Healthpeak Properties, IncNYSE: DOC
Real Estate · Health Care REITs
$20.79
+0.90%
Vol: 1.5M
Research Digest
Friday, June 19, 2026
Raymond James resumes Healthpeak with Market Perform on June 16 citing flat earnings growth through 2027 and life science leasing instability; dividend yield at 6.4% above industry average.
Raymond James resumed coverage of Healthpeak Properties on June 16, 2026 with a Market Perform rating, flagging expectations of flat earnings growth through late 2027 and near-term headwinds from instability in life science leasing. Healthpeak's Q1 2026 results were strong — revenue of $738.78 million exceeded the $686.76 million forecast and EPS of $0.45 beat the $0.43 consensus — supported by the Janus Living IPO in March 2026 that generated ~$880 million while leaving Healthpeak with an 81.6% stake. The company raised 2026 diluted EPS guidance to $0.46-$0.50, deployed $714 million in senior housing acquisitions, and executed a $100 million share buyback. Monthly dividends of $0.10167 per share through June represent an annualized $1.22 (6.4% yield). BMO Capital raised its target to $24 while Morgan Stanley has a $22 target.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17Healthpeak set its Q2 2026 earnings release for August 4 (announced June 15) as the stock trades up ~23% YTD; a Janus Living IPO spin and a Morgan Stanley downgrade are in focus.Neutral▶
On June 15, 2026, Healthpeak Properties announced it will report second quarter 2026 results after market close on August 4, with a call on August 5. Separately, Healthpeak disclosed that Janus Living, Inc. filed a Form S-11 with the SEC for a proposed IPO under ticker JAN (terms and pricing not yet set), and Morgan Stanley analyst Ronald Kamdem downgraded DOC to Equal Weight from Overweight with a $22 price target. The stock is up about 23% year-to-date on a strong Q1 (Nareit FFO $0.42, FFO as adjusted $0.45). The bear case: the Morgan Stanley downgrade cites stretched valuation after the YTD run, and the earnings-date notice itself is routine/administrative rather than fundamentally new.
Jun 16Healthpeak Properties set its second-quarter 2026 earnings release for August 4, 2026, a routine scheduling update amid ongoing portfolio repositioning.Neutral▶
On June 15, 2026, Healthpeak Properties announced it will report second-quarter 2026 financial results after market close on Tuesday, August 4, 2026, with a conference call on August 5. The announcement is administrative, but it lands as Healthpeak continues active capital allocation, including roughly $925 million of recent transaction activity and a $600 million South San Francisco campus acquisition, a new $400 million delayed-draw term loan facility maturing in 2031, and the planned IPO of senior-housing REIT Janus Living (ticker JAN). The healthcare REIT is up about 22.7% year-to-date and declared a monthly dividend of $0.10167 per share for Q2. The bear case is valuation concerns after the strong rally and execution risk on the multi-pronged portfolio and IPO strategy.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 20Healthpeak Properties raised 2026 EPS guidance after Janus Living IPO completion and strong Q1 results, prompting multiple analyst price-target hikes.Positive▶
Healthpeak Properties reported Q1 2026 revenue of $752.95M and AFFO of $0.45/share, then raised full-year 2026 diluted EPS guidance to $0.46-$0.50 following the Janus Living IPO that generated roughly $880M while leaving Healthpeak with an 81.6% stake. The company also announced $925M of transaction activity including senior housing acquisitions, a Blackstone JV, and share repurchases. Shares climbed roughly 20% year-to-date on the news, trading near $19.36 in mid-May. Baird raised its price target to $21 from $19, UBS to $19 from $17, and Citi to $20 from $17.50. A top Healthpeak executive made a notable stock sale on May 13, 2026, and shareholders will receive a $0.10 dividend with ex-date May 18, payable May 29.
May 19Healthpeak Properties raised 2026 EPS guidance to $0.46-$0.50 after Janus Living IPO generated $880M with 81.6% retained stakePositive▶
Healthpeak Properties reported Q1 2026 revenue of $752.95M and net income of $193.63M, posting FFO of $0.45 per share that topped the $0.43 consensus. The company raised its full-year 2026 diluted EPS guidance to $0.46-$0.50, supported by the Janus Living (NYSE: JAN) IPO which generated ~$880M of net proceeds while leaving Healthpeak with an 81.6% stake. Healthpeak also completed a $194.17M share repurchase program covering 11,041,156 shares, with the board declaring a monthly $0.10167 dividend (annualized $1.22). The stock surged +13.60% on the earnings beat and trades around $19.36, up roughly 20.4% YTD. Baird's Wesley Golladay raised the firm's PT to $21 from $19 on May 13, maintaining Outperform.
