NYSE : DOC
Healthpeak Properties, Inc. — Financial statements
Real Estate · REIT - Healthcare Facilities · United States
Last price 19.03 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 13.37B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 2.16B | 2.16B | 2.09B | 1.63B | 1.54B | 1.38B |
| Other Revenue | 722.79M | 603.77M | 570.25M | 527.20M | 494.94M | 471.32M |
| Total Revenue | 2.95B | 2.82B | 2.70B | 2.18B | 2.06B | 1.90B |
| Property Expenses | 1.25B | 1.13B | 1.07B | 900.58M | 859.84M | 767.12M |
| Selling, General & Administrative | 100.64M | 100.42M | 106.16M | 103.13M | 99.03M | 106.30M |
| Depreciation & Amortization | 1.10B | 1.06B | 1.06B | 749.90M | 710.57M | 684.29M |
| Provision for Loan Losses | 57.00K | -3.12M | -7.67M | -2.09M | ||
| Total Operating Expenses | 2.45B | 2.29B | 2.24B | 1.76B | 1.67B | 1.56B |
| Operating Income | 502.34M | 533.49M | 459.87M | 425.31M | 391.73M | 338.48M |
| Interest Expense | -336.99M | -305.18M | -280.43M | -200.33M | -172.94M | -157.98M |
| Income (Loss) on Equity Investments | -166.81M | -173.98M | -1.51M | 10.20M | 1.99M | 6.10M |
| Other Non-Operating Income | 17.97M | 1.48M | 10.80M | 3.39M | -14.63M | 8.81M |
| EBT Excluding Unusual Items | 16.51M | 55.81M | 188.72M | 238.57M | 206.15M | 195.41M |
| Merger & Restructuring Charges | -18.00M | -18.00M | -129.00M | -11.00M | ||
| Gain (Loss) on Sale of Investments | 138.34M | 77.55M | ||||
| Gain (Loss) on Sale of Assets | 128.51M | 69.49M | 178.69M | 86.46M | 343.21M | 190.59M |
| Total Insurance Settlements | 4.38M | 3.00M | ||||
| Asset Writedown | 4.53M | 4.02M | -15.31M | 7.69M | -7.00M | -23.16M |
| Other Unusual Items | 4.24M | -1.00M | -29.00M | 418.00K | -26.23M | -228.37M |
| Pretax Income | 278.51M | 110.31M | 271.65M | 325.14M | 509.12M | 134.47M |
| Income Tax Expense | 3.67M | 9.28M | 4.35M | -9.62M | -4.42M | -3.26M |
| Earnings From Continuing Operations | 274.84M | 101.03M | 267.30M | 334.76M | 513.54M | 137.73M |
| Earnings From Discontinued Operations | 2.88M | 385.66M | ||||
| Net Income to Company | 274.84M | 101.03M | 267.30M | 334.76M | 516.42M | 523.39M |
| Minority Interest in Earnings | -31.54M | -29.68M | -24.16M | -28.75M | -15.97M | -17.85M |
| Net Income | 243.30M | 71.35M | 243.14M | 306.01M | 500.45M | 505.54M |
| Preferred Dividends & Other Adjustments | 554.00K | 834.00K | 758.00K | 1.73M | 2.66M | 3.27M |
| Net Income to Common | 242.74M | 70.51M | 242.38M | 304.28M | 497.79M | 502.27M |
| Basic Shares Outstanding | 693.72M | 696.03M | 675.68M | 547.01M | 538.81M | 538.93M |
| Diluted Shares Outstanding | 693.89M | 696.04M | 676.23M | 547.27M | 539.15M | 539.24M |
| EPS (Basic) | 0.35 | 0.10 | 0.36 | 0.56 | 0.92 | 0.93 |
| EPS (Diluted) | 0.34 | 0.10 | 0.36 | 0.56 | 0.92 | 0.93 |
| Dividend Per Share | 1.22 | 1.22 | 1.20 | 1.20 | 1.20 | 1.20 |
| Operating Margin | 17.03% | 18.90% | 17.03% | 19.50% | 19.00% | 17.85% |
| Profit Margin | 8.23% | 2.50% | 8.98% | 13.95% | 24.15% | 26.49% |
