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	71.35	243.14	306.01	500.45	505.54
Depreciation & Amortization	1,022	996.31	725.89	688.93	665.69
Other Amortization	31.91	28.97	11.92	10.88	9.22
Gain (Loss) on Sale of Assets	-69.49	-178.7	-86.46	-33.12	-605.31
Gain (Loss) on Sale of Investments	-	-77.55	-0.23	-311.44	-1.04
Asset Writedown	-4.02	15.31	-7.69	7	55.9
Stock-Based Compensation	14.41	15.54	14.48	26.46	18.2
Income (Loss) on Equity Investments	191.1	13.52	-9.29	-1.11	-6.26
Change in Accounts Receivable	-16.27	-40.86	-21.57	-17.43	18.63
Change in Accounts Payable	-25.29	-28.64	-40.73	136.29	7.77
Other Operating Activities	-114.54	-38.5	-83.41	-106.66	126.92
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%
Acquisition of Real Estate Assets	-1,384	-720.07	-860.65	-1,148	-2,205
Sale of Real Estate Assets	337.72	648.55	141.65	47.89	2,399
Net Sale / Acq. of Real Estate Assets	-1,047	-71.52	-719	-1,100	194.06
Cash Acquisition	-	-179.22	-	-	-
Investment in Marketable & Equity Securities	-58.27	86.97	-67.75	117.36	12.38
Other Investing Activities	20.04	8.71	24.98	1.45	-
Investing Cash Flow	-1,035	-113.8	-576.75	-876.34	531.03
Long-Term Debt Issued	13,108	4,491	11,088	16,382	17,910
Total Debt Issued	13,108	4,491	11,088	16,382	17,910
Long-Term Debt Repaid	-12,000	-4,338	-10,710	-16,058	-18,211
Total Debt Repaid	-12,000	-4,338	-10,710	-16,058	-18,211
Net Debt Issued (Repaid)	1,109	153.22	378.08	324.58	-301.01
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
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
Net Cash Flow	353.4	15.28	42.19	-92.61	37.76
Cash Interest Paid	260.11	249.47	188.21	162.12	173.04
Cash Income Tax Paid	3.41	7.86	1.92	-1.9	4.52
Levered Free Cash Flow	1,163	827.78	644.23	958.39	2,722
Unlevered Free Cash Flow	1,321	974.07	757.52	1,056	2,812
Change in Working Capital	105.75	44.78	82.95	118.86	26.39

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.