# EDGAR Filing Document

**Accession Number:** 0000765880
**File Stem:** 0001104659-23-022897
**Filing Date:** 2023-2
**Character Count:** 119928
**Document Hash:** 78dde41927818f91c52d197e5470616b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-022897.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001104659-23-022897

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEALTHPEAK PROPERTIES, INC.
- **CENTRAL INDEX KEY:** 0000765880
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 330091377
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08895
- **FILM NUMBER:** 23639440

**BUSINESS ADDRESS:**
- **STREET 1:** 5050 SOUTH SYRACUSE STREET
- **STREET 2:** SUITE 800
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 949-407-0700

**MAIL ADDRESS:**
- **STREET 1:** 5050 SOUTH SYRACUSE STREET
- **STREET 2:** SUITE 800
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HCP, INC.
- **DATE OF NAME CHANGE:** 20070911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEALTH CARE PROPERTY INVESTORS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT** Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 16, 2023

**Healthpeak Properties, Inc.**

**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-08895** | **33-0091377** |
| **(State or other Jurisdiction<br> of Incorporation)** | **(Commission File<br> Number)** | **(I.R.S. Employer<br> Identification No.)** |

---

**4600 South Syracuse Street, Suite 500**

**Denver, CO 80237**

**(Address of principal executive offices) (Zip Code)**

**(720) 428-5050**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which<br> registered |
| Common stock, $1.00 par value | PEAK | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On February 13, 2023, in connection with the corporate reorganization announced on February 7, 2023 (the "Reorganization"), Healthpeak Properties, Inc., a Maryland corporation (the "Company"), filed with the U.S. Securities and Exchange Commission (the "SEC") an automatic shelf registration statement on Form S-3ASR (the "New Registration Statement") to replace the automatic shelf registration statement on Form S-3ASR (No. 333-256055) filed with the SEC on May 13, 2021 (the "Prior Registration Statement"). The Prior Registration Statement was terminated in connection with the Reorganization on February 10, 2023.

