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Healthpeak Properties
DOC
#1805
Rank
NZ$19.91 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$28.65
Share price
-0.35%
Change (1 day)
-13.81%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs ๐Ÿฅ Medical Care Facilities
Categories
  1. Healthpeak Properties
  2. Annual Reports (10-K)
  3. Financial Year 2025

Healthpeak Properties - 10-K annual report 2025


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 001-08895
Healthpeak Properties, Inc.
(Exact name of registrant as specified in its charter)
Maryland33-0091377
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
4600 South Syracuse Street, Suite 500
Denver, CO 80237
(Address of principal executive offices) (Zip Code)
(720) 428-5050
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, $1.00 par value
DOC
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.   ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) Yes ☐ No ☒
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: $9.4 billion.
As of January 30, 2026, there were 695,043,997 shares of the registrant’s $1.00 par value common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2025, have been incorporated by reference into Part III of this Report.

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Healthpeak Properties, Inc.
Form 10-K
For the Fiscal Year Ended December 31, 2025
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All references in this report to “Healthpeak,” the “Company,” “we,” “us,” or “our” mean Healthpeak Properties, Inc., together with its consolidated subsidiaries. Unless the context suggests otherwise, references to “Healthpeak Properties, Inc.” mean the parent company without its subsidiaries.
Cautionary Language Regarding Forward-Looking Statements
Statements in this Annual Report on Form 10-K that are not historical factual statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could cause actual results, including our future financial condition and results of operations, to differ materially from those expressed or implied by any forward-looking statements. You are urged to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below under “Risk Factors Summary” and in “Item 1A, Risk Factors” in this report.
Forward-looking statements are based on certain assumptions and analysis made in light of our experience and perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate under the circumstances. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this Annual Report, and you should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.
Risk Factors Summary
Investors should consider the risks and uncertainties described below that may affect our business and future financial performance. These and other risks and uncertainties are more fully described in “Item 1A, Risk Factors” in this report. Additional risks not presently known to us or that we currently deem immaterial may also affect us. If any of these risks occur, our business, financial condition or results of operations could be materially and adversely affected. As more fully set forth under “Item 1A, Risk Factors” in this report, principal risks and uncertainties that may affect our business, financial condition, or results of operations include:
•changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration;
•macroeconomic trends that may increase borrowing, construction, labor, and other operating costs;
•changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants;
•factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us;
•the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers;
•our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors;
•the illiquidity of real estate investments;
•our ability to identify and secure new or replacement tenants and operators;
•our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion;
•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;
•operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”);
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•the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements;
•required regulatory approvals to transfer our senior housing properties;
•compliance with the Americans with Disabilities Act and fire, safety, and other regulations;
•the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid;
•economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments;
•uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses;
•our use of joint ventures may limit our returns on and our flexibility with jointly owned investments;
•our use of rent escalators or contingent rent provisions in our leases;
•competition for suitable healthcare properties to grow our investment portfolio;
•our ability to exercise rights on collateral securing our real estate-related loans;
•any requirement that we recognize reserves, allowances, credit losses, or impairment charges;
•investment of substantial resources and time in transactions that are not consummated;
•our ability to successfully integrate or operate acquisitions and/or internalize property management;
•the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs;
•environmental compliance costs and liabilities associated with our real estate investments;
•environmental, social, and governance (“corporate impact”) and sustainability commitments and changing requirements, as well as stakeholder expectations;
•epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread;
•our past participation in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) Provider Relief Fund and other Covid-related stimulus and relief programs;
•laws or regulations prohibiting eviction of our tenants;
•human capital risks, including the loss or limited availability of our key personnel;
•our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology;
•the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors;
•volatility, disruption, or uncertainty in the financial markets;
•increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities;
•cash available for distribution to stockholders and our ability to make dividend distributions at expected levels;
•the availability of external capital on acceptable terms or at all;
•an increase in our level of indebtedness;
•covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants;
•volatility in the market price and trading volume of our common stock;
•adverse changes in our credit ratings;
•the pending Janus Living Offering (as defined below) may not be completed on the currently contemplated timeline or terms, or at all, and may not achieve the intended benefits;
•our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living;
•potential conflicts of interest in our relationship with Janus Living;
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•our ability to maintain our qualification as a real estate investment trust (“REIT”);
•our taxable REIT subsidiaries being subject to corporate level tax;
•tax imposed on any net income from “prohibited transactions”;
•changes to U.S. 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; and
•our status as a holding company of Healthpeak OP.
Important Information Regarding Our Disclosure to Investors
We may use our website (www.healthpeak.com) and our LinkedIn account (https://www.linkedin.com/company/healthpeak) to communicate with our investors and disclose company information. The information disclosed through those channels may be considered to be material, so investors should monitor them in addition to our press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The contents of our website or social media channels referenced herein are not incorporated by reference into this Annual Report on Form 10-K.
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PART I
ITEM 1.    Business
General Overview
Healthpeak Properties, Inc. is a Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT (“UPREIT”). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S.
We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Under the senior housing segment, our properties are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of: (i) loans receivable, (ii) a preferred equity investment, and (iii) three other properties. These non-reportable segments have been presented on a combined basis herein.
On March 1, 2024 (the “Closing Date”), we completed our merger with Physicians Realty Trust (the “Merger”). Subsequent to the Closing Date, the “Combined Company” means Healthpeak and its subsidiaries. As a result of the Merger, we acquired 299 outpatient medical buildings. See Note 3 to the Consolidated Financial Statements for additional information.
In December 2025, we confidentially submitted a draft registration statement on Form S-11 to the SEC relating to the proposed initial public offering (the “Offering” or “Janus Living Offering”) of shares of common stock of a newly formed company, Janus Living, Inc. (“Janus Living”), which will be dedicated to senior housing and which intends to elect and qualify to be taxed as a REIT. We will contribute our 34-community, 10,422-unit senior housing portfolio to Janus Living in exchange for a majority ownership interest in Janus Living. Immediately following the Janus Living Offering, we will serve as its external manager and we intend to retain a substantial majority interest in Janus Living, with new public shareholders owning the remaining interest. Based on the anticipated ownership share and terms of the management agreement, we expect to continue to consolidate Janus Living subsequent to the Offering. We expect to complete the Offering in the first half of 2026, subject to market conditions, receipt of regulatory approvals, completion of related financings, completion of the SEC’s review, and other customary conditions.
During the fourth quarter of 2025, in connection with the planned Offering of Janus Living, our chief operating decision maker (“CODM”), the President and Chief Executive Officer (“CEO”), began evaluating our life plan communities (formerly known as continuing care retirement communities, or CCRCs) and our unconsolidated joint venture with a sovereign wealth fund that owns 19 senior housing properties (our “SWF SH JV”) as a single operating and reportable segment, referred to as senior housing. Also during the fourth quarter of 2025, two other properties were reclassified from the outpatient medical segment to the other non-reportable segments as these properties are not representative of the characteristics of the outpatient medical segment and therefore, are no longer evaluated by the CODM in conjunction with the outpatient medical properties. Also included in other non-reportable segments as of December 31, 2025 is one other property that was acquired as part of the Gateway Crossing acquisition, as described below. Accordingly, all prior period segment information has been recast to conform to the current period presentation.
At December 31, 2025, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 689 properties: (i) Outpatient medical – 507 properties; (ii) Lab – 145 properties; (iii) Senior housing – 34 properties; and (iv) Other non-reportable – 3 properties. The following table summarizes information for our reportable segments for the year ended December 31, 2025 (dollars in thousands):
Segment
Adjusted NOI by Reportable Segment(1)
Outpatient medical$795,843 
Lab567,358 
Senior housing176,741 
_______________________________________
(1)Our Adjusted NOI for our reportable segments, which we also refer to as Total Portfolio Adjusted NOI for our reportable segments, includes results of operations from disposed properties through the disposition date. See Note 16 to the Consolidated Financial Statements for a reconciliation of Adjusted NOI by reportable segment to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. See our Segment Analysis below for additional information.
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For a description of our significant activities during 2025, see “Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Company Highlights” in this report.
Business Strategy
Our strategy is to own, operate, and develop high-quality real estate focused on healthcare discovery and delivery. We manage our real estate portfolio for the long-term to maximize risk-adjusted returns and support the growth of our dividends. Our strategy consists of four core elements:
(i)Our real estate: Our portfolio consists of high-quality properties in desirable locations. Our portfolio is primarily focused on outpatient medical and lab buildings, favorable sectors that benefit from the universal desire for improved health, as well as life plan community and senior housing facilities, which benefit from favorable demographic trends. We have built scale and fostered deep industry relationships, two unique factors that provide us with a competitive advantage.
(ii)Our financials: We maintain a strong investment-grade balance sheet with ample liquidity as well as long-term fixed-rate debt financing with staggered maturities to reduce our exposure to interest rate volatility and refinancing risk.
(iii)Our partnerships: We work with leading pharmaceutical, biotechnology, and medical device companies, as well as healthcare delivery systems, specialty physician groups, and other healthcare service providers and senior housing operators and managers, to meet their real estate needs. We provide high-quality property management services to encourage tenants to renew, expand, and relocate into our properties, which drives increased occupancy, rental rates, and property values.
(iv)Our platform: We have a people-first culture that we believe attracts, develops, and retains top talent. We continually strive to create and maintain an industry-leading platform, with systems and tools that allow us to effectively and efficiently manage our assets and investment activity.
Internal Growth Strategies
We believe our real estate portfolio holds the potential for increased future cash flows as it is well-maintained and in desirable locations. Our strategy for maximizing the benefits from these opportunities is to: (i) work with new or existing tenants to address their space and capital needs and (ii) provide high-quality property management services in order to motivate tenants to renew, expand, or relocate into our properties.
We expect to continue our internal growth as a result of our ability to:
•Build and maintain long-term leasing and management relationships with quality tenants. In choosing locations for our properties, we focus on the physical environment, adjacency to established businesses (e.g., hospital systems or life science submarkets) and educational centers, proximity to sources of business growth, and other local demographic factors.
•Replace tenants at the best available market terms and lowest possible transaction costs. We believe we are well-positioned to attract new tenants and achieve attractive rental rates and operating cash flow as a result of the location, design, and maintenance of our properties, together with our reputation for high-quality building services, responsiveness to tenants, and our ability to offer space alternatives within our portfolio.
•Extend and modify terms of existing leases prior to expiration. We selectively structure lease extensions, early renewals, or modifications, which reduce the cost associated with lease downtime, while securing the tenancy and relationship of our high-quality tenants on a long-term basis.
Investment Strategies
The discovery and delivery of healthcare services requires real estate and, as a result, tenants depend on our real estate, in part, to maintain and grow their businesses. We believe the healthcare real estate market provides investment opportunities due to the: (i) compelling long-term demographics driving the demand for healthcare services; (ii) specialized nature of healthcare real estate investing; and (iii) ongoing consolidation of the fragmented healthcare real estate sector.
While we emphasize healthcare real estate ownership, we may also provide real estate secured financing to, or invest in equity or debt securities of, healthcare operators or other entities engaged in healthcare real estate ownership. We may also acquire all or substantially all of the securities or assets of other REITs, operating companies, or similar entities where such investments would be consistent with our investment strategies. We may co-invest alongside institutional or development investors through partnerships or limited liability companies. In addition, as discussed above, following the Janus Living Offering, Janus Living will be externally managed by our wholly owned indirect subsidiary under the terms of a management agreement, and we will retain a substantial majority equity interest in Janus Living.
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We monitor our investments based on the percentage of our total assets that may be invested in any one property type, investment vehicle, or geographic location, the number of properties that may be leased to a single tenant or operator, or loans that may be made to a single borrower. In allocating capital, we target opportunities with the most attractive risk/reward profile for our portfolio as a whole. We may take additional measures to mitigate risk, including diversifying our investments (by sector, geography, and tenant), structuring transactions as master leases, requiring tenant or operator insurance and indemnifications, and/or obtaining credit enhancements in the form of guarantees, letters of credit, or security deposits.
We believe we are well-positioned to achieve external growth through acquisitions, development, and redevelopment. Other factors that contribute to our competitive position include:
•our reputation gained through decades of successful operations and the strength of our existing portfolio of properties;
•our relationships with leading pharmaceutical and biotechnology tenants, healthcare operators and systems, investment banks and other market intermediaries, corporations, private equity firms, not-for-profit organizations, and companies seeking to monetize existing assets or develop new facilities;
•our relationships with institutional buyers and sellers of high-quality healthcare real estate;
•our track record and reputation for executing acquisitions responsively and efficiently, which provides confidence to domestic and foreign institutions and private investors who seek to sell healthcare real estate in our market areas;
•our relationships with nationally recognized financial institutions that provide capital to the healthcare and real estate industries; and
•our control of land sites held for future development.
Financing Strategies
Our REIT qualification requires us to distribute at least 90% of our REIT taxable income (excluding net capital gains); therefore, we do not retain a significant amount of earnings. As a result, we regularly access the public equity and debt markets to raise the funds necessary to finance acquisitions and debt investments, develop and redevelop properties, and refinance maturing debt. 
We may finance acquisitions and other investments in a variety of ways, including:
•cash flow from operations;
•sale or exchange of ownership interests in properties or other investments;
•borrowings under our credit facility or commercial paper program;
•issuance of additional debt, including unsecured notes, term loans, and mortgage debt; and/or
•issuance of common stock or preferred stock or its equivalent.
We maintain a disciplined investment-grade balance sheet by actively managing our debt to equity levels and maintaining access to multiple sources of liquidity. Our debt obligations are primarily long-term fixed rate with staggered maturities.
We finance our investments based on our evaluation of available sources of funding. For short-term purposes, we may utilize our revolving line of credit facility or commercial paper program, arrange for other short-term borrowings from banks or other sources, or issue equity securities pursuant to our at-the-market equity offering program. We arrange for longer-term financing by offering debt and equity, placing mortgage debt, and obtaining capital from institutional lenders and joint venture partners.
In addition, capital recycling through dispositions and redeployment through acquisitions, developments, and redevelopments is an important facet of our investment and financing strategies. We routinely have multiple transactions involving both individual properties and portfolios under consideration that are in varying stages of evaluation, underwriting, negotiation, and due diligence review, some of which, if consummated or completed, may have a material effect on our liquidity, results of operations, and financial condition.
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Segments
Outpatient Medical
Our outpatient medical segment includes outpatient medical buildings and hospitals. Outpatient medical buildings typically contain physicians’ offices and examination rooms, and may also include pharmacies, hospital ancillary service space, and outpatient services such as diagnostic centers, rehabilitation clinics, and day-surgery operating rooms. While these facilities have certain similarities to commercial office buildings, they require additional plumbing, electrical, and mechanical systems to accommodate multiple exam rooms that may require sinks in every room and specialized equipment such as x-ray machines and MRIs. Outpatient medical buildings are often built to accommodate higher structural loads for such specialized equipment and may contain vaults or other unique construction. Our outpatient medical buildings are typically multi-tenant properties leased to healthcare providers (hospitals and physician practices), with approximately 79% of our outpatient medical buildings located on or adjacent to hospital campuses and 96% affiliated with hospital systems as of December 31, 2025 (based on total square feet). Occasionally, we invest in outpatient medical buildings located on hospital campuses subject to ground leases. At December 31, 2025, approximately 72% of our outpatient medical buildings were triple-net leased (based on leased square feet) with the remaining leased under gross or modified gross leases.
The following table provides information about our most significant outpatient medical tenant concentration for the year ended December 31, 2025:
TenantPercentage of
Segment Revenues		Percentage of
Total Revenues
HCA Healthcare, Inc. (HCA)15 %7 %
CommonSpirit Health6 %3 %
During the year ended December 31, 2025, we had various other outpatient medical tenants that each represented 1% or less of total revenues.
Our outpatient medical segment also includes nine hospitals. Services provided by our tenants and operators in hospitals are paid for by private sources, third-party payors (e.g., insurance and HMOs), or through Medicare and Medicaid programs. Our hospital property types include acute care, long-term acute care, and specialty and rehabilitation hospitals. All of our hospitals are triple-net leased.
Lab
Our lab properties, which contain laboratory and office space, are leased primarily to biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies, and other organizations involved in the life science industry. While these properties have certain characteristics similar to commercial office buildings, they generally accommodate heavier floor loads and contain more advanced electrical, mechanical, heating, ventilating, and air conditioning systems. The facilities generally have specialty equipment including emergency generators, fume hoods, lab bench tops, and related amenities. In addition to improvements funded by us as the landlord, many of our lab tenants make significant investments to improve their leased space to accommodate biology, chemistry, or medical device research initiatives.
Lab properties are primarily configured in business park or campus settings and include multiple buildings. The business park and campus settings allow us the opportunity to provide flexible, contiguous/adjacent expansion to accommodate the growth of existing tenants. Our properties are located in well-established geographical markets known for scientific research and drug discovery, including San Francisco, California (59%), Boston, Massachusetts (22%), and San Diego, California (17%) (based on total square feet). At December 31, 2025, 89% of our lab properties were triple-net leased (based on leased square feet).
During the year ended December 31, 2025, we had various lab tenants that each represented 1% or less of total revenues.
Senior Housing
Our senior housing segment includes life plan communities and our SWF SH JV, an interest in an unconsolidated joint venture with a sovereign wealth fund that owns 19 senior housing assets. In January 2026, we acquired the remaining 46.5% interest in the SWF SH JV, bringing our ownership interest in these 19 senior housing properties to 100%.
Life plan communities are retirement communities that include independent living, assisted living, memory care, and skilled nursing units to provide a continuum of care in an integrated campus. Our life plan communities are owned through RIDEA structures, which is permitted by the Housing and Economic Recovery Act of 2008, and includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007. The services provided by our third-party manager-operators under a RIDEA structure at our properties are primarily paid for by the residents directly or through private insurance and are less reliant on government reimbursement programs such as Medicare and Medicaid.
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A RIDEA structure allows us, through a taxable REIT subsidiary (“TRS”), to receive cash flow from the operations of a healthcare facility in compliance with REIT tax requirements. The criteria for operating a healthcare facility through a RIDEA structure require us to lease the facility to an affiliate TRS and for such affiliate TRS to engage an independent qualifying management company (also known as an eligible independent contractor or third-party operator) to manage and operate the day-to-day business of the facility in exchange for a management fee. As a result, under a RIDEA structure, we are required to rely on a third-party operator to hire and train all facility employees, enter into third-party contracts for the benefit of the facility, including resident/patient agreements, comply with laws, including healthcare laws, and provide resident care.
Through our TRS entities, we bear all operational risks and liabilities associated with the operation of these properties, with limited exceptions, such as a third-party operator’s gross negligence or willful misconduct. These operational risks and liabilities include those relating to any employment matters of our operator, compliance with healthcare and other laws, liabilities relating to personal injury-tort matters, resident-patient quality of care claims, and any governmental reimbursement matters, even though we have limited ability to control or influence our third-party operators’ management of these risks.
The management agreements we have in RIDEA structures related to life plan communities have original terms ranging from 10 to 15 years, with mutual renewal options. There are base management fees and incentive management fees payable to our third-party operators if operating results of the RIDEA properties exceed pre-established thresholds. Conversely, there are also provisions in the management agreements that reduce management fees payable to our third-party operators if operating results do not meet certain pre-established thresholds.
Life plan communities differ from other housing and care options for seniors because they typically provide written agreements or long-term contracts between residents and the communities (frequently lasting the term of the resident’s lifetime), which offer a continuum of housing, services, and healthcare on one campus or site. Life plan communities are appealing as they allow residents to “age in place” and typically the individual is independent and in relatively good health upon entry.
The properties in our SWF SH JV are also owned through RIDEA structures and include independent living facilities and assisted living facilities, which cater to different segments of the elderly population based upon their personal needs. These facilities are often in apartment-like buildings with private residences ranging from single rooms to large apartments.
As third-party operators manage our RIDEA properties in exchange for the receipt of a management fee, we are not directly exposed to the credit risk of these operators in the same manner or to the same extent as a triple-net tenant.
Other non-reportable segments
At December 31, 2025, we had the following investments in our other non-reportable segments: (i) loans receivable, (ii) a preferred equity investment, and (iii) three other properties that are not representative of the characteristics of the outpatient medical and lab reportable segments discussed above.
Competition
Investing in real estate serving the healthcare industry is highly competitive. We face competition from other REITs, investment companies, pension funds, private equity investors, sovereign funds, healthcare operators, lenders, developers, and other institutional investors, some of whom may have greater flexibility (e.g., non-REIT competitors), greater resources, and lower costs of capital than we do. Increased competition and resulting capitalization rate compression, as well as the impacts of elevated interest rates, make it more challenging for us to identify and successfully capitalize on opportunities that meet our objectives. Our ability to compete may also be impacted by global, national, and local economic trends, availability of investment alternatives, availability and cost of capital, construction and renovation costs, existing laws and regulations, new legislation, and population trends.
Income from our investments depends on our tenants’ and operators’ ability to compete with other companies on multiple levels, including: (i) the quality of care provided, (ii) reputation, (iii) success of product or drug development, (iv) price, (v) the range of services offered, (vi) the physical appearance of a property, (vii) alternatives for healthcare delivery, (viii) the supply of competing properties, (ix) physicians, (x) staff, (xi) referral sources, (xii) location, (xiii) the size and demographics of the population in surrounding areas, and (xiv) the financial condition of our tenants and operators. For a discussion of the risks associated with competitive conditions affecting our business, see “Item 1A, Risk Factors” in this report.
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Government Regulation, Licensing, and Enforcement
Overview
Our healthcare facility operators (which include our TRS entities when we use a RIDEA structure) and tenants are subject to extensive and complex federal, state, and local healthcare laws and regulations relating to quality of care, licensure and certificate of need, resident rights (including abuse and neglect), consumer protection, government reimbursement, fraud and abuse practices, and similar laws governing the operation of healthcare facilities. We expect the healthcare industry, in general, will continue to face increased regulation and pressure in the areas of fraud, waste and abuse, cost control, healthcare management, and provision of services, among others. Federal, state, and local officials are increasingly focusing their efforts on enforcement of these laws and regulations. In addition, our operators are subject to a variety of laws, regulations, and executive orders, including those relating to operators’ response to Covid and other infectious diseases, which can vary based on the provider type and jurisdiction, complicating compliance efforts. These regulations are wide ranging and can subject our tenants and operators to civil, criminal, and administrative sanctions, including enhanced or additional penalties, sanctions, and other adverse actions that may arise under new regulations adopted in response to Covid. Affected tenants and operators may find it increasingly difficult to comply with this complex and evolving regulatory environment because of a relative lack of guidance in many areas as certain of our healthcare properties are subject to oversight from several government agencies, and the laws may vary from one jurisdiction to another. Changes in laws, regulations, reimbursement enforcement activity, and regulatory non-compliance by our tenants and operators can all have a significant effect on their operations and financial condition, which in turn may adversely impact us, as detailed below and set forth under “Item 1A, Risk Factors” in this report.
The following is a discussion of certain laws and regulations generally applicable to our operators, and in certain cases, to us.
Fraud and Abuse Enforcement
There are various extremely complex U.S. federal and state laws and regulations governing healthcare providers’ referrals, relationships and arrangements and prohibiting fraudulent and abusive practices by such providers. These laws include: (i) U.S. federal and state false claims acts, which, among other things, prohibit providers from filing false claims or making false statements to receive payment from Medicare, Medicaid, or other U.S. federal or state healthcare programs; (ii) U.S. federal and state anti-kickback and fee-splitting statutes, including the Medicare and Medicaid anti-kickback statute, which prohibit or restrict the payment or receipt of remuneration to induce referrals or recommendations of healthcare items or services; (iii) U.S. federal and state physician self-referral laws (commonly referred to as the “Stark Law”), which, subject to certain exceptions, generally prohibit referrals of specifically designated health services by physicians to entities with which the physician or an immediate family member has a financial relationship; and (iv) the federal Civil Monetary Penalties Law, which prohibits, among other things, the knowing presentation of a false or fraudulent claim for certain healthcare services and which authorizes the U.S. Department of Health and Human Services to impose monetary penalties for certain fraudulent acts. Violations of U.S. healthcare fraud and abuse laws carry civil, criminal, and administrative sanctions, including punitive sanctions, monetary penalties, imprisonment, denial of Medicare and Medicaid reimbursement, payment suspensions, and potential exclusion from Medicare, Medicaid, or other federal or state healthcare programs. These laws are enforced by a variety of federal, state, and local agencies and in the U.S. can also be enforced by private litigants through, among other things, federal and state false claims acts, which allow private litigants to bring qui tam or “whistleblower” actions, in which individuals have tremendous financial gain in bringing a whistleblower claim as federal and state false claim acts provide that individuals receive between 15% and 30% of the money recouped. Additionally, violations of false claims acts can result in treble damages. Our tenants and operators that participate in government reimbursement programs are subject to these laws and may become the subject of governmental enforcement actions or whistleblower actions if they fail to comply with applicable laws. Additionally, the licensed operators of our U.S. long-term care facilities that participate in government reimbursement programs are required to have compliance and ethics programs that meet the requirements of federal laws and regulations relating to the Social Security Act. In our senior housing segment, we are dependent on management companies to fulfill our compliance obligations, and we have developed a program to periodically monitor compliance with such obligations. Investigation by a federal or state governmental body for violation of fraud and abuse laws or imposition of any of these penalties upon one of our operators could jeopardize that operator’s business, reputation, and ability to operate.
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Laws and Regulations Governing Privacy and Security
There are various U.S. federal and state privacy laws and regulations, including the privacy and security rules contained in the Health Insurance Portability and Accountability Act of 1996 (commonly referred to as “HIPAA”), that provide for the privacy and security of personal health information. An increasing focus of the U. S. Federal Trade Commission’s (“FTC’s”) consumer protection regulation is the impact of technological change on protection of consumer privacy. The FTC, as well as state attorneys general, have taken enforcement action against companies that do not abide by their representations to consumers regarding electronic security and privacy. To the extent we or our affiliated operating entities are a covered entity or business associate under HIPAA and the Health Information Technology for Economic and Clinical Health Act (the “HITECH Act”), compliance with those requirements require us to, among other things, conduct a risk analysis, implement a risk management plan, implement policies and procedures, and conduct employee training. In most cases, we are dependent on our tenants and management companies to fulfill our compliance obligations, and we have developed a program to periodically monitor compliance with such obligations. Because of the far reaching nature of these laws, there can be no assurance we would not be required to alter one or more of our systems and data security procedures to be in compliance with these laws. Our failure to protect health information could subject us to civil or criminal liability and adverse publicity, and could harm our business and impair our ability to attract new customers and residents. We may be required to notify individuals, as well as government agencies and the media, if we experience a data breach.
Further, as reliance on technology has increased, so have the risks posed to those systems. Parties that provide us with services essential to our operations must continuously monitor and develop their networks and information technology to prevent, detect, address, and mitigate the risk of unauthorized access, misuse, computer viruses, and social engineering, such as phishing. Our tenants and management companies are continuously working, including with the aid of third-party service providers, to install new, and to upgrade existing, network and information technology systems, to create processes for risk assessment, testing, prioritization, remediation, risk acceptance, and reporting, and to provide awareness training around phishing, malware, and other cyber risks to ensure that our partners that provide us with services essential to our operations are protected against cyber risks and security breaches and that we are also therefore so protected. However, these upgrades, processes, new technology, and training may not be sufficient to protect us from all risks. Even the most well protected information, networks, systems, and facilities remain potentially vulnerable because the techniques and technologies used in attempted attacks and intrusions evolve and generally are not recognized until launched against a target. In some cases, attempted attacks and intrusions are designed not to be detected and, in fact, may not be detected.
Reimbursement
Sources of revenue for some of our tenants and operators include, among others, governmental healthcare programs, such as the federal Medicare programs and state Medicaid programs, and non-governmental third-party payors, such as insurance carriers and HMOs. Our tenants and operators who participate in governmental healthcare programs are subject to government reviews, audits, and investigations to verify compliance with these programs and applicable laws and regulations. As federal and state governments focus on healthcare reform initiatives, and as the federal government and many states face significant current and future budget deficits, efforts to reduce costs by these payors will likely continue, which may result in reduced or slower growth in reimbursement for certain services provided by some of our tenants and operators. Governmental healthcare programs are highly regulated and are subject to frequent and substantial legislative, regulatory, and interpretive changes, which could adversely affect reimbursement rates and the method and timing of payment under these programs. Additionally, new and evolving payor and provider programs in the U.S., including Medicare Advantage, Dual Eligible, Accountable Care Organizations, Post-Acute Care Payment Models, SNF Value-Based Purchasing Programs, and Bundled Payments could adversely impact our tenants’ and operators’ liquidity, financial condition, or results of operations.
Effective January 16, 2024, Medicare and Medicaid nursing facilities are required to disclose new data about the facility’s ownership, management, and the owners of real property lessors upon initial enrollment and revalidation. In addition, the nursing facilities are required to timely report any changes, including in connection with any change of ownership. The Centers for Medicare and Medicaid Services (“CMS”) defines the disclosable parties to include members of the facility’s governing body, persons, or entities who are an officer, director, member, partner, trustee, or managing employee of the facility, persons, or entities that exercise operational, financial, or managerial control, lease or sublease real property to the facility, own a direct or indirect interest of five percent or greater of the real property, or provide management or administrative services to the facility. Additionally, facilities are required to disclose whether any entity on the enrollment form is a private equity company or REIT. CMS makes the information publicly available. This disclosure requirement involves reporting extensive information and may complicate our healthcare facility operators’ efforts to comply with Medicare and Medicaid requirements. Failure to comply with the disclosure requirements could negatively affect our healthcare facility operators’ participation in Medicare and state Medicaid programs.
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Healthcare Licensure and Certificate of Need
Certain healthcare facilities in our portfolio are subject to extensive national, federal, state, and local licensure, certification, and inspection laws and regulations. A healthcare facility’s failure to comply with these laws and regulations could result in a revocation, suspension, restriction, or non-renewal of the facility’s license and loss of a certificate of need, which could adversely affect the facility’s operations and ability to bill for items and services provided at the facility. In addition, various licenses and permits are required to handle controlled substances (including narcotics), operate pharmacies, handle radioactive materials, and operate equipment. Many states in the U.S. require certain healthcare providers to obtain a certificate of need, which requires prior approval for the construction, expansion, or closure of certain healthcare facilities. The approval process related to state certificate of need laws may impact the ability of some of our tenants and operators to expand or change their businesses. Changes in these laws and regulations could negatively affect the ability of our tenants to make lease payments to us.
In some states, healthcare facilities are subject to various state certificate of need (“CON”) laws requiring governmental approval prior to the development or expansion of healthcare facilities and services. State CON laws often materially impact the ability of competitors to enter into the marketplace of our facilities and the repeal of CON laws could allow competitors to freely operate in previously closed markets.
Product Approvals
While our lab tenants include some well-established companies, other tenants are less established and, in some cases, may not yet have a product approved by the Food and Drug Administration, or other regulatory authorities, for commercial sale. Creating a new pharmaceutical product or medical device requires substantial investments of time and capital, in part because of the extensive regulation of the healthcare industry. It also entails considerable risk of failure in demonstrating that the product is safe and effective and in gaining regulatory approval and market acceptance. If a lab tenant fails to obtain or experiences significant delays in obtaining such approvals, it may have a significant effect on the tenant’s operations and financial condition, which in turn may adversely impact us, as detailed below and set forth under “Item 1A, Risk Factors” in this report.
Entrance Fee Communities
Our life plan communities are operated as entrance fee communities. Generally, an entrance fee is an upfront fee or consideration paid by a resident, a portion of which may be refundable, in exchange for some form of long-term benefit, typically consisting of a right to receive certain personal or health care services. In certain states (including the ones in which we operate) entrance fee communities are subject to significant state regulatory oversight, including, for example, oversight of each facility’s financial condition, establishment and monitoring of reserve requirements and other financial restrictions, the right of residents to cancel their contracts within a specified period of time, the right of residents to receive a refund of their entrance fees, lien rights in favor of the residents, restrictions on change of ownership, and similar matters.
Americans with Disabilities Act (“ADA”)
Our properties must comply with the ADA and any similar state or local laws to the extent that such properties are “public accommodations” as defined in those statutes. The ADA may require removal of barriers to access by persons with disabilities in certain public areas of our properties where such removal is readily achievable. To date, we have not received any notices of noncompliance with the ADA that have caused us to incur substantial capital expenditures to address ADA concerns. Should barriers to access by persons with disabilities be discovered at any of our properties, we may be directly or indirectly responsible for additional costs that may be required to make facilities ADA-compliant. Noncompliance with the ADA could result in the imposition of fines or an award of damages to private litigants. The obligation to make readily achievable accommodations pursuant to the ADA is an ongoing one, and we continue to assess our properties and make modifications as appropriate in this respect.
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Environmental Matters
A wide variety of federal, state, and local environmental and occupational health and safety laws and regulations affect healthcare facility operations. These complex federal and state statutes, and their enforcement, involve a myriad of regulations, many of which involve strict liability on the part of the potential offender. Some of these federal and state statutes may directly impact us. Under various federal, state, and local environmental laws, ordinances, and regulations, an owner of real property or a secured lender, such as us, may be liable for the costs of removal or remediation of hazardous or toxic substances at, under or disposed of in connection with such property, as well as other potential costs relating to hazardous or toxic substances (including government fines and damages for injuries to persons and adjacent property). The cost of any required remediation, removal, fines, personal or property damages, and any related liability therefore could exceed or impair the value of the property and/or the assets. In addition, the presence of such substances, or the failure to properly dispose of or remediate such substances, may adversely affect the value of such property and the owner’s ability to sell or rent such property or to borrow using such property as collateral, which, in turn, could reduce our earnings. For a description of the risks associated with environmental matters, see “Item 1A, Risk Factors” in this report.
Insurance
We obtain various types of insurance to mitigate the impact of property, business interruption, liability, flood, windstorm, earthquake, fire, environmental, and terrorism-related losses. We attempt to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events, that may be either uninsurable or not economically insurable. In addition, we have a large number of properties that are exposed to earthquake, flood, and windstorm occurrences, which carry higher deductibles.
We maintain property insurance for all of our properties. Tenants under triple-net leases are required to provide primary property, business interruption, and liability insurance. We maintain separate general and professional liability insurance for our senior housing properties. Additionally, our corporate general liability insurance program also extends coverage for all of our properties beyond the aforementioned. We periodically review whether we or our RIDEA operators will bear responsibility for maintaining the required insurance coverage for the applicable senior housing properties, but the costs of such insurance are facility expenses paid from the revenues of those properties, regardless of who maintains the insurance.
We also maintain directors and officers liability insurance, which provides protection for claims against our directors and officers arising from their responsibilities as directors and officers. Such insurance also extends to us in certain situations.
Sustainability and Corporate Impact
We believe that corporate impact initiatives are part of our corporate responsibility, which supports our primary goal of increasing stockholder value through profitable growth. We continue to advance our commitment to sustainability, with a focus on achieving goals in each of the corporate impact dimensions. Our Board of Directors oversees corporate impact matters, with the Nominating and Corporate Governance Committee overseeing sustainability and corporate governance matters, the Audit Committee overseeing risk management, and the Compensation and Human Capital Committee overseeing human capital management. We use an integrated approach to corporate impact throughout our business to identify risks and opportunities, capture efficiencies and cost savings, and report on the issues relevant to stakeholders.
Environment: Our environmental management program strives to make our buildings more sustainable and capture cost efficiencies that ultimately benefit our investors, tenants, business partners, and other stakeholders, while reducing our carbon footprint and providing a positive impact on the communities in which we operate. We regularly assess the climate-related risks and financial impacts to our business, including transition risks, physical climate risks, potential business disruption, and regulatory requirements, and work with our property managers, operators, and tenants to implement projects to mitigate these risks and impacts. For a description of the risks associated with climate risk matters, see “Item 1A, Risk Factors” in this report.
Social: See “—Human Capital Matters” below.
Governance: Our transparent corporate governance initiatives incorporate sustainability as a critical component in achieving our business objectives and properly managing risks.
Our recent corporate impact highlights include:
•Obtained 6 new LEED certifications, 14 new ENERGY STAR certifications, 135 ENERGY STAR recertifications, and 13 ENERGY STAR NextGen certifications in 2025
•Received a Green Star rating from the Global Real Estate Sustainability Benchmark (“GRESB”) for the fourteenth consecutive year, recognizing leading sustainability performance in our sector
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•Named to Newsweek’s America’s Most Responsible Companies list for the seventh consecutive year
•Named to the S&P Global Sustainability Yearbook for the tenth consecutive year
Under our “like-for-like” methodology, direct and indirect GHG emissions are compared on a year-over-year rolling basis using Scope 1 and Scope 2 GHG emissions for the properties that we have owned for two full consecutive calendar years, excluding non-stabilized developments and redevelopments in each year of the calculation. Base data utilized in the calculation of Scope 1 and Scope 2 GHG emissions is obtained from third-party invoices or estimates.
For additional information regarding our corporate impact initiatives, methodologies, and strategy, please visit our website at www.healthpeak.com/corporate-impact.
Human Capital Matters
Our employees represent our greatest asset, and as of December 31, 2025, we had 411 full-time employees. Our Board of Directors, through its Compensation and Human Capital Committee, retains oversight of human capital management, including corporate culture, talent acquisition, retention, employee satisfaction, engagement, and succession planning. We report on human capital matters at each regularly scheduled Board of Directors meeting and periodically throughout the year. The most significant human capital measures or objectives that we focus on in managing our business and our related human capital initiatives include the following:
•Inclusion and Respect: We promote a work environment that emphasizes respect, fairness, inclusion, and dignity. We are committed to providing equal opportunity and fair treatment to all individuals based on merit, without discrimination based on race, color, religion, national origin, citizenship, marital status, gender (including pregnancy), gender identity, gender expression, sexual orientation, age, disability, veteran status, or other characteristics protected by law. We do not tolerate discrimination or harassment. All employees are required to attend a biennial training on unconscious bias.
•Engagement: High employee engagement and satisfaction are both critical to attracting and retaining top talent and benefit our business in many ways. We conduct a regular employee engagement survey through an independent third party, measuring our progress on important employee issues and identifying opportunities for growth and improvement.
•Training and Development: We conduct at least annual employee training on our Code of Business Conduct and Ethics, as well as annual training on harassment prevention or unconscious bias. We also provide training and development to all employees, focusing on career development, professional development, and REIT essentials.
•Compensation and Benefits: We aim to ensure merit-based, equitable compensation practices to attract, retain, and recognize talent. We provide competitive compensation and benefit packages to our employees.
•Health, Safety, and Wellness: The health, safety, and wellness of our employees are vital to our success. We are committed to protecting the well-being and safety of employees through special training and other measures. We maintain a hybrid work model, which we believe maximizes company-wide productivity, and provide employees with resources, including virtual tools and ergonomic equipment, to maximize work-from-home efficiency.
•Community Partnership: Our Social Responsibility Committee is responsible for oversight of our charitable and volunteer activities. We partner with organizations that share our desire to support research, education, and other activities related to healthcare.
For additional information on human capital matters, please see our most recent proxy statement or corporate impact report, each of which is available on our website at www.healthpeak.com.
Available Information
Our website address is www.healthpeak.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available on our website, free of charge, as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. Additionally, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us, at www.sec.gov. References to our website throughout this Annual Report on Form 10-K are provided for convenience only and the content on our website does not constitute a part of this Annual Report on Form 10-K.
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ITEM 1A.    Risk Factors
The section below discusses the risk factors that may materially adversely affect our business, results of operations, and financial condition. Additional risks not presently known to us or that we currently deem immaterial may also adversely affect our business.
As set forth below, we believe that the risks we face generally fall into the following categories:
•risks related to our business and operations;
•risks related to our capital structure and market conditions;
•risks related to the pending Janus Living Offering and our relationship with Janus Living if the Janus Living Offering is completed; and
•risks related to tax, including REIT-related risks, and related to our jurisdiction of incorporation and our structure as an UPREIT.
Risks Related to Our Business and Operations
Changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration could adversely affect our business operations or the operations of our tenants or operators.
Recent and ongoing changes in U.S. federal government policy have introduced uncertainty to the capital markets, as well as within our industry and the industries of our tenants and operators. These policy changes include, but are not limited to, workforce reductions at federal agencies; executive actions impacting National Institutes of Health (“NIH”) grant funding; changes to visa policies affecting the scientific workforce; efforts to cap NIH indirect cost reimbursements; tariffs and potential tariff actions; and changes to drug pricing policies. For example, recent policy shifts and administration priorities affecting research funding, drug pricing, drug review and approval processes, and tariffs, among other policies, have created uncertainty in the life science ecosystem in which our lab tenants operate. This uncertainty has adversely impacted, and in the future may adversely impact, the ability of life science companies obtain investor funding, which could lead to setbacks in research and development timelines, advancement of drug pipelines, or achievement of commercial viability. In addition, competitive international biotech sectors, including in China, supported by favorable regulatory conditions and costs there, may also divert research and development activity and investment away from the U.S., reducing long-term demand for domestic life science real estate. These policy shifts and other dynamics may affect our lab tenants’ ability to make rent payments to us or expand within our properties, which, as a result, could negatively impact our operating and financial results.
Furthermore, reductions in Medicaid spending and cuts to Medicaid provider rates, the expiration of health insurance subsidies under the Patient Protection and Affordable Care Act, along with the Health Care and Education Reconciliation Act of 2010 (collectively, the “Affordable Care Act”), other potential changes to federal reimbursement policies, and other potential policy initiatives focused on medical care, including site-neutral payments and changes to reimbursement for certain outpatient services, could reduce patient volumes, increase uncompensated care, and put downward pressure on reimbursement rates for hospitals and outpatient medical facilities, which could have an adverse effect on our tenants’, operators’, and borrowers’ liquidity, financial condition, or results of operations. In particular, reduced funding for entitlement programs such as Medicare and Medicaid could result in increased costs and fees for programs such as Medicare Advantage Plans and additional reductions in reimbursements to providers.
In general, facilities in non-expansion states face a significantly higher financial risk due to Medicare / Medicaid and Affordable Care Act provisions in the One Big Beautiful Bill Act (“OBBA”). An expansion state is a U.S. state that chose to expand its Medicaid program under the Affordable Care Act, thereby extending coverage to nearly all low-income adults up to 138% of the federal poverty level and becoming eligible for enhanced federal funding. In contrast, a non-expansion state is a state that did not expand its Medicaid program under the Affordable Care Act. As Affordable Care Act subsidies have expired, non-expansion states with higher numbers of individuals not eligible for Medicaid who can no longer rely on purchasing coverage from the Affordable Care Act marketplace will be disproportionately affected unless the subsidies are extended. Accordingly, facilities in non-expansion states could face challenges in meeting operational costs if patients/residents lose the ability to purchase Affordable Care Act coverage. Amendments to the Affordable Care Act in whole or in part and decisions by the Centers for Medicare and Medicaid Services could impact the delivery of services and benefits under Medicare, Medicaid, or Medicare Advantage Plans and could affect our tenants and operators and the manner in which they are reimbursed by such programs. Because our outpatient medical segment depends on stable, long-term occupancy by healthcare providers, such adverse changes in U.S. healthcare policy could adversely affect our operating and financial results.
Tariffs and potential tariff actions have also led to market volatility, higher construction costs, and supply chain disruptions, which could delay or increase the cost of our development projects and impair our access to capital.
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We may be negatively impacted by macroeconomic trends that may increase borrowing, construction, labor, and other operating or administrative costs for us and our tenants, operators, and borrowers.
In recent periods, many of our costs, including borrowing, construction, labor, utilities, and other operating and administrative costs, have been adversely affected by macroeconomic trends, including higher interest rates, inflation, price volatility, and changes in unemployment, among other factors. These macroeconomic trends may also negatively impact consumer confidence and spending and have been exacerbated at times by domestic and international policy shifts; uncertainty in the regulatory landscape in which we, our tenants, and our operators operate; supply chain disruptions; geopolitical conflicts; federal government deficits; and other international and domestic events impacting the macroeconomic environment. If any of these adverse macroeconomic trends continue or recur in the future, our business and results of operations may be negatively impacted.
Furthermore, rising labor costs and personnel shortages may adversely impact us or our tenants, operators, and borrowers. Competitive pressures may require that we or our tenants, operators, or borrowers enhance pay and benefits packages to compete effectively for such personnel. To the extent we or our tenants, operators, or borrowers cannot hire a sufficient number of qualified personnel, we or they may need to utilize high-cost alternatives to meet labor needs, including contract and overtime labor, or our business may operate below capacity, which may affect our ability to effectively manage risk and pursue potential revenue and growth opportunities.
Additionally, changing technologies and cultural trends could negatively impact future demand for our properties, which could have a material adverse effect on our business, results of operations, and financial condition.
Life science industry changes could have a material adverse effect on our business, results of operations, and financial condition.
If economic, financial, regulatory, or industry conditions adversely affect the life science industry, we may be unable to lease or re-lease our lab properties in a timely manner or at profitable rates or with favorable terms. In addition, because lab property infrastructure improvements are typically significantly more costly than improvements to other property types due to their highly specialized nature, and lab tenants typically require greater lease square footage relative to outpatient medical tenants, repositioning efforts would have a disproportionate adverse effect on our lab segment performance. Further, our lab investments could face decreased demand from biotech and life science companies relative to supply, and life science industry consolidation could reduce the rentable square footage requirements of our client tenants and prospective client tenants, which may adversely impact our revenues from lease payments. Finally, our lab investments could also be adversely affected if the life science industry migrates from the U.S. to other countries that have seen accelerated growth in the biotech industry, or to areas outside of our primary lab markets in the greater South San Francisco, San Diego, and Boston areas.
Our lab tenants face significant regulation, funding requirements, and uncertainty.
Our lab tenants face substantial requirements for, and risks related to, the research, development, clinical testing, manufacture, and commercialization of their products and technologies, including:
•significant funding requirements, including for rent payments due to us that may not be available;
•federal, state, and foreign regulatory approvals that may be costly or difficult to obtain, may take several years and be subject to delay, may not be obtained at all, require validation through clinical trials that may face delays or difficulties, or ultimately be unsuccessful;
•product and technology efficacy risks;
•acceptance risks among doctors and patients;
•significant regulatory and liability risks, including the possible later discovery of safety concerns and other defects and potential loss of approvals, competition from new products, and the expiration of patent protection;
•new and emerging laws aimed at the life science/biotechnology industry, increasing regulatory requirements and compliance costs, as well as healthcare reforms and reimbursement policies of government or private healthcare payors, including price controls for prescription drug prices;
•intellectual property and technology risks under patent, copyright, and trade secret laws;
•economic conditions potentially restricting growth opportunities; and
•new or emerging technologies, such as artificial intelligence and automation, that introduce advanced computational technologies into tenants’ research and development programs, which could accelerate and streamline a number of research and development functions and lead to a reconfiguration in space requirements by our tenants or decrease in demand for space over time.
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Our lab tenants’ ability to raise capital depends on the actual or perceived viability of their products and technologies, their financial and operating condition and outlook, and the overall financial, banking, regulatory, and economic environment. If venture capital firms, private investors, the public markets, companies in the life science industry, the government, or other sources of funding are difficult to obtain or unavailable to support our tenants’ activities, including as a result of changes to regulatory policies and actions by the U.S. political administration (including those described earlier), general economic conditions, adverse market conditions, or uncertainty that negatively impact our tenants’ ability to raise capital, our tenants’ business would be adversely affected or could fail. In addition, several of our lab tenants build upon the earlier successful research conducted at research institutions and funded by NIH grants; sustained funding cuts to NIH grants could have long-lasting impacts to the industry and impede our tenants’ ability to build on such earlier successful research. If our lab tenants’ businesses are adversely affected, they may be unable to meet their financial obligations to us or expand within our properties, which could have a material adverse effect on our business, results of operations, and financial condition.
Decreases in our tenants’, operators’, or borrowers’ revenues, or increases in their expenses, or other factors adversely affecting their ability to borrow money, could affect their ability to meet their financial and other contractual obligations to us.
Occupancy levels at, and rental income from, our outpatient medical facilities and senior housing properties depend on our ability and the ability of our tenants, operators, and borrowers to compete with respect to (i) the quality of care provided, (ii) reputation, (iii) price, (iv) the range of services offered, (v) the physical appearance of a property, (vi) family preference, (vii) referral sources, and (viii) location.
In addition, our tenants, operators, and borrowers compete with certain companies that provide similar healthcare services or alternatives such as home health agencies, telemedicine, life care at home, community-based service programs, retirement communities, and convalescent centers. There have been, and there are expected to continue to be, advances and changes in technology, payment models, healthcare delivery models, regulation, and consumer behavior, preferences, and perception that could reduce demand for on-site activities provided at our properties. If our tenants, operators, or borrowers are unable to adapt to long-term changes in demand, their financial condition could be materially impacted and our business, financial condition, and results of operations could be adversely affected.
Furthermore, these tenants, operators, and borrowers face a competitive labor market. A shortage of care givers or other trained personnel, shifts in immigration policy, union activities (including strikes, labor slowdowns, or contract negotiations), wage laws, or general inflationary pressures on wages may require our tenants, operators, and borrowers to enhance pay and benefits packages, or to use more expensive contract personnel, and they may be unable to offset these added costs by increasing the rates charged to residents or patients. An inability to attract and retain qualified personnel, including personnel possessing the expertise needed to operate in the life science, outpatient medical, and senior housing sectors, could negatively impact the ability of our tenants, operators, and borrowers to meet their obligations to us.
Our tenants, operators, and borrowers could also be adversely impacted by a bank failure or other event affecting financial institutions, including through disruptions in access to bank deposits or borrowing capacity, including access to letters of credit from certain of our tenants relating to lease obligations, and any resulting adverse effects to our tenants’, operators’, or borrowers’ liquidity or financial performance could affect their ability to meet their financial and other contractual obligations to us. Our tenants could also be adversely affected by tariffs, which could cause the import or export of materials, components, or specialized equipment they use to become prohibitively expense to use or sell.
Although we generally have the right under specified circumstances to terminate a lease, evict a tenant or terminate an operator, demand immediate repayment of outstanding loan amounts or other obligations to us, or draw on a letter of credit, we may be unable to enforce these rights or we may determine not to do so if we believe that doing so would be more detrimental than alternative approaches. If widespread default or nonpayment of outstanding obligations from our tenants, operators, or borrowers occurs at a time when terminating our agreements with them and replacing them would be difficult or impossible, we could elect instead to amend our agreements on materially less favorable terms to us. The failure of our tenants, operators, or borrowers to meet their financial and other contractual obligations to us could have a material adverse effect on our business, results of operations, and financial condition.
We may be negatively impacted by the insolvency or bankruptcy of, or the inability to obtain funding by, one or more of our major tenants, operators, or borrowers.
A downturn in our tenants’, operators’, or borrowers’ businesses has led, and could in the future lead, to voluntary or involuntary bankruptcy or similar reorganization, restructuring, or insolvency proceedings, including assignment for the benefit of creditors, liquidation, or winding-up. Bankruptcy and insolvency laws afford certain rights to a defaulting tenant, operator, or borrower that has filed for bankruptcy or reorganization that has, and in the future may, render certain of our remedies unenforceable or, at the least, delay our ability to pursue such remedies and realize any related recoveries.
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A debtor has the right to assume, or to assume and assign to a third party, or to reject its executory contracts and unexpired leases in a bankruptcy proceeding. We have been subject to rejection of our leases in the past and may experience such rejection in the future. When a debtor rejects its leases with us, obligations under such rejected leases cease. The claim against the rejecting debtor for remaining rental payments due under the lease is an unsecured claim limited by the statutory cap set forth in the U.S. Bankruptcy Code. This statutory cap may be substantially less than the remaining rent actually owed under the lease. In addition, a debtor may also assert in bankruptcy proceedings that certain leases should be re-characterized as financing agreements, which could result in our being deemed a lender instead of a landlord. A lender’s rights and remedies, as compared to a landlord’s, generally are materially less favorable, and our rights as a lender may be subject to lower priority for payment under the U.S. Bankruptcy Code.
Furthermore, the automatic stay provisions of the U.S. Bankruptcy Code preclude us from enforcing our remedies unless we first obtain relief from the court having jurisdiction over the bankruptcy case. This effectively limits or delays our ability to collect unpaid rent or interest payments, and we may ultimately not receive any payment at all. In addition, we have been, and may again be, required to fund certain expenses and obligations (e.g., real estate taxes, insurance, debt costs, and maintenance expenses) to preserve the value of our properties, avoid the imposition of liens on our properties, or transition our properties to a new tenant or operator.
If we are unable to transition affected properties, they would likely experience prolonged operational disruption, leading to lower occupancy rates and further depressed revenues. Publicity about the operator’s financial condition and insolvency proceeds may also negatively impact their and our reputations, decreasing customer demand and revenues. Any or all of these risks could have a material adverse effect on our revenues, results of operations, and cash flows. These risks could be magnified where we lease multiple properties to a single operator under a master lease, as an operator failure or default under a master lease would expose us to these risks across multiple properties.
We depend on real estate investments, particularly in the healthcare property sector, making us more vulnerable to events affecting the healthcare property sector, including a downturn or slowdown in that sector, or laws affecting REIT ownership of healthcare properties.
We concentrate our investments in the healthcare property sector. A downturn or slowdown in this sector would have a greater adverse impact on our business than if we had investments across multiple sectors, and could negatively impact the ability of our tenants, operators, and borrowers to meet their obligations to us, as well as their ability to maintain historical rental and occupancy rates, which could have a material adverse effect on our business, results of operations, and financial condition. Additionally, at various times, legislation potentially limiting REIT ownership and investment in the healthcare property sector has been introduced or is under discussion at the federal, state, and/or local level, including laws that would restrict REIT investment in the sector, reduce tax benefits for REITs that own healthcare properties, or require burdensome approvals for, or significantly delay the ability of, healthcare entities to transact with REITs. Such events impacting the healthcare property sector could have a material adverse effect on our ability to participate in the ownership of or investment in healthcare real estate, the value of our properties, or our ability to sell properties at prices or on terms acceptable or favorable to us.
The illiquidity of our real estate investments may prevent us from timely responding to economic or investment performance changes.
Our real estate investments can be relatively illiquid due to: (i) restrictions on our ability to sell properties under applicable REIT tax laws, (ii) other tax-related considerations, (iii) regulatory hurdles, and (iv) market conditions. As a result, we may be unable to recognize full value for any property that we seek to sell. Our inability to timely respond to economic or investment performance changes could have a material adverse effect on our business, results of operations, and financial condition.
Identifying and securing new or replacement tenants or operators can be time consuming and costly.
Healthcare properties can be highly customized, and the improvements generally required to conform a property to healthcare use are costly, sometimes tenant-specific, and may be subject to regulatory requirements. A new or replacement tenant or operator may require different features in a property, depending on that tenant’s or operator’s particular business. In addition, infrastructure improvements for outpatient medical and lab properties typically are significantly more expensive than improvements to other property types due to the highly specialized nature of the properties, and with respect to lab properties, the greater lease square footage often required by lab tenants. Therefore, we may incur substantial expenditures to modify a lab property and experience delays before we are able to secure a new or replacement tenant or operator or to accommodate multiple tenants or operators, which may have a material adverse effect on our business, results of operations, and financial condition.
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In addition, we may fail to identify suitable replacements or enter into leases, management agreements, or other arrangements with new tenants or operators on a timely basis or on terms as favorable to us as our current leases, if at all. We also may be required to fund certain expenses and obligations, such as real estate taxes, debt costs, insurance costs, and maintenance expenses, to preserve the value of, and avoid the imposition of liens on, our properties while they are being repositioned. In addition, we may incur certain obligations and liabilities, including obligations to indemnify the replacement tenant or operator. Identifying and securing new or replacement tenants or operators can be time consuming and costly, which could have a material adverse effect on our business, results of operations, and financial condition.
Property development, redevelopment, and tenant improvement risks can render a project less profitable or unprofitable and delay or prevent its undertaking or completion.
Our property development, redevelopment, and tenant improvement projects could be canceled, abandoned, delayed or, if completed, fail to perform in accordance with expectations due to, among other things:
•the inability to obtain financing on favorable terms or at all, or the lack of liquidity we deem necessary or appropriate for the project;
•legal and regulatory hurdles, including moratoriums on development and redevelopment activities, climate regulatory requirements or expectations (such as net zero or carbon neutrality), or other building and energy performance requirements;
•the failure to obtain, or costs associated with obtaining, necessary zoning, entitlements, and permits;
•cost increases; and
•other factors over which we have limited or no control, including: (i) changes in market and economic conditions; (ii) decline in demand, including after construction has commenced; (iii) natural disasters and other catastrophic events or physical climate risks, such as floods, wildfires, earthquakes, and wind storms; (iv) pandemics or other health crises; (v) labor conditions, including a labor shortage or work stoppage; (vi) shortages of construction materials; (vii) environmental conditions; or (viii) civil unrest and acts of war or terrorism.
Project costs may materially exceed original estimates due to, among other things:
•higher interest rates;
•increased costs for materials, transportation, environmental remediation, labor, or other inputs, including those caused by a shortage of construction materials or labor;
•negligent construction or construction defects;
•damage, vandalism, or accidents; and
•increased operating costs, including insurance premiums, utilities, real estate taxes, and costs of complying with changes in government regulations or increases in tariffs.
Delays in project completion also delay the commencement of related rental payments, including increases in rental payments following tenant improvement projects, and may provide tenants the right to terminate leases or cause us to incur additional costs, including through rent abatement.
Demand for a project may decrease prior to a project’s completion, and resulting lease-up rates, rental rates, lease commencement dates, and occupancy levels may fail to meet expectations. Tenants that have pre-leased at a project may file for bankruptcy or become insolvent, or elect to terminate their lease prior to delivery if they are acquired or for other reasons. Finally, a project may have defects that we do not discover through the inspection processes, including latent defects not discovered until after we put a property in service.
The foregoing risks could result in not achieving anticipated returns on investment and could have a material adverse effect on our business, results of operations, and financial condition.
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The hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems could fail to remain competitive or financially viable, which could adversely impact their ability to attract physicians and physician groups to our outpatient medical buildings and our other properties that serve the healthcare industry.
The viability of hospitals depends on factors such as: (i) the quality and mix of healthcare services provided, (ii) competition for patients and physicians, (iii) demographic trends in the surrounding community, (iv) market position, (v) growth potential, and (vi) changes to the reimbursement system, as well as the ability of the affiliated healthcare systems to provide economies of scale and access to capital. In addition, hospitals could be negatively affected by widespread cancellations of elective procedures due to health and safety measures or otherwise. If a hospital whose campus is located near one of our outpatient medical buildings is unable to meet its financial obligations, and if an affiliated healthcare system is unable to support that hospital or goes bankrupt, the hospital may be unable to successfully compete or could be forced to close, relocate, or be sold to another provider, which could adversely impact its ability to attract physicians and other healthcare-related users. In addition, hospitals can also be adversely affected by increasing legal and regulatory scrutiny and hurdles, including requirements for hospitals to be able to engage in certain transactions or change owners or operators, which could impact the financial viability of the hospitals. Because we rely on our proximity to, and affiliations with, these hospitals to create tenant demand for space in our outpatient medical buildings, their inability to remain competitive or financially viable, or to attract physicians and physician groups, could adversely affect our outpatient medical building operations and have a material adverse effect on us.
We assume operational risks with respect to our senior housing properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations, and financial condition.
Although the RIDEA structure gives us certain oversight approval rights (e.g., budgets and material contracts) and the right to review operational and financial reporting information, our operators are ultimately in control of the day-to-day business of the property. As a result, we have limited rights to direct or influence the business or operations of our senior housing properties, all of which are under RIDEA structures, and we depend on our operators to operate these properties in a manner that complies with applicable law, minimizes legal risk, and maximizes the value of our investment.
Under a RIDEA structure, our TRS is ultimately responsible for all operational risks and other liabilities of the properties, other than those arising out of certain actions by our operator, such as gross negligence or willful misconduct. Operational risks include, and our resulting revenues therefore depend on, among other things: (i) occupancy rates; (ii) the entrance fees and rental rates charged to residents; (iii) the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid, to the extent applicable, including changes to reimbursement rates; (iv) our operators’ reputations and ability to attract and retain residents; (v) general economic conditions and market factors that impact seniors, including general inflationary pressures; (vi) competition from other senior housing providers; (vii) compliance with federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations and standards; (viii) litigation involving our properties or residents/patients; (ix) the availability and cost of general and professional liability insurance coverage or increases in insurance policy deductibles; and (x) the ability to control operating expenses.
Operators of our senior housing properties primarily depend on private sources for their revenues and the ability of their patients and residents to pay fees. Costs associated with independent and assisted living services are not generally reimbursable under governmental reimbursement programs such as Medicare and Medicaid. Accordingly, our operators of these properties depend on attracting seniors with appropriate levels of income and assets, which may be affected by many factors, including: (i) prevailing economic and market trends, including general inflationary pressures; (ii) consumer confidence; (iii) demographics; (iv) property condition and safety; (v) public perception about such properties; (vi) social and environmental factors; and (vii) changes in consumer preferences (such as favoring home health services instead of residing in a senior housing community).
In addition, epidemics, pandemics, and severe flu seasons or any other widespread illness could result in early move-outs or delayed move-ins during quarantine periods or during periods when actual or perceived risks of such illnesses are heightened, and have reduced, and could continue to reduce, our operators’ revenues.
If our operators fail to effectively conduct operations on our behalf, or to maintain and improve our properties, it could adversely affect our business reputation as the owner of the properties, as well as the business reputation of our operators and their ability to attract and retain patients and residents in our properties, which could have a material adverse effect on our and our operators’ business, results of operations, and financial condition.
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Tenants, operators, and borrowers that fail to comply with federal, state, local, and international laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements, may cease to operate or be unable to meet their financial and other contractual obligations to us.
Our tenants, operators, and borrowers across our segments are subject to or impacted by extensive, frequently changing federal, state, and local laws and regulations; see “Item 1, Business—Government Regulation, Licensing and Enforcement—Healthcare Licensure and Certificate of Need” for a discussion of certain of these laws and regulations. Unannounced surveys, inspections, or audits occur frequently, including following a regulator’s receipt of a complaint about a facility, and these surveys, inspections, and audits can result in deficiencies and further adverse action. Our tenants’, operators’, or borrowers’ failure to comply with any of the laws, regulations, or requirements applicable to them could result in: (i) loss of accreditation; (ii) denial of reimbursement; (iii) imposition of fines and civil monetary penalties; (iv) suspension or decertification from government healthcare programs; (v) civil liability; and (vi) in certain instances, suspension, or denial of admissions, criminal penalties, loss of license, or closure of the property and/or the incurrence of considerable costs arising from an investigation or regulatory action, which may have an adverse effect on properties that we own and lease to a third party tenant in our outpatient medical and lab segments, that we own and operate through a RIDEA structure in our senior housing segment, or on which we are a lender, and therefore may materially adversely impact us.
Furthermore, we are required under RIDEA to rely on our operators to oversee and direct these aspects of the properties’ operations to ensure compliance with applicable laws and regulations. If one or more of our healthcare properties fails to comply with applicable laws and regulations, our TRS would be responsible (except in limited circumstances, such as the gross negligence or willful misconduct of our operators, where we would have a contractual claim against them), which could subject our TRS to penalties including loss or suspension of licenses, certification or accreditation, exclusion from government healthcare programs (i.e., Medicare, Medicaid), administrative sanctions, and civil monetary penalties. Some states also reserve the right to sanction affiliates of a licensee when they take administrative action against the licensee, and require a licensee to report all healthcare-related administrative actions that have been brought against any of the licensee’s affiliates, even in other states. Additionally, when we receive individually identifiable health information relating to residents of our healthcare properties, we are subject to federal and state data privacy and security laws and rules, and could be subject to liability in the event of an audit, complaint, cybersecurity incident, or data breach. Furthermore, our TRS has exposure to professional liability claims that could arise out of resident claims, such as quality of care, and the associated litigation costs.
Required regulatory approvals can delay or prohibit transfers of our senior housing properties.
Transfers of senior housing properties to successor owners or operators are typically subject to regulatory approvals or ratifications, including change of ownership approvals for licensure and Medicare / Medicaid (if applicable) that are not required for transfers of other types of commercial operations and other types of real estate. Federal and state authorities have become increasingly focused on the review and potential regulation of healthcare transactions for impacts on costs, access to care, and quality, which could involve lengthy review and approval periods, enhanced disclosure obligations, impact analysis, public notices, and hearings. Such regulation could adversely impact the time and cost of completing transactions and, in certain circumstances, affect the feasibility of pursuing or completing such transactions. The sale of, or replacement of any operator at, our senior housing facilities could be delayed by the regulatory approval process of any federal, state, or local government agency necessary for the transfer of the property or the replacement of the operator licensed to manage the property, during which time the property may experience performance declines. We may also elect to use an interim licensing structure to facilitate such transfers, which structure expedites the transfer by allowing a third party to operate under our license until the required regulatory approvals are obtained, but could subject us to fines or penalties if the third party fails to comply with applicable laws and regulations and fails to indemnify us for such fines or penalties pursuant to the terms of its agreement with us.
Compliance with the Americans with Disabilities Act and fire, safety, and other regulations may require us to make expenditures that adversely affect our cash flows.
Our properties must comply with applicable ADA and any similar state and local laws. These laws may require removal of barriers to access by persons with disabilities in public areas of our properties. Noncompliance could result in the incurrence of additional costs associated with bringing the properties into compliance, the imposition of fines or an award of damages to private litigants in individual lawsuits or as part of a class action. We could also be required to expend funds to comply with the provisions of the ADA and similar state and local laws on behalf of tenants, which could adversely affect our results of operations and financial condition.
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In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations. New and revised regulations and codes may be adopted by governmental agencies and bodies and become applicable to our properties. For example, new safety laws for senior housing properties were adopted following the particularly damaging 2018 hurricane season. Compliance could require substantial capital expenditures, both for significant upgrades and for tenant relocations that may be necessary depending on the scope and duration of upgrades, and may restrict our ability to renovate our properties. These expenditures and restrictions could have a material adverse effect on our financial condition and cash flows.
The requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid may adversely affect our tenants’, operators’, and borrowers’ ability to meet their financial and other contractual obligations to us.
Certain of our tenants, operators, and borrowers, as well as our owned assets in the senior housing segment, are affected, directly or indirectly, by a complex set of federal, state, and local laws and regulations pertaining to governmental reimbursement programs. These laws and regulations are subject to frequent and substantial changes that are sometimes applied retroactively. See “Item 1, Business—Government Regulation, Licensing and Enforcement.” For example, to the extent that our tenants, operators, or borrowers, or assets owned in our senior housing segment, receive a significant portion of their revenues from governmental payors, primarily Medicare and Medicaid, they are generally subject to, among other things:
•statutory and regulatory changes, including changes that impact state reimbursement programs, particularly Medicaid reimbursement and managed care payments;
•staffing and quality requirements;
•retroactive rate adjustments and recoupment efforts;
•recovery of program overpayments or set-offs;
•federal, state, and local litigation and enforcement actions, including those relating to Covid and the failure to satisfy the terms and conditions of financial relief;
•administrative proceedings;
•policy interpretations;
•payment or other delays by fiscal intermediaries or carriers;
•government funding restrictions (at a program level or with respect to specific properties);
•reduced reimbursement rates under managed care contracts;
•changes in reimbursement rates, methods, or timing under governmental reimbursement programs, including changes that impact state reimbursement programs, particularly Medicaid reimbursement and managed care payments;
•pre- and post-payment reviews and audits by governmental authorities, which could result in recoupments, denials or delay of payments;
•interruption or delays in payments due to any ongoing governmental investigations and audits at such properties or due to a partial or total federal or state government shutdown for a prolonged period of time; and
•reputational harm of publicly disclosed enforcement actions, audits, or investigations related to billing and reimbursements.
We are unable to predict future changes to or interpretations of, or the intensity of enforcement efforts with respect to, these laws and regulations, including those that pertain to the Medicare and Medicaid programs. The failure to comply with the extensive laws, regulations, and other requirements applicable to their business and the operation of our properties could result in, among other challenges: (i) becoming ineligible to receive reimbursement from governmental reimbursement programs or being compelled to repay amounts received; (ii) becoming subject to prepayment reviews or claims for overpayments; (iii) moratoriums on admissions of new patients or residents; (iv) civil or criminal penalties; and (v) significant operational changes, including requirements to increase staffing or the scope of care given to residents. These laws and regulations are enforced by a variety of federal, state, and local agencies and can also be enforced by private litigants through, among other things, federal and state false claims acts, which allow private litigants to bring qui tam or “whistleblower” actions. Any changes in the regulatory framework or the intensity or extent of governmental or private enforcement actions could have a material adverse effect on our tenants, operators, borrowers, and/or assets.
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In addition, the patient driven payment model utilized by the Centers for Medicare and Medicaid Services to calculate reimbursement rates for patients in skilled nursing properties (which is among the unit types in our life plan communities) could result in decreases in payments to our operators and tenants or increase our operators’ and tenants’ costs. We cannot make any assessment as to the ultimate timing or the effect that any future changes may have on our tenants’, operators’, and borrowers’ costs of doing business, or the cost of doing business for or the assets owned in our senior housing segment, and on the amount of reimbursement by government and other third-party payors. Any significant limits on the scope of services reimbursed, reductions in reimbursement rates and fees, or increases in provider or similar types of taxes, could materially adversely affect their ability to meet their financial and contractual obligations to us.
Economic conditions, natural disasters, weather, and other events or conditions that negatively affect geographic areas where we have concentrated investments could have a material adverse effect on our business, results of operations, and financial condition.
We are subject to increased exposure to adverse conditions affecting the geographies in which our properties are located, including: (i) downturns in local economies or increases in unemployment rates; (ii) changes in local real estate conditions, including increases in real estate taxes and property insurance premiums; (iii) increased competition; (iv) decreased demand; (v) changes in political administrations, or federal, state, and local legislation, including changes affecting business or property taxes; (vi) local climate events and natural disasters and other catastrophic events, such as pandemics, earthquakes, hurricanes, windstorms, flooding, wildfires, and mudslides and other physical climate risks, including water stress and heat stress; and (vii) failures of regional banks. These risks could significantly disrupt our businesses in the region, harm our ability to compete effectively, result in increased costs or construction delays, and divert management attention, any or all of which could have a material adverse effect on our business, results of operations, and financial condition.
In addition, significant climate changes in areas where we own property could result in extreme weather and changes in precipitation, temperature, and other weather patterns, all of which could result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions or delays in construction. Moreover, an increase in volatility and difficulty predicting adverse weather events, such as freeze events in warmer climates in recent years, as well as increased hurricane intensity, may result in additional losses. Intensifying natural disasters resulting from climate change and extreme weather events, coupled with macroeconomic factors, have directly affected the availability of insurance, premiums, deductibles, and capacity that insurers are willing to underwrite. As a result, we may determine to self-insure more of our exposures, absorb more below-deductible losses, and look for alternative means of risk transfer in order to avoid spiraling insurance costs. These events also have indirect effects on our business by increasing the costs of energy, maintenance, and snow removal at our properties. If changes in the climate have material effects, such as property destruction, or occur for extended periods, this could have a material adverse effect on business, results of operations, and financial condition.
Uninsured or underinsured losses could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses.
A large number of our properties are located in areas exposed to earthquakes, hurricanes, windstorms, flooding, water stress, heat stress, and other common natural disasters and physical climate risks. In particular, (i) a significant portion of our lab development projects and approximately 69% of our lab portfolio (based on gross asset value as of December 31, 2025) was concentrated in California, which is known to be subject to earthquakes, wildfires, and other natural disasters, and (ii) approximately 69% of our life plan community portfolio (based on gross asset value as of December 31, 2025) was concentrated in Florida, which is known to be subject to hurricanes. While we maintain insurance coverage for earthquakes, fires, hurricanes, windstorms, floods, and other natural disasters and physical climate risks, we may be unable to purchase the limits and terms we desire on a commercially reasonable basis due to increased insurance costs or the unavailability of insurance for certain exposures in other regions. We maintain additional earthquake insurance for our properties that are located in the vicinity of active earthquake zones in amounts and with deductibles we believe are commercially reasonable. Because of our significant concentration in the seismically active regions of South San Francisco, California, and San Diego, California, an earthquake in these areas could damage a significant portion of our lab portfolio. Similarly, a hurricane in Florida could damage a significant portion of our life plan community portfolio. As a result, aggregate deductible amounts may be material, and our insurance coverage may be materially insufficient to cover our losses. Furthermore, there are certain exposures for which we do not purchase insurance because we do not believe it is economically feasible to do so or there is no viable insurance market.
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If one of our properties experiences a loss that is uninsured or that exceeds policy coverage limits, we could lose our investment in the damaged property as well as the anticipated future cash flows from such property. If the damaged property is subject to recourse indebtedness, we could continue to be liable for the indebtedness even if the property is irreparably damaged. In addition, even if damage to our properties is covered by insurance, a disruption of business caused by a casualty event may result in loss of revenues for us. Any business interruption insurance may not fully compensate the lender or us for such loss of revenue. Our insurance coverage does not include damages as a result of a pandemic, including business interruption, loss of revenue or earnings, or any related effects (e.g., increased costs related to personal protective equipment, sanitization/sterilization of surfaces and equipment, and additional staffing). Insurance coverage for pandemics is not generally available; if it does become available again, it may not be on commercially reasonable terms and we may be unable to receive insurance proceeds that would compensate us fully for our liabilities, costs, and expenses in the event of a pandemic.
Our senior housing operators also face various forms of class-action lawsuits from time to time, such as wage and hour and consumer rights actions, which generally are not covered by insurance. These class actions could result in significant defense costs, as well as settlements or verdicts that materially decrease anticipated revenues from a property and can result in the loss of a portion or all of our invested capital. We may also incur significant out-of-pocket costs associated with legal proceedings or other claims from residents and patients at our properties. Any of the foregoing risks could have a material adverse effect on our business, results of operations, and financial condition.
In addition, the rise in outsized jury verdicts and/or intensifying natural disasters could threaten policy limits and/or sublimits, which may result in the exhaustion of available insurance coverage for the remainder of the policy year. These events could also have a material adverse effect on our business, results of operations, and financial condition.
Our use of joint ventures may limit our returns on and our flexibility with jointly owned investments.
From time to time, we develop, acquire, and/or recapitalize properties in joint ventures with other persons or entities when circumstances warrant the use of these structures. Our participation in joint ventures is subject to risks that may not be present with other methods of ownership, including:
•our joint venture partners could have investment and financing goals that are inconsistent with our objectives, including the timing, terms, and strategies for any investments, and what levels of debt to incur or carry;
•because we lack sole decision-making authority, we could experience impasses or disputes relating to certain decisions, including those related to budget approvals, entitlements, construction and development, acquisitions, sales of assets, debt financing, execution of lease agreements, and vendor approvals, which could result in delayed decisions and missed opportunities and could require us to expend additional resources on litigation or arbitration to resolve;
•our joint venture partners may have competing interests that create conflicts of interest in our markets;
•our ability to transfer our interest in a joint venture to a third party may be restricted;
•the market for our interest may be limited and/or valued lower than fair market value;
•our joint venture partners may be structured differently than us for tax purposes, and this could create conflicts of interest and risks to our REIT status or could restrict the ways in which we are able to exit investments;
•our joint venture partners might become insolvent, fail to fund their share of required capital contributions or fail to fulfill their obligations as a joint venture partner, which may require us to infuse our own capital into the venture on behalf of the partner despite other competing uses for such capital;
•our joint venture agreements may contain anti-competitive restrictions that impact certain of our non-joint venture assets and require us to manage the non-joint venture assets in a manner we otherwise would not;
•our joint venture agreements may in certain circumstances grant our partners a right of first refusal to acquire certain of our non-joint venture assets;
•our joint venture agreements may give our partners management rights that allow them to make operational or other decisions with which we disagree or that we would manage differently; and
•our joint venture agreements may impose limitations or caps on the property management fees that we otherwise would have been entitled to receive if the underlying property were wholly owned.
In addition, in some instances, our joint venture partner will have the right to cause us to sell our interest, or acquire their interest, at a time when we otherwise would not have initiated such a transaction. Our ability to acquire our partner’s interest will be limited if we lack sufficient capital resources. This could require us to sell our interest in the joint venture when we might otherwise prefer to retain it. Any of the foregoing risks could have a material adverse effect on our business, results of operations, and financial condition.
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Rent escalators or contingent rent provisions in our leases could hinder our profitability and growth.
We derive a significant portion of our revenues from leasing properties pursuant to leases that generally provide for fixed rental rates, subject to annual escalations. If inflation exceeds our annual escalations, our growth and profitability may be limited.
Additionally, some of our leases provide that annual rent is modified based on changes in the Consumer Price Index or other thresholds (i.e., contingent rent escalators). If the Consumer Price Index does not increase or other applicable thresholds are not met, rental rates may not increase as anticipated or at all, which could hinder our profitability and growth. Furthermore, if economic conditions result in significant increases in the Consumer Price Index, but the escalations under our leases with contingent rent escalators are capped or the increase in the Consumer Price Index exceeds our tenants’ ability to pay, our growth and profitability may also be limited.
Competition may make it difficult to identify and purchase, or develop, suitable healthcare properties to grow our investment portfolio, to finance acquisitions on favorable terms, or to retain or attract tenants and operators.
We face significant competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, healthcare operators, lenders, developers, and other institutional investors, some of whom may have greater resources and lower costs of capital than we do. Increased competition and resulting capitalization rate compression make it more challenging for us to identify and successfully capitalize on opportunities that meet our business goals and could improve the bargaining power of property owners seeking to sell, thereby impeding our investment, acquisition, and development activities. Similarly, our properties face competition for tenants and operators from other properties in the same market, which may affect our ability to attract and retain tenants and operators, or may reduce the rents we are able to charge. The failure to capitalize on our development pipeline, identify and purchase a sufficient quantity of healthcare properties at favorable prices, finance acquisitions on commercially favorable terms, or attract and retain profitable tenants could have a material adverse effect on our business, results of operations, and financial condition.
We may be unable to successfully exercise rights on the collateral securing our real estate-related loans and, even if we are successful in exercising those rights, we may be unable to successfully operate, occupy, or reposition the underlying real estate.
If a borrower defaults under one of our real estate related loans, we may look to exercise our rights under the loan, including acquiring title to the collateral via deed in lieu of foreclosure, foreclosure, statutory or judicial foreclosure, or commencing collection litigation. In some cases, because our collateral consists of the equity interests in an entity that directly or indirectly owns the applicable real property or interests in other operating properties, we may not have full recourse with respect to assets of that entity, or that entity may have incurred unexpected liabilities, either of which would preclude us from fully recovering our investment. Borrowers and guarantors may contest enforcement of foreclosure or other remedies, seek bankruptcy protection against our exercise of enforcement or other remedies, and/or bring claims for lender liability in response to actions to enforce borrower obligations. Because many of the properties securing our mortgage loans are health care facilities, we may need to navigate and comply with various healthcare regulatory matters in a variety of states in connection with any foreclosure effort. Enforcement or collections-related costs, high loan-to-value ratios, healthcare regulatory issues or consents, or declines in the value of the property, may prevent us from realizing an amount equal to our loan balance upon enforcement or conclusion of litigation, and we may be required to record a valuation allowance for such losses. Even if we are able to successfully exercise our rights on the collateral securing our real estate-related loans, we may acquire properties for which we may be unable to expeditiously secure tenants or operators, if at all, or that are burdened with healthcare regulatory compliance issues that need to be addressed, or we may acquire equity interests that we are unable to immediately resell or otherwise liquidate due to limitations under the securities laws, either of which would adversely affect our ability to fully recover our investment. We may also determine that substantial improvements or repairs to the property are necessary in order to maximize the property’s investment potential. Alternatively, we may determine to sell a distressed loan for less than full value, in which event we may incur a loss on the investment.
We may be required to recognize reserves, allowances, credit losses, or impairment charges.
Declines in the value of our properties or other assets or loan collateral, financial deterioration of our tenants, borrowers, or other obligors, or other factors may result in the recognition of reserves, allowances, credit losses, or impairment charges. Our determination of such reserves, allowances, or credit losses relies on estimates regarding the fair value of any loan collateral, which is a complex and subjective process. In addition, we evaluate our assets for impairments based on various triggers, including market conditions, our current intentions with respect to holding or disposing of the assets and the expected future undiscounted cash flows from the assets. Impairments, reserves, allowances, and credit losses are based on estimates and assumptions that are inherently uncertain, may increase or decrease in the future, and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets. Any such impairment, reserve, allowance, or credit loss, or any change in any of the foregoing, could have an adverse impact on our results of operations and financial condition.
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We may invest substantial resources and time in investments or transactions that are not consummated.
We regularly review potential investments and transactions in order to maximize stockholder value. Our review process may require significant management attention, and a potential transaction could be abandoned or rejected by us or the other parties involved after we expend significant expenses, resources, and time.
We may not be able to successfully integrate or operate acquisitions and/or internalize property management, or may incur unanticipated liabilities.
Successful integration of acquired companies and/or internalization of the property management function, as applicable, depends primarily on our ability to consolidate operations, systems, procedures, properties, and personnel, and to eliminate redundancies and reduce costs. We may encounter difficulties in these integrations and property management internalizations. Potential difficulties associated with acquisitions and property management internalizations include: (i) our ability to effectively monitor and manage our expanded portfolio of properties; (ii) the loss of key employees; (iii) the disruption of our ongoing business or that of the acquired entity; (iv) possible inconsistencies in standards, controls, procedures, and policies; and (v) the assumption of unexpected liabilities and claims, including:
•liabilities relating to the cleanup or remediation of undisclosed environmental conditions;
•unasserted claims of vendors, residents, patients, or other persons dealing with the seller;
•liabilities, claims, and litigation, whether or not incurred in the ordinary course of business, relating to periods prior to the acquisition;
•claims for indemnification by general partners, directors, officers, and others indemnified by the seller;
•claims for return of government reimbursement payments; and
•liabilities for taxes relating to periods prior to the acquisition.
In addition, acquired companies and their properties may fail to perform as expected, including with respect to estimated cost savings. Inaccurate assumptions regarding future rental or occupancy rates could result in overly optimistic estimates of future revenues. Similarly, we may underestimate future operating expenses or the costs necessary to bring properties up to standards established for their intended use or for property improvements.
If we have difficulties with any of these areas, or if we later discover additional liabilities or experience unforeseen costs relating to our acquired companies or property management internalization, we may not achieve the anticipated economic benefits from our acquisitions or property management internalization, and this may have a material adverse effect on our business, results of operations, and financial condition.
We may be affected by unfavorable resolution of litigation or disputes and rising liability and insurance costs as a result thereof or other market factors.
Our tenants, operators, property managers, employees, and borrowers are from time to time parties to litigation, including, for example, disputes regarding the quality of care at healthcare properties or the operations of the properties. The effect of litigation may materially increase the costs incurred by our tenants, operators, property managers, and borrowers, including costs to monitor and report quality of care compliance. In addition, the cost of professional liability, medical malpractice, property, business interruption, general liability, and insurance policies can be significant and may increase or not be available at a reasonable cost or at all. Cost increases could cause our tenants and borrowers to be unable to make their lease or mortgage payments or fail to purchase the appropriate liability and malpractice insurance, or cause our borrowers to be unable to meet their obligations to us, potentially decreasing our revenues and increasing our collection and litigation costs. Cost increases could also lead our operators and property managers to increase the fees they charge, which could have a material adverse effect on our business, results of operations, and financial condition.
Furthermore, with respect to our senior housing properties, all of which are operated in RIDEA structures, we generally directly bear the costs of any such increases in litigation, monitoring, reporting, and insurance due to our direct exposure to the cash flows of such properties. We are responsible for these claims, litigation, and liabilities, with limited indemnification rights against our operators, which are typically based on the gross negligence or willful misconduct by the operator. Although our leases provide us with certain information rights with respect to our tenants, one or more of our tenants may be or become party to pending litigation or investigation of which we are unaware or in which we do not have a right to participate or evaluate. In such cases, we would be unable to determine the potential impact of such litigation or investigation on our tenants or our business or results. Moreover, negative publicity of any of our operators’, property managers’, or tenants’ litigation, other legal proceedings or investigations may also negatively impact their and our reputation, resulting in lower customer demand and revenues, which could have a material adverse effect on our financial condition, results of operations, and cash flows.
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We may also be named as defendants in lawsuits arising out of our alleged actions or the alleged actions of our tenants, operators, or property managers for which such tenants, operators, or property managers may have agreed to indemnify us. Unfavorable resolution of any such litigation, including an outsized jury verdict, particularly if it exceeds our insurance policy limits or is not covered by insurance at all, or negative publicity as a result of such litigation could have a material adverse effect on our business, results of operations, and financial condition. Regardless of the outcome, litigation or other legal proceedings may result in substantial costs, disruption of our normal business operations, and the diversion of management attention. We may be unable to prevail in, or achieve a favorable settlement of, any pending or future legal action against us.
Even when a tenant or operator is obligated to indemnify us for liability incurred as a result of a lawsuit pursuant to the terms of its agreement with us, the tenant may fail to satisfy those obligations and, in such event, we would have to incur the costs that should have been covered by the tenant, operator, or property manager and to determine whether to expend additional resources to seek the contractually owed indemnity from that tenant, operator, or property manager, including potentially through litigation or arbitration. In some instances, we may decide not to enforce our indemnification rights if we believe that enforcement of such rights would be more detrimental to our business than alternative approaches. Regardless, such an event would divert management attention and may result in a disruption to our normal business operations, any or all of which could have an adverse effect on our business, results of operations, and financial condition.
Environmental compliance costs and liabilities associated with our real estate-related investments may be substantial and may materially impair the value of those investments.
Federal, state and local laws, ordinances, and regulations may require us, as a current or previous owner of real estate, to investigate, monitor, and/or clean up certain hazardous or toxic substances released at a property. We may be held liable to a governmental entity or to third parties for injury or property damage and for investigation and cleanup costs incurred in connection with the contamination. The costs of cleanup and remediation could be substantial. In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and the costs it incurs in connection with the contamination, and/or impose fines and penalties on the property owner with respect to such contamination.
Although we currently carry environmental insurance on our properties in an amount that we believe is commercially reasonable and generally require our tenants and operators to indemnify us for environmental liabilities they cause, such liabilities could exceed the amount of our insurance, the financial ability of the tenant or operator to indemnify us, or the value of the contaminated property. As the owner of a site, we may also be held liable to third parties for damages and injuries resulting from environmental contamination emanating from the site. We may also experience environmental costs and liabilities arising from conditions not known to us or disrupted during development. The cost of defending against these claims, complying with environmental regulatory requirements, conducting remediation of any contaminated property, or paying personal injury or other claims or fines could be substantial and could have a material adverse effect on our business, results of operations, and financial condition. In addition, the presence of contamination or the failure to remediate contamination may adversely affect our ability to use, develop, sell, or lease the property or to borrow using the property as collateral.
Corporate impact and sustainability commitments and changing requirements, as well as varying stakeholder expectations, may impose additional costs and expose us to new risks.
Some investors, tenants, business partners and other stakeholders, as well as regulators and other groups, focus on our corporate impact and sustainability commitments and performance. Some investors use corporate impact factors to guide their investment strategies and, in some cases, may choose not to invest in us if our corporate impact commitment and performance do not satisfy their criteria. Similarly, some business partners or tenants may use corporate impact factors to guide their business decisions and choose not to do business with us if they believe our corporate impact or sustainability policies are inadequate. Third-party providers of corporate impact ratings have increased in number, resulting in varied and, in some cases, inconsistent standards. In addition, the criteria by which companies’ corporate impact and sustainability practices are assessed are evolving, which could result in greater expectations for us to undertake costly initiatives to satisfy such new criteria. At the same time, diverging and evolving views on corporate impact from regulators and other stakeholders may result in increased scrutiny of our corporate impact practices and political, regulatory, or reputational risk.
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We have established corporate goals to reduce greenhouse gas emissions, energy, water and waste in our operations, and various regions in which we own properties are establishing building performance standards. Our reputation may be adversely affected if we do not meet our announced goals or these external standards. In addition, metrics and quantitative data we disclose related to our corporate impact and sustainability commitments are based on and verified in accordance with standards that are different from U.S. generally accepted accounting principles. Such data and metrics may be subject to measurement uncertainties resulting from limitations inherent in the nature and the methods used for determining such data. The selection of different but acceptable measurement techniques can result in materially different measurements. If we fail to satisfy the expectations of investors, tenants, business partners or other stakeholders, or our announced goals and other initiatives are not executed as planned or there are changes in the measurement techniques (including any changes in estimates or assumptions underlying the measurements) or in the standards referenced for the measurement of data, our reputation and financial results could be adversely affected, and our revenues, results of operations and ability to grow our business may be negatively impacted. In addition, we may incur significant costs in attempting to comply with corporate impact policies or third-party expectations or demands.
In addition, changes in federal, state, and local legislation and regulation relating to climate change, net zero or carbon neutrality requirements, and building and energy performance standards could require (i) increased capital expenditures to improve the energy efficiency or resiliency of our existing properties and increase the costs of new developments and (ii) increased compliance costs for us and our tenants, in each case without a corresponding increase in revenue. In addition, our reputation may be adversely affected if we do not meet stakeholder expectations to mitigate climate risk in a transition to a low-carbon economy.
We may be impacted by epidemics, pandemics, or other infectious disease outbreaks, and health and safety measures intended to reduce their spread.
Epidemics, pandemics, or widespread or localized infectious disease outbreaks, as well as other health concerns, and the health and safety measures taken to reduce the spread or lessen the impact, could cause a material disruption to our industry or deteriorate the economy as a whole. The impacts of such events could be severe and far-reaching, and may impact our operations in several ways, including: (i) tenants could experience deteriorating financial condition and be unable or unwilling to pay rent on time and in full; (ii) we may have to restructure tenants' obligations and may not be able to do so on terms that are favorable to us; (iii) inquiries and tours at our properties could decrease; (iv) move-ins, new tenanting efforts, and re-letting efforts could slow or stop altogether; (v) move-outs and potential early termination of leases thereunder could increase; (vi) operating expenses, including the costs of certain essential services or supplies, including payments to third-party contractors, service providers, and employees essential to ensure continuity in our building operations, may increase; (vii) procedures normally conducted on our properties may be disrupted, adversely affecting the economic viability of our tenants; and (viii) costs of development, including expenditures for materials utilized in construction and labor essential to complete existing developments in progress, may increase substantially.
Our past participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs could subject us or our operators to disruptive government and financial audits, enforcement actions, and recovery activity.
Under the CARES Act and subsequent Covid relief legislation, Congress allocated more than $178 billion to eligible health care providers through the Public Health and Social Services Emergency Fund (the “Provider Relief Fund” or “PRF”). The U.S. Department of Health and Human Services (“HHS”) distributed PRF awards through various general and targeted distributions. We and our senior housing operators (including operators of senior housing facilities that we have subsequently disposed of) received relief funds through several distributions. PRF funds were intended to reimburse eligible providers for unreimbursed health care-related expenses and lost revenues attributable to Covid and were used only to prevent, prepare for, or respond to Covid. PRF funds received under certain targeted distributions were further limited to specific uses. Additionally, the PRF program imposed certain distribution-specific eligibility criteria and required recipients to comply with various terms and conditions. PRF program terms and conditions included limitations and requirements governing use of PRF funds, implementation of controls, retention of records, audit and reporting to governmental authorities, and other PRF program requirements, the interpretation of which could change over time. Failure to comply with program requirements may result in payment recovery or other enforcement actions. Even though no new PRF program funds were received in 2025, we may still be subject to or incur costs related to PRF compliance activities, as well as government oversight and enforcement, including post-payment recovery and recoupment and government investigations, audits, enforcement activity, and penalties. Our current and former operators may similarly be impacted. Differences in operators’ PRF policies and protocols may adversely impact availability of data and financial audits.
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Laws or regulations prohibiting eviction of our tenants, even on a temporary basis, could have a material adverse effect on our revenues if our tenants fail to make their contractual rent payments to us.
Various federal, state, and local governments previously enacted, and may again enact, laws, regulations, and moratoriums or take other actions that could limit our ability to evict tenants until such laws, regulations, or moratoriums are reversed or lifted. While we generally have arrangements and other agreements that give us the right under specified circumstances to terminate a lease or evict a tenant for nonpayment of contractual rent, such laws, regulations, and moratoriums may restrict our ability to begin eviction proceedings even where no rent or only partial rent is being paid. Further, under current laws and regulations, eviction proceedings for delinquent tenants are already costly and time-consuming, and, if there are existing backlogs or backlogs develop in courts due to higher than normal eviction proceedings, we may incur significant costs and it may take a significant amount of time to ultimately evict any tenant who is not meeting their contractual rent obligations. If we are restricted, delayed, or prohibited from evicting tenants for failing to make contractual rent payments, it may have a material adverse effect on our business, results of operations, and financial condition.
Human capital risks, including the loss or limited availability of our key personnel, could disrupt or impair our operations.
We face elevated labor costs and increased competition for talent. Insufficient employee development, inadequate succession planning or an inability to successfully maintain a hybrid work model could negatively impact our business and operations. We also depend on the efforts of our executive officers for the success of our business. Although they are covered by our Executive Severance Plan and Executive Change in Control Severance Plan, which provide many of the benefits typically found in executive employment agreements, none of our executive officers have employment agreements with us. The loss or limited availability of the services of any of our executive officers, or our inability to recruit and retain qualified personnel, could, at least temporarily, disrupt, or impair our operations.
We rely on information technology in our operations, and any material failure, inadequacy, interruption, or security failure of that technology could harm our business.
We rely on information technology networks, enterprise applications, and other information systems to process, transmit, and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, to maintain personal identifying information and tenant and lease data, and to operate building management systems. We utilize software and cloud-based technology from third-party service providers, on whom our information systems depend. We rely on commercially available systems, software, tools, and monitoring to provide security for the processing, transmission, and storage of confidential employee, tenant and customer data, including individually identifiable information relating to financial accounts, as well as building access, security, and operations. Although we have taken steps to protect the security of our information systems, with multiple layers of controls around the data maintained in those systems, our safety and security measures cannot always prevent the systems’ improper functioning or damage, or the improper access of systems or disclosure of personally identifiable information such as in the event of cyber-attacks or other cybersecurity incidents. Our third-party service providers may also experience unexpected power losses, computer system failures, or data network disruptions, negatively impacting the systems or solutions we depend on. If our third-party providers face a security incident or other interruptions, or if there is a flaw or failed software update in the third-party software used in our systems, our information systems may become disabled or inaccessible. This could limit access to our data and business information, potentially causing significant disruptions to our operations.
Furthermore, because our operators as well as other third-party service providers with whom we and they do business (including vendors, software creators and cloud solution and cybersecurity providers) also rely on the Internet, information technology networks, enterprise applications, systems, and software, some data is vulnerable to cybersecurity incidents or cybersecurity threats involving our operators and third parties with whom we or they do business. We do not control the cybersecurity systems and protocols put in place by our operators or other third parties, and such parties may have limited indemnification obligations to us, which could cause us to be negatively impacted as a result.
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Cybersecurity incidents and cybersecurity threats affecting our or our operators’ or other third party providers’ information systems, including those caused by physical or electronic break-ins, computer viruses, malware, worms, attacks by hackers or foreign governments, ransomware attacks, disruptions from unauthorized access and tampering, including through social engineering such as phishing or vishing attacks, coordinated denial-of-service attacks, and similar breaches, could result in, among other things: (i) system disruptions; (ii) shutdowns; (iii) unauthorized access to or disclosure of confidential information, including as a result of impersonation of authorized users or manipulated communications; (iv) misappropriation of our or our business partners’ proprietary or confidential information; (v) breach of our legal, regulatory, or contractual obligations; (vi) inability to access or rely upon critical business records or systems; or (vii) other delays in our operations. In some cases, it may be difficult to anticipate or immediately detect such cybersecurity threats and cybersecurity incidents and the damage they cause. The risk of cybersecurity incidents and cybersecurity threats has generally increased as the number, intensity, and sophistication of attacks and intrusions affecting companies generally have increased, and we have seen a significant increase in cyber phishing attacks. The risk of security breaches has also increased under our hybrid work model. We may be required to expend significant financial resources to detect, protect against or remediate such cybersecurity incidents or cybersecurity threats. In addition, our technology infrastructure and information systems are vulnerable to damage or interruption from natural disasters, power loss, and telecommunications failures. Any failure to adequately train employees or to maintain proper function, security, and availability of our and our operators’ information systems and the data maintained in those systems could interrupt our operations, damage our reputation, subject us to liability claims or regulatory penalties, harm our business relationships, or increase our security and insurance costs, which could have a material adverse effect on our business, financial condition, and results of operations.
Our tenants and borrowers may also from time to time experience cybersecurity incidents or cybersecurity threats that compromise, damage or disrupt their information systems or result in the loss or misuse of confidential information, intellectual property or sensitive or personal information. Any resulting financial impact to our tenants or borrowers, including liability claims or regulatory penalties, increased security and insurance costs as well as business impacts resulting from any damage to their reputation or harm to their business relationships, could negatively impact the ability of our tenants and borrowers to meet their financial and other contractual obligations to us, which could have a material adverse effect on our business, financial condition and results of operations.
The use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors presents risks and challenges that may adversely impact our business and operating results or the business and operating results of our tenants and vendors or may adversely impact the requirements and demand for properties.
We use generative artificial intelligence and/or machine learning (collectively, “AI”) tools in our investment and capital allocation decisions and operations, including commercially available AI applications or AI features available through our existing software or technology platforms. If AI tools used by our peers to optimize decisions or operations are used more broadly or effectively than the AI tools we use, we may be competitively disadvantaged. However, while AI tools may facilitate optimization and operational efficiencies, they also have the potential for inaccuracy, bias, infringement or misappropriation of intellectual property, and risks related to data privacy and cybersecurity. The use of AI tools may introduce errors or inadequacies that are not easily detectable, including deficiencies, inaccuracies, or biases in the data used for AI training, or in the content, analyses, or recommendations generated by AI applications. The results of such errors or inadequacies may adversely affect our business, financial condition, and results of operations. The legal requirements relating to AI continue to evolve and remain uncertain, including how legal developments could impact our business and ability to enforce our proprietary rights or protect against infringement of those rights, and may expose us to claims, inquiries, demands and proceedings by private parties and global regulatory authorities and subject us to legal liability as well as reputational harm. New laws and regulations governing AI use are being adopted, and existing laws and regulations may be interpreted in ways that would affect our business operations and the way in which we use AI. While we have adopted a governance framework concerning use of AI tools and provide training to our employees to guard against the aforementioned risks, there can be no assurance that we will realize the anticipated benefits or mitigate such risks of using AI tools.
Cybersecurity threat actors may utilize AI tools to automate and enhance cybersecurity attacks against us. We utilize software and platforms designed to detect such cybersecurity threats, including AI-based tools, but these threats could become more sophisticated and harder to detect and counteract, which may pose significant risks to our data security and systems. Such cybersecurity attacks, if successful, could lead to data breaches, loss of confidential or sensitive information, and financial or reputational harm.
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The integration of AI tools in the healthcare industry may present significant opportunities and risks, including for our tenants. For example, in the life science industry, AI predictive models have the potential to be utilized broadly across various stages of drug development. Physicians in our outpatient medical portfolio may use AI tools to run comprehensive diagnostic tests. However, the adoption of AI tools also introduces a complex risk landscape for our tenants, similar to those risks described above. Moreover, the adoption of AI tools by our tenants may lead to infrastructure requirements that our buildings currently do not accommodate, such as increased power needs for high-performance computing. Infrastructure upgrades may require significant capital expenditures and could potentially impact the environmental footprint of our building operations. The adoption of AI tools by our tenants may also lead to a reconfiguration in space requirements by our tenants or decreased in demand for space over time. If we are not able to offset any material reduction in demand through leasing or re-leasing efforts, repurposing space, property dispositions, or other means, there could be a material adverse effect on our business, results of operations, and financial condition.
Our vendors may use AI tools in their products or services without our knowledge, and the providers of these tools may not meet the evolving regulatory or industry standards for privacy and data protection. Consequently, this may inhibit our or our vendors’ ability to uphold an appropriate level of service and data privacy. If we, our vendors, or other third parties with which we conduct business experience an actual or perceived breach of privacy or security incident due to the use of AI, we may be adversely impacted, lose valuable intellectual property or confidential information, and incur harm to our reputation and the public perception of the effectiveness of our security measures.
In addition, investors, analysts, and other market participants may use AI tools to process, summarize or interpret our financial information or other data about us. The use of AI tools in financial and market analysis may introduce risks similar to those described above, including an inaccurate interpretation of our financial or operational performance or market trends or conditions, which in turn could result in inaccurate conclusions or investment recommendations.
Risks Related to Our Capital Structure and Market Conditions
Volatility, disruption, or uncertainty in the financial markets may impair our ability to raise capital, obtain new financing or refinance existing obligations, and fund acquisition and development activities.
Increased or prolonged market disruption, volatility, or uncertainty could have a material adverse effect on our ability to raise capital, obtain new financing or refinance our existing obligations as they mature, and fund acquisition and development activities. Our lenders and other financial institutions could also require us to agree to more restrictive covenants, grant liens on our assets as collateral, and/or accept other terms that are not commercially beneficial to us in order to obtain financing. One or more of our lenders under our credit facility could refuse or fail to fund their financing commitment to us as a result of lender liquidity and/or viability challenges, which financing commitments we may not be able to replace on favorable terms, or at all. In addition, the failure of a bank, or events involving limited liquidity, defaults, non-performance or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, or concerns or rumors about such events, could lead to disruptions in access to our bank deposits, our inability to access our bank deposits in excess of the Federal Deposit Insurance Corporation (FDIC) limits, or otherwise adversely impact our liquidity and financial performance, and our tenants, operators, and borrowers could be similarly adversely affected. Market volatility could also lead to significant uncertainty in the valuation of our investments and those of our joint ventures, which may result in a substantial decrease in the value of our properties and those of our joint ventures. As a result, we may be unable to recover the carrying amount of such investments and the associated goodwill, if any, which may require us to recognize impairment charges in earnings.
Increased interest rates and borrowing costs could materially adversely impact our business and ability to refinance existing debt, sell properties, and conduct investment activities.
U.S. government policies implemented to address inflation, including actions by the Federal Reserve System’s Federal Open Market Committee (the “FOMC”) to increase short-term interest rates, resulted in increases in interest rates in the credit markets and other impacts on the macroeconomic environment. Interest rates may remain elevated above historical levels for extended periods or rise again. The FOMC may not reduce the federal funds rate in the amounts or on the timeline currently anticipated, which could result in a higher federal funds rate for a longer period of time, or the FOMC may determine to raise the federal funds rate again, either of which would likely lead to higher short-term interest rates and the possibility of lower asset values, slowing economic growth and increasing the possibility of a recession. Further, actions by the FOMC to decrease short-term interest rates could lead to inflationary pressures.
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We currently have and may incur additional debt obligations that have variable interest rates and related payments that vary with the movement of certain indices, and we may not be able to offset additional costs caused by inflation, higher interest rates, or other macroeconomic trends by passing them through, or increasing the rates we charge, to tenants and residents. These increased costs have caused, and in the future may cause, unfavorable financing terms and may hinder our ability to execute on accretive acquisitions or otherwise adversely affect our business, results of operations, and financial condition. Elevated interest rates could also negatively impact consumer spending and our tenants’, operators’, and borrowers’ businesses and future demand for our properties. In addition, elevated interest rates have lowered, and could continue to lower, the amount third parties are willing to pay for our properties, thereby negatively impacting our ability to reposition our portfolio promptly in response to changes in economic or other conditions.
Higher borrowing costs could limit our ability to refinance existing debt when it matures, or cause us to pay higher interest rates upon refinancing and increased interest expense on refinanced indebtedness.
We manage a portion of our exposure to interest rate risk by accessing debt with staggered maturities and through the use of derivative instruments, primarily interest rate cap and swap agreements. These agreements involve risk, including that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may cause us to incur higher debt service costs than would otherwise be the case. Failure to hedge effectively against interest rate risk could adversely affect our results of operations and financial condition.
Additionally, higher borrowing costs and attendant negative impacts on our business can reduce the amount investors are willing to pay for our common stock. Because REIT stocks are often perceived as high-yield investments, investors may perceive less relative benefit to owning REIT stocks as borrowing costs increase.
Cash available for distribution to stockholders may be insufficient to make dividend distributions at expected levels and are made at the discretion of our Board of Directors.
Decreases in cash available for distributions may result in us being unable to make dividend distributions at expected levels. Our failure to make distributions commensurate with market expectations would likely result in a decrease in the market price of our common stock. Further, all distributions are made at the discretion of our Board of Directors in accordance with Maryland law and depend on: (i) our earnings; (ii) our financial condition; (iii) debt and equity capital available to us; (iv) our expectations for future capital requirements and operating performance; (v) covenants in our financial or other contractual arrangements, including those in our credit facility agreement; (vi) maintenance of our REIT qualification; and (vii) other factors as our Board of Directors may deem relevant from time to time.
If access to external capital is unavailable on acceptable terms or at all, it could have a material adverse effect on our ability to meet commitments as they become due or make investments necessary to grow our business.
We periodically rely on external sources of capital (including debt and equity financing) to fulfill our capital requirements. The availability of external capital sources is affected by several factors, some of which we have little or no control over, including:
•general availability of capital, including our ability to raise capital on acceptable terms, higher interest rates, and increased borrowing costs;
•the market price of the shares of our equity securities and the credit ratings of our debt and any preferred securities we may issue;
•the market’s perception of our growth potential and our current and potential future earnings and cash distributions;
•our degree of financial leverage and operational flexibility;
•the financial integrity of our lenders, which might impair their ability to meet their commitments to us or their willingness to make additional loans to us, and our inability to replace the financing commitment of any such lender on favorable terms, or at all;
•bank failures or other events affecting financial institutions, which could adversely affect our or our tenants’, operators’, and borrowers’ liquidity and financial performance;
•the stability of the market value of our properties;
•the financial performance and general market perception of our tenants and operators;
•changes in the credit ratings on U.S. government debt securities or default or delay in payment by the U.S. of its obligations;
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•issues facing the healthcare industry, including healthcare reform and changes in government reimbursement policies; and
•the performance of the national and global economies generally, including any economic downturn and volatility in the financial markets.
If access to capital is unavailable on acceptable terms or at all, it could have a material adverse impact on our ability to fund operations, repay or refinance our debt obligations, fund dividend payments, acquire properties, and make the investments in development and redevelopment activities, as well as capital expenditures, needed to grow our business.
Our level of indebtedness may increase and materially adversely affect our future operations.
Our outstanding indebtedness as of December 31, 2025 was approximately $9.8 billion. We may incur additional indebtedness, which may be substantial. Any significant additional indebtedness would likely negatively affect the credit ratings of our debt and require us to dedicate a growing portion of our cash flow to interest and principal payments. Greater demands on our cash resources may reduce funds available to us to pay dividends, conduct development activities, make capital expenditures and acquisitions, or carry out other aspects of our business strategy. Increased indebtedness can also make us more vulnerable to general adverse economic and industry conditions and create competitive disadvantages for us compared to other companies with comparatively lower debt levels. Increased future debt service obligations may limit our operational flexibility, including our ability to finance or refinance our properties, contribute properties to joint ventures, or sell properties as needed. In addition, any changes to benchmark rates, or uncertainty as to the nature of such potential changes, may increase the cost of our variable rate debt or cost of funds, adversely affect the trading market for our securities, have an unpredictable impact on the financial markets or otherwise affect our financial condition and results of operations.
Covenants in our debt instruments limit our operational flexibility, and breaches of these covenants could result in adverse actions by our creditors.
The terms of our current secured and unsecured debt instruments require us to comply with a number of customary financial and other covenants, such as maintaining leverage ratios, minimum tangible net worth requirements, REIT status, and certain levels of debt service coverage. Our ability to incur additional debt and to conduct business in general is subject to compliance with these covenants, which limits our operational flexibility. For example, mortgages on our properties contain customary covenants such as those that limit or restrict our ability, without the consent of the lender, to further encumber or sell the applicable properties, or to replace the applicable tenant or operator. Breaches of certain covenants may result in defaults under the mortgages on our properties and cross-defaults under certain of our other indebtedness, even if we satisfy our payment obligations to the respective obligee. Covenants that limit our operational flexibility, as well as defaults resulting from the breach of any of these covenants, could have a material adverse effect on our business, results of operations, and financial condition.
The market price and trading volume of our common stock may be volatile.
The market price of our common stock has been, and may in the future be, highly volatile and subject to wide fluctuations. In addition, the trading volume in our common stock may fluctuate and cause significant price variations to occur. The stock market has experienced extreme price and volume fluctuations that have affected the market price of many companies in industries similar or related to ours and that have been unrelated to these companies’ operating performances. If the market price of our common stock declines significantly, you may be unable to resell your shares at a gain. We cannot assure you that the market price of our common stock will not fluctuate or decline significantly in the future. Some of the factors that could negatively affect our share price or result in fluctuations in the price or trading volume of our common stock include:
•actual or anticipated variations in our quarterly operating results, guidance, or distributions;
•changes in market valuations of similar companies;
•adverse market reaction to any increased indebtedness we may incur in the future;
•issuance of additional equity securities;
•actions by institutional stockholders;
•the publication of research reports and articles (or false or misleading information) about us, our tenants, the real estate industry, or the industries in which our tenants operate;
•speculation in the press or investment community and investor sentiment regarding commercial real estate generally, our industry sectors or other real estate sectors, the industries in which our tenants operate, and the regions in which our properties are located;
•short selling of our common stock or related derivative securities; and
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•general market and economic conditions.
Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms.
Our credit ratings affect the amount and type of capital, as well as the terms of any financing we may obtain. The credit ratings of our senior unsecured debt are based on, among other things, our operating performance, liquidity and leverage ratios, geographic and tenant concentration, and pending or future changes in the regulatory framework applicable to our operators and our industry. If we are unable to maintain our current credit ratings, we would likely incur higher borrowing costs, which would make it more difficult or expensive to obtain additional financing or refinance existing obligations and commitments. An adverse change in our outlook may ultimately lead to a downgrade in our credit ratings, which would trigger additional borrowing costs or other potentially negative consequences under our current credit facilities and debt instruments. Also, if our credit ratings are downgraded, or general market conditions were to ascribe higher risk to our ratings, our industry, or us, our access to capital and the cost of any future debt financing will be further negatively impacted. In addition, the terms of future debt agreements could include more restrictive covenants, or require incremental collateral, which may further restrict our business operations or be unavailable due to our covenant restrictions then in effect. There is no guarantee that debt or equity financings will be available in the future to fund future acquisitions, developments, or general operating expenses, or that such financing will be available on terms consistent with our historical agreements or expectations.
Risks Related to the Pending Janus Living Offering and Our Relationship with Janus Living if the Janus Living Offering is Completed
The pending Janus Living Offering may not be completed on the currently contemplated timeline or terms, or at all, and may not achieve the intended benefits.
In December 2025, we confidentially submitted a draft registration statement on Form S-11 to the SEC relating to the proposed Janus Living Offering. Although we expect to complete the Janus Living Offering in the first half of 2026, unforeseen developments, including related to market conditions, receipt of regulatory approvals, completion of related financings, completion of the SEC’s review, and other customary closing conditions, could delay or prevent the Janus Living Offering or cause it to occur on terms or conditions that are less favorable or different than anticipated. The conditions required to complete the Janus Living Offering may not be satisfied on the timeline anticipated or at all. In addition, expenses incurred to accomplish the Janus Living Offering could be significantly higher than we currently anticipate.
We may not realize the expected benefits of the Janus Living Offering, including due to macroeconomic trends that may increase operating costs; the effects of economic conditions and market conditions in the markets in which we operate and in which Janus Living will operate; our concentration of real estate investments in the healthcare property sector and Janus Living’s planned concentration of real estate investments in the senior housing sector, which makes us and Janus Living more vulnerable to a downturn in those specific sectors than if we and Janus Living invested across multiple sectors; or a lack of recognition by the market of the value of our senior housing portfolio. In addition, the Janus Living Offering may demand significant time and attention from our senior management and employees and may divert their attention from operating and growing our business.
We will have significant economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living may be limited.
Following the Janus Living Offering, we intend to externally manage and retain a substantial majority interest in Janus Living, with new public shareholders owning the remaining interest. We will also be entitled to nominate certain directors for election to Janus Living’s board of directors.
As the majority owner of Janus Living common stock, we will have a significant economic exposure to shifts in the price of Janus Living common stock, which may not correspond to the financial performance of Janus Living. As a publicly traded security, the market price and liquidity of the market for shares of Janus Living common stock may be significantly affected by numerous factors, including market volatility, some of which are beyond our control and the control of Janus Living and may not be directly related Janus Living operating performance. In the future, we may be unable to dispose of shares of Janus Living common stock on favorable terms, which may adversely affect the value we realize from our investment in Janus Living.
In addition, if we were to cease to serve as external manager to Janus Living, our ability to control the assets and activities of Janus Living may be limited. In such case, we may not be able to effectively mitigate our exposure to Janus Living’s financial condition and performance, which could adversely impact our business, results of operations and financial condition.
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There are conflicts of interest in our relationship with Janus Living and our officers and/or directors who are also officers and/or directors of Janus Living.
We may be subject to conflicts of interest arising out of our relationship with Janus Living and our officers and/or directors who are also officers and/or directors of Janus Living. Transactions between us and Janus Living are subject to approval by the independent members of the board of directors of Janus Living.
Conflicts may include, without limitation conflicts arising from: the entry into transactions between us and Janus Living; enforcement of agreements between us and Janus Living; termination of the management agreement with Janus Living; and the amount of time that our officers and employees spend on our affairs versus Janus Living’s affairs. Our directors and officers have duties to our company under applicable Maryland law, and our directors and officers who are also directors or officers of Janus Living also have duties to Janus Living under applicable Maryland law. Those duties may come in conflict from time to time. Janus Living’s manager is our wholly owned indirect subsidiary. Our interests, as well as the interests of our stockholders, may differ from the interests of Janus Living’s stockholders in certain respects. In this regard, sales or other dispositions of Janus Living’s properties may have adverse tax implications for us, our affiliates and/or stockholders.
Risks Related to Tax, Including REIT-Related Risks, and Related to Our Jurisdiction of Incorporation and Our Structure as an UPREIT
Loss of our tax status as a REIT would substantially reduce our available funds and would have materially adverse consequences for us and the value of our common stock.
Qualification as a REIT involves the application of numerous highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”), for which there are limited judicial and administrative interpretations, as well as the determination of various factual matters and circumstances not entirely within our control. We intend to continue to operate in a manner that enables us to qualify as a REIT. However, our qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, through actual annual operating results, asset diversification, distribution levels, and diversity of stock ownership.
For example, to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources, and we must make distributions to our stockholders aggregating annually to at least 90% of our REIT taxable income, excluding net capital gains. Rents we receive from a TRS in a RIDEA structure are treated as qualifying rents from real property for REIT tax purposes only if (i) they are paid pursuant to a lease of a “qualified healthcare property” and (ii) the operator qualifies as an “eligible independent contractor,” as each term is defined in the Code. If either of these requirements is not satisfied, then the rents we receive from the TRS will not be qualifying rents and we may not satisfy the REIT gross income requirements. Furthermore, new legislation, regulations, administrative interpretations, or court decisions could change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is materially adverse to our stockholders. Accordingly, we cannot assure you that we have operated or will continue to operate in a manner so as to qualify or remain qualified as a REIT.
If we lose our REIT status, we will face serious tax consequences that will substantially reduce the funds available to make payments of principal and interest on the debt securities we issue and to make distributions to stockholders. If we fail to qualify as a REIT:
•we will not be allowed a deduction for distributions to stockholders in computing our taxable income;
•we will be subject to corporate-level income tax on our taxable income at regular corporate rates;
•we will be subject to increased state and local income taxes; and
•unless we are entitled to relief under relevant statutory provisions, we will be disqualified from taxation as a REIT for the four taxable years following the year during which we fail to qualify as a REIT.
As a result of all these factors, our failure to qualify as a REIT could also impair our ability to expand our business and raise capital and could materially adversely affect the value of our common stock.
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Our taxable REIT subsidiaries (TRSs) may be subject to corporate level tax.
Certain of our subsidiaries have elected or will elect with us to be treated as TRSs. Other than some activities relating to lodging and health care facilities, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT that the parent REIT could not provide directly. TRSs are taxed as regular C corporations, and are thus generally required to pay regular corporate income tax, and potentially the alternative minimum tax, on their earnings. Any taxes paid by our TRSs will reduce the amounts that our TRSs could otherwise distribute to us. Furthermore, new legislation, regulations, administrative interpretations, or court decisions could change the tax laws or interpretations of the tax laws regarding our ability to continue to use one or more TRSs or other structures or arrangements in such a manner that could be materially adverse to us.
The tax imposed on any net income from “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.
We will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited transactions are, in general, sales or other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for sale to customers in the ordinary course of business. A sale will not be considered a prohibited transaction, however, if it meets certain safe harbor requirements. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business (other than through a TRS), such characterization is a factual determination and no guarantee can be given that the U.S. Internal Revenue Service (the “IRS”) would agree with our characterization of our properties or that we will always be able to take advantage of available safe harbors.
Further changes to U.S. federal income tax laws could materially and adversely affect us and our stockholders.
The present federal income tax treatment of REITs and various transactional structures that we utilize may be modified, possibly with retroactive effect, by legislative, judicial, or administrative action at any time, which could affect the federal income tax treatment of an investment in us. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS, and the U.S. Treasury Department, which results in statutory changes as well as revisions to regulations and interpretations. We cannot predict how changes in the tax laws might affect our investors or us. Revisions in federal tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT, as well as the tax considerations relevant to an investment in us, or could cause us to change our investments and commitments.
Potential deferred and contingent tax liabilities from corporate acquisitions could limit or delay future property sales.
If, during the five-year period beginning on the date we acquire certain assets or companies in certain tax deferred transactions, we recognize a gain on the disposition of any property acquired, then, to the extent of the excess of (i) the fair market value of such property as of the acquisition date, over (ii) our adjusted income tax basis in such property as of that date, we will be required to pay a corporate-level federal income tax on this gain at the highest regular corporate rate. These potential tax effects could limit or delay future property sales. In addition, the IRS may assert liabilities against us for income taxes of certain entities we acquire for taxable years prior to the time that we acquire such entities, in which case we will owe these taxes plus interest and penalties, if any.
There are uncertainties relating to the calculation of non-REIT tax earnings and profits (“E&P”) in certain acquisitions, which may require us to distribute E&P.
In order to remain qualified as a REIT, we are required to distribute to our stockholders all of the accumulated non-REIT E&P of certain C corporations that we acquire, prior to the close of the first taxable year in which the acquisition occurs. Failure to make such E&P distributions could result in our disqualification as a REIT. The determination of the amount to be distributed in such E&P distributions is a complex factual and legal determination. We may have less than complete information at the time we undertake our analysis, or we may interpret the applicable law differently from the IRS. We currently believe that we have satisfied the requirements relating to such E&P distributions. There are, however, substantial uncertainties relating to the determination of E&P, including the possibility that the IRS could successfully assert that the taxable income of the companies acquired should be increased, which could increase our non-REIT E&P. Thus, we might fail to satisfy the requirement that we distribute all of our non-REIT E&P by the close of the first taxable year in which the acquisition occurs. Although there are procedures available to cure a failure to distribute all of our E&P, we cannot now determine whether we will be able to take advantage of these procedures or the economic impact on us of doing so.
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Tax protection agreements may limit our ability to sell or otherwise dispose of certain properties and may require us to maintain certain debt levels that otherwise would not be required to operate our business.
We acquired in the past and in the future may acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for units in our DownREITs or Healthpeak OP. In connection with these transactions, our DownREITs have entered and, with Healthpeak OP, may in the future enter into tax protection agreements that enable contributing partners to defer the recognition of taxable gain resulting from the sale or other disposition of the contributed properties. Tax protection agreements may make it economically prohibitive to sell any properties that are subject to such agreements even though it may otherwise be in our stockholders’ best interests to do so. In addition, under these agreements, we may be required to maintain a minimum level of indebtedness throughout the term of the agreements regardless of whether such debt levels are otherwise required to operate our business. Physicians Realty Trust and Physicians Realty L.P. (the “Physicians Partnership”) had also entered into similar tax protection arrangements with certain third parties and, as a result of the Merger, we inherited the obligations under such arrangements.
Our charter contains ownership limits with respect to our common stock and other classes of capital stock.
Our charter contains restrictions on the ownership and transfer of our common stock and preferred stock that are intended to assist us in preserving our qualification as a REIT. Under our charter, subject to certain exceptions, no person or entity may own, actually or constructively, more than 9.8% (by value or by number of shares, whichever is more restrictive) of the outstanding shares of our common stock or any class or series of our preferred stock.
Additionally, our charter has a 9.9% ownership limitation on the direct or indirect ownership of our voting shares, which may include common stock or other classes of capital stock. Our Board of Directors, in its sole discretion, may exempt a proposed transferee from either ownership limit. The ownership limits may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or might otherwise be in the best interests of our stockholders.
We are subject to certain provisions of Maryland law and our charter relating to business combinations that may prevent a transaction that may otherwise be in the interest of our stockholders.
We are subject to the Maryland Business Combination Act (the “MBCA”), which provides that unless exempted, a Maryland corporation may not engage in certain business combinations with an “interested stockholder” or an affiliate of an interested stockholder for five years after the most recent date on which the interested stockholder became an interested stockholder, and thereafter unless specified criteria are met. In addition to the restrictions on business combinations contained in the MBCA, our charter also requires that, except in certain circumstances, “business combinations” with a “related person” must be approved by the affirmative vote of the holders of at least 90% of our outstanding voting stock. These restrictions on business combinations may delay, defer, or prevent a change of control or other transaction even if such transaction involves a premium price for our common stock or our stockholders believe that such transaction is otherwise in their best interests.
Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of Healthpeak OP common units, which may impede business decisions that could benefit our stockholders.
Conflicts of interest may exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and Healthpeak OP or any member thereof, on the other. Our directors and officers have duties to our company under Maryland law in connection with their management of our company. At the same time, we, as the managing member of Healthpeak OP, have certain fiduciary duties and obligations to Healthpeak OP and its members under Maryland law and the operating agreement of Healthpeak OP in connection with the management of Healthpeak OP. Our fiduciary duties and obligations as the managing member of Healthpeak OP may come into conflict with the duties of our directors and officers to our company.
Under Maryland law, a managing member of a Maryland limited liability company has fiduciary duties of loyalty and care to the limited liability company and its members and must discharge its duties and exercise its rights as managing member under the operating agreement or Maryland law consistent with the obligation of good faith and fair dealing. The operating agreement provides that, to the maximum extent permitted under the Maryland Limited Liability Company Act, the only duties that the managing member owes to Healthpeak OP, any member, or any other person, fiduciary or otherwise, are to perform its contractual obligations as expressly set forth in the operating agreement consistently with the implied contractual covenant of good faith and fair dealing. The operating agreement further provides that, in the event of a conflict between the interests of Healthpeak OP or any member, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the managing member of Healthpeak OP, may give priority to the separate interests of our company or our stockholders (including with respect to tax consequences to members, assignees, or our stockholders), and, in the event of such a conflict, any action or failure to act on our part or on the part of our directors or officers that gives priority to the separate interests of our company or our stockholders that does not result in a violation of the contract rights of the members of Healthpeak OP under its operating agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the managing member of Healthpeak OP, owe to Healthpeak OP and its members.
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Additionally, the operating agreement provides that we generally will not be liable to Healthpeak OP or any member for any action or omission taken in our capacity as managing member, for the debts or liabilities of Healthpeak OP or for the obligations of Healthpeak OP under the operating agreement, except for liability for our fraud, willful misconduct, or gross negligence, pursuant to any express indemnity we may give to Healthpeak OP, or in connection with a redemption. Healthpeak OP generally must indemnify us, our directors and officers, officers of Healthpeak OP, and our designees from and against any and all claims that relate to the operations of Healthpeak OP, unless (i) an act or omission of the person was material to the matter giving rise to the action and either was committed in bad faith or was the result of active and deliberate dishonesty, (ii) in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful, or (iii) the person actually received an improper personal benefit in money, property, or services. Healthpeak OP must also pay or reimburse the reasonable expenses of any such person in advance of a final disposition of the proceeding upon its receipt of a written affirmation of the person’s good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to repay any amounts paid or advanced if it is ultimately determined that the person did not meet the standard of conduct for indemnification. Healthpeak OP is not required to indemnify or advance funds to any person with respect to any action initiated by the person seeking indemnification without our approval (except for any proceeding brought to enforce such person’s right to indemnification under the operating agreement) or in respect of any proceeding in which the person is found to be liable to Healthpeak OP if the proceeding was one by or in the right of Healthpeak OP.
No reported decision of a Maryland appellate court has interpreted provisions similar to the provisions of the operating agreement of Healthpeak OP that modify and reduce our fiduciary duties or obligations as the managing member or reduce or eliminate our liability to Healthpeak OP and its members, and we have not obtained an opinion of counsel as to the enforceability of the provisions set forth in the operating agreement that purport to modify or reduce the fiduciary duties and obligations that would be in effect were it not for the operating agreement.
Certain provisions in the operating agreement of Healthpeak OP or other agreements may delay or prevent unsolicited acquisitions of us or certain other transactions.
Provisions of the operating agreement of Healthpeak OP may delay or make more difficult unsolicited acquisitions of us or changes of our control. These provisions could discourage third parties from making proposals involving an unsolicited acquisition of us or change of our control, although some of our stockholders or members of Healthpeak OP might consider such proposals, if made, desirable.
Certain provisions in the operating agreement of Healthpeak OP or other agreements may delay or prevent unsolicited acquisitions of us or certain other transactions.
These provisions include, among others:
•redemption rights of qualifying parties;
•a requirement that we may not be removed as the managing member of Healthpeak OP without our consent;
•transfer restrictions on common units;
•our ability, as managing member, in some cases, to amend the operating agreement and to cause Healthpeak OP to issue additional membership interests with terms that could delay, defer, or prevent a merger or other change of control of us or Healthpeak OP without the consent of our stockholders or the members of Healthpeak OP; and
•the right of the non-managing members of Healthpeak OP to consent to certain transfers of our managing membership interest (whether by sale, disposition, statutory merger or consolidation, liquidation, or otherwise).
Our charter and bylaws, the operating agreement of Healthpeak OP, and Maryland law also contain other provisions that may delay, defer, or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
In addition, provisions of certain agreements with our partners may delay or make more difficult certain other transactions, including involving issuances of common units.
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We are a holding company with no direct operations and, as such, we will rely on funds received from Healthpeak OP to pay liabilities, and the interests of our stockholders will be structurally subordinated to all liabilities and obligations of Healthpeak OP and its subsidiaries.
We are a holding company and conduct substantially all of our operations through Healthpeak OP. We do not have, apart from an interest in Healthpeak OP, any independent operations. As a result, we rely on distributions from Healthpeak OP to continue to pay any dividends we might declare on shares of our common stock. We also rely on distributions from Healthpeak OP to meet any of our obligations, including any tax liability on taxable income allocated to us from Healthpeak OP. In addition, because we are a holding company, stockholder claims will be structurally subordinated to all existing and future liabilities and obligations (whether or not for borrowed money) of Healthpeak OP and its subsidiaries. Therefore, in the event of our bankruptcy, liquidation, or reorganization, our assets and those of Healthpeak OP and its subsidiaries will be available to satisfy the claims of our stockholders only after all of our and Healthpeak OP’s and its subsidiaries’ liabilities and obligations have been paid in full.
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ITEM 1B.    Unresolved Staff Comments
None.
ITEM 1C.    Cybersecurity
Cybersecurity Risk Management and Strategy
In our business operations, we use information technology, enterprise applications, communications tools, cloud network solutions, and related systems to manage our operations, including to manage our building systems, tenant and vendor relationships, accounting and recordkeeping, and communications, among other aspects of our business.
We have developed and implemented a cybersecurity risk management program intended to protect our properties, confidential and proprietary data, and information technology and systems, from cybersecurity threats, including unauthorized access or attack. We leverage the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to the business. This does not imply that we meet any particular technical standards, specifications, or requirements.
Our processes for assessing, identifying, and managing risks from cybersecurity threats, including operational risks, financial reporting risks, reputational risks, personal data theft, fraud, and other potential risks, are integrated into our overall enterprise risk management process, and share common methodologies, reporting channels, and governance processes that apply across the enterprise risk management process to other legal, compliance, strategic, operational, and financial risk areas.
Our cybersecurity risk management program includes the following:
•a multidisciplinary team comprised of personnel from information technology (“IT”), internal audit, accounting, and legal, as well as third-party cybersecurity experts principally responsible for directing (i) our cybersecurity risk assessment processes, (ii) our security processes, and (iii) our response to cybersecurity incidents;
•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment;
•internal and third-party security tools to monitor our systems, identify cybersecurity risks, and test our IT environment;
•the use of third-party cybersecurity experts, where appropriate, to assess, test or otherwise assist with aspects of our security processes;
•a cybersecurity incident response plan, business continuity plan, and established policies governing cybersecurity risk management at the corporate and property levels;
•cybersecurity training for employees and key business partners with access to our systems;
•a third-party cybersecurity risk management process for service providers and vendors who access our systems;
•requiring employees, as well as third parties who have access to our systems, to treat confidential and private information and data with care, including performing controls relating to such data; and
•cybersecurity risk insurance.
We also seek to engage reputable service providers that maintain cybersecurity programs or controls.
We have not identified risks from known cybersecurity threats within the prior three fiscal years, including as a result of any prior cybersecurity incident, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. Please refer to “Item 1A, Risk Factors” in this report for additional information about certain ongoing risks related to our information technology that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Governance
Cybersecurity is an important part of our overall risk management processes and an area of focus for our Board of Directors and management.
The Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of material risks arising from cybersecurity threats. The Audit Committee regularly receives updates from management and third-party cybersecurity experts about major cybersecurity risks, their potential impact on our business operations, and management’s processes to identify, monitor, and mitigate such risks, including, as relevant, the results of assessments or audits of our processes. The Audit Committee periodically provides updates on these matters to the Board of Directors.
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Our enterprise risk team consists of cross-functional professionals who collaborate with subject matter specialists, as necessary, including an independent third-party expert we have retained to functionally serve as a virtual chief information security officer (“CISO”), to identify and assess material risks from cybersecurity threats, their severity, and potential mitigation steps. The CISO is primarily responsible for leading our cybersecurity risk assessment and management processes. This expert has experience having served as the chief information security officer for an international commercial real estate services company and currently serves as chief information security officer of a cybersecurity firm focused on commercial real estate. He is supported by an internal cross-functional management team of IT and internal audit personnel who regularly review and assess cybersecurity initiatives, including our incident response plan, as well as cybersecurity compliance, training and risk management efforts.
ITEM 2.    Properties
Our strategy is to own, operate, and develop high-quality real estate focused on healthcare discovery and delivery. In evaluating potential investments, we consider a multitude of factors, including:
•location, construction quality, age, condition, and design of the property;
•geographic area, proximity to other healthcare facilities, type of property, and demographic profile, including new competitive supply;
•whether the expected risk-adjusted return exceeds the incremental cost of capital;
•whether the rent or operating income provides a competitive market return to our investors;
•duration, rental rates, tenant and operator quality, and other attributes of in-place leases, including master lease structures and coverage;
•current and anticipated cash flow and its adequacy to meet our operational needs;
•availability of security such as letters of credit, security deposits, and guarantees;
•potential for capital appreciation;
•expertise and reputation of the tenant or operator;
•occupancy and demand for similar healthcare facilities in the same or nearby communities;
•availability of qualified operators or property managers and whether we can manage the property;
•potential for environmentally sustainable and/or resilient features of the property;
•potential alternative uses of the facilities;
•the regulatory and reimbursement environment in which the properties operate;
•tax laws related to REITs;
•prospects for liquidity through financing or refinancing; and
•our access to and cost of capital.
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Properties
The following table summarizes our consolidated property investments as of and for the year ended December 31, 2025 (square feet and dollars in thousands):
Facility LocationNumber of
Facilities
Capacity(1)
Gross Asset
Value(2)
Real Estate
Revenues(3)
Operating
Expenses
Outpatient medical:(Sq. Ft.)
Texas94 9,067 $2,040,402 $323,402 $(111,949)
Florida35 2,027 540,870 80,411 (27,457)
Tennessee25 2,303 454,341 77,128 (25,850)
Colorado23 1,516 441,756 61,171 (32,851)
Georgia15 1,386 444,275 58,944 (19,593)
Kentucky21 2,014 380,975 68,314 (22,151)
Other (35 states)273 16,269 4,564,352 604,135 (184,290)
Total outpatient medical486 34,582 $8,866,971 $1,273,505 $(424,141)
Lab:(Sq. Ft.)
California112 8,532 $6,481,573 $596,098 $(171,358)
Massachusetts19 2,613 2,902,117 255,071 (72,528)
Other (1 state)4 — 100 8,851 (1,273)
Total lab135 11,145 $9,383,790 $860,020 $(245,159)
Senior housing:(Units)
Florida9 4,780 $1,477,423 $388,390 $(290,469)
Other (5 states)6 2,287 674,697 215,599 (157,385)
Total senior housing15 7,067 $2,152,120 $603,989 $(447,854)
Other non-reportable:(Sq. Ft.)
Other (3 states)3 1,025 $208,657 $23,218 $(11,945)
Total other non-reportable segments3 1,025 $208,657 $23,218 $(11,945)
Total properties639 $20,611,538 $2,760,732 $(1,129,099)
_______________________________________
(1)Excludes capacity associated with developments.
(2)Represents gross real estate which includes the carrying amount of real estate after adding back accumulated depreciation. Excludes gross real estate of $158 million related to six lab buildings and two outpatient medical buildings classified as held for sale.
(3)Represents the combined amount of rental and related revenues and resident fees and services.
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Occupancy and Annual Rent Trends
The following table summarizes occupancy and average annual rent trends for our consolidated properties for the years ended December 31 (average occupied square feet in thousands):
202520242023
Outpatient medical:
Average occupancy percentage(1)
92 %92 %90 %
Average annual rent per square foot(2)
$38 $36 $34 
Average occupied square feet32,396 31,767 20,772 
Lab:
Average occupancy percentage(1)
95 %96 %98 %
Average annual rent per square foot(2)
$90 $87 $82 
Average occupied square feet8,860 9,404 10,334 
Senior housing:
Average occupancy percentage(1)
87 %85 %84 %
Average annual rent per occupied unit(3)
$98,776 $94,103 $88,524 
Average occupied units6,115 6,041 5,960 
Other non-reportable:
Average occupancy percentage(1)
81 %85 %81 %
Average annual rent per square foot(2)
$34 $31 $38 
Average occupied square feet667 664 565 
_______________________________________
(1)Average occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(2)Presented as a ratio of revenues comprised of rental and related revenues divided by average occupied square feet and annualized for acquisitions for the year in which they occurred. Average annual rent excludes termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
(3)Presented as a ratio of revenues comprised of resident fees and services and government grant income divided by average occupied units of the facilities.
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Tenant Lease Expirations
The following table shows tenant lease expirations for the next 10 years and thereafter at our consolidated properties, assuming that none of the tenants exercise any of their renewal or purchase options, and excludes properties in our senior housing segment and assets held for sale as of December 31, 2025 (dollars and square feet in thousands):
Expiration Year
SegmentTotal
2026(1)
202720282029203020313032203320342035Thereafter
Outpatient medical:
Square feet31,619 3,531 3,017 3,956 3,104 2,966 2,952 2,805 1,545 1,530 1,745 4,468 
Base rent(2)
$845,505 $104,318 $86,880 $99,113 $91,240 $83,284 $75,200 $68,311 $45,331 $40,124 $34,624 $117,080 
% of segment base rent100 12 10 12 11 10 9 8 5 5 4 14 
Lab:
Square feet9,289 552 764 578 835 1,195 1,228 817 539 984 688 1,109 
Base rent(2)
$605,552 $36,221 $48,486 $32,982 $53,749 $85,643 $82,416 $58,776 $42,304 $72,830 $39,209 $52,936 
% of segment base rent100 6 8 5 9 14 14 10 7 12 6 9 
Other non-reportable:
Square feet763 164 57 47 91 106 4 85 — 66 11 132 
Base rent(2)
$24,375 $7,076 $2,190 $1,205 $2,669 $3,371 $95 $3,652 $— $1,617 $271 $2,229 
% of segment base rent100 29 9 5 11 14 — 15 — 7 1 9 
Total:
Base rent(2)
$1,475,432 $147,615 $137,556 $133,300 $147,658 $172,298 $157,711 $130,739 $87,635 $114,571 $74,104 $172,245 
% of total base rent1009 9 9 10 12 11 9 6 8 5 12 
_______________________________________
(1)Includes month-to-month leases.
(2)The most recent month’s (or subsequent month’s, if acquired in the most recent month) base rent, including additional rent floors, annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
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ITEM 3.    Legal Proceedings
See the “Legal Proceedings” section of Note 12 to the Consolidated Financial Statements for information regarding legal proceedings, which information is incorporated by reference in this Item 3.
ITEM 4.    Mine Safety Disclosures
None.
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PART II
ITEM 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is listed on the New York Stock Exchange under the symbol “DOC.”
As of January 28, 2026, we had 6,166 stockholders of record.
Dividends (Distributions)
It has been our policy to declare quarterly dividends to common stockholders so as to comply with applicable provisions of the Code governing REITs. Commencing in April 2025, our Board of Directors transitioned to a practice of paying the quarterly common stock cash dividend on a monthly basis, which are declared quarterly. All distributions are made at the discretion of our Board of Directors in accordance with Maryland law. Distributions with respect to our common stock can be characterized for federal income tax purposes as ordinary dividends, capital gains, nondividend distributions, or a combination thereof. The following table shows the characterization of our annual common stock distributions per share:
Year Ended December 31,
202520242023
Ordinary dividends(1)
$0.848632 $0.720440 $0.909692 
Capital gains(2)(3)
0.051744 0.295060 0.116992 
Nondividend distributions0.319654 0.184500 0.173316 
$1.220030 $1.200000 $1.200000 
______________________________________
(1)For the year ended December 31, 2025, the amount includes $0.782764 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.065868 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2024, all $0.720440 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2023, the amount includes $0.882312 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.027380 of qualified dividend income for purposes of Code Section 1(h)(11).
(2)For the years ended December 31, 2025, 2024, and 2023, the amount includes $0.047796, $0.215960, and $0.036256, respectively, of unrecaptured Code Section 1250 gain. Pursuant to Treasury Regulation Section 1.1061-6(c), we are disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Code. Code Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” For each of the years ended December 31, 2025, 2024 and 2023, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains.
(3)For each of the years ended December 31, 2025, 2024, and 2023, 100% of the capital gain distributions represent gains from dispositions of U.S. real property interests pursuant to Code Section 897 for foreign shareholders.
On January 4, 2026, our Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of January, February, and March 2026, payable on January 30, 2026, February 27, 2026, and March 31, 2026, respectively, to stockholders of record as of the close of business on January 16, 2026, February 13, 2026, and March 17, 2026, respectively.
Issuer Purchases of Equity Securities
On July 24, 2024, our Board of Directors approved the 2024 Share Repurchase Program under which we may acquire shares of our common stock in the open market or other similar purchase techniques (including in compliance with the safe harbor provisions of Rule 10b-18 under the Exchange Act or pursuant to one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act), up to an aggregate purchase price of $500 million. Purchases of common stock under the 2024 Share Repurchase Program may be exercised at our discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. The 2024 Share Repurchase Program expires in July 2026 and may be suspended or terminated at any time without prior notice. During the three months ended December 31, 2025, there were no repurchases of common stock under the 2024 Share Repurchase Program. During the year ended December 31, 2025, we repurchased 5.09 million shares of our common stock at a weighted average price of $18.50 per share for a total of $94 million. At December 31, 2025, $406 million of our common stock remained available for repurchase under the 2024 Share Repurchase Program.
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Performance Graph
The graph and table below compare the cumulative total return of Healthpeak, the S&P 500 Index, and the Equity REIT Index of Nareit, from January 1, 2021 to December 31, 2025. Total cumulative return is based on a $100 investment in Healthpeak common stock and in each of the indices at the close of trading on December 31, 2020 and assumes quarterly reinvestment of dividends before consideration of income taxes. Stockholder returns over the indicated periods should not be considered indicative of future stock prices or stockholder returns.
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN
AMONG S&P 500, EQUITY REITS AND HEALTHPEAK PROPERTIES, INC.
RATE OF RETURN TREND COMPARISON
JANUARY 1, 2021–DECEMBER 31, 2025
(JANUARY 1, 2021 = $100)
Performance Graph Total Stockholder Return

5236
December 31,
20212022202320242025
FTSE Nareit Equity REIT Index$141.30 $106.05 $118.09 $123.90 $126.72 
S&P 500128.68 105.36 133.03 166.28 195.98 
Healthpeak Properties, Inc. 123.75 89.71 74.99 81.63 69.25 
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ITEM 6.    [Reserved]
ITEM 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information set forth in this Item 7 is intended to provide readers with an understanding of our financial condition, changes in financial condition, and results of operations. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Other than retrospective updates for changes to our reportable segments as more fully described in this Form 10-K, please refer to Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 4, 2025 for a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023.
The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in “Item 1A, Risk Factors.” See also “Cautionary Language Regarding Forward-Looking Statements” preceding Part I.
The following discussion and analysis should be read in conjunction with our accompanying, consolidated financial statements and the notes thereto.
We will discuss and provide our analysis in the following order:
•Market Trends and Uncertainties
•Company Highlights
•Dividends
•Results of Operations
•Liquidity and Capital Resources
•Non-GAAP Financial Measures Reconciliations
•Critical Accounting Estimates
•Recent Accounting Pronouncements
Market Trends and Uncertainties
Our operating results have been and will continue to be impacted by global and national economic and market conditions generally and by the local economic conditions where our properties are located.
We continuously monitor the effects of domestic and global events on our operations and financial position, and on the operations and financial position of our tenants, operators, and borrowers, to enable us to remain responsive and adaptable to the dynamic changes in our operating environment. These events include, but are not limited to, the following, any of which could negatively impact our business: inflation; recession; interest rates; challenges in the financial markets; availability of private capital and funding in the life science industry; and actions by the U.S. political administration and regulatory agencies that affect healthcare policy, life science research and innovation, labor supply, procurement and construction costs, and general economic conditions (such as budget reconciliation actions, tariff actions, changes in healthcare regulation, decreases in government funding and staffing, and immigration reform).
To the extent our tenants and/or operators have experienced, or will experience, increased costs, liquidity constraints, and financing difficulties due to the foregoing macroeconomic and market conditions, they may be unable or unwilling to make payments or perform their obligations when due, and occupancy of our properties could be adversely affected.
In addition, uncertainty in public and private equity and fixed income markets and elevated interest rates have directly led to increased costs and limitations on the availability of capital to us. Elevated interest rates have and could continue to adversely impact our borrowing costs, the fair value of our fixed rate instruments, transaction volume, and real estate values generally, including our real estate.
We have also been affected by increased costs relating to tenant improvements and construction, which, together with higher costs of capital and tariff actions (or potential tariff actions), have adversely affected, and in the future may adversely affect, construction starts and the expected yields on our capital projects, including our developments and redevelopments.
See “Item 1A, Risk Factors” in this report for additional discussion of the risks posed by macroeconomic conditions, as well as the uncertainties we and our tenants, operators, and borrowers may face as a result.
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Company Highlights
Real Estate Transactions
•During the year ended December 31, 2025, we completed the Gateway Crossing acquisition where we acquired 100% of a lab building in South San Francisco, California for consideration paid, net of discounts and closing costs, of $295 million and a 50% interest in a joint venture that owns five lab buildings and one other property on the same campus (the “Gateway Crossing JV”) for consideration paid, net of discounts and closing costs, of $132 million. In January 2026, we acquired the remaining 50% interest in the Gateway Crossing JV for consideration paid, net of discounts and closing costs, of $132 million, bringing our equity ownership in these six buildings to 100%.
•During the year ended December 31, 2025, we also acquired: (i) a portfolio of three outpatient medical buildings in New York for $17 million, (ii) a lab land parcel in Cambridge, Massachusetts for $20 million, (iii) nine suites within an outpatient medical building in Atlanta, Georgia for $7 million, and (iv) an outpatient medical land parcel in Huntsville, Alabama for $7 million, and (v) formed two outpatient medical development joint ventures.
•During the year ended December 31, 2025, we sold: (i) one outpatient medical land parcel for $4 million, (ii) nine outpatient medical buildings for $160 million, and (iii) a portfolio of 16 outpatient medical buildings for $182 million.
•In January 2026, we acquired the remaining 46.5% interest in the SWF SH JV for $312 million, bringing our ownership interest in the 19 senior housing properties to 100%.
•In January 2026, we acquired one lab land parcel in Cambridge, Massachusetts for $25 million.
•In January 2026, we sold four lab buildings subject to a purchase option for $68 million.
Development and Redevelopment Activities
•During the year ended December 31, 2025, the following projects were placed in service: (i) a portion of three lab development projects with total project costs of $162 million, (ii) two outpatient medical development projects with total project costs of $73 million, (iii) two lab development buildings held in our unconsolidated Callan Ridge JV of which our share of total project costs was $63 million, (iv) a portion of two outpatient medical development projects with total project costs of $32 million, (v) two lab redevelopment buildings held in our unconsolidated South San Francisco JVs of which our share of total project costs was $26 million, (vi) three lab redevelopment projects with total project costs of $23 million, (vii) a portion of two lab redevelopment projects with total project costs of $20 million, and (viii) one outpatient medical redevelopment project with total project costs of $12 million.
Financing Activities
•In February 2025, we repaid $348 million aggregate principal amount of 3.40% senior unsecured notes at maturity.
•In February 2025, we issued $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035.
•In June 2025, we repaid $452 million aggregate principal amount of 4.00% senior unsecured notes at maturity.
•In August 2025, we issued $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033.
•During the year ended December 31, 2025, we repurchased 5.09 million shares of our common stock under the 2024 Share Repurchase Program (as defined below) at a weighted average price of $18.50 per share for a total of $94 million.
•In January 2026, we made a $103 million early full repayment of mortgage debt secured by two life plan communities with original maturities in December 2026.
Other Activities
•In February 2025, we made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California (the “HQ Point Preferred Equity Investment”). This investment is entitled to a preferred return, and we had committed to fund up to a total investment of $50 million, all of which was funded as of December 31, 2025.
•During the year ended December 31, 2025, we received full repayment of two seller financing loans receivable secured by senior housing assets with an aggregate principal balance of $106 million.
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•In December 2025, we confidentially submitted a draft registration statement on Form S-11 to the SEC relating to the proposed Janus Living Offering. Following the Janus Living Offering, Janus Living will be externally managed by a wholly owned indirect subsidiary of Healthpeak under the terms of a management agreement, and Healthpeak will retain a substantial majority equity interest in Janus Living, with new public shareholders owning the remaining interest. Based on the anticipated ownership share and terms of the management agreement, we expect to continue to consolidate Janus Living subsequent to the Offering. We expect to complete the Janus Living Offering in the first half of 2026, subject to market conditions, receipt of regulatory approvals, completion of related financings, completion of the SEC’s review, and other customary conditions.
Dividends
Common stock cash dividends during 2025 aggregated to $1.22 per share. Our Board of Directors declares our common stock cash dividends on a quarterly basis. Commencing in April 2025, our Board of Directors transitioned from paying the common stock cash dividend on a quarterly basis to a monthly basis. On January 4, 2026, our Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of January, February, and March 2026, payable on January 30, 2026, February 27, 2026, and March 31, 2026, respectively, to stockholders of record as of the close of business on January 16, 2026, February 13, 2026, and March 17, 2026, respectively.
Results of Operations
We evaluate our business and allocate resources among our operating segments: (i) outpatient medical, (ii) lab, (iii) senior housing, (iv) loans receivable, (v) a preferred equity investment, and (vi) three other properties, which are comprised of two properties previously included in our outpatient medical operating segment and one property acquired in connection with the Gateway Crossing acquisition. Our reportable segments, as determined in accordance with ASC 280, Segment Reporting, are as follows: (i) outpatient medical, (ii) lab, and (iii) senior housing. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Our senior housing properties are operated through RIDEA structures. The loans receivable, preferred equity investment and the three other properties are non-reportable segments that have been presented on a combined basis herein. We evaluate performance based upon property adjusted net operating income (“Adjusted NOI” or “Cash NOI”) in each segment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to the Consolidated Financial Statements.
Non-GAAP Financial Measures
Adjusted NOI
Adjusted NOI is a non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measure used to evaluate the operating performance of real estate. Adjusted NOI represents real estate revenues (inclusive of rental and related revenues, resident fees and services, and government grant income and exclusive of interest income), less property level operating expenses; Adjusted NOI excludes all other financial statement amounts included in net income (loss) as presented in Note 16 to the Consolidated Financial Statements. Adjusted NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported. Adjusted NOI is calculated as Adjusted NOI from consolidated properties, plus our share of Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests’ share of Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). We utilize our share of Adjusted NOI in assessing our performance as we have various joint ventures that contribute to our performance. Our share of Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP.
Adjusted NOI is oftentimes referred to as “Cash NOI.” Management believes Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presents them on an unlevered basis. We use Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance, and to evaluate our Merger-Combined Same-Store (“Merger-Combined SS”) performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to Adjusted NOI. Adjusted NOI should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items. Further, our definition of Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating Adjusted NOI.
As described in Note 16 to the Consolidated Financial Statements, our CODM evaluates the performance of our operating segments based on Adjusted NOI. Certain of our operating segments are reportable segments for which we disclose Total Portfolio Adjusted NOI. For further information, including information reconciling our Adjusted NOI for reportable segments to our income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures, refer to Note 16 to the Consolidated Financial Statements.
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Operating expenses generally relate to leased outpatient medical and lab buildings, as well as senior housing facilities. We generally recover all or a portion of our leased outpatient medical and lab property expenses through tenant recoveries, which are recognized within rental and related revenues.
Merger-Combined Same-Store Adjusted NOI
Merger-Combined Same-Store Adjusted NOI includes legacy Physicians Realty Trust properties that met the same-store criteria as if they were owned by the Company for the full analysis period. This information allows our investors, analysts, and us to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Adjusted NOI (see Adjusted NOI definition above for further discussion regarding our use of pro-rata share information and its limitations). Merger-Combined Same-Store Adjusted NOI excludes government grant income under the CARES Act, amortization of deferred revenue from tenant-funded improvements, and certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis.
Properties are included in Merger-Combined Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Merger-Combined Same-Store when it is classified as held for sale, sold, placed into redevelopment, experiences a casualty event or has a planned operator transition that significantly impacts operations, or a significant tenant relocates from a Merger-Combined Same-Store property to a Merger-Combined non Same-Store property and that change results in a corresponding increase in revenue. We do not report Merger-Combined Same-Store metrics for our other non-reportable segments.
Management believes that continued reporting of the same-store portfolio for only pre-merger Healthpeak Properties, Inc. offers minimal value to investors who are seeking to understand the operating performance and growth potential of the Combined Company. The Company was provided access to the underlying financial statements of legacy Physicians Realty Trust and other detailed information about each property, such as the acquisition date. Based on this available information, the Company was able to consistently apply its same-store definition across the combined portfolio. As a result of the Merger, approximately 95% of the combined portfolio is represented in the Merger-Combined Same-Store presentation for the outpatient medical segment for the year ended December 31, 2025.
For a reconciliation of Merger-Combined Same-Store to total portfolio Adjusted NOI and other relevant disclosures by segment, refer to our Segment Analysis below.
Nareit FFO. Funds from Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.
The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.
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We believe Nareit FFO applicable to common shares and diluted Nareit FFO applicable to common shares are important supplemental non-GAAP measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue.
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). 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. For a reconciliation of net income (loss) to Nareit FFO and other relevant disclosures, refer to “Non-GAAP Financial Measures Reconciliations” below.
FFO as Adjusted. In addition, we present Nareit FFO on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction, merger, and restructuring-related costs, other impairments (recoveries) and other losses (gains), prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). These adjustments are net of tax, when applicable, and are reflective of our share of our joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of FFO as Adjusted for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. See “Nareit FFO” above for further disclosures regarding our use of pro rata share information and its limitations. Transaction, merger, and restructuring-related costs include expenses incurred as a result of mergers, acquisitions, operator transitions, severance, and other investment pursuit costs. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Other impairments (recoveries) and other losses (gains) include interest income associated with early and partial repayments of loans receivable and other losses or gains associated with non-depreciable assets including goodwill and loans receivable. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that “management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community.” We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain other adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions, (ii) evaluate the performance of our management, (iii) budget and forecast future results to assist in the allocation of resources, (iv) assess our performance as compared with similar real estate companies and the industry in general, and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs. For a reconciliation of net income (loss) to FFO as Adjusted and other relevant disclosure, refer to “Non-GAAP Financial Measures Reconciliations” below.
Adjusted FFO (“AFFO”). AFFO is defined as FFO as Adjusted after excluding the impact of the following: (i) stock-based compensation amortization expense, (ii) amortization of deferred financing costs and debt discounts (premiums), (iii) straight-line rents, (iv) deferred income taxes, (v) amortization of above (below) market lease intangibles, net, (vi) non-refundable entrance fees collected in excess of (less than) the related amortization, and (vii) other AFFO adjustments, which include: (a) lease incentive amortization (reduction of straight-line rents), (b) actuarial reserves for insurance claims that have been incurred but not reported, and (c) amortization of deferred revenues, excluding amounts amortized into rental income that are associated with tenant funded improvements owned/recognized by us and up-front cash payments made by tenants to reduce their contractual rents. Also, AFFO is computed after deducting recurring capital expenditures, including second generation leasing costs and second generation tenant and capital improvements (“AFFO capital expenditures”). All adjustments are reflective of our pro rata share of both our consolidated and unconsolidated joint ventures (reported in “other AFFO adjustments”). We reflect our share of AFFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our AFFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. See “Nareit FFO” above for further disclosures regarding our
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use of pro rata share information and its limitations. We believe AFFO is an alternative run-rate performance measure that improves the understanding of our operating results among investors and makes comparisons with: (i) expected results, (ii) results of previous periods, and (iii) results among REITs more meaningful. AFFO does not represent cash generated from operating activities determined in accordance with GAAP and is not indicative of cash available to fund cash needs as it excludes the following items which generally flow through our cash flows from operating activities: (i) adjustments for changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, (ii) transaction-related costs, (iii) litigation settlement expenses, and (iv) restructuring and severance-related charges. Furthermore, AFFO is adjusted for recurring capital expenditures, which are generally not considered when determining cash flows from operations or liquidity. Other REITs or real estate companies may use different methodologies for calculating AFFO, and accordingly, our AFFO may not be comparable to those reported by other REITs. Management believes AFFO provides a meaningful supplemental measure of our performance and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT, and by presenting AFFO, we are assisting these parties in their evaluation. AFFO is a non-GAAP supplemental financial measure and should not be considered as an alternative to net income (loss) determined in accordance with GAAP and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP. For a reconciliation of net income (loss) to AFFO and other relevant disclosures, refer to “Non-GAAP Financial Measures Reconciliations” below.
Comparison of the Year Ended December 31, 2025 to the Year Ended December 31, 2024
Overview
The following table summarizes results for the years ended December 31, 2025 and 2024(1) (in thousands):
Year Ended December 31,
20252024Change
Net income (loss) applicable to common shares$70,513 $242,384 $(171,871)
Nareit FFO applicable to common shares
1,268,981 1,092,730 176,251 
FFO as Adjusted applicable to common shares
1,292,256 1,231,868 60,388 
AFFO applicable to common shares
1,183,568 1,140,665 42,903 
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(1)For the reconciliation of non-GAAP financial measures, see “Non-GAAP Financial Measures Reconciliations” below.
Net income (loss) applicable to common shares decreased primarily as a result of the following:
•other-than-temporary impairment charges on certain lab unconsolidated joint ventures in 2025;
•a decrease in gain on sales of real estate related to fewer real estate dispositions in 2025;
•a decrease in gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California to a third-party in January 2024;
•an increase in interest expense related to: (i) debt assumed as part of the Merger, including $1.25 billion aggregate principal amount of senior unsecured notes, $400 million aggregate principal amount of the 2028 Term Loan, and $128 million aggregate principal amount of mortgage debt, (ii) borrowings under the 2029 Term Loan, which closed in March 2024, (iii) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, (iv) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (v) higher borrowings under the commercial paper program;
•an increase in noncontrolling interests’ share in earnings as a result of increased income from consolidated joint ventures acquired as part of the Merger;
•an increase in income tax expense related to: (i) an increase in operating income associated with our life plan communities and (ii) the tax benefit from casualty-related losses recognized in 2024; and
•an increase in depreciation related to: (i) assets acquired as part of the Merger and (ii) development and redevelopment projects placed in service during 2024 and 2025.
The decrease in net income (loss) applicable to common shares was partially offset by:
•a decrease in transaction and merger-related costs incurred in 2025 compared to 2024 in connection with the Merger;
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•an increase in Adjusted NOI generated from our outpatient medical and lab segments related to: (i) assets acquired as part of the Merger, (ii) development and redevelopment projects placed in service during 2024 and 2025, and (iii) new leasing activity during 2024 and 2025 (including the impact to straight-line rents), partially offset by: (i) dispositions of real estate in 2024 and 2025 and (ii) assets placed into development and redevelopment in 2024 and 2025;
•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased rates for resident fees and (ii) higher occupancy;
•a decrease in casualty-related losses from Hurricane Milton which occurred in 2024;
•an increase in interest income related to: (i) seller financing provided in connection with the disposition of 61 outpatient medical buildings during 2024, (ii) secured loans funded in 2024 and 2025, and (iii) mezzanine and secured loans receivable acquired as part of the Merger;
•a decrease in impairment charges associated with an asset impaired under the held for sale model that was recognized in 2024;
•a decrease in loan loss reserves under the current expected credit losses model, which is primarily due to (i) reserves recognized in 2024 on loans receivable acquired as part of the Merger, (ii) changes in operating performance and fair values of the underlying collateral of the Company’s loans receivable and (iii) recoveries related to loans repaid in 2024 and 2025;
•a decrease in income tax expense related to: (i) income tax expense incurred in connection with the sale of a 65% interest in two lab buildings in San Diego, California to a third-party in January 2024 and (ii) the income tax benefit from an other-than-temporary impairment charge on a lab unconsolidated joint venture;
•a decrease in interest expense related to: (i) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025 and (ii) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025; and
•a decrease in general and administrative expenses due to: (i) lower compensation expense and (ii) merger-related synergies.
Nareit FFO applicable to common shares increased primarily as a result of the aforementioned events impacting net income (loss) applicable to common shares, except for the following, which are excluded from Nareit FFO applicable to common shares:
•other-than-temporary impairment charges;
•gain on sales of real estate;
•taxes associated with real estate dispositions;
•gain upon change of control; and
•depreciation and amortization expense.
FFO as Adjusted applicable to common shares increased primarily as a result of the aforementioned events impacting Nareit FFO applicable to common shares, except the following, which are excluded from FFO as Adjusted applicable to common shares:
•transaction, merger, and restructuring-related items;
•casualty-related losses; and
•loan loss reserves (recoveries).
AFFO applicable to common shares increased primarily as a result of the aforementioned events impacting FFO as Adjusted applicable to common shares, except for the impact of: (i) amortization of below market lease intangibles, (ii) amortization of deferred financing costs and debt discounts (premiums) on amounts recognized in connection with the Merger, (iii) deferred income taxes, (iv) higher AFFO capital expenditures during the period, and (v) straight-line rents, which are excluded from AFFO applicable to common shares.
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Segment Analysis
The following tables provide selected operating information for our Merger-Combined Same-Store and total property portfolio for each of our reportable segments. For the year ended December 31, 2025, our Merger-Combined Same-Store consists of 597 properties representing properties fully operating on or prior to January 1, 2024 and that remained in operation through December 31, 2025. For the year ended December 31, 2024, our Merger-Combined Same-Store consists of 642 properties representing properties fully operating on or prior to January 1, 2023 and that remained in operation through December 31, 2024. Legacy Physicians Realty Trust properties that met the definition of Merger-Combined Same-Store are included in both periods presented as if they were owned by the Company for the full analysis period. See “Non-GAAP Financial Measures” above for additional information. Our total property portfolio consisted of 689, 697, and 477 properties at December 31, 2025, 2024, and 2023, respectively.
From our 2024 segment presentation in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 4, 2025, 19 properties were added to the senior housing segment as a result of a change in the reportable segment. Additionally, we removed two properties that were reclassified from the outpatient medical segment to the other non-reportable segments. Also included in other non-reportable segments as of December 31, 2025 is one other property that was acquired as part of the Gateway Crossing acquisition, as described above, which has no impact on prior period information presented for the lab segment.
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Outpatient Medical
The following table summarizes results at and for the years ended December 31, 2025 and 2024 (dollars and square feet in thousands, except per square foot data):
Merger-Combined SS(1)
Total Portfolio(2)
Year Ended December 31,Year Ended December 31,
20252024Change20252024Change
Rental and related revenues$1,184,259$1,137,015$47,244$1,273,505$1,184,660$88,845 
Operating expenses(388,368)(373,544)(14,824)(424,141)(395,105)(29,036)
Healthpeak’s share of unconsolidated joint venture revenues less expenses17,34717,20414317,99415,0072,987 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses(25,829)(26,032)203(27,817)(27,061)(756)
Adjustments to NOI(3)
(41,226)(35,652)(5,574)(43,698)(38,203)(5,495)
Adjusted NOI$746,183$718,991$27,192795,843739,29856,545 
Pre-Merger legacy Physicians Realty Trust Adjusted NOI(4)
—61,341(61,341)
Less: Merger-Combined Non-SS Adjusted NOI(49,660)(81,648)31,988 
Merger-Combined SS Adjusted NOI$746,183$718,991$27,192 
Adjusted NOI % change3.8 %
Property count(5)
483 483 507 522 
End of period occupancy(6)
92.0 %92.7 %92.0 %92.3 %
Average occupancy(6)
92.2 %92.8 %91.8 %92.2 %
Average occupied square feet31,530 31,787 33,233 35,044 
Average annual rent per occupied square foot(7)
$38 $36 $39 $37 
Average annual base rent per occupied square foot(8)
$28 $28 $29 $29 
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(1)Merger-Combined Same-Store includes legacy Physicians Realty Trust properties that met the definition of Merger-Combined Same-Store as if they were owned by the Company for the full analysis period. Refer to “Non-GAAP Financial Measures” above for the definition of Merger-Combined Same-Store.
(2)Total Portfolio includes results of operations from disposed properties through the disposition date. 2024 Total Portfolio includes results of operations for legacy Healthpeak prior to the Closing Date and results of operations for the Combined Company after the Closing Date.
(3)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our reportable segments. See Note 16 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
(4)Represents Adjusted NOI for legacy Physicians Realty Trust properties prior to the Closing Date.
(5)From our 2024 presentation of Merger-Combined Same-Store, we added: (i) four stabilized acquisitions and (ii) four stabilized redevelopments placed in service, and we removed: (i) 22 assets that were sold, (ii) five buildings that were placed into redevelopment, and (iii) two assets that were classified as held for sale.
(6)Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(7)Average annual rent is total revenues less termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
(8)Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Merger-Combined Same-Store Adjusted NOI increased primarily as a result of the following:
•mark-to-market lease renewals;
•annual rent escalations; and
•increased percentage-based rents; partially offset by
•higher operating expenses, net of savings from our internalization of property management; and
•decreases in base rent on certain new and existing tenants.
Total Portfolio Adjusted NOI increased primarily as a result of the aforementioned impacts to Merger-Combined Same-Store and the following Merger-Combined Non-Same-Store impacts:
•Adjusted NOI from the Merger-Combined Non-Same-Store outpatient medical buildings acquired as part of the Merger in 2024;
•increased Adjusted NOI from outpatient medical buildings acquired in 2025; and
•increased occupancy in former redevelopment and development properties that have been placed into service; partially offset by
•decreased Adjusted NOI from our 2024 and 2025 dispositions.
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The following table summarizes results at and for the years ended December 31, 2024 and 2023 (dollars and square feet in thousands, except per square foot data):
Merger-Combined SS(1)
Total Portfolio(2)
Year Ended December 31,Year Ended December 31,
20242023Change20242023Change
Rental and related revenues$1,176,362$1,116,362$60,000$1,184,660$732,279$452,381 
Operating expenses(384,062)(371,175)(12,887)(395,105)(252,744)(142,361)
Healthpeak’s share of unconsolidated joint venture revenues less expenses
16,08515,10598015,0071,84413,163 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses
(26,012)(25,216)(796)(27,061)(25,152)(1,909)
Adjustments to NOI(3)
(36,631)(14,536)(22,095)(38,203)(14,382)(23,821)
Adjusted NOI$745,742$720,540$25,202739,298441,845297,453 
Pre-Merger legacy Physicians Realty Trust Adjusted NOI(4)
61,341308,918(247,577)
Less: Merger-Combined Non-SS Adjusted NOI(54,897)(30,223)(24,674)
Merger-Combined SS Adjusted NOI$745,742$720,540$25,202 
Adjusted NOI % change3.5 %
Property count(5)
504 504 522 296 
End of period occupancy(6)
92.4 %92.6 %92.3 %90.4 %
Average occupancy(6)
92.5 %92.3 %92.2 %90.4 %
Average occupied square feet32,726 32,657 35,044 20,966 
Average annual rent per occupied square foot(7)
$36 $35 $37 $35 
Average annual base rent per occupied square foot(8)
$28 $27 $29 $29 
_______________________________________
(1)Merger-Combined Same-Store includes legacy Physicians Realty Trust properties that met the definition of Merger-Combined Same-Store as if they were owned by the Company for the full analysis period. Refer to “Non-GAAP Financial Measures” above for the definition of Merger-Combined Same-Store.
(2)Total Portfolio includes results of operations from disposed properties through the disposition date. 2024 Total Portfolio includes results of operations for legacy Healthpeak prior to the Closing Date and results of operations for the Combined Company after the Closing Date.
(3)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our reportable segments. See Note 16 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
(4)Represents Adjusted NOI for legacy Physicians Realty Trust properties prior to the Closing Date.
(5)From our 2023 presentation of Merger-Combined Same-Store, we added: (i) 290 properties acquired as part of the Merger, (ii) eight stabilized developments placed in service, (iii) five stabilized redevelopments placed in service, and (iv) four stabilized acquisitions, and we removed: (i) 72 assets that were sold, (ii) two assets that were reclassified to the other non-reportable segments, and (iii) one asset that was classified as held for sale.
(6)Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(7)Average annual rent is total revenues less termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
(8)Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Merger-Combined Same-Store Adjusted NOI increased primarily as a result of the following:
•mark-to-market lease renewals;
•higher average occupancy; and
•annual rent escalations; partially offset by
•higher operating expenses, net of savings from our internalization of property management.
Total Portfolio Adjusted NOI increased primarily as a result of the aforementioned impacts to Merger-Combined Same-Store and the following Merger-Combined Non-Same-Store impacts:
•Adjusted NOI from the Merger-Combined Non-Same-Store outpatient medical buildings acquired as part of the Merger in 2024;
•increased occupancy in former redevelopment and development properties that have been placed into service; partially offset by
•business interruption proceeds received in 2023 related to a demolished asset; and
•decreased Adjusted NOI from our 2023 and 2024 dispositions.
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Lab
The following table summarizes results at and for the years ended December 31, 2025 and 2024 (dollars and square feet in thousands, except per square foot data):
Merger-Combined SS
Total Portfolio(1)
Year Ended December 31,Year Ended December 31,
20252024Change20252024Change
Rental and related revenues$701,088$682,432$18,656$860,020$881,452$(21,432)
Operating expenses(189,985)(185,669)(4,316)(245,159)(239,620)(5,539)
Healthpeak’s share of unconsolidated joint venture revenues less expenses5,2225,266(44)17,02413,3673,657 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses———(33)(144)111 
Adjustments to NOI(2)
(44,560)(37,211)(7,349)(64,494)(64,449)(45)
Adjusted NOI$471,765$464,818$6,947567,358590,606(23,248)
Less: Merger-Combined Non-SS Adjusted NOI(95,593)(125,788)30,195 
Merger-Combined SS Adjusted NOI$471,765$464,818$6,947 
Adjusted NOI % change1.5 %
Property count(3)
99 99 145 139 
End of period occupancy(4)
90.1 %97.8 %88.2 %97.5 %
Average occupancy(4)
94.7 %97.7 %94.8 %96.0 %
Average occupied square feet7,326 7,514 9,238 9,665 
Average annual rent per occupied square foot(5)
$91 $88 $90 $87 
Average annual base rent per occupied square foot(6)
$66 $64 $68 $66 
_______________________________________
(1)Total Portfolio includes results of operations from disposed properties through the disposition date.
(2)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our reportable segments. See Note 16 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
(3)From our 2024 presentation of Merger-Combined Same-Store, we added: (i) three stabilized redevelopments placed in service and (ii) one stabilized development placed in service, and we removed: (i) six assets that were classified as held for sale and (ii) three buildings that were placed into redevelopment.
(4)Refer to “Non-GAAP Financial Measures” above for the definition of Merger-Combined Same-Store. Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(5)Average annual rent is total revenues less termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
(6)Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Merger-Combined Same-Store Adjusted NOI increased primarily as a result of the following:
•annual rent escalations; partially offset by
•higher operating expenses, net of savings from our internalization of property management; and
•lower average occupancy.
Total Portfolio Adjusted NOI decreased primarily as a result of the following:
•decreased Adjusted NOI from our 2024 dispositions; and
•decreased Adjusted NOI from buildings undergoing development and redevelopment in 2024 and 2025; partially offset by
•the aforementioned increases to Merger-Combined Same-Store.


