Healthpeak Properties, Inc. (DOC) 10-Year Financial Performance & Capital Metrics

DOC • • REIT / Real Estate

Real EstateHealthcare REITsDiversified healthcare real estate

AboutHealthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery.Show more

Revenue $2.82B +4.5%
FFO $1.13B -13.1%
FFO/Share 1.62 -15.6%
FFO Payout 75.13% +22.9%
FFO per Share 1.62 -15.6%
NOI Margin 22.48% -62.7%
FFO Margin 40.04% -16.8%
ROE 0.82% -73.0%
ROA 0.35% -74.0%
Debt/Assets 51.34% +13.4%
Net Debt/EBITDA 6.18 +6.0%
Book Value/Share 11.93 -10.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 75.1%
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.7%
✗Profits declining 29.6% over 5 years
✗FFO declining 13.1% TTM
✗Low NOI margin of 22.5%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.82%

5Y11.4%

3Y11.05%

TTM4.52%

Profit (Net Income) CAGR

10Y-

5Y-29.63%

3Y-47.76%

TTM-70.66%

EPS CAGR

10Y-

5Y-33.52%

3Y-52.28%

TTM-71.19%

ROCE

10Y Avg8.9%

5Y Avg2.75%

3Y Avg2.91%

Latest2.83%

Peer Comparison

Diversified healthcare real estate

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DOCHealthpeak Properties, Inc.	12.29B	17.68	176.80	4.52%	2.53%	0.86%	10.19%	1.26
VTRVentas, Inc.	40.45B	86.16	159.56	18.47%	4.28%	1.92%	3.17%	1.04
WELLWelltower Inc.	144.26B	207.12	149.01	38%	8.62%	2.16%	2%	0.07
SILASila Realty Trust, Inc.	1.41B	25.73	42.88	5.72%	16.77%	2.49%	8.44%
DHCDiversified Healthcare Trust	1.64B	6.76	-5.68	2.84%	-18.59%	-17.16%
AHRAmerican Healthcare REIT, Inc.	8.93B	52.24	-180.14	11.38%	1.24%	1%	0.94%	0.81
NHPBPNational Healthcare Properties, Inc.		18.80		2.27%	-22.97%	-12.27%		1.67

