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Healthpeak Properties

NYSE: DOC · USD

Healthpeak Properties (DOC) Economic Moat Analysis—

Competitive advantages, dated evidence and erosion risks.

Uncertain economic moat

Healthpeak demonstrates repeat outpatient medical leasing and positive renewal pricing, but the supplied passages do not establish durable advantages over competing landlords. Management describes scale, irreplaceable assets and proprietary relationships as strategic advantages without sufficient comparative proof. Lab occupancy and same-store NOI deterioration demonstrate erosion, while outpatient medical and consolidated senior housing provide offsets. Capital recycling and debt repayments support financial flexibility, subject to subsidiary cash and non-GAAP measurement limitations. The evidence supports a functioning healthcare property business with mixed resilience; it does not establish either a durable moat or broadly interchangeable offerings.

Changes since the previous analysis

  • The uncertain verdict is retained. Current catalog evidence supports repeat leasing and positive renewal spreads but does not establish durable landlord superiority.
  • Removed the previous analysis's lease-extension, termination-penalty, negotiated space-reduction and Northside development arguments because their underlying disclosures are absent from this catalog. Contractual freedom is now null, and retention is reduced from 3 to 2.
  • Moat customer dependency and erosion resilience are assessed directly from current leasing and operating evidence; structural advantage and durability remain unassessable.
  • Management alignment remains supported by actual compensation implementation and disclosed ownership compliance. Previous claims about below-target payouts and change-in-control award acceleration are not carried forward without current catalog support.
  • Financial assessments remain mixed. Revolver capacity disclosed only in material dated as retrieved is not treated as newly published or filed evidence, and Janus Living liquidity and covenants are not substituted for Healthpeak corporate resources or covenant headroom.

Evidence limitations

  • No named rival is established as a competitor in the relevant supplied passages. Physicians Realty Trust is identified as a merger counterparty; Brookfield and Blackstone are transaction counterparties. None supplies competitive benchmarking.
  • All selected evidence is issuer disclosure. Reported operating results and completed transactions support bounded grades; descriptions of irreplaceability, scale and proprietary opportunities remain management assertions.
  • The 2025 Form 10-K, filed 2026-02-03, establishes Healthpeak's self-administered REIT classification and healthcare property scope. Senior housing RIDEA operations, loans and preferred equity introduce risks beyond conventional property leases.
  • Financial grades use filings dated within 550 days of 2026-10-23. The supplemental PDF reader excerpts carry a 2026-10-21 retrieval date, which does not establish their publication date.
  • Complete Healthpeak covenant headroom, unencumbered-asset coverage, development commitments, debt maturity ladder, rate hedging and lease-expiration concentrations are missing.
  • Consolidated cash and cash generation include subsidiary operations. Restricted cash, Janus Living resources and proportional joint-venture assets cannot be assumed freely available to repay Healthpeak debt or fund parent distributions.
  • Nareit FFO and FFO as Adjusted are distinct supplemental measures supported here by GAAP reconciliations. Neither establishes dividend cash availability or debt-service coverage. NOI is a property-level, ownership-adjusted measure.
  • The catalog does not establish portfolio retention rates, tenant relocation costs, exclusive hospital access or unilateral rent-setting rights. Average rents and senior housing RevPOR can reflect portfolio, service and mix changes.
  • No five-year predictability calculation is performed; the supplied passages do not provide the required complete five-year revenue and consolidated net-income series.

Financial indicators to test against the thesis

Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.

Financial indicators to test against the thesis
PeriodGross marginOperating marginROICFCF margin
202159.2%——1.9%
202258.1%——-3.0%
202358.6%——8.3%
202460.2%——12.4%
2025———12.6%

Pricing power—

  • Pricing outcomes

    First-quarter 2026 executed outpatient renewals achieved positive 5.4% cash releasing spreads; Lab renewals achieved 3.5%. These are observed pricing outcomes. Lab's renewal sample was only 12,000 square feet, and falling occupancy limits breadth. Average rents and RevPOR are not treated as isolated price changes.

  • Customer demand

    Outpatient renewal executions and relatively stable same-store occupancy demonstrate repeat demand without supplying a retention rate. Lab vacancy deterioration is meaningful contrary evidence. Missing lease-expiration denominators and contractual switching provisions prevent concluding that repeat demand is consistently strong across the portfolio.

  • Margin resilience

    Positive total same-store adjusted NOI growth shows some protection against operating pressures, with senior housing and outpatient gains offsetting Lab weakness. Lower first-half adjusted FFO per share and higher disclosed capital expenditures qualify that protection. Property-level NOI does not establish corporate margin stability or durable pricing power.

  • Pricing freedom

    Executed renewal spreads establish negotiated outcomes but not Healthpeak's contractual discretion over future pricing. The supplied catalog lacks usable lease provisions on rent resets, renewal options, termination rights or escalation limits. The previous analysis's specific lease terms cannot supply evidence for this assessment.

