DOC Stock Forecast & Price Target

Healthpeak Properties benefits from a robust healthcare portfolio, which includes approximately 700 properties, primarily focused on medical office and life science assets. The company is strategically expanding its medical office building (MOB) portfolio with new development projects totaling $148 million, achieving a high pre-leasing rate of around 80% and anticipated stabilized yields in the mid-7% range. This diversification and growth in high-demand healthcare real estate positions Healthpeak favorably for sustained revenue generation and investment performance.

Healthpeak Properties faces a negative outlook as reflected by the recent reduction in its 2026E P/AFFOPS multiple to 12.0x, down from 13.0x, which highlights increased credit risk associated with lab tenants and the potential for downward pressure on future earnings. The recent weak Q2 leasing results have contributed to a downgraded forecast, projecting a stagnant compound annual growth rate (CAGR) of +1%/-1% for FFOPS/AFFOPS in 2026-2027, lowered from previous expectations of +2%/+1%. Additionally, management has indicated potential headwinds to lab occupancy in the second half of 2025 due to slow capital raising efforts, further complicating the company's financial outlook.