Revenue growth reached 7.1% in 2026Q1, yet NOI margins remain highly volatile, having experienced a sharp contraction to -87.2% in 2025Q4 before rebounding to 53.8% in 2026Q1.
| 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 |
|---|
| Revenue | 2.87B | 2.82B | 2.7B | 2.18B | 2.06B | 1.9B | 1.64B | 1.24B | 1.19B | 1.85B | 2.13B | 1.94B | 1.64B | 2.1B | 1.88B | 1.69B |
| Revenue Growth % | 2.71% | 4.52% | 23.82% | 5.81% | 8.7% | 15.28% | 32.62% | 4.11% | -35.55% | -13.19% | 9.73% | 18.55% | -22.05% | 11.7% | 10.95% | - |
| Property Operating Expenses | 2.26B | 2.19B | 1.07B | 902.06M | 862.99M | 773.28M | 782.54M | 405.24M | 378.66M | 666.25M | 738.4M | 610.68M | 381.29M | 298.28M | 280.72M | 218.7M |
| Net Operating Income (NOI) | 609.74M | 634.55M | 1.63B | 1.28B | 1.2B | 1.12B | 862.33M | 835.1M | 812.66M | 1.18B | 1.39B | 1.33B | 1.26B | 1.8B | 1.6B | 1.48B |
| NOI Margin % | 21.23% | 22.48% | 60.2% | 58.64% | 58.13% | 59.22% | 52.43% | 67.33% | 68.22% | 63.95% | 65.32% | 68.53% | 76.71% | 85.8% | 85.07% | 87.09% |
| Operating Expenses | 195.09M | 90.42M | 1.15B | 845.03M | 841.6M | 782.59M | 647.19M | 528.16M | 501.38M | 623.5M | 671.72M | 600.87M | 536.78M | 526.35M | 422.12M | 442.11M |
| G&A Expenses | 88.89M | 90.42M | 97.16M | 95.13M | 131.03M | 98.3M | 93.24M | 92.97M | 96.7M | 88.77M | 103.61M | 95.97M | 81.77M | 103.04M | 68.41M | 96.06M |
| EBITDA | 1.61B | 1.6B | 1.53B | 1.18B | 1.07B | 1.02B | 912.29M | 966.93M | 860.78M | 1.09B | 1.29B | 1.23B | 1.17B | 1.7B | 1.53B | 1.38B |
| EBITDA Margin % | 55.91% | 56.79% | 56.6% | 54.28% | 51.77% | 54.03% | 55.46% | 77.96% | 72.25% | 59.15% | 60.46% | 63.58% | 71.71% | 80.89% | 81.43% | 81.42% |
| Depreciation & Amortization | 1.08B | 1.06B | 1.06B | 749.9M | 710.57M | 684.29M | 697.14M | 659.99M | 549.5M | 534.73M | 568.11M | 504.9M | 455.02M | 423.31M | 353.7M | 346.06M |
| D&A / Revenue % | 37.6% | 37.51% | 39.15% | 34.38% | 34.47% | 36.09% | 42.38% | 53.21% | 46.13% | 28.93% | 26.68% | 26.02% | 27.8% | 20.16% | 18.81% | 20.42% |
| Operating Income | 526.09M | 544.13M | 471.22M | 433.91M | 356.58M | 340.32M | 215.15M | 306.94M | 311.28M | 558.63M | 719.18M | 728.94M | 718.76M | 1.28B | 1.18B | 1.03B |
| Operating Margin % | 18.31% | 19.28% | 17.45% | 19.89% | 17.3% | 17.95% | 13.08% | 24.75% | 26.13% | 30.22% | 33.78% | 37.56% | 43.91% | 60.73% | 62.61% | 61% |
| Interest Expense | 4M | 305.18M | 280.43M | 200.33M | 172.94M | 157.98M | 218.34M | 217.61M | 261.28M | 307.72M | 464.4M | 479.6M | 439.74M | 435.25M | 416.17M | 415.45M |
| Interest Coverage | - | 1.78x | 1.97x | 2.57x | 3.93x | 1.81x | 2.00x | 1.81x | 4.21x | 2.33x | 1.79x | 1.28x | 1.62x | 2.96x | 2.79x | 2.18x |
| Non-Operating Income | -178.26M | 0 | -82.38M | -81.36M | -323.49M | 53.97M | -220.87M | -86.99M | -788.58M | -159.49M | -112.51M | 113.07M | 4.6M | -12.03M | 15.88M | 127.47M |
| Pretax Income | 258.08M | 110.31M | 271.65M | 325.14M | 509.12M | 134.47M | 151.08M | 169.99M | 832.82M | 421.3M | 378.64M | 142.86M | 270.81M | 916.45M | 799.54M | 537.43M |
