Healthpeak's Pivot: A Masterclass In Value Destruction (Rating Downgrade)

2026-02-03 10:36:14 ET

I wrote an article when Healthpeak ( DOC ) was trading at $18 a share, rating it a Buy. Well, that call hasn’t turned out to be as profitable as I would have liked. I continued to accumulate shares as it dipped and have a strong cost basis at around $17 a share. Healthpeak remains undervalued, however, it is not a high-quality, well-run REIT. The recent announcement that it is spinning off its senior housing assets, Healthpeak is set yet again to carry out a massive asset recycling plan. It is worth analyzing how well they allocate capital to determine if Healthpeak is a company still worth holding, and if the newly formed spinoff, Janus Living is worthy of consideration....

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