DOC · 10-Q · 2026Q3 · Full report

Interest Expense Trends

HEALTHPEAK PROPERTIES, INC. · 2026-11-03 · Importance 48 · Surprise 40

Interest expense increased $7.1 million year over year to $83.9 million for the third quarter of 2026 and increased $38.9 million to $263.5 million for the first nine months. Higher commercial paper borrowings and the $500 million 4.75% notes due 2033 contributed to the increase; the nine-month comparison also included the $500 million 5.38% notes due 2035 issued in February 2025. Repayments included $650 million of 3.25% notes in July 2026, $102 million of senior housing mortgage debt in January, and $142 million of outpatient medical mortgage debt in June.

Key facts

• In July 2026, Healthpeak repaid $650 million of 3.25% senior unsecured notes, with an effective interest rate of 3.40% at maturity. source
• Healthpeak reported that increased interest expense was related to higher commercial paper borrowings and issuance of $500 million of 4.75% senior unsecured notes due 2033, partly offset by repayment of $650 million of 3.25% notes in July 2026 and mortgage debt repayments of $102 million in January and $142 million in June 2026. source
• For the nine months ended September 30, 2026, interest expense increased by $38.931 million to $263.471 million. source
• In January 2026, Healthpeak repaid $102 million of mortgage debt secured by two senior housing communities ahead of its original December 2026 maturities. source
• In June 2026, Healthpeak repaid $142 million of mortgage debt secured by 13 outpatient medical buildings at maturity. source
• Net income for the nine months ended September 30, 2026 was partly offset by higher interest expense from increased commercial paper borrowings and 2025 note issuances, partly offset by debt repayments in 2025 and 2026. source