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Research Alert: CFRA Lowers Opinion On Healthpeak Properties, Inc. To Hold From Buy
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Research Alert: CFRA Lowers Opinion On Healthpeak Properties, Inc. To Hold From Buy
Oct 24, 2025 11:42 AM

02:20 PM EDT, 10/24/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month target at $20, reflecting a forward P/FFO of 10.4x our 2026 FFO estimate, a discount to DOC's three-year forward average (11.4x) as headwinds in Lab are likely to continue in 2026 as DOC plans to recycle $1B in Outpatient Medical (MOB) properties. We increase our 2025 FFO view by $0.01 to $1.87 and decrease 2026 by $0.06 to $1.92. Plans to recycle $1 billion in MOB properties into what management described as higher return opportunities with the lab space or other pre-leased MOB properties is underwhelming, in our view. Lab represents 33% of NOI and faces considerable headwinds over the next two years. We see increasing near-term risk that this capital redeployment will create a drag on FFO in FY 26. MOB property valuations are up among private market buyers per management. However, this hasn't translated into DOC's valuation, so we are hesitant to believe capital recycling efforts will command premium valuations. CCRC remains DOC's strongest growth driver, but remains only 11% of NOI.

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