HEALTHPEAK PROPERTIES, INC. — Director's Dealing 2021

Feb 9, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEALTHPEAK PROPERTIES, INC. (PEAK)
CIK: 0000765880
Period of Report: 2021-02-04

Reporting Person: HERZOG THOMAS M (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-26	Common Stock	G	53740	—	Disposed	106194	Direct
2020-03-05	Common Stock	G	31335	—	Disposed	74859	Direct
2021-02-04	Common Stock	A	75048	—	Acquired	149907	Direct
2021-02-04	Common Stock	A	154342	—	Acquired	304249	Direct
2021-02-04	Common Stock	A	71531	—	Acquired	375780	Direct
2021-02-04	Common Stock	A	9458	—	Acquired	385238	Direct
2021-02-04	Common Stock	A	4385	—	Acquired	389623	Direct
2021-02-04	Common Stock	F	125297	$30.55	Disposed	264326	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	190048	Indirect

Footnotes

F1: Represents performance-based restricted stock units previously granted to the reporting person by the Company on February 14, 2020. The performance conditions applicable to the award were determined to have been satisfied by the Company's Compensation and Human Capital Committee (the "Compensation Committee") on February 4, 2021 (the "Determination Date"), resulting in one-third (1/3) of the shares subject to the award vesting on each of the first, second and third anniversaries of the grant date, subject to the reporting person's continued employment with the Company through the applicable vesting date.

F2: Each restricted stock unit represents the right to receive one share of common stock, subject to the applicable vesting schedule.

F3: Represents the number of performance-based restricted stock units previously granted to the reporting person by the Company on February 14, 2018. The performance conditions applicable to the award were determined to have been satisfied by the Compensation Committee on the Determination Date, resulting in the award vesting in full on the Determination Date.

F4: Represents the number of performance-based restricted stock units previously granted to the reporting person by the Company on October 3, 2018. The performance conditions applicable to the award were determined to have been satisfied by the Compensation Committee on the Determination Date, resulting in the award vesting in full on the Determination Date.

F5: This forfeiture of shares to satisfy applicable tax withholding in connection with several of the awards referenced above and does not constitute a sale transaction. Pursuant to the applicable award agreements, shares are required to be forfeited to satisfy applicable tax withholding in connection with the vesting of such awards.

F6: Reflects the transfer by the reporting person of 85,075 shares of the Issuer's common stock in the aggregate to a family trust on February 26, 2020 and March 5, 2020, as separately reported in this Form 4.