Denver, Colorado-based Healthpeak Properties, Inc. (DOC) is a fully integrated REIT that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery. Valued at $15.3 billion by market cap, the company invests in health care related real estate properties such as senior housing, life sciences, medical offices, hospitals, and skilled nursing homes. The leading U.S. REIT is expected to announce its fiscal third-quarter earnings for 2024 after the market closes on Thursday, Oct. 24.
Ahead of the event, analysts expect DOC to report a profit of $0.44 per share on a diluted basis, down 2.2% from $0.45 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s FFO estimates in its last four quarterly reports.
For the full year, analysts expect DOC to report FFO of $1.80, up 1.1% from $1.78 in fiscal 2023. Its FFO is expected to rise 3.9% year over year to $1.87 in fiscal 2025.
DOC stock has underperformed the S&P 500’s ($SPX) 32.9% gains over the past 52 weeks, with shares up 19.5% during this period. Similarly, it underperformed the Real Estate Select Sector SPDR Fund’s (XLRE) 24.8% gains over the same time frame.
Healthpeak Properties' performance has been weak mainly due to sluggish near-term AFFO growth and intensified competition in the healthcare REIT industry.
On Jul. 25, DOC reported its Q2 results, and its shares closed up more than 5% in the following trading session. Its adjusted FFO of $0.45 surpassed Wall Street estimates of $0.44. The company’s revenue was $695.5 million, beating Wall Street forecasts of $660.6 million. DOC expects full-year adjusted FFO to be between $1.77 and $1.81.
Analysts’ consensus opinion on DOC stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 19 analysts covering the stock, 11 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and seven give a “Hold.” DOC’s average analyst price target is $24.72, indicating a potential upside of 14.1% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
