Healthpeak Properties (DOC) CIO granted over 33,000 performance-based LTIP Units

Rhea-AI Filing Summary

Healthpeak Properties CIO Adam G. Mabry reported equity-based compensation awards tied to company performance. On January 28, 2026, he received 2,156 performance-based LTIP Units from a 2023 grant that fully vested after the compensation committee confirmed the performance goals were achieved.

On the same date, he also earned 31,575 performance-based LTIP Units from 2025 grants after the committee determined those performance conditions were satisfied. These 2025-related LTIP Units will vest in three equal annual installments starting on February 7, 2026, as long as he remains employed. The LTIP Units are designed as profits interests in the operating partnership and can ultimately be exchanged for OP units and then either cash equal to one share of common stock or one share of Healthpeak Properties common stock on a one-for-one basis, with no stated expiration.

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

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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^*

Mabry Adam 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)
	CIO

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		2,156		(1)(2)	(1)	Common Stock	2,156	(1)	2,156	D
LTIP Units	(1)	01/28/2026		A		31,575		(1)(3)	(1)	Common Stock	31,575	(1)	31,575	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 this award 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 Adam G. Mabry?

Healthpeak Properties reported performance-based equity awards for CIO Adam G. Mabry. On January 28, 2026, he earned 2,156 LTIP Units from a 2023 grant and 31,575 LTIP Units from 2025 grants after compensation committee confirmation of performance conditions.

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

LTIP Units are a class of profits-interest units in Healthpeak OP, the operating subsidiary. After capital account and vesting conditions are met, they convert into OP Units, which can be redeemed for cash equal to one share of common stock or one share of common stock directly.

When did the performance conditions for Adam Mabry’s 2023 LTIP Units at DOC vest?

The performance conditions for Adam Mabry’s 2023 performance-based LTIP Units were determined satisfied on January 28, 2026. As a result, the 2,156 earned LTIP Units from that 2023 grant vested in full on that same Determination Date, according to the compensation committee’s decision.

How do Adam Mabry’s 2025 LTIP Unit awards at Healthpeak Properties vest over time?

The 31,575 performance-based LTIP Units tied to 2025 grants vest in three equal parts. They vest on each of the first, second, and third anniversaries of February 7, 2025, provided Adam Mabry continues his employment through each applicable vesting date.

Does the Form 4 for DOC show any exercise price or cost for Adam Mabry’s LTIP Units?

The reported LTIP Unit awards show a transaction price per unit of 0.0000. This reflects that the awards are equity-based compensation rather than open-market purchases, consistent with typical long-term incentive or performance-based equity grants for senior executives.

Can the LTIP Units reported for Healthpeak Properties’ CIO be converted into common stock?

Yes. After meeting capital account and vesting conditions, LTIP Units convert into OP Units. Those OP Units are redeemable for cash equal to one share of Healthpeak Properties common stock or, at the issuer’s option, convertible into one share of common stock on a one-for-one basis.