The business behind the dividend
| Measure | DOC | Median | Formula |
|---|---|---|---|
| Return on equity | 1.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $235.26m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $357.01m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 11.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.31x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 17.55x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 1.0% | 2.9% | 4.8% | 7.5% | 7.8% | 6.1% | 0.7% | 17.9% | 7.8% | 11.3% | 6.1% |
| Return on capital employed | — | — | — | — | — | — | -0.1% | -0.0% | 0.1% | 0.1% | 0.1% |
| Operating margin | — | — | — | — | — | — | -6.0% | -1.8% | 2.1% | 0.5% | 0.5% |
| Net margin | 11.8% | 42.8% | 58.0% | — | — | 94.7% | 31.5% | — | 79.0% | 29.5% | 42.8% |
| Debt to equity | 1.31x | 1.04x | 1.08x | 0.98x | 0.95x | 0.98x | 1.04x | 0.92x | 1.47x | 1.64x | 1.04x |
| Cash conversion | 17.55x | 4.40x | 3.12x | 1.80x | 1.57x | 1.83x | 18.58x | 0.80x | 2.05x | 1.93x | 1.93x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Healthpeak Properties pays out less than 9 of them. The median for that group is 65.5%, against this company’s 80.1%.
Closest on funds from operations
- Gaming & Leisure Properties (GLPI) 78.4%
- CubeSmart (CUBE) 80.6%
- Extra Space Storage (EXR) 81.3%
- Iron Mountain (IRM) 81.5%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →