Healthpeak Properties, Inc. (NYSE: DOC) is an S&P 500 real estate investment trust (REIT) specializing in properties serving the healthcare industry. The company's business model centers on acquiring, developing, leasing, and managing a diversified portfolio of healthcare real estate across the United States. Healthpeak operates through three primary segments: Outpatient Medical, Life Science (Lab), and Senior Housing (Continuing Care Retirement Communities or CCRCs). Based on 2025 adjusted net operating income (NOI), the Outpatient Medical segment is the largest contributor at approximately 52%, followed by the Life Science segment at 37%, and Senior Housing at 11%. The Outpatient Medical segment was significantly bolstered by the company's 2024 all-stock merger with Physicians Realty Trust, which added nearly 300 medical office buildings to its portfolio. The Life Science segment caters to biotechnology and pharmaceutical tenants in key research clusters, while the Senior Housing segment provides specialized residential facilities for the elderly. In 2026, Healthpeak completed the initial public offering of Janus Living, Inc., a dedicated senior housing REIT, while retaining an 81.6% ownership stake and serving as its external manager. Geographically, Healthpeak's properties are concentrated in major U.S. healthcare and life-science markets, including South San Francisco, San Diego, and Boston. The company's competitive position is supported by its scale, strategic joint ventures, and long-standing relationships with leading hospital systems and research institutions.
