Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-08895 Healthpeak Properties, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

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-  PEAK trial first ever study to demonstrate statistical significance over an active comparator in GIST patients, with bezuclastinib plus sunitinib combination demonstrating mPFS of 16.5 months and ORR of 46% in patients who had received prior treatment with imatinib  -  Cogent is expected to initiate the RTOR process immediately; completion of the PEAK NDA submission expected in April 2026 WALTHAM, Mass. and BOULDER, Colo., Jan. 20, 2026 (GLOBE NEWSWIRE) -- Cogent Biosciences, Inc. (Nasdaq: COGT), a biote ...

Core Insights - The real estate sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Healthpeak Properties Inc (NYSE:DOC) has an RSI value of 26.4, with shares falling 12% over the past month and closing at $15.78 [5] - Fermi Inc (NASDAQ:FRMI) has an RSI value of 28.5, with shares declining 43% over the past month and closing at $8.25 [5] - Kilroy Realty Corp (NYSE:KRC) has an RSI value of 23.9, with shares decreasing 10% over the past month and closing at $37.55 [5] Group 2: Analyst Actions - Jefferies analyst downgraded Healthpeak Properties from Buy to Hold, lowering the price target from $21 to $17 [5] - Keybanc analyst downgraded Kilroy Realty from Overweight to Sector Weight [5]

Market Analysis by covering: Healthpeak Properties Inc, Doximity Inc. Read 's Market Analysis on Investing.com ...

Core Insights - Healthpeak Properties (NYSE: DOC) is expected to see its funds from operations (FFO) move towards the upper end of its 2025 guidance range due to new and renewal leasing spreads, which will help cover dividends more comprehensively for shareholders [1] Group 1: Company Performance - The new and renewal leasing spreads for Healthpeak Properties are anticipated to positively impact its FFO, aligning it closer to the upper limit of the 2025 guidance [1] Group 2: Market Context - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with daily price fluctuations contributing to this dynamic [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Property Portfolio - As of September 30, 2025, Healthpeak Properties, Inc. owned interests in 703 properties, including 530 outpatient medical properties, 139 lab properties, and 15 continuing care retirement community properties [225]. - The total property portfolio consisted of 703 properties as of September 30, 2025, compared to 700 properties in 2024 [264]. Financial Performance - Net income applicable to common shares for Q3 2025 was $(117,256) thousand, a decrease of $(202,931) thousand compared to Q3 2024 [257]. - Nareit FFO for Q3 2025 was $318,155 thousand, an increase of $6,908 thousand from Q3 2024 [257]. - AFFO for Q3 2025 decreased to $291,974 thousand, down $4,005 thousand from Q3 2024 [257]. - For the nine months ended September 30, 2025, net income applicable to common shares was $(43,335) thousand, a decrease of $(281,320) thousand compared to the same period in 2024 [261]. - Nareit FFO for the nine months ended September 30, 2025 increased to $940,418 thousand, up $154,542 thousand from the same period in 2024 [261]. - AFFO for the nine months ended September 30, 2025 was $903,977 thousand, an increase of $70,696 thousand compared to the same period in 2024 [261]. Revenue and NOI - The Adjusted NOI for the outpatient medical segment was $200.4 million, for the lab segment was $138.1 million, and for the CCRC segment was $36.5 million for the three months ended September 30, 2025 [226]. - Adjusted NOI for Q3 2025 was $195,406,000, reflecting a 2.0% increase from $191,583,000 in Q3 2024 [266]. - Total Portfolio Adjusted NOI for the nine months ended September 30, 2025, was $587,183,000, up 3.6% from $566,770,000 in the same period of 2024 [272]. - Adjusted NOI for the nine months ended September 30, 2025, decreased by $16,955 compared to the same period in 2024 [285]. Development and Investment Activities - During the nine months ended September 30, 2025, total project costs for outpatient medical and lab development projects amounted to $32 million and $63 million respectively [236]. - In February 2025, Healthpeak acquired a lab land parcel in Cambridge, Massachusetts for $20 million and a portfolio of three outpatient medical buildings in New York for $17 million [235]. - The company made a preferred equity investment of up to $50 million in a joint venture for a lab campus in San Diego, funding $45 million as of September 30, 2025 [240]. Debt and Financing - The company issued $500 million of 5.38% senior unsecured notes due 2035 in February 2025 [240]. - Total debt increased by $416 million to $9.1 billion as of September 30, 2025, due to new senior unsecured notes issued and an increase in commercial paper [314]. - Approximately 95% of consolidated debt was fixed rate as of September 30, 2025, with a weighted average effective interest rate of 4.20% [329]. Shareholder Returns and Equity - The quarterly common stock cash dividend was increased from $0.300 to $0.305 per share, resulting in an annualized dividend of $1.220 per share [320]. - During the nine months ended September 30, 2025, the company repurchased 5.09 million shares at a weighted average price of $18.50 per share, totaling $94 million [240]. - The company established a new at-the-market equity offering program in February 2023, allowing for the sale of shares with an aggregate gross sales price of up to $1.5 billion [334]. Operational Efficiency - Healthpeak maintains a strong investment-grade balance sheet with ample liquidity and long-term fixed-rate debt financing to mitigate interest rate volatility [234]. - The company emphasizes a people-first culture to attract and retain top talent, enhancing its operational efficiency [234]. Impairments and Other Charges - The company recognized other-than-temporary impairment charges on certain unconsolidated real estate joint ventures during the three months ended September 30, 2025 [3]. - The company incurred $6 million in costs related to certain investments no longer pursued during the nine months ended September 30, 2025 [4].