| EBITDA | 1.57B | 1.56B | 1.46B | 1.15B | 1.08B | 1.00B |
| EBITDA Margin | 53.25% | 55.12% | 53.92% | 52.78% | 52.43% | 52.96% |
| D&A For Ebitda | 1.07B | 1.02B | 996.31M | 725.89M | 688.93M | 665.69M |
| EBIT | 502.34M | 533.49M | 459.87M | 425.31M | 391.73M | 338.48M |
| EBIT Margin | 17.03% | 18.90% | 17.03% | 19.50% | 19.00% | 17.85% |
| Funds From Operations (FFO) | 1.26B | 1.27B | 1.09B | 985.18M | 895.17M | 604.73M |
| FFO Per Share | 1.61 | 1.79 | 1.66 | 1.12 | ||
| Adjusted Funds From Operations (AFFO) | 1.28B | 1.29B | 1.23B | 978.31M | 940.93M | 870.64M |
| AFFO Per Share | 1.84 | 1.81 | 1.78 | 1.74 | 1.61 | |
| FFO Payout Ratio | 67.00% | 66.91% | 72.73% | 66.69% | 72.39% | 107.50% |
| Effective Tax Rate | 1.32% | 8.42% | 1.60% | |||
| Revenue as Reported | 2.95B | 2.82B | 2.70B | 2.18B | 2.06B | 1.90B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 17.26B | 16.51B | 16.26B | 13.27B | 13.26B | 12.90B |
| Cash & Equivalents | 1.63B | 467.46M | 119.82M | 117.64M | 72.03M | 158.29M |
| Accounts Receivable | 463.13M | 451.33M | 414.81M | 365.82M | 53.44M | 93.40M |
| Investment In Debt and Equity Securities | 32.10M | 17.96M | ||||
| Goodwill | 68.53M | 68.53M | 68.53M | 18.03M | 18.00M | |
| Other Intangible Assets | 717.49M | 654.52M | 817.25M | 314.16M | 418.06M | 519.76M |
| Loans Receivable Current | 261.40M | 606.02M | 655.92M | 218.45M | 374.83M | 415.81M |
| Restricted Cash | 91.86M | 70.25M | 64.49M | 51.39M | 54.80M | 53.45M |
| Other Current Assets | 37.10M | 80.62M | 7.84M | 117.99M | 49.87M | 37.19M |
| Trading Asset Securities | 14.09M | 5.63M | 35.12M | 21.36M | 30.26M | 397.00K |
| Deferred Long-Term Tax Assets | 122.32M | 222.50M | 230.35M | 113.59M | 98.98M | 92.98M |
| Deferred Long-Term Charges | 234.00M | 239.00M | 204.00M | 172.00M | ||
| Other Long-Term Assets | 752.47M | 940.92M | 1.06B | 919.92M | 1.34B | 984.87M |
| Total Assets | 21.68B | 20.34B | 19.94B | 15.70B | 15.77B | 15.26B |
| Current Portion of Long-Term Debt | 750.45M | 995.00M | ||||
| Current Portion of Leases | 21.05M | |||||
| Long-Term Debt | 9.28B | 8.85B | 8.72B | 6.88B | 6.50B | 6.17B |
| Long-Term Leases | 288.19M | 275.21M | 307.22M | 206.74M | 208.51M | 204.55M |
| Accounts Payable | 250.09M | 263.64M | 271.97M | 240.26M | 265.60M | 227.64M |
| Accrued Expenses | 90.13M | 89.20M | 76.04M | 59.49M | 59.29M | 59.34M |
| Other Current Liabilities | 594.00K | 11.90M | 729.00K | 4.07M | 15.06M | |
| Long-Term Unearned Revenue | 1.03B | 985.31M | 940.14M | 905.63M | 844.08M | 789.21M |
| Other Long-Term Liabilities | 493.93M | 539.37M | 569.21M | 484.83M | 603.79M | 645.64M |
| Total Liabilities | 12.18B | 12.03B | 10.88B | 8.77B | 8.48B | 8.11B |
| Common Stock | 689.47M | 695.04M | 699.49M | 547.16M | 546.64M | 539.10M |
| Additional Paid-In Capital | 13.27B | 12.77B | 12.85B | 10.41B | 10.35B | 10.10B |
| Distributions in Excess of Earnings | -6.13B | -5.95B | -5.17B | -4.62B | -4.27B | -4.12B |
