Healthpeak Properties

What Healthpeak Properties does

Healthpeak Properties, Inc. (NYSE: DOC) is an S&P 500 healthcare real estate investment trust founded in 1985 and headquartered in Colorado, with additional corporate offices in California, Tennessee, and Wisconsin. The company owns, operates, and develops approximately 700 properties across 15 states, organized into two core segments: Outpatient Medical buildings, which are predominantly located on or adjacent to the campuses of #1 or #2 hospitals in their local markets, and Lab portfolios concentrated in the three core U.S. life science clusters of San Francisco (including South San Francisco and Torrey Pines), Boston/Cambridge, and San Diego. Through the March 2026 Janus Living IPO, the company spun off its senior housing portfolio into a separate publicly traded REIT while retaining 81.6% ownership and an external management contract.

The company's revenue model is the standard healthcare REIT structure: long-duration triple-net and gross leases to healthcare systems, hospitals, and biopharma tenants, with embedded rent escalators generating recurring rental income. Q1 2026 revenue was $753 million, and the company has guided to full-year 2026 adjusted FFO of $1.71-$1.75 per share. It pays a monthly dividend of $0.10167 per share (approximately $1.22 annualized), yielding roughly 6-7%, among the highest in the S&P 500 healthcare REIT sector. Capital structure is investment-grade (BBB+/Baa1), supported by an enterprise gross asset base of approximately $10 billion and a market capitalization of $13.5-$14.2 billion.

Healthpeak's strategic posture is one of platform consolidation around lab and outpatient medical, executed via mergers and acquisitions (the 2024 Physicians Realty Trust merger, the 2026 $600 million Gateway campus acquisition in South San Francisco), institutional joint ventures (Blackstone outpatient medical JV, Bulfinch Cambridge Discovery Park JV), and a recently announced AI-enabled operating platform built in partnership with Palantir Technologies under a newly hired Head of Enterprise Innovation. Approximately 150,000 scientists, researchers, physicians, and nurses work in Healthpeak buildings, and the company reports 88% outpatient medical tenant satisfaction and 89% lab tenant satisfaction.

Name

Healthpeak Properties

Legal name

Healthpeak Properties, Inc.

Website

https://healthpeak.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

251–500 employees

Short description

Healthpeak Properties (NYSE: DOC) is an S&P 500 healthcare REIT that owns, operates, and develops approximately 700 outpatient medical and life science lab properties across 15 U.S. states, leasing mission-critical space to leading hospital systems and biopharma tenants. Following the March 2026 Janus Living spin-off, the company concentrates capital in two core segments: hospital-campus outpatient medical and lab campuses in San Francisco, Boston, and San Diego.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

NAICS

Continuing Care Retirement Communities (623311), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233), Ambulatory Health Care Services (621)

SIC

Real Estate Investment Trusts (6798), Services-Health Services (8000)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industries

Healthcare & Medical Office Property Management (BPAJAGAF), Healthcare & Medical Office Brokerage (BPAJABAF), Healthcare & Medical Office Tenant Representation (BPAJALAF)

Keywords

• Healthcare real estate
• Outpatient medical facilities
• Life science laboratories
• Healthcare REIT
• Medical office buildings

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Real Estate Rent: Healthpeak generates the majority of its revenue through rental income from its portfolio of approximately 700 outpatient medical and life science laboratory properties across the United States. The company owns, operates, and develops real estate leased to healthcare providers, life science companies, and healthcare systems under long-term lease agreements with embedded rent escalators.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Healthpeak Properties is an S&P 500 healthcare REIT that owns, operates, and develops approximately 700 outpatient medical buildings and life science laboratory properties across 15 U.S. states. The portfolio focuses on high-quality outpatient medical facilities located on or adjacent to leading hospital campuses and life science campuses in three core markets: San Francisco, Boston, and San Diego, leased under long-term agreements to healthcare systems, physicians, and biopharma tenants. The senior housing segment was spun off into Janus Living via IPO in March 2026.

Product overview

Healthpeak Properties is an S&P 500 healthcare real estate investment trust that builds, owns, and manages world-class facilities for healthcare Discovery and Outpatient Care. The company operates approximately 700 properties across three core segments: Outpatient Medical buildings (located on hospital campuses), Lab properties (life science campuses in San Francisco, Boston, and San Diego), and Senior Housing (spun off as Janus Living in March 2026). Key properties include Torrey Pines Science Park, Medical City Dallas Hospital Campus, The Cove at Oyster Point, and Baylor Scott & White Charles A. Sammons Cancer Center. The portfolio supports scientists, researchers, physicians, and nurses who work in the company's buildings.

