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Healthpeak — REIT card

DOC
HealthcareMarket cap $13.1B4-quarter TTM
Close · Oct 16, 202618.98P/E 54.2 · EV yield 7.4%
P/Cash FFO11.8×Cash FFO/sh 1.62
Yield · spread to 10y6.4%+1.34 pt vs. the bond
−15% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
8×13×18×23×28×2021202220232024202520262021-09-30 · 24.5× (close 33.48 · Cash FFO/sh 1.36)2021-12-31 · 25.3× (close 36.09 · Cash FFO/sh 1.43)2022-03-31 · 23.8× (close 34.33 · Cash FFO/sh 1.44)2022-06-30 · 17.7× (close 25.91 · Cash FFO/sh 1.46)2022-09-30 · 15.7× (close 22.92 · Cash FFO/sh 1.46)2022-12-31 · 17.3× (close 25.07 · Cash FFO/sh 1.45)2023-03-31 · 15.1× (close 21.97 · Cash FFO/sh 1.46)2023-06-30 · 13.6× (close 20.10 · Cash FFO/sh 1.48)2023-09-30 · 12.1× (close 18.36 · Cash FFO/sh 1.52)2023-12-31 · 12.4× (close 19.80 · Cash FFO/sh 1.60)2024-03-31 · 13.8× (close 18.75 · Cash FFO/sh 1.36)2024-06-30 · 15.6× (close 19.60 · Cash FFO/sh 1.26)2024-09-30 · 16.8× (close 22.87 · Cash FFO/sh 1.36)2024-12-31 · 13.8× (close 20.27 · Cash FFO/sh 1.47)2025-03-31 · 12.1× (close 20.22 · Cash FFO/sh 1.67)2025-06-30 · 10.5× (close 17.51 · Cash FFO/sh 1.66)2025-09-30 · 11.6× (close 19.15 · Cash FFO/sh 1.66)2025-12-31 · 9.8× (close 16.08 · Cash FFO/sh 1.65)2026-03-31 · 10.2× (close 16.43 · Cash FFO/sh 1.60)2026-06-30 · 13.2× (close 21.40 · Cash FFO/sh 1.62)p75 17×med 14×p25 12×now 11.8×
Five-year median 13.8×, middle half 12.1–17.0×, range 9.8–25.3×. Now 11.8×: −15% below its own median, higher than 20% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0123Revenue: 2.9 $B2.9RevenueProperty & operating: −1.3 $B−1.3Property &operatingEBITDA: 1.6 $B1.6EBITDAInterest: −0.3 $B−0.3InterestD&A: −1.1 $B−1.1D&AOther items: 0.1 $B0.1OtheritemsNet income: 0.3 $B0.3NetincomeAdd back D&A: 1.1 $B1.1Add backD&ANon- cash: −0.2 $B−0.2Non-cashCash FFO: 1.1 $B1.1CashFFODividends: −0.8 $B−0.8DividendsRetained: 0.3 $B0.3Retained
Cash FFO 1.11B = net income 0.25B + depreciation 1.10B − 0.24B other non-cash items · dividends 0.84B · retained 0.27B

Against its type

DOC (blue) vs. the other Healthcare REITs on the board (3), grey
P/Cash FFO11.8× vs. 28.2×
Dividend yield6.4% vs. 3.2%
Cash FFO payout76% vs. 70%
Net debt / EBITDA5.4× vs. 5.0×
Interest cover4.8× vs. 4.3×
EBITDA margin55% vs. 50%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.77
Cash FFO / share, quarter0.41
EBITDA margin53%
Interest cover4.4×