HEALTHPEAK PROPERTIES, INC.

For the period ended Jun 30, 2025. Filed Jul 25, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 25, 2025

DOC$20.41-1.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

(In thousands)

	Six Months EndedJune 30,
	2025	2024
Cash flows from operating activities:
Net income (loss)	$89,083	$163,893
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease, and other intangibles	534,462	502,717
Stock-based compensation amortization expense	6,365	8,180
Merger-related post-combination stock compensation expense	—	16,223
Amortization of deferred financing costs and debt discounts (premiums)	15,727	11,840
Straight-line rents	(16,554)	(22,545)
Amortization of non-refundable entrance fees and above (below) market lease intangibles	(67,954)	(58,415)
Equity loss (income) from unconsolidated joint ventures	400	(2,427)
Distributions of earnings from unconsolidated joint ventures	9,720	7,761
Deferred income tax expense (benefit)	2,068	11,066
Impairments and loan loss reserves (recoveries), net	(63)	10,905
Loss (gain) on sales of real estate, net	(1,636)	(125,299)
Loss (gain) upon change of control, net	—	(77,978)
Casualty-related loss (recoveries), net	11,308	(1,257)
Other non-cash items	(5,214)	(841)
Changes in:
Decrease (increase) in accounts receivable and other assets, net	30,883	19,334
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	34,319	5,607
Net cash provided by (used in) operating activities	642,914	468,764
Cash flows from investing activities:
Acquisitions of real estate	(37,533)	—
Development, redevelopment, and other major improvements of real estate	(324,372)	(229,544)
Leasing costs, tenant improvements, and recurring capital expenditures	(48,864)	(53,235)
Proceeds from sales of real estate, net	5,089	369,475
Proceeds from the Callan Ridge JV transaction, net	—	125,662
Investments in unconsolidated joint ventures	(53,907)	(37,423)
Distributions in excess of earnings from unconsolidated joint ventures	15,548	15,757
Proceeds from insurance recovery	1,676	4,090
Proceeds from sales/principal repayments on loans receivable and other	67,287	86,210
Investments in loans receivable and other	(65,897)	(12,031)
Cash paid in connection with the Merger, net	—	(179,215)
Net cash provided by (used in) investing activities	(440,973)	89,746
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	6,733,650	3,146,000
Repayments under bank line of credit and commercial paper	(6,108,650)	(3,841,000)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	494,495	750,000
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(805,576)	(1,963)
Payments for deferred financing costs	(1,471)	(5,438)
Issuance of common stock and exercise of options, net of offering costs	171	174
Repurchase of common stock	(97,041)	(170,229)
Dividends paid on common stock	(425,360)	(375,143)
Distributions to and purchase of noncontrolling interests	(19,155)	(70,651)
Contributions from and issuance of noncontrolling interests	5,970	12
Net cash provided by (used in) financing activities	(222,967)	(568,238)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(21,026)	(9,728)
Cash, cash equivalents, and restricted cash, beginning of period	184,305	169,023
Cash, cash equivalents, and restricted cash, end of period	$163,279	$159,295

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.