greeksoup/ stock research

Healthpeak Properties (DOC) FY2022 results: revenue $2.1 billion, up 8.7% on the year

Healthpeak Properties, Inc. (DOC) reported revenue of $2.1 billion for fiscal 2022, the year ended 31 December 2022, up 8.7% on the year before. Net income was $500 million, down 1.0%, and diluted earnings per share $0.92. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2023.

Revenue
$2.1 billion
+8.7% on the year
FY2015FY2022
Operating margin
8.3%
8.3% a year earlier
FY2015FY2022
Net income
$500 million
-1.0% on the year
FY2015FY2022
Diluted EPS
$0.92
-1.1% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue2,0611,8961,645+8.7%
Cost of revenue863773783+11.6%
Gross profit1,1981,123862+6.7%
Gross margin58.1%59.2%52.4%
Operating income172157-64.4+9.2%
Operating margin8.3%8.3%-3.9%
Interest expense173158218+9.5%
Pre-tax income507128218+295.1%
Income tax-4.4-3.3-9.4
Effective tax rate-0.9%-2.5%-4.3%
Net income500506414-1.0%
Net margin24.3%26.7%25.1%
Diluted EPS$0.92$0.93$0.77-1.1%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow900795758+13.2%
Capital expenditure962760789+26.6%
Free cash flow-61.735.5-30.5
Free cash flow margin-3.0%1.9%-1.9%
Cash from investing-876531-1,008
Cash from financing-117-1,289246
Depreciation and amortisation711684554+3.8%
Share-based compensation26.518.217.4+45.3%
Buybacks67.812.810.5+428.3%
Dividends paid648650787-0.3%
Dividend per share$1.20$1.20$1.480.0%
Diluted shares, weighted539m539m531m-0.0%
Shares outstanding at period end547m539m538m+1.4%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity6,6556,5156,734+2.1%
Non-controlling interest528543556-2.8%
Redeemable equity10687.357.4+21.0%
Debt6,4986,1706,617+5.3%
Other liabilities1,9851,9411,956+2.3%
Total liabilities and equity15,77115,25815,920+3.4%
Goodwill18.018.018.00.0%
Intangible assets418520520-19.6%
Loans375416195-9.9%
Cash and equivalents72.015844.2-54.5%
Other assets14,88814,14615,143+5.2%
Total assets15,77115,25815,920+3.4%

10-K for the year ended 31 December 2022, filed 8 February 2023: the filing.