Differentiator

Problem solved

Functional benefit

Products and services

• Outpatient Medical Portfolio High-quality outpatient medical buildings strategically located on or adjacent to hospital campuses across the United States, providing convenient, lower-cost care settings for medical providers and patients. The vast majority of properties are located on campuses of #1 or #2 ranked hospitals in local markets, leased to healthcare systems, physician practices, and outpatient operators under long-term agreements.
• Lab Portfolio State-of-the-art life science laboratory campuses in core growth markets of San Francisco, Boston, and San Diego, where biopharma companies develop new and innovative therapeutics, diagnostics, and medical devices. Tenants include emerging biotech, established biopharma, and research organizations requiring specialized lab-ready infrastructure.
• Torrey Pines Science Park A four-building, 25-acre coastal lab/office campus located atop world-renowned Torrey Pines Mesa in La Jolla, CA with expansive Pacific views and approximately 293,000 square feet, hosting biotech and life science research tenants.
• Medical City Dallas Hospital Campus Premier medical office space for lease within Medical City Dallas, a world-class healthcare destination featuring 963 beds, 1,500 physicians, and serving over 50,000 patients annually with specialized services in emergency care, cardiology, orthopedics, neurosciences, oncology, and women's and children's health. The campus offers Class A finishes and move-in-ready suites.
• The Cove at Oyster Point A 20-acre Class A waterfront campus consisting of seven buildings totaling approximately 1 million square feet in South San Francisco, featuring mixed-use amenities including AC Hotel, restaurants, and fitness center, located at the epicenter of the life science and technology industries.
• Baylor Scott & White Charles A. Sammons Cancer Center A ten-story outpatient cancer treatment facility on the Baylor Hospital Campus in Dallas, TX with approximately 458,000 square feet, treating high volumes of patients with many types of cancer as a destination center of excellence for high-risk and complex cases. The building is LEED Gold certified and ENERGY STAR Certified 2021-2024.

Quantifiable outcome

• 10.3% cumulative energy reduction since 2020
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• BlackstonecoreStrategic or Co-development Partner · 1 March 2026Healthpeak entered into a joint venture with Blackstone for an outpatient medical portfolio valued at $212 million, demonstrating strategic partnership in healthcare real estate investment.
• Palantir TechnologiescoreTechnology or Integration · 1 March 2026Healthpeak disclosed a technology partnership with Palantir for accounting automation as part of its AI-enabled operating platform initiative. The company hired Palantir veteran Omkar Joshi as Head of Enterprise Innovation to lead technology, automation, and data initiatives.
• Janus LivingcoreStrategic or Co-development Partner · 1 March 2026Following the successful IPO in March 2026 raising approximately $880 million, Healthpeak retained 81.6% ownership stake in Janus Living and serves as external manager receiving a $10 million annual management fee. Janus Living is a pure-play senior housing REIT with 34 communities across 10 states.
• The Bulfinch Companies, Inc.coreStrategic or Co-development PartnerThe Bulfinch Companies, a well-established Boston-based owner, manager and developer of lab and outpatient medical real estate, entered into a 49%/51% minority joint venture with Healthpeak on one of four buildings at Cambridge Discovery Park in West Cambridge submarket of Boston.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Ventas: Ventas is a diversified healthcare REIT with senior housing, medical office, life science, and research portfolios. It is comparable as a broad-incumbent peer across multiple healthcare property types, including outpatient medical and lab/research assets.
• Welltower: Welltower is the largest healthcare REIT by market cap, with senior housing, post-acute, and outpatient medical exposure. It overlaps with Healthpeak in outpatient medical and (historically) senior housing and competes for institutional capital flows in healthcare RE.

Direct peers

• CareTrust REIT: CareTrust is a healthcare REIT focused on skilled nursing, seniors housing, and healthcare-related assets. It is comparable as a healthcare REIT peer, particularly relevant given Healthpeak's continuing senior housing exposure via Janus Living.
• Omega Healthcare Investors: Omega is a healthcare REIT focused on skilled nursing and assisted facilities. It is comparable as a peer in the healthcare REIT investment universe and shares Janu Living's senior housing operator tenant base.
• National Health Investors: NHI is a healthcare REIT investing in senior housing, skilled nursing, and medical office properties. It is a directly comparable healthcare REIT peer, particularly in the senior housing segment adjacent to Janus Living.
• Alexandria Real Estate Equities: Alexandria is the largest publicly traded life science office REIT, with a portfolio concentrated in the same three core innovation clusters (San Francisco, Boston, San Diego). It is Healthpeak's most direct competitor for lab tenants and trophy assets.
• Sabra Health Care REIT: Sabra is a healthcare REIT with skilled nursing, senior housing, and behavioral health exposure. It is comparable as a healthcare REIT peer and competes for capital and tenant relationships within the healthcare real estate space.
• LTC Properties: LTC is a healthcare REIT focused on skilled nursing and assisted living facilities. It is comparable as a healthcare REIT peer with similar tenant relationship dynamics in the senior housing ecosystem.
• BioMed Realty (Blackstone portfolio): BioMed Realty is a Blackstone-owned life science REIT operating in the same core innovation clusters as Healthpeak's lab portfolio. It is a direct lab segment competitor and benchmark for institutional lab real estate transactions.

Emerging players

• Terreno Realty Corporation: Terreno is an industrial REIT with comparable acquisition-focused growth strategy and coastal urban infill concentration (including Bay Area and East Coast). Senior leadership overlaps with Healthpeak, and its disciplined acquisition approach is a useful strategic benchmark.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/healthpeak

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Healthpeak Properties