Management56

  • Capital discipline

    Completed portfolio recycling, subsequent debt repayments and share repurchases demonstrate active capital management. Operating cash flow declined while acquisitions, a joint-venture buyout and development required substantial investment. The disclosed Lab joint-venture impairment offsets these achievements; transaction completion alone does not demonstrate attractive underwriting or repurchase returns.

  • Incentive alignment

    Disclosed incentive arrangements link compensation to per-share operating performance, leverage and relative TSR. Actual grants retained performance conditions, and objective determinations used actual results against pre-established goals. Ownership compliance at March 1, 2025 and anti-hedging restrictions add support; this does not establish current ownership compliance or exceptional shareholder outcomes.

  • Execution

    Executed leases, completed recapitalization and subsequent debt repayment demonstrate delivery of concrete actions. Operating execution is mixed: outpatient medical and senior housing grew while Lab weakened and first-half adjusted FFO per share declined. These results support a bounded assessment, without assuming announced investments will achieve projected returns.

  • Governance

    Existing proxy-access rights, completed majority-vote director elections and anti-hedging restrictions provide concrete safeguards. Disclosed charter and operating-partnership provisions can constrain transactions and create conflicts. These structures support mixed governance quality; election completion and stated policies do not demonstrate exceptional oversight effectiveness.

Sources and methodology

Current publication · Updated 23/10/2026 · Version 11

AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.

Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 31/10/2026

Moat—

Insufficient evidence for every rubric criterion; no category score is inferred.

structural advantage · — · Management attributes competitive advantage to scale, irreplaceable properties and relationships. Executed outpatient renewals demonstrate demand, but the catalog does not establish exclusive access, superior costs, tenant switching costs or constrained competing supply. An issuer-specific structural advantage therefore remains unproven.

durability · — · The passages do not establish how long any issuer-specific advantage could persist. Current renewal activity cannot establish durable barriers, particularly alongside substantial Lab deterioration. Evidence of sustained renewal premiums through a downturn, defensible access rights or persistent comparative superiority would be needed to assess durability.

customer dependency · 2/4 · Executed outpatient renewals of 868,000 square feet and 91.9% six-month same-store average occupancy demonstrate continuing tenant demand. This is indirect dependency evidence, rather than proof of relocation friction. Lab same-store average occupancy fell from 96.6% to 90.3%, limiting any portfolio-wide dependency claim.

erosion resilience · 2/4 · Second-quarter total same-store adjusted NOI grew 1.8% as outpatient medical and senior housing offset Lab contraction. Diversification provides a demonstrated operating offset, but does not establish a moat. Continued Lab vacancy growth or outpatient deterioration overwhelming those offsets would invalidate the observed resilience.

Pricing power—

Insufficient evidence for every rubric criterion; no category score is inferred.

realized pricing · 2/4 · First-quarter 2026 executed outpatient renewals achieved positive 5.4% cash releasing spreads; Lab renewals achieved 3.5%. These are observed pricing outcomes. Lab's renewal sample was only 12,000 square feet, and falling occupancy limits breadth. Average rents and RevPOR are not treated as isolated price changes.

retention · 2/4 · Outpatient renewal executions and relatively stable same-store occupancy demonstrate repeat demand without supplying a retention rate. Lab vacancy deterioration is meaningful contrary evidence. Missing lease-expiration denominators and contractual switching provisions prevent concluding that repeat demand is consistently strong across the portfolio.

margin resilience · 2/4 · Positive total same-store adjusted NOI growth shows some protection against operating pressures, with senior housing and outpatient gains offsetting Lab weakness. Lower first-half adjusted FFO per share and higher disclosed capital expenditures qualify that protection. Property-level NOI does not establish corporate margin stability or durable pricing power.

contractual freedom · — · Executed renewal spreads establish negotiated outcomes but not Healthpeak's contractual discretion over future pricing. The supplied catalog lacks usable lease provisions on rent resets, renewal options, termination rights or escalation limits. The previous analysis's specific lease terms cannot supply evidence for this assessment.

Predictability89

Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.

Nondeclining revenue years (%)
100.00
Revenue growth volatility (pp)
7.72
positiveEarningsShare
100.00
netMarginStdDev
9.10
observedAnnualPeriods
5.00

Financial strength50

Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.

capital adequacy · 2/4 · June 30, 2026 enterprise debt/gross assets was 37.8%, secured debt/gross assets 1.2%, and adjusted fixed-charge coverage 4.0x. Subsequent repayments help. Parent covenant headroom remains missing; reported 4.7x net debt/adjusted EBITDAre deducts restricted cash and annualizes one quarter. These supplemental ratios support mixed adequacy, not a credit rating.

liquidity funding · 2/4 · Completed July recycling funded repayment of $650 million of maturing notes and approximately $375 million of commercial paper, demonstrating actual funding access. Commercial paper has a revolver backstop. Missing full maturity and commitment coverage limits confidence; consolidated and subsidiary cash cannot be assumed unrestricted corporate liquidity.

