Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced recent transaction activity totaling approximately $925 million, reflecting continued execution on the Company’s capital allocation strategy.

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With the addition of the 1.4-million square foot Gateway Boulevard campus, Healthpeak’s South San Francisco portfolio now spans 6.5 million square feet across 210 acres, further solidifying its leadership position in one of the world’s most dynamic biotechnology submarkets.

“Our recent transaction activity is directly aligned with the thesis we outlined on our October 2025 earnings call,” said Scott Brinker, Healthpeak’s President and Chief Executive Officer. “We are capitalizing on strong demand for outpatient medical real estate by selling fully stabilized assets at low-6% cap rates and reinvesting that capital into highly strategic life science assets in our core submarkets at low-6% going-in yields with meaningful upside through lease-up of the remaining vacancy. This strategy allows us to acquire irreplaceable assets in core submarkets at a significant discount to replacement cost while improving our submarket positioning and leveraging the scale and capabilities of our lab platform to create shareholder value.”

South San Francisco Campus Acquisition

In December 2025 and January 2026, Healthpeak closed on the acquisition of a 1.4-million square foot campus on 29 acres located on Gateway Boulevard in South San Francisco for a total of $600 million. The campus is approximately 60% occupied and includes a 15,000-square foot amenity building, along with significant additional density potential over time. The acquisition deepens and expands Healthpeak’s tenant relationships within the submarket. Healthpeak’s footprint in South San Francisco now totals approximately 6.5 million square feet across 210 acres, further solidifying its leadership position in one of the world’s most dynamic biotechnology submarkets.

Outpatient Medical Dispositions

During the fourth quarter of 2025, Healthpeak closed on outpatient medical dispositions totaling approximately $325 million, representing approximately 834,000 square feet of fully stabilized assets.

Healthpeak is in various stages of negotiation and execution on additional outpatient medical sales, recapitalizations, and loan repayments that could generate proceeds of approximately $700 million or more. These potential transactions would provide further flexibility to recycle capital into highly pre-leased outpatient medical developments, acquire assets with significant upside, and/or repurchase shares.

ABOUT HEALTHPEAK PROPERTIES

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.

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