Revenue reached $820.9M in 2026Q3 with a 16.3% year-over-year gain that appears merger-driven, while NOI margin fell from about 60% to 53.8%, a compression that warrants investigation into integration costs and property mix shifts.
Healthpeak Properties, Inc. (DOC) annual income statement — 15-year revenue, gross profit & net income history
| 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 | 3.06B | 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 % | 9.42% | 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 | 2.96B | 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) | 102.26M | 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 % | 3.34% | 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 | -394.93M | 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 | 94.32M | 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 | 1.59B | 1.57B | 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 % | 52.03% | 55.49% | 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 | 1.1B | 1.02B | 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 % | 35.81% | 36.21% | 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 | 497.19M | 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 % | 16.22% | 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 | - | 1.36x | 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 | -167.88M | 128.64M | -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 | 427.54M | 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 % | 13.95% | 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 | 6.17M | 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 % | 1.44% | 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 | 388.11M | 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 % | 12.66% | 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 % | 1119.34% | -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) | 1.49B | 1.09B | 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 % | 48.47% | 38.74% | 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 % | 211.09% | -15.91% | 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 | 2.15 | 1.57 | 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 % | 42.69% | 77.65% | 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) | 0.56 | 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 % | 1035.88% | -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 | 689.51M | 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 |
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.
Key Metrics
Top Statement Risk
Lab tenant credit weakness
Metrics are mathematically derived from official filings.
Revenue Growth Decelerating After Merger Lift
Based on reported figures, DOC's revenue rose from $694.3M in 2025Q2 to $820.9M in 2026Q3, with year-over-year growth of 16.3% in the latest quarter appearing to reflect merger-driven scale rather than organic momentum.
The sharp step-up in the most recent quarters coincides with the Physicians Realty Trust combination, so the reported growth likely reflects portfolio expansion more than same-asset improvement. Growth was flat to negative through 2025, which suggests the underlying organic trajectory was weak before the transaction. Investors should monitor whether revenue growth holds once merger effects annualize.
NOI Margin Compression Warrants Investigation
As reported in financial statements, DOC's NOI margin fell from roughly 60% through 2024 and 2025 to 53.8% in 2026Q3, a decline that may reflect merger integration costs or a change in the property mix.
The consistent 58 to 61 percent NOI margin band through 2024 and most of 2025 indicates a stable operating cost structure before the merger. The subsequent drop, combined with negative NOI prints in 2026Q1 and 2025Q4 that appear to be data or accounting anomalies, makes the margin trend difficult to interpret cleanly. Further investigation of the reported expense lines is warranted before drawing conclusions about structural profitability.
FFO Per Share Volatile Amid Share Issuance
Based on DOC's reported figures, FFO per share ranged from $0.21 to $0.70 over ten quarters, with the 2026Q1 peak of $0.70 appearing elevated relative to the $0.40 to $0.61 range seen in 2024 and 2025.
FFO per share fluctuations of this magnitude suggest that one-time items or share count changes from equity issuance are influencing the reported figures. The 117.8 percent FFO growth in 2026Q3 against modest revenue growth points to a denominator or non-recurring effect rather than operating improvement. Investors should monitor AFFO coverage of the dividend, given that AFFO data is only partially reported.
Depreciation Distorts GAAP Earnings Signal
As reported in financial statements, DOC's net income swung from a $117.1M loss in 2025Q3 to $193.6M in 2026Q1, a range that reflects depreciation and non-recurring items far more than underlying earnings power.
For a REIT with a large real estate base, GAAP net income is dominated by depreciation charges, so the EPS swings from negative $0.17 to positive $0.28 are not a reliable guide to operating performance. Net margins of 2.5 percent in recent periods suggest depreciation and interest absorb most of NOI. The more informative measures are FFO and AFFO, which the reported data only partially covers.
Earnings Quality Challenged by Data Gaps
Based on the supplied data, the strongest challenge to DOC's earnings is that several quarters show negative NOI and missing AFFO, which may indicate reporting inconsistencies that warrant verification before relying on the trend.
Negative NOI values in 2026Q1 and 2025Q4 are inconsistent with a portfolio generating over $700M in quarterly revenue and should be treated as unreliable until reconciled. Where AFFO is unavailable, the analysis cannot confirm whether dividend coverage is adequate. Conclusions about profitability and cash generation should therefore be held with caution pending verification of the underlying figures.