Healthpeak Properties Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	101.03	267.3	334.76	516.42	525.93
Depreciation & Amortization	923.21	937.46	640.91	710.57	684.29
Stock-Based Compensation	14.41	31.77	14.48	26.46	18.2
Other Adjustments	104.64	-205.26	-117.76	-472.05	-459.56
Change in Receivables	-16.27	-40.86	-21.57	-17.43	18.63
Changes in Accounts Payable	-25.29	-28.64	-40.73	136.29	7.77
Changes in Unearned Revenue	147.3	114.28	145.24	-	-
Operating Cash Flow	1,252	1,070	956.24	900.26	795.25
Operating Cash Flow Growth	16.95%	11.95%	6.22%	13.21%	4.85%
Capital Expenditures	-897.61	-713.28	-844.8	-970.15	-722.04
Sale of Property, Plant & Equipment	337.72	648.55	141.65	47.89	2,399
Purchases of Investments	-184.93	-113.79	-108.24	-31.89	-43.09
Proceeds from Sale of Investments	176.8	116.35	225.51	128.51	380.06
Payments for Business Acquisitions	-486.7	-186	-15.85	-178.13	-1,483
Proceeds from Business Divestments	-	125.66	-	125.99	-
Other Investing Activities	20.04	8.71	24.98	1.45	-
Investing Cash Flow	-1,035	-113.8	-576.75	-876.34	531.03
Short-Term Debt Issued	12,121	3,741	10,345	15,882	16,821
Short-Term Debt Repaid	-11,192	-4,311	-10,620	-16,053	-15,785
Net Short-Term Debt Issued (Repaid)	928.85	-570	-275.61	-170.37	1,036
Long-Term Debt Issued	987.26	750	743.78	500	1,089
Long-Term Debt Repaid	-807.43	-26.78	-90.09	-5.05	-2,426
Net Long-Term Debt Issued (Repaid)	179.83	723.22	653.69	494.95	-1,337
Issuance of Common Stock	1.15	0.32	0.28	308.1	5.04
Repurchase of Common Stock	-97.15	-190.69	-6.52	-67.84	-12.84
Net Common Stock Issued (Repurchased)	-96	-190.37	-6.25	240.26	-7.81
Common Dividends Paid	-849.1	-794.78	-657.02	-648.05	-650.08
Other Financing Activities	-27.47	-109.48	-52.12	-33.33	-329.62
Financing Cash Flow	136.11	-941.42	-337.3	-116.53	-1,289
Net Cash Flow	353.4	15.28	42.19	-92.61	37.76
Free Cash Flow	354.35	357.22	111.44	-69.89	73.21
Free Cash Flow Growth	-0.80%	220.55%	-	-	-
FCF Margin	12.55%	13.23%	5.11%	-3.39%	3.86%
Free Cash Flow Per Share	0.51	0.53	0.20	-0.13	0.14
Levered Free Cash Flow	1,327	705.42	582.99	699.09	171.28
Unlevered Free Cash Flow	623.4	620.32	335.1	224.44	292.98

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.