Healthpeak Properties

DOC

Market cap $12.7B

All of us could benefit from a little extra income every month, and many dividend investors look for passive income through dividend stocks.

Investors love dividend stocks, especially high-yield varieties, because they offer a significant income stream and have substantial total return potential.

Most dividend checks arrive only four times a year, which means investors who live off the income are forced to budget every three months.

Just when investors thought this time just might be different, volatility came back in the door. A few words from Federal Reserve Chair Jerome Powell and heavier-than-expected capital expenditure guidance from some of the key hyperscalers stopped the stock rally in its tracks.

AI-driven tech stocks dominate 2025 returns, leaving dividend and high-yield ETFs lagging due to limited AI exposure. REITs face mixed fortunes: ARE and DOC struggle with life science oversupply, while IVT, AMT, ADC, and VICI offer attractive dividend growth and value. My current buy list focuses on undervalued REITs and ETFs with strong dividend growth.

Healthpeak Properties gets a buy rating for my initial coverage, agreeing with today's Wall St. consensus. Positives include active lease growth, portfolio growth in a niche demand for clinical outpatient care and lab space, and national diversification. A nearly 7% dividend yield along with proven FFO and operating cash flow growth, modest D/E, and investment-grade rating, offsets the negative dividend growth trend as this REIT actively invests cash.

Healthpeak Properties is paying out a 6.5% dividend yield that was 151% covered by its FFO during the third quarter. The REIT saw third-quarter renewal cash-releasing spreads on its Outpatient Medical segment move up by 5.4%, with Lab advancing by 4.6%. DOC most recently issued debt at a low spread of just 75 basis points to the current U.S. 10-year Treasury yield, while trading on its lowest multiple to cash flow.

DOC's third-quarter results reflect the continued strong performance of its high-quality outpatient medical and CCRC portfolios.

Healthpeak Properties, Inc. (NYSE:DOC ) Q3 2025 Earnings Call October 24, 2025 10:00 AM EDT Company Participants Andrew Johns - Senior Vice President of Investor Relations Scott Brinker - President, CEO & Director Kelvin Moses - Chief Financial Officer Conference Call Participants Ronald Kamdem - Morgan Stanley, Research Division Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division Farrell Granath - BofA Securities, Research Division Austin Wurschmidt - KeyBanc Capital Markets Inc., Research Division Seth Bergey - Citigroup Inc., Research Division William John Kilichowski - Wells Fargo Securities, LLC, Research Division Juan Sanabria - BMO Capital Markets Equity Research Richard Anderson - Cantor Fitzgerald & Co., Research Division Michael Carroll - RBC Capital Markets, Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Wesley Golladay - Robert W. Baird & Co. Incorporated, Research Division Michael Mueller - JPMorgan Chase & Co, Research Division Michael Stroyeck - Green Street Advisors, LLC, Research Division Jonathan Petersen - Jefferies LLC, Research Division Presentation Operator Good morning, and welcome to the Healthpeak Properties, Inc. Third Quarter 2025 Conference Call.

Although the revenue and EPS for Healthpeak (DOC) give a sense of how its business performed in the quarter ended September 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.