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Here are 1-2 brief analogies for Healthpeak Properties (DOC):

• Prologis for healthcare real estate
• Equinix for life science labs and medical offices

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• Life Science Campus Leasing: Provides specialized real estate for biotech, pharmaceutical, and other life science research and development.
• Medical Office Building (MOB) Leasing: Offers outpatient healthcare facilities for physicians and other medical service providers.
• Continuing Care Retirement Community (CCRC) Leasing: Supplies comprehensive senior living and care facilities, including independent living, assisted living, and memory care.

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• HCA Healthcare, Inc. (Public: HCA)
• AdventHealth (Private, non-profit)
• Brigham and Women's Hospital, Inc. (Part of Mass General Brigham, a private, non-profit academic healthcare system)
• Encompass Health Corporation (Public: EHC)
• Genesis HealthCare, Inc. (Public, OTC: GENN)
• LifePoint Health, Inc. (Private)
• Baylor Scott & White Health (Private, non-profit)
• Memorial Hermann Health System (Private, non-profit)
• The Regents of the University of California (Public educational system)
• Tenet Healthcare Corporation (Public: THC)

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Scott M. Brinker, President and Chief Executive Officer

Scott M. Brinker has served as President and Chief Executive Officer of Healthpeak Properties since 2022. He joined Healthpeak in 2018, having previously held the roles of Chief Investment Officer and President. Before joining Healthpeak, Mr. Brinker spent from 2001 to 2017 at Welltower Inc., where he was Executive Vice President and Chief Investment Officer. He began his career in the healthcare real estate sector as an intern, gaining experience in investing and asset managing across various types of healthcare real estate, including life science, outpatient medical, senior housing, and post-acute facilities. Mr. Brinker is also on the Executive Board and Governance Committee of the National Association of Real Estate Investment Trusts® (Nareit).

Kelvin O. Moses, Chief Financial Officer

Kelvin O. Moses was appointed Chief Financial Officer of Healthpeak Properties in April 2025. Mr. Moses joined Healthpeak in 2018 and has held various leadership positions in investments, operations, portfolio management, and development. Most recently, he served as Executive Vice President – Investments and Portfolio Management, a role in which he spearheaded the integration of the $5 billion Physicians Realty Trust merger. Prior to his tenure at Healthpeak, Mr. Moses worked in the global healthcare and real estate investment banking groups at Barclays.

Adam G. Mabry, Chief Investment Officer

Adam G. Mabry was appointed Chief Investment Officer in 2022.

Tracy A. Porter, Executive Vice President and General Counsel

Tracy A. Porter was promoted to Executive Vice President and General Counsel in February 2025.

Shawn G. Johnston, Executive Vice President and Chief Accounting Officer

Shawn G. Johnston has served as Executive Vice President and Chief Accounting Officer since February 2019. He joined Healthpeak in 2017, initially as Senior Vice President and Chief Accounting Officer. Before Healthpeak, Mr. Johnston was Vice President – Chief Accounting Officer and Vice President – Controller at UDR, Inc., a multifamily real estate investment trust, and also served as Interim Principal Financial Officer of UDR. From 2010 to 2013, he was Chief Accounting Officer at American Residential Communities LLC. His earlier career included time as a Senior Manager – Audit Services at Ernst & Young LLP, specializing in real estate.

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The key risks to Healthpeak Properties (DOC) primarily revolve around its strategic pivot, significant debt, and inherent operational challenges.

1. Life Science Segment Headwinds and Execution Risk of Strategic Shift: Healthpeak Properties faces significant challenges within its life science segment, characterized by high vacancy rates in laboratory markets and a decline in biotech funding. The company's strategic shift to increase its exposure to this sector carries execution risks, and there is uncertainty regarding the recovery of occupancy levels in the life science market.
2. High Debt Burden and Interest Rate Sensitivity: Healthpeak carries a substantial debt burden, with consolidated debt reported at approximately $8.88 billion as of March 31, 2025. This high leverage, indicated by a debt-to-equity ratio of 1.24, makes the company sensitive to interest rate fluctuations, potentially pressuring refinancing efforts and posing challenges in meeting interest obligations.
3. Operational Risks, including Competition, Development Risks, and Occupancy Decline: Healthpeak's business is subject to various operational risks, including fluctuations in occupancy rates and the ability of its operators to attract and retain tenants and residents. The company also faces intense competition in acquiring and developing healthcare properties. Its development and redevelopment projects are exposed to risks such as rising construction costs and potential cost overruns. Additionally, Healthpeak anticipates a near-term decline in overall occupancy, which could lead to increased volatility.