| Pretax Margin % | 8.98% | 3.91% | 10.06% | 14.91% | 24.7% | 7.09% | 9.19% | 13.71% | 69.91% | 22.79% | 17.78% | 7.36% | 16.54% | 43.64% | 42.53% | 31.72% |
| Income Tax | 7.46M | 9.28M | 4.35M | -9.62M | -4.42M | -3.26M | -9.42M | -5.48M | -4.4M | -1.33M | 4.47M | -9.81M | -506K | 5.82M | -1.65M | 1.3M |
| Effective Tax Rate % | 2.89% | 8.42% | 1.6% | -2.96% | -0.87% | -2.43% | -6.24% | -3.22% | -0.53% | -0.32% | 1.18% | -6.86% | -0.19% | 0.63% | -0.21% | 0.24% |
| Net Income | 222.15M | 71.35M | 243.14M | 306.01M | 500.45M | 505.54M | 413.56M | 45.53M | 1.06B | 414.17M | 627.75M | -559.24M | 922.23M | 970.84M | 832.54M | 538.89M |
| Net Margin % | 7.73% | 2.53% | 9% | 14.03% | 24.28% | 26.66% | 25.14% | 3.67% | 89.07% | 22.41% | 29.48% | -28.82% | 56.34% | 46.23% | 44.28% | 31.8% |
| Net Income Growth % | -20.46% | -70.66% | -20.54% | -38.85% | -1.01% | 22.24% | 808.33% | -95.71% | 156.2% | -34.02% | 212.25% | -160.64% | -5.01% | 16.61% | 54.49% | - |
| Funds From Operations (FFO) | 1.3B | 1.13B | 1.3B | 1.06B | 1.21B | 1.19B | 1.11B | 705.52M | 1.61B | 948.89M | 1.2B | -54.33M | 1.38B | 1.39B | 1.19B | 884.95M |
| FFO Margin % | 45.33% | 40.04% | 48.15% | 48.41% | 58.75% | 62.75% | 67.53% | 56.88% | 135.19% | 51.34% | 56.16% | -2.8% | 84.14% | 66.39% | 63.1% | 52.23% |
| FFO Growth % | -1.02% | -13.08% | 23.15% | -12.81% | 1.78% | 7.12% | 57.43% | -56.2% | 69.73% | -20.65% | 2301.1% | -103.94% | -1.21% | 17.53% | 34.05% | - |
| FFO per Share | 1.87 | 1.62 | 1.92 | 1.93 | 2.25 | 2.21 | 2.09 | 1.44 | 3.39 | 2.02 | 2.56 | -0.12 | 3.00 | 3.06 | 2.77 | 2.21 |
| FFO Payout Ratio % | 48.81% | 75.13% | 61.12% | 62.22% | 53.51% | 54.64% | 70.86% | 102.07% | 43.27% | 73.24% | 81.91% | -1926.45% | 72.72% | 68.62% | 72.95% | 89.01% |
| EPS (Diluted) | 0.32 | 0.10 | 0.36 | 0.56 | 0.92 | 0.93 | 0.77 | 0.09 | 2.24 | 0.88 | 1.34 | -1.21 | 2.00 | 2.13 | 1.90 | 1.29 |
| EPS Growth % | -20.53% | -72.22% | -35.71% | -39.13% | -1.08% | 20.78% | 755.56% | -95.98% | 154.55% | -34.33% | 210.74% | -160.5% | -6.1% | 12.11% | 47.29% | - |
| EPS (Basic) | - | 0.10 | 0.36 | 0.56 | 0.92 | 0.93 | 0.77 | 0.09 | 2.25 | 0.88 | 1.34 | -1.21 | 2.01 | 2.13 | 1.90 | 1.29 |
| Diluted Shares Outstanding | 695.17M | 696.04M | 676.23M | 547.27M | 539.15M | 539.24M | 531.06M | 489.33M | 475.39M | 468.94M | 467.4M | 462.8M | 458.8M | 455.7M | 428.32M | 400.22M |
Merger integration and margin volatility
As reported in recent financial filings, Healthpeak's revenue growth reached 7.1% in 2026Q1, reflecting the ongoing integration of the Physicians Realty Trust merger, though the trajectory remains inconsistent compared to the double-digit expansion observed throughout the 2024 fiscal year following the initial portfolio consolidation efforts.
The revenue expansion appears to be driven by the scale benefits of the recent merger, yet the lack of consistent organic growth suggests that the company is still navigating the complexities of its expanded Medical Office Building footprint. Investors should monitor whether the current revenue pace can be sustained without further dilutive capital allocation or if the cluster strategy will eventually yield the anticipated operational synergies.
