Healthpeak Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Healthpeak Properties Inc reported revenue of $2.8B (+4.5% year on year) and net income of $101.0M (-62.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental and related revenues | $2.2B | $2.1B | $1.6B | $1.5B |
| Resident fees and services | $604.0M | $568.5M | $527.4M | $494.9M |
| Interest income and other | $61.8M | $44.8M | $21.8M | $23.3M |
| Total revenues | $2.8B | $2.7B | $2.2B | $2.1B |
| Operating | $1.1B | $1.1B | $902.1M | $863.0M |
| Depreciation and amortization | $1.1B | $1.1B | $749.9M | $710.6M |
| Interest expense | $305.2M | $280.4M | $200.3M | $172.9M |
| General and administrative | $90.4M | $97.2M | $95.1M | $131.0M |
| Transaction and merger-related costs | $25.5M | $132.7M | $17.5M | $4.9M |
| Impairments and loan loss reserves (recoveries), net | ($893.0K) | $23.0M | ($5.6M) | $7.0M |
| Total costs and expenses | $2.6B | $2.7B | $2.0B | $1.9B |
| Gain (loss) on sales of real estate, net | $69.5M | $178.7M | $86.5M | $9.1M |
| Other income (expense), net | $479.0K | $59.3M | $6.8M | $326.3M |
| Total other income (expense), net | $70.0M | $238.0M | $93.3M | $335.3M |
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | $284.3M | $273.2M | $314.9M | $507.1M |
| Income tax benefit (expense) | ($9.3M) | ($4.3M) | $9.6M | $4.4M |
| Equity income (loss) from unconsolidated joint ventures | ($174.0M) | ($1.5M) | $10.2M | $2.0M |
| Net income (loss) | $101.0M | $267.3M | $334.8M | $516.4M |
| Noncontrolling interests’ share in earnings | ($29.7M) | ($24.2M) | ($28.7M) | ($16.0M) |
| Net income (loss) attributable to Healthpeak Properties, Inc. | $71.3M | $243.1M | $306.0M | $500.4M |
| Participating securities’ share in earnings | ($834.0K) | ($758.0K) | ($1.7M) | ($2.7M) |
| Net income (loss) applicable to common shares | 70.5M | 242.4M | 304.3M | 497.8M |
| Basic (in dollars per share) | $0.10 | $0.36 | $0.56 | $0.92 |
| Diluted (in dollars per share) | $0.10 | $0.36 | $0.56 | $0.92 |
| Basic (in shares) | 696.0M | 675.7M | 547.0M | 538.8M |
| Diluted (in shares) | 696.0M | 676.2M | 547.3M | 539.1M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental and related revenues | $533.4M | $538.4M | $539.9M | $529.7M |
| Resident fees and services | $216.5M | $200.3M | $150.5M | $148.9M |
| Interest income and other | $21.8M | $14.2M | $15.5M | $15.8M |
| Total revenues | $771.6M | $753.0M | $705.9M | $694.3M |
| Operating | $333.1M | $323.9M | $291.9M | $276.2M |
| Depreciation and amortization | $283.4M | $289.7M | $262.3M | $265.9M |
| Interest expense | $92.3M | $87.3M | $76.8M | $75.1M |
| General and administrative | $22.5M | $24.6M | $19.9M | $20.8M |
| Transaction costs | $9.2M | $24.1M | $2.4M | $10.2M |
| Impairments and loan loss reserves (recoveries), net | ($1.5M) | ($2.3M) | ($54.0K) | $3.5M |
| Total costs and expenses | $739.0M | $747.4M | $653.3M | $651.6M |
| Gain (loss) on sales of real estate, net | $10.0M | $50.7M | $11.5M | $1.6M |
| Gain (loss) on debt extinguishments | $0 | ($403.0K) | — | — |
| Other income (expense), net | $16.8M | $139.8M | $1.2M | ($4.7M) |
| Total other income (expense), net | $26.8M | $190.0M | $12.7M | ($3.1M) |
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | $59.3M | $195.6M | $65.2M | $39.7M |
| Income tax benefit (expense) | $1.4M | ($254.0K) | $1.2M | ($2.4M) |
| Equity income (loss) from unconsolidated joint ventures | $2.5M | $4.3M | ($176.3M) | $1.7M |
| Net income (loss) | $63.2M | $199.7M | ($109.8M) | $39.0M |
| Noncontrolling interests’ share in earnings | ($10.4M) | ($6.0M) | ($7.3M) | ($7.3M) |