Financial Performance - Healthpeak reported a net loss of $(0.17) per share for Q3 2025, with Nareit FFO of $0.45 per share and AFFO of $0.42 per share[10]. - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion for the quarter[28]. - Total revenues for Q3 2025 were $705.9 million, a slight increase from $700.4 million in Q3 2024, representing a growth of 0.7%[30]. - Rental and related revenues decreased to $539.9 million in Q3 2025 from $543.3 million in Q3 2024, a decline of 0.8%[30]. - Net income attributable to Healthpeak Properties, Inc. for Q3 2025 was a loss of $117.1 million, compared to a profit of $85.9 million in Q3 2024[30]. - Funds From Operations (FFO) applicable to common shares for Q3 2025 was $318.2 million, up from $316.2 million in Q3 2024, an increase of 0.6%[31]. - Diluted FFO per common share for Q3 2025 was $0.45, compared to $0.44 in Q3 2024, reflecting a growth of 2.3%[31]. - Adjusted Funds From Operations (AFFO) applicable to common shares for Q3 2025 was $291.9 million, slightly down from $296.0 million in Q3 2024, a decrease of 1.4%[35]. - The company reported total costs and expenses of $653.3 million in Q3 2025, down from $665.2 million in Q3 2024, a reduction of 1.4%[30]. Guidance and Projections - The company reaffirmed its full-year 2025 guidance for diluted earnings per share to be between $0.00 and $0.06[23]. - The diluted earnings per common share guidance for FY 2025 has been revised to a range of $0.00 - $0.06, down from $0.25 - $0.31[36]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues between $1.3 billion and $1.4 billion[28]. - The total year-over-year merger-combined same-store cash (adjusted) NOI growth is projected to be between 3.00% - 4.00%[36]. Balance Sheet and Liquidity - Healthpeak's balance sheet remains strong with a net debt to adjusted EBITDA ratio of 5.3x and approximately $2.7 billion in available liquidity as of October 23, 2025[10][20]. - Total assets increased to $19,938,255 thousand as of September 30, 2025, compared to $19,582,401 thousand at December 31, 2024, reflecting a growth of approximately 1.83%[29]. - Total liabilities rose to $11,317,097 thousand from $10,880,631 thousand, indicating an increase of about 4.02%[29]. - Total stockholders' equity decreased to $7,597,275 thousand from $8,401,276 thousand, representing a decline of approximately 9.55%[29]. - Cash and cash equivalents increased to $119,818 thousand from $91,038 thousand, marking a growth of about 31.6%[29]. - Total liquidity as of September 30, 2025, is approximately $2.72 billion, including $91.04 million in cash and cash equivalents[43]. Market and Operational Highlights - Total Merger-Combined Same-Store Cash NOI growth was 0.9% for Q3 2025, with CCRC segment growth at 9.4% year-to-date[10][14]. - New and renewal lease executions totaled 1.5 million square feet in Q3 2025, with outpatient medical leases showing a cash releasing spread of +5.4%[10]. - Year-to-date non-refundable entry fee cash collections reached $108 million, a 13% increase compared to the same period last year[10]. - The merger with Physicians Realty Trust has been successful, with integration completed and benefiting from strengthening market prices[9]. - User data showed a growth in active users by 20%, totaling 5 million new users in the last quarter[28]. - Market expansion efforts led to a 25% increase in sales in the Asia-Pacific region[28]. Capital Expenditures and Investments - Total capital expenditures for the third quarter of 2025 amounted to $218.608 million, with recurring capital expenditures at $11.738 million[54]. - Year-to-date total capital expenditures reached $582.230 million, with recurring capital expenditures at $24.927 million[54]. - The company has completed $43 million in real estate acquisitions year-to-date[36]. - The company invested $50 million in R&D for new technologies aimed at enhancing user experience[28]. - The company completed a strategic acquisition of a smaller competitor for $300 million, expected to enhance market share[28]. Debt and Financing - The company has a $3.0 billion unsecured revolving credit facility maturing on January 19, 2029, with an interest rate of 4.36%[46]. - Total debt amounts to $10.091 billion, including $6.9 billion in senior unsecured notes and $1.65 billion in term loans[81]. - The weighted average interest rate for the company's debt is 4.23% as of the end of the applicable period[46]. - The leverage ratio stands at 38%, well below the maximum requirement of 60%[41]. - The fixed charge coverage ratio is reported at 4.8x, significantly above the minimum requirement of 1.50x[41]. Occupancy and Tenant Information - The occupancy rate for outpatient medical properties was reported at 91.4% for Q3 2025, a decrease of 110 basis points year-over-year[38]. - The total occupancy rate for the CCRC portfolio was 86.7%, with independent living, assisted living, and memory care occupancy at 86.9%[73]. - The trailing twelve-month retention rate for outpatient medical and lab segments was 76.2% and 83.0%, respectively[68]. - Average tenant improvements per square foot per year for outpatient medical is $1.41, while for lab it is $1.30[63]. Strategic Initiatives - Healthpeak's technology innovation initiatives have led to a 5% reduction in GBA guidance this year, enhancing productivity and connectivity[9]. - A new marketing strategy was implemented, resulting in a 30% increase in customer engagement[28]. - Development projects in process include Gateway at Directors Science Park with a total estimated cost of $122 million and completion expected in Q4 2025[52]. - The company has 22 redevelopment projects in process, with a total estimated cost of $216.12 million and a projected stabilized cash yield of approximately 7%[53].

