Healthpeak Properties, Inc.

Overview

Healthpeak Properties, Inc. (S&P 500) owns, operates, and develops healthcare real estate across the United States. Organized as an umbrella partnership REIT (UPREIT), most operations are conducted through its operating subsidiary, Healthpeak OP, of which Healthpeak is the managing member.

The portfolio centers on three core asset classes:

• Outpatient medical facilities (including outpatient buildings and hospitals)
• Lab / life-science properties
• Senior housing (operated through RIDEA structures)

The company also holds other non-reportable investments, including loans receivable, a preferred equity investment, and a small number of additional properties.

Key corporate actions:

• Completed a merger with Physicians Realty Trust on March 1, 2024, adding 299 outpatient medical buildings to the combined company.
• In December 2025, announced a plan to form Janus Living, Inc., a company dedicated to senior housing that intends to elect REIT status. Healthpeak will contribute its 34-community, 10,422-unit senior housing portfolio in exchange for a majority stake, will continue as external manager, and will retain a substantial majority interest. The offering is targeted for the first half of 2026, subject to conditions.

Corporate and operating structure

• Jurisdiction: Maryland corporation, self-administered REIT.
• Headquarters: Denver, Colorado; additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts; property management offices nationwide.
• Healthpeak OP is the consolidated operating subsidiary; Healthpeak is the managing member.
• Following the Janus Living offering, Healthpeak expects to consolidate Janus Living in its financial statements and continue to manage it externally.

Portfolio (as of December 31, 2025)

• Total properties invested (including unconsolidated joint ventures): 689
  • Outpatient medical: 507 properties
  • Lab: 145 properties
  • Senior housing: 34 properties
  • Other non-reportable: 3 properties
• Consolidated properties: 639
  • Outpatient medical: 486 facilities
  • Lab: 135 facilities
  • Senior housing: 15 facilities
  • Other non-reportable: 3 facilities
• Geographic concentration examples: California (lab portfolio) and Florida (senior housing)

Occupancy and rent trends (consolidated properties, year ended 2025):

• Outpatient medical: 92% average occupancy; average annual rent per square foot: $38
• Lab: 95% average occupancy; average annual rent per square foot: $90
• Senior housing: 87% average occupancy; average annual rent per occupied unit: $98,776
• Other non-reportable: 81% average occupancy; average annual rent per square foot: $34

Tenancy and lease characteristics:

• Approximately 72% of outpatient medical leased square feet are triple-net leased.
• Approximately 89% of lab leased square feet are triple-net leased.

Significant tenants (examples, 2025):

• HCA Healthcare, Inc.: 15% of outpatient medical segment revenues and 7% of total revenues.
• CommonSpirit Health: 6% of outpatient medical segment revenues and 3% of total revenues.

Financial highlights (2025)

• Revenues (consolidated): $2,760,732 thousand (~$2.76 billion)
• Operating expenses (consolidated): $1,129,099 thousand

Reported revenues and expenses by segment:

• Outpatient medical: Revenues $1,273,505 thousand; Expenses $424,141 thousand
• Lab: Revenues $860,020 thousand; Expenses $245,159 thousand
• Senior housing: Revenues $603,989 thousand; Expenses $447,854 thousand
• Other non-reportable: Revenues $23,218 thousand; Expenses $11,945 thousand

Adjusted NOI by reportable segment:

• Outpatient medical: $795,843 thousand
• Lab: $567,358 thousand
• Senior housing: $176,741 thousand
• Total portfolio Adjusted NOI: $1,539,942 thousand

Real estate carrying values and related metrics:

• Gross real estate assets (carrying value, after depreciation add-back): $20,611,538 thousand
• Net real estate operating data by segment:
  • Outpatient medical: Gross Real Estate Value $8,866,971 thousand; Revenues $1,273,505 thousand; Expenses $424,141 thousand
  • Lab: Gross Real Estate Value $9,383,790 thousand; Revenues $860,020 thousand; Expenses $245,159 thousand
  • Senior housing: Gross Real Estate Value $2,152,120 thousand; Revenues $603,989 thousand; Expenses $447,854 thousand
  • Other non-reportable: Gross Real Estate Value $208,657 thousand; Revenues $23,218 thousand; Expenses $11,945 thousand

Other financial and operational metrics:

• Number of employees: 411 full-time (as of December 31, 2025)
• Outstanding indebtedness (as of December 31, 2025): approximately $9.8 billion
• Consolidated base rent for 2025: approximately $1,475,432 thousand (~$1.48 billion)

Corporate impact, sustainability, and governance

• Sustainability certifications and recognitions in 2025 included LEED and ENERGY STAR certifications and ENERGY STAR recertifications.
• Recognized by GRESB (Green Star) and included in Newsweek’s America’s Most Responsible Companies list and the S&P Global Sustainability Yearbook.
• Corporate impact oversight is managed by the Board and committees focused on sustainability, risk management, and human capital.
• The company publishes corporate impact information on its website.

Relationships and potential conflicts

• Healthpeak is a holding company with primary operations conducted through Healthpeak OP; stockholders are structurally subordinated to Healthpeak OP and its subsidiaries.
• Potential conflicts can arise between Healthpeak and Healthpeak OP, and between Healthpeak and Janus Living once formed.
• If the Janus Living offering proceeds, Healthpeak will retain a substantial majority interest and act as external manager, which creates intercompany dynamics to monitor.

Notable developments after 2025

• January 2026: Healthpeak acquired the remaining 46.5% interest in the SWF SH JV, increasing ownership of 19 senior housing properties to 100%.
• The Janus Living offering remains targeted for the first half of 2026, subject to market and regulatory conditions.