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Company handbook · DOC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16

DOC · CIK 765880 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026

Healthpeak Properties, Inc.

$18.98 +0.02 (+0.11%)

Close, Oct 16, 2026 · 52-week $16–23

↗ hcpi.com

Last fiscal year

Healthpeak Properties, Inc. reported revenue of $604M for the year ended Dec 31, 2025 (FY25), up 6.2% from FY24. Net income was $71M, operating cash flow $1.3B and free cash flow $357M. Source: 10-K filed Feb 3, 2026.

Market cap

$13.2B

P/E

54.2

P/B

1.7

Div yield

6.45%

Revenue 1Y

6.2%/yr

EPS 1Y

−72.2%/yr

Shares 1Y

−0.6%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOScott M. Brinker

HQDenver, CO

AuditorDeloitte & Touche LLP

Year endsDecember

Compounded growth & averages

10Y

TTM

Share price

−6.3%

−11.3%

2.7%

2.9%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$3.6B deployed

Capex $1.6B 45.8%

Dividends $1.6B 46.1%

Buybacks $288M 8.1%

Operating cash flow over the period: $2.3B. Total debt changed by +$1.1B.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Aug 4, 2026 Quarterly results 8-K May 5, 2026 Quarterly results 8-K May 4, 2026 Shareholder vote results 8-K Mar 23, 2026 Material agreement 8-K Feb 27, 2026 Other announcement 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

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Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

568

604+6.2%

723

YoY

+6.2%

Gross profit

(506)

—

Gross margin

−89.1%

—

Interest expense

280

305+8.8%

—

Net income

243

71−70.7%

243

YoY

−70.7%

Net margin

42.8%

11.8%−31.0 pp

—

EPS (diluted, $)

0.36

0.10−72.2%

—

YoY

−72.2%

Balance sheet

FY24 FY25

TTM

Total assets

19,938

20,336+2.0%

21,680

Cash & short-term investments

184

467+153.6%

—

Other assets

19,754

19,869+0.6%

—

Total liabilities

11,537

12,836+11.3%

13,835

Total debt

8,716

9,848+13.0%

10,032

Other liabilities

2,821

2,988+5.9%

—

Shareholders’ equity

8,401

7,500−10.7%

7,845

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

1,070

1,252+17.0%

1,231

Net income

267

101−62.2%

—

Depreciation & amortization

1,057

1,059+0.2%

—

Stock-based compensation

14−7.3%

—

Working capital & other

(270)

78n/m

—

Cash from investing

(114)

(1,035)n/m

—

Capex

(737)

(895)n/m

—

Other investing

623

(140)−122.4%

—

Cash from financing

(941)

136n/m

—

Dividends

(795)

(849)n/m

—

Buybacks

(191)

(97)n/m

—

Other financing

1,082+2356.7%

—

Net change in cash

353+2212.5%

—

Free cash flow (OCF − capex)

334

357+7.0%

—

Where the cash went

FY24 FY25

TTM

Operating cash flow

1,070

1,252+17.0%

1,231

Reinvested in the business

737

895+21.5%

—

% of operating cash flow

68.8%

71.5%

Capex

737

895+21.5%

—

Free cash flow

334

357+7.0%

—

YoY

+7.0%

Returned to shareholders

985

946−4.0%

—

% of free cash flow

295.3%

265.0%

Dividends

795

849+6.8%

—

Buybacks

191

97−49.1%

—

Change in total debt

—

1,132

—

Cash left over

—

543

—

FCF conversion (FCF ÷ net income)

137.3%

500.4%+363.1 pp

—

Buyback yield

1.3%

0.9%−0.5 pp

—

Returns & ratios

FY24 FY25

TTM

Debt / equity

1.04x

1.31x+0.28x

—

ROE

2.9%

1.0%−1.9 pp

—

ROA

1.2%

0.4%−0.9 pp

—

Invested capital (all)

16,933

16,881−0.3%

—

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

150

156

200

216

vs year-ago quarter

Gross profit

(141)

—

Gross margin

−94.0%

—

Net income

(117)

114

194

vs year-ago quarter

Net margin

−77.8%

73.2%

96.6%

24.4%

EPS (diluted, $)

−0.17

0.16

0.28

0.08

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

19,582

20,336

21,616

21,680

Cash & equivalents

160

467

1,266

1,719

Total debt

9,132

9,848

10,423

10,032

Shareholders’ equity

7,597

7,500

7,826

7,845

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

315

294

261

361