Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.