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Item 15. Exhibits and Financial Statement Schedules

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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+Agreement and Plan of Merger, dated February 7, 2023, by and among Healthpeak Properties, Inc., New Healthpeak, Inc. and Healthpeak Merger Sub, Inc.Current Report on Form 8-K12BFebruary 10, 2023
2.2+Agreement and Plan of Merger, dated as of October 29, 2023, by and among Healthpeak Properties, Inc., DOC DR Holdco, LLC (formerly Alpine Sub, LLC), DOC DR, LLC (formerly Alpine OP Sub, LLC), Physicians Realty Trust and Physicians Realty L.P.Current Report on Form 8-KOctober 30, 2023
3.1Articles of Amendment and Restatement of Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.) effective February 10, 2023.Current Report on Form 8-K12BFebruary 10, 2023
3.2Articles of Amendment of Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.) effective February 10, 2023.Current Report on Form 8-K12BFebruary 10, 2023
3.3Articles of Amendment of Healthpeak Properties, Inc., effective February 29, 2024.Current Report on Form 8-KMarch 1, 2024
3.4Amended and Restated Bylaws of Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.), dated February 10, 2023.Current Report on Form 8-K12BFebruary 10, 2023
3.5Amendment to the Bylaws of Healthpeak Properties, Inc., effective March 1, 2024.Current Report on Form 8-KMarch 1, 2024
4.1Indenture, dated as of September 1, 1993, between Healthpeak and The Bank of New York, as trustee.Registration Statement on Form S‑3/A (Registration No. 333-86654)May 21, 2002
4.1.1First Supplemental Indenture dated as of January 24, 2011, to the Indenture, dated as of September 1, 1993, by and between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8‑KJanuary 24, 2011
4.1.2Second Supplemental Indenture, dated as of February 10, 2023, between Healthpeak OP, LLC, as issuer, Healthpeak Properties, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-K12BFebruary 10, 2023
4.1.3Third Supplemental Indenture, dated as of March 1, 2024, between Healthpeak OP, LLC, as issuer, Healthpeak Properties, Inc., as guarantor, DOC DR Holdco, LLC, as guarantor, DOR DR, LLC, as guarantor, and the Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-KMarch 1, 2024
4.2Amended and Restated Indenture, dated as of February 10, 2023, among Healthpeak OP, LLC, as issuer, Healthpeak Properties, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (amending and restating the Indenture, dated November 19, 2012, between Healthpeak and the trustee).Registration Statement on Form S-3ASR (Registration No. 333‑269718)February 13, 2023
4.2.1Fifth Supplemental Indenture, dated January 21, 2015, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8‑KJanuary 21, 2015
4.2.2Sixth Supplemental Indenture, dated May 20, 2015, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8‑KMay 20, 2015
4.2.3Eighth Supplemental Indenture dated July 5, 2019, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8‑KJuly 5, 2019
4.2.4Ninth Supplemental Indenture dated November 19, 2019, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8‑KNovember 21, 2019
4.2.5Tenth Supplemental Indenture, dated June 23, 2020, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-KJune 23, 2020
4.2.6Eleventh Supplemental Indenture, dated July 12, 2021, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-KJuly 12, 2021
4.2.7Twelfth Supplemental Indenture, dated November 24, 2021, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-KNovember 24, 2021
4.2.8Thirteenth Supplemental Indenture, dated January 17, 2023, between Healthpeak and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-KJanuary 17, 2023
4.2.9Fourteenth Supplemental Indenture, dated as of February 10, 2023, between Healthpeak OP, LLC, as issuer, Healthpeak Properties, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-K12BFebruary 10, 2023
4.2.10Fifteenth Supplemental Indenture, dated as of May 10, 2023, among Healthpeak OP, LLC, as issuer, Healthpeak Properties, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Report on Form 8-KMay 10, 2023
4.2.11Sixteenth Supplemental Indenture, dated as of March 1, 2024, between Healthpeak OP, LLC, as issuer, Healthpeak Properties, Inc., as guarantor, DOC DR Holdco, LLC, as guarantor, DOC DR, LLC, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee.Current Form on Form 8-KMarch 1, 2024
4.3Senior Indenture, dated as of March 7, 2017, among Physicians Realty L.P., Physicians Realty Trust and U.S. Bank National Association, as trustee.Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.1First Supplemental Indenture, dated as of March 7, 2017, among Physicians Realty L.P., Physicians Realty Trust and U.S. Bank National Association, as trustee, including the form of the 4.300% Senior Notes due 2027.Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.2Second Supplemental Indenture, dated as of December 1, 2017, among Physicians Realty L.P., Physicians Realty Trust and U.S. Bank National Association, as trustee, including the form of the 3.950% Senior Notes due 2028.Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.3Third Supplemental Indenture, dated as of October 13, 2021, among Physicians Realty L.P., Physicians Realty Trust and U.S. Bank National Association, as trustee, including the form of the 2.625% Senior Notes due 2031.Registration Statement on Form S-3 ASR (File No. 333-276954)February 8, 2024
4.3.4Fourth Supplemental Indenture, dated as of March 1, 2024, among DOC DR, LLC, as issuer, DOC DR Holdco, LLC, as guarantor, Healthpeak Properties, Inc., as guarantor, Healthpeak OP, LLC, as guarantor, and U.S. Bank Trust Company, National Association, as trustee, including the form of guarantee.Current Report on Form 8-KMarch 1, 2024
4.4Base Indenture, dated February 14, 2025, by and among Healthpeak OP, LLC, the Guarantors, and U.S. Bank Trust Company, National Association, as trustee.Current Report on Form 8-KFebruary 14, 2025
4.4.1First Supplemental Indenture, dated February 14, 2025, by and among Healthpeak OP, LLC, the Guarantors, and U.S. Bank Trust Company, National Association, as trustee.Current Report on Form 8-KFebruary 14, 2025
4.4.2Second Supplemental Indenture, dated August 14, 2025, by and among Healthpeak OP, LLC, the Guarantors, and U.S. Bank Trust Company, National Association, as trusteeCurrent Report on Form 8-KAugust 14, 2025
4.5Form of 6.750% Senior Notes due 2041.Current Report on Form 8-KJanuary 24, 2011
4.6Form of 3.250% Senior Notes due 2026.Current Report on Form 8-KJuly 5, 2019
4.7Form of 3.500% Senior Notes due 2029.Current Report on Form 8-KJuly 5, 2019
4.8Form of 3.000% Senior Notes due 2030.Current Report on Form 8-KNovember 21, 2019
4.9Form of 2.875% Senior Notes due 2031.Current Report on Form 8-KJune 23, 2020
4.10Form of 1.350% Senior Notes due 2027.Current Report on Form 8-KJuly 12, 2021
4.11Form of 2.125% Senior Notes due 2028.Current Report on Form 8-KNovember 24, 2021
4.12Form of 5.250% Senior Notes due 2032.Current Report on Form 8-KJanuary 17, 2023
4.13Form of 5.250% Senior Notes due 2032, including the form of Notation of Guarantee.Current Report on Form 8-KMay 10, 2023
4.14Form of 5.375% Senior Notes due 2035.Current Report on Form 8-KFebruary 14, 2025
4.15Form of 4.75% Senior Notes due 2033.Current Report on Form 8-KAugust 14, 2025
4.16†Description of Healthpeak Capital Stock.
10.1Operating Agreement of Healthpeak OP, LLC, dated as of February 10, 2023.Current Report on Form 8-K12BFebruary 10, 2023
10.2Omnibus Assignment, Assumption and Amendment, dated February 7, 2023 by and between Healthpeak OP, LLC (formerly Healthpeak Properties, Inc.) and Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.).Current Report on Form 8-K12BFebruary 10, 2023
10.3Third Amended and Restated Credit Agreement, dated as of December 9, 2024, by and among Healthpeak OP, as borrower, Healthpeak, DOC Holdco and DOC DR, as guarantors, the lenders referred to therein, and Bank of America, N.A., as administrative agent.Current Report on Form 8-KDecember 9, 2024
10.3.1Amendment No. 1 to Third Amended and Restated Credit Agreement, dated as of October 3, 2025, by and among Healthpeak OP, LLC, Healthpeak Properties, Inc., DOC DR Holdco, LLC, DOC DR, LLC, the lenders listed therein, and Bank of America, N.A., as administrative agent.Quarterly Report on Form 10-QOctober 24, 2025