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The following table summarizes results at and for the years ended December 31, 2024 and 2023 (dollars and square feet in thousands, except per square foot data):
Merger-Combined SS
Total Portfolio(1)
Year Ended December 31,Year Ended December 31,
20242023Change20242023Change
Rental and related revenues$671,796$644,775$27,021$881,452$878,326$3,126 
Operating expenses(184,839)(176,142)(8,697)(239,620)(229,630)(9,990)
Healthpeak’s share of unconsolidated joint venture revenues less expenses1,4291,469(40)13,3675,8327,535 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses———(144)(463)319 
Adjustments to NOI(2)
(31,101)(34,665)3,564(64,449)(36,524)(27,925)
Adjusted NOI$457,285$435,437$21,848590,606617,541(26,935)
Less: Merger-Combined Non-SS Adjusted NOI(133,321)(182,104)48,783 
Merger-Combined SS Adjusted NOI$457,285$435,437$21,848 
Adjusted NOI % change5.0 %
Property count(3)
104 104 139 146 
End of period occupancy(4)
97.6 %97.4 %97.5 %96.9 %
Average occupancy(4)
97.7 %98.2 %96.0 %97.8 %
Average occupied square feet7,719 7,759 9,665 10,524 
Average annual rent per occupied square foot(5)
$84 $79 $87 $81 
Average annual base rent per occupied square foot(6)
$61 $59 $66 $63 
_______________________________________
(1)Total Portfolio includes results of operations from disposed properties through the disposition date.
(2)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our reportable segments. See Note 16 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
(3)From our 2023 presentation of Merger-Combined Same-Store, we added: (i) six stabilized developments placed in service, (ii) two stabilized redevelopments placed in service, and (iii) two buildings that previously experienced a significant tenant relocation, and we removed: (i) 15 buildings that were placed into redevelopment and (ii) seven assets that were sold.
(4)Refer to “Non-GAAP Financial Measures” above for the definition of Merger-Combined Same-Store. Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(5)Average annual rent is total revenues less termination fees and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
(6)Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Merger-Combined Same-Store Adjusted NOI increased primarily as a result of the following:
•annual rent escalations; partially offset by
•higher operating expenses, net of savings from our internalization of property management; and
•lower average occupancy.
Total Portfolio Adjusted NOI decreased primarily as a result of the following:
•decreased Adjusted NOI from our 2023 and 2024 dispositions; and
•decreased Adjusted NOI from buildings placed into development and redevelopment in 2023 and 2024; partially offset by
•the aforementioned increases to Merger-Combined Same-Store.
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Senior Housing
The following table summarizes results at and for the years ended December 31, 2025 and 2024 (dollars in thousands, except per unit data):
Merger-Combined SSTotal Portfolio
Year Ended December 31,Year Ended December 31,
20252024Change20252024Change
Resident fees and services$603,989$568,475$35,514$603,989$568,475$35,514 
Operating expenses(447,374)(428,435)(18,939)(447,854)(429,248)(18,606)
Healthpeak’s share of unconsolidated joint venture revenues less expenses———23,06822,303765 
Adjustments to NOI(1)
(2,492)(3,122)630(2,462)(3,024)562 
Adjusted NOI$154,123$136,918$17,205176,741158,50618,235 
Plus (less): Merger-Combined Non-SS adjustments(22,618)(21,588)(1,030)
Merger-Combined SS Adjusted NOI$154,123$136,918$17,205 
Adjusted NOI % change12.6 %
Property count(2)
15 15 34 34 
Average occupancy(3)
86.6 %85.4 %85.6 %84.3 %
Average occupied units(4)
6,115 6,041 7,578 7,473 
Average annual rent per occupied unit$98,772 $94,103 $91,506 $87,633 
_______________________________________
(1)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our reportable segments. See Note 16 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
(2)From our 2024 presentation of Merger-Combined Same-Store, we removed 19 properties that have planned operator transitions that are expected to significantly impact operations. From our 2024 presentation of Total Portfolio included in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 4, 2025, 19 properties were added in connection with the change in the senior housing reportable segment.
(3)Refer to “Non-GAAP Financial Measures” above for the definition of Merger-Combined Same-Store. Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(4)Represents average occupied units as reported by the operators for the twelve-month period.
Merger-Combined Same-Store Adjusted NOI and Total Portfolio Adjusted NOI increased primarily as a result of the following:
•increased rates for resident fees; and
•higher occupancy; partially offset by
•higher costs of compensation and property management, repairs and maintenance, utilities, and other operating expenses.
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The following table summarizes results at and for the years ended December 31, 2024 and 2023 (dollars in thousands, except per unit data):
Merger-Combined SSTotal Portfolio
Year Ended December 31,Year Ended December 31,
20242023Change20242023Change
Resident fees and services$567,261$526,769$40,492$568,475$527,417$41,058 
Government grant income(1)
————184(184)
Operating expenses(426,922)(411,539)(15,383)(429,248)(413,472)(15,776)
Healthpeak’s share of unconsolidated joint venture revenues less expenses
22,30321,61568822,30321,844459 
Adjustments to NOI(2)
(3,024)(1,252)(1,772)(3,024)(1,252)(1,772)
Adjusted NOI$159,618$135,593$24,025158,506134,72123,785 
Plus (less): Merger-Combined Non-SS adjustments1,112872240 
Merger-Combined SS Adjusted NOI$159,618$135,593$24,025 
Adjusted NOI % change17.7 %
Property count(3)
34 34 34 34 
Average occupancy(4)
84.3 %82.6 %84.3 %82.6 %
Average occupied units(5)
7,461 7,348 7,473 7,356 
Average annual rent per occupied unit$87,611 $82,896 $87,633 $82,951 
_______________________________________
(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations.
(2)Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI, which is used by our CODM to evaluate performance of our reportable segments. See Note 16 to the Consolidated Financial Statements for further information, including information reconciling our Adjusted NOI for reportable segments to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. Refer also to “Non-GAAP Financial Measures” above for the definition of Adjusted NOI.
(3)From our 2023 presentation of Merger-Combined Same-Store and Total Portfolio, we added 19 properties in connection with the change in the senior housing reportable segment.
(4)Refer to “Non-GAAP Financial Measures” above for the definition of Merger-Combined Same-Store. Total Portfolio occupancy excludes any of the following: (i) developments, (ii) significant redevelopments, (iii) newly completed properties under lease-up, and (iv) properties held for sale.
(5)Represents average occupied units as reported by the operators for the twelve-month period.
Merger-Combined Same-Store Adjusted NOI and Total Portfolio Adjusted NOI increased primarily as a result of the following:
•increased rates for resident fees; and
•higher occupancy; partially offset by
•higher costs of compensation and property management, food, and other operating expenses.
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Other Income and Expense Items
The following table summarizes the results of our other income and expense items for the years ended December 31, 2025 and 2024 (in thousands):
Year Ended December 31,
20252024Change
Interest income and other$61,780 $44,778 $17,002 
Depreciation and amortization1,058,865 1,057,205 1,660 
Interest expense305,178 280,430 24,748 
General and administrative90,416 97,162 (6,746)
Transaction and merger-related costs25,520 132,685 (107,165)
Impairments and loan loss reserves (recoveries), net(893)22,978 (23,871)
Gain (loss) on sales of real estate, net69,488 178,695 (109,207)
Other income (expense), net479 59,345 (58,866)
Income tax benefit (expense)(9,283)(4,350)(4,933)
Equity income (loss) from unconsolidated joint ventures(173,984)(1,515)(172,469)
Noncontrolling interests’ share in earnings(29,680)(24,161)(5,519)
Interest income and other
Interest income and other increased for the year ended December 31, 2025 primarily as a result of: (i) seller financing provided in connection with the disposition of 61 outpatient medical buildings during 2024, (ii) secured loans funded in 2024 and 2025, and (iii) mezzanine and secured loans receivable acquired as part of the Merger, partially offset by principal repayments on loans receivable in 2024 and 2025.
Depreciation and amortization
Depreciation and amortization expense increased for the year ended December 31, 2025 primarily as a result of: (i) assets acquired in 2025 and as part of the Merger in 2024 and (ii) development and redevelopment projects placed in service during 2024 and 2025, partially offset by: (i) dispositions of real estate in 2024 and 2025 and (ii) assets placed into development and redevelopment in 2024 and 2025.
Interest expense
Interest expense increased for the year ended December 31, 2025 primarily as a result of: (i) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, (ii) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, (iii) debt assumed as part of the Merger, including $1.25 billion aggregate principal amount of senior unsecured notes, $400 million aggregate principal amount of the 2028 Term Loan, and $128 million aggregate principal amount of mortgage debt, (iv) borrowings under the 2029 Term Loan, which closed in March 2024, and (v) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025 and (ii) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025.
General and administrative
General and administrative expenses decreased for the year ended December 31, 2025 primarily as a result of (i) lower compensation expense and (ii) merger-related synergies.
Transaction and merger-related costs
Transaction and merger-related costs decreased for the year ended December 31, 2025 primarily as a result of higher costs of combining operations with Physicians Realty Trust in 2024 compared to 2025, partially offset by costs incurred in 2025 related to: (i) investment pursuit costs and (ii) the planned Janus Living Offering.
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Impairments and loan loss reserves (recoveries), net
Impairments and loan loss reserves (recoveries), net decreased for the year ended December 31, 2025 primarily as a result of: (i) impairment charges associated with an asset impaired under the held for sale model that was recognized in 2024 and (ii) a decrease in loan loss reserves under the current expected credit losses model, which is primarily due to (i) reserves recognized in 2024 on loans receivable acquired as part of the Merger, (ii) changes in operating performance and fair values of the underlying collateral of the Company’s loans receivable and (iii) recoveries related to loans repaid in 2025, partially offset by new and extended loans during 2024 and 2025.
Gain (loss) on sales of real estate, net
Gain on sales of real estate, net decreased during the year ended December 31, 2025 primarily as a result of the $72 million gain on sales from: (i) one outpatient medical land parcel for proceeds of $4 million, (ii) nine outpatient medical buildings for proceeds of $160 million, and (iii) a portfolio of 16 outpatient medical buildings for $182 million, which were sold during the year ended December 31, 2025, as compared to the $179 million gain on sales from: (i) a portfolio of 61 outpatient medical buildings sold for proceeds of $697 million, (ii) 14 outpatient medical buildings sold for proceeds of $220 million, (iii) a portfolio of seven lab buildings sold for proceeds of $180 million, and (vi) a portfolio comprised of a land parcel and various vacant buildings on certain of our life plan community campuses sold for proceeds of $12 million, which were sold during the year ended December 31, 2024. Refer to Note 5 to the Consolidated Financial Statements for additional information regarding dispositions of real estate and the associated gain (loss) on sales recognized.
Other income (expense), net
Other income decreased for the year ended December 31, 2025 primarily due: (i) to a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California to a third-party in January 2024, partially offset by casualty-related losses from Hurricane Milton during the fourth quarter of 2024.
Income tax benefit (expense)
Income tax expense increased for the year ended December 31, 2025 primarily as a result of: (i) an increase in operating income associated with our life plan communities and (ii) the tax benefit from casualty-related losses recognized in 2024, partially offset by: (i) income tax expense incurred in connection with the sale of a 65% interest in two lab buildings in San Diego, California to a third-party in January 2024 and (ii) the income tax benefit from an other-than-temporary impairment charge on a lab unconsolidated joint venture.
Equity income (loss) from unconsolidated joint ventures
Equity loss from unconsolidated joint ventures increased for the year ended December 31, 2025 primarily as a result of other-than-temporary impairment charges on certain lab unconsolidated joint ventures, partially offset by the preferred return on the HQ Point Preferred Equity Investment.
Noncontrolling interests’ share in earnings
Noncontrolling interests’ share in earnings increased for the year ended December 31, 2025 primarily as a result of increased income from consolidated joint ventures acquired as part of the Merger.
Liquidity and Capital Resources
We anticipate that our cash flows from operations, available cash balances, and cash from our various financing activities will be adequate for the next 12 months and for the foreseeable future for purposes of: (i) funding recurring operating expenses; (ii) meeting debt service requirements; and (iii) satisfying funding of distributions to our stockholders and non-controlling interest members. Distributions are made using a combination of cash flows from operations, funds available under our bank line of credit (the “Revolving Facility”) and commercial paper program, proceeds from the sale of properties, and other sources of cash available to us.
In addition to funding the activities above, our principal liquidity needs for the next 12 months are to:
•fund capital expenditures, including tenant improvements and leasing costs;
•fund future acquisition, transactional, and development and redevelopment activities; and
•fund loans receivable and other investment commitments.
Our longer term liquidity needs include the items listed above as well as meeting debt service requirements.
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We anticipate satisfying these future needs using one or more of the following:
•cash flows from operations;
•sale of, or exchange of ownership interests in, properties or other investments;
•borrowings under our Revolving Facility and commercial paper program;
•issuance of additional debt, including unsecured notes, term loans, and mortgage debt; and/or
•issuance of common or preferred stock or its equivalent, including sales of common stock under the ATM Program (as defined below).
Our ability to access the capital markets impacts our cost of capital and ability to refinance maturing indebtedness, as well as our ability to fund future acquisitions and development through the issuance of additional securities or secured debt. Changes in general market and economic conditions as well as credit ratings impact our ability to access capital and directly impact our cost of capital. Our 2029 Term Loan, our 2027 Term Loans, our 2028 Term Loan, and our Revolving Facility accrue interest at the Secured Overnight Financing Rate (“SOFR”) plus a margin that depends on the credit ratings of our senior unsecured long-term debt. We also pay a facility fee on the entire commitment under our Revolving Facility that depends upon our credit ratings. As of January 30, 2026, we had long-term credit ratings of Baa1 from Moody’s and BBB+ from S&P Global, and short-term credit ratings of P-2 from Moody’s and A-2 from S&P Global.
A downgrade in credit ratings by Moody’s or S&P Global may have a negative impact on (i) the interest rates of our Revolving Facility, 2027 Term Loans, 2028 Term Loan, and 2029 Term Loan, (ii) facility fees for our Revolving Facility, and (iii) the pricing of notes issued under our commercial paper program and senior unsecured notes. While a downgrade in our credit ratings would adversely impact our cost of borrowing, we believe we would continue to have access to the unsecured debt markets, and we could also seek to enter into one or more secured debt financings, issue additional securities, including under our ATM Program, or dispose of certain assets to fund future operating costs, capital expenditures, or acquisitions, although no assurances can be made in this regard. Refer to “Market Trends and Uncertainties” above for a more comprehensive discussion of the potential impact of economic and market conditions on our business.
Material Cash Requirements
Our material cash requirements include the below contractual and other obligations.
Debt. As of December 31, 2025, we had total debt of $9.8 billion, including notes outstanding under our commercial paper program, senior unsecured notes, term loans, and mortgage debt. Of our total debt, the total amount payable within twelve months is comprised of $650 million of senior unsecured notes and $345 million of mortgage debt. Commercial paper borrowings are backstopped by the availability under our Revolving Facility. As such, we calculate the weighted average remaining term of our commercial paper borrowings using the maturity date of our Revolving Facility. Future interest payments associated with borrowings under our senior unsecured notes, term loans, and mortgage debt total $1.7 billion, $336 million of which are payable within twelve months. Future interest payments associated with commercial paper borrowings payable within the next twelve months total $44 million, assuming no change in interest rates and borrowings remain outstanding for the next twelve months.
Development and redevelopment commitments. Our development and redevelopment commitments represent construction and other commitments for development and redevelopment projects in progress and includes certain allowances for Company-owned tenant improvements that we have provided as a lessor. As of December 31, 2025, we had $168 million of development and redevelopment commitments, $134 million of which we expect to spend within the next twelve months.
Lease and other contractual commitments. Our lease and other contractual commitments represent our commitments, as lessor, under signed leases and contracts for operating properties and include allowances for Company-owned tenant improvements and leasing commissions. These commitments exclude allowances for Company-owned tenant improvements related to developments and redevelopments in progress for which we have executed an agreement with a general contractor to complete the tenant improvements, which are recognized as development and redevelopment commitments and are discussed further above. As of December 31, 2025, we had total lease and other contractual commitments of $54 million, $49 million of which we expect to spend within the next twelve months.
Construction loan commitments. As of December 31, 2025, we are obligated to provide additional loans up to $99 million for redevelopment and capital expenditure projects, for which the related loans have maturities through 2029. See Note 8 to the Consolidated Financial Statements for additional information.
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Ground and other operating lease commitments. Our ground and other operating lease commitments represent our commitments as lessee under signed operating leases. As of December 31, 2025, we had total ground and other operating lease commitments of $833 million, $21 million of which are payable within twelve months. See Note 7 to the Consolidated Financial Statements for additional information.
Other investment commitments. As of December 31, 2025, we had made aggregate investments of $3 million in funds that make venture capital investments in various early-stage technology solutions (“Other Equity Investments”). At December 31, 2025, our remaining funding commitment related to the Other Equity Investments was $14 million, which is expected to be funded over the next six years. See Note 19 to the Consolidated Financial Statements for additional information.
Redeemable noncontrolling interests. As of December 31, 2025, the redemption value of our redeemable noncontrolling interests was $160 million. The values of these redeemable noncontrolling interests are subject to change based on the assessment of redemption value at each redemption date. As of December 31, 2025, the estimated redemption value of the redeemable noncontrolling interests that have met the conditions for redemption was $14 million, the estimated redemption value of the redeemable noncontrolling interests that will meet the conditions for redemption upon completion of each of the related development projects was $13 million, and the estimated redemption value of the Gateway Crossing JV was $132 million. In January 2026, we acquired the remaining 50% interest in the Gateway Crossing JV for $132 million, terminating the Put Option of the noncontrolling interest holder. See Note 13 to the Consolidated Financial Statements for additional information.
Distribution and dividend requirements. Our dividend policy on our common stock is to distribute a percentage of our cash flow to ensure that we meet the dividend requirements of the Code, relative to maintaining our REIT status, while still allowing us to retain cash to fund capital improvements and other investment activities. Under the Code, REITs may be subject to certain federal income and excise taxes on undistributed taxable income. In February 2025, our Board of Directors declared an increase in the quarterly common stock cash dividend, from $0.300 to $0.305 per share, resulting in an annualized dividend of $1.220 per share. Commencing in April 2025, our Board of Directors also transitioned to a practice of paying the quarterly common stock cash dividend on a monthly basis, which are declared quarterly. Our future common stock cash dividends, if and as declared, may vary and will be determined by the Board based upon the circumstances prevailing at the time, including our financial condition.
Off-Balance Sheet Arrangements
We own interests in certain unconsolidated joint ventures as described in Note 9 to the Consolidated Financial Statements. Four of these joint ventures have aggregate mortgage debt of $903 million, of which our share is $210 million. Our risk of loss is limited to our investment in the applicable joint venture. Additionally, as of December 31, 2025, we had 16 outstanding letter of credit obligations totaling $16 million. We have no other material off-balance sheet arrangements that we expect would materially affect our liquidity and capital resources.
Inflation
A significant portion of our revenues are derived from leases that generally provide for fixed rental rates, subject to annual escalations. A period of high inflation could result in increases in the Consumer Price Index in excess of our fixed annual escalations. Certain of our leases provide that annual rent is modified based on changes in the Consumer Price Index or other thresholds.
Most of our outpatient medical leases require the tenant to pay a share of property operating costs such as real estate taxes, insurance, and utilities. Substantially all of our lab leases require the tenant or operator to pay all of the property operating costs or reimburse us for all such costs.
Labor costs, costs of construction materials, interest, utilities, and other operating costs may increase during periods of inflation. Inflationary increases in expenses will generally be offset, in whole or in part, by the tenant expense reimbursements and contractual rent increases described above.
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Cash Flow Summary
The following summary discussion of our cash flows is based on the Consolidated Statements of Cash Flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.
The following table sets forth changes in cash flows (in thousands):
Year Ended December 31,
20252024Change
Net cash provided by (used in) operating activities$1,251,959 $1,070,497 $181,462 
Net cash provided by (used in) investing activities(1,034,673)(113,799)(920,874)
Net cash provided by (used in) financing activities136,111 (941,416)1,077,527 
Operating Cash Flows
Our cash flows from operations are dependent upon the occupancy levels of our buildings, rental rates on leases, our tenants’ performance on their lease obligations, the level of operating expenses, and other factors. Our net cash provided by operating activities increased $181 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily as a result of: (i) a decrease in merger-related costs, (ii) an increase in Adjusted NOI from properties acquired as part of the Merger and acquisitions of real estate in 2025, (iii) developments and redevelopments placed in service during 2024 and 2025, (iv) annual rent increases, and (v) new leasing and renewal activity. The increase in net cash provided by operating activities was partially offset by: (i) an increase in cash paid for interest and (ii) a decrease in Adjusted NOI from dispositions of real estate in 2024 and 2025.
Investing Cash Flows
Our cash flows from investing activities are generally used to fund acquisitions, developments, and redevelopments of real estate, net of proceeds received from sales of real estate, and repayments on loans receivable. Our net cash used in investing activities increased $921 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily as a result of the following: (i) an increase in cash used for real estate asset acquisitions, (ii) a decrease in proceeds from sales of real estate, (iii) an increase in cash used for development and redevelopment of real estate, (iv) proceeds received from the Callan Ridge JV transaction in 2024, and (v) an increase in cash used for investments in unconsolidated joint ventures. The increase in net cash used in investing activities was partially offset by: (i) cash paid in connection with the Merger in 2024, (ii) an increase in proceeds received from insurance recoveries, and (iii) higher net repayments on loans receivable.
Financing Cash Flows
Our cash flows from financing activities are generally impacted by issuances and/or repurchases of equity, borrowings and repayments under our bank line of credit and commercial paper program, senior unsecured notes, term loans, and mortgage debt, net of dividends paid to common shareholders. Our net cash provided by financing activities increased $1.08 billion for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily as a result of the following: (i) higher net borrowings under the commercial paper program, (ii) an increase in proceeds received from the issuances of senior unsecured notes, (iii) lower repurchases of common stock under our share repurchase programs, (iv) lower distributions to noncontrolling interests, (v) lower payments for deferred financing costs, and (vi) higher contributions from noncontrolling interests. The increase in net cash provided by financing activities was partially offset by: (i) an increase in cash used to repay senior unsecured notes that reached maturity in 2025, (ii) a decrease in proceeds received from the issuance of term loans, and (iii) an increase in dividends paid on common stock.
Debt
In February 2025, we repaid $348 million aggregate principal amount of 3.40% senior unsecured notes at maturity. Also in February 2025, we issued $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035. In June 2025, we repaid $452 million aggregate principal amount of 4.00% senior unsecured notes at maturity. In August 2025, we issued $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033. In January 2026, we made a $103 million early full repayment of mortgage debt secured by two life plan communities with original maturities in December 2026.
See Note 11 to the Consolidated Financial Statements for additional information about our outstanding debt.
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Approximately 88% and 97% of our consolidated debt was fixed rate debt as of December 31, 2025 and 2024, respectively. At December 31, 2025, our fixed rate debt and variable rate debt had weighted average effective interest rates of 4.20% and 4.18%, respectively. At December 31, 2024, our fixed rate debt and variable rate debt had weighted average effective interest rates of 4.04% and 5.56%, respectively. As of December 31, 2025, we had the following swapped to fixed rates through interest rate swap instruments: (i) the $750 million 2029 Term Loan, (ii) the $500 million 2027 Term Loans, (iii) the $400 million 2028 Term Loan, and (iv) $142 million of variable rate mortgage debt. These interest rate swap instruments are designated as cash flow hedges. For purposes of classification of the amounts above, variable rate debt with a derivative financial instrument designated as a cash flow hedge is reported as fixed rate debt due to us having effectively established a fixed interest rate for the underlying debt instrument. For a more detailed discussion of our interest rate risk, see “Item 7A, Quantitative and Qualitative Disclosures About Market Risk” below.
Supplemental Guarantor Information
Healthpeak OP is the issuer of senior unsecured notes that were offered and sold on a registered basis under the Securities Act. The obligations of Healthpeak OP to pay principal, premiums, if any, and interest on such senior unsecured notes are guaranteed on a full and unconditional basis by the Company, DOC DR Holdco, LLC, one of our wholly owned subsidiaries (“DOC DR Holdco”), and DOC DR, LLC, a wholly owned subsidiary of Healthpeak OP (“DOC DR OP Sub”). Additionally, DOC DR OP Sub is the issuer, as successor to the Physicians Partnership upon the Merger, of the senior unsecured notes issued by the Physicians Partnership prior to, and assumed by Healthpeak as part of, the Merger. See Note 11 to the Consolidated Financial Statements for more information. The obligations of DOC DR OP Sub to pay principal, premiums, if any, and interest on such senior unsecured notes are guaranteed on a full and unconditional basis by the Company, Healthpeak OP, and DOC DR Holdco.
Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional”, the subsidiary obligor is a consolidated subsidiary of the parent company, the guaranteed security is debt or debt-like, and consolidated financial statements of the parent company have been filed. Accordingly, separate consolidated financial statements of Healthpeak OP, DOC DR Holdco, and DOC DR OP Sub have not been presented.
As permitted under Rule 13-01 of Regulation S-X, we have excluded the summarized financial information for the Company, Healthpeak OP, DOC DR Holdco, and DOC DR OP because the Company, Healthpeak OP, DOC DR Holdco, and DOC DR OP have no material assets, liabilities, or operations other than the debt financing activities described in the first paragraph of Note 11 to the Consolidated Financial Statements and their investments in non-guarantor subsidiaries, and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.
Equity
At December 31, 2025, we had 695 million shares of common stock outstanding, equity totaled $8.1 billion, and our equity securities had a market value of $11.4 billion.
At-The-Market Program
In February 2023, we terminated our previous at-the-market equity offering program and established a new at-the-market equity offering program (the “ATM Program”) that allows for the sale of shares of common stock having an aggregate gross sales price of up to $1.5 billion. In addition to the issuance and sale of shares of our common stock, we may also enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of our shares of common stock under our ATM Program. The ATM Program was most recently amended in February 2025 to add certain banks as sales agents, a forward seller, and a forward purchaser under the ATM Program.
During the year ended December 31, 2025, we did not issue any shares of our common stock under any ATM program.
At December 31, 2025, $1.5 billion of our common stock remained available for sale under the ATM Program. Actual future sales of our common stock will depend upon a variety of factors, including but not limited to market conditions, the trading price of our common stock, and our capital needs. We have no obligation to sell any shares under our ATM Program.
See Note 13 to the Consolidated Financial Statements for additional information about our ATM Program.
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Noncontrolling Interests
Healthpeak OP. During the year ended December 31, 2025, certain of our employees (“OP Unitholders”) were issued approximately 2 million noncontrolling, non-managing member units in Healthpeak OP (“OP Units”). When certain conditions are met, the OP Unitholders have the right to require redemption of part or all of their OP Units for cash or shares of our common stock, at our option as managing member of Healthpeak OP. The per unit redemption amount is equal to either one share of our common stock or cash equal to the fair value of a share of common stock at the time of redemption. We classify the OP Units in permanent equity because we may elect, in our sole discretion, to issue shares of our common stock to OP Unitholders who choose to redeem their OP Units rather than using cash. As of December 31, 2025, there were approximately 4 million OP Units outstanding, and 275 thousand had met the criteria for redemption.
DownREITs. At December 31, 2025, non-managing members held an aggregate of approximately 11 million units in eight limited liability companies for which we hold controlling interests and/or are the managing member. The DownREIT units are exchangeable for an amount of cash approximating the then-current market value of shares of our common stock or, at our option, shares of our common stock. At December 31, 2025, the outstanding DownREIT units were convertible into approximately 13 million shares of our common stock.
Share Repurchase Program
On July 24, 2024, our Board of Directors approved a new share repurchase program (the “2024 Share Repurchase Program”) to supersede and replace our previous program. Under the 2024 Share Repurchase Program, we may acquire shares of our common stock in the open market or other similar purchase techniques (including in compliance with the safe harbor provisions of Rule 10b-18 under the Exchange Act or pursuant to one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act), up to an aggregate purchase price of $500 million. Purchases of common stock under the 2024 Share Repurchase Program may be exercised at our discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. The 2024 Share Repurchase Program expires in July 2026 and may be suspended or terminated at any time without prior notice. During the year ended December 31, 2025, we repurchased 5.09 million shares of our common stock at a weighted average price of $18.50 per share for a total of $94 million. At December 31, 2025, $406 million of the Company’s common stock remained available for repurchase under the 2024 Share Repurchase Program.
Shelf Registration
On February 8, 2024, the Company and Healthpeak OP jointly filed a prospectus with the SEC as part of a registration statement on Form S-3, using an automatic shelf registration process. This shelf registration statement expires on February 8, 2027 and at or prior to such time, we expect to file a new shelf registration statement. On February 5, 2025, the Company and Healthpeak OP jointly filed a post-effective amendment to the shelf registration statement to add certain subsidiaries of the Company as co-registrants and register their guarantees of the debt securities of the Company and/or Healthpeak OP as additional securities that may be offered under the prospectus included in the shelf registration statement. Under the “shelf” process, we may sell any combination of the securities described in the prospectus through one or more offerings. The securities described in the prospectus include future offerings of: (i) the Company’s common stock, preferred stock, depositary shares, warrants, debt securities, and guarantees by the Company and certain of its subsidiaries of debt securities issued by Healthpeak OP, and (ii) Healthpeak OP’s debt securities and guarantees by Healthpeak OP and certain other subsidiaries of the Company of debt securities issued by the Company.
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Non-GAAP Financial Measures Reconciliations
The following is a reconciliation from net income (loss) applicable to common shares, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Nareit FFO, FFO as Adjusted, and AFFO (in thousands):
Year Ended December 31,
202520242023
Net income (loss) applicable to common shares$70,513 $242,384 $304,284 
Real estate related depreciation and amortization1,058,865 1,057,205 749,901 
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 50,110 44,961 24,800 
Noncontrolling interests’ share of real estate related depreciation and amortization(16,511)(18,328)(18,654)
Loss (gain) on sales of depreciable real estate, net(69,488)(178,695)(86,463)
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net— — 11,546 
Loss (gain) upon change of control, net(1)
— (77,548)(234)
Taxes associated with real estate dispositions(2)
(335)9,633 — 
Impairments (recoveries) of real estate, net(3)
175,827 13,118 — 
Nareit FFO applicable to common shares1,268,981 1,092,730 985,180 
Distributions on dilutive convertible units and other18,211 16,211 9,394 
Diluted Nareit FFO applicable to common shares$1,287,192 $1,108,941 $994,574 
Impact of adjustments to Nareit FFO:
Transaction, merger, and restructuring-related costs(4)
$25,520 $115,105 $15,203 
Other impairments (recoveries) and other losses (gains), net(5)
(651)9,381 (3,850)
Casualty-related charges (recoveries), net(6)
(1,594)25,848 (4,033)
Recognition (reversal) of valuation allowance on deferred tax assets(7)
— (11,196)(14,194)
Total adjustments$23,275 $139,138 $(6,874)
FFO as Adjusted applicable to common shares$1,292,256 $1,231,868 $978,306 
Distributions on dilutive convertible units and other18,192 16,061 9,402 
Diluted FFO as Adjusted applicable to common shares$1,310,448 $1,247,929 $987,708 
FFO as Adjusted applicable to common shares$1,292,256 $1,231,868 $978,306 
Stock-based compensation amortization expense14,410 15,543 14,480 
Amortization of deferred financing costs and debt discounts (premiums)31,907 28,974 11,916 
Straight-line rents(8)
(39,190)(41,276)(14,387)
AFFO capital expenditures(133,951)(115,784)(113,596)
Life plan community entrance fees53,805 53,697 43,453 
Deferred income taxes7,728 6,176 (816)
Amortization of above (below) market lease intangibles, net(36,747)(30,755)(25,791)
Other AFFO adjustments(6,650)(7,778)(9,335)
AFFO applicable to common shares1,183,568 1,140,665 884,230 
Distributions on dilutive convertible units and other18,210 16,211 6,581 
Diluted AFFO applicable to common shares$1,201,778 $1,156,876 $890,811 
Refer to footnotes on the next page.
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(1)The year ended December 31, 2024 includes a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations.
(2)The year ended December 31, 2024 includes non-cash income tax expense related to the sale of a 65% interest in two lab buildings in San Diego, California, partially offset by income tax benefit related to the disposition of a portfolio comprised of a land parcel and various vacant buildings on certain of our life plan community campuses.
(3)The year ended December 31, 2025 includes other-than-temporary impairment charges on certain unconsolidated real estate joint ventures, which are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The year ended December 31, 2024 includes an impairment charge related to an outpatient medical building that was classified as held for sale to write down the building’s carrying value to its fair value, less estimated costs to sell. This impairment charge was recognized in impairments and loan loss reserves (recoveries), net, on the Consolidated Statements of Operations.
(4)The years ended December 31, 2025, 2024, and 2023 include costs related to the Merger, which are primarily comprised of advisory, legal, accounting, tax, information technology, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust that were incurred during the years then ended. The year ended December 31, 2025 also includes costs incurred related to the formation and planned Janus Living Offering and investment pursuit costs. For the years ended December 31, 2024 and 2023, these costs were partially offset by termination fee income associated with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024, for which the lease terms were modified to accelerate expiration of the lease to December 2024. This termination fee income is included in rental and related revenues on the Consolidated Statements of Operations, but is excluded from FFO as Adjusted.
(5)The years ended December 31, 2025, 2024, and 2023 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
(6)During the year ended December 31, 2024, we incurred casualty-related charges associated with Hurricane Milton. Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests’ share in earnings in the Consolidated Statements of Operations.
(7)The year ended December 31, 2024 includes the release of a valuation allowance and recognition of a corresponding income tax benefit in connection with a merger of certain taxable REIT subsidiaries. During the year ended December 31, 2023, in conjunction with classifying the assets related to the Callan Ridge JV (see Note 9 to the Consolidated Financial Statements) as held for sale as of December 31, 2023, we concluded it was more likely than not that we would realize the future value of certain deferred tax assets generated by the net operating losses of taxable REIT subsidiaries. Accordingly, during the year ended December 31, 2023, we recognized the reversal of a portion of the associated valuation allowance and recognized a corresponding income tax benefit. See Note 17 to the Consolidated Financial Statements for additional information.
(8)The year ended December 31, 2023 includes a $9 million write-off of straight-line rent receivable associated with Sorrento Therapeutics, Inc., which commenced voluntary reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code. This activity is reflected as a reduction of rental and related revenues in the Consolidated Statements of Operations.
Critical Accounting Estimates
The preparation of financial statements in conformity with U.S. GAAP requires our management to use judgment in the application of critical accounting estimates and assumptions. We base estimates on the best information available to us at the time, our experience, and on various other assumptions believed to be reasonable under the circumstances. These estimates could affect our financial position or results of operations. If our judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting would have been applied, resulting in a different presentation of our consolidated financial statements. From time to time, we re-evaluate our estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. Below is a discussion of accounting estimates that we consider critical in that they may require complex judgment in their application or require estimates about matters that are inherently uncertain. For a more detailed discussion of our significant accounting policies, including those related to critical accounting estimates further discussed below, see Note 2 to the Consolidated Financial Statements.
Business Combinations
For a real estate acquisition accounted for as a business combination, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, and noncontrolling interests at fair value as of the acquisition date. Any excess of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill. Acquisition costs related to business combinations are expensed as incurred.
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We make estimates as part of our process for allocating acquisition consideration to the various identifiable assets, liabilities, and noncontrolling interests based upon the relative fair value of each asset, liability, or noncontrolling interest. These fair values are determined using standard valuation methodologies, such as the cost, market, and income approach. These methodologies require various assumptions, including those of a market participant. We utilize available market information in our assessment, such as capitalization and discount rates and comparable sale transactions. The most significant components of our allocations are typically buildings as-if-vacant, land, and lease intangibles. In the case of allocating fair value to buildings and intangibles, our fair value estimates will affect the amount of depreciation and amortization we record over the estimated useful life of each asset acquired. In the case of allocating fair value to in-place leases, we make our best estimates based on our evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. Our assumptions affect the amount of future revenue and/or depreciation and amortization expense that we will recognize over the remaining useful life for the acquired in-place leases.
Our fair value estimates for loans receivable and debt consider market-based information, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Our fair value estimates for joint ventures consider ownership interests, subordination characteristics, redemption values, discounts for lack of control (as applicable), and hypothetical liquidation waterfalls.
Impairment of Long-Lived Assets
We assess the carrying value of our real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability of real estate assets is measured by comparing the carrying amount of the real estate assets to the respective estimated future undiscounted cash flows. The estimated future undiscounted cash flows reflect external market factors, and based on the specific facts and circumstances, may be probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Additionally, the estimated future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. In order to review our real estate assets for recoverability, we make assumptions such as those regarding external market conditions (including capitalization rates), forecasted cash flows (primarily lease revenue rates, expense rates, forecasted occupancy, and growth rates) and sales prices, and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the real estate assets is not recoverable on an estimated future undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the fair value of the real estate assets.
Determining the fair value of real estate assets, including assets classified as held for sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, forecasted cash flows, and discount rates. Our ability to accurately predict future operating results and resulting cash flows, and estimate fair values, impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our consolidated financial statements.
Impairment of Unconsolidated Joint Ventures
On a quarterly basis, we review our equity method investments for indicators of impairment. If an equity method investment shows indicators of impairment, we compare the fair value of the equity method investment to its carrying value. When we determine a decline in fair value below carrying value is other-than-temporary, an impairment is recorded. In our evaluation, we consider various factors, including the performance of each investment, our investment strategy, and market conditions, including the impact to market rents, capitalization rates, and supply and demand for rentable space.
The fair values of our equity method investments are determined based on discounted cash flows which are subjective and consider assumptions such as forecasted occupancy, market rents, capitalization rates, discount rates, expected capital expenditures, and land values. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our consolidated financial statements.
Recent Accounting Pronouncements
See Note 2 to the Consolidated Financial Statements for the impact of new accounting standards.
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ITEM 7A.    Quantitative and Qualitative Disclosures About Market Risk
We are exposed to various market risks, primarily from the potential loss arising from adverse changes in interest rates. We use derivative and other financial instruments in the normal course of business to mitigate interest rate risk. We do not use derivative financial instruments for speculative or trading purposes. Derivatives are recorded on the Consolidated Balance Sheets at fair value (see Note 22 to the Consolidated Financial Statements).
To illustrate the effect of movements in the interest rate markets, we performed a market sensitivity analysis on our hedging instruments. We applied various basis point spreads to the underlying interest rate curves of our derivative portfolio in order to determine the change in fair value. At December 31, 2025, a one percentage point increase or decrease in the underlying interest rate curve would result in a corresponding increase or decrease in the fair value of the derivative instruments by up to $38 million.
Interest Rate Risk
At December 31, 2025, our exposure to interest rate risk was primarily on our variable rate debt. At December 31, 2025, we had the following swapped to fixed rates through interest rate swap instruments: (i) the $750 million 2029 Term Loan, (ii) the $500 million 2027 Term Loans, (iii) the $400 million 2028 Term Loan, and (iv) $142 million of variable rate mortgage debt. The interest rate swap instruments are designated as cash flow hedges, with the objective of managing the exposure to interest rate risk by converting the interest rates on our variable rate debt to fixed interest rates. At December 31, 2025, both the fair value and carrying value of the interest rate swap assets were $6 million and both the fair value and carrying value of the interest rate swap liabilities were $10 million.
Our remaining variable rate debt at December 31, 2025 was comprised of borrowings under our commercial paper program and certain of our mortgage debt. Interest rate fluctuations will generally not affect our future earnings or cash flows on our fixed rate debt and assets until their maturity or earlier prepayment and refinancing. If interest rates have risen at the time we seek to refinance our fixed rate debt, whether at maturity or otherwise, our future earnings and cash flows could be adversely affected by additional borrowing costs. Conversely, lower interest rates at the time of refinancing may reduce our overall borrowing costs. Interest rate changes will affect the fair value of our fixed rate instruments. At December 31, 2025, a one percentage point increase in interest rates would decrease the fair value of our fixed rate debt by approximately $269 million and a one percentage point decrease in interest rates would increase the fair value of our fixed rate debt by approximately $288 million. Additionally, at December 31, 2025, a one percentage point increase or decrease in interest rates would change the fair value of our fixed rate loans receivable by up to $13 million. These changes would not materially impact earnings or cash flows. Conversely, changes in interest rates on variable rate debt would change our future earnings and cash flows, but not materially impact the fair value of those instruments. Assuming a one percentage point increase in the interest rates related to our variable rate debt, and assuming no other changes in the outstanding balance at December 31, 2025, our annual interest expense would increase by approximately $12 million.
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ITEM 8.    Financial Statements and Supplementary Data
Healthpeak Properties, Inc.
Index to the Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)
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Consolidated Balance Sheets—December 31, 2025 and 2024
75
Consolidated Statements of Operations—for the years ended December 31, 2025, 2024, and 2023
76
Consolidated Statements of Comprehensive Income (Loss)—for the years ended December 31, 2025, 2024, and 2023
77
Consolidated Statements of Equity and Redeemable Noncontrolling Interests—for the years ended December 31, 2025, 2024, and 2023
78
Consolidated Statements of Cash Flows—for the years ended December 31, 2025, 2024, and 2023
80
Notes to the Consolidated Financial Statements
81

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Healthpeak Properties, Inc.
Opinion on the Financial Statements
We have audited the accompanying Consolidated Balance Sheets of Healthpeak Properties, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related Consolidated Statements of Operations, Comprehensive Income (Loss), Equity and Redeemable Noncontrolling Interests, and Cash Flows, for each of the three years in the period ended December 31, 2025, and the related Notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 3, 2026 expressed an unqualified opinion on the Company's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Impairments — Real Estate — Refer to Notes 2 and 6 to the financial statements
Critical Audit Matter Description
The Company assesses the carrying value of its real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability of real estate assets is measured by comparing the carrying amount of the real estate assets to the respective estimated future undiscounted cash flows.
In performing this evaluation, the Company considers external market factors and makes assumptions regarding external market conditions, forecasted cash flows, and intent with respect to the holding or disposing of the asset. The estimated future undiscounted cash flows may be probability-weighted to reflect multiple possible cash-flow scenarios. The determination of forecasted cash flows involves significant assumptions including market capitalization rates, growth rates, lease revenue rates, expense rates, and probability weighting to different possible scenarios, if applicable. During the year ended December 31, 2025, the Company did not recognize any impairment charges on its consolidated real estate assets.
We identified the impairment of real estate assets as a critical audit matter because of the significant estimates and assumptions management makes to evaluate the recoverability of real estate assets. This required a high degree of auditor judgment and an increased extent of effort, when performing audit procedures to evaluate the reasonableness of management’s estimated future undiscounted cash flows, including significant assumptions relating to the intended hold period, market capitalization rates, growth rates, lease revenue rates, and probability weighting of different possible scenarios, if applicable.
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How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to real estate asset impairment included the following, among others:
•We tested the effectiveness of controls over impairment of real estate assets, including those over identifying impairment indicators, and the determination of estimated future undiscounted cash flows.
•We performed an independent search for impairment indicators through the evaluation of several factors, including an analysis of industry and market data and trends in financial performance.
•We evaluated management’s determination of estimated future undiscounted cash flows used in evaluating recoverability by (1) evaluating the source information used by management, (2) testing the mathematical accuracy of the estimated future undiscounted cash flow models, and (3) evaluating management’s significant assumptions, such as the intended hold period, market capitalization rates, growth rates, lease revenue rates, and probability weighting of different possible scenarios, if applicable.
Impairments – Investments in Unconsolidated Joint Ventures – Refer to Notes 2 and 9 to the financial statements
Critical Audit Matter Description
The Company reviews its equity method investments for indicators of impairment. If an equity method investment shows indicators of impairment, the fair value of the equity method investment is compared to its carrying value. When the Company determines a decline in fair value below carrying value is other-than-temporary, an impairment is recorded.
The Company’s fair values of its equity method investments are determined based on discounted cash flow models, which requires management to make significant estimates and assumptions related to market rents, expense rates, forecasted occupancy, capitalization rates, discount rates, expected capital expenditures, comparable sales data, among other things. The Company concluded that the decline in fair value of certain equity method investments was other-than-temporary and recorded impairment charges of $178 million for the year ended December 31, 2025, which is included in “Equity income (loss) from unconsolidated joint ventures” within the Consolidated Statements of Operation.
Given the Company’s evaluation of fair value relative to the impaired investments requires management to make significant estimates and assumptions such as market rents, expense rates, forecasted occupancy, capitalization rates, and discount rates, performing audit procedures required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the impairment of investment in unconsolidated joint ventures included the following, among others:
•We tested the effectiveness of controls over management’s evaluation of impairment of its investments in unconsolidated joint ventures and measurement of that impairment based on discounted cash flows.
•With the assistance of our fair value specialists, we evaluated the discounted cash flows analyses, including estimates of market rents, expense rates, forecasted occupancy, capitalization rates, and discount rates by (1) evaluating the valuation methodology, (2) evaluating the source information and assumptions used by management, and (3) testing the mathematical accuracy of the discounted cash flows analysis.
/s/ Deloitte & Touche LLP

