Sentences and paragraphs of DOC's Risk Factors and MD&A, 10-K 2026-02-03 against 10-K 2025-02-04.
Each links to the text at sec.gov.
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RewordedRisk Factors
If venture capital firms, private investors, the public markets, companies in the life science industry, the government, or other sources of funding are difficult to obtain or unavailable to support our tenants’ activities, including as a result of changes to regulatory policies and actions by the U.S. political administration (including those described earlier), general economic conditions or conditions, adverse market conditions conditions, or uncertainty that negatively impact our tenants’ ability to raise capital, our tenants’ business would be adversely affected or could fail.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
The FOMC may maintain not reduce the federal funds rate in the amounts or on the timeline currently anticipated, which could result in a higher federal funds rate for a longer period of time, or the FOMC may determine to raise the federal funds rate again, either of which would likely lead to higher short-term interest rates and the possibility of lower asset values, slowing economic growth and increasing the possibility of a recession.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
In recent periods, many of our costs, including labor costs, construction costs, borrowing, construction, labor, utilities, and other operating and administrative costs, have been adversely affected by macroeconomic trends, including higher interest rates, inflation, price volatility, declines in economic growth rates, and changes in unemployment. unemployment, among other factors.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
If our lab tenants’ businesses are adversely affected, they may fail be unable to make meet their rent payments financial obligations to us, us or expand within our properties, which could have a material adverse effect on our business, results of operations, and financial condition.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) a portion of two three lab development projects with total project costs of $83 $162 million, (ii) two outpatient medical development projects with total project costs of $62 $73 million, (iii) one outpatient medical two lab development project buildings held in a consolidated joint venture our unconsolidated Callan Ridge JV of which our share of total project costs was $22 $63 million, (iv) one a portion of two outpatient medical development projects with total project costs of $32 million, (v) two lab redevelopment building buildings held in one of our unconsolidated South San Francisco JVs of which our share of total project costs was $15 $26 million, (v) (vi) three lab redevelopment projects with total project costs of $23 million, (vii) a portion of two lab redevelopment projects with total project costs of $20 million, and (viii) one lab outpatient medical redevelopment project with total project costs of $14 million, (vi) a portion of one lab redevelopment project with total project costs of $13 million, and (vii) a portion of one lab redevelopment building held in one of our unconsolidated South San Francisco JVs of which our share of total project costs was $9 $12 million.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Transaction Transaction, merger, and merger-related items(3) restructuring-related costs(4) $ 25,520 $ 115,105 $ 13,835 $ 4,788 15,203 Other impairments (recoveries) and other losses (gains), net(4) net(5) (651) 9,381 (3,850) 3,829 Restructuring and severance-related charges(5) — 1,368 32,749 Casualty-related charges (recoveries), net(6) (1,594) 25,848 (4,033) 4,401 Recognition (reversal) of valuation allowance on deferred tax assets(7) — (11,196) (14,194) — Total adjustments $ 23,275 $ 139,138 $ (6,874) $ 45,767 FFO as Adjusted applicable to common shares $ 1,292,256 $ 1,231,868 $ 978,306 $ 940,933 Distributions on dilutive convertible units and other 18,192 16,061 9,402 9,326 Diluted FFO as Adjusted applicable to common shares $ 1,310,448 $ 1,247,929 $ 987,708 $ 950,259 FFO as Adjusted applicable to common shares $ 1,292,256 $ 1,231,868 $ 978,306 $ 940,933 Stock-based compensation amortization expense 14,410 15,543 14,480 16,537 Amortization of deferred financing costs and debt discounts (premiums) 31,907 28,974 11,916 10,881 Straight-line rents(8) (39,190) (41,276) (14,387) (49,183) AFFO capital expenditures (133,951) (115,784) (113,596) (108,510) CCRC Life plan community entrance fees(9) fees 53,805 53,697 43,453 22,095 Deferred income taxes 7,728 6,176 (816) (4,096) Amortization of above (below) market lease intangibles, net (36,747) (30,755) (25,791) (23,380) Other AFFO adjustments (6,650) (7,778) (9,335) 520 AFFO applicable to common shares 1,183,568 1,140,665 884,230 805,797 Distributions on dilutive convertible units and other 18,210 16,211 6,581 6,594 Diluted AFFO applicable to common shares(9) shares $ 1,201,778 $ 1,156,876 $ 890,811 $ 812,391
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
These events include include, but are not limited to to, the following, any of which could negatively impact our business: inflation; recession; interest rates; challenges in the financial markets; availability of private capital and changes funding in the life science industry; and actions by the U.S. political administration, which could administration and regulatory agencies that affect healthcare policy, life science research and innovation, labor supply, procurement and construction costs, and general economic conditions, among other things. conditions (such as budget reconciliation actions, tariff actions, changes in healthcare regulation, decreases in government funding and staffing, and immigration reform).
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, (ii) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, (iii) debt assumed as part of the Merger, including $1.25 billion aggregate principal amount of senior unsecured notes, $400 million aggregate principal amount of the 2028 Term Loan, and $128 million aggregate principal amount of mortgage debt, (ii) (iv) borrowings under the 2029 Term Loan, which closed in March 2024, and (iii) senior unsecured notes issued in January and May 2023, partially offset by lower (v) higher borrowings on under the commercial paper program. program, partially offset by:
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) higher net repayments borrowings under the commercial paper program, (ii) an increase in proceeds received from the issuances of senior unsecured notes, (iii) lower repurchases of common stock under our 2022 Share Repurchase Program, (iii) an increase in dividends paid on common stock, share repurchase programs, (iv) cash used lower distributions to buy out four redeemable noncontrolling interests in April 2024, and interests, (v) an increase in lower payments for deferred financing costs. costs, and (vi) higher contributions from noncontrolling interests.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) impairment charges associated with an asset impaired under the held for sale model that was recognized in 2024 and (ii) an increase a decrease in loan loss reserves under the current expected credit losses model, which is primarily due to (i) reserves recognized in 2024 on secured loans and mezzanine loans receivable acquired as part of the Merger. Merger, (ii) changes in operating performance and fair values of the underlying collateral of the Company’s loans receivable and (iii) recoveries related to loans repaid in 2025, partially offset by new and extended loans during 2024 and 2025.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) debt assumed as part of the Merger, including $1.25 billion aggregate principal amount of senior unsecured notes, $400 million aggregate principal amount of the 2028 Term Loan, and $128 million aggregate principal amount of mortgage debt, (ii) borrowings under the 2029 Term Loan, which closed in March 2024, and (iii) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes issued due 2035, which closed in January February 2025, (iv) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and May 2023, partially offset by lower (v) higher borrowings on under the commercial paper program. program;
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Year Ended December 31, 2025 2024 2023 2022 Net income (loss) applicable to common shares $ 70,513 $ 242,384 $ 304,284 $ 497,792 Real estate related depreciation and amortization 1,058,865 1,057,205 749,901 710,569 Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 50,110 44,961 24,800 27,691 Noncontrolling interests’ share of real estate related depreciation and amortization (16,511) (18,328) (18,654) (19,201) Loss (gain) on sales of depreciable real estate, net (69,488) (178,695) (86,463) (10,422) Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures — — 134 Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net — — 11,546 12 Loss (gain) upon change of control, net(1) — (77,548) (234) (311,438) Taxes associated with real estate dispositions(2) (335) 9,633 — 29 Impairments (recoveries) of depreciable real estate, net net(3) 175,827 13,118 — — Nareit FFO applicable to common shares 1,268,981 1,092,730 985,180 895,166 Distributions on dilutive convertible units and other 18,211 16,211 9,394 9,407 Diluted Nareit FFO applicable to common shares $ 1,287,192 $ 1,108,941 $ 994,574 $ 904,573 Impact of adjustments to Nareit FFO:
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) an increase in cash used for real estate asset acquisitions, (ii) a decrease in proceeds from sales of real estate, (ii) a reduction (iii) an increase in cash used for development and redevelopment of real estate, (iii) (iv) proceeds received from the Callan Ridge JV transaction, (iv) a reduction transaction in 2024, and (v) an increase in cash used for investments in unconsolidated joint ventures, and (v) a reduction in cash used for acquisitions of real estate. ventures.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) mezzanine and secured loans receivable acquired as part of the Merger and (ii) seller financing provided in connection with the disposition of 61 outpatient medical buildings during 2024, (ii) secured loans funded in 2024 and 2025, and (iii) mezzanine and secured loans receivable acquired as part of the Merger, partially offset by principal repayments on loans receivable in 2023 2024 and 2024. 2025.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Transaction and merger-related costs increased decreased for the year ended December 31, 2024 2025 primarily as a result of advisory, legal, accounting, tax, post-combination severance and stock compensation expense, and other higher costs of combining operations with Physicians Realty Trust that were in 2024 compared to 2025, partially offset by costs incurred in connection with the Merger, partially offset by: 2025 related to:
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
(i) cash paid in connection with the Merger, Merger in 2024, (ii) a decrease in proceeds from principal repayments on loans receivable and marketable debt securities, (iii) an increase in fundings of loans receivable, and (iv) a decrease in proceeds received from insurance recoveries. recoveries, and (iii) higher net repayments on loans receivable.
Read it in 10-K 2026-02-03 at sec.gov ↗