| Net income (loss) attributable to Healthpeak Properties, Inc. | $52.8M | $193.6M | ($117.1M) | $31.7M |
| Participating securities’ share in earnings | ($150.0K) | ($149.0K) | ($134.0K) | ($115.0K) |
| Net income (loss) applicable to common shares | 52.7M | 193.5M | -117.3M | 31.6M |
| Basic (in dollars per share) | $0.08 | $0.28 | -$0.17 | $0.05 |
| Diluted (in dollars per share) | $0.08 | $0.28 | -$0.17 | $0.05 |
| Basic (in shares) | 689.9M | 695.2M | 694.9M | 695.2M |
| Diluted (in shares) | 689.9M | 695.2M | 694.9M | 695.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Buildings and improvements | $16.6B | $16.1B | $13.3B | $12.8B |
| Development costs and construction in progress | $1.0B | $880.4M | $643.2M | $760.4M |
| Land and improvements | $3.0B | $2.9B | $2.6B | — |
| Accumulated depreciation | ($4.5B) | ($4.1B) | ($3.6B) | ($3.2B) |
| Net real estate | $16.1B | $15.8B | $13.0B | $13.0B |
| Loans receivable, net of reserves of $11,345 and $10,499 | $606.0M | $717.2M | $218.4M | $374.8M |
| Investments in unconsolidated joint ventures | $802.6M | $936.8M | $782.9M | $706.7M |
| Accounts receivable, net of allowance of $2,018 and $2,243 | $78.3M | $76.8M | $55.8M | $53.4M |
| Cash and cash equivalents | $467.5M | $119.8M | $117.6M | $72.0M |
| Restricted cash | $70.2M | $64.5M | $51.4M | $54.8M |
| Intangible assets | $654.5M | $817.3M | $314.2M | $418.1M |
| Assets held for sale | $80.6M | $7.8M | $118.0M | — |
| Right-of-use asset | $412.2M | $424.2M | $240.2M | $237.3M |
| Deferred tax assets | $111.2M | — | — | — |
| Goodwill | $68.5M | — | — | — |
| Other assets | $885.2M | $942.5M | $772.0M | $780.7M |
| Total assets | $20.3B | $19.9B | $15.7B | $15.8B |
| Bank line of credit and commercial paper | $1.1B | $150.0M | $720.0M | $995.6M |
| Term loans | $1.6B | $1.6B | $496.8M | $496.0M |
| Senior unsecured notes | $6.8B | $6.6B | $5.4B | $4.7B |
| Mortgage debt | $349.2M | $356.8M | $256.1M | $346.6M |
| Intangible liabilities | $173.7M | $191.9M | $127.4M | $156.2M |
| Liabilities related to assets held for sale | $11.9M | $0 | $729.0K | — |
| Lease liability | $296.3M | $307.2M | $206.7M | $208.5M |
| Accounts payable, accrued liabilities, and other liabilities | $718.5M | $725.3M | $657.2M | $772.5M |
| Deferred revenue | $985.3M | $940.1M | $905.6M | $844.1M |
| Total liabilities | $12.0B | $10.9B | $8.8B | $8.5B |
| Redeemable noncontrolling interests | $159.6M | $2.6M | $48.8M | $105.7M |
| Common stock, $1.00 par value: 1,500,000,000 shares authorized; 695,036,731 and 699,485,139 shares issued and outstanding | 695.0M | 699.5M | 547.2M | 546.6M |
| Additional paid-in capital | $12.8B | $12.8B | $10.4B | $10.3B |
| Cumulative dividends in excess of earnings | ($6.0B) | ($5.2B) | ($4.6B) | ($4.3B) |
| Accumulated other comprehensive income (loss) | ($9.9M) | $28.8M | $19.4M | $28.1M |
| Total stockholders’ equity | $7.5B | $8.4B | $6.4B | $6.7B |
| Joint venture partners | $295.5M | $315.8M | $311.0M | $327.7M |
| Non-managing member unitholders | $347.3M | $337.9M | $214.6M | $200.2M |
| Total noncontrolling interests | $642.8M | $653.7M | $525.6M | $527.9M |
| Total equity | $8.1B | $9.1B | $6.9B | $7.2B |
| Total liabilities and equity | $20.3B | $19.9B | $15.7B | $15.8B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Buildings and improvements | $17.2B | $17.2B | $16.2B | $16.2B |
| Development costs and construction in progress | $969.5M | $1.1B | $1.1B | $1.0B |
| Land and improvements | $3.2B | $3.2B | $2.9B | $2.9B |
| Accumulated depreciation | ($4.5B) | ($4.6B) | ($4.4B) | ($4.3B) |
| Net real estate | $16.9B | $16.8B | $15.8B | $15.8B |
