Financials Healthpeak Properties, Inc.

Equities

DOC

US42250P1030

Specialized REITs

Market Closed - Nyse Other stock markets 04:00:02 2025-06-13 pm EDT			5-day change	1st Jan Change
17.38 ^USD	-0.69%		+0.70%	-14.26%

Jun. 12	Mizuho Adjusts Price Target on Healthpeak Properties to $20 From $24	MT
Jun. 10	Healthpeak Properties Says President And CEO Scott Brinker Interviewed By Advisor Access	RE

Projected Income Statement: Healthpeak Properties, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,628	1,858	2,038	2,159	2,656	2,793	2,913	3,031
Change	-	14.13%	9.66%	5.95%	22.99%	5.17%	4.3%	4.04%
EBITDA ¹	487	986.8	954.1	1,162	1,484	1,607	1,695	1,776
Change	-	102.64%	-3.32%	21.79%	27.68%	8.29%	5.5%	4.8%
EBIT ¹	348.3	302.5	333.3	412.1	426.4	471.8	528.7	571.5
Change	-	-13.15%	10.16%	23.66%	3.47%	10.64%	12.04%	8.1%
Interest Paid ¹	-218.3	-158	-172.9	-200.3	-280.4	-317.5	-350.7	-385.8
Earnings before Tax (EBT) ¹	217.7	128.4	-	314.9	273.2	212	282.6	204.3
Change	-	-41.03%	-	-	-13.26%	-22.4%	33.29%	-27.69%
Net income ¹	411.1	502.3	497.8	304.3	242.4	174.8	210.9	190.3
Change	-	22.16%	-0.89%	-38.87%	-20.34%	-27.9%	20.69%	-9.78%
Announcement Date	2/9/21	2/8/22	2/7/23	2/8/24	2/3/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	584.2	593.3	427.5	446.3	460.1	474.7	477.3	492.9	512.4	514.4	518.1	519.5	540.2	550.9	548.7	600.8	687.7	686.1	681.1	687.1	693.6	701.7	709	722.9	720.5	729	735.5	747.5
Change	-	1.56%	-27.94%	4.39%	3.11%	3.17%	0.54%	3.26%	3.97%	0.39%	0.71%	0.27%	3.97%	1.99%	-0.4%	9.5%	14.46%	-0.23%	-0.73%	0.88%	0.95%	1.18%	1.03%	1.96%	-0.33%	1.18%	0.89%	1.64%
EBITDA ¹	268.5	268.8	217.4	248.6	262	256.1	252	261.8	272.6	275.6	220.2	271.9	292.4	295.1	302.7	333.8	387.1	382.6	380.1	387.8	403.4	406.9	412.3	416.4	421.8	428.4	432.6	445.5
Change	-	0.14%	-19.14%	14.36%	5.39%	-2.28%	-1.58%	3.88%	4.13%	1.11%	-20.12%	23.48%	7.54%	0.92%	2.6%	10.26%	15.98%	-1.17%	-0.64%	2.02%	4.01%	0.87%	1.33%	0.99%	1.32%	1.56%	0.98%	2.98%
EBIT ¹	66.16	-	-	91.08	-	-	73.9	84.07	92.12	96.5	60.6	92.66	94.8	110.5	114.2	114.6	103.6	102.6	105.7	119.3	127.4	126	132.3	142.3	145.2	153.6	153.2	166.4
Change	-	-	-	-	-	-	-	13.76%	9.59%	4.74%	-37.2%	52.9%	2.32%	16.55%	3.33%	0.34%	-9.54%	-1.01%	3.01%	12.86%	6.84%	-1.11%	4.97%	7.59%	2%	5.78%	-0.24%	8.59%
Charge d'intérêts ¹	-57.55	-56.24	-54.09	-46.84	-38.68	-35.9	-36.55	-37.59	-41.87	-44.08	-49.41	-47.96	-49.07	-50.51	-52.78	-60.91	-74.91	-74.1	-70.51	-72.69	-78.89	-82.23	-84.26	-84.83	-86.02	-87.83	-88.42	-94.5
Earnings before Tax (EBT) ¹	-	-	-	-121.9	166.4	-	-	-	-	-	-	133	54.61	67.34	-	22.5	155.4	98.51	-3.234	54.29	54.56	50.96	52.18	56.76	54.29	49.18	51.05	53.14
Change	-	-	-	-	236.53%	-	-	-	-	-	-	-	-58.94%	23.32%	-	-	590.67%	-36.61%	-103.28%	1,778.76%	0.49%	-6.6%	2.41%	8.76%	-4.34%	-9.41%	3.81%	4.09%
