Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

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, 2031 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 certain senior unsecured notes assumed by the Company. Guarantees of senior unsecured notes are full and unconditional and applicable to existing and future senior unsecured notes.

Janus Living Credit Facilities

Concurrent with the completion of the Janus Living IPO, Janus Living entered into a credit agreement that provides for a $500 million revolving credit facility (the “Janus Living Revolving Credit Facility”) and $100 million delayed-draw term loan facility (the “Janus Living Term Loan” and, together with the Janus Living Revolving Credit Facility, the “Janus Living Credit Facilities”). Janus Living has the option to increase commitments under the Janus Living Credit Facilities and/or obtain incremental term loans so long as the aggregate principal amount does not exceed $1.5 billion, subject to customary requirements. The Janus Living Revolving Credit Facility matures in March 2030 with two six-month extension periods available, subject to certain conditions. The Janus Living Term Loan is available to be drawn until December 2026 and matures in March 2031. Borrowings under the Janus Living Revolving Credit Facility and Janus Living Term Loan bear interest at SOFR plus 105 and 110 basis points, respectively, based on Janus Living’s current leverage-based pricing grid. Janus Living also pays a facility fee on the entire revolving commitment that depends on its current leverage-based pricing grid, which was 0.15% as of June 30, 2026. As of June 30, 2026, total unamortized debt issuance costs for the Janus Living Credit Facilities were $2 million, which are recognized in other assets on the Consolidated Balance Sheets. As of June 30, 2026, no principal had been drawn on either the Janus Living Revolving Credit Facility or the Janus Living Term Loan.

The Janus Living Credit Facilities 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, provides for the following limitations or other requirements on Janus Living: (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; (v) require a minimum Consolidated Tangible Net Worth of at least the sum of (x) $2.04 billion as of the end of any fiscal quarter plus (y) an amount equal to 75% of the net proceeds received from any equity offerings after the closing date; and (vi) require a minimum Unsecured Interest Coverage Ratio of 1.75 times. The Company believes Janus Living was in compliance with each of these covenants at June 30, 2026.

Bank Line of Credit and Term Loans

Revolving Facility

As of June 30, 2026, 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. 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 June 30, 2026, 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 June 30, 2026 and December 31, 2025, 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 a maximum incremental borrowing capacity of $1.5 billion. As of June 30, 2026, the Company had borrowed (i) $500 million principal balance (the “2027 Term Loans”), of which $250 million matures on February 22, 2027 with one option to extend for a one-year period subject to certain customary conditions and $250 million matures on August 22, 2027 with no option to extend, and (ii) an aggregate principal amount of $750 million that matures on February 28, 2029 (the “2029 Term Loan”).

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.

In March 2026, concurrent with the closing of the Janus Living IPO, the Company executed an amendment to the Term Loan Agreement pursuant to which (i) the applicable lenders provided their consent to the Janus Living IPO and the other transactions consummated in connection therewith, (ii) the maximum incremental borrowing capacity under the Term Loan Agreement was increased from $1.5 billion to $2.0 billion, and (iii) the Company obtained senior unsecured delayed draw term loan commitments in an aggregate principal amount of $400 million (the “2031 Term Loan”). The 2031 Term Loan is available to be drawn through December 2026 and has a stated maturity of five years. As of June 30, 2026, the Company had no balance outstanding under the 2031 Term Loan.

As of June 30, 2026, the unused borrowing capacity under the Term Loan Agreement was $750 million. At each of June 30, 2026 and December 31, 2025, the Company had $1.25 billion of loans outstanding under the Term Loan Agreement.

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 June 30, 2026, 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 17). 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 June 30, 2026, the 2027 Term Loans had a blended fixed effective interest rate of 3.65%, 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 June 30, 2026, the margin on the 2029 Term Loan was 0.85%.

The Company has forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 17). 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 June 30, 2026, the 2029 Term Loan had a blended fixed effective interest rate of 4.56%, inclusive of the impact of these interest rate swap instruments and amortization of the related debt issuance costs.

Loans outstanding under the 2031 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 June 30, 2026, the margin on the 2031 Term Loan was 0.80%.

As of June 30, 2026, the Company also had assumed senior unsecured term loans in an aggregate principal amount of $400 million (the “2028 Term Loan”) that mature in May 2028. 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 June 30, 2026, the margin on the 2028 Term Loan was 0.90%.

The Company has three interest rate swap instruments that are designated as cash flow hedges. 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 June 30, 2026, the 2028 Term Loan had a blended fixed effective interest rate of 4.35%, inclusive of the impact of these interest rate swap instruments and amortization of the related premium. See also Note 17 for a discussion of the impact of the related interest rate swap instruments.

The Revolving Facility, 2027 Term Loans, 2028 Term Loan, 2029 Term Loan, and 2031 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 June 30, 2026.

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 June 30, 2026 and December 31, 2025, 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 three months ended June 30, 2026 and 2025, the Company recognized $2 million of interest expense related to fees and amortization of debt issuance costs in connection with its Commercial Paper Program and Revolving Facility. During each of the six months ended June 30, 2026 and 2025, the Company recognized $5 million of interest expense related to fees and amortization of debt issuance costs in connection with its Commercial Paper Program and Revolving Facility. At June 30, 2026, the Company had $1.5 billion notes outstanding under the Commercial Paper Program, with original maturities of approximately 28 days and a weighted average interest rate of 4.14%. 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%.

Senior Unsecured Notes

At each of June 30, 2026 and December 31, 2025, the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.9 billion. 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 June 30, 2026.

During the three and six months ended June 30, 2026, there were no issuances, repurchases, or redemptions of senior unsecured notes.

The following table summarizes the Company’s senior unsecured note repayments in July 2026 upon maturity (dollars in thousands):

Repayment Date	Amount		Coupon Rate(1)		Maturity Year
July 15, 2026	$	650,000	3.25	%	2026

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(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.40%.

The following table summarizes the Company’s senior unsecured note issuances for the year ended December 31, 2025 (dollars in thousands):

Issue Date	Amount		Coupon Rate(1)		Maturity Year
February 14, 2025	$	500,000	5.38	%	2035
August 14, 2025	500,000		4.75	%	2033

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(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 and 5.02% for the senior unsecured notes issued in August 2025.

The following table summarizes the Company’s senior unsecured note repayments for 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

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(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.

Mortgage Debt

At June 30, 2026 and December 31, 2025, the Company had $104 million and $349 million, respectively, in aggregate principal of mortgage debt outstanding. At June 30, 2026, this mortgage debt was secured by 5 outpatient medical buildings, with an aggregate carrying value of $205 million. At December 31, 2025, this mortgage debt was secured by 18 outpatient medical buildings and two senior housing communities, with an aggregate carrying value of $747 million.

Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt also 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 three months ended June 30, 2026 and 2025, the Company made aggregate principal repayments of mortgage debt of $142 million and $1 million, respectively. During the six months ended June 30, 2026 and 2025, the Company made aggregate principal repayments of mortgage debt of $245 million and $6 million, respectively.

Included in the aggregate principal payments of mortgage debt for the six months ended June 30, 2026 was a $102 million early full principal repayment in January 2026 of mortgage debt secured by two senior housing communities with original maturities in December 2026. In connection with this repayment, the Company paid $1 million of accrued interest and prepayment penalties and recognized a $400 thousand loss on debt extinguishment.

Included in the aggregate principal payments of mortgage debt for the three and six months ended June 30, 2026 was a $142 million full principal repayment of mortgage debt secured by 13 outpatient medical buildings upon maturity in June 2026. The Company had two interest rate swap instruments that were designated as cash flow hedges on this mortgage debt which matured in May 2026 (see Note 17). During the year ended December 31, 2025, the variable rate mortgage debt associated with these interest rate swap instruments was reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument.

Included in the aggregate principal payments of mortgage debt for the six months ended June 30, 2025 was a $4 million full principal repayment of mortgage debt secured by one outpatient medical building that matured in March 2025.

Debt Maturities

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2026 (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	%	$	100,448	5.70	%	$	750,448
2027	—		—		500,000		850,000		3.23	%	842		4.61	%	1,350,842
2028	—		—		400,000		850,000		3.53	%	2,775		3.61	%	1,252,775
2029	—		1,495,994		750,000		650,000		3.65	%	—		—	%	2,895,994
2030	—		—		—		750,000		3.14	%	—		—	%	750,000
Thereafter	—		—		—		3,150,000		5.08	%	—		—	%	3,150,000
	—		1,495,994		1,650,000		6,900,000				104,065				10,150,059
Premiums, (discounts), and debt issuance costs, net	—		—		(3,718)		(114,303)				148				(117,873)
	$	—	$	1,495,994	$	1,646,282	$	6,785,697			$	104,213			$	10,032,186

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(1)As of June 30, 2026, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $12 million, which are recognized 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 4 years.

(4)Effective interest rates on the mortgage debt range from 3.61% to 6.32% with a weighted average effective interest rate of 5.63% and a weighted average maturity of approximately 6 months.

(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.

Additionally, as of June 30, 2026, the Company had 15 outstanding letter of credit obligations totaling $14 million.