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Healthpeak Properties cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$210M in Q3 2026 · $610M over twelve months

Operating cash flow$354M
Capital spending−$145M
Free cash flow+$210M
Cash / net income9.7×

Analysis

In Q3 2026, Healthpeak Properties generated $354M of operating cash flow and spent $145M on capital projects, leaving free cash flow of $210M. That is $117M more than in Q3 2025 ($92.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were other investing ($2.8B), dividends ($844M), capital spending ($661M); besides operations, cash came from partners ($1.9B), net borrowing (+) / repaid (−) ($1.1B); the cash balance rose by $446M.

Operating cash flow was $354M against net income of $36.7M — 9.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$299M, deferred revenue +$42.6M, payables +$15.6M.

Free cash flow

Healthpeak Properties: free cash flow by quarterHealthpeak Properties: free cash flow by quarter$85.4MQ4 2024$113MQ1 2025$205MQ2 2025$92.2MQ3 2025$77.5MQ4 2025$119MQ1 2026$204MQ2 2026$210MQ3 2026
Operating cash flow less capital spending.
Healthpeak Properties: operating cash flow against capital spendingHealthpeak Properties: operating cash flow against capital spendingOperating cash flowCapital spending$284M$198MQ4 2024$279M$166MQ1 2025$363M$158MQ2 2025$315M$223MQ3 2025$294M$217MQ4 2025$261M$142MQ1 2026$361M$157MQ2 2026$354M$145MQ3 2026
Latest (Q3 2026): Operating cash flow $354M, Capital spending $145M.

Capital allocation, year by year

Healthpeak Properties: where the cash came from (up) and went (down), by fiscal yearHealthpeak Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $795MFY2021: Net borrowing $1.0BFY2021: Shares issued $5.0MFY2021: Asset sales $2.4BFY2021: Capital spending −$760MFY2021: Buybacks −$12.8MFY2021: Dividends −$650M$4.2BFY2021FY2022: Operating cash flow $900MFY2022: Net borrowing −$170MFY2022: Shares issued $308MFY2022: Asset sales $47.9MFY2022: Capital spending −$962MFY2022: Buybacks −$67.8MFY2022: Dividends −$648M$1.3BFY2022FY2023: Operating cash flow $956MFY2023: Net borrowing −$276MFY2023: Shares issued $278KFY2023: Asset sales $142MFY2023: Capital spending −$775MFY2023: Buybacks −$6.5MFY2023: Dividends −$657M$1.1BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$570MFY2024: Shares issued $317KFY2024: Asset sales $649MFY2024: Capital spending −$737MFY2024: Buybacks −$191MFY2024: Dividends −$795M$1.7BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $929MFY2025: Shares issued $1.1MFY2025: Asset sales $338MFY2025: Capital spending −$895MFY2025: Buybacks −$97.1MFY2025: Dividends −$849M$2.5BFY2025
Over these 5 years operating cash flow totalled $5.0B; the largest uses were capital spending ($4.1B) and dividends ($3.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$514M
Debt$9.4B
Net debt$8.9B
Due within a year$995M

Healthpeak Properties funds itself: free cash flow was $610M over the last twelve months, and $514M of cash and investments stands against $9.4B of debt ($995M due within a year, 0.5× covered by cash).

Healthpeak Properties: debt maturities by year (FY2025)Healthpeak Properties: debt maturities by year (FY2025)$995MYear 1$1.4BYear 2$1.3BYear 3$2.5BYear 4$750MYear 5$3.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $514M of cash and investments now.

Where the cash came from and went

Healthpeak Properties: sources (+) and uses (−) of cash, Q3 2026Healthpeak Properties: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.8BCash drawn (+) / kept (−)$1.1BPartners$484MOperating cash flow$354MOther financing$339MDividends−$210MCapital spending−$145MAcquisitions−$105MNet borrowing (+) / repaid (−)−$6.5MAsset & business sales−$258KBuybacks−$99KShares issued$63K
Healthpeak Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Healthpeak Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$2.8BPartners$1.9BOperating cash flow$1.3BNet borrowing (+) / repaid (−)$1.1BDividends−$844MCapital spending−$661MAsset & business sales$454MCash drawn (+) / kept (−)−$446MBuybacks−$102MOther financing$67.1MShares issued$1.6M

From profit to cash

Healthpeak Properties: net income to operating cash flow, Q3 2026Healthpeak Properties: net income to operating cash flow, Q3 2026Net income$36.7MDepreciation & amortization$299MStock-based pay$4.9MDeferred taxes$658KImpairments−$210KOther non-cash−$964KReceivables$91KPayables$15.6MDeferred revenue$42.6MOperating cash flow$354M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$354M−$145M−$105M−$99K−$210M−$6.5M$63K$1.1B$210M
Q2 2026$361M−$157M−$4.5M−$100M−$210M−$255M$636K−$453M$204M
Q1 2026$261M−$142M−$291M−$1.4M−$212M$673M$97K−$728M$119M
Q4 2025$294M−$217M—−$87K−$212M$711M$842K−$378M$77.5M
Q3 2025$315M−$223M—−$17K−$212M−$407M$133K$3.5M$92.2M
Q2 2025$363M−$158M—−$72.1M−$212M$611M$107K−$24.7M$205M
Q1 2025$279M−$166M—−$25.0M−$213M$14.0M$64K$45.7M$113M
Q4 2024$284M−$198M—−$326K−$210M$150M$76K$57.7M$85.4M

Healthpeak Properties: income statement and cash flow

Healthpeak Properties, Q3 2026: revenue $821M (+16% year over year), operating margin 3.1%. The chart follows the revenue to costs, profit and cash.

Healthpeak Properties: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.