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

Headquarters: Denver, CO
CEO: Scott M. Brinker
Next results: around Feb 1, 2027

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DOC and 9 peers, year by year

The 9 Real estate companies closest to DOC in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
DOC Healthpeak Properties	FY2025	$2.8B	+6.2%	-	-	2.5%	12.6%	1.0%	1.31
INVH Invitation Homes	FY2025	$2.7B	+4.2%	-	-	21.5%	-	6.2%	0.88
SBAC SBA Communications	FY2025	$2.8B	+59.9%	75.5%	47.7%	37.4%	37.9%	n/m	n/m
ARE Alexandria Real Estate Equities	FY2025	$3.0B	−2.9%	-	-	−47.2%	-	−9.2%	0.80
EXR Extra Space Storage	FY2025	$3.4B	+7.1%	-	41.8%	28.8%	38.1%	7.3%	-
BXP BXP, Inc.	FY2025	$3.5B	+2.2%	59.1%	-	7.9%	-	5.4%	0.15
CSGP CoStar Group	FY2025	$3.2B	+18.7%	78.9%	−2.2%	0.2%	3.8%	0.1%	0.02
MAA Mid-America Apartment Communities	FY2025	$2.2B	+0.8%	-	-	20.2%	-	7.9%	-
KIM Kimco Realty	FY2025	$2.1B	+5.1%	-	36.0%	27.3%	51.5%	5.6%	0.74
CCI Crown Castle	FY2025	$4.3B	+12.0%	-	48.7%	10.4%	67.4%	n/m	n/m