10.4Third Amended and Restated Credit Agreement, dated as of September 24, 2021, among Physicians Realty L.P., as borrower, Physicians Realty Trust, as guarantor, the lenders party thereto and KeyBank National Association, as administrative agent.Current Report on Form 8-KMarch 1, 2024
10.4.1First Amendment to the Third Amended and Restated Credit Agreement, dated as of March 31, 2023, among Physicians Realty L.P., as borrower, Physicians Realty Trust, as guarantor, the lenders party thereto and KeyBank National Association, as administrative agent.Current Report on Form 8-KMarch 1, 2024
10.4.2Second Amendment to Third Amendment to Third Amended and Restated Credit Agreement, dated as of May 24, 2023, among Physicians Realty L.P., as borrower, Physicians Realty Trust, as guarantor, the lenders party thereto and KeyBank National Association, as administrative agent.Current Report on Form 8-KMarch 1, 2024
10.4.3Consent and Third Amendment to Third Amended and Restated Credit Agreement, dated as of February 21, 2024, by and among DOC DR, LLC, DOC DR Holdco, LLC, Healthpeak Properties, Inc., Healthpeak OP, LLC, the lenders party thereto, and KeyBank National Association, as administrative agent.Current Report on Form 8-KMarch 1, 2024
10.4.4Fourth Amendment to Third Amended and Restated Credit Agreement, dated as of December 9, 2024, by and among DOC DR, as borrower, Healthpeak, Healthpeak OP and DOC Holdco, as guarantors, the lenders referred to therein, and KeyBank National Association, as administrative agent.Current Report on Form 8-KDecember 9, 2024
10.4.5Fifth Amendment to Third Amended and Restated Credit Agreement, dated as of October 1, 2025, by and among DOC DR, LLC, DOC DR Holdco, LLC, Healthpeak Properties, Inc., Healthpeak OP, LLC, the lenders listed therein, and KeyBank National Association, as administrative agent.Quarterly Report on Form 10-QOctober 24, 2025
10.5Term Loan Agreement, dated as of August 22, 2022, by and among Healthpeak, as borrower, the lenders referred to therein, and Bank of America, N.A., as administrative agent.Current Report on Form 8-KAugust 22, 2022
10.5.1Consent and Amendment No. 1 to Term Loan Agreement, dated as of February 10, 2023, by and among Healthpeak OP, LLC, Healthpeak Properties, Inc., the lenders listed therein and Bank of America, N.A., as administrative agent.Current Report on Form 8-K12BFebruary 10, 2023
10.5.2Consent and Amendment No. 2 and Joinder to Term Loan Agreement, dated as of March 1, 2024, by and among Healthpeak OP, LLC, Healthpeak Properties, Inc., DOC DR Holdco, LLC, DOC DR, LLC, the lenders party thereto and Bank of America, N.A., as administrative agent.Quarterly Report on Form 10-QApril 26, 2024
10.5.3Amendment No. 3 to Term Loan Agreement, dated as of December 9, 2024, by and among Healthpeak OP, as borrower, Healthpeak, DOC Holdco and DOC DR, as guarantors, the lenders referred to therein, and Bank of America, N.A., as administrative agent.Current Report on Form 8-KDecember 9, 2024
10.5.4Amendment No. 4 to Term Loan Agreement, dated as of October 3, 2025, by and among Healthpeak OP, LLC, Healthpeak Properties, Inc., DOC DR Holdco, LLC, DOC DR, LLC, the lenders listed therein, and Bank of America, N.A., as administrative agent.Quarterly Report on Form 10-QOctober 24, 2025
10.6At-the-Market Equity Offering Sales Agreement, dated February 17, 2023, among Healthpeak Properties, Inc., Healthpeak OP, LLC, and the sales agents, forward sellers and forward purchasers referred to therein.Current Report on Form 8-KFebruary 17, 2023
10.6.1Amendment No. 1 to At-the-Market Equity Offering Sales Agreement, dated March 11, 2024, among Healthpeak Properties, Inc., Healthpeak OP, LLC, the Sales Agents, the Forward Sellers and the Forward Purchasers.Current Report on Form 8-KMarch 11, 2024
10.6.2Amendment No. 2 to At-the-Market Equity Offering Sales Agreement, dated May 3, 2024, among Healthpeak Properties, Inc., Healthpeak OP, LLC, the Sales Agents, the Forward Sellers and the Forward Purchasers.Quarterly Report on Form 10-QJuly 26, 2024