Costa Mesa, California
February 3, 2026

We have served as the Company’s auditor since 2010.
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Healthpeak Properties, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
20252024
ASSETS
Real estate:
Buildings and improvements$16,593,535 $16,115,283 
Development costs and construction in progress1,010,657 880,393 
Land and improvements3,007,346 2,918,758 
Accumulated depreciation(4,512,443)(4,083,030)
Net real estate16,099,095 15,831,404 
Loans receivable, net of reserves of $11,345 and $10,499
606,020 655,917 
Investments in unconsolidated joint ventures802,601 936,814 
Accounts receivable, net of allowance of $2,018 and $2,243
78,327 76,810 
Cash and cash equivalents467,457 119,818 
Restricted cash70,245 64,487 
Intangible assets654,516 817,254 
Assets held for sale80,621 7,840 
Right-of-use asset412,198 424,173 
Deferred tax assets111,248 115,258 
Goodwill68,529 68,529 
Other assets885,161 819,951 
Total assets$20,336,018 $19,938,255 
LIABILITIES AND EQUITY
Bank line of credit and commercial paper$1,078,850 $150,000 
Term loans1,647,113 1,646,043 
Senior unsecured notes6,772,722 6,563,256 
Mortgage debt349,209 356,750 
Intangible liabilities173,697 191,884 
Liabilities related to assets held for sale11,900 — 
Lease liability296,260 307,220 
Accounts payable, accrued liabilities, and other liabilities718,509 725,342 
Deferred revenue985,307 940,136 
Total liabilities12,033,567 10,880,631 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests159,581 2,610 
Common stock, $1.00 par value: 1,500,000,000 shares authorized; 695,036,731 and 699,485,139 shares issued and outstanding
695,037 699,485 
Additional paid-in capital12,767,914 12,847,252 
Cumulative dividends in excess of earnings(5,952,920)(5,174,279)
Accumulated other comprehensive income (loss)(9,937)28,818 
Total stockholders’ equity7,500,094 8,401,276 
Joint venture partners295,455 315,821 
Non-managing member unitholders347,321 337,917 
Total noncontrolling interests642,776 653,738 
Total equity8,142,870 9,055,014 
Total liabilities and equity$20,336,018 $19,938,255 

See accompanying Notes to the Consolidated Financial Statements.
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Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
202520242023
Revenues:
Rental and related revenues$2,156,743 $2,087,196 $1,631,805 
Resident fees and services603,989 568,475 527,417 
Interest income and other61,780 44,778 21,781 
Total revenues2,822,512 2,700,449 2,181,003 
Costs and expenses:
Operating1,129,099 1,074,861 902,060 
Depreciation and amortization1,058,865 1,057,205 749,901 
Interest expense305,178 280,430 200,331 
General and administrative90,416 97,162 95,132 
Transaction and merger-related costs25,520 132,685 17,515 
Impairments and loan loss reserves (recoveries), net(893)22,978 (5,601)
Total costs and expenses2,608,185 2,665,321 1,959,338 
Other income (expense):   
Gain (loss) on sales of real estate, net69,488 178,695 86,463 
Other income (expense), net479 59,345 6,808 
Total other income (expense), net69,967 238,040 93,271 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures284,294 273,168 314,936 
Income tax benefit (expense)(9,283)(4,350)9,617 
Equity income (loss) from unconsolidated joint ventures(173,984)(1,515)10,204 
Net income (loss)101,027 267,303 334,757 
Noncontrolling interests’ share in earnings(29,680)(24,161)(28,748)
Net income (loss) attributable to Healthpeak Properties, Inc.71,347 243,142 306,009 
Participating securities’ share in earnings(834)(758)(1,725)
Net income (loss) applicable to common shares$70,513 $242,384 $304,284 
Earnings (loss) per common share:
Basic$0.10 $0.36 $0.56 
Diluted$0.10 $0.36 $0.56 
Weighted average shares outstanding:
Basic696,026 675,680 547,006 
Diluted696,044 676,233 547,275 
See accompanying Notes to the Consolidated Financial Statements.
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Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
Year Ended December 31,
202520242023
Net income (loss)$101,027 $267,303 $334,757 
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives(38,817)9,462 (8,900)
Change in Supplemental Executive Retirement Plan obligation and other62 (15)137 
Total other comprehensive income (loss)(38,755)9,447 (8,763)
Total comprehensive income (loss)62,272 276,750 325,994 
Total comprehensive (income) loss attributable to noncontrolling interests(29,680)(24,161)(28,748)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.$32,592 $252,589 $297,246 
See accompanying Notes to the Consolidated Financial Statements.
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Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(In thousands, except per share data)

Common Stock
SharesAmountAdditional
Paid-In
Capital		Cumulative Dividends In Excess
Of Earnings		Accumulated Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity		Total Noncontrolling
Interests		Total
Equity		Redeemable Noncontrolling Interests
December 31, 2022546,642 $546,642 $10,349,614 $(4,269,689)$28,134 $6,654,701 $527,897 $7,182,598 $105,679 
Net income (loss)— — — 306,009 — 306,009 28,111 334,120 637 
Other comprehensive income (loss)— — — — (8,763)(8,763)— (8,763)— 
Issuance of common stock, net683 683 755 — — 1,438 — 1,438 — 
Conversion of non-managing member units to common stock72 72 1,200 — — 1,272 (1,272)— — 
Repurchase of common stock(241)(241)(6,283)— — (6,524)— (6,524)— 
Stock-based compensation— — 2,966 — — 2,966 15,693 18,659 — 
Common dividends ($1.20 per share)
— — — (658,181)— (658,181)— (658,181)— 
Distributions to noncontrolling interests— — — — — — (44,848)(44,848)(276)
Purchase of noncontrolling interests— — — — — — (158)(158)— 
Contributions from noncontrolling interests— — — — — — 173 173 316 
Adjustments to redeemable noncontrolling interests— — 57,528 — — 57,528 — 57,528 (57,528)
December 31, 2023547,156 $547,156 $10,405,780 $(4,621,861)$19,371 $6,350,446 $525,596 $6,876,042 $48,828 
Net income (loss)— — — 243,142 — 243,142 24,111 267,253 50 
Other comprehensive income (loss)— — — — 9,447 9,447 — 9,447 — 
Shares issued as part of the Merger162,231 162,231 2,611,916 — — 2,774,147 — 2,774,147 — 
Issuance of common stock, net434 434 660 — — 1,094 — 1,094 — 
Conversion of non-managing member units to common stock256 256 4,968 — — 5,224 (5,224)— — 
Repurchase of common stock(10,592)(10,592)(180,098)— — (190,690)— (190,690)— 
Stock-based compensation— — 7,991 — — 7,991 11,925 19,916 — 
Common dividends ($1.20 per share)
— — — (795,560)— (795,560)— (795,560)— 
Distributions to noncontrolling interests— — — — — — (36,354)(36,354)(468)
Contributions from noncontrolling interests— — — — — — — — 12 
Purchase of noncontrolling interests— — — — — — — — (52,886)
Noncontrolling interests acquired as part of the Merger— — — — — — 133,684 133,684 3,109 
Adjustments to redeemable noncontrolling interests— — (3,965)— — (3,965)— (3,965)3,965 
December 31, 2024699,485 $699,485 $12,847,252 $(5,174,279)$28,818 $8,401,276 $653,738 $9,055,014 $2,610 
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Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (CONTINUED)
(In thousands, except per share data)


Common Stock
SharesAmountAdditional
Paid-In
Capital		Cumulative Dividends In Excess
Of Earnings		Accumulated Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity		Total Noncontrolling
Interests		Total
Equity		Redeemable Noncontrolling Interests
December 31, 2024699,485 $699,485 $12,847,252 $(5,174,279)$28,818 $8,401,276 $653,738 $9,055,014 $2,610 
Net income (loss)— — — 71,347 — 71,347 29,986 101,333 (306)
Other comprehensive income (loss)— — — — (38,755)(38,755)— (38,755)— 
Issuance of common stock, net596 596 1,443 — — 2,039 — 2,039 — 
Conversion of non-managing member units to common stock191 191 4,306 — — 4,497 (4,497)— — 
Repurchase of common stock(5,235)(5,235)(91,910)— — (97,145)— (97,145)— 
Stock-based compensation— — 6,518 — — 6,518 13,900 20,418 — 
Common dividends ($1.22 per share)
— — — (849,988)— (849,988)— (849,988)— 
Distributions to noncontrolling interests— — — — — — (37,346)(37,346)(521)
Contributions from noncontrolling interests— — — — — — — — 13,124 
Increase in noncontrolling interests from acquisitions— — — — — — — — 131,974 
Adjustments to redeemable noncontrolling interests— — 305 — — 305 (13,005)(12,700)12,700 
December 31, 2025695,037 $695,037 $12,767,914 $(5,952,920)$(9,937)$7,500,094 $642,776 $8,142,870 $159,581 
See accompanying Notes to the Consolidated Financial Statements.
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Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
202520242023
Cash flows from operating activities:
Net income (loss)$101,027 $267,303 $334,757 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease, and other intangibles1,058,865 1,057,205 749,901 
Stock-based compensation amortization expense14,410 15,543 14,480 
Merger-related post-combination stock compensation expense— 16,223 — 
Amortization of deferred financing costs and debt discounts (premiums)31,907 28,974 11,916 
Straight-line rents(39,190)(41,276)(14,387)
Amortization of above (below) market lease intangibles(36,747)(30,755)(25,791)
Amortization of non-refundable entrance fees(98,912)(88,995)(83,197)
Equity loss (income) from unconsolidated joint ventures173,984 1,515 (10,204)
Distributions of earnings from unconsolidated joint ventures17,117 12,000 910 
Deferred income tax expense (benefit)3,845 (1,693)(14,605)
Impairments and loan loss reserves (recoveries), net(893)22,978 (5,601)
Loss (gain) on sales of real estate, net(69,488)(178,695)(86,463)
Loss (gain) upon change of control, net— (77,548)(234)
Casualty-related loss (recoveries), net621 29,076 (3,085)
Other non-cash items(10,332)(6,133)4,900 
Changes in:
Decrease (increase) in accounts receivable and other assets(16,267)(40,860)(21,566)
Increase (decrease) in accounts payable, accrued liabilities, and other liabilities(25,285)(28,640)(40,732)
Increase (decrease) in deferred revenue147,297 114,275 145,243 
Net cash provided by (used in) operating activities1,251,959 1,070,497 956,242 
Cash flows from investing activities:
Acquisitions of real estate(486,703)(6,787)(15,847)
Development, redevelopment, and other major improvements of real estate(763,656)(597,494)(731,206)
Leasing costs, tenant improvements, and recurring capital expenditures(133,951)(115,784)(113,596)
Proceeds from sales of real estate, net337,724 648,548 141,651 
Proceeds from the Callan Ridge JV transaction, net— 125,662 — 
Investments in unconsolidated joint ventures(86,773)(61,602)(88,391)
Distributions in excess of earnings from unconsolidated joint ventures28,503 22,906 20,640 
Proceeds from insurance recovery20,043 8,711 24,980 
Proceeds from sales/principal repayments on loans receivable and other148,295 93,445 204,865 
Investments in loans receivable and other(98,155)(52,189)(19,850)
Cash paid in connection with the Merger, net— (179,215)— 
Net cash provided by (used in) investing activities(1,034,673)(113,799)(576,754)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper12,121,070 3,741,250 10,344,705 
Repayments under bank line of credit and commercial paper(11,192,220)(4,311,250)(10,620,311)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt987,260 750,000 743,778 
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt(807,432)(26,780)(90,089)
Payments for deferred financing costs(2,730)(19,784)(7,322)
Issuance of common stock, net of offering costs1,146 317 278 
Repurchase of common stock(97,145)(190,690)(6,524)
Dividends paid on common stock(849,095)(794,783)(657,021)
Distributions to and purchase of noncontrolling interests(37,867)(89,708)(45,282)
Contributions from and issuance of noncontrolling interests13,124 12 489 
Net cash provided by (used in) financing activities136,111 (941,416)(337,299)
Net increase (decrease) in cash, cash equivalents, and restricted cash353,397 15,282 42,189 
Cash, cash equivalents, and restricted cash, beginning of year184,305 169,023 126,834 
Cash, cash equivalents, and restricted cash, end of year$537,702 $184,305 $169,023 
See accompanying Notes to the Consolidated Financial Statements.
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Healthpeak Properties, Inc.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1.    Business
Overview
Healthpeak Properties, Inc., a Standard & Poor’s 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) and that, together with its consolidated entities (collectively, “Healthpeak” or the “Company”), owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). Healthpeak® has a diverse portfolio comprised of investments in the following reportable healthcare segments: (i) outpatient medical; (ii) lab; and (iii) senior housing.
The Company’s corporate headquarters are in Denver, Colorado, and it has additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts, and property management offices in several locations throughout the U.S.
On February 10, 2023, the Company completed its corporate reorganization (the “Reorganization”) into an umbrella partnership REIT (“UPREIT”). Substantially all of the Company’s business is conducted through Healthpeak OP, LLC (“Healthpeak OP”). The Company is the managing member of Healthpeak OP and does not have material assets or liabilities, other than through its investment in Healthpeak OP.
On March 1, 2024, the Company completed its planned merger with Physicians Realty Trust (see Note 3).
In December 2025, the Company confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission (“SEC”) relating to the proposed initial public offering (the “Offering” or “Janus Living Offering”) of shares of common stock of a newly formed company, Janus Living, Inc. (“Janus Living”), which will be dedicated to senior housing and which intends to elect and qualify to be taxed as a REIT. The Company will contribute its 34-community senior housing portfolio to Janus Living in exchange for a majority ownership interest in Janus Living. Immediately following the Janus Living Offering, the Company will serve as its external manager and intends to retain a substantial majority interest in Janus Living, with new public shareholders owning the remaining interest. During the year ended December 31, 2025, the Company recognized $2 million of expenses related to the Janus Living Offering, which were included in transaction and merger-related costs on the Consolidated Statements of Operations.
NOTE 2.    Summary of Significant Accounting Policies
Use of Estimates
Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
Basis of Presentation
The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly owned subsidiaries, joint ventures (“JVs”) that it controls, and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary. Intercompany transactions and balances have been eliminated upon consolidation.
The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If any of those criteria are met, the entity is a VIE.
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The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control.
A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity.
For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed.
Revenue Recognition
Lease Classification
The Company classifies a lease as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term.
Rental and Related Revenues
The Company recognizes rental revenue from its outpatient medical and lab buildings in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term.
Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria:
•lease stipulations of how and on what a tenant improvement allowance may be spent;
•which party to the arrangement retains legal title to the tenant improvements upon lease expiration;
•whether the tenant improvements are unique to the tenant or general purpose in nature;
•if the tenant improvements are expected to have significant residual value at the end of the lease term;
•the responsible party for construction cost overruns; and
•which party constructs or directs the construction of the improvements.
Certain leases provide for additional rents that are contingent upon a percentage of the building’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received.
Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. Rental and related revenues from other variable payments are recognized when the associated contingencies are removed. In accordance with ASC 842, the Company accounts for lease and nonlease components as a single lease component for the purpose of revenue recognition and disclosure.
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For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. Recognizing rental income on a straight-line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the accounts receivable and straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. At December 31, 2025 and 2024, straight-line rent receivable, net of allowance, excluding amounts reported in assets held for sale, was $373 million and $338 million, respectively. Straight-line rent receivable is included in other assets in the Consolidated Balance Sheets.
The Company’s operating leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notice and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise.
Resident Fees and Services
The Company recognizes resident fee and service revenue from its life plan communities in accordance with ASC 606, Revenue from Contracts with Customers. Resident fee and service revenue includes resident dwelling unit and care charges, community fees, and other resident charges. These amounts are due from residents, third-party payors (including health insurers and government programs, such as Medicare and Medicaid), and others. Revenue is recognized as performance obligations are satisfied, and the resident receives and controls the good or service.
The Company’s life plan communities are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a non-refundable entrance fee, it is recorded in deferred revenue in the Consolidated Balance Sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. If a resident vacates the community sooner than estimated, the related unamortized non-refundable entrance fee balance is accelerated.
The refundable portion of a resident’s entrance fee is generally refundable within a certain number of months or days following contract termination or, in some cases, upon the re-sale of the dwelling unit to another resident. The refundable portion of the fee is not amortized and is included in refundable entrance fees within accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.
Interest Income
Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. When collectibility of the future payments is reasonably assured, the Company utilizes the interest method on a loan-by-loan basis to recognize interest income on its loans, which includes the amortization of discounts and premiums as well as loan fees paid and received.
Management Fee Income
The Company provides various services to certain of its unconsolidated joint ventures in exchange for fees and reimbursement. These services are considered related party transactions under ASC 850, Related Party Disclosures. Management fee income is recognized in interest income and other on the Consolidated Statements of Operations.
Gain (Loss) on Sales of Real Estate, Net
The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale.
Government Grant Income
On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. The Company received government grants under the CARES Act primarily to cover increased expenses and lost revenues during the coronavirus pandemic. Grant income is recognized to the extent that qualifying expenses and lost revenues exceed grants received and the Company will comply with all conditions attached to the grant. As of December 31, 2025, the amount of qualifying expenditures and lost revenues exceeded grant income recognized and the Company believes it has complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts received are subject to recapture.
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The following table summarizes information related to government grant income received and recognized by the Company (in thousands):
Year Ended December 31,
202520242023
Government grant income recorded in other income (expense), net$— $— $184 
Government grant income recorded in equity income (loss) from unconsolidated joint ventures— — 229 
Total government grants received$— $— $413 
Credit Losses
The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers payment history and current credit status, industry conditions, current economic conditions, forecasted economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The determination of loan losses also considers concentration of credit risk associated with the senior housing, outpatient medical, and lab industries to which its loans receivable relate. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages in its assessment of internal ratings that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), underlying collateral value (as applicable), along with other liquidity measures. The Company evaluates, on a quarterly basis or immediately upon a significant change in circumstance, its borrowers’ ability to service their obligations with the Company.
In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans receivable that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List loans receivable are defined as loans receivable that do not meet the definition of Performing or Workout. Workout loans receivable are defined as loans receivable in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment.
Loans receivable are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for loans receivable placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the loans receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired loans receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a loan receivable to accrual status when all delinquent payments become current under the terms of the loan agreements and collectibility of the remaining contractual loan payments is reasonably assured.
At inception of a loan receivable, the Company recognizes an allowance for credit losses expected to be incurred over the life of the instrument. The model utilized by the Company to determine such losses emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model is applied on an individual basis and relies on counter-party specific information to ensure the most accurate estimate is recognized. The Company also performs a quarterly review process (or upon the occurrence of a significant event) to evaluate its borrowers’ creditworthiness and liquidity to determine the amount of credit losses to recognize during the period. If a loan receivable is deemed partially or wholly uncollectible, the uncollectible balance is deducted from the allowance in the period in which such determination is made. Credit loss expenses and recoveries are recorded in impairments and loan loss reserves (recoveries), net.
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Real Estate
The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid.
The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant.
The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs.
Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability.
The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. During the holding or development period, certain real estate assets generate incidental income that is not associated with the future profit or return from the intended use of the property. Such income is recognized as a reduction of the associated project costs. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment.
Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s Consolidated Statements of Cash Flows.
Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs and classified as investing activities in the Consolidated Statements of Cash Flows. Initial direct costs include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. Initial direct costs consist of leasing commissions paid to employees and external third party brokers and lease incentives. Initial direct costs are included in other assets in the Consolidated Balance Sheets. At December 31, 2025 and 2024, the balance of net initial direct costs were $225 million and $204 million, respectively. Initial direct costs are amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term.
The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. These useful lives are reassessed following changes in the remaining period that the asset is expected to be held and used, and depreciation is discontinued when a property meets the criteria to be classified as held for sale. Buildings and improvements are depreciated over useful lives ranging from 1 year to 50 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any.
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Business Combinations
For the Company’s real estate acquisitions that are accounted for as business combinations, such as the merger with Physicians Realty Trust (see Note 3), the Company allocates the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, and noncontrolling interests at fair value as of the acquisition date. Any excess of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill. Acquisition costs related to business combinations are expensed as incurred. The fair values are determined using standard valuation methodologies, such as the cost, market, and income approach. These methodologies require various assumptions, including those of a market participant.
Other Assets
Other assets consist primarily of straight-line rent receivable (as discussed above), initial direct costs (as discussed above), corporate assets (see Note 7), derivative assets (see Note 22), other equity investments (as discussed below and see Note 19), prepaid expenses, and entrance fee receivables.
For certain life plan community residents that qualify, the Company may offer to provide a deferral of the upfront cash entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. These entrance fee receivables are due upon sale of the resident’s previous home. At December 31, 2025 and 2024, the Company had $73 million and $61 million, respectively, of entrance fee receivables.
Other Equity Investments
The Company has certain investments recognized in accordance with ASC 321, Investments–Equity Securities, within other assets on the Consolidated Balance Sheets. These investments do not have readily determinable fair values and the practical expedient to estimate fair value using net asset value per share has not been elected. Accordingly, the investments are measured at cost, less any impairments, and are adjusted for any observable price changes, with such changes included in earnings.
An observable price results from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes may result from equity transactions of the same issuer, including subsequent equity offerings. To determine whether transactions are indicative of an observable price change, the Company evaluates, among other factors, whether the transactions have similar rights and obligations, which include voting rights, distribution rights and preferences, and conversion features.
Lessee Accounting
For leases greater than 12 months for which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on the Consolidated Balance Sheets at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if they are considered reasonably certain of exercise. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company. Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s Consolidated Statements of Operations.
For leases with a noncancellable lease term of 12 months or less for which the Company is the lessee, the Company recognizes expenses on a straight-line basis and does not recognize such leases on the Consolidated Balance Sheets.
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Impairment of Long-Lived Assets and Goodwill
The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the estimated future undiscounted cash flows to the carrying value of the real estate assets. The estimated future undiscounted cash flows reflect external market factors and the expected use and eventual disposition of the asset, and based on the specific facts and circumstances, may be probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the estimated future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value.
Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes assumptions such as market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (primarily lease revenue rates, expense rates, forecasted occupancy, discount rates, and growth rates).
When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value.
Assets Held for Sale
The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated.
The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value.
Investments in Unconsolidated Joint Ventures
Investments in entities the Company does not consolidate, but over which the Company has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in equity income (loss) from unconsolidated joint ventures within the Company’s Consolidated Statements of Operations.
For equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method ("HLBV method"). Under the HLBV method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of the underlying investment at book value.
The Company classifies distributions received from its unconsolidated joint ventures using the cumulative earnings approach, under which distributions up to the amount of equity in earnings from the joint venture are classified in operating activities and those in excess of that amount are classified in investing activities.
The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale.
The Company reviews its equity method investments for indicators of impairment. This evaluation considers a number of factors, including but not limited to, the underlying investment property operating performance, general market conditions, or a change in management’s investment strategy. If an equity method investment shows indicators of impairment, the fair value of the equity method investment is compared to its carrying value. When the Company determines a decline in fair value below carrying value is other-than-temporary, an impairment is recorded. The determination of whether an impairment is other-than-temporary involves significant judgment and considers factors such as:
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•The length of time and extent to which fair value has been below carrying value;
•The investee’s financial condition, capital structure, and expected future operations; and
•The estimated future cash flows of the investment’s underlying real estate assets.
The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows and, where applicable, any estimated debt premiums or discounts. These fair values are typically determined using an income approach and/or a market approach (comparable sales model), which rely on certain assumptions by management. Determining the fair value of these investments may involve significant judgment to develop forecasted cash flows which utilize observable and unobservable inputs such as market rents, expense rates, forecasted occupancy, capitalization rates, discount rates, expected capital expenditures, and comparable sales data, among other things.
Stock-Based Compensation
Compensation expense for share-based awards granted to employees with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur.
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures. Restricted cash also includes deposits required by state licensing authorities, including a minimum liquid reserve (“MLR”), security deposits, and net proceeds from property sales that were executed as tax-deferred dispositions.
The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As the account balances at each institution periodically exceed the FDIC insurance coverage, there is a concentration of credit risk related to amounts in excess of such coverage.
Derivatives and Hedging
During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions.
The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities to the Consolidated Balance Sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in other income (expense), net. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value related to the ineffective portion would be recognized in earnings.
If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument.
Obligation to Provide Future Services
Under the terms of certain life plan community residency and care agreements, the Company is obligated to provide future services to its residents. With the assistance of third-party actuarial experts, the Company calculates the present value of the expected net cost of future services and use of facilities annually and compares that amount with the balance of non-refundable deferred entrance fees and the present value of expected future cash flows. If the present value of the expected net cost of future services and use of the facilities exceeds discounted future cash inflows and the balance of non-refundable deferred entrance fees, an additional liability is recorded (obligation to provide future services and use of facilities) with a corresponding charge to income. The obligation is discounted, based on the expected long-term rate of return on government obligations. As of December 31, 2025 and 2024, the Company was not required to recognize an additional liability associated with its obligation to provide future services and use of its facilities.
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Income Taxes
Healthpeak Properties, Inc. has elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, Healthpeak Properties, Inc. will generally not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries that have elected REIT status. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years.
Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are subject to state and local income taxes in some jurisdictions. In certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities that have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to federal, state, and local income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.
The Company is required to evaluate its deferred tax assets for realizability and recognize a valuation allowance, which is recorded against its deferred tax assets, if it is more likely than not that the deferred tax assets will not be realized. The Company considers all available evidence in its determination of whether a valuation allowance for deferred tax assets is required.
Advertising Costs
All advertising costs are expensed as incurred and reported within operating expenses on the Consolidated Statements of Operations. During the years ended December 31, 2025, 2024, and 2023, total advertising expense was $10 million, $9 million, and $8 million, respectively.
Capital Raising Issuance Costs
Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments, excluding line of credit arrangements and commercial paper, are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the effective interest method. Debt issuance costs related to line of credit arrangements and commercial paper are deferred, included in other assets, and amortized to interest expense on a straight-line basis over the remaining term of the related line of credit arrangement. Commercial paper are unsecured short-term debt securities with varying maturities. A line of credit serves as a liquidity backstop for repayment of commercial paper borrowings.
Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts, and premiums are recognized as income or expense in the Consolidated Statements of Operations at the time of extinguishment.
Segment Reporting
The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) outpatient medical, (ii) lab, and (iii) senior housing.
Noncontrolling Interests
Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Net income (loss) attributable to a noncontrolling interest is included in net income (loss) on the Consolidated Statements of Operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions.
Redeemable Noncontrolling Interests
Certain of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company upon specified events or after the passage of a predetermined period of time. Each put option is payable in cash and subject to changes in redemption value, which is generally based on the underlying property’s fair value. Accordingly, the Company records redeemable noncontrolling interests outside of permanent equity and presents the redeemable noncontrolling interests at the greater of their carrying amount or redemption value at the end of each reporting period.
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Healthpeak OP
Immediately following the Reorganization, Healthpeak Properties, Inc. was the initial sole member and 100% owner of Healthpeak OP. Subsequent to the Reorganization, certain employees of the Company (“OP Unitholders”) were issued noncontrolling, non-managing member units in Healthpeak OP (“OP Units”). When certain conditions are met, the OP Unitholders have the right to require redemption of part or all of their OP Units for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP. The per unit redemption amount is equal to either one share of the Company’s common stock or cash equal to the fair value of a share of common stock at the time of redemption. The Company classifies the OP Units in permanent equity because it may elect, in its sole discretion, to issue shares of its common stock to OP Unitholders who choose to redeem their OP Units rather than using cash.
DownREITs
The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity.
Fair Value Measurement
The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy:
•Level 1—quoted prices for identical instruments in active markets;
•Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
•Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities that are required to be measured at fair value. When available, the Company utilizes quoted market prices to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2.
If quoted market prices or inputs are not available, fair value measurements are based on valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, and/or market capitalization rates. Items valued using these valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value.
Earnings per Share
Basic earnings per common share is computed by dividing net income (loss) applicable to common shares by the weighted average number of shares of common stock outstanding during the period. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share is calculated by including the effect of dilutive securities, such as the impact of forward equity sales agreements using the treasury stock method and common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, OP Units, and unvested restricted stock units.
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Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. On the Consolidated Balance Sheets, the Company reclassified (i) deferred tax assets and goodwill from other assets to separate line items and (ii) entrance fee receivables from loans receivable to other assets. Additionally, on the Consolidated Statements of Cash Flows, the Company elected to separately present the following line items instead of aggregating them into single line items: (i) increase (decrease) in deferred revenue, (ii) increase (decrease) in accounts payable, accrued liabilities, and other liabilities, (iii) amortization of non-refundable entrance fees, and (iv) amortization of above (below) market lease intangibles. These reclassifications had no impact on the Company’s consolidated financial position, results of operations, or cash flows.
Recent Accounting Pronouncements
Adopted
Income Taxes. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation (using both percentages and reporting currency amounts) of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). During the year ended December 31, 2025, the amendments in ASU 2023-09 were adopted prospectively and the additional disclosures did not have a material impact on the Company’s financial statements or the Company’s consolidated financial position, results of operations, or cash flows.
Not Yet Adopted
Expense Disaggregation. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), to address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires public companies to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies that the amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The amendments may be applied either prospectively or retrospectively. Early adoption is also permitted. The Company is evaluating the impact these ASUs will have on its disclosures.
NOTE 3. The Merger
On March 1, 2024 (the “Closing Date”), pursuant to the Agreement and Plan of Merger dated October 29, 2023 (the “Merger Agreement”), by and among the Company, DOC DR Holdco, LLC, a wholly owned subsidiary of the Company (“DOC DR Holdco”), DOC DR, LLC, a wholly owned subsidiary of Healthpeak OP (“DOC DR OP Sub”), Physicians Realty Trust, and Physicians Realty L.P. (the “Physicians Partnership”): (i) Physicians Realty Trust merged with and into DOC DR Holdco (the “Company Merger”), with DOC DR Holdco surviving as a wholly owned subsidiary of the Company (the “Company Surviving Entity”); (ii) immediately following the effectiveness of the Company Merger, the Company contributed all of the outstanding equity interests in the Company Surviving Entity to Healthpeak OP (the “Contribution”); and (iii) immediately following the Contribution, Physicians Partnership merged with and into DOC DR OP Sub (the “Partnership Merger” and, together with the Company Merger, the “Merger”), with DOC DR OP Sub surviving as a subsidiary of Healthpeak OP (the “Partnership Surviving Entity”). Subsequent to the Closing Date, the “Combined Company” means the Company and its subsidiaries.
On the Closing Date and in connection with the Merger, (i) each outstanding common share of beneficial interest of Physicians Realty Trust (“Physicians Realty Trust common shares”) (other than Physicians Realty Trust common shares that were canceled in accordance with the Merger Agreement) was automatically converted into the right to receive 0.674 (the “Exchange Ratio”) shares of the Company’s common stock, and (ii) each outstanding common unit of the Physicians Partnership was converted into common units in the Partnership Surviving Entity equal to the Exchange Ratio.
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As a result of the Merger, the Company acquired 299 outpatient medical buildings. The primary reason for the Merger was to expand the Company’s size, scale, and diversification, in order to further enhance the Company’s competitive advantages and accelerate investment activities.
The Merger was accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”), which requires, among other things, the assets acquired and the liabilities assumed to be recognized at their acquisition date fair value. For accounting purposes, the Company was treated as the accounting acquirer of Physicians Realty Trust. The Company was considered to be the accounting acquirer primarily because: (i) the Company is the entity that transferred consideration to consummate the Merger; (ii) the Company’s stockholders as a group retained the largest portion of the voting rights of the Combined Company and have the ability to elect, appoint, or remove a majority of the members of the Combined Company’s board of directors; and (iii) its senior management constitutes the majority of management of the Combined Company.
The consideration transferred on the Closing Date was as follows (in thousands, except per share data):
March 1,
2024
Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged(1)
240,699
Exchange Ratio0.674
Shares of Healthpeak common stock issued162,231
Closing price of Healthpeak common stock on March 1, 2024(2)
$17.10 
Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs
$2,774,147 
Less: Fair value of share consideration attributable to the post-combination period(3)
(16,223)
Physicians Realty Trust revolving credit facility termination(4)
$175,411 
Settlement of Physicians Realty Trust’s transaction costs
23,913 
Payments made in connection with share settlement(5)
11,315 
Cash consideration
$210,639 
Consideration transferred$2,968,563 
_______________________________________
(1)Includes 241 million Physicians Realty Trust common shares and Physicians Realty Trust restricted shares outstanding as of March 1, 2024, inclusive of: (i) 200 thousand Physicians Realty Trust restricted shares; (ii) 1 million Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust performance-based restricted stock unit (“PSUs”) (reflected at the maximum level of performance); and (iii) 300 thousand Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust restricted stock units (“RSUs”).
(2)The fair value of Healthpeak common stock issued to former holders of Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs was based on the per share closing price of Healthpeak common stock on March 1, 2024.
(3)Represents the fair value of unvested Physicians Realty Trust restricted shares, PSUs, and RSUs attributable to post-combination services that were converted into Healthpeak common stock on the Closing Date in accordance with the Merger Agreement. Although no future service after the Closing Date is required, the value attributable to post-combination services reflected the incremental fair value provided to the Physicians Realty Trust equity award holders and the accelerated vesting of such awards at the Closing Date in accordance with the Merger Agreement. This amount was recognized as transaction and merger-related costs on the Consolidated Statements of Operations.
(4)Represents the Company’s cash repayment of all outstanding balances under Physicians Realty Trust’s revolving credit facility on the Closing Date in connection with the related termination.
(5)Includes cash settlement of: (i) tax liability related to holdback elections made under the pre-existing terms and conditions of Physicians Realty Trust’s equity programs and (ii) fractional share consideration.
Purchase Price Allocation
For the Company’s real estate acquisitions that are accounted for as business combinations, such as the Merger, the Company allocates the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, and noncontrolling interests at fair value as of the acquisition date. Any excess of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill. Acquisition costs related to business combinations are expensed as incurred. The estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interests were based on information that was available at the Closing Date. The fair values were determined using standard valuation methodologies, such as the cost, market, and income approach. These methodologies require various assumptions, including those of a market participant.
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The following table summarizes the fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands):
Preliminary Amounts Recognized on the Closing Date
Measurement Period Adjustments
Amounts Recognized on the Closing Date (As Adjusted)
ASSETS 
Real estate: 
Buildings and improvements$3,199,884 $(6,889)$3,192,995 
Development costs and construction in progress68,171 — 68,171 
Land and improvements435,353 — 435,353 
Real estate3,703,408 (6,889)3,696,519 
Loans receivable118,908 — 118,908 
Investments in unconsolidated joint ventures
58,636 — 58,636 
Accounts receivable, net(1)
9,536 (254)9,282 
Cash and cash equivalents30,417 — 30,417 
Restricted cash
1,007 — 1,007 
Intangible assets(2)
890,827 — 890,827 
Right-of-use asset191,415 (113)191,302 
Other assets44,691 (668)44,023 
Total assets$5,048,845 $(7,924)$5,040,921 
LIABILITIES AND EQUITY 
Term loans$402,320 $— $402,320 
Senior unsecured notes1,139,760 — 1,139,760 
Mortgage debt
127,176 — 127,176 
Intangible liabilities(3)
149,875 — 149,875 
Lease liability97,160 (113)97,047 
Accounts payable, accrued liabilities, and other liabilities72,864 (2,976)69,888 
Total liabilities$1,989,155 $(3,089)$1,986,066 
Redeemable noncontrolling interests1,536 1,573 3,109 
Joint venture partners(4)
20,109 (3,043)17,066 
Non-managing member unitholders(5)
116,618 — 116,618 
Total noncontrolling interests$136,727 $(3,043)$133,684 
Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests$2,921,427 $(3,365)$2,918,062 
Goodwill47,136 3,365 50,501 
Total purchase price$2,968,563 $— $2,968,563 
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(1)Includes $14 million of gross contractual accounts receivable.
(2)The intangible assets acquired had a weighted average amortization period of 6 years (see Note 10).
(3)The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 10).
(4)Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7% on the Closing Date.
(5)In connection with the Merger, Physicians Partnership merged with and into DOC DR OP Sub with DOC DR OP Sub surviving as the Partnership Surviving Entity. The Company controls the Partnership Surviving Entity via its ownership of its managing member, and the Partnership Surviving Entity is consolidated by the Company.
The measurement period adjustments recorded through December 31, 2024 are final and were primarily the result of additional information obtained during the measurement period by the Company related to certain assets acquired and liabilities assumed and updated valuations of noncontrolling interests, resulting in an increase to goodwill of $3 million.
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Based on the final purchase price allocation of fair value, approximately $51 million has been allocated to goodwill. The recognized goodwill was attributable to expected synergies, cost savings, acquired workforce, and potential economies of scale benefits from outpatient medical property management and tenant and vendor relationships following the closing of the Merger. None of the goodwill recognized is expected to be deductible for tax purposes.
Merger-Related Costs
During the year ended December 31, 2025, the Company incurred approximately $18 million of merger-related costs, including severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust. During the year ended December 31, 2024, the Company incurred approximately $129 million of merger-related costs, which primarily related to advisory, legal, accounting, information technology, tax, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust. Included in this amount was: (i) $38 million of fees paid to investment banks and advisors to help the Company negotiate the terms of the transactions contemplated by the Merger Agreement and to advise the Company on other merger-related matters, inclusive of $21 million of success-based fees incurred upon consummation of the Merger, (ii) $26 million of severance expense due to certain Physicians Realty Trust dual-trigger severance arrangements that were required to be recognized as post-combination expense in accordance with ASC 805, (iii) $16 million of post-combination stock compensation expense for the accelerated vesting of Physicians Realty Trust equity awards pursuant to the terms of the Merger Agreement, based on the fair value of Healthpeak common stock issued to holders of Physicians Realty Trust equity awards, (iv) $35 million of legal, accounting, tax, information technology, and other costs, and (v) $13 million of severance expense related to legacy Healthpeak employees. During the year ended December 31, 2023, the Company incurred approximately $11 million of merger-related costs, which primarily related to advisory, legal, accounting, tax, and other costs. These merger-related costs are included in transaction and merger-related costs on the Consolidated Statements of Operations.
Unaudited Pro Forma Financial Information
The Consolidated Statements of Operations for the year ended December 31, 2024 include $473 million of revenues and $6 million of net loss applicable to common shares associated with the results of operations of legacy Physicians Realty Trust from the Closing Date to December 31, 2024.
The following unaudited pro forma information presents a summary of the results of operations for the Combined Company, as if the Merger had been consummated on January 1, 2023 (in thousands). There are no pro forma adjustments for the year ended December 31, 2025 as the Merger was completed on March 1, 2024. The following unaudited pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the unaudited pro forma financial information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.
 Year Ended
December 31,
20242023
Total revenues$2,765,670 $2,771,468 
Net income (loss) applicable to common shares
353,347 24,630 
The unaudited pro forma financial information above includes nonrecurring significant adjustments made to account for certain costs incurred as if the Merger had been completed on January 1, 2023. Transaction and merger-related costs of $129 million that were incurred during the year ended December 31, 2024, were excluded from the unaudited pro forma financial information for the year ended December 31, 2024, but included for the year ended December 31, 2023. The year ended December 31, 2023 also includes $11 million of transaction and merger-related costs that were recognized during the year then ended.
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NOTE 4. Real Estate Investments
2026 Real Estate Investment Acquisitions
In January 2026, the Company acquired one lab land parcel in Cambridge, Massachusetts for $25 million.
2025 Real Estate Investment Acquisitions
Middletown Medical Portfolio
In February 2025, the Company acquired a portfolio of three outpatient medical buildings in New York for $17 million.
100 Smith Land Parcel
In February 2025, the Company acquired a lab land parcel in Cambridge, Massachusetts for $20 million.
Gateway Crossing Acquisition
In December 2025, the Company completed the acquisition of (i) a lab building for consideration paid, net of discounts and closing costs, of $295 million and (ii) a 50% interest in a joint venture owning five lab buildings and one other property on the same campus in South San Francisco, California (the “Gateway Crossing JV”) for consideration paid, net of discounts and closing costs, of $132 million. As of December 31, 2025, the Company consolidated the Gateway Crossing JV as it was the managing member and had the ability to control the activities that most significantly impacted the JV’s economic performance (see Note 19). The noncontrolling joint venture partner had the ability to put its equity interest to the Company after the passage of a predetermined period of time. As such, the noncontrolling interest as of December 31, 2025 was recognized within redeemable noncontrolling interests on the Consolidated Balance Sheets (see Note 13). In January 2026, the Company acquired the remaining 50% interest in the Gateway Crossing JV for consideration paid, net of discounts and closing costs, of $132 million, bringing the Company’s equity ownership in these six buildings to 100%.
Other Outpatient Medical Acquisitions
During the year ended December 31, 2025, the Company acquired nine suites within an outpatient medical building in Atlanta, Georgia for $7 million and acquired an outpatient medical land parcel in Huntsville, Alabama for $7 million.
2024 Real Estate Investment Acquisitions
The Merger
As a result of the Merger, the Company acquired 299 outpatient medical buildings (see Note 3).
2023 Real Estate Investment Acquisitions
60 Loomis Land Parcel
In January 2023, the Company acquired a lab land parcel in Cambridge, Massachusetts for $9 million.
Wylie Outpatient Medical Building
In April 2023, the Company acquired the remaining 80% interest in one of the outpatient medical buildings in the Ventures IV unconsolidated joint venture for $4 million. Concurrent with the acquisition, the Company began consolidating the building and recognized a gain upon change of control of $0.2 million, which is recorded in other income (expense), net during the year ended December 31, 2023.
Development Activities
Construction, Tenant, and Other Capital Improvements
The following table summarizes the Company’s expenditures for construction, tenant improvements, and other capital improvements for its consolidated property investments (in thousands):
 Year Ended December 31,
Segment202520242023
Outpatient medical$406,800 $338,685 $231,040 
Lab356,113 313,749 428,961 
Senior housing129,589 66,741 109,465 
Other non-reportable
2,447 17,588 5,095 
$894,949 $736,763 $774,561 
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NOTE 5.    Dispositions of Real Estate
2026 Dispositions of Real Estate
In January 2026, the Company sold four lab buildings for $68 million.
2025 Dispositions of Real Estate
During the year ended December 31, 2025, the Company sold (i) one outpatient medical land parcel for $4 million, (ii) nine outpatient medical buildings for $160 million, and (iii) a portfolio of 16 outpatient medical buildings for $182 million, resulting in total net gain on sales of $72 million.
2024 Dispositions of Real Estate
During the year ended December 31, 2024, the Company sold: (i) a portfolio of 59 outpatient medical buildings for $674 million and provided the buyer with a mortgage loan secured by the real estate sold for $405 million (see Note 8), (ii) 14 outpatient medical buildings for $220 million, (iii) a portfolio of seven lab buildings for $180 million, (iv) a portfolio of two outpatient medical buildings for $23 million and provided the buyer with a mortgage loan secured by the real estate sold for $14 million (see Note 8), and (v) a portfolio comprised of a land parcel and various vacant buildings on certain of the Company’s senior housing campuses for $12 million, resulting in total net gain on sales of $179 million.
2023 Dispositions of Real Estate
During the year ended December 31, 2023, the Company sold two lab buildings for $113 million and two outpatient medical buildings for $32 million, resulting in total gain on sales of $81 million.
Held for Sale
As of December 31, 2025, six lab buildings and two outpatient medical buildings were classified as held for sale, with a carrying value of $81 million, primarily comprised of net real estate assets of $73 million and right-of-use assets of $7 million. As of December 31, 2025, liabilities related to the assets held for sale were $12 million, primarily comprised of lease liabilities of $9 million and deferred revenue of $3 million. Four of these lab buildings were sold in January 2026. As of December 31, 2024, one outpatient medical building was classified as held for sale, with a carrying value of $8 million, primarily comprised of net real estate assets. As of December 31, 2024, liabilities related to the asset held for sale were zero. This asset was sold during the year ended December 31, 2025.
NOTE 6.    Impairments of Real Estate
Impairment Charges
During the year ended December 31, 2025, the Company did not recognize any impairment charges on its consolidated real estate assets. See Note 9 for discussion of the Company’s other-than-temporary impairment charges related to certain unconsolidated joint ventures.
During the year ended December 31, 2024, the Company recognized an impairment charge of $13 million, which is reported in impairments and loan loss reserves (recoveries), net on the Consolidated Statements of Operations, related to one outpatient medical building that met the held for sale criteria. Upon classifying the asset as held for sale, the Company recognized an impairment charge to write down the building’s carrying value of $21 million to its fair value, less estimated costs to sell, of $8 million.
The fair value of the impaired asset was based on the forecasted sales price which is considered to be a Level 3 measurement within the fair value hierarchy. The Company’s fair value estimates primarily relied on a market approach, which utilized comparable market transactions and negotiations with prospective buyers.
During the year ended December 31, 2023, the Company did not recognize any impairment charges.
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Casualty-Related Charges
During the years ended December 31, 2025, 2024, and 2023, the Company recognized $1 million, $29 million, and $(3) million, respectively, of net casualty-related charges (recoveries), which are recorded in other income (expense), net, on the Consolidated Statements of Operations. During the year ended December 31, 2025, such charges were primarily related to mitigation and other charges incurred related to prior claims for Hurricane Milton, partially offset by recoveries. During the year ended December 31, 2024, such charges were primarily related to damages as a result of Hurricane Milton, partially offset by recoveries from proceeds received for water damage at an outpatient medical building during the year then ended. During the year ended December 31, 2023, such recoveries were primarily attributable to proceeds received for water damage at an outpatient medical building. Also during the years ended December 31, 2025, 2024, and 2023, the Company collected business interruption proceeds of $0.3 million, $0.7 million and $4 million, respectively, which are recognized in rental and related revenues and resident fees and services on the Consolidated Statements of Operations.
Other Losses
See Note 8 for information related to the Company’s reserve for loan losses.
NOTE 7.    Leases
Lease Income
The following table summarizes the Company’s lease income (in thousands):
 Year Ended December 31,
 202520242023
Fixed income from operating leases$1,565,590 $1,530,493 $1,236,502 
Variable income from operating leases591,153 556,703 395,303 
Operating Leases
Future Minimum Rents
The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2025 (in thousands):
YearAmount
2026$1,429,141 
20271,374,492 
20281,272,129 
20291,149,355 
2030986,141 
Thereafter3,597,746 
$9,809,004 
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Tenant Purchase Options
Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as held for sale, are as follows (dollars in thousands):
Year
Annualized
Base Rent(1)
Number of
Properties
2026$13,324 8 
202714,185 8 
202819,404 6 
20296,466 7 
2030— — 
Thereafter28,495 10 
 $81,874 39 
_______________________________________
(1)Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Lease Costs
The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands):
Year Ended December 31,
Lease Expense Information:202520242023
Total lease expense$23,168 $22,768 $17,010 

Weighted Average Lease Term and Discount Rate:December 31,
2025		December 31,
2024
Weighted average remaining lease term (years):
Operating leases(1)
4748
Weighted average discount rate:
Operating leases4.86 %4.79 %
_______________________________________
(1)As of December 31, 2025 and 2024, the weighted average remaining lease term including the Company’s options to extend its operating leases was 64 years and 66 years, respectively.
The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases, excluding amounts reported in liabilities related to assets held for sale, included in the Company’s lease liability as of December 31, 2025 (in thousands):
YearAmount
2026$21,049 
202718,176 
202818,209 
202918,378 
203015,654 
Thereafter741,080 
Undiscounted minimum lease payments included in the lease liability832,546 
Less: imputed interest(536,286)
Present value of lease liability$296,260 
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Depreciation Expense
While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets within the Company’s Consolidated Balance Sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s Consolidated Statements of Operations. As of December 31, 2025 and 2024, the Company had $45 million and $38 million of corporate assets, respectively. Also included within other assets as of December 31, 2025 and 2024 was $10 million and $8 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2025, 2024, and 2023 was $3 million, $2 million, and $3 million, respectively, of depreciation expense related to corporate assets.
Tenant Updates
During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant was recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the year ended December 31, 2023, the Company filed proofs of claims for damages related to its rejected leases, which include the development lease and three of the four operating leases, $4 million of which was received by the Company by drawing on Sorrento’s letters of credit and security deposits. These cash proceeds were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations.
On October 26, 2023, the Company amended its lease with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024 (“Graphite Bio”), at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million, comprised of a $21 million termination fee and $16 million prepayment of Graphite Bio’s contractual rent through the amended term. The $37 million was recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease.
In July 2024, the Company executed an early lease renewal for approximately 2 million square feet leased by CommonSpirit Health (“CommonSpirit”). The renewal, which is subject to a master agreement, extended the weighted average lease term of existing leases from July 2027 to December 2035, amended the contractual rents to current market rates, and increased the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit was provided the right to reduce the amount of space leased by up to approximately 200,000 square feet at any time after the original lease maturity dates. These termination rights were evaluated for likelihood of exercise in accordance with ASC 842 in the determination of the lease term. During the year ended December 31, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues.
NOTE 8.    Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
December 31,
 20252024
Secured loans(1)
$583,460 $638,482 
Mezzanine loans47,690 50,314 
Unamortized discounts and fees(13,785)(22,380)
Reserve for loan losses(11,345)(10,499)
Loans receivable, net$606,020 $655,917 
_______________________________________
(1)At December 31, 2025, the Company had $99 million of remaining commitments to fund additional principal on loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional principal on loans for outpatient medical capital expenditure projects.
During the years ended December 31, 2025, 2024, and 2023, the Company recognized $56 million, $40 million, and $22 million, respectively, of interest income related to loans receivable in interest income and other on the Consolidated Statements of Operations.
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The Merger
On March 1, 2024, upon the consummation of the Merger, the Company acquired nine secured loans with an aggregate outstanding principal balance of $89 million and 10 mezzanine loans with an aggregate outstanding principal balance of $36 million, for a total of $124 million. Typically, each secured loan is secured by a mortgage on a related outpatient medical building, each construction loan (included in secured loans above) is secured by a mortgage on the land and improvements as constructed, generally with guarantees from the borrowers, and each mezzanine loan is collateralized by an ownership interest in the respective borrower. As of the Closing Date, the secured loans had maturities ranging from June 2024 to July 2027 and stated fixed interest rates ranging from 7.00% to 10.00%. The mezzanine loans had maturities ranging from June 2024 to June 2027 and stated fixed interest rates ranging from 8.00% to 10.00%.
As of December 31, 2025, unamortized net discounts on the secured loans and mezzanine loans acquired were $0.5 million and $0.6 million, respectively. As of December 31, 2024, unamortized net discounts on the secured loans and mezzanine loans acquired were $1 million and $2 million, respectively. These discounts are recognized in interest income and other on the Consolidated Statements of Operations using the effective interest rate method over the remaining term of the loans.
Sunrise Senior Housing Portfolio Seller Financing
In conjunction with the sale of a portfolio of Senior Housing Operating Property (“SHOP”) facilities in January 2021, the Company provided the buyer with financing secured by the buyer’s equity ownership in each property. In February 2024, this secured loan was refinanced with the Company. In connection with the refinance, the Company received a partial principal repayment of $69 million and the maturity date was extended to August 2027. In May 2024, the Company received a partial principal repayment of $5 million in conjunction with the disposition of the underlying collateral. At December 31, 2024, this secured loan had an outstanding principal balance of $58 million. In August 2025, the Company received full repayment of the outstanding balance of this seller financing.
Other SHOP Seller Financing
In conjunction with another SHOP portfolio sale in January 2021, the Company provided the buyer with financing secured by the buyer’s equity ownership in each property. During the year ended December 31, 2023, the borrower made a partial principal repayment of $102 million. At December 31, 2024, this secured loan had an outstanding principal balance of $48 million. This secured loan matured in January 2025, at which time the Company received full repayment of the outstanding balance of this seller financing.
Outpatient Medical Seller Financing
In conjunction with the sale of 59 outpatient medical buildings for $674 million in July 2024 and the two outpatient medical buildings for $23 million in November 2024 (see Note 5), the Company provided the buyer with a mortgage loan secured by the real estate sold for $405 million and $14 million, respectively. The remainder of the sales price was received in cash at the time of sales. The seller financing has an initial term that matures in July 2026 and includes two 12-month extension options. The interest rate on the seller financing is fixed at 6.0% for the initial term and increases to 6.5% during the optional extension periods. The Company also received a $1 million loan origination fee in connection with the loan, which is being recognized in interest income over the remaining term of the loan. In connection with this seller financing, the Company reduced the gain on sales of real estate and recognized a mark-to-market discount of $21 million during the year ended December 31, 2024. This discount is based on the difference between the stated interest rate and the corresponding prevailing market rate as of the transaction date. The discount is recognized as interest income over the term of the discounted loan using the effective interest rate method. During the year ended December 31, 2025 and 2024, the Company recognized $6 million and $3 million, respectively, of non-cash interest income related to the amortization of this mark-to-market discount. As of December 31, 2025 and 2024, the unamortized mark-to-market discount was $12 million and $18 million, respectively.
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Loans Receivable Activity
The following is a summary of the Company’s loans receivable activity for the periods presented (in thousands):
 
Secured Loans
Mezzanine Loans
Loans receivable as of December 31, 2022
$350,837 $— 
Add: Advances on and acquisitions of loans receivable
10,925 — 
Less: Receipts on loans receivable and other reductions
(183,084)— 
Loans receivable as of December 31, 2023
178,678 — 
Add: Advances on and acquisitions of loans receivable(1)
537,520 52,667 
Less: Receipts on loans receivable and other reductions
(77,716)(2,353)
Loans receivable as of December 31, 2024
638,482 50,314 
Add: Advances on and acquisitions of loans receivable87,648 4,756 
Less: Receipts on loans receivable and other reductions
(142,670)(7,380)
Loans receivable as of December 31, 2025
$583,460 $47,690 
_______________________________________
(1)Includes loans acquired as part of the Merger and the Outpatient Medical Seller Financing discussed above.
In January 2026, the Company entered into and funded a $10 million loan secured by a land parcel and received full repayment of the outstanding balance of one $5 million mezzanine loan.
Loans Receivable Internal Ratings
Refer to Note 2 for a discussion of the Company’s quarterly review process over its loans receivable and the related internal ratings process. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of December 31, 2025 (in thousands):
Investment Type
Year of Origination(1)
Total
20252024202320222021Prior
Secured loans
Risk rating:
Performing loans$44,052 $450,352 $39,771 $31,545 $— $— $565,720 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$44,052 $450,352 $39,771 $31,545 $— $— $565,720 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$4,217 $12,890 $— $3,194 $7,782 $12,217 $40,300 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$4,217 $12,890 $— $3,194 $7,782 $12,217 $40,300 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
_______________________________________
(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
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Reserve for Loan Losses
Refer to Note 2 for a discussion of the Company’s assessment of current expected credit losses for loans receivable and unfunded loan commitments. The following table summarizes the Company’s reserve for loan losses (in thousands):
December 31,
 202520242023
 Secured Loans
Mezzanine Loans
TotalSecured Loans
Mezzanine Loans
TotalSecured Loans
Mezzanine Loans
Total
Reserve for loan losses, beginning of period$5,574 $4,925 $10,499 $2,830 $— $2,830 $8,280 $— $8,280 
Provision for expected loan losses on funded loans receivable908 2,215 3,123 2,744 4,925 7,669 2,088 — 2,088 
Expected loan losses (recoveries) related to loans sold or repaid(1,732)(545)(2,277)— — — (7,538)— (7,538)
Reserve for loan losses, end of period$4,750 $6,595 $11,345 $5,574 $4,925 $10,499 $2,830 $— $2,830 
Additionally, at December 31, 2025 and 2024, a liability of $1.1 million and $2.9 million, respectively, related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities.
The change in the reserve for expected loan losses during the year ended December 31, 2025 is primarily due to reserves recognized on new and amended loans during the year then ended, partially offset by recoveries related to loans repaid during the same period.
NOTE 9. Investments in Unconsolidated Joint Ventures
The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):
   Carrying Amount
   December 31,
Entity(1)
Segment
Property Count(2)
Ownership %(2)
20252024
SWF SH JVSenior housing1954$312,709 $322,551 
South San Francisco JVs(3)
Lab770285,387 446,145 
Callan Ridge JVLab23574,369 69,709 
HQ Point Preferred Equity Investment(2)
Other23653,859 — 
Lab JVLab14931,406 29,916 
PMAK JV(2)
Outpatient medical591221,711 32,511 
Needham Land Parcel JV(2)
Lab—3812,453 21,348 
Outpatient Medical JVs(4)
Outpatient medical2
20 - 67
7,177 7,199 
Davis JVOutpatient medical19483,530 7,435 
   $802,601 $936,814 
_______________________________________
(1)These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
(2)Property counts and ownership percentages are as of December 31, 2025. Land held for development and the properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count.
(3)Includes multiple unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to these joint ventures when certain conditions are met. These joint ventures have been aggregated herein due to similarity of the investments and operations.
(4)Includes two unconsolidated outpatient medical joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). These joint ventures have been aggregated herein due to similarity of the investments and operations.
Sovereign Wealth Fund Senior Housing JV
In January 2026, the Company acquired the remaining 46.5% interest in the SWF SH JV for $312 million, bringing the Company’s ownership interest in the 19 senior housing properties to 100%.
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HQ Point Preferred Equity Investment
In February 2025, the Company made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California. This investment is entitled to a preferred return, and the Company committed to fund up to a total investment of $50 million, all of which had been funded as of December 31, 2025.
Callan Ridge JV
In January 2024, the Company sold a 65% interest in two lab buildings in San Diego, California (the “Callan Ridge JV”) to a third-party (the “JV Partner”) for net proceeds of $128 million. Following the transaction, the Company and the JV Partner share in key decisions of the assets through their voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 35% investment in the Callan Ridge JV at fair value, and accounting for its investment using the equity method. The fair value of the Company’s retained investment at the time of the transaction was based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. During the year ended December 31, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.
Other-Than-Temporary Impairments
During the three months ended September 30, 2025, indicators of impairment were identified related to the cumulative impact of depressed biotechnology capital raising, lower market rents, increased capitalization rates, and oversupply affecting the life science industry. These conditions were a shift since the time of formation of the South San Francisco JVs, a period marked by historically low interest rates coupled with market rents and valuations at or near industry highs when the JV partner acquired its 30% interest. As the South San Francisco JVs include recently completed and in-process redevelopment properties, these economic conditions resulted in an increase to the timeframe required to reach stabilized occupancy and changes to management’s estimates of market rents upon completion of redevelopment activities. Additionally, there was a shift in development plans of the Needham Land Parcel JV from a life science development to a mixed-use project, resulting in an extended timeline and delayed project commencement.
These circumstances contributed to a sustained decrease in the value of these investments. During the three months ended September 30, 2025, the Company determined that the length of time and extent of the decline in fair values below carrying values represent other-than-temporary impairments. Accordingly, during the three months ended September 30, 2025, the Company recorded impairment charges of $169 million related to its investments in the South San Francisco JVs and $7 million related to its investment in the Needham Land Parcel JV, net of a $2 million income tax benefit. These impairment charges were recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The discounted cash flow models utilized to determine the impairment charges were considered Level 3 measurements within the fair value hierarchy. These discounted cash flow models utilized the following key assumptions: (i) forecasted occupancy and market rents, (ii) a terminal capitalization rate of 6.50%, (iii) discount rates ranging from 7.50% to 8.75%, with a weighted average of 7.95% (weighted by each property’s relative fair value), (iv) expected capital expenditures, and (v) specific to Needham Land Parcel JV, land values based on a comparable sales approach.
Basis Differences
At December 31, 2024, the aggregate unamortized basis difference was a $42 million increase in investments in unconsolidated joint ventures, which was primarily attributable to (i) the difference between the amount for which the Company purchased its interest in certain joint ventures and the historical carrying value of the net assets of the related joint ventures and (ii) capitalized interest related to the redevelopment activities at the South San Francisco JVs. At December 31, 2025, the aggregate unamortized basis difference was a $134 million net reduction in investments in unconsolidated joint ventures, which was primarily attributable to the-other-than-temporary impairment charges recognized in 2025 and the aforementioned impacts to December 31, 2024, as discussed above. The differences are amortized over the remaining useful lives of the related assets and are included in equity income (loss) from unconsolidated joint ventures.
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NOTE 10.    Intangibles
Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):
 December 31,
Intangible lease assets20252024
Gross intangible lease assets(1)
$1,377,039 $1,468,985 
Accumulated depreciation and amortization(2)
(722,523)(651,731)
Intangible assets$654,516 $817,254 
Weighted average remaining amortization period in years55
_______________________________________
(1)As of December 31, 2025 and 2024, includes $1.33 billion and $1.42 billion, respectively, of gross lease-up intangibles and $43 million and $45 million, respectively, of gross above market lease intangibles.
(2)As of December 31, 2025 and 2024, includes $705 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $17 million and $12 million, respectively, of accumulated depreciation and amortization on above market lease intangibles.
Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):
 December 31,
Intangible lease liabilities20252024
Gross intangible lease liabilities$316,197 $351,602 
Accumulated depreciation and amortization(142,500)(159,718)
Intangible liabilities$173,697 $191,884 
Weighted average remaining amortization period in years99
The following table sets forth amortization related to intangible assets and intangible liabilities (in thousands):
Year Ended December 31,
202520242023
Depreciation and amortization expense related to amortization of lease-up intangibles$264,614 $273,146 $102,249 
Rental and related revenues related to amortization of net below market lease liabilities39,499 62,894 27,012 
During the year ended December 31, 2025, in conjunction with the Company’s acquisitions of real estate, the Company acquired $137 million of intangible assets with a weighted average amortization period at acquisition of seven years and $31 million of intangible liabilities with a weighted average amortization period at acquisition of eight years.
On the Closing Date of the Merger, the Company acquired intangible assets of $891 million, inclusive of $852 million of lease-up intangibles and $39 million of above market lease intangibles. Also on the Closing Date of the Merger, the Company assumed intangible liabilities of $150 million (see Note 3). The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of six years and nine years, respectively.
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The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):
 Rental and Related RevenuesDepreciation and Amortization
2026$27,662 $188,913 
202723,939 121,227 
202819,343 90,323 
202915,375 66,330 
203013,672 49,933 
Thereafter47,989 112,073 
 $147,980 $628,799 
Goodwill
In connection with the Merger, the Company recognized goodwill of $51 million, which was allocated to the Company’s outpatient medical segment (see Note 3). At December 31, 2025 and 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):
December 31,
Segment
2025
2024(1)
Outpatient medical
$64,680 $64,680 
Senior housing
3,849 3,849 
$68,529 $68,529 
_______________________________________
(1)In connection with the segment changes as discussed in Note 16, goodwill previously attributable to other non-reportable segments has been recast to be attributable to senior housing.
During the years ended December 31, 2025, 2024, and 2023, the fair value of the assets within each of the Company’s reporting units was greater than the respective carrying value of the assets, including the related goodwill, and as a result, no impairment charges were recognized.
NOTE 11.    Debt
Healthpeak OP, the Company’s consolidated operating subsidiary, is the borrower under, and the Company, DOC DR Holdco, and DOC DR OP Sub are the guarantors of, the Revolving Facility, 2027 Term Loans, 2029 Term Loan, Commercial Paper Program (each as defined below), and senior unsecured notes issued by the Company. DOC DR OP Sub is the borrower under, and the Company, Healthpeak OP, and DOC DR Holdco are guarantors of, the 2028 Term Loan (as defined below) and senior unsecured notes issued by the Physicians Partnership prior to, and assumed by the Company as part of, the Merger. Guarantees of senior unsecured notes are full and unconditional and applicable to existing and future senior unsecured notes.
The Merger
On March 1, 2024, upon the consummation of the Merger, the Company assumed senior unsecured term loans in an aggregate principal amount of $400 million (the “2028 Term Loan”) that mature in May 2028 (see Note 3) pursuant to an amendment to a term loan agreement originally executed by the Physicians Partnership, as borrower, and the other parties thereto.
In connection with the assumption of the 2028 Term Loan, the Company acquired three related interest rate swap instruments that were redesignated as cash flow hedges as of the Closing Date. The 2028 Term Loan associated with these interest rate swap instruments is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on DOC DR OP Sub’s credit ratings as of December 31, 2025, the 2028 Term Loan had a blended fixed effective interest rate of 4.44%, inclusive of the impact of these interest rate swap instruments and amortization of the related premium. See also Note 22 for a discussion of the impact of the related interest rate swap instruments.
Loans outstanding under the 2028 Term Loan bear interest at an annual rate equal to (i) the applicable margin, plus (ii) Daily SOFR. In October 2025, the Company executed an amendment to the 2028 Term Loan to remove a 10 basis point adjustment related to SOFR transition from the determination of the margin. The applicable margin under the 2028 Term Loan ranges from 0.85% to 1.65% for Daily SOFR loans and is based on the Company’s and Healthpeak OP’s credit ratings. Based on the Company’s credit ratings as of December 31, 2025, the margin on the 2028 Term Loan was 0.90%.
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Additionally, on March 1, 2024, concurrently with the consummation of the Merger, DOC DR OP Sub assumed, and the Company and Healthpeak OP guaranteed, Physicians Partnership’s $1.25 billion aggregate principal of senior unsecured notes (see Note 3), including: (i) $400 million aggregate principal amount of 4.30% senior unsecured notes due 2027, (ii) $350 million aggregate principal amount of 3.95% senior unsecured notes due 2028, and (iii) $500 million aggregate principal amount of 2.63% senior unsecured notes due 2031. On the Closing Date, the Company capitalized $1 million of costs paid to the bondholders, which are being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related senior unsecured notes. The senior unsecured notes contain certain covenants that are consistent with Healthpeak OP’s previously issued senior unsecured notes, as further described below.
Lastly, on March 1, 2024, concurrently with the consummation of the Merger, the Company assumed $128 million aggregate principal of mortgage debt (see Note 3), which was secured by five outpatient medical buildings, with an aggregate carrying value of $259 million as of March 1, 2024. Of this $128 million, $59 million was fixed rate debt with a weighted average contractual interest rate of 3.77% and maturities ranging from November 2024 through December 2026 and $69 million was variable rate debt with a weighted average contractual interest rate of 7.25% and maturities ranging from December 2026 through November 2028. The Company recognized a net discount of $0.5 million on the $128 million aggregate principal of mortgage debt assumed on the Closing Date, which is being amortized into interest expense on the Consolidated Statements of Operations using the effective interest rate method. The Company acquired one related interest rate swap instrument with a notional amount of $36 million of variable rate mortgage debt that was redesignated as a cash flow hedge as of the Closing Date (see Note 22), which matured in October 2024.
Bank Line of Credit and Term Loans
Revolving Facility
As of December 31, 2025, the Company’s unsecured revolving line of credit facility had aggregate commitments of $3.0 billion and matures on January 19, 2029, which may be further extended pursuant to two six-month extension options, subject to certain customary conditions (the “Revolving Facility”). Borrowings under the Revolving Facility accrue interest at the applicable interest rate benchmark, SOFR, plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. On March 1, 2024, concurrently with the consummation of the Merger, the Company executed an amendment to the Revolving Facility to, among other things, join DOC DR Holdco and DOC DR OP Sub as guarantors of Healthpeak OP’s obligations under the Revolving Facility. In October 2025, the Company executed an amendment to the Revolving Facility to, among other immaterial changes, remove a 10 basis point adjustment related to SOFR transition from the determination of the margin. The Company also pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at December 31, 2025, the margin on the Revolving Facility was 0.78% and the facility fee was 0.15%. The Revolving Facility includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. At each of December 31, 2025 and 2024, the Company had no balance outstanding under the Revolving Facility.
Term Loan Agreement
The Company previously entered into a term loan agreement (as amended or modified, the “Term Loan Agreement”) that provided for two senior unsecured delayed draw term loans in an aggregate principal amount of up to $500 million. As of December 31, 2025, the Company had drawn the entirety of this $500 million principal balance (the “2027 Term Loans”). $250 million of the 2027 Term Loans matures on February 22, 2027, which may be extended for a one-year period subject to certain customary conditions. The other $250 million of the 2027 Term Loans matures on August 22, 2027 with no option to extend.
On March 1, 2024, concurrently with the consummation of the Merger, the Company executed an amendment to the Term Loan Agreement pursuant to which (i) the maximum incremental borrowing capacity under the Term Loan Agreement was increased from $1.0 billion to $1.5 billion, subject to securing additional commitments, (ii) the Company borrowed senior unsecured term loans in an aggregate principal amount of $750 million with a stated maturity of five years (the “2029 Term Loan”), and (iii) DOC DR Holdco and DOC DR OP Sub were joined as guarantors of Healthpeak OP’s obligations under the Term Loan Agreement.
In October 2025, the Company executed an amendment to the Term Loan Agreement to remove a 10 basis point adjustment related to SOFR transition from the determination of the margin.
As of December 31, 2025, the unused borrowing capacity under the Term Loan Agreement was $250 million. At each of December 31, 2025 and 2024, the Company had $1.25 billion of loans outstanding under the Term Loan Agreement.
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Loans outstanding under the 2027 Term Loans accrue interest at Term SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The 2027 Term Loans also include a sustainability-linked pricing component whereby the applicable margin under the 2027 Term Loans may be reduced by 0.01% based on the Company’s achievement of specified sustainability-linked metrics. Based on the Company’s credit ratings as of December 31, 2025, and inclusive of achievement of a sustainability-linked metric, the margin on the 2027 Term Loans was 0.84%.
The Company has two forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 22). The 2027 Term Loans associated with these interest rate swap instruments are reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on the Company’s credit ratings as of December 31, 2025, the 2027 Term Loans had a blended fixed effective interest rate of 3.76%, inclusive of the impact of these interest rate swap instruments and amortization of the related debt issuance costs.
Loans outstanding under the 2029 Term Loan accrue interest at Daily SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. Based on the Company’s credit ratings as of December 31, 2025, the margin on the 2029 Term Loan was 0.85%.
In January 2024, the Company entered into forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 22). The 2029 Term Loan associated with these interest rate swaps is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on the Company’s credit ratings as of December 31, 2025, the 2029 Term Loan had a blended fixed effective interest rate of 4.66%, inclusive of the impact of these interest rate swap instruments and amortization of the related debt issuance costs.
The Revolving Facility, 2027 Term Loans, 2028 Term Loan, and 2029 Term Loan are subject to certain financial restrictions and other customary requirements, including financial covenants and cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the applicable agreement: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.7 billion. The Company believes it was in compliance with each of these covenants at December 31, 2025.
Commercial Paper Program
The Company has an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, short-term unsecured notes with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. At each of December 31, 2025 and 2024, the maximum aggregate face or principal amount that could be outstanding at any one time was $2.0 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company uses its Revolving Facility as a liquidity backstop for the repayment of short-term unsecured notes issued under the Commercial Paper Program. During each of the years ended December 31, 2025, 2024, and 2023, the Company recognized $9 million of interest expense related to fees and amortization of debt issuance costs in connection with its Commercial Paper Program and Revolving Facility. At December 31, 2025, the Company had $1.1 billion of notes outstanding under the Commercial Paper Program, with original maturities of approximately 39 days and a weighted average interest rate of 4.02%. At December 31, 2024, the Company had $150 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately 25 days and a weighted average interest rate of 4.65%.
Senior Unsecured Notes
At December 31, 2025 and 2024, the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.9 billion and $6.7 billion, respectively. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions, and other customary terms. The Company believes it was in compliance with these covenants at December 31, 2025.
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The following table summarizes the Company’s senior unsecured note issuances for the years ended December 31, 2025 and 2023 (dollars in thousands):
Issue DateAmount
Coupon Rate(1)
Maturity Year
Year ended December 31, 2025:
February 14, 2025
$500,000 5.38 %2035
August 14, 2025
500,000 4.75 %2033
Year ended December 31, 2023:
January 17, 2023
400,000 5.25 %2032
May 10, 2023(2)
350,000 5.25 %2032
_______________________________________
(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, is 5.56% for the senior unsecured notes issued in February 2025, 5.02% for the senior unsecured notes issued in August 2025, 5.40% for the senior unsecured notes issued in January 2023, and 5.59% for the senior unsecured notes issued in May 2023.
(2)In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.
The following table summarizes the Company’s senior unsecured note repayments during the year ended December 31, 2025 (dollars in thousands):
Repayment Date
Amount
Coupon Rate(1)
Maturity Year
February 3, 2025
$348,194 3.40 %2025
June 2, 2025
451,806 4.00 %2025
_______________________________________
(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.58% for the senior unsecured notes repaid in February 2025 and 4.19% for the senior unsecured notes repaid in June 2025.
During the year ended December 31, 2024, there were no issuances, repurchases, or redemptions of senior unsecured notes; however, as described above, concurrently with the consummation of the Merger, the Company assumed $1.25 billion aggregate principal of senior unsecured notes.
During the year ended December 31, 2023, there were no repurchases or redemptions of senior unsecured notes.
Mortgage Debt
At December 31, 2025 and 2024, the Company had $349 million and $356 million, respectively, in aggregate principal of mortgage debt outstanding. At December 31, 2025, this mortgage debt was secured by 18 outpatient medical buildings and two life plan communities, with an aggregate carrying value of $747 million. At December 31, 2024, this mortgage debt was secured by 19 outpatient medical buildings and two life plan communities, with an aggregate carrying value of $770 million.
Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically requires maintenance of the assets in good condition, includes conditions to obtain lender consent to enter into or terminate material leases, requires insurance on the assets, requires payment of real estate taxes, restricts transfer of the encumbered assets and repayment of the loan, and prohibits additional liens. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets.
During the years ended December 31, 2025, 2024, and 2023, the Company made aggregate principal repayments of mortgage debt of $7 million, $27 million, and $90 million, respectively. Included in the $7 million of aggregate principal payments of mortgage debt for the year ended December 31, 2025 was a $4 million full principal repayment of mortgage debt secured by one outpatient medical building that matured in March 2025. Included in the $27 million of aggregate principal payments of mortgage debt for the year ended December 31, 2024 was a $23 million full principal repayment of mortgage debt secured by one outpatient medical building acquired as part of the Merger that matured in November 2024. Included in the $90 million of aggregate principal repayments of mortgage debt for the year ended December 31, 2023 was an $85 million full principal repayment of mortgage debt secured by one life plan community that matured in December 2023.
In January 2026, the Company made a $103 million early full repayment of mortgage debt secured by two life plan communities with original maturities in December 2026.
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The Company has $142 million of mortgage debt secured by a portfolio of 13 outpatient medical buildings that matures in 2026. In April 2022, the Company terminated its existing interest rate cap instruments associated with this variable rate mortgage debt and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026. In February 2023, the agreements associated with this variable rate mortgage debt were amended to change the interest rate benchmarks from LIBOR to SOFR, effective March 2023. Concurrently, the Company modified the related interest rate swap instruments to reflect the change in the interest rate benchmarks from LIBOR to SOFR (see Note 22). The variable rate mortgage debt associated with these interest rate swap instruments is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument.
Debt Maturities
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2025 (dollars in thousands):
Senior Unsecured Notes(3)
Mortgage Debt(4)
Year
 Bank Line of Credit(1)
Commercial Paper(1)(2)
Term Loans
Amount
Interest Rate(5)
Amount
Interest Rate(5)
Total
2026$— $— $— $650,000 3.40 %$344,999 4.87 %$994,999 
2027— — 500,000 850,000 3.23 %842 4.73 %1,350,842 
2028— — 400,000 850,000 3.53 %2,775 3.83 %1,252,775 
2029— 1,078,850 750,000 650,000 3.65 %— — %2,478,850 
2030— — — 750,000 3.14 %— — %750,000 
Thereafter— — — 3,150,000 5.08 %— — %3,150,000 
 — 1,078,850 1,650,000 6,900,000 348,616 9,977,466 
Premiums, (discounts), and debt issuance costs, net— — (2,887)(127,278)593 (129,572)
$— $1,078,850 $1,647,113 $6,772,722 $349,209 $9,847,894 
_______________________________________
(1)As of December 31, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $14 million, which are recorded in other assets on the Consolidated Balance Sheets.
(2)Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.
(3)Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 4.16% and a weighted average maturity of approximately 5 years.
(4)Effective interest rates on the mortgage debt range from 3.43% to 6.58% with a weighted average effective interest rate of 4.86% and a weighted average maturity of approximately 1 year. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.
(5)Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs.
NOTE 12.    Commitments and Contingencies
Legal Proceedings
From time to time, the Company is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of the Company’s business. The Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company’s policy is to expense legal costs as they are incurred.
DownREITs and Other Partnerships
In connection with the formation of DownREITs, members may contribute appreciated real estate to a DownREIT in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Internal Revenue Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. As of December 31, 2025, the Company had indemnification agreements on a total of 28 properties within its DownREITs.
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Additionally, the Company owns a 49% interest in the Lab JV (see Note 9). If the property in the joint venture is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture.
Commitments
The following table summarizes the Company’s material commitments, excluding obligations as the lessee under operating leases (see Note 7), commitments to fund additional loans for development and redevelopment projects (see Note 8), debt service obligations (see Note 11), and potential future obligations related to redeemable noncontrolling interests (see Note 13) at December 31, 2025 (in thousands):
 Amount
Development and redevelopment commitments(1)
$167,811 
Lease and other contractual commitments(2)
53,911 
Letters of credit(3)
16,425 
$238,147 
_______________________________________
(1)Represents construction and other commitments as of December 31, 2025 for developments and redevelopments in progress and includes allowances for Company-owned tenant improvements that the Company has provided as a lessor.
(2)Represents the Company’s commitments, as lessor, under signed leases and contracts for operating properties as of December 31, 2025 and includes allowances for Company-owned tenant improvements and leasing commissions. Excludes allowances for Company-owned tenant improvements related to developments and redevelopments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development and redevelopment commitments” line).
(3)Represents 16 outstanding letter of credit obligations totaling $16 million.
Minimum Liquid Reserve
For the Company’s life plan communities, state licensing authorities require the Company to maintain MLR balances in escrow accounts based upon certain financial calculations. This requirement mitigates the risk of a community failure, whereby the Company would be obligated to repay the balance of entrance fees to its residents. The reserve balances required by state licensing authorities at December 31, 2025 was $95 million, which was met through $43 million of restricted cash held in escrow and $52 million of promissory notes. These promissory notes are issued between the Company and certain of its operating subsidiaries, which represents intercompany activity that is eliminated in the Consolidated Financial Statements.
Environmental Costs
Various environmental laws govern certain aspects of the ongoing management and operation of our facilities, including those related to presence of asbestos-containing materials. The presence of, or the failure to manage and/or remediate, such materials may adversely affect the occupancy and performance of the Company’s facilities. The Company monitors its properties for the presence of such hazardous or toxic substances and is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition, or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations, and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage, and current industry practice.
General Uninsured Losses
The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, workers’ compensation, flood, windstorm, earthquake, environmental, cyber, and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood, and windstorm occurrences for which the related insurances carry high deductibles and have limits.
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NOTE 13.    Equity and Redeemable Noncontrolling Interests
Dividends
On January 4, 2026, the Company’s Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of January, February, and March 2026, payable on January 30, 2026, February 27, 2026, and March 31, 2026, respectively, to stockholders of record as of the close of business on January 16, 2026, February 13, 2026, and March 17, 2026, respectively.
During the years ended December 31, 2025, 2024, and 2023, the Company declared and paid common stock cash dividends of $1.22, $1.20 and $1.20 per share, respectively.
Issuance of Common Stock in Connection with the Merger
Pursuant to the terms set forth in the Merger Agreement, on the Closing Date, each outstanding share of Physicians Realty Trust (other than Physicians Realty Trust common shares that were canceled in accordance with the Merger Agreement) automatically converted into the right to receive 0.674 shares of the Company’s common stock. Based on the number of outstanding Physicians Realty Trust common shares as of the Closing Date, the Company issued 162 million shares of common stock. Refer to Note 3 for additional information regarding the Merger.
At-The-Market Equity Offering Program
In February 2023, in connection with the Reorganization, the Company terminated its previous at-the-market equity offering program and established a new at-the-market equity offering program (the “ATM Program”). The ATM Program was amended in: (i) March 2024 to contemplate the sale of the remaining shares of common stock pursuant to the Company’s Registration Statement on Form S-3 filed with the SEC on February 8, 2024 and (ii) each of May 2024 and February 2025 to add certain banks as sales agents, a forward seller, and a forward purchaser under the ATM Program. The ATM Program allows for the sale of shares of common stock having an aggregate gross sales price of up to $1.5 billion (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (each, an “ATM forward contract”). The use of ATM forward contracts allows the Company to lock in a share price on the sale of shares at the time the ATM forward contract becomes effective, but defer receiving the proceeds from the sale of shares until a later date.
ATM forward contracts generally have a one- to two-year term. At any time during the term, the Company may settle a forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price the Company expects to receive upon settlement of outstanding ATM forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the ATM forward contract.
At December 31, 2025, $1.5 billion of the Company’s common stock remained available for sale under the ATM Program.
ATM Forward Contracts
During each of the years ended December 31, 2025, 2024, and 2023, the Company did not utilize the forward provisions under the ATM Program.
ATM Direct Issuances
During each of the years ended December 31, 2025, 2024, and 2023, there were no direct issuances of shares of common stock under the ATM Program.
Share Repurchase Programs
On August 1, 2022, the Company’s Board of Directors approved a share repurchase program under which the Company could acquire shares of its common stock in the open market up to an aggregate purchase price of $500 million (the “2022 Share Repurchase Program”). Purchases of common stock under the 2022 Share Repurchase Program could be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. Under Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued. During the year ended December 31, 2023, there were no repurchases under the 2022 Share Repurchase Program. During the year ended December 31, 2024, the Company repurchased 10.5 million shares of its common stock under the 2022 Share Repurchase Program at a weighted average price of $17.98 per share for a total of $188 million.
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On July 24, 2024, the Company’s Board of Directors approved a new share repurchase program (the “2024 Share Repurchase Program”) to supersede and replace the 2022 Share Repurchase Program. Upon adoption of the 2024 Share Repurchase Program, no further share repurchases may be made pursuant to the 2022 Share Repurchase Program. Under the 2024 Share Repurchase Program, the Company may acquire shares of its common stock in the open market or other similar purchase techniques (including in compliance with the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or pursuant to one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act), up to an aggregate purchase price of $500 million. Purchases of common stock under the 2024 Share Repurchase Program may be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. The 2024 Share Repurchase Program expires in July 2026 and may be suspended or terminated at any time without prior notice. During the year ended December 31, 2024, there were no repurchases under the 2024 Share Repurchase Program. During the year ended December 31, 2025, the Company repurchased 5.09 million shares of its common stock under the 2024 Share Repurchase Program at a weighted average price of $18.50 per share for a total of $94 million. At December 31, 2025, $406 million remained available for the repurchase of the Company’s common stock under the 2024 Share Repurchase Program.
Other Common Stock Activities
The following table summarizes the Company’s other common stock activities (in thousands):
 Year Ended December 31,
 202520242023
Dividend reinvestment and stock purchase plan$73 $57 $70 
Conversion of non-managing member units to common stock191 256 72 
Vesting of restricted stock units523 377 613 
Repurchase of common stock5,235 10,592 241 
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):
 December 31,
 20252024
Unrealized gains (losses) on derivatives, net$(8,110)$30,707 
Supplemental Executive Retirement Plan minimum liability(1,827)(1,889)
Total accumulated other comprehensive income (loss)$(9,937)$28,818 
The Company has a defined benefit pension plan, known as the Supplemental Executive Retirement Plan, with one plan participant, a former Chief Executive Officer (“CEO”) of the Company who departed in 2003. Changes to the Supplemental Executive Retirement Plan minimum liability are reflected in other comprehensive income (loss).
Noncontrolling Interests
Redeemable Noncontrolling Interests
Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Certain of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company upon specified events or after the passage of a predetermined period of time (each, a “Put Option”). Each Put Option is payable in cash and subject to changes in redemption value, which is generally based on the underlying property’s fair value. Accordingly, the Company records redeemable noncontrolling interests outside of permanent equity and presents the redeemable noncontrolling interests at the greater of their carrying amount or redemption value at the end of each reporting period. In addition to the rights of the redeemable noncontrolling interest holders, the Company has the ability to buy out the interests of certain noncontrolling interest holders. The values of the redeemable noncontrolling interests are subject to change based on the assessment of redemption value at each redemption date.
During the year ended December 31, 2025, the Company entered into (i) two outpatient medical development joint ventures that the Put Option becomes redeemable upon completion of the related development projects and (ii) the Gateway Crossing JV (see Note 4) that the Put Option becomes redeemable after a predetermined passage of time.
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As of December 31, 2025, (i) the estimated redemption value of the redeemable noncontrolling interests with currently exercisable Put Options was $14 million, (ii) the estimated redemption value of the redeemable noncontrolling interests that will become exercisable upon completion of each of the related development projects was $13 million, and (iii) the estimated redemption value of the Gateway Crossing JV was $132 million. In January 2026, the Company acquired the remaining 50% interest of the Gateway Crossing JV for $132 million, terminating the Put Option of the noncontrolling interest holder.
In April 2024, the Company exercised its option to buy out four redeemable noncontrolling interests that met the criteria for redemption. Accordingly, during the year ended December 31, 2024, the Company made aggregate cash payments for the total redemption value of $53 million to the related noncontrolling interest holders and acquired the redeemable noncontrolling interests associated with the entities.
Healthpeak OP
Immediately following the Reorganization, Healthpeak Properties, Inc. was the initial sole member and 100% owner of Healthpeak OP. Subsequent to the Reorganization, OP Unitholders were issued approximately 2 million OP Units during the year ended December 31, 2023, all of which were LTIP Units (as defined in Note 15). During each of the years ended December 31, 2025 and 2024, OP Unitholders were issued approximately 2 million OP Units, all of which were LTIP Units. When certain conditions are met, the OP Unitholders have the right to require redemption of part or all of their OP Units for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP. The per unit redemption amount is equal to either one share of the Company’s common stock or cash equal to the fair value of a share of common stock at the time of redemption. The Company classifies the OP Units in permanent equity because it may elect, in its sole discretion, to issue shares of its common stock to OP Unitholders who choose to redeem their OP Units rather than using cash. As of December 31, 2025, there were approximately 4 million OP Units outstanding and 275 thousand had met the criteria for redemption. As of December 31, 2025, the value of the OP Units that had met the criteria for redemption based on the closing stock price on December 31, 2025 was $4 million. As of December 31, 2024, there were approximately 3 million OP Units outstanding and 76 thousand had met the criteria for redemption. As of December 31, 2024, the value of the OP Units that had met the criteria for redemption based on the closing stock price on December 31, 2024 was $2 million.
DownREITs
The non-managing member units of the Company’s DownREITs are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. At each of December 31, 2025 and 2024, there were approximately 11 million DownREIT units (13 million and 14 million shares of Healthpeak common stock are issuable upon conversion, respectively) outstanding in eight DownREIT LLCs, for all of which the Company holds a controlling interest and/or acts as the managing member. At December 31, 2025 and 2024, the carrying value of the 11 million DownREIT units was $307 million and $310 million, respectively. The market value of the 11 million DownREIT units based on the closing stock price on December 31, 2025 and 2024 was $215 million and $274 million, respectively.
NOTE 14.    Earnings Per Common Share
Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method, common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, OP Units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented.
Certain restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share.
The Company considers the potential dilution resulting from forward agreements under its ATM Program to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. Refer to Note 13 for a discussion of the sale of shares under and settlement of forward sales agreements, of which there were none during the years ended December 31, 2025, 2024, and 2023.
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The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
Year Ended December 31,
202520242023
Numerator - Basic
Net income (loss)$101,027 $267,303 $334,757 
Noncontrolling interests’ share in earnings(29,680)(24,161)(28,748)
Net income (loss) attributable to Healthpeak Properties, Inc.71,347 243,142 306,009 
Less: Participating securities’ share in earnings(834)(758)(1,725)
Net income (loss) applicable to common shares$70,513 $242,384 $304,284 
Numerator - Dilutive
Net income (loss) applicable to common shares$70,513 $242,384 $304,284 
Add: distributions on dilutive convertible units and other— 107 — 
Dilutive net income (loss) available to common shares$70,513 $242,491 $304,284 
Denominator
Basic weighted average shares outstanding696,026 675,680 547,006 
Dilutive potential common shares - equity awards(1)
18 148 269 
Dilutive potential common shares - OP Units(2)
— 405 — 
Diluted weighted average common shares696,044 676,233 547,275 
Earnings (loss) per common share
Basic$0.10 $0.36 $0.56 
Diluted$0.10 $0.36 $0.56 
_______________________________________
(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units).
(2)For the year ended December 31, 2025, all 4 million outstanding OP Units were anti-dilutive. For the year ended December 31, 2024, represents the dilutive impact of 3 million outstanding OP Units.
For the years ended December 31, 2025, 2024, and 2023, all 13 million, 14 million, and 7 million shares issuable upon conversion of DownREIT units, respectively, were not included because they were anti-dilutive.
NOTE 15.    Compensation Plans
Stock-Based Compensation
On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (the “2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan, which was amended and restated in 2019 and further amended in 2023 (the “2014 Plan”). Following the adoption of the 2014 Plan, no new awards were issued under the 2006 Plan. On April 27, 2023, the Company’s stockholders approved the 2023 Performance Plan (the “2023 Plan” and collectively with the 2006 Plan and the 2014 Plan, the “Plans”). Following the adoption of the 2023 Plan, no new awards may be issued under the 2014 Plan. The Plans provide for the granting of stock-based compensation to officers, employees, and directors, including stock options, restricted stock, restricted stock units, and with respect to the 2014 and 2023 Plans, profits interests in Healthpeak OP (“LTIP Units”). The maximum number of shares reserved for awards under the 2023 Plan is 31 million shares, and, as of December 31, 2025, 26 million of the reserved shares under the 2023 Plan are available for future awards, of which 18 million shares may be issued as restricted stock, restricted stock units, or LTIP Units.
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Restricted Stock Units
Under the Plans, time-based restricted stock units and market-based restricted stock units (collectively, “Restricted Stock Units”) are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control, or other specified events. The fair market value of Restricted Stock Units is expensed over the period of vesting. Time-based restricted stock units, which vest based solely upon passage of time, generally vest on a graded schedule over a period of one to three years. The fair value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date. Market-based restricted stock units, which vest dependent upon attainment of total shareholder return (“TSR”) performance that equal or exceed threshold levels as measured against certain peer and industry benchmarks, generally vest in their entirety at the end of a three-year performance period. The number of shares that ultimately vest based on performance can vary from 0% to 200% of target depending on the level of achievement of the performance criteria. The fair value of market-based restricted stock units is determined based on the Monte Carlo valuation model primarily using the following assumptions for awards granted during the years ended December 31, 2025, 2024, and 2023, respectively: (i) expected term of 3 years, 3 years, and 3 years (equal to the remaining performance period at the grant date), (ii) historical volatility of 27.0%, 26.0%, and 33.0%, (iii) dividend yield of 5.7%, 5.2%, and 4.4%, (iv) risk-free rate of 4.3%, 4.5%, and 4.4%, and (v) post-vesting restrictions discount of 7.5%, 10.0%, and 10.0%. The total grant date fair value of time-based restricted stock units and market-based restricted stock units granted during the years ended December 31, 2025, 2024, and 2023 was $7 million, $11 million, and $9 million, respectively. The total fair value (at vesting) of time-based restricted stock units and market-based restricted stock units that vested during the years ended December 31, 2025, 2024, and 2023 was $9 million, $7 million, and $16 million, respectively.
Upon vesting of Restricted Stock Units, the participant is required to pay the related tax withholding obligation, as applicable. The Company reduces the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During the years ended December 31, 2025, 2024, and 2023, the Company withheld 142,000, 123,000, and 241,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the Restricted Stock Units.
LTIP Units
During each of the years ended December 31, 2025, 2024, and 2023, approximately 2 million LTIP Units were issued to officers of the Company. These awards are designed to qualify as “profits interests” in Healthpeak OP for federal income tax purposes. Such interests are initially not economically equivalent in value to a share of common stock until reaching one-for-one parity with the Company’s common stock, subject to any vesting conditions applicable to the award. When certain conditions are met, LTIP Units are converted to common units, which may then be redeemed for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP (see also Note 13).
Under the Plans, time-based LTIP Units and market-based LTIP Units (collectively, “LTIP Units”), are granted subject to certain restrictions. Time-based LTIP Units, which vest solely upon passage of time, generally vest over a period of one to six years. The fair value of the time-based LTIP Units is determined based on the closing market price of the Company’s shares on the grant date less a discount for post-vesting restrictions, liquidity risk, and uncertainty of the time-based LTIP Units reaching parity. The market-based LTIP Units are granted at the maximum potential payout, inclusive of expected distributions during the performance period. Market-based LTIP Units, which vest dependent upon attainment of various levels of TSR performance that equal or exceed threshold levels as measured against certain peer and industry benchmarks, generally vest in their entirety at the end of a three-year performance period. The number of market-based LTIP Units that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of the performance criteria, and any difference from the original grant are forfeited. The fair value of market-based LTIP Units granted during the years ended December 31, 2025, 2024, and 2023 is determined based on the Monte Carlo valuation model using the same assumptions as market-based restricted stock units described above less a discount for post-vesting restrictions, liquidity risk, and uncertainty of the market-based LTIP Units reaching parity with the value of the Company’s common stock and the vesting terms of the awards. The total grant date fair value of LTIP Units granted during the years ended December 31, 2025, 2024, and 2023 was $23 million, $13 million, and $29 million, respectively. The total fair value (at vesting) of LTIP Units that vested during the years ended December 31, 2025, 2024, and 2023 was $7 million, $3 million and $2 million, respectively.
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Dividends and Distributions
Holders of time-based restricted stock units and time-based LTIP Units are generally entitled to receive dividends and distributions, respectively, equal to the amount that would be paid on an equivalent number of shares of common stock. Market-based restricted stock units receive cumulative cash dividends upon vesting for the entirety of the performance period based on the level of achievement of the performance criteria. The market-based LTIP Units receive cash distributions equal to 10% of the quarterly dividends paid on the Company’s common stock during the performance period. Based on the level of achievement of the performance criteria at the end of the performance period, the market-based LTIP Units receive distributions in the form of additional LTIP Units for amounts ultimately vested during the performance period, less cash distributions already paid.
The following table summarizes Restricted Stock Unit and LTIP Unit activity for the year ended December 31, 2025 (units in thousands):
Restricted Stock Units
LTIP Units
 
Number of Units
Weighted
Average
Grant Date
Fair Value		Number of UnitsWeighted
Average
Grant Date
Fair Value
Unvested at January 1, 2025875 $22.70 2,902 $10.88 
Granted388 19.33 2,051 11.25 
Vested(474)24.38 (398)18.40 
Forfeited(230)22.03 (858)10.52 
Unvested at December 31, 2025559 $19.20 3,697 $10.12 
Compensation Cost
Stock-based compensation cost recognized in general and administrative expenses was $20 million, $20 million, and $19 million for the years ended December 31, 2025, 2024, and 2023, respectively. Of the total stock-based compensation cost, $6 million, $4 million and $4 million, respectively, was capitalized as part of real estate for the years ended December 31, 2025, 2024, and 2023. As of December 31, 2025, there was $22 million of future expenses related to unvested stock-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of 1.4 years associated with future employee service. Compensation cost recognized for all Restricted Stock Units and LTIP Units is net of actual forfeitures.
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NOTE 16.    Segment Disclosures
The Company’s operating segments, based on how its chief operating decision maker (“CODM”), the President and CEO, evaluates the business and allocates resources, are as follows: (i) outpatient medical, (ii) lab, (iii) senior housing, (iv) loans receivable, (v) a preferred equity investment, and (vi) three other properties. The Company’s reportable segments, as determined in accordance with ASC 280, Segment Reporting, are as follows: (i) outpatient medical, (ii) lab, and (iii) senior housing. The loans receivable, preferred equity investment, and three other properties are non-reportable segments that have been presented on a combined basis within the Notes to the Consolidated Financial Statements herein. The accounting policies of the segments are the same as those described in the Company’s Summary of Significant Accounting Policies (see Note 2).
During the fourth quarter of 2025, in connection with the planned Offering of Janus Living and various other strategic initiatives, the Company’s CODM began evaluating the Company’s life plan communities and the SWF SH JV as a single operating and reportable segment, referred to as senior housing. Also during the fourth quarter of 2025, two other properties were reclassified from the outpatient medical segment to the other non-reportable segments as these properties are not representative of the characteristics of the outpatient medical segment and therefore, are no longer evaluated by the CODM in conjunction with the remaining outpatient medical properties. Also included in other non-reportable segments as of December 31, 2025 is one other property that was acquired as part of the Gateway Crossing acquisition. Accordingly, all prior period segment information has been recast to conform to the current period presentation.
The CODM evaluates performance based on property Adjusted NOI. Adjusted NOI is used to evaluate performance because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Adjusted NOI represents real estate revenues (inclusive of rental and related revenues, resident fees and services, and government grant income and exclusive of interest income), less property level operating expenses; Adjusted NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported.
Adjusted NOI is calculated as Adjusted NOI from consolidated properties, plus the Company’s share of Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance.
Segment assets consist of real estate assets, intangible assets, and right-of-use assets. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, other assets, and real estate assets held for sale. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
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The following table summarizes financial information for the reportable segments for the year ended December 31, 2025 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$1,273,505 $860,020 $603,989 $2,737,514 
Operating expenses(1)
(424,141)(245,159)(447,854)(1,117,154)
Healthpeak’s share of unconsolidated joint venture revenues less expenses17,994 17,024 23,068 58,086 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses(27,817)(33)— (27,850)
Adjustments to NOI(2)
(43,698)(64,494)(2,462)(110,654)
Adjusted NOI for reportable segments$795,843 $567,358 $176,741 $1,539,942 
Plus: Adjustments to NOI(2)
110,654 
Other non-reportable revenues23,218 
Interest income and other61,780 
Other non-reportable operating expenses(11,945)
Depreciation and amortization(1,058,865)
Interest expense(305,178)
General and administrative(90,416)
Transaction and merger-related costs(25,520)
Impairments and loan loss reserves, net893 
Gain (loss) on sales of real estate, net69,488 
Other income (expense), net479 
Less: Healthpeak’s share of unconsolidated joint venture revenues less expenses(58,086)
Plus: Noncontrolling interests’ share of consolidated joint venture revenues less expenses27,850 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$284,294 
_______________________________________
(1)See reconciliation of significant expense categories below.
(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2025 (in thousands):
Outpatient MedicalLab
Senior Housing
Compensation and property management
$58,955 $33,695 $286,689 
Food
— — 27,263 
Real estate taxes
97,633 77,140 15,937 
Repairs and maintenance
65,311 35,529 20,212 
Utilities
74,798 47,853 23,602 
Other segment items(1)
127,444 50,942 74,151 
Operating expenses
$424,141 $245,159 $447,854 
_______________________________________
(1)Other segment items for each segment include:
•Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
•Senior housing – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other expense.
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The following table summarizes financial information for the reportable segments for the year ended December 31, 2024 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$1,184,660 $881,452 $568,475 $2,634,587 
Operating expenses(1)
(395,105)(239,620)(429,248)(1,063,973)
Healthpeak’s share of unconsolidated joint venture revenues less expenses15,00713,36722,30350,677 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses(27,061)(144)—(27,205)
Adjustments to NOI(2)
(38,203)(64,449)(3,024)(105,676)
Adjusted NOI for reportable segments$739,298 $590,606 $158,506 $1,488,410 
Plus: Adjustments to NOI(2)
105,676 
Other non-reportable revenues21,084 
Interest income and other44,778 
Other non-reportable operating expenses(10,888)
Depreciation and amortization(1,057,205)
Interest expense(280,430)
General and administrative(97,162)
Transaction and merger-related costs(132,685)
Impairments and loan loss reserves, net(22,978)
Gain (loss) on sales of real estate, net178,695 
Other income (expense), net59,345 
Less: Healthpeak’s share of unconsolidated joint venture revenues less expenses(50,677)
Plus: Noncontrolling interests’ share of consolidated joint venture revenues less expenses27,205 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$273,168 
_______________________________________
(1)See reconciliation of significant expense categories below.
(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2024 (in thousands):
Outpatient MedicalLab
Senior Housing
Compensation and property management
$54,554 $33,058 $277,686 
Food
— — 26,513 
Real estate taxes
93,583 78,488 15,472 
Repairs and maintenance
58,589 30,555 18,373 
Utilities
68,199 50,793 22,309 
Other segment items(1)
120,180 46,726 68,895 
Operating expenses
$395,105 $239,620 $429,248 
_______________________________________
(1)Other segment items for each segment include:
•Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
•Senior Housing – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other expense.
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The following table summarizes financial information for the reportable segments for the year ended December 31, 2023 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$732,279 $878,326 $527,417 $2,138,022 
Government grant income(1)
— — 184 184 
Operating expenses(2)
(252,744)(229,630)(413,472)(895,846)
Healthpeak’s share of unconsolidated joint venture revenues less expenses1,844 5,832 21,844 29,520 
Noncontrolling interests’ share of consolidated joint venture revenues less expenses(25,152)(463)— (25,615)
Adjustments to NOI(3)
(14,382)(36,524)(1,252)(52,158)
Adjusted NOI for reportable segments$441,845 $617,541 $134,721 $1,194,107 
Plus: Adjustments to NOI(3)
52,158 
Other non-reportable revenues21,200 
Interest income and other21,781 
Other non-reportable operating expenses(10,388)
Corporate non-segment operating expenses4,174 
Depreciation and amortization(749,901)
Interest expense(200,331)
General and administrative(95,132)
Transaction and merger-related costs(17,515)
Impairments and loan loss reserves, net5,601 
Gain (loss) on sales of real estate, net86,463 
Other income (expense), net6,808 
Less: Government grant income(184)
Less: Healthpeak’s share of unconsolidated joint venture revenues less expenses(29,520)
Plus: Noncontrolling interests’ share of consolidated joint venture revenues less expenses25,615 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$314,936 
_______________________________________
(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).
(2)See reconciliation of significant expense categories below.
(3)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2023 (in thousands):
Outpatient MedicalLab
Senior Housing
Compensation and property management
$28,510 $18,096 $260,624 
Food
— — 25,076 
Real estate taxes
57,148 77,690 15,851 
Repairs and maintenance
35,832 30,554 17,295 
Utilities
41,830 45,490 22,787 
Other segment items(1)
89,424 57,800 71,839 
Operating expenses
$252,744 $229,630 $413,472 
_______________________________________
(1)Other segment items for each segment include:
•Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
•Senior Housing – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other expense.
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The following table summarizes the Company’s revenues by reportable segment (in thousands):
 
December 31,
Segment202520242023
Outpatient medical
$1,273,505 $1,184,660 $732,279 
Lab
860,020 881,452 878,326 
Senior housing
603,989 568,475 527,417 
Total revenues for reportable segments
2,737,514 2,634,587 2,138,022 
Total revenues for other non-reportable
23,218 21,084 21,200 
Interest income and other61,780 44,778 21,781 
Total revenues$2,822,512 $2,700,449 $2,181,003 
At each of December 31, 2025 and 2024, goodwill of $69 million was allocated to the Company’s reportable segments as follows: (i) $65 million for outpatient medical and (ii) $4 million for senior housing.
NOTE 17.     Income Taxes
The Company has elected to be taxed as a REIT under the applicable provisions of the Code beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as TRSs (the “TRS entities”), which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 17. Certain REIT entities are also subject to state and local income taxes.
Distributions with respect to the Company’s common stock can be characterized for federal income tax purposes as ordinary dividends, capital gains, nondividend distributions, or a combination thereof.
The following table shows the characterization of the Company’s annual common stock distributions per share:
Year Ended December 31,
202520242023
Ordinary dividends(1)
$0.848632 $0.720440 $0.909692 
Capital gains(2)(3)
0.051744 0.295060 0.116992 
Nondividend distributions0.319654 0.184500 0.173316 
$1.220030 $1.200000 $1.200000 
_______________________________________
(1)For the year ended December 31, 2025, the amount includes $0.782764 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.065868 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2024, all $0.720440 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2023, the amount includes $0.882312 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.027380 of qualified dividend income for purposes of Code Section 1(h)(11).
(2)For the years ended December 31, 2025, 2024, and 2023, the amount includes $0.047796, $0.215960, and $0.036256, respectively, of unrecaptured Code Section 1250 gain. Pursuant to Treasury Regulation Section 1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Code. Code Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” For each of the years ended December 31, 2025, 2024 and 2023, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains.
(3)For each of the years ended December 31, 2025, 2024, and 2023, 100% of the capital gain distributions represent gains from dispositions of U.S. real property interests pursuant to Code Section 897 for foreign shareholders.
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The total income tax benefit (expense) consists of the following components (in thousands):
Year Ended December 31,
202520242023
Current
Federal$(1,887)$(2,389)$(1,663)
State(3,551)(3,654)(3,325)
Total current$(5,438)$(6,043)$(4,988)
Deferred
Federal$(2,169)$(3,429)$11,682 
State(1,676)5,122 2,923 
Total deferred$(3,845)$1,693 $14,605 
Total income tax benefit (expense)$(9,283)$(4,350)$9,617 
The following table reconciles income tax benefit (expense) at statutory rates to actual income tax benefit (expense) recorded for the year ended December 31, 2025 (in thousands):
Year Ended
December 31, 2025
Amount
Percent
Tax at statutory rate on earnings before income taxes and noncontrolling interest$(23,165)21.0 %
State income tax benefit (expense), net of federal tax(1)
(4,713)4.3 %
Change in valuation allowance1,260 (1.1)%
Tax at statutory rate on earnings not subject to federal income taxes16,978 (15.4)%
Other357 (0.3)%
Total income tax benefit (expense)$(9,283)8.5 %
_______________________________________
(1)State taxes in Texas and Florida made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2025.
The following table reconciles income tax benefit (expense) at statutory rates to actual income tax benefit (expense) recorded for the years ended December 31, 2024 and 2023 (in thousands):
Year Ended December 31,
20242023
Tax at statutory rate on earnings before income taxes and noncontrolling interest$(57,047)$(68,279)
State income tax benefit (expense), net of federal tax
(1,389)(1,035)
Gross receipts and margin taxes(1,774)(1,647)
Change in valuation allowance for deferred tax assets10,698 13,797 
Change in tax status of TRS3 (4)
Tax at statutory rate on earnings not subject to federal income taxes45,446 66,875 
Other
(287)(90)
Total income tax benefit (expense)$(4,350)$9,617 
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The following table summarizes income taxes paid (refunded), net, disaggregated by individual jurisdictions in which the income tax paid (refunded) is equal to or greater than five percent of total income taxes paid (refunded), net, for the year ended December 31, 2025 (in thousands):
Year Ended
December 31, 2025
Federal$1,141 
Texas1,637 
California400 
Other states236 
Total income taxes paid (refunded), net
$3,414 
Each TRS is a tax-paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of temporary differences and carryforwards included in the net deferred tax assets are summarized as follows (in thousands):
December 31,
202520242023
Deferred tax assets:
Deferred revenue$93,492 $103,470 $103,530 
Net operating loss carryforward40,341 50,041 54,136 
Expense accruals12,876 11,787 12,324 
Real estate219 195 850 
Investment in unconsolidated joint ventures2,141 — — 
Other — 49 58 
Total deferred tax assets149,069 165,542 170,898 
Valuation allowance(232)(2,306)(13,004)
Deferred tax assets, net of valuation allowance$148,837 $163,236 $157,894 
Deferred tax liabilities:
Real estate$36,695 $47,268 $43,488 
Other894 876 818 
Deferred tax liabilities$37,589 $48,144 $44,306 
Net deferred tax assets$111,248 $115,092 $113,588 
Net deferred tax assets and deferred tax liabilities are included in deferred tax assets on the Consolidated Balance Sheets, and certain deferred tax liabilities that do not meet the criteria for net presentation are included in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.
The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it is not more likely than not that it can realize the related deferred tax assets. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized.
As of December 31, 2022, the Company recorded a valuation allowance against certain SHOP deferred tax assets generated by net operating losses (“NOLs”) of its TRS entities. During the years ended December 31, 2024 and 2023, the Company concluded that it was more likely than not that certain deferred tax assets (primarily NOL carryforwards) would be realized. During the year ended December 31, 2023, this conclusion was based on estimates of future taxable income for certain TRS entities in connection with the Callan Ridge JV transaction (see also Notes 5 and 9). Accordingly, the Company reversed a portion of the deferred tax asset valuation allowance and recognized an income tax benefit of $14 million during the year ended December 31, 2023. During the year ended December 31, 2024, the Company recognized an income tax expense of $12 million in conjunction with the closing of the Callan Ridge JV transaction. Additionally, during the year ended December 31, 2024, the Company completed a merger of certain TRS entities and as a result, reversed a portion of the deferred tax asset valuation allowance and recognized an income tax benefit of $11 million. As of December 31, 2025, 2024, and 2023, the Company had a deferred tax asset valuation allowance of $0.2 million, $2 million, and $13 million, respectively.
At December 31, 2025, the Company had a NOL carryforward of $153 million related to the TRS entities. If unused, $2 million will begin to expire in 2035. The remainder, totaling $151 million, may be carried forward indefinitely.
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As of January 1, 2023 and for the years ended December 31, 2025, 2024, and 2023 the Company had no unrecognized tax benefits.
The Company files numerous U.S. federal, state, and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years prior to 2022.
NOTE 18.    Supplemental Cash Flow Information
The following table provides supplemental cash flow information (in thousands):
Year Ended December 31,
202520242023
Supplemental cash flow information:
Interest paid, net of capitalized interest$260,109 $249,471 $188,213 
Income taxes paid (refunded), net3,414 7,862 1,923 
Capitalized interest83,321 69,256 56,849 
Cash paid for amounts included in the measurement of lease liability for operating leases20,426 21,277 21,488 
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases7,152 15,457 3,951 
Accrued construction costs144,524 136,767 105,572 
Non-cash assets and liabilities assumed in connection with the Merger (see Note 3)
— 2,926,141 — 
Retained investment in connection with Callan Ridge JV (see Note 9)
— 69,255 — 
Seller financing provided on disposition of real estate assets (see Note 8)
— 418,389 — 
Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture— — 993 
The following table summarizes cash, cash equivalents, and restricted cash (in thousands):
Year Ended December 31,
202520242023
Beginning of year:
Cash and cash equivalents119,818 117,635 72,032 
Restricted cash64,487 51,388 54,802 
Cash, cash equivalents, and restricted cash$184,305 $169,023 $126,834 
End of year:
Cash and cash equivalents467,457 119,818 117,635 
Restricted cash70,245 64,487 51,388 
Cash, cash equivalents, and restricted cash$537,702 $184,305 $169,023 
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NOTE 19.    Variable Interest Entities
Operating Subsidiary
Healthpeak OP is the Company’s operating subsidiary and a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds a membership interest in Healthpeak OP, acts as the managing member of Healthpeak OP, and exercises full responsibility, discretion, and control over the day-to-day management of Healthpeak OP. Because the noncontrolling interests in Healthpeak OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights, the Company has determined that Healthpeak OP is a VIE. The Company, as managing member, has the power to direct the core activities of Healthpeak OP that most significantly affect Healthpeak OP’s performance, and through its interest in Healthpeak OP, has both the right to receive benefits from and the obligation to absorb losses of Healthpeak OP. Accordingly, the Company is the primary beneficiary of Healthpeak OP and consolidates Healthpeak OP. As the Company conducts its business and holds its assets and liabilities through Healthpeak OP, the total consolidated assets and liabilities, income (losses), and cash flows of Healthpeak OP represent substantially all of the total consolidated assets and liabilities, including the consolidated and unconsolidated entities discussed in this Note 19, income (losses), and cash flows of the Company.
Unconsolidated Variable Interest Entities
The Company has investments in certain unconsolidated VIEs. The Company determined it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures, as more fully discussed below, it has no formal involvement in these VIEs beyond its investments.
LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC (“LLC Investment”) that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner and given its rights and ownership percentage, the Company has virtually no influence or control. The assets and liabilities of the entity primarily consist of three hospitals as well as senior housing real estate. Any assets generated by the entity may only be used to settle its contractual obligations (primarily capital expenditures and debt service payments).
Other Equity Investments. The Company holds certain limited partner interests in funds that make venture capital investments in various early-stage technology solutions (“Other Equity Investments”). As of December 31, 2025, the Company had an aggregate commitment of $17 million related to its Other Equity Investments and as of December 31, 2025 and 2024, the Company’s total investments aggregated $3 million and $1 million, respectively. The Other Equity Investments have been identified as VIEs. The Company’s involvement in the entities is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner and given its rights and ownership percentage, the Company has virtually no influence or control. The assets and liabilities of the entities primarily consist of its capital investments. All future investments will be funded with capital contributions from the Company and other limited partners in accordance with their respective commitments.
Needham Land Parcel JV. In December 2021, the Company acquired a 38% interest in a lab development joint venture in Needham, Massachusetts for $13 million. Current equity at risk is not sufficient to finance the joint venture’s activities. The assets and liabilities of the entity primarily consist of real estate and debt service obligations. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development costs and debt service payments).
HQ Point Preferred Equity Investment. In February 2025, the Company made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California. As of December 31, 2025, the Company had funded the entirety of its $50 million investment. Current equity at risk is not sufficient to finance the entity’s activities. The assets and liabilities of the entity primarily consist of real estate and debt service obligations. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development costs and debt service payments).
Loans Receivable Investments. In March 2025, the Company entered into an agreement to provide aggregate financing of $41 million to fund the development of an outpatient medical building in Dallas, Texas. The borrower entity for these investments meets the criteria of a VIE in accordance with ASC 810, Consolidation, and the Company is not the primary beneficiary of the borrower.
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The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2025 was as follows (in thousands):
VIE TypeAsset Type
Maximum Loss Exposure and Carrying Amount(1)
LLC Investment and Other Equity InvestmentsOther assets$17,965 
Needham Land Parcel JV and HQ Point Preferred Equity InvestmentInvestments in unconsolidated joint ventures66,312 
Loans Receivable InvestmentsLoans receivable, net12,927 
_______________________________________
(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.
As of December 31, 2025, the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including under circumstances in which it could be exposed to further losses (e.g., cash shortfalls).
Consolidated Variable Interest Entities
The Company’s consolidated total assets and total liabilities at December 31, 2025 and 2024 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to the Company.
Gateway Crossing JV. As of December 31, 2025, the Company held a 50% ownership interest in and was the managing member of the Gateway Crossing JV, a joint venture that owned and leased lab and other buildings. The Company classified the Gateway Crossing JV as a VIE due to the non-managing member lacking substantive participation rights in the management of the Gateway Crossing JV or kick-out rights over the managing member. The Company consolidated the Gateway Crossing JV as the primary beneficiary because it had the ability to control the activities that most significantly impacted the VIE’s economic performance. The assets of the Gateway Crossing JV primarily consisted of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consisted of capital expenditures for the properties. Assets generated by the Gateway Crossing JV were only used to settle its contractual obligations. In January 2026, the Company acquired the remaining 50% interest in the Gateway Crossing JV, bringing the Company’s ownership interest to 100%. As such, in January 2026, the Gateway Crossing JV is no longer a VIE.
Ventures V, LLC. The Company holds a 51% ownership interest in and is the managing member of a joint venture entity formed in October 2015 that owns and leases outpatient medical buildings (“Ventures V”). The Company classifies Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of Ventures V or kick-out rights over the managing member. The Company consolidates Ventures V as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by Ventures V may only be used to settle its contractual obligations.
MSREI JV.  The Company holds a 51% ownership interest in, and is the managing member of, a joint venture entity formed in August 2018 that owns and leases outpatient medical buildings (the “MSREI JV”). The MSREI JV is a VIE due to the non-managing member lacking substantive participation rights in the management of the joint venture or kick-out rights over the managing member. The Company consolidates the MSREI JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the MSREI JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the MSREI JV may only be used to settle its contractual obligations.
DownREITs. As of December 31, 2025 and 2024, the Company held a controlling ownership interest in and was the managing member of eight DownREITs. The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of capital expenditures for the properties, debt service payments, and with respect to DOC DR OP Sub, certain guarantees. Assets generated by the DownREITs (primarily from tenant rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures).
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Other Consolidated Real Estate Partnerships. The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). The Company classifies the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from tenant rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures).
Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):
December 31,
20252024
Assets
Buildings and improvements$4,697,185 $4,669,914 
Development costs and construction in progress190,603 92,710 
Land and improvements532,374 472,232 
Accumulated depreciation(930,916)(761,759)
Net real estate4,489,246 4,473,097 
Loans receivable, net552,113 550,829 
Investments in unconsolidated joint ventures25,241 39,946 
Accounts receivable, net24,823 17,357 
Cash and cash equivalents56,660 32,421 
Restricted cash3,141 1,029 
Intangible assets473,011 629,802 
Assets held for sale(1)
35,244 — 
Right-of-use asset266,135 270,918 
Deferred tax assets121 69 
Goodwill50,501 50,501 
Other assets138,265 122,865 
Total assets $6,114,501 $6,188,834 
Liabilities
Term loans$401,339 $401,895 
Senior unsecured notes1,168,508 1,151,801 
Mortgage debt245,735247,776
Intangible liabilities76,593 95,315 
Liabilities related to assets held for sale(1)
11,798 — 
Lease liability193,441193,421
Accounts payable, accrued liabilities, and other liabilities144,106 125,688 
Deferred revenue61,432 65,358 
Total liabilities $2,302,952 $2,281,254 
_______________________________________
(1)Relates to four assets classified as held for sale as of December 31, 2025. Assets held for sale primarily includes: (i) net real estate of $27 million and (ii) right-of-use assets of $7 million. Liabilities related to assets held for sale primarily includes: (i) lease liabilities of $9 million and (ii) deferred revenue of $2 million.
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NOTE 20.    Concentration of Credit Risk
Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of credit risks.
The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented as percentages of the Company’s total gross real estate assets and revenues:
 
Percentage of Gross Real Estate Assets
Percentage of Total Company Revenues
 December 31,Year Ended December 31,
State20252024202520242023
California3331232531
Florida1010171718
Texas1011131211
Massachusetts14159911
The Company’s rental revenue is generated from multiple tenants across its diverse portfolio. As of December 31, 2025, the Company’s two largest tenants, HCA Healthcare, Inc. and CommonSpirit, both of which are in the outpatient medical segment, represented 7% and 3%, respectively, of the Company’s total revenues. All other outpatient medical tenants and all tenants in the lab segment each represented 1% or less of total revenues for the year ended December 31, 2025. Additionally, for the year ended December 31, 2025, Medicare represented 3% of total revenues.
NOTE 21.    Fair Value Measurements
The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands):
 December 31,
 
