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PEAK

Healthpeak Properties NYSE:PEAK Stock Report

Last Price

US$28.37

Market Cap

US$15.5b

7D

7.0%

1Y

-20.8%

Updated

12 Aug, 2022

Data

Company Financials +
PEAK fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance1/6
Financial Health1/6
Dividends4/6

PEAK Stock Overview

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company.

Healthpeak Properties Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Healthpeak Properties
Historical stock prices
Current Share PriceUS$28.37
52 Week HighUS$36.85
52 Week LowUS$23.23
Beta0.78
1 Month Change9.28%
3 Month Change-5.69%
1 Year Change-20.82%
3 Year Change-17.72%
5 Year Change-1.66%
Change since IPO256.02%

Recent News & Updates

Shareholder Returns

PEAKUS REITsUS Market
7D7.0%2.9%1.3%
1Y-20.8%-4.6%-11.7%

Return vs Industry: PEAK underperformed the US REITs industry which returned -4.6% over the past year.

Return vs Market: PEAK underperformed the US Market which returned -11.7% over the past year.

Price Volatility

Is PEAK's price volatile compared to industry and market?
PEAK volatility
PEAK Average Weekly Movement4.3%
REITs Industry Average Movement4.3%
Market Average Movement7.8%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.2%

Stable Share Price: PEAK is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: PEAK's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1985196Tom Herzoghttps://www.healthpeak.com

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and Senior Housing, designed to provide stability through the inevitable industry cycles. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth.

Healthpeak Properties Fundamentals Summary

How do Healthpeak Properties's earnings and revenue compare to its market cap?
PEAK fundamental statistics
Market CapUS$15.51b
Earnings (TTM)US$213.09m
Revenue (TTM)US$1.98b

71.8x

P/E Ratio

7.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PEAK income statement (TTM)
RevenueUS$1.98b
Cost of RevenueUS$818.70m
Gross ProfitUS$1.16b
Other ExpensesUS$949.19m
EarningsUS$213.09m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.39
Gross Margin58.67%
Net Profit Margin10.76%
Debt/Equity Ratio92.8%

How did PEAK perform over the long term?

See historical performance and comparison

Dividends

4.2%

Current Dividend Yield

73%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is PEAK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PEAK?

Other financial metrics that can be useful for relative valuation.

PEAK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.4x
Enterprise Value/EBITDA21.7x
PEG Ratio12.7x

Price to Earnings Ratio vs Peers

How does PEAK's PE Ratio compare to its peers?

PEAK PE Ratio vs Peers
The above table shows the PE ratio for PEAK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average69.2x
HR Healthcare Realty Trust
152.8x47.2%US$10.0b
OHI Omega Healthcare Investors
17.4x-3.9%US$7.9b
MPW Medical Properties Trust
8.4x-11.7%US$10.0b
WELL Welltower
98.2x30.7%US$38.3b
PEAK Healthpeak Properties
71.8x5.7%US$15.5b

Price-To-Earnings vs Peers: PEAK is expensive based on its Price-To-Earnings Ratio (71.8x) compared to the peer average (69.2x).


Price to Earnings Ratio vs Industry

How does PEAK's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: PEAK is expensive based on its Price-To-Earnings Ratio (71.8x) compared to the US REITs industry average (32.2x)


Price to Earnings Ratio vs Fair Ratio

What is PEAK's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PEAK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio71.8x
Fair PE Ratio40.6x

Price-To-Earnings vs Fair Ratio: PEAK is expensive based on its Price-To-Earnings Ratio (71.8x) compared to the estimated Fair Price-To-Earnings Ratio (40.6x).


Share Price vs Fair Value

What is the Fair Price of PEAK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PEAK ($28.37) is trading below our estimate of fair value ($56.26)

Significantly Below Fair Value: PEAK is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Healthpeak Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


5.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PEAK's forecast earnings growth (5.7% per year) is above the savings rate (1.9%).

Earnings vs Market: PEAK's earnings (5.7% per year) are forecast to grow slower than the US market (14.4% per year).

High Growth Earnings: PEAK's earnings are forecast to grow, but not significantly.

Revenue vs Market: PEAK's revenue (6.4% per year) is forecast to grow slower than the US market (7.9% per year).

High Growth Revenue: PEAK's revenue (6.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PEAK's Return on Equity is forecast to be low in 3 years time (4.8%).


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Past Performance

How has Healthpeak Properties performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-24.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PEAK has a large one-off gain of $41.8M impacting its June 30 2022 financial results.

Growing Profit Margin: PEAK became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: PEAK's earnings have declined by 24.1% per year over the past 5 years.

Accelerating Growth: PEAK has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: PEAK has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (52.3%).


Return on Equity

High ROE: PEAK's Return on Equity (3.4%) is considered low.


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Financial Health

How is Healthpeak Properties's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PEAK's short term assets ($657.4M) do not cover its short term liabilities ($1.7B).

Long Term Liabilities: PEAK's short term assets ($657.4M) do not cover its long term liabilities ($6.6B).


Debt to Equity History and Analysis

Debt Level: PEAK's net debt to equity ratio (91.7%) is considered high.

Reducing Debt: PEAK's debt to equity ratio has reduced from 124.3% to 92.8% over the past 5 years.

Debt Coverage: PEAK's debt is not well covered by operating cash flow (13.7%).

Interest Coverage: PEAK's interest payments on its debt are not well covered by EBIT (2.3x coverage).


Balance Sheet


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Dividend

What is Healthpeak Properties's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.23%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PEAK's dividend (4.23%) is higher than the bottom 25% of dividend payers in the US market (1.49%).

High Dividend: PEAK's dividend (4.23%) is in the top 25% of dividend payers in the US market (4%)


Stability and Growth of Payments

Stable Dividend: PEAK's dividend payments have been volatile in the past 10 years.

Growing Dividend: PEAK's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (72.6%), PEAK's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (74.1%), PEAK's dividend payments are covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure


CEO

Tom Herzog (59 yo)

5.58yrs

Tenure

US$11,713,883

Compensation

Mr. Thomas M. Herzog, also known as Tom, has been the Chief Executive Officer and Non-Independent Director of Healthpeak Properties, Inc. since January 1, 2017 and served as its President from January 1, 2...


CEO Compensation Analysis

Compensation vs Market: Tom's total compensation ($USD11.71M) is about average for companies of similar size in the US market ($USD12.88M).

Compensation vs Earnings: Tom's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: PEAK's management team is seasoned and experienced (5 years average tenure).


Board Members

Experienced Board: PEAK's board of directors are considered experienced (7.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Healthpeak Properties, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Healthpeak Properties, Inc.
  • Ticker: PEAK
  • Exchange: NYSE
  • Founded: 1985
  • Industry: Health Care REITs
  • Sector: Real Estate
  • Implied Market Cap: US$15.511b
  • Market Cap: US$15.308b
  • Shares outstanding: 546.91m
  • Website: https://www.healthpeak.com

Number of Employees


Location

  • Healthpeak Properties, Inc.
  • 5050 South Syracuse Street
  • Suite 800
  • Denver
  • Colorado
  • 80237
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/12 00:00
End of Day Share Price2022/08/12 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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 here.