In connection with the filing of the New Registration Statement, on February 16, 2023, the Company filed the following eleven prospectus supplements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A prospectus supplement covering the offering of 6,982,880 shares of the Company's common stock, par value $1.00 per share ("Common Stock"), pursuant to the Company's Dividend Reinvestment and Stock Purchase Plan (the "DRIP Prospectus Supplement"). The DRIP Prospectus Supplement continues an offering of 12,000,000 shares previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A prospectus supplement covering the issuance of up to 1,053,318 shares of Common Stock to the holders of certain non-managing member units of HCPI/Utah, LLC upon tender of those units in exchange for shares of Common Stock that the Company may issue pursuant to redemption rights set forth in that certain Amended and Restated Limited Liability Company Agreement dated as of January 20, 1999, of HCPI/Utah, LLC, as amended (the "Utah I Operating Agreement"), and the possible resale of shares of our Common Stock by such holders (the "Utah I Exchange and Resale Shares Prospectus Supplement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A prospectus supplement covering the resale of up to 57,637 shares of Common Stock that may be issuable or have been issued upon exchange of 25,074 non-managing member units of HCPI/Utah, LLC (the "Utah I Resale Shares Prospectus Supplement") pursuant to redemption rights set forth in the Utah I Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A prospectus supplement covering the resale of up to 324,539 shares of Common Stock that may be issuable or have been issued upon exchange of 141,188 non-managing member units of HCPI/Utah II, LLC (the "Utah II Resale Shares Prospectus Supplement") pursuant to redemption rights set forth in that certain Amended and Restated Limited Liability Company Agreement, dated as of August 17, 2001, of HCPI/Utah II, LLC, as amended (the "Utah II Operating Agreement"). The Utah II Resale Shares Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A prospectus supplement covering the issuance of up to 1,046,765 shares of Common Stock to the holders of certain non-managing member units of HCPI/Utah II, LLC, upon tender of those units in exchange for shares of Common Stock (the "Utah II Exchange Shares Prospectus Supplement") that the Company may issue pursuant to redemption rights set forth in the Utah II Operating Agreement. The Utah II Exchange Shares Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) A prospectus supplement covering the issuance of up to 1,633,007 shares of Common Stock to the holders of certain non-managing member units of HCPI/Utah II, LLC upon tender of those units in exchange for shares of Common Stock that the Company may issue pursuant to redemption rights set forth in the Utah II Operating Agreement and the possible resale of shares of our Common Stock by such holders (the "Utah II Exchange and Resale Shares Prospectus Supplement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A prospectus supplement covering the resale of up to 281,515 shares of Common Stock that may be issuable upon exchange of 122,473 non-managing member units of HCPI/Tennessee, LLC (the "Tennessee Prospectus Supplement") pursuant to redemption rights set forth in that certain Amended and Restated Limited Liability Company Agreement, as amended, of HCPI/Tennessee, LLC and New Member Joinder Agreement, dated as of October 19, 2005. The Tennessee Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) A prospectus supplement covering the issuance of up to 1,824,603 shares of Common Stock to the holders of non-managing member units of HCP DR MCD, LLC upon tender of those units in exchange for shares of Common Stock (the "MCD Prospectus Supplement") that the Company may issue pursuant to redemption rights set forth in that certain Amended and Restated Limited Liability Company Agreement, dated as of February 9, 2007, of HCP DR MCD, LLC. The MCD Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) A prospectus supplement covering the issuance of up to 52,556 shares of Common Stock to the holders of non-managing member units of HCP DR California II, LLC upon tender of those units in exchange for shares of Common Stock (the "California II Prospectus Supplement") that the Company may issue pursuant to redemption rights set forth in that certain Amended and Restated Limited Liability Company Agreement, dated as of June 1, 2014, of HCP DR California II, LLC. The California II Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) A prospectus supplement covering the issuance of up to 117,079 shares of Common Stock to the holders of non-managing member units of HCP DR California III, LLC upon tender of those units in exchange for shares of Common Stock (the "California III Prospectus Supplement") that the Company may issue pursuant to redemption rights set forth in that certain Amended and Restated Limited Liability Company Agreement, dated as of May 1, 2019, of HCP DR California III, LLC, as amended. The California III Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) A prospectus supplement covering the issuance of up to 898,598 shares of Common Stock to the holders of non-managing member units of SH DR California IV, LLC upon tender of those units in exchange for shares of Common Stock (the "California IV Prospectus Supplement") that the Company may issue pursuant to redemption rights set forth in that certain Second Amended and Restated Limited Liability Company Agreement, dated as of July 18, 2019, of SH DR California IV, LLC, as amended. The California IV Prospectus Supplement continues an offering of Common Stock previously covered by the Prior Registration Statement.

