Healthpeak's Valuation Disconnect: Strong Assets, Low Expectations

  • Healthpeak Properties is strategically focused on Class A outpatient and life science real estate, benefiting from demographic tailwinds and supply constraints in key markets. The recent Physicians Realty Trust merger enhances scale, operational synergies, and defensibility, positioning Healthpeak for steady FFO growth as sector fundamentals improve. Despite high leverage and capital allocation risks, Healthpeak trades at a significant discount to historical valuation multiples, offering attractive long-term total return potential.