Healthpeak Properties

Healthpeak Properties, Inc. stands as one of America's premier healthcare-focused real estate investment trusts (REITs), distinguished by its strategic concentration on properties that support healthcare discovery and delivery. Trading on the New York Stock Exchange under the ticker symbol DOC, Healthpeak has established itself as a key player in the healthcare real estate sector with a market capitalization of approximately $14.9 billion as of late 2024. The company's portfolio encompasses nearly 700 in-place properties totaling approximately 50 million square feet, strategically positioned across the United States in markets with strong demographics and favorable healthcare dynamics.

The company's business model centers on three core asset classes that represent the future of healthcare: outpatient medical buildings (MOBs), life science facilities, and continuing care retirement communities (CCRCs). This strategic focus positions Healthpeak at the intersection of demographic megatrends, particularly the aging population and the ongoing shift toward preventative and outpatient care. The company generates revenue primarily through long-term triple-net leases with healthcare providers, research institutions, and life science companies, creating stable cash flows while tenants assume responsibility for most operating expenses. In 2024, Healthpeak achieved record leasing activity with over 8 million square feet of executions, demonstrating strong demand for its high-quality healthcare properties.

Healthpeak's evolution reached a significant milestone in March 2024 when it completed an all-stock merger with Physicians Realty Trust valued at approximately $21 billion. This transformative transaction created a combined portfolio of unprecedented scale in the outpatient medical segment and generated approximately $50 million in merger-related synergies in 2024 alone. The merger marked not only a strategic expansion but also a symbolic rebranding, with the combined company changing its ticker symbol from PEAK to DOC, emphasizing its deep commitment to serving the healthcare sector. This combination significantly enhanced Healthpeak's competitive position, making it one of the largest owners and operators of medical office buildings in the United States.

Headquartered in Denver, Colorado, with additional offices in Irvine, Nashville, and San Francisco, Healthpeak operates with a team of 387 employees who manage a sophisticated portfolio across diverse healthcare subsectors. The company has demonstrated strong financial performance, reporting $2.7 billion in annual revenue for 2024—a 23.82% increase from 2023—and achieving Total Same-Store Portfolio Cash NOI growth of 5.4%. Under the leadership of President and CEO Scott Brinker, Healthpeak has pursued an aggressive internalization strategy, bringing property management in-house across nearly 20 million square feet in 2024, with plans for an additional 14 million square feet in 2025 and beyond. This operational efficiency drive, combined with strategic capital deployment and a commitment to shareholder returns through consistent dividend growth, positions Healthpeak as a leader in healthcare real estate investment for the decades ahead.