asset liability risk · 2/4 · Property leases, RIDEA senior housing, loans and preferred equity create different tenant, operating and asset exposures. Lab deterioration and the joint-venture impairment demonstrate realized asset risk; subsequent debt repayments provide an offset. Short-term commercial paper introduces refinancing exposure, while comprehensive hedging and lease-to-debt maturity matching remain undisclosed.

earnings resilience · 2/4 · Second-quarter same-store adjusted NOI grew 1.8%, with outpatient medical and senior housing offsetting Lab contraction. First-half Lab same-store adjusted NOI fell 5.0%, and diluted FFO as Adjusted per share declined from $0.92 to $0.91. Reconciled supplemental performance supports mixed resilience, without treating transaction-related GAAP gains as recurring earnings.

Capital allocation50

Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.

capital efficiency · 2/4 · Second-quarter diluted FFO as Adjusted per share was unchanged at $0.46, while the first-half measure declined from $0.92 to $0.91 despite a lower diluted share count. Outpatient and senior housing operating gains provide offsets. These reconciled per-share outcomes are mixed and do not establish attractive realized development returns.

distributions and buffers · 2/4 · First-half consolidated GAAP operating cash flow exceeded common dividends plus disclosed leasing, tenant-improvement and recurring capital expenditures. Repurchases, noncontrolling-interest payments, acquisitions and development imposed additional demands. Financing and recycling supported those needs; this comparison does not establish freely distributable parent cash or substitute FFO for cash coverage.

dilution and cost · 2/4 · No direct ATM issuance and completed common-share repurchases accompanied a lower first-half diluted share count. Adjusted FFO per share nevertheless declined, while stock compensation, financing amortization and subsidiary issuance costs remained capital costs. Janus offerings introduced outside ownership; the evidence does not demonstrate a durable funding-cost advantage.

investment discipline · 2/4 · Completed outpatient portfolio recycling and use of proceeds for debt repayments demonstrate realized capital redeployment. Acquisition, buyout and development spending are documented, but attractive realized investment yields are absent. The disclosed September 2025 Lab joint-venture impairment is contrary evidence that prevents a stronger underwriting assessment.

Management56

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

capital discipline · 2/4 · Completed portfolio recycling, subsequent debt repayments and share repurchases demonstrate active capital management. Operating cash flow declined while acquisitions, a joint-venture buyout and development required substantial investment. The disclosed Lab joint-venture impairment offsets these achievements; transaction completion alone does not demonstrate attractive underwriting or repurchase returns.

incentive alignment · 3/4 · Disclosed incentive arrangements link compensation to per-share operating performance, leverage and relative TSR. Actual grants retained performance conditions, and objective determinations used actual results against pre-established goals. Ownership compliance at March 1, 2025 and anti-hedging restrictions add support; this does not establish current ownership compliance or exceptional shareholder outcomes.

execution · 2/4 · Executed leases, completed recapitalization and subsequent debt repayment demonstrate delivery of concrete actions. Operating execution is mixed: outpatient medical and senior housing grew while Lab weakened and first-half adjusted FFO per share declined. These results support a bounded assessment, without assuming announced investments will achieve projected returns.

governance · 2/4 · Existing proxy-access rights, completed majority-vote director elections and anti-hedging restrictions provide concrete safeguards. Disclosed charter and operating-partnership provisions can constrain transactions and create conflicts. These structures support mixed governance quality; election completion and stated policies do not demonstrate exceptional oversight effectiveness.

Evidence

We are a Maryland corporation and qualify as a self-administered REIT.

2025 Form 10-K, filed 2026-02-03, Business: parent REIT classification · Filed 03/02/2026

We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate.

2025 Form 10-K, Business: three core property classes · Filed 03/02/2026

Under the senior housing segment, our properties are operated through RIDEA structures.

2025 Form 10-K, Business: senior housing RIDEA operating scope · Filed 03/02/2026

We have other non-reportable segments that are comprised primarily of: (i) loans receivable, (ii) a preferred equity investment, and (iii) three other properties.

2025 Form 10-K, Business: loans, preferred equity and other properties · Filed 03/02/2026

The cornerstones of our strategy are to: ​ ​ ​ Develop and own high-quality, irreplaceable healthcare real estate in markets where we have scale and expertise, creating a competitive advantage.

2026 proxy, filed 2026-03-12, strategy: management assertion of scale and irreplaceability · Filed 12/03/2026

​ ​ ​ Be the real estate partner of choice to biopharma and health system tenants with our relationships and capabilities leading to proprietary opportunities.

2026 proxy, strategy: management assertion of proprietary relationship opportunities · Filed 12/03/2026

•Outpatient Medical new lease executions totaled 195,000 square feet and renewal lease executions totaled 868,000 square feet, with +5.4% cash releasing spreads on renewals

First-quarter 2026 earnings release, filed 2026-05-05: outpatient medical executed leases and renewal cash spreads · Filed 05/05/2026

•Lab new lease executions totaled 129,000 square feet and renewal lease executions totaled 12,000 square feet and +3.5% cash releasing spreads on renewals

First-quarter 2026 earnings release: Lab executed leases and renewal cash spreads · Filed 05/05/2026

Same-Store Total Portfolio(1) Six Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Rental and related revenues $ 322,657 $ 347,936 $ (25,279) $ 428,924 $ 426,798 $ 2,126 Operating expenses (93,280) (90,534) (2,746) (136,403) (117,059) (19,344) Healthpeak’s share of unconsolidated joint venture NOI 4,751 4,550 201 12,247 6,594 5,653 Noncontrolling interests’ share of consolidated joint venture NOI — — — (54) — (54) NOI 234,128 261,952 (27,824) 304,714 316,333 (11,619) Adjustments to NOI(2) (7,619) (23,478) 15,859 (21,081) (27,325) 6,244 Adjusted NOI $ 226,509 $ 238,474 $ (11,965) 283,633 289,008 (5,375) Less: Non-SS Adjusted NOI (57,124) (50,534) (6,590) SS Adjusted NOI $ 226,509 $ 238,474 $ (11,965) Adjusted NOI % change (5.0)% Property count(3) 100 100 141 139 End of period occupancy(4) 90.2% 94.3% 87.5% 95.5% Average occupancy(4) 90.3% 96.6% 88.0% 97.0% Average occupied square feet 7,063 7,519 9,545 9,384 Average annual rent per occupied square foot(5) $ 92 $ 89 $ 91 $ 88 Average annual base rent per occupied square foot(6) $ 67 $ 65 $ 68 $ 68

Second-quarter 2026 Form 10-Q, filed 2026-08-05, Lab: six-month same-store and total-portfolio operating results · Filed 05/08/2026

Same-Store Total Portfolio(1) Six Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Rental and related revenues $ 598,202 $ 585,827 $ 12,375 $ 628,887 $ 629,232 $ (345) Operating expenses (197,438) (187,298) (10,140) (209,740) (204,706) (5,034) Healthpeak’s share of unconsolidated joint venture NOI 9,474 8,669 805 10,425 8,753 1,672 Noncontrolling interests’ share of consolidated joint venture NOI (16,818) (20,212) 3,394 (14,139) (14,413) 274 NOI 393,420 386,986 6,434 415,433 418,866 (3,433) Adjustments to NOI(2) (18,039) (20,706) 2,667 (19,051) (22,660) 3,609 Adjusted NOI $ 375,381 $ 366,280 $ 9,101 396,382 396,206 176 Less: Non-SS Adjusted NOI (21,001) (29,926) 8,925 SS Adjusted NOI $ 375,381 $ 366,280 $ 9,101 Adjusted NOI % change 2.5 % Property count(3) 481 481 501 527 End of period occupancy(4) 91.9 % 92.4 % 91.5 % 92.0 % Average occupancy(4) 91.9 % 92.6 % 90.2 % 92.1 % Average occupied square feet 31,315 31,622 32,495 33,296 Average annual rent per occupied square foot(5) $ 38 $ 37 $ 39 $ 38 Average annual base rent per occupied square foot(6) $ 29 $ 28 $ 29 $ 29

Second-quarter 2026 Form 10-Q, outpatient medical: six-month same-store and total-portfolio operating results · Filed 05/08/2026

Same-Store Total Portfolio Six Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Resident fees and services $ 321,622 $ 297,782 $ 23,840 $ 416,801 $ 297,782 $ 119,019 Operating expenses (233,949) (221,635) (12,314) (303,384) (221,708) (81,676) Healthpeak’s share of unconsolidated joint venture NOI — — — 748 12,155 (11,407) Noncontrolling interests’ share of consolidated NOI(1) (23,172) (20,126) (3,046) (12,888) — (12,888) NOI 64,501 56,021 8,480 101,277 88,229 13,048 Adjustments to NOI(2) — (621) 621 — (876) 876 Adjusted NOI $ 64,501 $ 55,400 $ 9,101 101,277 87,353 13,924 Plus (less): Non-SS adjustments (36,776) (31,953) (4,823) SS Adjusted NOI $ 64,501 $ 55,400 $ 9,101 Adjusted NOI % change 16.4 % Property count(3) 15 15 41 34 Average occupancy(4) 88.5 % 86.1 % 86.0 % 85.1 % Average occupied units(5) 6,257 6,080 8,672 7,534 RevPOR per month(6) $ 8,566 $ 8,163 $ 7,566 $ 7,582

Second-quarter 2026 Form 10-Q, senior housing: six-month same-store and total-portfolio operating results · Filed 05/08/2026