| Comprehensive Income & Other | 10.53M | -9.94M | 28.82M | 19.37M | 28.13M | -3.15M |
| Total Common Equity | 7.84B | 7.50B | 8.40B | 6.35B | 6.65B | 6.52B |
| Minority Interest | 1.65B | 802.36M | 656.35M | 574.42M | 633.58M | 630.63M |
| Shareholders' Equity | 9.50B | 8.30B | 9.06B | 6.92B | 7.29B | 7.15B |
| Total Liabilities & Equity | 21.68B | 20.34B | 19.94B | 15.70B | 15.77B | 15.26B |
| Total Debt | 10.32B | 10.14B | 9.02B | 7.08B | 6.71B | 6.37B |
| Net Cash (Debt) | -8.68B | -9.67B | -8.87B | -6.94B | -6.60B | -6.22B |
| Net Cash Per Share | -12.51 | -13.89 | -13.11 | -12.69 | -12.25 | -11.53 |
| Filing Date Shares Outstanding | 689.53M | 695.04M | 699.56M | 547.17M | 546.78M | 539.30M |
| Total Common Shares Outstanding | 689.47M | 695.04M | 699.49M | 547.16M | 546.64M | 539.10M |
| Book Value Per Share | 11.38 | 10.79 | 12.01 | 11.61 | 12.17 | 12.09 |
| Tangible Book Value | 7.06B | 6.78B | 7.52B | 6.02B | 6.22B | 6.00B |
| Tangible Book Value Per Share | 10.24 | 9.75 | 10.74 | 11.00 | 11.38 | 11.12 |
| Land | 3.23B | 3.01B | 2.92B | 2.65B | 2.67B | 2.60B |
| Buildings | 17.21B | 16.59B | 16.12B | 13.33B | 12.78B | 12.03B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 243.30M | 71.35M | 243.14M | 306.01M | 500.45M | 505.54M |
| Depreciation & Amortization | 1.07B | 1.02B | 996.31M | 725.89M | 688.93M | 665.69M |
| Other Amortization | 33.44M | 31.91M | 28.97M | 11.92M | 10.88M | 9.22M |
| Gain (Loss) on Sale of Assets | -128.51M | -69.49M | -178.69M | -86.46M | -33.12M | -605.31M |
| Gain (Loss) on Sale of Investments | -138.34M | -77.55M | -234.00K | -311.44M | -1.04M | |
| Asset Writedown | -4.53M | -4.02M | 15.31M | -7.69M | 7.00M | 55.90M |
| Stock-Based Compensation | 22.23M | 14.41M | 15.54M | 14.48M | 26.46M | 18.20M |
| Income (Loss) on Equity Investments | 175.11M | 191.10M | 13.52M | -9.29M | -1.11M | -6.26M |
| Change in Accounts Receivable | -20.02M | -16.27M | -40.86M | -21.57M | -17.43M | 18.63M |
| Change in Accounts Payable | -86.32M | -25.29M | -28.64M | -40.73M | 136.29M | 7.77M |
| Other Operating Activities | -156.83M | -114.54M | -38.50M | -83.41M | -106.66M | 126.92M |
| Operating Cash Flow | 1.23B | 1.25B | 1.07B | 956.24M | 900.26M | 795.25M |
| Acquisition of Real Estate Assets | -1.88B | -1.38B | -720.07M | -860.65M | -1.15B | -2.21B |
| Sale of Real Estate Assets | 479.60M | 337.72M | 648.55M | 141.65M | 47.88M | 2.40B |
| Net Sale / Acq. of Real Estate Assets | -1.40B | -1.05B | -71.52M | -719.00M | -1.10B | 194.06M |
| Cash Acquisition | -179.22M | |||||
| Investment in Marketable & Equity Securities | -138.94M | -58.27M | 86.97M | -67.75M | 117.36M | 12.38M |
| Other Investing Activities | 32.34M | 20.04M | 8.71M | 24.98M | 1.45M | |
| Investing Cash Flow | -1.10B | -1.03B | -113.80M | -576.75M | -876.34M | 531.03M |
| Long-Term Debt Issued | 13.11B | 4.49B | 11.09B | 16.38B | 17.91B | |
| Total Debt Issued | 19.62B | 13.11B | 4.49B | 11.09B | 16.38B | 17.91B |