Revenuepeer median $3.0B

Sales growthpeer median +5.1%

Gross marginpeer median 75.5%

CSGP 78.9%
SBAC 75.5%
BXP 59.1%
DOC -
INVH -
ARE -
EXR -
MAA -
KIM -
CCI -

Operating marginpeer median 41.8%

CCI 48.7%
SBAC 47.7%
EXR 41.8%
KIM 36.0%
CSGP −2.2%
DOC -
INVH -
ARE -
BXP -
MAA -

Net marginpeer median 20.2%

FCF marginpeer median 38.1%

CCI 67.4%
KIM 51.5%
EXR 38.1%
SBAC 37.9%
DOC 12.6%
CSGP 3.8%
INVH -
ARE -
BXP -
MAA -

Return on equitypeer median 5.6%

Debt / equitypeer median 0.74

DOC 1.31
INVH 0.88
ARE 0.80
KIM 0.74
BXP 0.15
CSGP 0.02
SBAC n/m
EXR -
MAA -
CCI n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	$2.1B	$1.8B	$1.2B	$1.2B	$1.6B	$1.9B	$2.1B	$2.2B	$2.7B	$2.8B
INVH Dec	$922.6M	$1.1B	$1.7B	$1.8B	$1.8B	$2.0B	$2.2B	$2.4B	$2.6B	$2.7B
SBAC Dec	$1.6B	$1.7B	$1.9B	$2.0B	$2.1B	$2.3B	$2.6B	$2.7B	$2.7B	$2.8B
ARE Dec	$921.7M	$1.1B	$1.3B	$1.5B	$1.9B	$2.1B	$2.6B	$2.9B	$3.1B	$3.0B
EXR Dec	$991.9M	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
BXP Dec	$2.6B	$2.6B	$2.7B	$3.0B	$2.8B	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B
CSGP Dec	$837.6M	$965.2M	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B	$2.5B	$2.7B	$3.2B
MAA Dec	-	$1.5B	$1.6B	$1.6B	$1.7B	$1.8B	$2.0B	$2.1B	$2.2B	$2.2B
KIM Dec	$1.2B	$1.2B	$1.2B	$1.2B	$1.1B	$1.4B	$1.7B	$1.8B	$2.0B	$2.1B
CCI Dec	$3.9B	$4.4B	$5.4B	$5.8B	$5.8B	$6.3B	$7.0B	$4.7B	$4.5B	$4.3B
Peer median	$1.1B	$1.2B	$1.6B	$1.6B	$1.8B	$2.0B	$2.2B	$2.6B	$2.7B	$3.0B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	+9.7%	−13.2%	+3.9%	+0.1%	+202%	+8.0%	+5.0%	+6.6%	+7.8%	+6.2%
INVH Dec	−25.1%	+14.3%	+63.4%	+2.4%	+3.3%	+9.5%	+12.1%	+8.7%	+7.7%	+4.2%
SBAC Dec	−0.3%	+5.8%	+19.9%	+22.8%	−16.3%	+59.1%	+45.0%	−34.4%	−21.5%	+59.9%
ARE Dec	-	+22.4%	+17.7%	+15.4%	+23.1%	+12.1%	+22.5%	+11.5%	+8.0%	−2.9%
EXR Dec	+26.8%	−1.2%	+6.0%	+19.5%	+4.5%	+27.1%	+26.6%	+21.6%	+18.5%	+7.1%
BXP Dec	+2.4%	+2.0%	+4.4%	+9.0%	−6.6%	+4.4%	+7.6%	+5.3%	+4.1%	+2.2%
CSGP Dec	+17.7%	+15.2%	+23.5%	+17.4%	+18.5%	+17.2%	+12.3%	+12.5%	+11.4%	+18.7%
MAA Dec	-	-	+2.8%	+4.4%	+2.3%	+6.0%	+13.6%	+6.4%	+2.0%	+0.8%
KIM Dec	+0.3%	+2.6%	−3.0%	−0.5%	−8.7%	+29.0%	+26.6%	+3.2%	+14.2%	+5.1%
CCI Dec	+7.0%	−0.1%	+10.2%	+16.7%	−22.4%	+19.4%	+12.2%	−35.6%	−54.4%	+12.0%
Peer median	+2.4%	+4.2%	+10.2%	+15.4%	+2.3%	+17.2%	+13.6%	+6.4%	+7.7%	+5.1%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	-	-	-	-	-	-	-	-	-	-
INVH Dec	-	-	-	-	-	-	-	-	-	-
SBAC Dec	74.2%	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%
ARE Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	-	-	-	-	-
BXP Dec	-	61.7%	60.7%	61.7%	61.3%	62.8%	62.1%	61.1%	59.9%	59.1%
CSGP Dec	79.2%	77.2%	77.4%	79.3%	81.4%	81.6%	81.0%	80.0%	79.6%	78.9%
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	-	-	-	-	-	-	-	-	-	-
CCI Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	-	-	-	-	-	-	-	-	-	-
INVH Dec	20.7%	11.2%	-	-	-	-	-	-	-	-
SBAC Dec	23.7%	26.5%	29.2%	29.0%	30.4%	33.9%	35.1%	34.1%	53.6%	47.7%
ARE Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	46.2%	59.2%	51.8%	48.5%	49.1%	61.9%	54.6%	45.7%	40.6%	41.8%
BXP Dec	32.4%	34.9%	-	-	-	-	-	-	-	-
CSGP Dec	17.3%	18.0%	23.0%	26.0%	17.4%	22.2%	20.7%	11.5%	0.2%	−2.2%
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	33.6%	35.9%	50.0%	41.2%	31.4%	31.1%	32.7%	35.8%	30.9%	36.0%
CCI Dec	24.2%	22.2%	25.8%	27.1%	31.9%	31.6%	34.7%	44.3%	47.5%	48.7%
Peer median	24.2%	26.5%	29.2%	29.0%	31.4%	31.6%	34.7%	35.8%	40.6%	41.8%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	29.5%	22.4%	89.1%	3.7%	25.1%	26.7%	24.3%	14.0%	9.0%	2.5%
INVH Dec	−8.5%	−10.0%	−0.3%	8.2%	10.8%	13.1%	17.1%	21.4%	17.3%	21.5%
SBAC Dec	4.7%	6.0%	2.5%	7.3%	1.2%	10.3%	17.5%	18.5%	28.0%	37.4%
ARE Dec	−7.1%	15.0%	28.6%	23.7%	40.9%	27.0%	20.1%	3.6%	10.4%	−47.2%
EXR Dec	36.9%	43.3%	34.7%	32.1%	35.5%	52.5%	44.7%	31.4%	26.2%	28.8%
BXP Dec	20.1%	17.8%	21.5%	17.6%	31.6%	17.5%	27.3%	5.8%	0.4%	7.9%
CSGP Dec	10.2%	12.7%	20.0%	22.5%	13.7%	15.1%	16.9%	15.3%	5.1%	0.2%
MAA Dec	-	21.5%	14.2%	21.6%	15.2%	30.0%	31.6%	25.7%	24.1%	20.2%
