Healthpeak Properties, Inc
healthpeak.comWhat Do They Do?
Owns, operates, and develops healthcare real estate for healthcare providers, life science companies, and senior housing residents.
10-K for FY2025, filed Feb 3, 2026Healthpeak Properties, Inc. is a Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused…View ↗
We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and…View ↗
Our outpatient medical segment includes outpatient medical buildings and hospitals. Outpatient medical buildings typically contain…View ↗
Our lab properties, which contain laboratory and office space, are leased primarily to biotechnology, medical device and pharmaceutical…View ↗
Life plan communities are retirement communities that include independent living, assisted living, memory care, and skilled nursing units…View ↗
How Do They Make Money?
Healthcare providers and lab tenants pay rent under leases over the lease term. Senior housing residents pay for dwelling and care services, while entrance fees include refundable and non-refundable portions.
10-K for FY2025, filed Feb 3, 2026Our outpatient medical segment includes outpatient medical buildings and hospitals. Outpatient medical buildings typically contain…View ↗
Our lab properties, which contain laboratory and office space, are leased primarily to biotechnology, medical device and pharmaceutical…View ↗
The Company recognizes rental revenue from its outpatient medical and lab buildings in accordance with Accounting Standards Codification…View ↗
The Company recognizes resident fee and service revenue from its life plan communities in accordance with ASC 606, Revenue from Contracts…View ↗
The Company’s life plan communities are operated as entrance fee communities, which typically require a resident to pay an upfront entrance…View ↗
The refundable portion of a resident’s entrance fee is generally refundable within a certain number of months or days following contract…View ↗
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10-K for FY2025, filed Feb 3, 2026
FY2025 revenue by reportable segment ↗
$2.8B
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10-K for FY2025, filed Feb 3, 2026
$2.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Outpatient Medical
Recurring
10-K for FY2025, filed Feb 3, 2026 |
45%
FY2022: 35%
|
Outpatient Medical, FY2025
$1.3B Sources
|
Recurring |
|
Lab
Recurring
10-K for FY2025, filed Feb 3, 2026 |
30%
FY2022: 40%
|
Lab, FY2025
$860M Sources
|
Recurring |
|
Senior housing
Recurring
10-K for FY2025, filed Feb 3, 2026 |
21% |
Senior housing, FY2025
$604M Sources
|
Recurring |
Who Are Their Customers?
Hospitals and physician practices lease outpatient buildings; biotechnology, medical-device and pharmaceutical companies, research institutions and government agencies lease lab space. Senior housing residents receive housing and care at communities run by third-party operators.
10-K for FY2025, filed Feb 3, 2026Our outpatient medical segment includes outpatient medical buildings and hospitals. Outpatient medical buildings typically contain…View ↗
Our lab properties, which contain laboratory and office space, are leased primarily to biotechnology, medical device and pharmaceutical…View ↗
Life plan communities are retirement communities that include independent living, assisted living, memory care, and skilled nursing units…View ↗
A RIDEA structure allows us, through a taxable REIT subsidiary (“TRS”), to receive cash flow from the operations of a healthcare facility…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 4, 2026
Healthpeak raised full-year earnings guidance and sold a 49% outpatient portfolio interest
Brookfield affiliates bought the interest; Healthpeak retained a 51% joint-venture stake and management role.
Sources
8-K, filed Aug 4, 2026
Under the terms of the joint venture, Brookfield owns a 49% non-controlling equity interest and Healthpeak retains a 51% interest in the…View ↗
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May 5, 2026
Janus Living completed its IPO
Healthpeak owned 81.6% of Janus Living after the offering.
Sources
8-K, filed May 5, 2026
As of the IPO, Healthpeak owned approximately 214.7 million shares of common stock and operating partnership common units in Janus Living…View ↗
Growing. Revenue grew 49% in 4 years, from $1.9B in FY2021 to $2.8B in FY2025, about 10% a year.
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