Valued at a market cap of around $12 billion, Healthpeak Properties, Inc. (DOC) is a fully integrated real estate investment trust (REIT) that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.

Shares of the REIT have significantly underperformed the broader market over the past 52 weeks. DOC has dipped 9.1% over this time frame, while the broader S&P 500 Index ($SPX) has gained 8.6%. Moreover, shares of DOC are down 14.2% on a YTD basis, compared to SPX’s 4.3% rise. 

Looking closer, the Denver, Colorado-based company has also lagged behind the Real Estate Select Sector SPDR Fund’s (XLRE) 11.1% surge over the past 52 weeks and 2.2% return on a YTD basis.

Healthpeak Properties stock fell 5.2% the next day after the release of its Q1 2025 results on Apr. 24. Quarterly revenue rose 15.9% year-over-year to $702.9 million, surpassing the consensus estimate of $696.1 million. The company reported FFO as adjusted at $0.46 per share, up 2.2% from the prior-year quarter, while AFFO came in at $0.43 per share, reflecting a 2.4% year-over-year increase. Additionally, for fiscal 2025, the company expects adjusted FFO to range between $1.81 and $1.87 per share. 

For the current fiscal year, ending in December 2025, analysts expect DOC’s adjusted FFO to increase 2.2% year-over-year to $1.85. The company's earnings surprise history is strong. It beat or met the consensus estimates in the last four quarters. 

Among the 19 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 12 “Strong Buy” ratings, two “Moderate Buys,” and five “Holds.”

On Apr. 29, Baird lowered Healthpeak Properties' price target to $22 while maintaining a “Outperform” rating. 

As of writing, DOC is trading below the mean price target of $23.70. The Street-high price target of $29 implies a potential upside of a staggering 68.1% from the current price levels.