DOC vs. ELS: Healthpeak Properties vs. Equity LifeStyle Properties Stock Comparison

Company Profile

Healthpeak Properties (DOC) and Equity LifeStyle Properties (ELS) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but DOC is classified in Health Care REITs while ELS is classified in Residential REITs.

Both Healthpeak Properties (DOC) and Equity LifeStyle Properties (ELS) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Price Performance

Cumulative Growth

Trailing Returns

Calendar-Year Returns

Performance Metrics

Risk Profile

Drawdown History

Return Distribution

Risk Metrics

Risk-Adjusted Performance

Risk-Return Positioning

Risk-Adjusted Metrics

Profitability

Equity LifeStyle Properties (ELS) at 22.34% sits in the top ROE quartile, while Healthpeak Properties (DOC) at 4.42% is closer to the peer norm — stronger capital efficiency for ELS.

Neither Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) nor Equity LifeStyle Properties (ELS) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.

Neither side reports a meaningful operating margin: for Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) and Equity LifeStyle Properties (ELS) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.

Profitability Metrics

Growth

Both Healthpeak Properties (DOC) at 4.52% and Equity LifeStyle Properties (ELS) at 1.18% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

EPS growth isn't a meaningful figure for either Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) or Equity LifeStyle Properties (ELS) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

Healthpeak Properties (DOC) at 1.48 keeps current ratio within its industry’s typical mid-range, while Equity LifeStyle Properties (ELS) at 0.12 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for ELS.

Healthpeak Properties (DOC) at 0.90 carries an industry-typical debt-to-equity mix, while Equity LifeStyle Properties (ELS) at 1.83 uses more debt funding than most peers.

Financial Strength Metrics

Dividends

Healthpeak Properties (DOC) at 6.06% delivers top-quartile income for its industry, while Equity LifeStyle Properties (ELS) at 3.40% pays a more typical yield — both are credible income propositions, DOC the richer one.

An earnings-based payout ratio fits neither Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) nor Equity LifeStyle Properties (ELS) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.

Dividend Metrics

Valuation

P/E ratio is not a meaningful valuation yardstick for either Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) or Equity LifeStyle Properties (ELS) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.

On P/S ratio, both Healthpeak Properties (DOC) at 4.80 and Equity LifeStyle Properties (ELS) at 7.96 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

Healthpeak Properties (DOC) at 1.78 sits near its industry’s typical P/B ratio, while Equity LifeStyle Properties (ELS) at 6.99 prices above its benchmark range — ELS looks rich relative to book.

Valuation Metrics