Healthpeak Properties Inc (NYSE: DOC) is a real estate investment trust that owns and operates healthcare-related properties across three segments: outpatient medical buildings, laboratory space, and senior housing. The company makes money primarily through rental and related revenues collected from tenants under leases on its properties. As of December 31, 2025, the portfolio included 486 outpatient medical facilities totaling 34.6 million square feet, 135 lab properties totaling 11.1 million square feet, and 15 senior housing facilities. Real estate revenues from outpatient medical reached $1.27 billion in FY2025, lab revenues reached $860 million, and senior housing revenues totaled approximately $604 million for those same periods. Scott M. Brinker serves as President and Chief Executive Officer, and Kelvin O. Moses serves as Chief Financial Officer, as of the 10-K filed February 3, 2026. The company is structured as a REIT, making it a dividend-paying, asset-heavy enterprise with revenue driven by occupancy rates and lease terms across its three property types.

Revenue model

Rental and related revenues from long-term leases on outpatient medical buildings, laboratory properties, and senior housing facilities. The company also recognizes income from unconsolidated joint ventures.

Products and services

Outpatient medical buildings (486 facilities, 34.6 million sq ft as of December 31, 2025); laboratory and office space configured for life science tenants (135 facilities, 11.1 million sq ft as of December 31, 2025); senior housing facilities (15 facilities, 7,067 units as of December 31, 2025). Lab properties include specialty infrastructure such as fume hoods, emergency generators, and advanced HVAC systems.

Customers and end markets

Lab tenants include biotechnology, medical device, and pharmaceutical companies, scientific research institutions, and government agencies. Outpatient medical tenants are healthcare providers operating across 37 states. Senior housing facilities serve residential occupants in the RIDEA operating structure.

Value-chain role

Property owner and landlord in the healthcare real estate sector. Provides physical infrastructure to healthcare operators and life science tenants. In some senior housing facilities, the company operates under a RIDEA structure where revenues and expenses flow through directly rather than via a triple-net lease.

Geographic exposure

Outpatient medical properties span 37 states, with the largest concentrations in Texas (94 facilities), Florida (35), Tennessee (25), Colorado (23), Georgia (15), and Kentucky (21) as of December 31, 2025. Lab properties are concentrated in California (112 facilities, 59% of total lab square feet), Massachusetts (19 facilities, 22%), and San Diego, California (17%) as of December 31, 2025. Senior housing facilities are primarily in Florida (9 facilities) and five other states.

Source: SEC 10-K, filed 2026-02-03

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