Total debt has escalated to $10.7 billion as of 2026Q1, reflecting a significant increase from the $7.1 billion recorded in 2023Q4 as the company utilized debt to finance its recent portfolio expansion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Assets | 21.62B | 20.34B | 19.94B | 15.7B | 15.77B | 15.26B | 15.92B | 14.03B | 4.14B | 4.16B | 2.89B | 1.64B | 811.57M | 292.86M | 107.59M | 125.01M |
| Asset Growth % | 7.31% | 1.99% | 27% | -0.46% | 3.37% | -4.16% | 13.45% | 238.73% | -0.52% | 44.19% | 75.58% | 102.68% | 177.12% | 172.19% | -13.93% | - |
| Real Estate & Other Assets | -17.37B | -802.6M | 16.77B | 13.8B | 13.8B | 13.34B | 11.78B | 8.77B | -6.66B | -7.16B | -8.84B | 1.35B | 704.14M | 7.78M | 4.4M | 114.83M |
| PP&E (Net) | 395.93M | 412.2M | 424.17M | 240.16M | 237.32M | 233.94M | 192.35M | 167.32M | 10.21B | 10.73B | 11.33B | 11.85B | 10.89B | 10.63B | 94.65M | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 1.8B | 1.07B | 986.14M | 561.28M | 604.97M | 713.43M | 2.98B | 3.98B | 83.7M | 88.89M | 64.44M | 92.73M | 33.12M | 57.31M | 3.3M | 2.97M |
| Cash & Equivalents | 1.17B | 537.7M | 119.82M | 117.64M | 72.03M | 158.29M | 44.23M | 80.4M | 19.16M | 2.73M | 15.49M | 3.14M | 15.92M | 56.48M | 2.61M | 1.93M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 837K | 1000K | 1000K |
| Other Current Assets | 0 | -148.57M | 72.33M | 169.37M | 104.67M | 90.64M | 2.69B | 3.66B | 137.14M | 443.91M | 970.13M | 5.7B | 0 | 0 | 1.1M | 147.85M |
| Intangible Assets | 758.5M | 654.52M | 817.25M | 314.16M | 418.06M | 519.76M | 519.92M | 260.2M | 452.38M | 458.71M | 479.81M | 586.66M | 481.01M | 489.84M | 5.24M | 7.22M |
| Total Liabilities | 12.56B | 12.03B | 10.88B | 8.77B | 8.48B | 8.11B | 8.57B | 7.37B | 1.67B | 1.6B | 1.08B | 541.45M | 242.36M | 52.02M | 88.5M | 102.4M |
| Total Debt | 10.71B | 10.44B | 9.02B | 7.08B | 6.71B | 6.37B | 6.48B | 6.15B | 1.53B | 1.48B | 991.15M | 489.6M | 216.1M | 42.82M | 84.49M | 98.67M |
| Net Debt | 9.54B | 9.9B | 8.9B | 6.97B | 6.63B | 6.22B | 6.43B | 6.07B | 1.51B | 1.47B | 975.66M | 486.46M | 200.18M | -13.66M | 81.87M | 96.74M |
| Long-Term Debt | 10.42B | 10.14B | 8.57B | 6.16B | 5.5B | 5B | 6.17B | 5.91B | 5.56B | 7.88B | 8.29B | 11.07B | 0 | 8.66B | 8.68B | 7.22B |
| Short-Term Borrowings | 0 | 0 | 150M | 720M | 995.61M | 1.17B | 129.59M | 93M | 3.56M | 3.51M | 92.39M | 0 | 0 | 0 | 0 | 454M |
| Capital Lease Obligations | 1.2B | 296.26M | 307.22M | 206.74M | 208.51M | 204.55M | 179.9M | 152.4M | 0 | 52.58M | 58.15M | 56.15M | 84.72M | 0 | 104.18M | 117.78M |
| Total Current Liabilities | 1.01B | 985.31M | 875.34M | 1.38B | 1.77B | 1.94B | 1.31B | 954.22M | 581.38M | 435.63M | 722.63M | 423.38M | 161.39M | 8.8M | 3.36M | 2.96M |
| Accounts Payable | 0 | 718.51M | 275.97M | 240.26M | 265.6M | 227.64M | 269.14M | 457.53M | 0 | 0 | 0 | 644K | 1.3B | 837K | 0 | 0 |
| Deferred Revenue | 1.01B | 985.31M | 940.14M | 905.63M | 844.08M | 789.21M | 774.32M | 274.55M | 21.04M | 36.55M | 33.32M | 2.78M | 0 | -74.91M | 0 | 0 |
| Other Liabilities | 11.55B | -377.46M | 191.88M | 127.38M | 156.19M | 177.23M | 144.2M | 74.99M | 168.8M | -6.91B | -618K | -94.44M | 9.72B | 164.68M | -8.77B | -7.3B |
| Total Equity | 9.03B | 8.3B | 9.06B | 6.92B | 7.29B | 7.15B | 7.35B | 6.67B | 2.47B | 2.56B | 1.81B | 1.1B | 569.21M | 240.84M | 19.13M | 22.72M |
| Equity Growth % | -25.4% | -8.34% | 30.8% | -4.99% | 1.99% | -2.74% | 10.2% | 169.68% | -3.42% | 41.53% | 63.93% | 93.85% | 136.35% | 1159.24% | -15.84% | - |
| Shareholders Equity | 7.83B | 7.5B | 8.4B | 6.35B | 6.65B | 6.52B | 6.73B | 6.09B | 2.38B | 2.47B | 1.74B | 1.02B | 534.73M | 212.29M | 19.1M | 22.61M |
| Minority Interest | 1.23B | 802.36M | 656.35M | 574.42M | 633.58M | 630.63M | 613.62M | 582.42M | 92.9M | 86.81M | 70.34M | 82.29M | 34.48M | 28.54M | 28.77K | 112.14K |
| Common Stock | 695.26M | 695.04M | 699.49M | 547.16M | 546.64M | 539.1M | 538.4M | 505.22M | 1.82M | 1.81M | 1.36M | 872K | 510K | 215K | 19.07M | 0 |
| Additional Paid-in Capital | 13.1B | 12.77B | 12.85B | 10.41B | 10.35B | 10.1B | 10.18B | 9.18B | 8.4B | 8.23B | 8.2B | 11.65B | 11.43B | 11.33B | 11.18B | 9.38B |
| Retained Earnings | -5.97B | -5.95B | -5.17B | 0 | -4.27B | -4.12B | -3.98B | -3.6B | -428.31M | -315.42M | -197.26M | -109.02M | -51.8M | -8.67M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.77B | 1.16B | 1.07B | 0 | 0 |
