Financial Performance - Net income applicable to common shares for the year ended December 31, 2025, was $70,513,000, a decrease of 70.9% from $242,384,000 in 2024 and 76.8% from $304,284,000 in 2023[361] - Nareit FFO applicable to common shares increased to $1,268,981,000 in 2025, up 16.1% from $1,092,730,000 in 2024 and 28.8% from $985,180,000 in 2023[361] - Diluted FFO as Adjusted applicable to common shares for 2025 was $1,310,448,000, reflecting a 5.0% increase from $1,247,929,000 in 2024 and a 32.6% increase from $987,708,000 in 2023[361] - AFFO applicable to common shares for 2025 was $1,183,568,000, representing a 3.8% increase from $1,140,665,000 in 2024 and a 33.8% increase from $884,230,000 in 2023[361] - The company incurred transaction, merger, and restructuring-related costs of $25,520,000 in 2025, a significant decrease from $115,105,000 in 2024[361] - The year 2025 included other-than-temporary impairment charges on certain unconsolidated real estate joint ventures, impacting equity income from unconsolidated joint ventures[365] - The company recognized a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California, included in other income for 2024[365] - The company made estimates for fair value allocations during acquisitions, affecting future revenue and depreciation expenses[366] - The company assesses the carrying value of real estate assets for impairment based on estimated future undiscounted cash flows, which may lead to impairment charges if not recoverable[368] - The fair values of equity method investments are determined based on discounted cash flows, which are subject to significant judgment and assumptions[371] Investment Strategy - The company maintains a strong investment-grade balance sheet with ample liquidity and long-term fixed-rate debt financing to reduce exposure to interest rate volatility[29] - The company’s strategy includes a focus on internal growth through tenant relationships and high-quality property management services to drive occupancy and rental rates[26] - The company plans to achieve external growth through acquisitions, development, and redevelopment, leveraging its competitive position in the healthcare real estate market[31] - The company’s financing strategies involve accessing public equity and debt markets to raise funds necessary for acquisitions and refinancing maturing debt[31] - The company acquired the remaining 46.5% interest in the SWF SH JV in January 2026, bringing ownership of 19 senior housing properties to 100%[42] Market and Regulatory Environment - The healthcare industry is expected to face increased regulation and enforcement related to fraud, waste, and abuse, impacting operators' compliance efforts[53] - Effective January 16, 2024, nursing facilities must disclose ownership and management data, which may complicate compliance with Medicare and Medicaid requirements[59] - Government healthcare programs are subject to frequent legislative changes, potentially leading to reduced reimbursement rates for services provided by tenants and operators[58] - Tenants participating in government reimbursement programs are subject to audits and investigations, which could adversely affect their financial condition[58] - Compliance with HIPAA and HITECH Act is essential, requiring risk analysis and employee training to protect personal health information[56] - Healthcare facilities must comply with extensive licensure and certification laws, with non-compliance risking operational capabilities and financial stability[60] Property and Asset Management - As of December 31, 2025, approximately 79% of outpatient medical buildings are located on or adjacent to hospital campuses, with 96% affiliated with hospital systems[36] - The outpatient medical segment generated 15% of segment revenues from HCA Healthcare, Inc. and 6% from CommonSpirit Health, contributing to 7% and 3% of total revenues respectively[37] - At December 31, 2025, 89% of lab properties were triple-net leased, primarily located in established markets such as San Francisco (59%), Boston (22%), and San Diego (17%)[40] - The management agreements for RIDEA structures related to life plan communities have original terms ranging from 10 to 15 years, with provisions for management fee adjustments based on performance[46] - The company faces competition from various institutional investors and REITs, which may have greater flexibility and lower costs of capital, impacting its ability to identify investment opportunities[51] Risk Management and Sustainability - Environmental regulations may impose liability for hazardous substances, potentially exceeding property value and impacting earnings[65] - The company maintains various insurance types to mitigate risks, including property and liability insurance for all properties[66] - Corporate impact initiatives focus on sustainability and risk management, aiming to enhance stockholder value through profitable growth[69] - The environmental management program aims to reduce the carbon footprint while capturing cost efficiencies and addressing climate-related risks[70] Human Capital Management - As of December 31, 2025, the company had 411 full-time employees, emphasizing the importance of human capital management[74] - The company aims to ensure merit-based, equitable compensation practices to attract and retain talent, providing competitive compensation and benefits[78] Shareholder Information - The company had 695 million shares of common stock outstanding, with total equity amounting to $8.1 billion and a market value of equity securities at $11.4 billion[353] - The company established a new at-the-market equity offering program allowing for the sale of shares with an aggregate gross sales price of up to $1.5 billion[354] - During the year ended December 31, 2025, the company repurchased 5.09 million shares of common stock at a weighted average price of $18.50 per share, totaling $94 million[359] - The company’s share repurchase program allows for an aggregate purchase price of $500 million, expiring in July 2026[359] - Approximately 88% of the company's consolidated debt was fixed rate debt as of December 31, 2025, with a weighted average effective interest rate of 4.20%[349] - The company’s fixed rate debt and variable rate debt had weighted average effective interest rates of 4.20% and 4.18%, respectively, as of December 31, 2025[349] - The company had approximately 4 million OP Units outstanding, with 275 thousand meeting the criteria for redemption as of December 31, 2025[357]

Financial Performance - Healthpeak Properties reported a net income of $0.16 per share and a Nareit FFO of $0.47 per share for Q4 2025, reflecting a year-over-year increase in FFO of 6.8%[14]. - Healthpeak's full-year 2025 Nareit FFO was $1.81 per share, up from $1.61 per share in 2024, marking a 12.4% increase[15]. - Total revenues for Q4 2025 reached $719,402,000, a 3.0% increase from $697,988,000 in Q4 2024[38]. - Net income attributable to Healthpeak Properties, Inc. for Q4 2025 was $113,968,000, compared to $4,547,000 in Q4 2024[38]. - Funds From Operations (FFO) applicable to common shares for Q4 2025 was $328,564,000, up from $306,856,000 in Q4 2024[39]. - Diluted Nareit FFO per common share for Q4 2025 was $0.47, compared to $0.44 in Q4 2024[39]. - For the full year 2026, Healthpeak has provided guidance for diluted earnings per common share between $0.34 and $0.38, and diluted Nareit FFO per share between $1.70 and $1.74[35]. Asset Management and Acquisitions - The company executed new and renewal lease agreements totaling 2.1 million square feet in Q4 2025, with outpatient medical leases showing a cash releasing spread of +4.4% on renewals[10]. - Healthpeak completed $511 million in asset sales and loan repayments in 2025, including $325 million in outpatient medical sales in Q4[10]. - The company acquired a 1.4 million square foot campus in South San Francisco for $600 million, representing a low-6% going-in yield[24]. - Healthpeak completed $464 million in real estate acquisitions year-to-date, including a $14 million acquisition of a senior housing portfolio[44]. - The company plans to allocate $1,000 million for acquisitions and share repurchases in FY 2026[43]. - In December 2025, the company acquired a lab building and a 50% interest in six other lab buildings for a total purchase price of $600 million[58]. Financial Position and Debt - The company reported a net debt to adjusted EBITDA ratio of 5.2x for Q4 2025, indicating a stable financial position[10]. - Total liabilities as of December 31, 2025, were reported at $12.03 billion, with total stockholders' equity at $7.50 billion[37]. - The leverage ratio is at 39%, significantly below the maximum requirement of 60%, indicating strong financial health[48]. - The company has a bank line of credit and commercial paper totaling $1.08 billion as part of its liabilities[37]. - Total liquidity as of December 31, 2025, is $2,388.607 million, after accounting for commercial paper borrowings[50]. - The company has a tangible net worth of $13.4 billion, exceeding the minimum requirement of $7.7 billion[48]. - The company holds cash and cash equivalents of $467.457 million as of December 31, 2025[50]. Operational Performance - Healthpeak's total Merger-Combined Same-Store Cash (Adjusted) NOI growth for Q4 2025 was +3.9%, with outpatient medical properties contributing 4.1% growth[17]. - Healthpeak's life plan segment achieved a year-over-year NOI growth of +16.7% in Q4 2025, contributing to a full-year growth of +12.6%[17]. - The occupancy rate for the outpatient medical portfolio is 90.6%, while the lab portfolio occupancy is 77.1%[45]. - The total life plan portfolio generated resident fees of $128,651,000, with adjusted occupancy at 87.4%[77]. - The total net operating income (NOI) for the life plan portfolio was $41,865,000, indicating a positive cash flow despite operational expenses[77]. Strategic Initiatives - The company is focusing on strategic initiatives, including the IPO of Janus Living, Inc., to enhance its senior housing portfolio valuation and capitalize on market demand[9]. - Healthpeak plans to complete the IPO of Janus Living in the first half of 2026, subject to market conditions and regulatory approvals[31]. - Healthpeak's investor presentation regarding the Janus Living IPO is available on its Investor Relations website[31]. Market and Tenant Information - The company has 689 properties in its operating portfolio, with a total capacity of 25,363,183 square feet[45]. - The largest tenant, HCA Healthcare, occupies 5,213 thousand square feet with a lease term of 6.7 years[67]. - The total square footage for the top 20 tenants is 15,889 thousand square feet, which constitutes 34.6% of the Annualized Base Rent (ABR)[67]. - The average lease term for the top 20 tenants is 6.7 years[67]. - The tenant diversification includes 40.0% from Mid Cap Health System Biopharma[66]. Development and Redevelopment Projects - The company has active development projects with a total estimated cost to complete of $280,575 thousand and a projected stabilized cash yield of approximately 7%[61]. - The Gateway at Directors Science Park development has an estimated completion occupancy of 93% and is expected to be completed in Q1 2026[59]. - The company has several redevelopment projects with a total estimated cost of $214,603 thousand and a total capacity of 472,000 square feet[60].

