Healthpeak Properties (DOC) Share Price Weakness: Undervalued or Mispriced Turnaround?

Healthpeak Properties (DOC) has underperformed the broader market this year, down about 15% year to date. Despite the decline, the company's business fundamentals remain strong, with revenues still growing and a sharp swing in net income. The stock is currently undervalued, with a narrative fair value near $20.92, and investors are weighing the potential for sustained tenant demand and pricing power for its outpatient medical buildings against risks such as biotech tenant stress or prolonged capital market volatility.