Bessere Dividendenaktie mit hoher Rendite: Omega Healthcare vs. Healthpeak

Zuletzt aktualisiert Oct 12, 2026

Die wichtigsten Punkte

Omega Healthcare Investors erhöhte seine Quartalsdividende im Juli auf 0,68 US-Dollar, und seine Aktien werfen 6,1% ab, verglichen mit 6,7% bei Healthpeak Properties.
Healthpeak schüttete im Geschäftsjahr 2025 72% seines AFFO aus, Omega 91%; für das Geschäftsjahr 2026 werden 78% bzw. 87% erwartet.
Omega hat deutlich weniger Schulden, während Healthpeak seine Dividende seit dem Geschäftsjahr 2016 zweimal gekürzt hat.
Healthpeak notiert mit dem 12,2-fachen des erwarteten AFFO, unter seinem Fünfjahresdurchschnitt von 14,7x.

Omega Healthcare Investors (OHI) erhöhte seine Quartalsdividende am 23. Juli auf 0,68 US-Dollar pro Aktie, von zuvor 0,67 US-Dollar. Es ist ein kleiner Schritt, aber er beendet sechs aufeinanderfolgende Geschäftsjahre (2020 bis 2025) mit derselben Dividende von 2,68 US-Dollar pro Aktie.

Für Einkommensinvestoren, die in Healthcare-Immobilien eine Rendite über 6% suchen, ist Healthpeak Properties (DOC) die naheliegende Alternative. Seine monatliche Dividende wirft 6,7% ab, und das Unternehmen erhöhte am 4. August seine Prognose für das Gesamtjahr.

Beide sind REITs, daher werde ich sie anhand ihrer AFFO-Ausschüttungsquote beurteilen. Welche ist die bessere Dividendenaktie mit hoher Rendite?

Kennzahl	Omega Healthcare (OHI)	Healthpeak (DOC)
Dividendenrendite	6,1%	6,7%
Aktuelle Dividende	2,72 US-Dollar p.a., quartalsweise	1,22 US-Dollar p.a., monatlich
Dividendenwachstum, GJ 2020–2025	0,0% p.a.	-3,8% p.a.
AFFO-Ausschüttungsquote, GJ 2025	91%	72%
AFFO-Ausschüttungsquote, GJ 2026 (Konsens)	87%	78%
Nettoverschuldung/EBITDA (LTM)	3,5x	5,44x
Zinsdeckungsgrad, EBIT/Zinsen (LTM)	3,89x	1,49x

Quelle: TIKR, Stand 9. Oktober 2026

Omegas Erhöhung steht auf dünnem Eis

Omega hat seine Mieterliste umstrukturiert. Das Unternehmen verlegte 20 Ciena-Einrichtungen, bei denen die Deckung mit 0,87x schwach war, zu stärkeren Betreibern und verkaufte im zweiten Quartal 18 CommuniCare-Einrichtungen für 480 Millionen US-Dollar. Es baut Seniorenwohnungen und Pflegeheime im Vereinigten Königreich aus, und der Nettomietertrag (NOI) stieg im Q2 2026 auf 331 Millionen US-Dollar von 281 Millionen US-Dollar im Q2 2025. Am 5. Oktober teilte das Unternehmen mit, es habe 32 Pflegeeinrichtungen in Florida an die PACS Group verlegt, wobei die Miete im ersten Jahr um 26,1 Millionen US-Dollar steigen soll.

Das Management erklärte, der Vorstand habe die Dividende aufgrund verbesserter Deckung und einer kürzeren Beobachtungsliste erhöht. Der Puffer ist jedoch nach wie vor dünn. Das AFFO sank von 3,14 US-Dollar pro Aktie im Geschäftsjahr 2021 auf 2,62 US-Dollar im Geschäftsjahr 2023, als die Dividende 102% davon auffraß, bevor es sich im Geschäftsjahr 2025 auf 2,96 US-Dollar erholte, was einer knappen Ausschüttungsquote von 91% entspricht.

Balkendiagramm von TIKR: Dividenden pro Aktie vs. bereinigter FFO (AFFO) pro Aktie von Omega Healthcare Investors, US-Dollar pro Aktie, Geschäftsjahre 2016–2025. — Omega Healthcare Investors (OHI): Dividenden pro Aktie vs. bereinigter FFO (AFFO) pro Aktie, US-Dollar pro Aktie, Geschäftsjahre 2016–2025 (**TIKR**)

Der Konsens erwartet für das Geschäftsjahr 2026 etwas mehr Spielraum, bei 87%.

Das Hauptrisiko sind seine Betreiber. Genesis befindet sich in Chapter 11, zahlt aber weiterhin seine volle Miete von 13,3 Millionen US-Dollar pro Quartal. Und der Umzug nach Florida war mit einer einmaligen Belastung von etwa 90 Millionen US-Dollar verbunden, die Omega nicht erläuterte.

Healthpeak hat mehr Spielraum und mehr Schulden

Während Omegas Puffer dünn ist, ist der von Healthpeak der größte seit einem Jahrzehnt. Erreicht hat er ihn auf die harte Tour: Healthpeak kürzte seine Dividende von 2,10 US-Dollar pro Aktie im Geschäftsjahr 2016 auf 1,48 US-Dollar im Geschäftsjahr 2017 und erneut auf 1,20 US-Dollar im Geschäftsjahr 2021. Seitdem stieg das AFFO von 1,35 US-Dollar pro Aktie im Geschäftsjahr 2021 auf 1,69 US-Dollar im Geschäftsjahr 2025, während die Dividende sich kaum bewegte, wodurch die Ausschüttungsquote von 89% auf komfortable 72% sank.

