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DOCHealthpeak Properties

Real estate · REIT · NYSE

Healthpeak Properties, Inc. is a Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). 10-K, Item 1

DOC quote by TradingView
Headquarters
Denver, CO
CEO
Scott M. Brinker
Next results
around Feb 1, 2027
Compare with peers → Embed
All key numbers (33, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.54Sales (ttm)3.1BNet income (ttm)377.7MSales growth+4.5%EPS growth-72.2%Sales Q/Q+16.3%
Free cash flow375.6MGross margin-Oper. margin-Net margin12.3%FCF margin12.3%ROE4.8%
ROA1.7%R&D / sales-Dividend1.22Debt/Eq1.19Curr. ratio-Cash514.3M
Op. cash flow (ttm)1.3BNet debt8.9BPayout ration/mTax rate3.3%Stock pay / sales0.5%Shares out.689.5M
Shares Y/Y+2.9%Book / share11.41Cash / share0.75Sales / share4.44Asset turnover0.14Sales 3Y CAGR+11.0%
Sales 5Y CAGR+11.4%EPS 3Y CAGR-52.3%EPS 5Y CAGR-33.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +4.5%+23.8% → +4.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

DOC against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
DOCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.5%18th of 29 · median +5.1%
Net margin
12.3%21st of 29 · median 21.7%
Return on equity
4.8%22nd of 27 · median 7.8%
Free cash flow margin
12.3%7th of 12 · median 24.1%
Debt / equity (less is better)
1.1918th of 24 · median 0.84
DOC and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
DOC Healthpeak Properties$3.1B +4.5%-12.3%4.8%12.3%1.19
BXP BXP, Inc.$3.5B +2.2%59.1%8.4%5.8%-0.15
EXR Extra Space Storage$3.5B +3.7%-29.9%8.1%44.7%-
INVH Invitation Homes$2.9B +4.2%-23.5%7.7%-0.99
SBAC SBA Communications$2.9B +5.1%75.7%34.5%-36.9%-
ARE Alexandria Real Estate Equities$2.8B -2.9%--51.8%-9.7%-0.87

From $1.9B of sales to $505.5M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.1BRevenue to Cost of revenue: $773.3MGross profit to Net profit: $505.5MGross profit to Costs, tax, other: $617.4M Revenue: $1.9B Revenue$1.9B +15% Y/Y Gross profit: $1.1B · 59% margin Gross profit$1.1B59% margin Cost of revenue: $773.3M · 41% of revenue Cost of revenue$773.3M41% of revenue Net profit: $505.5M · 27% margin Net profit$505.5M27% margin +22% Y/Y Costs, tax, other: $617.4M · 33% of revenue Costs, tax, other$617.4M33% of revenue

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From $2.1B of sales to $500.4M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $1.2BRevenue to Cost of revenue: $863.0MGross profit to Net profit: $500.4MGross profit to Costs, tax, other: $697.7M Revenue: $2.1B Revenue$2.1B +9% Y/Y Gross profit: $1.2B · 58% margin Gross profit$1.2B58% margin Cost of revenue: $863.0M · 42% of revenue Cost of revenue$863.0M42% of revenue Net profit: $500.4M · 24% margin Net profit$500.4M24% margin −1% Y/Y Costs, tax, other: $697.7M · 34% of revenue Costs, tax, other$697.7M34% of revenue

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From $2.2B of sales to $306.0M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $1.3BRevenue to Cost of revenue: $902.1MGross profit to Net profit: $306.0MGross profit to Costs, tax, other: $972.9M Revenue: $2.2B Revenue$2.2B +6% Y/Y Gross profit: $1.3B · 59% margin Gross profit$1.3B59% margin Cost of revenue: $902.1M · 41% of revenue Cost of revenue$902.1M41% of revenue Net profit: $306.0M · 14% margin Net profit$306.0M14% margin −39% Y/Y Costs, tax, other: $972.9M · 45% of revenue Costs, tax, other$972.9M45% of revenue

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From $2.7B of sales to $243.1M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $1.6BRevenue to Cost of revenue: $1.1BGross profit to Net profit: $243.1MGross profit to Costs, tax, other: $1.4B Revenue: $2.7B Revenue$2.7B +24% Y/Y Gross profit: $1.6B · 60% margin Gross profit$1.6B60% margin Cost of revenue: $1.1B · 40% of revenue Cost of revenue$1.1B40% of revenue Net profit: $243.1M · 9% margin Net profit$243.1M9% margin −21% Y/Y Costs, tax, other: $1.4B · 51% of revenue Costs, tax, other$1.4B51% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median12.3% vs 21.7%
  • !
    Return on equity below 15%4.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 29.5% → 2.5%

