Healthpeak Properties (DOC) FY2014 results: revenue $1.6 billion, down 22.1% on the year
Healthpeak Properties, Inc. (DOC) reported revenue of $1.6 billion for fiscal 2014, the year ended 31 December 2014, down 22.1% on the year before. Net income was $922 million, down 5.0%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2015.
Revenue
$1.6 billion
-22.1% on the year
FY2007FY2014
Operating margin
16.0%
39.7% a year earlier
FY2007FY2014
Net income
$922 million
-5.0% on the year
FY2007FY2014
Diluted EPS
$2.00
-6.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,637
2,100
1,880
-22.1%
Operating income
262
834
742
-68.6%
Operating margin
16.0%
39.7%
39.5%
Interest expense
440
435
416
+1.0%
Pre-tax income
-3.6
852
745
Income tax
-0.5
5.8
-1.7
Effective tax rate
n/a
0.7%
-0.2%
Net income
922
971
833
-5.0%
Net margin
56.3%
46.2%
44.3%
Diluted EPS
$2.00
$2.13
$1.90
-6.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,249
1,149
1,035
+8.7%
Capital expenditure
273
130
134
+109.5%
Free cash flow
976
1,019
901
-4.2%
Free cash flow margin
59.6%
48.5%
47.9%
Cash from investing
-1,512
-197
-2,314
Cash from financing
145
-900
1,493
Depreciation and amortisation
455
423
354
+7.5%
Share-based compensation
21.9
40.0
23.3
-45.3%
Buybacks
12.7
n/a
n/a
Dividends paid
1,002
957
865
+4.7%
Dividend per share
$2.18
$2.10
$2.00
+3.8%
Diluted shares, weighted
459m
456m
428m
+0.7%
Shares outstanding at period end
460m
457m
453m
+0.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
10,735
10,723
10,551
+0.1%
Non-controlling interest
262
208
203
+26.0%
Debt
9,721
8,662
8,682
+12.2%
Other liabilities
652
483
479
+34.9%
Total liabilities and equity
21,370
20,076
19,916
+6.4%
Goodwill
50.3
50.3
50.3
0.0%
Intangible assets
481
490
553
-1.8%
Securities held for sale or to maturity
231
244
223
-5.2%
Loans
907
366
276
+147.8%
Cash and equivalents
182
301
248
-39.5%
Other assets
19,518
18,625
18,566
+4.8%
Total assets
21,370
20,076
19,916
+6.4%
10-K for the year ended 31 December 2014, filed 10 February 2015: the filing.