Healthpeak Properties

Real Estate Health Care REITs Denver, Colorado Last filing Feb 3, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.8B
                    3y CAGR +11.0%
                    
                    P76
                    
                    +4.5%
                    
                    Net income
                    FY2025
                
$71.3M
                    Net margin +2.5%
                    
                    P14
                    
                    -70.7%
                    
                    Total assets
                    FY2025
                
$20.3B
                    ROA +0.4%
                    
                    P10
                    
                    +2.0%
                    
                    Operating cash flow
                    FY2025
                
$1.3B
                    FCF margin -4.7%
                    
                    P41
                    
                    +17.0%

19 yrs · FY2007–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 10 years

Total assets $20.3B

Total liabilities $12.0B

Shareholders equity $7.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	2.3%	0.6%	0.7%	0.5%	1.0%	0.3%	0.6%	0.9%	0.4%	0.6%
Real Estate	79.2%	79.4%	83.0%	82.6%	83.3%	70.1%	59.3%	85.9%	81.2%	76.6%
Other Noncurrent Assets	18.5%	20.0%	16.3%	17.0%	15.6%	29.6%	40.2%	13.2%	18.4%	22.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Long Term Debt	35.0%	34.7%	36.1%	31.7%	32.8%	37.2%	40.3%	42.4%	46.4%	49.2%
Other Noncurrent Liabilities	24.2%	19.9%	19.8%	22.0%	20.4%	16.7%	12.2%	6.4%	13.9%	13.1%
Total Liabilities	59.2%	54.6%	55.9%	53.8%	53.2%	53.8%	52.5%	48.8%	60.3%	62.3%
Equity
Total Stockholders Equity	36.9%	42.1%	40.5%	42.2%	42.7%	42.3%	43.4%	46.7%	37.6%	35.2%
Common Stock	3.4%	3.5%	3.5%	3.5%	3.5%	3.4%	3.6%	3.8%	3.3%	3.0%
Additional Paid In Capital	62.8%	64.4%	66.3%	65.6%	66.2%	63.9%	65.4%	66.0%	58.4%	52.0%
Accumulated Other Comprehensive Income	-0.0%	0.1%	0.1%	0.2%	-0.0%	-0.0%	-0.0%	-0.0%	-0.2%	-0.2%
Other Equity	-29.3%	-26.0%	-29.4%	-27.1%	-27.0%	-25.0%	-25.7%	-23.0%	-23.9%	-19.6%
Noncontrolling Interest	3.2%	3.3%	3.3%	3.3%	3.6%	3.5%	4.2%	4.5%	2.1%	2.5%
Temporary Equity and Other	0.8%	0.0%	0.3%	0.7%	0.6%	0.4%	—	—	—	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

12 accounts · 10 years

Revenue $2.8B

Operating income Not reported

Net income $71.3M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	13.9%	13.5%	13.9%	13.1%	12.4%	10.3%	8.8%	9.4%	13.1%	13.5%
Expenses Depreciation and Amortization	5.2%	5.3%	4.8%	4.5%	4.5%	3.5%	3.1%	3.2%	3.8%	3.6%
Expenses Selling,General and Administrative	0.4%	0.5%	0.6%	0.8%	0.6%	0.6%	0.7%	0.8%	0.6%	0.7%
Other Income Expense Interest Expense	1.5%	1.4%	1.3%	1.1%	1.0%	1.4%	1.6%	2.1%	2.2%	2.9%
Other Income Expense Other Income/expense	0.2%	0.4%	0.5%	-3.4%	-5.4%	-3.5%	-2.3%	3.2%	-3.6%	-4.0%
Other Income Expense Income Before Tax	1.4%	1.4%	2.0%	3.2%	0.8%	1.4%	1.3%	6.6%	2.9%	2.3%
Income Tax Income Tax Expense	0.0%	0.0%	-0.1%	-0.0%	-0.0%	-0.1%	-0.0%	-0.0%	-0.0%	0.3%
net Income Other Items Below Tax	-1.0%	-0.1%	-0.1%	-0.1%	2.4%	1.2%	-1.0%	1.7%	0.0%	2.0%
net Income net Income	0.4%	1.2%	1.9%	3.2%	3.3%	2.6%	0.3%	8.3%	2.9%	4.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	3.4%	3.4%	3.5%	3.4%	3.5%	3.3%	3.5%	3.7%	3.3%	3.0%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 10 years