Core Insights - The PEAK trial is the first study to show statistical significance over an active comparator in GIST patients, with the combination of bezuclastinib and sunitinib achieving a median progression-free survival (mPFS) of 16.5 months and an overall response rate (ORR) of 46% in patients previously treated with imatinib [1][2] Group 1: FDA Approval and Clinical Trial Results - The FDA has accepted Cogent Biosciences' New Drug Application (NDA) for bezuclastinib in combination with sunitinib for GIST patients who have received prior treatment with imatinib under the Real-Time Oncology Review (RTOR) program [1][4] - The bezuclastinib combination demonstrated a 50% reduction in the risk of disease progression or death compared to the current standard of care, with a hazard ratio of 0.50 (95% CI: 0.39 – 0.65) [2] - The mPFS for the bezuclastinib combination was 16.5 months compared to 9.2 months for sunitinib monotherapy, and the ORR was 46% for the bezuclastinib combination versus 26% for sunitinib [2] Group 2: Safety and Future Plans - The bezuclastinib combination was generally well tolerated, with no unique risks observed compared to the known safety profile of sunitinib [3] - Cogent plans to present full results from the PEAK trial at a major medical meeting in the first half of 2026 and will initiate a Phase 2 trial in mid-2026 for first-line GIST patients with exon 9 mutations [5][8] Group 3: Company Overview - Cogent Biosciences is focused on developing precision therapies for genetically defined diseases, with bezuclastinib being a selective tyrosine kinase inhibitor targeting the KIT D816V mutation and other mutations in KIT exon 17 [6] - The company is also developing a portfolio of targeted therapies aimed at various mutations, including FGFR2/3, ErbB2, PI3Kα, KRAS, and JAK2 [6]

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]

Group 1: Healthpeak Properties Inc - Healthpeak Properties Inc has shown a strong performance in the healthcare real estate sector, with a focus on life science and senior housing properties [1] - The company reported a revenue increase of 5% year-over-year, reaching $500 million in the latest quarter [1] - Healthpeak's strategic acquisitions and developments in key markets have positioned it well for future growth [1] Group 2: Doximity Inc - Doximity Inc has experienced significant user growth, with a 20% increase in active users, now totaling 1.8 million [1] - The company reported a revenue of $100 million, reflecting a 15% year-over-year growth, driven by increased demand for its telehealth services [1] - Doximity's innovative platform continues to attract healthcare professionals, enhancing its market position [1]

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 ...