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Healthpeak Properties Inc DOC

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Stock XNYS Rating as of
$18.80 +0.46 (2.51%)
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Company Report

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Healthpeak Earnings: Strong Net Operating Income and Share Repurchases Lead to Outperformance

Kevin Brown

First-quarter results for no-moat Healthpeak were slightly better than we anticipated, giving us confidence in our $30.50 fair value estimate. Same-store net operating income for the life science portfolio grew 2.7% in the first quarter, ahead of our estimate of 1.0% growth. For the medical office portfolio, same-store NOI grew 2.6%, which was in line with our estimate. While the continuing care retirement community segment only represents 9.3% of total company NOI, the segment saw 26.6% growth in the quarter, leading to total same-store NOI growth of 4.5% that was ahead of our estimate of 1.8% growth. Healthpeak reported adjusted funds from operations of $0.45 per share in the first quarter, four cents better than our $0.41 estimate.

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Price vs Fair Value

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DOC is trading at a 40% discount.
Price
$18.45
Fair Value
$61.50
Uncertainty
Medium
1-Star Price
$77.22
5-Star Price
$56.34
Economic Moat
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Capital Allocation
Ccsxlwgd

Bulls Say, Bears Say

Bulls

Healthpeak enjoys industry tailwinds, including an aging population and regulatory changes that expand the pool of participants in the healthcare system.

Bears

Healthpeak's new management team doesn't have the same operational experience or relationships as peers, which could make it difficult to achieve the same internal growth.

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News

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Trading Information

Previous Close Price
$18.34
Day Range
$18.34–19.05
52-Week Range
$15.24–22.38
Bid/Ask
$18.51 / $19.04
Market Cap
$13.34 Bil
Volume/Avg
7.1 Mil / 7.9 Mil

Key Statistics

Price/Earnings (Normalized)
48.33
Price/Sales
4.72
Dividend Yield (Trailing)
6.38%
Dividend Yield (Forward)
6.38%
Total Yield
6.71%

Company Profile

Healthpeak owns a diversified healthcare portfolio of approximately 459 in-place properties spread across mainly medical office and life science assets, plus a handful of senior housing, hospital, and skilled nursing/post-acute care assets, as well.
Sector
Real Estate
Industry
REIT - Healthcare Facilities
Stock Style Box
Mid Value
Total Number of Employees
193
Website
https://www.healthpeak.com

Competitors

Valuation

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Metric
DOC
VTR
WELL
Price/Earnings (Normalized)
 48.33—126.23
Price/Book Value
 1.621.862.10
Price/Sales
 4.723.977.37
Price/Cash Flow
 11.7815.2129.16
Price/Earnings
DOC
VTR
WELL

Financial Strength

Metric
DOC
VTR
WELL
Quick Ratio
 0.280.644.37
Current Ratio
 0.410.734.45
Interest Coverage
 2.570.931.58
Quick Ratio
DOC
VTR
WELL

Profitability

Metric
DOC
VTR
WELL
Return on Assets (Normalized)
 2.27%< 0.01%0.90%
Return on Equity (Normalized)
 5.45%< 0.01%1.65%
Return on Invested Capital (Normalized)
 3.69%1.88%2.47%
Return on Assets
DOC
VTR
WELL
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REIT - Healthcare Facilities Industry Comparables

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Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
WELL
Welltower IncHzdwbxsrqZvh$55.8 Bil
VTR
Ventas IncJkpfkbrnFkdd$17.4 Bil
OHI
Omega Healthcare Investors Inc—Chtjb$7.7 Bil
HR
Healthcare Realty Trust Inc—Ytv$5.4 Bil
CTRE
CareTrust REIT Inc—Qnvktrz$3.3 Bil
SBRA
Sabra Health Care REIT Inc—Nkkg$3.2 Bil
AEDFF
Aedifica SA—Gzkp$3.0 Bil
MPW
Medical Properties Trust Inc—Wchr$2.7 Bil
NHI
National Health Investors Inc—Drmq$2.7 Bil

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