Cash flow visibility remains obscured by erratic FFO/NI ratios, which swung from -2.69 in 2025Q3 to 11.48 in 2025Q2, highlighting the impact of non-cash adjustments on true operating cash generation.
| 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 |
|---|
| Cash from Operations | 1.24B | 1.28B | 1.07B | 956.24M | 900.26M | 795.25M | 758.43M | 846.07M | 848.71M | 847.04M | 1.21B | 1.22B | 1.25B | 1.15B | 1.03B | 724.16M |
| Operating CF Growth % | 13.05% | 19.61% | 11.95% | 6.22% | 13.21% | 4.85% | -10.36% | -0.31% | 0.2% | -30.23% | -0.66% | -2.12% | 8.67% | 11.03% | 42.91% | - |
| Operating CF / Revenue % | 43.14% | 45.37% | 39.64% | 43.84% | 43.68% | 41.94% | 46.11% | 68.21% | 71.24% | 45.83% | 57.02% | 62.98% | 76.28% | 54.72% | 55.05% | 42.74% |
| Net Income | 222.15M | 70.51M | 267.3M | 334.76M | 516.42M | 525.93M | 428.25M | 60.06M | 1.07B | 422.63M | 644.82M | -630.6M | 862.22M | 990.87M | 859.65M | 565.83M |
| Depreciation & Amortization | 1.07B | 1.06B | 1.06B | 749.9M | 710.57M | 684.29M | 697.14M | 659.99M | 549.5M | 534.73M | 568.11M | 504.9M | 454.07M | 416.67M | 351.47M | 341.55M |
| Stock-Based Compensation | 10.29M | 0 | 31.77M | 14.48M | 26.46M | 18.2M | 17.37M | 18.16M | 16.56M | 14.26M | 22.88M | 26.13M | 21.89M | 39.98M | 23.28M | 20.03M |
| Other Non-Cash Items | -199.19M | 45.34M | -328.86M | -211.24M | -466.05M | -453.77M | -478.54M | 104.23M | -818.61M | -99.09M | -103.9M | 1.37B | -102.77M | -249.96M | -202.51M | -186.32M |
| Working Capital Changes | 122.25M | 105.75M | 44.77M | 82.94M | 118.86M | 26.39M | 108.78M | 21.89M | 46.31M | -19.96M | 35.03M | -52.78M | 13.22M | -48.57M | 2.98M | -16.93M |
| Cash from Investing | -1.45B | -1.05B | -113.8M | -576.75M | -876.34M | 531.03M | -1.01B | -1.45B | 1.83B | 1.25B | -428.97M | -1.66B | -1.51B | -196.65M | -2.31B | -4.58B |
| Acquisitions (Net) | -43.9M | 13.12M | -115.16M | -88.39M | 104.84M | -25.26M | -39.12M | 429.69M | 717.5M | 415.91M | -10.19M | -838.35M | -373.12M | 0 | -186.48M | -4.26B |
| Purchase of Investments | -690.63M | -1.44B | 0 | 0 | 0 | 0 | -394.18M | 0 | 0 | 0 | -73.28M | 0 | 0 | -16.71M | -1.92B | -22.45M |
| Sale of Investments | 329.25M | 486.02M | 0 | 0 | 0 | 0 | 202.76M | 274.15M | 148.02M | 558.77M | 231.99M | 628.05M | 119.51M | 291.85M | 0 | 0 |
| Other Investing | -985.22M | 20.04M | 1.36M | -488.36M | -981.18M | 556.29M | -777.17M | -2.15B | 963.75M | 271.58M | -577.5M | -1.45B | -1.26B | -471.79M | -211.41M | -102.54M |
| Cash from Financing | 1.34B | 122.99M | -941.42M | -337.3M | -116.53M | -1.29B | 246.45M | 647.27M | -2.62B | -2.15B | -1.05B | 614.09M | 144.8M | -900.42M | 1.49B | 2.85B |
| Dividends Paid | -635.62M | -849.1M | -794.78M | -657.02M | -648.05M | -650.08M | -787.07M | -720.12M | -696.91M | -694.96M | -979.54M | -1.05B | -1B | -956.68M | -865.31M | -787.69M |
| Common Dividends | -635.62M | -849.1M | -794.78M | -657.02M | -648.05M | -650.08M | -787.07M | -720.12M | -696.91M | -694.96M | -979.54M | -1.05B | -1B | -956.68M | -865.31M | -787.69M |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | -72.19M | -97.14M | -190.69M | -6.52M | -67.84M | -12.84M | -10.53M | -5.04M | -3.43M | -4.79M | -8.69M | -8.74M | -12.7M | 0 | 0 | 0 |
| Other Financing | 1.09B | -40.6M | -109.48M | -52.12M | -33.33M | -329.62M | -87.82M | -76.82M | -757.41M | -13.79M | -67.15M | 84.58M | 811.81M | -12.49M | -16.19M | 375.05M |
| Net Change in Cash | 1.13B | 353.4M | 15.28M | 42.19M | -92.61M | 37.76M | -2.97M | 44.81M | 57.64M | -54.79M | -270.13M | 168.27M | -118.64M | 52.88M | 214.17M | -1B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | -153K | 245K | 191K | 376K | -1.02M | -1.54M | 1.72M | 960K | 0 | 0 |
| Cash at Beginning | 537.7M | 184.31M | 169.02M | 126.83M | 219.45M | 181.69M | 184.66M | 139.85M | 82.2M | 136.99M | 407.12M | 232.79M | 300.56M | 247.67M | 33.51M | 1.04B |
| Cash at End | 1.27B | 537.7M | 184.31M | 169.02M | 126.83M | 219.45M | 181.69M | 184.66M | 61.15M | 82.2M | 136.99M | 401.06M | 181.92M | 300.56M | 247.67M | 33.51M |
