DOC · 10-K filed 3 Feb 2026 · year to 31 Dec 2025

Healthpeak Properties

29 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Hospital systems (on-campus outpatient medical buildings)

depends on · approximately 79% of our outpatient medical buildings located on or adjacent to hospital campuses and 96% affiliated with hospital systemsnamed as a risk

Because we rely on our proximity to, and affiliations with, these hospitals to create tenant demand for space in our outpatient medical buildings, their inability to remain competitive or financially viable, or to attract physicians and physician groups, could adversely affect our outpatient medical building operations and have a material adverse effect on us.Risk factors (Item 1A)

HCA Healthcare, Inc. (HCA)

earns from · 15% of segment revenues; 7% of total revenues

The following table provides information about our most significant outpatient medical tenant concentration for the year ended December 31, 2025:Business (Item 1)

CommonSpirit Health

earns from · 6% of segment revenues; 3% of total revenues

The following table provides information about our most significant outpatient medical tenant concentration for the year ended December 31, 2025:Business (Item 1)

Other companies

Variable rate debt (commercial paper program)

exposed to its price · approximately $12 millionnamed as a risk

Assuming a one percentage point increase in the interest rates related to our variable rate debt, and assuming no other changes in the outstanding balance at December 31, 2025, our annual interest expense would increase by approximately $12 million.Market risk (Item 7A)

Also named by COHR, CSW, MGRC, O, PKG, SNEX, SNX, TOL

Janus Living, Inc.

34-community, 10,422-unit senior housing portfolionamed as a risk

We will have significant economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living may be limited.Risk factors (Item 1A)

Physicians Realty Trust

299 outpatient medical buildings

As a result of the Merger, we acquired 299 outpatient medical buildings.Business (Item 1)

Places

California

concentrated in · approximately 69% of our lab portfolionamed as a risk

In particular, (i) a significant portion of our lab development projects and approximately 69% of our lab portfolio (based on gross asset value as of December 31, 2025) was concentrated in California, which is known to be subject to earthquakes, wildfires, and other natural disasters, and (ii) approximately 69% of our life plan community portfolio (based on gross asset value as of December 31, 2025) was concentrated in Florida, which is known to be subject to hurricanes.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Florida

concentrated in · approximately 69% of our life plan community portfolionamed as a risk

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

San Diego, California

concentrated in · 17%

Our properties are located in well-established geographical markets known for scientific research and drug discovery, including San Francisco, California (59%), Boston, Massachusetts (22%), and San Diego, California (17%) (based on total square feet).Business (Item 1)

Also named by ARWR, BDX, DXCM, HALO, ILMN, VKTX

Boston, Massachusetts

concentrated in · 22%

Also named by HAS, KVYO, VRTX

San Francisco, California

concentrated in · 59%

Also named by OKTA

China

competes withnamed as a risk

In addition, competitive international biotech sectors, including in China, supported by favorable regulatory conditions and costs there, may also divert research and development activity and investment away from the U.S., reducing long-term demand for domestic life science real estate.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

Hurricanes (Florida)

concentrated innamed as a risk

Similarly, a hurricane in Florida could damage a significant portion of our life plan community portfolio.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Earthquakes (South San Francisco and San Diego, California)

concentrated innamed as a risk

Because of our significant concentration in the seismically active regions of South San Francisco, California, and San Diego, California, an earthquake in these areas could damage a significant portion of our lab portfolio.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Commodities and inputs

Consumer Price Index

exposed to its pricenamed as a risk

If the Consumer Price Index does not increase or other applicable thresholds are not met, rental rates may not increase as anticipated or at all, which could hinder our profitability and growth.Risk factors (Item 1A)

Also named by NNN, RSG, VEEV, VICI, WM, WPC

Regulators

Food and Drug Administration

named as a risk

If a lab tenant fails to obtain or experiences significant delays in obtaining such approvals, it may have a significant effect on the tenant’s operations and financial condition, which in turn may adversely impact us, as detailed below and set forth under “Item 1A, Risk Factors” in this report.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Centers for Medicare and Medicaid Services (CMS)

subject tonamed as a risk

In addition, the patient driven payment model utilized by the Centers for Medicare and Medicaid Services to calculate reimbursement rates for patients in skilled nursing properties (which is among the unit types in our life plan communities) could result in decreases in payments to our operators and tenants or increase our operators’ and tenants’ costs.Risk factors (Item 1A)

Also named by ABBV, CDNA, CHE, DGX, ENSG, GD, GEHC, GHC and 6 more

National Institutes of Health (NIH)

named as a risk

In addition, several of our lab tenants build upon the earlier successful research conducted at research institutions and funded by NIH grants; sustained funding cuts to NIH grants could have long-lasting impacts to the industry and impede our tenants’ ability to build on such earlier successful research.Risk factors (Item 1A)

Also named by ARE, BDX, ILMN, PVLA, VTR, WAT

Laws and programs

One Big Beautiful Bill Act

subject tonamed as a risk

In general, facilities in non-expansion states face a significantly higher financial risk due to Medicare / Medicaid and Affordable Care Act provisions in the One Big Beautiful Bill Act (“OBBA”).Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Medicare

subject tonamed as a risk

The requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid may adversely affect our tenants’, operators’, and borrowers’ ability to meet their financial and other contractual obligations to us.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

U.S. tariffs

exposed to its pricenamed as a risk

Tariffs and potential tariff actions have also led to market volatility, higher construction costs, and supply chain disruptions, which could delay or increase the cost of our development projects and impair our access to capital.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Medicaid

subject tonamed as a risk

Furthermore, reductions in Medicaid spending and cuts to Medicaid provider rates, the expiration of health insurance subsidies under the Patient Protection and Affordable Care Act, along with the Health Care and Education Reconciliation Act of 2010 (collectively, the “Affordable Care Act”), other potential changes to federal reimbursement policies, and other potential policy initiatives focused on medical care, including site-neutral payments and changes to reimbursement for certain outpatient services, could reduce patient volumes, increase uncompensated care, and put downward pressure on reimbursement rates for hospitals and outpatient medical facilities, which could have an adverse effect on our tenants’, operators’, and borrowers’ liquidity, financial condition, or results of operations.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

HIPAA

subject tonamed as a risk

To the extent we or our affiliated operating entities are a covered entity or business associate under HIPAA and the Health Information Technology for Economic and Clinical Health Act (the “HITECH Act”), compliance with those requirements require us to, among other things, conduct a risk analysis, implement a risk management plan, implement policies and procedures, and conduct employee training.Business (Item 1)

Also named by AFL, BAX, BBSI, CI, DHR, DOCN, DOCU, DXCM and 19 more

Affordable Care Act

subject tonamed as a risk

Accordingly, facilities in non-expansion states could face challenges in meeting operational costs if patients/residents lose the ability to purchase Affordable Care Act coverage.Risk factors (Item 1A)

Also named by ABBV, ABT, ADP, AFL, BBSI, BRO, BWIN, COR and 8 more

Medicare Advantage

subject tonamed as a risk

In particular, reduced funding for entitlement programs such as Medicare and Medicaid could result in increased costs and fees for programs such as Medicare Advantage Plans and additional reductions in reimbursements to providers.Risk factors (Item 1A)

Also named by BWIN, CDNA, CHE, CNC, CVS, DGX, DVA, ELV and 3 more

State certificate of need laws

subject tonamed as a risk

State CON laws often materially impact the ability of competitors to enter into the marketplace of our facilities and the repeal of CON laws could allow competitors to freely operate in previously closed markets.Business (Item 1)

Also named by VTR

Housing and Economic Recovery Act of 2008 (RIDEA)

subject tonamed as a risk

Our life plan communities are owned through RIDEA structures, which is permitted by the Housing and Economic Recovery Act of 2008, and includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007.Business (Item 1)

Internal Revenue Code REIT qualification

subject tonamed as a risk

Loss of our tax status as a REIT would substantially reduce our available funds and would have materially adverse consequences for us and the value of our common stock.Risk factors (Item 1A)

CARES Act Provider Relief Fund

subject tonamed as a risk

Our past participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs could subject us or our operators to disruptive government and financial audits, enforcement actions, and recovery activity.Risk factors (Item 1A)