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	2.13B	1.85B	1.19B	1.24B	1.64B	1.9B	2.06B	2.18B	2.7B	2.82B
Revenue Growth %	9.73%	-13.19%	-35.55%	4.11%	32.62%	15.28%	8.7%	5.81%	23.82%	4.52%
Property Operating Expenses	738.4M	666.25M	378.66M	405.24M	782.54M	773.28M	862.99M	902.06M	1.07B	2.19B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	671.72M	623.5M	501.38M	528.16M	647.19M	782.59M	841.6M	845.03M	1.15B	90.42M
G&A Expenses	103.61M	88.77M	96.7M	92.97M	93.24M	98.3M	131.03M	95.13M	97.16M	90.42M
EBITDA+	1.29B	1.09B	860.78M	966.93M	912.29M	1.02B	1.07B	1.18B	1.53B	1.6B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	568.11M	534.73M	549.5M	659.99M	697.14M	684.29M	710.57M	749.9M	1.06B	1.06B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	719.18M	558.63M	311.28M	306.94M	215.15M	340.32M	356.58M	433.91M	471.22M	544.13M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	464.4M	307.72M	261.28M	217.61M	218.34M	157.98M	172.94M	200.33M	280.43M	305.18M
Interest Coverage	1.55x	1.82x	1.19x	1.41x	0.99x	2.15x	2.06x	2.17x	1.68x	1.78x
Non-Operating Income	-112.51M	-159.49M	-788.58M	-86.99M	-220.87M	53.97M	-323.49M	-81.36M	-82.38M	0
Pretax Income+	378.64M	421.3M	832.82M	169.99M	151.08M	134.47M	509.12M	325.14M	271.65M	110.31M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.47M	-1.33M	-4.4M	-5.48M	-9.42M	-3.26M	-4.42M	-9.62M	4.35M	9.28M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	627.75M	414.17M	1.06B	45.53M	413.56M	505.54M	500.45M	306.01M	243.14M	71.35M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	212.25%	-34.02%	156.2%	-95.71%	808.33%	22.24%	-1.01%	-38.85%	-20.54%	-70.66%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	2301.1%	-20.65%	69.73%	-56.2%	57.43%	7.12%	1.78%	-12.81%	23.15%	-13.08%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.34	0.88	2.24	0.09	0.77	0.93	0.92	0.56	0.36	0.10
EPS Growth %	210.74%	-34.33%	154.55%	-95.98%	755.56%	20.78%	-1.08%	-39.13%	-35.71%	-72.22%
EPS (Basic)	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36	0.10
Diluted Shares Outstanding	467.4M	468.94M	475.39M	489.33M	531.06M	539.24M	539.15M	547.27M	676.23M	696.04M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	2.89B	4.16B	4.14B	14.03B	15.92B	15.26B	15.77B	15.7B	19.94B	20.34B
Asset Growth %	75.58%	44.19%	-0.52%	238.73%	13.45%	-4.16%	3.37%	-0.46%	27%	1.99%
Real Estate & Other Assets+	-8.84B	-7.16B	-6.66B	8.77B	11.78B	13.34B	13.8B	13.8B	16.77B	-802.6M
PP&E (Net)	11.33B	10.73B	10.21B	167.32M	192.35M	233.94M	237.32M	240.16M	424.17M	412.2M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	64.44M	88.89M	83.7M	3.98B	2.98B	713.43M	604.97M	561.28M	986.14M	1.07B
Cash & Equivalents	15.49M	2.73M	19.16M	80.4M	44.23M	158.29M	72.03M	117.64M	119.82M	537.7M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	970.13M	443.91M	137.14M	3.66B	2.69B	90.64M	104.67M	169.37M	72.33M	-148.57M
Intangible Assets	479.81M	458.71M	452.38M	260.2M	519.92M	519.76M	418.06M	314.16M	817.25M	654.52M
Total Liabilities	1.08B	1.6B	1.67B	7.37B	8.57B	8.11B	8.48B	8.77B	10.88B	12.03B
Total Debt+	991.15M	1.48B	1.53B	6.15B	6.48B	6.37B	6.71B	7.08B	9.02B	10.44B
Net Debt	975.66M	1.47B	1.51B	6.07B	6.43B	6.22B	6.63B	6.97B	8.9B	9.9B
Long-Term Debt	8.29B	7.88B	5.56B	5.91B	6.17B	5B	5.5B	6.16B	8.57B	10.14B
Short-Term Borrowings	92.39M	3.51M	3.56M	93M	129.59M	1.17B	995.61M	720M	150M	0
Capital Lease Obligations	58.15M	52.58M	0	152.4M	179.9M	204.55M	208.51M	206.74M	307.22M	296.26M
Total Current Liabilities+	722.63M	435.63M	581.38M	954.22M	1.31B	1.94B	1.77B	1.38B	875.34M	985.31M
Accounts Payable	0	0	0	457.53M	269.14M	227.64M	265.6M	240.26M	275.97M	718.51M
Deferred Revenue	33.32M	36.55M	21.04M	274.55M	774.32M	789.21M	844.08M	905.63M	940.14M	985.31M
Other Liabilities	-618K	-6.91B	168.8M	74.99M	144.2M	177.23M	156.19M	127.38M	191.88M	-377.46M
Total Equity+	1.81B	2.56B	2.47B	6.67B	7.35B	7.15B	7.29B	6.92B	9.06B	8.3B
Equity Growth %	63.93%	41.53%	-3.42%	169.68%	10.2%	-2.74%	1.99%	-4.99%	30.8%	-8.34%
Shareholders Equity	1.74B	2.47B	2.38B	6.09B	6.73B	6.52B	6.65B	6.35B	8.4B	7.5B
Minority Interest	70.34M	86.81M	92.9M	582.42M	613.62M	630.63M	633.58M	574.42M	656.35M	802.36M
Common Stock	1.36M	1.81M	1.82M	505.22M	538.4M	539.1M	546.64M	547.16M	699.49M	695.04M
Additional Paid-in Capital	8.2B	8.23B	8.4B	9.18B	10.18B	10.1B	10.35B	10.41B	12.85B	12.77B
Retained Earnings	-197.26M	-315.42M	-428.31M	-3.6B	-3.98B	-4.12B	-4.27B	0	-5.17B	-5.95B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	27.7%	11.75%	25.55%	0.5%	2.76%	3.24%	3.23%	1.94%	1.36%	0.35%
Return on Equity (ROE)	43.11%	18.96%	42.17%	1%	5.9%	6.98%	6.93%	4.31%	3.04%	0.82%
Debt / Assets	34.32%	35.48%	37%	43.86%	40.69%	41.78%	42.52%	45.12%	45.26%	51.34%
Debt / Equity	0.55x	0.58x	0.62x	0.92x	0.88x	0.89x	0.92x	1.02x	1.00x	1.26x
Net Debt / EBITDA	0.76x	1.35x	1.76x	6.28x	7.05x	6.07x	6.22x	5.88x	5.83x	6.18x
Book Value per Share	3.87	5.46	5.20	13.63	13.84	13.25	13.52	12.65	13.39	11.93

