Healthpeak Properties

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

                    Revenue
                    FY2025
                
$2.8B
                    3y CAGR +11.0%
                    
                    P73
                    
                    +4.5%
                    
                    Net income
                    FY2025
                
$71.3M
                    Net margin +2.5%
                    
                    P13
                    
                    -70.7%
                    
                    Total assets
                    FY2025
                
$20.3B
                    ROA +0.4%
                    
                    P10
                    
                    +2.0%
                    
                    Operating cash flow
                    FY2025
                
$1.3B
                    
                    +17.0%

20 yrs · FY2006–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

23 accounts · 5 years

Total assets $20.3B

Total liabilities $12.0B

Shareholders equity $7.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	16.6%	4.4%	5.4%	3.5%	8.3%
Accounts Receivable	2.8%	2.8%	2.6%	2.6%	2.6%
Other Current Assets	31.4%	34.9%	35.4%	37.9%	35.6%
Property,Plant and Equipment	0.0%	1.4%	0.0%	0.0%	0.0%
Operating Lease Assets	14.6%	15.7%	11.0%	11.5%	12.3%
Goodwill	2.4%	2.5%	0.8%	0.9%	0.9%
Intangible Assets	23.2%	30.3%	14.4%	20.3%	27.4%
Deferred Tax Assets	3.9%	6.0%	7.2%	7.4%	8.2%
Other Noncurrent Assets	31.4%	34.9%	35.4%	37.9%	35.6%
Total Assets	720.5%	738.3%	719.8%	765.2%	804.6%
Liabilities
Operating Lease Liabilities	10.5%	11.4%	9.5%	10.1%	10.8%
Total Current Liabilities	426.3%	402.9%	402.3%	411.6%	427.8%
Long Term Debt	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Lease Liabilities Noncurrent	10.5%	11.4%	9.5%	10.1%	10.8%
Deferred Tax Liabilities	0.0%	1.8%	2.0%	2.6%	3.3%
Total Liabilities	426.3%	402.9%	402.3%	411.6%	427.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	24.6%	25.9%	25.1%	26.5%	28.4%
Additional Paid In Capital	452.4%	475.7%	477.1%	502.1%	532.7%
Accumulated Other Comprehensive Income	-0.4%	1.1%	0.9%	1.4%	-0.2%
Noncontrolling Interest	22.8%	24.2%	24.1%	25.6%	28.7%
Total Stockholders Equity	265.7%	311.1%	291.2%	322.9%	343.6%
Total Liabilitiesand Equity	720.5%	738.3%	719.8%	765.2%	804.6%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $2.8B

Operating income $71.3M

Net income $71.3M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	92.4%	39.8%	41.4%	41.9%	40.8%
Expenses Selling,General and Administrative	3.2%	3.6%	4.4%	6.4%	5.2%
Expenses Depreciation and Amortization	37.5%	39.1%	34.4%	34.5%	36.1%
Expenses Share Based Compensation	0.5%	0.6%	0.7%	1.3%	1.0%
Expenses Operating Expenses	92.4%	98.7%	41.4%	41.9%	40.8%
Other Income Expense Operating Income	2.5%	9.0%	14.0%	24.1%	6.3%
Other Income Expense Interest Expense	10.8%	10.4%	9.2%	8.4%	8.3%
Other Income Expense Other Income/expense	0.0%	2.2%	0.3%	15.8%	0.3%
Other Income Expense Income Before Tax	10.1%	10.1%	14.4%	24.6%	6.8%
Income Tax Income Tax Expense	0.3%	0.2%	-0.4%	-0.2%	-0.2%
net Income net Income	2.5%	9.0%	14.0%	24.3%	26.7%
net Income Comprehensive Income	1.2%	9.4%	13.6%	25.8%	26.7%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	24.7%	25.0%	25.1%	26.1%	28.4%
Earnings Per Share Weighted Average Shares Diluted	24.7%	25.0%	25.1%	26.2%	28.4%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 5 years

Operating cash flow $1.3B

Investing cash flow $-1.0B

Financing cash flow $136.1M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	2.5%	9.0%	14.0%	24.3%	26.7%
Operating Activities Depreciation and Amortization	37.5%	39.1%	34.4%	34.5%	36.1%
Operating Activities Stock Based Compensation	0.5%	0.6%	0.7%	1.3%	1.0%
Operating Activities Deferred Income Taxes	0.1%	-0.1%	-0.7%	-0.3%	-0.2%
Operating Activities Changes In Operating Assets and Liabilities	5.2%	4.2%	6.7%	0.0%	0.0%
Operating Activities net Cash From Operating Activities	44.4%	39.6%	43.8%	43.7%	41.9%
Investing Activities Other Investing Activities	0.7%	0.3%	1.1%	0.1%	0.0%
Investing Activities net Cash From Investing Activities	-36.7%	-4.2%	-26.4%	-42.5%	28.0%
Financing Activities Proceeds From Debt	429.4%	138.5%	474.3%	770.5%	887.1%
Financing Activities Repayment of Debt	396.5%	159.6%	486.9%	778.8%	832.5%
Financing Activities Repurchase of Common Stock	3.4%	7.1%	0.3%	3.3%	0.7%
Financing Activities Dividends Paid	30.1%	29.4%	30.1%	31.4%	34.3%
Financing Activities net Cash From Financing Activities	4.8%	-34.9%	-15.5%	-5.7%	-68.0%
Cash Reconciliation net Change In Cash	12.5%	0.6%	1.9%	-4.5%	2.0%
Cash Reconciliation Cash At Beginning of Period	16.6%	6.8%	7.7%	6.2%	11.2%
Cash Reconciliation Cash At End of Period	16.6%	6.8%	7.7%	6.2%	11.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+7.6%	+60.2%	+58.6%	+58.1%	+59.2%
Operating margin	+2.5%	+9.0%	+14.0%	+24.1%	+6.3%
Net margin	+2.5%	+9.0%	+14.0%	+24.3%	+26.7%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+11.0%	+12.5%	+9.9%	+18.4%	+16.8%
Returns
ROE	+1.0%	+2.9%	+4.8%	+7.5%	+7.8%
ROA	+0.4%	+1.2%	+1.9%	+3.2%	+3.3%
ROIC	+1.0%	+2.9%	+4.9%	+7.6%	+1.9%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	0.05x	0.02x	0.02x	0.01x	0.03x
Leverage
D/E	1.60x	1.30x	1.38x	1.27x	1.24x
Interest coverage	0.23x	0.87x	1.53x	2.88x	0.76x
Efficiency
Asset turnover	0.14x	0.14x	0.14x	0.13x	0.12x
Cash conversion cycle	—	—	—	—	—

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Healthpeak Properties

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