The Company is filing this Current Report on Form 8-K to provide legal opinions of its counsel, Ballard Spahr LLP, regarding the legality of the securities covered by the DRIP Prospectus Supplement, the Utah I Exchange and Resale Shares Prospectus Supplement, the Utah I Resales Shares Prospectus Supplement, the Utah II Resale Shares Prospectus Supplement, the Utah II Exchanges Shares Prospectus Supplement, the Utah II Exchange and Resale Shares Prospectus Supplement, the Tennessee Prospectus Supplement, the MCD Prospectus Supplement, the California II Prospectus Supplement, the California III Prospectus Supplement, and the California IV Prospectus Supplement, which opinions are attached hereto as Exhibits 5.1, 5.2, 5.3, 5.4, 5.5, 5.6, 5.7, 5.8, 5.9, 5.10 and 5.11, respectively.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits. The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **No.** | **Description** |
| [5.1](tm235984d28_ex5-1.htm) | [Opinion of Ballard Spahr LLP (DRIP Prospectus Supplement)](tm235984d28_ex5-1.htm) |
| [5.2](tm235984d28_ex5-2.htm) | [Opinion of Ballard Spahr LLP (Utah I Exchange and Resale Shares Prospectus Supplement)](tm235984d28_ex5-2.htm) |
| [5.3](tm235984d28_ex5-3.htm) | [Opinion of Ballard Spahr LLP (Utah I Resales Shares Prospectus Supplement)](tm235984d28_ex5-3.htm) |
| [5.4](tm235984d28_ex5-4.htm) | [Opinion of Ballard Spahr LLP (Utah II Resale Shares Prospectus Supplement)](tm235984d28_ex5-4.htm) |
| [5.5](tm235984d28_ex5-5.htm) | [Opinion of Ballard Spahr LLP (Utah II Exchange Shares Prospectus Supplement)](tm235984d28_ex5-5.htm) |
| [5.6](tm235984d28_ex5-6.htm) | [Opinion of Ballard Spahr LLP (Utah II Exchange and Resale Shares Prospectus Supplement)](tm235984d28_ex5-6.htm) |
| [5.7](tm235984d28_ex5-7.htm) | [Opinion of Ballard Spahr LLP (Tennessee Prospectus Supplement)](tm235984d28_ex5-7.htm) |
| [5.8](tm235984d28_ex5-8.htm) | [Opinion of Ballard Spahr LLP (MCD Prospectus Supplement)](tm235984d28_ex5-8.htm) |
| [5.9](tm235984d28_ex5-9.htm) | [Opinion of Ballard Spahr LLP (California II Prospectus Supplement)](tm235984d28_ex5-9.htm) |
| [5.10](tm235984d28_ex5-10.htm) | [Opinion of Ballard Spahr LLP (California III Prospectus Supplement)](tm235984d28_ex5-10.htm) |
| [5.11](tm235984d28_ex5-11.htm) | [Opinion of Ballard Spahr LLP (California IV Prospectus Supplement)](tm235984d28_ex5-11.htm) |
| [23.1](tm235984d28_ex5-1.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.1)](tm235984d28_ex5-1.htm) |
| [23.2](tm235984d28_ex5-2.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.2)](tm235984d28_ex5-2.htm) |
| [23.3](tm235984d28_ex5-3.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.3)](tm235984d28_ex5-3.htm) |
| [23.4](tm235984d28_ex5-4.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.4)](tm235984d28_ex5-4.htm) |
| [23.5](tm235984d28_ex5-5.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.5)](tm235984d28_ex5-5.htm) |
| [23.6](tm235984d28_ex5-6.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.6)](tm235984d28_ex5-6.htm) |
| [23.7](tm235984d28_ex5-7.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.7)](tm235984d28_ex5-7.htm) |
| [23.8](tm235984d28_ex5-8.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.8)](tm235984d28_ex5-8.htm) |
| [23.9](tm235984d28_ex5-9.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.9)](tm235984d28_ex5-9.htm) |
| [23.10](tm235984d28_ex5-10.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.10)](tm235984d28_ex5-10.htm) |
| [23.11](tm235984d28_ex5-11.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.11)](tm235984d28_ex5-11.htm) |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 16, 2023

---

| | |
|:---|:---|
| **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** |
| By: | /s/ Peter A. Scott |
|  | Peter A. Scott |
|  | Chief Financial Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

![](tm235984d28_ex5-1img001.jpg)

![](tm235984d28_ex5-1img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

---

| | |
|:---|:---|
| Re: | Healthpeak Properties, Inc., a Maryland corporation (the "Company") - Issuance of up to 6,982,880 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), pursuant to the Company's Dividend Reinvestment and Stock Purchase Plan (the "Plan") |

