Healthpeak Announces Transaction Activity Amounting $925 Million

Healthpeak Properties, Inc. DOC announced transaction activity amounting to roughly $925 million, underscoring ongoing progress in its capital allocation strategy.

In December 2025 and January 2026, Healthpeak acquired a 1.4-million square-foot campus spanning 29 acres located on Gateway Boulevard in South San Francisco for $600 million. Currently about 60% occupied, the campus features a 15,000-square-foot amenity building, along with significant additional density potential over time. This deal strengthens and broadens Healthpeak's tenant ties in the submarket. The company’s footprint in South San Francisco now totals roughly 6.5 million square feet across 210 acres, reinforcing its leadership position in this dynamic biotechnology submarket.

During the fourth quarter of 2025, Healthpeak closed on outpatient medical dispositions totaling about $325 million, covering roughly 834,000 square feet of fully stabilized assets.

Per Scott Brinker, president & CEO of Healthpeak, “We are capitalizing on strong demand for outpatient medical real estate by selling fully stabilized assets at low-6% cap rates and reinvesting that capital into highly strategic life science assets in our core submarkets at low-6% going-in yields with meaningful upside through lease-up of the remaining vacancy. This strategy allows us to acquire irreplaceable assets in core submarkets at a significant discount to replacement cost while improving our submarket positioning and leveraging the scale and capabilities of our lab platform to create shareholder value.”

Healthpeak is advancing through different stages of negotiations and executions for additional outpatient medical sales, recapitalizations and loan repayments. These potential transactions could yield proceeds of about $700 million or more. Such transactions would offer greater flexibility to redeploy capital into highly pre-leased outpatient medical developments, acquire assets with strong growth potential and buy back shares.

Over the past month, shares of this Zacks Rank #4 (Sell) office REIT have gained 1.7% against the industry’s fall of 0.8%.

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Stocks to Consider

Some better-ranked stocks from the broader REIT sector are Digital Realty Trust DLR and Prologis PLD, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for DLR’s 2025 and 2026 FFO per share is pinned at $7.35 and $7.91, respectively. This calls for year-over-year growth of 9.5% for 2025 and 7.6% for 2026.

The Zacks Consensus Estimate for PLD’s 2025 and 2026 FFO per share is pegged at $5.80 and $6.08, respectively. This implies year-over-year growth of 4.3% for 2025 and 4.7% for 2026.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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