Healthpeak Properties (DOC) Citi’s Miami Global Property CEO Conference 2026 summary

Strategic initiatives and portfolio transformation

• Completed merger integration with Physicians Realty Trust, making outpatient medical 50% of portfolio income and delivering $70 million in synergies.

• Internalized property management across life science and outpatient medical, improving operational efficiency and tenant relationships.

• Announced IPO of Janus Living, a pure play senior housing REIT, to unlock value and focus on sector growth.

• Outpatient and life science segments share operational platforms, enabling capital recycling and corporate efficiency.

• Senior housing strategy focuses on targeted, relationship-driven growth in major markets like Florida and Texas.

Financial outlook and capital allocation

• Janus Living IPO expected to provide immediate value uplift and future growth, with Healthpeak retaining majority ownership and a one-year lockup.

• Transaction structured to avoid conflicts, with separate investment strategies and a non-compete between Healthpeak and Janus Living.

• Healthpeak expects to gradually dilute its Janus Living stake through accretive share issuance, not rapid liquidation.

• Post-spin, Healthpeak anticipates a de-leveraging effect from the IPO proceeds.

• Capital recycling prioritizes senior housing and life science acquisitions, with $700 million already closed and a focus on high-growth markets.

Market conditions and segment performance

• Life science market fundamentals are improving, with M&A activity, capital raising, and leasing pipelines all strengthening.

• Gateway acquisition in South San Francisco adds scale in a top biotech market, with plans to increase occupancy from 60% to high 80s.

• Outpatient medical segment benefits from strong demand, limited new supply, and record retention and leasing spreads.

• Private market demand for outpatient assets is robust, enabling advantageous dispositions and recapitalizations.

• Leasing economics in outpatient medical are favorable, with escalators at 3%, high retention, and modest tenant improvements.