Company file · DOC
Healthpeak Properties
Healthpeak Properties' revenue rose 4.5% in FY2025, to $2.8B, and net income fell 70.7% to $71M
Revenue rose 4.5% to $2.8B in FY2025, from $2.7B in FY2024. Net income fell 70.7% to $71M. Outpatient Medical was the largest segment, at 45% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Healthpeak Properties (NYSE: DOC) took in $2.8B of revenue (up 4.5% on fiscal 2024); net income was $71M (down 70.7%). The most recent quarter, ended Sep 30, 2026, brought revenue of $821M, up 16.3% year over year, with net income of $17M. Sources: 10-K for fiscal 2025 (filed Feb 3, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).
Source: 10-K FY2025, filed Feb 3, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 3, 2026
How it makes money
By segment in FY2025: Outpatient Medical (45%), Lab (30%) and Senior Housing (21%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $2.8B.
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Healthpeak Properties 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026
The bull case and the bear case
The bull case
- Revenue rose 4.5% in FY2025 to $2.8B, from $2.7B a year earlier. 10-K, FY2025
- Operating cash flow rose 17.0% in FY2025 to $1.3B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $821M, up 16.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 70.7% in FY2025 to $71M, from $243M. 10-K, FY2025
- Diluted shares rose 2.9% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 13.0% in FY2025 to $9.8B. 10-K, FY2025
- Lab revenue fell 2.4% in FY2025 to $860M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Healthpeak Properties is in the health care REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
Healthpeak Properties reports 3 segments: Outpatient Medical, Lab and Senior Housing.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the health care REITs industry. They are not a summary of Healthpeak Properties’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $2.2B | $2.7B | $2.8B |
| Net income | $306M | $243M | $71M |
| Operating cash flow | $956M | $1.1B | $1.3B |
| Cash & equivalents (year end) | $118M | $120M | $467M |
| Total debt (year end) | $6.9B | $8.7B | $9.8B |
| Diluted shares | 547M | 676M | 696M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Regulation FD
- Credit facilities
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 3, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 12, 2026 | Apr 30, 2026 |
| 10-K | Feb 3, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Healthpeak Properties
How does Healthpeak Properties make money?
In fiscal 2025, revenue totaled $2.8B. By segment in FY2025: Outpatient Medical (45%), Lab (30%) and Senior Housing (21%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $2.8B. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
What was Healthpeak Properties's revenue in fiscal 2025?
Revenue came to $2.8B in the year ended Dec 31, 2025. Going back two years, it was $2.2B in fiscal 2023 and $2.7B in fiscal 2024, so the latest year was up 4.5%. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
Is Healthpeak Properties profitable?
Yes, by US accounting rules (GAAP): net income was $71M in fiscal 2025, down 70.7% from $243M a year earlier. For the quarter ended Sep 30, 2026, net income was $17M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
What did Healthpeak Properties report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $821M, against $706M in the same quarter a year before (up 16.3%), and net income of $17M, against −$117M (compared with −$117M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.
How much cash and debt does Healthpeak Properties have?
On Sep 30, 2026, cash and cash equivalents stood at $514M and total debt at $9.4B. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Nov 3, 2026.
What are the main risks Healthpeak Properties faces?
Healthpeak Properties's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 3, 2026. Risks that are common among companies in the health care REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Healthpeak Properties numbers come from?
Two filings Healthpeak Properties made with the SEC: its fiscal 2025 10-K, filed Feb 3, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Healthpeak Properties
- Citadel Advisors: 5,730,593 shares, reported value $122.6M at Jun 30, 2026 (+2,842.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 2,659,431 shares, reported value $56.9M at Jun 30, 2026 (+449.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 845,968 shares, reported value $18.1M at Jun 30, 2026 (+4.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 642,305 shares, reported value $13.7M at Jun 30, 2026 (−80.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 205,483 shares, reported value $4.1M at Sep 30, 2026 (−22.5% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in DOC
- The editor holds no position in Healthpeak Properties (DOC). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell DOC from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold DOC, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Healthpeak PropertiesDOC | FY2025 | $2.8B | +4.5% | $71M |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
| VentasVTR | FY2025 | $5.8B | +18.5% | $262M |
| PrologisPLD | FY2025 | $8.8B | +7.2% | $3.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.