Saturday 31 October 2026 Export DOC’s income statement to Excel — free account

Healthpeak Properties, Inc.

DOC Real Estate Reit Healthcare Facilities

Healthpeak Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 4.52% from fiscal 2024. In the quarter to June 2026, revenue grew 11.1%, EPS grew 60.0%, free cash flow fell 30.5% and total debt rose 11.0%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years, operating cash flow growth for five.

19.03 0.09 +0.48%

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Market cap: $13.4B
P/E: 54.5×
Fwd P/E: 40.2×
Dividend yield: 7.46%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 0.21

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	1	—	—	—	—	—

Insider Ownership 0.36%

Capital & Financial Ratios $m

Market Cap 13,380.00

Revenue 2,949.81

Net Income 274.84

Free Cash Flow (19.33)

Net Debt 8,313.51

Current Ratio 3.02

Debt/Equity 1.06

P/E ratio 54.51

Fwd P/E 40.20

P/S ratio 4.46

P/B ratio 1.39

Past 5Y EPS Growth (33.52%)

This Y EPS Growth 361.59%

Next Y EPS Growth (52.19%)

Next Y revenue growth 4.23%

Next 5Y EPS Growth 42.64%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 72.39%

10-year low 10-year high

P/S against its own 10 years 10.50%

10-year low 10-year high

P/B against its own 10 years 9.18%

10-year low 10-year high

EV/Sales against its own 10 years 2.64%

10-year low 10-year high

Dividends

Payout Ratio 4.07

Annual Dividend Rate 1.42

Annual Dividend Yield 7.46%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.22	0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2025	1.22	0.31 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2024	1.43	0.23 0.30 0.30 0.30 0.30
2023	2.12	0.23 0.30 0.23 0.30 0.23 0.30 0.23 0.30
2022	2.12	0.23 0.30 0.23 0.30 0.23 0.30 0.23 0.30
2021	2.12	0.23 0.30 0.23 0.30 0.23 0.30 0.23 0.30
2020	2.40	0.23 0.37 0.23 0.37 0.23 0.37 0.23 0.37
2019	2.40	0.23 0.37 0.23 0.37 0.23 0.37 0.23 0.37
2018	2.40	0.23 0.37 0.23 0.37 0.23 0.37 0.23 0.37
2017	2.39	0.23 0.37 0.23 0.37 0.23 0.37 0.23 0.37
2016	2.76	0.20 0.52 0.20 0.52 0.20 0.52 0.20 0.37

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	169	184	538	1,719
Receivables	56	77	78	72
Inventory	—	—	—	—
Other	—	—	—	—
	443	1,854	2,025	2,052

	2023	2024	2025	Q'26
Payables	657	725	719	679
ST’ Debt	—	—	—	—
Other	—	—	—	—
	657	725	719	679

Compound Annual Growth %

	10y	5y	3y
Sales	3.82%	11.40%	11.05%
Cash Flow	0.24%	10.54%	11.62%
Earnings	0.00%	(29.72%)	(47.87%)
Book Value	(1.78%)	2.24%	4.27%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.44 Actual 0.46

0.42 0.44 0.45 0.46 0.48

Q3 FY25 Beat +0.01

Q4 FY25 Beat +0.02

Q1 FY26 Beat +0.02

Q2 FY26 Beat +0.02

Q3 FY26 — Nov 2

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	0.45	0.46	Beat by 0.01
Q4 FY25	0.45	0.47	Beat by 0.02
Q1 FY26	0.43	0.45	Beat by 0.02
Q2 FY26	0.44	0.46	Beat by 0.02
Q3 FY26	0.43	—	Reports 2 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.28	0.08	—	—	—
’25	0.06	0.05	(0.17)	0.16	0.10
’24	0.01	0.21	0.12	0.01	0.36
’23	0.22	0.09	0.12	0.13	0.56
’22	0.13	0.13	0.65	0.01	0.92
’21	0.27	0.51	0.10	0.05	0.93
’20	0.54	0.09	(0.12)	0.27	0.77

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	753	772	—	—	—
’25	703	694	706	719	2,823
’24	607	696	700	698	2,700
’23	526	545	556	554	2,181
’22	498	518	520	524	2,061
’21	455	476	481	483	1,896
’20	381	409	424	432	1,645

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	261	361	—	—	—
’25	279	363	315	294	1,252
’24	153	316	318	284	1,070
’23	174	298	253	231	956
’22	194	255	244	207	900
’21	123	237	212	224	795
’20	95	225	220	219	758