---

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), consisting of Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company, dated as of February 10, 2023 (collectively, the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (collectively, the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 including the Plan set forth therein, in substantially the form filed or to be filed with
 the Commission pursuant to the Act;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the Plan
 are true, correct and complete, have not been rescinded or modified and are in full force
 and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such other laws, records, documents, certificates,
 opinions and instruments as we have deemed necessary to render this opinion, subject to the
 limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) between the date hereof and the date of
 issuance of the Shares subsequent to the date hereof, the Company will not take any other
 action, including, but not limited to, the issuance of additional shares of Common Stock,
 which will cause the total number of shares of Common Stock of the Company issued and outstanding
 on the date subsequent to the date hereof on which the Shares are issued, after giving effect
 to the issuance of the Shares, to exceed the total number of shares of Common Stock that
 the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized
 for issuance by the Company, and when such Shares are issued and delivered by the Company
 in exchange for payment of the consideration therefor in accordance with the terms and conditions
 set forth in the Plan and the Directors' Resolutions, such Shares will be duly authorized,
 validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.2

**Exhibit 5.2**

![](tm235984d28_ex5-2img01.jpg)

![](tm235984d28_ex5-2img02.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 1,053,318 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in HCPI/Utah, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the "Charter"), consisting of Articles of Incorporation
filed with the State Department of Assessments and Taxation of Maryland (the "Department") on December 13, 2022, Articles of
Amendment and Restatement filed with the Department on February 9, 2023, and Articles of Amendment filed with the Department on February
9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability Company Agreement of the LLC, dated as of January 20, 1999,
as amended (the "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc. <br> February 16, 2023 <br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of the Company, dated as of a recent date (the "Officer's Certificate"),
to the effect that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC Agreement are true, correct and
complete, have not been rescinded or modified and are in full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related form of prospectus supplement relating to the Shares (the "Prospectus
Supplement"), in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly
incorporated and existing under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary
to render this opinion, subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document or agreement on behalf of any party (other than the Company)
is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument, document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as originals are authentic; the form and content of any Documents
submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents
as executed and delivered; any of the Documents submitted to us as certified or photostatic copies conform to the original documents;
all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete;
there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the
Documents by action or omission of the parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including but not limited to the Officer's Certificate, are true, correct
and complete both when made and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common
Stock of the Company issued and outstanding on the date subsequent to the date hereof on which such Shares are issued will not exceed
the total number of shares of Common Stock that the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.<br> February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred in violation of the provisions of Article V of the Charter
relating to restrictions on ownership and transfer of stock or the provisions of Article V of the Charter relating to business combinations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate
thereof, all as defined in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation of Section
3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized for issuance by all necessary corporate action on the
part of the Company, and if, as and when such Shares are issued and delivered by the Company to the applicable Unit Holders in exchange
for Units of the LLC upon redemption thereof, upon and subject to the terms and conditions set forth in the LLC Agreement and the Directors'
Resolutions, such Shares will be duly authorized, validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.3

**Exhibit 5.3**

![](tm235984d28_ex5-6img03.jpg)

![](tm235984d28_ex5-6img04.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 57,637 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in HCPI/Utah, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the "Charter"), consisting of Articles of Incorporation
filed with the State Department of Assessments and Taxation of Maryland (the "Department") on December 13, 2022, Articles of
Amendment and Restatement filed with the Department on February 9, 2023, and Articles of Amendment filed with the Department on February
9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability Company Agreement of the LLC, dated as of January 20, 1999,
as amended (the "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc. <br> February 16, 2023 <br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of the Company, dated as of a recent date (the "Officer's Certificate"),
to the effect that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC Agreement are true, correct and
complete, have not been rescinded or modified and are in full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related form of prospectus supplement relating to the Shares (the "Prospectus
Supplement"), in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly
incorporated and existing under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary
to render this opinion, subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document or agreement on behalf of any party (other than the Company)
is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument, document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as originals are authentic; the form and content of any Documents
submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents
as executed and delivered; any of the Documents submitted to us as certified or photostatic copies conform to the original documents;
all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete;
there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the
Documents by action or omission of the parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including but not limited to the Officer's Certificate, are true, correct
and complete both when made and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common
Stock of the Company issued and outstanding on the date subsequent to the date hereof on which such Shares are issued will not exceed
the total number of shares of Common Stock that the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc. <br> February 16, 2023 <br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred in violation of the provisions of Article V of the Charter
relating to restrictions on ownership and transfer of stock or the provisions of Article V of the Charter relating to business combinations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate
thereof, all as defined in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation of Section
3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized for issuance by all necessary corporate action on the
part of the Company, and if, as and when such Shares are issued and delivered by the Company to the applicable Unit Holders in exchange
for Units of the LLC upon redemption thereof, upon and subject to the terms and conditions set forth in the LLC Agreement and the Directors'
Resolutions, such Shares will be duly authorized, validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.4

