HEALTHPEAK PROPERTIES, INC. DOC
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."). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT ("UPREIT"). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $604.0M | $568.5M | $527.4M | $494.9M | $471.3M | $436.5M | $144.3M | $144.2M | $524.3M | $2.13B |
| Cost of revenue | — | $1.07B | $902.1M | $863.0M | $773.3M | $782.5M | $405.2M | $378.7M | $666.3M | $738.4M |
| Gross profit | — | -$506.4M | -$374.6M | -$368.1M | -$302.0M | -$346.0M | -$260.9M | -$234.4M | -$142.0M | $1.39B |
| SG&A | $90.4M | $97.2M | $95.1M | $131.0M | $98.3M | $93.2M | $93.0M | $96.7M | $88.8M | $103.6M |
| Total operating expenses | $2.61B | $2.67B | $1.96B | $1.89B | $773.3M | $782.5M | $405.2M | $378.7M | $666.3M | $738.4M |
| Interest expense | $305.2M | $280.4M | $200.3M | $172.9M | $158.0M | $218.3M | $217.6M | $261.3M | $307.7M | $464.4M |
| Pre-tax income | $284.3M | $273.2M | $314.9M | $507.1M | $128.4M | $217.7M | $176.3M | $838.6M | $10.9M | $11.4M |
| Income tax | $9.3M | $4.3M | $9.6M | $4.4M | $3.3M | $9.4M | $5.5M | $4.4M | $1.3M | $4.5M |
| Net income | $71.3M | $243.1M | $306.0M | $500.4M | $505.5M | $413.6M | $45.5M | $1.06B | $414.2M | $627.7M |
| EPS, basic | 0.10 | 0.36 | 0.56 | 0.92 | 0.93 | 0.77 | 0.09 | 2.25 | 0.88 | 1.34 |
| EPS, diluted | 0.10 | 0.36 | 0.56 | 0.92 | 0.93 | 0.77 | 0.09 | 2.24 | 0.88 | 1.34 |
| Shares, diluted (wtd. avg.) | $696.0M | $676.2M | $547.3M | $539.1M | $539.2M | $531.1M | $489.3M | $475.4M | $468.9M | $467.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $467.5M | $119.8M | $117.6M | $72.0M | $158.3M | $44.2M | $80.4M | $54.0M | $82.2M | $137.0M |
| Goodwill | $68.5M | $68.5M | $51.0M | $18.0M | $18.0M | $18.0M | $17.0M | $47.0M | $47.0M | $42.0M |
| Other intangibles | $654.5M | $817.3M | $314.2M | $418.1M | $519.8M | $519.9M | $260.2M | $305.1M | $410.1M | $479.8M |
| Total assets | $20.34B | $19.94B | $15.70B | $15.77B | $15.26B | $15.92B | $14.03B | $12.72B | $14.09B | $15.76B |
| Long-term debt | $9.85B | $8.72B | $6.88B | $6.50B | $6.17B | $6.62B | $6.30B | $5.48B | $7.79B | $9.10B |
| Total liabilities | $12.03B | $10.88B | $8.77B | $8.48B | $8.11B | $8.57B | $7.37B | $6.21B | $8.49B | $9.82B |
| Total equity | $7.50B | $8.40B | $6.88B | $7.18B | $7.06B | $7.29B | $6.66B | $6.51B | $5.59B | $5.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.25B | $1.07B | $956.2M | $900.3M | $795.2M | $758.4M | $846.1M | $848.7M | $847.0M | $1.21B |
| Stock-based compensation | $14.4M | $15.5M | $14.5M | $26.5M | $18.2M | $17.4M | $18.2M | $16.6M | $14.3M | $22.9M |
| Capital expenditure | $894.9M | $736.8M | $774.6M | $962.0M | $759.7M | $788.9M | $677.3M | $560.9M | $471.8M | $458.9M |
| Investing cash flow | -$1.03B | -$113.8M | -$576.8M | -$876.3M | $531.0M | -$1.01B | -$1.45B | $1.83B | $1.25B | -$429.0M |
| Financing cash flow | $136.1M | -$941.4M | -$337.3M | -$116.5M | -$1.29B | $246.4M | $647.3M | -$2.62B | -$2.15B | -$1.05B |
| Dividends paid | $849.1M | $794.8M | $657.0M | $648.0M | $650.1M | $787.1M | $720.1M | $696.9M | $695.0M | $979.5M |
| Buybacks | $97.1M | $190.7M | $6.5M | $67.8M | $12.8M | $10.5M | $5.0M | $3.4M | $4.8M | $8.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-005044.
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