Year-Over-Year Same-Store ("SS") Adjusted NOI Growth Three Month SS Growth % % of SS Outpatient Medical 2.5 % 56.4 % Lab (3.2 %) 34.0 % Senior Housing 19.2 % 9.6 % Total 1.8 % 100.0 %

Second-quarter 2026 earnings release, filed 2026-08-04: quarterly same-store adjusted NOI growth and segment weights · Filed 04/08/2026

•the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable;

Second-quarter 2026 Form 10-Q, risk passage: dependence on hospital and affiliated health-system viability · Filed 05/08/2026

4,872 — Amortization of deferred financing costs and debt discounts (premiums) 17,264 15,727 Straight-line rents (23,088) (16,554) Amortization of above (below) market lease intangibles (12,905) (20,296) Amortization of non-refundable entrance fees (55,010) (47,658) Equity loss (income) from unconsolidated joint ventures (6,774) 400 Distributions of earnings from unconsolidated joint ventures 905 9,720 Deferred income tax expense (benefit) (3,097) 2,068 Impairments and loan loss reserves (recoveries), net (3,754) (63) Loss (gain) on debt extinguishments 403 — Loss (gain) on sales of real estate, net (60,657) (1,636) Loss (gain) upon change of control, net (138,343) — Casualty-related loss (recoveries), net (5,697) 11,308 Other non-cash items (13,716) (5,214) Changes in: Decrease (increase) in accounts receivable and other assets 27,131 30,883 Increase (decrease) in accounts payable, accrued liabilities, and other liabilities (29,850) 31,189 Increase (decrease) in deferred revenue 78,968 3,130 Net cash provided by (used in) operating activities 621,981 642,914 Cash flows from investing activities: Acquisitions of real estate (542,338) (37,533) Joint venture buyout, net (295,808) — Development, redevelopment, and other major improvements of real estate (299,158) (324,372) Leasing costs, tenant improvements, and recurring capital expenditures (66,061) (48,864) Proceeds from sales of real estate, net 146,960 5,089 Proceeds from the BX JV I and II transaction, net 162,801 — Investments in unconsolidated joint ventures (1,932) (53,907) Distributions in excess of earnings from unconsolidated joint ventures 15,905 15,548 Proceeds from insurance recovery 13,969 1,676 Proceeds from sales/principal repayments on loans receivable and other 403,839 67,287 Investments in loans receivable and other (44,153) (65,897) Net cash provided by (used in) investing activities (505,976) (440,973) Cash flows from financing activities:

Second-quarter 2026 Form 10-Q, cash-flow statement continuation: operating reconciliation and investing cash flows for six months ended June 30 · Filed 05/08/2026

Borrowings under bank line of credit and commercial paper 13,741,850 6,733,650 Repayments under bank line of credit and commercial paper (13,324,706) (6,108,650) Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt — 494,495 Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (244,552) (805,576) Payments for debt extinguishment and deferred financing costs (4,801) (1,471) Issuance of common stock, net of offering costs 733 171 Repurchase of common stock (101,561) (97,041) Dividends paid on common stock (422,250) (425,360) Distributions to and redemption of noncontrolling interests (164,136) (19,155) Proceeds from Janus Living public offerings, net of underwriting fees 1,592,524 — Contributions from and issuance of noncontrolling interests 760 5,970 Noncontrolling interest issuance costs (8,883) — Net cash provided by (used in) financing activities 1,064,978 (222,967) Net increase (decrease) in cash, cash equivalents, and restricted cash 1,180,983 (21,026) Cash, cash equivalents, and restricted cash, beginning of period 537,702 184,305 Cash, cash equivalents, and restricted cash, end of period $ 1,718,685 $ 163,279

Second-quarter 2026 Form 10-Q, cash-flow statement continuation: six-month financing cash flows, distributions and consolidated cash · Filed 05/08/2026

Funds From Operations In thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) applicable to common shares $ 52,668 $ 31,558 $ 246,152 $ 73,922 Real estate related depreciation and amortization 283,390 265,916 573,124 534,462 Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 7,644 12,530 14,856 24,730 Noncontrolling interests’ share of real estate related depreciation and amortization (15,421) (4,426) (20,123) (8,879) Loss (gain) on sales of depreciable real estate, net (9,988) (1,636) (60,657) (1,636) Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures 1,793 — 1,793 — Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net 973 — 973 — Loss (gain) upon change of control, net(1) (226) — (138,343) — Taxes associated with real estate dispositions (1,863) (335) (1,805) (335) Nareit FFO applicable to common shares 318,970 303,607 615,970 622,264 Distributions on dilutive convertible units and other 4,384 4,560 8,930 9,183 Diluted Nareit FFO applicable to common shares $ 323,354 $ 308,167 $ 624,900 $ 631,447 Diluted Nareit FFO per common share $ 0.46 $ 0.43 $ 0.88 $ 0.89

Second-quarter 2026 earnings release, Funds From Operations: dated GAAP-to-Nareit FFO reconciliation, in thousands except per-share data · Filed 04/08/2026

Transaction, merger, and restructuring-related costs(2) $ 7,734 $ 10,215 $ 28,302 $ 15,749 Other impairments (recoveries) and other losses (gains), net(3) (1,479) 3,499 (3,754) 179 Loss (gain) on debt extinguishments — — 302 — Casualty-related charges (recoveries), net(4) (4,191) 3,919 (4,381) 8,145 Recognition (reversal) of valuation allowance on deferred tax assets(5) — — (3,058) — Total adjustments 2,064 17,633 17,411 24,073 FFO as Adjusted applicable to common shares 321,034 321,240 633,381 646,337 Distributions on dilutive convertible units and other 4,382 4,545 8,916 9,161 Diluted FFO as Adjusted applicable to common shares $ 325,416 $ 325,785 $ 642,297 $ 655,498 Diluted FFO as Adjusted per common share $ 0.46 $ 0.46 $ 0.91 $ 0.92 Weighted average shares outstanding - Diluted FFO as Adjusted 704,472 709,839 707,066 711,828 Other operating data: Amortization of deferred financing costs and debt discounts (premiums) $ 8,900 $ 7,875 $ 17,264 $ 15,727 Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization 12,866 19,042 20,621 23,739 Stock-based compensation amortization expense 4,351 1,738 8,853 6,365 Deferred income taxes 48 2,597 3,101 5,168 AFFO capital expenditures (42,105) (25,729) (66,061) (48,864) Straight-line rents (12,183) (5,401) (23,088) (16,554) Amortization of above (below) market lease intangibles, net (6,308) (10,085) (12,905) (20,296) Other items(6) (3,055) (1,069) (5,662) 381

Second-quarter 2026 earnings release, FFO reconciliation continuation: adjusted FFO, per-share results, share counts and other operating data · Filed 04/08/2026

Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss).

Second-quarter 2026 non-GAAP definitions, filed 2026-08-04: Nareit FFO cash-flow limitations · Filed 04/08/2026

We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours.

Second-quarter 2026 non-GAAP definitions: Nareit definition and comparability qualification · Filed 04/08/2026

•As previously disclosed, in July 2026, closed on the recapitalization and sale of a 49% joint venture interest in an 86-asset, 5.6 million square foot outpatient medical portfolio to affiliates of Brookfield at a gross valuation of $2.1 billion, generating proceeds of approximately $1.025 billion

Second-quarter 2026 earnings release: completed July outpatient medical portfolio recapitalization · Filed 04/08/2026

Subsequent to the end of the second quarter, Healthpeak used proceeds from the Brookfield joint venture to repay $650 million of 3.25% senior notes at maturity and approximately $375 million of borrowings under its commercial paper program.

Second-quarter 2026 earnings release: subsequent use of Brookfield transaction proceeds for debt repayments · Filed 04/08/2026

26 Reconciliations Enterprise Debt and Net Debt In thousands June 30, 2026 Bank line of credit and commercial paper $ 1,495,994 Term loans 1,646,282 Senior unsecured notes 6,785,697 Mortgage debt 104,213 Consolidated Debt $ 10,032,186 Share of unconsolidated JV mortgage debt 212,248 Enterprise Debt $ 10,244,434 Cash and cash equivalents (1,626,827) Share of unconsolidated JV cash and cash equivalents (9,289) Restricted cash (91,858) Share of unconsolidated JV restricted cash (1,647) Net Debt $ 8,514,813 Financial Leverage In thousands June 30, 2026 Enterprise Debt $ 10,244,434 Enterprise Gross Assets 27,120,810 Financial Leverage 37.8% Secured Debt Ratio In thousands June 30, 2026 Mortgage debt $ 104,213 Share of unconsolidated JV mortgage debt 212,248 Enterprise Secured Debt $ 316,461 Enterprise Gross Assets $ 27,120,810 Secured Debt Ratio 1.2% Net Debt to Adjusted EBITDAre In thousands Three Months Ended June 30, 2026 Net Debt $ 8,514,813 Annualized Adjusted EBITDAre(1) 1,821,892 Net Debt to Adjusted EBITDAre 4.7x ______________________________________

Second-quarter 2026 reconciliations: June 30 enterprise debt, gross-asset leverage, secured debt and net debt · Filed 04/08/2026

(1)Represents the current quarter Adjusted EBITDAre multiplied by a factor of four.

Second-quarter 2026 reconciliations: annualized adjusted EBITDAre denominator footnote · Filed 04/08/2026

Interest expense 3,164 Income tax expense (benefit) 15 Depreciation and amortization 7,644 Loss (gain) on sale of real estate from unconsolidated JVs 1,793 EBITDAre $ 440,681 Transaction, merger, and restructuring-related costs 9,172 Other impairments (recoveries) and other losses (gains) (1,479) Casualty-related charges (recoveries) (5,507) Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization 12,866 Stock-based compensation amortization expense 4,351 Impact of transactions closed during the period(1) (4,611) Adjusted EBITDAre $ 455,473 Impact of transactions closed during the period(1) 4,611 Fixed Charge Coverage Adjusted EBITDAre(2) $ 460,084 Adjusted Fixed Charge Coverage In thousands Three Months Ended June 30, 2026 Interest expense, including unconsolidated JV interest expense at share $ 95,444 Capitalized interest, including unconsolidated JV capitalized interest at share 19,562 Fixed Charges $ 115,006 Adjusted Fixed Charge Coverage(2) 4.0x ______________________________________

Second-quarter 2026 reconciliations: adjusted EBITDAre and fixed-charge coverage, including capitalized interest · Filed 04/08/2026

(2)Fixed Charge Coverage Adjusted EBITDAre is utilized in the calculation of Adjusted Fixed Charge Coverage and excludes the impact of transactions that occurred during the period for consistency with the calculation of Fixed Charges.

Second-quarter 2026 reconciliations: fixed-charge coverage transaction-adjustment footnote · Filed 04/08/2026

Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) and other losses (gains), transaction, merger, and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), stock-based compensation amortization expense, and non-refundable entrance fees collected in excess of (less than) the related amortization, adjusted to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period.

Second-quarter 2026 definitions: adjustments included in adjusted EBITDAre · Filed 04/08/2026

27 Reconciliations Healthpeak's Share of Unconsolidated Joint Venture NOI In thousands Total Portfolio Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Equity income (loss) from unconsolidated joint ventures $ 1,747 $ (176,291) $ 2,707 $ 4,265 $ 2,509 Depreciation and amortization 12,530 12,574 12,806 7,212 7,644 General and administrative 352 340 425 399 239 Loss (gain) on sales of real estate, net — — — — 1,793 Other (income) expense, net 1,089 66 92 (325) (351) Income tax (benefit) expense 250 155 (130) 22 13 Impairments (recoveries) of real estate, net — 177,840 — — — Healthpeak's share of unconsolidated joint venture NOI $ 15,968 $ 14,684 $ 15,900 $ 11,573 $ 11,847 Outpatient Medical Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Equity income (loss) from unconsolidated joint ventures $ (2,834) $ (2,449) $ (2,246) $ (2,328) $ (3,039) Depreciation and amortization 4,039 3,859 3,813 4,056 4,278 General and administrative 97 22 166 157 57 Loss (gain) on sales of real estate, net — — — — 1,793 Other (income) expense, net 3,178 2,999 3,059 2,702 2,735 Income tax (benefit) expense 8 9 9 1 13 Healthpeak's share of unconsolidated joint venture NOI $ 4,488 $ 4,440 $ 4,801 $ 4,588 $ 5,837 Lab Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Equity income (loss) from unconsolidated joint ventures $ 2,809 $ (176,120) $ 2,777 $ 4,868 $ 3,867 Depreciation and amortization 3,714 3,943 4,172 2,554 3,366 General and administrative 249 272 241 225 182 Other (income) expense, net (1,312) (1,330) (1,365) (1,410) (1,405) Impairments (recoveries) of real estate, net — 177,840 — — — Healthpeak's share of unconsolidated joint venture NOI $ 5,460 $ 4,605 $ 5,825 $ 6,237 $ 6,010 Senior Housing Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Equity income (loss) from unconsolidated joint ventures $ — $ — $ — $ 111 $ — Depreciation and amortization — — — 602 — General and administrative — — — 17 — Other (income) expense, net — — — (3) — Income tax (benefit) expense — — — 21 — Healthpeak's share of unconsolidated joint venture NOI $ — $ — $ — $ 748 $ — Continued 28 Reconciliations Healthpeak's Share of Unconsolidated Joint Venture NOI In thousands Other Three Months Ended

Second-quarter 2026 reconciliations: Healthpeak share of unconsolidated joint-venture results, including September 2025 Lab impairment · Filed 04/08/2026

ATM Direct Issuances During each of the three and six months ended June 30, 2026 and 2025, there were no direct issuances of shares of common stock under the ATM Program.

Second-quarter 2026 Form 10-Q: absence of direct ATM issuance in the three and six months ended June 30 · Filed 05/08/2026

During the three and six months ended June 30, 2026, the Company repurchased 5.95 million shares of its common stock under the 2024 Share Repurchase Program at a weighted average price of $16.81 per share for a total of $100 million.

