Healthpeak Properties, Inc. is a Standard & Poor's 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States. Our company was originally founded in 1985. We are organized as an umbrella partnership REIT. We hold substantially all our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S. We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and continuing care retirement community real estate. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Under the CCRC segment, our properties are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of: (i) an interest in an unconsolidated joint venture that owns 19 senior housing assets, (ii) loans receivable, and (iii) a preferred equity investment. These non-reportable segments have been presented on a combined basis herein. At September 30, 2025, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 703 properties: (i) Outpatient medical 530 properties; (ii) Lab 139 properties; (iii) CCRC 15 properties; and (iv) Other non-reportable 19 properties. Healthpeak Properties, Inc. was incorporated in 1985 in Maryland, USA.
Healthpeak Properties, Inc. (DOC) reported trailing twelve months revenue of $2.87B as of March 2026, a 2.7% increase year-over-year. Quarterly revenue reached $752.95M, reflecting continued top-line momentum.
Healthpeak Properties, Inc. generated $222.15M in TTM net income, with quarterly EBITDA of $295.33M. The operating margin contracted from 8.6% to 0.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (0.7%) and net margin (25.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 6.1% a year ago, signaling stronger bottom-line efficiency.
DOC trades at a P/E of 51.8x (a premium multiple) and a P/S of 4.0x. The price-to-book ratio of 1.5x reflects a moderate premium to book value.
The company generated $260.88M in free cash flow over the trailing twelve months, a 6.6% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $21.62B in total assets with $10.42B in long-term debt against $7.83B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~5.6% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~19.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~5.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 22.8% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation