DOC issues $500M 4.75% notes to refinance CP, boost liquidity

Q: How much will Healthpeak net from the bond sale?

Approximately $491.4 million after underwriting discounts and expenses.

Q: When is the bond offering expected to close?

Settlement is scheduled for 14 August 2025 , subject to customary conditions.

Q: What is the interest rate and maturity of the notes?

The notes carry a 4.750% coupon and mature in 2033 .

[8-K] Healthpeak Properties, Inc. Reports Material Event

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Healthpeak Properties, Inc. (NYSE: DOC) filed an 8-K disclosing the launch of a $500 million senior unsecured notes offering.

Issuer / Guarantors: Healthpeak OP, LLC; fully and unconditionally guaranteed by Healthpeak Properties, Inc., DOC DR Holdco, LLC, and DOC DR, LLC.
Security: 4.750% senior notes due 2033.
Gross / Net Proceeds: $500.0 million gross; 鈮�$491.4 million net after underwriting discount and expenses.
Use of Proceeds: repay borrowings under the company鈥檚 commercial paper program and for general corporate purposes (possible debt repayment/repurchase, working capital, acquisitions, development, redevelopment and capex). Pending deployment, funds may be placed in short-term investments.
Pricing & Closing: Offering priced 5 Aug 2025; settlement expected 14 Aug 2025, subject to customary conditions.
Underwriting Agreement: contains standard reps, warranties, covenants and indemnification of underwriters; filed as Exhibit 1.1.

The transaction lengthens the debt maturity profile by swapping short-term commercial paper for fixed-rate, 8-year notes, improving liquidity but modestly increasing long-term leverage.

Positive

Secures $500 million of fixed-rate capital at 4.75%, extending debt maturity to 2033.
Repays commercial paper, reducing short-term refinancing and rate-reset risk, thereby strengthening liquidity.

Negative

Increases long-term debt outstanding, modestly raising leverage and fixed-charge obligations.
No accompanying update to earnings or FFO guidance, leaving potential dilution or accretion uncertain.

Insights

TL;DR: Extends tenor, fixes rate; leverage uptick offset by liquidity gain.

Replacing commercial paper with 4.75% 8-year notes locks in fixed funding and removes near-term rollover risk. At 鈮�$491 M net, the issue is ~4-5% of total enterprise value, so leverage rises modestly but remains senior unsecured. Spread appears in line with BBB/REIT comps, suggesting market confidence. Overall credit-neutral to slightly positive.

TL;DR: Debt refinancing improves visibility; equity impact limited.

Management is terming out short-dated liabilities ahead of potential rate volatility. While absolute debt grows, the use of proceeds primarily retires CP, leaving net debt little changed and lowering liquidity risk. No change to FFO guidance was provided. Investors should monitor cumulative leverage after any future acquisitions funded by remaining proceeds.

08/06/2025 - 05:05 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2025

Healthpeak Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-08895	33-0091377
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4600 South Syracuse Street, Suite 500

Denver, CO 80237

(Address of principal executive offices) (Zip Code)

(720) 428-5050

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	DOC	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01 Other Events.

On August 5, 2025, Healthpeak OP, LLC, a Maryland limited liability company (“Healthpeak OP”), Healthpeak Properties, Inc., a Maryland corporation (the “Company”), DOC DR Holdco, LLC (“DOC Holdco”) and DOC DR, LLC (“DOC LLC”), entered into an underwriting agreement (the “Underwriting Agreement”) with the representatives of the several underwriters named therein (the “Underwriters”) relating to the sale by Healthpeak OP (the “Offering”) of $500.0 million aggregate principal amount of 4.750% senior unsecured notes due 2033 (the “Notes”). The Notes will be senior unsecured obligations of Healthpeak OP and will be fully and unconditionally guaranteed, on a joint and several basis, by the Company, DOC Holdco and DOC LLC. The Underwriting Agreement contains customary representations, warranties, covenants and conditions. In the Underwriting Agreement, Healthpeak OP, the Company, DOC Holdco and DOC LLC agreed to indemnify the Underwriters against certain liabilities that could be incurred by them in connection with the Offering.

The estimated net proceeds from the Offering are expected to be approximately $491.4 million, after deducting the underwriting discount and estimated expenses payable by Healthpeak OP. Healthpeak OP intends to use the net proceeds from the Offering to repay borrowings outstanding under its commercial paper program and for general corporate purposes, which may include repaying or repurchasing other indebtedness, working capital, acquisitions, development and redevelopment activities, and capital expenditures. Pending application of the net proceeds from the offering for the foregoing purposes, such proceeds may initially be invested in short-term securities. The Offering is expected to close on August 14, 2025, subject to the satisfaction of customary closing conditions.

The foregoing is a summary description of certain terms of the Underwriting Agreement and is qualified in its entirety by reference to the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The press release announcing the pricing of the Offering is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Neither the press release nor this Current Report on Form 8-K constitutes an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which, or to any person to whom, such offer, solicitation or sale would be unlawful.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits. The following exhibits are being filed herewith:

No.		Description
1.1		Underwriting Agreement, dated August 5, 2025, by and among Healthpeak OP, the Company, DOC Holdco, DOC LLC and the representatives of the Underwriters.

99.1		Press Release, dated August 5, 2025.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HEALTHPEAK PROPERTIES, INC.
	(Registrant)

Date: August 6, 2025	By:	/s/ Kelvin O. Moses
	Name:	Kelvin O. Moses
	Title:	Chief Financial Officer

Source:

FAQ

What did Healthpeak Properties (DOC) announce in its 8-K?

The company disclosed a $500 million offering of 4.750% senior unsecured notes due 2033.

How much will Healthpeak net from the bond sale?

Approximately $491.4 million after underwriting discounts and expenses.

What will Healthpeak use the proceeds for?

Repaying commercial paper and other general corporate purposes such as debt repayment, acquisitions and capex.

When is the bond offering expected to close?

Settlement is scheduled for 14 August 2025, subject to customary conditions.

Are the notes guaranteed?

Yes. They are fully and unconditionally guaranteed by Healthpeak Properties, DOC DR Holdco, and DOC DR, LLC.

What is the interest rate and maturity of the notes?

The notes carry a 4.750% coupon and mature in 2033.

AG真人官方

[8-K] Healthpeak Properties, Inc. Reports Material Event

Insights

FAQ

What did Healthpeak Properties (DOC) announce in its 8-K?

How much will Healthpeak net from the bond sale?

What will Healthpeak use the proceeds for?

When is the bond offering expected to close?

Are the notes guaranteed?

What is the interest rate and maturity of the notes?

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[8-K] Healthpeak Properties, Inc. Reports Material Event

Insights

Corporate Bond Analyst neutral

REIT Equity Analyst neutral

FAQ

What did Healthpeak Properties (DOC) announce in its 8-K?

How much will Healthpeak net from the bond sale?

What will Healthpeak use the proceeds for?

When is the bond offering expected to close?

Are the notes guaranteed?

What is the interest rate and maturity of the notes?

NYSE:DOC

DOC Rankings

DOC Latest News

DOC Latest SEC Filings

DOC Stock Data