Healthpeak Properties Inc (DOC.N): Brookfield JV Monetizes Outpatient Medical Portfolio Value

Research evidence excerpt

Healthpeak Properties Inc (DOC.N): Brookfield JV Monetizes Outpatient Medical Portfolio Value

Action |

20 Jul 2026 18:47:04 ET │ 14 pages

Healthpeak Properties Inc (DOC.N)

Brookfield JV Monetizes Outpatient Medical Portfolio Value

CITI'S TAKE

Neutral Today, DOC announced a strategic $2.1B joint venture with Brookfield

(LINK). In our view, the joint venture transaction is a net positive for DOC Price (20 Jul 26 16:00) US$22.29

as it: (1) highlights DOC’s outpatient medical portfolio quality and core Target price US$20.00

institutional demand for stabilized outpatient medical real estate, (2) Expected share price return -10.3%

allows DOC to continue to reduce near-term leverage (proceeds used to Expected dividend yield 5.5%

repay July 2026 bonds - $650M at 3.25% and the Line of Credit), and (3) Expected total return -4.8%

management framed the venture as a repeatable framework that allows

Market Cap US$15,367M DOC to maintain control, earn management fees (and achieve better

economics), and hold a call right that preserves optionality. The offset is

that the transaction is modestly dilutive to earnings in the near-term

(although our model already contemplated refinancing the maturing Seth Bergey, CPA, CFA

bonds at a higher interest rate). We outline the transaction details and +1-212-816-2066

impact on our DOC forecasts below. seth.bergey@citi.com

Nick JosephAC

Transaction Summary — DOC announced the formation of a $2.1B strategic joint +1-212-816-1909

venture with Brookfield Asset Management, comprising of 86 outpatient medical nicholas.joseph@citi.com

buildings across 11 states (~5.6msf). In our follow-up with the company,

management characterized the properties going into the joint venture as Lauren R McNichol

representative of the broader outpatient medical platform.