**Exhibit 5.4**

![](tm235984d28_ex5-4img001.jpg)

![](tm235984d28_ex5-2img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 324,539 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of non-managing member units (the "Units") in HCPI/Utah II, LLC, a Delaware limited liability company (the "LLC"), upon exchange of such Units, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), consisting of Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability
 Company Agreement of HCPI/Utah II, LLC, dated as of August 17, 2001, as amended (the
 "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued will
 not exceed the total number of shares of Common Stock that the Company is authorized to issue
 under the Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized
 for issuance by all necessary corporate action on the part of the Company, and if, as and
 when such Shares are issued and delivered by the Company to the applicable Unit Holders in
 exchange for Units of the LLC upon redemption thereof, upon and subject to the terms and
 conditions set forth in the LLC Agreement and the Directors' Resolutions, such Shares will
 be duly authorized, validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 4

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.5

**Exhibit 5.5**

![](tm235984d28_ex5-5img001.jpg)

![](tm235984d28_ex5-5img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 1,046,765 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in HCPI/Utah II, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), consisting of Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability
 Company Agreement of the LLC, dated as of August 17, 2001, as amended (the "LLC
 Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued will
 not exceed the total number of shares of Common Stock that the Company is authorized to issue
 under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized
 for issuance by all necessary corporate action on the part of the Company, and if, as and
 when such Shares are issued and delivered by the Company to the applicable Unit Holders in
 exchange for Units of the LLC upon redemption thereof, upon and subject to the terms and
 conditions set forth in the LLC Agreement and the Directors' Resolutions, such Shares will
 be duly authorized, validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.6

**Exhibit 5.6**

![](tm235984d28_ex5-6img05.jpg)

![](tm235984d28_ex5-6img06.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 1,633,007 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in HCPI/Utah II, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the "Charter"), consisting of Articles of Incorporation
filed with the State Department of Assessments and Taxation of Maryland (the "Department") on December 13, 2022, Articles of
Amendment and Restatement filed with the Department on February 9, 2023, and Articles of Amendment filed with the Department on February
9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability Company Agreement of the LLC, dated as of August 17, 2001,
as amended (the "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc. <br> February 16, 2023 <br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of the Company, dated as of a recent date (the "Officer's Certificate"),
to the effect that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC Agreement are true, correct and
complete, have not been rescinded or modified and are in full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related form of prospectus supplement relating to the Shares (the "Prospectus
Supplement"), in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly
incorporated and existing under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary
to render this opinion, subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document or agreement on behalf of any party (other than the Company)
is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument, document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as originals are authentic; the form and content of any Documents
submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents
as executed and delivered; any of the Documents submitted to us as certified or photostatic copies conform to the original documents;
all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete;
there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the
Documents by action or omission of the parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including but not limited to the Officer's Certificate, are true, correct
and complete both when made and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common
Stock of the Company issued and outstanding on the date subsequent to the date hereof on which such Shares are issued will not exceed
the total number of shares of Common Stock that the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc. <br> February 16, 2023 <br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred in violation of the provisions of Article V of the Charter
relating to restrictions on ownership and transfer of stock or the provisions of Article V of the Charter relating to business combinations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate
thereof, all as defined in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation of Section
3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized for issuance by all necessary corporate action on the
part of the Company, and if, as and when such Shares are issued and delivered by the Company to the applicable Unit Holders in exchange
for Units of the LLC upon redemption thereof, upon and subject to the terms and conditions set forth in the LLC Agreement and the Directors'
Resolutions, such Shares will be duly authorized, validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.7

