DOC

HEALTHPEAK PROPERTIES, INC.

Ticker: DOCReal EstateREITsS&P 500
HQ DENVER, COCIK 765880FY end 12-31Book / share $11.32Shares 693M
Revenue (FY)
$2.82B+4.52%
TTM $2.95B
Op. margin
0.00%
Net income
$101.03M-62.21%
TTM $274.84M
Operating cash
$1.25B+16.95%
TTM $1.23B
Free cash flow
$1.12B+17.10%
TTM $1.08B
Return on equity
0.94%-2.23%
TTM 3.10%
Debt / equity
1.31+0.28%
TTM 1.28
Shares outstanding
696.0M+2.93%
TTM 692.8M

The business

Healthpeak Properties, Inc. (NYSE: PEAK) is a Standard & Poor's 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery across the United States. The company was originally founded in 1985 and is organized as an umbrella partnership REIT, headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts. The company's website is www.healthpeak.com.

Healthpeak maintains a diversified portfolio of healthcare properties across three core asset classes: outpatient medical, lab, and senior housing real estate. As of December 31, 2025, the company's portfolio consisted of interests in 689 properties, including 507 outpatient medical properties, 145 lab properties, 34 senior housing properties, and 3 other properties. The outpatient medical segment generated adjusted net operating income of $795.8 million, the lab segment generated $567.4 million, and the senior housing segment generated $176.7 million during the fiscal year ended December 31, 2025.

The outpatient medical segment includes outpatient medical buildings and hospitals, with approximately 79 percent of outpatient medical buildings located on or adjacent to hospital campuses and 96 percent affiliated with hospital systems. The lab segment comprises properties leased primarily to biotechnology, pharmaceutical, and medical device companies, with significant concentrations in San Francisco, Boston, and San Diego. The senior housing segment includes life plan communities operated through RIDEA structures, which allow the company to receive cash flow from operations while relying on independent third-party operators to manage day-to-day business.

In March 2024, Healthpeak completed its merger with Physicians Realty Trust, acquiring 299 outpatient medical buildings and significantly expanding its portfolio. The company is also pursuing a planned initial public offering of Janus Living, Inc., a newly formed company dedicated to senior housing that will elect to be taxed as a REIT. Following the offering, Healthpeak will serve as Janus Living's external manager and retain a substantial majority equity interest.

Healthpeak's business strategy emphasizes long-term ownership of high-quality properties in desirable locations, maintaining a strong investment-grade balance sheet, developing deep partnerships with leading healthcare providers and operators, and building an industry-leading platform with systems and tools for effective asset management.

Sector
Real Estate
Industry
REITs
HQ
DENVER, CO
FY end
12-31
CIK
765880
SIC
6798
Financial performance · annual
20132025
$-896.04M$152.83M$1.20B$2.25B$3.30B2013201420152016201720182019202020212022202320242025TTMTTMTTM

Ownership

Who holds HEALTHPEAK PROPERTIES, INC. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

523
funds hold it
0 of 35
superinvestors hold it
$5.97B
fund-held value
44.3%
of shares held by funds
10
bond issues held by funds

Top fund holders

Fund% of fundValue
Undiscovered Managers Behavioral Value Fund
UBVLX · UNDISCOVERED MANAGERS FUNDS
5.31%$479.57M
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.02%$468.36M
VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
0.60%$417.20M
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.02%$382.29M
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.18%$338.27M

Bonds held by funds

Funds report holding 10 issues of HEALTHPEAK PROPERTIES, INC.'s debt, $653.48M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 3.59%, maturing 20262041.

IssueCouponMaturesFundsFund-held
HEALTHPEAK OP LLC COMPANY GUAR 07/26 3.253.250%2026-07-1524$103.59M
Healthpeak OP LLC5.250%2032-12-1549$101.42M
DOC 1.35 02/01/271.350%2027-02-0116$96.73M
Healthpeak OP LLC3.000%2030-01-1552$90.28M
HEALTHPEAK OP LLC 4.75% 01/15/20334.750%2033-01-1537$88.99M
HEALTHPEAK OP LLC5.375%2035-02-1554$49.70M
Healthpeak OP LLC3.500%2029-07-1555$41.18M
HEALTHPEAK OP LLC2.130%2028-12-0155$36.92M
HEALTHPEAK OP LLC2.875%2031-01-1546$35.17M
Healthpeak OP LLC6.750%2041-02-0121$9.51M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

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