Balkendiagramm von TIKR: Dividenden pro Aktie vs. bereinigter FFO (AFFO) pro Aktie von Healthpeak Properties, US-Dollar pro Aktie, Geschäftsjahre 2016–2025. — Healthpeak Properties (DOC): Dividenden pro Aktie vs. bereinigter FFO (AFFO) pro Aktie, US-Dollar pro Aktie, Geschäftsjahre 2016–2025 (**TIKR**)

Der Konsens erwartet, dass das AFFO von 1,69 US-Dollar im Geschäftsjahr 2025 auf 1,57 US-Dollar im Geschäftsjahr 2026 sinkt. Selbst dann würde die Dividende mit gut gedeckten 78% ausgeschüttet.

Das Geschäft hat Schwung. Janus Living, der Seniorenwohnungsbereich, steigerte seinen Umsatz im Q2 2026 gegenüber dem Q2 2025 um 45%, und die Laborbelegung stieg im Vergleich zum ersten Quartal um 80 Basispunkte auf 78,5%. Der Nettomietertrag (NOI) in bestehenden Laboren sank im Q2 2026 im Vergleich zum Vorjahreszeitraum jedoch um 3,2%.

Das Risiko sind die Schulden: 5,44x EBITDA gegenüber 3,5x bei Omega, wobei der EBIT die Zinsen mit einem schwachen 1,49x deckt. CEO Scott Brinker scheint zuzustimmen, dass dies wichtig ist, und sagte im Q2-Call: "Dies ist nicht die richtige Umgebung für eine erhöhte Verschuldung."

Welche Dividende gewinnt also?

Healthpeak ist die bessere Dividendenaktie mit hoher Rendite. Sie zahlt die höhere Rendite und deckt sie mit deutlich mehr Spielraum: 72% des AFFO im Geschäftsjahr 2025 und erwartete 78% für das Geschäftsjahr 2026, gegenüber 91% bzw. 87% bei Omega. Das AFFO wird nach Zinsen berechnet, daher ist dieser Puffer das, was nach Zahlung an die Gläubiger übrig bleibt.

Beim derzeitigen Tempo jeder Dividende (Healthpeak: 1,7% Anstieg im GJ 2025, Omega: kein Anstieg) zahlt eine Investition von 10.000 US-Dollar in Healthpeak heute 670 US-Dollar pro Jahr und in 10 Jahren etwa 777 US-Dollar, gegenüber konstanten 610 US-Dollar von Omega. Die Fünfjahresrate von Healthpeak von -3,8% p.a. stammt aus der Kürzung von 2021. Bei dieser Rate würde das Einkommen aus Omega bis 2029 höher sein.

Und man zahlt keinen Aufpreis für den zusätzlichen Spielraum. Healthpeak notiert mit dem 12,2-fachen des erwarteten AFFO, unter seinem Fünfjahresdurchschnitt von 14,7x und weit entfernt von seinem Höchststand von 25,7x im Oktober 2021, aber über dem Tiefststand von 9,9x im Dezember 2025.

Liniendiagramm von TIKR: Kurs/AFFO (NTM) von Healthpeak Properties, letzte 5 Jahre. — Healthpeak Properties (DOC): Kurs/AFFO (NTM), letzte 5 Jahre (**TIKR**)

Das soll nicht heißen, dass Omegas Dividende in Gefahr ist. Sie ist in keinem Geschäftsjahr seit 2016 gefallen, wurde gerade erhöht, und die Bilanz von Omega ist deutlich stärker. Es ist nur so, dass ich lieber die Dividende mit Spielraum nach oben besitzen würde als eine, die vier Jahre in Folge mehr als 90% ihres AFFO ausgeschüttet hat.

Natürlich muss Healthpeaks Laborgeschäft noch die Wende schaffen. Beobachten Sie, ob die Laborbelegung bei der Veröffentlichung der Zahlen für das dritte Quartal weiter von 78,5% steigt.

Was ist die Healthpeak-Aktie also wirklich wert?

Mit TIKR können Sie den zukünftigen Kurs jeder Aktie in weniger als einer Minute prognostizieren. Geben Sie einfach ein paar Annahmen in das Bewertungsmodell von TIKR ein und sehen Sie, was Healthpeak wert sein könnte. Gehen Sie von den Konsensschätzungen der Wall Street aus oder passen Sie die Eingaben an, um Ihre eigene Sicht auf das Geschäft widerzuspiegeln. Die Nutzung ist kostenlos.

Healthpeak kostenlos bewerten

Haftungsausschluss:

Bitte beachten Sie, dass die Artikel auf TIKR nicht als Anlage- oder Finanzberatung von TIKR oder unserem Content-Team gedacht sind und auch keine Empfehlungen zum Kauf oder Verkauf von Aktien darstellen. Wir erstellen unsere Inhalte auf der Grundlage der Anlagedaten des TIKR Terminals und der Schätzungen von Analysten. Unsere Analyse umfasst möglicherweise keine aktuellen Unternehmensnachrichten oder wichtige Updates. TIKR hat keine Position in den genannten Aktien. Vielen Dank fürs Lesen und frohes Investieren!

Inhaltsübersicht

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Hock Tan sagt, dass Wafer und Speicher nicht länger Broadcoms größtes KI-Problem sind. Kapital ist es, und Broadcom leiht bereits Milliarden, um es zu lösen.