Healthpeak Properties, Inc.

Healthpeak Properties, Inc. is an American real estate investment trust that owns, operates, and develops high-quality healthcare real estate across three core asset classes: outpatient medical buildings, life science laboratories, and senior housing communities. With a portfolio of 689 properties concentrated in high-barrier markets, the company generated $2.82 billion in revenue in fiscal 2025 and is a constituent of the S&P 500. The company is headquartered in Denver, Colorado, and has been publicly traded since 1985.

This is a story about a portfolio in transition. In March 2024, Healthpeak merged with Physicians Realty Trust, creating the largest pure-play outpatient medical platform in the United States and capturing $70 million of cost synergies. A year later, in March 2026, it completed the initial public offering of Janus Living, its senior housing subsidiary, crystallizing value in a segment that the market had largely ignored inside the parent company. While those transactions strengthened the platform, the operating environment in the company's lab segment — historically its highest-growth business — has been punishing. Life science occupancy fell from the mid-90s to 77% over four years as the biotech funding cycle turned.

The file turns on a single question: whether Healthpeak's lab portfolio reaches an occupancy inflection before the refinancing of $1.1 billion of maturing debt at higher rates erodes too much of the earnings base. The answer depends on forces the company does not control — biotech capital markets, NIH funding policy, and the pace at which new lab supply is absorbed — but Healthpeak's concentrated footprint in the three premier U.S. life science markets and its demonstrated discipline in capital allocation give it tools that most peers lack.