financial statements

The full income statement, balance sheet, and cash-flow statement for Healthpeak Properties Inc. (DOC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	604M YoY+6.2%	568M YoY+7.8%	527M YoY+6.6%	495M YoY+5.0%	471M YoY+8.0%
Cost of revenue	—	1.07B YoY+19.2%	902M YoY+4.5%	863M YoY+11.6%	773M YoY-1.2%
	—	—	902M YoY+4.5%	863M YoY+11.6%	773M YoY-1.2%
Selling, general & administrative	90.4M YoY-6.9%	97.2M YoY+2.1%	95.1M YoY-27.4%	131M YoY+33.3%	98.3M YoY+5.4%
General & administrative	90.4M YoY-6.9%	97.2M YoY+2.1%	95.1M YoY-27.4%	131M YoY+33.3%	98.3M YoY+5.4%
Interest expense	305M YoY+8.8%	280M YoY+40.0%	200M YoY+15.8%	173M YoY+9.5%	158M YoY-27.6%
Interest & investment income	61.8M YoY+38.0%	44.8M YoY+105.6%	21.8M YoY-6.5%	23.3M YoY-38.3%	37.8M YoY+128.2%
Other non-operating income	479K YoY-99.2%	59.3M YoY+771.7%	6.81M YoY-97.9%	326M YoY+5107.0%	6.27M YoY-97.3%
Equity-method income	-174M YoY-11384.1%	-1.51M YoY-114.8%	10.2M YoY+414.1%	1.99M YoY-67.5%	6.10M YoY+109.2%
Pre-tax income	284M YoY+4.1%	273M YoY-13.3%	315M YoY-37.9%	507M YoY+295.1%	128M YoY-41.0%
Income tax	9.28M YoY+113.4%	4.35M YoY+145.2%	-9.62M YoY-117.3%	-4.42M YoY-35.7%	-3.26M YoY+65.4%
	71.3M YoY-70.7%	243M YoY-20.5%	306M YoY-38.9%	500M YoY-1.0%	506M YoY+22.2%
Income from continuing operations	71.3M YoY-70.7%	243M YoY-20.5%	306M YoY-38.5%	498M YoY+315.1%	120M YoY-18.0%
Discontinued operations	—	0.00	0.00 YoY-100.0%	2.88M YoY-99.3%	388M YoY+45.0%
Net income to common	70.5M YoY-70.9%	242M YoY-20.3%	304M YoY-38.9%	498M YoY-0.9%	502M YoY+22.2%
	$0.10 YoY-72.2%	$0.36 YoY-35.7%	$0.56 YoY-39.1%	$0.92 YoY-1.1%	$0.93 YoY+20.8%
EPS (basic)	$0.10 YoY-72.2%	$0.36 YoY-35.7%	$0.56 YoY-39.1%	$0.92 YoY-1.1%	$0.93 YoY+20.8%
Weighted-avg shares (basic)	696M YoY+3.0%	676M YoY+23.5%	547M YoY+1.5%	539M YoY-0.0%	539M YoY+1.6%
Weighted-avg shares (diluted)	696M YoY+2.9%	676M YoY+23.6%	547M YoY+1.5%	539M YoY-0.0%	539M YoY+1.5%
Dividends per share	$1.22 YoY+1.7%	$1.20 YoY+0.0%	$1.20 YoY+0.0%	$1.20 YoY+0.0%	$1.20 YoY-18.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	467M YoY+290.1%	120M YoY+1.9%	118M YoY+63.3%	72.0M YoY-54.5%	158M YoY+257.9%
	20.3B YoY+2.0%	19.9B YoY+27.0%	15.7B YoY-0.5%	15.8B YoY+3.4%	15.3B YoY-4.2%
Operating lease right-of-use	412M YoY-2.8%	424M YoY+76.6%	240M YoY+1.2%	237M YoY+1.4%	234M YoY+21.6%
Goodwill	68.5M YoY+0.0%	68.5M YoY+280.1%	18.0M YoY+0.1%	18.0M YoY+0.0%	18.0M YoY+0.0%
Intangible assets	655M YoY-19.9%	817M YoY+160.1%	314M YoY-24.9%	418M YoY-19.6%	520M YoY-0.0%
Deferred tax assets	111M YoY-3.5%	115M YoY+91.3%	60.3M YoY+0.0%	60.3M YoY+0.0%	60.3M YoY+0.0%
	12.0B YoY+10.6%	10.9B YoY+24.0%	8.77B YoY+3.4%	8.48B YoY+4.6%	8.11B YoY-5.4%
Long-term debt	9.85B YoY+13.0%	8.72B YoY+26.8%	6.88B YoY+5.8%	6.50B YoY+5.3%	6.17B YoY-6.8%
	7.50B YoY-10.7%	8.40B YoY+32.3%	6.35B YoY-4.6%	6.65B YoY+2.1%	6.52B YoY-3.2%
Preferred stock	285M YoY+0.0%	285M YoY+0.0%	285M YoY+0.0%	285M YoY+0.0%	285M YoY+0.0%
Common stock	695M YoY-0.6%	699M YoY+27.8%	547M YoY+0.1%	547M YoY+1.4%	539M YoY+0.1%