**Exhibit 5.7**

![](tm235984d28_ex5-7img001.jpg)

![](tm235984d28_ex5-3img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 281,515 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock") to be issued to one or more holders (the "Unit Holders") of non-managing member units (the "Units") in HCPI/Tennessee, LLC, a Delaware limited liability company (the "LLC"), upon exchange of such Units, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), consisting of Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability
 Company Agreement of HCPI/Tennessee, LLC, dated as of October 2, 2003, as amended (the
 "LLC Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued will
 not exceed the total number of shares of Common Stock that the Company is authorized to issue
 under the Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized
 for issuance by all necessary corporate action on the part of the Company, and if, as and
 when such Shares are issued and delivered by the Company to the applicable Unit Holders in
 exchange for Units of the LLC upon redemption thereof, upon and subject to the terms and
 conditions set forth in the LLC Agreement and the Directors' Resolutions, such Shares will
 be duly authorized, validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 4

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.8

**Exhibit 5.8**

![](tm235984d28_ex5-8img001.jpg)

![](tm235984d28_ex5-4img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 1,824,603 shares (the "Shares") of common stock of the Company, par value one dollar ($1.00) per share ("Common Stock"), to be issued to one or more holders (the "Selling Unit Holders") of units representing non-managing membership interests (the "Units") in HCP DR MCD, LLC, a Delaware limited liability company (the "LLC"), upon exchange of such Units, under the Securities Act of 1933, as amended (the "Act"), by the Company under the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), consisting of Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability
 Company Agreement of HCP DR MCD, LLC, dated as of February 9, 2007, as amended (the
 "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued will
 not exceed the total number of shares of Common Stock that the Company is authorized to issue
 under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly reserved and authorized
 for issuance by all necessary corporate action on the part of the Company, and if, as and
 when such Shares are issued and delivered by the Company to the Selling Unit Holders in exchange
 for Units of the LLC, upon and subject to the terms and conditions set forth in the LLC Agreement
 and the Directors' Resolutions, such Shares will be duly authorized, validly issued, fully
 paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the law of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.9

**Exhibit 5.9**

![](tm235984d28_ex5-9img001.jpg)

![](tm235984d28_ex5-6img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 52,556 shares (the "Shares") of common stock of the Company, par value $1.00 per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in HCP DR California II, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), pursuant to the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), represented by Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company, dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability
 Company Agreement of HCP DR California II, LLC, dated as of June 1, 2014, as amended
 (the "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued, after
 giving effect to such issuance of such Shares, will not exceed the total number of shares
 of Common Stock that the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly authorized for
 issuance by all necessary corporate action on the part of the Company, and if, as and when
 such Shares are issued and delivered by the Company to the applicable Unit Holders in exchange
 for Units of the LLC upon redemption thereof, upon and subject to the terms and conditions
 set forth in the LLC Agreement and the Directors' Resolutions, such Shares will be duly authorized,
 validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.10

**Exhibit 5.10**

![](tm235984d28_ex5-10img001.jpg)

![](tm235984d28_ex5-7img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 117,079 shares (the "Shares") of common stock of the Company, par value $1.00 per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in HCP DR California III, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), pursuant to the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), represented by Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Amended and Restated Limited Liability
 Company Agreement of HCP DR California III, LLC, dated as of May 1, 2019, as amended
 (the "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued, after
 giving effect to such issuance of such Shares, will not exceed the total number of shares
 of Common Stock that the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly authorized for
 issuance by all necessary corporate action on the part of the Company, and if, as and when
 such Shares are issued and delivered by the Company to the applicable Unit Holders in exchange
 for Units of the LLC upon redemption thereof, upon and subject to the terms and conditions
 set forth in the LLC Agreement and the Directors' Resolutions, such Shares will be duly authorized,
 validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 5.11

