Healthpeak Properties is a healthcare REIT that owns, operates, and develops real estate across three segments: outpatient medical buildings, lab (life science) buildings, and senior housing. Outpatient medical is the largest and most stable segment, comprising 507 buildings that house physicians' offices, surgical suites, imaging centers, and related services. About 96% of these buildings are affiliated with hospital systems, and roughly 79% sit on or adjacent to hospital campuses — a structural advantage that creates tenant stickiness since relocation disrupts patient flow. HCA Healthcare is the largest tenant. The lab segment comprises 145 purpose-built buildings leased to biotech, pharma, and life science companies, concentrated in San Francisco/South San Francisco, Boston, and San Diego. Lab is more cyclical than outpatient, as tenant demand is tied to life science capital markets; the segment has been in a multi-year downturn, and management views 2026 as the earnings trough. The senior housing segment consists of 34 life plan communities (continuing care retirement communities) operated under a RIDEA structure with LCS as primary operator, where Healthpeak bears full operating risk in exchange for direct revenue upside. Healthpeak plans to spin out the senior housing portfolio into a new public REIT called Janus Living via IPO in the first half of 2026, retaining a majority stake and serving as external manager. In outpatient and lab, properties are primarily leased on triple-net terms, with revenue driven by occupancy, rent escalators, and mark-to-market on renewals. Healthpeak also recycles capital by selling stabilized outpatient assets and redeploying proceeds into lab acquisitions, development, and structured loans carrying 8%+ interest rates with purchase options.