FOR	Our Board recommends a vote FOR each of the eight director nominees

Based on the recommendations of the Nominating and Corporate Governance Committee (the “Governance Committee”), our Board has nominated theour current eight directors identified on the following pages for election at the Annual Meeting to serve until the 20212024 annual meeting of stockholders and until their respective successors are elected and qualified or until their earlier death, resignation or removal. All of the nominees are current directors of the Company.Company who were previously elected to the Board by our stockholders, with the exceptions of Messrs. Brinker and Connor, who were appointed to our Board in October 2022 and March 2023, respectively. Each director nominee has agreed to be named in this proxy statement and to serve, if elected.

We have no reason to believe that any of theour nominees will be unable or unwilling to serve if elected. However, if any nominee is unable or unwilling for good cause to serve, the proxy holders may vote their shares for a substitute nominee or for the balance of our Board, leaving a vacancy, unless our Board chooses to reduce the number of directors serving on our Board.

Voting Standard Majority Voting and Director Resignation Policy MAJORITY VOTING AND DIRECTOR RESIGNATION POLICY Consistent with corporate governance best practices, our majority voting standard for director elections requires that a director nominee in an uncontested election receive a majority of the votes cast with respect to his or her election at the Annual Meeting (that is, the number of votes cast FOR the nominee must exceed the number of votes cast AGAINST the nominee) to be elected to our Board. Our Board believes that the majority vote standard in uncontested elections strengthens the director nomination process and enhances director accountability. We also have a director resignation policy in our Bylaws, which requires any nominee who fails to receive a majority of votes cast in an uncontested election to promptly submit his or her resignation from the Board. Our Board believes that the majority vote standard in uncontested elections strengthens the director nomination process and enhances director accountability. We also have a director resignation policy in our Bylaws, which requires any nominee who fails to receive a majority of votes cast in an uncontested election to promptly submit his or her resignation. The Governance Committee would then consider the resignation and make a recommendation to our Board on whether to accept it or whether other action should be taken. Our Board would then act on the resignation, taking into account the Committee’s recommendation, and would publicly disclose its decision, along with the rationale for such decision, within 90 days of certification of the election results. We believe this process provides critical accountability to stockholders. Our Board unanimously recommends a voteFOReach of the eight director nominees     2020 2023 PROXY STATEMENT 13 Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors Director Qualifications, Skills and Experience TheOur Governance Committee has determined that each of our director nominees possesses the qualifications, skills and experience to effectively oversee the Company’s long-term business strategy. The numbersmatrix below representindicates the number of our director nominees who possess each qualification, skill or experience. Core Competencies Our Board believes that all directors should possess certain core qualities that ensure their fitness to lead the Company, as described below.Company. We believe that each of our directors possesses the following skills:core attributes: Strategic Oversight experienceis essential to guiding our long-term business strategy. Stockholder AdvocacyGovernance supports our goals of strong Board and management accountability and alignment with stockholders’ interests. Leadership experienceis important for driving positive change and developing leadership qualities in others. Integrity and Ethicsare paramount for ensuring the sound reputation and operation of the Company. Additional Qualifications In addition to the core competencies noted above, our Board believes that the Company will be best served by directors with a wide array of talents and perspectives to drive innovation, promote critical thinking and enhance discussion. Each of the following additional qualifications meaningfully adds to our Board’s depth. S. BRINKER B. CARTWRIGHT K. SANDSTROM J. CONNOR C. GARVEY R. GRIFFIN JR. D. HENRY S. LEWIS Risk Oversight/Management Experienceis critical to our Board’s role in overseeing the risks facing the Company. ●  ●  ●  ● ● ● ● ●          Investment Expertise is important in evaluating our assets and portfolio as a whole. Human Capital Management Experienceis valuable in helping us attract, motivate and retain high-performing employees.   ● ● ● ● ● ● ● ●               Financial Expertise/Expertise and/or Literacyis valuable in understanding and overseeing our financial reporting and internal controls. ●  ●  ●  ●  ●  ●  ●  ●  Human Capital Management Experience is valuable in helping us attract, motivate and retain high-performing employees.                 Public Company Board Experience provides essential comparison points for operations and governance.                 REIT/Real Estate Experienceis helpful for understanding the Company’s strengths and challenges specific to the real estate investment trust (“REIT”) and real estate industries. ● ● ● ● ● ● ●                 ESG Experience helps support the Board’s oversight of the Company’s long-term environmental, social and governance strategy and initiatives. Public Company Board/Committee Experienceprovides essential comparison points for operations and governance.   ● ● ● ● ● ● ●               Investment Expertiseis important in evaluating our assets and portfolio as a whole. ● ● ● ● ● ● ● Public Company Executive Experiencesupports our management team through relevant advice and leadership. ● ● ● ● ● Legal/Regulatory Experienceis relevant for ensuring oversight of management’s compliance with U.S. Securities and Exchange Commission (“SEC”), New York Stock Exchange (“NYSE”) and other regulatory requirements. ● ● ● ● ● Healthcare Industry Experienceis important for understanding the Company’s strengths and challenges specific to the healthcare industry. ●  ●             Public Company Executive Experience supports our management team through relevant advice and leadership.             Legal/Regulatory Experience is relevant for ensuring oversight of management’s compliance with SEC, New York Stock Exchange (“NYSE”) and other regulatory requirements.           Cybersecurity Oversight Experience contributes to the Board’s understanding and oversight of the Company’s cybersecurity and information technology risks.           14       HEALTHPEAK PROPERTIES     14 HEALTHPEAK PROPERTIES Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors Director Nominees ThomasDIRECTOR SINCE: 2022 COMMITTEES: NONE Scott M. Herzog, 57  Brinker, 46, President and Chief Executive Officer, Director Professional ExperiencePROFESSIONAL EXPERIENCE ●Healthpeak’s President, Chief Executive Officer and a member of the Board since October 2022, President and Chief Investment Officer from January 2017,2020 to October 2022, and Executive Vice President and Chief FinancialInvestment Officer from June 2016March 2018 to December 2016,2019. ●   Executive Vice President and Chief Financial Officer from April 2009 to May 2011. ●Chief FinancialInvestment Officer of UDR,Welltower Inc. (NYSE: UDR)WELL), a multifamilyhealthcare REIT, from July 2014 to January 20132017, and Executive Vice President – Investments from February 2012 to June 2016. July 2014. OTHER CURRENT PUBLIC COMPANY BOARDS ●Chief Financial Officer at Apartment Investment and Management Company (NYSE: AIV), a multifamily REIT, from 2005 to 2009 and Chief Accounting Officer from 2004 to 2005. ●Chief Accounting Officer & Global Controller and Finance Technical Advisor roles for GE Real Estate from 2000 to 2004. ●Deloitte & Touche LLP audit department for 10 years, including a 2-year national office assignment in the real estate group. ●Former Director at Tier REIT, Inc. (NYSE: TIER), from 2015 to 2019. Other Current Public Company Boards ●None DIRECTOR SINCE2017 HEALTHPEAK COMMITTEES None Qualifications QUALIFICATIONS Mr. HerzogBrinker brings to our Board extensive executive experience in the healthcare REIT industry gained from his leadership roles at Healthpeak and two otheranother publicly traded REITs.REIT. His knowledge of the Company’s daily operations and strategy as our President and Chief Executive Officer and former role as Chief FinancialInvestment Officer, anas well as his extensive backgroundand diverse experience in investments, business development, underwriting, asset management, capital markets, investor relations, corporate finance, and real estate transactions, as well as an industry-wide relationships and perspective, all contribute to the leadership, implementationleading our Company and execution ofexecuting our business strategy. Risk Oversight/Management       Investment Expertise Financial Expertise and/or Literacy Human Capital Management REIT/Real Estate ESG Healthcare Industry Public Company Executive Legal/Regulatory   Financial Expertise/ LiteracyCybersecurity Oversight   Investment Expertise REIT/Real Estate   Public Company Board/Committee Healthcare Industry Human Capital Management   DIRECTOR SINCE: 2013COMMITTEES: GOVERNANCE Brian G. Cartwright 72  , 75, Independent Chairman of the Board Professional ExperiencePROFESSIONAL EXPERIENCE ●General Counsel of the U.S. Securities and Exchange CommissionSEC from 2006 to 2009. ●Senior Advisor at Patomak Global Partners, LLC, a regulatory consulting firm, since 2012. ●Senior Advisor at the law firm of Latham & Watkins LLP from 2009 to 2011. Partner, serving in various senior management positions, including as a member of its Executive Committee, from 1988 to 2005. ●Law clerk to Associate Justice Sandra Day O’Connor, United States Supreme Court from 1981 to 1982. ●Vice Chair of the Board of Trustees of the Pacific Legal Foundation, a nonprofit provider of legal services, since 2012. 2021, and in various capacities as a member of the Board of Trustees, including as Vice Chair, since 2011. ●Former Director at Investment Technology Group (formerly NYSE: ITG), from 2016 to 2019. Other Current Public Company BoardsOTHER CURRENT PUBLIC COMPANY BOARDS ●None DIRECTOR SINCE2013 HEALTHPEAK COMMITTEES Governance (Chair) Qualifications QUALIFICATIONS Mr. Cartwright brings to our Board unparalleled and distinguished corporate governance, regulatory and legal experience, having previously served as General Counselgeneral counsel of the SEC, which provides valuable insight in his role as the Chairman of our Board. His legal background and experience managing a large professional services firm provides our Board with considerable expertise regarding comprehensive issues faced by public companies. Additionally, Mr. Cartwright has extensive experience with accounting and auditing issues from his time with Latham & Watkins LLP and at the SEC. Risk Oversight/Management       Legal/RegulatoryInvestment Expertise       Financial Expertise/Expertise and/or Literacy       Human Capital Management Public Company Board/Committee Investment ExpertiseBoard   Human Capital ManagementESG   Healthcare Industry   Legal/Regulatory     2020 2023 PROXY STATEMENT 15 Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors DIRECTOR SINCE: 2018 COMMITTEES: COMPENSATION, GOVERNANCE (CHAIR) Katherine M. Sandstrom, 54, Independent Vice Chair of the Board PROFESSIONAL EXPERIENCE ●   Advisor to Heitman LLC from July 2018 to March 2019. ●   Senior Managing Director and global head of Heitman LLC’s Public Real Estate Securities business from 2013 to 2018. ●   Several senior leadership positions at Heitman LLC across multiple facets of the institutional real estate investment industry. ●   Member of Global Management Committee, the Board of Managers and the Allocation Committee while at Heitman LLC. ●   Certified Public Accountant. OTHER CURRENT PUBLIC COMPANY BOARDS ●   EastGroup Properties, Inc. (NYSE: EGP) ●   Urban Edge Properties (NYSE: UE) QUALIFICATIONS Ms. Sandstrom brings to our Board more than 20 years of real estate finance and investment experience. She has extensive background overseeing buy-side investment teams for REIT securities, strategies and assets. Ms. Sandstrom’s background as a senior executive at Heitman LLC is beneficial in her role as a member of the Compensation Committee and Chair of the Governance Committee. Risk Oversight/Management Investment Expertise Financial Expertise and/or Literacy Human Capital Management Public Company Board REIT/Real Estate DIRECTOR SINCE: 2023COMMITTEES: NONE James B. Connor, 64, Independent Director PROFESSIONAL EXPERIENCE ●   Chairman and Chief Executive Officer of Duke Realty Corporation (formerly NYSE: DRE), a REIT, from April 2017 until the company’s acquisition by Prologis, Inc. (NYSE: PLD) in October 2022. President and Chief Executive Officer from January 2016 to April 2017, Senior Executive Vice President and Chief Operating Officer from 2013 to 2015, Senior Regional Executive Vice President from 2011 to 2013, Executive Vice President Midwest Region from 2003 to 2010, and Senior Vice President from 1998 to 2003. ●   Various executive and brokerage positions at Cushman & Wakefield from 1981 to 1998, most recently as Senior Managing Director for the Midwest area. ●   Former First Vice Chair of the Executive Board of National Association of Real Estate Investment Trusts (“Nareit”). ●   Member of the Real Estate Roundtable. ●   Member of the Society of Industrial and Office Realtors (SIOR). ●   Vice Chair of the Board of Trustees of Roosevelt University in Chicago and on the Advisory Board of the Marshall Bennett Institute of Real Estate at Roosevelt University. OTHER CURRENT PUBLIC COMPANY BOARDS ●   EPR Properties (NYSE: EPR) ●   Prologis, Inc. (NYSE: PLD) QUALIFICATIONS Mr. Connor brings to our Board business administration, capital markets, corporate development, corporate governance, human capital, investor relations, marketing, public company and sustainability expertise gained from his leadership roles at another publicly traded REIT for more than 20 years, most recently as its chairman of the board and chief executive officer, and more than 15 years of additional experience in commercial real estate. Risk Oversight/Management Investment Expertise Financial Expertise and/or Literacy Human Capital Management Public Company Board REIT/Real Estate ESG Public Company Executive Cybersecurity Oversight 16 HEALTHPEAK PROPERTIES Table of Contents Proposal 01: Election of Directors DIRECTOR SINCE: 2007COMMITTEES: AUDIT, COMPENSATION, INVESTMENT Christine N. Garvey 74  , 77, Independent Director PROFESSIONAL EXPERIENCE Professional Experience●    ●Global Head of Corporate Real Estate Services at Deutsche Bank AG from 2001 to 2004. ●Vice President, Worldwide Real Estate and Workplace Resources at Cisco Systems, Inc. from 1999 to 2001. ●Group Executive Vice President at Bank of America from 1992 to 1998. ●Former Director of MUFG Americas Holdings Corporation (formerly UnionBanCal Corporation), from 2007 to 2018. ●Former Director at ProLogis, Inc. (NYSE: PLD), a REIT, and its predecessors from September 2005 to 2017. 2017, and former Director at Catellus Development Corporation (formerly NYSE: CDX) from 1995 until its acquisition by ProLogis in 2005. ●Former Director at MPG Office Trust, Inc., from 2008 to 2013. ●Former Director at Hilton Hotels Corporation (NYSE: HLT), from 2005 to 2007. OTHER CURRENT PUBLIC COMPANY BOARDS Other Current Public Company Boards●    ●Toll Brothers, Inc. (NYSE: TOL) DIRECTOR SINCE2007 HEALTHPEAK COMMITTEES Compensation (Chair), Governance Qualifications QUALIFICATIONS Ms. Garvey brings to our Board significant operational expertise and a global business approach from her extensive executive real estate background. She also offers a valuable perspective gained through her service as a director and committee member of other NYSE-listed companies, which provides strategic insight in her role as Chair of the Compensation Committee and a member of the Governance Committee.Audit Committee, Compensation Committee and the Investment and Finance Committee (the “Investment Committee”). Risk Oversight/Management       Public Company Board/CommitteeInvestment Expertise       Financial Expertise/Expertise and/or Literacy       Human Capital Management Public Company Board REIT/Real Estate ESG Healthcare Industry Public Company Executive Investment Expertise   Human Capital ManagementLegal/Regulatory   Legal/RegulatoryCybersecurity Oversight   REIT/Real Estate DIRECTOR SINCE: 2018COMMITTEES: AUDIT (CHAIR), INVESTMENT R. Kent Griffin, Jr.Jr., 50  53, Independent Director PROFESSIONAL EXPERIENCE Professional Experience●    ●Managing Director of PHICAS Investors since June 2016. ●President, Chief Operating Officer and Chief Financial Officer of BioMed Realty Trust, Inc. (formerly NYSE: BMR) from March 2006 to February 2015. ●Senior Vice President, investment banking division, Raymond James & Associates, Inc. from 2003 to 2006. ●Associate, investment banking division, J.P. Morgan Securities, Inc. from 1998 to 2003. ●Auditor, Arthur Andersen, LLP from 1992 to 1997. ●Member of the Board of Advisors at Pilot Mountain Ventures. ●Former Chairman and current member of the Board of Directors for Charleston Waterkeeper (nonprofit). ●   Chairman of the Board of Directors for Coastal Conservation League (nonprofit). ●   Member of Audit & Finance Committee for the Charleston Waterkeeper. County School District. Other Current Public Company Boards●    Former Director at Tier REIT, Inc. (NYSE: TIER), from 2017 to 2019. OTHER CURRENT PUBLIC COMPANY BOARDS ●Cousins Properties Inc. (NYSE: CUZ) DIRECTOR SINCE2018 HEALTHPEAK COMMITTEES Audit (Chair), Investment Qualifications QUALIFICATIONS Mr. Griffin brings to our Board extensive real estate and corporate finance experience gained from his leadership roles, currently at PHICAS as a managing director and previously as the President, COOpresident, chief operating officer and CFOchief financial officer of BioMed Realty Trust, Inc. Mr. Griffin leverages his experience as an auditor at a major public accounting firm in his role as Chair of the Audit Committee, as well as his investment banking and corporate finance experience in his role as a member of the Investment and Finance Committee (the “Investment Committee”).Committee. Risk Oversight/Management      Public Company Board/Committee Investment Expertise       Financial Expertise/Expertise and/or Literacy       Human Capital Management Public Company Board REIT/Real Estate ESG Healthcare Industry Public Company Executive Investment Expertise   Human Capital Management Legal/Regulatory   REIT/Real EstateCybersecurity Oversight   Healthcare Industry   Legal/Regulatory 16       HEALTHPEAK PROPERTIES     2023 PROXY STATEMENT 17 Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors DIRECTOR SINCE: 2004 COMMITTEES: AUDIT,INVESTMENT (CHAIR), GOVERNANCE David B. Henry 71  , 74, Independent Director Professional ExperiencePROFESSIONAL EXPERIENCE ●Chief Executive Officer of Kimco Realty Corporation (NYSE: KIM), a REIT, from November 2009 and Vice Chairman from May 2001, until his retirement from both positions in January 2016. President from November 2008 to August 2014. ●Various positions, including Senior Vice President and Chief Investment Officer of GE Capital Real Estate and Chairman of GE Capital Investment Advisors from 1978 to 2001. ●Director of Fairfield County Bank, a private Connecticut mutual savings bank,bank; Pine Tree, LLC, a private real estate company; and Starwood Real Estate Income Trust, a non-traded REIT. ●Serves on the real estate advisory boards of New York University, Bucknell College, Grupo Patio, Baruch College and Alto Real Estate Funds. ●Co-founder and director of Peaceable Street Capital, a private specialty finance company. ●Former Vice-Chairman of the Board of Governors, National Association of Real Estate Investment Trusts (Nareit). Nareit. ●Former member of the Executive Board of the Real Estate Roundtable. ●Former Trustee and Chairman of International Council of Shopping Centers (ICSC). Other Current Public Company Boards●    Former Director at VEREIT, Inc. (formerly NYSE: VER), from 2015 until its merger in 2021. ●Former Director at Columbia Property Trust, Inc. (formerly NYSE: CXP), from 2016 until its merger in 2021. OTHER CURRENT PUBLIC COMPANY BOARDS ● Tanger Factory Outlet Centers, Inc. (NYSE: SKT) ●Columbia Property Trust (NYSE: CXP) ●VEREIT, Inc. (NYSE: VER) DIRECTOR SINCE2004 HEALTHPEAK COMMITTEES Investment (Chair), Governance Qualifications QUALIFICATIONS Mr. Henry’sHenry brings to our Board substantial real estate investment experience gained from his management of real estate investments for significant public companies for more than 30 years, most recently as the former CEOchief executive officer and vice chairman of a publicly traded REIT, which provides our Board with a comprehensive understanding of the REIT industry and valuable insight as Chair of the Investment Committee and a member of the Audit Committee and Governance Committee. Risk Oversight/Management       Public Company Board/Committee Investment Expertise       Financial Expertise/Expertise and/or Literacy       Human Capital Management Public Company Board REIT/Real Estate ESG Healthcare Industry Public Company Executive Investment Expertise   Human Capital Management   REIT/Real Estate   Lydia H. Kennard, 65  Independent Director Professional Experience ●President and Chief Executive Officer of KDG Construction Consulting since June 2011. ●Principal of Airport Property Ventures, LLC since September 2007. ●Deputy Executive Director from 1994 to 1999 and Executive Director from 1999 to 2003 and 2005 to 2007 of Los Angeles World Airports. ●Founder and President of KDG Construction Consulting from 1980 to 1994. Other Current Public Company Boards ●Prologis, Inc. (NYSE: PLD) ●Freeport-McMoRan, Inc. (NYSE: FCX) DIRECTOR SINCE2018 HEALTHPEAK COMMITTEES Audit, Compensation Qualifications Ms. Kennard brings to our Board more than 30 years of executive and operational experience in real estate development and construction management. Additionally, having served on multiple company boards, she adds critical insights into operational requirements and challenges faced by public companies in her roles as a member of the Audit and Compensation Committees. 18 Risk Oversight/ Management Financial Expertise/ Literacy Public Company Board/Committee REIT/Real Estate Human Capital Management Legal/Regulatory HEALTHPEAK PROPERTIES   2020 PROXY STATEMENT       17 Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors DIRECTOR SINCE: 2019COMMITTEES: COMPENSATION (CHAIR), GOVERNANCE Sara G. Lewis 52   , 55, Independent Director PROFESSIONAL EXPERIENCE Professional Experience●    ●Founder and Chief Executive Officer of Lewis Corporate Advisors, LLC from 2009 to 2018. ●Executive Vice President and Chief Financial Officer of Washington Real Estate Investment Trust (NYSE: WRE) from 2002 to 2009, and Managing Director, Finance and Capital Markets from 2001 to 2002. ●Vice President, Finance and Investor Relations of Corporate Office Properties Trust (NYSE: OFC) from 1999 to 2001. ●Board Leadership Fellow of National Association of Corporate Directors since 2012. 2012; Directorship 100 recipient in 2017. ●Member of the Board of Trustees of The Brookings Institution since 2016. 2016, as well as a member of the Executive Committee and Chair of the Governance Studies Council, Vice Chair of the Audit Committee, and member of the Investment Committee and Budget & Finance Committee. ●Member of the Leadership Board and Corporate Governance Working Group of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness since 2015. 2015, as well as a member of the ESG Working Group. ●Delegate for the Advisory Council for Risk Oversight for the National Association of Corporate Directors. ●   Member of the Audit Committee Council of the Center for Audit Quality. ●   Member of the Board of Directors for Everside Health Group, Inc., a private health centers service group, since 2021. ●   Former member of the Public Company Accounting Oversight Board Standing Advisory Group. Group, from 2015 to 2017. ●Former Director at Sun Life Financial, Inc. (NYSE: SLF), from 2014 to 2021. ●   Former Director at PS Business Parks, Inc. (formerly NYSE: PSB) from 2010 to 2019. ●   Former Director at Adamas Pharmaceuticals, Inc. (formerly Nasdaq: ADMS) from 2014 to 2016. ●   Former Director at Plum Creek Timber Company, Inc. (formerly NYSE: PCL) from 2013 until its merger with Weyerhaeuser Company in 2016. ●   Former Director at CapitalSource, Inc. (formerly NYSE: CSE) from 2004 until its acquisition in 2014. ●   Certified Public Accountant and Chartered Financial Analyst. OTHER CURRENT PUBLIC COMPANY BOARDS Other Current Public Company Boards●    ●Sun Life Financial,Freeport-McMoRan, Inc. (NYSE: SLF) FCX) ●WeyerhauserWeyerhaeuser Company (NYSE: WY) DIRECTOR SINCE2019 HEALTHPEAK COMMITTEES Audit, Compensation Qualifications QUALIFICATIONS Ms. Lewis brings to our Board a decade19 years of boardroom experience and more than 2030 years of corporate finance and capital markets experience. She has served on several public company boards, including as Audit Committee Chair.chair, Compensation Committee chair, Governance Committee chair, and presiding director. Ms. Lewis has been part of the executive teams of several public real estate investment trusts, including as a chief financial officer, which complement her role as Chair of the Compensation Committee and a member of the Audit Committee and CompensationGovernance Committee. Risk Oversight/Management       Financial Expertise/LiteracyInvestment Expertise       Financial Expertise and/or Literacy Human Capital Management Public Company Board REIT/Real Estate ESG Healthcare Industry Public Company Executive   REIT/Real Estate Human Capital ManagementLegal/Regulatory   Investment ExpertiseCybersecurity Oversight   Public Company Board/Committee Legal/Regulatory Katherine M. Sandstrom, 51   Independent Director Professional Experience ●Advisor to Heitman LLC from July 2018 to March 2019. ●Senior Managing Director and global head of Heitman LLC’s Public Real Estate Securities business from 2013 to 2018. ●Several senior leadership positions at Heitman, LLC across multiple facets of the institutional real estate investment industry. ●Member of Global Management Committee, the Board of Managers and the Allocation Committee while at Heitman LLC. ●Certified Public Accountant. Other Current Public Company Boards ●None DIRECTOR SINCE2018 HEALTHPEAK COMMITTEES Audit, Compensation, Investment Qualifications Ms. Sandstrom brings to our Board more than 20 years of real estate finance and investment experience. She has extensive background overseeing buy-side investment teams for REIT securities, strategies and assets, which complements her role as a member of the Investment Committee. Ms. Sandstrom’s background as a senior executive at Heitman LLC is beneficial in her role as a member of the Compensation Committee. Risk Oversight/Management Human Capital Management Financial Expertise/Literacy REIT/Real Estate Investment Expertise 18       HEALTHPEAK PROPERTIES     2023 PROXY STATEMENT 19 Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors Board Effectiveness and Strategic Evolution Board Effectiveness and Strategic Evolution Our Board believes that improving its effectiveness is an ongoing and integrated process that requires thoughtful planning, evaluation, recruitment and rotation.orderly refreshment. Our Board continues to evolve and adapt in order to drive the Company’s strategic direction. This ongoing process includes:is outlined below. Director Selection       Onboarding and Education       Board Self-Evaluation Board Composition and Refreshment 01 Director Selection Identifying and Evaluating Director Nominee Candidates The Governance Committee considers a variety of factors when reviewing potential nominees for our Board, including: ● Personal and professional integrity, ethics and values; ● Experience in our industry orand other industries relevant to our operations, such as real estate, REITs, healthcare, ordevelopment and corporate finance; ● Experience with relevant legal, regulatory and policy concerns; ● Experience as a board member of other public companies; ● The ability and willingness to commit adequate time to our Board and its committees; ● Experience in corporate management, such as serving as an officer or former officer of a publicly held company; ● Whether the individual’s skills and personality relative towill complement and supplement those of the other members (and potential members) of our Board and are likely to be conducive to building a Board that is effective, collegial and responsive to the needs of the Company; ● Expertise in an area of Healthpeak’s operations, such as financing strategy, risk management or human capital management; ● Practical and mature business judgment; and ● Independence from usmanagement and lack of relationships with our other directors and employees. In addition to the criteria noted above, the DIVERSITY The Governance Committee also considers diversity in gender, race, age, ethnicity, national origin and professional and personal experience when reviewing potential director nominees, and strives to create diversity in perspectiveperspectives on our Board as a whole, when identifying and selecting nominees. On an annual basis, as part of our Board’s self-evaluation, our Board assesses whether its diversity, which it views as a critical component to its effectiveness, is appropriate. DIVERSITY The Governance Committee considers potential director nominees recommended by various sources, including Board members, stockholders and senior management. The Committee may also hire a search firm. The Committee will consider director candidates properly recommended by stockholders in the same manner as recommendations received from other sources. For a description of the process for stockholders to recommend or nominate directors, see “Other Matters—20212024 Stockholder Proposals, Director Nominations and Director Nominations.Candidate Recommendations.” The Chair of the Governance Committee, or a member designated by the Chair, is responsible for overseeing the search and interview process. The Committee will provide progress updates to our Board and will meet to consider and recommend final director candidates to the entire Board. Our Board then determines, taking into account the recommendation of the Committee, which candidates to appoint to our Board or nominate or elect to fill a vacancy.for election by our stockholders. 2019 Director Candidate Search In 2019,2022, the Governance Committee engaged an independent director search firm to assist in identifying and evaluating potential director candidates. The firm aided the Committee incandidates, including establishing director nominee criteria identifying and corresponding with potential director candidates, evaluating the candidates’ credentials, and facilitating conversations between potential director candidates and management and other memberscredentials. As a result of our Board. At the direction ofthis engagement, the Committee the search firm focused on candidates who exhibitidentified Mr. Connor as a depth of skillsdirector candidate, and experience that align with our business strategy and demonstrate diversity in professional and personal experience, as well as gender, age, ethnicity, or national origin. Ms. Lewis was recommended by the independent search firm and, following interviews by the Committee, other members of the Board and senior management, the Committee recommended, and our Board appointed Ms. Lewis as an independent director.   2020 PROXY STATEMENT       19 Table of ContentsMr. Connor in March 2023. PROPOSAL 1: ELECTION OF DIRECTORS Nominee Independence Considerations Our Board has determined that all non-employee director nominees are independent according to NYSE listing standards. For a director to be considered independent under NYSE rules, our Board must affirmatively determine that the director has no direct or indirect material relationship with us (either directly or as a partner, stockholder or officer of an organization that has a relationship with 20 HEALTHPEAK PROPERTIES Table of Contents Proposal 01: Election of Directors us), with certain types of relationships automatically disqualifying the director as independent. Our Board annually evaluates the independence of each non-employee director by considering any matters that could affect the director’s ability to exercise independent judgment in carrying out his or her responsibilities. This evaluation includes any transactions or relationships between the director, members of his or her family and organizations with which that director or family members have an affiliation, on the one hand, and us, our subsidiaries and management, on the other hand. Based upon its most recent review, our Board affirmatively determined that each of Mses. Garvey, Kennard, Lewis and Sandstrom and Messrs. Cartwright, Connor, Griffin and Henry is independent under the rules of the NYSE. Our Board also affirmatively determined that Ms. Lydia Kennard was independent for the portion of 2022 during which she served as a director. We refer to these directors for whom we have affirmatively determined independence under NYSE rules as the “Independent Directors.” Our only non-independent director is our President and CEO, Thomas Herzog. In addition, our Board determined that each of Messrs. Rhein and Sullivan was independent under the rules of the NYSE during his respective service on our Board in 2019 prior to retirement.Scott Brinker. In making its director independence determinations, our Board considered Mr. Rhein’s service as a non-employee director of Cohen & Steers, Inc., whose wholly-owned subsidiary, Cohen & Steers Capital Management, Inc., manages mutual funds that in the aggregate owned approximately 4.8% of our common stock as of December 31, 2018, and affirmatively determined that Mr. Rhein was an independent director for the period he served as a director. Proxy Access Our Board has implemented a proxy access provision in our Bylaws which permitspermit a stockholder, or group of up to 25 stockholders, owning at least 3% of our sharesoutstanding common stock continuously for three years to nominate up to the greater of two directors or a number of directors constituting up to 20% of our Board for inclusion in our proxy materials for an annual meeting of stockholders, subject to complying with the requirements contained in our Bylaws. For more information on using proxy access to nominate directors, see “Other Matters—20212024 Stockholder Proposals, Director Nominations and Director Nominations.Candidate Recommendations.” 25 3% 3 20% A stockholder or Up to a group of up to 25 stockholders Owning at least 3% of our shares Continuously for 3 years May nominate the greater of 2 NOMINEES OR 25 STOCKHOLDERS 3% OF OUR SHARES 3 YEARS two nominees or 20% OF OUR BOARD of our Board 02 Onboarding and Education Continuous Education and Exposure to Best Practices When a new director joins our Board, management and the existing Board members provide an orientation to familiarize the new director with the Company’s strategy, business and policies. This orientation typically includes meetings between the new director and senior management to review the Company’s strategy, business plan and risk profile, as well as providing the new director with background material on the Company. We also encourage directors to attend director education programs relating to board responsibilities, corporate governance and/or substantive matters relevant to the Company. We provide a list of upcoming educational programs and conferences to our directors every quarter and reimburse all fees, costs and expenses of attendance. In 2019, several of our directors attended director education events covering topics including corporate governance, managing stakeholder interests, and committee responsibilities, among other topics.   20       Onboarding and orientation: HEALTHPEAK PROPERTIES  When a director joins our Board, management and the existing Board members provide an orientation to familiarize the new director with the Company’s strategy, business and policies. This orientation typically includes meetings between the new director and senior management to review the Company’s strategy, business plan and risk profile, as well as providing the new director with background material on the Company.   Deep dives and meaningful engagement: Throughout the year, our management team, as well as outside advisors, present to the Board on substantive topics that affect our business and relate to our strategy. During our regular quarterly Board meetings, our directors meet with members of management, including emerging leaders and high-performing employees, to receive additional insight on our operations. During 2022, our directors received legal, corporate governance, executive compensation, ESG and cybersecurity updates from outside and internal subject matter experts.   Educational memberships and events: We encourage directors to attend director education programs relating to board responsibilities, corporate governance and/or substantive matters relevant to the Company. We provide a list of upcoming educational programs and conferences to our directors every quarter and reimburse all fees, costs and expenses of attendance. In addition, each director is provided with membership in the National Association of Corporate Directors, which provides continuing education programming for directors. In 2022, several of our directors attended director education events covering topics including corporate governance, ESG and cybersecurity, among other topics.   Governance policymaking: Certain of our directors are actively involved in shaping policy around corporate governance. For example, Ms. Lewis, our Compensation Committee Chair and a member of our Governance Committee, is a member of the Leadership Board, Corporate Governance Working Group and ESG Working Group of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness.   2023 PROXY STATEMENT 21 Table of Contents PROPOSAL 1: ELECTION OF DIRECTORSProposal 01: Election of Directors 03 Board Self-Evaluation Self-Evaluation Process Our Board conducts an annual self-assessment aimed at enhancing its effectiveness. Through evaluation, ourOur directors review areas where they feel our Board functions effectively and, importantly, areas where our Board believes there are opportunities for improvement, including through ongoing and orderly Board refreshment. Self-Evaluation Action Items Our Board took the following actions in response to the 2019 and 2020 Board self-evaluations, reflecting our Board’s commitment to refreshment and improvement: ● Engaged an independent director search firm to assist in identifying and evaluating diverse director candidates. ● Appointed a new female independent Board member, adding to the skills and experience on our Board in furtherance of our strategic priorities. Director Refreshment Mandatory Retirement Age Policy As part of our Board’s commitment to refreshment, the Board adopted a mandatory director retirement age of 75. Directors will not be nominated for election or appointed to the Board if they are or would be 75 years old or older at the time of their election or appointment. Additionally, directors are required to retire from the Board at the first annual meeting of stockholders following the director’s 75thbirthday. On the recommendation of the Governance Committee, the Board, by majority vote and on an annual basis, may waive the mandatory retirement age if the Board deems such waiver to be in the best interests of the Company. Since 2017, we have refreshed a majority of our Board, with two directors retiring in 2019, resulting in a reduction of our average director tenure to approximately 5 years.     2020 PROXY STATEMENT       21 22 HEALTHPEAK PROPERTIES Table of Contents Proposal 01: Election of Directors 04 Board Composition and Refreshment Board Composition, Committee Rotation and Refreshment Board Composition and Committee Rotation The Governance Committee periodically assesses our directors’ skills, experience and perspectives in the context of the Board’s overall composition, as well as the current and future needs of the Company and the Board. Among other matters, the Committee considers the results of its annual self-assessments for the Board and its committees when regularly reviewing Board leadership and committee composition. In considering Board composition and leadership, the Board balances the benefits derived from continuity and experience, as well as the benefits derived from fresh viewpoints and perspectives. By periodically rotating committee composition, our directors gain a comprehensive understanding of different aspects of our business. Considering our Company’s portfolio transformation, strategic direction and enhanced focus on corporate governance, human capital management and ESG, as well as director refreshment and scheduled retirements under our director term limit policy, our Board conducted a comprehensive review of its composition and structure and made the following updates in 2022: ● Ms. Sandstrom was appointed as our independent Vice Chair of Directorsthe Board and Corporatebecame Chair of the Governance Committee, rotating off the Audit and Investment Committees. Ms. Sandstrom was appointed to the newly created Vice Chair role to assist our Board in planning for future Board leadership roles and succession, as well as refreshment. As Vice Chair, she lends her significant institutional real estate investment experience to the Board to help guide us in advancing our strategic growth initiatives and development platform. ● Ms. Garvey joined the Audit and Compensation Committees, bringing her financial expertise to the Audit Committee and human capital management experience to the Compensation Committee, and rotated off the Governance Committee. ● Mr. Henry joined the Audit Committee, bringing his financial expertise to that Committee. Refreshment Director Retirement Policy Our Board believes that our directors develop an understanding of the Company and an ability to work effectively as a group over time. Accordingly, our Board places value on year-over-year continuity. At the same time, the Board believes that director refreshment is important to help ensure that Board composition is aligned with the needs of the Company as our business evolves. The Board has strategically reviewed our director retirement policy over time as part of its ongoing commitment to refreshment. As a result of this review, our Board adopted a 15-year director term limit policy in 2020 in place of its prior age 75 retirement policy. ● Our 15-year term limit policy allows us to continue orderly Board refreshment while allowing for a cohesive Board and diversity of skills, experiences and tenures. ● Under the 15-year term limit policy, directors will not be nominated for election or appointed to the Board at any annual meeting of stockholders following the calendar year in which they have attained 15 years of service on the Board. On the recommendation of the Governance Committee, the Board, by majority vote and on an annual basis, may waive the term limit if the Board deems such waiver to be in the best interests of the Company. ● At the time that our Board adopted the 15-year term limit policy in 2020, it determined that it would be appropriate to continue to apply the former retirement age policy to Mr. Henry until his scheduled retirement from the Board in 2024. ● In addition, in 2023, our Board determined that it would be appropriate to waive the 15-year term limit requirement for Ms. Garvey to allow her to continue as a director until the 2024 annual meeting of stockholders to allow for an orderly transition in light of Ms. Kennard’s departure from the Board in 2022 and the appointment of a new director in 2023. Our current average director tenure is 7 years, and our current median director tenure is 5 years. 63% 7 years 5 years Of Board Refreshed Since 2018 Average Director Tenure Median Director Tenure 2023 PROXY STATEMENT 23 Table of Contents Board Roles and Responsibilities Corporate Governance Board and Stockholder Meeting Attendance Our Board’s primary responsibility is to oversee the long-term health and success of our business on behalf of stockholders. In order to effectively carry out that duty to stockholders, our Board commits a substantial amount of time and attention throughout the year to the most significant aspects of our business. Directors are expected to, and do, ask challenging questions of management. Our policy is that directors should make every effort to attend all meetings of our Board and the annual meeting of stockholders, as well as all meetings of Board committees for which they are members. Our directors are committed to their responsibilities and are highly engaged, as demonstrated by the averagetheir attendance of our director nominees at Board and committee meetings in 2019 of 98%. No director attended less than 75%100% of the aggregate number of meetings of our Board and the committees on which the director served during the period of his or her service in 2019.2022. All of our then-serving directors nominated for election atattended the 20192022 annual meeting of stockholders attendedstockholders. We value the annual meeting.experience our directors bring from other boards on which they serve, but we also recognize that those boards may present demands on a director’s time and availability. Under our overboarding policy set forth in our Corporate Governance Guidelines, which are reviewed by the Governance Committee annually, directors may not serve on the board of directors of more than four other public companies, and our President and CEO may not serve on the board of directors of more than two other public companies. Board Effectiveness: Underscored by Engagement 100% 100% 9 100% 13 2022 Annual Meeting Attendance by Directors Board Meeting Attendance in 2022 Total Board Meetings in 2022   Committee Meeting Attendance in 2022 Total Committee Meetings in 2022 2019 BOARD AND COMMITTEE MEETING ATTENDANCE 2019 ANNUAL STOCKHOLDER MEETING ATTENDANCE 100%                                              Corporate Governance Highlights We are committed to sustainable corporate governance practices that promote long-term value creation, transparency and accountability tofor our stockholders. Based on investor feedback on our governance practices, along with our ongoing evaluation of best practices, we made a number of governance and disclosure enhancements in recent years. 2019 2020 2021 2022+ Appointed a new independent female director following retirement of two directors   Adopted a 1-year post-vesting holding period for equity awards   Eliminated tax gross-up payments for executive perquisites Updated the independent director retirement policy to reflect a 15-year term limit policy instead of a mandatory retirement age   Aligned our ESG disclosure with the TCFD and SASB reporting frameworks Codified the Board’s oversight of ESG matters in the Governance Committee Charter   Published our 10th annual ESG Report and enhanced disclosure aligned with leading reporting frameworks, including TCFD Appointed an independent female Vice Chair of the Board   Rotated Board committee memberships   Appointed a new director in March 2023   2019 ●Appointed a new independent female director following retirement of two directors ●Reduced average director tenure from approximately 9 years to approximately 5 years ●Adopted a 1-year post-vesting holding period for equity awards ●Eliminated tax gross-up payments for executive perquisites 24 2018 ●Appointed an Independent Chairman of the Board ●Appointed three new independent directors, including two female directors, one of whom is also racially diverse ●Adopted a mandatory retirement age policy for directors to promote director refreshment ●Adopted a 1-year minimum vesting period for equity awards ●Added human capital management oversight to the responsibilities of the Compensation Committee 2017 ●Opted out of Maryland Unsolicited Takeovers Act provisions allowing a staggered board without stockholder approval ●Adopted a majority voting standard for stockholder bylaw amendments ●Amended the Governance Committee charter to better reflect our Board’s commitment to identifying diverse director candidates 2016 ●Revised Board committee composition in connection with the establishment of a standing Investment Committee ●Expanded proxy access (3%, three years, two nominees or 20% of our Board, up to 25 stockholders) ●Eliminated executive employment agreements HEALTHPEAK PROPERTIES 22       HEALTHPEAK PROPERTIES   Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCECorporate Governance Corporate Governance and Policies Corporate Governance Guidelines Our Board has adopted Corporate Governance Guidelines with respect to, among other things, Board composition, Board meetings, our Board’s standing committees, stockholder communications with our Board, expectations for directors, succession planning, and Board and committee self-evaluations. Codes of Business Conduct and Ethics Our Board has adopted a Code of Business Conduct and Ethics (the “Code of Conduct”) that applies to all of our directors, officers and employees and a Vendor Code of Business Conduct and Ethics (the “Vendor Code” and together with the Code of Conduct, the “Codes of Conduct”) applicable to our vendors and business partners. The Vendor Code represents an integral part of our commitment to the highest ethical standards, ensuring that our employees and vendors work collectively to uphold those standards. We provide annual training to all of our employees, with 100% participation, regarding the Codes of Conduct. The Codes of Conduct address, among other things, labor practices and human rights, health and safety, environmental sustainability, conflicts of interest, corporate opportunities, confidential information, competition and fair dealing, including relationships with customers and suppliers, gifts, protection of Company assets and compliance with laws. The Code of Conduct also serves as the code of ethics required under applicable SEC rules for our senior financial officers. Waivers of, and amendments to, our Code of Conduct that apply to our directors and executive officers will be timely posted on our website at www.healthpeak.com/corporate-responsibility/governance to the extent required by applicable SEC and NYSE rules. There were no such waivers in 2019. Whistleblower Hotline Our officers, employees, vendors and business partners are encouraged to report any violations of our codes of conduct through our secure whistleblower hotline. The whistleblower hotline is operated by an independent service provider and is available for the anonymous submission of complaints regarding accounting, internal controls, auditing matters or other concerns regarding the conduct of Healthpeak’s employees, representatives or business partners. Related Person Transactions Policies and Procedures Our General Counsel and CEO initially review potential related person transactions for materiality and then provide them to the Audit Committee for review and approval, as appropriate. For this purpose, “related person transactions” are generally defined under applicable SEC rules as any transaction or series of transactions in which we are a participant, the amount involved exceeds $120,000 and any of our directors, director nominees, executives officers, 5% or greater stockholders or any of their respective immediate family members has a direct or indirect material interest. Pursuant to the Audit Committee Charter and our Related Person Transactions Policy, any related person transactions brought to the Audit Committee’s attention, which could reasonably be expected to have a material impact on our financial statements, must be discussed among the Audit Committee, management and Healthpeak’s independent auditor. In determining whether to approve or reject a related person transaction, the Audit Committee takes into account, among other factors it deems appropriate, whether the proposed transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances, as well as the extent of the related person’s economic interest in the transaction. There were no related person transactions identified for 2019. Corporate Governance Guidelines ● Our Board has adopted Corporate Governance Guidelines with respect to, among other things, Board composition, Board meetings, our Board’s standing committees, stockholder communications with our Board, expectations and continuing education for directors, succession planning and Board and committee self-assessment. Codes of Business Conduct and Ethics ● Our Board has adopted a Code of Business Conduct and Ethics (the “Code of Conduct”) that applies to all of our directors, officers and employees, as well as a Vendor Code of Business Conduct and Ethics (the “Vendor Code”, and together with the Code of Conduct, the “Codes of Conduct”) that applies to our vendors and business partners. ● The Codes of Conduct represent an integral part of our commitment to the highest ethical standards, and are aimed at ensuring that our directors, employees and vendors work collectively to uphold those standards. The Board reviews the Codes of Conduct annually. ● We provide annual training on the Code of Conduct to all of our employees, with 100% participation by active employees in 2022. ● The Codes of Conduct address, among other things, labor practices and human rights, health and safety, environmental sustainability, conflicts of interest, corporate opportunities, confidential information, competition and fair dealing, including relationships with customers and suppliers, gifts, protection of Company assets and compliance with laws. ● The Code of Conduct also serves as the code of ethics required under applicable SEC rules for our senior financial officers. ● Waivers of, and amendments to, our Code of Conduct that apply to our directors and executive officers will be timely posted on our website at healthpeak.com/esg/governance to the extent required by applicable SEC and NYSE rules. There were no such waivers in 2022. Whistleblower Hotline ● Our officers, employees, vendors and business partners are encouraged to report complaints regarding accounting, internal controls, auditing matters, violations of law, violations of our Codes of Conduct or other concerns regarding the conduct of Healthpeak’s employees, representatives or business partners through our secure whistleblower hotline, and we enable any reported concerns to be submitted anonymously. ● The whistleblower hotline is made available to employees via our intranet and to vendors and business partners via our website. In each case, the site leads the individual to an external, independent website operated by an independent service provider. ● Any matter reported through the whistleblower hotline and determined not to be frivolous or immaterial is reviewed first by our Audit Committee Chair and, in certain cases, by our General Counsel, Chief Human Resources Officer and/or our head of Internal Audit, and investigated and discussed with our Audit Committee and/or full Board. When appropriate, independent third parties assist in an investigation. Related Person Transactions Policies and Procedures ● Our General Counsel and our President and CEO initially review potential related person transactions for materiality and then provide them to the Audit Committee for review and approval, as appropriate. ● For this purpose, “related person transactions” are generally defined under applicable SEC rules as any transaction or series of transactions in which we are a participant, the amount involved exceeds $120,000 and any of our directors, director nominees, executive officers, 5% or greater stockholders or any of their respective immediate family members or certain related entities has a direct or indirect interest. ● Under the Audit Committee Charter and our Related Person Transactions Policy, any related person transactions brought to the Audit Committee’s attention that could reasonably be expected to have a material impact on our financial statements must be discussed among the Audit Committee, management and Healthpeak’s independent auditor. ● In determining whether to approve or reject a related person transaction, the Audit Committee takes into account, among other factors it deems appropriate, whether the proposed transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances, as well as the extent of the related person’s economic interest in the transaction. ● No related person transactions identified for 2022. Where to find our Corporate Governance Documents corporate governance documents We encourage you to view the following corporate governance materials on our website at www.healthpeak.com/corporate-responsibility/governance.healthpeak.com/esg/governance: ● ● Board Committee Charters ●Corporate Governance Guidelines ● Code of Business Conduct and Ethics ● Corporate Governance Guidelines ● Vendor Code of Business Conduct and Ethics     2020 2023 PROXY STATEMENT       23 25 Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCECorporate Governance Risk Oversight Board Responsibilities Our Board believes that effective risk management involves our entire corporate governance framework. Both management and our Board have key responsibilities in managing risk throughout the Company, as shown below. The Board oversees the risk management process. Oversight of risks inherent in their respective areas of oversight are delegated to the various Board committees, with each committee working with management and reporting to our Board at each regular Board meeting. Our risk management process includes checks and balances that allows our Independent Directors to review and consider any risk matters. In the event it is advisable that our Independent Directors review or take alternative action on management’s recommendation on any risk matters, our independent Chairman has the authority to call and preside at special meetings or executive sessions of the Independent Directors as necessary or advisable. Management Responsibilities Management proactively analyzes the short-, intermediate- and long-term risks that may adversely affect our business, operations or financial condition. Management utilizes an ongoing assessment process that identifies material risks and implements management and mitigation strategies, reporting to and working with the Board and its committees. Our formal Enterprise Risk Management program identifies, assesses, evaluates, responds to and monitors the risks identified by management’s various subject matter experts across the Company, including finance, tax, legal, operations, internal audit and the business segments. Our General Counsel, who reports to our President and CEO, oversees our compliance program, and our Vice President of Internal Audit, who has a direct reporting line to our independent Audit Committee Chair, oversees our Enterprise Risk Management program and our ongoing risk assessment process. After determining risks that could have a material business, operational or financial impact, management models the potential impact using a scorecard/heat map, in addition to analyzing trends of increasing or decreasing importance. Our Board believesand its committees receive reports from and engage with management regarding these risks, their potential impacts and the steps management has taken to monitor and mitigate these risks, making determinations on any action warranted. These risks include short-, intermediate- and long-term risks, as well as both existing risks and emerging risks. Our Board’s oversight standards apply regardless of the immediacy of the risk assessed. Each of our current directors possesses risk oversight and management experience, which we believe makes our Board particularly effective in engaging with management to address existing risks and identify significant emerging risks. In addition to identifying and mitigating risks, management assesses which risks merit disclosure in our periodic reports, including through a cross-functional management-level disclosure committee that meets quarterly to identify any significant emerging risks warranting disclosure, as well as an extensive annual cross-functional review of our risk factors disclosed in our Annual Report on Form 10-K. These disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that this structureinformation is conduciveaccumulated and communicated to our management to allow for timely decisions regarding disclosure. These disclosure controls and procedures, and the resulting assessments and determinations regarding disclosure of risks, are discussed regularly with our Board as part of its risk oversight process.function. Our Board periodically reviews management’s risk mitigation strategies, including our crisis management response protocols and business continuity plan, with management to ensure that we appropriately and timely identify and respond to emerging risks. As determined appropriate, our Board is also guided by independent advisors, who report from time to time to the Board on various risk topics within their area of expertise. For example, an external cybersecurity consultant presents to our Board at least annually regarding known and emerging cybersecurity risks and its cybersecurity reviews of our systems, and our independent auditors present to our Board regularly regarding various operational and other risks that could impact our financial statements. 26 HEALTHPEAK PROPERTIES Table of Contents Corporate Governance Risk Oversight Responsibilities Board Responsibilities ●Overall oversight Oversight of the risk management process ●Development of business strategy and major resource allocation ● Leadership of management succession planning ●Business conduct and compliance oversight ●Receives regular Review of periodic reports from Board committees on specific risk oversight responsibilities ● Development of business strategy and major resource allocation Business conduct and compliance oversight Oversight of ESG matters Audit CommitteeAUDIT COMMITTEE ●Oversight of enterprise risk management activities, and cybersecurity and information technology system risk management programs ●Oversight of the staffing and performance of internal audit function ●Oversight of integrity of financial statements and internal control over financial reporting ●Responsible for the appointment, compensation and oversight of independent registered public accounting firm Compensation and Human Capital CommitteeCOMPENSATION COMMITTEE ●Oversight of compensation-related risks and overall philosophy ●Oversight of human capital matters, including succession planning, diversity, equity, inclusion, talent development, recruitment, retention, health, welfare and recruitment safety Nominating and Corporate Governance CommitteeGOVERNANCE COMMITTEE ●Overall corporate governance leadership ●Provides recommendations regarding Board and Committeecommittee composition ●Oversight of corporate governance initiatives and ESG matters, including climate risk and ESG reporting InvestmentINVESTMENT COMMITTEE ●  Overall oversight of investment policies and Finance Committeestrategies ●   ●Overall investment oversight ●Overall oversight of finance requirements and plans andrelating to investment strategies Management Responsibilities ●Identify material risks ●Implement appropriate risk management and mitigation strategies ●Integrate risk management into our decision makingdecision-making process ●Ensure thatTransmit information with respect to material risks is transmitted to senior executives and our Board Risk Areas ●Strategic ●Reputational ●Financial RISK AREAS ●Strategic ●  Reputational ●  Capital markets and liquidity ●  Legal, regulatory and compliance ●Operational ●Financial reporting and internal control ●Information systemsCybersecurity and cybersecurity information technology systems ●Human capital management and health/wellness matters ●ESG/sustainability 24       HEALTHPEAK PROPERTIES     2023 PROXY STATEMENT 27 Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCECorporate Governance Stockholder Engagement Stockholder Outreach and Communications with the Board We engage in proactive outreach to discuss governance and compensation topics of interest to our stockholders. We believe that ongoing dialogue with our stockholders is a critical component of responsive and transparent corporate governance. Stockholder feedback has been instrumental in structuring our executive compensation program, as well as enhancing our corporate governance practices. The following graphic illustrates our annual cycle of stockholder outreach:   2020 PROXY STATEMENT       25 Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCE CommunicationsCommunicating with the Board Stockholders or other interested parties whoIf you wish to contact members of our Board, the Chairman of the Board, the Vice Chair of the Board, any Board committee, or our Independent Directors as a group, you may send written correspondence to our Corporate Secretary at Healthpeak Properties, Inc., 1920 Main4600 South Syracuse Street, Suite 1200, Irvine, California 92614. The name500, Denver, Colorado 80237. Please clearly note the name(s) of any specific intended Board recipients (such as our Chairman or Independent Directors) should be clearly noted in the communication. Stockholders shouldrecipients. If you are a stockholder, please also provide proofdocumentation of share ownership and appropriate contact information in all correspondence. All communicationsOur Corporate Secretary will be received, processedprocess and then directeddirect your communication to the appropriate member(s) of our Board, other than at our Board’s request, certain items unrelated to our Board’s duties, such as spam, junk mail, solicitations, employment inquires and similar items.items (at their request). This centralized process assists our Board in reviewing and responding to stockholder and interested party communications in a more efficient manner. 28 HEALTHPEAK PROPERTIES Table of Contents Corporate Governance ESG Initiatives Our Board believes that integrating ESG initiatives into our strategic business objectives is critical to our long-term success. Through our integrated and ongoing approach to sustainability, we seek to drive positive change and create value for our stakeholders. Integrated Approach to ESG Oversight ● Our Boardoversees Oversees all ESG matters and receives quarterly updates from management regarding strategy, goals, performance metrics, opportunities, and risks, initiatives and related results.results ● The Audit Committee Oversees ESG data accuracy and assurance Governance Committeeoversees Oversees our adherence to corporate governance best practices. ●and ESG initiatives The Compensation Committeehas direct oversight over Oversees executive compensation and human capital matters including diversity, inclusion, retention, succession planning and executive compensation. Management ● The Sustainability ESG Committeeconsists of employees across functional areas Reviews and from nearly all professional levels, and is led by Thomas M. Klaritch, our Chief Development and Operating Officer, and Troy E. McHenry, our Chief Legal Officer. The Sustainability Committee meets at least quarterly to review, implement and overseeimplements ESG strategy, initiatives and best practices. ●reporting The Social Responsibility Committeeis comprised of employees who are passionate about our philanthropic Reviews and charitable activities and meets at least quarterly to review and approveapproves community engagement and charitable giving initiatives Management Disclosure Committee Reviews and is led by Lisa A. Alonso, our Chief Human Resources Officer.approves major matters affecting the business and significant disclosures Engage Develop and Execute Report Proactive engagement with stakeholders to determine areas of focus and gauge our performance Utilize results of stakeholder engagement process to develop and execute strategic ESG initiatives Publish annual Sustainability Report in accordance with the Global Reporting Initiative (GRI) standards, featuring transparent disclosure of ESG initiatives and results 2019–2020 Key ESG Initiatives ● Publish ourninth annual Sustainability Reportin accordance withGRIandSASB standards, as well as align disclosures withTCFDrecommendations ● Implement our recently adopted long-term science-based GHG emissions reductions targets ● Increase reporting on environmental metrics for properties outside of our operational control (Scope 3) ● Enhance monitoring of supply chain and vendor ESG performance 26       HEALTHPEAK PROPERTIES   Table of ContentsESG Focus Areas BOARD OF DIRECTORS AND CORPORATE GOVERNANCE Informed by internal assessments and stakeholder engagement, we prioritize the ESG initiatives that we believe matter most to our business and stakeholders, keeping in mind our operational level of control with respect to our properties. Our key performance indicators for these areas of focus include the following:include: Key Performance Indicators Environmental Climate Risk Management Governance Initiatives Social Responsibility Value Creation ●Cost savings ●Tenant attraction and Operational Eco-efficiencysatisfaction ● Sustainable returns ●Efficient buildings to generate savings ●Proactive green strategies Governance Initiatives●   ●Best-in-class corporate governance practices ●Transparency ●Risk management ●Ethics and compliance ●Diversity, equity and inclusion ●  Talent acquisition, retention and development ●  Employee engagement and satisfaction ●  Community engagement   2023 PROXY STATEMENT 29 Table of Contents Corporate Governance Climate, Environment and Resiliency We recognize the urgency of climate risk and its potential impact on our communities. At the forefront of our ESG strategy, we strive to own sustainable buildings, minimize our carbon footprint and reduce operating costs. Science-Based Targets: As the first healthcare REIT to establish long-term science-based targets to reduce GHG emissions across our value chain, including our operations (Scopes 1 and 2) and our supply chain (Scope 3), we continue to take proactive steps to reduce our GHG emissions, energy usage, water consumption and landfill waste and increase recycling. Asset-Level Physical Climate Risk Assessment: Social Responsibility ●Human capital managementWe undertake an annual independent physical climate risk assessment of our portfolio, which allows us to attractbetter understand and retain best-in-class talent, including diversity, inclusion, retentionprioritize potential business risks and succession planning ●Employee engagement ●Community engagement Value Creationimpacts related to climate change and Economic Performance ●Utility savings and increased rental income ●Tenant satisfaction, attraction and market credibility ●Sustainable returns enhance our risk mitigation strategies. Green Financing: To further align our business strategy with our ESG priorities, we issued two green bonds in 2021 with total gross proceeds of $950 million. In 2022, we completed the allocation of the net proceeds of $938 million from these green bonds to pay for the acquisition or development costs, in whole or in part, of four LEED Gold certified Life Science properties in furtherance of our goal to own sustainable green-certified buildings. We are consistently recognized for our ESG initiatives and disclosure. See “Proxy Summary—Sustainability Highlights” for a summary of our most recent awards. To learn more about our ESG efforts, including our many accolades and industry leadership, please view our Sustainability Report at www.healthpeak.com/corporate-responsibility. Human Capital Management InOur Board was an early 2018, our Board expanded its focus on the Company’sadopter of board-level human capital management byoversight and formally amendingamended the Compensation Committee Charter in 2018 to includememorialize its oversight of human capital management.matters. Our Board believes that human capital management is vital to the Company’s organizational health and is strongly committed to diversity and equal opportunity, with the tone set from the top. The Compensation Committee retains directhas oversight over all human capital matters, including culture, diversity, equity, inclusion, talent acquisition, retention, employee satisfaction and engagement, succession planning and succession planning.executive compensation. EMPLOYEE DIVERSITYCornerstones of Our Human Capital Management Initiatives EMPLOYEE SATISFACTION COMMUNITY ENGAGEMENT  Diversity, equity and inclusion: Makes our organization stronger through a variety of skills, perspectives and backgrounds Training and development: Helps enhance career and professional development and identify emerging leaders Health, safety and wellness: Protects our most vital assets – our employees – through special training and other measures Employee satisfaction increasedand engagement: Helps us retain top talent and continuously enhance our performance Compensation and benefits: Provides merit-based, equitable compensation to attract, retain and recognize top talent Succession planning: Ensures that top management positions can be filled without undue interruption Attracting top talent: Positions us for long-term success Community partnership: Provides support to charitable organizations and initiatives that share our mission Key 2022 ESG Initiatives Published our 11th annual ESG Report aligned with several leading reporting frameworks Allocated proceeds from 2018 two green bonds to 2019 (basedacquisition or development costs of four LEED Gold certified Life Science properties Continued implementing projects to achieve our long-term science-based GHG emissions reduction targets, as well as energy, water and waste reduction goals Continued focusing on 2019 annual employee engagement survey results) Donated to Dozens of Communitydiversity, equity and Nonprofit Organizations and Sponsored Local Charity Events Focused on Healthcare, Seniors and Disaster Relief in 2019 inclusion initiatives Management Succession Planning Our Board is responsible for attracting, retaining and incentivizing a high-performing management team. Our Board, with the assistance of the Compensation Committee, reviews management development and succession planning activities to help ensure that top management positions, including the CEO position, can be filled without undue interruption. High-potential leaders are given exposure and visibility to Board members through formal presentations at Board and committee meetings, as well as through informal events, such as dinners, lunches and site visits. We are consistently recognized for our ESG initiatives and disclosure. See “Proxy Summary—ESG Highlights” for a summary of our recent recognitions. To learn more about our ESG efforts, including our industry leadership, please view our annual ESG Report at healthpeak.com/esg.     2020 PROXY STATEMENT       27 30 HEALTHPEAK PROPERTIES Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCECorporate Governance Board Leadership Structure Independent Chairman and Vice Chair As part of its ongoing evaluations, our Board carefully considers the appropriate Board leadership structure, taking into account each director’s skills, experience and perspectives, as well as the current and future needs of the Company and our Board. Our Board has determined that an appropriate structure for the Company and its stockholders at this time includes an independent Chairman of the Board and independent Vice Chair. These roles effectively allocate authority, responsibility and oversight between management and the independent members of our Board. This structure gives primary responsibility for the operational leadership and strategic direction to the CEO, while enabling our independent Chairman and Vice Chair to facilitate our Board’s oversight of management, promote communication between management and the Board and support our Board’s consideration of key governance and ESG matters. Our Corporate Governance Guidelines outline the considerations relating to our Board leadership. These considerations include potentially filling the positions of Chairman of the Board and CEO by one individual or two different individuals as the Board determines is appropriate. The Board believes it is important to structure its leadership based upon its assessment of the Company’s needs including, without limitation, our business, strategic opportunities and succession planning priorities. Our Board also takes into account the views of institutional investors and proxy advisory firms, as well as governance and industry trends. We engage in ongoing stockholder outreach and dialogue on a variety of issues, including with respect to corporate governance matters such as our Board’s composition and leadership structure. In addition, our independent Chairman, independent Vice Chair and independent Board committee chairs represent the Board in stockholder outreach and engagement as they deem necessary or advisable. Should our Board determine that a combined Chairman and CEO position is appropriate, our Board would decide whether and when to seek additional prior stockholder input, balancing the needs of the Company and the considerations driving the timing and disclosure of the appointment. Brian G. Cartwright serves as our Independentindependent Chairman of the Board. Our Chairman actively manages our Board by: ● Presiding at all meetings of our Board ● Establishing the agenda for each Board meeting in consultation with our management team ● Calling and presiding at executive sessions of the non-employee directorsIndependent Directors ● Engaging with management on topics discussed in executive session as needed In connection with the above responsibilities, our Chairman leads our Board in overseeing the management and direction of the Company; however, any specific actions taken in connection with this oversight responsibility are exercised by our full Board or any Board committee to which authority has been delegated by our Board, and not by any individual director. Katherine M. Sandstrom serves as our independent Vice Chair of the Board. Our Vice Chair supports our Board by helping to plan for future Board leadership roles and succession, as well as orderly director refreshment, including actively overseeing the search for potential director candidates. Executive Sessions The Independent Directors hold regular executive sessions to provide an opportunity to discuss matters without Company management present, including our President and CEO. These executive sessions allow for candid conversations and promote the independence of our Board from management. Executive sessions often follow regularly scheduled Board and committee meetings, but are also sometimes held independently of regular Board and committee meetings. Any Independent Director may call an executive session. 2023 PROXY STATEMENT 31 Table of Contents Committees of the BoardCorporate Governance Board Committees Our Board has a standing Audit Committee, Compensation and Human Capital Committee, and Nominating and Corporate Governance Committee, each of which has a written charter available on our website at www.healthpeak.com/corporate-responsibility/healthpeak.com/esg/governance. Our Board also establishedhas a standing Investment and Finance Committee to review Healthpeak’s potential investments, financing requirements and related capital structure, plans and strategies. As a corporate governance best practice, the Governance Committee annually considers the composition of our standing Board committees to ensure an appropriate balance of workloads and a diversity of perspectives. The tablecommittee descriptions below showsreflect the current membership of the standing committees of our Board and the number of meetings held byand attendance for each in 2019.2022. Ms. Kennard served on the Audit and Compensation Committees until her departure in July 2022 and attended 100% of Board and Committee meetings during this time. Mr. HerzogBrinker does not and will not serve on any ofBoard committees. Mr. Connor was appointed to the belowBoard in March 2023 and has not yet been appointed to any Board committees. COMMITTEE MEMBERSHIP       AUDIT       COMPENSATION       GOVERNANCE       INVESTMENT Brian G. Cartwright Christine N. Garvey R. Kent Griffin, Jr. David B. Henry Lydia H. Kennard Sara G. Lewis(1) Katherine M. Sandstrom Total Meetings in 2019 5 3 3 4 (1) Appointed to the Audit Committee and Compensation Committee in January 2020. Chair Member 28       HEALTHPEAK PROPERTIES   Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCE Following is a summary of the composition and responsibilities of each of the Audit, Compensation, Governance and Investment Committees. Audit Committee Current MembersCURRENT MEMBERS   R. Kent Griffin, Jr.*, Chair* Lydia H. Kennard Sara G. Lewis* Katherine M. Sandstrom All Independent Chair Christine N. Garvey* David B. Henry* *NYSE/SEC Qualified Financial Expert Key Member Skills100% INDEPENDENT KEY MEMBER SKILLS ●High level of financial experience ●Senior leadership experience ●Risk oversight/management experience Total 2022 Meetings: 4 2022 Meeting Attendance: 100% 2022 HIGHLIGHTS ● 2019 Highlights ●Reviewed portfolio and operational risk management plans, ●Assessed including cybersecurity risk management plan mitigation practices ● Oversaw use of non-GAAP financial measures and other accounting policies RESPONSIBILITIES INCLUDE: Responsibilities● ● Oversee independent auditor ● Oversee annual assessment of internal controls and the internal audit function ● Review independence performance and quality control procedures of independent auditor ● Oversee financial statement and internal control integrity and process,processes, including implementation of new accounting standards ● Plan annual audit with management, independent auditor and internal audit team ● Communicate with independent auditor regarding conduct of the audit and other matters, including review of critical audit matters and issues encountered during the annual audit ● Pre-approve audit and non-audit services to be provided by the independent auditor ● Oversee legal and regulatory compliance and enterprise risk management activities ● Oversee cybersecurity risk assessment and mitigation strategy ● Review strategy for use of swaps or derivative instruments for hedging risks ● Review quarterly and annual financial statements and related disclosures ● Review related person transactions CompensationInvestment and Human CapitalFinance Committee Current MembersCURRENT MEMBERS   David B. Henry, Chair Christine N. Garvey Chair Lydia H. Kennard Sara G. Lewis Katherine M. Sandstrom All Independent R. Kent Griffin, Jr. Key Member Skills100% INDEPENDENT ●Senior leadership experience ●Human capital management ●Diversity of race, ethnicity, gender or cultural background 2019 HighlightsKEY MEMBER SKILLS ●Provided oversight of and guidance on human capital matters ●Made 2019 compensation determinations based on approved 2019 compensation plans ●Established 2020 executive compensation plans ●Approved compensation of new and promoted management team members Responsibilities ●Approve corporate goals and objectives for executive compensation ●Determine executive officer compensation ●Evaluate executive officer performance annually in connection with compensation decisions ●Review director compensation and recommend changes to our Board ●Periodically review all annual cash incentive, equity incentive, deferred compensation and change-in-control plans ●Assess risks related to compensation arrangements ●Consider results of stockholder advisory vote on executive compensation ●Review and discuss with management the compensation discussion and analysis, and recommend to our Board whether it be included in the annual proxy statement ●Review and approve independent compensation consultant engagement ●Oversee human capital matters, including diversity, inclusion, talent acquisition and retention, culture and employee engagement, and succession planning ●Grant equity awards or delegate such authority to a subcommittee (the Compensation Committee has delegated authority to Mr. Herzog to grant certain equity awards to non-executive employees within certain limits) For information on the role of our Chief Executive Officer in executive compensation decisions for our other executive officers, as well as the role of FPL Associates, see “Compensation Discussion and Analysis.”   2020 PROXY STATEMENT       29 Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCE Nominating and Corporate Governance Committee Current Members   Brian G. Cartwright, Chair Christine N. Garvey David B. Henry All Independent Key Member Skills●  REIT/real estate experience ●Legal/regulatory experience ●Public company executive/Board experience ●Risk oversight/management experience Investment expertise 2019 HighlightsTotal 2022 Meetings: 2 ●Engaged independent search firm to identify diverse director candidates ●Nominated a new independent director to the Board Responsibilities2022 Meeting Attendance: 100% ●Identify qualified candidates as potential Board members ●Recommend candidates for election at annual stockholder meeting and to fill Board vacancies ●Oversee annual Board and committee evaluation process ●Review performance of each director at least annually and assess continued suitability as a director when he or she has a change in job responsibilities ●Develop and oversee corporate governance guidelines applicable to our Board ●Oversee corporate governance matters ●Review Codes of Conduct and the enforcement procedures in place at least annually 2022 HIGHLIGHTS Investment and Finance Committee● Current Members   David B. Henry, Chair R. Kent Griffin, Jr. Katherine M. Sandstrom All Independent Key Member Skills ●REIT/real estate experience ●Public company executive/Board experience ●Investment expertise 2019 Highlights ●Conducted review of corporate strategy ●Reviewed and advised on significant transactions RESPONSIBILITIES INCLUDE: ●Advised on debt financings and capital markets activity Responsibilities ● Review and recommend to our Board any material changes to our capital structure, including credit facilities, equity, debt and other financings, and related principal banking relationships ● Review our investment policies and related financing requirements, plans and strategies 30       HEALTHPEAK PROPERTIES     32 HEALTHPEAK PROPERTIES Table of Contents Corporate Governance Director Compensation—2019Compensation and Human Capital Committee CURRENT MEMBERS Sara G. Lewis, Chair Christine N. Garvey Katherine M. Sandstrom 100% INDEPENDENT KEY MEMBER SKILLS ●  Senior leadership experience ●  Human capital management experience Total 2022 Meetings: 3 2022 Meeting Attendance: 100% 2022 HIGHLIGHTS ● Provided oversight of and guidance on human capital matters ● Made 2022 compensation determinations based on approved 2022 compensation plans ● Established 2023 executive compensation plans and approved compensation of management team members Annual CompensationRESPONSIBILITIES INCLUDE: ● Determine executive compensation, including approving performance goals, objectives and target opportunities ● Evaluate executive officer performance annually in connection with compensation decisions ● Review director compensation and recommend changes to our Board ● Periodically review all annual cash incentive, equity incentive, 401(k), severance and change-in-control plans ● Assess risks related to compensation arrangements ● Consider results of stockholder advisory vote on executive compensation ● Review and discuss with management the compensation discussion and analysis, and recommend to our Board whether it be included in the annual proxy statement ● Review and approve independent compensation consultant engagement ● Oversee human capital matters ● Grant equity awards or delegate such authority to a subcommittee (the Board and Compensation Committee have delegated authority to Mr. Brinker to grant certain equity awards to non-executive employees within certain limits) In consultation with FPL Associates,For information on the role of Ferguson Partners Consulting L.P. (“FPL Associates”Ferguson Partners Consulting”), the Compensation Committee’s independent compensation consultant, relating to executive compensation decisions, as well as the role of our President and CEO for our other executive officers, see “Compensation Discussion and Analysis.” Nominating and Corporate Governance Committee CURRENT MEMBERS Katherine M. Sandstrom, Chair Brian G. Cartwright David B. Henry Sara G. Lewis 100% INDEPENDENT KEY MEMBER SKILLS ●  Legal/regulatory experience ●  Public company executive/Board experience ●  Risk oversight/management experience Total 2022 Meetings: 4 2022 Meeting Attendance: 100% 2022 HIGHLIGHTS ● Provided oversight and guidance on corporate governance matters ● Oversaw ESG initiatives and received regular management updates on ESG strategy and performance ● Oversaw the search for new director candidates, leading to the appointment of a new director in 2023 RESPONSIBILITIES INCLUDE: ● Develop and oversee Corporate Governance Guidelines applicable to our Board ● Oversee corporate governance, sustainability and ESG matters ● Review Codes of Conduct and the enforcement procedures in place at least annually ● Identify qualified candidates as potential Board members ● Recommend candidates for election at annual stockholder meeting and to fill Board vacancies ● Oversee annual Board and committee evaluation process ● Oversee Board and committee composition and recommend committee rotations when appropriate ● Review performance of each director at least annually and assess continued suitability as a director when he or she has a change in job responsibilities 2023 PROXY STATEMENT 33 Table of Contents Director Compensation—2022 Annual Compensation In consultation with Ferguson Partners Consulting, the Compensation Committee’s independent compensation consultant, the Compensation Committee annuallyperiodically reviews our directorIndependent Director compensation program for continued alignment with comparable companies and sound governance practices. Compensation paid to our Independent Directors for services in 2019 is described below. For compensation paid in 2019 to Thomas M. Herzog, our CEO, see “Compensation Discussion and Analysis.” Mr. Herzog received no separate compensation for his services as a director of the Company in 2019. ANNUAL INDEPENDENT DIRECTOR COMPENSATION ADDITIONAL CASH COMPENSATION Independent Chairman:$110,000 Audit Committee ●Chair – $35,000 ●Member – $15,000 Compensation Committee ●Chair – $30,000 ●Member – $7,500 Governance Committee ●Chair – $15,000 ●Member – $5,500 Investment Committee ●Chair – $20,000 ●Member – $5,000 Cash Compensation In late 2018, FPL Associates performedconnection with this review, Ferguson Partners Consulting performs a benchmarking analysis of our director compensation program against our proxy peer companies identified on page 52. Based on58. As a result of this analysis FPL Associatesand upon Ferguson Partners Consulting’s recommendation, our Board determined to update annual director compensation to better align director compensation with compensation paid to the directors of our peer companies. In making this determination, our Board reviewed peer director compensation, relative Board size, number of meetings and roles and responsibilities of committees, noting that director compensation had not been updated since 2020. Our Board approved the following changes in 2022: ●  Annual equity retainer increased from $160,000 to $180,000 ●  Independent Chairman retainer of $95,000,annual fee increased from $110,000 to $140,000 ●  Vice Chair annual fee was set at $70,000 ●  Audit Committee member annual fee increased from $15,000 to $17,500 ●  Compensation Committee member annual fee increased from $7,500 to $10,000 ●  Governance Committee Chair annual fee increased from $15,000 to $20,000, and member annual fee increased from $5,000 to $9,000 ●  Investment Committee Chair annual fee increased from $20,000 to $25,000, and member annual fee increased from $5,000 to $7,500 Compensation paid to our Independent Directors for services in 2022 is further described below. Mr. Brinker, our President and CEO and a director, received no separate compensation for his services as well as thea director in 2022. ANNUAL INDEPENDENT DIRECTOR COMPENSATION ADDITIONAL ANNUAL CASH COMPENSATION Independent Chairman: $140,000 Independent Vice Chair: $70,000 Audit Committee Governance Committee ●  Chair – $35,000 ●  Chair – $20,000 ●  Member – $17,500 ●  Member – $9,000 Compensation Committee Investment Committee ●  Chair – $30,000 ●  Chair – $25,000 ●  Member – $10,000 ●  Member – $7,500 Independent Director Cash Compensation We pay an annual cash retainer of $80,000 and$85,000 to each director, as well as an additional annual equitycash retainer of $150,000 for$140,000 to our independent directors generally were below the median compensation levels for those items of compensation at our proxy peers. In addition, in early 2019, the Board reconstituted the designated director position to serve as the Board liaison with respectChairman and $70,000 to our litigation matters, with Mr. Cartwright servingindependent Vice Chair, and committee fees as set forth in such capacity.the table above. The prior retainer for designated directors was $1,500 per meeting, but the Board determined to eliminate the per-meeting retainer for the designated director. Asappoint a result,Vice Chair to assist our Board and upon the recommendationChairman of FPL Associates and the Compensation Committee, the Board determined itin planning for future Board leadership roles and succession, as well as refreshment. In 2022, Mr. Henry was appropriatealso paid a fee of $50,000 for his additional work in supporting the Chairman of the Board prior to make the following changes, effective January 1, 2019, to better align to the median compensation of proxy peers,Ms. Sandstrom formally being appointed as disclosed in our 2019 Proxy Statement. The Board also considered the significant additional duties undertaken by the Independent Chairman as designated director for litigation matters. ● Increase the Independent Chairman annual cash retainer from $95,000 to $110,000 ● Increase the independent director annual cash retainer from $80,000 to $85,000 ● Increase the grant date fair value of the annual independent director equity award retainer from $150,000 to $160,000 Additionally, recognizing Mr. Cartwright’s role as Governance CommitteeVice Chair and taking into consideration the increase in the newly created role. We also pay Independent Chairman retainer, the Board approved decreasing the Governance Committee Chair retainer from $20,000 to $15,000, effective January 1, 2019. In addition to the above, directors are paidDirectors an additional $1,500 per meeting fee for each Board or individual committee meeting that a director attends after that director has attendedthey attend beyond 10 meetings of our Board or that committee, as applicable, in a given calendar year (e.g.,(for example, for each Audit Committee meeting after 10 Audit Committee meetings in one calendar year). NoIn 2022, there were no such additional meeting fees were paid in 2019.meetings. All cash retainers are paid quarterly in arrears and prorated based on the number of days that a member serves in the applicable capacity. We also reimburse Independent Directors for director education and reasonable travel expenses in connection with their Board duties.     2020 PROXY STATEMENT       31 34 HEALTHPEAK PROPERTIES Table of Contents DIRECTOR COMPENSATION—2019Director Compensation—2022 Independent Director Equity Compensation AnWe grant an annual equity retainer is provided in restricted stock units (“RSUs”) with a grant date fair value of $160,000,$180,000, rounded up to the nearest whole share, to each Independent Director who is elected at the annual meeting of stockholders or is initially appointed as an Independent Director other than at the annual meeting. The award for a new Independent Director who is initially appointed other than at an annual meeting may be pro-rated. Each Independent DirectorIn 2022, each independent director was granted an annual equity award in the form of RSUs with a grant date fair market value of $160,012$180,034 on April 25, 2019, except Ms. Lewis, who was appointed to the Board on November 5, 2019 and was granted a prorated RSU award on November 7, 2019 with a grant date fair value of $74,546.28, 2022. The RSUs cliff-vest in full on the earlierearliest of the first anniversary of the grant date, the Company’s next annual meeting of stockholders, or the termination of the Independent Director’sindependent director’s service due to death, disability or a retirement from the Board at age 65 with at least five years of service or age 60 with at least 15 years of service. The awards are subject to forfeiture if the Independent Director’sindependent director’s service terminates for any other reason. The Compensation Committee believes that the 1-year cliff vesting promotes retention during the yearannual term in which the award is granted and provides for an earlier alignment of interests with stockholders when compared to a 3-year vesting period. Additionally, 1-year cliff vesting reflects our Board’s view that shorter vesting periods encourage director independence and objectivity.directors serve. 20192022 Independent Director Compensation The following table summarizes the compensation of the Independent Directors for the fiscal year ended December 31, 2019.2022. NAME (a)    FEES EARNED OR PAID IN CASH ($) (b)    STOCK AWARDS ($)(1) (c)    TOTAL ($) (h)   FEES EARNED OR PAID IN CASH ($) (b)         STOCK AWARDS ($)(1) (c)         TOTAL ($) (h)   Brian G. Cartwright 201,011 160,012 361,023                    226,155               180,034       406,189   Christine N. Garvey 130,239 160,012 290,251     109,112       180,034       289,146   R. Kent Griffin, Jr. 112,431 160,012 272,443     132,057       180,034       312,091   David B. Henry 111,750 160,012 271,762     173,707       180,034       353,741   Lydia H. Kennard     89,019       180,034       269,053   Sara G. Lewis 13,166 74,546 87,712     127,693       180,034       307,727   Lydia H. Kennard 106,250 160,012 266,262 Peter L. Rhein(Retired) 72,725 — 72,725 Katherine M. Sandstrom 102,761 160,012 262,773     149,173       180,034       329,207   Joseph P. Sullivan(Retired) 65,571 — 65,571 (1) The RSUs were issued pursuant to the 2014 Performance Incentive Plan (the “2014 Plan”), pursuant to which the Board has the authority to interpret and make all required determinations under such plan.. The value in the stock award column represents the aggregate grant date fair value of RSUs awarded to the director in the fiscal year, computed in accordance with FASB ASCFinancial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718—Compensation. For a discussion of the assumptions and methodologies used to calculate the amounts referred to above, see Note 14—15—Compensation Plans to the Consolidated Financial Statements included in our Annual Report. As of December 31, 2019,2022, each of our Independent Directors other thanwho were serving on the Board at that time held 5,258 unvested RSUs. Ms. Lewis, held 5,348Kennard forfeited her unvested RSUs upon her departure from the Board. Mr. Connor was appointed as an Independent Director in March 2023 and Ms. Lewis held 2,216 unvested RSUs.did not receive compensation for services as a director in 2022. 2023 PROXY STATEMENT 35 Table of Contents Director Compensation—2022 Director Compensation Policies and Plans Director Stock Ownership Guidelines Independent Directors are required to accumulate and hold shares of Healthpeak stock (including RSUs) equal in value to at least five times the amount of the annual cash retainer for Independent Directors. With respect to new Independent Directors, theThe guidelines are effective on the first May 15 that occurs more than five years after the directoran Independent Director first becomes a member of our Board. Once subject to the guidelines, an Independent Director’s level of stock ownership will be reviewed annually on May 15 for as long as the director remains in office. The Governance Committee is responsible for reviewing, overseeing and monitoring compliance with the director stock ownership guidelines. All of our Independent Directors for whom the guidelines had becomewere effective as of May 15, 2019,2022, satisfied our director stock ownership guidelines as of that date. 32       HEALTHPEAK PROPERTIES   Table of Contents DIRECTOR COMPENSATION—2019 Director Deferred Compensation Plan We maintain a deferred compensation plan (the “Director Deferral Plan”), which permits our Independent Directors to elect to defer their annual retainers. Amounts deferred under the Director Deferral Plan generally are payable in cash as a lump sum, in monthly installments, or a combination of both, as elected by the director, upon the termination of the director’s service on our Board, the director’s death or such earlier date as elected by the director. A director participating in the Director Deferral Plan may elect to have his or her deferred compensation credited to (i) an interest rate account wherein the deferrals accrue interest at a rate equal to the current prime rate minus 1%, or (ii) a stock credit account wherein the deferrals are treated as if invested in our common stock with the account increasing for dividends paid, and increasing or decreasing in value with changes in our stock price. Non-Employee Director Stock-For-Fees Program Under the Non-Employee Director Stock-for-Fees Program, each of our Independent Directors may elect to receive all or a portion of their annual retainer and meeting fees in the form of shares of our common stock in lieu of payment in cash. The election will apply to the elected amount of such fees that would otherwise be paid in cash, commencing with the fiscal quarter after the election is made. Shares will be issued as soon as practicable after we pay an ordinary cash dividend to our stockholders following the date that cash director fees for the preceding quarter would otherwise be payable to the director. The number of shares issued will be determined by dividing the amount of the fees by the average closing price of our common stock for the 10 trading days immediately preceding the relevant dividend payment date.     2020 PROXY STATEMENT       33 36 HEALTHPEAK PROPERTIES Table of Contents Our Executive Officers Our Executive Officers ThomasScott M. Herzog, 57Brinker, Chief Executive Officer Mr. Herzog is our Chief Executive Officer and a member of our Board of Directors. He previously served as46, President and Chief Executive Officer from January 2017 until December 2019 and Executive Vice President and Chief Financial Officer from June 2016 to December 2016, a role he formerly held from April 2009 to May 2011. Before joining Healthpeak, Mr. Herzog was Chief Financial Officer of UDR, Inc. (NYSE: UDR) from January 2013 until June 2016. Prior to joining UDR, he served in various Chief Financial Officer and Chief Accounting Officer roles in the real estate industry, along with a decade at Deloitte & Touche LLP. Director Since:2017 Scott M. Brinker, 43 President and Chief Investment Officer Mr. Brinker has been our President and Chief InvestmentExecutive Officer since January 2020.October 2022. He previously served as President and Chief Investment Officer from January 2020 until October 2022 and Executive Vice President and Chief Investment Officer from March 2018 until December 2019. Before joining Healthpeak, Mr. Brinker was at Welltower Inc. (NYSE: WELL), a healthcare REIT, from 2001 to 2017, most recently as its Executive Vice President and Chief Investment Officer from July 2014 to January 2017. He was Executive Vice President – Investments from February 2012 to July 2014, and worked in various other investment and portfolio management-related capacities after joining Welltower in July 2001.Officer. DIRECTOR SINCE 2022 Peter A. Scott, 40 Executive Vice President and43, Chief Financial Officer Mr. Scott has been our Executive Vice President and Chief Financial Officer since February 2017. In additionHe previously also served as Executive Vice President from February 2017 to his role as CFO, he assumed leadership of our Life Science segment in February 2019.July 2021. Prior to joining Healthpeak in February 2017, Mr. Scott served as a Managing Director, Real Estate Banking Group of Barclays, a financial services firm listed on the London Stock Exchange, from 2014 to 2017. His experience also includes various positions of increasing responsibility at the financial services firms Credit Suisse from 2011 to 2014, Barclays from 2008 to 2011 and Lehman Brothers from 2002 to 2008. Thomas M. Klaritch, 62 Executive Vice President, 65, Chief Development and Operating Officer Mr. Klaritch has been our Chief Operating Officer since September 2017. He previously also served as Executive Vice President, Chief Development and Operating Officer sinceand Chief Development Officer from February 2019 to July 2021, as Executive Vice President and Chief Operating Officer from August 2017. He previously served2017 to February 2019, as Senior Managing Director —Executive Vice President – Medical Office Properties from April 2008 to August 2017, and as Senior Vice President —– Medical Office Properties from October 2003 to April 2008. Prior to joining Healthpeak, Mr. Klaritch was a founding member and Chief Financial Officer of MedCap Properties LLC, a company that owned, operated and developed healthcare real estate (Healthpeak acquired MedCap Properties LLC in October 2003). He has 3740 years of operational and financial management experience in the medical office and hospital sectors. Mr. Klaritch is a Fellow in the Healthcare Financial Management Association. He is also a certified public accountant. 34       HEALTHPEAK PROPERTIES   accountant (inactive). 2023 PROXY STATEMENT 37 Table of Contents OUR EXECUTIVE OFFICERSOur Executive Officers Troy E. McHenry, 47 Scott R. Bohn,44, Chief Development Officer and Co-Head of Life Science Mr. Bohn has been our Chief Development Officer and Co-Head of Life Science since October 2022. He previously served as Executive Vice President Chief Legal Officer, – Co-Head of Life Science from January 2022 until October 2022, as Senior Vice President – Co-Head of Life Science from February 2021 until January 2022, as Senior Vice President – Life Science from January 2019 until February 2021, as Vice President – Life Science Estates from January 2014 until December 2018, and as Director – Life Science Estates from September 2012 until December 2013. Prior to joining Healthpeak, Mr. Bohn held various development, acquisition and leasing positions at Terreno Realty Corporation (NYSE: TRNO) in 2012, D’Aprile Properties from 2009 to 2011, AMB Property Corporation (now Prologis – NYSE: PLD) from 2006 to 2009, RREEF/Deutsche Bank from 2003 to 2006, and LaSalle Bank, from 2002 to 2003. General Counsel and Corporate Secretary Adam G. Mabry,38, Chief Investment Officer Mr. McHenryMabry has been our Executive Vice President, Chief LegalInvestment Officer General Counsel and Corporate Secretary since February 2016.October 2022. He previously served as Senior Vice President — Legal, HR and Assistant Corporate Secretary– Investments from July 2013February 2018 to February 2016,October 2022 and as Vice President – Corporate Counsel and Assistant Corporate SecretaryTransactions from December 2010June 2017 to July 2013.January 2018. Prior to joining Healthpeak, Mr. McHenryMabry was with MGM Resorts International (NYSE: MGM), a global hospitality and entertainment company, from 2005 to 2010 as Vice President Deputy General Counsel and Assistant Corporate Secretary. Prior to that, he was Associate General Counsel at Boyd Gaming Corporation (NYSE: BYD), a gaming and hospitality company, from 2004 to 2005. Mr. McHenry was also a senior associate with the law firm of DLA Piper (formerly Gray Cary) from 2001 to 2004. He is a military veteran and previously served as an officer (First Lieutenant) in the U.S. Army. Lisa A. Alonso, 43 Executive Vice President and Chief Human Resources Officer Ms. Alonso has been our Executive Vice President and Chief Human Resources Officer since January 2020. She joined Healthpeak as a Manager – Human Resources from November 2014 to April 2015 and went on to serve as a Director – Human Resources from April 2015 to December 2015, Vice President – Human Resources from January 2016 to January 2018 and Senior Vice President – Human Resources from February 2018 to December 2019. Prior to joining Healthpeak, Ms. Alonso served as Director of Human Resources/HR Business Partner at The Irvine Company’s Resort at Pelican Hill from April 2013 to July 2014. Prior to that, she served as Vice President of Human Resources and Director of Recruiting and Training at California First National Bancorp (Nasdaq: CFNB) from February 2003 to March 2013. Shawn G. Johnston, 40 Executive Vice President and Chief Accounting Officer Mr. Johnston has been our Executive Vice President and Chief Accounting Officer since February 2019. He previously served as Senior Vice President and Chief Accounting Officer from August 2017 until February 2019. Prior to joining Healthpeak in August 2017, Mr. Johnston served as Vice President — Chief Accounting Officer of UDR, Inc. (NYSE: UDR),Wolff Company, a multifamilyfully-integrated real estate investment trust, from March 2016 to August 2017,private equity firm, where he focused on executing structured transactions across the multifamily, senior and Vice President — Controller from September 2013 until March 2016. He also served as Interim Principal Financial Officer of UDR from June 2016 through December 2016. From August 2010 to August 2013, Mr. Johnston served as Chief Accounting Officer at American Residential Communities LLC, a residential real estate company.affordable housing sectors. Prior to that, he was a Senior Manager — Audit Services for Ernst & Young LLP, specializingVice President at Barclays in the real estate from October 2002 to August 2010.investment banking group. Mr. Mabry is a Chartered Financial Analyst® charterholder. Jeffrey H. Miller, 60 Executive Vice President — Senior Housing63, General Counsel Mr. Miller has been our General Counsel since November 2022. He previously served as Executive Vice President – Development from April 2021 to October 2022, as Executive Vice President – Senior Housing sincefrom January 2020. He previously served2020 to March 2021 and as Senior Vice President – Senior Housing Asset Management from November 2018 to December 2019. Prior to joining Healthpeak, Mr. Miller served as Chief Operating Officer at Welltower, Inc. (NYSE: WELL), a healthcare REIT, from July 2014 to January 2017, and General Counsel from July 2004 to July 2014. He was a partner at the law firm Shumaker, Loop & Kendrick, LLP from 1996 to 2004, where he represented a broad range of clients in corporate and real estate matters.   2020 PROXY STATEMENT       35 38 HEALTHPEAK PROPERTIES Table of Contents Our Executive Officers Shawn G. Johnston,43, Executive Vice President and Chief Accounting Officer Mr. Johnston has been our Executive Vice President and Chief Accounting Officer since February 2019. He previously served as Senior Vice President and Chief Accounting Officer from August 2017 until January 2019. Prior to joining Healthpeak in August 2017, Mr. Johnston served as Vice President – Chief Accounting Officer of UDR, Inc. (NYSE: UDR), a multifamily real estate investment trust, from March 2016 to August 2017, and Vice President – Controller from September 2013 until March 2016. He also served as Interim Principal Financial Officer of UDR from June 2016 through December 2016. From August 2010 to August 2013, Mr. Johnston served as Chief Accounting Officer at American Residential Communities LLC, a residential real estate company. Prior to that, he served in the Ernst & Young LLP Audit Department, specializing in real estate, from October 2002 to August 2010. Ankit B. Patadia,45, Executive Vice President and Treasurer – Corporate Finance Mr. Patadia has been our Executive Vice President and Treasurer - Corporate Finance since February 2023. He joined Healthpeak in 2010 and has served in a variety of roles, including Senior Vice President and Treasurer – Corporate Finance from February 2019 to January 2023, Vice President and Treasurer from 2018 to 2019, Assistant Treasurer and Vice President – Financial Planning and Analysis from 2017 to 2018 and Assistant Treasurer and Vice President - Capital Markets/Treasury from 2016 to 2017. Prior to joining Healthpeak, Mr. Patadia served as Senior Consultant at Deloitte Consulting from 2004 to 2008. Lisa A. Alonso,46, Executive Vice President and Chief Human Resources Officer Ms. Alonso has been our Executive Vice President and Chief Human Resources Officer since January 2020. She joined Healthpeak in 2014 and served in a variety of roles, including Senior Vice President – Human Resources from February 2018 to December 2019, Vice President – Human Resources from January 2016 to January 2018, Director – Human Resources from April 2015 to December 2015, and Manager – Human Resources from November 2014 to April 2015. Prior to joining Healthpeak, Ms. Alonso served as Director of Human Resources/HR Business Partner at The Irvine Company’s Resort at Pelican Hill from April 2013 to July 2014. Prior to that, she served as Vice President of Human Resources and Director of Recruiting and Training at California First National Bancorp (Nasdaq: CFNB) from February 2003 to March 2013. 2023 PROXY STATEMENT 39 Table of Contents PROPOSAL 02 Approval of 2022 Executive Compensation on an Advisory Basis    FOR Our Board recommends a vote FOR approval of 2022 executive compensation on an advisory basis Advisory Resolution In accordance with the requirements of Section 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the related rules of the SEC, stockholders are entitled to cast a nonbinding, advisory vote to approve the compensation of our NEOs (often referred to as “say-on-pay”). Accordingly, you are being asked to vote on the following resolution at the Annual Meeting: RESOLVED, that the stockholdersAPPROVE,on an advisory basis, the compensation paid to the NEOs, as disclosed in thisthe proxy statement, which includes the “Compensation Discussion and Analysis,” the accompanying tables, and the related narrative disclosure, pursuant to the SEC’s executive compensation disclosure rules. Our Board recommends that you vote FOR this resolution because it believes that our executive compensation program supports our compensation objectives and philosophies, including: Aligning compensation with stockholder interests and promoting long-term stockholder value creation Providing a straightforward and transparent compensation program, with rigorous, objective and at-risk performance, criteria, including future relative TSR as a significant component Attracting, motivating and retaining key employees with outstanding talent and ability Discouraging excessive risk-taking by balancing short- and long-term compensation with a mix of cash and equity incentives Paying for performance, with a meaningful portion of compensation tied to the Company’s strategic and financial goals, with limited fixed or discretionary components Promoting long-term stockholder value creation Robust oversight by an independent Board committee Voting Standard This proposal to approve the compensation paid to our NEOs requires the affirmative vote of a majority of the votes cast on the proposal at the Annual Meeting. This proposal is advisory only and will not be binding on, overrule any decision by, or create or imply additional fiduciary duties for, Healthpeak, our Board or the Compensation Committee. The Compensation Committee, which is responsible for designing and administering our executive compensation program, values the opinions expressed by stockholders in their vote on this proposal and will consider the outcome of the vote when making future compensation decisions for NEOs. Voting Standard This proposal to approve the compensation paid to our NEOs requires the affirmative vote of a majority of the votes cast on the proposal at the Annual Meeting. This proposal is advisory only and will not be binding on, overrule any decision by, or create or imply additional fiduciary duties for, Healthpeak, our Board or the Compensation Committee. The Compensation Committee, which is responsible for designing and administering our executive compensation program, values the opinions expressed by stockholders in their vote on this proposal and will consider the outcome of the vote when making future compensation decisions for NEOs. Our current policy is to provide our stockholders with an opportunity to approve the compensation of our NEOs each year at the annual meeting of stockholders. It is expected that, subject to considering the stockholder vote on Proposal No. 3, the next advisory vote on executive compensation will be held at the 2024 annual meeting of stockholders. 40 HEALTHPEAK PROPERTIES Table of Contents PROPOSAL 03 Approval, on an Advisory Basis, of the Frequency of Future Advisory Votes on Executive Compensation  1 YEAR Our Board recommends a vote to hold future advisory votes on executive compensation every ONE YEAR Stockholders are afforded the opportunity to cast an advisory vote on how often an advisory vote on executive compensation should be included in our proxy materials for future annual stockholder meetings (or a special stockholder meeting for which we must include executive compensation information in the proxy statement for that meeting). Under this Proposal No. 3, stockholders may vote to have the advisory vote on executive compensation every year, every two years or every three years. As required under SEC rules, we are required to submit this frequency vote to stockholders every six years. Since 2011, our Board has provided stockholders with an opportunity to approve the compensation of our NEOs each year at the annual meeting of stockholders. It is expected that the next advisory vote on executive compensation willat every annual meeting. Our Board continues to believe that advisory votes on executive compensation should be held atconducted every year so that stockholders may annually express their views on our executive compensation program, which feedback the 2021Compensation Committee considers in structuring the annual meetingcompensation program. If you do not have a preference regarding the frequency of stockholders.future advisory votes on executive compensation, you should abstain from voting on the proposal. Our Board unanimously recommends a voteVoting StandardFORapproval, This proposal on anthe frequency of future advisory basis, of 2019votes on executive compensation requires the affirmative vote of a majority of the votes cast on the proposal at the Annual Meeting. If no frequency option receives the affirmative vote of a majority of the votes cast at the Annual Meeting, the Board will consider the option receiving the highest number of votes as the preferred option of our stockholders. This proposal is advisory only and will not be binding on, overrule any decision by, or create or imply additional fiduciary duties for, Healthpeak, our Board or the Compensation Committee. The Compensation Committee, which is responsible for designing and administering our executive compensation program, values the opinions expressed by stockholders in their vote on this proposal and will consider the outcome of the vote when making future decisions regarding the frequency of future advisory votes on executive compensation. Notwithstanding the Board’s recommendation and the outcome of the stockholder vote, the Board may decide to conduct future advisory votes on executive compensation on a more or less frequent basis and may vary its practice based on factors such as discussions with stockholders and the adoption of material changes to our executive compensation program. 36       HEALTHPEAK PROPERTIES  2023 PROXY STATEMENT 41 Table of Contents Letter from Our Compensation and Human Capital Committee Letter from Our Compensation and Human Capital Committee Dear Stockholder,Stockholders, As the members of the Compensation and Human Capital Committee, we are responsible for overseeing the design and implementation of a competitive executive compensation program that furthers the interests of stockholders and demonstrates strong pay-for-performance alignment. This responsibility includes listening to and considering your views on executive compensation. We also help oversee management’s efforts to develop and implement a robust human capital management program. The Compensation Discussion &and Analysis, or “CDCD&A,” that follows describes what we pay, why we pay it and how we made our executive compensation decisions in 2019.2022. Our compensation philosophy is intended to align the interests of our executives and stockholders through a transparent and rigorous compensation program. Key Compensation Objectives 01 Aligningexecutive compensation with the interests of our stockholders 02 Linkingexecutive compensation to the achievement of key financial and strategic goals 03 Providinga transparent compensation program with objective performance hurdles with a substantial possibility of not being achieved 04 Evaluatinghurdles across multiple metrics and performance periods, including 3-year relative TSR 05 Limitingdiscretionary compensation components We incentivize our executives by offering a combination of performance-based and fixed compensation, with a significant portion at-riskat risk in the form of performance-based equity awards. The value of these awards depends upon the value of our common stock, which we believe further aligns executives’ interests with those of our stockholders. We believe this compensation philosophy also motivates our talented management team, promotes the execution of our business strategy in a manner that focuses on the creation of long-term stockholder value creation, encourages prudent risk management and enhances retention of our executive team in a competitive marketplace for talent. While individual goals and performance are considerations in compensation decisions, the cornerstone The key objectives of our compensation program philosophy is non-discretionary pay, whichinclude: ● Aligning executive compensation with the interests of our stockholders ● Linking a significant portion of executive compensation to the achievement of key financial and strategic goals ● Providing a transparent compensation program with objective performance hurdles with a substantial possibility of not being achieved ● Evaluating hurdles across multiple metrics and performance periods, including 3-year relative total stockholder return, or TSR, performance ● Limiting discretionary compensation components while maintaining flexibility to compensate for individual performance In 2022, we believe tiesdid not increase base salaries other than in connection with certain executive compensation to Company objectivespromotions. In addition, all objective metrics under our 2022 short-term incentive plan (STIP) were achieved at above-target levels, aligning executive bonus payouts with the Company’s financial and better drives long-term growth for stockholders.operational performance. We remain firm in our belief that our compensation program provides compelling incentives for our executives, which in turn benefitbenefits our stockholders by driving our business strategiesstrategy and goals. While short-term stock price performance may not correlate with our executives’ efforts, weWe believe our stockholders’ interests are best served over time by a balanced compensation program that takes a long-term, holistic view of our business strategy and emphasizes the drivers of long-term value creation. Compensation and Human Capital Committee Report We reviewed and discussed the CD&A with management, as well as the Compensation and Human Capital Committee’s independent compensation consultant and legal advisors. Based upon this review and discussion, we recommended to the Board that the CD&A be included in this proxy statement. Compensation and Human Capital Committee of the Board of Directors Christine N. Garvey (Chair) Lydia H. Kennard Sara G. Lewis Katherine M. Sandstrom     2020 PROXY STATEMENT       37     Sara G. Lewis (Chair) Independent Director Christine N. Garvey Independent Director Katherine M. Sandstrom Independent Director The foregoing report of the Compensation Committee is not soliciting material, is not deemed filed with the SEC and is not incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date of this proxy statement and irrespective of any general incorporation language in such filing. 42 HEALTHPEAK PROPERTIES Table of Contents Compensation Discussion and Analysis Named Executive Officers 43        2022 NEO Compensation 45 2022 Compensation Program Overview 43   Base Salary 47 Key Compensation Elements 43   Annual Cash Incentive Compensation 47 Pay-for-Performance Philosophy 44   Long-Term Equity Incentive Compensation 53 Compensation Practices at a Glance 44   2023 Compensation Decisions 56 Say-on-Pay Results 44   Compensation Policies and Practices 57 Named Executive Officers Our CD&A describes Healthpeak’s 2022 executive compensation program for the named executive officers, or NEOs, listed below. Compensation DiscussionScott M. Brinker President and AnalysisChief Executive Officer Peter A. Scott Chief Financial Officer Thomas M. Klaritch Chief Operating Officer Scott R. Bohn Chief Development Officer and Co-Head of Life Science Adam G. Mabry Chief Investment Officer 2019 Compensation Program Overview       38            2019 NEO Compensation       42 At-Risk Compensation Mix 39 Base Salary 42 Compensation Practices at a Glance 39 Annual Cash Incentive Compensation 43 Paying for Performance 40 Long-Term Equity Incentive Compensation 47 2019 STIP Performance 41 2019 Compensation Decisions 50 2019 LTIP Performance 41 Compensation Policies and Practices 51 Say-on-Pay Results 42 Named Executive Officers 42 In addition, Thomas M. Herzog, our former Chief Executive Officer, and Troy E. McHenry, our Former Chief Legal Officer and General Counsel, are NEOs for 2022. 20192022 Compensation Program Overview Consistent with our goals of aligning executive and stockholder interests and appropriately incentivizing our executives, the Compensation and Human Capital Committee, or the Compensation Committee, has adopted a compensation program that incorporates a mix of at-risk incentives and fixed pay designed to accomplish the key objectives of our executive compensation program. The key objectives of our executive compensation program are outlined in the Letter from Our Compensation and at-risk pay incentives.Human Capital Committee above. In 2019,2022, our compensation program consisted of the following key elements, as further detailed under “2019“2022 NEO Compensation” below:below. Key Compensation Elements BASE SALARY  +  ANNUAL CASH INCENTIVE OPPORTUNITIES  +  LONG-TERM EQUITY INCENTIVE OPPORTUNITIES         Base Salary●    We pay a competitive level ofCompetitive base salary to attract and retain executive talent. We determine base salarytalent based on experience, job scope, market data and individual performance. We annually review our NEOs’ base salariesperformance ●   Annually reviewed against our peerssimilarly situated executives at peer companies to maintain competitive levels. See below under “Compensation Policies and Practices—Compensation Peer Group”.levels   Annual Cash Incentives●   We incentivize our management team with annual cash incentive bonuses basedBased on the achievement of objective, at-risk Company performance metrics to align compensation with strategic goals.goals Our●  Includes objective financial performance metrics (normalizedof Normalized FFO per share and Net Debt to Adjusted EBITDAre, (earnings before interest, taxwhich are common REIT performance measures ●  Includes quantitative and depreciationqualitative ESG metrics, underscoring our leadership’s commitments to environmental, social and amortization for real estate)) are commonly used measures of REIT performance.governance performance ●  A portion of the annual cash incentive, or bonus, is based on an assessment of individual performance in order to reward individual initiative, achievements and contributions and ensure that executives are driving execution of our business strategy.strategy Long-Term Equity Opportunities●   We grant performance-basedPerformance-based restricted stock units (“PSUs”), as well as and service-based RSUs with a performance hurdle to our executives. ●  PSUs are only earned by achieving 3-year Company TSR performance hurdles relative to constituents in the FTSE Nareit Equity Healthcare Indexthird-party indices and the S&P 500select healthcare REIT Index. This is a critical component ofpeers, aligning executive compensation with stockholders’ long-term interests and driving long-term value creation.creation ●  Service-based RSUs encourage executive retention by vesting ratably over three years, subject to a performance hurdle requiring achievement of a minimum normalizedNormalized FFO per share threshold in the grant year. 38       HEALTHPEAK PROPERTIES   Table of Contents COMPENSATION DISCUSSION AND ANALYSIS At-Risk Compensation Mix The below graphics illustrate the mix of 2019 fixed pay (base salary) and at-risk pay incentives (cash incentive compensation and grant date fair value of equity awards granted during the year), presented at the Target level of performance, for our CEO and our other NEOs. year Compensation Practices at a Glance     STOCKHOLDER-FRIENDLY PRACTICES WE FOLLOW2023 PROXY STATEMENT STOCKHOLDER-UNFRIENDLY PRACTICES WE AVOID Align short-term pay and performance by linking 60% of STIP compensation to objective, quantitative performance hurdles Align long-term pay and performance by linking 60% of LTIP compensation to 3-year relative TSR with 1-year post-vesting holding period Promote executive officer retention with 40% of LTIP compensation subject to 3-year vesting with 1-year post-vesting holding period Cap payouts and vesting levels for awards under our STIP and LTIP Provide standardized severance and change-in-control benefits for similarly situated executives Maintain robust stock ownership guidelines Maintain a clawback policy Conduct annual compensation risk assessments Compensation Committee comprised solely of independent directors Use of an independent compensation consultant Employment agreements Guaranteed cash incentives, equity compensation or salary increases for existing NEOs Stock option awards to NEOs Tax gross-up payments on change-in-control or severance payments or executive perquisites Allow pledging of our securities by directors, officers or employees Allow hedging or derivative transactions involving our securities by directors, officers, employees or other insiders “Single-trigger” change in control severance payments Excessive perquisites or other benefits Repricing or buyouts of underwater stock options Equity plan evergreen provisions Equity awards with less than 1-year vesting 43   2020 PROXY STATEMENT       39 Table of Contents COMPENSATION DISCUSSION AND ANALYSISCompensation Discussion and Analysis Pay-for-Performance Philosophy Paying for Performance Our executive compensation program is designed to rewardrewards successful annual performance while encouragingand encourages long-term value creation for our stockholders. NEO short- and long-term incentive compensation is subject to rigorous, objective, at-risk performance hurdles across multiple metrics and performance periods, which the Compensation Committee intends to incentivize management to drive Company performance and encourage prudent risk management consistent with the Company’s financial and strategic goals. Our 2019 executive The below graphics illustrate the mix of 2022 fixed pay (base salary) and at-risk pay incentives (cash incentive compensation program reflects strong alignment between pay and performance. As described under “Proxy Highlights—Company Highlights,” we completed our repositioning strategy in 2019, delivering strong results andgrant date fair value creationof equity awards granted during the year), presented at the target level of performance, for our stockholders. We entered into transactions to further reduceCEO and our tenant concentration, made key acquisitions in desirable markets,other NEOs (excluding Messrs. Herzog and paid down a significant amount of long-term debt to help strengthen our balance sheet. Our leadership team provided stability to help ensure our long-term growth and success. Accordingly,McHenry, who terminated employment during the Compensation Committee took actions in 2019 to further align the compensation of our leadership team with the compensation of peer companies, focusing on healthcare and S&P 500 REITs, the pool from which we recruit top talent. See below under “Compensation Policies and Practices—Compensation Peer Group”year). Our strong 2019 financial results resulted in above-Target level payout of cash incentive awards under our 2019 short-term incentive plan (“2019 STIP”). We exceeded our public guidance based on solid company performance and ratings upgrades. In addition, our 3-year TSR performed strongly compared to our peers, which resulted in an above-Target payout of TSR-based LTIP awards granted in 2017, marking the first time our TSR-based LTIP awards have provided a payout for our executives. This underscores our commitment to pay for performance. COMPANY 3-YEAR TSR PERFORMANCE REFLECTS 16% INCREASED STOCK VALUE         PRESIDENT AND CEO 40       HEALTHPEAK PROPERTIES     AVERAGE FOR ALL OTHER NEOs   Table of Contents COMPENSATION DISCUSSION AND ANALYSIS 2019 STIP Performance STIP Performance for the Performance Period Ended December 31, 2019 The following table summarizes the outcome for each metric of our 2019 STIP, as further described under “Annual Cash Incentive Compensation—Compensation Committee Assessment and Determination of 2019 STIP Results.” RELATIVE WEIGHTING       PERFORMANCE METRIC       TARGET       ACTUAL         OUTCOME     Normalized FFO per Share $1.73 $1.76 High (150%) Net Debt to Adjusted EBITDAre 5.9x 5.66x Target-High (139%) Individual Performance Comp. Committee Determination (150%) Average NEO 2019 STIP Payout: 148% of Target 2019 LTIP Performance TSR-Based LTIP Award Status Through December 31, 2019 The following table reflects the current status of our 2019 LTIP awards based on 2019 performance, as further described under “Long-Term Equity Incentive Compensation—Status of LTIP Award Programs.” LTIP PERFORMANCE PERIOD       2018       2019       2020       STATUS 2019 3-year LTIP Tracking Above Target(1)     (1) The performance period for these awards remains open and the payout percentage for these awards has not been determined. If the performance period applicable to the award had ended as of December 31, 2019, the Company’s relative TSR ranking considered for purposes of the awards would have resulted in an above-Target payout. We make no prediction as to the future performance of our stock or probability of an award payout.  Compensation Practices at a Glance STOCKHOLDER-FRIENDLY PRACTICES WE FOLLOW       2020 PROXY STATEMENT       41PRACTICES WE AVOID   Table of Contents COMPENSATION DISCUSSION AND ANALYSIS Say-on-Pay Results    Align short-term pay and performance by linking 60% of STIP compensation to objective, quantitative performance hurdles    Align long-term pay and performance by linking 60% of LTIP compensation to 3-year relative TSR with 1-year post-vesting holding period    Promote retention with 40% of LTIP compensation subject to 3-year vesting with 1-year post-vesting holding period    Cap payout and vesting levels for incentive awards    Provide market-based standardized severance and change-in-control benefits for executives    Maintain robust stock ownership guidelines and clawback policy    Conduct annual compensation risk assessment    Compensation Committee comprised solely of independent directors    Use of an independent compensation consultant    Conduct annual compensation analysis against peer company practices    Individual employment agreements    Guaranteed cash incentives, equity compensation or salary increases for existing NEOs    New stock option awards to NEOs    Tax gross-up payments on change-in-control or severance payments or executive perquisites    Allowing pledging or hedging of our securities by directors, officers or other employees    “Single-trigger” change in control severance payments    Excessive perquisites or other benefits    Repricing or buyouts of stock options    Equity plan evergreen provisions    Equity awards with less than 1-year total vesting terms Say-on-Pay Results The Compensation Committee considers our say-on-pay vote results in approving our executive compensation program. The Committee determined to maintain the core structure of our overall executive compensation program for 2020,2022, taking into account: ●Strong support demonstrated by our stockholders in our 20192022 say-on-pay vote ●Recommendations of our independent compensation consultant ●Positive stockholder feedback through outreach efforts In 2019, we received2022, over 92% of stockholder votes were cast FOR our 20182021 executive compensation program, and average support over 92% (on average) of votes cast for our executive program in the last 3 years.5 years was 91% WHY STOCKHOLDERS SHOULD APPROVE OUR EXECUTIVE COMPENSATION At-risk incentive compensation tied to rigorous objective, quantitative performance hurdles to support the Company’s financial and strategic goals Pay practices aligned with stockholder interests to promote the creation of long-term value, while discouraging excessive risk-taking Significant pay-for-performance alignment reflecting strong company performance results, with limited discretionary components Robust Compensation Committee oversight Transparent compensation program and disclosure 44 HEALTHPEAK PROPERTIES Table of ContentsNamed Executive Officers Our CD&A describes Healthpeak’s 2019Compensation Discussion and Analysis 2022 NEO Compensation The Compensation Committee oversees the design and administration of our executive compensation program forand evaluates these programs against Company performance, competitive practices, legal and regulatory developments and corporate governance trends. The Committee considers analysis and recommendations from Ferguson Partners Consulting when making compensation decisions. Additionally, our President and Chief Executive Officer provides feedback to the NEOs listed below:Committee with respect to our other executive officers based on individual performance. THOMASScott M. HERZOGBrinker, President and Chief Executive Officer 2022 TARGET COMPENSATION: $4.88 MILLION ($ millions) SCOTT M. BRINKER No changes were made to Mr. Brinker’s 2022 base salary or the target-level STIP opportunity compared to 2021. His 2022 target-level LTIP opportunity was increased to better align his equity compensation with the equity compensation of similarly-situated executives at peer companies. No changes were made to Mr. Brinker’s 2022 compensation following his promotion to President and Chief Investment Executive Officer, and his target-level compensation was increased in 2023. PETERPeter A. SCOTTScott, Executive Vice President and Chief Financial Officer 2022 TARGET COMPENSATION: $3.55 MILLION ($ millions) No changes were made to Mr. Scott’s 2022 base salary or target-level STIP opportunity compared to 2021. His 2022 target-level LTIP opportunity was increased to better align his compensation with the compensation of similarly situated executives at peer companies.   2023 PROXY STATEMENT 45 Table of Contents Compensation Discussion and Analysis THOMASThomas M. KLARITCHKlaritch, Executive Vice President, Chief Operating Officer 2022 TARGET COMPENSATION: $3 MILLION ($ millions) No changes were made to Mr. Klaritch’s 2022 compensation compared to 2021. Scott R. Bohn,Chief Development Officer and Operating Officer Co-Head of Life Science 2022 TARGET COMPENSATION: $1.33 MILLION ($ millions) TROY E. McHENRY Mr. Bohn’s 2022 base salary, target-level annual cash incentive and target-level long-term equity award opportunity were increased in connection with his promotions in January 2022 to Executive Vice President – Co-Head of Life Science and in October 2022 to Chief Legal Development Officer General Counsel and Corporate SecretaryCo-Head of Life Science, as further described below. 46 HEALTHPEAK PROPERTIES Table of Contents Compensation Discussion and Analysis Adam G. Mabry,Chief Investment Officer 2022 TARGET COMPENSATION: $1.28 MILLION ($ millions)   Mr. Mabry’s 2022 base salary, target-level annual cash incentive and target-level equity award opportunity were increased in connection with his promotion to Chief Investment Officer in October 2022, as further described below. The 2022 compensation for Mr. Herzog, our former Chief Executive Officer, was $1,150,000 base salary, $2,300,000 target-level STIP opportunity, and $7,000,000 target-level LTIP opportunity, reflecting no changes from 2021. The 2022 compensation for Mr. McHenry, our former Chief Legal Officer and General Counsel, was $600,000 base salary, $650,000 target-level STIP opportunity, and $1,250,000 target-level LTIP opportunity, reflecting an increase of $200,000 to his 2021 LTIP opportunity to better align his compensation with similarly situated executives at peer companies. In connection with his departure from the Company in November 2022, Mr. McHenry forfeited his 2022 annual cash incentive and outstanding unvested LTIP awards, including his 2022 LTIP award. 2019 NEO Compensation Base Salary Following areviews by the Compensation Committee in January 2022 and again in October 2022 of compensation data for peers with substantially similar roles and responsibilities prepared by Ferguson Partners Consulting (as described below under “Compensation Policies and Practices—Peer Company Comparison”), the Committee determined not to increase base salaries for Messrs. Brinker, Scott, Klaritch, Herzog or McHenry in 2022. Based on the review of compensation data for peers with substantially similar roles and responsibilities, (as described below under “Compensation Policies and Practices—Peer Company Comparison”), the Compensation Committee established 2019 base salaries for each of our NEOs commensurate with its assessment of their job position and responsibilities, experience, compensation peer group data and individual performance, as further described under “2019 Compensation Decisions” below. The 2019 base salaries for Messrs. Herzog, BrinkerBohn and Klaritch remained the same as 2018, while Messrs. ScottMabry were increased in connection with their promotions to better align their compensation with similarly situated executives at peer companies. Mr. Mabry’s 2022 salary was increased from $441,000 to $460,000 prior to his promotion to Chief Investment Officer, and McHenry received basefrom $460,000 to $500,000 (on a prorated basis) in connection with his promotion in October 2022. Mr. Bohn’s 2022 salary increases for 2019, as further described under “2019 Compensation Decisions” below. NAME 2019 BASE SALARY ($) Thomas M. Herzog 1,000,000 Scott M. Brinker 650,000 Peter A. Scott 650,000 Thomas M. Klaritch 600,000 Troy E. McHenry 550,000 42       HEALTHPEAK PROPERTIES   Tablewas increased from $363,500 to $450,000 in connection with his promotion to Executive Vice President in January 2022 and then to $500,000 (on a prorated basis) in October 2022 in connection with his promotion to Chief Development Officer and Co-Head of ContentsLife Science. COMPENSATION DISCUSSION AND ANALYSIS Annual Cash Incentive Compensation 20192022 Short-Term Incentive Plan Structure Our NEOs are eligible to receive annual cash bonuses under the 20192022 STIP based on the achievement of performance criteria established by the Compensation Committee for the performance period and taking into account individual performance. The 2019 STIP performance In selecting metrics and their relative weightings are illustrated and described inweighting, the graphic below. The Compensation Committee determined that no changes were required to the general structure of the 2019 STIP compared to 2018 in light ofalso reviewed the Company’s strategic focus on portfolio quality, a strong balance sheet, and organic growth complemented by acquisitions and developments.developments, as well as the importance of ESG to our Company’s business and long-term strategy. Considering these goals, together with feedback from our stockholders during stockholderongoing engagement meetings and input from FPL Associates,Ferguson Partners Consulting, the Compensation Committee determined thatapproved the following 2022 STIP annual metrics hurdles and weightings of the STIP continued to be appropriate, while actual 2019 performance targets were set based on our 2019 public guidance and internally budgeted goals.weighting, which remained unchanged from 2021.     2020 2023 PROXY STATEMENT       43 47 Table of Contents COMPENSATION DISCUSSION AND ANALYSISCompensation Discussion and Analysis 30% Normalized FFO Per Share ●  Funds from operations (FFO) is a commonly used REIT financial metric defined by Nareit; Normalized FFO per share is adjusted to exclude the impact from certain non-recurring or non-comparable items. ●  Allows stockholders to compare operating performance among REITs over time on a consistent basis. ●  May significantly impact the trading price of a REIT’s common stock and, therefore, may significantly impact TSR. 15% Net Debt to Adjusted EBITDAre ●  Net Debt to Adjusted EBITDAre is a supplemental measure of our achievement of established debt targets and is adjusted to exclude the impact from certain non-recurring or non-comparable items. ●  Promotes a strong balance sheet and balances the Normalized FFO per share metric to discourage overleveraging.   ●  Reflects the ability to generate sufficient earnings to meet debt obligations as the portfolio grows. ●  A strong balance sheet is also important for REITs to enable acquisition and investment opportunities. 15% ESG Performance ●  Environmental, social and governance performance is critical to our Company’s long-term strategy and success. ●  Measures the Company’s performance on various quantitative and qualitative ESG initiatives as described in detail in the ESG performance scorecard on page 50. 40% Individual Performance ●  Assessment of individual contributions to the Company’s financial and operational performance, as well as accomplishments relative to annual objectives. ●  Strongly influenced by objective criteria, such as the quality of the Company’s portfolio and investments, including investment performance relative to underwriting or budget and other quantitative and qualitative performance metrics and trends as determined by the Compensation Committee. ●  Incentivizes and rewards individual initiative, achievements and contributions to ensure that executives are driving execution of our business strategy in their respective roles. The pre-established target-level performance hurdle for Normalized FFO per share was set at the mid-point of our initial public guidance for 2022 and excluded the positive impact of any funding we received during 2022 under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The pre-established target-level performance hurdle for Net Debt to Adjusted EBITDAre was set in relation to our internally budgeted expectation, which is not publicly disclosed. 20192022 STIP Award Opportunities The Compensation Committee approved 2019NEO 2022 STIP award opportunities for the NEOs near the beginning of the performance period. As shown above, 60% of the STIP opportunity (the “Company Performance Award”) was subject to the achievement of quantitative Company performance metrics tied to the achievement of strategic financial objectives for the 2019 performance period. The remaining 40% of the STIP opportunity (the “Individual Performance Award”) was based on an assessment of individual performance, subject to the Compensation Committee’s ability to reduce the awards. The following table reflects the 2019 STIP NEO award opportunities. AWARD OPPORTUNITY ($) NAME    THRESHOLD (50%)    TARGET (100%)    HIGH (150%) Thomas M. Herzog 1,000,000 2,000,000    3,000,000 Scott M. Brinker 550,000 1,100,000 1,650,000 Peter A. Scott 475,000 950,000 1,425,000 Thomas M. Klaritch 450,000 900,000 1,350,000 Troy E. McHenry 287,500 575,000 862,500 The Compensation Committee established the above award opportunitiesin January 2022, following a review of compensation data for peers with substantially similar roles and responsibilities prepared by FPL AssociatesFerguson Partners Consulting (as described below under “Compensation Policies and Practices—Peer Company Comparison”). The award opportunities reflect the Committee’s assessment of the applicableeach NEO’s job position and responsibilities, experience, compensation peer group data and individual performance. The 2019Based on this assessment, the Committee determined not to increase 2022 STIP award opportunities for Messrs. Herzog, Brinker, andScott, Klaritch, remained the same as 2018, while Messrs. ScottHerzog and McHenry from the levels in effect for 2021. Mr. Bohn became a participant in the 2022 STIP and received higheran increase to his target-level bonus award opportunitiesopportunity in connection with his January 2022 promotion to Executive Vice President, from $363,500 to $450,000 (prorated from January 1, 2022 to the date of his promotion to Chief Development Officer and Co-Head of Life Science on October 6, 2022). In connection with Mr. Bohn’s October 2022 promotion, his 2022 STIP target-level award opportunity increased from $450,000 to $500,000 (prorated from his promotion date through December 31, 2022). Mr. Mabry did not participate in the 2022 STIP prior to his promotion in October 2022, and he received an increase to his pre-promotion 2022 bonus opportunity, from $441,000 in 2021 to $475,000 (prorated from January 1, 2022 to the date of his promotion to Chief Investment Officer on October 6, 2022). In connection with his promotion to Chief Investment Officer, he became eligible to participate in the 2022 STIP for 2019, as further described under “2019 Compensation Decisions” below.the remainder of 2022, and his 2022 STIP opportunity was increased to $500,000 (prorated from his promotion date through December 31, 2022). With respect to each of the performance metrics under the 2022 STIP, reaching the Threshold, Targetthreshold, target or Highhigh achievement level results in a payout of 50%, 100% or 150%, respectively, of the Targettarget-level award opportunity. Payout amounts between Thresholdthreshold, target and Target or Target and Highhigh levels are interpolated.interpolated on a linear basis. No valuebonus is paid for metrics with outcomes below the Thresholdthreshold achievement level. The following table reflects the 2022 STIP NEO award opportunities. 48 HEALTHPEAK PROPERTIES Table of Contents Compensation Discussion and Analysis      2022 STIP AWARD OPPORTUNITY ($) NAME(1)        THRESHOLD (50%)        TARGET (100%)        HIGH (150%) Scott M. Brinker   575,000   1,150,000   1,725,000 Peter A. Scott   500,000   1,000,000   1,500,000 Thomas M. Klaritch   450,000   900,000   1,350,000 Scott R. Bohn(2)   221,442   442,885   664,326 Adam G. Mabry(3)   59,615   119,231   178,846 Thomas M. Herzog   1,150,000   2,300,000   3,450,000 (1) In connection with his departure from the Company in November 2022, Mr. McHenry forfeited his 2022 STIP award opportunity of $650,000 (at the target level). (2) Reflects Mr. Bohn’s blended target-level bonus opportunity, including his prorated pre-promotion opportunity of $323,654 (based on a $425,000 2022 STIP target-level award opportunity) and prorated post-promotion opportunity of $119,231 (based on a $500,000 2022 STIP target-level award opportunity). (3) Mr. Mabry became eligible to participate in the 2022 STIP in connection with his October 6, 2022 promotion with a target-level award opportunity of $119,231 (prorated from the date of his promotion based on a $500,000 2022 STIP target-level award opportunity). His prorated pre-promotion bonus opportunity of $361,731 was part of the non-executive annual employee bonus program, which is paid out based on our President and CEO’s determination of individual performance, and was not part of the 2022 STIP. 2022 STIP Performance and Results Compensation Committee Assessment and Determination  Financial Metrics (45% of 2019 STIP ResultsOverall Award) COMPANYSOLID OPERATIONAL PERFORMANCE AWARDS REFLECT SUCCESSFUL EXECUTION OF OUR STRATEGIC PRIORITIESAND BALANCE SHEET MANAGEMENT The Compensation Committee sets executive compensation performance hurdles near the beginning of the performance period consistent with the Company’s strategic goals and in line with our publicly disclosed initial guidance for the performance year, as applicable, consistent with our past practice. Target performance hurdles for normalized FFO per share were set at the mid-point of our initial guidance for 2019. With respect to normalized FFO per share, our 2019 performance hurdles were lower than 2018 performance hurdles because our 2019 guidance accounted for management’s strategic plans for 2019, including the significant dilutive dispositions of low quality but high-yielding assets that were expected to occur during the year, which led to a higher quality portfolio but lower normalized FFO for 2019. We do not publicly disclose guidance for Net Debt to Adjusted EBITDAre, so the Target performance hurdle was set in relation to our internally budgeted expectations. The following table reflects the Threshold, Target and High achievement levels established by the Compensation Committee, as well as the relative weighting and outcome of each element of the Company Performance Award: RELATIVE WEIGHTING 20182022 STIP PERFORMANCE METRIC THRESHOLD       (50%) THRESHOLD (50%TARGET   (100%)           TARGET           (100%) HIGH (150%)         OUTCOME (PAYOUT %)     Normalized FFO per share Per Share $1.725 (148.3%) ▲ High (150%) Net Debt to Adjusted Pro Forma EBITDAre ▲ Target – High (139%5.34x (116%) Weighted Blended Overall Corporate Performance Score: ▲ Target – High (148%) 44       HEALTHPEAK PROPERTIES     Weighted Blended Overall Financial Performance Payout Percentage Relative to Target Level: 137.7%   (1) Excludes the positive impact of CARES Act funding. For the definitions and reconciliations of Normalized FFO per share and Net Debt to Adjusted EBITDAre to the most directly comparable GAAP measures, see Appendix A. 2023 PROXY STATEMENT 49 Table of Contents Compensation Discussion and Analysis COMPENSATION DISCUSSION  ESG Performance Metric (15% of Overall Award) STRONG COMMITMENT TO SUSTAINABILITY, PEOPLE-FIRST CULTURE AND ANALYSISLEADING GOVERNANCE PRACTICES Similar to 2021, the Compensation Committee established an ESG performance metric scorecard with both quantitative and qualitative ESG factors to link our NEOs’ incentive compensation to our ESG performance, underscoring the importance of ESG to our business and strategy. The Committee selected primarily measurable ESG performance criteria that it determined to be rigorous yet achievable, focusing on criteria that could be impacted by each NEO’s performance during the period and were meaningful to the Company’s key ESG initiatives, including: transparent environmental disclosure and leading performance; diversity, equity and inclusion; employee satisfaction; and sound corporate governance. ESG PERFORMANCE METRIC SCORECARD QUANTITATIVE AND QUALITATIVE COMPONENTS POSSIBLE EARNED 2022 RESULTS  ●  Submit to at least 3 major reporting frameworks 2 2   Completed GRESB, CDP and S&P Global Corporate Sustainability Assessment submissions   Achieved industry-leading environmental performance results  ●  Publish annual ESG Report 1 1   Published 11th annual ESG Report according to GRI, TCFD and SASB frameworks   Expanded key disclosures around physical climate risk, transition risk and ESG in new developments  ●  Receive prominent third-party recognition 2 2   ENERGY STAR Partner of the Year   CDP Leadership Band, GRESB 4-Green Star Rating, DJSI N. America Index  ●  Qualitative review of environmental initiatives 2 2   Published inaugural green bond allocation report, reporting allocation of $938 million net proceeds to LEED Gold certified properties   Received 2.5 bps reduction under revolving credit facility’s sustainability-linked pricing grid for annual GHG emissions reduction   Obtained 65 new ENERGY STAR building certifications  ●  Maintain overall employee engagement score at/above Kingsley Index average (1 point) or 5% or higher above index average (2 points) 2 2   Achieved employee engagement score of at least 5% or higher above Kingsley Index average  ●  Advance gender and racial diversity initiatives 2 2   Launched several initiatives to enhance racial diversity and awareness through recruiting, training and outreach, including 61% gender or racially diverse workforce and 66% gender or racially diverse intern program   Conducted company-wide inclusion and belonging training  ●  Receive prominent third party recognition for social and/or DEI initiatives 1 1   Bloomberg Gender-Equality Index   Great Place to Work Certification   Fortune Best Places to Work in Real Estate  ●  Qualitative review of human capital initiatives 2 2   Navigated team safety and provided work from home support   Enhanced employee engagement initiatives  ●   Maintain average ISS Monthly Governance QualityScore of “4” (top 40%) (1 point) or “3” (top 30%) or better (2 points) 2 2   Average Score: 1.17 (top decile, improving from second decile in 2021)  ●  Obtain 95% or higher completion of annual employee Code of Conduct training 2 2   Over 95% completion  ●  Qualitative review of governance initiatives 2 2   Finalist for Best Proxy Statement and Best ESG Reporting by Corporate Secretary and IR Magazine   Newsweek America’s Most Responsible Companies list   Fortune Modern Board 25 list SIGNIFICANTLY ABOVE-TARGET OPERATIONAL                     Total Points 20               20 RELATIVE WEIGHTING 2022 STIP PERFORMANCE RESULTS IN COMPANY PERFORMANCE AWARD PAYOUTS ABOVE METRIC      THRESHOLD TARGET Strong performance in our medical office, life-science, continuing care retirement community and senior housing triple-net segments resulted in overall performance above Target for the Company HIGH OUTCOME (PAYOUT %) ESG Performance Award. Payouts are purely formulaic, calculated in accordance with the objective pre-established performance hurdles established by the Compensation Committee in early 2019. Each metric is paid out separately according to the achievement level—no value is paid for metrics with outcomes below Threshold. Payout amounts between Threshold, Target and Metric   High achievement levels are interpolated.(150%) 50 HEALTHPEAK PROPERTIES Table of Contents Compensation Discussion and Analysis    Individual Performance (40% of Overall Award) INDIVIDUAL PERFORMANCE AWARDS INCENTIVIZE INDIVIDUAL INITIATIVEREFLECTS LEADERSHIP AND ACHIEVEMENT The remaining 40% of the 2019pre-established 2022 STIP award was based on an assessment of individual performance and subject to the Company achieving normalized FFO of at least $1.70 per share, which we exceeded.performance. The Compensation Committee has discretion to award between 0% and 150% of theeach NEO’s Targettarget-level individual performance award opportunity. The Compensation Committee took into account each NEO’s individual accomplishments and contributions to our strategy and performance,leadership, as reflected in the following 2022 performance scorecards, in determining each NEO’s individual performance award payout under the 20192022 STIP. 2019 INDIVIDUAL NEO SCORECARDS   Thomas M. Herzog Chief Executive Officer 2019 Performance Highlights 2019 COMPENSATION ($ millions) ●Substantially completed successful execution of a multi-year strategic plan to reposition the Company as a top-tier healthcare REIT ●Led the execution of Company objectives, resulting in financial and stock performance results that generally met or exceeded Company targets and guidance ●Worked in collaboration with the senior management team to reduce exposure to our largest tenant, Brookdale Senior Living Inc. (“Brookdale”) ●Oversaw efforts to rebrand Company to “Healthpeak Properties” Scott M. Brinker President and Chief Investment Officer 2019 Performance Highlights 2019 COMPENSATION ($ millions) ●Led transformation and execution of our senior housing portfolio ●Led efforts on $2.7 billion of announced investments, including $1.4 billion of senior housing acquisitions, and $1.1 billion of life science acquisitions and incremental development spending ●Led efforts to improve operator diversification and the quality of our senior housing portfolio, including selling $1.4 billion of non-core senior housing assets, acquiring approximately $850 million of high quality senior housing assets, converting 39 high quality triple-net leased assets to a RIDEA structure, and restructuring and/or renewing master leases with key operators   2020 PROXY STATEMENT       45 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS Peter A. Scott Executive Vice President and Chief Financial Officer 2019 Performance Highlights 2019 COMPENSATION ($ millions) ●Led efforts to sell more than $1.4 billion of equity issuances in direct support of the Company’s strategic initiatives and objectives ●Executed $2.1 billion of long-term bond issuances to repurchase $1.7 billion of near-term maturing bonds, which improved our debt maturity profile and cost of capital ●Led efforts to implement a $1.0 billion commercial paper program ●Led efforts to refinance and increase credit facility capacity to $2.5 billion ●Restructured corporate finance team, leading to efficient execution of capital markets transactions and financial planning ●Led management of our life sciences portfolio and oversaw expansion in key markets, including San Francisco, CA, Boston, MA and San Diego, CA Thomas M. Klaritch Executive Vice President and Chief Development and Operating Officer 2019 Performance Highlights 2019 COMPENSATION ($ millions) ●Provided leadership and management of our medical office segment’s successful year ●Oversaw substantial development and redevelopment projects based off an active pipeline of $1.4 billion at the end of 2019, net of $469 million project deliveries in the year, completed on-time and on-budget ●Mobilized property managers and operators in disaster preparedness and recovery efforts relating to major hurricanes and extensive wildfires ●Headed our internationally recognized sustainability efforts, including emissions and energy efficiency projects and adoption of long-term science-based targets aligned with 2ºC scenario planning (see “Proxy Highlights—ESG Highlights”) Troy E. McHenry Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary 2019 Performance Highlights 2019 COMPENSATION ($ millions) ●In collaboration with management, oversaw negotiation and drove successful execution of aforementioned real estate and financing transactions in direct support of the Company’s strategic initiatives and objectives ●Continued execution and development of the Company’s public disclosures, including expanded transparency in the areas of governance, compensation and sustainability ●Collaborated with Mr. Klaritch on ESG strategic goals ●Enhanced ESG reporting efforts for over a dozen surveys, leading to significant year-over-year ESG score and rating improvements and numerous awards 46       HEALTHPEAK PROPERTIES   Table of Contents COMPENSATION DISCUSSION AND ANALYSIS The Compensation Committee determined to award Messrs. Herzog, Brinker, Scott, Klaritch, Bohn and McHenryMabry the maximum (high) level (150%) for the individual performance portion of the 20192022 STIP award. In making award determinations, the Compensation Committee took into consideration each NEO’s individual contributions, to execute on our repositioning strategy and transformation, 2019 financial and operational performance leading to strong results and increased stockholder value creation, and individual accomplishments and performance relative to their objectives for the year, as described in detail underin each NEO’s individual performance scorecard below. The Committee also noted the NEOs’ overall contributions to factors that were especially important to the Company in 2022, including driving operational performance and execution, managing balance sheet and liquidity, and continued strategic positioning in key markets. Scott M. Brinker,President and Chief Executive Officer Individual Performance Scorecard ●   Guided us through leadership change, including extensive investor communications and employee engagement to ensure a seamless transition ●   Executed on key deliverables for operational goals and developments, redevelopments and transactions ●   Led strong operational performance, including in leasing, occupancy and net operating income ●   Oversaw entry into new joint venture for seven Life Science buildings on Pointe Grand campus in South San Francisco Individual Performance Payout: 150% of Target Peter A. Scott,Chief Financial Officer Individual Performance Scorecard ●   Improved floating rate exposure from 21% to 15% during 2022 through strategic capital markets transactions ●   To strengthen liquidity, upsized commercial paper program from $1.5 billion to $2.0 billion ●   Strategically originated $500 million in term loan facilities ●   Maintained strong focus on investor engagement, including hosting South San Francisco property tour and reception Individual Performance Payout: 150% of Target Thomas M. Klaritch,Chief Operating Officer Individual Performance Scorecard ●   Led efforts to maintain strong leasing, rent collections and occupancy in our Medical Office segment, with rent collections exceeding 99% ●   Oversaw cross-functional process improvement enhancements to facilitate hybrid work environment ●   Led our internationally recognized ESG efforts as Chair of our ESG Committee, including emissions and energy efficiency projects in furtherance of our long-term science-based GHG emissions reduction targets ●   Delivered 65 new ENERGY STAR certifications for Medical Office segment Individual Performance Payout: 150% of Target 2023 PROXY STATEMENT 51 Table of Contents Compensation Discussion and Analysis Scott R. Bohn,Chief Development Officer and Co-Head of Life Science Individual Performance Scorecard ●   Led efforts to maintain strong leasing and occupancy in our Life Science segment ●   Oversaw completion of major Life Science development in Cambridge, MA ●   Managed new development construction for several Life Science and Medical Office projects in key markets, including implementing sustainability features ●   Led entitlement, zoning and permitting efforts across multiple Life Science and Medical Office developments Individual Performance Payout: 150% of Target Adam Mabry,Chief Investment Officer Individual Performance Scorecard ●  Led efforts enter into joint venture for seven Life Science buildings on Pointe Grand campus in South San Francisco ●  Closed several sale transactions of non-core Medical Office properties ●  Oversaw strategic acquisitions in core Life Science and Medical Office markets Individual Performance Payout: 150% of Target In accordance with the section entitled “2019 Individual NEO Scorecards.” Noting that 2019 was a transformative year for Healthpeak, and given our strong financial performance,terms of the Executive Severance Plan, the Compensation Committee determined thatto pay Mr. Herzog the maximum level of payout for theprorated individual portion of thehis 2022 STIP award was appropriate.at the target level. Mr. McHenry forfeited his 2022 STIP award opportunity in connection with his departure from the Company in November 2022.    Overall 20192022 STIP Results The following table summarizes the actual annual incentive awards paid to the NEOseach NEO under the 20192022 STIP in February 2020 for the 2019 performance period2023 based on the foregoing results and determinations. NAME    ACTUAL COMPANY PERFORMANCE (%)    ACTUAL COMPANY PERFORMANCE AWARD ($)    ACTUAL INDIVIDUAL PERFORMANCE (%)    ACTUAL INDIVIDUAL PERFORMANCE AWARD ($)    TOTAL AWARD ($)    OVERALL WEIGHTED PAYOUT (%) Thomas M. Herzog 147% 1,768,000 150% 1,200,000 2,968,000 148% Scott M. Brinker 147% 972,400 150% 660,000 1,632,400 148% Peter A. Scott 147% 839,800 150% 570,000 1,409,800 148% Thomas M. Klaritch 147% 795,600 150% 540,000 1,335,600 148% Troy E. McHenry 147% 508,300 150% 345,000 853,300 148% NAME(1)      2022 STIP OPPORTUNITY (AT TARGET)      (45%) ACTUAL FINANCIAL PERFORMANCE(2)      (15%) ACTUAL ESG PERFORMANCE(2)      (40%) ACTUAL INDIVIDUAL PERFORMANCE(3)      OVERALL WEIGHTED PAYOUT (%)(2)      TOTAL AWARD ($) Scott M. Brinker   $ 1,150,000   137.7%   150%   150%   144.4%   $ 1,660,485 Peter A. Scott   $ 1,000,000   137.7%   150%   150%   144.4%   $ 1,443,900 Thomas M. Klaritch   $ 900,000   137.7%   150%   150%   144.4%   $ 1,299,510 Scott R. Bohn   $ 442,885   137.7%   150%   150%   144.4%   $ 639,481 Adam G. Mabry(3)   $ 119,231   137.7%   150%   150%   144.4%   $ 172,157 Thomas M. Herzog(4)   $ 2,300,000   137.7%   150%   100%   124.4%   $ 2,186,878 (1) Mr. McHenry forfeited his 2022 STIP award opportunity in connection with his departure from the Company in November 2022. (2) As a percentage of the target level. (3) As described above, Mr. Mabry became eligible to participate in the 2022 STIP in connection with his October 2022 promotion, and the target-level 2022 STIP opportunity reflected in the foregoing table reflects his prorated opportunity from October 6, 2022 through December 31, 2022. Mr. Mabry separately earned a prorated pre-promotion bonus award of $361,731 from January 1, 2022 through October 6, 2022, for a total annual cash bonus payout of $533,888. (4) Pursuant to the contractual obligations under the terms of our Executive Severance Plan and Mr. Herzog’s release agreement, as described under “Executive Compensation Tables—Potential Payments upon a Termination or Change in Control—Severance Arrangements,” Mr. Herzog received a prorated 2022 STIP award payout at the target level for the portion of the year in which he worked at the Company. 52 HEALTHPEAK PROPERTIES Table of Contents Compensation Discussion and Analysis Long-Term Equity Incentive Compensation All 20192022 equity awards were granted in the form of at-risk RSUs and PSUs. We have not awarded stock options since 2014. 20192022 Long-Term Incentive Plan Our NEOs received long-term equity incentive awards under the 20192022 LTIP, which awards are subject to the achievement of performance metrics and vesting criteria established by the Compensation Committee near the beginning of the performance period. The 2019 LTIP performance metrics and vesting criteria are illustrated in the graphic below. 3-Year Relative TSR Performance-Based Award (PSUs) (60%) ● 60% of the award is subject to our relative TSR performance (calculated assuming dividend reinvestment) for the 3-year forward-looking performance period beginning on January 1, 2022 and ending December 31, 2024 (“TSR-Based LTIP”), measured against a selected index of healthcare peer REITs and third-party peer indices (S&P 500 REIT Index and FTSE Nareit Equity Office Index, with certain adjustments described below). TSR-Based LTIP awards are subject to a 1-year post-vesting holding period.     ● The Compensation Committee selected a relative TSR performance metric as the basis for our performance-based LTIP awards because it allows stockholders to evaluate our performance compared to our peers and mitigates the impact of broad market trends that are not reflective of our actual performance. The Committee also determined to add the FTSE Nareit Equity Office Index, with certain exclusions as described below, to better align to our portfolio mix and measure our performance against companies in the office REIT business that we consider to be competitors. ● Payout amounts between threshold or target, and target and high levels are interpolated. No value is paid for metrics with outcomes below the threshold achievement levels. HEALTHCARE REIT PEERS(1) Excludes CareTrust RESULT ABSOLUTE MEAN TSR PERFORMANCE HURDLES PAYOUT (% OF GRANT AT TARGET) 3-year Relative TSR PSU Award Threshold 25% Below Peer Group Mean 0% Target At Peer Group Mean 100% High 25% or Higher Above Peer Group Mean 200% S&P 500 REIT Universal Health Realty Income Trust, CommunityINDEX(2) RESULT RELATIVE TSR PERFORMANCE HURDLES PAYOUT (% OF GRANT AT TARGET) Threshold 25th Percentile 0% Target 50th Percentile 100% High 80th Percentile or Greater 200% FTSE NAREIT EQUITY OFFICE INDEX(3) RESULT RELATIVE TSR PERFORMANCE HURDLES PAYOUT (% OF GRANT AT TARGET) Threshold 25th Percentile 0% Target 50th Percentile 100% High 80th Percentile or Greater 200% (1) Consists of three separate peer groups weighted as follows: (a) Alexandria Real Estate Equities, Inc. – 25% (life science); (b) Healthcare Trust, New Senior Investment Group, Global Medical REIT, and MedEquities Realty Trust Incorporated and Physicians Realty Trust – 25% (medical office); and (c) Ventas, Inc. due to size incomparability,and Welltower Inc. – 16.67% (diversified healthcare). The peer group mean is calculated as determined(x) the sum of the average of the 3-year TSRs of the companies that constitute each peer group, divided by (y) the Compensation Committee.number of peers. (2) Accounts for 16.67% of TSR performance-based award. Excludes American Tower Corp., Crown Castle Internal Corp., SBA Communications and WeyerhauserWeyerhaeuser Company due to size or other incomparability, as determined by the Compensation Committee.incomparability. (3) AwardAccounts for 16.66% of TSR performance-based award. Excludes Alexandria Real Estate Equities, Inc. because it is forfeited if below Threshold ranking. Percentage of Target PSUsincluded in the healthcare REIT peer set; excludes Easterly Government Properties Inc.; Paramount Group, Inc.; Empire State Realty Trust, Inc. Class A; Office Properties Income Trust; City Office REIT, Inc.; Franklin Street Properties Corp.; CIM Commercial Trust Corporation; and New York City REIT, Inc. Class A due to vest at the end of the performance period between Threshold and Target or Target and High are interpolated based on actual performance.smaller market capitalizations.   2020 PROXY STATEMENT       47 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS Under the 2019 LTIP, 60% of the award is subject to the Company’s relative TSR ranking for the 3-year forward-looking performance period ending December 31, 2021 (“TSR-Based LTIP”3-Year Retentive Award (RSUs) (40%), with 40% of the 2019 LTIP award measured against the FTSE Nareit Equity Health Care Index (the “Nareit Index”) and 20% measured against the S&P 500 REIT Index (the “S&P Index”). The Compensation Committee selected a relative TSR performance metric as the basis for our performance-based LTIP awards because it allows stockholders to evaluate the Company’s performance in comparison to our peers, as selected by two independent, widely used REIT indexes. It also mitigates the impact of broad market trends that are not reflective of our actual performance. The remaining 40% of the 20192022 LTIP award vests in three equal annual installments beginning on the first anniversary of the grant date. This portion of the 20192022 LTIP was subject to a threshold normalizedNormalized FFO per share hurdle of $1.28$1.25 for the 20192022 performance year (“Retentive LTIP”). The 2019 threshold normalizedFor Retentive LTIP awards granted to Messrs. Bohn and Mabry in October 2022 in connection with their promotions, the Normalized FFO per share performance hurdle was lower than the 2018 hurdle because our 2019 guidance accounted$1.60 for management’s strategic plans for 2019, including the significant dispositions that were expected to occur during the year, which led to a smaller projected asset base and lower normalized FFO for 2019.2022. The Compensation Committee believes that the Retentive LTIP awards, which vest over time independent of TSR, promote the retention of our talented management team, while still incentivizing a focus on long-term results because the ultimate value of the RSUs is tied to our stock price. 2023 PROXY STATEMENT 53 2019Table of Contents Compensation Discussion and Analysis 2022 LTIP Award Opportunities TheAnnual LTIP Awards As described under “2022 NEO Compensation,” the Compensation Committee, in consultation with FPL Associates,Ferguson Partners Consulting, approved target 2019target-level 2022 LTIP opportunities for the NEOs in early 2019,2022, as set forthwell as in connection with the table below.promotions of Mr. Bohn and Mr. Mabry in October 2022. The award opportunities were approved by the Compensation Committee based on itsthe Committee’s assessment of peer compensation data, for peers with substantially similar roles and responsibilities provided by FPL Associates, each NEO’s relative duties and responsibilities, and histhe NEO’s impact on Healthpeak’s results. Based on this assessment, the Committee determined to increase the 2022 target-level LTIP award opportunities for Messrs. Brinker, Scott, Bohn and McHenry. Mr. Mabry did not participate in the 2022 LTIP. His 2022 pre-promotion time-based equity award opportunity increased from $262,558 to $330,064 in connection with increased duties as Senior Vice President of Investments in early 2022. The table below reflects the target2022 LTIP award target-level values of the 2019 LTIP awards approved by the Compensation Committee. NAME(1)        TSR-BASED LTIP Healthcare REIT Peers ($)        TSR-BASED LTIP FTSE Nareit Equity Office Index ($)        TSR-BASED LTIP S&P 500 REIT Index ($)        RETENTIVE LTIP ($)        TOTAL LTIP OPPORTUNITY ($)(2) Scott M. Brinker   1,190,060   297,560   297,380   1,190,000   2,975,000 Peter A. Scott   760,038   190,038   189,924   760,000   1,900,000 Thomas M. Klaritch   600,030   150,030   149,940   600,000   1,500,000 Scott R. Bohn   170,009   42,509   42,482   170,000   425,000 Thomas M. Herzog   2,800,140   700,140   699,720   2,800,000   7,000,000 (1) In connection with his departure from the Company in November 2022, Mr. McHenry forfeited his $1,250,000 total LTIP award opportunity. The table above does not reflect retentive LTIP awards granted to Messrs. Bohn and Mabry in connection with their promotions, as described below. (2) These amounts were divided by the closing price per share on the grant date of the award to determine the number of shares subject to the award (or the target-level number of shares in the case of the TSR-Based LTIP awards). The amounts reflected in the Grants of Plan-Based Awards During 2022 table differ from the amounts above with respect to retentive LTIP awards due to rounding to the nearest whole share, and with respect to the TSR-Based LTIP awards, due to calculating the grant date fair value based on a Monte Carlo valuation model in accordance with FASB ASC Topic 718. Promotion and Make-Whole Retentive LTIP Awards In connection with the promotions of Messrs. Bohn and Mabry, the Compensation Committee granted each executive one-time Retentive LTIP awards. One-time Retentive LTIP awards were determined to be preferable to relative TSR performance-based awards to promote each executive’s long-term retention, with a substantial portion of the Retentive LTIP awards to vest over six years. Mr. Bohn was granted Retentive LTIP awards with an aggregate grant value of $1,000,000. The first Retentive LTIP award granted in April 2022 has a grant value of $750,000 and vests annually over six years commencing on the second anniversary of the grant date, subject to achievement of a 2022 Normalized FFO per share performance hurdle of $1.25. The second Retentive LTIP award granted in October 2022 is a make-whole equity compensation award to align his overall 2022 target-level equity compensation level with the intended level for Chief Development Officer and has a grant value of $250,000, vesting annually over three years, subject to achievement of a 2022 Normalized FFO per share performance hurdle of $1.60. Mr. Mabry was granted Retentive LTIP awards with an aggregate grant value of $1,000,000. The first Retentive LTIP award has a grant value of $750,000 and vests annually over six years commencing on the second anniversary of the grant date. The second Retentive LTIP award is a make-whole equity compensation award to determinealign his overall 2022 target-level equity compensation level with the numberintended level for Chief Investment Officer and has a grant value of shares$250,000, vesting annually over three years. Both of Mr. Mabry’s Retentive LTIP awards are subject to the award (or the target numberachievement of shares in the casea 2022 Normalized FFO per share performance hurdle of the TSR-Based LTIP awards). The amounts reflected in the Grants of Plan Based Awards during 2019 table differ from the amounts below with respect to retentive LTIP awards due to rounding to the nearest whole share, and with respect to the TSR-Based LTIP awards, due to calculating the grant date fair value based on a Monte Carlo valuation model in accordance with Financial Accounting Standards Board (FASB) ASC Topic 718.$1.60. The 2019 LTIP award opportunities for Messrs. Herzog, Scott and McHenry was increased from 2018 while Mr. Klaritch’s 2019 LTIP award opportunity remained the same, as further described under “2019 Compensation Decisions” below. 2019 was the first year in which Mr. Brinker received an ordinary course annual LTIP award opportunity since joining Healthpeak in March 2018. NAME    TSR-BASED LTIP NAREIT INDEX ($)    TSR-BASED LTIP S&P INDEX ($)    RETENTIVE LTIP ($)    TOTAL LTIP OPPORTUNITY ($) Thomas M. Herzog 2,200,000 1,100,000 2,200,000 5,500,000 Scott M. Brinker 700,000 350,000 700,000 1,750,000 Peter A. Scott 600,000 300,000 600,000 1,500,000 Thomas M. Klaritch 600,000 300,000 600,000 1,500,000 Troy E. McHenry 370,000 185,000 370,000 925,000 With respect to the TSR-Based LTIP awards, reaching the Threshold, Target or High achievement levels results in a payout of 50%, 100% or 200%, respectively, of the Target award opportunity. Payout amounts between Threshold and High are interpolated. No value is paid for metrics with outcomes below the Threshold achievement levels.Performance Results The Company exceeded the normalizedNormalized FFO hurdle of at least $1.28$1.25 per share for the Retentive LTIP and the first tranche of such awards vested for each of the NEOsgranted in February 2020.2022, as well as the $1.60 hurdle with respect to the Retentive LTIP awards granted to Messrs. Bohn and Mabry in October 2022, thereby satisfying the performance hurdle requirement for all Retentive LTIP awards. The Compensation Committee will make a determination regarding achievement of the TSR-Based LTIP performance criteria following the end of the performance period on December 31, 2021. If the performance period had ended on December 31, 2019, the 2019 TSR-Based LTIP awards would have resulted in an above-Target payout.2024. 48       HEALTHPEAK PROPERTIES     54 HEALTHPEAK PROPERTIES Table of Contents COMPENSATION DISCUSSION AND ANALYSISCompensation Discussion and Analysis 20172020-2022 3-Year TSR-Based LTIP PSU Results In 2020, we awarded the NEOs 3-year TSR-Based LTIP awards that had a performance period ending on December 31, 2022. The following table summarizes the actual PSU payouts awarded to the NEOs under the 2017 3-year LTIP that had a performance period ending on December 31, 2019.those awards. RELATIVE WEIGHTING 20172020 LTIP PSU PERFORMANCE METRIC THRESHOLD      (50%) THRESHOLD (50%TARGET                     (100%) HIGH      (200%)                TARGET           (100%)       HIGH       (200%OUTCOME / PAYOUT (%) OUTCOME Relative TSR Performance FTSE Nareit Health Care Index Target-High (138.7%) ▲ Target – High (164%) Relative TSR Performance S&P 500 REIT Index Threshold (50%) ▲ Target – High (131%) Weighted Blended Overall Corporate Performance Score: Payout: ▲Above Target – High (153% (109%) Status of LTIP Award Programs The graphic below summarizes the performance periods and outcome, or projected outcome, of our TSR-Based LTIP awards granted since 2016. TSR-BASED LTIP AWARD STATUS THROUGH DECEMBER 31, 20192022 LTIP PERFORMANCE PERIOD       2016             2017             2018             2019             2020             2021             STATUS    2016 3-Year LTIP 100% Completed   ▼  Below Threshold and      100% Forfeited 2017 3-Year LTIP 100% Completed   ▲  Above Target Payout      (153% Weighted      Blended Overall Payout) 2018 3-year LTIP 67% Completed   ▲  Tracking Above Target(1) 2019 3-year LTIP 33% Completed   ▲  Tracking Above Target(1) (1) The performance period for these awards remains open and the payout percentage for these awards has not been determined. The payout percentage is reflected in the table to indicate that, if the performance period applicable to the award had ended as of December 31, 2019,2022, the Company’s relative TSR ranking considered for purposes of the awards would have resulted in an above-Targetabove-target level payout.payout with respect to certain peer indices and below-target level with respect to certain peer indices. We make no prediction as to the future performance of our stock. The total amount realized with respect to the outstanding 2018 and 2019 TSR-Based LTIP awards will be determined following the 3-year performance periods ending December 31, 2020, and 2021, respectively. LTIP PAY FOR PERFORMANCE ALIGNMENT The forfeiture of past TSR-Based LTIP awards reflects strong pay-for-performance alignment with respect to the applicable performance periods. In 2016, 2017outstanding 2021 and 2018, our TSR performance lagged behind the average of our peers, and as a result, our NEOs did not realize any value for their2022 TSR-Based LTIP awards withwill be determined following the 3-year performance periods ending in those years. However, our 2019 TSR has improved,December 31, 2023, and as a result, the LTIP award granted in 2017 resulted in the first payout under our TSR-Based LTIP program, while the LTIP awards granted in 2018 and 2019 are now tracking a payout percentage above Target level of performance. 2024, respectively.     2020 2023 PROXY STATEMENT       49 55 Table of Contents COMPENSATION DISCUSSION AND ANALYSISCompensation Discussion and Analysis 20192023 Compensation Decisions The Compensation Committee overseesAfter reviewing the design and administration of our executive compensation program and evaluates these programs against competitive practices, legal and regulatory developments and corporate governance trends. The Compensation Committee considers analysis and recommendations from FPL Associates when making compensation decisions. Additionally, our Chief Executive Officer provides input to the Compensation Committee with respect to compensation decisionsbusiness strategy for our other executive officers based on market conditions, Company performance, and individual performance. In establishing 2019 executive compensation, the Compensation Committee recognized that the pay levels for certain of our executive officers was2023, as well below the median compensation of similarly situated executives within our compensation peer group. As such,as various promotions, the Compensation Committee approved increases in several compensation components for certain ofthe following changes with respect to our executive officers, as follows:compensation structure for 2023: Compensation Opportunities ● Mr. Herzog. The Compensation Committee increased Mr. Herzog’s target 2019Brinker’s target-level LTIP award opportunity from $4,500,000was increased to $5,500,000,$5,900,000 to better align his compensation with the median compensation of similarly situated executives in our compensation peer group. In making its decision to increase Mr. Herzog’s compensation, the Compensation Committee considered that Mr. Herzog’s pay was intentionally set below the median compensation of similarly situated executives of our peer companies when Mr. Herzog was first hired as CEO, in orderfollowing his promotion to provide the Compensation Committee with time to analyzePresident and evaluate his performance. After doing so, the Committee determined that it would be appropriate to increase Mr. Herzog’s compensation to more competitive market levels over a multi-year period.Chief Executive Officer. ● ● The target-level LTIP award opportunities for Messrs. Scott and Klaritch were increased to $2,350,000 and $1,750,000, respectively, to better align their equity compensation with that of similarly situated executives of our peer companies. ● Mr. Scott. The Compensation Committee increased Mr. Scott’s 2019Bohn’s base salary from $600,000was increased to $650,000, increased his target 2019 STIP award opportunity from $850,000 to $950,000,$525,000 and increased his target 2019target-level LTIP award opportunity from $1,300,000 to $1,500,000,$1,000,000 in connection with his promotion to Chief Development Officer and Co-Head of Life Science to better align his compensation with the median compensationthat of similarly situated executives inof our compensation peer group, as well as to recognize his performance and accomplishments.companies. ● ● Mr. McHenry. The Compensation Committee increased Mr. McHenry’s 2019Mabry’s base salary fromwas increased to $500,000 to $550,000, increased his target 2019 STIP award opportunity from $550,000 to $575,000, and increased his target 2019target-level LTIP award opportunity fromto $900,000 in connection with his promotion to $925,000,Chief Investment Officer to better align his compensation with that of similarly situated executives inof our compensation peer group, as well as to recognize his performance and accomplishments.companies. In addition, the Compensation Committee approved the following executive compensation program changes, effective for 2019:2023 STIP ● Eliminated tax gross-up payments on executive perquisites.The performance metrics are consistent with the 2022 STIP. ● Added a one-year post-vesting holding period for executive equity awards granted in 2019. ● The weightings of the metrics were adjusted to increase Normalized FFO per share from 30% to 35% and Net Debt to Adjusted EBITDAre from 15% to 20% and reduce the individual performance metric from 40% to 30% of the overall 2023 STIP. 2023 LTIP 50       ●HEALTHPEAK PROPERTIES   The 2023 LTIP performance-based award structure was simplified from five separate peer sets to three peer sets, and the peer REIT companies against which we measure relative TSR were updated to better reflect companies that we consider to be competitors. ● The relative TSR measurement methodology was updated to use absolute mean TSR performance for each peer company index, measuring relative TSR at, above or below the TSR mean (or median) of each peer set. ● Following our Umbrella Partnership Real Estate Investment Trust, or UPREIT, structure reorganization, 2023 LTIP participants had the option to elect to receive 2023 LTIP awards denominated in shares of common stock or profits interest units.   56 HEALTHPEAK PROPERTIES Table of Contents COMPENSATION DISCUSSION AND ANALYSISCompensation Discussion and Analysis Compensation Policies and Practices Compensation Risk Assessment COMPENSATION RISK ASSESSMENT We believe that any risks arising from our compensation program are not reasonably likely to have a material adverse effect on us for the reasons outlined below. Base salaries are fixed in amount and thus do not encourage inappropriate or excessive risk taking. Our executive incentive compensation balances quantitative and qualitative performance assessments. While the STIP, our annual cash incentive plan, focuses on annual goals, we cap awards under the plan and require a threshold level of Company performance. Only once a pre-determined threshold is met are our executives also eligible for a cash incentive award based on individual performance criteria. This individual performance award may only be reduced from the High achievement level (and not increased) by the Compensation Committee based on any factors it deems appropriate.plan. The Compensation Committee believes that the STIP appropriately balances risk and the desire to focus executives on specific annual goals important to our success. A substantial portion of our executives’executive officers’ compensation is in the form of equity awards to further align executive and stockholder interests. The Compensation Committee believes that the LTIP awards do not encourage unnecessary or excessive risk taking because the ultimate value of the awards is tied to our performance and stock price, and because the awards are subject to long-term vesting schedules based on forward-looking performance goals. Additionally, our stock ownership guidelines, in addition to the 1-year post-vesting holding requirement for LTIP awards, help ensure that executives have significant value tied to our performance. Furthermore, as discussed below, theour executive officers are subject to a clawback policy, which permits us to recover incentive compensation received by such officers in the event the amount of the payment or award was determined based on the achievement of financial results that were subsequently the subject of an accounting restatement due to material noncompliance with a financial reporting requirement under the securities laws. Policy Regarding Executive Employment Agreements POLICY REGARDING EXECUTIVE EMPLOYMENT AGREEMENTS Our Executive Severance Plan and Executive Change in Control Severance Plan (the “CIC Plan”) (as both are further described under “Potential Payments upon a Termination or Change in Control Severance Arrangements” below) provide severance protections without the use of individual employment agreements with the Company’s executives.our executive officers. Our severance plans, which operate in lieu of individual contractual arrangements, provide standardized severance benefits for our executives. Our general policy against executive employment agreements also eliminates guaranteed base salaries and incentive levels, which allows the Company to focus on pay for performance and other factors that the Compensation Committee deems relevant in setting executive compensation, without contractual restrictions. Compensation Consultant   2020 PROXY STATEMENT       51 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS COMPENSATION CONSULTANT The Compensation Committee is authorized to retain independent counsel, compensation and benefits consultants, and other outside experts or advisors. Since November 2008, the Compensation Committee has retained FPL AssociatesFerguson Partners Consulting as its outside independent compensation consultant. For 2019, FPL Associates2022, Ferguson Partners Consulting advised the Compensation Committee with respect to trends in executive compensation, determination of pay programs, assessment of competitive pay levels and mix (e.g., proportion of fixed pay to incentive pay and proportion of annual cash pay to long-term incentive pay) and setting compensation levels. FPL AssociatesFerguson Partners Consulting also reviewed comparable equity REITs for 20192022 and assisted the Compensation Committee with obtaining and evaluating current executive compensation data for these companies. The Compensation Committee made its 20192022 compensation decisions, including those with respect to the NEOs, after consulting with FPL Associates.Ferguson Partners Consulting. FPL AssociatesFerguson Partners Consulting reports directly to the Compensation Committee and works with management only as directed by the Compensation Committee. During 2019, FPL Associates2022, Ferguson Partners Consulting did not perform work for Healthpeak other than pursuant to its engagement by the Compensation Committee.Committee and assisting with a director candidate search. The Compensation Committee has assessed the independence of FPL AssociatesFerguson Partners Consulting and concluded that itstheir engagement of FPL AssociatesFerguson Partners Consulting does not raise any conflict of interest with Healthpeak or any of its directors or executive officers. Management Succession Planning Our Board is responsible for attracting, retaining and incentivizing a high-performing management team. With the assistance of the Compensation Committee, Board reviews management development and our succession plan to help ensure that top management positions, including the CEO position, can be filled without undue interruption. High-potential leaders, including emerging diverse leaders, are given exposure and visibility to Board members through formal presentations at Board and committee meetings, as well as through informal events.   COMPENSATION PEER GROUP2023 PROXY STATEMENT 57 Table of Contents Compensation Discussion and Analysis Compensation Peer Group In developing our 20192022 executive compensation program, the Compensation Committee considered market and peer data provided by FPL Associates.Ferguson Partners Consulting. Based on FPL Associates’Ferguson Partners Consulting’s recommendations, the Compensation Committee maintained inclusionupdated the group of the followingpeer companies for 2022 as our comparable compensation peer group for 2019.set forth below. The Compensation Committee also reviewed general survey compensation data from companies in the S&P 500 REIT Index when determining executive compensation. As compared to 2021, Essex Property Trust, Inc. and The Macerich Company were removed as peers and Omega Healthcare Investors, Inc. and UDR, Inc. were added to better align with peers based on market capitalization, revenue and business focus. The companies in our 2022 executive compensation peer group were as follows: ●Alexandria Real Estate Equities, Inc. ●AvalonBay Communities, Inc. ●Boston Properties, Inc. ●Digital Realty Trust, Inc. ●Equity Residential ●Essex Property Trust, Inc. ●Host Hotels & Resorts, Inc. ●Kimco Realty Corporation ●  Medical Properties Trust, Inc. ● Omega Healthcare Investors, Inc. ● Realty Income Corporation ●Regency Centers Corporation ● UDR, Inc. ● Ventas, Inc. ●VEREIT, Inc. ●Vornado Realty Trust ●Welltower Inc. Peer Company Comparison PEER COMPANY COMPARISON The 20192022 compensation peer companies were selected in 2018 and consist of S&P 500 equity REITs with market capitalizationsthat the Compensation Committee believed are comparable to Healthpeak. In making itsreviewing executive compensation comparisons,paid by peer companies, the Committee took into account, among other things, Healthpeak’s enterprise value and market capitalization compared to the median and mean of peer companies, as shown below: AS OF DECEMBER 31, 2018* 2022* (in billions)   *    Source: KeyBanc for Enterprise Value; S&P Global for Market Capitalization and Total Assets; KeyBanc for Enterprise Value. Capitalization. 52       Compensation AssessmentHEALTHPEAK PROPERTIES   Table of Contents COMPENSATION DISCUSSION AND ANALYSIS COMPENSATION ASSESSMENT In early 2019,2022, the Compensation Committee reviewed compensation data for executives at peer companies with positions comparable to those held by the NEOs.each NEO. This data consisted of base salary, annual cash incentive award opportunities and equity award information, as well as total direct compensation paid by each of the peer companies as reflected in their proxy statements and related public filings.companies. Although the Compensation Committee reviewed and discussed the compensation data provided by FPL AssociatesFerguson Partners Consulting to help inform its decision makingdecision-making process, the Compensation Committee does not set or “benchmark” compensation levels at any specific point or percentile against the peer group data. As described above, the peer group data is only one point of information taken into account by the Compensation Committee in making compensation decisions. Except as otherwise discussed in our CD&A, with respect to the objective performance criteria that form the basis of our executive compensation program, the Compensation Committee’s executive compensation decisions for 20192022 were subjective and the result of the Compensation Committee’s business judgment, which is informed by the experiences of the members of the Compensation Committee, input and peer group data provided by FPL Associates,Ferguson Partners Consulting, and the Compensation Committee’s overall assessment of executive compensation trends.   58 HEALTHPEAK PROPERTIES Table of Contents Compensation Discussion and Analysis Stock Ownership Guidelines STOCK OWNERSHIP GUIDELINES The Compensation Committee believes that ownership of Healthpeak securities promotes our executives’ focus on our long-term business objectives. Our stock ownership guidelines accordingly provide that executives at the level of executive vice president senior managing director, or higher own minimum levels of common stock and unvested stock awards. All executives are required to achieve their mandatory holdings within five years of the adoption of the program or, as to newly hired or promoted executives, within five years of becoming subject to the guidelines. EXECUTIVE   EXECUTIVE STOCK OWNERSHIP AS MULTIPLE OF BASE SALARY CEO CEO 10x Other NEOs 6x Executive Officers (Non-NEOs) 3x All of our NEOs who are subject to the stock ownership guidelines currently satisfy the ownership requirements. Clawback Policy CLAWBACK POLICY Our Board has adopted a clawback policy that allows us, in circumstances the Board determines to be appropriate with consideration to all given facts, to require reimbursement or cancellation of any portion of a cash or equity incentive award or other payment received by an executive officer (or former executive officer) in limited circumstances where the amount of the payment or award was determined based on the achievement of financial results that were subsequently the subject of an accounting restatement due to material noncompliance with a financial reporting requirement under the securities laws. The clawback policy is intended to apply to the payment or award of cash or shares received by the executive officer prior to or during the 12-month period following the first public issuance or filing of the financial results that were subsequently restated. Anti-Hedging Policy ANTI-HEDGING POLICY Our Board recognizes that hedging against losses in Healthpeak securities may disturb the alignment between the interests of our officers and directors and those of our other stockholders. For this reason, directors, officers directors and other employees (and if applicable, their family members) are prohibited from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds), or otherwise engaging in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of Healthpeak securities. Anti-Pledging Policy   2020 PROXY STATEMENT       53 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS ANTI-PLEDGING POLICY Our Board recognizes that a forced margin sale or foreclosure sale of Healthpeak securities may negatively impact our stock price or violate our insider trading policy. Accordingly, our Board adopted a policy that prohibits directors, officers directors and other employees (and if applicable, their family members) from holding Healthpeak securities in a margin account or pledging Healthpeak securities as collateral for a loan. No Tax Gross Up Payments NO TAX GROSS UP PAYMENTS None of our NEOs are entitled to tax gross-up payments on severance benefits or in the event they are subject to excise taxes imposed under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) as a result of a change in control of the company. In addition, in 2019, our Compensation Committee eliminated tax gross-up payments on executive perquisites. Tax Deductibility of Executive Compensation TAX DEDUCTIBILITY OF EXECUTIVE COMPENSATION Section 162(m) of the Code generally limits the deductibility of compensation paid to our current and former executive officers that exceeds $1 million during the tax year. The Tax Cuts and Jobs Act of 2017 (the “Jobs Act”) made substantial changes to Section 162(m) of the Code. Pursuant to the Jobs Act, certain awards granted before November 2, 2017, that were based upon attaining pre-established performance measures that were set by the Compensation Committee under a plan approved by our stockholders, as well as amounts payable to former executives pursuant to a written binding contract that was in effect on November 2, 2017, may qualify for an exception to the $1 million deductibility limit. As one of the factors in its consideration of compensation matters, the Compensation Committee notes this deductibility limitation. However, the Compensation Committee generally has the flexibility to take any compensation-related actions that it determines are in the Company’s and its stockholdersstockholders’ best interest, including designing and awarding compensation for our executive officers that is not fully deductible for tax purposes. In addition, we qualify as a REIT under the Code and are not subject to federal income taxes, meaning that the payment of compensation that is not deductible under Section 162(m) does not have a material adverse consequence to us as long as we qualify as a REIT under the Code. Furthermore, there can be no assurance that any compensation will in fact be deductible. 54       2023 PROXY STATEMENTHEALTHPEAK PROPERTIES   59 Table of Contents Executive Compensation Tables Executive Compensation Tables Summary Compensation Table—20192022 The Summary Compensation Table below quantifies the value of the different forms of compensation earned by or awarded to our NEOs for 2019, 20182022, 2021 and 2017,2020, in the manner and format required under applicable SEC rules. NAME AND PRINCIPAL POSITION(S)    YEAR    SALARY ($)    BONUS ($)    STOCK AWARDS ($)(1)    OPTION AWARDS ($)    NON-EQUITY INCENTIVE PLAN COMPENSATION ($)(2)    CHANGE IN PENSION VALUE AND NONQUALIFIED DEFERRED COMPENSATION EARNINGS ($)    ALL OTHER COMPENSATION ($)(3)    TOTAL ($) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Thomas M. Herzog Chief Executive Officer 2019 1,000,000 — 5,928,766 — 2,968,000 — 11,200 9,907,966 2018 1,000,000 — 4,811,330 — 2,786,250 — 22,239 8,619,819 2017 750,000 — 4,550,423 — 1,683,000 — 327,577 7,311,000 Scott M. Brinker President and Chief Investment Officer 2019 650,000 — 1,886,431 — 1,632,400 — 11,200 4,180,031 2018 541,667 — 5,000,040 — 1,532,438 — 3,092,941 10,167,086 Peter A. Scott Executive Vice President and Chief Financial Officer 2019 650,000 — 1,617,050 — 1,409,800 — 11,200 3,688,050 2018 600,000 — 1,391,169 — 1,184,156 — 411,000 3,586,325 2017 487,500 650,000 3,500,132 — 823,000 — 187,227 5,647,859 Thomas M. Klaritch Executive Vice President, Chief Operating Officer and Chief Development Officer 2019 600,000 — 1,617,050 — 1,335,600 — 11,200 3,563,850 2018 600,000 — 1,605,089 — 1,073,813 — 11,000 3,289,902 2017 485,156 — 1,101,069 — 1,058,000 — 10,800 2,655,025 Troy E. McHenry Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary 2019 550,000 — 997,215 — 853,300 — 11,200 2,411,716 2018 500,000 — 1,963,224 — 766,219 — 11,000 3,240,443 2017 450,000 — 1,040,142 — 529,000 — 10,800 2,029,942     NAME AND PRINCIPAL POSITION(S)    YEAR   SALARY ($)   BONUS ($)   STOCK AWARDS ($)(1)   OPTION AWARDS ($)   NON-EQUITY INCENTIVE PLAN COMPENSATION ($)(2)   CHANGE IN PENSION VALUE AND NONQUALIFIED DEFERRED COMPENSATION EARNINGS ($)   ALL OTHER COMPENSATION ($)(3)   TOTAL ($) (a)     (b)     (c)     (d)     (e)     (f)     (g)     (h)     (i)     (j) Scott M. Brinker President and Chief Executive Officer   2022   750,000   —   3,134,399   —   1,660,485   —   12,200   5,557,084   2021   750,000   —   2,663,454   —   1,725,000   —   11,600   5,150,054   2020   750,000   296,119   2,637,958   —   796,381   —   11,400   4,491,858 Peter A. Scott Chief Financial Officer   2022   650,000   —   2,001,834   —   1,443,900   —   12,200   4,107,934   2021   650,000   —   1,623,499   —   1,500,000   —   11,600   3,785,099   2020   650,000   257,495   1,835,049   —   692,505   —   11,400   3,446,449 Thomas M. Klaritch Chief Operating Officer   2022   600,000   —   1,580,387   —   1,299,510   —   12,200   3,492,097   2021   600,000   —   1,522,041   —   1,350,000   —   11,600   3,483,641   2020   600,000   231,745   1,720,409   —   623,255   —   11,400   3,186,809                                     Scott R. Bohn Chief Development Officer and Co-Head of Life Science   2022   461,875   —   1,447,966   —   639,481   —   12,200   2,561,522                                                                                                             Adam G. Mabry Chief Investment Officer   2022   469,500   361,731 (4)  1,330,150   —   172,157   —   12,200   2,345,738                                     Thomas M. Herzog Former Chief Executive Officer   2022   881,667   —   7,374,832   —   2,186,878   —   13,865,228   24,308,605   2021   1,150,000   —   7,102,283   —   3,450,000   —   11,600   11,713,883   2020   1,150,000   592,239   8,028,215   —   1,592,761   —   11,400   11,374,615 Troy E. McHenry Former Chief Legal Officer and General Counsel   2022   502,273   —   1,317,046   —   —   —   2,012,200   3,831,519   2021   600,000   —   1,065,383   —   975,000   —   11,600   2,651,983   2020   600,000   167,372   1,204,362   —   450,128   —   11,400   2,433,262 (1) The amounts reported in column (e) of the table above for each fiscal year reflect the fair value on the grant date of the RSU and PSU equity awards granted to NEOs during the fiscal year. These grant date fair values include, in each case and as applicable, both annualMr. McHenry forfeited all his outstanding equity awards and any one-time equity awards, such as awards in connection with a new hire or for retention purposes.his departure from the Company on November 1, 2022. For the grant date fair value of each equity award granted to an NEO in 2019,2022, see the “GrantsGrants of Plan-Based Awards During 2019”2022 table. These values have been determined under the principles used to calculate the grant date fair value of equity awards for purposes of our consolidated financial statements. For a discussion of the assumptions and methodologies used to value the awards reported in column (e), see the discussion of stock awards contained in Note 14—15—Compensation Plans to Healthpeak’s Consolidated Financial Statements, included in our Annual Report. As to PSUs awarded to NEOs, the grant date fair value of the awards included in column (e) for the year of grant was determined using a Monte Carlo simulation, which probability weights multiple potential outcomes as of the grant date of the award. The assumptions made in applying the Monte Carlo simulation to determine the grant date fair value of the PSUs awarded in 2019, 20182022, 2021 and 20172020 included: the closing price of a share of Healthpeak common stock on the grant date of $30.84, $21.77$32.17, $30.94 and $30.85,$37.31, respectively; expected share price volatility assumption of 21.30%38.9%, 24.92%39.1% and 24.54%20.0%, respectively; and a risk-free annual interest rate assumption of 2.50%1.8%, 2.38%0.2% and 1.45%1.4%, respectively. UnderWhile the termsintended target-level values of the 2022 PSU awards between 0% and 200% of the “target” number of shares subjectgenerally are similar to the awards may vest based on performanceintended target-level values for the applicable performance period. The following table presents the grant date fair values of PSUs (i) determined under the principles used to calculate the grant date fair value of equity2021 PSU awards, for purposes of our consolidated financial statements using the Monte Carlo simulation and (ii) assuming that the highest level of performance conditions would be achieved:valuation for 2022 PSU is higher           2019 ($)    2018 ($)    2017 ($) NAME GRANT DATE FAIR VALUE (BASED ON MONTE CARLO SIMULATION)   GRANT DATE FAIR VALUE (BASED ON MAXIMUM PERFORMANCE) GRANT DATE FAIR VALUE (BASED ON MONTE CARLO SIMULATION)   GRANT DATE FAIR VALUE (BASED ON MAXIMUM PERFORMANCE) GRANT DATE FAIR VALUE (BASED ON MONTE CARLO SIMULATION)   GRANT DATE FAIR VALUE (BASED ON MAXIMUM PERFORMANCE) Thomas M. Herzog 3,728,733 7,457,465 3,011,222 6,022,444 2,975,407 5,950,813 Scott M. Brinker 1,186,424 2,372,849 — — — — Peter A. Scott 1,016,965 2,033,930 871,105 1,742,210 — — Thomas M. Klaritch 1,016,965 2,033,930 1,005,086 2,010,171 719,948 1,439,895 Troy E. McHenry 627,135 1,254,271 603,071 1,206,141 680,123 1,360,246 (2)60 As described under “—2019 NEO Compensation—Annual Cash Incentive Compensation” in our CD&A, each of our NEOs received an annual cash incentive award for 2019, which, in each case, is reported in column (g). (3) The 2019 amounts reported in column (i) consist of a 401(k) Plan matching contribution of $11,200 made on behalf of each NEO in accordance with the terms of our 401(k) Plan.HEALTHPEAK PROPERTIES   2020 PROXY STATEMENT       55 Table of Contents EXECUTIVE COMPENSATION TABLESExecutive Compensation Tables   than the Monte Carlo valuation for the 2021 PSU awards due, in part, to the higher common stock closing price on the 2022 grant date as compared to 2021 grant date. Under the terms of the PSU awards, between 0% and 200% of the target-level number of shares subject to the awards may vest based on performance for the applicable performance period. The following table presents the grant date fair values of PSUs (i) determined under the principles used to calculate the grant date fair value of equity awards for purposes of our consolidated financial statements using the Monte Carlo simulation, and (ii) assuming that the highest level of performance conditions would be achieved using our closing stock price on the grant date, without regard to the Monte Carlo simulation):              2022 ($)      2021 ($)      2020 ($)   NAME   GRANT DATE FAIR VALUE (BASED ON MONTE CARLO SIMULATION)       GRANT DATE FAIR VALUE (BASED ON MAXIMUM PERFORMANCE)       GRANT DATE FAIR VALUE (BASED ON MONTE CARLO SIMULATION)      GRANT DATE FAIR VALUE (BASED ON MAXIMUM PERFORMANCE)       GRANT DATE FAIR VALUE (BASED ON MONTE CARLO SIMULATION)       GRANT DATE FAIR VALUE (BASED ON MAXIMUM   PERFORMANCE)   Scott M. Brinker   1,944,335   3,570,162   1,613,382   3,150,063   1,717,894   2,760,119   Peter A. Scott   1,241,818   2,280,210   983,412   1,920,075   1,414,862   1,920,047   Thomas M. Klaritch   980,384   1,800,169   921,960   1,800,089   1,120,353   1,800,058   Scott R. Bohn   277,832   510,152   —   —   —   —   Adam G. Mabry   —   —   —   —   —   —   Thomas M. Herzog   4,574,787   8,400,166   4,302,275   8,400,024   5,228,174   8,400,048   Troy E. McHenry   817,028   1,500,216   645,372   1,260,062   784,289   1,260,108 (2) As described under “—2022 NEO Compensation—Annual Cash Incentive Compensation” in our CD&A, each of our current NEOs received an annual cash incentive award for 2022 under the 2022 STIP, which, in each case, is reported in column (g). Reflects prorated target-level annual cash incentive for Mr. Herzog paid pursuant to his release agreement. Mr. McHenry forfeited his 2022 STIP in connection with his departure from the Company on November 1, 2022.     (3) The 2022 amounts reported in column (i) reflect a 401(k) Plan matching contribution of $12,200 made on behalf of each NEO in accordance with the terms of our 401(k) Plan. With respect to Mr. Herzog, also reflects $13,853,028 in severance payments as described under “Potential Payments upon a Termination or Change in Control—Severance Arrangements.” With respect to Mr. McHenry, also reflects $2,000,000 pursuant to the terms of his negotiated release payment as described under “Potential Payments upon a Termination or Change in Control—Severance Arrangements.”     (4) Represents Mr. Mabry’s pre-promotion prorated bonus payable under our non-executive employee bonus program prior to his participation in the 2022 STIP. 2023 PROXY STATEMENT 61 Table of Contents Executive Compensation Tables Grants of Plan-Based Awards During 20192022 The following table presents information regarding the incentive awards granted to our NEOs during 2019,2022, in the manner and format required under applicable SEC rules. ESTIMATED FUTURE PAYMENTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS ESTIMATED FUTURE PAYMENTS UNDER EQUITY INCENTIVE PLAN AWARDS ALL OTHER AWARDS    STOCK AWARDS: NUMBER OF SHARES OF STOCK OR UNITS (#)   OPTION AWARDS: NUMBER OF SECURITIES UNDERLYING OPTIONS (#)    GRANT DATE FAIR VALUE OF STOCK AND OPTION AWARDS ($)(1) NAME     GRANT DATE   THRESHOLD ($)   TARGET ($)   MAXIMUM ($)   THRESHOLD (#)   TARGET (#)   MAXIMUM (#) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) Thomas M. Herzog Annual Incentive — 1,000,000 2,000,000 3,000,000 — — — — — — LTIP RSU 2/15/2019 — — — — — — 71,337 — 2,200,033 LTIP PSU NAREIT 2/15/2019 — — — 35,668 71,336 142,672 — — 2,426,137 LTIP PSU S&P 2/15/2019 17,834 35,668 71,336 — — 1,302,595 Scott M. Brinker Annual Incentive — 550,000 1,100,000 1,650,000 — — — — — — LTIP RSU — — — 22,698 700,006 LTIP PSU NAREIT 11,349 22,698 45,396 — — 771,959 LTIP PSU S&P — — — 5,675 11,349 22,698 — — 414,465 Peter A. Scott Annual Incentive — 475,000 950,000 1,425,000 — — — — — — LTIP RSU 2/15/2019 — — — — — — 19,458 — 600,085 LTIP PSU NAREIT 2/15/2019 — — — 9,728 19,456 38,912 — — 661,699 LTIP PSU S&P 2/15/2019 — — — 4,864 9,728 19,456 — — 355,267 Thomas M. Klaritch Annual Incentive — 450,000 900,000 1,350,000 — — — — — — LTIP RSU 2/15/2019 — — — — — — 19,458 — 600,085 LTIP PSU NAREIT 2/15/2019 — — — 9,728 19,456 38,912 — — 661,699 LTIP PSU S&P 2/15/2019 — — — 4,864 9,728 19,456 — — 355,267 Troy E. McHenry Annual Incentive — 287,500 575,000 862,500 — — — — — — LTIP RSU 2/15/2019 — — — — — — 12,000 — 370,080 LTIP PSU NAREIT 2/15/2019 — — — 5,999 11,998 23,996 — — 408,052 LTIP PSU S&P 2/15/2019 — — — 3,000 5,999 11,998 — — 219,083                                     ALL OTHER AWARDS                                     STOCK AWARDS: NUMBER OF SHARES OF STOCK OR UNITS (#)   OPTION AWARDS: NUMBER OF SECURITIES UNDERLYING OPTIONS (#)   GRANT DATE FAIR VALUE OF STOCK AND OPTION AWARDS ($)(1)             ESTIMATED FUTURE PAYMENTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS   ESTIMATED FUTURE PAYMENTS UNDER EQUITY INCENTIVE PLAN AWARDS       NAME   ��    GRANT DATE    THRESHOLD ($)    TARGET  ($)    MAXIMUM ($)    THRESHOLD (#)    TARGET (#)    MAXIMUM (#)          (a)       (b)   (c)   (d)   (e)   (f)   (g)   (h)   (i)   (j)   (k) Scott M. Brinker   Annual Incentive   —   575,000   1,150,000   1,725,000   —   —   —   —   —   —   LTIP RSU   2/10/2022   —   —   —   —   —   —   36,993   —   1,190,065   LTIP PSU   2/10/2022   —   —   —   27,745   55,489   110,978   —   —   1,944,335 Peter A. Scott    Annual Incentive   —   500,000   1,000,000   1,500,000   —   —   —   —   —   —   LTIP RSU   2/10/2022   —   —   —   —   —   —   23,625   —   760,016   LTIP PSU   2/10/2022   —   —   —   17,720   35,440   70,880   —   —   1,241,818 Thomas M. Klaritch   Annual Incentive   —   450,000   900,000   1,350,000   —   —   —   —   —   —   LTIP RSU   2/10/2022   —   —   —   —   —   —   18,651   —   600,003   LTIP PSU   2/10/2022   —   —   —   13,990   27,979   55,958   —   —   980,384 Scott R. Bohn   Annual Incentive   —   221,443   442,885   664,328   —   —   —   —           LTIP RSU   2/10/2022                           5,286       170,051   LTIP PSU   2/10/2022               3,965   7,929   15,858           277,832   Retentive   4/28/2022                           21,905       750,027   Retentive   10/26/2022                           10,872       250,056 Adam G. Mabry    Annual Incentive   —   421,347   480,962   540,578                           LTIP RSU   2/10/2022                           10,260       330,064   Retentive   10/26/2022                           32,610       750,030   Retentive   10/26/2022                           10,872       250,056 Thomas M. Herzog   Annual Incentive   —   1,150,000   2,300,000   3,450,000   —   —   —   —   —   —   LTIP RSU   2/10/2022   —   —   —   —   —   —   87,039   —   2,800,045   LTIP PSU   2/10/2022   —   —   —   65,280   130,559   261,118   —   —   4,574,787 Troy E. McHenry(2)   Annual Incentive   —   325,000   650,000   975,000   —   —   —   —   —   —   LTIP RSU   2/10/2022   —   —   —   —   —   —   15,543   —   500,018   LTIP PSU   2/10/2022   —   —   —   11,659   23,317   46,634   —   —   817,028 (1) The amounts reported in column (k) of the table above have been determined under the principles used to calculate the grant date fair value of equity awards for purposes of our consolidated financial statements. For a discussion of the assumptions and methodologies used to value the awards reported in column (k), see the discussion of stock awards contained in Note 14—15—Compensation Plans to Healthpeak’s Consolidated Financial Statements, included in our Annual Report, and footnote (1) to the Summary Compensation Table above. 56       HEALTHPEAK PROPERTIES   (2) Mr. McHenry forfeited all his outstanding equity awards in connection with his departure from the Company on November 1, 2022. 62 HEALTHPEAK PROPERTIES Table of Contents EXECUTIVE COMPENSATION TABLESExecutive Compensation Tables Description of Plan-Based Awards 2014 Plan All 20192022 awards reported in the above table were granted under, and are subject to, the 2014 Plan, which was approved by our stockholders on May 1, 2014, as amended from time to time. The Compensation Committee administers the 2014 Plan and has the authority to interpret its provisions and make all required determinations thereunder. Non-Equity Incentive Plan Awards Our NEOs’ 20192022 non-equity (cash) incentive awards reported in the above table are described under “2019“2022 NEO Compensation—Annual Cash Incentive Compensation” in our CD&A. Equity Incentive Awards The Grants of Plan-Based Awards During 20192022 table above reflects the PSU and RSU awards granted to our eligible NEOs, as described under “2019“2022 NEO Compensation—Long-Term Equity Incentive Compensation” in our CD&A. Each PSU and RSU represents a contractual right to receive one share of our common stock, subject to the applicable time-based and performance-based vesting requirements. 2019 3-YEAR2022 3-Year TSR-Based LTIP PSUs The PSUs granted in respect of the 20192022 3-Year LTIP cliff vest, if at all, subject to the achievement of performance criteria (based on forward-looking relative TSR) over a performance period from January 1, 20192022, through December 31, 2021,2024, subject to a one-year1-year post-vesting holding requirement to promote retention and further align executives’ long-term interests with those of our stockholders. This one-year1-year holding requirement will lapse upon death or disability. If the employment of an NEO terminates due to death or disability or if Healthpeak terminates thean NEO without cause, the NEO’s PSUs will remain outstanding during the performance period and the eligible NEO will receive the number of units earned, if any, had the NEO remained employed with the Company until the end of the performance period. For each NEO, if there is a change in control of Healthpeak during the performance period, the performance period for the PSUs will be shortened and performance will be determined based on such shortened period and the number of PSUs deemed to have vested based on such shortened period will accelerate and vest in connection with the change in control. 2019 RETENTIVE2022 Retentive LTIP RSUs RSUs granted in respect of the 2019annual 2022 Retentive LTIP vest in equal installments on the first, second and third anniversaries of the grant date, subject to a performance hurdle related to normalizedNormalized FFO per share for the 20192022 performance period of $1.28,$1.25, which wewas exceeded. The awards are also subject to a one-year1-year post-vesting holding requirement to promote retention and further align executives’ long-term interests with those of our stockholders. This one-year1-year holding requirement will lapse upon death or disability. If thean NEO’s employment terminates due to death or disability, if Healthpeak terminates thean NEO without cause (whether before or after a change in control of Healthpeak), or if thean NEO terminates his or her employment for good reason following a change in control of Healthpeak, the NEO’s RSUs will fully vest as of the severance date. If a change in control of Healthpeak occurs and outstanding equity awards are to be terminated in connection with the transaction and not assumed or continued by an acquiring entity, then the outstanding RSUs will fully vest in connection with such change in control. Please also see the description under “2022 NEO Compensation—Long-Term Equity Incentive Compensation” with respect to promotion Retentive LTIP awards granted to Messrs. Bohn and Mabry with a Normalized FFO per share hurdle of $1.60, and which vest over six years and three years. OTHER TERMSOther Terms Vested RSUs and PSUs are payable in an equal number of shares of our common stock. Payment will generally be made as the units vest. The NEO does not have the right to vote or dispose of the units, but does have the right to receive dividend equivalents in the form of cash payments based on the amount of dividends paid by Healthpeak during the term of the award on a number of shares equal to the number of outstanding and unpaid units then subject to the award. Such payments are made concurrently with the related dividends paid to our stockholders. However, dividend equivalents that would otherwise be paid during the applicable performance period with respect to the 20192022 3-Year TSR-Based LTIP PSUs will instead accrue and be paid at the end of the performance period based on the number of units actually earned if the related threshold performance requirement for the award is satisfied (and forfeited in whole if the related threshold performance goal is not satisfied).     2020 2023 PROXY STATEMENT        5763 Table of Contents EXECUTIVE COMPENSATION TABLESExecutive Compensation Tables Outstanding Equity Awards at December 31, 20192022 The following table presents, in the manner and format required under applicable SEC rules, information regarding the outstanding equity awards held by each of our NEOs at December 31, 2019.2022. Mr. McHenry forfeited all outstanding equity awards in connection with his departure from the Company on November 1, 2022. OPTION AWARDS STOCK AWARDS   OPTION AWARDS   STOCK AWARDS NAME AWARD GRANT DATE NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) EXERCISABLE NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) UNEXERCISABLE OPTION EXERCISE PRICE ($) OPTION EXPIRATION DATE NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#) MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(1) EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#) EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(1)     AWARD GRANT DATE     NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS EXERCISABLE (#)     NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS UNEXERCISABLE (#)     OPTION EXERCISE PRICE ($)     OPTION EXPIRATION DATE     NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#)     MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(1)     EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#)     EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(1) (a)     (b)   (c)   (d)   (e)   (f)   (g)   (h)   (i)       (b)   (c)   (d)   (e)   (f)   (g)   (h)   (i) Thomas M. Herzog 2/15/2019 — — — —       71,337 (2)  2,458,986 — — Scott M. Brinker   2/10/2022       —       —       —       —         36,993 (2)        927,415         —         — 2/10/2022   —   —   —   —     —     —   110,978 (3)    2,782,218 2/15/2019 — — — — — —     142,672 (3)  4,917,904   2/12/2021   —   —   —   —     22,626 (4)    567,234   —     — 2/15/2019 — — — — — — 71,336 (3)  2,458,952   2/12/2021   —   —   —   —     —     —   33,937 (5)    850,801 10/3/2018 — — — — 3,154 (4)  108,718 — —   2/12/2021   —   —   —   —     —     —   8,485 (6)    212,706 10/3/2018 — — — — — — 9,458 (5)  326,017   2/14/2020   —   —   —   —     8,220 (7)    206,075   —     — 10/3/2018 — — — — — — 4,730 (5)  163,043   2/14/2020   —   —   —   —     —     —   34,202 (8)    857,445 2/14/2018 — — — — 51,448 (4)  1,773,413 — —   2/14/2020   —   —   —   —     —     —   6,165 (9)    154,557 2/14/2018 — — — — — — 154,342 (5)  5,320,169   3/1/2018   —   —   —       91,200 (10)    2,286,384   —     — 2/14/2018 — — — — — — 77,172 (5)  2,660,119 2/13/2017 — — — — 17,018 (6)  586,610 — — 2/13/2017 — — — — — — 83,866 (7)  2,890,861 2/13/2017 — — — — — — 33,545 (7)  1,156,296 Scott M. Brinker 2/15/2019 — — — — 22,698 (2)  782,400 — — 2/15/2019 — — — — — — 45,396 (3)  1,564,800 2/15/2019 — — — — — — 22,698 (3)  782,400 3/1/2018 — — — — 228,000 (8)  7,859,160 — — Peter A. Scott   2/10/2022   —   —   —   —     23,625 (2)    592,279   —     — 2/15/2019 — — — — 19,458 (2)  670,717 — — 2/10/2022   —   —   —   —     —     —   70,880 (3)    1,776,962 2/15/2019 — — — — — — 38,912 (3)  1,341,297   2/12/2021   —   —   —   —     13,792 (4)    345,765   —     — 2/15/2019 — — — — — — 19,456 (3)  670,648   2/12/2021   —   —   —   —     —     —   20,686 (5)    518,598 2/14/2018 — — — — 15,926 (4)  548,969 — —   2/12/2021   —   —   —   —     —     —   5,172 (6)    129,650 2/14/2018 — — — — — — 47,774 (5)  1,646,770   2/14/2020   —   —   —   —     5,718 (7)    143,350   —     — 2/14/2018 — — — — — — 23,888 (5)  823,419   2/14/2020   —   —   —   —     —     —   23,793 (8)    596,480 5/15/2017 — — — — 64,312 (9)  2,216,835 — —   2/14/2020   —   —   —   —     —     —   4,289 (9)    107,513 2/13/2017 — — — — 10,805 (6)  372,448 — —   5/15/2017   —   —   —   —     16,078 (11)    403,075   —     — Thomas M. Klaritch 2/15/2019 — — — — 19,458 (2)  670,717 — —   2/10/2022   —   —   —   —     18,651 (2)    467,581   —     — 2/15/2019 — — — — — — 38,912 (3)  1,341,297 2/10/2022   —   —   —   —     —     —   55,958 (3)    1,402,867 2/15/2019 — — — — — — 19,456 (3)  670,648   2/12/2021   —   —   —   —     12,930 (4)    324,155   —     — 2/14/2018 — — — — 18,374 (4)  633,352 — —   2/12/2021   —   —   —   —     —     —   19,393 (5)    486,183 2/14/2018 — — — — — — 55,122 (5)  1,900,055   2/12/2021   —   —   —   —     —     —   4,849 (6)    121,552 2/14/2018 — — — — — — 27,562 (5)  950,062   2/14/2020   —   —   —   —     5,361 (7)    134,400   —     — 2/13/2017 — — — — 4,118 (6)  141,947 — —   2/14/2020   —   —   —   —     —     —   22,306 (8)    559,205 2/13/2017 — — — — — — 20,292 (7)  699,465   2/14/2020   —   —   —   —     —     —   4,021 (9)    100,794 2/13/2017 — — — — — — 8,117 (7)  279,793   2/3/2014   31,759   —   33.79   2/3/2024     —     —   —     — 2/3/2014 31,759 — 33.79 2/3/2024 — — — —   1/28/2013   18,293   —   40.83   1/28/2023     —     —   —     — 1/28/2013 18,293 — 40.83 1/28/2023 — — — — 1/30/2012 14,955 — 36.23 1/30/2022 — — — — 1/27/2011 25,028 — 32.16 1/27/2021 — — — — 58       HEALTHPEAK PROPERTIES     64 HEALTHPEAK PROPERTIES Table of Contents EXECUTIVE COMPENSATION TABLESExecutive Compensation Tables OPTION AWARDS STOCK AWARDS NAME AWARD GRANT DATE NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) EXERCISABLE NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) UNEXERCISABLE OPTION EXERCISE PRICE ($) OPTION EXPIRATION DATE NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#) MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(1) EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#) EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(1) (a)     (b)   (c)   (d)   (e)   (f)   (g)   (h)   (i) Troy E. McHenry 2/15/2019 — — — —       12,000 (2)  413,640 — — 2/15/2019 — — — — — —        23,996 (3)  827,142 2/15/2019 — — — — — — 11,998 (3)  413,571 10/3/2018 — — — — 39,405 (10)  1,358,290 — — 2/14/2018 — — — — 11,026 (4)  380,066 — — 2/14/2018 — — — — — — 33,074 (5)  1,140,061 2/14/2018 — — — — — — 16,538 (5)  570,065 2/13/2017 — — — — 3,890 (6)  134,088 — — 2/13/2017 — — — — — — 19,170 (7)  660,790 2/13/2017 — — — — — — 7,668 (7)  264,316 2/3/2014 7,727 — 33.79 2/3/2024 — — — — 1/28/2013 3,807 — 40.83 1/28/2023 — — — — 1/30/2012 3,264 — 36.23 1/30/2022 — — — — 1/27/2011 7,126 — 32.16 1/27/2021 — — — —     OPTION AWARDS   STOCK AWARDS NAME     AWARD GRANT DATE     NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS EXERCISABLE (#)     NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS UNEXERCISABLE (#)     OPTION EXERCISE PRICE ($)     OPTION EXPIRATION DATE     NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#)     MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(1)     EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#)     EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(1) (a)          (b)   (c)   (d)   (e)   (f)   (g)   (h)   (i) Scott R. Bohn       10/26/2022       —       —       —       —         10,872 (12)        272,561         —         —   4/28/2022   —   —   —   —     21,905 (13)    549,158     —     —     2/10/2022   —   —   —   —     5,286 (2)    132,520     —     —     2/10/2022   —   —   —   —     —     —     15,858 (3)    397,560     2/12/2021   —   —   —   —     8,796 (4)    220,516     —     —     2/14/2020   —   —   —   —     1,653 (7)    41,441     —     —     2/3/2014   1,814   —   33.79   2/3/2024     —     —     —     — Adam G. Mabry   10/26/2022   —   —   —   —     32,610 (14)    817,533     —     —   10/26/2022   —   —   —   —     10,872 (15)    272,561     —     —     2/10/2022   —   —   —   —     10,260 (2)    257,218     —     —     2/12/2021   —   —   —   —     5,658 (4)    141,846     —     —     2/14/2021   —   —   —   —     2,234 (7)    56,006     —     — Thomas M. Herzog   2/10/2022   —   —   —   —     87,039 (2)    2,182,068     —     —   2/10/2022   —   —   —   —     —     —     261,118 (3)    6,546,228     2/12/2021   —   —   —   —     60,332 (4)    1,512,523     —     —     2/12/2021   —   —   —   —     —     —     90,498 (5)    567,196     2/12/2021   —   —   —   —     —     —     22,625 (6)    567,196     2/14/2020   —   —   —   —     25,016 (7)    627,151     —     —     2/14/2020   —   —   —   —     —     —     104,090 (8)    2,609,541     2/14/2020   —   —   —   —     —     —     18,762 (9)    470,363 (1) The number of shares or units reported in column (f) reflect time-vested RSU awards, while the number of units or shares reported in column (h) reflect PSUs, assuming maximumthreshold payout level (50%), target payout level (100%) or high (maximum) payout level (200%) for, based on how the PSUsperformance of each such award was tracking as of December 31, 2022. For awards granted in 2018 and 2019, based on such awards currently tracking at an above-Target payout, and reflecting2020, reflects the actual payout level for such PSUs granted in 2017 determined after the end of the 20192022 fiscal year. Please see the footnotes below for additional details. The dollar amounts shown in columns (g) and (i) are determined by multiplying the number of shares or units reported in columns (f) or (h), respectively, by $34.47$25.07 (the closing price of our common stock on the last trading day of 2019)2022). (2) The unvested portions of this award are scheduled to vest in three equal installments on February 15, 2020, 202110, 2023, 2024 and 2022.2025. (3) Subject to the satisfaction of applicable performance criteria, the unvested portion of this award is scheduled to vest upon certification of the performance results by the Compensation Committee following the performance period ending December 31, 2021.2024. The number of shares reported is based on the achievement of Target performance goals at the maximumhigh (maximum) payout level.level (200%), based on performance tracking at an above-target payout level as of December 31, 2022. (4) The unvested portions of this award are scheduled to vest in two equal installments on February 14, 202012, 2023 and 2021.2024. (5) Subject to the satisfaction of applicable performance criteria, the unvested portion of this award is scheduled to vest upon certification of the performance results by the Compensation Committee following the performance period ending December 31, 2023. The number of shares reported is based on the achievement at the target payout level (100%), based on performance tracking between the threshold and target payout levels as of December 31, 2022. (6) Subject to the satisfaction of applicable performance criteria, the unvested portion of this award is scheduled to vest upon certification of the performance results by the Compensation Committee following the performance period ending December 31, 2023. The number of shares reported is based on the achievement at the threshold payout level (50%), based on performance tracking below the threshold payout level as of December 31, 2022. (7) The unvested portion of this award vested on February 14, 2023. 2023 PROXY STATEMENT 65 Table of Contents Executive Compensation Tables (8) The unvested portion of this award vested upon certification of the performance results by the Compensation Committee following the performance period ending December 31, 2020.2022. The number of shares reported is based on actual performance for the achievementperformance period. For additional information on the actual performance and payout of Target performance goals at the maximum payout level.award, please see the “Compensation Discussion and Analysis” section. (6) The unvested portion of this award vested on February 13, 2020. (7)(9) Subject to the satisfaction of applicable performance criteria, theThe unvested portion of this award vested upon certification of the performance results by the Compensation Committee following the performance period ending December 31, 2019.2022. The number of shares reported is based on actual performance.performance for the performance period. For additional information on the actual performance and payout of the award, please see the “Compensation Discussion and Analysis” section. (8)(10) The unvested portions of this award are scheduled to vest in two equal installments on March 1, 2023 and 2024. (11) The unvested portion of this award is scheduled to vest in one installment on May 15, 2023. (12) The unvested portions of this award are scheduled to vest in three equal installments on April 28, 2023, 2024 and 2025. (13) The unvested portions of this award are scheduled to vest in five equal installments on March 1, 2020, 2021, 2022, 2023April 28, 2024, 2025, 2026, 2027 and 2024.2028. (9) The unvested portions of this award are scheduled to vest in four equal installments on May 15, 2020, 2021, 2022 and 2023. (10)(14) The unvested portions of this award are scheduled to vest in five equal installments on October 3, 2020, 2021, 2022, 202326, 2024, 2025, 2026, 2027 and 2024.   2020 PROXY STATEMENT       592028.   (15) The unvested portions of this award are scheduled to vest in three equal installments on October 26, 2023, 2024 and 2025. Table of Contents EXECUTIVE COMPENSATION TABLES Option Exercises and Stock Vested During 20192022 The following table presents information regarding the exercise of stock options by NEOs during 20192022 and the vesting of other stock awards during 2019 that were previously granted to our NEOs.2022. OPTION AWARDS STOCK AWARDS NAME    NUMBER OF SHARES ACQUIRED ON EXERCISE (#)    VALUE REALIZED ON EXERCISE ($)(1)    NUMBER OF SHARES ACQUIRED ON VESTING (#)    VALUE REALIZED ON VESTING ($)(2) (a) (b) (c) (d) (e) Thomas M. Herzog — — 89,154 2,793,749 Scott M. Brinker — — — — Peter A. Scott — — 34,846 1,080,102 Thomas M. Klaritch 35,014 396,358 21,978 681,385 Troy E. McHenry — — 14,691 455,122     OPTION AWARDS   STOCK AWARDS NAME       NUMBER OF SHARES ACQUIRED ON EXERCISE (#)       VALUE REALIZED ON EXERCISE ($)       NUMBER OF SHARES ACQUIRED ON VESTING (#)       VALUE REALIZED ON VESTING ($)(1) (a)   (b)   (c)   (d)   (e) Scott M. Brinker   —   —   127,908   4,170,780 Peter A. Scott   —   —   82,501   2,723,249 Thomas M. Klaritch   —   —   65,635   2,214,177 Scott R. Bohn   —   —   7,673   247,599 Adam G. Mabry   —   —   6,901   222,237 Thomas M. Herzog   —   —   252,472   8,500,007 Troy E. McHenry   —   —   49,342   1,584,504 (1) The dollar amount shown in column (c) above for option awards is determined by multiplying the number of shares underlying the vested portion of the option award by the per share closing price of Healthpeak common stock on the exercise date, less the exercise price per share. The values reported in the table above do not represent the actual cash value realized by the named individual upon the exercise of the option award to the extent such individual did not immediately sell the shares upon vesting. (2) The dollar amount shown in column (e) above for stock awards is determined by multiplying the number of shares or units, as applicable, that vested by the per share closing price of Healthpeak common stock on the vesting date. The values reported in the table above do not represent the actual cash value realized by the named individual upondate (or if the vesting of sharesdate is not a trading day, the most recent trading day prior to the vesting date). To the extent suchthe named individual did not immediately sell the shares upon vesting.vesting, the values reported in the table above would not represent the actual cash value that may be realized by such individual upon the disposition of the vested shares. 66 HEALTHPEAK PROPERTIES Table of Contents Executive Compensation Tables Potential Payments Upon a Termination or Change in Control The following section describes the benefits that may become payable to our NEOs in connection with a termination of their employment with Healthpeak and/or a change in control of Healthpeak. You should read this section in combination with “Description of Plan-Based Awards—Equity Incentive Awards” above, which describes the treatment of outstanding equity-based awards held by our NEOs upon a termination or change in control of Healthpeak. Severance Plans Executive Severance Plan We provide competitive severance benefits to attract and retain key employees with outstanding talent and ability. The Compensation Committee determined that the adoption of the Executive Severance Plan (“Severance Plan”) in lieu of entering into individual employment agreements with our executives was consistent with compensation best practices. Severance benefits are appropriate in light of severance protections available to executives at our peer group companies and are an important component of each executive’s overall compensation as they help us to attract and retain our key executives who could have other job alternatives that may appear to them to be more attractive absent these protections. See “Compensation Policies and Practices—Policy Regarding Executive Employment Agreements” in our CD&A. 60       HEALTHPEAK PROPERTIES   Table of Contents EXECUTIVE COMPENSATION TABLES The Severance Plan is intended to provide severance benefits to employees who are selected by the Compensation Committee to participate, including each NEO, upon a termination of employment by us without “cause” (asor by the NEO for “good reason” (each as defined in the Severance Plan)Plan, as such definitions may be amended from time to time) other than in circumstances in which the participant would receive benefits under the CIC Plan (described under “—Executive Change in Control Severance Plan” below), as set forth below: SEVERANCE BENEFIT AMOUNT Cash Severance Installment Payments Two times(1)the sum of: ●Base salary, plus ●Target level annual cash incentive award for the year of termination Lump Sum of Estimated Cost of Healthcare Coverage Cash payment in lieu of COBRA premiums for two years Annual Cash Incentive Award Prorated annual incentive award, payable based on actual performance at time award would have been paid if NEO had not terminated employment Service-Based Equity Awards ●Stock options fully vested ●RSU awards continue to vest according to their terms for 24 months, after which any remaining unvested portion will become fully vested Performance-Based Equity Awards Continue vesting in accordance with their terms with respect to the performance requirements (although such awards will become fully vested with respect to any time-based vesting requirement) (1) Effective January 29, 2020, Mr. Herzog’s severance multiplier changed to three, and Mr. Brinker’s severance multiplier changed to two and a half, and the amount of cash payments in lieu of COBRA premiums payable to each of them changed to three years and two and a half years, respectively. In accordance with applicable SEC rules, the calculations of the estimated severance benefits are presented using the benefit formula in effect on December 31, 2019. below. An NEO’s right to receive benefits under the Severance Plan is subject to his or her execution of a general release of claims against us, and his or her agreement to an indefinitepost-termination confidentiality, covenant and 12-month post-termination non-solicitation and non-competition restrictive covenants.covenants, as applicable. Payments (or benefits payable) to an NEO under the Severance Plan will, to the extent applicable, either be reduced to avoid excise taxes under Sections 280G and 4999 of the Code or be paid in full (with the NEO paying any such excise taxes), whichever option places the NEO in the best after-tax position. SEVERANCE BENEFIT AMOUNT Cash Severance Installment Payments Three times for CEO (two times for all other NEOs) the sum of: ●  Base salary, plus greater of target-level or prior year’s annual cash incentive award for the year of termination Lump Sum of Estimated Cost of Healthcare Coverage Cash payment in lieu of COBRA premiums for: ●  Three years for CEO ●  Two years for all other NEOs Annual Cash Incentive Award Prorated annual incentive award, payable based on actual performance at time award would have been paid if NEO had not terminated employment, with the individual performance portion to be not less than the target level Service-Based Equity Awards ●  Stock options fully vested and remain exercisable for two years ●  RSU awards continue to vest according to their terms for 24 months, after which any remaining unvested portion will become fully vested Performance-Based Equity Awards Continue vesting in accordance with their terms with respect to the performance requirements 2023 PROXY STATEMENT 67 Table of Contents Executive Compensation Tables Executive Change in Control Severance Plan All of our current officers are participants in the CIC Plan. Under the CIC Plan, if a change in control of Healthpeak occurs during the term of the CIC Plan and a participant’s employment with Healthpeak is terminated by Healthpeak without cause or by the participant for good reason within the two-year period following the change in control, the participant will generally be entitled to receive the following benefits: SEVERANCE BENEFIT AMOUNT Lump Sum Cash Severance Payment Two times (three Three times for CEO)(1)CEO (two and a half times for all other NEOs) the sum of: ●Base salary, plus ●Target levelthe greater of target-level or prior year’s annual cash incentive award for the year of termination Lump Sum of Estimated Cost of Healthcare Coverage Cash payment in lieu of COBRA premiums for two years (threefor: ●  Three years for CEO)CEO ●  Two and a half years for all other NEOs Annual Cash Incentive Award Prorated target annual incentive award based on the greater of target-level or prior year’s payment Retirement Plan Benefits ●Full vesting of any non-qualified retirement plan benefits ●Cash payment equal to unvested benefits under 401(k) Plan Service-Based Equity Awards Full vesting; options remain exercisable for one year (twotwo years for CEO) or upon earlier expiration Performance-Based Equity Awards Continue vesting in accordance with their terms with respect to the performance requirements, unless otherwise noted in the award agreement (although such awards will become fully vested with respect to any time-based vesting requirement)as described below under “Change-in-Control Benefits (Assuming No Employment Termination)” (1) Effective January 29, 2020, Mr. Brinker’s severance multiplier changed to two and a half, and the amount of the cash payment in lieu of COBRA premiums payable to him changed to two and a half years. In accordance with applicable SEC rules, the calculations of the estimated severance and change-in-control benefits are presented using the benefit formula in effect on December 31, 2019.   2020 PROXY STATEMENT       61 Table of Contents EXECUTIVE COMPENSATION TABLES For these purposes, the terms “cause,” “good reason” and “change in control” are each defined in the CIC Plan. Plan, as such definitions may be amended from time to time. A participant’s right to receive benefits under the CIC Plan is subject to the execution of a release of claims in favor of Healthpeak upon the termination of the participant’s employment. Participants are also subject to an indefinite confidentiality covenant and 12-month post-termination non-solicitation and non-competition restrictive covenants under the CIC Plan.Plan, as applicable. Participants in the CIC Plan are not entitled to tax gross-ups under the CIC Plan or any other agreement with the Company. 68 HEALTHPEAK PROPERTIES Table of Contents Executive Compensation Tables Estimated Severance and Change-in-Control Benefits Severance Benefits (No Change in Control) The following table presents our estimate of the amount of the benefits to which the NEOs would have been entitled had their employment terminated under the indicated circumstances pursuant to the terms of the Severance Plan on December 31, 2019.2022. The chart assumes that the executive would not be entitled to receive the benefits provided under the CIC Plan in connection with such a termination of employment. TERMINATION BY HEALTHPEAK WITHOUT CAUSE TERMINATION DUE TO EXECUTIVE’S RETIREMENT, DEATH OR DISABILITY NAME    CASH SEVERANCE ($)(1)    CONTINUATION OF HEALTH/ LIFE BENEFITS ($)(2)    EQUITY ACCELERATION ($)(3)    TOTAL ($)    CASH SEVERANCE ($)    CONTINUATION OF HEALTH BENEFITS ($)(2)    EQUITY ACCELERATION ($)(3)    TOTAL ($) Thomas M. Herzog 8,968,000 33,525 15,490,577   24,492,102 — — 15,490,577   15,490,577 Scott M. Brinker 5,132,400 72,902 9,815,160   15,020,462 9,815,160 9,815,160 Peter A. Scott 4,609,800 46,653 6,050,037   10,706,490 — — 6,050,037 6,050,037 Thomas M. Klaritch 4,335,600 33,525 4,515,777 8,884,902 — — 4,515,777 4,515,777 Troy E. McHenry 3,103,300 72,902 4,364,902 7,541,103 — — 4,364,902 4,364,902        TERMINATION BY HEALTHPEAK WITHOUT CAUSE                          TERMINATION DUE TO EXECUTIVE’S DEATH OR DISABILITY           NAME   CASH SEVERANCE ($)(1)   CONTINUATION OF HEALTH/ LIFE BENEFITS ($)(2)   EQUITY ACCELERATION ($)(3)   TOTAL ($)   CASH SEVERANCE ($)   CONTINUATION OF HEALTH BENEFITS ($)(2)   EQUITY ACCELERATION ($)(3)   TOTAL ($) Scott M. Brinker       9,085,485       115,519       7,581,745       16,782,749       —       —       7,581,745       7,581,745 Peter A. Scott   5,743,900   49,371   3,795,924   9,589,195   —   —   3,795,924   3,795,924 Thomas M. Klaritch   5,199,510   35,352   2,961,619   8,196,481   —   —   2,961,619   2,961,619 Scott R. Bohn   2,639,481   77,013   1,414,976   4,131,470   —   —   1,414,976   1,414,976 Adam G. Mabry   2,533,888   54,511   1,545,164   4,133,563   —   —   1,545,164   1,545,164 (1) As described above under “—Severance Plans—Executive Severance Plan���Plan” and as quantified in this column, the Severance Plan provides for a cash severance payment in the event of a qualifying termination of employment based on a multiple of base salary and annual bonus. For purposes of the Severance Plan, the annual bonus component of the severance payment is based on the greater of such individual’s targettarget-level bonus amount in effect on the date of termination.termination or prior year’s bonus amount. Additionally, the Severance Plan provides for the payment of a pro-rated annual cash incentive amount for the year of termination, which, assuming a termination on December 31, 2019,2022, would have resulted in the following awards (based on actual performance for the performance period): Mr. Herzog, $2,968,000; Mr. Brinker, $1,632,400;$1,660,485; Mr. Scott, $1,409,800;$1,443,900; Mr. Klaritch, $1,335,600;$1,299,510; Mr. Bohn, $639,481; and Mr. McHenry, $853,300.Mabry, $533,888. (2) These amounts represent the amounts that would be paid to the individual for the estimated aggregate cost of the premiums that would be charged to each individual to continue health coverage pursuant to COBRA for such individual and his or her eligible dependents (to the extent that such dependents were receiving health benefits prior to the individual’s termination date) for athe period of two years.coverage set forth above. (3) These columns report the intrinsic value of the unvested portions of the executive’s equity awards that would accelerate in the circumstances described above. For RSU awards, this value is calculated by multiplying $34.47$25.07 (the closing price of our common stock on the last trading day of 2019)2022) by the number of units subject to the portion of the award that would have accelerated. We have included the value related to accelerated vesting of awards in the table above assuming the performance-based vesting requirements were satisfied at target levels. Note that the equity awards granted in 2018 and 20192020–2022 do not include provisions for accelerated vesting on the executive’s retirement. Release Agreement with Mr. Herzog under Severance Plan On October 6, 2022, Mr. Herzog and the Company mutually agreed that he would step down from his position as Chief Executive Officer and director in connection with an involuntary termination of his employment without “cause” under our Severance Plan. We did not pay Mr. Herzog any additional amounts beyond what we were obligated to pay pursuant to the terms of our Severance Plan. Mr. Herzog executed a separation and release agreement that provided for the following severance benefits contractually due under the Severance Plan, subject to Mr. Herzog’s compliance with restrictive covenants set forth in the release agreement: (1) cash severance of $13.8 million to be paid over three years; (2) prorated 2022 STIP award of $2,186,878; and (3) cash payment of $53,028 in lieu of continuation of healthcare benefits for three years. In accordance with the terms of the Severance Plan, Mr. Herzog also received continued vesting of his outstanding time-based restricted stock units in accordance with their terms for 24 months following separation, after which any remaining unvested portion of such restricted stock units will fully vest, and continued vesting of Mr. Herzog’s outstanding performance-based restricted stock units in accordance with their terms with respect to the applicable performance requirements. 2023 PROXY STATEMENT 69 Table of Contents Executive Compensation Tables Release Agreement with Mr. McHenry On November 1, 2022, Mr. McHenry and the Company mutually agreed that he would step down from his position as Chief Legal Officer and General Counsel. As a result of this separation, Mr. McHenry was not eligible to receive severance benefits under our Severance Plan. In connection with Mr. McHenry’s separation, we agreed to pay Mr. McHenry an amount in cash equal to $2 million in exchange for his execution of a release agreement, subject to his compliance with restrictive covenants set forth in the release agreement. Mr. McHenry agreed to forfeit his unpaid 2022 STIP award and all of his unvested LTIP awards that were outstanding on his separation date. Change-in-Control Benefits (Assuming No Employment Termination) As described above under “Description of Plan-Based Awards-2019Awards—2022 3-Year LTIP PSUs,” if there iswe undergo a change in control of Healthpeak during the performance period for theapplicable to outstanding PSUs granted to the NEOs, in 2019, the performance period for such PSUs will be shortened and performance will be determined based on suchthe shortened period, and theperiod. The number of PSUs deemed to have vested based on suchthe shortened period will accelerate and vest in connection with suchthe change in control. This acceleration also appliesIn this scenario, the PSUs would vest without regard to PSUs grantedwhether the NEO terminates employment in connection with the change in control. Upon a change in control of Healthpeak, RSUs held by NEOs would continue to be subject to service-based vesting in accordance with the NEOsterms of the awards and would only accelerate upon a termination of an NEO’s employment as described under “Change-in-Control Severance Benefits in 2017 and 2018.Connection with Employment Termination” below. Assuming that a change in control of Healthpeak occurred on December 31, 2019,2022, the values of the unvested portions of the PSUs held by each NEO that would have accelerated in connection with such change in control (calculated using a price per share of $34.47,$25.07, which is the closing price of our common stock on the last trading day of 2019)2022) are as follows: (1) $10,562,849$3,594,637 for Mr. Herzog,Brinker; (2) $1,173,600$2,311,454 for Mr. Brinker,Scott; (3) $2,241,067$2,035,483 for Mr. Scott,Klaritch; and (4) $3,069,760$198,780 for Mr. Klaritch, and (5) $2,078,817 forBohn. Mr. McHenry. 62       HEALTHPEAK PROPERTIES   TableMabry did not hold unvested PSUs as of ContentsDecember 31, 2022. EXECUTIVE COMPENSATION TABLES Change-in-Control Severance Benefits in Connection with Employment Termination The following table presents our estimate of the benefits to which each of the NEOs would have been entitled had a change in control of the Company occurred on December 31, 2019 (and2022, and the executive’s employment with Healthpeakus had terminated under the circumstances described above on such date before(before any excise-tax reduction under our CIC Plan described above or under the executive’s applicable equity award agreement). NAME    CASH SEVERANCE ($)(1)    CONTINUATION OF HEALTH/ LIFE BENEFITS ($)(2)    EQUITY ACCELERATION ($)(3)    TOTAL ($) Thomas M. Herzog 11,968,000 50,287 4,927,728 16,946,015 Scott M. Brinker 5,132,400 72,902 8,641,560 13,846,862 Peter A. Scott 4,609,800 46,653 3,808,969 8,465,423 Thomas M. Klaritch 4,335,600 33,525 1,446,017 5,815,141 Troy E. McHenry 3,103,300 72,902 2,286,085 5,462,287 NAME       CASH SEVERANCE ($)(1)       CONTINUATION OF HEALTH/LIFE BENEFITS ($)(2)       EQUITY ACCELERATION ($)(3)       TOTAL ($) Scott M. Brinker   9,085,485   115,519   3,987,108   13,188,112 Peter A. Scott   6,818,900   61,713   1,484,470   8,365,083 Thomas M. Klaritch   6,174,510   44,190   926,136   7,144,836 Scott R. Bohn   3,139,481   96,266   1,216,196   4,451,943 Adam G. Mabry   3,033,888   68,139   1,545,164   4,647,192 (1) As described above under “—Severance Plans—Executive Change in Control Severance Plan” and as quantified in this column, the CIC Plan provides for a cash severance payment in the event of a qualifying termination of employment. Additionally, the CIC Plan provides for the payment of a pro-rated annual cash incentive amount for the year of termination, which, assuming a termination on December 31, 2019,2022, would have resulted in the following awards (based on actual performance for the performance period): Mr. Herzog, $2,968,000; Mr. Brinker, $1,632,400;$1,660,485; Mr. Scott, $1,409,800;$1,443,900; Mr. Klaritch, $1,335,600;$1,299,510; Mr. Bohn, $639,481; and Mr. McHenry, $853,300.Mabry, $533,888. (2) These amounts represent the amounts that would be paid to the individual for the estimated aggregate cost of the premiums that would be charged to each individual to continue health coverage pursuant to COBRA for such individual and his or her eligible dependents (to the extent that such dependents were receiving health benefits prior to the individual’s termination date) for athe period of three years for Mr. Herzog and two years for each of the other listed NEOs.coverage set forth above. (3) See footnote (3) to the preceding table under “—Severance Benefits” for the manner of calculating equity acceleration value. All outstanding RSUs held by an NEO as of December 31, 20192022, would accelerate upon a termination of the NEO’s employment by the Company without cause or by the NEO for good reason upon or following a change in control of Healthpeak. See PSU values (disclosed above)under “Change-in-Control Benefits (Assuming no Employment Termination)”) that would vest on a change in control.control regardless of whether the NEO terminates employment. 70 HEALTHPEAK PROPERTIES Table of Contents Executive Compensation Tables Pay Ratio The following pay ratio and supporting information compares the annual total compensation of our President and CEO and the annual total compensation of our employees other than our President and CEO, as required by Section 953(b) of the Dodd-Frank Act. The pay ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K. For 2019,2022, our last completed fiscal year: ● The annual total compensation of our median employee was $145,000;$195,572; and ● The annual total compensation of our President and CEO, as reported in the Summary Compensation Table, was $9,907,966.$5,557,084. Based on the foregoing, the estimated ratio of the annual total compensation of our President and CEO to the annual total compensation of our median employee was approximately 68:28:1. To determine the pay ratio, we took the steps outlined below. ● We determined that as of December 31, 2022, our employee population (excluding our President and CEO) consisted of 209 individuals, all of whom were located in the United States. This population consists of our full-time and temporary employees. We did not have any seasonal employees. We excluded independent contractors, as well as interns and employees who terminated employment prior to December 31, 2022. ● To identify the median employee, we computed each employee’s annual compensation consisting of annual base salary as well as all cash bonuses and the grant date value of equity awards granted during the year, as applicable. For these purposes, we annualized the base salary and cash bonuses of employees who did not work for us for the entire year, other than temporary employees. We did not make any cost of living adjustments. ● Once we identified our median employee, we calculated that employee’s annual total compensation for 2022 in accordance with the requirements of the SEC’s rules for calculating the “total” compensation of each of our NEOs for 2022 for purposes of the Summary Compensation Table above. With respect to our CEO, we used the amount reported as total compensation in the Summary Compensation Table. Any adjustments, estimates and assumptions used to calculate our CEO’s total annual compensation are described in the footnotes to the Summary Compensation Table. We determined that as of December 31, 2019, our employee population (excluding our CEO) consisted of 245 individuals, all of whom were located in the United States. This population consists of our full-time and temporary employees, as well as independent contractors for whom we establish compensation. We did not have any seasonal employees. We excluded independent contractors whose compensation is determined by an unaffiliated third party. To identify the median employee, we computed each employee’s annual compensation consisting of annual base salary as well as all cash bonuses and the grant date value of equity awards granted during the year, as applicable. For these purposes, we annualized the base salary and cash bonuses of employees who did not work for us for the entire year, other than temporary employees. We did not make any cost of living adjustments. Once we identified our median employee, we calculated that employee’s annual total compensation for 2019 in accordance with the requirements of the SEC’s rules for calculating the “total” compensation of each of our NEOs for 2019 for purposes of the Summary Compensation Table above. With respect to our CEO, we used the amount reported as total compensation in the Summary Compensation table. Any adjustments, estimates and assumptions used to calculate our CEO’s total annual compensation are described in the footnotes to the Summary Compensation Table. This pay ratio is an estimate calculated in a manner consistent with SEC rules based on the methodology described above. The SEC rules for identifying the median compensated employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions. As such, the pay ratio reported by other companies may not be comparable to theour pay ratio, reported above, as other companies may have different employment and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios. Pay-Versus-Performance Table The following summarizes the relationship between our CEO’s, and our other Named Executive Officers’, total compensation paid and our financial performance for the fiscal years shown in the table (in this discussion, our CEO is also referred to as our principal executive officer or “PEO”, and our Named Executive Officers other than our CEO are referred to as our “Non-PEO NEOs”).                             AVERAGE SUMMARY COMP.     AVERAGE     VALUE OF INITIAL FIXED $100 INVESTMENT BASED ON:               YEAR   SUMMARY COMP. TABLE TOTAL FOR CEO (MR. HERZOG)(1)(2)     COMP. ACTUALLY PAID TO CEO (MR. HERZOG)(3)     SUMMARY COMP. TABLE TOTAL FOR CEO (MR. BRINKER)(1)(2)     COMP. ACTUALLY PAID TO CEO (MR. BRINKER)(3)     TABLE TOTAL PAID TO NON-PEO NEOs(1)(2)     COMP. ACTUALLY PAID TO NON-PEO NEOs(3)     HEALTHPEAK TOTAL STOCKHOLDER RETURN(4)     PEER TOTAL STOCKHOLDER RETURN(4)     NET INCOME (IN MILLIONS)(5)     NORMALIZED FFO PER SHARE(6)   2022               $ 24,308,605      $ 19,911,300                 $ 5,557,084              $ 2,901,565       $ 3,267,762         $ 1,959,250                  $ 82.79                  $ 100.62                 $ 516.4                   $ 1.73   2021   $ 11,713,883     $ 17,397,357     $ —     $ —     $ 3,767,688     $ 5,579,450     $ 114.23     $ 134.06     $ 525.9     $ 1.60   2020   $ 11,374,615     $ 10,106,805     $ —     $ —     $ 3,389,595     $ 2,905,009     $ 92.31     $ 94.88     $ 428.3     $ 1.60   (1) In accordance with applicable SEC rules, since Mr. Herzog and Mr. Brinker each served as CEO during 2022, they are each included in the table above and the footnotes that follow the table as a CEO. For each of 2020 and 2021, our Non-PEO NEOs were Messrs. Brinker, Scott, Klaritch and McHenry. For 2022, our Non-PEO NEOs were Messrs. Scott, Klaritch, Bohn, Mabry and McHenry.     2020 2023 PROXY STATEMENT       63 71 Table of Contents Executive Compensation Tables (2) See the Summary Compensation Table above for detail on the Summary Compensation Table total compensation for each CEO for each fiscal year covered in the table. The average compensation for the Non-PEO NEOs for 2022 was calculated from the Summary Compensation Table above. The average compensation for the Non-PEO NEOs for each of 2021 and 2020 was calculated from the Summary Compensation Table as disclosed in our Proxy Statement filed with the SEC in calendar year 2022 or 2021, respectively. (3) For purposes of this table, the compensation actually paid (also referred to as “CAP”) to each of our NEOs (including, for purposes of this table, former executive officers who are included in the Non-PEO NEO group for 2020 and 2021) means each NEO’s total compensation as reflected in the Summary Compensation Table for the applicable fiscal year and adjusted for the following: ● Less the amounts reported in the “Stock Awards” columns of the Summary Compensation Table for the applicable fiscal year based on the grant date fair value of such awards; ● Plus the fiscal year-end value of Healthpeak stock awards granted in the covered fiscal year that were outstanding and unvested at the end of the covered fiscal year; ● Plus/(less) the change in value as of the end of the covered fiscal year as compared to the value at the end of the prior fiscal year for Healthpeak stock awards that were granted in prior fiscal years and were outstanding and unvested at the end of the covered fiscal year; ● Plus the vesting date value of Healthpeak stock awards that were granted and vested during the same covered fiscal year; ● Plus/(less) the change in value as of the vesting date as compared to the value at the end of the prior fiscal year for Healthpeak stock awards that were granted in prior fiscal years and vested in the covered fiscal year; ● Less, as to any Healthpeak stock awards that were granted in prior fiscal years that were forfeited during the covered fiscal year, the value of such awards as of the end of the prior fiscal year; and ● Plus the dollar value of any dividends or other earnings paid during the covered fiscal year on outstanding and unvested Healthpeak stock awards to the extent not reflected in the grant date fair values of the awards. No stock options were granted, and no unvested stock options were outstanding, during the applicable fiscal years. There were no material modifications to any stock awards during the applicable fiscal years. In making each of these adjustments, the “value” of a or stock award is the fair value of the award on the applicable date determined in accordance with FASB ASC Topic 718 using the valuation assumptions we then used to calculate the fair value of our equity awards. For more information on the valuation of our equity awards, please see the notes to our financial statements that appear in our Annual Report on Form 10-K each fiscal year and the footnotes to the Summary Compensation Table that appears in our annual Proxy Statement. The table above reflects the CAP (determined as noted above) for each CEO and, for our Non-PEO NEOs, the average of the CAPs determined for the Non-PEO NEOs for each of the fiscal years shown in the table. The following table provides a reconciliation of the Summary Compensation Table Total to Compensation Actually Paid for Mr. Herzog. Reconciliation of Summary Compensation Table Total to Compensation Actually Paid for CEO (Mr. Herzog)       Fiscal Year 2022 ($)       Fiscal Year 2021 ($)       Fiscal Year 2020 ($)   Summary Compensation Table Total   24,308,605   11,713,883   11,374,615   Grant Date Fair Value of Stock Awards Granted in Fiscal Year   (7,374,832 ) (7,102,283 ) (8,028,215 ) Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year   5,979,535   8,283,835   6,554,530   Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years   (3,306,057 ) 3,328,563   (1,534,844 ) Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year   685,203   751,962   1,068,838   Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year   (611,707 ) 224,226   450,019   Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year   —   —   —   Dividends Paid on Outstanding and Unvested Stock Awards   230,553   197,171   221,862   Compensation Actually Paid   19,911,300   17,397,357   10,106,805   72 HEALTHPEAK PROPERTIES Table of Contents Executive Compensation Tables The following table provides a reconciliation of the Summary Compensation Table Total to Compensation Actually Paid for Mr. Brinker. Reconciliation of Summary Compensation Table Total to Compensation Actually Paid for CEO (Mr. Brinker) Fiscal Year 2022 ($) Fiscal Year 2021 ($) Fiscal Year 2020 ($) Summary Compensation Table Total 5,557,084 — — Grant Date Fair Value of Stock Awards Granted in Fiscal Year (3,134,399 ) — — Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year 2,541,379 — — Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years (2,232,034 ) — — Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year 402,297 — — Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year (445,419 ) — — Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year — — — Dividends Paid on Outstanding and Unvested Stock Awards 212,657 — — Compensation Actually Paid 2,901,565 — — The following table provides a reconciliation of the average of the Summary Compensation Table Total for the Non-PEO NEOs for a fiscal year to the average of the Compensation Actually Paid for the Non-PEO NEOs for that fiscal year. Reconciliation of Average Summary Compensation Table Total to Average Compensation Actually Paid for Non-PEO NEOs       Fiscal Year 2022 ($)       Fiscal Year 2021 ($)       Fiscal Year 2020 ($)   Summary Compensation Table Total   3,267,762   3,767,688   3,389,595   Grant Date Fair Value of Stock Awards Granted in Fiscal Year   (1,535,477 ) (1,718,594 ) (1,849,445 ) Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year   1,087,331   2,004,500   1,509,955   Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years   (368,699 ) 1,104,314   (640,251 ) Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year   103,198   249,639   354,058   Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year   (132,238 ) 59,047   (17,412 ) Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year   (516,184 ) —   —   Dividends Paid on Outstanding and Unvested Stock Awards   53,557   112,856   158,509   Compensation Actually Paid   1,959,250   5,579,450   2,905,009   (4) Healthpeak TSR represents cumulative total stockholder return on a fixed investment of $100 in our common stock for the period beginning on the last trading day of 2019 through the end of the applicable fiscal year, and is calculated assuming the reinvestment of dividends before consideration of income taxes. Peer total stockholder return represents cumulative total stockholder return on a fixed investment of $100 in the Equity REIT Index of Nareit for the period beginning on the last trading day of 2019 through the end of the applicable fiscal year, and is calculated assuming the reinvestment of dividends before consideration of income taxes. The following chart illustrates our TSR for each of the last three fiscal years against our TSR and the TSR for the Equity REIT Index of Nareit (each calculated as described above) over that period of time. 2023 PROXY STATEMENT 73 Table of Contents Executive Compensation Tables The following chart illustrates the CAP for each CEO and the average CAP for our Non-PEO NEOs for each of the last three fiscal years against our TSR and the TSR for the Equity REIT Index of Nareit (each calculated as described above) over that period of time. 74 HEALTHPEAK PROPERTIES Table of Contents Executive Compensation Tables (5) This column shows Healthpeak’s net income for each fiscal year covered by the table. The following chart illustrates the CAP for each CEO and the average CAP for our Non-PEO NEOs for each of the last three fiscal years against our net income for each of those years. (6) This column shows Healthpeak’s Normalized FFO per share for each fiscal year covered by the table. We consider Normalized FFO per share to be a key metric in our executive compensation program, used in our 2022 STIP and in certain of our LTIP awards. See the Compensation Discussion and Analysis section of this proxy statement for more information regarding the use of this performance measure in our executive compensation program. The following chart illustrates the CAP for each CEO and the average CAP for our Non-PEO NEOs for each of the last three fiscal years against our Normalized FFO per share for each of those years. Following is an unranked list of our financial performance measures we consider most important in linking the compensation actually paid to our NEOs for 2022 with our performance. ● Normalized FFO per share (used in our 2022 STIP and Retentive LTIP awards) ● Net Debt to Adjusted EBITDAre (used in our 2022 STIP) ● Relative TSR (used in our 3-Year Performance-Based LTIP awards) In addition to the financial performance measures listed above, we view our stock price, upon which the value of all of our LTIP awards is dependent, as a key performance-based component of our executive compensation program in order to further align the interests of our senior management team with the interests of our stockholders. 2023 PROXY STATEMENT 75 Table of Contents Equity CompensationPROPOSAL 04 Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan  FOR Our Board recommends a vote FOR approval of the 2023 Performance Incentive Plan Information General At the Annual Meeting, stockholders will be asked to approve the Healthpeak Properties, Inc. 2023 Performance Incentive Plan (the “2023 Plan”), which was adopted, subject to stockholder approval, by the Board on February 2, 2023. We believe that incentive-driven and performance-based compensation focuses employees on our objective of creating long-term stockholder value, and that compensation plans like the 2023 Plan are an important attraction, retention and motivation tool for its participants. Accordingly, performance-based incentive compensation constitutes one of the key objectives of our compensation practice. STIP and LTIP compensation are each determined based on objective Company performance metrics and individualized objectives, the latter of which include both specified quantitative Company performance metrics and qualitative individual performance goals, as described above. Our LTIP is divided between a time-vested retentive component and a forward-looking, 3-year performance-based component that directly measures Healthpeak’s performance against relative total stockholder return (TSR). We currently maintain the Healthpeak Properties, Inc. 2014 Performance Incentive Plan, or the 2014 Plan. As of March 1, 2023, a total of 2,804,712 shares of our common stock were then subject to outstanding awards granted under the 2014 Plan and an additional 26,481,407 shares of our common stock were then available for new award grants under the 2014 Plan. Our authority to grant new awards under the 2014 Plan will expire on January 30, 2024. In light of the pending expiration of the 2014 Plan, which is the only plan under which we may currently grant awards, our Board approved the 2023 Plan so that we can continue to grant equity-based awards as part of our executive and non-executive compensation programs. If stockholders approve the 2023 Plan, no new awards will be granted under the 2014 Plan. Voting Standard This proposal to approve the 2023 Plan requires the affirmative vote of a majority of votes cast on the proposal at the Annual Meeting. 76 HEALTHPEAK PROPERTIES Table of Contents Proposal 04: Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan Historical Annual Share Usage and Potential Dilution While the use of equity is an important part of our compensation, we are mindful of our responsibility to our stockholders in exercising judgment in the granting of equity awards. The following information is intended to help stockholders assess the potential dilutive impact of our equity awards and the proposed 2023 Plan. Our overhang (the sum of shares subject to outstanding options and full-value awards plus shares available for grant, as a percentage of the sum of common shares outstanding plus shares subject to outstanding options and full-value awards plus shares available for grant) was 0.4% as of December 31, 2022, which includes 306,356 outstanding stock options granted under our historical 2006 Performance Incentive Plan (the “2006 Plan”), which has expired. If the 2023 Plan is approved by our stockholders, the maximum overhang would be 0.5% (based on 230,328 outstanding options and 2,804,712 outstanding full-value awards (including vested restricted stock units and dividend equivalents that are not yet payable) as of March 1, 2023).          AS OF DECEMBER 31, 2022        AS OF MARCH 1, 2023 A. Shares subject to outstanding restricted stock unit and LTIP Unit awards, excluding performance-based vesting awards (under 2014 Plan)   947,813   1,060,889 B. Shares subject to outstanding performance-based vesting restricted stock unit and LTIP Unit awards (under 2014 Plan)   781,323   1,743,823 C. Shares subject to outstanding options (under 2006 Plan)   306,356   230,328 D. Total Number of Shares Subject to Outstanding Awards (A+B+C)   2,035,492   3,035,040 E. Basic Weighted Average Common Shares Outstanding   537,991,924   546,841,930 F. Annual Share Usage (D / E)   0.4%   0.6% G. Shares Available for New Awards (under 2014 Plan)   24,665,251   26,481,407 H. Burn Rate   0.2%   0.2% For this purpose, “burn rate” in the table above is calculated by dividing (1) the total number of shares of our common stock subject to all awards granted under the 2014 Plan for the applicable period of time (all of 2022 as to the December 31, 2022 presentation, and January 1, 2023 to March 1, 2023 as to the March 1, 2023 presentation), taking performance-based vesting awards into account at the target level of performance (or maximum level, for LTIP Unit awards) and counting all shares subject to awards on a 1:1 basis before taking into account the 2014 Plan’s share counting rules for full-value awards, by (2) the total number of shares of our common stock outstanding as of the applicable date. We estimate that, upon approval of the 2023 Plan, the maximum level of equity dilution caused by our equity compensation program will be less than 10% on a basic dilution basis. We expect that, if approved by our stockholders, the shares of our common stock available for issuance for awards under the 2023 Plan, including the 5 million new shares, will be sufficient for currently-anticipated awards for the next 10 years. However, expectations regarding future share usage could be impacted by a number of factors, including, for example, hiring and promotion activity, the rate at which shares are returned to the share reserve upon expiration, termination, forfeiture, or cash-settlement of awards, the future performance of our stock price, the stock price at which awards are granted, changes in competitors’ compensation practices, merger and acquisition activity and other factors. Summary Description of the 2023 Plan The principal terms of the 2023 Plan are summarized below. The following summary is qualified in its entirety by the full text of the 2023 Plan, which is included as Appendix B. Purpose The purpose of the 2023 Plan is to promote the success of Healthpeak and the interests of our stockholders by providing an additional means for us to attract, motivate, retain and reward directors, officers, employees and other eligible persons. Equity-based awards are also intended to further align the interests of award recipients and our stockholders. Administration Our Board or one or more committees appointed by our Board will administer the 2023 Plan. Our Board has delegated general administrative authority for the 2023 Plan to the Compensation Committee. A committee may delegate some or all of its authority with respect to the 2023 Plan to another committee of directors, and certain limited authority to grant awards to employees may be delegated to one or more officers of Healthpeak. (The appropriate acting body, be it the Board, a committee within its delegated authority, or an officer within his or her delegated authority, is referred to in this proposal as the “Administrator”). 2023 PROXY STATEMENT 77 Table of Contents Proposal 04: Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan The Administrator has broad authority under the 2023 Plan with respect to award grants including, without limitation, the authority: ● to select participants and determine the type(s) of award(s) that they are to receive; ● to determine the number of shares that are to be subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award; ● to cancel, modify, or waive Healthpeak’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consents; ● to accelerate or extend the vesting or exercisability or extend the term of any or all outstanding awards (subject to compliance with Section 409A of the Code); ● subject to the other provisions of the 2023 Plan, to make certain adjustments to an outstanding award and to authorize the conversion, succession or substitution of an award; ● to allow the purchase price of an award or shares of Healthpeak common stock to be paid in the form of cash, check, or electronic funds transfer, by the delivery of already-owned shares of Healthpeak common stock or by a reduction of the number of shares deliverable pursuant to the award, by services rendered by the recipient of the award, by notice and third party payment or cashless exercise on such terms as the Administrator may authorize, or any other form permitted by law; and ● to prescribe, amend and rescind rules and regulations relating to the 2023 Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws. No Repricing or Loans In no case (except due to an adjustment to reflect a stock split or similar event or any repricing that may be approved by stockholders) will any adjustment be made to a stock option or stock appreciation right award under the 2023 Plan (by amendment, cancellation and re-grant, exchange or other means) that would constitute a repricing of the per share exercise or base price of the award. Furthermore, loans to employees (to finance the purchase or exercise of awards or otherwise) are not permitted under the 2023 Plan. Eligibility Persons eligible to receive awards under the 2023 Plan include officers or employees of Healthpeak or any of its subsidiaries, directors of Healthpeak and certain consultants and advisors to Healthpeak or any of its subsidiaries. As of March 1, 2023, approximately 198 officers and employees of Healthpeak and its subsidiaries (including all of Healthpeak’s named executive officers) are considered eligible under the 2023 Plan, in addition to each of our current seven Independent Directors. As of March 1, 2023, we did not have any consultants or advisors that are currently eligible under the 2023 Plan. Authorized Shares; Limits on Awards The maximum number of shares of Healthpeak common stock that may be issued or transferred pursuant to awards under the 2023 Plan is the sum of the following: ● 5,000,000 shares, plus ● the number of shares available for additional award grant purposes under the 2014 Plan as of the date of stockholder approval of the 2023 Plan and determined immediately prior to the termination of the authority to grant new awards under that plan as of that date, plus ● the number of any shares subject to stock options granted under the 2014 Plan and outstanding as of the date of stockholder approval of the 2023 Plan that expire, or for any reason are cancelled or terminated, after the date of such stockholder approval without being exercised, plus ● one and one-half (1.5) times the number of any shares subject to restricted stock unit awards or profits interest unit awards (whether service-based or performance-based) granted under the 2014 Plan that are outstanding and unvested as of the date of stockholder approval of the 2023 Plan that are forfeited, terminated, cancelled, or otherwise reacquired by Healthpeak after the date of such stockholder approval without having become vested (with the 1.5 multiplier to take into account the “full-value award” share-counting rule discussed below). As of March 1, 2023, 26,481,407 shares were available for additional award grant purposes under the 2014 Plan, no shares were subject to stock options then outstanding under the 2014 Plan, approximately 1,060,889 shares were subject to time-based restricted stock unit and LTIP Unit awards then outstanding under the 2014 Plan, and 1,743,823 shares were reserved with respect to performance-based restricted stock units and LTIP Units then outstanding under the 2014 Plan. As noted above, no additional awards will be granted under the 2014 Plan if stockholders approve the 2023 Plan. 78 HEALTHPEAK PROPERTIES Table of Contents Proposal 04: Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan Shares issued in respect of any “full-value award” granted under the 2023 Plan will be counted against the share limit as 1.5 shares for every one share actually issued in connection with the award. For example, if we grant an award of 100 RSUs under the 2023 Plan, 150 shares would be counted against the share limit with respect to that award. A “full-value award” generally means any award granted under the 2023 Plan other than a stock option or stock appreciation right. The following other limits are also contained in the 2023 Plan: ● The maximum number of shares that may be delivered pursuant to options qualified as incentive stock options granted under the plan is 14,000,000 shares. ● The maximum value of any awards granted to an eligible person who is a non-employee director in any one calendar year is $750,000. For this purpose, the value of awards is determined on the grant date in accordance with FASB ASC Topic 718. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the shares available for issuance under the 2023 Plan. In the event that shares are delivered in respect of a dividend equivalent right, only the actual number of shares delivered with respect to the award shall be counted against the share limits of the 2023 Plan. To the extent that shares are delivered pursuant to the exercise of a stock appreciation right or stock option, the number of underlying shares as to which the related exercise shall be counted against the applicable share limits, as opposed to only counting the shares actually issued. (For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits with respect to such exercise.) Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest or for any other reason are not paid or delivered under the 2023 Plan will again be available for subsequent awards under the 2023 Plan. In addition, the 2023 Plan generally provides that shares issued in connection with awards that are granted by or become obligations of Healthpeak through the assumption of awards (or in substitution for awards) in connection with an acquisition of another company will not count against the shares available for issuance under the 2023 Plan. Healthpeak may not increase the applicable share limits of the 2023 Plan by repurchasing shares of common stock on the market (by using cash received through the exercise of stock options or otherwise). If stockholders approve the 2023 Plan, shares that are exchanged by a participant or withheld by Healthpeak to pay the exercise price of an award granted under the 2023 Plan, as well as any shares exchanged or withheld to satisfy the tax withholding obligations related to any award, will not be available for subsequent awards under the 2023 Plan. Types of Awards The 2023 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses and other forms of awards granted or denominated in Healthpeak common stock or units of Healthpeak common stock, as well as cash bonuses. The 2023 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be paid or settled in cash. A stock option is the right to purchase shares of Healthpeak common stock at a future date at a specified price per share (the “exercise price”). The per share exercise price of an option generally may not be less than the fair market value of a share of Healthpeak common stock on the date of grant. The maximum term of an option is ten years from the date of grant. An option may be either an incentive stock option or a nonqualified stock option. Incentive stock option benefits are taxed differently from nonqualified stock options, as described under “Federal Income Tax Consequences of Awards Under the 2023 Plan” below. Incentive stock options are also subject to more restrictive terms and are limited in amount by the Code and the 2023 Plan. Incentive stock options may only be granted to employees of Healthpeak or a subsidiary. A stock appreciation right is the right to receive payment of an amount equal to the excess of the fair market value of a share of Healthpeak common stock on the date of exercise of the stock appreciation right over the base price of the stock appreciation right. The base price will be established by the Administrator at the time of grant of the stock appreciation right and generally cannot be less than the fair market value of a share of Healthpeak common stock on the date of grant. Stock appreciation rights may be granted in connection with other awards or independently. The maximum term of a stock appreciation right is ten years from the date of grant. The other types of awards that may be granted under the 2023 Plan include, without limitation, stock bonuses, restricted stock, performance stock, stock units, deferred shares, and similar rights to purchase or acquire shares. The types of cash awards that may be granted under the 2023 Plan include the opportunity to receive a payment for the achievement of one or more goals established by the Administrator as well as discretionary cash awards. Dividend equivalent rights may also be granted under the 2023 Plan, either as a separate award or in connection with another award under the plan; provided, however, that dividend equivalent rights may not be granted as to a stock option or stock appreciation right granted under the plan. In addition, any dividends and/or dividend equivalents as to the portion of an award under the 2023 Plan 2023 PROXY STATEMENT 79 Table of Contents Proposal 04: Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate in the event the applicable vesting requirements are not satisfied. Any awards under the 2023 Plan may be fully vested at grant or may be subject to time- and/or performance-based vesting requirements. In addition, the 2023 Plan authorizes the issuance of LTIP Units. An “LTIP Unit” is an “LTIP Unit” of Healthpeak OP, LLC (the “Operating Partnership”) that is intended to constitute a “profits interest” within the meaning of the Code. The Operating Partnership is the operating partner in our Umbrella Partnership Real Estate Investment Trust, or UPREIT, structure. The Administrator is authorized to grant LTIP Units under the 2023 Plan in such amount and subject to such terms and conditions as it may determine. In applying the share limit and share counting rules under the 2023 Plan, each LTIP Unit subject to an award under the 2023 Plan is treated as one share of Healthpeak common stock (or, with respect to full-value awards of LTIP Units, as 1.5 shares of Healthpeak common stock when applying the premium counting rule, discussed above, applicable to full-value awards). Deferrals The Administrator may provide for the deferred payment of awards and may determine the other terms applicable to deferrals. The Administrator may provide that deferred settlements include the payment or crediting of interest or other earnings on the deferred amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares. Acceleration of Awards; Possible Early Termination of Awards Generally, and subject to limited exceptions set forth in the 2023 Plan, if any person acquires 25% or more of the outstanding common stock or combined voting power of Healthpeak, if certain changes in a majority of our Board occur over a period of no longer than two years, if stockholders prior to a transaction do not continue to own more than 66 2/3% of the voting securities of Healthpeak (or a successor or a parent) following a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving Healthpeak or any of its subsidiaries, a sale or other disposition of all or substantially all of Healthpeak’s assets or the acquisition of assets or stock of another entity by Healthpeak or any of its subsidiaries, or if Healthpeak is dissolved or liquidated, then awards then-outstanding under the 2023 Plan may become fully vested or paid, as applicable, and may terminate or be terminated in such circumstances, subject to compliance with the requirements of Section 409A of the Code. The Administrator also has the discretion to establish other change in control provisions with respect to awards granted under the 2023 Plan. For example, the Administrator could provide for the acceleration of vesting or payment of an award in connection with a change in control event that is not described above and provide that any such acceleration shall be automatic upon the occurrence of any such event. Notwithstanding the foregoing, if a change in control event constitutes a payment event with respect to any award that provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A of the Code, the transaction or event described above with respect to such award will only constitute a change in control event for purposes of the payment timing of such award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation 1.409A-3(i)(5). The Administrator shall have full and final authority to determine conclusively whether a change in control event of the Company has occurred pursuant to the above definition, the date of the occurrence of such change in control event and any incidental matters relating thereto. Transfer Restrictions Subject to certain exceptions contained in Section 5.7 of the 2023 Plan, awards under the 2023 Plan generally are not transferable by the recipient other than by will or the laws of descent and distribution and are generally exercisable, during the recipient’s lifetime, only by the recipient. Any amounts payable or shares issuable pursuant to an award generally will be paid only to the recipient or the recipient’s beneficiary or representative. The Administrator has discretion, however, to establish written conditions and procedures for the transfer of awards to other persons or entities, provided that such transfers comply with applicable federal and state securities laws and, with limited exceptions set forth in the 2023 Plan, are not made for value. Adjustments As is customary in incentive plans of this nature, each share limit and the number and kind of shares available under the 2023 Plan and any outstanding awards, as well as the exercise or purchase prices of awards and performance hurdles under certain types of performance-based awards, are subject to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends, or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property to the stockholders. 80 HEALTHPEAK PROPERTIES Table of Contents Proposal 04: Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan No Limit on Other Authority Except as expressly provided with respect to the termination of the authority to grant new awards under the 2014 Plan if stockholders approve the 2023 Plan, the 2023 Plan does not limit the authority of the Board or any committee to grant awards or authorize any other compensation, with or without reference to Healthpeak common stock, under any other plan or authority. Termination of or Changes to the 2023 Plan The Board may amend or terminate the 2023 Plan at any time and in any manner. Stockholder approval for an amendment will be required only to the extent then required by applicable law or any applicable listing agency or required under Sections 422 or 424 of the Code to preserve the intended tax consequences of the plan. For example, stockholder approval will be required for any amendment that proposes to increase the maximum number of shares that may be delivered with respect to awards granted under the 2023 Plan. (Adjustments as a result of stock splits or similar events will not, however, be considered an amendment requiring stockholder approval.) Unless terminated earlier by the Board, the authority to grant new awards under the 2023 Plan will terminate on February 2, 2033. Outstanding awards, as well as the Administrator’s authority with respect thereto, generally will continue following the expiration or termination of the plan. Generally speaking, outstanding awards may be amended by the Administrator (except for a repricing), but the consent of the award holder is required if the amendment (or any plan amendment) materially and adversely affects the holder. Federal Income Tax Consequences of Awards under the 2023 Plan The U.S. federal income tax consequences of awards under the 2023 Plan under current federal law, which is subject to change, are summarized in the following discussion of the general tax principles applicable to the 2023 Plan. This summary is not intended to be exhaustive and, among other considerations, does not describe the deferred compensation provisions of Section 409A of the Code to the extent an award is subject to and does not satisfy those rules, nor does it describe state, local, or international tax consequences. With respect to nonqualified stock options, the Company is generally entitled to deduct and the participant recognizes taxable income in an amount equal to the difference between the option exercise price and the fair market value of the shares at the time of exercise. With respect to incentive stock options, the Company is generally not entitled to a deduction nor does the participant recognize income at the time of exercise, although the participant may be subject to the U.S. federal alternative minimum tax. The current federal income tax consequences of other awards authorized under the 2023 Plan generally follow certain basic patterns: nontransferable restricted stock subject to a substantial risk of forfeiture results in income recognition equal to the excess of the fair market value over the price paid (if any) only at the time the restrictions lapse (unless the recipient elects to accelerate recognition as of the date of grant); bonuses, stock appreciation rights, cash and stock-based performance awards, dividend equivalents, stock units, and other types of awards are generally subject to tax at the time of payment; and compensation otherwise effectively deferred is taxed when paid. In each of the foregoing cases, the Company will generally have a corresponding deduction at the time the participant recognizes income. LTIP Units are generally not subject to income tax so long as they constitute a “profits interest” within the meaning of the Code, including, to the extent applicable, Revenue Procedure 93–27, 1993–2 C.B. 343 and Revenue Procedure 2001–41, 2001–2 C.B. 191, and the Company generally will not have a tax deduction with respect to any such LTIP Unit awards. If an award is accelerated under the 2023 Plan in connection with a “change in control” (as this term is used under the Code), the Company may not be permitted to deduct the portion of the compensation attributable to the acceleration (“parachute payments”) if it exceeds certain threshold limits under the Code (and certain related excise taxes may be triggered). Furthermore, Section 162(m) of the Code generally limits the deductibility of compensation paid to our current and former executive officers that exceeds $1 million during the tax year. New Plan Benefits All future grants under the 2023 Plan are within the discretion of the Administrator, and the benefits of such grants are, therefore, not determinable. Healthpeak has not approved any awards that are conditioned upon stockholder approval of the 2023 Plan. Healthpeak is not currently considering any other specific award grants under the 2023 Plan, other than the annual grants of RSUs to our Independent Directors described in the following paragraph. If the 2023 Plan had been in existence in 2022, we expect that our award grants for 2022 would not have been different from those actually made in 2022 under the 2014 Plan. For information regarding the awards granted in 2022 to our NEOs, see the material under the headings “Compensation Discussion and Analysis” and “Executive Compensation Tables” in this proxy statement. 2023 PROXY STATEMENT 81 Table of Contents Proposal 04: Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan As described in the “Director Compensation” section above, our current compensation program for Independent Directors includes an annual award of RSUs with a grant date fair value of $180,000, rounded up to the nearest whole share, for each Independent Director who is elected at the annual meeting of stockholders or is initially appointed as an Independent Director other than at the annual meeting. If stockholders approve the 2023 Plan, these awards will be granted under the 2023 Plan and no new awards will be granted under the 2014 Plan. Assuming, for illustrative purposes only, that the value of a share of Healthpeak common stock used for the conversion of the $180,000 grant date value into RSUs is $23.64, the number of shares that would be allocated to our seven Independent Directors as a group pursuant to the annual grant formula is approximately 7,615 shares per year or approximately 76,150 shares over the ten years in the scheduled term of the 2024 Plan (2023 through 2032) based on that assumed stock price. The actual number of shares used, however, will vary with the number of Independent Directors in office each year, the number of new Independent Directors who join the board other than on an annual meeting date, fluctuations in our stock price, and whether changes are made to the type, size or frequency of awards for our Independent Directors. The closing market price for a share of Healthpeak’s common stock on March 1, 2023 was $23.64. 82 HEALTHPEAK PROPERTIES Table of Contents Equity Compensation Plan Information The following table sets forth, for each of the Company’s equity compensation plans, the number of shares of common stock subject to outstanding awards, the weighted average exercise price of outstanding options and the number of shares remaining available for future award grants as of December 31, 2019.2022. PLAN CATEGORY    NUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS    WEIGHTED AVERAGE EXERCISE PRICE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS ($)    NUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES REFLECTED IN COLUMN (A)) (a) (b) (c) Equity compensation plans approved by security holders            2,338,615 (1)             35.18 (2)        28,298,894 (3) Equity compensation plans not approved by security holders N/A N/A N/A Total 2,338,615 35.18 28,298,894 PLAN CATEGORY       NUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS       WEIGHTED AVERAGE EXERCISE PRICE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS ($)       NUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES REFLECTED IN COLUMN (A))     (a)   (b)   (c) Equity compensation plans approved by security holders   2,015,731(1)   35.54(2)   24,665,251(3) Equity compensation plans not approved by security holders   N/A   N/A   N/A Total   2,015,731   35.54   24,665,251 (1) Of these shares, 638,268306,356 were subject to outstanding stock options and 1,700,3471,709,375 were subject to outstanding RSUs (including outstanding PSUs, which are presented at their Targettarget level of performance). (2) This weighted average exercise price does not reflect the 1,700,3471,709,375 shares that willcould be issued upon the vesting of outstanding RSUs (including outstanding PSUs, which are presented at their Targettarget level of performance). (3) Of the aggregate number of shares that remained available for issuance as of December 31, 2019,2022, all were available under the 2014 Plan. Subject to certain express limits of the 2014 Plan, shares available for award purposes under the 2014 Plan generally may be used for any type of award authorized under that plan including options, stock appreciation rights and other forms of awards granted or denominated in shares of our common stock including, without limitation, stock bonuses, restricted stock, RSUs and PSUs.PSUs, as well as shares denominated in profits interest units. As described above, if the stockholders approve the 2023 Plan, then no further awards will be made under the 2014 Plan and all future awards will be made under the 2023 Plan. 64       HEALTHPEAK PROPERTIES     2023 PROXY STATEMENT 83 Table of Contents Security Ownership of Principal Stockholders, Directors and Management Security Ownership of Principal Stockholders, Directors and Management The following table sets forth certain information as of March 2, 20201, 2023 (unless otherwise indicated) regarding the beneficial ownership, as that term is defined in Rule 13d-3 under the Exchange Act, of shares of our common stock by: (i) each person known to beneficially own more than 5% of our outstanding common stock,stock; (ii) each director and nominee for election as director; (iii) each of the NEOsNEOs; and (iv) all current directors and executive officers as a group. This table is based on Company records and information supplied to us by our executive officers, directors and principal stockholders or included in a Schedule 13G, or an amendment thereto, filed with the SEC. The following table does not include LTIP Units, which, regardless of their vesting schedules, are subject to a 14-month holding period following their grant date or cancellation and replacement date, as applicable. SHARES BENEFICIALLY OWNED(1) NAME OF BENEFICIAL OWNER    NUMBER OF SHARES    NUMBER OF OPTIONS/ RSUs(2)    PERCENT OF CLASS(3) Greater than 5% Stockholders The Vanguard Group, Inc. and affiliates(4) 100 Vanguard Boulevard Malvern, PA 19355 83,515,308 — 16.37% BlackRock, Inc.(5) 55 East 52nd Street New York, NY 10055 58,722,132 — 11.5% State Street Corporation(6) State Street Financial Center One Lincoln Street Boston, MA 02111   35,014,100 — 6.87% Directors Thomas M. Herzog(7) 190,048 (8) — * Brian G. Cartwright 23,870 5,348 * Christine N. Garvey 22,587 (9) 5,348 * R. Kent Griffin, Jr. 30,575 5,348 * David B. Henry 55,266 5,348 * Lydia H. Kennard 6,375 5,348 * Sara G. Lewis 3,000 2,216 * Katherine M. Sandstrom 5,761 5,348 * Named Executive Officers Scott M. Brinker 24,413 — * Peter A. Scott 38,824 — * Thomas M. Klaritch 204,993 90,035 * Troy E. McHenry 48,676 21,924 * All current directors and executive officers as a group (15 persons) 701,354 140,915 *     SHARES BENEFICIALLY OWNED(1) NAME OF BENEFICIAL OWNER       NUMBER OF SHARES       NUMBER OF OPTIONS/ RSUs(2)       PERCENT OF CLASS(3) Greater than 5% Stockholders             The Vanguard Group, Inc. and affiliates(4) 100 Vanguard Boulevard Malvern, PA 1 9355   87,991,432   —   16.37% BlackRock, Inc.(5) 55 East 52nd Street New York, NY 10055   59,435,809   —   11.10% State Street Corporation(6) State Street Financial Center One Lincoln Street Boston, MA 02111   39,270,414   —   7.31% Directors             Scott M. Brinker(7)   154,250   —   * Brian G. Cartwright   40,063   5,258   * Christine N. Garvey   22,627(8)   5,258   * R. Kent Griffin, Jr.   46,768   5,258   * David B. Henry   71,459   5,258   * Sara G. Lewis   16,061 �� 5,258   * Katherine M. Sandstrom   21,954   5,258   * Named Executive Officers             Peter A. Scott   164,339   —   * Thomas M. Klaritch   342,483   31,759   * Scott R. Bohn   16,860   1,814   * Adam G. Mabry   3,729   —   * Thomas M. Herzog(9)   472,035(8)   —   * Troy E. McHenry(10)   109,693   7,727   * All current directors and executive officers as a group (16 persons)   991,017   65,121   * * Less than 1% (1) Except as otherwise noted and subject to applicable community property laws, each individual has sole voting and investment power with respect to the shares listed. Mr. Connor was appointed as an Independent Director after March 1, 2023, and therefore is not reflected in the list of directors. He is included in the row for current directors or executive officers as a group. (2) For the Independent Directors, consists of shares represented by unvested RSU awards that will vest within 60 days of March 2, 2020,1, 2023, and, for Ms. Garvey and Messrs. Cartwright and Henry, who are retirement eligible, includes additional shares represented by unvested RSU awards that will automatically vest upon a qualified retirement (as defined in the applicable award agreement). For executive officers, consists of shares issuable upon exercise of outstanding stock options that are currently vested.     2020 PROXY STATEMENT       65 84 HEALTHPEAK PROPERTIES Table of Contents SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS, DIRECTORS AND MANAGEMENTSecurity Ownership of Principal Stockholders, Directors and Management (3) Unless otherwise indicated, based on 505,631,485546,992,640 shares outstanding as of March 2, 2020.1, 2023. In addition, for purposes of computing the percentage of shares held by an individual, the number of shares outstanding includes (i) shares issuable within 60 days following March 2, 2020,1, 2023, upon exercise of outstanding stock options and (ii) shares represented by unvested RSUs that will vest within 60 days of March 2, 2020,1, 2023, or upon the individual’s qualified retirement, but, in each case, such shares are not included in the number of shares outstanding for purposes of computing the percentage of shares held by any other person. (4) Share and beneficial ownership information for The Vanguard Group, Inc. (“Vanguard”) is given as of December 31, 2019,2022, and was obtained from a Schedule 13G/A filed on February 11, 2020,9, 2023, with the SEC. According to the Schedule 13G/A, Vanguard has sole voting power over 1,256,617 shares, shared voting power over 711,3221,232,093 shares, sole dispositive power over 82,121,93885,289,250 shares and shared dispositive power over 1,393,3702,702,182 shares of our common stock. The Schedule 13G/A states that Vanguard Fiduciary Trust Company and Vanguard Investments Australia, Ltd., each a wholly-owned subsidiaryVanguard’s clients have the right to receive or the power to direct the receipt of Vanguard, aredividends from, or the beneficial ownersproceeds from the sale of, 560,162 and 1,529,663 shares, respectively, as a resultour common stock but that no one person’s interest in our common stock is more than 5% of serving as investment managers of collective trust accounts and of Australian investment offerings, respectively.the total outstanding common shares. (5) Share and beneficial ownership information for BlackRock, Inc. (“BlackRock”) is given as of December 31, 2019,2022, and was obtained from a Schedule 13G/A filed on February 4, 2020,January 26, 2023, with the SEC. According to the Schedule 13G/A, BlackRock has sole voting power over 53,203,04954,509,522 shares and sole dispositive power over 58,722,13259,435,809 shares of our common stock. The Schedule 13G/A states that various persons have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of our common stock, but that no one person’s interest in our common stock is more than 5% of the total outstanding common shares. (6) Share and beneficial ownership information for State Street Corporation (“State Street”) is given as of December 31, 2019,2022, and was obtained from a Schedule 13G13G/A filed on February 13, 2020,3, 2023, with the SEC. According to the Schedule 13G,13G/A, State Street has shared voting power over 29,452,52430,032,576 shares and shared dispositive power over 34,948,05639,226,717 shares of our common stock. (7) Mr. HerzogBrinker is also an NEO. (8) Consists of shares held in a family trust. (9) Mr. Herzog separated from the Company on October 6, 2022. Beneficial ownership information is based on information contained in the last Form 4 filed by Mr. Herzog with the SEC prior to March 1, 2023. Consists of shares held (10) Mr. McHenry separated from the Company on November 1, 2022. Beneficial ownership information is based on information contained in a family trust.the last Form 4 filed by Mr. McHenry with the SEC prior to March 1, 2023. 2023 PROXY STATEMENT 85 Table of Contents 66       PROPOSAL 05HEALTHPEAK PROPERTIES       TableRatification of ContentsAppointment of Independent Registered Public Accounting Firm  FOR Our Board recommends a vote FOR ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for 2023 Auditor Evaluation and Appointment Our Audit Committee is responsible for the appointment, compensation, retention and oversight of the Company’s independent registered public accounting firm that audits the Company’s financial statements and internal control over financial reporting. The Audit Committee has appointed Deloitte & Touche LLP, or Deloitte, to continue to serve as Healthpeak’s independent registered public accounting firm for the year ending December 31, 2020.2023. Deloitte has served as Healthpeak’s independent registered public accounting firm since March 3, 2010. A representative of Deloitte is expected to attend the Annual Meeting and will have an opportunity to make a statement and be available to respond to appropriate questions. The Audit Committee annually reviews Deloitte’s performance and independence in deciding whether to engage a different independent registered public accounting firm. In the course of these reviews, the Audit Committee considers, among other things: ●Deloitte’s independence from the Company and management, including any factors that may impact Deloitte’s objectivity ●    Deloitte’s independence from the Company and management, including any factors that may impact Deloitte’s objectivity    Deloitte’s qualifications and capability in handling all aspects of the Company’s operations    The desired balance of Deloitte’s experience and fresh perspective occasioned by mandatory audit partner rotation    The experience, qualifications and performance of our existing audit engagement team    Any issues raised by the Public Company Accounting Oversight Board’s (“PCAOB”) most recent quality control review of Deloitte    The quality and candor of Deloitte’s communications with the Audit Committee and management    Deloitte’s quality control procedures    The quality and effectiveness of Deloitte’s historical and recent audit plans and performance on our audit    The advisability and potential impact of appointing a different independent public accounting firm 86 HEALTHPEAK PROPERTIES Table of the Company’s operations ●The desired balanceContents Proposal 05: Ratification of Deloitte’s experience and fresh perspective occasioned by mandatory audit partner rotation ●The experience, qualifications and performanceAppointment of our existing audit engagement team ●Any issues raised by theIndependent Registered Public Company Accounting Oversight Board’s (“PCAOB”) most recent quality control review of Deloitte ●The quality and candor of Deloitte’s communications with the Audit Committee and management ●Deloitte’s quality control procedures ●The quality and effectiveness of Deloitte’s historical and recent audit plans and performance on our audit ●The advisability and potential impact of appointing a different independent public accounting firm Firm Voting Standard We are asking our stockholders to ratify the appointment of Deloitte as our independent registered public accounting firm for 2020. Ratification requires the affirmative vote of a majority of the votes cast on this proposal at the Annual Meeting. Although ratification is not required by our organizational documents or otherwise, our Board is submitting the appointment of Deloitte to our stockholders as a matter of good corporate governance practices. If the appointment is not ratified, the Audit Committee will consider whether it is appropriate to appoint another independent registered public accounting firm. Even if the appointment is ratified, the Audit Committee, in its discretion, may appoint a different independent registered public accounting firm at any time during the year if the Audit Committee determines that such a change would be in the best interests of the Company. A representative of Deloitte is expected to attend the Annual Meeting and will have an opportunity to make a statement and be available to respond to appropriate questions. Our Voting Standard and Board unanimously recommends aRecommendation We are asking our stockholders to voteFOR FORratification of the appointment of Deloitte as our independent registered public accounting firm for 20202023. Ratification requires the affirmative vote of a majority of the votes cast on this proposal at the Annual Meeting. Although ratification is not required by our organizational documents or otherwise, our Board is submitting the appointment of Deloitte to our stockholders as a matter of good corporate governance. If the appointment is not ratified, the Audit Committee will consider whether it is appropriate to appoint another independent registered public accounting firm. Even if the appointment is ratified, the Audit Committee, in its discretion, may appoint a different independent registered public accounting firm at any time during the year if the Audit Committee determines that such a change would be in the best interests of the Company.   