Healthpeak Properties
DOC · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Healthpeak Properties reported revenue of $604M in the fiscal year ended Dec 2025, up 6.2% from the year before. Net income was $71M. Operating cash flow of $1.3B less capital expenditure of $895M left free cash flow of $357M. Net debt was $9.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $471M | $495M | $527M | $568M | $604M |
| Cost of revenue | $773M | $863M | $902M | $1.1B | – |
| Gross profit | −$302M | −$368M | −$375M | −$506M | – |
| Interest expense | $158M | $173M | $200M | $280M | $305M |
| Pre-tax income | $128M | $507M | $315M | $273M | $284M |
| Income tax | −$3M | −$4M | −$10M | $4M | $9M |
| Net income | $506M | $500M | $306M | $243M | $71M |
| Diluted EPS | 0.93 | 0.92 | 0.56 | 0.36 | 0.10 |
| Diluted shares | 539M | 539M | 547M | 676M | 696M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $158M | $72M | $118M | $120M | $467M |
| Goodwill | $18M | $18M | $18M | $69M | $69M |
| Total assets | $15.3B | $15.8B | $15.7B | $19.9B | $20.3B |
| Deferred revenue | $789M | $844M | $906M | $940M | $985M |
| Long-term debt | $6.2B | $6.5B | $6.9B | $8.7B | $9.8B |
| Total liabilities | $8.1B | $8.5B | $8.8B | $10.9B | $12B |
| Shareholders' equity | $6.5B | $6.7B | $6.4B | $8.4B | $7.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $795M | $900M | $956M | $1.1B | $1.3B |
| Capital expenditure | $760M | $962M | $775M | $737M | $895M |
| Free cash flow | $36M | −$62M | $182M | $334M | $357M |
| Depreciation & amortisation | $684M | $711M | $750M | $1.1B | $1.1B |
| Stock-based compensation | $18M | $26M | $14M | $16M | $14M |
| Share buybacks | $13M | $68M | $7M | $191M | $97M |
| Dividends paid | $650M | $648M | $657M | $795M | $849M |
| Dividend per share | 1.20 | 1.20 | 1.20 | 1.20 | 1.22 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.0% | 6.6% | 7.8% | 6.2% |
| EPS growth (YoY) | – | −1.1% | −39.1% | −35.7% | −72.2% |
| Gross margin | −64.1% | −74.4% | −71.0% | −89.1% | – |
| Net margin | 107.3% | 101.1% | 58.0% | 42.8% | 11.8% |
| Return on equityBlank when equity is negative | 7.8% | 7.5% | 4.8% | 2.9% | 1.0% |
| Free cash flow margin | 7.5% | −12.5% | 34.4% | 58.7% | 59.1% |
| Cash conversion (CFO ÷ net income) | 1.57x | 1.80x | 3.12x | 4.40x | 17.5x |
| Debt ÷ equity | 0.95x | 0.98x | 1.08x | 1.04x | 1.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6B | $6.4B | $6.8B | $8.6B | $9.4B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.