Healthpeak’s DOC platform combines defensive outpatient medical real estate, improving lab occupancy, 6.0% yield, low leverage, and a probability-weighted 2031 value of $28.92 versus $20.33 today.
Overview
Healthpeak Properties, now trading under the former Physicians Realty Trust ticker DOC, completed an all-stock merger of equals that created a large healthcare real estate platform focused on clinical delivery and discovery. The combined company owns or operates nearly 52 million square feet, including approximately 40 million square feet of outpatient medical buildings and complementary life science labs and senior housing investments. Revenue is primarily recurring rent and expense reimbursements from long-term triple-net and modified-gross leases with health systems, physician groups, pharmaceutical companies, and biotechnology firms. **The investment case rests on defensive outpatient assets, scale-driven margin opportunities, and a 6.0% monthly dividend yield.** Q2 2026 Adjusted FFO was $0.46 per share versus $0.43 consensus, revenue was $749.81 million versus $725.20 million expected, and management raised 2026 Adjusted FFO guidance to $1.73–$1.77 per share. Outpatient occupancy reached 90.7%, lab occupancy improved to 78.5%, and the Brookfield recapitalization generated $1.0 billion of cash. At approximately $20.33, DOC trades at 11.6x midpoint 2026 FFO, below historical sector averages of 14.5x–16.0x EV/EBITDA. Near-term catalysts include lab stabilization, property-management internalization, debt reduction, and additional joint ventures, balanced against rate and integration risks.