DOC HEALTHPEAK PROPERTIES, INC.

Overview and Growth

HEALTHPEAK PROPERTIES, INC. generated $2.82B of revenue in fiscal 2025, with net income of $71.35M and an operating cash inflow of $1.25B. The $2.82B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $2.70B in fiscal 2024, revenue recorded a 4.5% year-over-year increase. On a per-share basis, diluted EPS was $0.10, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS decreased by 72.2% from $0.36 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 696.04M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 2.9% from 676.23M in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $20.34B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.14x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The bottom-line result was net income of $71.35M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 2.5% margin after operating costs and the remaining recognized items. Income tax expense totaled $9.28M, providing the reported tax component that separates pretax and after-tax earnings. The relationship between net income and period-end equity was 0.9%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 0.4%, showing earnings relative to the full balance sheet. Current net income of $71.35M was below fiscal 2024 net income of $243.14M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

The company held $20.34B of assets against $12.03B of liabilities and $8.14B of equity, revealing how the asset base was financed. Reported cash and equivalents were $467.46M, separating immediately recognizable cash resources from the rest of the current-asset base. Total debt was $9.85B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.21x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 48.4%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 40.0%, placing book capital against the total resource base. The liabilities-to-assets relationship was 59.2%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 2.3%, comparing reported cash and equivalents with the full positive asset balance. Compared with $19.94B in fiscal 2024, the current asset base moved 2.0% and finished higher. Book equity was 10.1% lower than fiscal 2024 equity of $9.06B, showing how shareholder capital changed year over year. Cash and equivalents were 290.1% higher than fiscal 2024 cash of $119.82M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $1.25B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 17.55x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $894.95M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 71.5% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $357.01M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 12.6%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 1.8%, comparing post-investment cash with the balance-sheet asset base. Operating cash flow of $1.25B finished above fiscal 2024 operating cash flow of $1.07B, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.