10.6.3Amendment No. 3 to At-the-Money Equity offering Sales Agreement, dated February 6, 2025, among Healthpeak Properties, Inc., Healthpeak OP, LLC, the Sales Agents, the Forward Sellers and the Forward Purchasers.Quarter Report on Form 10-QApril 25, 2025
10.7*Second Amended and Restated Director Deferred Compensation Plan.Quarterly Report on Form 10‑QNovember 3, 2009
10.8*Non-Employee Directors Stock-for-Fees Program.Quarterly Report on Form 10-QAugust 5, 2014
10.9*Executive Severance Plan (as amended and restated as of April 27, 2023).Quarterly Report on Form 10-QApril 28, 2023
10.10*Executive Change in Control Severance Plan (as amended and restated as of April 27, 2023).Quarterly Report on Form 10-QApril 28, 2023
10.11*Amended and Restated Healthpeak Properties, Inc. 2014 Performance Incentive Plan, as amended through October 24, 2019.Annual Report on Form 10-KFebruary 13, 2020
10.11.1*First Amendment to Amended and Restated Healthpeak Properties, Inc. 2014 Performance Incentive Plan.Current Report on Form 8-K12BFebruary 10, 2023
10.11.2*Form of 2014 Performance Incentive Plan NEO Retentive LTIP Unit Agreement (adopted 2023).Quarterly Report on Form 10-QApril 28, 2023
10.11.3*Form of 2014 Performance Incentive Plan NEO 3-Year Performance-Based LTIP Unit Agreement (adopted 2023).Quarterly Report on Form 10-QApril 28, 2023
10.12*Healthpeak Properties, Inc. 2023 Performance Incentive Plan.Current Report on Form 8-KApril 27, 2023
10.12.1*Form of 2023 Performance Incentive Plan Non-NEO Restricted Stock Unit Award Agreement (adopted 2023).Quarterly Report on Form 10-QApril 28, 2023
10.12.2*Form of 2023 Performance Incentive Plan Non-Employee Director Restricted Stock Unit Award Agreement (adopted 2023).Quarterly Report on Form 10-QApril 28, 2023
10.12.3*Form of 2023 Performance Incentive Plan Retentive Restricted Stock Unit Agreement (adopted in 2024).Quarterly Report on Form 10-QApril 26, 2024
10.12.4*Form of 2023 Performance Incentive Plan Retentive LTIP Unit Agreement (adopted in 2024).Quarterly Report on Form 10-QApril 26, 2024
10.12.5*Form of 2023 Performance Incentive Plan 3-Year Performance-Based Restricted Stock Unit Agreement (adopted in 2024).Quarterly Report on Form 10-QApril 26, 2024
10.12.6*Form of 2023 Performance Incentive Plan 3-Year Performance-Based LTIP Unit Agreement (adopted in 2024).Quarterly Report on Form 10-QApril 26, 2024
10.12.7*Form of 2023 Performance Incentive Plan Non-NEO OP Unit Award Agreement (adopted 2025, for converted awards).Annual Report on Form 10-KFebruary 4, 2025
10.13*Form of Directors and Officers Indemnification Agreement.Annual Report on Form 10‑K, as amendedFebruary 12, 2008
10.14*Employee Stock Purchase Plan (adopted in 2025).Current Report on Form 8-KApril 28, 2025
10.15Amended and Restated Dividend Reinvestment and Stock Purchase Plan.Registration Statement on Form S‑3 (Registration No. 333‑49746)November 13, 2000
10.16*Offer Letter, dated February 29, 2024, from Healthpeak Properties, LLC to John T. Thomas.Quarterly Report on Form 10-QApril 26, 2024
19.1Insider Trading Policy.Annual Report on Form 10-KFebruary 4, 2025
21.1†Subsidiaries of the Company.
22.1List of Issuers of Guaranteed Securities.Quarterly Report on Form 10-QOctober 24, 2025
23.1†Consent of Independent Registered Public Accounting Firm—Deloitte & Touche LLP.
31.1†Certification by Scott M. Brinker, Healthpeak’s Principal Executive Officer, Pursuant to Securities Exchange Act Rule 13a‑14(a).
31.2†Certification by Kelvin O. Moses, Healthpeak’s Principal Financial Officer, Pursuant to Securities Exchange Act Rule 13a‑14(a).
32.1††Certification by Scott M. Brinker, Healthpeak’s Principal Executive Officer, Pursuant to Securities Exchange Act Rule 13a‑14(b) and 18 U.S.C. Section 1350.
32.2††Certification by Kelvin O. Moses, Healthpeak’s Principal Financial Officer, Pursuant to Securities Exchange Act Rule 13a‑14(b) and 18 U.S.C. Section 1350.
97.1Policy Regarding the Recoupment of Certain Compensation Payments.Annual Report on Form 10-KFebruary 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).

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+ 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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