2025(3)
2024(3)
 Carrying ValueFair ValueCarrying ValueFair Value
Loans receivable, net(2)
$606,020 $620,575 $655,917 $668,364 
Interest rate swap assets(2)
5,626 5,626 35,120 35,120 
Bank line of credit and commercial paper(2)
1,078,850 1,078,850 150,000 150,000 
Term loans(2)
1,647,113 1,647,113 1,646,043 1,646,043 
Senior unsecured notes(1)
6,772,722 6,813,448 6,563,256 6,373,528 
Mortgage debt(2)
349,209 347,291 356,750 350,292 
Interest rate swap liabilities(2)
9,635 9,635 — — 
_______________________________________
(1)Level 1: Fair value is calculated based on quoted prices in active markets.
(2)Level 2: For loans receivable, net, interest rate swap instruments, and mortgage debt, fair value is based on standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.
(3)During the years ended December 31, 2025 and 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.
NOTE 22.    Derivative Financial Instruments
The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates and their related potential impact on future earnings and cash flows. The Company does not use derivative instruments for speculative or trading purposes. At December 31, 2025, a one percentage point increase or decrease in the underlying interest rate curve would result in a corresponding increase or decrease in the fair value of the derivative instruments by up to $38 million.
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In April 2022, the Company entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026 on $142 million of variable rate mortgage debt secured by a portfolio of outpatient medical buildings (see Note 11). In February 2023, the Company modified these two interest rate swap instruments to reflect the change in the related variable rate mortgage debt’s interest rate benchmarks from LIBOR to SOFR (see Note 11).
In August 2022, the Company entered into two forward-starting interest rate swap instruments on the $500 million aggregate principal amount of the 2027 Term Loans (see Note 11). The interest rate swap instruments are designated as cash flow hedges.
In January 2024, the Company entered into forward-starting interest rate swap instruments on the $750 million aggregate principal amount of the 2029 Term Loan (see Note 11). The interest rate swap instruments are designated as cash flow hedges.
Additionally, on March 1, 2024, concurrently with the consummation of the Merger, the Company acquired: (i) three interest rate swap instruments on the $400 million aggregate principal amount of the 2028 Term Loan that are designated as cash flow hedges and (ii) one interest rate swap instrument on $36 million of variable rate mortgage debt that was designated as a cash flow hedge (see Note 11), prior to its maturity in October 2024.
The following table summarizes the Company’s interest rate swap instruments (in thousands):
Fair Value(2)
Date Entered(1)
Maturity DateHedge DesignationNotional AmountPay RateReceive RateDecember 31,
20252024
Interest rate swap assets:
April 2022May 2026Cash flow$51,100 4.99 %
USD-SOFR w/ -5 Day Lookback + 2.50%
$193 $1,050 
April 2022May 2026Cash flow91,000 4.54 %
USD-SOFR w/ -5 Day Lookback + 2.05%
344 1,870 
August 2022February 2027Cash flow250,000 2.60 %1 mo. USD-SOFR CME Term2,109 7,224 
August 2022August 2027Cash flow250,000 2.54 %1 mo. USD-SOFR CME Term2,980 9,122 
May 2023(3)(4)
May 2028Cash flow400,000 3.59 %USD-SOFR w/ -5 Day Lookback— 4,887 
January 2024(5)
February 2029Cash flow750,000 3.59 %USD-SOFR w/ -5 Day Lookback— 10,967 
Total interest rate swap assets
$5,626 $35,120 
Interest rate swap liabilities:
May 2023(3)(4)
May 2028Cash flow$400,000 3.59 %USD-SOFR w/ -5 Day Lookback$(3,021)$— 
January 2024(5)
February 2029Cash flow750,000 3.59 %USD-SOFR w/ -5 Day Lookback(6,614)— 
Total interest rate swap liabilities
$(9,635)$— 
_____________________________
(1)Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
(2)Derivative assets are recorded at fair value in other assets and derivative liabilities are recorded at fair value in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.
(3)Includes interest rate swap instruments acquired as part of the Merger (see Note 3). These interest rate swap instruments were redesignated as cash flow hedges on the Closing Date. As a result of the Merger, the aggregate fair value of these interest rate swap instruments was determined to be $7 million on March 1, 2024, which was recognized within other assets on the Consolidated Balance Sheets on the Closing Date. The aggregate fair value as of the Closing Date is being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related interest rate swap instruments. During the years ended December 31, 2025 and 2024, the Company recognized $1 million and $2 million, respectively, of related amortization into interest expense.
(4)Includes two interest rate swap instruments each with notional amounts of $110 million and one interest rate swap instrument with a notional amount of $180 million.
(5)Includes the following: (i) two interest rate swap instruments each with a pay rate of 3.56% and $50 million notional amount; (ii) three interest rate swap instruments each with a pay rate of 3.57% and $50 million notional amount; (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount; (iv) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount; and (v) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.
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NOTE 23.    Accounts Payable, Accrued Liabilities, and Other Liabilities
The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities (in thousands):
December 31,
20252024
Refundable entrance fees$221,147 $236,563 
Accrued construction costs144,524 136,767 
Accrued interest89,202 76,040 
Other accounts payable and accrued liabilities(1)
263,636 275,972 
Accounts payable, accrued liabilities, and other liabilities$718,509 $725,342 
_______________________________________
(1)As of December 31, 2024, includes $4 million of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid. During the year ended December 31, 2025, the remaining amount was paid and there were no remaining severance-related obligations associated with this former CEO as of December 31, 2025.
NOTE 24.    Deferred Revenue
The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands):
December 31,
20252024
Non-refundable entrance fees(1)
$669,528 $615,723 
Other deferred revenue(2)
315,779 324,413 
Deferred revenue$985,307 $940,136 
_______________________________________
(1)During the years ended December 31, 2025 and 2024, the Company collected non-refundable entrance fees of $153 million and $143 million, respectively. During the years ended December 31, 2025, 2024, and 2023, the Company recognized amortization of $99 million, $89 million, and $83 million, respectively, which is included within resident fees and services on the Consolidated Statements of Operations.
(2)Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the years ended December 31, 2025, 2024, and 2023, the Company recognized amortization related to other deferred revenue of $48 million, $53 million, and $68 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.
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Schedule II: Valuation and Qualifying Accounts
(In thousands)
Allowance Accounts(1)
Year Ended
December 31,		Balance at
Beginning of
Year
Amounts Charged Against Operations, net of Deductions(2)
Balance at
End of Year
2025$2,243 $(225)$2,018 
20242,282 (39)2,243 
20232,399 (117)2,282 
_______________________________________
(1)Includes allowance for doubtful accounts. Excludes reserves for loan losses which are disclosed in Note 8 to the Consolidated Financial Statements.
(2)Includes the additional allowance recognized during the year, net of write-offs, recoveries, and other adjustments.
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Schedule III: Real Estate and Accumulated Depreciation
(in thousands)
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
Outpatient medical
AK0638AnchorageAK$— $1,456 $10,650 $10,180 $1,456 $20,830 $22,286 $(10,349)1993/20142006
AL0006BirminghamAL— 382 8,522 230 382 8,752 9,134 (716)19752024
AL0010BirminghamAL— 2,975 9,317 413 3,030 9,675 12,705 (1,303)20052024
AL0012BirminghamAL— 3,925 17,289 1,690 3,925 18,979 22,904 (1,639)20122024
AL0003FairhopeAL— 1,714 6,265 686 1,714 6,951 8,665 (684)20052024
AL0005FoleyAL— 569 691 (18)592 650 1,242 (69)20022024
AL0011HuntsvilleAL— 12,002 25,636 566 12,002 26,202 38,204 (2,581)20062024
AR3026BentonvilleAR— 912 21,724 765 912 22,489 23,401 (3,831)20032022
AR0005Hot SpringsAR— 108 8,819 — 108 8,819 8,927 (905)19982024
AR0006Hot SpringsAR— 211 4,324 956 238 5,253 5,491 (583)20012024
AR0007Hot SpringsAR— 464 9,076 2,006 508 11,038 11,546 (1,154)20092024
AR0008Hot SpringsAR— 49 3,667 — 49 3,667 3,716 (377)20012024
AR0004Hot Springs VillageAR— 656 3,238 1,544 656 4,782 5,438 (444)19882024
AR0001Little RockAR— 822 7,018 7,616 822 14,634 15,456 (1,013)20122024
AR0002Little RockAR— 780 3,323 606 780 3,929 4,709 (429)19882024
AR0126SherwoodAR— 709 9,604 465 709 10,069 10,778 (7,501)19901989
AR2572SpringdaleAR— — 27,714 — — 27,714 27,714 (8,245)19952016
AZ0002AvondaleAZ— 2,694 11,388 684 3,598 11,168 14,766 (1,453)20062024
AZ0520ChandlerAZ— 3,669 13,503 6,568 4,041 19,699 23,740 (10,742)20052002
AZ0113GlendaleAZ— 1,565 7,050 175 1,565 7,225 8,790 (5,673)19891988
AZ0001GlendaleAZ— 640 2,473 31 640 2,504 3,144 (288)20042024
AZ0008GlendaleAZ— 2,692 6,538 — 2,692 6,538 9,230 (723)20152024
AZ0003GoodyearAZ— 4,139 18,196 861 4,139 19,057 23,196 (1,581)20062024
AZ2040MesaAZ— — 17,314 4,359 — 21,673 21,673 (6,329)20072012
AZ0012MesaAZ— 1,124 2,121 100 1,124 2,221 3,345 (293)20132024
AZ0005PhoenixAZ— 405 32,432 107 405 32,539 32,944 (2,178)20082024
AZ0007PhoenixAZ— 2,528 3,495 220 2,528 3,715 6,243 (360)19882024
AZ0015PhoenixAZ— 218 17,922 454 218 18,376 18,594 (1,498)20202024
AZ00A7PhoenixAZ— 2,526 694 1,302 2,526 1,996 4,522 (86)19882024
AZ2021ScottsdaleAZ— — 12,312 6,141 — 18,453 18,453 (8,773)19842012
AZ2022ScottsdaleAZ— — 9,179 3,168 — 12,347 12,347 (5,700)19962012
AZ2023ScottsdaleAZ— — 6,398 3,375 — 9,773 9,773 (4,225)20002012
AZ2024ScottsdaleAZ— — 9,522 2,119 32 11,609 11,641 (5,736)20072012
AZ2025ScottsdaleAZ— — 4,102 2,743 — 6,845 6,845 (3,128)19812012
AZ2026ScottsdaleAZ— — 3,655 3,191 — 6,846 6,846 (3,081)19922012
AZ2027ScottsdaleAZ— — 7,168 2,125 — 9,293 9,293 (4,684)19952012
AZ2028ScottsdaleAZ— — 6,659 5,349 — 12,008 12,008 (6,476)19982012
AZ2696ScottsdaleAZ— 10,151 14,925 1,907 9,234 17,749 26,983 (3,955)19982020
AZ0009ScottsdaleAZ— 2,563 9,361 48 2,563 9,409 11,972 (988)20002024
AZ0010ScottsdaleAZ— 1,096 19,515 — 1,096 19,515 20,611 (1,853)20002024
AZ0011ScottsdaleAZ— 2,809 2,646 — 2,809 2,646 5,455 (477)19912024
AZ0014ScottsdaleAZ— 506 43,211 3,455 506 46,666 47,172 (3,522)20212024
CA1041BrentwoodCA— — 30,864 9,176 122 39,918 40,040 (18,111)20042006
CA1200EncinoCA— 6,151 10,438 6,426 6,373 16,642 23,015 (8,995)19732006
CA1038FresnoCA— 3,652 29,113 21,935 3,652 51,048 54,700 (26,260)19842006
CA0659Los GatosCA— 1,718 3,124 1,250 1,756 4,336 6,092 (2,103)19952006
CA0421San DiegoCA— 2,910 19,984 13,144 2,985 33,053 36,038 (18,581)1986/20131999
CA0564San JoseCA— 1,935 1,728 2,146 1,935 3,874 5,809 (2,045)19682003
CA0001Walnut CreekCA— 1,533 5,116 — 1,533 5,116 6,649 (562)19842024
CA0002Walnut CreekCA— 1,189 1,179 — 1,189 1,179 2,368 (164)19842024
CA0003Walnut CreekCA— 1,168 1,368 — 1,168 1,368 2,536 (177)19842024
CA0004Walnut CreekCA— 3,143 5,390 — 3,143 5,390 8,533 (659)19842024
CA0005Walnut CreekCA— 1,140 2,260 — 1,140 2,260 3,400 (260)19842024
CA0440West HillsCA— 2,100 11,595 13,446 2,108 25,033 27,141 (10,154)1992/20231999
CA3008West HillsCA12,184 5,795 13,933 4,125 5,823 18,030 23,853 (3,373)19652021
CO0728AuroraCO— — 8,764 2,572 — 11,336 11,336 (5,172)20052005
CO1196AuroraCO— 210 12,362 5,429 210 17,791 18,001 (8,403)1981/20182006
CO1197AuroraCO— 200 8,414 5,894 285 14,223 14,508 (7,519)1994/20182006
CO2965AuroraCO— — — 49,498 — 49,498 49,498 (1,554)20252023
CO0127Colorado SpringsCO— 690 8,338 367 690 8,705 9,395 (6,464)19901989
CO0882Colorado SpringsCO— — 12,933 8,963 — 21,896 21,896 (11,518)20072006
CO1199DenverCO— 493 7,897 2,044 540 9,894 10,434 (5,193)19932006
CO0808EnglewoodCO— — 8,616 6,352 — 14,968 14,968 (8,213)19812005
CO0809EnglewoodCO— — 8,449 19,758 — 28,207 28,207 (8,154)1990/20232005
CO0810EnglewoodCO— — 8,040 16,587 — 24,627 24,627 (12,614)1989/20232005
CO0811EnglewoodCO— — 8,472 13,521 — 21,993 21,993 (9,499)1993/20202005
CO0005EnglewoodCO— 1,994 6,363 5,195 1,994 11,558 13,552 (1,404)20022024
CO0002FriscoCO— 370 3,235 21 370 3,256 3,626 (431)20062024
CO2658Highlands RanchCO— 1,637 10,063 (402)1,235 10,063 11,298 (2,578)20152017
132
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Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
CO0001JohnstownCO— 1,254 5,646 — 1,254 5,646 6,900 (596)20132024
CO0812LittletonCO— — 4,562 2,818 — 7,380 7,380 (3,905)19872005
CO0813LittletonCO— — 4,926 2,458 145 7,239 7,384 (3,203)19902005
CO0570Lone TreeCO— — — 22,482 — 22,482 22,482 (11,650)20042003
CO0666Lone TreeCO— — 23,274 3,788 17 27,045 27,062 (13,045)20032006
CO2233Lone TreeCO— — 6,734 34,788 — 41,522 41,522 (17,968)20152014
CO3000Lone TreeCO— 4,393 31,643 11,022 4,601 42,457 47,058 (8,116)20202021
CO0510ThorntonCO— 236 10,206 14,043 245 24,240 24,485 (10,671)2001/20212002
CO0004ThorntonCO— 1,843 2,302 — 1,843 2,302 4,145 (348)20142024
CT0002ManchesterCT— 2,159 4,828 141 2,164 4,964 7,128 (559)20122024
CT0003ManchesterCT— 1,620 7,364 11 1,620 7,375 8,995 (762)20172024
CT0001PlainvilleCT— 3,515 15,515 126 3,520 15,636 19,156 (1,694)20152024
CT0004PlainvilleCT— 1,445 3,161 (17)1,445 3,144 4,589 (395)19982024
DE0001DoverDE— 1,483 34,034 337 1,577 34,277 35,854 (3,357)20082024
FL0434AtlantisFL— — 2,027 177 — 2,204 2,204 (1,600)19971999
FL0435AtlantisFL— — 2,000 689 — 2,689 2,689 (1,847)19971999
FL0602AtlantisFL— 455 2,231 777 455 3,008 3,463 (1,622)19842006
FL0012AtlantisFL— 100 8,120 679 100 8,799 8,899 (475)20022024
FL0033BrandonFL— 1,219 29,984 273 1,295 30,181 31,476 (2,918)20172024
FL3217BrandonFL— — — 23,759 — 23,759 23,759 — — 2024
FL2963BrooksvilleFL— — — 13,388 — 13,388 13,388 (2,951)20202019
FL0604EnglewoodFL— 170 1,134 1,112 230 2,186 2,416 (1,116)19862006
FL0004EnglewoodFL— 478 1,974 185 478 2,159 2,637 (274)19922024
FL0032JacksonvilleFL60,011 5,738 88,295 (335)5,738 87,960 93,698 (7,687)20152024
FL0609KissimmeeFL— 788 174 820 788 994 1,782 (449)19782006
FL0610KissimmeeFL— 481 347 358 488 698 1,186 (338)19782006
FL0671KissimmeeFL— — 7,574 1,129 — 8,703 8,703 (4,235)19982006
FL0008Lady LakeFL— 921 7,403 201 921 7,604 8,525 (455)20112024
FL0603Lake WorthFL— 1,507 2,894 537 1,507 3,431 4,938 (1,759)19972006
FL0612MargateFL— 1,553 6,898 3,423 1,553 10,321 11,874 (4,750)19942006
FL0613MiamiFL— 4,392 11,841 11,103 4,454 22,882 27,336 (10,100)1995/20202006
FL2202MiamiFL— — 13,123 9,228 — 22,351 22,351 (10,417)19732014
FL2203MiamiFL— — 8,877 4,576 — 13,453 13,453 (5,665)19862014
FL1067MiltonFL— — 8,566 1,600 — 10,166 10,166 (4,883)20032006
FL2577NaplesFL— — 29,186 1,805 — 30,991 30,991 (9,089)19992016
FL2578NaplesFL— — 18,819 667 — 19,486 19,486 (4,831)20072016
FL2964OkeechobeeFL— — — 17,879 — 17,879 17,879 (3,016)20222019
FL2962Orange ParkFL— — — 18,306 — 18,306 18,306 (3,734)20222019
FL0563OrlandoFL— 2,144 5,136 11,618 12,160 6,738 18,898 (6,961)19852003
FL0025OrlandoFL— 1,905 16,988 37 1,905 17,025 18,930 (1,288)20062024
FL0833PaceFL— — 10,309 1,649 28 11,930 11,958 (5,230)20052006
FL0673PlantationFL— 1,091 7,176 3,014 1,091 10,190 11,281 (5,478)20012006
FL0674PlantationFL— — 8,273 1,409 — 9,682 9,682 (1,992)20152021
FL0029Port CharlotteFL— 2,244 6,801 284 2,244 7,085 9,329 (800)20062024
FL2579Punta GordaFL— — 9,379 139 — 9,518 9,518 (2,543)20062016
FL4016St. PetersburgFL— — 13,754 13,243 — 26,997 26,997 (12,602)1995/20192006
FL0003VeniceFL— 1,344 2,910 79 1,344 2,989 4,333 (410)19872024
FL0031Wesley ChapelFL— 313 29,074 166 313 29,240 29,553 (2,391)20212024
FL0034YuleeFL— 793 7,994 — 793 7,994 8,787 (893)20202024
GA0887AtlantaGA— 4,300 13,690 (1,800)4,300 11,890 16,190 (11,196)1966/19962007
GA0010AtlantaGA— 1,330 25,942 2,789 1,532 28,529 30,061 (2,334)19872024
GA0024AtlantaGA— 1,031 89,809 4,606 1,031 94,415 95,446 (7,361)20092024
GA0028AtlantaGA— 603 40,071 515 603 40,586 41,189 (3,370)20182024
GA0030BufordGA— — 32,131 10,146 — 42,277 42,277 (2,332)20242024
GA0026DuluthGA— 135 11,586 3,199 135 14,785 14,920 (1,056)19942024
GA0033CummingGA— — — 33,549 — 33,549 33,549 — —2025
GA0035CantonGA— — — 14,752 — 14,752 14,752 — —2025
GA0036Sandy SpringsGA— — 6,824 — — 6,824 6,824 (65)19862025
GA0025LawrencevilleGA— 182 15,112 1,700 182 16,812 16,994 (1,114)19952024
GA0027LawrencevilleGA— 346 28,592 2,857 346 31,449 31,795 (2,709)20102024
GA3246PoolerGA— — — 25,653 — 25,653 25,653 (350)20252024
GA3214SavannahGA— — — 34,864 — 34,864 34,864 (1,922)20242022
GA2576StatesboroGA— — 10,234 1,430 — 11,664 11,664 (4,124)19992016
GA0023WoodstockGA— 967 26,658 470 967 27,128 28,095 (2,420)20132024
IL3006Arlington HeightsIL4,894 3,011 9,651 4,055 3,187 13,530 16,717 (2,677)1975/20132021
IL2702BolingbrookIL— — 21,237 4,786 — 26,023 26,023 (5,494)20082020
IL0002BolingbrookIL— 1,464 8,832 234 1,464 9,066 10,530 (795)20082024
IL0004ElginIL— 2,723 15,327 1,479 2,967 16,562 19,529 (1,399)20062024
IL3004Highland ParkIL5,893 2,767 11,495 1,122 2,767 12,617 15,384 (2,269)20082021
IL3005LockportIL11,087 3,106 22,645 — 3,106 22,645 25,751 (3,948)20102021
IL4002MarionIL— 99 11,538 1,987 100 13,524 13,624 (7,009)20022006
IL2719MarionIL— — — 5,098 — 5,098 5,098 (915)20212021
IL0005Palos HeightsIL— 2,324 5,087 544 2,324 5,631 7,955 (403)19852024
IL0001SandwichIL— 116 10,126 — 116 10,126 10,242 (812)20072024
IN0004BloomingtonIN— 841 2,089 — 841 2,089 2,930 (294)20002024
133
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
IN0005BloomingtonIN— 2,830 9,394 74 2,830 9,468 12,298 (1,286)20002024
IN0006BloomingtonIN— 588 1,414 26 605 1,423 2,028 (200)20042024
IN0007BloomingtonIN— 1,351 7,207 — 1,351 7,207 8,558 (747)19952024
IN0013BloomingtonIN— 1,730 7,304 — 1,730 7,304 9,034 (844)20082024
IN0002CarmelIN— 38 3,930 1,009 371 4,606 4,977 (502)19932024
IN0020CarmelIN— 259 22,311 301 259 22,612 22,871 (1,655)20142024
IN0021FishersIN— 383 34,648 230 383 34,878 35,261 (3,022)20082024
IN0008GreenwoodIN— 1,365 6,934 — 1,365 6,934 8,299 (729)20082024
IN0010GreenwoodIN— 1,015 2,238 234 1,015 2,472 3,487 (255)20012024
IN0011GreenwoodIN— 1,565 10,588 275 1,565 10,863 12,428 (1,180)20082024
IN0012GreenwoodIN— 993 1,997 495 993 2,492 3,485 (208)20012024
IN2697IndianapolisIN— — 59,746 1,050 — 60,796 60,796 (9,232)20022020
IN2699IndianapolisIN— — 23,211 767 — 23,978 23,978 (3,923)20022020
IN0009IndianapolisIN— 764 4,084 9 764 4,093 4,857 (460)19932024
IN0022IndianapolisIN— 3,772 42,213 — 3,772 42,213 45,985 (3,885)20072024
IN0015LafayetteIN— 845 9,980 — 845 9,980 10,825 (1,230)20012024
IN0016LafayetteIN— 1,433 9,059 — 1,433 9,059 10,492 (1,332)20012024
IN0017LafayetteIN— 471 1,130 — 471 1,130 1,601 (162)20012024
IN0018LafayetteIN— 421 1,170 — 421 1,170 1,591 (164)20042024
IN2698MooresvilleIN— — 20,646 1,030 — 21,676 21,676 (3,354)20042020
IN1057NewburghIN— — 14,019 2,448 — 16,467 16,467 (7,970)20052006
IN0025NewburghIN— 2,182 13,074 89 2,182 13,163 15,345 (1,557)20082024
IN2700ZionsvilleIN— 2,969 7,281 358 2,586 8,022 10,608 (1,593)20052020
KS2039Kansas CityKS— 440 2,173 389 541 2,461 3,002 (945)20062012
KS0112Overland ParkKS— 2,316 10,681 1,440 2,316 12,121 14,437 (8,752)19891988
KS2043Overland ParkKS— — 7,668 1,288 — 8,956 8,956 (3,009)20092012
KS3062Overland ParkKS— 872 11,813 62 992 11,755 12,747 (3,721)20072019
KS0483WichitaKS— 530 3,341 1,001 605 4,267 4,872 (1,948)20002001
KS3018WichitaKS— 3,946 39,795 — 3,946 39,795 43,741 (7,188)1973/20172021
KY4001LexingtonKY— — 12,726 7,864 — 20,590 20,590 (7,416)20032006
KY0011LexingtonKY— 4,797 18,987 11,456 4,797 30,443 35,240 (2,624)19922024
KY0012LexingtonKY— 1,905 6,918 589 2,201 7,211 9,412 (1,379)20002024
KY0735LouisvilleKY— 936 8,426 13,220 661 21,921 22,582 (13,747)1971/20192005
KY0737LouisvilleKY— 835 27,627 7,942 560 35,844 36,404 (20,059)20022005
KY0738LouisvilleKY— 780 8,582 4,863 551 13,674 14,225 (10,744)19782005
KY0739LouisvilleKY— 826 13,814 4,229 624 18,245 18,869 (9,084)20032005
KY4017LouisvilleKY— 2,983 13,171 4,845 2,983 18,016 20,999 (11,427)19902005
KY1945LouisvilleKY— 3,255 28,644 2,637 3,421 31,115 34,536 (15,500)20092010
KY1946LouisvilleKY— 430 6,125 224 430 6,349 6,779 (3,210)20022010
KY2237LouisvilleKY— 1,519 15,386 6,813 1,648 22,070 23,718 (10,584)19912014
KY2238LouisvilleKY— 1,334 12,172 3,926 1,572 15,860 17,432 (6,643)19962014
KY2239LouisvilleKY— 1,644 10,832 11,408 2,086 21,798 23,884 (9,664)19882014
KY0001LouisvilleKY— 1,801 4,672 — 1,801 4,672 6,473 (665)20132024
KY0004LouisvilleKY— 383 3,144 1,543 383 4,687 5,070 (830)19702024
KY0005LouisvilleKY— 680 7,568 758 694 8,312 9,006 (1,178)19642024
KY0006LouisvilleKY— 1,774 29,814 80 1,774 29,894 31,668 (3,992)20032024
KY0007LouisvilleKY— 3,430 19,016 1,022 3,430 20,038 23,468 (2,279)19852024
KY0008LouisvilleKY— 125 12,503 (81)125 12,422 12,547 (1,086)19912024
KY0009LouisvilleKY— 48 3,864 17 48 3,881 3,929 (451)19792024
KY0010LouisvilleKY— 315 2,585 1,244 315 3,829 4,144 (502)19742024
LA3023CovingtonLA— 9,490 21,918 128 9,507 22,029 31,536 (3,655)20142021
LA0004LafayetteLA— 353 27,863 1,673 353 29,536 29,889 (1,666)20102024
LA0001MetairieLA— 68 38,037 — 68 38,037 38,105 (2,473)20102024
MA3121CambridgeMA— 40,663 23,102 — 40,663 23,102 63,765 (3,416)19832021
MD0003BrandywineMD— 4,757 17,285 — 4,757 17,285 22,042 (1,988)20152024
MD1213Ellicott CityMD— 1,115 3,206 2,742 1,357 5,706 7,063 (2,981)19882006
MD0002LanhamMD— 227 17,283 350 227 17,633 17,860 (1,287)20092024
MD1052TowsonMD— — 14,233 208 — 14,441 14,441 (6,335)20052006
MD0001WaldorfMD— 1,759 6,038 30 1,759 6,068 7,827 (684)19992024
ME2650BiddefordME— 1,341 17,376 (558)309 17,850 18,159 (4,554)20072017
ME0001BrunswickME4,015 920 10,394 — 920 10,394 11,314 (1,149)20082024
MI0010Bay CityMI— 705 15,282 9 705 15,291 15,996 (1,517)20162024
MI0006Grand BlancMI— 671 12,097 621 671 12,718 13,389 (861)20062024
MI0011Gross PointeMI— 138 12,400 5 138 12,405 12,543 (1,059)20162024
MI0012PetoskeyMI— 236 17,990 472 236 18,462 18,698 (1,837)19932024
MI0013Rochester HillsMI— 1,100 20,278 70 1,119 20,329 21,448 (2,145)20112024
MI0014Sterling HeightsMI— 310 28,116 79 310 28,195 28,505 (2,237)20092024
MI0008Traverse CityMI— 1,709 18,502 470 1,770 18,911 20,681 (2,308)20042024
MI00A8Traverse CityMI— 255 1,854 — 255 1,854 2,109 (238)20042024
MN0018Apple ValleyMN— 2,541 8,011 216 2,541 8,227 10,768 (1,088)19742024
MN3002BurnsvilleMN7,791 2,801 17,779 1,306 2,861 19,025 21,886 (6,162)19882021
MN3003BurnsvilleMN5,194 516 13,200 47 533 13,230 13,763 (3,536)19922021
MN3009BurnsvilleMN19,177 4,640 38,064 333 4,664 38,373 43,037 (7,037)20072021
MN0004ChanhassenMN— 919 2,457 536 919 2,993 3,912 (296)20082024
MN0009ChanhassenMN— 2,609 9,198 1 2,609 9,199 11,808 (995)20052024
134
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
MN0008Coon RapidsMN— 1,032 4,568 293 1,032 4,861 5,893 (564)20072024
MN0003CrystalMN— 1,852 7,888 36 1,852 7,924 9,776 (789)20122024
MN0001EdinaMN— 377 7,984 978 377 8,962 9,339 (1,099)19792024
MN0017EdinaMN— 1,654 3,468 1,075 1,762 4,435 6,197 (362)19622024
MN0010HugoMN— 1,285 2,966 — 1,285 2,966 4,251 (324)20082024
MN0016Lake ElmoMN— 1,939 5,435 42 1,981 5,435 7,416 (786)20152024
MN0013Little FallsMN— 75 5,980 137 75 6,117 6,192 (698)19902024
MN0014Little FallsMN— 580 1,618 787 580 2,405 2,985 (269)19992024
MN0015Little FallsMN— 59 4,932 75 59 5,007 5,066 (610)19592024
MN0012MaplewoodMN— 716 2,031 10 716 2,041 2,757 (263)20162024
MN0019MaplewoodMN— 4,884 38,366 — 4,884 38,366 43,250 (3,707)20172024
MN0240MinneapolisMN— 117 13,213 5,763 117 18,976 19,093 (13,454)19861997
MN0300MinneapolisMN— 160 10,131 3,450 214 13,527 13,741 (9,089)19871998
MN0006MinnetonkaMN— 2,701 14,026 22 2,701 14,048 16,749 (1,441)20142024
MN0007MinnetonkaMN— 1,927 5,979 — 1,927 5,979 7,906 (598)20142024
MN0002SavageMN— 1,762 6,075 — 1,762 6,075 7,837 (700)20112024
MN0011StillwaterMN— 1,161 1,676 35 1,196 1,676 2,872 (285)20112024
MN0005Vadnais HeightsMN— 2,028 12,993 203 2,028 13,196 15,224 (1,136)20132024
MO0002Creve CoeurMO— 1,622 7,209 287 1,622 7,496 9,118 (785)19892024
MO0001FentonMO— 1,457 3,589 337 1,457 3,926 5,383 (549)19992024
MO2032IndependenceMO— — 48,025 2,588 — 50,613 50,613 (14,910)20062012
MO0003Kansas CityMO— 312 23,251 730 312 23,981 24,293 (2,042)20152024
MO2866Kansas CityMO— — — 43,313 — 43,313 43,313 (416)20252024
MO2863Lee's SummitMO— — — 16,416 — 16,416 16,416 (4,251)20202019
MS1078FlowoodMS— — 8,413 1,553 — 9,966 9,966 (4,929)20032006
MS0001GrenadaMS— 1,200 8,523 1,068 1,496 9,295 10,791 (829)19752024
MS1059JacksonMS— — 8,868 697 — 9,565 9,565 (4,602)20022006
MS1060JacksonMS— — 7,187 2,106 — 9,293 9,293 (4,419)20052006
MS0002JacksonMS— 1,664 9,691 — 1,664 9,691 11,355 (1,019)19872024
MS0003JacksonMS19,849 1,681 42,202 143 1,681 42,345 44,026 (3,606)20132024
ND0001JamestownND— 482 10,262 44 600 10,188 10,788 (921)20132024
NE0010KearneyNE— 183 17,068 2,719 183 19,787 19,970 (1,880)19992024
NE0011KearneyNE— 133 1,228 47 133 1,275 1,408 (211)19842024
NE0012LincolnNE— 147 13,382 621 147 14,003 14,150 (1,321)20042024
NE1068OmahaNE— — 16,243 4,630 24 20,849 20,873 (9,161)20052006
NE0002OmahaNE— 1,919 21,041 496 1,919 21,537 23,456 (2,447)20172024
NE0004OmahaNE— 151 15,812 3,694 151 19,506 19,657 (1,425)20002024
NE0013OmahaNE— 445 36,048 1,206 445 37,254 37,699 (3,108)20172024
NH2647ConcordNH— 1,961 23,516 (491)1,053 23,933 24,986 (4,915)20042017
NH2648ConcordNH— 815 8,902 (271)419 9,027 9,446 (1,719)20082017
NH2649EpsomNH— 919 5,868 (799)348 5,640 5,988 (1,147)20102017
NJ3011Cherry HillNJ— 5,235 21,731 924 5,256 22,634 27,890 (4,717)20142021
NJ0001Monroe TownshipNJ— 2,026 2,847 162 2,188 2,847 5,035 (564)19922024
NJ3012MorristownNJ— 21,703 32,517 7,056 21,703 39,573 61,276 (8,847)1983/20132021
NJ3013MorristownNJ— 14,567 20,548 9,358 14,567 29,906 44,473 (5,551)19902021
NJ3014MorristownNJ— 20,563 31,849 3,786 20,563 35,635 56,198 (4,928)19812021
NJ0002Old BridgeNJ19,935 444 36,220 188 444 36,408 36,852 (2,646)20142024
NM0729AlbuquerqueNM— — 5,380 2,631 — 8,011 8,011 (3,622)20062005
NV0571Las VegasNV— — — 24,702 — 24,702 24,702 (9,913)20042003
NV0660Las VegasNV— 1,121 4,363 10,067 1,147 14,404 15,551 (7,126)19732006
NV0661Las VegasNV— 2,305 — 1,371 3,676 — 3,676 — —2006
NV0663Las VegasNV— 1,717 3,597 12,231 1,717 15,828 17,545 (8,013)1974/20182006
NV0664Las VegasNV— 1,172 — 633 1,805 — 1,805 (560)—2006
NV0691Las VegasNV— 3,073 18,339 6,673 3,116 24,969 28,085 (15,372)1989/20152004
NV2037MesquiteNV— — 5,559 803 34 6,328 6,362 (2,440)20042012
NY0014BrooklynNY— 11,632 39,687 1,515 12,106 40,728 52,834 (2,930)20132024
NY0008CornwallNY— 110 9,091 107 110 9,198 9,308 (717)20062024
NY0009HudsonNY— 68 4,931 881 68 5,812 5,880 (728)20062024
NY0012Lake KatrineNY— 3,950 31,897 — 3,950 31,897 35,847 (2,312)20132024
NY0013RhinebeckNY— 4,312 4,015 — 4,312 4,015 8,327 (689)19652024
NY0015MiddletownNY— 410 11,372 — 410 11,372 11,782 (321)19912025
NY0016CirclevilleNY— 254 1,210 — 254 1,210 1,464 (42)19582025
NY0017MiddletownNY— 703 884 — 703 884 1,587 (47)19782025
NY0001WallkillNY— 1,304 5,957 763 1,304 6,720 8,024 (476)19882024
NY0002MiddletownNY— 518 1,338 310 518 1,648 2,166 (156)19922024
OH0400HarrisonOH— — 4,561 373 — 4,934 4,934 (3,520)19951999
OK1054DurantOK— 619 9,256 2,734 666 11,943 12,609 (5,817)19982006
OK0817OwassoOK— — 6,582 (675)— 5,907 5,907 (3,070)20062005
OR3010SpringfieldOR20,875 — 51,998 2,090 24 54,064 54,088 (9,649)20112021
PA0006Camp HillPA— 1,014 2,376 281 1,064 2,607 3,671 (420)19802024
PA0002CarlislePA— 680 1,468 (97)680 1,371 2,051 (159)20022024
PA0004CarlislePA— 456 2,333 — 456 2,333 2,789 (354)19962024
PA0014EriePA— 251 21,584 — 251 21,584 21,835 (1,777)20072024
PA0010HanoverPA— 1,777 8,437 1,726 1,777 10,163 11,940 (1,090)20032024
PA0007HarrisburgPA— 1,800 4,397 1,282 1,909 5,570 7,479 (999)20002024
135
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
PA0008HarrisburgPA— 586 1,115 254 636 1,319 1,955 (155)19972024
PA0005HersheyPA— 196 2,896 351 316 3,127 3,443 (254)19942024
PA2570LimerickPA— 925 20,072 (119)755 20,123 20,878 (6,526)19992016
PA2234PhiladelphiaPA— 24,264 99,904 65,802 24,288 165,682 189,970 (53,009)1973/20252014
PA0012West EastonPA— 2,065 7,718 — 2,065 7,718 9,783 (873)20172024
PA0013West MifflinPA— 957 3,193 — 957 3,193 4,150 (442)19922024
PA2571Wilkes-BarrePA— — 9,138 11 — 9,149 9,149 (3,280)20012016
PA0011WyomissingPA— 298 3,410 — 298 3,410 3,708 (421)20022024
SC2694AndersonSC— 405 1,211 51 243 1,424 1,667 (331)20122020
SC2573FlorenceSC— — 12,090 90 — 12,180 12,180 (3,489)19982016
SC2574FlorenceSC— — 12,190 87 — 12,277 12,277 (3,510)19982016
SC2575FlorenceSC— — 11,243 56 — 11,299 11,299 (3,956)19952016
SC4024GreenvilleSC— 634 38,386 (2,283)13 36,724 36,737 (8,442)19912018
SC4025GreenvilleSC— 794 41,293 (3,416)— 38,671 38,671 (8,347)19992018
SC4026GreenvilleSC— 626 22,210 (2,776)— 20,060 20,060 (4,267)19962018
SC4027GreenvilleSC— 806 18,889 (1,811)— 17,884 17,884 (3,444)19982018
SC4028GreenvilleSC— 932 40,879 (3,309)— 38,502 38,502 (7,317)20052018
SC4029GreenvilleSC— 896 38,486 (3,670)— 35,712 35,712 (6,868)20072018
SC4030GreenvilleSC— 600 26,472 200 — 27,272 27,272 (6,472)19962018
SC4033GreenvilleSC— 211 6,503 (1,219)— 5,495 5,495 (993)20082018
SC4036GreenvilleSC— 534 6,430 (1,388)— 5,576 5,576 (1,421)19982018
SC4037GreenvilleSC— 824 13,645 (2,743)— 11,726 11,726 (2,386)19922018
SC4031GreerSC— 318 5,816 (791)— 5,343 5,343 (992)20082018
SC4032GreerSC— 319 5,836 (777)— 5,378 5,378 (1,025)20082018
SC2862Myrtle BeachSC— — — 28,496 — 28,496 28,496 (9,777)20192018
SC4034Travelers RestSC— 498 1,015 (399)299 815 1,114 (370)19982018
TN2865BrentwoodTN— — — 37,988 214 37,774 37,988 (6,930)20202019
TN0007ChattanoogaTN— 139 10,350 5,608 139 15,958 16,097 (1,196)19762024
TN0010ChattanoogaTN— 221 17,612 1,821 221 19,433 19,654 (1,788)19932024
TN0011FranklinTN— 3,056 5,484 — 3,056 5,484 8,540 (645)20142024
TN0624HendersonvilleTN— 256 1,530 1,390 256 2,920 3,176 (1,505)19852006
TN0559HermitageTN— 830 5,036 13,213 816 18,263 19,079 (8,568)1999/20192003
TN0561HermitageTN— 596 9,698 4,427 596 14,125 14,721 (7,745)19932003
TN0562HermitageTN— 317 6,528 2,735 317 9,263 9,580 (5,294)19942003
TN0002JacksonTN— 1,124 5,631 — 1,124 5,631 6,755 (789)19912024
TN0001KingsportTN— 2,778 10,365 57 2,835 10,365 13,200 (1,051)20052024
TN0012KingsportTN— 511 59,215 — 511 59,215 59,726 (4,378)20102024
TN0625NashvilleTN— 955 14,289 10,233 955 24,522 25,477 (12,574)20002006
TN0626NashvilleTN— 2,050 5,211 6,130 2,050 11,341 13,391 (4,544)19872006
TN0627NashvilleTN— 1,007 181 1,170 1,078 1,280 2,358 (635)19752006
TN0628NashvilleTN— 2,980 7,164 3,690 2,980 10,854 13,834 (5,294)19882006
TN0630NashvilleTN— 515 848 373 690 1,046 1,736 (638)19752006
TN0631NashvilleTN— 266 1,305 1,232 266 2,537 2,803 (1,203)19802006
TN0632NashvilleTN— 827 7,642 3,801 827 11,443 12,270 (5,973)19882006
TN0633NashvilleTN— 5,425 12,577 5,355 5,425 17,932 23,357 (9,540)19712006
TN0634NashvilleTN— 3,818 15,185 13,671 3,818 28,856 32,674 (11,986)19922006
TN0636NashvilleTN— 583 450 418 604 847 1,451 (521)19742006
TN2967NashvilleTN— — — 54,824 — 54,824 54,824 (10,616)20212019
TN2720NashvilleTN— 102 10,925 716 102 11,641 11,743 (2,807)19862021
TN0005NashvilleTN— 16,857 17,681 870 16,857 18,551 35,408 (1,986)20152024
TN0008Spring HillTN— 628 13,821 50 628 13,871 14,499 (1,407)20122024
TX2611AllenTX— 1,330 5,960 2,278 1,382 8,186 9,568 (2,264)20042016
TX2612AllenTX— 1,310 4,165 1,684 1,310 5,849 7,159 (1,921)20052016
TX0573ArlingtonTX— 769 12,355 26,087 769 38,442 39,211 (12,181)1995/20232006
TX0025AustinTX— 22,885 16,662 1,117 22,902 17,762 40,664 (2,423)20062024
TX0016BedfordTX— 627 4,706 — 627 4,706 5,333 (746)20142024
TX0026BryanTX— 105 7,013 3,101 105 10,114 10,219 (758)19962024
TX0027BryanTX— 197 4,080 — 197 4,080 4,277 (492)19972024
TX0012CarrolltonTX— 1,723 857 — 1,723 857 2,580 (170)20012024
TX2621Cedar ParkTX— 1,617 11,640 1,014 1,617 12,654 14,271 (2,819)20072017
TX0576ConroeTX— 324 4,842 5,584 324 10,426 10,750 (5,093)19832006
TX0577ConroeTX— 397 7,966 3,407 397 11,373 11,770 (5,953)19952006
TX0578ConroeTX— 388 7,975 2,790 388 10,765 11,153 (5,119)1997/20122006
TX0579ConroeTX— 188 3,618 1,186 188 4,804 4,992 (2,567)19952006
TX0581Corpus ChristiTX— 717 8,181 6,510 717 14,691 15,408 (6,325)19952006
TX0600Corpus ChristiTX— 328 3,210 2,857 334 6,061 6,395 (3,096)19952006
TX0601Corpus ChristiTX— 313 1,771 1,451 313 3,222 3,535 (1,442)19852006
TX4022CypressTX— — — 39,510 11 39,499 39,510 (15,968)20162015
TX0582DallasTX— 1,664 6,785 5,012 1,780 11,681 13,461 (5,676)19792006
TX1314DallasTX— 15,230 162,970 28,954 23,630 183,524 207,154 (99,698)19742007
TX1315DallasTX— — — 5,245 17 5,228 5,245 (1,711)19782007
TX1316DallasTX— — — 11,671 64 11,607 11,671 (4,318)19852007
TX1317DallasTX— — — 12,727 267 12,460 12,727 (3,994)19952007
TX1319DallasTX— 18,840 155,659 7,287 18,840 162,946 181,786 (86,612)19742007
TX2721DallasTX— 31,707 2,000 698 31,707 2,698 34,405 (2,121)19832020
136
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
TX0028DallasTX— 448 189,390 3,345 448 192,735 193,183 (13,879)20112024
TX3007DentonTX5,693 2,298 9,502 97 2,338 9,559 11,897 (2,274)20142021
TX0033DentonTX— 1,524 11,381 — 1,524 11,381 12,905 (954)20192024
TX0002El PasoTX— 1,429 5,104 587 1,462 5,658 7,120 (695)20042024
TX0009El PasoTX— 2,156 10,909 223 2,207 11,081 13,288 (1,251)19832024
TX0010El PasoTX— 913 2,014 80 948 2,059 3,007 (322)19832024
TX0583Fort WorthTX— 898 4,866 4,606 898 9,472 10,370 (5,100)19952006
TX0805Fort WorthTX— — 2,481 1,604 45 4,040 4,085 (2,607)19852005
TX0806Fort WorthTX— — 6,070 1,914 51 7,933 7,984 (3,805)19852005
TX2619Fort WorthTX— 1,180 13,432 2,635 1,180 16,067 17,247 (3,135)20062017
TX2620Fort WorthTX— 1,961 14,155 2,642 2,000 16,758 18,758 (3,205)20052017
TX2982Fort WorthTX— 2,720 6,225 6,039 2,719 12,265 14,984 (4,854)20202019
TX3020FriscoTX— — 27,201 791 — 27,992 27,992 (3,994)20042021
TX3021FriscoTX— — 26,181 2,459 — 28,640 28,640 (4,681)20042021
TX0032Ft. WorthTX— 866 24,845 621 866 25,466 26,332 (2,100)20172024
TX1061GranburyTX— — 6,863 1,374 — 8,237 8,237 (4,265)20012006
TX0430HoustonTX— 1,927 33,140 22,895 2,665 55,297 57,962 (36,301)1985/20181999
TX0446HoustonTX— 2,200 19,585 11,820 2,936 30,669 33,605 (23,154)1976/20181999
TX0589HoustonTX— 1,676 12,602 17,537 1,676 30,139 31,815 (10,336)1985/20222006
TX0702HoustonTX— — 7,414 2,625 — 10,039 10,039 (5,477)20062006
TX4005HoustonTX— 304 17,764 (304)— 17,764 17,764 (5,329)19902015
TX4006HoustonTX— 116 6,555 (116)— 6,555 6,555 (2,294)19702015
TX4007HoustonTX— 312 12,094 (312)— 12,094 12,094 (4,233)19872015
TX4008HoustonTX— 316 13,931 (316)— 13,931 13,931 (3,657)20052015
TX4009HoustonTX— 408 18,332 2,170 — 20,910 20,910 (7,749)19772015
TX4010HoustonTX— 470 18,197 1,267 — 19,934 19,934 (6,473)19852015
TX4011HoustonTX— 313 7,036 360 — 7,709 7,709 (2,956)19792015
TX4012HoustonTX— 530 22,711 1,121 — 24,362 24,362 (5,305)20062015
TX2966HoustonTX— — — 42,593 — 42,593 42,593 (7,860)20222020
TX0590IrvingTX— 828 6,160 5,628 828 11,788 12,616 (6,206)19972006
TX0700IrvingTX— — 8,550 2,595 8 11,137 11,145 (5,662)20042006
TX1207IrvingTX— 1,955 12,793 4,978 2,032 17,694 19,726 (8,285)20012006
TX0013KatyTX— 2,567 3,105 677 2,567 3,782 6,349 (392)20052024
TX0014KatyTX— 2,153 21,169 375 2,167 21,530 23,697 (2,356)20062024
TX4023KingwoodTX— 3,035 28,373 1,561 3,449 29,520 32,969 (7,962)20032016
TX0591LewisvilleTX— 561 8,043 1,692 561 9,735 10,296 (5,201)19762006
TX0144LongviewTX— 102 7,998 2,009 102 10,007 10,109 (6,309)19931992
TX0143LufkinTX— 338 2,383 219 338 2,602 2,940 (1,800)19931992
TX0019LufkinTX— 80 6,314 232 80 6,546 6,626 (726)19992024
TX0020LufkinTX— 100 7,954 1,472 121 9,405 9,526 (850)20042024
TX0021LufkinTX— 155 2,668 — 155 2,668 2,823 (378)19902024
TX0568McKinneyTX— 541 6,217 2,784 541 9,001 9,542 (5,484)19992003
TX0569McKinneyTX— — 636 7,928 — 8,564 8,564 (4,882)20042003
TX3216McKinneyTX— — — 47,341 — 47,341 47,341 (497)20252023
TX0029MidlandTX— 2,933 12,903 98 2,933 13,001 15,934 (1,461)20032024
TX0596North Richland HillsTX— 812 8,883 5,012 812 13,895 14,707 (6,885)19992006
TX0030PasadenaTX— 1,520 8,648 — 1,520 8,648 10,168 (853)20182024
TX4018PearlandTX— — 4,014 6,796 41 10,769 10,810 (3,922)20062006
TX4021PearlandTX— — — 16,371 — 16,371 16,371 (4,507)20152014
TX0597PlanoTX— 1,210 9,588 8,613 1,225 18,186 19,411 (8,730)19972006
TX0672PlanoTX— 1,389 12,768 5,068 1,389 17,836 19,225 (8,874)20042006
TX1384PlanoTX— 6,290 22,686 4,469 6,290 27,155 33,445 (24,887)19972007
TX0815San AntonioTX— — 9,193 4,382 75 13,500 13,575 (6,750)19972006
TX0816San AntonioTX786 — 8,699 12,618 — 21,317 21,317 (7,409)1992/20222006
TX4020San AntonioTX— — 26,191 4,837 — 31,028 31,028 (15,271)20062011
TX0005San AntonioTX— 4,100 20,829 183 4,287 20,825 25,112 (2,143)20072024
TX0006San AntonioTX— 687 2,796 81 687 2,877 3,564 (363)20072024
TX4035ShenandoahTX— — — 29,980 — 29,980 29,980 (11,090)20172016
TX0017SpringTX— 892 25,022 2,071 892 27,093 27,985 (1,992)20152024
TX0598Sugar LandTX— 1,078 5,158 5,306 1,108 10,434 11,542 (4,353)19822006
TX0599Texas CityTX— — 9,519 1,966 — 11,485 11,485 (5,711)20032006
TX4013The WoodlandsTX— 115 5,141 (115)— 5,141 5,141 (1,542)19842015
TX4014The WoodlandsTX— 296 18,282 (296)— 18,282 18,282 (4,799)19972015
TX4015The WoodlandsTX— 374 25,125 (374)— 25,125 25,125 (5,862)20042015
TX0018The WoodlandsTX— 715 13,972 99 715 14,071 14,786 (1,593)20012024
TX0152VictoriaTX— 125 8,977 535 125 9,512 9,637 (6,403)19941992
TX2198WebsterTX— 2,220 9,602 142 2,220 9,744 11,964 (4,729)19912013
TX3024WebsterTX— 3,196 12,911 535 3,212 13,430 16,642 (1,956)20072022
TX3025WebsterTX— 3,209 23,782 133 3,225 23,899 27,124 (3,128)20072022
TX3249WebsterTX— 2,265 — — 2,265 — 2,265 — — 2024
TX3215WylieTX— 874 4,122 (585)874 3,537 4,411 (598)20052007
UT1592BountifulUT— 999 7,426 2,661 1,019 10,067 11,086 (4,734)20052010
UT0169BountifulUT— 276 5,237 5,649 581 10,581 11,162 (5,551)19951994
UT2035DraperUT— — 10,803 873 — 11,676 11,676 (3,625)20102012
UT0469KaysvilleUT— 530 4,493 596 530 5,089 5,619 (2,515)20012001
137
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
UT0456LaytonUT— 371 7,073 3,043 401 10,086 10,487 (5,873)19982001
UT2042LaytonUT— — 10,975 2,217 44 13,148 13,192 (3,852)20062012
UT0357OremUT— 337 8,744 918 306 9,693 9,999 (6,505)19981999
UT0353Salt Lake CityUT— 190 779 530 273 1,226 1,499 (698)19911999
UT0354Salt Lake CityUT— 220 10,732 5,137 309 15,780 16,089 (10,058)19991999
UT0355Salt Lake CityUT— 180 14,792 6,048 180 20,840 21,020 (13,416)19931999
UT0467Salt Lake CityUT— 3,000 7,541 1,953 3,019 9,475 12,494 (5,176)19982001
UT0566Salt Lake CityUT— 509 4,044 4,281 509 8,325 8,834 (4,508)19742003
UT2041Salt Lake CityUT— — 12,326 741 — 13,067 13,067 (3,934)20072012
UT2033SandyUT— 867 3,513 2,531 1,101 5,810 6,911 (3,781)19892012
UT2864Washington TerraceUT— — — 20,160 — 20,160 20,160 (5,136)20202019
UT0351Washington TerraceUT— — 4,573 3,256 — 7,829 7,829 (4,274)19891999
UT0352Washington TerraceUT— — 2,692 1,648 — 4,340 4,340 (2,419)19901999
UT2034West JordanUT— — 12,021 (162)— 11,859 11,859 (3,547)20062012
UT2036West JordanUT— — 1,383 1,406 — 2,789 2,789 (1,872)19822012
VA1208FairfaxVA— 8,396 16,710 11,998 8,742 28,362 37,104 (17,170)1974/20182006
VA2230FredericksburgVA— 1,101 8,570 156 1,113 8,714 9,827 (2,836)20082014
VA0001FredericksburgVA— 2,674 14,182 2,401 3,043 16,214 19,257 (1,709)20062024
VA0002HamptonVA— 4,865 11,976 — 4,865 11,976 16,841 (1,569)20072024
VA3001LeesburgVA10,288 3,549 24,059 6,336 3,549 30,395 33,944 (7,404)20102021
VA3015MidlothianVA12,783 — 21,442 19 59 21,402 21,461 (2,923)20122021
VA3016MidlothianVA12,084 — 20,610 112 32 20,690 20,722 (2,772)20132021
VA3017MidlothianVA13,982 — 22,531 (1,031)— 21,500 21,500 (3,244)20142021
VA0572RestonVA— — 11,902 (992)— 10,910 10,910 (5,905)20042003
WA0009Federal WayWA— 397 6,502 1,808 397 8,310 8,707 (797)19872024
WA0006Gig HarborWA— 87 1,938 122 87 2,060 2,147 (255)19912024
WA0002KennewickWA— 3,611 25,463 — 3,611 25,463 29,074 (3,209)20152024
WA0001LakewoodWA— 3,967 5,588 277 3,967 5,865 9,832 (773)20042024
WA0010LakewoodWA— 400 3,665 1,115 400 4,780 5,180 (659)19892024
WA0448RentonWA— — 18,724 6,297 — 25,021 25,021 (15,637)19931999
WA0781SeattleWA— — 52,703 10,072 — 62,775 62,775 (32,150)19942004
WA0782SeattleWA— — 24,382 21,266 20 45,628 45,648 (18,743)1990/20222004
WA0783SeattleWA— — 5,625 2,102 27 7,700 7,727 (6,342)19842004
WA0785SeattleWA— — 7,293 378 — 7,671 7,671 (4,701)19822004
WA1385SeattleWA— — 45,027 17,817 — 62,844 62,844 (31,171)1986/20192007
WA3022SeattleWA— 35,624 4,176 48 35,625 4,223 39,848 (3,584)1963/20122021
WA0003TacomaWA— 269 1,900 2,416 269 4,316 4,585 (458)19772024
WA0004TacomaWA— 479 6,955 2,734 479 9,689 10,168 (1,005)19912024
WA0005TacomaWA— 440 6,778 9,215 440 15,993 16,433 (840)19892024
WA0007TacomaWA— 186 15,111 270 186 15,381 15,567 (1,644)19802024
WI0006AppletonWI— 1,892 13,896 177 1,892 14,073 15,965 (1,395)20152024
WI0007AppletonWI— 2,477 15,188 — 2,477 15,188 17,665 (1,897)20052024
WI0005BrookfieldWI— 1,183 3,391 926 1,183 4,317 5,500 (333)20162024
WI0002ShawanoWI— 347 1,571 — 347 1,571 1,918 (212)20102024
WY2038EvanstonWY— — 4,601 1,204 — 5,805 5,805 (2,451)20022012
$246,521 $797,212 $6,262,338 $1,854,608 $813,543 $8,100,615 $8,914,158 $(2,222,955)
138
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
Lab
CA5159 Brisbane  CA $— $8,498 $500 $84,680 $8,498 $85,180 $93,678 $(13,044)20222007
CA5160 Brisbane  CA — 11,331 689 159,950 11,331 160,639 171,970 (21,476)20222007
CA5161 Brisbane  CA — 11,331 600 156,222 11,331 156,822 168,153 (23,275)20222007
CA5162 Brisbane  CA — 11,331 — 135,416 11,331 135,416 146,747 (34,504)20202007
CA5163 Brisbane  CA — 8,498 — 76,411 8,498 76,411 84,909 (12,276)20202007
CA5154 Brisbane  CA — 26,895 62,318 78,723 26,309 141,627 167,936 (21,015)19892019
CA5155 Brisbane  CA — 24,092 56,623 14,144 23,569 71,290 94,859 (11,647)20002019
CA5156 Brisbane  CA — 35,805 — 10,466 35,805 10,466 46,271 — —2019
CA5157 Brisbane  CA — 35,805 — 6,067 35,805 6,067 41,872 — —2019
CA5164 Brisbane  CA — — — 3,768 — 3,768 3,768 (848)—2007
CA5009 Hayward  CA — 900 7,100 12,126 1,544 18,582 20,126 (8,003)19962007
CA5010 Hayward  CA — 1,500 6,400 6,829 1,500 13,229 14,729 (4,752)19992007
CA5012 Hayward  CA — 1,900 7,100 7,863 1,900 14,963 16,863 (7,905)19982007
CA5013 Hayward  CA — 2,200 17,200 9,016 2,200 26,216 28,416 (12,959)19992007
CA5011 Hayward  CA — 1,000 3,200 687 1,000 3,887 4,887 (1,979)19992007
CA5001 Hayward  CA — 1,006 4,259 4,849 1,006 9,108 10,114 (5,717)19962007
CA5002 Hayward  CA — 677 2,761 786 677 3,547 4,224 (2,315)19962007
CA5003 Hayward  CA — 661 1,995 2,900 661 4,895 5,556 (2,530)19962007
CA5004 Hayward  CA — 1,187 7,139 936 1,187 8,075 9,262 (5,307)19962007
CA5005 Hayward  CA — 1,189 9,465 489 1,189 9,954 11,143 (7,097)19962007
CA5006 Hayward  CA — 1,246 5,179 11,986 1,246 17,165 18,411 (9,205)19962007
CA5007 Hayward  CA — 1,521 13,546 3,315 1,521 16,861 18,382 (10,860)19962007
CA5008 Hayward  CA — 1,212 5,120 6,499 1,212 11,619 12,831 (4,009)19962007
CA5658 La Jolla  CA — 11,175 25,283 55,928 11,318 81,068 92,386 (23,929)1982/20252007
CA5659 La Jolla  CA — 7,217 19,883 56 7,217 19,939 27,156 (9,185)19812007
CA5660 La Jolla  CA — 8,381 12,412 14,474 8,381 26,886 35,267 (10,672)1984/20252007
CA5661 La Jolla  CA — 10,127 16,983 12,971 10,148 29,933 40,081 (13,093)19822007
CA5663 La Jolla  CA — 2,686 11,045 17,641 2,686 28,686 31,372 (11,569)20212011
CA5662 La Jolla  CA — 8,753 32,528 16,182 8,777 48,686 57,463 (17,177)1986/20092014
CA5101 Redwood City  CA — 3,400 5,500 3,460 3,466 8,894 12,360 (4,101)19892007
CA5102 Redwood City  CA — 2,500 4,100 1,066 2,508 5,158 7,666 (2,879)19892007
CA5103 Redwood City  CA — 3,600 4,600 16,620 3,635 21,185 24,820 (3,994)1989/20252007
CA5104 Redwood City  CA — 3,100 5,100 4,378 3,110 9,468 12,578 (3,567)19892007
CA5105 Redwood City  CA — 4,800 17,300 8,336 4,819 25,617 30,436 (11,608)19892007
CA5106 Redwood City  CA — 5,400 15,500 9,206 5,420 24,686 30,106 (12,324)19892007
CA5107 Redwood City  CA — 3,000 3,500 6,574 3,008 10,066 13,074 (4,720)19882007
CA5108 Redwood City  CA — 6,000 14,300 3,816 6,025 18,091 24,116 (8,752)19882007
CA5109 Redwood City  CA — 1,900 12,800 18,892 1,918 31,674 33,592 (9,944)1988/20252007
CA5110 Redwood City  CA — 2,700 11,300 17,346 2,720 28,626 31,346 (12,632)1988/20112007
CA5111 Redwood City  CA — 2,700 10,900 1,565 2,718 12,447 15,165 (5,680)19882007
CA5112 Redwood City  CA — 2,200 12,000 6,273 2,217 18,256 20,473 (9,151)19882007
CA5113 Redwood City  CA — 2,600 9,300 17,632 2,617 26,915 29,532 (15,975)19882007
CA5114 Redwood City  CA — 3,300 18,000 7,136 3,333 25,103 28,436 (10,427)20002007
CA5115 Redwood City  CA — 3,300 17,900 12,846 3,335 30,711 34,046 (9,470)20002007
CA5601 San Diego  CA — 2,603 11,051 3,647 2,766 14,535 17,301 (7,685)19972004
CA5602 San Diego  CA — 5,269 23,566 24,102 5,669 47,268 52,937 (22,352)19972004
CA5629 San Diego  CA — 4,630 2,028 3,554 4,630 5,582 10,212 (2,828)1988/20122006
CA5630 San Diego  CA — 2,040 903 4,264 2,040 5,167 7,207 (1,555)1988/20122006
CA5635 San Diego  CA — 3,940 3,184 2,523 4,102 5,545 9,647 (2,685)19872006
CA5636 San Diego  CA — 5,690 4,579 1,381 5,818 5,832 11,650 (2,890)19872006
CA5641 San Diego  CA — 11,700 31,243 59,367 11,700 90,610 102,310 (25,155)20222007
CA5642 San Diego  CA — 2,324 — 33,175 2,324 33,175 35,499 (6,112)20222007
CA5643 San Diego  CA — 4,200 — 41,225 4,200 41,225 45,425 (5,221)20222007
CA5648 San Diego  CA — 7,000 33,779 396 7,000 34,175 41,175 (15,552)20002007
CA5649 San Diego  CA — 7,179 3,687 2,963 7,179 6,650 13,829 (3,692)—2007
CA5645 San Diego  CA — 8,400 33,144 33,957 8,400 67,101 75,501 (27,879)2002/20202007
CA5688 San Diego  CA — 2,581 10,534 4,497 2,581 15,031 17,612 (9,068)20002011
CA5689 San Diego  CA — 5,879 25,305 8,287 5,879 33,592 39,471 (15,708)20012011
CA5650 San Diego  CA — 7,621 3,913 2,343 7,621 6,256 13,877 (3,471)19842007
CA5608 San Diego  CA — 7,661 9,918 22,205 7,661 32,123 39,784 (5,198)2000/20022016
CA5609 San Diego  CA — 9,207 14,613 10,412 9,207 25,025 34,232 (4,315)2000/20012016
CA5610 San Diego  CA — 6,000 — 148,765 6,000 148,765 154,765 (951)—2016
CA5616 San Diego  CA — 2,734 5,195 11,423 2,734 16,618 19,352 (4,946)1991/20202017
CA5617 San Diego  CA — 4,100 12,395 22,583 3,865 35,213 39,078 (17,189)1991/20202017
CA5603 San Diego  CA — — — 17,201 — 17,201 17,201 (2,525)20202004
CA5646 San Diego  CA — 10,120 38,351 (2,151)9,588 36,732 46,320 (7,840)19952018
CA5647 San Diego  CA — 6,052 14,122 1,909 5,604 16,479 22,083 (2,976)19972018
CA5611 San Diego  CA — 7,054 7,794 25,103 7,003 32,948 39,951 (5,473)2007/20212019
CA5623 San Diego  CA — 19,120 — 11,144 20,587 9,677 30,264 (80)—2021
CA5624 San Diego  CA — 24,729 — 3,277 24,830 3,176 28,006 (43)—2022
CA5618 San Diego  CA — 1,215 — 34 1,217 32 1,249 — —2023
CA5022 South San Francisco  CA — 4,900 18,100 12,909 4,900 31,009 35,909 (17,895)2000/20192007
CA5023 South San Francisco  CA — 8,000 27,700 33,367 8,000 61,067 69,067 (25,060)2003/20192007
CA5024 South San Francisco  CA — 10,100 22,521 11,743 10,100 34,264 44,364 (16,079)19992007
CA5028 South San Francisco  CA — 8,000 28,299 2,768 8,000 31,067 39,067 (14,465)20002007
CA5032 South San Francisco  CA — 10,605 25,087 — 10,605 25,087 35,692 — 20022025
CA5033 South San Francisco  CA — 39,142 61,938 — 39,142 61,938 101,080 — 19842025
CA5034 South San Francisco  CA — 15,408 29,243 — 15,408 29,243 44,651 — 20062025
CA5037 South San Francisco  CA — 10,700 23,621 28,596 10,737 52,180 62,917 (18,612)1998/20192007
CA5038 South San Francisco  CA — 7,000 15,500 15,409 7,007 30,902 37,909 (11,895)20012007
CA5039 South San Francisco  CA — — 4,216 — — 4,216 4,216 — 20062025
139
Table of Contents
Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
CA5040 South San Francisco  CA — 6,887 6,976 — 6,887 6,976 13,863 — 19982025
CA5041 South San Francisco  CA — 34,530 208,687 — 34,530 208,687 243,217 — 20242025
CA5043 South San Francisco  CA — 13,800 42,500 31,288 13,805 73,783 87,588 (26,652)2008/20102007
CA5044 South San Francisco  CA — 14,500 45,300 43,624 14,500 88,924 103,424 (30,286)20242007
CA5045 South San Francisco  CA — 9,400 24,800 32,342 9,400 57,142 66,542 (21,599)2008/20102007
CA5047 South San Francisco  CA — 11,900 68,848 66,464 11,920 135,292 147,212 (31,761)20032007
CA5048 South San Francisco  CA — 10,000 57,954 17,680 10,000 75,634 85,634 (24,006)20032007
CA5049 South San Francisco  CA — 9,300 43,549 26,942 9,300 70,491 79,791 (16,875)20032007
CA5050 South San Francisco  CA — 11,000 47,289 42,852 11,000 90,141 101,141 (31,273)20232007
CA5051 South San Francisco  CA — 13,200 60,932 3,283 13,200 64,215 77,415 (28,530)20072007
CA5052 South San Francisco  CA — 10,500 33,776 17,297 10,500 51,073 61,573 (15,756)20242007
CA5053 South San Francisco  CA — 10,600 34,083 609 10,600 34,692 45,292 (15,701)20032007
CA5058 South San Francisco  CA — 10,900 20,900 6,914 10,900 27,814 38,714 (11,880)20052007
CA5059 South San Francisco  CA — 9,800 394 161,044 9,800 161,438 171,238 (18,086)20232007
CA5062 South San Francisco  CA — 7,117 600 5,559 7,133 6,143 13,276 (2,157)1984/20252007
CA5063 South San Francisco  CA — 10,381 2,300 16,871 10,452 19,100 29,552 (7,033)1979/20122007
CA5064 South San Francisco  CA — 7,403 700 9,114 7,432 9,785 17,217 (3,910)1965/20122007
CA5065 South San Francisco  CA — 10,100 24,013 11,889 10,100 35,902 46,002 (17,898)20062007
CA5070 South San Francisco  CA — 32,210 3,110 220,463 32,210 223,573 255,783 (14,760)20232007
CA5071 South San Francisco  CA — — — 224,114 — 224,114 224,114 (1,726)—2007
CA5120 South San Francisco  CA — 5,666 5,773 237 5,666 6,010 11,676 (5,933)19682007
CA5121 South San Francisco  CA — 1,204 1,293 2,683 1,204 3,976 5,180 (3,617)19662007
CA5126 South San Francisco  CA — 8,648 — 92,508 8,648 92,508 101,156 (36,415)20162011
CA5127 South San Francisco  CA — 7,844 — 76,914 7,844 76,914 84,758 (25,226)20172011
CA5128 South San Francisco  CA — 6,708 — 122,706 6,708 122,706 129,414 (49,305)20172011
CA5129 South San Francisco  CA — 6,708 — 118,757 6,708 118,757 125,465 (43,737)20182011
CA5130 South San Francisco  CA — 8,544 — 100,777 8,544 100,777 109,321 (33,933)20192011
CA5131 South San Francisco  CA — 10,120 — 122,023 10,120 122,023 132,143 (42,361)20192011
CA5132 South San Francisco  CA — 9,169 — 100,395 9,169 100,395 109,564 (28,421)20202011
CA5139 South San Francisco  CA — 2,897 8,691 4,478 2,897 13,169 16,066 (6,004)19882015
CA5140 South San Francisco  CA — 995 2,754 2,409 995 5,163 6,158 (2,122)19882015
CA5141 South San Francisco  CA — 2,202 10,776 2,763 2,202 13,539 15,741 (4,511)19882015
CA5142 South San Francisco  CA — 2,962 15,108 1,557 2,962 16,665 19,627 (5,320)19882015
CA5143 South San Francisco  CA — 2,453 13,063 1,791 2,453 14,854 17,307 (3,871)19882015
CA5144 South San Francisco  CA — 1,163 5,925 330 1,163 6,255 7,418 (1,814)19882015
CA5158 South San Francisco  CA — 25,502 42,910 40,202 25,502 83,112 108,614 (15,188)20012017
CA5035 South San Francisco  CA — 23,297 41,797 29,149 23,335 70,908 94,243 (25,233)1996/20192018
CA5036 South San Francisco  CA — 20,293 41,262 22,256 20,338 63,473 83,811 (27,489)1999/20192018
CA5072 South San Francisco  CA — 14,245 — 16,902 14,245 16,902 31,147 — —2021
CA5073 South San Francisco  CA — 61,208 — 33,990 61,208 33,990 95,198 — —2021
CA5074 South San Francisco  CA — 43,885 — 8,325 43,885 8,325 52,210 — —2021
CA5030 South San Francisco  CA — — — 6,461 — 6,461 6,461 — —2007
MA5310 Cambridge  MA — 24,371 128,498 3,568 24,371 132,066 156,437 (21,894)20112020
MA5311 Cambridge  MA — 15,473 149,051 876 15,473 149,927 165,400 (27,812)20192020
MA5312 Cambridge  MA — 25,549 229,547 8,626 25,549 238,173 263,722 (41,998)20192020
MA5313 Cambridge  MA — — 17,751 539 — 18,290 18,290 (2,391)20102020
MA5314 Cambridge  MA — — 15,451 86 — 15,537 15,537 (1,969)20192020
MA5323 Cambridge  MA — 44,215 24,120 3,355 44,215 27,475 71,690 (6,252)19842019
MA5324 Cambridge  MA — 20,516 — 159,769 20,516 159,769 180,285 (23,448)20222019
MA5325 Cambridge  MA — 78,762 252,153 24,509 78,506 276,918 355,424 (50,455)20182019
MA5346 Cambridge  MA — 20,644 2,982 621 20,644 3,603 24,247 (442)19502021
MA5347 Cambridge  MA — 19,009 12,327 3,003 19,009 15,330 34,339 (1,640)19732021
MA5348 Cambridge  MA — 123,074 7,513 2,250 123,074 9,763 132,837 (1,259)19652021
MA5349 Cambridge  MA — 5,903 — 938 5,903 938 6,841 — —2021
MA5382 Cambridge  MA — 23,402 47,623 2,422 23,402 50,045 73,447 (7,028)19852021
MA5357 Cambridge  MA — 32,244 — 12,148 36,143 8,249 44,392 — —2021
MA5354 Cambridge  MA — 22,969 — 6 22,969 6 22,975 — —2021
MA5355 Cambridge  MA — 66,786 — 3,810 66,786 3,810 70,596 — —2021
MA5356 Cambridge  MA — — — 25,216 — 25,216 25,216 — —2021
MA5367 Cambridge  MA — — 29,667 — — 29,667 29,667 (3,926)20212021
MA5372 Cambridge  MA — 18,063 — 2,388 18,063 2,388 20,451 — —2021
MA5377 Cambridge  MA — 25,247 — 4,585 25,247 4,585 29,832 — —2021
MA5387 Cambridge  MA — 4,118 — 106 4,119 105 4,224 — —2021
MA5392 Cambridge  MA — 41,327 — 6,741 41,327 6,741 48,068 — —2021
MA5393 Cambridge  MA — 72,466 — 13,179 72,768 12,877 85,645 — —2022
MA5358 Cambridge  MA — 2,277 — 1,121 2,290 1,108 3,398 — —2022
MA5359 Cambridge  MA — 5,690 — 944 5,746 888 6,634 — —2022
MA5360 Cambridge  MA — 1,651 — 534 1,659 526 2,185 — —2022
MA5361 Cambridge  MA — 8,532 — 1,378 8,583 1,327 9,910 — —2022
MA5362 Cambridge  MA — 9,892 — 2,049 10,507 1,434 11,941 — —2023
MA5391 Cambridge  MA — 20,635 — 335 20,646 324 20,970 — —2025
MA5394 Cambridge  MA — 4,441 — 353 4,441 353 4,794 — —2024
MA5301 Lexington  MA — 16,411 49,682 (1,872)12,967 51,254 64,221 (14,224)19992017
MA5302 Lexington  MA — 7,759 142,081 23,408 6,449 166,799 173,248 (33,522)2010/20232017
MA5303 Lexington  MA — — 21,390 126,978 — 148,368 148,368 (32,174)20212018
MA5331 Lexington  MA — 14,013 17,083 (372)13,793 16,931 30,724 (3,451)1974/20122019
MA5332 Lexington  MA — 14,930 16,677 (129)14,696 16,782 31,478 (2,658)1970/20122019
MA5333 Lexington  MA — 34,598 43,032 418 34,044 44,004 78,048 (10,373)1967/20132019
MA5334 Lexington  MA — 37,050 44,647 (434)36,472 44,791 81,263 (11,097)20172019
MA5339 Waltham  MA — 47,792 275,556 32,026 47,791 307,583 355,374 (60,562)20182020
C00500 Denton  TX — 100 — — 100 — 100 — —2016
UT5701 Salt Lake City  UT — 630 6,921 2,563 630 9,484 10,114 (6,597)19962001
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Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
UT5702 Salt Lake City  UT — 125 6,368 68 125 6,436 6,561 (3,526)19992001
UT5703 Salt Lake City  UT — — 14,614 (1,401)— 13,213 13,213 (5,949)20022001
UT5705 Salt Lake City  UT — — 23,998 250 — 24,248 24,248 (11,072)20102010
   $— $2,001,432 $3,531,752 $3,961,824 $2,001,288 $7,493,720 $9,495,008 $(1,805,075) 
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Encumbrances at December 31, 2025Initial Cost to Company
Costs Capitalized Subsequent to Acquisition(3)
Gross Amount at Which Carried
As of December 31, 2025
Accumulated Depreciation(5)
Year Constructed(6)
Year Acquired
CityState
Land and Improvements(1)
Buildings and Improvements(2)
Land and ImprovementsBuildings and Improvements
Total(4)
Senior housing
AL7216 Birmingham  AL $— $6,193 $32,146 $11,006 $6,755 $42,590 $49,345 $(11,712)19912020
FL7217 Bradenton  FL — 5,216 88,090 47,873 6,116 135,063 141,179 (32,740)19852020
FL7209 Clearwater  FL 62,286 6,680 132,521 33,242 7,589 164,854 172,443 (32,109)19912020
FL7210 Jacksonville  FL — 19,660 167,860 33,463 21,459 199,524 220,983 (46,613)19892020
FL7208 Leesburg  FL — 8,941 65,698 32,223 9,867 96,995 106,862 (23,278)19902020
FL7207 Port Charlotte  FL — 5,344 159,612 25,638 7,171 183,423 190,594 (36,556)19872020
FL7211 Seminole  FL 40,402 14,080 77,485 21,066 15,052 97,579 112,631 (18,368)19902020
FL7212 Seminole  FL — 13,038 116,819 24,472 13,902 140,427 154,329 (31,002)19822020
FL7202 Sun City Center  FL — 25,254 175,535 36,428 26,990 210,227 237,217 (55,392)19922020
FL7218 The Villages  FL — 6,311 113,061 21,813 7,095 134,090 141,185 (31,467)20092020
MI7201 Holland  MI — 1,572 88,960 16,153 2,149 104,536 106,685 (23,030)19912020
PA7215 Coatesville  PA — 12,949 126,243 26,200 13,833 151,559 165,392 (32,416)19982020
PA7205 Haverford  PA — 16,461 108,816 41,037 16,461 149,853 166,314 (63,317)19892006
TX7213 Spring  TX — 3,210 30,085 15,534 3,601 45,228 48,829 (9,772)20082020
VA7206 Fort Belvoir  VA — 11,594 99,528 27,010 11,594 126,538 138,132 (60,607)19902006
$102,688 $156,503 $1,582,459 $413,158 $169,634 $1,982,486 $2,152,120 $(508,379) 
Other non-reportable
CA5031South San FranciscoCA$— $9,435 $8,018 $— $9,435 $8,018 $17,453 $— 19842025
PA2403PhiladelphiaPA— 26,063 97,646 50,279 26,114 147,874 173,988 (60,961)20002015
WI0004MilwaukeeWI— 3,052 13,111 1,053 3,052 14,164 17,216 (973)1896/20032024
$— $38,550 $118,775 $51,332 $38,601 $170,056 $208,657 $(61,934)
Total real estate assets held for sale— (15,665)(120,557)(22,183)(15,720)(142,685)(158,405)85,900 
Total, excluding held for sale$349,209 $2,978,032 $11,374,767 $6,258,739 $3,007,346 $17,604,192 $20,611,538 $(4,512,443)
_______________________________________
(1)Assets with no initial land costs to the Company represent land that the Company leases from a third party (i.e., ground leases).
(2)Assets with no initial buildings and improvements costs to the Company represent development projects in process or completed.
(3)Includes adjustments for impairments, disposals, casualty events, and costs capitalized subsequent to acquisition, net of incidental income, if applicable.
(4)As of December 31, 2025, the aggregate gross cost of property included above for federal income tax purposes was approximately $22 billion.
(5)Buildings and improvements are depreciated over useful lives ranging from 1 year to 50 years.
(6)Year of original construction/year of last major renovation, if applicable.
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A summary of activity for real estate and accumulated depreciation is as follows (in thousands):
Year Ended December 31,
202520242023
Real estate:
Balances at beginning of year$19,914,434 $16,620,314 $16,211,621 
Real estate assets acquired in connection with the Merger
— 3,696,519 — 
Acquisition of real estate and development and improvements1,344,186 668,803 754,225 
Sales and/or transfers to assets held for sale(429,109)(909,629)(137,731)
Impairments— (13,118)— 
Other(1)
(217,973)(148,455)(207,801)
Balances at end of year$20,611,538 $19,914,434 $16,620,314 
Accumulated depreciation:
Balances at beginning of year$4,083,030 $3,591,951 $3,188,138 
Depreciation expense757,687 749,376 609,461 
Sales and/or transfers to assets held for sale(126,497)(132,604)(12,711)
Other(1)
(201,777)(125,693)(192,937)
Balances at end of year$4,512,443 $4,083,030 $3,591,951 
_______________________________________
(1)Primarily represents real estate and accumulated depreciation related to fully depreciated assets and reductions due to casualty events.
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Schedule IV: Mortgage Loans Receivable on Real Estate
(in thousands)
LocationSegmentInterest RateFixed / VariableMaturity DatePeriodic Payment TermsPrior LiensFace Amount of MortgagesCarrying Amount of MortgagesPrincipal Amount Subject to Delinquent Principal or Interest
First mortgages relating to 61 properties:
MultipleOther6.00 %Fixed
7/19/2026(3)
Interest only$— $418,389 $405,399 $— 
First mortgage relating to one property:
AlabamaOther10.00 %Fixed6/30/2026(1)— 35,752 35,099 — 
First mortgage relating to one property:
CaliforniaOther8.00 %Fixed
1/31/2029(4)
Interest only— 31,448 31,491 — 
Construction loan relating to one property:
ArizonaOther
7.47%
Fixed
2/6/2027(5)
Interest only
— 42,233 39,771 — 
Other first mortgages each individually less than 3% of total carrying amount:
Various(6)
Other
8.00% to 10.00%
Fixed6/30/2026 to 9/30/2028(2)— 40,155 38,784 — 
Other construction loans each individually less than 3% of total carrying amount:
Texas(7)
Other8.00 %Fixed
3/31/2028(8) to 12/20/2028(9)
Interest only
— 15,483 15,176 — 
$— $583,460 $565,720 $— 
_______________________________________
(1)A portion of interest is due monthly with remaining interest added to the outstanding principal balance.
(2)Includes both (i) loans that are interest only or (ii) loans in which a portion of interest is due monthly with remaining interest added to the outstanding principal balance.
(3)This loan includes options to extend the maturity date to July 19, 2028.
(4)This loan includes options to extend the maturity date to January 31, 2030.
(5)This loan includes an option to extend the maturity date to May 5, 2028.
(6)Includes various first mortgages each related to one property in Florida, Georgia, Texas, and Tennessee.
(7)Includes various construction loans each related to one property in Texas.
(8)This loan includes an option to extend the maturity date to March 31, 2030.
(9)This loan includes an option to extend the maturity date to December 20, 2029.
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 Year Ended December 31,
 202520242023
Reconciliation of mortgage loans
Balance at beginning of year$612,784 $175,717 $341,749 
Additions:
New mortgage loans
48,383 486,667 — 
Draws and additions to existing mortgage loans46,064 30,745 11,602 
Total additions94,447 517,412 11,602 
Deductions:
Principal repayments(140,458)(77,643)(183,084)
Recoveries (reserves) for loan losses(1)
(1,053)(2,702)5,450 
Total deductions(141,511)(80,345)(177,634)
Balance at end of year$565,720 $612,784 $175,717 
_______________________________________
(1)Excludes reserves and recoveries for expected loan losses associated with unfunded loan commitments which are included in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.
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ITEM 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
ITEM 9A.    Controls and Procedures
Disclosure Controls and Procedures.  We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2025.
Management’s Annual Report on Internal Control over Financial Reporting.  Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control—Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective as of December 31, 2025.
The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by Deloitte & Touche LLP, the independent registered public accounting firm that audited the financial statements included in this Annual Report on Form 10-K, as stated in their report, which is included herein.
Changes in Internal Control Over Financial Reporting.  During the quarter ended June 30, 2025, we completed the implementation of a new enterprise resource planning (“ERP”) system to replace our previous ERP system. The implementation resulted in considerable changes to our processes and control environment, including the implementation of new applications, interfaces, and reports. The new ERP was used during the second, third, and fourth quarters of 2025, and the new and modified processes and controls implemented were used to prepare our consolidated financial statements for the year ended December 31, 2025 included in this report.
Except for those changes, there have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Healthpeak Properties, Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Healthpeak Properties, Inc. and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 3, 2026, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Deloitte & Touche LLP

Costa Mesa, California
February 3, 2026
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ITEM 9B.    Other Information
Insider Trading Arrangements
During the three months ended December 31, 2025, none of our directors or Section 16 officers adopted, modified, or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement.
ITEM 9C.    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
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Table of Contents
PART III
ITEM 10.    Directors, Executive Officers and Corporate Governance
Except as provided below, the information required under Item 10 is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, 2025 in connection with our 2026 Annual Meeting of Stockholders.
We have adopted a Code of Business Conduct and Ethics that applies to all of our directors and employees, including our principal executive officer, principal financial officer, principal accounting officer, and controller. We have also adopted a Vendor Code of Business Conduct and Ethics applicable to our vendors and business partners. Current copies of our Code of Business Conduct and Ethics and Vendor Code of Business Conduct and Ethics are posted on our website at www.healthpeak.com/corporate-impact/governance. In addition, waivers from, and amendments to, our Code of Business Conduct and Ethics that apply to our directors and executive officers, including our principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions, will be timely posted in the Investors section of our website at www.healthpeak.com.
ITEM 11.    Executive Compensation
The information required under Item 11 is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, 2025 in connection with our 2026 Annual Meeting of Stockholders.
ITEM 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required under Item 12 is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, 2025 in connection with our 2026 Annual Meeting of Stockholders.
ITEM 13.    Certain Relationships and Related Transactions, and Director Independence
The information required under Item 13 is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, 2025 in connection with our 2026 Annual Meeting of Stockholders.
ITEM 14.    Principal Accountant Fees and Services
The information required under Item 14 is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, 2025 in connection with our 2026 Annual Meeting of Stockholders.
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Table of Contents
PART IV
ITEM 15.    Exhibits and Financial Statement Schedules
(a) 1.  Financial Statements
The following Consolidated Financial Statements are included in Part II, Item 8, Financial Statements and Supplementary Data of this Annual Report on Form 10-K.
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)
Consolidated Balance Sheets - December 31, 2025 and 2024
Consolidated Statements of Operations - for the years ended December 31, 2025, 2024, and 2023
Consolidated Statements of Comprehensive Income (Loss) - for the years ended December 31, 2025, 2024, and 2023
Consolidated Statements of Equity and Redeemable Noncontrolling Interests - for the years ended December 31, 2025, 2024, and 2023
Consolidated Statements of Cash Flows - for the years ended December 31, 2025, 2024, and 2023
Notes to the Consolidated Financial Statements
(a) 2.  Financial Statement Schedules
The following Consolidated Financial Statement Schedules are included in Part II, Item 8, Financial Statements and Supplementary Data of this Annual Report on Form 10-K.
Schedule II: Valuation and Qualifying Accounts
Schedule III: Real Estate and Accumulated Depreciation
Schedule IV: Mortgage Loans on Real Estate
(a) 3.    Exhibits
ExhibitIncorporated by reference herein
NumberDescriptionFormDate Filed
2.1+
Current Report on Form 8-K12B
February 10, 2023
2.2+
Current Report on Form 8-K
October 30, 2023
3.1
Current Report on Form 8-K12B
February 10, 2023
3.2
Current Report on Form 8-K12B
February 10, 2023
3.3
Current Report on Form 8-K
March 1, 2024
3.4
Current Report on Form 8-K12B
February 10, 2023
3.5
Current Report on Form 8-K
March 1, 2024
4.1Registration Statement on Form S‑3/A
(Registration No. 333-86654)		May 21, 2002
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Table of Contents
4.1.1Current Report on Form 8‑KJanuary 24, 2011
4.1.2
Current Report on Form 8-K12B
February 10, 2023
4.1.3
Current Report on Form 8-K
March 1, 2024
4.2
Registration Statement on Form S-3ASR
(Registration No. 333‑269718)

February 13, 2023
4.2.1Current Report on Form 8‑KJanuary 21, 2015
4.2.2Current Report on Form 8‑KMay 20, 2015
4.2.3Current Report on Form 8‑K July 5, 2019
4.2.4Current Report on Form 8‑K November 21, 2019
4.2.5
Current Report on Form 8-K
June 23, 2020
4.2.6
Current Report on Form 8-K
July 12, 2021
4.2.7
Current Report on Form 8-K
November 24, 2021
4.2.8
Current Report on Form 8-K
January 17, 2023
4.2.9
Current Report on Form 8-K12B
February 10, 2023
4.2.10
Current Report on Form 8-K
May 10, 2023
4.2.11
Current Form on Form 8-K
March 1, 2024
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Table of Contents
4.3
Registration Statement on Form S-3 ASR (File No. 333-276954)
February 8, 2024
4.3.1
Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.2
Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.3
Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.4
Current Report on Form 8-K
March 1, 2024
4.4
Current Report on Form 8-K
February 14, 2025
4.4.1
Current Report on Form 8-K
February 14, 2025
4.4.2
Current Report on Form 8-K
August 14, 2025
4.5
Current Report on Form 8-K
January 24, 2011
4.6
Current Report on Form 8-K
July 5, 2019
4.7
Current Report on Form 8-K
July 5, 2019
4.8
Current Report on Form 8-K
November 21, 2019
4.9
Current Report on Form 8-K
June 23, 2020
4.10
Current Report on Form 8-K
July 12, 2021
4.11
Current Report on Form 8-K
November 24, 2021
4.12
Current Report on Form 8-K
January 17, 2023
4.13
Current Report on Form 8-K
May 10, 2023
4.14
Current Report on Form 8-K
February 14, 2025
4.15
Current Report on Form 8-K
August 14, 2025
4.16†
10.1
Current Report on Form 8-K12B
February 10, 2023
10.2
Current Report on Form 8-K12B
February 10, 2023
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Table of Contents
10.3
Current Report on Form 8-K
December 9, 2024
10.3.1
Quarterly Report on Form 10-QOctober 24, 2025
10.4
Current Report on Form 8-K
March 1, 2024
10.4.1
Current Report on Form 8-K
March 1, 2024
10.4.2
Current Report on Form 8-K
March 1, 2024
10.4.3
Current Report on Form 8-K
March 1, 2024
10.4.4
Current Report on Form 8-K
December 9, 2024
10.4.5
Quarterly Report on Form 10-QOctober 24, 2025
10.5
Current Report on Form 8-K
August 22, 2022
10.5.1
Current Report on Form 8-K12B
February 10, 2023
10.5.2
Quarterly Report on Form 10-Q
April 26, 2024
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Table of Contents
10.5.3
Current Report on Form 8-K
December 9, 2024
10.5.4
Quarterly Report on Form 10-QOctober 24, 2025
10.6
Current Report on Form 8-K
February 17, 2023
10.6.1
Current Report on Form 8-K
March 11, 2024
10.6.2
Quarterly Report on Form 10-Q
July 26, 2024
10.6.3
Quarter Report on Form 10-Q
April 25, 2025
10.7*
Quarterly Report on Form 10‑QNovember 3, 2009
10.8*
Quarterly Report on Form 10-QAugust 5, 2014
10.9*
Quarterly Report on Form 10-QApril 28, 2023
10.10*
Quarterly Report on Form 10-QApril 28, 2023
10.11*
Annual Report on Form 10-K
February 13, 2020
10.11.1*
Current Report on Form 8-K12B
February 10, 2023
10.11.2*
Quarterly Report on Form 10-QApril 28, 2023
10.11.3*
Quarterly Report on Form 10-QApril 28, 2023
10.12*
Current Report on Form 8-K
April 27, 2023
10.12.1*
Quarterly Report on Form 10-QApril 28, 2023
10.12.2*
Quarterly Report on Form 10-QApril 28, 2023
10.12.3*
Quarterly Report on Form 10-Q
April 26, 2024
10.12.4*
Quarterly Report on Form 10-Q
April 26, 2024
154
Table of Contents
10.12.5*
Quarterly Report on Form 10-Q
April 26, 2024
10.12.6*
Quarterly Report on Form 10-Q
April 26, 2024
10.12.7*
Annual Report on Form 10-K
February 4, 2025
10.13*
Annual Report on Form 10‑K, as amendedFebruary 12, 2008
10.14*
Current Report on Form 8-K
April 28, 2025
10.15
Registration Statement on Form S‑3
(Registration No. 333‑49746)		November 13, 2000
10.16*
Quarterly Report on Form 10-Q
April 26, 2024
19.1
Annual Report on Form 10-K
February 4, 2025
21.1†
22.1
Quarterly Report on Form 10-Q
October 24, 2025
23.1†
31.1†
31.2†
32.1††
32.2††
97.1
Annual Report on Form 10-K
February 9, 2024
101.INS†XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH†XBRL Taxonomy Extension Schema Document.
101.CAL†XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF†XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB†XBRL Taxonomy Extension Label Linkbase Document.
101.PRE†XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL document and contained in Exhibit 101).
_______________________________________
+    Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2).
*    Management Contract or Compensatory Plan or Arrangement.
†    Filed herewith.
††    Furnished herewith.

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ITEM 16.    Form 10-K Summary
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: February 3, 2026
Healthpeak Properties, Inc.
/s/ SCOTT M. BRINKER
Scott M. Brinker,
President and Chief Executive Officer
(Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
SignatureTitleDate
/s/ SCOTT M. BRINKERPresident and Chief Executive Officer, DirectorFebruary 3, 2026
Scott M. Brinker(Principal Executive Officer)
/s/ KELVIN O. MOSES
Chief Financial OfficerFebruary 3, 2026
Kelvin O. Moses
(Principal Financial Officer)
/s/ SHAWN G. JOHNSTONExecutive Vice President and Chief Accounting OfficerFebruary 3, 2026
Shawn G. Johnston(Principal Accounting Officer)
/s/ KATHERINE M. SANDSTROM
Chair of the Board
February 3, 2026
Katherine M. Sandstrom
/s/ JOHN T. THOMAS
Vice Chair of the Board
February 3, 2026
John T. Thomas
/s/ BRIAN G. CARTWRIGHT
Director
February 3, 2026
Brian G. Cartwright
/s/ JAMES B. CONNOR
Director
February 3, 2026
James B. Connor
/s/ R. KENT GRIFFIN, JR.DirectorFebruary 3, 2026
R. Kent Griffin, Jr.
/s/ PAMELA J. KESSLER
DirectorFebruary 3, 2026
Pamela J. Kessler
/s/ SARA G. LEWIS
DirectorFebruary 3, 2026
Sara G. Lewis
/s/ AVA E. LIAS-BOOKER
DirectorFebruary 3, 2026
Ava E. Lias-Booker
/s/ TOMMY G. THOMPSON
DirectorFebruary 3, 2026
Tommy G. Thompson
/s/ RICHARD A. WEISS
DirectorFebruary 3, 2026
Richard A. Weiss
157

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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