Cash flow Healthpeak Properties, Inc.

Equities

DOC

US42250P1030

Specialized REITs

Market Closed - Nyse Other stock markets 04:00:02 2025-01-23 pm EST			5-day change	1st Jan Change
20.65 ^USD	+0.49%		-0.24%	+1.87%

Jan. 15	Morgan Stanley Upgrades Healthpeak Properties to Overweight From Equalweight, Adjusts PT to $25 From $23.50	MT
Jan. 14	Evercore ISI Adjusts Healthpeak Properties Price Target to $24 From $26, Maintains Outperform Rating	MT

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Published financial data: HEALTHPEAK PROPERTIES, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	1.22B	1.18B	1.38B	1.54B	1.63B
Tenant Reimbursements	-	-	-	-	-
Property Management Fee	-	-	-	-	-
Interest and Investment Income, Total (Revenue Block)	47.32M	26.27M	46.48M	24.47M	21.78M
Other Revenues, Total	728M	436M	471M	495M	527M
Total Revenues	2B	1.64B	1.9B	2.06B	2.18B
Property Expenses	888M	795M	767M	860M	901M
Selling General & Admin Expenses, Total	91.97M	99.24M	106M	99.93M	103M
Depreciation & Amortization - (IS) - (Collected)	660M	554M	684M	711M	750M
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-8.86M	-1.69M	-6.53M	-2.09M
Total Operating Expenses	1.64B	1.46B	1.56B	1.68B	1.76B
Operating Income (REIT / Utility Template)	357M	188M	337M	384M	425M
Interest Expense, Total	-226M	-218M	-158M	-173M	-200M
Net Interest Expenses	-226M	-218M	-158M	-173M	-200M
Income (Loss) on Equity Invest.	-8.62M	-66.6M	6.1M	1.98M	10.2M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	5.42M	16.84M	3.81M	8.06M	3.39M
EBT, Excl. Unusual Items	128M	-80.15M	189M	221M	239M
Restructuring Charges	-	-	-	-7M	-
Total Merger & Related Restructuring Charges	-	-	-	-	-11M
Gain (Loss) on Sale of Investments	173M	170M	-	-	-
Gain (Loss) on Sale of Assets	22.9M	132M	191M	9.08M	86.46M
Asset Writedown	-226M	-34.05M	-21.47M	-470K	7.69M
Insurance Settlements	3.71M	-	-	-	3M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-59.36M	-36.74M	-223M	286M	418K
EBT, Incl. Unusual Items	42.8M	151M	134M	509M	325M
Income Tax Expense	-17.26M	-9.42M	-3.26M	-4.42M	-9.62M
Earnings From Continuing Operations	60.06M	161M	138M	514M	335M
Earnings Of Discontinued Operations	-	267M	386M	2.88M	-
Net Income to Company	60.06M	428M	523M	516M	335M
Minority Interest	-14.53M	-14.39M	-17.85M	-15.98M	-28.75M
Net Income - (IS)	45.53M	414M	506M	500M	306M
Preferred Dividend and Other Adjustments	1.54M	2.42M	3.27M	2.66M	1.72M
Net Income to Common Incl Extra Items	43.99M	411M	502M	498M	304M
Net Income to Common Excl. Extra Items	43.99M	144M	117M	495M	304M
Per Share Items
Net EPS - Basic	0.09	0.77	0.93	0.92	0.56
Basic EPS - Continuing Operations	0.09	0.27	0.22	0.92	0.56
Basic Weighted Average Shares Outstanding	486M	531M	539M	539M	547M
Net EPS - Diluted	0.09	0.77	0.93	0.92	0.56
Diluted EPS - Continuing Operations	0.09	0.27	0.22	0.92	0.56
Diluted Weighted Average Shares Outstanding	489M	531M	539M	539M	547M
Normalized Basic EPS	0.14	-0.12	0.19	0.23	0.22
Normalized Diluted EPS	0.13	-0.12	0.19	0.23	0.22
Dividend Per Share	1.48	1.48	1.2	1.2	1.2
Payout Ratio	1.58K	190.31	128.59	129.49	214.71
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.01B	732M	1B	1.07B	1.15B
EBITA	499M	266M	422M	464M	501M
EBIT	357M	188M	337M	384M	425M
EBITDAR	1.03B	746M	1.02B	1.09B	1.17B
Total Revenues (As Reported)	2B	1.64B	1.9B	2.06B	2.18B
Effective Tax Rate - (Ratio)	-40.33	-6.24	-2.43	-0.87	-2.96
Current Domestic Taxes	990K	-7.73M	1.13M	1.32M	4.99M
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	990K	-7.73M	1.13M	1.32M	4.99M
Deferred Domestic Taxes	-18.25M	-1.69M	-4.39M	-5.75M	-14.6M
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	-18.25M	-1.69M	-4.39M	-5.75M	-14.6M
Normalized Net Income	65.78M	-64.49M	100M	122M	120M
Interest Capitalized	30.46M	27.04M	24.08M	41.05M	56.85M
Supplemental Operating Expense Items
Advertising Expense	-	6M	8M	7.9M	8M
Selling and Marketing Expenses	-	6M	8M	7.9M	8M
General and Administrative Expenses	91.97M	93.24M	98.3M	92.03M	95.13M
Net Rental Expense, Total	16.24M	13.6M	14.44M	16.69M	17.01M
Imputed Operating Lease Interest Expense	5.51M	4.23M	3.27M	4.37M	5.08M
Imputed Operating Lease Depreciation	10.73M	9.37M	11.17M	12.32M	11.93M
Stock-Based Comp., G&A Exp. (Total)	1M	-	-	28M	15M
Stock-Based Comp., Other (Total)	17.16M	21M	23M	-	-
Total Stock-Based Compensation	18.16M	21M	23M	28M	15M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	13.98B	13.72B	15.74B	16.45B	16.86B
Accumulated Depreciation	-2.77B	-2.41B	-2.84B	-3.19B	-3.59B
Net Property Plant And Equipment	11.21B	11.31B	12.9B	13.26B	13.27B
Total Real Estate Assets	11.21B	11.31B	12.9B	13.26B	13.27B
Cash And Equivalents	144M	44.23M	158M	72.03M	118M
Accounts Receivable, Total	144M	86.98M	93.4M	53.44M	55.82M
Other Receivables	-	-	-	-	-
Investment In Debt and Equity Securities	-	-	36.1M	36.87M	14.98M
Goodwill	-	-	-	-	18M
Other Intangibles, Total	332M	520M	520M	418M	314M
Notes Receivable (Collected)	191M	195M	416M	375M	218M
Restricted Cash	40.42M	67.21M	53.45M	54.8M	51.39M
Other Current Assets, Total	504M	2.63B	37.19M	49.87M	118M
Trading Asset Securities, Total	-	-	397K	-	21.36M
Deferred Tax Assets Long-Term (Collected)	72.62M	87.19M	92.98M	98.98M	114M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	1.4B	981M	949M	1.35B	1.39B
Total Assets	14.03B	15.92B	15.26B	15.77B	15.7B
Liabilities
Current Portion of Long-Term Debt	4.68M	13.02M	5.05M	90.09M	7.02M
Current Portion of Leases	9.41M	11.11M	16.03M	17.15M	16.95M
Short-Term Borrowings	178M	130M	1.17B	-	-
Long-Term Debt	6.17B	6.16B	5B	6.41B	6.87B
Long-Term Leases	147M	169M	189M	191M	190M
Accounts Payable, Total	456M	272M	228M	266M	240M
Accrued Expenses, Total	-	78.74M	59.34M	59.29M	59.49M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	36.37M	416M	15.06M	4.07M	729K
Unearned Revenue Non Current	290M	774M	789M	844M	906M
Other Non Current Liabilities	74.99M	557M	646M	604M	485M
Total Liabilities	7.37B	8.58B	8.11B	8.48B	8.77B
Common Stock, Total	505M	538M	539M	547M	547M
Additional Paid In Capital	9.18B	10.23B	10.1B	10.35B	10.41B
Distributions In Excess Of Earnings	-3.6B	-3.98B	-4.12B	-4.27B	-4.62B
Comprehensive Income and Other	-2.86M	-3.68M	-3.15M	28.13M	19.37M
Total Common Equity	6.09B	6.79B	6.52B	6.65B	6.35B
Minority Interest	582M	556M	631M	634M	574M
Total Equity	6.67B	7.34B	7.15B	7.29B	6.92B
Total Liabilities And Equity	14.03B	15.92B	15.26B	15.77B	15.7B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	505M	539M	539M	547M	547M
ECS Total Common Shares Outstanding	505M	538M	539M	547M	547M
Book Value / Share	12.04	12.61	12.09	12.17	11.61
Tangible Book Value	5.75B	6.27B	6B	6.24B	6.02B
Tangible Book Value Per Share	11.39	11.64	11.12	11.41	11
Total Debt	6.51B	6.48B	6.37B	6.71B	7.08B
Net Debt	6.36B	6.43B	6.22B	6.63B	6.94B
Debt Equivalent Oper. Leases	130M	109M	116M	134M	136M
Minority Interest, Total (Incl. Fin. Div)	582M	556M	631M	634M	574M
Equity Method Investments, Total	825M	403M	404M	707M	783M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.99B	1.87B	2.6B	2.67B	2.65B
Buildings, Total	11.12B	11.05B	12.03B	12.78B	13.33B
Full Time Employees	204	217	196	199	193
Accumulated Allowance for Doubtful Accounts (Supple)	4.56M	3.99M	1.87M	2.4M	2.28M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	45.53M	414M	506M	500M	306M
Depreciation, Depletion & Amortization	513M	467M	580M	609M	651M
Amortization of Goodwill and Intangible Assets - (CF)	142M	77.58M	85.51M	80.24M	75.24M
Total Depreciation, Depletion & Amortization	656M	544M	666M	689M	726M
Amortization of Deferred Charges, Total	10.86M	10.16M	9.22M	10.88M	11.92M
(Gain) Loss On Sale of Asset - (CF)	-22.9M	-592M	-605M	-33.12M	-86.46M
(Gain) Loss on Sale of Investments - (CF)	-	-160M	-1.04M	-311M	-234K
Total Asset Writedown	226M	244M	54.21M	470K	-7.69M
Provision for Credit Losses	-	-	1.69M	6.53M	2.09M
(Income) Loss On Equity Investments - (CF)	28.74M	80.08M	-6.26M	-1.11M	-9.29M
Stock-Based Compensation (CF)	18.16M	17.37M	18.2M	26.46M	14.48M
Change in Accounts Receivable	-49.77M	15.28M	18.63M	-17.43M	-21.57M
Change in Accounts Payable	71.66M	93.5M	7.77M	136M	105M
Change in Other Net Operating Assets (Collected)	-	-	-	-	-
Other Operating Activities	-138M	-51.06M	127M	-107M	-83.4M
Net Cash From Discontinued Operations	-	143M	-	-	-
Cash from Operations	846M	758M	795M	900M	956M
Acquisition of Real Estate Assets, Total	-2.34B	-2.06B	-2.21B	-1.15B	-861M
Sale of Real Estate Assets, Total	230M	1.3B	2.4B	47.88M	142M
Net Sale / Acquisition of Real Estate Assets	-2.11B	-752M	194M	-1.1B	-719M
Cash Acquisitions	-	-394M	-	-	-
Divestitures	-	-	-	126M	-
Investment in Marketable and Equity Securities, Total	731M	182M	12.38M	-8.62M	-67.75M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-79.47M	-45.56M	325M	105M	185M
Other Investing Activities, Total	9.36M	1.8M	-	1.45M	24.98M
Cash from Investing	-1.45B	-1.01B	531M	-876M	-577M
Short Term Debt Issued, Total	7.61B	4.74B	16.82B	-	-
Long-Term Debt Issued, Total	2.3B	595M	1.09B	16.38B	11.09B
Total Debt Issued	9.9B	5.34B	17.91B	16.38B	11.09B
Short Term Debt Repaid, Total	-7.6B	-4.71B	-15.79B	-	-
Long-Term Debt Repaid, Total	-1.65B	-568M	-2.43B	-16.06B	-10.71B
Total Debt Repaid	-9.25B	-5.27B	-18.21B	-16.06B	-10.71B
Issuance of Common Stock	796M	1.07B	5.04M	308M	278K
Repurchase of Common Stock	-5.04M	-10.53M	-12.84M	-67.84M	-6.52M
Common Dividends Paid	-720M	-787M	-650M	-648M	-657M
Common & Preferred Stock Dividends Paid	-720M	-787M	-650M	-648M	-657M
Other Financing Activities, Total	-76.82M	-87.82M	-330M	-33.33M	-52.12M
Cash from Financing	647M	246M	-1.29B	-117M	-337M
Foreign Exchange Rate Adjustments	245K	-153K	-	-	-
Net Change in Cash	44.81M	-2.97M	37.76M	-92.61M	42.19M
Supplemental Items
Cash Interest Paid	202M	210M	173M	162M	188M
Cash Income Tax Paid (Refund)	1.43M	-786K	4.52M	-1.9M	1.92M
Net Debt Issued / Repaid	654M	63M	-301M	325M	378M
Levered Free Cash Flow	950M	1.58B	2.72B	954M	954M
Unlevered Free Cash Flow	1.08B	1.71B	2.81B	1.05B	1.07B
Change In Net Working Capital	-183M	-1.03B	-1.91B	-93.84M	-60.81M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.67	0.78	1.35	1.55	1.69
Return on Total Capital	1.77	0.88	1.54	1.75	1.9
Return On Equity %	0.91	2.29	1.9	7.12	4.71
Return on Common Equity	0.73	2.23	1.76	7.52	4.68
Margin Analysis
Gross Profit Margin %	55.54	51.14	59.45	57.96	58.61
SG&A Margin	4.6	6.03	5.61	4.85	4.73
EBITDA Margin %	50.71	44.51	52.87	52.06	52.78
EBITA Margin %	25	16.14	22.27	22.53	22.95
EBIT Margin %	17.89	11.43	17.76	18.64	19.5
Income From Continuing Operations Margin %	3.01	9.76	7.26	24.91	15.35
Net Income Margin %	2.28	25.14	26.66	24.28	14.03
Net Avail. For Common Margin %	2.2	8.74	6.15	24.01	13.95
Normalized Net Income Margin	3.29	-3.92	5.28	5.94	5.52
Levered Free Cash Flow Margin	47.57	96.32	143.66	46.27	43.75
Unlevered Free Cash Flow Margin	54.08	104	148.38	50.98	48.95
Asset Turnover
Asset Turnover	0.15	0.11	0.12	0.13	0.14
Fixed Assets Turnover	0.19	0.17	0.16	0.16	0.16
Receivables Turnover (Average Receivables)	2.7	10.92	15.28	21	29.87
Short Term Liquidity
Current Ratio	1.5	3.28	0.51	1.39	1.8
Quick Ratio	0.42	0.14	0.17	0.29	0.6
Operating Cash Flow to Current Liabilities	1.24	0.82	0.53	2.06	2.95
Days Sales Outstanding (Average Receivables)	135.3	33.5	23.88	17.38	12.22
Average Days Payable Outstanding	173.82	123.51	117.93	103.89	102.27
Long Term Solvency
Total Debt/Equity	97.62	88.2	89.2	92.01	102.28
Total Debt / Total Capital	49.4	46.86	47.15	47.92	50.56
LT Debt/Equity	94.74	86.11	72.59	90.54	101.94
Long-Term Debt / Total Capital	47.94	45.75	38.37	47.15	50.39
Total Liabilities / Total Assets	52.49	53.87	53.16	53.79	55.89
EBIT / Interest Expense