# Healthpeak Properties Inc. (PEAK) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PEAK/thesis · /stocks/PEAK/memo

## Financial Snapshot

---
ticker: PEAK
step: 04
generated: 2026-05-13
source: quick-research
note: Now trades as NYSE:DOC following March 2024 Physicians Realty Trust merger
---

### Healthpeak Properties, Inc. (PEAK/DOC) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.18B | ~$2.18B | $2.70B | +23.8% |
| NOI Margin | ~55% | ~55% | ~57% | |
| FFO as Adjusted (total) | ~$750M | ~$770M | ~$1.27B | +65% |
| FFO as Adjusted/Share | ~$1.38 | ~$1.40 | $1.81 | +29% |
| Net Income/Share | ~$0.45 | ~$0.30 | $0.36 | |

*FY2024 revenue and FFO surged due to the March 2024 Physicians Realty Trust all-stock merger consolidation (roughly doubled the entity). FY2022–2023 figures are pre-merger Healthpeak only. Per-share metrics are more comparable due to significant share count increase from merger.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| FFO as Adjusted | ~$1.27B |
| AFFO/Share | $1.60 |
| Annual Dividend | ~$1.20/share annualized (~7.4% yield) |
| Total Debt | ~$8.5B |
| Net Debt / EBITDA | ~7.5x |
| Merger Synergies Realized (2024) | $50M+ (exceeded guidance midpoint by $10M) |

*Total synergies targeted: $70M+. Healthcare REIT leverage of 7.5x is within normal range for the sector given long-lease, mission-critical asset profile.*

#### Key Ratios (approximate)
- Price/FFO as Adjusted: ~9x | Implied Cap Rate: ~6.5% | Dividend Yield: ~7.4%
- MOB Cash Re-leasing Spreads: +5.8% (10M+ SF since merger) — strong pricing power indicator
- Life Science Occupancy: ~77.7% (2025) — well below historical; recovery targeted in 2026
- Q1 2026 FFO/share: $0.45 (+2 cents vs estimates)

#### Growth Profile
Pre-merger Healthpeak had stable but slow-growing revenues driven by life science and senior housing. The Physicians Realty Trust merger (closed March 2024) transformed scale: revenue jumped 23.8% to $2.7B in FY2024 with $50M in synergies achieved. FY2025 revenue reached $2.82B (+4.5%), with FFO/share of $1.80 (up from $1.62 in FY2024 on a like-for-like basis). 2026 faces headwinds from life science vacancy and $650M in maturing debt refinancing at higher rates.

#### Forward Estimates
- FY2026 FFO as Adjusted guidance: $1.71–$1.75/share (midpoint $1.73; raised $0.01 after Q1 beat)
- Janus Living IPO proceeds targeted for debt paydown and reinvestment — $0.04/share accretive after deployment
- $1B in 2026 asset sales, recapitalizations, and loan repayments targeted — portfolio rebalancing year
- $500M in 2025 developments at 8%+ weighted average yields add to 2026–2027 NOI

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PEAK/fundamental

## Navigation

- Overview: /stocks/PEAK
- Financials (this page): /stocks/PEAK/financials
- Thesis: /stocks/PEAK/thesis
- Investment Memo: /stocks/PEAK/memo
- Coverage universe: /stocks