full article on Seeking Alpha
Seeking Alpha • Mar 13

Why Healthpeak Is A Smart Buy For Income Investors

Summary Healthpeak Properties offers a compelling investment opportunity with a 5.9% dividend yield, strong operating fundamentals, and an attractive valuation. DOC's diversified healthcare portfolio benefits from limited new supply, robust demand, and strategic loan investments in life sciences for immediate earnings accretion. With a strong balance sheet and a forward P/FFO of 11.2, DOC is well-positioned for long-term growth and potential market-beating returns. Read the full article on Seeking Alpha
Seeking Alpha • Jan 06

A REIT Geek Who Likes Healthpeak

Summary Healthpeak Properties is a top healthcare REIT with a robust portfolio, strong fundamentals, and a well-covered 6% yield, making it an attractive investment. Despite recent price declines, Healthpeak's AFFO growth, low leverage, and strategic life-science assets position it for stability and modest growth. The lab space market's tightening supply and increased biotech capital raise Healthpeak's valuation potential, justifying a conservative P/AFFO of 14-16x. At a share price of $16-$18, Healthpeak offers a compelling buy opportunity with an expected annualized return of 16-17%, supported by analyst consensus. Read the full article on Seeking Alpha
Seeking Alpha • Dec 22

Healthpeak Properties: I'm Buying The 6% Dividend Yield

Summary Healthpeak Properties has dipped and now offers a 6% dividend yield that's 147% covered by its fiscal 2024 third-quarter FFO. The REIT generated free cash flow in excess of dividend payments during the third quarter. Spiking US 10-year Treasury yield forms a material headwind for stock price growth. Read the full article on Seeking Alpha
Seeking Alpha • Oct 21

Healthpeak: Potential Upside Still Exists, But Don't Expect Much

Summary Healthpeak Properties is a BBB+ rated healthcare REIT with a solid portfolio, low leverage, and a well-covered 5.4% yield, offering a conservative 15% annualized return. The company is nearing full valuation but remains attractive due to its stable fundamentals, slight growth prospects, and recent merger benefits. Despite low growth estimates, Healthpeak's conservative P/AFFO of 14.25x suggests a potential upside, making it a "Buy" with a $27/share price target. Healthpeak fulfills all my investment criteria except being cheap, making it a sound investment for conservative, double-digit returns. Read the full article on Seeking Alpha
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New Narrative • Aug 21

Strategic Mergers And Key Life Science Leases Propel Revenue And Earnings Growth

Execution of priorities like merger integration and asset sales directly boosts 2024 guidance, signaling positive revenue and earnings impact.
Seeking Alpha • Jul 18

Healthpeak: Missing The Boat Above $20/Share

Summary I update on investment in Healthpeak REIT, owning a significant stake with a positive return on investment and yield of over 7%. I highlight the undervaluation of Healthpeak, positive outlook on a diverse portfolio, and caution on current share price above $20. I maintain my thesis on Healthpeak as an attractive buy with conservative double-digit upside potential, based on sound fundamentals and future growth prospects. Read the full article on Seeking Alpha
Seeking Alpha • Jul 09

Healthpeak Properties: A 6.1% Yielding Healthcare Trust With Upside

Summary Healthpeak Properties is a leading U.S. real estate investment trust focused on medical office buildings, poised for long-term growth. The merger with Physician Realty Trust has increased the trust's portfolio to 748 properties, with potential for $80 million in synergies. With a steady dividend and strong funds from operations growth, Healthpeak Properties is a compelling investment for passive income investors. Read the full article on Seeking Alpha
Seeking Alpha • May 14

Healthpeak Q1 - The "Best" In The Space With A 15% Upside

Summary Healthpeak (DOC) is an attractive healthcare REIT with a diverse portfolio and a yield of over 7%. The company is unlikely to see significant near-term AFFO growth, but offers stability and potential slight growth. The stock is currently undervalued and has a conservative double-digit upside, making it a good buy. Read the full article on Seeking Alpha
Seeking Alpha • Apr 12

HealthPeak Properties: A Quality Healthcare REIT That Should Get Back To Dividend Growth

Summary HealthPeak Properties recently closed on its merger with Physicians Realty Trust, which is expected to generate merger-related synergies and be accretive to AFFO. The company reported strong earnings with solid growth in same-store NOI and AFFO. HealthPeak Properties has a strong balance sheet and attractive valuation below peers and the sector median, offering dividend investors a good buying opportunity. Due to the recent merger, I expect the REIT to get back to dividend growth in the near future. The share price may continue to experience volatility due to shrinking sentiment surrounding interest rate cuts in June. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:DOC - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20282,986141N/A1,3994
12/31/20272,873134N/A1,28810
12/31/20262,773200N/A1,23310
3/31/20262,8732221,2331,233N/A
12/31/20252,823711,2521,252N/A
9/30/20252,801-391,2411,241N/A
6/30/20252,7961641,2451,245N/A
3/31/20252,7972781,1971,197N/A
12/31/20242,7002421,0701,070N/A
9/30/20242,5563091,0181,018N/A
6/30/20242,412287953953N/A
3/31/20242,262193935935N/A
12/31/20232,181304956956N/A
9/30/20232,152239932932N/A
6/30/20232,116530922922N/A
3/31/20232,088543880880N/A
12/31/20222,061495900900N/A
9/30/20222,020514917917N/A
6/30/20221,981213885885N/A
3/31/20221,939312867867N/A
12/31/20211,896117795795N/A
9/30/20211,84568790790N/A
6/30/20211,787-17798798N/A
3/31/20211,719-125786786N/A
12/31/20201,645144758758N/A
9/30/2020988326757757N/A
6/30/20201,102311785785N/A
3/31/20201,185240783783N/A
12/31/20191,240159N/A846N/A
9/30/20191,908831N/A844N/A
6/30/20191,826976N/A790N/A
3/31/20191,8041,080N/A811N/A
12/31/20181,191822N/A849N/A
9/30/20181,848169N/A842N/A
6/30/20181,84662N/A855N/A
3/31/20181,835-8N/A850N/A
12/31/20171,848413N/A847N/A
9/30/20171,945549N/A853N/A
6/30/20172,022599N/A979N/A
3/31/20172,101774N/A1,139N/A
12/31/20162,129361N/A1,214N/A
9/30/20161,655384N/A1,353N/A
6/30/20161,781456N/A1,295N/A
3/31/20161,850427N/A1,261N/A
12/31/20151,940139N/A1,216N/A
9/30/20152,478235N/A1,233N/A
6/30/20152,418367N/A1,235N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DOC's earnings are forecast to decline over the next 3 years (-7.8% per year).

Earnings vs Market: DOC's earnings are forecast to decline over the next 3 years (-7.8% per year).

High Growth Earnings: DOC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: DOC's revenue (4.2% per year) is forecast to grow slower than the US market (11.7% per year).

High Growth Revenue: DOC's revenue (4.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DOC's Return on Equity is forecast to be low in 3 years time (2.2%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/22 04:56
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Healthpeak Properties, Inc. is covered by 36 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jacob KilsteinArgus Research Company
David RodgersBaird
Adam FeinsteinBarclays