Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 17, 2026 03:33 PM GMT

Healthpeak Properties Inc | North America

Morgan Stanley & Co. LLC

Ronald Kamdem, CFA

Equity Analyst

Risk Reward Update

Healthpeak Properties Inc (DOC.N, DOC UN)

What’s Changed

Real Estate Investment Trusts | United States of America

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 14, 2026)

52-Week Range

FFO

Bull Base Bear Scenarios

Risk Reward for Healthpeak Properties Inc (DOC.N) has been

updated

Reason for change

We update 2026e FFO to $1.76 from $1.73 and 2027e FFO to $1.76 from $1.71 to

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

Equal-weight

In-Line

$22.00

$20.79

$22.95-15.71

12/25 12/26e 12/27e 12/28e

0.08

0.23

0.06

(0.13)

(0.23)

(0.10)

(0.18)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

reflect 2Q results.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.