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.21B	847.04M	848.71M	846.07M	758.43M	795.25M	900.26M	956.24M	1.07B	1.25B
Operating CF Growth %	-0.66%	-30.23%	0.2%	-0.31%	-10.36%	4.85%	13.21%	6.22%	11.95%	16.95%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	644.82M	422.63M	1.07B	60.06M	428.25M	525.93M	516.42M	334.76M	267.3M	101.03M
Depreciation & Amortization	568.11M	534.73M	549.5M	659.99M	697.14M	684.29M	710.57M	749.9M	1.06B	1.02B
Stock-Based Compensation	22.88M	14.26M	16.56M	18.16M	17.37M	18.2M	26.46M	14.48M	31.77M	14.41M
Other Non-Cash Items	-103.9M	-99.09M	-818.61M	104.23M	-478.54M	-453.77M	-466.05M	-211.24M	-328.86M	4.81M
Working Capital Changes	35.03M	-19.96M	46.31M	21.89M	108.78M	26.39M	118.86M	82.94M	44.77M	105.75M
Cash from Investing+	-428.97M	1.25B	1.83B	-1.45B	-1.01B	531.03M	-876.34M	-576.75M	-113.8M	-1.03B
Acquisitions (Net)	-10.19M	415.91M	717.5M	429.69M	-39.12M	-25.26M	104.84M	-88.39M	-115.16M	0
Purchase of Investments	-73.28M	0	0	0	-394.18M	0	0	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	0	0	0	0
Other Investing	-577.5M	271.58M	963.75M	-2.15B	-777.17M	556.29M	-981.18M	-488.36M	1.36M	-1.03B
Cash from Financing+	-1.05B	-2.15B	-2.62B	647.27M	246.45M	-1.29B	-116.53M	-337.3M	-941.42M	136.11M
Dividends Paid	-979.54M	-694.96M	-696.91M	-720.12M	-787.07M	-650.08M	-648.05M	-657.02M	-794.78M	-849.1M
Common Dividends	-979.54M	-694.96M	-696.91M	-720.12M	-787.07M	-650.08M	-648.05M	-657.02M	-794.78M	0
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-8.69M	-4.79M	-3.43M	-5.04M	-10.53M	-12.84M	-67.84M	-6.52M	-190.69M	-97.14M
Other Financing	-67.15M	-13.79M	-757.41M	-76.82M	-87.82M	-329.62M	-33.33M	-52.12M	-109.48M	-27.47M
Net Change in Cash+	-270.13M	-54.79M	57.64M	44.81M	-2.97M	37.76M	-92.61M	42.19M	15.28M	353.4M
Exchange Rate Effect	-1000K	376K	191K	245K	-153K	0	0	0	0	0
Cash at Beginning	407.12M	136.99M	82.2M	139.85M	184.66M	181.69M	219.45M	126.83M	169.02M	184.31M
Cash at End	136.99M	82.2M	61.15M	184.66M	181.69M	219.45M	126.83M	169.02M	184.31M	537.7M
Free Cash Flow+	1.21B	847.04M	848.71M	846.07M	758.43M	795.25M	900.26M	956.24M	1.07B	1.25B
FCF Growth %	-0.66%	-30.23%	0.2%	-0.31%	-10.36%	4.85%	13.21%	6.22%	11.95%	16.95%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.56	2.02	3.39	1.44	2.09	2.21	2.25	1.93	1.92	1.62
FFO Payout Ratio	81.91%	73.24%	43.27%	102.07%	70.86%	54.64%	53.51%	62.22%	61.12%	75.13%
NOI Margin	65.32%	63.95%	68.22%	67.33%	52.43%	59.22%	58.13%	58.64%	60.2%	22.48%
Net Debt / EBITDA	0.76x	1.35x	1.76x	6.28x	7.05x	6.07x	6.22x	5.88x	5.83x	6.18x
Debt / Assets	34.32%	35.48%	37%	43.86%	40.69%	41.78%	42.52%	45.12%	45.26%	51.34%
Interest Coverage	1.55x	1.82x	1.19x	1.41x	0.99x	2.15x	2.06x	2.17x	1.68x	1.78x
Book Value / Share	3.87	5.46	5.2	13.63	13.84	13.25	13.52	12.65	13.39	11.93
Revenue Growth	9.73%	-13.19%	-35.55%	4.11%	32.62%	15.28%	8.7%	5.81%	23.82%	4.52%

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Healthpeak Properties, Inc. (DOC) 10-Year Financial Performance & Capital Metrics

DOC • • REIT / Real Estate

Real EstateHealthcare REITsDiversified healthcare real estate

Revenue $2.82B +4.5%
FFO $1.13B -13.1%
FFO/Share 1.62 -15.6%
FFO Payout 75.13% +22.9%
FFO per Share 1.62 -15.6%
NOI Margin 22.48% -62.7%
FFO Margin 40.04% -16.8%
ROE 0.82% -73.0%
ROA 0.35% -74.0%
Debt/Assets 51.34% +13.4%
Net Debt/EBITDA 6.18 +6.0%
Book Value/Share 11.93 -10.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 75.1%
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.7%
✗Profits declining 29.6% over 5 years
✗FFO declining 13.1% TTM
✗Low NOI margin of 22.5%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.82%

5Y11.4%

3Y11.05%

TTM4.52%

Profit (Net Income) CAGR

10Y-

5Y-29.63%

3Y-47.76%

TTM-70.66%

EPS CAGR

10Y-

5Y-33.52%

3Y-52.28%

TTM-71.19%

ROCE

10Y Avg8.9%

5Y Avg2.75%

3Y Avg2.91%

Latest2.83%

Peer Comparison

Diversified healthcare real estate

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DOCHealthpeak Properties, Inc.	12.29B	17.68	176.80	4.52%	2.53%	0.86%	10.19%	1.26
VTRVentas, Inc.	40.45B	86.16	159.56	18.47%	4.28%	1.92%	3.17%	1.04
WELLWelltower Inc.	144.26B	207.12	149.01	38%	8.62%	2.16%	2%	0.07
SILASila Realty Trust, Inc.	1.41B	25.73	42.88	5.72%	16.77%	2.49%	8.44%
DHCDiversified Healthcare Trust	1.64B	6.76	-5.68	2.84%	-18.59%	-17.16%
AHRAmerican Healthcare REIT, Inc.	8.93B	52.24	-180.14	11.38%	1.24%	1%	0.94%	0.81
NHPBPNational Healthcare Properties, Inc.		18.80		2.27%	-22.97%	-12.27%		1.67

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	2.13B	1.85B	1.19B	1.24B	1.64B	1.9B	2.06B	2.18B	2.7B	2.82B
Revenue Growth %	9.73%	-13.19%	-35.55%	4.11%	32.62%	15.28%	8.7%	5.81%	23.82%	4.52%
Property Operating Expenses	738.4M	666.25M	378.66M	405.24M	782.54M	773.28M	862.99M	902.06M	1.07B	2.19B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	671.72M	623.5M	501.38M	528.16M	647.19M	782.59M	841.6M	845.03M	1.15B	90.42M
G&A Expenses	103.61M	88.77M	96.7M	92.97M	93.24M	98.3M	131.03M	95.13M	97.16M	90.42M
EBITDA+	1.29B	1.09B	860.78M	966.93M	912.29M	1.02B	1.07B	1.18B	1.53B	1.6B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	568.11M	534.73M	549.5M	659.99M	697.14M	684.29M	710.57M	749.9M	1.06B	1.06B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	719.18M	558.63M	311.28M	306.94M	215.15M	340.32M	356.58M	433.91M	471.22M	544.13M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	464.4M	307.72M	261.28M	217.61M	218.34M	157.98M	172.94M	200.33M	280.43M	305.18M
Interest Coverage	1.55x	1.82x	1.19x	1.41x	0.99x	2.15x	2.06x	2.17x	1.68x	1.78x
Non-Operating Income	-112.51M	-159.49M	-788.58M	-86.99M	-220.87M	53.97M	-323.49M	-81.36M	-82.38M	0
Pretax Income+	378.64M	421.3M	832.82M	169.99M	151.08M	134.47M	509.12M	325.14M	271.65M	110.31M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.47M	-1.33M	-4.4M	-5.48M	-9.42M	-3.26M	-4.42M	-9.62M	4.35M	9.28M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	627.75M	414.17M	1.06B	45.53M	413.56M	505.54M	500.45M	306.01M	243.14M	71.35M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	212.25%	-34.02%	156.2%	-95.71%	808.33%	22.24%	-1.01%	-38.85%	-20.54%	-70.66%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	2301.1%	-20.65%	69.73%	-56.2%	57.43%	7.12%	1.78%	-12.81%	23.15%	-13.08%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.34	0.88	2.24	0.09	0.77	0.93	0.92	0.56	0.36	0.10
EPS Growth %	210.74%	-34.33%	154.55%	-95.98%	755.56%	20.78%	-1.08%	-39.13%	-35.71%	-72.22%
EPS (Basic)	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36	0.10
Diluted Shares Outstanding	467.4M	468.94M	475.39M	489.33M	531.06M	539.24M	539.15M	547.27M	676.23M	696.04M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	2.89B	4.16B	4.14B	14.03B	15.92B	15.26B	15.77B	15.7B	19.94B	20.34B
Asset Growth %	75.58%	44.19%	-0.52%	238.73%	13.45%	-4.16%	3.37%	-0.46%	27%	1.99%
Real Estate & Other Assets+	-8.84B	-7.16B	-6.66B	8.77B	11.78B	13.34B	13.8B	13.8B	16.77B	-802.6M
PP&E (Net)	11.33B	10.73B	10.21B	167.32M	192.35M	233.94M	237.32M	240.16M	424.17M	412.2M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	64.44M	88.89M	83.7M	3.98B	2.98B	713.43M	604.97M	561.28M	986.14M	1.07B
Cash & Equivalents	15.49M	2.73M	19.16M	80.4M	44.23M	158.29M	72.03M	117.64M	119.82M	537.7M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	970.13M	443.91M	137.14M	3.66B	2.69B	90.64M	104.67M	169.37M	72.33M	-148.57M
Intangible Assets	479.81M	458.71M	452.38M	260.2M	519.92M	519.76M	418.06M	314.16M	817.25M	654.52M
Total Liabilities	1.08B	1.6B	1.67B	7.37B	8.57B	8.11B	8.48B	8.77B	10.88B	12.03B
Total Debt+	991.15M	1.48B	1.53B	6.15B	6.48B	6.37B	6.71B	7.08B	9.02B	10.44B
Net Debt	975.66M	1.47B	1.51B	6.07B	6.43B	6.22B	6.63B	6.97B	8.9B	9.9B
Long-Term Debt	8.29B	7.88B	5.56B	5.91B	6.17B	5B	5.5B	6.16B	8.57B	10.14B
Short-Term Borrowings	92.39M	3.51M	3.56M	93M	129.59M	1.17B	995.61M	720M	150M	0
Capital Lease Obligations	58.15M	52.58M	0	152.4M	179.9M	204.55M	208.51M	206.74M	307.22M	296.26M
Total Current Liabilities+	722.63M	435.63M	581.38M	954.22M	1.31B	1.94B	1.77B	1.38B	875.34M	985.31M
Accounts Payable	0	0	0	457.53M	269.14M	227.64M	265.6M	240.26M	275.97M	718.51M
Deferred Revenue	33.32M	36.55M	21.04M	274.55M	774.32M	789.21M	844.08M	905.63M	940.14M	985.31M
Other Liabilities	-618K	-6.91B	168.8M	74.99M	144.2M	177.23M	156.19M	127.38M	191.88M	-377.46M
Total Equity+	1.81B	2.56B	2.47B	6.67B	7.35B	7.15B	7.29B	6.92B	9.06B	8.3B
Equity Growth %	63.93%	41.53%	-3.42%	169.68%	10.2%	-2.74%	1.99%	-4.99%	30.8%	-8.34%
Shareholders Equity	1.74B	2.47B	2.38B	6.09B	6.73B	6.52B	6.65B	6.35B	8.4B	7.5B
Minority Interest	70.34M	86.81M	92.9M	582.42M	613.62M	630.63M	633.58M	574.42M	656.35M	802.36M
Common Stock	1.36M	1.81M	1.82M	505.22M	538.4M	539.1M	546.64M	547.16M	699.49M	695.04M
Additional Paid-in Capital	8.2B	8.23B	8.4B	9.18B	10.18B	10.1B	10.35B	10.41B	12.85B	12.77B
Retained Earnings	-197.26M	-315.42M	-428.31M	-3.6B	-3.98B	-4.12B	-4.27B	0	-5.17B	-5.95B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	27.7%	11.75%	25.55%	0.5%	2.76%	3.24%	3.23%	1.94%	1.36%	0.35%
Return on Equity (ROE)	43.11%	18.96%	42.17%	1%	5.9%	6.98%	6.93%	4.31%	3.04%	0.82%
Debt / Assets	34.32%	35.48%	37%	43.86%	40.69%	41.78%	42.52%	45.12%	45.26%	51.34%
Debt / Equity	0.55x	0.58x	0.62x	0.92x	0.88x	0.89x	0.92x	1.02x	1.00x	1.26x
Net Debt / EBITDA	0.76x	1.35x	1.76x	6.28x	7.05x	6.07x	6.22x	5.88x	5.83x	6.18x
Book Value per Share	3.87	5.46	5.20	13.63	13.84	13.25	13.52	12.65	13.39	11.93

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.21B	847.04M	848.71M	846.07M	758.43M	795.25M	900.26M	956.24M	1.07B	1.25B
Operating CF Growth %	-0.66%	-30.23%	0.2%	-0.31%	-10.36%	4.85%	13.21%	6.22%	11.95%	16.95%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	644.82M	422.63M	1.07B	60.06M	428.25M	525.93M	516.42M	334.76M	267.3M	101.03M
Depreciation & Amortization	568.11M	534.73M	549.5M	659.99M	697.14M	684.29M	710.57M	749.9M	1.06B	1.02B
Stock-Based Compensation	22.88M	14.26M	16.56M	18.16M	17.37M	18.2M	26.46M	14.48M	31.77M	14.41M
Other Non-Cash Items	-103.9M	-99.09M	-818.61M	104.23M	-478.54M	-453.77M	-466.05M	-211.24M	-328.86M	4.81M
Working Capital Changes	35.03M	-19.96M	46.31M	21.89M	108.78M	26.39M	118.86M	82.94M	44.77M	105.75M
Cash from Investing+	-428.97M	1.25B	1.83B	-1.45B	-1.01B	531.03M	-876.34M	-576.75M	-113.8M	-1.03B
Acquisitions (Net)	-10.19M	415.91M	717.5M	429.69M	-39.12M	-25.26M	104.84M	-88.39M	-115.16M	0
Purchase of Investments	-73.28M	0	0	0	-394.18M	0	0	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	0	0	0	0
Other Investing	-577.5M	271.58M	963.75M	-2.15B	-777.17M	556.29M	-981.18M	-488.36M	1.36M	-1.03B
Cash from Financing+	-1.05B	-2.15B	-2.62B	647.27M	246.45M	-1.29B	-116.53M	-337.3M	-941.42M	136.11M
Dividends Paid	-979.54M	-694.96M	-696.91M	-720.12M	-787.07M	-650.08M	-648.05M	-657.02M	-794.78M	-849.1M
Common Dividends	-979.54M	-694.96M	-696.91M	-720.12M	-787.07M	-650.08M	-648.05M	-657.02M	-794.78M	0
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-8.69M	-4.79M	-3.43M	-5.04M	-10.53M	-12.84M	-67.84M	-6.52M	-190.69M	-97.14M
Other Financing	-67.15M	-13.79M	-757.41M	-76.82M	-87.82M	-329.62M	-33.33M	-52.12M	-109.48M	-27.47M
Net Change in Cash+	-270.13M	-54.79M	57.64M	44.81M	-2.97M	37.76M	-92.61M	42.19M	15.28M	353.4M
Exchange Rate Effect	-1000K	376K	191K	245K	-153K	0	0	0	0	0
Cash at Beginning	407.12M	136.99M	82.2M	139.85M	184.66M	181.69M	219.45M	126.83M	169.02M	184.31M
Cash at End	136.99M	82.2M	61.15M	184.66M	181.69M	219.45M	126.83M	169.02M	184.31M	537.7M
Free Cash Flow+	1.21B	847.04M	848.71M	846.07M	758.43M	795.25M	900.26M	956.24M	1.07B	1.25B
FCF Growth %	-0.66%	-30.23%	0.2%	-0.31%	-10.36%	4.85%	13.21%	6.22%	11.95%	16.95%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.56	2.02	3.39	1.44	2.09	2.21	2.25	1.93	1.92	1.62
FFO Payout Ratio	81.91%	73.24%	43.27%	102.07%	70.86%	54.64%	53.51%	62.22%	61.12%	75.13%
NOI Margin	65.32%	63.95%	68.22%	67.33%	52.43%	59.22%	58.13%	58.64%	60.2%	22.48%
Net Debt / EBITDA	0.76x	1.35x	1.76x	6.28x	7.05x	6.07x	6.22x	5.88x	5.83x	6.18x
Debt / Assets	34.32%	35.48%	37%	43.86%	40.69%	41.78%	42.52%	45.12%	45.26%	51.34%
Interest Coverage	1.55x	1.82x	1.19x	1.41x	0.99x	2.15x	2.06x	2.17x	1.68x	1.78x
Book Value / Share	3.87	5.46	5.2	13.63	13.84	13.25	13.52	12.65	13.39	11.93
Revenue Growth	9.73%	-13.19%	-35.55%	4.11%	32.62%	15.28%	8.7%	5.81%	23.82%	4.52%

Healthpeak Properties, Inc. (DOC) 10-Year Financial Performance & Capital Metrics

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Healthpeak Properties, Inc. (DOC) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare DOC vs Peers

vs WELL

vs VTR

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

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Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios