Form 4: Healthpeak Properties Executive Acquires LTIP Units Following Performance Milestone

Healthpeak Properties' Chief Development Officer and Head of Lab, Scott R. Bohn, acquired a total of 29,648 LTIP units after performance conditions were met.

Summary

• Scott R. Bohn, Chief Development Officer and Head of Lab at Healthpeak Properties, acquired 6,335 LTIP units on January 30, 2025, which were previously granted on February 10, 2022, and an additional 23,313 LTIP units granted on February 16, 2024.
• These LTIP units were earned after the company's Compensation and Human Capital Committee determined that the performance conditions were met on January 30, 2025.
• The LTIP units are convertible into common units of Healthpeak OP, LLC, and are redeemable for cash or shares of Healthpeak Properties' common stock.
• The 6,335 LTIP units were previously granted as performance-based restricted stock units, which were later cancelled and replaced with LTIP units.
• The 23,313 LTIP units vest in three equal installments on the anniversaries of the grant date, contingent on continued employment.

Sentiment

Score: 7

Explanation: The document reflects a positive event of performance goals being met, leading to the vesting of LTIP units for an executive. This is generally a positive sign for the company's performance and management alignment.

Positives

• The vesting of LTIP units indicates that performance goals were achieved, which is a positive sign for the company's performance.
• The conversion of LTIP units to common stock or cash provides flexibility for the executive.
• The vesting schedule for the 2024 grant incentivizes continued employment of the executive.

Industry Context

This filing is a routine disclosure of executive compensation in the form of LTIP units, which is a common practice in the real estate investment trust (REIT) industry to align management interests with shareholder value.

Comparison to Industry Standards

• The use of LTIP units is a common practice among REITs and other publicly traded companies to incentivize executives based on performance.
• Companies like Alexandria Real Estate Equities and Ventas also use similar equity-based compensation plans.
• The vesting schedule of the 2024 grant is typical, with vesting occurring over multiple years to encourage long-term commitment.

Stakeholder Impact

• Shareholders may view the vesting of LTIP units positively, as it indicates that performance goals were met.
• Employees may see this as a positive sign of the company's performance and commitment to rewarding executives.

Key Dates

Keywords

LTIP Units, Healthpeak Properties, Executive Compensation, Performance-Based Units, Stock Options, SEC Form 4, Scott R. Bohn