Healthpeak Properties (DOC) FY2018 results: revenue $1.2 billion, down 35.5% on the year
Healthpeak Properties, Inc. (DOC) reported revenue of $1.2 billion for fiscal 2018, the year ended 31 December 2018, down 35.5% on the year before. Net income was $1.1 billion, up 156.2%, and diluted earnings per share $2.24. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2019.
Revenue
$1.2 billion
-35.5% on the year
FY2011FY2018
Operating margin
3.2%
4.1% a year earlier
FY2011FY2018
Net income
$1.1 billion
+156.2% on the year
FY2011FY2018
Diluted EPS
$2.24
+154.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,191
1,848
2,129
-35.5%
Cost of revenue
379
666
738
-43.2%
Gross profit
813
1,182
1,391
-31.3%
Gross margin
68.2%
64.0%
65.3%
Operating income
37.9
76.6
245
-50.4%
Operating margin
3.2%
4.1%
11.5%
Interest expense
261
308
464
-15.1%
Pre-tax income
-2.6
10.9
11.4
Income tax
-4.4
-1.3
4.5
Effective tax rate
n/a
-12.2%
39.4%
Net income
1,061
414
628
+156.2%
Net margin
89.1%
22.4%
29.5%
Diluted EPS
$2.24
$0.88
$1.34
+154.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
849
847
1,214
+0.2%
Capital expenditure
561
472
459
+18.9%
Free cash flow
288
375
755
-23.3%
Free cash flow margin
24.2%
20.3%
35.5%
Cash from investing
1,829
1,246
-429
+46.8%
Cash from financing
-2,621
-2,148
-1,054
Depreciation and amortisation
405
535
568
-24.3%
Share-based compensation
16.6
14.3
22.9
+16.2%
Buybacks
3.4
4.8
8.7
-28.3%
Dividends paid
697
695
980
+0.3%
Dividend per share
$1.48
$1.48
$2.10
0.0%
Diluted shares, weighted
475m
469m
467m
+1.4%
Shares outstanding at period end
477m
469m
468m
+1.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,944
5,301
5,548
+12.1%
Non-controlling interest
568
294
394
+93.3%
Redeemable equity
0.0
n/a
n/a
Debt
5,568
7,880
9,189
-29.3%
Other liabilities
638
613
628
+4.1%
Total liabilities and equity
12,719
14,088
15,759
-9.7%
Goodwill
47.0
47.0
42.0
0.0%
Intangible assets
305
410
480
-25.6%
Securities held for sale or to maturity
n/a
n/a
68.6
Loans
63.0
313
808
-79.9%
Cash and equivalents
54.0
55.3
94.7
-2.4%
Other assets
12,249
13,263
14,266
-7.6%
Total assets
12,719
14,088
15,759
-9.7%
10-K for the year ended 31 December 2018, filed 14 February 2019: the filing.