Only one of our models could value this stock with confidence, so use it as a guide.
Not used by alerts or posts.
Valued as a REIT (property company): Price to FFO and EV/EBITDA comparison.
ACCE opinionHealthpeak Properties Inc. Common Stock (DOC)
Fair value (2 models)
Not available
ACCE price target
$17.60
Rating
Not rated
Horizon
12 months
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Price used: $19.25 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
61
out of 100
Analysts
36% buy
22 covering
P/E
55.0x
forward 137.5x
1-year return
+3.8%
Dividend yield
6.31%
Healthpeak Properties Inc. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Healthpeak Properties owns and operates healthcare real estate, mainly outpatient medical office buildings, life science (lab) campuses and senior housing, leasing space to health systems, physician groups and biotech tenants. Its moat rests on well-located, hard-to-replicate medical campuses near hospital systems, which tends to produce sticky tenancy and pricing power that generic office landlords lack. The near-term driver is the lease-up and rent growth of its existing outpatient and lab portfolio, with revenue growing 11.1% and a 57.6% gross margin giving operating leverage as occupancy rises. At a 13.5B USD market cap, the stock trades on a trailing P/E of 54.2 and a forward P/E of 135.6, a sharp step-up that suggests earnings are depressed by depreciation and one-off items, so the multiple should be read through funds from operations rather than net income. Return on equity of 3.0% and a 16.0% operating margin argue that the investment case depends on the lab and senior housing cycle turning, and the 59/100 score with no index membership warrants a closer look at the balance sheet and lease expiry schedule before anyone takes a position.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Score slipping over 90 days
ACCE score fell from 62 to 57 over 90 days, with Quality at 57 and Valuation at 42. Worth tracking, though the drop is modest.
moderate
Leverage and forward earnings
Debt/Equity is 1.39 and forward P/E is 169.5 against a trailing P/E of 54.2, so earnings are expected to drop sharply and the stock trades 9.4% above the ACCE price target of $17.60.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 11.1% year over year, and the five-year average annual growth rate is 11.4%.
Free cash flow over the last twelve months reached $1.3B, and the free cash flow yield is 9.3%.
Analysts' mean price target of $22.61 sits 19.1% above the current share price, and the dividend yield is 6.4%.
Why it could disappoint
Return on equity is only 3.0% and return on invested capital is 0.3%, so the business earns little on the capital it uses.
The forward P/E of 169.5x is far above the trailing P/E of 54.2x, so earnings are expected to look very thin.
Debt to equity stands at 1.39, and the diluted share count rose 2.9% last fiscal year, diluting existing holders.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 2, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where DOC's valuation models land
Price
$19.25
Model fair valueConfidence: medium
$14.18
Model
Fair value
Upside
EV/EBITDA comparison
Price to FFO
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores