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

DOC • • REIT / Real Estate

Real EstateHealthcare REITsDiversified Healthcare REITsMulti-Sector Healthcare REITs

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 $2.7B +23.8%
FFO $1.3B +23.1%
FFO/Share 1.92 -0.3%
FFO Payout 61.12% -1.8%
FFO per Share 1.92 -0.3%
NOI Margin 60.2% +2.7%
FFO Margin 48.15% -0.5%
ROE 3.04% -29.3%
ROA 1.36% -29.8%
Debt/Assets 45.26% +0.3%
Net Debt/EBITDA 5.83 -1.0%
Book Value/Share 13.39 +5.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 39.8%
✓Sustainable FFO payout ratio of 61.1%
✓High NOI margin of 60.2%
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.8%
✗FFO declining 19.3% TTM
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 23.6% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.13%

5Y16.84%

3Y12.51%

TTM20.06%

Profit (Net Income) CAGR

10Y-12.48%

5Y39.8%

3Y-21.65%

TTM-112.34%

EPS CAGR

10Y-15.76%

5Y31.95%

3Y-27.12%

TTM-112.26%

ROCE

10Y Avg16.4%

5Y Avg2.5%

3Y Avg2.83%

Latest2.82%

Peer Comparison

Multi-Sector Healthcare REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VTRVentas, Inc.	36.13B	76.92	404.84	9.48%	4.28%	1.92%	2.01%	1.27
WELLWelltower Inc.	129.15B	188.18	119.86	21.23%	9.77%	2.45%	1.7%	0.51
DOCHealthpeak Properties, Inc.	12.2B	17.55	48.75	23.82%	-1.24%	-0.46%	8.78%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.94B	2.13B	1.85B	1.19B	1.24B	1.64B	1.9B	2.06B	2.18B	2.7B
Revenue Growth %	0.19%	0.1%	-0.13%	-0.36%	0.04%	0.33%	0.15%	0.09%	0.06%	0.24%
Property Operating Expenses	610.68M	738.4M	666.25M	378.66M	405.24M	782.54M	773.28M	862.99M	902.06M	1.07B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	600.87M	671.72M	623.5M	501.38M	528.16M	647.19M	782.59M	841.6M	845.03M	1.15B
G&A Expenses	95.97M	103.61M	88.77M	96.7M	92.97M	93.24M	98.3M	131.03M	95.13M	97.16M
EBITDA+	1.23B	1.29B	1.09B	860.78M	966.93M	912.29M	1.02B	1.07B	1.18B	1.53B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	504.9M	568.11M	534.73M	549.5M	659.99M	697.14M	684.29M	710.57M	749.9M	1.06B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	728.94M	719.18M	558.63M	311.28M	306.94M	215.15M	340.32M	356.58M	433.91M	471.22M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	479.6M	464.4M	307.72M	261.28M	217.61M	218.34M	157.98M	172.94M	200.33M	280.43M
Interest Coverage	1.52x	1.55x	1.82x	1.19x	1.41x	0.99x	2.15x	2.06x	2.17x	1.68x
Non-Operating Income	113.07M	-112.51M	-159.49M	-788.58M	-86.99M	-220.87M	53.97M	-323.49M	-81.36M	-82.38M
Pretax Income+	142.86M	378.64M	421.3M	832.82M	169.99M	151.08M	134.47M	509.12M	325.14M	271.65M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-9.81M	4.47M	-1.33M	-4.4M	-5.48M	-9.42M	-3.26M	-4.42M	-9.62M	4.35M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-559.24M	627.75M	414.17M	1.06B	45.53M	413.56M	505.54M	500.45M	306.01M	243.14M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.61%	2.12%	-0.34%	1.56%	-0.96%	8.08%	0.22%	-0.01%	-0.39%	-0.21%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-1.04%	23.01%	-0.21%	0.7%	-0.56%	0.57%	0.07%	0.02%	-0.13%	0.23%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-1.21	1.34	0.88	2.24	0.09	0.77	0.93	0.92	0.56	0.36
EPS Growth %	-1.6%	2.11%	-0.34%	1.55%	-0.96%	7.56%	0.21%	-0.01%	-0.39%	-0.36%
EPS (Basic)	-1.21	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36
Diluted Shares Outstanding	462.8M	467.4M	468.94M	475.39M	489.33M	531.06M	539.24M	539.15M	547.27M	676.23M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.64B	2.89B	4.16B	4.14B	14.03B	15.92B	15.26B	15.77B	15.7B	19.94B
Asset Growth %	1.03%	0.76%	0.44%	-0.01%	2.39%	0.13%	-0.04%	0.03%	-0%	0.27%
Real Estate & Other Assets+	1.35B	-8.84B	-7.16B	-6.66B	8.77B	11.78B	13.34B	13.8B	13.8B	16.77B
PP&E (Net)	11.85B	11.33B	10.73B	10.21B	167.32M	192.35M	233.94M	237.32M	240.16M	424.17M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	92.73M	64.44M	88.89M	83.7M	3.98B	2.98B	713.43M	604.97M	561.28M	986.14M
Cash & Equivalents	3.14M	15.49M	2.73M	19.16M	80.4M	44.23M	158.29M	72.03M	117.64M	119.82M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	5.7B	970.13M	443.91M	137.14M	3.66B	2.69B	90.64M	104.67M	169.37M	72.33M
Intangible Assets	586.66M	479.81M	458.71M	452.38M	260.2M	519.92M	519.76M	418.06M	314.16M	817.25M
Total Liabilities	541.45M	1.08B	1.6B	1.67B	7.37B	8.57B	8.11B	8.48B	8.77B	10.88B
Total Debt+	489.6M	991.15M	1.48B	1.53B	6.15B	6.48B	6.37B	6.71B	7.08B	9.02B
Net Debt	486.46M	975.66M	1.47B	1.51B	6.07B	6.43B	6.22B	6.63B	6.97B	8.9B
Long-Term Debt	11.07B	8.29B	7.88B	5.56B	5.91B	6.17B	5B	5.5B	6.16B	8.57B
Short-Term Borrowings	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	5.95M	9.25M	15.7M	13.59M	152.4M	179.9M	204.55M	208.51M	206.74M	307.22M
Total Current Liabilities+	423.38M	722.63M	435.63M	581.38M	954.22M	1.31B	1.94B	1.77B	1.38B	875.34M
Accounts Payable	644K	0	0	0	457.53M	269.14M	227.64M	265.6M	240.26M	275.97M
Deferred Revenue	0	33.32M	36.55M	21.04M	274.55M	774.32M	0	0	0	0
Other Liabilities	-94.44M	-618K	-6.91B	168.8M	74.99M	144.2M	177.23M	156.19M	127.38M	191.88M
Total Equity+	1.1B	1.81B	2.56B	2.47B	6.67B	7.35B	7.15B	7.29B	6.92B	9.06B
Equity Growth %	0.94%	0.64%	0.42%	-0.03%	1.7%	0.1%	-0.03%	0.02%	-0.05%	0.31%
Shareholders Equity	1.02B	1.74B	2.47B	2.38B	6.09B	6.73B	6.52B	6.65B	6.35B	8.4B
Minority Interest	82.29M	70.34M	86.81M	92.9M	582.42M	613.62M	630.63M	633.58M	574.42M	656.35M
Common Stock	872K	1.36M	1.81M	1.82M	505.22M	538.4M	539.1M	546.64M	547.16M	699.49M
Additional Paid-in Capital	11.65B	8.2B	8.23B	8.4B	9.18B	10.18B	10.1B	10.35B	10.41B	12.85B
Retained Earnings	-109.02M	-197.26M	-315.42M	-428.31M	-3.6B	-3.98B	-4.12B	-4.27B	0	-5.17B
Preferred Stock	2.77B	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	-0.46%	0.28%	0.12%	0.26%	0.01%	0.03%	0.03%	0.03%	0.02%	0.01%
Return on Equity (ROE)	-0.67%	0.43%	0.19%	0.42%	0.01%	0.06%	0.07%	0.07%	0.04%	0.03%
Debt / Assets	0.3%	0.34%	0.35%	0.37%	0.44%	0.41%	0.42%	0.43%	0.45%	0.45%
Debt / Equity	0.44x	0.55x	0.58x	0.62x	0.92x	0.88x	0.89x	0.92x	1.02x	1.00x
Net Debt / EBITDA	0.39x	0.76x	1.35x	1.76x	6.28x	7.05x	6.07x	6.22x	5.88x	5.83x
Book Value per Share	2.38	3.87	5.46	5.20	13.63	13.84	13.25	13.52	12.65	13.39

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.22B	1.21B	847.04M	848.71M	846.07M	758.43M	795.25M	900.26M	956.24M	1.07B
Operating CF Growth %	-0.02%	-0.01%	-0.3%	0%	-0%	-0.1%	0.05%	0.13%	0.06%	0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-630.6M	644.82M	422.63M	1.07B	60.06M	428.25M	525.93M	516.42M	334.76M	267.3M
Depreciation & Amortization	504.9M	568.11M	534.73M	549.5M	659.99M	697.14M	684.29M	710.57M	749.9M	1.06B
Stock-Based Compensation	26.13M	22.88M	14.26M	16.56M	18.16M	17.37M	18.2M	26.46M	14.48M	31.77M
Other Non-Cash Items	1.37B	-103.9M	-99.09M	-818.61M	104.23M	-478.54M	-453.77M	-466.05M	-211.24M	-328.86M
Working Capital Changes	-52.78M	35.03M	-19.96M	46.31M	21.89M	108.78M	26.39M	118.86M	82.94M	44.77M
Cash from Investing+	-1.66B	-428.97M	1.25B	1.83B	-1.45B	-1.01B	531.03M	-876.34M	-576.75M	-113.8M
Acquisitions (Net)	-838.35M	-10.19M	415.91M	717.5M	429.69M	-39.12M	-25.26M	104.84M	-88.39M	-115.16M
Purchase of Investments	0	-73.28M	0	0	0	-394.18M	0	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0	0
Other Investing	-1.45B	-577.5M	271.58M	963.75M	-2.15B	-777.17M	556.29M	-981.18M	-488.36M	1.36M
Cash from Financing+	614.09M	-1.05B	-2.15B	-2.62B	647.27M	246.45M	-1.29B	-116.53M	-337.3M	-941.42M
Dividends Paid	-1.05B	-979.54M	-694.96M	-696.91M	-720.12M	-787.07M	-650.08M	-648.05M	-657.02M	-794.78M
Common Dividends	-1.05B	-979.54M	-694.96M	-696.91M	-720.12M	-787.07M	-650.08M	-648.05M	-657.02M	-794.78M
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Share Repurchases	-8.74M	-8.69M	-4.79M	-3.43M	-5.04M	-10.53M	-12.84M	-67.84M	-6.52M	-190.69M
Other Financing	-348.19M	2.18B	-13.79M	-757.41M	-76.82M	-87.82M	-329.62M	-33.33M	-52.12M	-109.48M
Net Change in Cash+	168.27M	-270.13M	-54.79M	-21.06M	44.81M	-2.97M	37.76M	-92.61M	42.19M	15.28M
Exchange Rate Effect	-1000K	-1000K	376K	191K	245K	-153K	0	0	0	0
Cash at Beginning	232.79M	407.12M	136.99M	82.2M	139.85M	184.66M	181.69M	219.45M	126.83M	169.02M
Cash at End	401.06M	136.99M	82.2M	61.15M	184.66M	181.69M	219.45M	126.83M	169.02M	184.31M
Free Cash Flow+	1.22B	1.21B	847.04M	848.71M	846.07M	758.43M	795.25M	900.26M	956.24M	1.07B
FCF Growth %	-0.02%	-0.01%	-0.3%	0%	-0%	-0.1%	0.05%	0.13%	0.06%	0.12%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	-0.12	2.56	2.02	3.39	1.44	2.09	2.21	2.25	1.93	1.92
FFO Payout Ratio	-1926.45%	81.91%	73.24%	43.27%	102.07%	70.86%	54.64%	53.51%	62.22%	61.12%
NOI Margin	68.53%	65.32%	63.95%	68.22%	67.33%	52.43%	59.22%	58.13%	58.64%	60.2%
Net Debt / EBITDA	0.39x	0.76x	1.35x	1.76x	6.28x	7.05x	6.07x	6.22x	5.88x	5.83x
Debt / Assets	29.77%	34.32%	35.48%	37%	43.86%	40.69%	41.78%	42.52%	45.12%	45.26%
Interest Coverage	1.52x	1.55x	1.82x	1.19x	1.41x	0.99x	2.15x	2.06x	2.17x	1.68x
Book Value / Share	2.38	3.87	5.46	5.2	13.63	13.84	13.25	13.52	12.65	13.39
Revenue Growth	18.55%	9.73%	-13.19%	-35.55%	4.11%	32.62%	15.28%	8.7%	5.81%	23.82%

Frequently Asked Questions

Valuation & Price

Healthpeak Properties, Inc. (DOC) has a price-to-earnings (P/E) ratio of 48.8x. This suggests investors expect higher future growth.

Growth & Financials

Healthpeak Properties, Inc. (DOC) reported $3.07B in revenue for fiscal year 2024. This represents a 81% increase from $1.69B in 2011.

Healthpeak Properties, Inc. (DOC) grew revenue by 23.8% over the past year. This is strong growth.

Healthpeak Properties, Inc. (DOC) reported a net loss of $38.2M for fiscal year 2024.

Dividend & Returns

Yes, Healthpeak Properties, Inc. (DOC) pays a dividend with a yield of 6.70%. This makes it attractive for income-focused investors.

Healthpeak Properties, Inc. (DOC) has a return on equity (ROE) of 3.0%. This is below average, suggesting room for improvement.

Industry Metrics

Healthpeak Properties, Inc. (DOC) generated Funds From Operations (FFO) of $1.03B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Healthpeak Properties, Inc. (DOC) offers a 6.70% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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