Net income ¹	51.13	-63.77	146.1	143.3	276	54.44	28.49	69.64	68.06	353.4	6.388	117.7	51.75	64.05	70.79	6.477	145.8	85.68	4.4	42.36	44.84	43.59	45.22	50.76	49.86	50.27	51.82	48.52
Change	-	-224.71%	329.16%	-1.91%	92.55%	-80.27%	-47.66%	144.4%	-2.27%	419.22%	-98.19%	1,742.49%	-56.03%	23.76%	10.52%	-90.85%	2,151.55%	-41.25%	-94.86%	862.82%	5.85%	-2.8%	3.74%	12.25%	-1.77%	0.81%	3.09%	-6.38%
Announcement Date	8/4/20	11/2/20	2/9/21	5/4/21	8/3/21	11/2/21	2/8/22	5/3/22	8/2/22	11/1/22	2/7/23	4/27/23	7/27/23	10/30/23	2/8/24	4/25/24	7/25/24	10/24/24	2/3/25	4/24/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Healthpeak Properties, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	6,254	6,012	6,426	6,707	8,367	9,133	9,219	9,182
Change	-	-3.87%	6.89%	4.37%	24.75%	9.16%	0.94%	-0.4%
Announcement Date	2/9/21	2/8/22	2/7/23	2/8/24	2/3/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Healthpeak Properties, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	885.7	722	970.1	844.8	713.3	668.5	797.4	914.7
Change	-	-18.48%	34.36%	-12.92%	-15.57%	-6.27%	19.28%	14.7%
Free Cash Flow (FCF) ¹	6.468	73.21	-	-	357.2	821.6	675	522.8
Change	-	1,031.93%	-	-	-	129.99%	-17.84%	-22.55%
Announcement Date	2/9/21	2/8/22	2/7/23	2/8/24	2/3/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Healthpeak Properties, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	29.91%	53.1%	46.82%	53.82%	55.87%	57.52%	58.18%	58.61%
EBIT Margin (%)	21.39%	16.28%	16.35%	19.09%	16.06%	16.89%	18.15%	18.86%
EBT Margin (%)	13.37%	6.91%	-	14.59%	10.29%	7.59%	9.7%	6.74%
Net margin (%)	25.25%	27.03%	24.43%	14.09%	9.13%	6.26%	7.24%	6.28%
FCF margin (%)	0.4%	3.94%	-	-	13.45%	29.42%	23.17%	17.25%
FCF / Net Income (%)	1.57%	14.58%	-	-	147.38%	470.1%	320.03%	274.72%
Profitability
ROA	2.75%	3.22%	3.21%	1.93%	1.36%	0.93%	1.06%	1.01%
ROE	6.39%	2.67%	7.56%	4.68%	2.98%	2.25%	2.62%	3.1%
Financial Health
Leverage (Debt/EBITDA)	12.84x	6.09x	6.73x	5.77x	5.64x	5.68x	5.44x	5.17x
Debt / Free cash flow	966.88x	82.11x	-	-	23.42x	11.12x	13.66x	17.56x
Capital Intensity
CAPEX / Current Assets (%)	54.39%	38.85%	47.61%	39.13%	26.86%	23.94%	27.37%	30.18%
CAPEX / EBITDA (%)	181.88%	73.17%	101.68%	72.7%	48.08%	41.61%	47.05%	51.49%
CAPEX / FCF (%)	13,693.37%	986.21%	-	-	199.68%	81.37%	118.13%	174.95%
Items per share
Cash flow per share ¹	-	1.475	1.67	1.747	1.583	1.832	1.912	1.958
Change	-	-	13.23%	4.64%	-9.4%	15.72%	4.36%	2.41%
Dividend per Share ¹	1.48	1.2	1.2	1.2	1.2	1.225	1.254	1.287
Change	-	-18.92%	0%	0%	0%	2.06%	2.43%	2.58%
Book Value Per Share ¹	12.61	12.09	12.17	11.61	12.01	11.3	10.32	8.819
Change	-	-4.14%	0.73%	-4.66%	3.48%	-5.88%	-8.73%	-14.52%
EPS ¹	0.77	0.93	0.92	0.56	0.36	0.2527	0.3263	0.2971
Change	-	20.78%	-1.08%	-39.13%	-35.71%	-29.81%	29.14%	-8.96%
Nbr of stocks (in thousands)	538,361	539,072	537,540	547,074	699,443	694,732	694,732	694,732
Announcement Date	2/9/21	2/8/22	2/7/23	2/8/24	2/3/25	-	-	-