We initiate on Healthpeak Properties with a Buy rating. The 22.7% year-to-date advance is supported by robust funds from operations (FFO) growth, a compelling 6.3% dividend yield, and transformative portfolio moves including the Janus Living IPO and share repurchases. At 13.0x forward EV/EBITDA, DOC trades at a 16.7% discount to its healthcare REIT peer median, offering a clear re-rating catalyst as the market recognizes the durability of its cash flows and supply-constrained property portfolio.