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(219)	146	—	—	—
’25	76	210	112	(58)	339
’24	74	535	394	112	1,115
’23	100	103	65	82	351
’22	(105)	67	3	(57)	(92)
’21	910	924	(288)	(445)	1,101
’20	285	(108)	14	(90)	101

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	22.87	25.09	21.48	26.80	18.63	28.15	21.41	15.24	16.02	15.71		(4.1%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	36.82	33.67	30.27	37.93	37.64	37.69	36.85	28.43	23.26	21.28		(5.9%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	188	190	201	204	217	196	199	193	387	411		+9.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	11.33	9.73	5.93	6.08	7.58	9.67	10.36	11.30	6.98	6.87		(5.4%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	2,129	1,848	1,191	1,240	1,645	1,896	2,061	2,181	2,700	2,823		+3.2%	2,942	3,170	3,483	+7.3%
	Gross margin, %	65.32	63.95	68.22	67.33	52.43	59.22	58.13	58.64	60.20	60.00		(5.3) pt	Powerpack Healthpeak Properties, Inc.’s next three years, line by line Analysts expect revenue to grow 7.3% a year to 2028 — faster than the 3.2% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	367	410	839	176	218	128	507	315	273	284		(2.8%)
	EBT margin, %	17.25	22.20	70.39	14.22	13.23	6.77	24.60	14.44	10.12	10.07		(7.2) pt
	Net income	640	423	1,073	60	428	526	516	335	267	101		(18.5%)
	Depreciation	616	564	579	689	625	599	619	653	966	955		+5.0%
Per share, $
Per share, $	Revenue	4.56	3.94	2.53	2.55	3.10	3.52	3.83	3.99	4.00	4.06		(1.3%)
	Earnings	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36	0.10		(25.1%)
	Cash flow	2.60	1.81	1.80	1.74	1.43	1.48	1.67	1.75	1.58	1.80		(4.0%)
	Capex	(0.52)	0.81	2.37	(4.11)	(1.24)	0.57	(1.84)	(1.11)	0.07	(1.31)		+10.9%
	Free cash flow	2.08	2.62	4.17	(2.37)	0.19	2.04	(0.17)	0.64	1.65	0.49		(14.9%)
	Book value	12.72	11.94	13.84	13.71	13.74	13.10	13.33	12.57	13.40	11.70		(0.9%)
	Shares, m	467	469	471	486	531	539	539	547	676	696		+4.5%
Valuation, ×
Valuation, ×	P/E	22.22	29.78	12.52	344.70	38.27	38.81	27.35	35.77	57.91	160.80		76.8
	P/S	6.53	6.57	7.15	9.60	9.89	10.26	6.65	5.02	5.07	3.97		7.1
	P/B	2.34	2.17	2.03	2.57	2.23	2.76	1.91	1.59	1.51	1.37		2.0
	EV/Sales	10.79	10.79	10.09	12.91	13.66	13.40	9.74	8.10	8.23	7.26		10.5
	EV/FCF	23.59	16.25	9.49	(19.96)	223.30	23.08	(219.14)	50.35	19.94	60.42		18.7
Cash, $m
Cash, $m	Operating cash flow	1,214	847	849	846	758	795	900	956	1,070	1,252		+0.3%
	Capex	(241)	380	1,115	(2,001)	(658)	306	(992)	(605)	44	(913)		+16.0%
	Free cash flow	973	1,227	1,963	(1,155)	101	1,101	(92)	351	1,115	339		(11.0%)
Balance, $m
Balance, $m	Working capital	573	35	(141)	(128)	(412)	(79)	(217)	(214)	1,129	1,306		+9.6%
	Total debt	9,189	7,880	5,568	6,002	6,298	6,170	6,498	6,876	8,716	9,860		+0.8%
	Net debt	9,053	7,798	5,428	5,908	6,187	5,958	6,371	6,707	8,532	9,322		+0.3%
	Shareholders’ equity	5,941	5,595	6,513	6,667	7,290	7,059	7,183	6,876	9,055	8,143		+3.6%
Returns, %
Returns, %	ROA	3.37	2.77	7.90	0.33	2.75	3.22	3.21	1.93	1.36	0.35		(3.0) pt
	ROIC	2.96	1.79	1.57	1.43	0.71	1.51	1.59	1.94	1.12	1.86		(1.1) pt
	ROE	7.99	7.16	17.48	0.67	5.89	7.00	6.99	4.33	3.04	0.82		(7.2) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2016

Fiscal 2016: revenue by segment, and margins
Senior Housing Operating Portfolio	687	32.26%
Outpatient medical	446	20.96%
Senior Housing Triple Net	423	19.87%
Lab	359	16.84%
Other Non-Reporting Segment	215	10.08%
Gross margin		65.32%
Operating margin		33.31%
Pre-tax margin		17.25%

