Healthpeak Properties Inc Model Update

Research evidence excerpt

J P M O R G A N

North America Equity Research

17 August 2026

Healthpeak Properties Inc

Model Update

Neutral

DOC, DOC US

Price (17 Aug 26):$20.58

Price Target (Dec-27):$22.00

We are updating our DOC model to reflect 2Q26 results. As such, we are increasing

our 2026 and 2027 FFO as adjusted estimates from $1.74 and $1.74 to $1.77 and

$1.79, respectively. Additionally, we are initiating 2028 FFO as adjusted at $1.88.

REITs

Michael W. Mueller, CFA AC

(1-212) 622-6689

Anthony Paolone, CFA

(1-212) 622-6682

Nahom Tesfazghi

(1-212) 622 4884

Daniella De Armas Rosales

(1-212) 622-0050

J.P. Morgan Securities LLC

Quarterly Forecasts (FYE Dec)

FFO per share ($)

Q1

Q2

Q3

Q4

FY

2025A

0.46

0.47

1.84

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.