Kelvin O. Moses - Mar 1, 2025 Form 3 Insider Report for HEALTHPEAK PROPERTIES, INC. (DOC)

Role: EVP, Investments and PM
Signature: Carol Samaan, SVP, Legal (Attorney-In-Fact)
Stock symbol: DOC
Transactions as of: Mar 1, 2025
Transactions value $: $0
Form type: 3
Date filed: 3/3/2025, 05:01 PM
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	DOC	Common Stock						0	Mar 1, 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	DOC	LTIP Units							Mar 1, 2025	Common Stock	2.98K		Direct	F1, F2
holding	DOC	LTIP Units							Mar 1, 2025	Common Stock	9.34K		Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These LTIP Units represent the unvested portion of the original grant of restricted stock units in respect of shares of common stock of the Issuer that were previously granted to reporting person on February 9 2023, provided for time-based vesting, and were cancelled by Issuer on February 7, 2025 ("Cancelled RSUs") and replaced as described in footnote 2. The replacement award will vest on February 9, 2026, subject to continued service with the Issuer.
F2	Represents Cancelled RSUs that were replaced with an award of a class of units of membership interests in Healthpeak OP, LLC ("Healthpeak OP"), the operating subsidiary of Issuer, designated as LTIP Units intended to qualify as profits interests for U.S. federal income tax purposes, and which have the same vesting schedule as the corresponding Cancelled RSUs. Upon achieving equivalent capital account balance per unit and applicable vesting conditions, LTIP Units are convertible at the holder's election into common unit membership interests in Healthpeak OP ("Common Units"). Each Common Unit is redeemable, at holder's election, for cash equal to the fair market value of one share of Issuer's common stock or, at the option of Healthpeak OP, a share of Issuer's common stock on a 1:1 basis, and have no expiration date.
F3	These LTIP Units represent the unvested portion of the original grant of Cancelled RSUs (originally granted February 13, 2024), which were replaced as described in footnote 2. The replacement award will vest in two equal installments on each of February 13, 2026, and February 13, 2027, subject to continued service with the Issuer.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney