Material Agreement (Form 8-K)

Amendments to Credit Agreements and Incremental Delayed Draw Term Loan

On March 23, 2026 (the "Closing Date"), concurrently with the completion of Janus Living, Inc.'s ("Janus Living") registered underwritten initial public offering (the "Janus IPO"), Healthpeak Properties, Inc., a Maryland corporation ("Healthpeak"), Healthpeak OP, LLC, a Maryland limited liability company ("Healthpeak OP"), DOC DR Holdco, LLC, a Maryland limited liability company and a wholly owned subsidiary of Healthpeak OP ("DOC Holdco"), DOC DR, LLC, a Maryland limited liability company and a wholly owned subsidiary of Healthpeak OP ("DOC DR") entered into:

(a) the Amendment No. 5, dated as of the Closing Date (the "Healthpeak Term Loan Amendment") to its Term Loan Agreement, dated as of August 22, 2022, by and among Healthpeak OP, Healthpeak, DOC Holdco, DOC DR, the lenders party thereto and Bank of America, N.A., as administrative agent (as amended pursuant to the Consent and Amendment No. 1, dated as of February 10, 2023, the Consent and Amendment No. 2 and Joinder, dated as of March 1, 2024, the Amendment No. 3, dated as of December 9, 2024, and the Amendment No. 4, dated as of October 3, 2025, the "Healthpeak Term Loan Credit Agreement"; as amended by the Healthpeak Term Loan Amendment, the "Amended Healthpeak Term Loan Credit Agreement"),

(b) the Amendment No. 2, dated as of the Closing Date (the "Revolver Amendment") to its Third Amended and Restated Credit Agreement, dated as of December 9, 2024, by and among Healthpeak OP, Healthpeak, DOC Holdco, DOC DR, the lenders party thereto and Bank of America, N.A., as administrative agent (as amended pursuant to the Amendment No. 1, dated as of October 3, 2025, the "Revolving Credit Agreement"; as amended by the Revolver Amendment, the "Amended Revolving Credit Agreement"), and

(c) the Sixth Amendment, dated as of the Closing Date (the "Physicians Realty Term Loan Amendment"; together with the Healthpeak Term Loan Amendment and the Revolver Amendment, the "Amendments") to its Third Amended and Restated Credit Agreement, dated as of September 24, 2021, by and among Healthpeak OP, Healthpeak, DOC Holdco, DOC DR, the lenders party thereto and KeyBank National Association, as administrative agent (as amended pursuant to the First Amendment to Third Amended and Restated Credit Agreement, dated as of March 31, 2023, the Second Amendment to Third Amended and Restated Credit Agreement, dated as of May 24, 2023, the Consent and Third Amendment to Third Amended and Restated Credit Agreement, dated as of February 21, 2024, the Fourth Amendment to Third Amended and Restated Credit Agreement, dated as of December 9, 2024, the Fifth Amendment to Third Amended and Restated Credit Agreement, dated as of October 1, 2025, the "Physicians Realty Term Loan Credit Agreement"; as amended by the Physicians Realty Term Loan Amendment, the "Amended Physicians Realty Term Loan Credit Agreement").

Among other things, the Amendments (a) provide the consent of the applicable lenders to the Janus IPO and the other transactions consummated in connection therewith, (b) in the case of the Healthpeak Term Loan Amendment, establish the Incremental DDTL Facility and implement the Incremental Increase (each as described below) and (d) make certain other amendments to the Healthpeak Term Loan Credit Agreement, the Revolving Credit Agreement and Physicians Realty Term Loan Credit Agreement in connection with the foregoing as more fully set forth in Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K.

The Revolving Amendment did not result in any change to the maturity date, pricing or amount of commitments outstanding under the Revolving Credit Agreement. The Physicians Realty Term Loan Amendment did not result in any change to the maturity date, pricing or amount of term loans outstanding under the Physicians Realty Term Loan Credit Agreement.