Operating cash flow of $361.6M in 2026Q3 converted to free cash flow of $324.0M (39.5% margin), but the 2026Q2 capex of $741.5M and free cash flow deficit of -$522.5M suggest capital intensity and external funding dependence may pressure distribution coverage.
Healthpeak Properties, Inc. (DOC) cash flow statement — 15-year operating, investing & financing cash flows
| 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 | 1.28B | 1.25B | 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 % | 11.25% | 16.95% | 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 % | 41.69% | 44.36% | 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 | 388.11M | 101.03M | 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 | 1.09B | 1.02B | 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 | 22.59M | 14.41M | 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 | -365.66M | 4.81M | -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 | 143.66M | 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 | -1.48B | -1.03B | -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) | -306.25M | -86.77M | -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 | -1.93M | 0 | 0 | 0 | 0 | 0 | -394.18M | 0 | 0 | 0 | -73.28M | 0 | 0 | -16.71M | -1.92B | -22.45M |
| Sale of Investments | 743.47M | 0 | 0 | 0 | 0 | 0 | 202.76M | 274.15M | 148.02M | 558.77M | 231.99M | 628.05M | 119.51M | 291.85M | 0 | 0 |
| Other Investing | -1B | -947.9M | 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 | 643.45M | 136.11M | -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 | -634.11M | -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 | -634.11M | -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) | 0 | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | -101.75M | -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 | 1.15B | -27.47M | -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 | 446.09M | 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 | 1.72B | 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 | 605.82M | 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 | 332.53M | 1.25B | 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 % | -72.61% | 16.95% | 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 % | 10.85% | 44.36% | 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% |
Quick answers to the most common questions about buying DOC stock.
Healthpeak Properties, Inc. (DOC) generated $1.25B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Healthpeak Properties, Inc. (DOC) generated $1.25B 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 $0.0M 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.
Key Metrics
Top Statement Risk
Dividend coverage volatility amid lab leasing weakness
Metrics are mathematically derived from official filings.
Reporting Gaps Challenge Cash Flow Reliability
Based on DOC's reported figures, several quarters show missing AFFO or dividend entries, and the 2026Q2 dividend outflow of -$210.3M is a sign reversal that may reflect reclassification rather than a true payout change, so the trend needs verification before it is relied upon.
The absence of AFFO in 2025Q4, 2025Q2, 2025Q1, 2024Q4, 2024Q3 and 2024Q2 means that the coverage picture rests on only a handful of observable quarters, which limits how confidently any payout trend can be read. Negative dividend entries in a period when AFFO was strongly positive suggest either a data convention issue or an accounting reclassification, and the analysis should not treat those figures as evidence of a policy shift. Investors should treat the cash flow conclusions here as provisional until the underlying distribution and AFFO series are reconciled against the company's filings.
AFFO Coverage Swings Undermine Dividend Visibility
Based on DOC's reported figures, quarterly AFFO ranged from $145.2M to $483.4M over the last ten quarters, while dividend payments were recorded in only a subset of periods, leaving the true payout margin difficult to establish with confidence.
The 2025Q3 AFFO of $145.2M against a dividend outflow of $117.9M produced a payout ratio near 0.81, while the 2026Q1 AFFO of $483.4M implied a far lower ratio, suggesting that quarterly distributable cash is being driven by timing of capital items rather than steady earnings power. Several periods show no dividend payment or missing AFFO, which warrants verification before concluding that coverage is durable. Investors should monitor whether the recent 2026Q2 negative distribution outflow reflects a reporting reclassification or an actual change in payout policy.
Life Science Capital Intensity Compresses Free Cash Flow
As reported in financial statements, DOC's 2026Q2 capital expenditures reached $741.5M, against operating cash flow of $361.1M, producing free cash flow of -$522.5M and a sharp contrast with the near-zero capex recorded in most prior quarters.
The spike in 2026Q2 capex, which exceeded operating cash flow by roughly twice, appears consistent with the development-heavy Life Science pipeline and merger-related integration spending rather than recurring maintenance. Because capex was zero in most of the 2024 and 2025 quarters, the reported figures may understate the true recurring capital requirement of lab space, which typically demands frequent tenant improvements. Investors should treat the normalized free cash flow as materially lower than the reported average until the split between development and maintenance spending is clarified.
FFO Conversion Diverges From Operating Cash Generation
Based on DOC's reported figures, FFO exceeded operating cash flow in several recent quarters, such as 2026Q1 where FFO of $483.4M compared with OCF of $260.9M, indicating that a meaningful portion of FFO is non-cash or timing-dependent.
The gap between FFO and operating cash flow in 2026Q1 and 2026Q2 suggests that straight-line rent accruals, working capital movements, or merger-related non-cash items may be lifting FFO above cash generated from operations. Conversely, in 2025Q1 and 2025Q2, operating cash flow tracked closer to FFO, implying higher earnings quality in those periods. The inconsistency warrants investigation before relying on FFO as a proxy for cash available for distribution.
Distribution Funding Depends on Capital Markets Access
According to recent SEC filings, DOC's reported cash flow data show a 2026Q2 free cash flow deficit of -$522.5M, which suggests the company likely relied on external capital or balance sheet resources to cover investment and distribution needs in that quarter.
A deficit of this magnitude relative to operating cash flow implies that funding was drawn from financing sources, although the supplied data do not itemize debt or equity issuance, so the precise mix cannot be confirmed. The reported debt-to-equity ratio of 1.26 appears modest for a REIT, which may leave capacity for additional borrowing, but this inference depends on verifying that figure. Investors should monitor future financing activity and any reliance on share issuance to sustain distributions.