Based on the provided quarterly data, NOI margins experienced significant volatility, plummeting to -87.2% in 2025Q4 before recovering to 53.8% in 2026Q1, a trend that suggests substantial operational friction or accounting adjustments related to the recent merger integration and property-level cost management challenges.
The extreme fluctuation in NOI margins indicates that the company's property-level profitability is currently sensitive to non-recurring integration costs or potential asset-level impairments. This instability suggests that the core operating model may be under pressure, and analysts should investigate whether these margin swings represent a temporary transition period or a more permanent shift in the cost structure.
According to the company's reported figures, FFO per share reached $0.70 in 2026Q1, representing a sharp recovery from the $0.21 low in 2025Q3, though the erratic quarterly trajectory highlights the difficulty in assessing the true earnings power of the entity during this major structural transition.
The significant variance in FFO growth, ranging from a 60.3% contraction to a 72.2% expansion, implies that headline FFO is currently being distorted by merger-related expenses and potential accounting noise. Investors should look past these headline figures to determine if the underlying cash flow generation is sufficient to support the dividend and the capital-intensive Life Science development pipeline.
As indicated by the financial statements, the wide gap between GAAP net income and FFO, coupled with the recent negative NOI margin in 2025Q4, suggests that the company's earnings quality may be compromised by significant non-cash charges and integration-related costs that warrant further analytical scrutiny.
The reliance on FFO as a primary metric is essential, yet the volatility in these figures suggests that the market may be underestimating the long-term capital expenditure requirements of the combined portfolio. The potential for capitalized leasing commissions and tenant improvements to mask true cash flow tightness remains a key risk that could impact future dividend sustainability.
Quick answers to the most common questions about buying DOC stock.
For fiscal year 2025, Healthpeak Properties, Inc. (DOC) reported total revenue of $2.82B. This represents a 66.6% increase compared to $1.69B in 2011.
Healthpeak Properties, Inc. (DOC) is profitable, generating $71.3M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
Healthpeak Properties, Inc. (DOC) reported an operating income of $544.1M, resulting in an operating profit margin of 19.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Healthpeak Properties, Inc. (DOC) generated $634.5M in gross profit for the year, representing a gross profit margin of 22.5%. This demonstrates the company's core pricing power and production efficiency.