DOC · 10-Q · 2026Q2 · Full report
Interest Expense Trends
HEALTHPEAK PROPERTIES, INC. · 2026-08-05 · Importance 53 · Surprise 48 · Contradicted
Interest expense increased by $31.8 million year over year to $179.6 million for the six months ended June 30, 2026, driven by the August 2025 issuance of $500 million of 4.75% senior unsecured notes due 2033, higher commercial paper borrowings, and the February 2025 issuance of $500 million of 5.38% notes due 2035. Healthpeak repaid $102 million of mortgage debt in January 2026, $142 million of mortgage debt in June 2026, and $650 million of 3.25% senior unsecured notes at maturity in July 2026. Material debt-related cash requirements increased $184 million to $10.0 billion at June 30, 2026, primarily because commercial paper notes outstanding increased $417 million. Approximately 84% of consolidated debt was fixed rate at June 30, 2026, while SOFR-based facilities remain exposed to interest-rate and credit-rating changes.
Key facts
- Healthpeak stated an increase in interest expense related to issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033 and higher borrowings under the commercial paper program, partially offset by repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025 and early repayment of $102 million mortgage debt in January 2026. source
- Interest expense for the six months ended June 30, 2026 was $179,572 thousand, up from $147,756 thousand for the six months ended June 30, 2025 (increase of $31,816 thousand). source
- Interest expense increased by $17,217 thousand for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -14.7% | Interest expense for the six months ended June 30, 2026 was $179,572 thousand, up from $147,756 thousand for the six months ended June 30,… |
| net_income | negative | realized | -8.0% | Interest expense increased by $17,217 thousand for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. |
| liability | negative | realized | -2.3% | Healthpeak stated an increase in interest expense related to issuance of $500 million aggregate principal amount of 4.75% senior unsecured… |
| cash | positive | realized | +2.3% | Healthpeak stated an increase in interest expense related to issuance of $500 million aggregate principal amount of 4.75% senior unsecured… |
| liability | negative | realized | — | Healthpeak stated an increase in interest expense related to issuance of $500 million aggregate principal amount of 4.75% senior unsecured… |
| cash | positive | realized | — | Healthpeak stated an increase in interest expense related to issuance of $500 million aggregate principal amount of 4.75% senior unsecured… |