Is Healthpeak Properties Stock Underperforming the S&P 500?

With a market cap. of $14.3 billion, Healthpeak Properties, Inc. (DOC) is a leading healthcare REIT that owns, operates, and develops high-quality outpatient medical and life science properties across the United States. The company operates approximately 700 properties and focuses on markets where it has scale, expertise, and strong relationships with healthcare and biopharma tenants. 

Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Healthpeak Properties fits this criterion perfectly. Healthpeak Properties’ portfolio supports the healthcare continuum, from life science research and drug development to convenient outpatient care, with a strategy centered on accretive growth, strong tenant partnerships, and disciplined capital allocation.

Shares of the Maryland-based company have declined 10.2% from its 52-week high of $22.95. The stock has risen 3.1% over the past three months, lagging behind the S&P 500 Index’s ($SPX) 5.4% gain over the same time frame. 

Shares of the healthcare REIT have gained 11.4% over the past 52 weeks, underperforming the 16.6% return of the SPX over the same time frame. However, the stock is up 28.1% on a YTD basis, outperforming the SPX’s 13.4% increase.

DOC stock has been moving above its 50-day and 200-day moving averages since early May. Nevertheless, it has moved below its 50-day moving average since August. 

Healthpeak Properties shares rose marginally following its Q2 2026 results on Aug. 4, as adjusted FFO per share came in at $0.46 and revenue reached $771.6 million, beating the consensus. Occupancy also improved sequentially, with Outpatient Medical occupancy rising 20 basis points to 90.7% and Lab occupancy increasing 80 basis points to 78.5%, supported by substantial new and renewal leasing activity. 

The company raised its 2026 adjusted FFO guidance to $1.73 - $1.77 and increased its same-store cash adjusted NOI growth outlook.

In comparison, rival Welltower Inc. (WELL) has lagged behind DOC stock on a YTD basis, with WELL shares returning 24.1%. However, WELL stock has soared 37.6% over the past 52 weeks, exceeding DOC stock.

Despite the stock’s underperformance over the past year, analysts remain moderately optimistic on DOC. The stock has a consensus rating of “Moderate Buy” from 22 analysts in coverage, and the mean price target of $22.82 represents a premium of 10.8% to current levels.  

On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.