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The widespread and growing adoption of telehealth services could reduce the demand for traditional medical office building (MOB) space. As more consultations, diagnoses, and follow-ups are conducted remotely, the need for physical visits and the associated square footage for physician practices may diminish.

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Medical Office Buildings (MOBs)

Life Science Facilities

Senior Housing

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• Strong Performance and Demand in Outpatient Medical Segment: The Outpatient Medical segment is experiencing demand growth that outpaces new supply. This is leading to strong cash re-leasing spreads, including a +5.4% in Q3 2025, and higher annual escalators on new leases, such as +3% on leases signed in Q3 2025 compared to +2.7% on the existing portfolio. The company has a robust leasing pipeline and achieved its highest quarter of new leasing starts in the combined company’s history in Q3 2025, with 270,000 square feet of new leasing. Furthermore, Healthpeak is entering into new development agreements to support the expansion of outpatient facilities, as seen with two new development agreements in Atlanta to support Northside Hospital's expansion, totaling $148 million.
• Continued Growth in the Senior Housing (CCRC) Portfolio: Healthpeak's CCRC portfolio has demonstrated strong performance, with same-store growth of 8.6% in Q2 2025, driven by a 5% rate growth and increased entrance fee sales. The portfolio's cash Net Operating Income (NOI) has increased by over 50% since 2019, and year-to-date same-store growth was up 11% over the prior year as of Q3 2025. With current occupancy at 86%, there is further upside potential through higher occupancy and margin expansion.
• Recovery and Pipeline Conversion in the Lab Segment: While the Lab business has faced challenges, there is an encouraging strengthening demand profile, with the underlying biopharma sector potentially approaching an inflection point. Healthpeak is actively focused on capturing available market share and converting its pipeline into executed leases. The company executed 339,000 square feet of leases in the Lab segment in Q3 2025, with 45% being new leases and achieving a positive 5% re-leasing spread on renewals. Recent leasing activity and the conversion of its active pipeline are expected to contribute to occupancy and earnings starting in late 2026 and thereafter.
• Strategic Capital Allocation and Recycling into High-Growth Opportunities: Healthpeak is opportunistically selling and recapitalizing assets, with potential proceeds of $1 billion or more. These proceeds will be used to further strengthen the balance sheet and recycle capital into highly pre-leased new outpatient medical developments and to acquire distressed and opportunistic lab properties with significant upside. This disciplined capital allocation allows the company to pursue strategic investments and fund portfolio growth.

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Share Repurchases

• Healthpeak Properties repurchased 3.9 million shares in April 2025 for $72 million, at a weighted average price of $18.22 per share.
• Year-to-date through July 31, 2025, $94 million was allocated to share buybacks at an average price of $18.50.
• As of July 24, 2025, approximately $406 million remained available for future share repurchases under the program.

Share Issuance

• In August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due in 2033.
• The company issued $500 million in unsecured notes in February 2025.
• In November 2021, Healthpeak issued $500 million of 2.125% senior unsecured notes as part of a green bond offering.

Inbound Investments

• In October 2023, Healthpeak Properties and Physicians Realty Trust entered into a definitive agreement to combine in an all-stock merger of equals, which was completed on March 1, 2024.
• Equity Investment Corp acquired a new stake of 1,722,099 shares in Healthpeak Properties during the second quarter of 2025, valued at approximately $30.15 million.
• Multiple hedge funds, including Invesco Ltd., increased their holdings in Healthpeak Properties in the first quarter of 2025.

Outbound Investments

• In January 2024, Healthpeak formed a new strategic joint venture with Breakthrough Properties, selling a 65% interest in its Callan Ridge lab campus for approximately $130 million in net proceeds.
• In July 2025, Healthpeak sold two outpatient medical buildings for combined proceeds of approximately $31 million.
• The company plans to reinvest over $1 billion from outpatient medical property sales into higher-return lab opportunities, emphasizing an asset recycling strategy.

Capital Expenditures

• Healthpeak's development platform in 2022 delivered 675,000 square feet of properties across three campuses, representing nearly $700 million in investment.
• Since 2019, the development program with HCA has delivered nine outpatient buildings with total costs of approximately $235 million, and an additional three buildings are under construction with expected costs of $121 million.
• In the second quarter of 2025, Healthpeak initiated two new outpatient development agreements with Northside Hospital in Atlanta, totaling $148 million in expected development costs.