Revenue by segment since 2008

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
VTR Ventas, Inc.	$45.2B	154×	140×	+21.73% (above 0%: growing)	−6.67% (below 0%: shrinking)	+13.60% (above 0%: growing)	95.22%	13.43%	Compare
OHI Omega Healthcare Investors, Inc.	$14.2B	16.6×	19.0×	+16.19% (above 0%: growing)	+163.04% (above 0%: growing)	+710.56% (above 0%: growing)	100.00%	57.45%	Compare
DOC Healthpeak Properties, Inc.	$13.4B	54.5×	40.2×	+11.12% (above 0%: growing)	+60.00% (above 0%: growing)	−30.47% (below 0%: shrinking)	56.83%	16.18%
AHR American Healthcare REIT, Inc.	$11.6B	78.7×	86.5×	+24.29% (above 0%: growing)	+166.67% (above 0%: growing)	+9.53% (above 0%: growing)	20.35%	6.29%	Compare
CTRE CareTrust REIT, Inc.	$8.6B	22.8×	23.4×	+43.46% (above 0%: growing)	+5.56% (above 0%: growing)	+88.99% (above 0%: growing)	98.66%	67.53%	Compare
HR Healthcare Realty Trust Incorporated	$6.2B	— (loss-making)	— (loss-making)	−5.26% (below 0%: shrinking)	n/m	−28.80% (below 0%: shrinking)	64.88%	13.83%	Compare
SBRA Sabra Healthcare REIT, Inc.	$5.0B	76.0×	48.8×	+24.70% (above 0%: growing)	n/m	−666.09% (below 0%: shrinking)	100.00%	(13.59%)	Compare
NHI National Health Investors, Inc.	$3.3B	19.3×	16.5×	+33.81% (above 0%: growing)	+45.57% (above 0%: growing)	+2,585.45% (above 0%: growing)	72.18%	41.09%	Compare
LTC LTC Properties, Inc.	$2.4B	16.3×	23.6×	+64.11% (above 0%: growing)	+72.73% (above 0%: growing)	−213.92% (below 0%: shrinking)	100.00%	31.24%	Compare
Median of peers	$7.4B	22.8×	23.6×	+24.50%	+59.15%	+11.57%	96.94%	22.54%

All 17 Reit Healthcare Facilities stocks →

Business profile

Updated 26 October 2026

Healthpeak Properties is a healthcare real-estate investment trust that owns, operates and develops properties used for healthcare discovery and delivery in the United States. It is organized as an UPREIT: substantially all assets and operations sit in Healthpeak OP, its operating subsidiary. Founded in 1985, it is headquartered in Long Beach.

The portfolio has three reportable property businesses. Outpatient medical includes medical office buildings and hospitals, generally rented to hospital systems, physician practices and other healthcare providers. These buildings have infrastructure for examination rooms, imaging equipment, diagnostic centers, rehabilitation clinics and outpatient surgery. Lab properties provide laboratory and office space for biotechnology, pharmaceutical, medical-device and research organizations. Senior housing consists of life plan communities and senior-housing properties operated through RIDEA structures, under which third-party managers run the day-to-day facilities.

Read the full business profile →

From the latest earnings call

Updated 26 October 2026

Scott Brinker said Healthpeak’s outpatient portfolio recorded 5% cash releasing spreads and that its leasing pipeline suggests internal growth will accelerate in 2027.
Kelvin Murphy said Healthpeak raised FY2026 adjusted FFO guidance to $1.73 to $1.77 per share, citing higher same-store NOI assumptions and seller-note interest amortization.

Read the Earnings & Analysis →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.65%

Held by the ten largest 54.20%

Holder	Shares	Stake	Change
Vanguard	110.06m	15.96%	+108.07k
BlackRock	70.94m	10.29%	−2.43m
State Street	44.01m	6.38%	−4.49m
JPMorgan Chase	30.19m	4.38%	−14.54m
FULLER & THALER ASSET MANAGEMENT, INC.	29.12m	4.22%	−81.75k
Geode Capital Management	24.65m	3.58%	+252.73k
Invesco	18.51m	2.68%	−5.66m
Principal Financial	16.82m	2.44%	−2.01m
BNY	15.23m	2.21%	−221.76k
Morgan Stanley	14.19m	2.06%	+1.88m

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 March 2026

Ownership

Directors and executive officers, together less than 1%

The Vanguard Group, Inc. and affiliates 16.04%

BlackRock, Inc. 10.00%

State Street Corporation 7.53%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement