HEALTHPEAK PROPERTIES, INC. (DOC)

Healthpeak Properties, Inc. is an S&P 500 company, founded in 1985 and organized as a self-administered Maryland corporation and umbrella partnership REIT, that owns, operates, and develops real estate focused on healthcare discovery and delivery in the United States. It holds substantially all of its assets and conducts operations through its operating subsidiary, Healthpeak OP. On March 1, 2024, it completed a merger with Physicians Realty Trust, acquiring 299 outpatient medical buildings. In December 2025, it confidentially submitted a draft Form S-11 for the proposed initial public offering of Janus Living, Inc., a newly formed senior housing REIT. Healthpeak would contribute its 34-community, 10,422-unit senior housing portfolio to Janus Living, serve as its external manager, and keep a substantial majority interest. The offering is expected in the first half of 2026, subject to conditions.

At December 31, 2025, the portfolio consisted of interests in 689 properties across three reportable segments. Outpatient medical has 507 properties, including outpatient medical buildings and nine hospitals, and generated $795.8 million of Adjusted NOI in 2025. Lab has 145 properties and generated $567.4 million. Senior housing has 34 properties and generated $176.7 million. It comprises life plan communities and an unconsolidated joint venture with a sovereign wealth fund that owns 19 senior housing properties. In January 2026, Healthpeak acquired the remaining 46.5% interest in that joint venture. Other non-reportable segments combine loans receivable, a preferred equity investment, and three other properties. The senior housing properties are operated through RIDEA structures, in which a taxable REIT subsidiary engages third-party managers for a fee.

Outpatient medical buildings are mostly multi-tenant properties leased to hospitals and physician practices. About 79% are on or adjacent to hospital campuses and 96% are affiliated with hospital systems, and about 72% are triple-net leased. HCA Healthcare accounted for 15% of segment revenues and 7% of total revenues, and CommonSpirit Health for 6% and 3%. Lab properties are leased mainly to biotechnology, medical device and pharmaceutical companies, research institutions, and government agencies. They are located in San Francisco (59%), Boston (22%), and San Diego (17%) by square footage, and 89% are triple-net leased. Senior housing revenue comes mainly from residents paying directly or through private insurance, which makes it less reliant on Medicare and Medicaid.

Healthpeak is headquartered in Denver, Colorado, with corporate offices in California, Tennessee, Wisconsin, and Massachusetts, plus property management offices across the U.S. It grows through leasing, acquisitions, development, and redevelopment. It funds this with an investment-grade balance sheet, long-term fixed-rate debt, a credit facility, a commercial paper program, an at-the-market equity program, and joint ventures. To keep REIT status it must distribute at least 90% of its REIT taxable income. It competes with other REITs, investment companies, pension funds, private equity, sovereign funds, healthcare operators, lenders, and developers. Its tenants and operators are subject to extensive healthcare regulation, including fraud and abuse laws.