Healthpeak stock forecast 2027–2029
MyStockButler's October 2026 analysis: Healthpeak's weighted forecast reaches $21.58 in October 2029. It hinges on lab leases becoming occupied, rent-paying space while outpatient and senior housing offset lab weakness.
Where could Healthpeak's shares be by 2029?
The probability-weighted price reaches $19.57 in October 2027, an 8% total return including dividends. It reaches $20.45 in October 2028, a 19% return. By October 2029, it reaches $21.58, a 31% return. The last-date range is wide: $12.79 in the bear case to $32.51 in the bull case, against today’s $19.25.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 25 % | 14.99 (-16 %) | 13.66 (-17 %) | 12.79 (-16 %) |
| Base | 55 % | 20.11 (+11 %) | 20.83 (+21 %) | 21.59 (+32 %) |
| Bull | 20 % | 23.83 (+30 %) | 27.87 (+58 %) | 32.51 (+89 %) |
| Weighted | 100 % | 19.57 (+8 %) | 20.45 (+19 %) | 21.58 (+31 %) |
What has to go right for Healthpeak's stock forecast—and what could go wrong?
The bear case assumes lab vacancies and tenant incentives last longer than expected. Lease-up consumes cash, senior housing growth cools as labor costs rise, and refinancing pressure limits buybacks. That path leads from $14.99 in October 2027 to $12.79 in October 2029. Its 25% probability reflects the 78.5% lab occupancy, the negative lab guidance and tenant improvements averaging $217.25 per square foot.
The bull case requires signed lab leases to become occupied, rent-paying space. Senior housing must sustain occupancy and rate gains while controlling labor costs, allowing stronger cash generation, debt reduction and buybacks. That path rises from $23.83 to $32.51. Its 20% probability reflects genuine leasing progress, but also the high cost of converting that progress into income.
How much cash does Healthpeak really make?
Actual AFFO goes further by deducting recurring capital spending. It was $1.69 per share in 2025, making the payout ratio 72.2%. Healthpeak deducted $134.0 million of AFFO capital expenditures in 2025. A laboratory tenant leaving may require alterations, tenant improvements and leasing commissions before a replacement begins paying rent.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO as Adjusted | 1,310,448 | 1,247,929 | 987,708 | 950,259 | 879,222 |
| FFO as Adjusted per share | 1.84 | 1.81 | 1.78 | 1.74 | 1.61 |
| Dividends paid | 849,095 | 794,783 | 657,021 | 648,047 | 650,082 |
| FFO as Adjusted payout ratio | 66.3% | 66.3% | 67.4% | 69.0% | 74.5% |
What does an investor pay for Healthpeak today?
The dividend yield is 6.3%. The annualized dividend is $1.22 per share, against $1.69 of 2025 AFFO, implying a payout of about 72%. That suggests coverage, but the remainder may need to fund improvements or debt repayment.
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 19.25 |
| Price to FFO (calculated) | 10.7x |
| Price to FFO as Adjusted (calculated) | 10.5x |
| Dividend yield (calculated) | 6.3% |
What this means. The market value is only an estimate based on common shares and leaves out partnership units and shares of the Janus subsidiary.