DOC · 10-Q · 2026Q2 · Full report
Transaction Cost Trends
HEALTHPEAK PROPERTIES, INC. · 2026-08-05 · Importance 53 · Surprise 82 · Contradicted
Transaction costs increased $17.6 million, or 111.6%, to $33.3 million for the six months ended June 30, 2026. The increase primarily reflected costs associated with the Janus Living IPO and senior housing operator transition costs. Quarterly transaction costs decreased $1.0 million, or 10.2%, to $9.2 million because 2025 included costs for investments that Healthpeak is no longer pursuing. General and administrative expense increased $0.2 million for the six months ended June 30, 2026, primarily because of incremental stand-alone public-company expenses for Janus Living.
Key facts
- During January 2026, Healthpeak acquired its joint venture partner’s 46.5% interest in the SWF SH JV for $312 million (the SWF JV Buyout). source
- During the three months ended March 31, 2026, Healthpeak sold an 80% interest in six outpatient medical buildings for net proceeds of $163 million (BX JV I and II). source
- During the three months ended March 31, 2026, Healthpeak sold four lab buildings for $68 million. source
- During the three months ended June 30, 2026, Healthpeak sold two outpatient medical buildings for $34 million and one senior housing community for $23 million. source
- During the three months ended March 31, 2026, Healthpeak sold two outpatient medical buildings for $15 million and nine suites within an outpatient medical building in Atlanta, Georgia for $7 million. source
- Transaction costs increased by $17,572 thousand for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 (from $15,749 thousand to $33,321 thousand). source
- Depreciation and amortization expense increased by $17,474 thousand for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. source
- Healthpeak stated transaction costs decreased due to costs incurred in 2025 related to investments no longer pursued, partially offset by costs for the Janus Living IPO and senior housing operator transition costs. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -8.1% | Transaction costs increased by $17,572 thousand for the six months ended June 30, 2026 compared to the six months ended June 30, 2025… |
| cash | negative | realized | -1.4% | During January 2026, Healthpeak acquired its joint venture partner’s 46.5% interest in the SWF SH JV for $312 million (the SWF JV Buyout). |
| cash | positive | realized | +0.8% | During the three months ended March 31, 2026, Healthpeak sold an 80% interest in six outpatient medical buildings for net proceeds of $163… |
| cash | positive | realized | +0.3% | During the three months ended March 31, 2026, Healthpeak sold four lab buildings for $68 million. |
| cash | positive | realized | +0.2% | During the three months ended June 30, 2026, Healthpeak sold two outpatient medical buildings for $34 million and one senior housing… |
| cash | positive | realized | +0.1% | During the three months ended June 30, 2026, Healthpeak sold two outpatient medical buildings for $34 million and one senior housing… |
| cash | positive | realized | +0.1% | During the three months ended March 31, 2026, Healthpeak sold two outpatient medical buildings for $15 million and nine suites within an… |
| assets | negative | realized | -0.1% | During the three months ended March 31, 2026, Healthpeak sold two outpatient medical buildings for $15 million and nine suites within an… |