With a market cap of $13.5 billion, Healthpeak Properties, Inc. (DOC) is a leading healthcare real estate investment trust (REIT), focused on owning, operating, and developing high-quality healthcare properties across the United States. It maintains a diversified portfolio spanning outpatient medical facilities, laboratory buildings, and continuing care retirement communities (CCRCs).
Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Healthpeak Properties fits this criterion perfectly. As of September 30, 2025, Healthpeak's investment portfolio consisted of interests in 703 properties, reflecting its strong presence in healthcare discovery and delivery real estate.
Shares of the Maryland, USA-based company have declined 6.1% from its 52-week high of $20.82. DOC stock has risen 12.5% over the past three months, outpacing the State Street Real Estate Select Sector SPDR ETF's (XLRE) 4.4% gain over the same time frame.
DOC stock is up 21.6% on a YTD basis, outperforming XLRE’s 12.1% increase. Moreover, shares of the healthcare REIT have increased 14.7% over the past 52 weeks, compared to XLRE's nearly 8% return over the same time frame.
The stock has been moving above its 200-day moving average since last year.
Shares of Healthpeak Properties surged 18.1% following its Q1 2026 results on May 5 as the company reported adjusted FFO of $0.45 per share and revenue rose to $753 million, beating analyst expectations. Investor sentiment was further boosted after the company slightly raised its full-year 2026 adjusted FFO guidance to $1.71 per share - $1.75 per share and highlighted strong leasing activity, including 1.2 million square feet of outpatient medical and lab lease executions with positive cash releasing spreads of +5.4% for outpatient renewals and +3.5% for lab renewals.
The successful IPO of Janus Living (JAN) at the high end of its valuation range, which generated approximately $880 million in net proceeds, also strengthened investor confidence despite higher quarterly operating expenses of $747.4 million.
In comparison, rival Welltower Inc. (WELL) has lagged behind DOC stock on a YTD basis, with WELL shares returning 11.3%. However, WELL stock has soared 34.9% over the past 52 weeks, exceeding DOC stock.
Despite the stock’s underperformance relative to its peers over the past year, analysts remain moderately optimistic on DOC. The stock has a consensus rating of “Moderate Buy” from 20 analysts in coverage, and the mean price target of $21.12 represents a premium of nearly 8% to current levels.
