Healthpeak Properties

Predictability is supported by long‑dated outpatient leases, on‑campus location, and diversified, creditworthy tenants that behave like toll‑road cash flows. 2025 merger‑combined same‑store cash NOI grew 4.0% (outpatient +3.9%), and management guides 2026 FFO as adjusted to 1.70–1.74 per share with same‑store growth of negative 1% to positive 1% as lab recovers gradually.

Exposure to life science introduces cyclicality tied to funding and supply cycles, which reduces overall predictability versus pure outpatient peers. Geographic and tenant diversification across leading U.S. markets offsets single‑market risk.