Second-quarter 2026 Form 10-Q: completed 2026 common-share repurchases · Filed 05/08/2026

LONG-TERM EQUITY INCENTIVE OPPORTUNITIES ● Competitive base salary to attract and retain talent based on experience, job scope, market data and individual performance ● Annually reviewed against similarly situated executives at peer companies to maintain competitive levels ● Based on the achievement of objective Company performance metrics to align compensation with strategic goals ● Includes primarily objective financial performance metrics of Normalized FFO per share, and Net Debt to Adjusted EBITDAre, which are common REIT performance measures and help advance our business strategy ● Includes quantitative and qualitative corporate impact metrics ● A limited portion of the annual cash incentive, or bonus, is based on individual performance to reward individual achievements and contributions and ensure that executives are driving execution of our business strategy ● Performance-based awards and service-based awards with a performance hurdle (granted in the form of RSUs or profits interest units) ● Performance-based awards earned by achieving 3-year Company TSR performance relative to constituents in two select indices comprised of REIT peers ● Service-based awards encourage retention by vesting ratably over three years, subject to a performance hurdle requiring achievement of a minimum Normalized FFO per share threshold in the grant year ​ 2026 PROXY STATEMENT 41 Table of Contents Compensation Discussion and Analysis Pay-for-Performance Philosophy Our executive compensation program rewards successful annual performance and encourages long-term value creation for our stockholders.

2026 proxy, Compensation Discussion and Analysis: annual and long-term incentive metrics and vesting structure · Filed 12/03/2026

All make-whole awards were granted as Performance-Based and Retentive Awards under the 2025 LTIP, with the same mix (60% Performance-Based Award and 40% Retentive Award), performance conditions, and vesting schedules.

2026 proxy: actual make-whole awards granted under the 2025 LTIP and their performance conditions · Filed 12/03/2026

Compensation decisions with respect to objective performance criteria were based on actual performance against the pre-established goals and were not discretionary.

2026 proxy: actual objective compensation determinations against pre-established goals · Filed 12/03/2026

As of the annual testing date of March 1, 2025, all of our NEOs who are subject to the stock ownership guidelines satisfied the ownership requirements.

2026 proxy: applicable NEO ownership-guideline compliance at March 1, 2025 · Filed 12/03/2026

For this reason, directors, officers and other employees (and if applicable, their family members) are prohibited from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars, and exchange funds), or otherwise engaging in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of Healthpeak securities.

2026 proxy: prohibition of hedging transactions · Filed 12/03/2026

​ ​ ​Stockholder proxy access rights reflecting market standard terms ​ ​ ​ 10 HEALTHPEAK PROPERTIES Table of Contents ​ Proposal 1 Election of Directors TGH Brandon Healthplex, Brandon, FL OUTPATIENT MEDICAL Our Board recommends a vote FOR each of the nine director nominees FOR ​ Based on the recommendations of the Nominating and Corporate Governance Committee (the “Governance Committee”), our Board has nominated nine directors for re-election at the Annual Meeting to serve until the 2027 annual meeting of stockholders and until their respective successors are elected and qualified or until their earlier death, resignation, or removal.

2026 proxy: existing proxy-access rights and proposed director elections · Filed 12/03/2026

Proposal 1. All of the nominees listed below were elected to the Board of Directors of the Company (the "Board"), each having received the affirmative vote of a majority of the votes cast.

Annual meeting results, filed 2026-05-04: completed majority-vote director elections · Filed 04/05/2026

federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our SEC filings.

Second-quarter 2026 non-GAAP report, risk passage: charter restrictions, operating-partnership conflicts and transaction constraints · Filed 04/08/2026

The Company uses its Revolving Facility as a liquidity backstop for the repayment of short-term unsecured notes issued under the Commercial Paper Program.

First-quarter 2026 Form 10-Q, filed 2026-05-06: revolver backstop for commercial paper · Filed 06/05/2026

At March 31, 2026, the Company had $1.8 billion notes outstanding under the Commercial Paper Program, with original maturities of approximately 28 days and a weighted average interest rate of 4.14%.

First-quarter 2026 Form 10-Q: March 31 commercial-paper balance, original maturities and interest rate · Filed 06/05/2026

Janus Living’s operations are consolidated into Healthpeak’s financial statements, with the approximately 18.4% not owned by Healthpeak reported as noncontrolling interest.

First-quarter 2026 earnings release: Janus Living consolidation and noncontrolling ownership at that reporting date · Filed 05/05/2026

Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations.

Second-quarter 2026 definitions: limitation on dollar-for-dollar use of cash to reduce debt · Filed 04/08/2026

NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period).

Second-quarter 2026 definitions: ownership-adjusted scope of NOI and adjusted NOI · Filed 04/08/2026

NOI is defined as real estate revenues (inclusive of rental and related revenues and resident fees and services, and exclusive of interest income), less property level operating expenses.

Second-quarter 2026 definitions: property-level NOI definition · Filed 04/08/2026

Publication history

Publication history
VersionUpdatedCompetitive advantage
1131/10/2026uncertain
1028/10/2026uncertain
924/10/2026uncertain
823/10/2026uncertain
722/10/2026uncertain
619/10/2026uncertain
519/10/2026uncertain
418/10/2026uncertain
318/10/2026uncertain
218/10/2026uncertain

Sources

Research methodology and limitations · What is an economic moat?