Healthpeak Properties, Inc.

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Denver, Colorado

Most recent report

10-Q, filed Nov 3, 2026

Incorporated

Maryland

Filings on record

1,006+ filings

On EDGAR

CIK 765880

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 10 sections worth reading, with 0 positive, 11 notable, and 3 negative flags.

• Financial Statements (Item 1)

  Concerns in the notes: senior-housing segment loss and insider IPO payouts; substantial transaction detail. Read.
  Notable

  • Sold 49% of 86 outpatient medical buildings to Brookfield for $1.0B cash; keeps day-to-day control and a call right to repurchase at a 6.5% annual return.
  • Recurring related-party fee: Janus pays Healthpeak $10M base plus 0.5% of acquisition or disposition values. $8M cash collected in nine months.
  Negative

  • Healthpeak directors and executives received $5M of Janus Living shares as IPO transaction costs. They approved the deal and got paid in it.

• Management's Discussion (Item 2)

  Janus Living IPO, large JV with Brookfield, lab occupancy decline, and debt restructuring are all company-specific and material.
  Notable

  • Janus Living IPO and two follow-ons raised $2.2B gross proceeds in 2026; Healthpeak retains 69.2% voting/economic interest.
  • Formed a JV with Brookfield in Jul 2026; contributed 86 outpatient medical buildings valued at ~$2.1B; Brookfield bought a 49% stake.
  • Repaid $650M of 3.25% notes in Jul 2026; entered $500M delayed-draw term loan in Oct 2026, undrawn. Fixed-rate debt fell to 83% from 95%.
  • Repurchased 5.95M shares for $100M in Apr 2026; new $500M buyback program approved Jul 2026, unused as of Sep 2026.

• Market Risk (Item 3)

  Quantified interest rate sensitivity: $213M fixed-rate debt fair value drop per 1% rise, $16M annual expense increase on variable debt.
  Notable

  • Derivative fair value swings up to $25M per 1% rate move at Sep 30, 2026, showing hedge portfolio sensitivity.
  • Swaps fix rates on $1.65B in term loans: $750M 2029, $500M 2027, $400M 2028, with $30M swap asset at Sep 30, 2026.
  Negative

  • A 1% rate rise would slash fixed-rate debt fair value by $213M, a large unrealized loss at Sep 30, 2026.
  • A 1% rate rise would increase annual interest expense on variable debt by $16M, hitting earnings and cash flows at Sep 30, 2026.

• Other Information (Item 5)

  New $500M delayed draw term loan and $750M increase in borrowing capacity.
  Notable

  • No directors or Section 16 officers adopted, modified, or terminated any trading arrangements in Q3 2026.
  • New $500M delayed draw term loan facility added, available through July 2027 with a 4-year maturity.
  • Total borrowing capacity increased from $2.0B to $2.75B, unused capacity now $1.5B as of Oct 28, 2026.

What changed: Sep 2026 vs. Jun 2026

About 8% of DOC's Sep 2026 10-Q is new information. 62 paragraphs were added, 267 changed, and 58 removed. Below are the most important lines SECSift identified.

• Item 2 142
• Item 1 130
• Item 5 5
• Item 6 4
• Item 3 3
• Item 4 2