| Return on Assets (ROA) | 1.09% | 0.35% | 1.36% | 1.94% | 3.23% | 3.24% | 2.76% | 0.5% | 25.55% | 11.75% | 27.7% | -45.53% | 167.01% | 484.87% | 715.85% | 431.07% |
| Return on Equity (ROE) | 2.6% | 0.82% | 3.04% | 4.31% | 6.93% | 6.98% | 5.9% | 1% | 42.17% | 18.96% | 43.11% | -66.87% | 227.7% | 746.91% | 3978.72% | 2371.45% |
| Debt / Assets | 49.56% | 51.34% | 45.26% | 45.12% | 42.52% | 41.78% | 40.69% | 43.86% | 37% | 35.48% | 34.32% | 29.77% | 26.63% | 14.62% | 78.53% | 78.93% |
| Debt / Equity | 1.19x | 1.26x | 1.00x | 1.02x | 0.92x | 0.89x | 0.88x | 0.92x | 0.62x | 0.58x | 0.55x | 0.44x | 0.38x | 0.18x | 4.42x | 4.34x |
| Net Debt / EBITDA | 5.94x | 6.18x | 5.83x | 5.88x | 6.22x | 6.07x | 7.05x | 6.28x | 1.76x | 1.35x | 0.76x | 0.39x | 0.17x | -0.01x | 0.05x | 0.07x |
| Book Value per Share | 12.99 | 11.93 | 13.39 | 12.65 | 13.52 | 13.25 | 13.84 | 13.63 | 5.20 | 5.46 | 3.87 | 2.38 | 1.24 | 0.53 | 0.04 | 0.06 |
Merger integration and leverage
As reported in recent financial filings, Healthpeak's total assets surged to $21.6 billion by 2026Q1, reflecting the significant balance sheet expansion necessitated by the Physicians Realty Trust merger, though the long-term impact on asset quality remains subject to ongoing integration and portfolio optimization efforts.
The rapid increase in total assets from $15.7 billion in 2023Q4 suggests a strategic pivot toward scale, yet the concurrent rise in total liabilities to $12.6 billion warrants close monitoring. Investors should consider whether this expansion provides the intended competitive moat or if it merely introduces additional complexity in managing a geographically dispersed medical office portfolio.
Based on the company's reported figures, total debt climbed to $10.7 billion in 2026Q1, representing a substantial increase from the $7.1 billion recorded in 2023Q4, which suggests that the recent merger was heavily financed through debt instruments rather than purely equity-based capital allocation.
The debt-to-equity ratio of 1.19 in 2026Q1 indicates a moderate leverage profile, though the upward trend in absolute debt levels may constrain future financial flexibility. Analysts should investigate the maturity ladder of this debt to determine if the company faces significant refinancing risks in the current interest rate environment.
According to quarterly financial statements, cash reserves reached $1.2 billion in 2026Q1, a notable improvement from the $70.6 million low observed in 2025Q1, which may indicate a deliberate effort to bolster liquidity following the completion of the Physicians Realty Trust merger integration.
While the current cash position appears more robust, the historical volatility in cash balances suggests that liquidity management remains sensitive to the timing of capital expenditures and merger-related outflows. Maintaining this liquidity buffer is essential for funding the capital-intensive Life Science development pipeline without resorting to dilutive equity issuance.
As indicated by the company's reported figures, equity grew to $7.8 billion in 2026Q1, yet the return on equity remains suppressed at 2.2%, suggesting that the recent merger has not yet translated into meaningful value creation for shareholders on a per-share basis.
The modest ROE figures imply that the company is currently in a transition phase where the benefits of scale have yet to offset the costs of integration. Investors should monitor whether management can improve capital efficiency and drive higher returns as the combined portfolio stabilizes and operational synergies are realized.
Quick answers to the most common questions about buying DOC stock.
As of 2025, Healthpeak Properties, Inc. (DOC) had total assets of $20.34B including $1.07B in current assets.
Healthpeak Properties, Inc. (DOC) carries total debt of $10.44B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Healthpeak Properties, Inc. (DOC) has total shareholders' equity (book value) of $7.50B ($11.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Healthpeak Properties, Inc. (DOC) reported a current ratio of 1.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.