Healthpeak Properties

Outpatient medical leases typically include ~3% annual escalators and in 2025 achieved +5.0% cash releasing spreads on renewals, indicating room for steady rent growth. Lab renewals showed modest negative cash spreads in Q4 2025 as the sector digested new supply and funding volatility, though management frames 2026 as near an inflection.

Senior housing (life plan) achieved double‑digit same‑store NOI growth, but this is more operations‑driven than rent pricing. Overall, embedded escalators provide baseline pricing power, with upside as life‑science demand normalizes; risk remains if capital costs or tenant funding pressures persist.