Healthpeak Properties Announces $500 Million Senior Unsecured Notes Offering

Healthpeak Properties has priced a $500 million offering of 4.750% senior unsecured notes due 2033. The proceeds will be used to repay borrowings under its commercial paper program and for general corporate purposes. The offering is expected to close on August 14, 2025, subject to customary closing conditions. The notes will be senior unsecured obligations of the company and fully guaranteed by Healthpeak and its subsidiaries.

Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, has priced a $500 million offering of 4.750% senior unsecured notes due 2033. The notes, priced at 99.178% of their principal amount, are expected to generate approximately $492.8 million in net proceeds after deducting underwriting discounts but before other fees and expenses [1].

Healthpeak Properties' operating company, Healthpeak OP, LLC, will use the proceeds to repay borrowings under its commercial paper program and for general corporate purposes, including debt repayment, working capital, acquisitions, development activities, and capital expenditures [2]. The offering is expected to close on August 14, 2025, subject to customary closing conditions [3].

The notes will be senior unsecured obligations of Healthpeak OP, LLC and are fully guaranteed by Healthpeak Properties, DOC DR Holdco, LLC, and DOC DR, LLC. The joint book-running managers for the offering are PNC Capital Markets LLC, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc., Truist Securities, Inc., and U.S. Bancorp Investments, Inc. [1].

This offering comes amidst mixed earnings for Healthpeak Properties, with earnings per share falling short of expectations in the second quarter of 2025, although revenue slightly surpassed projections [2]. The company's strong current ratio of 4.01 and its history of maintaining dividend payments for 41 consecutive years highlight its financial stability [2].

References:

[1] https://finance.yahoo.com/news/healthpeak-prices-offering-500-million-212700401.html
[2] https://www.investing.com/news/company-news/healthpeak-prices-500-million-in-senior-unsecured-notes-due-2033-93CH-4171570
[3] https://www.morningstar.com/news/business-wire/20250805365244/healthpeak-prices-offering-of-500-million-of-4750-senior-unsecured-notes-due-2033