HIMS Files Guaranty for 15‑Year Lease with $5.98M Initial Rent Obligation

Rhea-AI Filing Summary

Hims & Hers Health, Inc. disclosed a lease and related guaranty executed on September 1, 2025. The lease has an initial 15-year term with two successive five-year extension options and a Rent Commencement Date of April 1, 2026. The first-year annual base rent is $5,984,204 (about $498,684 per month) and will escalate ~3.25% annually. Base rent is fully abated from the Lease Commencement Date through the day before the Rent Commencement Date, and a monthly abatement of $262,838.42 applies for five months after rent begins. Hims is responsible for operating expenses starting at Rent Commencement. A $5,984,204 letter of credit from JPMorgan Chase secures Hims’ obligations, and the company filed a guaranty of the lease.

Positive

• Long-term lease provides occupancy certainty with two 5-year extension options beyond the initial 15-year term
• Structured rent abatements and a deferred Rent Commencement Date reduce near-term cash outflows
• Letter of credit for $5,984,204 reduces landlord credit risk and clarifies security for lease obligations

Negative

• Guaranty of lease creates contingent obligations for the company and potential balance sheet or disclosure implications
• Future operating expense responsibility begins at Rent Commencement, adding recurring costs once rent starts
• Escalating rent at ~3.25% annually increases long-term occupancy costs

Insights

Financial Analyst

TL;DR Lease establishes multi-year occupancy with predictable rent escalation and initial abatements; guaranty and LC create secured obligations.

The 15-year lease with two 5-year options provides long-term occupancy certainty and built-in 3.25% annual rent escalators, which aids planning for occupancy costs. The substantial letter of credit equal to first-year rent reduces landlord credit risk. However, the company’s guaranty legally ties the registrant to Hims’ lease obligations, which could increase contingent liabilities on the balance sheet depending on accounting and disclosure practices. The staged abatements defer cash outflows near term but do not eliminate long-term lease commitments.

Corporate Governance Expert

TL;DR Execution of a guaranty is a material contractual commitment that warrants disclosure and ongoing monitoring.

By guarantying the lease, the registrant accepts contractual credit exposure for another party’s obligations, which is a governance-relevant decision. The filing appropriately references executed exhibits for the full lease and guaranty texts. Investors and governance committees will likely expect clarity on contingent liability recognition and any related-party considerations, though none are asserted in this disclosure.

8-K Event Classification

2 items: 1.01, 9.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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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): September 1, 2025

_____________________________________________________________________________________________________________________

HIMS & HERS HEALTH, INC.

(Exact name of registrant as specified in its charter)

_____________________________________________________________________________________________________________________

Delaware

001-38986

98-1482650

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2269 Chestnut Street, #523

San Francisco, CA 94123

(Address of principal executive offices)

(415) 851-0195

(Registrant’s telephone number, including area code)

______________________________________________________________________________

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

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value

HIMS

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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 

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 1.01 Entry into a Material Definitive Agreement.

On September 1, 2025 (the “Lease Commencement Date”), Hims, Inc. (“Hims”), a wholly-owned subsidiary of Hims & Hers Health, Inc. (the “Company”) entered into a lease agreement (the “Lease”) with Mendel New Albany Property Owner LLC (the “Landlord”) for the lease of approximately 352,012 square feet of space located at 9885 Innovation Campus Way, New Albany, Ohio (the “Premises”). The Company will use the Premises for office, research and development, laboratory, manufacturing, and pharmaceutical dispensing purposes

The Lease provides for an initial term of 15 years. Hims has two successive options to extend the term for five years each. Rent payments will commence on April 1, 2026 (the “Rent Commencement Date”).

The Lease provides for annual base rent of $5,984,204 for the first lease year (approximately $498,684 per month), subject to the abatement provisions described below. Annual base rent will increase by approximately 3.25% each year thereafter.

Annual base rent will be abated in its entirety from the Lease Commencement Date through the day immediately preceding the Rent Commencement Date, and a portion of annual base rent equal to $262,838.42 per month will be abated for the five-month period following the Rent Commencement Date.

In addition to the base rent, Hims is responsible for all operating expenses, including insurance and real estate taxes, with such charges to commence upon the Rent Commencement Date.

As security for its obligations under the Lease, Hims delivered a letter of credit issued by JPMorgan Chase Bank in the amount of $5,984,204.

On September 1, 2025, the Company executed a Guaranty of Lease (the “Guaranty”) whereby the Company will guarantee Hims’ obligations under the Lease.

The foregoing description of the Lease and the Guaranty do not purport to be complete and are qualified in their entirety by reference to the full text of the Lease and the Guaranty, copies of which are filed as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.			Description
10.1			Lease, dated September 1, 2025, by and between Hims, Inc. and Mendel New Albany Property Owner LLC
10.2			Guaranty, dated September 1, 2025, by Hims & Hers Health, Inc. in favor of Mendel New Albany Property Owner LLC
104			Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

			HIMS & HERS HEALTH, INC.
Date: September 5, 2025			By:			/s/ Andrew Dudum
						Andrew Dudum
						Chief Executive Officer

FAQ

What are the key terms of the lease reported by HIMS?

The lease has an initial 15-year term with two successive 5-year extension options, annual base rent of $5,984,204 in year one, and annual increases of ~3.25%.

When does rent for the HIMS lease begin and are there abatements?

Rent payments commence on April 1, 2026. Base rent is fully abated until the day before that date, then $262,838.42 per month is abated for five months after rent begins.

What security did Hims provide for the lease?

Hims delivered a $5,984,204 letter of credit issued by JPMorgan Chase Bank as security for its lease obligations.

What did the company file regarding the lease on September 1, 2025?

The company executed and filed a Guaranty of Lease on September 1, 2025, under which the registrant guarantees Hims’ obligations under the lease.

When do operating expenses and taxes related to the lease begin?

Operating expenses, including insurance and real estate taxes, commence upon the Rent Commencement Date of April 1, 2026.