Healthpeak Properties (DOC) EVP awarded performance-based LTIP Units

Rhea-AI Filing Summary

Healthpeak Properties EVP and CAO Shawn G. Johnston reported new performance-based equity awards in the form of LTIP Units in the operating partnership. On January 28, 2026, he acquired 1,198 earned performance-based LTIP Units and a further 15,462 earned performance-based LTIP Units at no cash cost.

The LTIP Units are profits-interest units in Healthpeak OP, LLC that can convert into OP Units and ultimately into cash or shares of Healthpeak’s common stock on a one-for-one basis. The 1,198 LTIP Units vested in full on the determination date, while the 15,462 LTIP Units vest in equal one-third installments on the first, second and third anniversaries of February 7, 2025, subject to continued employment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Johnston Shawn G

(Last) (First) (Middle)

4600 SOUTH SYRACUSE STREET

SUITE 500

(Street)

DENVER CO 80237

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HEALTHPEAK PROPERTIES, INC. [ DOC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CAO

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units	(1)	01/28/2026		A		1,198		(1)(2)	(1)	Common Stock	1,198	(1)	1,198	D
LTIP Units	(1)	01/28/2026		A		15,462		(1)(3)	(1)	Common Stock	15,462	(1)	15,462	D

Explanation of Responses:

1. Represents a class of units of membership interests in Healthpeak OP, LLC, a Maryland limited liability company ("Healthpeak OP"), the operating subsidiary of the Issuer, designated as LTIP Units ("LTIP Units") intended to qualify as profits interests for U.S. federal income tax purposes. LTIP Units do not have an expiration date. Upon achieving equivalent capital account balance per unit and any applicable vesting conditions, the LTIP Units are convertible at the election of the holder into common unit membership interests in Healthpeak OP (the "OP Units"). The OP Units are redeemable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of Healthpeak OP, convertible to shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date.

2. Represents earned performance-based LTIP Units previously granted to the reporting person on February 15, 2023. The performance conditions applicable to the performance-based LTIP Units were determined to have been satisfied by the Issuer's Compensation and Human Capital Committee (the "Committee") on January 28, 2026 (the "Determination Date"), resulting in the earned LTIP Units shown vesting in full on the Determination Date.

3. Represents earned performance-based LTIP Units previously granted to the reporting person on February 7, 2025 and May 1, 2025. The performance condition applicable to these awards was determined to have been satisfied by the Committee on the Determination Date, resulting in the LTIP Units shown being earned. These LTIP Units vest in one-third (1/3) increments on each of the first, second and third anniversaries of February 7, 2025, subject to the reporting person's continued employment through the applicable vesting date.

Remarks:

	Carol Samaan, SVP, Legal (Attorney-In-Fact)	01/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Healthpeak Properties (DOC) report for EVP and CAO Shawn G. Johnston?

Healthpeak reported that EVP and CAO Shawn G. Johnston acquired performance-based LTIP Units on January 28, 2026. He received 1,198 earned LTIP Units and 15,462 additional earned LTIP Units at no cash price as part of his equity compensation tied to prior performance awards.

What are LTIP Units in the Healthpeak Properties (DOC) Form 4 filing?

The LTIP Units are a class of profits-interest units in Healthpeak OP, LLC, the operating subsidiary of Healthpeak Properties. After meeting capital account and vesting conditions, they can convert into OP Units, which are redeemable for cash equal to one common share or convertible into common stock one-for-one.

How do the newly reported Healthpeak (DOC) LTIP Units vest for the EVP and CAO?

The 1,198 LTIP Units earned from a February 15, 2023 grant vested in full on January 28, 2026, when performance conditions were certified. The 15,462 LTIP Units from 2025 grants are earned and vest in one-third installments on each of the first three anniversaries of February 7, 2025.

Were the Healthpeak Properties (DOC) LTIP Units acquired for cash in this Form 4?

No cash price was paid for these LTIP Units; the Form 4 shows a per-unit price of 0.0000. The awards represent earned performance-based equity compensation, tied to prior grants whose performance conditions were determined satisfied by the Compensation and Human Capital Committee.

How can the Healthpeak (DOC) LTIP Units reported convert into common stock?

Once capital account and vesting conditions are met, the LTIP Units can convert into OP Units in Healthpeak OP, LLC. These OP Units are redeemable for cash equal to the fair market value of one common share or, at Healthpeak OP’s option, convertible into one share of common stock.

What performance periods are linked to the Healthpeak (DOC) LTIP Units in this filing?

The 1,198 LTIP Units relate to performance-based awards originally granted on February 15, 2023. The 15,462 LTIP Units relate to performance-based awards granted on February 7, 2025 and May 1, 2025, with performance conditions determined satisfied on January 28, 2026.