Healthpeak Properties, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Healthpeak Properties, Inc. has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

HEALTHPEAK PROPERTIES, INC. (DOC) filed a Annual Report (10-K) with the SEC on February 9, 2024. Healthpeak Properties, Inc. filed its annual report for the fiscal year ended December 31, 2023. The report covers the period from January 1, 2023, to December 31, 2023. The company was formerly known as HCP, Inc. and Health Care Property Investors Inc. The filing is a 10-K, indicating a comprehensive annual financial disclosure. The company is incorporated in Maryland and operates within the Real Estate Investment Trusts sector.

Why It Matters

For investors and stakeholders tracking HEALTHPEAK PROPERTIES, INC., this filing contains several important signals. This 10-K filing provides investors with a detailed overview of Healthpeak's financial health, operational strategies, and risk factors for the fiscal year 2023, enabling informed investment decisions. Understanding the company's historical performance and its former identities (HCP, Inc., Health Care Property Investors Inc.) is crucial for analyzing long-term trends and potential impacts of past corporate actions.

Risk Assessment

Risk Level: medium — HEALTHPEAK PROPERTIES, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the real estate investment trust sector can be subject to market fluctuations and interest rate sensitivity, which are inherent risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Healthpeak Properties' performance and outlook in the current real estate market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 2024-02-09 — Filing Date (Date the report was filed)
• 001-08895 — SEC File Number (SEC filing identifier)

Key Players & Entities

• HEALTHPEAK PROPERTIES, INC. (company) — Filer name
• HCP, INC. (company) — Former company name
• HEALTH CARE PROPERTY INVESTORS INC (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20240209 (date) — Filing date
• 6798 (industry_code) — Standard Industrial Classification

Forward-Looking Statements

• Healthpeak Properties, Inc. will continue to focus on optimizing its real estate portfolio, potentially through further divestitures of non-core assets. (HEALTHPEAK PROPERTIES, INC.) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Healthpeak Properties, Inc. operates as a Real Estate Investment Trust (REIT), focusing on healthcare-related real estate. The sector is influenced by healthcare demand, regulatory changes, and real estate market conditions.

Regulatory Implications

As a publicly traded company and REIT, Healthpeak Properties is subject to SEC regulations, including the requirement to file annual reports (10-K) and other disclosures to ensure transparency for investors.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and asset details.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing Healthpeak Properties.
3. Compare key financial metrics to previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-09: Filing Date — Date Healthpeak Properties, Inc. submitted its 10-K filing.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, indicating a full annual financial disclosure.)

Real Estate Investment Trusts (REITs)

Companies that own, operate, or finance income-generating real estate. (Healthpeak Properties operates within this sector, making its performance subject to real estate market dynamics.)

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K). Specific comparative data against the previous year's filing (2022 10-K) is not detailed in this header information.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value PEAK New York Stock Exchange

Filing Documents

• peak-20231231.htm (10-K) — 7252KB
• ex41412312023.htm (EX-4.14) — 70KB
• ex21112312023.htm (EX-21.1) — 536KB
• ex22112312023.htm (EX-22.1) — 3KB
• ex23112312023.htm (EX-23.1) — 5KB
• ex31112312023.htm (EX-31.1) — 11KB
• ex31212312023.htm (EX-31.2) — 11KB
• ex32112312023.htm (EX-32.1) — 6KB
• ex32212312023.htm (EX-32.2) — 6KB
• ex97112312023.htm (EX-97.1) — 14KB
• peak-20231231_g1.jpg (GRAPHIC) — 104KB
• 0001628280-24-004094.txt (&nbsp;) — 35744KB
• peak-20231231.xsd (EX-101.SCH) — 241KB
• peak-20231231_cal.xml (EX-101.CAL) — 174KB
• peak-20231231_def.xml (EX-101.DEF) — 999KB
• peak-20231231_lab.xml (EX-101.LAB) — 2097KB
• peak-20231231_pre.xml (EX-101.PRE) — 1400KB
• peak-20231231_htm.xml (XML) — 7425KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 41 I tem 1C. C ybersecurity 41 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 Part II 46 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [Reserved] 49 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 136 Item 9A.

Controls and Procedures

Controls and Procedures 136 Item 9B. Other Information 138 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138 Part III 139 Item 10. Directors, Executive Officers and Corporate Governance 139 Item 11.

Executive Compensation

Executive Compensation 139 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 139 Item 13. Certain Relationships and Related Transactions, and Director Independence 139 Item 14. Principal Accountant Fees and Services 139 Part IV 140 Item 15. Exhibits and Financial Statement Schedules 140 Item 16. Form 10-K Summary 144

Signatures

Signatures 145 Table of Contents On February 10, 2023, we completed our corporate reorganization (the "Reorganization") into an umbrella partnership REIT ("UPREIT"). Substantially all of our business is conducted through Healthpeak OP, LLC ("Healthpeak OP"). We are the managing member of Healthpeak OP and do not have material assets or liabilities, other than through our investment in Healthpeak OP. All references in this report to "Healthpeak," the "Company," "we," "us," or "our" mean Healthpeak Properties, Inc., together with its consolidated subsidiaries. Unless the context suggests otherwise, references to "Healthpeak Properties, Inc." mean the parent company without its subsidiaries. Cautionary Language Regarding Forward-Looking Statements

Business

ITEM 1. Business General Overview Healthpeak Properties, Inc. is a Standard & Poor's ("S&P") 500 company that acquires, develops, owns, leases, and manages healthcare real estate across the United States ("U.S."). Our company was originally founded in 1985. As noted above, we completed our Reorganization on February 10, 2023, and following that date, we hold substantially all of our assets and conduct our operations through the operating subsidiary, Healthpeak OP, LLC, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. Our corporate headquarters are located in Denver, Colorado, and we have additional offices in California, Tennessee, and Massachusetts. Our strategy is to invest in and manage real estate focused on healthcare discovery and delivery. We have a diversified portfolio of high-quality healthcare properties across three core asset classes of lab, outpatient medical, and continuing care retirement community ("CCRC") real estate. Under the lab and outpatient medical segments, we invest through the acquisition, development, and management of lab buildings, outpatient medical buildings, and hospitals. Under the CCRC segment, our properties are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of loans receivable and an interest in an unconsolidated joint venture that owns 19 senior housing assets (our "SWF SH JV"). These non-reportable segments have been presented on an aggregate basis herein. At December 31, 2023, our portfolio of investments, including properties in our unconsolidated joint ventures, consisted of interests in 477 properties. The following table summarizes information for our reportable and other non-reportable segments for the year ended December 31, 2023 (dollars in thousands): Segment Total Portfolio Adjusted NOI (1) Percentage of Total Portfolio Adjusted NOI (1) Number of Properties Lab $ 617,541

View Full Filing

View this 10-K filing on SEC EDGAR