DOCHEALTHPEAK PROPERTIES, INC.
Healthpeak Properties, Inc. is a Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). 10-K, Item 1
- Headquarters
- Denver, CO
- CEO
- Scott M. Brinker
- Next results
- around Feb 1, 2027
All key numbers (33) From EDGAR
| EPS (ttm) | 0.35 | Sales (ttm) | 2.9B | Net income (ttm) | 243.3M | Sales growth | +4.5% | EPS growth | -72.2% | Sales Q/Q | +11.1% |
| Free cash flow | 336.1M | Gross margin | - | Oper. margin | - | Net margin | 2.5% | FCF margin | 11.4% | ROE | 3.1% |
| ROA | 1.1% | R&D / sales | - | Dividend | 1.22 | Debt/Eq | 1.28 | Curr. ratio | - | Cash | 1.6B |
| Op. cash flow (ttm) | 1.2B | Net debt | 8.4B | Payout ratio | 1220.0% | Tax rate | 3.3% | Stock pay / sales | 0.5% | Shares out. | 689.5M |
| Shares Y/Y | +2.9% | Book / share | 11.38 | Cash / share | 2.36 | Sales / share | 4.28 | Asset turnover | 0.14 | Sales 3Y CAGR | +11.0% |
| Sales 5Y CAGR | +11.4% | EPS 3Y CAGR | -52.3% | EPS 5Y CAGR | -33.5% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. Looks wrong? Tell us.
DOC in 60 seconds
from the filings, each with its tabWhat should I check?
Critical audit matters changed New this year: Impairments - Investments in Unconsolidated Joint Ventures (“The Company reviews its equity method investments for indicators of impairment....
19 new risk paragraphs in the 10-K of Feb 3, 2026
What does the price assume?
Needs a share price. Enter a price on the Reverse DCF tab to see what growth it assumes.
Reverse DCF →Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to +4.5%+23.8% → +4.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
DOC against Real estate peers
All 30 side by side →Each side 0 to 100, ranked against every company we cover. How
Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| DOC Healthpeak Properties | $2.9B | +4.5% | - | 2.5% | 3.1% | 11.4% | 1.28 |
| BXP BXP, Inc. | $3.5B | +2.2% | 59.1% | 7.9% | 5.8% | - | 0.15 |
| EXR Extra Space Storage | $3.4B | +3.7% | - | 28.8% | 7.2% | 44.1% | - |
| SBAC SBA Communications | $2.9B | +5.1% | 75.5% | 37.4% | - | 36.6% | - |
| INVH Invitation Homes | $2.9B | +4.2% | - | 21.5% | 7.3% | - | 0.94 |
| ARE Alexandria Real Estate Equities | $2.8B | -2.9% | - | -47.2% | -9.7% | - | 0.87 |
From $1.9B of sales to $505.5M of profit
FY2021, from the 10-K income statementSwipe sideways for the whole flow →
From $2.1B of sales to $500.4M of profit
FY2022, from the 10-K income statementSwipe sideways for the whole flow →
From $2.2B of sales to $306.0M of profit
FY2023, from the 10-K income statementSwipe sideways for the whole flow →
From $2.7B of sales to $243.1M of profit
FY2024, from the 10-K income statementSwipe sideways for the whole flow →
Where each $100 of sales went
- Cost of revenue
- Costs, tax, other
- Net profit
Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →
Profitability
1 of 3- !Net margin below the peer median2.5% vs 21.4%
- !Return on equity below 15%3.1%
- ✓A profit in every one of 10 years
Balance sheet
0 of 2- !Debt larger than equityDebt / equity 1.28 on the latest balance sheet (peer median 0.91)
- !Net debt over 3 years of free cash flow$8.4B net debt, 25.0 years
Cash and shareholders
1 of 4- !Free cash flow positive in 8 of 10 years$357.0M last year
- !Share count up over 5 years+31.1%
- !Dividend per share not up over 5 years$1.48 → $1.22
- ✓Cash from operations above net income$1.3B vs $71.3M
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of 2026-06-30The debt note's own lines, 2025-12-31
Fixed rate $0Floating $3.8B Not stated $7.2B
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| Senior Unsecured Notes | Secured | 1.54–6.87% | not stated | $6.9B |
| Term Loans | Bank loans | – | floating | $1.6B |
| Commercial Paper Program | Commercial paper | – | floating | $1.1B |
| Commercial Paper | Commercial paper | – | floating | $1.1B |
| Mortgage Debt | – | 3.43–6.58% | not stated | $349.0M |
From the debt note in the 10-K's XBRL (0001628280-26-005044), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Who owns DOC
Every holder →13F filings are quarterly and up to 45 days old. Insider trades: Form 4 rows coded P (bought) and S (sold) at a price, not grants or plan exercises.