| Long-Term Debt Repaid | -12.00B | -4.34B | -10.71B | -16.06B | -18.21B | |
| Total Debt Repaid | -18.65B | -12.00B | -4.34B | -10.71B | -16.06B | -18.21B |
| Net Debt Issued (Repaid) | 967.35M | 1.11B | 153.22M | 378.08M | 324.58M | -301.01M |
| Issuance of Common Stock | 1.71M | 1.15M | 317.00K | 278.00K | 308.10M | 5.04M |
| Repurchase of Common Stock | -101.67M | -97.14M | -190.69M | -6.52M | -67.84M | -12.84M |
| Common Dividends Paid | -845.99M | -849.10M | -794.78M | -657.02M | -648.05M | -650.08M |
| Other Financing Activities | 1.40B | -27.47M | -109.48M | -52.12M | -33.33M | -329.62M |
| Net Cash Flow | 1.56B | 353.40M | 15.28M | 42.19M | -92.61M | 37.76M |
| Levered Free Cash Flow | 1.65B | 1.16B | 827.78M | 644.23M | 958.39M | 2.72B |
| Unlevered Free Cash Flow | 1.82B | 1.32B | 974.07M | 757.52M | 1.06B | 2.81B |
| Cash Interest Paid | 292.53M | 260.11M | 249.47M | 188.21M | 162.12M | 173.04M |
| Cash Income Tax Paid | 5.76M | 3.41M | 7.86M | 1.92M | -1.90M | 4.52M |
| Change in Working Capital | 116.79M | 105.75M | 44.77M | 82.94M | 118.86M | 26.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.37B | 11.17B | 14.18B | 10.83B | 13.48B | 19.46B |
| Enterprise Value | 22.05B | 21.18B | 23.54B | 18.17B | 20.78B | 25.65B |
| Last Close Price | 19.03 | 15.24 | 17.96 | 16.51 | 19.75 | 27.25 |
| Price/FFO Ratio | 11.16 | 9.22 | 11.90 | 24.33 | ||
| Price/AFFO Ratio | 11.42 | 9.92 | 9.28 | 11.35 | 16.93 | |
| PE Ratio | 55.22 | 158.48 | 58.49 | 35.60 | 27.07 | 38.73 |
| PS Ratio | 4.53 | 3.96 | 5.25 | 4.97 | 6.54 | 10.26 |
| PB Ratio | 1.67 | 1.35 | 1.56 | 1.56 | 1.85 | 2.72 |
| P/OCF Ratio | 10.86 | 8.93 | 13.24 | 11.33 | 14.97 | 24.46 |
| EV/Sales Ratio | 7.47 | 7.50 | 8.72 | 8.33 | 10.08 | 13.53 |
| EV/EBITDA Ratio | 14.04 | 13.61 | 16.16 | 15.79 | 19.23 | 25.55 |
| EV/EBIT Ratio | 43.89 | 39.70 | 51.18 | 42.73 | 53.05 | 75.79 |
| Debt / Equity Ratio | 1.09 | 1.22 | 1.00 | 1.02 | 0.92 | 0.89 |
| Debt / EBITDA Ratio | 6.47 | 6.42 | 6.10 | 6.06 | 6.11 | 6.26 |
| Net Debt / Equity Ratio | 0.91 | 1.17 | 0.98 | 1.00 | 0.91 | 0.87 |
| Net Debt / EBITDA Ratio | 5.53 | 6.22 | 6.09 | 6.03 | 6.11 | 6.19 |
| Asset Turnover | 0.14 | 0.14 | 0.15 | 0.14 | 0.13 | 0.12 |
| Quick Ratio | 1.93 | 0.67 | 1.64 | 1.68 | 0.47 | 0.83 |
| Current Ratio | 2.29 | 1.22 | 3.73 | 2.97 | 1.93 | 2.51 |
| Return on Equity (ROE) | 3.04% | 1.16% | 3.35% | 4.71% | 7.12% | 1.90% |
| Return on Assets (ROA) | 1.51% | 1.66% | 1.61% | 1.69% | 1.58% | 1.36% |
| Return on Invested Capital (ROIC) | 2.50% | 2.67% | 2.82% | 3.04% | 2.85% | 2.48% |
| Earnings Yield | 1.81% | 0.64% | 1.71% | 2.83% | 3.71% | 2.60% |
| Dividend Yield | 6.41% | 7.59% | 5.92% | 6.06% | 4.87% | 3.33% |
| Payout Ratio | 354.02% | 1,190.09% | 326.88% | 214.71% | 129.49% | 128.59% |
| Buyback Yield / Dilution | 0.69% | -2.93% | -23.56% | -1.51% | 0.02% | -1.54% |
| Total Shareholder Return | 7.11% | 4.66% | -17.64% | 4.55% | 4.88% | 1.78% |