HEALTHPEAK PROPERTIES, INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 9,848 | 56.8 |
| Stockholders' equity | 7,500 | 43.2 |
| Total capitalization | 17,348 | 100.0 |
689,527,260 shares outstanding at 3 August 2026 (cover page of the 10-Q filed 5 August 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 9,848 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 1,500,000,000 |
| Common shares issued | 695,036,731 |
| Par or stated value per share ($) | 1 |
| Outstanding at 8/3/26 | 689,527,260 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 1.22 | 1220.0 |
| 2024 | 1.20 | 333.3 |
| 2023 | 1.20 | 214.3 |
| 2022 | 1.20 | 130.4 |
| 2021 | 1.20 | 129.0 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Maryland. Formerly known as HCP, INC. (to 1 October 2019); HEALTH CARE PROPERTY INVESTORS INC (to 10 September 2007).
BUSINESS: Classified by the SEC under Standard Industrial Classification 6798, Real Estate Investment Trusts. Large accelerated filer. Principal executive office: 4600 South Syracuse Street, Suite 500, Denver, CO 80237. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Total revenues | 604 | 568 | 527 |
| Rental revenue | 2,157 | 2,087 | 1,632 |
| Depreciation and amortization | 1,059 | 1,057 | 750 |
| Interest expense | 305 | 280 | 200 |
| Net income | 71 | 243 | 306 |
| Earned per share, diluted ($) | 0.10 | 0.36 | 0.56 |
| Dividends per share ($) | 1.22 | 1.20 | 1.20 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Real estate, net | 16,099 | 15,831 |
| Cash and equivalents | 467 | 120 |
| Total assets | 20,336 | 19,938 |
| Debt | 9,848 | 8,716 |
| Total liabilities | 12,034 | 10,881 |
| Stockholders' equity | 7,500 | 8,401 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 2,823 | – | 71 | 2.5 | 0.10 | 1.22 | 1,252 | 895 | 357 | 20,336 | 12,034 | 9,848 | 7,500 | 1.0 | 1.31 |
| 12/31/24 | 2,700 | – | 243 | 9.0 | 0.36 | 1.20 | 1,070 | 737 | 334 | 19,938 | 10,881 | 8,716 | 8,401 | 2.9 | 1.04 |
| 12/31/23 | 2,181 | – | 306 | 14.0 | 0.56 | 1.20 | 956 | 775 | 182 | 15,699 | 8,774 | 6,876 | 6,350 | 4.8 | 1.08 |
| 12/31/22 | 2,061 | – | 500 | 24.3 | 0.92 | 1.20 | 900 | 962 | (62) | 15,771 | 8,483 | 6,498 | 6,655 | 7.5 | 0.98 |
| 12/31/21 | 1,896 | – | 506 | 26.7 | 0.93 | 1.20 | 795 | 760 | 36 | 15,258 | 8,111 | 6,170 | 6,515 | 7.8 | 0.95 |
| 12/31/20 | 1,645 | – | 414 | 25.1 | 0.77 | 1.48 | 758 | 789 | (30) | 15,920 | 8,573 | 6,617 | 6,734 | 6.1 | 0.98 |
| 12/31/19 | 1,240 | – | 46 | 3.7 | 0.09 | 1.48 | 846 | 677 | 169 | 14,033 | 7,365 | 6,299 | 6,085 | 0.7 | 1.04 |
| 12/31/18 | 1,191 | – | 1,061 | 89.1 | 2.24 | 1.48 | 849 | 561 | 288 | 12,719 | 6,206 | 5,477 | 5,944 | 17.9 | 0.92 |
| 12/31/17 | 1,848 | – | 414 | 22.4 | 0.88 | 1.48 | 847 | 472 | 375 | 14,088 | 8,494 | 7,786 | 5,301 | 7.8 | 1.47 |
| 12/31/16 | 2,129 | – | 628 | 29.5 | 1.34 | 2.10 | 1,214 | 459 | 755 | 15,759 | 9,818 | 9,097 | 5,548 | 11.3 | 1.64 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
HEALTHPEAK PROPERTIES, INC.
CIK 765880 · EIN 33-0091377
PRINCIPAL OFFICE:
4600 South Syracuse Street, Suite 500, Denver, CO 80237
Tel.: 949-407-0700
INCORPORATED:
Maryland
INDUSTRY (SEC SIC CODE):
6798 · Real Estate Investment Trusts
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 3 February 2026
FORMER NAMES:
HCP, INC.; HEALTH CARE PROPERTY INVESTORS INC
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/3/26) · 10-K FY2024 (filed 2/4/25) · 10-K FY2023 (filed 2/9/24) · 10-K FY2022 (filed 2/8/23) · 10-K FY2021 (filed 2/9/22) · 10-K FY2020 (filed 2/10/21) · 10-K FY2019 (filed 2/13/20) · 10-K FY2018 (filed 2/14/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.