Healthpeak dividend: coverage and yield
MyStockButler's October 2026 analysis: Healthpeak pays $1.22 per share annually. Its dividend is covered by adjusted earnings and AFFO, though recurring property spending narrows the cash cushion.
How much does Healthpeak pay its shareholders?
Healthpeak’s stated 2025 payout ratio was 66.3%, based on a $1.22 dividend per share and $1.84 of FFO as Adjusted per share. That measure describes adjusted property earnings, not all the cash needed to keep the buildings competitive.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO as Adjusted | 1,310,448 | 1,247,929 | 987,708 | 950,259 | 879,222 |
| FFO as Adjusted per share | 1.84 | 1.81 | 1.78 | 1.74 | 1.61 |
| Dividends paid | 849,095 | 794,783 | 657,021 | 648,047 | 650,082 |
| FFO as Adjusted payout ratio | 66.3% | 66.3% | 67.4% | 69.0% | 74.5% |
Is Healthpeak's dividend covered by its cash?
Actual AFFO goes further by deducting recurring capital spending. It was $1.69 per share in 2025, making the payout ratio 72.2%. Healthpeak deducted $134.0 million of AFFO capital expenditures in 2025. A laboratory tenant leaving may require alterations, tenant improvements and leasing commissions before a replacement begins paying rent.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,251,959 | 1,070,497 | 956,242 | 900,261 | 795,248 |
| − Dividends paid | 849,095 | 794,783 | 657,021 | 648,047 | 650,082 |
| = Operating cash after dividends | 402,864 | 275,714 | 299,221 | 252,214 | 145,166 |
| − Development and capital spending | 897,607 | 713,278 | 844,802 | 970,146 | 722,035 |
| − Shares bought back | 94,000 | 188,000 | 0 | 56,000 | 0 |
| − Debt repaid | 11,999,652 | 4,338,030 | 10,710,400 | 16,057,570 | 18,211,001 |
What could change Healthpeak's dividend?
The dividend stays at $1.22 in the first period in every case. The base case increases it to $1.24 and then $1.27, reflecting roughly 2% annual growth. The bear case cuts it to $1.10 and then $1.00 if lab costs and refinancing pressure persist. The bull case reaches $1.28 and then $1.35 if recurring cash flow accelerates. Stability is supported by the 66.3% payout ratio in 2025.
The August 4, 2026 guidance remains the key baseline: lab NOI down 4%–7%, outpatient growth of 2%–3% and total same-store growth of only 0%–1.5%. Better results would support higher AFFO and a rerating.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| FFO as Adjusted | 1,312 (1,242 / 1,350) | 1,351 (1,204 / 1,438) | 1,392 (1,204 / 1,539) |
| Shares (millions) | 685 (704 / 680) | 681 (705 / 671) | 677 (706 / 663) |
| Dividends per share | 1.22 (1.22 / 1.22) | 1.24 (1.10 / 1.28) | 1.27 (1.00 / 1.35) |
| Price to FFO as Adjusted | 10.50 (8.50 / 12.00) | 10.50 (8.00 / 13.00) | 10.50 (7.50 / 14.00) |
What yield does Healthpeak offer against its price?
The dividend yield is 6.3%. The annualized dividend is $1.22 per share, against $1.69 of 2025 AFFO, implying a payout of about 72%. That suggests coverage, but the remainder may need to fund improvements or debt repayment.