What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Healthpeak Properties (DOC) spend its free cash flow?

For TTM through Q1 2026, Healthpeak Properties generated $1.23B of operating cash flow and $1.18B of free cash flow — a free cash flow margin of 95.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Healthpeak Properties (DOC) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Healthpeak Properties's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Healthpeak Properties (DOC) Cash Flow Waterfall

Operating CF

$1.23B

Capex

-$51.2M

Free Cash Flow

$1.18B

FCF Margin

+95.8%

Cash flow waterfall for Healthpeak Properties (DOC) — TTM through Q1 2026

Free cash flow: $1.18B

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Healthpeak Properties (DOC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.23B	$1.23B
Capital Expenditure	-$51.2M	$1.18B
Free Cash Flow	$1.18B	$1.18B
Acquisitions	-$482M	$700M
Other Investing	-$909M	-$209M
Share Buybacks	-$73.6M	-$283M
Dividends Paid	-$848M	-$1.13B
Net Debt Change	$1.51B	$383M
Other Financing & FX	$745M	$1.13B
Net Cash Increase	$1.13B	$1.13B

Operating Cash Flow$1.23B
Capital Expenditure-$51.2M
Free Cash Flow$1.18B
Acquisitions-$482M
Other Investing-$909M
Share Buybacks-$73.6M
Dividends Paid-$848M
Net Debt Change$1.51B
Other Financing & FX$745M
Net Cash Increase$1.13B

Want to see what drove the FCF change?Free Cash Flow Bridge

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Data & methodology

Healthpeak Properties (DOC) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Operating Margin18.3%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees411.0

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