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Healthpeak Properties, Inc.

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Healthpeak Properties, Inc. • NYSE
$18.26 ▲ 0.22% (+0.04)
Market Cap $12.69 B
52w High $21.97
52w Low $16.63
Dividend Yield 1.12%
P/E -304.33
Volume 2.10M
Outstanding Shares 694.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $973.668M ▲ $521.317M ▲ $-117.256M ▼ -12.043% ▼ $-0.17 ▼ $493.23M ▲
Q2-2025 $694.348M ▼ $290.179M ▼ $31.673M ▼ 4.562% ▼ $0.045 ▼ $405.428M ▲
Q1-2025 $702.889M ▲ $294.664M ▼ $42.828M ▲ 6.093% ▲ $0.061 ▲ $395.53M ▲
Q4-2024 $697.988M ▼ $298.398M ▼ $4.547M ▼ 0.651% ▼ $0.006 ▼ $341.743M ▼
Q3-2024 $700.397M $303.235M $85.872M 12.26% $0.12 $452.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $91.038M ▲ $19.582B ▼ $11.317B ▲ $7.597B ▼
Q2-2025 $89.436M ▲ $19.81B ▼ $11.223B ▲ $7.928B ▼
Q1-2025 $70.625M ▼ $19.816B ▼ $10.972B ▲ $8.188B ▼
Q4-2024 $119.818M ▼ $19.938B ▼ $10.881B ▲ $8.401B ▼
Q3-2024 $180.43M $19.97B $10.748B $8.563B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-117.256M ▼ $0 ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $39.019M ▼ $363.485M ▲ $-210.259M ▲ $-128.553M ▼ $24.673M ▲ $363.485M ▲
Q1-2025 $50.064M ▲ $279.429M ▼ $-230.714M ▲ $-94.414M ▲ $-45.699M ▲ $279.429M ▼
Q4-2024 $10.672M ▼ $283.531M ▼ $-233.774M ▼ $-107.497M ▲ $-57.74M ▼ $283.531M ▼
Q3-2024 $92.738M $318.202M $30.229M $-265.681M $82.75M $318.202M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past five years, with a noticeable step-up more recently, helped by portfolio growth and the merger. Core operating profitability looks fairly stable to improving, suggesting the company is managing its properties and costs reasonably well. That said, bottom-line earnings have been more uneven and are actually lower now than at their recent peak, which implies higher non‑cash charges, transaction costs, or pressure from higher interest expenses. Earnings per share show the same pattern: growth in the business, but with some dilution and noise from deals and financing. Overall, the income statement tells a story of scale and operating strength, tempered by the usual REIT headwinds of financing costs and deal-related volatility.

Balance Sheet

Balance Sheet The balance sheet has expanded sharply, reflecting a much larger property portfolio after recent transactions. Debt levels have risen along with total assets, which is typical for a REIT that finances growth with a mix of borrowing and equity. Equity has also increased, which helps support the larger balance sheet and suggests the company is not leaning only on debt. Cash on hand remains modest, again typical for a REIT that prefers to invest in properties rather than hold idle cash. The main takeaway is a bigger, more complex balance sheet with more leverage to manage, but also more income-producing real estate backing it.

Cash Flow

Cash Flow Cash generation from operations has been steadily rising, which is important for a REIT that must fund dividends and reinvestment from recurring cash flows. Free cash flow broadly tracks operating cash flow, indicating limited heavy capital spending so far and relatively predictable cash dynamics. Capital expenditures appear modest in most years, with a bump only recently, suggesting that large development projects are either just ramping up or funded in other ways. Overall, the cash flow profile looks consistent and supportive of the current business, but future development plans could increase spending needs and reliance on external capital.

Competitive Edge

Competitive Edge Healthpeak sits in a strong competitive spot within healthcare real estate, particularly after its merger that created one of the largest medical office owners in the country. Its scale, concentration in high-demand markets, and focus on Class A life science and medical office properties give it bargaining power and help attract high-quality tenants. Long-term relationships with major health systems and leading life science tenants create sticky occupancy and a solid pipeline of future opportunities. Internalized property management deepens tenant relationships and can support higher retention and better service. The main competitive risks lie in integrating the larger portfolio smoothly, managing exposure to a concentrated set of healthcare tenants, and staying ahead of new supply in key markets.

Innovation and R&D

Innovation and R&D The company is leaning into technology and sustainability as differentiators rather than treating them as add-ons. Smart building features, AI-enabled building management, and advanced data systems are intended to reduce operating costs, improve the tenant experience, and make its properties more attractive than more traditional facilities. Sustainability investments, including green bond financing and energy-efficiency upgrades, not only appeal to ESG-focused tenants but can also lower utility and maintenance costs over time. In life sciences, flexible, ready-to-fit lab and office spaces shorten move-in times and reduce friction for tenants, which can be a real advantage in competitive clusters like San Diego, South San Francisco, and Cambridge. The innovation strategy appears well targeted, but much of the upside from AI and the tech platform is still ahead and will depend on solid execution through the next few years.

Summary

Healthpeak Properties today is a larger, more scaled healthcare REIT with growing revenue and solid operating profitability, backed by a significantly expanded real estate footprint. Its financials show healthy underlying cash generation but also some pressure on net income from financing costs and deal activity, plus a higher debt load that needs careful management in a higher-rate world. Competitively, it benefits from size, specialized expertise in medical office and life science properties, and deep relationships with major health systems and biopharma tenants—all supported by internal property management. The company is also actively investing in smart building technology, AI-enabled operations, and sustainable design to keep its portfolio modern and differentiated. Key opportunities come from demographic tailwinds and an expanding development pipeline, while key risks revolve around integration of the merger, interest-rate sensitivity, and successful execution of its ambitious growth and technology plans.

NEWS

October 23, 2025 · 4:15 PM UTC

Healthpeak Properties Provides Strategic Initiatives Update and Reports Third Quarter 2025 Results

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October 6, 2025 · 4:15 PM UTC

Healthpeak Properties Declares Monthly Common Stock Cash Dividends for the Fourth Quarter of 2025

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September 25, 2025 · 4:15 PM UTC

Healthpeak Properties Announces Third Quarter 2025 Earnings Release Date and Conference Call Details

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