DOC · 10-Q · 2026Q2 · Full report

Liquidity and Debt Position

HEALTHPEAK PROPERTIES, INC. · 2026-08-05 · Importance 61 · Surprise 32 · In source text

Material debt-related cash requirements increased $184 million to $10.0 billion at June 30, 2026, primarily because commercial paper outstanding increased $417 million. Healthpeak partially offset this increase by repaying $102 million of senior housing mortgage debt in January 2026 and $142 million of mortgage debt secured by 13 outpatient medical buildings in June 2026. The company executed a $400 million 2031 Term Loan in March 2026 that was undrawn at June 30, 2026, while Janus Living entered into undrawn $500 million revolving and $100 million term loan facilities. Healthpeak reported Baa1 and BBB+ long-term credit ratings from Moody’s and S&P Global, respectively, as of August 3, 2026, and 84% of consolidated debt was fixed rate at June 30, 2026.

Key facts

• In July 2026, Healthpeak formed a JV with Brookfield affiliates, contributing 86 outpatient medical buildings diversified across 11 states; Brookfield purchased a 49% non-controlling equity interest at a gross valuation of approximately $2.1 billion generating proceeds of approximately $1.025 billion. source
• In March 2026, Healthpeak entered into a $400 million five-year unsecured term loan (the 2031 Term Loan) as an incremental facility under its existing term loan agreement; as of June 30, 2026 no principal was outstanding on the 2031 Term Loan. source
• In March 2026, Janus Living entered into a credit agreement consisting of a $500 million revolving credit facility maturing in March 2030 and a $100 million term loan maturing in March 2031 bearing interest at SOFR plus 105 and 110 basis points respectively; as of June 30, 2026 there were no outstanding borrowings under the credit agreement. source
• In July 2026, Healthpeak repaid $650 million aggregate principal amount of 3.25% senior unsecured notes with an effective interest rate of 3.40% at maturity. source
• Healthpeak's material cash requirements related to debt increased by $184 million to $10.0 billion at June 30, 2026 compared to December 31, 2025, primarily due to a $417 million increase in notes outstanding under the commercial paper program. source
• Net cash provided by financing activities for the six months ended June 30, 2026 was $1,064,978 thousand, an increase of $1,287,945 thousand from $(222,967) thousand in 2025. source
• Under the Brookfield JV agreement, Healthpeak will maintain day-to-day control and retain a call right beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield with a 6.5% net annual rate of return excluding initial transaction expenses. source
• Redeemable noncontrolling interests' material cash requirements decreased by $132 million to $28 million at June 30, 2026 compared to December 31, 2025, primarily due to acquisition of the remaining 50% interest in the Gateway Crossing joint venture for $132 million. source

Impact estimates