Denver-based Healthpeak Properties, Inc. (DOC) is a leading real estate investment trust (REIT) specializing in healthcare properties across the United States. With a market cap of $14 billion, the company owns, develops, and manages a diverse portfolio of properties, including medical offices, life sciences facilities, and senior housing communities.
Healthpeak Properties’ shares have underperformed the broader market considerably over the past year. DOC has gained 11.3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 22.8%. In 2025 alone, DOC stock is down marginally, while the SPX is up 3.4% on a YTD basis.
Narrowing the focus, DOC has outpaced the Real Estate Select Sector SPDR Fund (XLRE), which has gained 10.5% over the past year.
Healthpeak Properties has underperformed the broader market over the past year due to rising interest rates, which increased borrowing costs and reduced investor demand for REITs. The company's strategic portfolio shift, including the divestiture of senior housing assets to focus on medical office and life sciences properties, introduced reinvestment risks and challenges.
On Feb. 3, DOC shares dipped 1.4% after the release of its Q4 and fiscal 2024 earnings. The company achieved a net income of $0.01 per share for the fourth quarter and $0.36 per share for the full year. Notably, Healthpeak declared a 1.7% increase in its quarterly cash dividend to $0.305 per share.
The quarter saw robust leasing activity, with 1.5 million square feet of new and renewal leases executed, including 879,000 square feet in outpatient medical spaces and 652,000 square feet in lab spaces. Additionally, the company originated loans and other investments totaling approximately $126 million during the fourth quarter and through January 2025.
For the current fiscal year, ending in December 2025, analysts expect DOC to report an FFO growth of 2.2% to $1.85 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 19 analysts covering DOC stock, the consensus rating is a “Moderate Buy.” That’s based on 12 “Strong Buy” ratings, two “Moderate Buy,” and five “Holds.”
This configuration has been reasonably consistent over the past months.
On Dec. 10, Wells Fargo & Company (WFC) revised its price target for Healthpeak Properties from $23 to $22 while maintaining an “Equal-Weight” rating. The adjustment reflects the firm's updated AFFO yield spread regression analyses and revised NAV estimates across its Healthcare and Net Leasing REIT coverage.
The mean price target of $24.97 represents a 13% upside from DOC’s current price levels. The Street-high price target of $29 suggests an upside potential of 24.1%.
