HIGHBuilt-inGeographic
59%
San Francisco lab portfolio
“10-K Item 1: 'including San Francisco, California (59%), Boston, Massachusetts (22%), and San Diego, California (17%) (based on total square feet)'”
DOC · Concentration risk · 10-K extracted
Healthpeak Properties (DOC) concentration risks
Updated
The most significant concentration Healthpeak Properties discloses is San Francisco lab portfolio at 59%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Healthpeak Properties’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyTenant
7%
HCA Healthcare
“10-K Item 1: 'most significant outpatient medical tenant concentration ... HCA Healthcare, Inc. (HCA)| | 15 | %| | 7 | %'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a significant geographic tilt within its lab portfolio and a modest tenant dependency. On the geographic side, 59% of the lab portfolio by total square feet is located in San Francisco, California, a large-share exposure by disclosed size with a structural character — the company has deliberately positioned its portfolio in that market, so the concentration reflects investment strategy rather than an inadvertent reliance on a single location. This makes the portfolio meaningfully sensitive to life-science leasing demand dynamics in one metro area, including local sublease supply, biotech funding cycles, and San Diego, California (17%) and Boston, Massachusetts (22%) rounding out the remainder. On the tenant side, the filing identifies a counterparty relationship with HCA Healthcare, Inc. as the most significant outpatient medical tenant concentration. The disclosed size for this exposure is low, indicating it represents a modest share of total revenues by the mechanical band, and its character is dependency — the relationship is governed by specific tenant agreements whose renewal terms and rent levels could change at expiration. On balance, the dominant exposure is geographic: the lab portfolio's large share in San Francisco creates a structural sensitivity to that market's life-science real estate cycle. The HCA tenant concentration is a smaller secondary watchpoint. Neither exposure appears likely to move the verdict on its own, but together they argue for monitoring San Francisco lab vacancy rates and major tenant lease renewal timelines.
For the engine’s reasoning on DOC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Healthcare Facilities
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| LTC | LTC Properties, Inc. | 1 | 1 | 0 | 2 |
| DOC● | Healthpeak Properties, Inc. | 1 | 0 | 1 | 2 |
| HR | Healthcare Realty Trust Incorpo | 1 | 0 | 1 | 2 |
| AHR | American Healthcare REIT, Inc. | 1 | 0 | 0 | 1 |
| CTRE | CareTrust REIT, Inc. | 0 | 1 | 1 | 2 |
| DHC | Diversified Healthcare Trust | 0 | 1 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.