| Loans receivable, net of reserves of $8,165 and $11,345 | $261.4M | $631.6M | $673.5M | $716.5M |
| Investments in unconsolidated joint ventures | $526.8M | $530.4M | $796.2M | $963.4M |
| Accounts receivable, net of allowance of $3,523 and $2,018 | $72.1M | $91.5M | $80.8M | $68.7M |
| Cash and cash equivalents | $1.6B | $1.2B | $91.0M | $89.4M |
| Restricted cash | $91.9M | $94.9M | $68.7M | $73.8M |
| Intangible assets | $717.5M | $758.5M | $610.5M | $677.1M |
| Assets held for sale | $37.1M | $45.7M | $67.6M | $45.7M |
| Right-of-use asset | $395.1M | $395.9M | $417.4M | $426.6M |
| Deferred tax assets | $122.3M | $120.3M | — | — |
| Goodwill | $68.5M | $68.5M | — | — |
| Other assets | $896.9M | $871.1M | $945.5M | $928.8M |
| Total assets | $21.7B | $21.6B | $19.6B | $19.8B |
| Bank line of credit and commercial paper | $1.5B | $1.8B | $368.1M | $775.0M |
| Term loans | $1.6B | $1.6B | $1.6B | $1.6B |
| Senior unsecured notes | $6.8B | $6.8B | $6.8B | $6.3B |
| Mortgage debt | $104.2M | $246.5M | $350.2M | $351.1M |
| Intangible liabilities | $155.5M | $164.4M | $155.6M | $166.4M |
| Liabilities related to assets held for sale | $594.0K | $545.0K | $12.4M | $1.2M |
| Lease liability | $288.2M | $290.1M | $301.3M | $310.1M |
| Accounts payable, accrued liabilities, and other liabilities | $678.7M | $671.2M | $746.2M | $738.6M |
| Deferred revenue | $1.0B | $1.0B | $970.1M | $965.8M |
| Total liabilities | $12.2B | $12.6B | $11.3B | $11.2B |
| Redeemable noncontrolling interests | $27.7M | $27.2M | $27.8M | $20.1M |
| Common stock, $1.00 par value: 1,500,000,000 shares authorized; 689,465,312 and 695,036,731 shares issued and outstanding | 689.5M | 695.3M | 694.9M | 694.9M |
| Additional paid-in capital | $13.3B | $13.1B | $12.8B | $12.8B |
| Cumulative dividends in excess of earnings | ($6.1B) | ($6.0B) | ($5.9B) | ($5.5B) |
| Accumulated other comprehensive income (loss) | $10.5M | ($464.0K) | ($8.0M) | ($5.0M) |
| Total stockholders’ equity | $7.8B | $7.8B | $7.6B | $7.9B |
| Public investors of Janus Living, Inc. | $979.2M | $560.4M | — | — |
| Joint venture partners | $291.3M | $294.3M | $296.5M | $298.6M |
| Non-managing member unitholders | $355.5M | $351.8M | $343.7M | $340.1M |
| Total noncontrolling interests | $1.6B | $1.2B | $640.2M | $638.7M |
| Total equity | $9.5B | $9.0B | $8.2B | $8.6B |
| Total liabilities and equity | $21.7B | $21.6B | $19.6B | $19.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $101.0M | $267.3M | $334.8M | $516.4M |
| Depreciation and amortization of real estate, in-place lease, and other intangibles | $1.1B | $1.1B | $749.9M | $710.6M |
| Stock-based compensation amortization expense | $14.4M | $15.5M | $14.5M | $26.5M |
| Merger-related post-combination stock compensation expense | $0 | $16.2M | — | — |
| Amortization of deferred financing costs and debt discounts (premiums) | $31.9M | $29.0M | $11.9M | $10.9M |
| Straight-line rents | ($39.2M) | ($41.3M) | ($14.4M) | ($49.2M) |
| Amortization of above (below) market lease intangibles | ($36.7M) | — | — | — |
| Amortization of non-refundable entrance fees | ($98.9M) | — | — | — |
| Equity loss (income) from unconsolidated joint ventures | $174.0M | $1.5M | ($10.2M) | ($2.0M) |
| Distributions of earnings from unconsolidated joint ventures | $17.1M | $12.0M | $910.0K | $943.0K |
| Deferred income tax expense (benefit) | $3.8M | ($1.7M) | ($14.6M) | ($6.0M) |
| Impairments and loan loss reserves (recoveries), net | ($893.0K) | $23.0M | ($5.6M) | $7.0M |
| Loss (gain) on sales of real estate, net | ($69.5M) | ($178.7M) | ($86.5M) | ($10.4M) |
