Healthpeak Properties, Inc. is a Standard & Poor's 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States. Our company was originally founded in 1985. We are organized as an umbrella partnership REIT. We hold substantially all 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. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S. We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and continuing care retirement community real estate. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Under the CCRC segment, our properties are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of: (i) an interest in an unconsolidated joint venture that owns 19 senior housing assets, (ii) loans receivable, and (iii) a preferred equity investment. These non-reportable segments have been presented on a combined basis herein. At September 30, 2025, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 703 properties: (i) Outpatient medical Β 530 properties; (ii) Lab Β 139 properties; (iii) CCRC Β 15 properties; and (iv) Other non-reportable Β 19 properties. Healthpeak Properties, Inc. was incorporated in 1985 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.8B | $1.6B | $71M | $1.3B | 1.0% | 4.5% | -70.7% |
| 2024 | $2.7B | $1.6B | $243M | $1.1B | 2.9% | 23.8% | -20.5% |
| 2023 | $2.2B | $1.3B | $306M | $956M | 4.8% | 5.8% | -38.9% |
| 2022 | $2.1B | $1.4B | $500M | $900M | 7.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,061.18 | 2,181 | 2,700.45 | 2,822.51 |
| Operating Revenue | - | 2,061.18 | 2,181 | 2,700.45 | 2,822.51 |
| Cost Of Revenue | - | 862.99 | 902.06 | 1,074.86 | 1,129.10 |
| Gross Profit | - | 1,198.19 | 1,278.94 | 1,625.59 | 1,693.41 |
| Operating Expense | - | 841.60 | 845.03 | 1,154.37 | 1,149.28 |
| Selling General And Administration | - | 131.03 | 95.13 | 97.16 | 90.42 |
| Total Expenses | - | 1,704.59 | 1,747.09 | 2,229.23 | 2,278.38 |
| Operating Income | - | 356.58 | 433.91 | 471.22 | 544.13 |
| EBITDA | - | 1,390.64 | 1,265.17 | 1,610.80 | 1,648.34 |
| Normalized EBITDA | - | 1,393.42 | 1,190.62 | 1,587.77 | 1,603.48 |
| EBIT | - | 680.07 | 515.27 | 553.60 | 589.47 |
| Interest Expense | - | 172.94 | 200.33 | 280.43 | 305.18 |
| Net Interest Income | - | -172.94 | -200.33 | -280.43 | -305.18 |
| Other Non Operating Income Expenses | - | 326.27 | 6.81 | 59.34 | 0.48 |
| Other Income Expense | - | 323.49 | 81.36 | 82.38 | 45.34 |
| Interest Expense Non Operating | - | 172.94 | 200.33 | 280.43 | 305.18 |
| Net Non Operating Interest Income Expense | - | -172.94 | -200.33 | -280.43 | -305.18 |
| Pretax Income | - | 507.13 | 314.94 | 273.17 | 284.29 |
| Tax Provision | - | -4.42 | -9.62 | 4.35 | 9.28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.58 | 15.66 | 0.37 | 1.46 |
| Net Income Continuous Operations | - | 513.54 | 334.76 | 267.30 | 101.03 |
| Net Income From Continuing And Discontinued Operation | - | 500.45 | 306.01 | 243.14 | 71.35 |
| Net Income From Continuing Operation Net Minority Interest | - | 497.56 | 306.01 | 243.14 | 71.35 |
| Net Income | - | 500.45 | 306.01 | 243.14 | 71.35 |
| Net Income Common Stockholders | - | 497.79 | 304.28 | 242.38 | 70.51 |
| Net Income Including Noncontrolling Interests | - | 516.42 | 334.76 | 267.30 | 101.03 |
| Normalized Income | - | 499.76 | 247.12 | 220.48 | 27.95 |
| Diluted NI Availto Com Stockholders | - | 497.79 | 304.28 | 242.49 | 70.51 |
| Basic Average Shares | - | 538.81 | 547.01 | 675.68 | 696.03 |
| Diluted Average Shares | - | 539.15 | 547.28 | 676.23 | 696.04 |
| Reconciled Depreciation | - | 710.57 | 724.11 | 1,026.45 | 1,022.12 |
| Reconciled Cost Of Revenue | - | 862.99 | 927.85 | 1,105.62 | 1,165.85 |
| Total Unusual Items | - | -2.78 | 74.55 | 23.03 | 44.86 |
| Total Unusual Items Excluding Goodwill | - | -2.78 | 74.55 | 23.03 | 44.86 |
| Minority Interests | - | -15.98 | -28.75 | -24.16 | -29.68 |
| Net Income Discontinuous Operations | 388.20 | 2.88 | 0 | 0 | - |
| Earnings From Equity Interest Net Of Tax | - | 1.98 | 10.20 | -1.52 | -173.98 |
| Special Income Charges | - | -11.86 | -11.91 | -155.66 | -24.63 |
| Other Special Charges | 225.82 | - | - | - | - |
| Write Off | - | 7 | -5.60 | 22.98 | -0.89 |
| Restructuring And Mergern Acquisition | - | 4.85 | 17.52 | 132.68 | 25.52 |
| Gain On Sale Of Security | - | 9.08 | 86.46 | 178.70 | 69.49 |
| Depreciation Amortization Depletion Income Statement | - | 710.57 | 749.90 | 1,057.20 | 1,058.86 |
| Depreciation And Amortization In Income Statement | - | 710.57 | 749.90 | 1,057.20 | 1,058.86 |
| General And Administrative Expense | - | 131.03 | 95.13 | 97.16 | 90.42 |
| Other Gand A | - | 131.03 | 95.13 | 97.16 | 90.42 |
| Otherunder Preferred Stock Dividend | - | 2.66 | 1.72 | 0.76 | 0.83 |
| Average Dilution Earnings | - | - | 0 | 0.11 | 0 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Healthpeak Properties, Inc.this co. | DOC | $13.5B | 189.39β premium | 1.80 | 1.0% | 14.07 |
| Invitation Homes Inc. | INVH | $17.5B | 29.84 | 1.84 | 6.2% | 15.24 |
| Host Hotels & Resorts, Inc. | HST | $17.0B | 22.17 | 2.59 | 11.7% | 11.82 |
| Mid-America Apartment Communities, Inc. | MAA | $16.3B | 36.87 | 2.87 | 7.8% | 17.12 |
| Kimco Realty Corporation |
| - |
| - |
| - |
| - |
| - |
| - |
| KIM |
| $16.2B |
| 27.69 |
| 1.56 |
| 5.6% |
| 16.74 |
| UDR, Inc. | UDR | $14.4B | 38.16 | 4.44 | 11.6% | 15.94 |
| Regency Centers Corporation | REG | $14.3B | 27.90 | 2.08 | 7.4% | 16.98 |
| CoStar Group, Inc. | CSGP | $13.7B | 1963.61 | 1.65 | 0.1% | 69.61 |
| Camden Property Trust | CPT | $11.1B | 28.87 | 2.54 | 8.8% | 13.04 |
| Peer Median | - | 29.35 | 2.31 | 7.6% | 16.34 | |