2020 PROXY STATEMENT       67 Table of Contents PROPOSAL 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Following thisits review, the Audit Committee believes that Deloitte’s continued engagement as our independent registered public accounting firm is in the best interests of the Company for the following reasons: EXPERIENCE AND EFFECTIVENESS       STRONG INDEPENDENCE CONTROLS Enhanced audit quality.Through years of experience, Deloitte has gained significant institutional knowledge of our business and operations, accounting policies and practices, and internal control over financial reporting. Thorough Audit Committee oversight. The Audit Committee believes that any concerns with Deloitte’s tenure are mitigated by the Audit Committee’s oversight, which includes ongoing engagement with Deloitte and a comprehensive annual review process. Effective audit plans and efficient fee structures.Deloitte’s knowledge of our business and control framework enables it to design effective audit plans that cover key risk areas while capturing cost efficiencies in audit scope and internal control testing. Robust pre-approval policies and limits on non-audit services. The Audit Committee must pre-approve all audit and non-audit services performed by Deloitte, including the types of services to be provided and the estimated fees relating to those services. Maintaining continuity avoids disruption.Bringing on a new auditor, without reasonable cause, would require extensive education and a significant period of time for the new auditor to reach a comparable level of knowledge and familiarity with our business and control framework. Thorough Committee oversight.The Audit Committee believes that any concerns with Deloitte’s tenure are mitigated by the Audit Committee’s oversight, which includes ongoing engagement with Deloitte and a comprehensive annual review process. Robust pre-approval policies and limits on non-audit services. The Audit Committee must preapprove all audit and non-audit services performed by Deloitte, including the types of services to be provided and the estimated fees relating to those services. Deloitte’s strong internal independence procedures and regulatory framework.Deloitte conducts periodic internal quality reviews of its audit work and rotates lead partners every five years. Deloitte is also subject to PCAOB inspections, peer reviews, and PCAOB and SEC oversight. Audit and Non-Audit Fees The following table shows information about the respective fees billed by Deloitte during or related to the fiscal years ended December 31, 20192022 and 20182021 (in thousands).:    2019    2018 Audit Fees(1) $2,601 $2,477 Audit-Related Fees(2) 448 526 Tax Fees: Tax Compliance(3) 538 727 Tax Planning and Tax Advice(4) 959 1,090 All Other Fees — — Total $4,546 $4,820         2022            2021 Audit Fees(1)   $2,704   $2,881 Audit-Related Fees(2)   445   206 Tax Fees:         Tax Compliance(3)   694   684 Tax Planning and Tax Advice(4)   735   649 All Other Fees   —   — Total   $4,578   $4,420 (1) Audit fees include fees and out-of-pocket expenses billed for the audit of our annual consolidated financial statements and internal control over financial reporting, the review of interim consolidated financial statements included in our Quarterly Reports on Form 10-Q , and other SEC registration statement and consent services. (2) Audit-related fees primarily relate to, among other things, fees for the separate audits of certain of our consolidated subsidiaries and certain accounting consultations. (3) Tax compliance fees primarily involve the preparation or review of tax returns. (4) Tax planning and tax advice fees encompass a diverse range of services, including tax advice related to acquisitions and investments, consultation regarding the impact of proposed actions/activities on REIT qualification, and consultation regarding the foreign, federal, state, and local tax issuesmatters related to various transactions. 2023 PROXY STATEMENT 87 Table of Contents Proposal 05: Ratification of Appointment of Independent Registered Public Accounting Firm Policy on Pre-Approval of Audit and Permitted Non-Audit Services Pursuant to its charter and good corporate governance practices, the Audit Committee must pre-approve all audit and permitted non-audit services performed by Deloitte and all related fees. The Audit Committee has delegated its pre-approvalpreapproval authority to its Chair, provided that the Chair presents any pre-approvals related to audit and permitted non-audit services to the Audit Committee at its next scheduled meeting. The Audit Committee considered whether the provision of proposed non-audit services by Deloitte to the Company was compatible with maintaining the audit firm’s independence and concluded that Deloitte’s independence was not compromised by the provision of such services and pre-approved all services provided by Deloitte in 20192022 and 2018.2021. 68       HEALTHPEAK PROPERTIES   Table of Contents PROPOSAL 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Audit Committee Report The Audit Committee currently consists of fourthree members: Mr.Messrs. Griffin (Chair) and Mses. Kennard, LewisHenry and Sandstrom.Ms. Garvey. The Board has determined that all Audit Committee members are independent under applicable NYSE and SEC rules and that Mr.Messrs. Griffin and Henry and Ms. LewisGarvey are financial experts. The Audit Committee has certain duties and powers as described in its written charter adopted by the Board. A copy of the charter can be found on the Company’s website at www.healthpeak.com/corporate-responsibility/healthpeak.com/esg/governance. The Audit Committee oversees the Company’s financial reporting process on behalf of the Board. Management has the primary responsibility for establishing and maintaining adequate internal financial controls, preparing the financial statements and the public reporting process. Deloitte, the Company’s independent registered public accounting firm for 2019,2022, is responsible for expressing opinions on the conformity of the Company’s audited consolidated financial statements with generally accepted accounting principles and on the Company’s internal control over financial reporting. In fulfilling its oversight responsibilities, the Audit Committee has reviewed and discussed with management and Deloitte the audited consolidated financial statements for the fiscal year ended December 31, 2019,2022, Deloitte’s evaluation of ourthe Company’s internal control over financial reporting, significant accounting policies and practices, and management judgments and estimates. The Audit Committee has discussed with Deloitte the matters required to be discussed by the applicable requirements of the PCAOB and the SEC. The Audit Committee also received the written disclosures and the letter from Deloitte required by applicable requirements of the PCAOB regarding Deloitte’s communications with the Audit Committee concerning independence. In addition, the Audit Committee has discussed with Deloitte any relationships that may impact its objectivity and independence and satisfied itself as to Deloitte’s independence. Based on the Audit Committee’s review of the audited consolidated financial statements and the review and discussions described in the foregoing paragraph, the Audit Committee recommended to the Board that the audited consolidated financial statements for the fiscal year ended December 31, 2019,2022, be included in the Annual Report, as filed with the SEC. Audit Committee of the Board of Directors R. Kent Griffin, Jr. (Chair) Independent Director Christine N. Garvey Independent Director David B. Henry Independent Director R. KENT GRIFFIN, JR.(Chair) LYDIA H. KENNARD SARA G. LEWIS KATHERINE M. SANDSTROMThe foregoing report of the Audit Committee is not soliciting material, is not deemed filed with the SEC and is not incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date of this proxy statement and irrespective of any general incorporation language in such filing.     2020 PROXY STATEMENT       69 88 HEALTHPEAK PROPERTIES Table of Contents Additional Information about the Annual Meeting Additional Information about the Annual Meeting Voting at the Annual Meeting General Information Stockholders of record of our common stock as of the close of business on March 2, 2020,1, 2023, the record date for the Annual Meeting, are entitled to notice of and to vote at the Annual Meeting. As of the close of business on the record date, there were 505,631,485546,992,640 shares of our common stock outstanding and eligible to vote at the Annual Meeting. There is no other class of voting securities outstanding. Each share of common stock entitles its holder to one vote at the Annual Meeting. To have a quorum at the Annual Meeting, the holders of a majority of the shares of our common stock outstanding and entitled to vote at the Annual Meeting must be present in person or represented by proxy. Voting Standard, Board Recommendations 01Election of Directors Our board believes that the eight director nominees represent a breadth of qualifications, as well as diverse perspectives, to provide effective leadership, oversight and guidance. Our Board recommends a vote FOR each director nominee See page13 02Approval, on an Advisory Basis, of 2019 Executive Compensation Our executive compensation program links pay to performance and is designed to create greater alignment with the interests of our stockholders and promote the creation of long-term value. Our Board recommends a vote FOR this proposal See page36 03Ratification of Appointment of Independent Registered Public Accounting Firm The Audit Committee has appointed Deloitte as our independent registered public accounting firm for 2020 and the Board is submitting this vote to our stockholders for ratification. Our Board recommends a vote FOR this proposal See page67 70       HEALTHPEAK PROPERTIES   Table and Effect of ContentsAbstentions and Broker Non-Votes AGENDA ITEM       DESCRIPTION       PAGE NUMBER       BOARD RECOMMENDATION       VOTE REQUIREMENT FOR APPROVAL       EFFECT OF ABSTENTIONS       EFFECT OF BROKER NON-VOTES 01   Proposal to elect the eight director nominees   13   FOR   Majority of votes cast   No effect   No effect 02   Proposal to approve, on an advisory basis, the compensation of our named executive officers   40   FOR   Majority of votes cast   No effect   No effect 03   Proposal to approve, on an advisory basis, the frequency of future advisory votes on executive compensation   41   1 YEAR   Majority of votes cast   No effect   No effect 04   Proposal to approve the Healthpeak Properties, Inc. 2023 Performance Incentive Plan   76   FOR   Majority of votes cast   No effect   No effect 05   Proposal to ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023   86   FOR   Majority of votes cast   No effect   None expected Abstentions will be counted as present and entitled to vote for purposes of determining the presence of a quorum but will not be counted as votes cast for purposes of determining the outcome of any proposal. Broker non-votes on Proposal No. 1 (election of directors), Proposal No. 2 (approval of 2022 executive compensation on an advisory basis), Proposal No. 3 (approval of the frequency of future votes on executive compensation on an advisory basis), and Proposal No. 4 (approval of 2023 Performance Incentive Plan) will be counted as present and entitled to vote for the purpose of determining the presence of a quorum at the Annual Meeting, but will not be counted as votes cast for purposes of determining the outcome of any of these proposals. ADDITIONAL INFORMATION ABOUT THE ANNUAL MEETING Voting via the Internet, Telephone or Mail You may submit your proxy or voting instructions via the Internet, by telephone or by mail, depending on the manner in which you receive your proxy materials. If you received a Notice of Internet Availability by mail, you can submit a proxy or voting instructions via the Internet by following the instructions provided in the Notice of Internet Availability. If you received a printed set of the proxy materials by mail, you may submit a proxy or voting instructions via the Internet, by telephone (if available) or by mail by following the instructions on the proxy card or voting instruction form. 2023 PROXY STATEMENT 89 Table of Contents Additional Information about the Annual Meeting If you are a stockholder of record voting by telephone or the Internet, your proxy must be received by 8:9:59 p.m. PacificMountain Time (11:59 p.m. Eastern Time) on April 22, 2020,26, 2023, in order for your shares to be voted at the Annual Meeting. However, if you are a stockholder of record submitting a proxy card by mail, you may instead mark, sign and date the proxy card you received and return it in the accompanying prepaid and addressed envelope so that it is received by us before the Annual Meeting. If you hold your shares in street name, please provide your voting instructions to the bank, broker or other nominee who holds your shares by the deadline specified by such bank, broker or nominee. Voting in Person All stockholders of record may vote in person at the Annual Meeting by written ballot. However, if you are the beneficial owner of shares held in street name through a bank, broker or other nominee, you may not vote your shares at the Annual Meeting unless you obtain a “legal proxy” from the bank, broker or nominee that holds your shares giving you the right to vote the shares at the Annual Meeting. Even if you plan to attend the Annual Meeting, we recommend that you submit your proxy or voting instructions in advance to authorize the voting of your shares at the Annual Meeting so that your vote will be counted if you are later are unable to attend. If you later attend the Annual Meeting and vote in person, your previously submitted proxy or voting instructions will not be used. How yourYour Shares willWill be Voted Your shares will be voted as you specify in your proxy or voting instructions. Although our Board does not know of any business to be considered at the Annual Meeting other than the threefive proposals described in this proxy statement, if any other business properly comes before the Annual Meeting, a stockholder’s properly submitted proxy gives authority to the proxy holder to vote on those matters in his or her discretion. If you are a stockholder of record and properly submit a proxy but do not specify your voting choice on one or more of the items listed in the notice of meeting, your shares will be voted as recommended by our Board on those items. If you hold your shares in street name through a brokerage account and you do not submit voting instructions to your broker, your broker will not be authorized to vote your shares on any of the matters at the Annual Meeting, other than Proposal No. 35 (the ratification of the appointment of Deloitte as our independent registered public accounting firm for 2020)2023). If your broker exercises its discretion to vote on Proposal No. 35 at the Annual Meeting, your shares will constitute “broker non-votes” on each of the other items at the Annual Meeting. Effect of Abstentions and Broker Non-Votes Abstentions will be counted as present and entitled to vote for purposes of determining the presence of a quorum but will not be counted as votes cast for purposes of determining the outcome of any proposal. Broker non-votes on Proposal No. 1 (election of directors) and Proposal No. 2 (approval of 2019 executive compensation) will be counted as present and entitled to vote for the purpose of determining the presence of a quorum at the Annual Meeting, but will not be counted as votes cast for purposes of determining the outcome of such proposals. Revoking or Changing yourYour Vote If you are a stockholder of record, you may revoke your proxy at any time before it is voted at the Annual Meeting by delivering a written notice of revocation to our Corporate Secretary at our principal executive offices, by submitting a later-dated proxy via the Internet, by telephone or by mail by the applicable deadline provided under “Voting Via the Internet, Telephone or Mail,”   2020 PROXY STATEMENT       71 Table of Contents ADDITIONAL INFORMATION ABOUT THE ANNUAL MEETING or by voting in person at the Annual Meeting. If your shares are held in street name through a bank, broker or other nominee, you may revoke any previous voting instructions by submitting new voting instructions to your bank, broker or nominee by the deadline specified deadlineby your bank, broker or nominee or by attending the Annual Meeting and voting in person. You must obtain a “legal proxy” from your bank, broker or other nominee to give you the right to vote your street name shares at the Annual Meeting. Attendance at the Annual Meeting will not by itself constitute a revocation of any proxy or voting instructions. 90 HEALTHPEAK PROPERTIES Table of Contents Additional Information about the Annual Meeting Additional Annual Meeting Information Delivery of Proxy Materials We may satisfy SEC rules regarding delivery of proxy materials, including our proxy statements and Annual Reports, by delivering only one set of proxy materials to multiple stockholders that share the same address, unless we have received contrary instructions in writing. This “householding” process can result in meaningful cost savings for us and is consistent with our commitment to sustainability by reducing the environmental impact of printing and mailing paper copies. Upon oral or written request, we will deliver promptly a separate copy of proxy materials to a stockholder at a shared address to which a single copy of the proxy materials was delivered. If your shares are registered in your own name, you may request a separate copy of the proxy materials for this Annual Meeting or for future meetings of Healthpeak stockholders by notifying Broadridge toll-free at 1–866–540–7095 or writing to Broadridge Financial Solutions, Inc., 51 Mercedes Way, Edgewood, NY,New York 11717. If you are a street name holder, please contact the broker, bank or other nominee that holds your shares to request a separate copy of proxy materials. In the future, stockholders of record can avoid receiving duplicate mailings by following the instructions on the Internet at www.proxyvote.com. If you hold your shares in street name and you would like to receive only one copy of the proxy materials in the future, you should contact your bank, broker or other nominee. Financial Statements Our Annual Report containing our audited consolidated financial statements accompanies this proxy statement. Upon the written request of any person solicited hereby, we will provide a copy of our Annual Report to such person, without charge. Requests should be directed to our Corporate Secretary at Healthpeak Properties, Inc., 1920 Main4600 South Syracuse Street, Suite 1200, Irvine, California 92614.500, Denver, Colorado 80237. Inspector of Elections Votes cast by proxy or in person at the Annual Meeting will be counted by a representative of Broadridge Financial Solutions, Inc., the appointed inspector of elections for the Annual Meeting. In connection with the duties as inspector of elections, Broadridge’s representative will also determine whether a quorum is present, evaluate the validity of proxies and ballots, and certify the voting results. Proxy Solicitation We will bear all costs of the solicitation of proxies for the Annual Meeting. In addition to solicitation by mail, directors and officers of Healthpeak, without receiving any additional compensation, may solicit proxies personally or by telephone, email or other electronic means. We will request brokerage houses, banks and other custodians or nominees holding stock in their names for others to forward proxy materials to their customers or principals who are the beneficial owners of shares of our common stock and will reimburse them for their expenses in doing so. We have retained the services of Georgeson Inc.LLC to assist in the solicitation of proxies for a fee of $9,000$10,000 plus reasonable out-of-pocket expenses. We may engage Georgeson for additional solicitation work and incur fees greater than $9,000,$10,000, depending on a variety of factors, including preliminary voting results. Voting Results We intend to announce preliminary voting results at the Annual Meeting and disclose final voting results in a Current Report on Form 8-K to be filed with the SEC within four business days following the Annual Meeting. 72       HEALTHPEAK PROPERTIES     2023 PROXY STATEMENT 91 Table of Contents Other Matters 2021Other Matters 2024 Stockholder Proposals, Director Nominations and Director NominationsCandidate Recommendations We expect to hold our 20212024 annual meeting of stockholders on or about April 22, 2021.25, 2024. Proposals to be Included in 20202024 Proxy Materials Any stockholder that desires to have a proposal considered for presentation at the 20212024 annual meeting of stockholders, and included in Healthpeak’s proxy materials used in connection with our 20212024 annual meeting, must submit the proposal in writing to our Corporate Secretary so that it is received no later than November 12, 2020.18, 2023. The proposal must also comply with the requirements of Rule 14a-8 under the Exchange Act to be so included. If the date of next year’s annual meeting is changed by more than 30 days from the date of this year’s Annual Meeting, then the deadline will be a reasonable time before we begin to make our proxy materials available to stockholders. Proxy Access Nominations Any stockholder (or group of no more than 25 stockholders) meeting the Company’s continuous ownership requirements set forth in our Bylaws that wishes to nominate candidates for election to our Board for inclusion in our proxy materials for our 20212024 annual meeting of stockholders must provide written notice to our Corporate Secretary no earlier than October 13, 2020,19, 2023, nor later than November 12, 2020.18, 2023. Other specifics regarding the foregoing proxy access right, including the required content of the notice and certain other eligibility and procedural requirements, can be found in Section 8 of Article II of our Bylaws. Nominations or Proposals Not to be Included in 20212024 Proxy Materials If a stockholder seeks to nominate a candidate for election or to propose business for consideration at our 20212024 annual meeting but not have it included in our proxy materials for the 20212024 annual meeting, we must receive notice of the proposal or director nomination no earlier than January 23, 2021,28, 2024, and no later than February 22, 2021.27, 2024. If we change the date of our 20212024 annual meeting to a date that is before March 24, 2021,28, 2024, or after June 22, 2021,26, 2024, however, notice of any proposal or director nomination must instead be delivered not earlier than the ninetieth (90th)90th day and not later than the close of business on the later of the sixtieth (60th)60th day prior to our 20212024 annual meeting, or the tenth (10th)10th day following the day on which we publicly announce the date of our 20212024 annual meeting. If the notice is not received between these dates or does not satisfy the additional notice requirements set forth in Article II, Section 7(a) of our Bylaws, the notice will be considered untimely and will not be acted upon at our 20212024 annual meeting. Proposals, nominations and notices should be directed to the attention of the Corporate Secretary, Healthpeak Properties, Inc., 1920 Main4600 South Syracuse Street, Suite 1200, Irvine, California 92614.500, Denver, Colorado 80237. Stockholder RecommendationsIn addition, a stockholder who intends to solicit proxies in support of director nominees other than the Company’s nominees at the 2024 annual meeting must deliver written notice to the Company setting forth the information required by Rule 14a-19 under the Exchange Act, unless the required information has been provided in a preliminary or definitive proxy statement previously filed by the stockholder. Such written notice must be provided in accordance with Rule 14a-19 no later than February 27, 2024. If we change the date of our 2024 annual meeting to a date that is before March 28, 2024, or after May 27, 2024, the written notice must be received by the later of the 60th day prior to our 2024 annual meeting, or the 10th day following the day on which we publicly announce the date of our 2024 annual meeting. The notice requirement under Rule 14a-19 is in addition to the applicable notice requirements under our Bylaws as described above. Recommendations of Director Candidates Stockholders may also recommend director candidates for our Board’s consideration. The Governance Committee will consider director candidates properly recommended by stockholders in the same manner as recommendations received from other sources. Stockholder recommendations must be submitted in writing to the Chair of the Governance Committee, c/o Healthpeak Properties, Inc., 1920 Main4600 South Syracuse Street, Suite 1200, Irvine, California 92614,500, Denver, Colorado 80237, together with the proposed candidate’s name, address, age, appropriate biographical information, descriptions of the candidate’s qualifications and the relationship, if any, to the recommending stockholder, together with any other information about the 92 HEALTHPEAK PROPERTIES Table of Contents Other Matters stockholder and the candidate that would otherwise be required pursuant to our Bylaws if the stockholder was nominating the candidate for election to our Board at an annual meeting of stockholders. Stockholders who would like to recommend a candidate for consideration by our Board in connection with the next annual meeting of stockholders should submit their written recommendation no later than January 1 of the year of the annual meeting. Vote We urge you to submit your proxy or voting instructions as soon as possible, whether or not you expect to attend and vote at the Annual Meeting. If you attend and vote at the Annual Meeting, your proxy will not be used. By Order of the Board of Directors, Scott A. Graziano Senior Vice President – Deputy General Counsel and Corporate Secretary Denver, Colorado March 17, 2023     2020 2023 PROXY STATEMENT        7393 Table of Contents OTHER MATTERS Forward-Looking Statements Statements in this proxy statement that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things, (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, densifications, joint venture transactions, capital recycling plans, financing activities, or other transactions; (ii) development, densification and land bank opportunities; (iii) the outlook for Life Science, Medical Office and CCRCs; (iv) our business plansexpectations regarding ESG goals and strategies, our ESG initiatives,initiatives; and (v) potential capital sources and uses. You should not place undue reliance on these forward-looking statements. Pending acquisitions, dispositions, and leasing activity, including those that are subject to binding agreements, remain subject to closing conditions and may not close within the projected outcome of our compensation plans, performance and growth projections, our ability to generate long-term stockholder value and returns, and future dividend payments.anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts may notwill be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this proxy statement, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: the financial condition of our existingmacroeconomic trends, including inflation, interest rates, labor costs, and future tenants, operators and borrowers, and their legal and regulatory proceedings;unemployment; the ability of our existing and future tenants, operators, and borrowers to generateconduct their respective businesses in a manner that generates sufficient income to make rent and loan payments to usus; the financial condition of our tenants, operators, and our ability to recover any investments madeborrowers, including potential bankruptcies and downturns in their operations;businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, particularlywhich makes us more vulnerable to a downturn in senior housing,a specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement activity risks, including project abandonments, project delays, and lower profits than expected; changes within the life sciencesscience industry; significant regulation, funding requirements, and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our medical office buildings;buildings (MOBs) are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our properties operated through RIDEA lease structures; the effect oneconomic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us andor our tenants and operators of legislation, executive orders and other legal requirements, including compliance with the Americans with Disabilities Act, fire, safety and health regulations, environmental laws, the Affordable Care Act, licensure, certification and inspection requirements, and laws addressing entitlement programs and related services, including Medicare and Medicaid; our ability to identify replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; the risks associated with property development and redevelopment; the potential impact of uninsured or underinsured losses; the risks associated withoperators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners’ financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions, and/or rent escalators based on the Consumer Price Index; competition for the acquisition and financing of suitable healthcare properties as well as competition for tenantsto grow our investment portfolio; our ability to foreclose or exercise rights on collateral securing our real estate-related loans; investment of substantial resources and operators, including with respect to leases and mortgages;time in transactions that are not consummated; our or our counterparties’ ability to successfully consummate acquisitions, dispositions, transitions, developments, redevelopments, joint venture transactionsintegrate or other transactions; our ability to achieve the benefits of acquisitions or other investments within expected time frames or at all, or within expected cost projections;operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from currentlitigation matters, including rising liability and future litigation matters; changes in federal, stateinsurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or local lawsother infectious diseases, including Covid, and regulations,health and safety measures intended to reduce their spread; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions, or breaches; increased borrowing costs, including those affecting the healthcare industry;due to rising interest rates; cash available for distribution to stockholders and our ability to foreclose on collateral securing our real estate-related loans;make dividend distributions at expected levels; the availability and cost of capital;external capital on acceptable terms or at all, including due to rising interest rates, changes in global, nationalour credit ratings and local economicthe value of our common stock, volatility or uncertainty in the capital markets, and other conditions;factors; our ability to manage our indebtedness level and covenants in and changes into the terms of such indebtedness; competition for skilled managementthe failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other key personnel;regulations; laws or regulations prohibiting eviction of our reliance on information technology systems;tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; our ability to maintain our qualification as a real estate investment trust;REIT; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; ownership limits in our charter that restrict ownership in our stock; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; and other risks and uncertainties described from time to time in our SEC filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made. Vote We urge you to submit your proxy or voting instructions as soon as possible, whether or not you expect to attend the Annual Meeting and vote in person. If you attend the Annual Meeting and vote in person, your proxy will not be used. By Order of the Board of Directors, TROY E. MCHENRY Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary Irvine, California March 12, 2020 74       HEALTHPEAK PROPERTIES   Table of Contents Appendix A Reconciliations and Definitions RECONCILIATIONS: Q4-2019 PORTFOLIO INCOME    SENIOR HOUSING    LIFE SCIENCE    MEDICAL OFFICE    OTHER    TOTAL Portfolio Income(1) $84,463,710 $84,713,592 $91,531,246 $36,560,330 $297,268,878        Senior housing asset sales and transitions(2) (2,666,925) — — — (2,666,925)        Reclassification of CCRCs from Other to Senior Housing 13,340,390 — — (13,340,390) —        Other pro-forma adjustments(3) 2,103,162 6,041,165 (6,421,256) (6,670,485) (4,947,415) Pro-forma Portfolio Income $97,240,337 $90,754,757 $85,109,990 $16,549,455 $289,654,538     (1)94 Portfolio Income is presented by business line. Senior Housing includes triple-net Portfolio Income of approximately $40 million and SHOP Portfolio Income of approximately $45 million.HEALTHPEAK PROPERTIES Table of Contents Appendix A Reconciliations and Definitions Reconciliations FFO AS ADJUSTED AND NORMALIZED FFO PER SHARE In thousands, except per share data        YEAR ENDED DECEMBER 31, 2022   Net income (loss) applicable to common shares      $ 497,792   Real estate related depreciation and amortization     710,569   Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures     27,691   Noncontrolling interests’ share of real estate related depreciation and amortization     (19,201 ) Loss (gain) on sales of depreciable real estate, net(1)     (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     12   Loss (gain) upon change of control, net(2)     (311,438 ) Taxes associated with real estate dispositions     29   Nareit FFO applicable to common shares   $ 895,166   Distributions on dilutive convertible units and other     9,407   Diluted Nareit FFO applicable to common shares   $ 904,573   Weighted average shares outstanding – diluted Nareit FFO     546,462   Impact of adjustments to Nareit FFO:         Transaction-related items   $ 4,788   Other impairments (recoveries) and other losses (gains), net(3)     3,829   Restructuring and severance-related charges(4)     32,749   Casualty-related charges (recoveries), net(5)     4,401   Total adjustments   $ 45,767   FFO as Adjusted applicable to common shares   $ 940,933   Distributions on dilutive convertible units and other     9,326   Diluted FFO as Adjusted applicable to common shares   $ 950,259   Weighted average shares outstanding – diluted FFO as Adjusted     546,462   Diluted earnings per common share   $ 0.92   Depreciation and amortization     1.33   Loss (gain) on sales of depreciable real estate, net(1)     (0.02 ) Loss (gain) upon change of control, net(2)     (0.57 ) Taxes associated with real estate dispositions     0.00   2023 PROXY STATEMENT 95 Table of Contents Appendix A        YEAR ENDED DECEMBER 31, 2022   Diluted Nareit FFO per common share      $ 1.66   Transaction-related items     0.01   Other impairments (recoveries) and other losses (gains), net(3)     0.00   Restructuring and severance-related charges(4)     0.06   Casualty-related charges (recoveries), net(5)     0.01   Diluted FFO as Adjusted per common share   $ 1.74   Diluted FFO as Adjusted applicable to common shares   $ 950,259   Impact of adjustments to FFO as Adjusted:         Less: positive impact of CARES Act funding     (7,860 ) Normalized FFO   $ 942,399   Normalized FFO Per Share   $ 1.725   (1) This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations on page 9 of the Earnings Release and Supplemental Report and Discontinued Operations Reconciliation on page 37 of the Discussion and Reconciliation of Non-GAAP Financial Measures for the year ended December 31, 2022, both of which documents are available in the Investor Relations section of our website at http://ir.healthpeak.com/. (2) Includes pro-forma adjustmentsa gain upon change of control related to reflect asset salesthe sale of a 30% interest to a sovereign wealth fund and asset transitions from senior housing triple-net to SHOPdeconsolidation of seven previously consolidated life science assets in South San Francisco, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations. (3) Includes $7 million of charges incurred in connection with the Brookdale Transaction,downsizing of the Senior Housing Joint Venture,Company’s corporate headquarters in Denver, Colorado, which are included in general and certainadministrative expenses in the Consolidated Statements of Operations. Also includes the following, which are included in other previously announced salesincome (expense), net in the Consolidated Statements of Operations: (i) $14 million of expenses incurred for tenant relocation and transitions.other costs associated with the demolition of an MOB and (ii) a $23 million gain on sale of a hospital under a direct financing lease. Also includes reserves for loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations. (3) Pro-forma to reflect (4) Includes $32 million of severance-related charges associated with the saledepartures of our U.K. holdings,former Chief Executive Officer and former Chief Legal Officer and General Counsel in the pending acquisitionfourth quarter of The Post,2022. These expenses are included in general and certainadministrative expenses in the Consolidated Statements of Operations. (5) Casualty-related charges (recoveries), net are recognized in other previously announced sales. Pro-forma Portfolio Incomeincome (expense), net and equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. 96 HEALTHPEAK PROPERTIES Table of Contents Appendix A EBITDAre AND ADJUSTED EBITDAre In thousands     THREE MONTHS ENDED DECEMBER 31, 2022   Net income (loss)                     $ 10,802   Interest expense     49,413   Income tax expense (benefit)(1)     (661 ) Depreciation and amortization     179,157   Other depreciation and amortization     1,286   Loss (gain) on sales of real estate(1)     986   Share of unconsolidated joint venture (“JV”):         Interest expense     241   Income tax expense (benefit)     (19 ) Depreciation and amortization     8,642   Loss (gain) on sale of real estate from unconsolidated JVs     45   EBITDAre   $ 249,892   Transaction-related items(2)     3,217   Other impairments (recoveries) and losses (gains)(2)     9,760   Restructuring and severance-related charges     32,749   Casualty-related charges (recoveries)(2)     684   Stock-based compensation amortization expense     1,903   Impact of transactions closed during the period(3)     449   Adjusted EBITDAre   $ 298,654   (1) This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations on page 9 of the Earnings Release and Supplemental Report and the Discontinued Operations Reconciliation on page 37 of the Discussion and Reconciliation of Non-GAAP Financial Measures for the three months ended December 31, 2022, both of which documents are available in the Investor Relations section of our website at http://ir.healthpeak.com/. (2) This amount includes the corresponding line on the FFO as Adjusted and Normalized FFO per share reconciliation on page 95 of this proxy statement less the related tax impact included in the adjustment for income tax expense (benefit) above. (3) Adjustment reflects the impact of transactions that closed during the period as if the transactions were completed at the beginning of the period. NET DEBT     DECEMBER 31, 2022   Bank line of credit and commercial paper   $ 995,606   Term loan     495,957   Senior unsecured notes     4,659,451   Mortgage debt     346,599   Consolidated Debt   $ 6,497,613   Share of unconsolidated JV mortgage debt     39,790   Enterprise Debt   $ 6,537,403   Cash and cash equivalents     (72,032 ) Share of unconsolidated JV cash and cash equivalents     (30,189 ) Restricted cash     (54,802 ) Share of unconsolidated JV restricted cash     (3,062 ) Net Debt   $ 6,377,318   2023 PROXY STATEMENT 97 Table of Contents Appendix A NET DEBT TO ADJUSTED EBITDAre (ANNUALIZED) Dollars in thousands        THREE MONTHS ENDED DECEMBER 31, 2022        THREE  MONTHS ENDED DECEMBER 31, 2022 FOR COMPENSATION METRICS(1)   Net Debt                        $ 6,377,318                          $ 6,377,318   Adjusted EBITDAre (annualized)(2)   $ 1,194,616     $ 1,194,429   Net Debt to Adjusted EBITDAre (annualized)     5.34x     5.34x   (1) For compensation metrics, Adjusted EBITDAre for purposes of Net Debt to Adjusted EBITDAre is further adjusted to reflect acquisitions, dispositions and operator transitions as if they occurred onexclude $187 thousand for the first daypositive impact of funding received under the quarter and is presented at our share. NET INCOME TO ADJUSTED EBITDAre TWELVE MONTHS ENDED DECEMBER 31, 2019 ($)CARES Act. Net income (loss)(2) 60,061 Interest expense 225,619 Income tax expense (benefit) (17,262) Depreciation and amortization 659,989 Other depreciation and amortization 9,158 Loss (gain) on sales of real estate (22,900) Loss (gain) upon change of control (168,023) Impairments (recoveries) of depreciable real estate 215,790 Share of unconsolidated JV:        Interest expense 14,825        Income tax expense (benefit) 674        Depreciation and amortization 60,303        Impairments (recoveries) of depreciable real estate 5,527        Gain on sale of real estate from unconsolidated JVs (2,118)        Other JV adjustments (2,010) EBITDAre 1,039,633 Transaction-related items 15,347 Other impairments (recoveries) and losses (gains) 10,147 Severance and related charges 5,063 Loss on debt extinguishments 58,364 Litigation costs (recoveries) (520) Casualty-related charges (recoveries) (3,706) Amortization of deferred compensation 14,790 Foreign currency remeasurement losses (gains) (250) CCRC entrance fees(1) 18,856 Represents Adjusted EBITDAre 1,157,724 for the three months ended December 31, 2022 multiplied by a factor of four. SAME-STORE PORTFOLIO CASH (ADJUSTED) NOI GROWTH In thousands        YEAR ENDED DECEMBER 31, 2022     YEAR ENDED DECEMBER 31, 2021     LIFE SCIENCE        MEDICAL OFFICE        CCRC        LIFE SCIENCE        MEDICAL OFFICE        CCRC   Net income (loss)     $ 620,105     $ 208,580     $ (43,053 )   $ 244,521      $ 356,035      $ (40,405 ) Loss (income) from discontinued operations     —       —       —       —       —       —   Income (loss) from continuing operations   $ 620,105     $ 208,580     $ (43,053 )   $ 244,521     $ 356,035     $ (40,405 ) Interest expense     —       6,900       7,509       232       2,837       7,701   Depreciation and amortization     302,649       279,546       128,374       303,196       255,746       125,344   Transaction costs     387       1,255       725       24       323       1,445   Impairments and loan loss (reserves) recoveries, net     —       —       —       —       21,577       —   Loss (gain) on sales of real estate, net     (3,744 )     (10,659 )     —       —       (190,590 )     —   Other expense (income), net     (311,939 )     (12,709 )     1,380       (55 )     2,725       (2,141 ) Government grant income     —       —       6,765       —       —       1,412   Healthpeak’s share of unconsolidated joint venture NOI     7,038       1,821       380       3,921       1,708       464   Noncontrolling interests’ share of consolidated joint venture NOI     (181 )     (25,400 )     —       (205 )     (25,292 )     —   Equity loss (income) from unconsolidated JVs     972       (852 )     (539 )     (1,118 )     (794 )     (1,484 ) Portfolio NOI   $ 615,287     $ 448,482     $ 101,541     $ 550,516     $ 424,275     $ 92,336   Adjustment to NOI     (62,754 )     (15,513 )     2,300       (46,589 )     (11,118 )     3,241   Portfolio Cash (Adjusted) NOI   $ 552,533     $ 432,969     $ 103,841     $ 503,927     $ 413,157     $ 95,577   Portfolio Income   $ 552,533     $ 432,969     $ 103,841     $ 503,927     $ 413,157     $ 95,577   Adjustment to NOI     62,754       15,513       (2,300 )     46,589       11,118       (3,241 ) Non-SS Portfolio NOI     (154,579 )     (79,484 )     1,244       (112,497 )     (68,835 )     1,482   SS Portfolio NOI   $ 460,708     $ 368,998     $ 102,785     $ 483,019     $ 355,440     $ 93,818   Non-cash adjustment to SS Portfolio NOI     (36,837 )     (7,967 )     2,300       (34,667 )     (8,455 )     3,475   SS Portfolio Cash (Adjusted) NOI   $ 423,871     $ 361,031     $ 105,085     $ 403,352     $ 346,985     $ 97,293       2020 PROXY STATEMENT       75 98 HEALTHPEAK PROPERTIES Table of Contents APPENDIXAppendix A YEAR-OVER-YEAR TOTAL SS PORTFOLIO CASH (ADJUSTED) NOI GROWTH        ACTUAL        PRO FORMA(1)     FULL YEAR        % OF SS     FULL YEAR        % OF SS   Life science     5.1 %     47.6 %     5.1 %     48.0 % Medical office     4.0 %     40.6 %     4.0 %     40.9 % CCRC     8.0 %     11.8 %     2.5 %     11.1 % Total Portfolio     5.0 %     100.0 %     4.4 %     100.0 % NET DEBT TO ADJUSTED EBITDAre(1) Pro forma reflects the results excluding government grants under the CARES Act for our CCRC portfolio. PORTFOLIO INCOME Dollars in thousands        YEAR ENDED DECEMBER 31, 2022     LIFE SCIENCE        MEDICAL OFFICE        CCRC        OTHER        CORPORATE NON-SEGMENT        TOTAL PORTFOLIO   Net income (loss)   $ 620,105      $ 208,580         $ (43,053 )   $ 12,524              $ (281,732 )      $ 516,424   Loss (income) from discontinued operations     —       —       —       —       (2,884 )     (2,884 ) Income (loss) from continuing operations   $ 620,105     $ 208,580     $ (43,053 )   $ 12,524     $ (284,616 )   $ 513,540   Interest income     —       —       —       (23,300 )     —       (23,300 ) Interest expense     —       6,900       7,509       —       158,535       172,944   Depreciation and amortization     302,649       279,546       128,374       —       —       710,569   General and administrative     —       —       —       —       131,033       131,033   Transaction costs     387       1,255       725       —       2,486       4,853   Impairments and loan loss (reserves) recoveries, net     —       —       —       7,004       —       7,004   Loss (gain) on sales of real estate, net     (3,744 )     (10,659 )     —       5,325       —       (9,078 ) Other expense (income), net     (311,939 )     (12,709 )     1,380       13       (3,013 )     (326,268 ) Income tax expense (benefit)     —       —       —       —       (4,425 )     (4,425 ) Government grant income     —       —       6,765       —       —       6,765   Healthpeak’s share of unconsolidated joint venture NOI     7,038       1,821       380       16,751       —       25,990   Noncontrolling interests’ share of consolidated joint venture NOI     (181 )     (25,400 )     —       —       —       (25,581 ) Equity loss (income) from unconsolidated JVs     972       (852 )     (539 )     (1,566 )     —       (1,985 ) Portfolio NOI   $ 615,287     $ 448,482     $ 101,541     $ 16,751     $ —     $ 1,182,061   Adjustment to NOI     (62,754 )     (15,513 )     2,300       169       —       (75,798 ) Portfolio Cash (Adjusted) NOI   $ 552,533     $ 432,969     $ 103,841     $ 16,920     $ —     $ 1,106,263   Interest income     —       —       —       23,300       —       23,300   Portfolio Income   $ 552,533     $ 432,969     $ 103,841     $ 40,220     $ —     $ 1,129,593   % of Total Portfolio     48.9%     38.3%     9.2%     3.6%     —%       100.0%     TWELVE MONTHS ENDED DECEMBER 31, 2019 ($) Net Debt2023 PROXY STATEMENT 6,556,911 Adjusted EBITDAre 1,157,724 Net Debt to Adjusted EBITDAre 5.66x99 DEFINITIONS:Table of Contents 2019 Brookdale TransactionAppendix Arepresents a series Definitions Consolidated Debt. The carrying amount of transactions between Brookdalebank line of credit, commercial paper, term loans, senior unsecured notes, and Healthpeak, including, but not limited to: (i) Healthpeak’s acquisitions of Brookdale’s interestmortgage debt, as reported in 13 CCRCs which were transitioned to LCS, (ii) Brookdale’s acquisition of 18 triple-net properties from Healthpeak, and (iii) restructuring the remaining 24 triple-net properties operated by Brookdale into a single master lease.our consolidated financial statements. Senior Housing Joint Venturerepresents the $790 million joint venture with a sovereign wealth fund in which Healthpeak sold a 46.5% interest in a 19-property senior housing operating portfolio managed by Brookdale to a sovereign wealth fund. EBITDAre and Adjusted EBITDAre. EBITDAre, EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”)Nareit and intended for real estate companies. It represents earnings before interest expense, income taxes, depreciation and amortization, gains or losses from sales of depreciable property (including gains or losses on change in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) related to non-depreciable assets,and other losses (gains), transaction-related items, prepayment costs (benefits) associated with early retirement or payment of debt, restructuring and severance and related charges, litigation costs (recoveries), casualty-related charges (recoveries), stock compensation expense, and foreign currency remeasurement losses (gains), and is adjusted to include our sharereflect the impact of CCRC non-refundable entrance fees received.transactions that closed during the period as if the transactions were completed at the beginning of the period. EBITDAre and Adjusted EBITDAre include our pro rata share of our unconsolidated JVs presented on the same basis. We consider EBITDAre and Adjusted EBITDAre important supplemental measures to net income (loss) because they provide an additional manner in which to evaluate our operating performance and serve as additional indicators of our ability to service our debt obligations. Net income (loss) is the most directly comparable GAAP measure to EBITDAre and Adjusted EBITDAre. Enterprise Debt. Consolidated Debt plus our pro rata share of total debt from our unconsolidated JVs. Enterprise Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs. Funds From Operations (“Nareit FFO”) and FFO as Adjusted. FFO encompasses Nareit FFO and FFO as Adjusted, each of which is described in detail below. We believe FFO applicable to common shares, diluted FFO applicable to common shares, and diluted FFO per common share are important supplemental non-GAAP measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term FFO was designed by the REIT industry to address this issue. Nareit FFO. FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate, plus real estate and other real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO and FFO as Adjusted (see below) from joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital. The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement. 100 HEALTHPEAK PROPERTIES Table of Contents Appendix A Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours. FFO as Adjusted. In addition, we present Nareit FFO on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction-related items, other impairments (recoveries) and other losses (gains), restructuring and severance-related charges, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), foreign currency remeasurement losses (gains), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). These adjustments are net of tax, when applicable. Transaction-related items include transaction expenses and gains/charges incurred as a result of mergers and acquisitions and lease amendment or termination activities. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Other impairments (recoveries) and other losses (gains) include interest income associated with early and partial repayments of loans receivable and other losses or gains associated with non-depreciable assets including goodwill, DFLs, undeveloped land parcels, and loans receivable. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that “management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community.” We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain other adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions, (ii) evaluate the performance of our management, (iii) budget and forecast future results to assist in the allocation of resources, (iv) assess our performance as compared with similar real estate companies and the industry in general, and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs. Net DebtDebt. Enterprise Debt less the carrying amount of cash and cash equivalents, restricted cash, and expected net proceeds from the future settlement of shares issued through our equity forward contracts, as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents and restricted cash from our unconsolidated JVs. Consolidated Debt is the most directly comparable GAAP measure to Net Debt. Net Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Net Debt to Adjusted EBITDAreEBITDAre. Net Debt divided by Adjusted EBITDAre is a supplemental measure of our ability to decrease our debt. Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations. Net Operating Income (“NOI”) and Cash (Adjusted) NOI. NOI and Adjusted NOI are non-GAAP supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses; NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI are calculated as NOI and Adjusted NOI from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as we have various joint ventures that contribute to its performance. We do not control our unconsolidated joint ventures, and our share of amounts from unconsolidated joint ventures do not represent our legal claim to such items. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. 76        2023 PROXY STATEMENT 101 Table of Contents Appendix A Adjusted NOI is oftentimes referred to as “Cash NOI.” Management believes NOI and Adjusted NOI are important supplemental measures because they provide relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and present them on an unlevered basis. We use NOI and Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance, and to evaluate our Same-Store (“SS”) performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Further, our definitions of NOI and Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating NOI and Adjusted NOI. Operating expenses generally relate to leased medical office and life science properties, as well as CCRC facilities. We generally recover all or a portion of our leased medical office and life science property expenses through tenant recoveries. We present expenses as operating or general and administrative based on the underlying nature of the expense. Normalized FFO Per Share. Normalized FFO Per Share is a measure used for our compensation metrics and is defined as Diluted FFO as Adjusted per common share, further adjusted to exclude the effect of any special charges or other special circumstances as may be determined by the Compensation Committee. For purposes of this metric, the Compensation Committee has determined to exclude the positive impact of CARES Act funding. Portfolio Income. Cash (Adjusted) NOI plus interest income plus our pro rata share of Cash (Adjusted) NOI from our unconsolidated JVs less noncontrolling interests’ pro rata share of Cash (Adjusted) NOI from consolidated JVs. Management believes that Portfolio Income is an important supplemental measure because it provides relevant and useful information regarding our performance; specifically, it is a measure of our property level profitability of the Company inclusive of interest income. Management believes that net income (loss) is the most directly comparable GAAP measure to Portfolio Income. Portfolio Income should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items. Same-Store (“SS”). Same-Store NOI and Cash (Adjusted) NOI information allows us to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Same-Store NOI and Adjusted NOI (see NOI definition above for further discussion regarding our use of pro-rata share information and its limitations). Same-Store Adjusted NOI excludes amortization of deferred revenue from tenant-funded improvements and certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis. Properties are included in Same-Store once they are stabilized for the full period in both comparison periods. Newly acquired operating assets are generally considered stabilized at the earlier of lease-up (typically when the tenant(s) control(s) the physical use of at least 80% of the space and rental payments have commenced) or 12 months from the acquisition date. Newly completed developments and redevelopments are considered stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. Properties that experience a change in reporting structure are considered stabilized after 12 months in operations under a consistent reporting structure. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, experiences a casualty event that significantly impacts operations, a change in reporting structure or operator transition has been agreed to, or a significant tenant relocates from a Same-Store property to a non Same-Store property and that change results in a corresponding increase in revenue. We do not report Same-Store metrics for our other non-reportable segments. 102 HEALTHPEAK PROPERTIES Table of Contents Appendix B Healthpeak Properties, Inc. 2023 Performance Incentive Plan (ADOPTED FEBRUARY 2, 2023) 1. PURPOSE OF PLAN The purpose of this Healthpeak Properties, Inc. 2023 Performance Incentive Plan (this “Plan”) of Healthpeak Properties, Inc., a Maryland corporation (the “Company”) is to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. 2. ELIGIBILITY The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines to be Eligible Persons. An “Eligible Person” is any person who is either: (a) an officer (whether or not a director) or employee of the Company or one of its Subsidiaries; (b) a director of the Company or one of its Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Company or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Company or one of its Subsidiaries) to the Company or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided, however, that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Company’s eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the “Securities Act”), the offering and sale of shares issuable under this Plan by the Company or the Company’s compliance with any other applicable laws. An Eligible Person who has been granted an award (a “participant”) may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein, “Subsidiary” means any Company or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company; and “Board” means the Board of Directors of the Company. 3. PLAN ADMINISTRATION 3.1 The Administrator. This Plan shall be administered by and all awards under this Plan shall be authorized by the Administrator. The “Administrator” means the Board or one or more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate, to the extent permitted by applicable law, to one or more officers of the Company, its powers under this Plan (a) to designate the officers and employees of the Company and its Subsidiaries who will receive grants of awards under this Plan, and (b) to determine the number of shares or LTIP Units subject to, and the other terms and conditions of, such awards. The Board may delegate different levels of authority to different committees with administrative and grant authority under this Plan.     3.2 Powers of the Administrator. Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without limitation, the authority to: (a) determine eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive an award under this Plan; (b) grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or awarded and the number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions of such awards consistent with the express limits of this Plan, establish the installments (if any) in which such awards shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required, establish any applicable performance-based exercisability or vesting requirements, determine the circumstances in which any performance-based goals (or the applicable measure of performance) will 2023 PROXY STATEMENT 103 Table of Contents Appendix B be adjusted and the nature and impact of any such adjustment, determine the extent (if any) to which any applicable exercise and vesting requirements have been satisfied, establish the events (if any) on which exercisability or vesting may accelerate (which may include, without limitation, retirement and other specified terminations of employment or services, or other circumstances), and establish the events (if any) of termination, expiration or reversion of such awards; (c) approve the forms of award agreements (which need not be identical either as to type of award or among participants); (d) construe and interpret this Plan and any agreements defining the rights and obligations of the Company, its Subsidiaries, and participants under this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the awards granted under this Plan; (e) cancel, modify, or waive the Company’s or its Subsidiaries’ rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consent under Section 8.6.5; (f) subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (to the extent applicable), accelerate or extend the vesting or exercisability or extend the term of any or all such outstanding awards (in the case of options or stock appreciation rights, within the maximum term of such awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment or services, or other circumstances) subject to any required consent under Section 8.6.5; (g) adjust the number of shares of Common Stock, LTIP Units or other securities subject to any award, adjust the price of any or all outstanding awards or otherwise change previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to Sections 4 and 8.6 (subject to the no repricing provision below); (h) determine the date of grant of an award, which may be a designated date after but not before the date of the Administrator’s action to approve the award (unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator took the action granting an award); (i) determine whether, and the extent to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion, substitution or succession of awards upon the occurrence of an event of the type described in Section 7; (j) acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration (subject to the no repricing provision below); (k) determine the fair market value of the Common Stock or awards under this Plan from time to time and/or the manner in which such value will be determined; and (l) prescribe, amend and rescind rules and regulations relating to this Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws. Notwithstanding the foregoing and except for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding stock option or SAR to reduce the exercise price or base price of the award, (2) cancel, exchange or surrender an outstanding stock option or SAR in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for an option or SAR with an exercise or base price that is less than the exercise or base price of the original award. 3.3 Binding Determinations. Any determination or other action taken by, or inaction of, the Company, any Subsidiary, or the Administrator relating or pursuant to this Plan (or any award hereunder) and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons. Neither the Board nor any Board committee, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, 104 HEALTHPEAK PROPERTIES Table of Contents Appendix B without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time. 3.4 Reliance on Experts. In making any determination or in taking or not taking any action under this Plan, the Board or a committee, as the case may be, may obtain and may rely upon the advice of experts, including employees and professional advisors to the Company. No director, officer or agent of the Company or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good faith. 3.5 Delegation. The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Company or any of its Subsidiaries or to third parties. 4. SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS 4.1 Shares Available. Subject to the provisions of Section 7.1, the capital stock that may be delivered under this Plan shall be shares of the Company’s authorized but unissued Common Stock and any shares of its Common Stock held as treasury shares. For purposes of this Plan, “Common Stock” shall mean the common stock of the Company and such other securities or property as may become the subject of awards under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1. 4.2 Share Limits. The maximum number of shares of Common Stock that may be delivered pursuant to awards granted to Eligible Persons under this Plan (the “Share Limit”) is equal to (1) 5,000,000 shares of Common Stock, plus (2) the number of shares of Common Stock available for additional award grant purposes under the Healthpeak Properties, Inc. Amended and Restated 2014 Performance Incentive Plan (the “2014 Plan”) as of the date of stockholder approval of this Plan (the “Stockholder Approval Date”) and determined immediately prior to the termination of the authority to grant new awards under the 2014 Plan as of the Stockholder Approval Date, plus (3) the number of any shares of Common Stock subject to stock options outstanding under the 2014 Plan) as of the Stockholder Approval Date which expire, or for any reason are cancelled or terminated, after the Stockholder Approval Date without being exercised (which, for purposes of clarity, shall become available for award grants under this Plan on a one-for-one basis), plus (4) 1.5 times the number of any shares of Common Stock subject to restricted stock unit awards (whether service-based or performance-based) outstanding and unvested under the 2014 Plan as of the Stockholder Approval Date that are forfeited, terminated, cancelled or otherwise reacquired by the Company after the Stockholder Approval Date without having become vested (for clarity, with the 1.5:1 ratio to reflect the “Full-Value Award” ratio below); provided, that in no event shall the Share Limit exceed 30,836,601 shares (which is the sum of the 5,000,000 shares set forth in clause (1) above, plus the number of shares available under the 2014 Plan for additional award grant purposes as of the Effective Date (as such term is defined in Section 8.6.1), plus the aggregate number of shares subject to awards previously granted and outstanding under the 2014 Plan as of the Effective Date, with any shares subject to restricted stock unit awards outstanding under the 2014 Plan being taken into account based on the share-counting ratio for such awards under clause (4) above). Shares issued in respect of any Full-Value Award granted under this Plan shall be counted against the foregoing Share Limit as 1.5 shares for every one share actually issued in connection with such award (the “Full Value Award Ratio”). (For example, if a stock bonus of 100 shares of Common Stock is granted under this Plan, 150 shares shall be charged against the Share Limit in connection with that award.) For this purpose, a “Full-Value Award” means any award under this Plan that is not a stock option grant or a stock appreciation right grant. The following limits also apply with respect to awards granted under this Plan: The maximum number of shares of Common Stock that may be delivered pursuant options qualified as incentive stock options granted under this Plan is 14,000,000 shares. The maximum value of any equity awards granted to an Eligible Person who is a non-employee director in any calendar year is $750,000. Each LTIP Unit subject to an award under the Plan shall be treated as a share of Common Stock (or, for purposes of applying the Full-Value Award Ratio, 1.5 shares of Common Stock) for purposes of calculating the aggregate number of shares of Common Stock available for issuance under the Plan as set forth in this Section 4.2 and for purposes of calculating the other award limits set forth in this Section 4.2. Each of the foregoing numerical limits is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10. 4.3 Awards Settled in Cash, Reissue of Awards and Shares. To the extent that an award is settled in cash or a form other than shares of Common Stock (or LTIP Units that are converted to shares of Common Stock), the shares that would have been delivered had there been no such cash or other settlement shall not be counted against the shares available for issuance under this Plan. In the event that shares of Common Stock are delivered in respect 2023 PROXY STATEMENT 105 Table of Contents Appendix B of a dividend equivalent right granted under this Plan, the actual number of shares delivered with respect to the award shall be counted against the share limits of this Plan (including, for purposes of clarity, the limits of Section of this Plan). (For purposes of clarity, if 1,000 dividend equivalent rights are granted and outstanding when the Company pays a dividend, and 50 shares are delivered in payment of those rights with respect to that dividend, 50 shares shall be counted against the share limits of this Plan). To the extent that shares of Common Stock are delivered pursuant to the exercise of a stock appreciation right or stock option granted under this Plan, the number of underlying shares as to which the exercise related shall be counted against the applicable share limits under Section 4.2, as opposed to only counting the shares actually issued. (For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits under Section 4.2 with respect to such exercise.) Shares that are subject to or underlie awards which expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall again be available for subsequent awards under this Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award under this Plan, as well as any shares exchanged by a participant or withheld by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any award, shall not be available for subsequent awards under this Plan. Refer to Section 8.10 for application of the foregoing share limits with respect to assumed awards. The Company may not increase the Plan’s share limit by repurchasing Common Stock on the market (by using cash received through the exercise of stock options or otherwise). 4.4 No Fractional Shares; Minimum Issue. No fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan. No fewer than 100 shares may be purchased on exercise of any award (or, in the case of stock appreciation or purchase rights, no fewer than 100 rights may be exercised at any one time) unless the total number purchased or exercised is the total number at the time available for purchase or exercise under the award. 5. AWARDS 5.1 Type and Form of Awards. The Administrator shall determine the type or types of award(s) to be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Company or one of its Subsidiaries. The types of awards that may be granted under this Plan are (subject, in each case, to the no repricing provisions of Section 3.2): 5.1.1 Stock Options. A stock option is the grant of a right to purchase a specified number of shares of Common Stock during a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an “ISO”) or a nonqualified stock option (an option not intended to be an ISO). The award agreement for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each option shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 5.5. 5.1.2 Additional Rules Applicable to ISOs. To the extent that the aggregate fair market value (determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans of the Company or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Company or one of its subsidiaries (for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Company and ending with the subsidiary in question). There shall be imposed in any award agreement relating to ISOs such other terms and conditions as from time to time are required in order that the option be an “incentive stock option” as that term is defined in Section 422 of the Code. 106 HEALTHPEAK PROPERTIES Table of Contents Appendix B No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, unless the exercise price of such option is at least 110% of the fair market value of the stock subject to the option and such option by its terms is not exercisable after the expiration of five years from the date such option is granted. 5.1.3 Stock Appreciation Rights. A stock appreciation right or “SAR” is a right to receive a payment, in cash and/or Common Stock, equal to the excess of the fair market value of a specified number of shares of Common Stock on the date the SAR is exercised over the “base price” of the award, which base price shall be set forth in the applicable award agreement and shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the SAR. The maximum term of a SAR shall be ten (10) years. 5.1.4 LTIP Units Awards. As used herein, the term “LTIP Unit” means an “LTIP Unit” of Healthpeak Operating Partnership LLC (the “Partnership”) (as defined in that certain Agreement of Limited Partnership of Healthpeak Operating Partnership LLC (as it may be amended from time to time, the “Partnership Agreement”)) that is intended to constitute a “profits interest” within the meaning of the Code. The Administrator is authorized to grant LTIP Units in such amount and subject to such terms and conditions as may be determined by the Administrator; provided, however, that LTIP Units may only be issued to an Eligible Person for the performance of services to or for the benefit of the Partnership (a) in the Eligible Person’s capacity as a partner or member of the Partnership, (b) in anticipation of the Eligible Person becoming a partner or member of the Partnership, or (c) as otherwise determined by the Administrator, provided that the LTIP Units are intended to constitute “profits interests” within the meaning of the Code, including, to the extent applicable, Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B. 191. The Administrator shall specify the conditions and dates upon which the LTIP Units shall vest and become nonforfeitable. LTIP Units shall be subject to the terms and conditions of the Partnership Agreement and such other restrictions, including restrictions on transferability, as the Administrator may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such instalments, or otherwise, as the Administrator determines at the time of the grant of the award or thereafter. 5.1.5 Other Awards; Dividend Equivalent Rights. The other types of awards that may be granted under this Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, phantom stock, deferred shares, or similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or a fixed or variable ratio related to the Common Stock, any of which may (but need not) be fully vested at grant or vest upon the passage of time, the occurrence of one or more events, the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) cash awards. The types of cash awards that may be granted under this Plan include the opportunity to receive a payment for the achievement of one or more goals established by the Administrator, on such terms as the Administrator may provide, as well as discretionary cash awards. Dividend equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend equivalent rights may not be granted as to a stock option or SAR granted under this Plan. In addition, any dividends and/or dividend equivalents as to the portion of an award that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate in the event the applicable vesting requirements are not satisfied. 5.2 Award Agreements. Each award shall be evidenced by either (1) a written award agreement in a form approved by the Administrator and executed by the Company by an officer duly authorized to act on its behalf, or (2) an electronic notice of award grant in a form approved by the Administrator and recorded by the Company (or its designee) in an electronic recordkeeping system used for the purpose of tracking award grants under this Plan generally (in each case, an “award agreement”), as the Administrator may provide and, in each case and if required by the Administrator, executed or otherwise electronically accepted by the recipient of the award in such form and manner as the Administrator may require. The Administrator may authorize any officer of the Company (other than the particular award recipient) to execute any or all award agreements on behalf of the Company. The award agreement shall set forth the material terms and conditions of the award as established by the Administrator consistent with the express limitations of this Plan. 5.3 Deferrals and Settlements. Payment of awards may be in the form of cash, Common Stock, other awards or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may also require or permit participants to elect to defer the issuance of shares or the settlement of awards in cash under such rules and procedures as it may establish under this Plan. The Administrator may also 2023 PROXY STATEMENT 107 Table of Contents Appendix B provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares. 5.4 Consideration for Common Stock or Awards. Except as provided herein, the purchase price for any award granted under this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods: ● services rendered by the recipient of such award; ● cash, check payable to the order of the Company, or electronic funds transfer; ● notice and third party payment in such manner as may be authorized by the Administrator; ● the delivery of previously owned shares of Common Stock; ● by a reduction in the number of shares otherwise deliverable pursuant to the award; or ● subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards. In no event shall any shares newly-issued by the Company be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law. The Administrator shall not permit any participant to pay any portion of the exercise or purchase price of any award granted under this Plan by means of a promissory note. Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their fair market value on the date of exercise. The Company will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase have been satisfied. Unless otherwise expressly provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant’s ability to pay the purchase or exercise price of any award or shares by any method other than cash payment to the Company. 5.5 Definition of Fair Market Value. For purposes of this Plan, “fair market value” shall mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price (in regular trading) of a share of Common Stock as reported on the composite tape for securities listed on the New York Stock Exchange (the “Exchange”) for the date in question or, if no sales of Common Stock were made on the Exchange on that date, the average of the closing prices of a share of Common Stock as reported on said composite tape for the next preceding day and the next succeeding day on which sales of Common Stock were made on the Exchange. The Administrator may, however, provide with respect to one or more awards that the fair market value shall equal the closing price of a share of Common Stock as reported on the composite tape for securities listed on the Exchange for the last trading day prior to the date in question or the average of the high and low trading prices of a share of Common Stock as reported on the composite tape for securities listed on the Exchange for the date in question or the most recent trading day. If the Common Stock is no longer listed or is no longer actively traded on the Exchange as of the applicable date, the fair market value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market value with respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). 5.6 Transfer Restrictions. 5.6.1 Limitations on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 5.6 or required by applicable law, (a) all awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of) the participant. 5.6.2 Exceptions. The Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in writing. Any permitted transfer shall be subject to compliance with applicable federal and state securities laws and shall not be for value (other than nominal consideration, settlement of marital property rights, or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person’s family members). 108 HEALTHPEAK PROPERTIES Table of Contents Appendix B 5.6.3 Further Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 5.6.1 shall not apply to: (a) transfers to the Company (for example, in connection with the expiration or termination of the award), (b) the designation of a beneficiary to receive benefits in the event of the participant’s death or, if the participant has died, transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution, (c) subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations order if approved or ratified by the Administrator, (d) if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant by his or her legal representative, or (e) the authorization by the Administrator of “cashless exercise” procedures with third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and the express authorization of the Administrator. 5.7 International Awards. One or more awards may be granted to Eligible Persons who provide services to the Company or one of its Subsidiaries outside of the United States. Any awards granted to such persons may be granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to this Plan and approved by the Administrator. 5.8 Minimum Vesting Conditions. 5.8.1 Any award granted hereunder shall provide for a scheduled time-based or performance-based vesting, as applicable, of at least one (1) year following the date of grant. 5.8.2 Notwithstanding anything set forth in Section 5.8.1 to the contrary, awards representing a maximum of five percent (5%) of the Share Limit may be granted hereunder without any minimum vesting condition. For purposes of tracking this five percent (5%) limit, an award (or portion thereof) shall be counted toward the limit only if such award (i) provides for a scheduled vesting to occur before one (1) year following the date of grant, and (ii) actually vests before one (1) year following the date of grant. 6. EFFECT OF TERMINATION OF SERVICE ON AWARDS 6.1 General. The Administrator shall establish the effect of a termination of employment or service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the participant is not an employee of the Company or one of its Subsidiaries and provides other services to the Company or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award otherwise provides) of whether the participant continues to render services to the Company or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated. 6.2 Events Not Deemed Terminations of Service. Unless the express policy of the Company or one of its Subsidiaries, or the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Company or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law, or the Administrator otherwise provides, such leave is for a period of not more than three months. In the case of any employee of the Company or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the Company or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after the expiration of the term set forth in the award agreement. 6.3 Effect of Change of Subsidiary Status. For purposes of this Plan and any award, if an entity ceases to be a Subsidiary of the Company a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Company or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Subsidiary that is sold, spun-off or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the Eligible Person’s award(s) in connection with such transaction. 2023 PROXY STATEMENT 109 Table of Contents Appendix B 7. ADJUSTMENTS; ACCELERATION 7.1 Adjustments. Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, or other reorganization; any spin-off, split-up, or extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Company, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding awards, and/or (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding awards. It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements. Without limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons. 7.2 Corporate Transactions—Assumption and Termination of Awards. Upon the occurrence of any of the following: any merger, combination, consolidation, or other reorganization; any exchange of Common Stock or other securities of the Company; a sale of all or substantially all the business, stock or assets of the Company; a dissolution of the Company; or any other event in which the Company does not survive (or does not survive as a public company in respect of its Common Stock); then the Administrator may make provision for a cash payment in settlement of, or for the termination, assumption, substitution or exchange of any or all outstanding awards or the cash, securities or property deliverable to the holder of any or all outstanding awards, based upon, to the extent relevant under the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event. Upon the occurrence of any event described in the preceding sentence, then, unless the Administrator has made a provision for the substitution, assumption, exchange or other continuation or settlement of the award or the award would otherwise continue in accordance with its terms in the circumstances: (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR shall become fully vested, all shares of restricted stock then outstanding shall fully vest free of restrictions, and each other award granted under this Plan that is then outstanding shall become payable to the holder of such award (with any performance goals applicable to the award in each case being deemed met, unless otherwise provided in the award agreement, at the “target” performance level); and (2) each award (including any award or portion thereof that, by its terms, does not accelerate and vest in the circumstances) shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such awards (except that in no case shall more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the event). For purposes of this Section 7.2, an award shall be deemed to have been “assumed” if (without limiting other circumstances in which an award is assumed) the award continues after an event referred to above in this Section 7.2, and/or is assumed and continued by the surviving entity following such event (including, without limitation, a Parent, as such term is defined in Section 7.3), and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the award, for each share of Common Stock (or LTIP Unit) subject to the award immediately prior to the event, the consideration (whether cash, shares, or other securities or property) received in the event by the stockholders of the Company for each share of Common Stock sold or exchanged in such event (or the consideration received by a majority of the stockholders participating in such event if the stockholders were offered a choice of consideration); provided, however, that if the consideration offered for a share of Common Stock in the event is not solely the ordinary common stock of a successor Company or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the award, for each share subject to the award, to be solely ordinary common stock of the successor corporation or a Parent equal in fair market value to the per share consideration received by the stockholders participating in the event. 110 HEALTHPEAK PROPERTIES Table of Contents Appendix B The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event over the exercise or base price of the award. In the case of an option, SAR or similar right as to which the per share amount payable upon or in respect of such event is less than or equal to the exercise or base price of the award, the Administrator may terminate such award in connection with an event referred to in this Section 7.2 without any payment in respect of such award. In any of the events referred to in this Section 7.2 or in Section 7.3, the Administrator may take such action contemplated by this Section 7.2 or Section 7.3 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration and/or termination to occur immediately prior to the applicable event and/or reinstate the original terms of the award if an event giving rise to an acceleration and/or termination does not occur. Without limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all persons. 7.3 Possible Acceleration of Awards. Without limiting Section 7.2, in the event of a Change in Control Event (as defined below), the Administrator may, in its discretion, provide that any outstanding option or SAR shall become fully vested, that any share of restricted stock then outstanding shall fully vest free of restrictions, and, subject to compliance with the requirements of Section 409A of the Code, that any other award granted under this Plan that is then outstanding shall be payable to the holder of such award. The Administrator may take such action with respect to all awards then outstanding or only with respect to certain specific awards identified by the Administrator in the circumstances. For purposes of this Plan, “Change in Control Event” means the occurrence of any of the following after the Effective Date: (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (1) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this clause (a), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly from the Company, (B) any acquisition by the Company or the Partnership, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliate of the Company or a successor, (D) any acquisition by any entity pursuant to a transaction that complies with clauses (c)(1), (2) and (3) below, and (E) any acquisition by a Person who owned at least 35% of either the Outstanding Company Common Stock or the Outstanding Company Voting Securities as of the Effective Date or an affiliate of any such Person; (b) A change in the Board or its members such that individuals who, as of the later of the Effective Date or the date that is two years prior to such change (the later of such two dates is referred to as the “Measurement Date”), constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Measurement Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board (including for these purposes, the new members whose election or nomination was so approved, without counting the member and his predecessor twice) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; (c) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 66 2/3% of the then-outstanding 2023 PROXY STATEMENT 111 Table of Contents Appendix B shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets directly or through one or more subsidiaries (a “Parent”)) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any entity resulting from such Business Combination or a Parent or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination or Parent) beneficially owns, directly or indirectly, more than 35% of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 35% existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors or trustees of the entity resulting from such Business Combination or a Parent were members of the Incumbent Board (determined pursuant to clause (b) above using the date that is the later of the Effective Date or the date that is two years prior to the Business Combination as the Measurement Date) at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or (d) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company other than in the context of a transaction that does not constitute a Change in Control Event under clause (c) above. Notwithstanding the foregoing, if a Change in Control Event constitutes a payment event with respect to any award which provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A of the Code, the transaction or event described in clause (a), (b), (c) or (d) with respect to such award shall only constitute a Change in Control Event for purposes of the payment timing of such award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation 1.409A-3(i)(5). The Administrator shall have full and final authority to determine conclusively whether a Change in Control Event of the Company has occurred pursuant to the above definition, the date of the occurrence of such Change in Control Event and any incidental matters relating thereto. 7.4 Other Acceleration Rules. The Administrator may override the provisions of Section 7.2 and/or 7.3 by express provision in the award agreement and may accord any Eligible Person a right to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any ISO accelerated in connection with a Change in Control Event or any other action permitted hereunder shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a nonqualified stock option under the Code. 8. OTHER PROVISIONS 8.1 Compliance with Laws. This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery of shares of Common Stock and/or LTIP Units, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. The person acquiring any securities under this Plan will, if requested by the Company or one of its Subsidiaries, provide such assurances and representations to the Company or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements. 8.2 No Rights to Award. No person shall have any claim or rights to be granted an award (or additional awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 8.3 No Employment/Service Contract. Nothing contained in this Plan (or in any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Company or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Company or one of its Subsidiaries to change a person’s compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement. 112 HEALTHPEAK PROPERTIES Table of Contents Appendix B 8.4 Plan Not Funded. Awards payable under this Plan shall be payable in shares or from the general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or one of its Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 8.5 Tax Withholding. Upon any exercise, vesting, or payment of any award or upon the disposition of shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award, the Company or one of its Subsidiaries shall have the right at its option to: (a) require the participant (or the participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment of the amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to such award event or payment; or (b) deduct from any amount otherwise payable in cash to the participant (or the participant’s personal representative or beneficiary, as the case may be), whether related to the award or not, the amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to such cash payment. In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the applicable withholding obligation on exercise, vesting or payment. The Company may not accept a promissory note from any Eligible Person in connection with taxes required to be withheld upon the exercise, vesting or payment of any award under this Plan. 8.6 Effective Date, Termination and Suspension, Amendments. 8.6.1 Effective Date. This Plan is effective as of February 2, 2023, the date of its approval by the Board (the “Effective Date”). This Plan shall be submitted for and subject to stockholder approval no later than twelve months after the Effective Date. Unless earlier terminated by the Board, this Plan shall terminate at the close of business on the day before the tenth anniversary of the Effective Date. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board, no additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan. 8.6.2 Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan. 8.6.3 Stockholder Approval. To the extent then required by applicable law or any applicable listing agency or required under Sections 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, any amendment to this Plan shall be subject to stockholder approval. 8.6.4 Amendments to Awards. Without limiting any other express authority of the Administrator under (but subject to) the express limits of this Plan and the no repricing provision of Section 3.2, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. 2023 PROXY STATEMENT 113 Table of Contents Appendix B 8.6.5 Limitations on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights or benefits of the participant or obligations of the Company under any award granted under this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6. 8.7 Privileges of Stock Ownership. Except as otherwise expressly authorized by the Administrator, a participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the participant. Except as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery. 8.8 Governing Law; Construction; Severability. 8.8.1 Choice of Law. This Plan, the awards, all documents evidencing awards and all other related documents shall be governed by, and construed in accordance with the laws of the State of Maryland. 8.8.2 Severability. If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue in effect. 8.8.3 Construction. It is the intent of the Company that the awards and transactions permitted by awards be interpreted in a manner that, in the case of participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with the express terms of the award, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Company shall have no liability to any participant for Section 16 consequences of awards or events under awards if an award or event does not so qualify. 8.9 Captions. Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof. 8.10 Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Company. Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Company or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Company or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect only adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares that are delivered and any awards that are granted by, or become obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Company or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan. 8.11 Non-Exclusivity of Plan. Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority. 8.12 No Corporate Action Restriction. The existence of this Plan, the award agreements and the awards granted hereunder shall not limit, affect, or restrict in any way the right or power of the Company or any Subsidiary (or any of their respective shareholders, boards of directors or committees thereof (or any subcommittees), as the case may be) to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Company or any Subsidiary, (b) any merger, amalgamation, consolidation or change in the ownership of the Company or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the Company or any Subsidiary, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer of all or any part of the 114 HEALTHPEAK PROPERTIES Table of Contents Appendix B assets or business of the Company or any Subsidiary, (f) any other award, grant, or payment of incentives or other compensation under any other plan or authority (or any other action with respect to any benefit, incentive or compensation), or (g) any other corporate act or proceeding by the Company or any Subsidiary. No participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Company or any employees, officers or agents of the Company or any Subsidiary, as a result of any such action. Awards need not be structured so as to be deductible for tax purposes. 8.13 Other Company Benefit and Compensation Programs. Payments and other benefits received by a participant under an award made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or arrangements of the Company or its Subsidiaries. 8.14 Section 409A. The intent of the parties is that payments and benefits under this Plan comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and be administered to be in compliance therewith. Notwithstanding anything to the contrary, a participant shall not be considered to have terminated employment with the Company for purposes of any payments under this Plan which are subject to Section 409A of the Code until the participant has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. Any payments described in this Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan or any plan, arrangement or agreement with the Company, during the six (6) month period immediately following the participant’s termination of employment shall instead be paid on the first business day after the date that is six (6) months following the participant’s separation from service (or upon the participant’s death, if earlier). In addition, for purposes of this Plan, each amount to be paid or benefit to be provided to the participant pursuant to this Plan, which constitute deferred compensation subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A of the Code. 8.15 Clawback Policy. The awards granted under this Plan are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or any shares of Common Stock, LTIP Units or other cash or property received with respect to the awards (including any value received from a disposition of the shares or units acquired upon payment of the awards). *  *  * 2023 PROXY STATEMENT 115 Table of Contents Helpful Resources Weblinks Board of Directors healthpeak.com/leadership/board-of-directors/ healthpeak.com/leadership/board-of-directors/ Board Committee Composition committee-composition/ Board Committee Charters healthpeak.com/esg/governance/ Audit Committee Charter Compensation and Human Capital Committee Charter Nominating and Corporate Governance Committee Charter Executive Team healthpeak.com/leadership/executive-team/ Investor Relations ir.healthpeak.com/overview Financial Information ir.healthpeak.com/ SEC Filings ir.healthpeak.com/sec-filings Investor Presentations ir.healthpeak.com/investor-presentations Press Releases ir.healthpeak.com/press-room ESG healthpeak.com/esg/ Annual ESG Report healthpeak.com/esg/ Environmental Initiatives healthpeak.com/esg/environment/ Social Initiatives healthpeak.com/esg/social/ Governance Initiatives healthpeak.com/esg/governance/ Historical Reports healthpeak.com/esg/historical-reports/ Sustainable Finance healthpeak.com/esg/sustainable-finance/ Corporate Governance Documents healthpeak.com/esg/governance/ Code of Business Conduct and Ethics Vendor Code of Business Conduct and Ethics Corporate Governance Guidelines Learn More Corporate Website healthpeak.com Email Alerts and FAQs ir.healthpeak.com/investor-resources Weblinks are provided for convenience only, and the content on the referenced websites does not constitute a part of this proxy statement. Contacts Company Contacts Corporate Secretary Healthpeak Properties, Inc. 4600 South Syracuse Street, Suite 500 Denver, Colorado 80237 Board of Directors Healthpeak Properties, Inc. 4600 South Syracuse Street, Suite 500 Denver, Colorado 80237 Investor Relations InvestorRelations@healthpeak.com Proxy Statement/Annual Meeting Broadridge Financial Solutions, Inc. (Tabulator/Inspector of Election) Broadridge Financial Solutions 51 Mercedes Way Edgewood, New York 11717 866-540-7095 Georgeson LLC (Proxy Solicitor for the Company) 888-607-9107 To Vote Your Shares www.proxyvote.com 800-690-6903 Table of Contents www.healthpeak.com Corporate HQ , Denver, CO 4600 South Syracuse Street, Suite 500 Denver, CO 80237 Irvine, CA 1920 Main Street, Suite 1200 Irvine, CA 92614 Nashville, TN 3000 Meridian Boulevard, Suite 200 Franklin, TN 37067 South San Francisco, CA 2000 Sierra Point Parkway, Suite 100 Brisbane, CA 94005 San Diego, CA 420 Stevens Avenue, Suite 170 Solana Beach, CA 92075 Boston, MA 35 Cambridgepark Drive, Suite 150 Cambridge, MA 02140 Table of Contents HEALTHPEAK PROPERTIES, INC. 1920 MAIN 4600 SOUTH SYRACUSE STREET SUITE 1200 IRVINE, CA 92614500 DENVER, CO 80237 SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET -www.proxyvote.com or scan the QR Barcode abovewww.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time on April 22, 2020. Follow26, 2023. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via emaile-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time on April 22, 2020.26, 2023. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717, so that it is received by Healthpeak before the Annual Meeting.11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: E95107-P34652D96581-P86885 KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. HEALTHPEAK PROPERTIES, INC. The Board of Directors recommends you vote FOR“FOR” each of the director nominees named in proposal 1, and FOR“FOR” proposals 2, 4, and 3:5, and “1 YEAR” for Proposal 3. 1.      Election of Directors For Against Abstain 1. 1a.  Election of Directors Brian G. Cartwright For ☐Against ☐ ☐Abstain 1b. Christine N. Garvey1a. Scott M. Brinker ☐ ☐ ☐ 1c. R. Kent Griffin, Jr. 1b. Brian G. Cartwright ☐ ☐ ☐ 1d. David1c. James B. Henry Connor ☐ ☐ ☐ 1d. Christine N. Garvey ☐ ☐ ☐ 1e. Thomas M. Herzog  R. Kent Griffin, Jr. ☐ ☐ ☐ 1f. Lydia H. Kennard  David B. Henry ☐ ☐ ☐ 1g. Sara G. Lewis ☐ ☐ ☐ 1h. Katherine M. Sandstrom ☐ ☐ ☐ 1g. Sara G. Lewis ☐ ☐ ☐ 1h. Katherine M. Sandstrom ☐ ☐ ☐ For address changes/comments, mark here (see reverse for instructions). ☐ Please indicate if you plan to attend this meeting. ☐ ☐ Yes No For Against Abstain 2.      Approval of 2022 executive compensation on an advisory basis. ☐ ☐ ☐ 1 year 2 years 3 years Abstain 3.      For Against Abstain 2.      Approval, on an advisory basis, of 2019the frequency of future advisory votes on executive compensation. ☐ ☐ ☐ ☐ 3. For Against Abstain 4. Approval of the Healthpeak Properties, Inc. 2023 Performance Incentive Plan. ☐ ☐ ☐ 5. Ratification of the appointment of Deloitte & Touche LLP as Healthpeak Properties, Inc.'s’s independent registered public accounting firm for the year ending December 31, 2020.2023. ☐ ☐ ☐ NOTE: At their discretion, the named proxies are authorized to consider and vote upon such other business as may properly come before the meeting or any adjournments or postponements thereof. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. Signature [PLEASE SIGN WITHIN BOX]   Date Signature (Joint Owners) Date Table of Contents HEALTHPEAK PROPERTIES, INC. ANNUAL MEETING OF STOCKHOLDERS Thursday, April 23, 2020 8:27, 2023 9:30 a.m. Pacific Time Healthpeak Properties, Inc. 1920 Main Street Suite 1200 Irvine,Held In Person AC Hotel by Marriott San Francisco Airport/Oyster Point Waterfront 1333 Veterans Boulevard South San Francisco, CA 9261494080 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and the 20192022 Annual Report are available at http://materials.proxyvote.com/Healthpeak. You can also view these materials atwww.proxyvote.com by using the 16-digit control number provided on this proxy card. E95108-P34652D96582-P86885 This proxy is solicited by the Board of Directors for use at the Annual Meeting on April 23, 2020.27, 2023. By signing this proxy, the undersigned stockholder hereby appoints Brian G. Cartwright and ThomasScott M. Herzog,Brinker, and each of them, with full power of substitution, to act as attorneys and proxies of the undersigned and to vote on behalf of the undersigned all shares of common stock of Healthpeak Properties, Inc., which that the undersigned is entitled to vote at the 20202023 Annual Meeting of Stockholders to be held on Thursday, April 23, 2020,27, 2023, at 8:9:30 a.m. Pacific Time, or any adjournments or postponements thereof. This proxy is revocable and, when properly executed, will be voted in the manner directed herein by the undersigned. If no choice is specified, the proxy (if signed) will be voted "FOR"“FOR” each of the eight director nominees named in Proposal 1, "FOR" Proposal“FOR” Proposals 2, 4, and "FOR"5, and “1 YEAR” for Proposal 3. The shares entitled to be voted by the undersigned will be cast in the discretion of the proxies named above on any other matter that may properly come before the meeting or any adjournments or postponements thereof. Address Changes/Comments:  (If you noted any Address Changes/Comments above, please mark corresponding box on the reverse side.) Continued and to be signed on the reverse side 0000765880 peak:FairValueAtFiscalYearEndOfOutstandingAndUnvestedStockAwardsGrantedInFiscalYearMember ecd:PeoMember peak:HerzogMember 2022-01-01 2022-12-31 0000765880 3 2022-01-01 2022-12-31