Healthpeak Properties

Post‑merger integration exceeded synergy targets in 2024, with continued internalization of property management improving operating leverage.

In late 2025 and early 2026, DOC acquired a 1.4 million square foot South San Francisco campus at a low‑6% going‑in yield to position for a lab upturn, bought out a senior housing JV stake for 314 million, and outlined over 1 billion of 2026 asset sales and recapitalizations to recycle into higher‑return opportunities or repurchases.

The planned Janus Living senior housing IPO in 1H 2026 aims to simplify the portfolio and surface value while maintaining alignment via retained ownership. Balance between growth and prudence is reasonable, with measured development and select acquisitions in core submarkets.

Execution risk around the Janus IPO and lab recovery keeps the score short of best‑in‑class.