Healthpeak Properties shares have climbed 13.5% over the past month, propelled by robust lab-space leasing and accelerating growth in senior housing. The company’s life sciences portfolio, which includes a newly acquired lab campus in San Francisco, has seen occupancy rise to 92%, up from 88% three months ago. Meanwhile, senior housing revenues have grown 7% year-over-year, reflecting increased census levels across its 200 assisted-living and memory-care communities. These trends underscore investor confidence in Healthpeak’s focus on high-growth healthcare real estate sectors.

Healthpeak has executed $925 million in transactions over the past quarter to reposition its portfolio toward higher-return assets. This includes the sale of five outpatient medical properties in Texas and Florida for $380 million and the acquisition of a three-building lab campus for $545 million. Proceeds from divestitures are being redeployed into lab facilities, where private-market demand remains strong. The company maintains a conservative leverage profile with a total debt-to-EBITDA ratio of 5.1x and over $1.2 billion of liquidity available under its credit facility.

After transitioning from quarterly to monthly dividends last April, Healthpeak now offers a 7.41% yield supported by a 71% payout ratio. The recent 1.7% dividend increase marked its first raise since 2020. To unlock value in its senior housing segment, Healthpeak has formed Janus Living, with plans for an IPO in the first half of the year. Janus is expected to contribute stabilizing cash flows that support Healthpeak’s dividend. Additionally, the company has $675 million of new senior housing investments lined up, positioning it for potential dividend growth as these assets stabilize.