**Exhibit 5.11**

![](tm235984d28_ex5-11img001.jpg)

![](tm235984d28_ex5-8img002.jpg)

February 16, 2023

Healthpeak Properties, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

Re: <u>Healthpeak Properties, Inc., a Maryland corporation (the "Company")</u>

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of 898,598 shares (the "Shares") of common stock of the Company, par value $1.00 per share ("Common Stock"), to be issued to one or more holders (the "Unit Holders") of units representing non-managing membership interests (the "Units") in SH DR California IV, LLC, a Delaware limited liability company (the "LLC"), in exchange for such Units upon redemption thereof, under the Securities Act of 1933, as amended (the "Act"), pursuant to the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"). You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the
 "Charter"), represented by Articles of Incorporation filed with the State Department
 of Assessments and Taxation of Maryland (the "Department") on December 13,
 2022, Articles of Amendment and Restatement filed with the Department on February 9,
 2023, and Articles of Amendment filed with the Department on February 9, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Bylaws of the
 Company dated as of February 10, 2023 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain resolutions adopted by the Board
 of Directors of the Company (the "Directors' Resolutions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Second Amended and Restated Limited
 Liability Company Agreement of SH DR California IV, LLC, dated as of July 18, 2019,
 as amended (the "LLC Agreement");

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of one or more officers of
 the Company, dated as of a recent date (the "Officer's Certificate"), to the effect
 that, among other things, the Charter, the Bylaws, the Directors' Resolutions and the LLC
 Agreement are true, correct and complete, have not been rescinded or modified and are in
 full force and effect on the date of the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and the related
 form of prospectus supplement relating to the Shares (the "Prospectus Supplement"),
 in substantially the form filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a status certificate of the Department,
 dated as of a recent date, to the effect that the Company is duly incorporated and existing
 under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other laws, records, documents,
 certificates, opinions and instruments as we have deemed necessary to render this opinion,
 subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document
 or agreement on behalf of any party (other than the Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument,
 document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the Documents submitted to us as
 originals are authentic; the form and content of any Documents submitted to us as unexecuted
 drafts do not differ in any respect relevant to this opinion from the form and content of
 such documents as executed and delivered; any of the Documents submitted to us as certified
 or photostatic copies conform to the original documents; all signatures on all of the Documents
 are genuine; all public records reviewed or relied upon by us or on our behalf are true and
 complete; there has been no modification of, or amendment to, any of the Documents, and there
 has been no waiver of any provision of any of the Documents by action or omission of the
 parties or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including
 but not limited to the Officer's Certificate, are true, correct and complete both when made
 and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the issuance of any of the Shares subsequent
 to the date hereof, the total number of shares of Common Stock of the Company issued and
 outstanding on the date subsequent to the date hereof on which such Shares are issued, after
 giving effect to such issuance of such Shares, will not exceed the total number of shares
 of Common Stock that the Company is authorized to issue under the Charter;

**BALLARD SPAHR LLP**

Healthpeak Properties, Inc.

February 16, 2023<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued or transferred
 in violation of the provisions of Article V of the Charter relating to restrictions
 on ownership and transfer of stock or the provisions of Article V of the Charter relating
 to business combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Shares will be issued and sold
 to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation
 of Section 3-602 of the MGCL.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and
 is validly existing as a corporation in good standing under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been duly authorized for
 issuance by all necessary corporate action on the part of the Company, and if, as and when
 such Shares are issued and delivered by the Company to the applicable Unit Holders in exchange
 for Units of the LLC upon redemption thereof, upon and subject to the terms and conditions
 set forth in the LLC Agreement and the Directors' Resolutions, such Shares will be duly authorized,
 validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to your filing this opinion as an exhibit to the Company's Current Report on Form 8-K relating to the Shares, which is incorporated by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Prospectus Supplement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---