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Companies / Real Estate / Healthpeak Properties
DOC

Healthpeak Properties

Real EstateREITsS&P 500
Ticker DOCDENVER, COFiscal year ends DecemberBook value per share $11.32Diluted shares 692.8M

Healthpeak Properties, Inc. 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,… From the company’s description.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$2.82BFY2025
+4.5% year over year
Last 12 mo $2.95B
20.87%FY2025
+9.2 percentage points
Last 12 mo 20.90%
$101.03MFY2025
−62.2% year over year
Last 12 mo $274.84M
0.94%FY2025
−2.2 percentage points
Last 12 mo 3.10%
Cash & financing
$1.25BFY2025
+17.0% year over year
Last 12 mo $1.23B
$1.12BFY2025
+17.1% year over year
Last 12 mo $1.08B
1.31FY2025
Was 1.04× a year earlier
Last 12 mo 1.28
696.0MFY2025
+2.9% year over year
Last 12 mo 692.8M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Healthpeak Properties does

In the company’s own words

Healthpeak Properties, Inc. 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.

Company details
Sector
Real Estate
Industry (SIC)
REITs
Headquarters
DENVER, CO
Fiscal year end
December
CIK
765880
SIC
6798

Financial performance, year by year

Fiscal 2013–2025 · USD
$-896.04M$152.83M$1.20B$2.25B$3.30B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Healthpeak Properties — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

524
funds hold it
0 of 35
superinvestors hold it
$5.97B
held by funds, at market
44.3%
of shares held by funds
10
bond issues held by funds

Largest fund holders · Healthpeak Properties’s weight in each

Undiscovered Managers Behavioral Value Fund
UBVLX · UNDISCOVERED MANAGERS FUNDS
5.31%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.02%of fund net assets
VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
—of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.02%of fund net assets
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.18%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Healthpeak Properties’s bonds, as funds hold them

Funds report holding 10 issues of Healthpeak Properties’s debt, $653.48M at market value — what funds hold, not the company’s total debt. Weighted-average coupon 3.59%, maturing 2026 to 2041.

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”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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  • “How do Healthpeak Properties and its peers compare on margins and cash generation over ten years?”
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