What's new, in their words
10-K filed Feb 3, 2026Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-04. Quoted as filed.
Changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration could adversely affect our business operations or the operations of our tenants or operators. Recent and ongoing changes in U.S. federal government policy have introduced uncertainty to the capital markets, as well as…
Read in the 10-K ↗Risks Related to the Pending Janus Living Offering and Our Relationship with Janus Living if the Janus Living Offering is Completed The pending Janus Living Offering may not be completed on the currently contemplated timeline or terms, or at all, and may not achieve the intended benefits. In December 2025, we confidentially submitted a…
Read in the 10-K ↗
Accounting checks
latest 10-K6 of 7 clear 1 worth a look. Checks, not verdicts.
- !Critical audit matters changedNew this year: Impairments - Investments in Unconsolidated Joint Ventures (“The Company reviews its equity method investments for indicators of impairment. If an equity method investment shows indicators of impairment, the fair value of the equity method investment is compared to its carrying value. When the Company determines a decline in fair value below carrying value is”). No longer listed: Business Combination - Physicians Realty Trust Merger Valuation. Same as last year: Impairments - Real Estate
- ✓Receivables +2.0% vs revenue +4.5% (-2.5 pts)
- ✓Cash from operations $1.3B vs net income $71.3M (FY ending 2025-12-31)
- ✓Same auditor in both 10-Ks: Deloitte & Touche LLP
- ✓No statement of substantial doubt about going concern
- ✓No 8-K item 4.02 in the last 2 years
- ✓No NT 10-K or NT 10-Q in the last 2 years
Revenue and net income, FY2016 to FY2025
Revenue 2.8B Net income 71.3MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
About Healthpeak Properties
10-K, Feb 3, 2026Healthpeak Properties, Inc. is a Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT (“UPREIT”). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT.
- Headquarters
- Denver, CO
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Aug 4, 2026
- Incorporated in
- MD
Permanent link, kept if the ticker changes: /c/sec:0000765880 (SEC's CIK).
In the last 30 days
Nothing new. The most recent filings:
- Aug 5, 202610-Q Quarterly report (10-Q) period ended Jun 30, 2026
- Aug 4, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- May 6, 202610-Q Quarterly report (10-Q) period ended Mar 31, 2026
- May 5, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
All 31 events
- Aug 5, 202610-Q Quarterly report (10-Q) period ended Jun 30, 2026
- Aug 4, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- May 6, 202610-Q Quarterly report (10-Q) period ended Mar 31, 2026
- May 5, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- May 4, 20268-K Shareholder vote results 8-K item 5.07
- Mar 23, 20268-K Material agreement signed, New debt or obligation 8-K items 1.01, 2.03
- Feb 27, 20268-K Regulation FD disclosure 8-K item 7.01
- Feb 3, 202610-K Annual report (10-K) period ended Dec 31, 2025
- Feb 2, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- Oct 24, 202510-Q Quarterly report (10-Q) period ended Sep 30, 2025
- Oct 23, 20258-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- Aug 14, 20258-K Other events 8-K item 8.01
- Aug 6, 20258-K Other events 8-K item 8.01
- Aug 5, 20258-K Other events 8-K item 8.01
- Jul 25, 202510-Q Quarterly report (10-Q) period ended Jun 30, 2025
- Jul 24, 20258-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- May 12, 20258-K Regulation FD disclosure 8-K item 7.01
- Apr 28, 20258-K Director or officer change, Shareholder vote results 8-K items 5.02, 5.07
- Apr 25, 202510-Q Quarterly report (10-Q) period ended Mar 31, 2025
- Apr 24, 20258-K Director or officer change, Regulation FD disclosure 8-K items 5.02, 7.01
- Apr 24, 20258-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- Apr 7, 20258-K Director or officer change 8-K item 5.02
- Feb 26, 20258-K Regulation FD disclosure 8-K item 7.01
- Feb 14, 20258-K Other events 8-K item 8.01
- Feb 6, 20258-K Other events 8-K item 8.01
- Feb 4, 202510-K Annual report (10-K) period ended Dec 31, 2024
- Feb 3, 20258-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
- Feb 3, 20258-K Director or officer change 8-K item 5.02
- Dec 9, 20248-K Material agreement signed, New debt or obligation, Regulation FD disclosure 8-K items 1.01, 2.03, 7.01
- Nov 18, 20248-K Regulation FD disclosure 8-K item 7.01
- Nov 4, 20248-K Regulation FD disclosure 8-K item 7.01
From the SEC filing index. Insider purchases go back 180 days (the Form 4s downloaded).
Work on DOC in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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