DOC FY 2014 Earnings Report — Healthpeak Properties, Inc. Revenue & Financial Results | Market Cap Arena

Healthpeak Properties, Inc.DOC

FY 2014 Earnings

Reported March 12, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$1.6B	—	$2.1B	—	-22.1%
Op. Income	$719M	—	$1.3B	—	-43.6%
Gross Margin	76.7%	—	85.8%	—	-9.1pp
Net Margin	56.3%	—	46.2%	—	10.1pp
EPS (Diluted)	$2.00	—	$2.13	—	-6.1%
Free Cash Flow	$1.2B	—	$1.1B	—	8.7%

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$381M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$82M
SG&A Expenses	$82M
Other Expenses	$455M
Operating Expenses	$537M
Cost & Expenses	$918M
OPERATING INCOME	$719M
Interest Income	$74M
Interest Expense	$440M
Other Income/Expenses	-$448M
INCOME BEFORE TAX	$271M
Income Tax Expense	-$506.0K
Net Income from Continuing Ops	$271M
Net Income from Discontinued Ops	$665M
Other Adjustments	$0
NET INCOME	$922M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$920M
D&A	$455M
EBIT	$714M
EBITDA	$1.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$381M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$82M
SG&A Expenses	$82M
Other Expenses	$455M
Operating Expenses	$537M
Cost & Expenses	$918M
OPERATING INCOME	$719M
Interest Income	$74M
Interest Expense	$440M
Other Income/Expenses	-$448M
INCOME BEFORE TAX	$271M
Income Tax Expense	-$506.0K
Net Income from Continuing Ops	$271M
Net Income from Discontinued Ops	$665M
Other Adjustments	$0
NET INCOME	$922M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$920M
D&A	$455M
EBIT	$714M
EBITDA	$1.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$862M
Depreciation & Amortization	$454M
Stock-Based Compensation	$22M
Deferred Income Tax	$0
Other Non-Cash Items	-$103M
Change in Working Capital	$13M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	$0
Acquisitions (Net)	-$373M
Purchases of Investments	$0
Sales/Maturities of Investments	$120M
Other Investing Activities	-$1.3B
NET CASH FROM INVESTING	-$1.5B
Net Debt Issuance	$251M
Common Stock Repurchased	-$13M
Common Dividends Paid	-$1.0B
Other Financing Activities	$812M
NET CASH FROM FINANCING	$145M
FREE CASH FLOW	$1.2B
Net Change in Cash	-$119M

Balance Sheet

Item	Amount
Cash & Equivalents	$16M
Short-Term Investments	$0
Net Receivables	$1.3B
Inventory	-$7M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$33M
PP&E (Net)	$10.9B
Goodwill	$50M
Intangible Assets	$481M
Long-Term Investments	$1M
Tax Assets	-$10.9B
Other Non-Current Assets	$704M
TOTAL NON-CURRENT ASSETS	$778M
TOTAL ASSETS	$812M
Account Payables	$1.3B
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$97M
TOTAL CURRENT LIABILITIES	$161M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$9.7B
TOTAL NON-CURRENT LIABILITIES	$81M
TOTAL LIABILITIES	$242M
Common Stock	$510.0K
Additional Paid-In Capital	$11.4B
Retained Earnings	-$52M
Treasury Stock	$0
Accum. Other Comp. Income	-$1.2B
Other Equity	-$1.1B
TOTAL STOCKHOLDERS' EQUITY	$535M
Minority Interest	$34M
TOTAL EQUITY	$569M
TOTAL LIABILITIES & EQUITY	$812M
Total Debt	$216M
Net Debt	$200M