May 18Healthpeak Properties trades ex-dividend May 18 at 7.4% yield following late-week analyst PT raises (Baird $21, UBS $19, Citi $20) on the back of Q1 beat and Janus Living IPO accretionPositive▶
Healthpeak Properties shareholders see a $0.10 monthly dividend trade ex-date on May 18, 2026, with payment on May 29 yielding 7.4%, well above the 5.0% sector average. The dividend backdrop follows a strong Q1 2026 print where FFO of $316.9M ($0.45 per share) topped the ~$0.43 consensus, and management raised full-year 2026 FFO guidance to $1.71-$1.75 and diluted EPS guidance to $0.46-$0.50. The successful March IPO of Healthpeak senior housing unit Janus Living (NYSE: JAN) drove ~$880M in net proceeds, with Healthpeak retaining 81.6% equity ownership. In April, the company repurchased 5.9M shares at $16.81 average price for $100M, with ~$306M remaining authorization. Analysts responded by raising price targets: Baird to $21 (from $19), UBS to $19 (from $17), and Citi to $20 (from $17.50).
May 15Healthpeak surged 13.6% after Q1 FFO of $0.45 beat $0.43 estimate and 2026 FFO guidance raised to $1.71-$1.75 tied to Janus Living IPO; insider sold 10,989 shares May 12.Positive▶
Healthpeak Properties reported Q1 2026 revenue of $752.95M and net income of $193.63M, raising full-year 2026 diluted EPS guidance to $0.46-$0.50 and 2026 FFO guidance to $1.71-$1.75 per share. Q1 FFO of $316.9M or $0.45 per share beat Wall Street expectations of ~$0.43, sending shares up 13.60% in morning trading. The raise was tied to the recently completed Janus Living IPO in March (net proceeds ~$880M) and accretive capital allocation. On May 12, Scott Bohn, CDO and Head of Lab, sold 10,989 shares. Robert W. Baird raised its price target from $19 to $21 with Outperform rating. Dividend yield is 7.4% (monthly $0.10167; payable May 29). JPMorgan disclosed a 6.1% passive stake (43.09M shares) on May 13.
May 14Robert W. Baird raises Healthpeak price target to $21 on May 13 as DOC continues post-earnings surge following Janus Living IPO.Positive▶
Robert W. Baird raised its Healthpeak Properties price target from $19 to $21 with an Outperform rating in a research note May 13. The catalyst is the May 5-6 Q1 2026 earnings beat that drove a 13.60% intraday surge: FFO of $316.9M ($0.45/share) beat the $0.43 consensus, and revenue of $752.95M crushed the $694.59M estimate. The company raised full-year 2026 FFO guidance to $1.71-$1.75/share following the accretive Janus Living IPO completion, a new term loan strengthening the balance sheet, and supportive peer results from Welltower and Ventas. Dividend of $0.10/share has an ex-date of May 18 (7.4% yield, well above the 5.0% industry average). Insider Scott Bohn (CDO/Head of Lab) sold 10,989 shares May 12, leaving 7,636 shares.
May 13Healthpeak Properties raises 2026 FFO guidance to $1.71-$1.75 after Q1 FFO beat of $0.45 vs $0.43 estimate, stock surged 13.6%Positive▶
Healthpeak reported Q1 2026 FFO of $316.9M or $0.45 per share, beating Wall Street expectations of ~$0.43, with revenue of $752.95M and net income of $193.63M. The company raised full-year 2026 diluted EPS guidance to $0.46-$0.50 and FFO guidance to $1.71-$1.75 per share. The stock surged +13.6% in morning trading after the announcement, climbing toward $18.76, supported by the recently completed Janus Living IPO ($880M net proceeds; ticker JAN), an $212M outpatient medical JV with Blackstone (Blackstone 80%, Healthpeak 20%), and ongoing share buybacks. Janus Living reported Q1 revenue growth of 35% and FFO as adjusted of $0.23/share. A $0.10 dividend goes ex on May 18, paid May 29 (7.4% yield vs 5.0% industry average). Risk: REIT performance remains sensitive to rate environment.
May 12Healthpeak Properties received fresh institutional buying (Nan Fung Trinity $2.65M on May 10) after raising FY26 FFO guidance to $1.71-$1.75 on the Janus Living IPO.Positive▶
Nan Fung Trinity HK disclosed a $2.65M investment in DOC on May 10, while Sequoia Financial Advisors sold 27,480 shares on May 11. The institutional rotation follows the May 5 Q1 beat (FFO $0.45 vs. $0.43 consensus, revenue $752.95M vs. $694.59M consensus), raised FY26 FFO guidance to $1.71-$1.75, and the completed Janus Living IPO that generated ~$880M in proceeds. The stock surged 13-15% post-earnings. Bear case: FFO guide midpoint $1.73 is slightly below the $1.74 consensus and dividend yield at 7.4% reflects continued senior-housing skepticism.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| WELLWELLTOWER | $229.96 | -0.19% | -1.0% | 72.5x | 0.76 | $166.0B |
| VTRVENTAS | $86.32 | -0.62% | -0.2% | 110.0x | 0.72 | $44.6B |
| DOCHEALTHPEAK | $20.79 | +0.90% | -0.6% | 147.1x | 0.99 | $14.6B |
| PLDPROLOGIS | $135.31 | -0.42% | +0.0% | 39.9x | 1.32 | $132.1B |
| EQIXEQUINIX | $1,043.45 | -1.49% | +0.2% | 56.9x | 0.97 | $104.5B |
| AMTAMERICAN | $173.15 | -1.20% | +0.4% | 25.0x | 0.90 | $81.7B |
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Price above both MAs — bullish structure.