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DOC reported FY2025 revenue growth of 4.5% to $2.82B, but net income fell sharply by 70.7% to $71.3M, driven by higher liabilities and increased long-term debt, even as operating cash flow improved 17.0% to $1.25B.
营业收入
$2.82B
同比 ++4.52%
每股收益（基本）
$0.10
同比 -72.22%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Healthpeak Properties (DOC) FY2025 营收 $2.82B，同比增长 4.5%。 净利润 $71.35M，同比下降 70.7%，稀释每股收益 $0.10。
DOC grew total revenue by 4.5% year-over-year to $2.82B in FY2025 (from $2.70B in the prior year), suggesting steady demand for its healthcare real estate portfolio despite a challenging macro environment.
来源: Source: 10-K Income Statement
Net income dropped 70.7% to $71.3M from $243.1M in the prior year, compressing net margin to just 2.5%, likely reflecting higher interest expense on growing long-term debt and increased operating costs.
来源: Source: 10-K Income Statement
Operating cash flow improved 17.0% to $1.25B, demonstrating that the business continues to generate solid cash from its real estate operations even as GAAP net income declined significantly.
来源: Source: 10-K Cash Flow Statement
Long-term debt rose 13.0% to $9.85B and total liabilities increased 10.6% to $12.03B, contributing to a 10.7% decline in stockholders' equity to $7.50B, indicating increased financial leverage.
来源: Source: 10-K Balance Sheet
Investing cash outflows surged to -$1.03B from -$113.8M in the prior year (a -809.2% change), suggesting significant acquisition or capital expenditure activity in FY2025, funded partly by financing activities that swung to a $136.1M inflow.
来源: Source: 10-K Cash Flow Statement
Long-term debt increased 13.0% to $9.85B, and the debt-to-equity ratio stands at 1.60x. With rising interest rates, the cost of servicing this debt could further compress net income and limit financial flexibility.
来源: Source: 10-K Balance Sheet
Net income fell 70.7% year-over-year to $71.3M despite revenue growth of 4.5%, indicating that non-operating costs or impairments are significantly impacting profitability. This divergence between cash flow and GAAP earnings may concern income-focused investors.
来源: Source: 10-K Income Statement
DOC paid $849.1M in dividends in FY2025, which is nearly 12x its net income of $71.3M. While operating cash flow of $1.25B provides coverage, the payout significantly exceeds GAAP earnings, a common but scrutinized characteristic of REITs.
来源: Source: 10-K Cash Flow Statement
Stockholders' equity declined 10.7% to $7.50B, partly due to dividends exceeding net income and share-related activity. Continued erosion of equity could affect credit metrics and borrowing capacity over time.
来源: Source: 10-K Balance Sheet
Investing cash outflows increased dramatically to -$1.03B from -$113.8M, suggesting major acquisitions or capital projects. If these investments do not generate expected returns, they could weigh on future profitability and cash flow.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $0.16，分析师一致预期 $0.06，超预期 +179.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.82B | $2.7B | +4.52% |
净利润 | $71.35M | $243.14M | -70.66% |
每股收益（基本） | $0.10 | $0.36 | -72.22% |
每股收益（稀释） | $0.10 | $0.36 | -72.22% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $20.34B | $19.94B | +1.99% |
总负债 | $12.03B | $10.88B | +10.60% |
股东权益 | $7.5B | $8.4B | -10.73% |
现金及等价物 | $467.46M | $119.82M | +290.14% |
长期债务 | $9.85B | $8.72B | +12.99% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.25B | $1.07B | +16.95% |
投资活动现金流 | $-1.03B | $-113.8M | -809.21% |
筹资活动现金流 | $136.11M | $-941.42M | +114.46% |
股息支出 | $849.1M | $794.78M | +6.83% |
股票回购 | $97.14M | $190.69M | -49.06% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 2.5% | — | — |
净资产收益率 | 1.0% | — | — |
总资产收益率 | 0.4% | — | — |
资产负债率 | $1.604 | — | — |
DOC's FY2025 results showed revenue growing 4.5% to $2.82B, but net income fell sharply by 70.7% to $71.3M, likely due to higher interest costs on growing debt. On the positive side, operating cash flow rose 17% to $1.25B, which is the more relevant metric for this healthcare REIT.
DOC's net income declined 70.7% to $71.3M in FY2025 despite revenue growth of 4.5%, suggesting significant non-cash charges, higher interest expense from a 13% increase in long-term debt to $9.85B, or other below-the-line costs. This is a common pattern for REITs where GAAP income diverges from operating cash flow.
DOC paid $849.1M in dividends in FY2025, which far exceeds its GAAP net income of $71.3M, but operating cash flow of $1.25B provides meaningful coverage. REITs typically use funds from operations (FFO) rather than net income to assess dividend sustainability, and the strong cash flow suggests the dividend is operationally supported.
DOC's balance sheet shows total assets of $20.3B but also rising leverage, with long-term debt up 13% to $9.85B and a debt-to-equity ratio of 1.60x. Cash and equivalents surged 290% to $467.5M, providing near-term liquidity, but the declining stockholders' equity (down 10.7% to $7.50B) warrants monitoring.
DOC's investing cash outflows surged to -$1.03B in FY2025 from just -$113.8M in the prior year, an 809% increase, strongly suggesting the company made significant acquisitions or capital investments in its healthcare real estate portfolio. This was partially funded by a swing in financing cash flows to a $136.1M inflow, likely from new debt issuance.