Balance sheet

0 of 2
  • !
    Debt larger than equityDebt / equity 1.19 on the latest balance sheet (peer median 0.84)
  • !
    Net debt over 3 years of free cash flow$8.9B net debt, 23.6 years
Debt / equity at each year end, FY2016 to FY2025: 1.64 → 1.31
What the debt is made of ↓

Cash and shareholders

1 of 4
  • !
    Free cash flow positive in 8 of 10 years$357.0M last year
  • !
    Share count up over 5 years+31.1%
  • !
    Dividend per share not up over 5 years$1.48 → $1.22
  • ✓
    Cash from operations above net income$1.3B vs $71.3M
Free cash flow, FY2016 to FY2025: 755.2M → 357.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $9.4B Debt$9.4B Long-term debt: $9.4B · 100% Long-term debt$9.4B · 100% Next 12 months: $1.4B · 14% Next 12 months$1.4B · 14% Year 2: $1.3B · 13% Year 2$1.3B · 13% Year 3: $2.9B · 31% Year 3$2.9B · 31% Year 4: $750.0M · 8% Year 4$750.0M · 8%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $3.8B Not stated $7.2B

Line, as the company names itKindRateFixed or floatingAmount
Senior Unsecured NotesSecured1.54–6.87%not stated$6.9B
Term LoansBank loans–floating$1.6B
Commercial Paper ProgramCommercial paper–floating$1.1B
Commercial PaperCommercial paper–floating$1.1B
Mortgage Debt–3.43–6.58%not stated$349.0M

From the debt note in the 10-K's XBRL (0001628280-26-005044), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 2.8B Net income 71.3M
FY2016 revenue 2.1B · Revenues, 0001628280-19-001407 FY2016 net income 627.7M · NetIncomeLoss, 0001628280-19-001407 2.1B FY2016 FY2017 revenue 1.8B · Revenues, 0001628280-20-001456 FY2017 net income 414.2M · NetIncomeLoss, 0001628280-20-001456 1.8B FY2017 FY2018 revenue 1.2B · Revenues, 0001628280-21-001804 FY2018 net income 1.1B · NetIncomeLoss, 0001628280-21-001804 1.2B FY2018 FY2019 revenue 1.2B · Revenues, 0001628280-22-002117 FY2019 net income 45.5M · NetIncomeLoss, 0001628280-22-002117 1.2B FY2019 FY2020 revenue 1.6B · Revenues, 0001628280-23-002794 FY2020 net income 413.6M · NetIncomeLoss, 0001628280-23-002794 1.6B FY2020 FY2021 revenue 1.9B · Revenues, 0001628280-24-004094 FY2021 net income 505.5M · NetIncomeLoss, 0001628280-24-004094 1.9B FY2021 FY2022 revenue 2.1B · Revenues, 0001628280-25-003748 FY2022 net income 500.4M · NetIncomeLoss, 0001628280-25-003748 2.1B FY2022 FY2023 revenue 2.2B · Revenues, 0001628280-26-005044 FY2023 net income 306.0M · NetIncomeLoss, 0001628280-26-005044 2.2B FY2023 FY2024 revenue 2.7B · Revenues, 0001628280-26-005044 FY2024 net income 243.1M · NetIncomeLoss, 0001628280-26-005044 2.7B FY2024 FY2025 revenue 2.8B · Revenues, 0001628280-26-005044 FY2025 net income 71.3M · NetIncomeLoss, 0001628280-26-005044 2.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

DOC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue2.8B
FY2016: 2.1BFY2017: 1.8BFY2018: 1.2BFY2019: 1.2BFY2020: 1.6BFY2021: 1.9BFY2022: 2.1BFY2023: 2.2BFY2024: 2.7BFY2025: 2.8B FY2017FY2019FY2021FY2023FY2025
Net income71.3M
FY2016: 627.7MFY2017: 414.2MFY2018: 1.1BFY2019: 45.5MFY2020: 413.6MFY2021: 505.5MFY2022: 500.4MFY2023: 306.0MFY2024: 243.1MFY2025: 71.3M FY2017FY2019FY2021FY2023FY2025
Free cash flow357.0M
FY2016: 755.2MFY2017: 375.3MFY2018: 287.8MFY2019: 168.8MFY2020: -30.5MFY2021: 35.5MFY2022: -61.7MFY2023: 181.7MFY2024: 333.7MFY2025: 357.0M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)0.10
FY2016: 1.34FY2017: 0.88FY2018: 2.24FY2019: 0.09FY2020: 0.77FY2021: 0.93FY2022: 0.92FY2023: 0.56FY2024: 0.36FY2025: 0.10 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.22
FY2016: 2.10FY2017: 1.48FY2018: 1.48FY2019: 1.48FY2020: 1.48FY2021: 1.20FY2022: 1.20FY2023: 1.20FY2024: 1.20FY2025: 1.22 FY2017FY2019FY2021FY2023FY2025
Diluted shares696.0M
FY2016: 467.4MFY2017: 468.9MFY2018: 475.4MFY2019: 489.3MFY2020: 531.1MFY2021: 539.2MFY2022: 539.1MFY2023: 547.3MFY2024: 676.2MFY2025: 696.0M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-03

Compared with the 10-K of Feb 4, 2025: new segment Senior Housing; no longer reported: CCRC.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Outpatient Medical 1.3B45.1% +7.5%
Lab 860.0M30.5% -2.4%
Senior Housing 604.0M21.4% +6.2%

10-K 0001628280-26-005044, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.1B1.8B1.2B1.2B1.6B1.9B2.1B2.2B2.7B2.8B
Cost of revenue738.4M666.3M378.7M405.2M782.5M773.3M863.0M902.1M1.1B-
SG&A103.6M88.8M96.7M93.0M93.2M98.3M131.0M95.1M97.2M90.4M
Interest expense464.4M307.7M261.3M217.6M218.3M158.0M172.9M200.3M280.4M305.2M
Pretax income11.4M10.9M-2.6M-8.6M217.7M128.4M507.1M314.9M273.2M284.3M
Income tax4.5M-1.3M-4.4M-5.5M-9.4M-3.3M-4.4M-9.6M4.3M9.3M
Net income627.7M414.2M1.1B45.5M413.6M505.5M500.4M306.0M243.1M71.3M
EPS (diluted)1.340.882.240.090.770.930.920.560.360.10
Diluted shares467.4M468.9M475.4M489.3M531.1M539.2M539.1M547.3M676.2M696.0M
Depreciation & amortization568.1M534.7M404.7M435.2M553.9M684.3M710.6M749.9M1.1B1.1B
Net margin29.5%22.4%89.1%3.7%25.1%26.7%24.3%14.0%9.0%2.5%
Revenue growth--13.2%-35.5%+4.1%+32.6%+15.3%+8.7%+5.8%+23.8%+4.5%
EPS growth--34.3%+155%-96.0%+756%+20.8%-1.1%-39.1%-35.7%-72.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash94.7M55.3M54.0M80.4M44.2M158.3M72.0M117.6M119.8M467.5M
Goodwill42.0M47.0M47.0M17.0M18.0M18.0M18.0M18.0M68.5M68.5M
Total assets15.8B14.1B12.7B14.0B15.9B15.3B15.8B15.7B19.9B20.3B
Total debt9.1B7.8B5.5B6.3B6.6B6.2B6.5B6.9B8.7B9.8B
Total liabilities9.8B8.5B6.2B7.4B8.6B8.1B8.5B8.8B10.9B12.0B
Shareholders' equity5.5B5.3B5.9B6.1B6.7B6.5B6.7B6.4B8.4B7.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.2B847.0M848.7M846.1M758.4M795.2M900.3M956.2M1.1B1.3B
Capital spending458.9M471.8M560.9M677.3M788.9M759.7M962.0M774.6M736.8M894.9M
Free cash flow755.2M375.3M287.8M168.8M-30.5M35.5M-61.7M181.7M333.7M357.0M
Stock-based pay (added back)22.9M14.3M16.6M18.2M17.4M18.2M26.5M14.5M15.5M14.4M
Dividends paid979.5M695.0M696.9M720.1M787.1M650.1M648.0M657.0M794.8M849.1M
Buybacks8.7M4.8M3.4M5.0M10.5M12.8M67.8M6.5M190.7M97.1M
Investing cash flow-429.0M1.2B1.8B-1.4B-1.0B531.0M-876.3M-576.8M-113.8M-1.0B
Financing cash flow-1.1B-2.1B-2.6B647.3M246.4M-1.3B-116.5M-337.3M-941.4M136.1M
Dividend per share2.101.481.481.481.481.201.201.201.201.22

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)22.9M14.3M16.6M18.2M17.4M18.2M26.5M14.5M15.5M14.4M
Stock-based pay / revenue1.1%0.8%1.4%1.5%1.1%1.0%1.3%0.7%0.6%0.5%
Operating lease cash paid-10.7M7.3M8.2M9.9M10.6M12.6M21.5M21.3M20.4M
Right-of-use assets--0167.3M192.3M233.9M237.3M240.2M424.2M412.2M
Operating lease liabilities--0152.4M179.9M204.5M208.5M206.7M307.2M296.3M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on DOC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DOC/export.csv") into a cell.