KIM Dec	32.4%	35.5%	42.7%	35.4%	94.6%	61.9%	7.3%	36.7%	20.2%	27.3%
CCI Dec	9.1%	10.2%	9.5%	13.0%	17.1%	17.3%	24.0%	31.7%	−87.5%	10.4%
Peer median	9.6%	15.0%	20.0%	21.6%	17.1%	17.5%	20.1%	21.4%	17.3%	20.2%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	$755.2M	$375.3M	$287.8M	$168.8M	−$30.5M	$35.5M	−$61.7M	$181.7M	$333.7M	$357.0M
INVH Dec	$252.2M	$258.9M	$557.2M	-	-	-	-	-	-	-
SBAC Dec	$602.5M	$671.4M	$700.8M	$815.8M	$997.5M	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B
ARE Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	-	$44.9M	$1.3B	$1.4B	$1.3B
BXP Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	$181.9M	$210.2M	$305.8M	$457.8M	$486.1M	$346.0M	$443.5M	$372.0M	−$186.0M	$123.0M
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	-	-	-	-	-	-	-	-	-	$1.1B
CCI Dec	$913.0M	$3.2B	$761.0M	$641.0M	$1.4B	$1.6B	$1.6B	$2.9B	$2.8B	$2.9B
Peer median	$427.4M	$465.2M	$629.0M	$641.0M	$997.5M	$1.1B	$757.4M	$1.3B	$1.3B	$1.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	35.5%	20.3%	24.2%	13.6%	−1.9%	1.9%	−3.0%	8.3%	12.4%	12.6%
INVH Dec	27.3%	24.6%	32.3%	-	-	-	-	-	-	-
SBAC Dec	36.9%	38.9%	37.6%	40.5%	47.9%	45.7%	40.7%	48.2%	41.3%	37.9%
ARE Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	-	2.3%	49.5%	43.2%	38.1%
BXP Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	21.7%	21.8%	25.7%	32.7%	29.3%	17.8%	20.3%	15.2%	−6.8%	3.8%
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	-	-	-	-	-	-	-	-	-	51.5%
CCI Dec	23.3%	74.6%	14.2%	11.1%	24.5%	24.6%	22.4%	60.9%	62.0%	67.4%
Peer median	25.3%	31.7%	29.0%	32.7%	29.3%	24.6%	21.4%	48.9%	42.3%	38.1%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	11.3%	7.8%	17.9%	0.7%	6.1%	7.8%	7.5%	4.8%	2.9%	1.0%
INVH Dec	−4.0%	−1.2%	−0.1%	1.8%	2.3%	2.7%	3.7%	5.1%	4.7%	6.2%
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ARE Dec	−1.3%	2.8%	5.2%	4.1%	6.6%	3.5%	2.7%	0.6%	1.8%	−9.2%
EXR Dec	16.3%	20.4%	17.2%	16.5%	18.9%	26.6%	26.4%	5.6%	6.1%	7.3%
BXP Dec	8.9%	8.0%	9.9%	9.2%	14.6%	8.7%	13.8%	3.2%	0.3%	5.4%
CSGP Dec	5.1%	4.6%	7.9%	9.2%	4.2%	5.1%	5.4%	5.1%	1.8%	0.1%
MAA Dec	-	5.0%	3.6%	5.8%	4.3%	8.9%	10.6%	9.1%	8.9%	7.9%
KIM Dec	7.2%	7.9%	9.3%	8.4%	17.8%	8.5%	1.3%	6.9%	3.9%	5.6%
CCI Dec	4.9%	3.7%	4.4%	7.1%	10.6%	13.3%	22.5%	23.5%	n/m	n/m
Peer median	5.1%	4.8%	6.5%	7.8%	8.6%	8.6%	8.0%	5.3%	3.9%	5.6%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	1.64	1.47	0.92	1.04	0.98	0.95	0.98	1.08	1.04	1.31
INVH Dec	-	1.14	1.12	1.03	0.94	0.82	0.75	0.84	0.84	0.88
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ARE Dec	0.85	0.80	0.75	0.76	0.65	0.54	0.54	0.61	0.68	0.80
EXR Dec	-	0.26	-	-	-	-	-	-	0.04	-
BXP Dec	0.35	0.52	0.51	0.52	0.49	0.57	-	0.00	0.09	0.15
CSGP Dec	0.20	0.00	0.00	0.00	0.19	0.18	0.15	0.14	0.13	0.02
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	0.75	0.85	0.82	0.99	0.90	0.71	0.71	0.76	0.75	0.74
CCI Dec	1.70	1.36	1.45	1.74	2.05	2.51	3.03	3.72	n/m	n/m
Peer median	0.75	0.80	0.78	0.88	0.77	0.64	0.71	0.69	0.41	0.74

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DOC Dec	$1.34	$0.88	$2.24	$0.09	$0.77	$0.93	$0.92	$0.56	$0.36	$0.10
INVH Dec	-	-	−$0.01	$0.27	$0.35	$0.45	$0.63	$0.85	$0.74	$0.96
SBAC Dec	$0.61	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94	$9.80
ARE Dec	−$1.99	$1.58	$3.52	$3.12	$6.01	$3.82	$3.18	$0.54	$1.80	−$8.44
EXR Dec	$2.91	$3.76	$3.27	$3.24	$3.71	$6.19	$6.41	$4.74	$4.03	$4.59
BXP Dec	$3.26	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09	$1.74
CSGP Dec	$0.26	$0.37	$0.65	$0.86	$0.59	$0.74	$0.93	$0.92	$0.34	$0.02
MAA Dec	-	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49	$3.78
KIM Dec	$0.79	$0.87	$1.02	-	-	-	-	-	-	-
CCI Dec	$0.95	$0.80	$1.23	$1.79	$2.35	$2.53	$3.86	$3.46	−$8.98	$1.01
Peer median	$0.79	$1.23	$1.23	$2.43	$2.27	$2.85	$4.04	$2.33	$1.27	$1.38

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out DOC and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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