HEALTHPEAK PROPERTIES, INC. Fair Value Disclosure
| December 31, | |||||||||||||||||||||||
2025(3) | 2024(3) | ||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Loans receivable, net(2) | $ | 606,020 | $ | 620,575 | $ | 655,917 | $ | 668,364 | |||||||||||||||
Interest rate swap assets(2) | 5,626 | 5,626 | 35,120 | 35,120 | |||||||||||||||||||
Bank line of credit and commercial paper(2) | 1,078,850 | 1,078,850 | 150,000 | 150,000 | |||||||||||||||||||
Term loans(2) | 1,647,113 | 1,647,113 | 1,646,043 | 1,646,043 | |||||||||||||||||||
Senior unsecured notes(1) | 6,772,722 | 6,813,448 | 6,563,256 | 6,373,528 | |||||||||||||||||||
Mortgage debt(2) | 349,209 | 347,291 | 356,750 | 350,292 | |||||||||||||||||||
Interest rate swap liabilities(2) | 9,635 | 9,635 | — | — | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 3, 2026 | Showing above |
| 2024 | Feb 4, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 10, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 13, 2017 | |
| 2015 | Feb 9, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.