| Loss (gain) upon change of control, net | $0 | ($77.5M) | ($234.0K) | ($311.4M) |
| Casualty-related loss (recoveries), net | $621.0K | $29.1M | ($3.1M) | $7.2M |
| Other non-cash items | ($10.3M) | ($6.1M) | $4.9M | $6.5M |
| Decrease (increase) in accounts receivable and other assets | ($16.3M) | ($40.9M) | ($21.6M) | ($17.4M) |
| Increase (decrease) in accounts payable, accrued liabilities, and other liabilities | ($25.3M) | $85.6M | $104.5M | $136.3M |
| Increase (decrease) in deferred revenue | $147.3M | — | — | — |
| Net cash provided by (used in) operating activities | $1.3B | $1.1B | $956.2M | $900.3M |
| Acquisitions of real estate | ($486.7M) | ($6.8M) | ($15.8M) | ($178.1M) |
| Development, redevelopment, and other major improvements of real estate | ($763.7M) | ($597.5M) | ($731.2M) | ($861.6M) |
| Leasing costs, tenant improvements, and recurring capital expenditures | ($134.0M) | ($115.8M) | ($113.6M) | ($108.5M) |
| Proceeds from sales of real estate, net | $337.7M | $648.5M | $141.7M | $47.9M |
| Proceeds from the Callan Ridge JV transaction, net | $0 | $125.7M | $0 | $126.0M |
| Investments in unconsolidated joint ventures | ($86.8M) | ($61.6M) | ($88.4M) | ($21.1M) |
| Distributions in excess of earnings from unconsolidated joint ventures | $28.5M | $22.9M | $20.6M | $12.5M |
| Proceeds from insurance recovery | $20.0M | $8.7M | $25.0M | $1.4M |
| Proceeds from sales/principal repayments on loans receivable and other | $148.3M | $93.4M | $204.9M | $116.0M |
| Investments in loans receivable and other | ($98.2M) | ($52.2M) | ($19.9M) | ($10.7M) |
| Cash paid in connection with the Merger, net | $0 | ($179.2M) | — | — |
| Net cash provided by (used in) investing activities | ($1.0B) | ($113.8M) | ($576.8M) | ($876.3M) |
| Borrowings under bank line of credit and commercial paper | $12.1B | $3.7B | $10.3B | $15.9B |
| Repayments under bank line of credit and commercial paper | ($11.2B) | ($4.3B) | ($10.6B) | ($16.1B) |
| Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt | $987.3M | $750.0M | $743.8M | $500.0M |
| Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt | ($807.4M) | ($26.8M) | ($90.1M) | ($5.0M) |
| Payments for deferred financing costs | ($2.7M) | ($19.8M) | ($7.3M) | ($4.2M) |
| Issuance of common stock, net of offering costs | $1.1M | $317.0K | $278.0K | $308.1M |
| Repurchase of common stock | ($97.1M) | ($190.7M) | ($6.5M) | ($67.8M) |
| Dividends paid on common stock | ($849.1M) | ($794.8M) | ($657.0M) | ($648.0M) |
| Distributions to and purchase of noncontrolling interests | ($37.9M) | ($89.7M) | ($45.3M) | ($30.5M) |
| Contributions from and issuance of noncontrolling interests | $13.1M | $12.0K | $489.0K | $1.4M |
| Net cash provided by (used in) financing activities | $136.1M | ($941.4M) | ($337.3M) | ($116.5M) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $353.4M | $15.3M | $42.2M | ($92.6M) |
| Cash, cash equivalents, and restricted cash, beginning of year | $184.3M | $169.0M | $126.8M | $219.4M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $262.9M | $199.7M | ($20.8M) | $89.1M |
| Depreciation and amortization of real estate, in-place lease, and other intangibles | $573.1M | $289.7M | $796.8M | $534.5M |
| Stock-based compensation amortization expense | $9.3M | $4.5M | $10.4M | $6.4M |
| Stock-based compensation issued as part of initial public offering of Janus Living, Inc. | $4.9M | $4.9M | — | — |
| Amortization of deferred financing costs and debt discounts (premiums) | $17.3M | $8.4M | $23.7M | $15.7M |
| Straight-line rents | ($23.1M) | ($10.9M) | ($30.8M) | ($16.6M) |
| Amortization of above (below) market lease intangibles | ($12.9M) | ($6.6M) | — | — |
| Amortization of non-refundable entrance fees | ($55.0M) | ($27.2M) | — | — |
| Equity loss (income) from unconsolidated joint ventures | ($6.8M) | ($4.3M) | $176.7M | $400.0K |
| Distributions of earnings from unconsolidated joint ventures | $905.0K | $251.0K | $16.9M | $9.7M |
| Deferred income tax expense (benefit) | ($3.1M) | ($1.1M) | ($131.0K) | $2.1M |
| Impairments and loan loss reserves (recoveries), net | ($3.8M) | ($2.3M) | ($117.0K) | ($63.0K) |
| Loss (gain) on debt extinguishments | $403.0K | $403.0K | — | — |
| Loss (gain) on sales of real estate, net | ($60.7M) | ($50.7M) | ($13.1M) | ($1.6M) |
| Loss (gain) upon change of control, net | ($138.3M) | ($138.1M) | $0 | $0 |
| Casualty-related loss (recoveries), net | ($5.7M) | ($190.0K) | $9.8M | $11.3M |
| Other non-cash items | ($13.7M) | ($2.7M) | ($7.8M) | ($5.2M) |
| Decrease (increase) in accounts receivable and other assets | $27.1M | $890.0K | $9.8M | $30.9M |
| Increase (decrease) in accounts payable, accrued liabilities, and other liabilities | ($29.9M) | ($40.7M) | $86.9M | $34.3M |
| Increase (decrease) in deferred revenue | $79.0M | $37.0M | — | — |
| Net cash provided by (used in) operating activities | $622.0M | $260.9M | $957.9M | $642.9M |
| Acquisitions of real estate | ($542.3M) | ($427.8M) | ($43.9M) | ($37.5M) |
| Joint venture buyout, net | ($295.8M) | ($291.4M) | — | — |
| Development, redevelopment, and other major improvements of real estate | ($299.2M) | ($142.1M) | ($547.1M) | ($324.4M) |
| Leasing costs, tenant improvements, and recurring capital expenditures | ($66.1M) | ($24.0M) | ($76.1M) | ($48.9M) |
| Proceeds from sales of real estate, net | $147.0M | $90.4M | $30.8M | $5.1M |
| Proceeds from the BX JV I and II transaction, net | $162.8M | $162.8M | — | — |
| Investments in unconsolidated joint ventures | ($1.9M) | ($1.2M) | ($76.3M) | ($53.9M) |
| Distributions in excess of earnings from unconsolidated joint ventures | $15.9M | $8.9M | $22.7M | $15.5M |
| Proceeds from insurance recovery | $14.0M | $6.8M | $12.2M | $1.7M |
| Proceeds from sales/principal repayments on loans receivable and other | $403.8M | $5.0M | $125.9M | $67.3M |
| Investments in loans receivable and other | ($44.2M) | ($26.1M) | ($77.4M) | ($65.9M) |
| Net cash provided by (used in) investing activities | ($506.0M) | ($638.6M) | ($629.1M) | ($441.0M) |
| Borrowings under bank line of credit and commercial paper | $13.7B | $5.9B | $9.4B | $6.7B |
| Repayments under bank line of credit and commercial paper | ($13.3B) | ($5.2B) | ($9.2B) | ($6.1B) |
| Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt | $0 | $0 | $987.3M | $494.5M |
| Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt | ($244.6M) | ($102.2M) | ($806.5M) | ($805.6M) |
| Payments for debt extinguishment and deferred financing costs | ($4.8M) | ($3.7M) | ($2.6M) | ($1.5M) |
| Issuance of common stock, net of offering costs | $733.0K | $97.0K | $304.0K | $171.0K |
| Repurchase of common stock | ($101.6M) | ($1.4M) | ($97.1M) | ($97.0M) |
| Dividends paid on common stock | ($422.3M) | ($212.0M) | ($637.2M) | ($425.4M) |
| Distributions to and redemption of noncontrolling interests | ($164.1M) | ($141.7M) | ($28.8M) | ($19.2M) |
| Proceeds from Janus Living public offerings, net of underwriting fees | $1.6B | $901.3M | $13.1M | $6.0M |
| Contributions from and issuance of noncontrolling interests | $760.0K | — | — | — |
| Noncontrolling interest issuance costs | ($8.9M) | ($7.0M) | — | — |
Healthpeak Properties Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.