Healthpeak Properties (NYSE: DOC) is the outpatient-medical anchor of the big three healthcare REITs after its 2024 merger with Physicians Realty: medical office buildings and lab/life-science campuses instead of senior housing operations. It is the low-drama, low-growth corner of healthcare real estate, priced accordingly with the group’s highest quality-adjusted yield.
| Healthpeak Properties (DOC) Snapshot | |
|---|---|
| Share Price (delayed) | $21.73 +0.37% |
| Market Cap | $15.0B |
| Annualized Dividend | $1.22 (Quarterly) |
| Dividend Yield | 5.63% |
| AFFO Payout Ratio | 70% |
| Credit Rating | BBB+ (S&P) |
| Sector | Healthcare ยท Medical Office & Lab |
Market data updates automatically several times daily. Last price refresh: Jul 13, 2026.
Business Model and Current State
Q1 2026: Nareit FFO of $0.42 and adjusted FFO of $0.45 per share, with full-year AFFO guidance raised to $1.71 to $1.75. Same-store NOI guidance of -1% to +1% tells the real story: outpatient medical is steady, while the lab/life-science segment digests a brutal biotech funding cycle and new supply. Management is playing offense at the edges: a Blackstone outpatient medical JV, the Janus Living IPO, and $100 million of April buybacks at a discount to NAV.
Dividend Safety Analysis
The ~$1.22 dividend against $1.71 to $1.75 of AFFO is roughly a 70% payout, comfortably covered with a BBB+ balance sheet, producing one of the safest 6%-range yields in healthcare. This is an income holding, full stop.
The Honest Risk Section
Lab exposure and growth starvation. Life-science vacancy and biotech funding remain the swing factor, and flat same-store NOI means total return depends almost entirely on the yield plus multiple repair. If senior housing keeps monopolizing investor attention, DOC stays cheap longer than fundamentals deserve.
Frequently Asked Questions
What does Healthpeak own?
Outpatient medical buildings (the core, expanded by the 2024 Physicians Realty merger) and lab/life-science campuses, with essentially no senior housing operating exposure.
Is Healthpeak’s dividend safe?
Yes: roughly 70% of guided AFFO with BBB+ credit. The tradeoff is minimal near-term growth, with same-store NOI guided to roughly flat.
Analysis based on Q1 2026 results and raised guidance. Live market data updates automatically. Independent research, not investment advice.