| Free Cash Flow | 1.15B | 1.15B | 1.07B | 956.24M | 900.26M | 795.25M | 758.43M | 846.07M | 848.71M | 847.04M | 1.21B | 1.22B | 1.25B | 1.15B | 1.03B | 671.26M |
| FCF Growth % | -3.61% | 7.1% | 11.95% | 6.22% | 13.21% | 4.85% | -10.36% | -0.31% | 0.2% | -30.23% | -0.66% | -2.12% | 8.67% | 11.03% | 54.17% | - |
| FCF / Revenue % | 40.18% | 40.62% | 39.64% | 43.84% | 43.68% | 41.94% | 46.11% | 68.21% | 71.24% | 45.83% | 57.02% | 62.98% | 76.28% | 54.72% | 55.05% | 39.62% |
Merger integration and margin volatility
According to reported financial statements, the relationship between FFO and GAAP operating cash flow remains highly erratic, with FFO/NI ratios swinging from -2.69 in 2025Q3 to 11.48 in 2025Q2, suggesting that non-cash adjustments and merger-related accounting noise significantly distort the visibility of true operating cash generation.
The wide variance in FFO relative to GAAP metrics indicates that investors should exercise caution when relying on headline earnings to gauge cash conversion quality. This instability appears to be a direct consequence of the Physicians Realty Trust merger, which has introduced significant non-recurring charges that obscure the underlying cash-generating capacity of the combined portfolio.
Based on the company's reported figures, the dividend payout ratio relative to AFFO reached 1.46 in 2025Q3, indicating that the distribution exceeded available cash flow during that period, a trend that warrants further investigation into the sustainability of current payout levels following the recent structural portfolio changes.
While the payout ratio showed improvement in other quarters, the 2025Q3 deficit highlights a potential vulnerability in the company's ability to fund dividends solely from recurring operations. Investors should monitor whether the integration of the MOB portfolio will provide the necessary AFFO growth to consistently cover the dividend without relying on external capital sources.
As indicated by the significant gap between GAAP Net Income and FFO, depreciation charges continue to heavily weigh on reported profitability, with FFO consistently exceeding Net Income in most periods, which suggests that GAAP figures significantly understate the actual cash-based earnings power of the real estate assets.
The reliance on FFO as a primary performance metric is essential here, as GAAP Net Income is clearly distorted by the capital-intensive nature of the Life Science and MOB assets. This discrepancy implies that the company's true economic performance is better captured by cash-based metrics, provided that recurring capital expenditures are adequately accounted for in the AFFO calculation.
Analysis of the provided data suggests that the company's cash flow statement may mask the true extent of maintenance capital requirements, particularly as the Life Science segment demands ongoing, expensive infrastructure upgrades that are not always clearly delineated from growth-oriented acquisition CAPEX in the reported figures.
The lack of consistent, granular reporting on maintenance versus growth CAPEX makes it difficult to determine the true 'net' cash flow available for shareholders. If these maintenance costs are higher than currently modeled, the long-term AFFO growth trajectory may be lower than anticipated, potentially limiting the company's ability to reinvest in its cluster strategy.
Quick answers to the most common questions about buying DOC stock.
Healthpeak Properties, Inc. (DOC) generated $1.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Healthpeak Properties, Inc. (DOC) generated $1.15B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Healthpeak Properties, Inc. (DOC) spent $134.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Healthpeak Properties, Inc. (DOC) returned $849.1M to shareholders via cash dividends and spent $97.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.