Additional paid-in capital	12.8B YoY-0.6%	12.8B YoY+23.5%	10.4B YoY+0.5%	10.3B YoY+2.5%	10.1B YoY-0.7%
Accumulated other comprehensive income	-9.94M YoY-134.5%	28.8M YoY+48.8%	19.4M YoY-31.1%	28.1M YoY+994.0%	-3.15M YoY+14.6%
Non-controlling interest	643M YoY-1.7%	654M YoY+24.4%	526M YoY-0.4%	528M YoY-2.8%	543M YoY-2.3%
Total equity incl. non-controlling	8.14B YoY-10.1%	9.06B YoY+31.7%	6.88B YoY-4.3%	7.18B YoY+1.8%	7.06B YoY-3.2%
Total liabilities & equity	20.3B YoY+2.0%	19.9B YoY+27.0%	15.7B YoY-0.5%	15.8B YoY+3.4%	15.3B YoY-4.2%
Common shares issued	695M YoY-0.6%	699M YoY+27.8%	547M YoY+0.1%	547M YoY+1.4%	539M YoY+0.1%
Common shares outstanding	695M YoY-0.6%	699M YoY+27.8%	547M YoY+0.1%	547M YoY+1.4%	539M YoY+0.1%
Shares outstanding (cover)	695M YoY-0.6%	699M YoY+27.9%	547M YoY+1.8%	538M YoY-0.3%	539M YoY+0.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.25B YoY+17.0%	1.07B YoY+11.9%	956M YoY+6.2%	900M YoY+13.2%	795M YoY+4.9%
Depreciation & amortization	1.06B YoY+0.2%	1.06B YoY+41.0%	750M YoY+5.5%	711M YoY+3.8%	684M YoY+23.5%
Share-based compensation	14.4M YoY-7.3%	15.5M YoY+7.3%	14.5M YoY-45.3%	26.5M YoY+45.3%	18.2M YoY+4.8%
Deferred income taxes	3.85M YoY+327.1%	-1.69M YoY+88.4%	-14.6M YoY-154.2%	-5.75M YoY-30.9%	-4.39M YoY-159.8%
	-1.03B YoY-809.2%	-114M YoY+80.3%	-577M YoY+34.2%	-876M YoY-265.0%	531M YoY+152.7%
Capital expenditure	895M YoY+21.5%	737M YoY-4.9%	775M YoY-19.5%	962M YoY+26.6%	760M YoY-3.7%
	136M YoY+114.5%	-941M YoY-179.1%	-337M YoY-189.4%	-117M YoY+91.0%	-1.29B YoY-622.8%
Common stock repurchased	97.1M YoY-49.1%	191M YoY+2822.9%	6.52M YoY-90.4%	67.8M YoY+428.3%	12.8M YoY+22.0%
Dividends paid	849M YoY+6.8%	795M YoY+21.0%	657M YoY+1.4%	648M YoY-0.3%	650M YoY-17.4%
FX effect on cash	—	—	—	0.00	0.00 YoY+100.0%
Net change in cash	353M YoY+2212.5%	15.3M YoY-63.8%	42.2M YoY+145.6%	-92.6M YoY-345.3%	37.8M YoY+1370.6%
Interest paid	260M YoY+4.3%	249M YoY+32.5%	188M YoY+16.1%	162M YoY-6.3%	173M YoY-17.5%
Income taxes paid	3.41M YoY-56.6%	7.86M YoY+308.8%	1.92M YoY+201.1%	-1.90M YoY-142.1%	4.52M YoY+675.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.2B YoY-21.2%	14.2B YoY+30.9%	10.8B YoY-19.6%	13.5B YoY-30.7%	19.5B YoY+19.5%
P/E	156.6× YoY+168.6%	58.3× YoY+30.1%	44.8× YoY+73.2%	25.9× YoY-32.7%	38.5× YoY-2.2%
P/S	18.5× YoY-25.8%	24.9× YoY+110.8%	11.8× YoY-25.5%	15.9× YoY-31.8%	23.3× YoY+7.6%
P/B	1.5× YoY-11.7%	1.7× YoY+0.6%	1.7× YoY-19.8%	2.1× YoY-29.9%	3.0× YoY+23.5%
P/FCF	8.9× YoY-32.6%	13.2× YoY+14.0%	11.6× YoY-21.2%	14.7× YoY-39.7%	24.5× YoY+14.0%
Earnings yield	0.6% YoY-62.8%	1.7% YoY-23.1%	2.2% YoY-42.3%	3.9% YoY+48.7%	2.6% YoY+2.3%
FCF yield	11.2% YoY+48.4%	7.6% YoY-12.2%	8.6% YoY+26.9%	6.8% YoY+65.9%	4.1% YoY-12.3%
Dividend yield	7.6% YoY+28.2%	5.9% YoY-2.3%	6.1% YoY+26.6%	4.8% YoY+44.0%	3.3% YoY-32.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: DOC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all DOC filings on SEC EDGAR → Not investment advice.

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financial statements