Healthpeak Properties (HCP) (PEAK) Prices 15M Share Common Offering at $35/Sh

Healthpeak Properties, Inc. (NYSE: HCP) or ((NYSE: PEAK) effective November 5, 2019) ("Healthpeak") announced today the public offering of 15,000,000 shares of its common stock at a price of $35.00 per share in connection with its agreement to sell its common stock pursuant to the forward sale agreement described below. The underwriters have been granted a 30-day option to purchase up to an additional 2,250,000 shares of Healthpeak's common stock.

BofA Securities and Morgan Stanley are acting as lead book-runners, and Barclays and Goldman Sachs are acting as additional book-runners for this offering.

Healthpeak entered into a forward sale agreement with an affiliate of BofA Securities (the "forward purchaser"). The forward purchaser (or its affiliate) is expected to borrow from third parties, and sell to the underwriters, the 15,000,000 shares of Healthpeak's common stock (or an aggregate of 17,250,000 shares if the underwriters exercise their option to purchase additional shares in full) in the offering.

Healthpeak has agreed to issue and deliver, upon physical settlement of such forward sale agreement on one or more dates specified by Healthpeak within 12 months of entry into the forward sale agreement, up to 15,000,000 shares of Healthpeak's common stock (or an aggregate of 17,250,000 shares if the underwriters exercise their option to purchase additional shares in full) to the forward purchaser. In exchange for the shares, Healthpeak will receive cash proceeds per share equal to the applicable forward sale price per share, subject to certain adjustments as provided in the forward sale agreement.

Healthpeak intends to use the net proceeds, if any, received upon settlement of the forward sale agreement to fund potential acquisitions, developments, redevelopments and other investment opportunities. We may also use the net proceeds for general corporate purposes, including to repay indebtedness.

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