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Healthpeak Properties (DOC) FY2025 results: revenue $2.8 billion, up 4.5% on the year

Healthpeak Properties, Inc. (DOC) reported revenue of $2.8 billion for fiscal 2025, the year ended 31 December 2025, up 4.5% on the year before. Net income was $71 million, down 70.7%, and diluted earnings per share $0.10. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.

Revenue
$2.8 billion
+4.5% on the year
FY2018FY2025
Operating margin
7.6%
1.3% a year earlier
FY2018FY2025
Net income
$71 million
-70.7% on the year
FY2018FY2025
Diluted EPS
$0.10
-72.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new, 1 kept.

  • Same-store cash NOI grew 3.9%: Total merger-combined same-store cash (adjusted) NOI grew 3.9% in Q4 and 4.0% for full-year 2025, with Outpatient Medical, Lab and Life Plan as the three reported segments.
  • Outpatient Medical and Lab same-store growth: Outpatient Medical same-store cash NOI grew 4.1% in Q4 and 3.9% for 2025. Lab was down 0.3% in Q4 and up 1.5% for 2025. Outpatient Medical was 54.1% and Lab 33.9% of Q4 same-store NOI.
  • Life Plan same-store growth accelerated: Life Plan same-store cash NOI grew 16.7% year over year and 15.4% sequentially in Q4, and 12.6% for full-year 2025.
  • Gateway Crossing campus bought for $600 million: Healthpeak acquired Gateway Crossing, a 1.4 million square foot campus in South San Francisco, for $600 million at a low-6% going-in yield. The campus is 63% occupied.
  • Janus Living IPO planned: Management said the IPO is intended to unlock value immediately, given the public markets' difficulty valuing the senior housing portfolio at its current scale within Healthpeak.
Read the Q4 FY2025 earnings call summary

From this 10-K

Healthpeak owns, operates and develops real estate for healthcare discovery and delivery in the United States: outpatient medical buildings, hospitals, laboratory buildings and senior housing. It was founded in 1985, is a Maryland corporation and a self-administered REIT, and is structured as an umbrella partnership REIT with substantially all assets and operations held through Healthpeak OP. Head office is in Denver.

Healthpeak Properties, Inc., the 10-K for 2025

Healthpeak owns, operates and develops real estate for healthcare discovery and delivery in the United States: outpatient medical buildings, hospitals, laboratory buildings and senior housing. It was founded in 1985, is a Maryland corporation and a self-administered REIT, and is structured as an umbrella partnership REIT with substantially all assets and operations held through Healthpeak OP. Head office is in Denver.

Three core asset classes

Outpatient medical, lab, and senior housing. In outpatient medical and lab the company owns, operates and develops the buildings itself. In senior housing the properties are operated through RIDEA structures.

At the end of 2025 the portfolio, including properties in certain unconsolidated joint ventures, was interests in 689 properties: 507 outpatient medical, 145 lab, 34 senior housing and three in other non-reportable segments.

The non-reportable segments hold loans receivable, a preferred equity investment and three other properties.

Where the outpatient medical portfolio came from

On 1 March 2024 Healthpeak completed a merger with Physicians Realty Trust, which brought in 299 outpatient medical buildings.

The senior housing business is being separated

In December 2025 Healthpeak confidentially submitted a draft registration statement to the SEC for a proposed initial public offering of a newly formed company, Janus Living. The filing states that Janus Living will be devoted to senior housing and intends to elect and qualify to be taxed as a REIT; that Healthpeak will contribute its 34-community, 10,422-unit senior housing portfolio to it in exchange for a majority ownership interest; that immediately after the offering Healthpeak will serve as its external manager and intends to retain a substantial majority interest, with new public shareholders owning the remainder; and that based on the anticipated ownership share and the terms of the management agreement Healthpeak expects to continue to consolidate Janus Living afterwards. The company says it expects to complete the offering in the first half of 2026, subject to market conditions, regulatory approvals, related financings, the SEC's review and other customary conditions.

The segments were recast because of that

During the fourth quarter of 2025, in connection with the planned offering, the chief operating decision maker, who is the president and chief executive, began evaluating the life plan communities, formerly called continuing care retirement communities, together with an unconsolidated joint venture with a sovereign wealth fund holding 19 senior housing properties, as a single operating and reportable segment called senior housing. In the same quarter two properties were moved out of the outpatient medical segment into the other non-reportable segments because they do not share the characteristics of the outpatient medical portfolio. All prior period segment information has been recast to match.

What the company watches

The filing says it continuously monitors the effects of domestic and global events on its own position and on that of its tenants, operators and borrowers, and names inflation among the conditions that could negatively affect the business.

From Healthpeak Properties' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 3 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,8232,7002,181+4.5%
Cost of revenuen/a1,075902
Gross profitn/a1,6261,279
Gross marginn/a60.2%58.6%
Operating income21435.1222+510.1%
Operating margin7.6%1.3%10.2%
Interest expense305280200+8.8%
Pre-tax income284273315+4.1%
Income tax9.34.3-9.6+113.4%
Effective tax rate3.3%1.6%-3.1%
Net income71.3243306-70.7%
Net margin2.5%9.0%14.0%
Diluted EPS$0.10$0.36$0.56-72.2%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,2521,070956+17.0%
Capital expenditure895737775+21.5%
Free cash flow357334182+7.0%
Free cash flow margin12.6%12.4%8.3%
Cash from investing-1,035-114-577
Cash from financing136-941-337
Depreciation and amortisation1,0591,057750+0.2%
Share-based compensation14.415.514.5-7.3%
Buybacks97.11916.5-49.1%
Dividends paid849795657+6.8%
Dividend per share$1.22$1.20$1.20+1.7%
Diluted shares, weighted696m676m547m+2.9%
Shares outstanding at period end695m699m547m-0.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,5008,4016,350-10.7%
Non-controlling interest643654526-1.7%
Redeemable equity1602.648.8+6,014.2%
Debt9,8488,7166,876+13.0%
Other liabilities2,1862,1651,898+1.0%
Total liabilities and equity20,33619,93815,699+2.0%
Goodwill68.568.518.00.0%
Intangible assets655817314-19.9%
Loans606656218-7.6%
Cash and equivalents467120118+290.1%
Other assets18,53918,27715,031+1.4%
Total assets20,33619,93815,699+2.0%

10-K for the year ended 31 December 2025, filed 3 February 2026: the filing.