| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 22 | 58.0x | 17.8x | Bottom tier | |
Growth | 57 | 5.5% | 7.1% | Around median | |
Quality | 31 | 3.0% | 4.5% | Bottom tier | |
Safety | 40 | 5.1x | 2.6x | Around median | |
Capital Return | 42 | 6.01% | 2.12% | Around median | |
Momentum | 78 | 21.3% | 2.9% | Top tier | |
Sentiment | 72 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Healthpeak Properties, Inc. is a healthcare real estate company listed under the ticker DOC, with its portfolio concentrated in three areas: outpatient medical real estate, lab and life science buildings, and senior housing through its stake in Janus Living. The company generates income from leasing real estate and also earns returns related to asset management, property management, and leasing in its partnerships; in the Brookfield partnership, it retained a 51% stake in a 5.6 million-square-foot outpatient portfolio while continuing its day-to-day control of the properties and tenant relationships.
In fiscal 2026 quarter 2, revenue reached $771.6 million, compared with $753.0 million in fiscal 2026 quarter 1, representing sequential growth of approximately 2.5%. Net income was $52.8 million and earnings per share were $0.08, compared with net income of $193.6 million and earnings per share of $0.28 in the previous quarter; consequently, the calculated net income margin declined from approximately 25.7% to 6.8%. Adjusted funds from operations, an important operating metric for real estate companies, amounted to $0.46 per share.
The operating mix was supported by an increase in outpatient occupancy to 90.7%, lab occupancy to 78.5%, and comparable senior housing portfolio occupancy growth of 260 basis points, with its net operating income growing 19%. Janus Living achieved revenue growth of 45% and adjusted earnings before interest, taxes, depreciation, and amortization growth of 34%, while Healthpeak's stake in it was 74%, with an equity value of approximately $6.5 billion.
The average analyst price target is $22.25, within a relatively wide range of $19 to $24, with a neutral consensus that does not indicate a clear conviction to buy or sell. The average is slightly below the 52-week range high of $22.95, while the highest target exceeds that high, but the lowest target of $19 reflects caution related to lab risks and net income volatility despite the increase in adjusted funds from operations guidance.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Results depend on outpatient properties, labs, and the company's 74% stake in Janus Living. In fiscal 2026 quarter 2, outpatient occupancy was 90.7% and lab occupancy was 78.5%, while comparable senior housing portfolio occupancy increased by 260 basis points. These indicators prompted the company on August 5, 2026, to raise its fiscal 2026 adjusted funds from operations guidance to $1.73–$1.77 per share.
The data showed improvement, as total occupancy increased to 78.5% in fiscal 2026 quarter 2, up 140 basis points since the end of fiscal 2025. The company executed leases covering 381 thousand square feet during the quarter, approximately 60% of which was new leasing, and it also had 480 thousand square feet under letters of intent after the beginning of July 2026. Nevertheless, management expected only modest improvement through the end of fiscal 2026 and indicated that Boston continued to experience excess supply.
Healthpeak retained a 51% stake in a 5.6 million-square-foot outpatient portfolio and raised $1 billion in cash proceeds. The transaction had a trailing cash capitalization rate of 5.9%, with the company continuing to manage the assets, properties, and leasing and maintain tenant relationships. After seven years, Healthpeak has a specified number of rights to repurchase the minority stake at a price that provides Brookfield with a 6.5% unlevered return.
Automated analysis for informational purposes only — not investment advice.
The company ended the quarter with net debt to adjusted earnings before interest, taxes, depreciation, and amortization of 4.7 times and available liquidity of $4.1 billion. Through August 4, 2026, it had repaid $900 million of debt, including $650 million of unsecured senior notes in July 2026. It also expected to generate $1.9 billion in total capital recycling proceeds through the end of fiscal 2026.
Lab occupancy remains at 78.5%, below the outpatient portfolio's levels, and the lab lease-signing cycle may take between three and nine months. Net income declined to $52.8 million from $193.6 million in the previous quarter, and the calculated net income margin fell to approximately 6.8%. New lab leases may also require capital expenditures equal to 20%–25% as an approximate rule of thumb, at a time when management described borrowing costs as high.
The comparable senior housing portfolio achieved occupancy growth of 260 basis points and net operating income growth of 19% in fiscal 2026 quarter 2. Janus Living recorded revenue growth of 45% and adjusted earnings before interest, taxes, depreciation, and amortization growth of 34%, and ended the period with cash and no outstanding debt. Healthpeak's stake in Janus Living was approximately 74%, with an equity value of approximately $6.5 billion, after closing $1.8 billion of transactions in the sector since January 1, 2026.