Operating cash flow $1.3B

Investing cash flow $-1.0B

Financing cash flow $136.1M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	6.2%	5.4%	6.1%	5.7%	5.2%	4.8%	6.0%	6.7%	6.0%	7.7%
Operating Activities net Income	0.5%	1.3%	2.1%	3.3%	3.4%	2.7%	0.4%	8.4%	3.0%	4.1%
Operating Activities Depreciation and Amortization	4.9%	5.0%	4.3%	3.9%	3.9%	3.9%	4.8%	4.4%	3.9%	0.1%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.2%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities Other Non Cash Items	0.7%	-1.1%	-0.5%	-1.7%	-2.3%	-2.0%	0.7%	-6.3%	-1.0%	-0.2%
Investing Activities Capital Expenditures	-6.8%	-3.6%	-5.5%	-7.3%	-14.5%	-15.4%	-16.7%	-8.1%	-7.4%	-6.2%
Investing Activities Other Investing Activities	1.7%	3.0%	1.8%	1.7%	17.9%	9.1%	6.4%	22.5%	16.3%	3.5%
Investing Activities net Cash From Investing Activities	-5.1%	-0.6%	-3.7%	-5.6%	3.5%	-6.3%	-10.3%	14.4%	8.8%	-2.7%
Financing Activities Proceeds From Debt	64.5%	22.5%	70.6%	103.9%	117.4%	33.5%	70.6%	16.1%	8.9%	7.0%
Financing Activities Repayment of Debt	-59.0%	-21.8%	-68.2%	-101.8%	-119.4%	-33.1%	-65.9%	-34.3%	-18.6%	-18.1%
Financing Activities Dividends Paid	-4.2%	-4.0%	-4.2%	-4.1%	-4.3%	-4.9%	-5.1%	-5.5%	-4.9%	-6.2%
Financing Activities Repurchase of Common Stock	-0.5%	-1.0%	-0.0%	-0.4%	-0.1%	-0.1%	-0.0%	-0.0%	-0.0%	-0.1%
Financing Activities Other Financing Activities	-0.1%	-0.5%	-0.3%	1.7%	-2.1%	6.2%	5.1%	3.1%	-0.6%	10.7%
Financing Activities net Cash From Financing Activities	0.7%	-4.7%	-2.1%	-0.7%	-8.4%	1.5%	4.6%	-20.6%	-15.2%	-6.7%
Cash Reconciliation net Change In Cash	1.7%	0.1%	0.3%	-0.6%	0.2%	-0.0%	0.3%	0.5%	-0.4%	-1.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+2.5%	+9.0%	+14.0%	+24.3%	+26.7%	+25.1%	+3.7%	+89.1%	+22.4%	+29.5%
FCF margin	-4.7%	+13.0%	+4.4%	-12.0%	-74.4%	-102.9%	-120.4%	-15.7%	-11.0%	+11.0%
Growth
Revenue CAGR (3y)	+11.0%	+12.5%	+9.9%	+18.4%	+16.8%	-3.8%	-16.5%	-15.0%	+4.1%	+0.5%
Returns
ROE	+1.0%	+2.9%	+4.8%	+7.5%	+7.8%	+6.1%	+0.7%	+17.9%	+7.8%	+11.3%
ROA	+0.4%	+1.2%	+1.9%	+3.2%	+3.3%	+2.6%	+0.3%	+8.3%	+2.9%	+4.0%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	1.60x	1.30x	1.38x	1.27x	1.24x	1.27x	1.21x	1.04x	1.60x	1.77x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.14x	0.14x	0.14x	0.13x	0.12x	0.10x	0.09x	0.09x	0.13x	0.14x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Healthpeak Properties

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