Healthpeak Properties management check
DOC · Real Estate · Health Care REITs · CEO Scott M Brinker
Filings as of
2 good · 2 to watch · 3 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $69, against $127 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.71 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
10.0% of net income$10.1m of reported pay in fiscal 2025, against $101.0m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.4 years of payThe CEO holds 214,802 shares, directly or through trusts (unvested awards not counted): about 0.4 years of pay. Light activity: no buys, $214k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +12.8% a year over the last three fiscal years. Stock-based pay was 2.4% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Herzog, Mr. Brinker. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 45 | |
| Pay for performance | 86 | 86 | |
| CEO cost | 0 | 23 | |
| Skin in the game | 16 | 32 | |
| Dilution | 0 | 23 | |
| Stable leadership | 55 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care REITs, by management score. Healthpeak Properties is 28th of 29 in its sector.
- 289VTRVentas62
- 342WELLWelltower59
- 440AREAlexandria Real Estate Equities48
- 457EQIXEquinix44
- 477DOCHealthpeak Properties37
- 487CCICrown Castle18
Pay versus performance
From the proxy statement filed March 12, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Brinker | $10.1m | $3.3m | $2.8m | $69 | $127 | $101.0m |
| 2024 | Mr. Brinker | $8.5m | $10.3m | $3.3m | $75 | $118 | $267.3m |
| 2023 | Mr. Brinker | $7.7m | $2.5m | $3.0m | $69 | $112 | $334.8m |
| 2022 | Mr. Herzog | $24.3m | $19.9m | $3.3m | $83 | $101 | $516.4m |
| 2021 | Mr. Herzog | $11.7m | $17.4m | $3.8m | $114 | $134 | $525.9m |
The board says pay is tied most to Normalized FFO per share. Its other key measures: Net Debt to Adjusted EBITDAre, Relative TSR.
Insiders and the CEO's stake
Scott M Brinker (President and CEO) held 214,802 shares directly after their latest Form 4 on May 29, 2026, roughly $4.1m at that filing's price.
Light activity: no buys, $214k sold in six months.
- SoldScott R BohnCDO and Head of Lab$214kMay 12, 2026
Leadership and governance on file
- Apr 28, 2025Leadership change8-K 5.02
- Apr 24, 2025Leadership change8-K 5.02
- Apr 7, 2025Leadership change8-K 5.02
- Feb 3, 2025Leadership change8-K 5.02
- Apr 26, 2024Leadership change8-K 5.02
- Mar 1, 2024Leadership change8-K 5.02
- Apr 27, 2023Leadership change8-K 5.02
- Mar 14, 2023Leadership change8-K 5.02
- Nov 1, 2022Leadership change8-K 5.02
- Oct 6, 2022Leadership change8-K 5.02
- Jul 6, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 4, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.0bn returned to owners in buybacks and dividends, 244% of net income, and $89.1m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $471.3m | $494.9m | $527.4m | $568.5m | $604.0m |
| Net income | $505.5m | $500.4m | $306.0m | $243.1m | $71.3m |
| Stock-based pay | $18.2m | $26.5m | $14.5m | $15.5m | $14.4m |
| Buybacks | $12.8m | $67.8m | $6.5m | $190.7m | $97.1m |
| Dividends | $650.1m | $648.0m | $657.0m | $794.8m | $849.1m |
| Diluted shares | 539m | 539m | 547m | 676m | 696m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.