On 12 Nov 2026 our base value for Healthpeak Properties is $16.70 a share, 17.0% below its $20.12 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $16.70 | -17.0% | funds from operations $1.61 a share (FY2025) at its own 5-year median of 10.3× (today 12.5×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $525.93m | $684.29m | $1.21bn | 539.24m | $2.24 | $36.09 | 16.1× |
| 2022 | $516.42m | $710.57m | $1.23bn | 539.15m | $2.28 | $25.07 | 11.0× |
| 2023 | $334.76m | $749.90m | $1.08bn | 547.27m | $1.98 | $19.80 | 10.0× |
| 2024 | $267.30m | $1.06bn | $1.32bn | 676.23m | $1.96 | $20.27 | 10.3× |
| 2025 | $101.03m | $1.02bn | $1.12bn | 696.04m | $1.61 | $16.08 | 10.0× |
| Median P/FFO | 10.3× |
| Latest FFO per share (FY2025) | $1.61 |
| Value per share = median × latest FFO per share | $16.70 |
For a REIT the base value is the price-to-FFO value: $16.70 a share.
Bear $16.12 · Base $16.70 · Bull $17.78 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 62% chance the price is higher than today's $20.12 in a year, from 22.74% volatility. The simulation assumes the price drifts up at our discount rate of 9.5% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $19.49 | $16.70 |
| 9 Oct 2026 | $18.80 | $16.70 |
| 16 Oct 2026 | $18.98 | $16.70 |
| 23 Oct 2026 | $19.25 | $16.70 |
| 30 Oct 2026 | $19.03 | $16.70 |
| 6 Nov 2026 | $20.26 | $16.70 |
| 12 Nov 2026 | $20.12 | $16.70 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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