Core Insights - Campbell's Company (CPB) is enhancing its focus on cost control through the expanded PEAK enterprise savings initiative to protect profitability amid ongoing tariff and cost pressures [1] Group 1: PEAK Program Overview - The PEAK program was introduced in September 2024 with an initial savings target of $250 million through fiscal 2028, which was later increased by 50% to $375 million due to stronger-than-expected early results [2][8] - As of the end of fiscal 2025, Campbell's achieved approximately $145 million in savings, primarily from the integration of Sovos Brands and efficiencies in manufacturing and warehousing [2] Group 2: Program Structure and Goals - The PEAK program is structured around four pillars: network optimization, integration synergies, technology and organizational effectiveness, and indirect spend management [3] - The company anticipates mitigating 60% of the tariff burden, which is expected to account for nearly 4% of the cost of products sold in fiscal 2026, through productivity improvements and alternative sourcing [3] Group 3: Future Projections - Campbell's aims to sustain the gains from the PEAK initiative through fiscal 2028, with guidance for fiscal 2026 indicating approximately $70 million in enterprise cost savings and a 5% improvement in cost productivity [4] - These initiatives are expected to strengthen the company's margin structure, providing flexibility for brand support and innovation while navigating a volatile cost environment [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-08895 Healthpeak Properties, Inc. (Exact name of registrant as specified in its charter) (State or other jurisd ...