Kelvin O. Moses
About Kelvin O. Moses
Kelvin O. Moses is Chief Financial Officer of Healthpeak Properties (NYSE: DOC), appointed April 24, 2025, after joining the company in 2018 and progressing through investments and portfolio management leadership roles; he holds a B.A. from Georgetown University and is age 36 . Under his leadership, Healthpeak integrated the $5B Physicians Realty Trust merger and delivered $50M first-year synergies, $10M above initial forecast; company 2024 performance included FFO as Adjusted of $1.81 per share, Net Debt/Adjusted EBITDAre of 5.2x, and 5.4% same-store cash NOI growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Healthpeak Properties, Inc. | Executive Vice President – Investments & Portfolio Management | 2022–Mar 2025 | Led integration of $5B Physicians Realty Trust merger; delivered $50M first-year synergies (above $40M forecast), establishing largest owner of outpatient medical real estate |
| Healthpeak Properties, Inc. | Vice President – Investments | 2019–2022 | Investments and portfolio oversight in outpatient medical and lab assets |
| Healthpeak Properties, Inc. | Director – Life Science Estates | 2018–2019 | Supported lab development, leasing and operations |
| Barclays PLC | Healthcare and Real Estate Investment Banking | Pre-2018 (exact dates not disclosed) | Capital markets and advisory experience in healthcare and real estate sectors |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Georgetown University (education) | Bachelor of Arts; varsity athlete | N/A | Foundational academic and leadership credentials |
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $550,000 | Apr 24, 2025 | As CFO; participates in STIP and LTIP as described in the 2025 proxy |
Performance Compensation
Appointment Equity Awards (CFO)
| Award Type | Grant Date | Grant Date Fair Value | Vesting / Performance | Holding Requirement |
|---|---|---|---|---|
| Retentive equity award (service-based; RSUs or profits interest units) | Apr 24, 2025 | $380,000 | 3-year annual vesting; subject to a minimum Normalized FFO per share performance hurdle in grant year | 1-year post-vesting holding period |
| Performance-based equity award | Apr 24, 2025 | $570,000 | 3-year cliff vest based on relative TSR (peer sets) and Net Debt/Adjusted EBITDAre (for 2024 LTIP structure); 0–200% payout schedule | 1-year post-vesting holding period |
STIP (Annual Bonus) Structure and Results
| Metric | Weight | Target | Actual | Payout Scaling | 2024 Outcome |
|---|---|---|---|---|---|
| Normalized FFO per share | 35% | Set at midpoint of initial 2024 guidance | $1.81 | 50%/100%/150%/200% for Threshold/Target/High/Outperformance | 183.3% payout for metric |
| Run-Rate Synergies (merger and internalization) | 20% | Set per 2024 guidance | $53.6M | Same scaling as above | 200% payout for metric |
| Corporate Impact (ESG & HCM scorecard) | 15% | 20 total points | 19 points | 50%/100%/150% (no 200% level) | 150% payout for metric |
| Individual Performance | 30% | Committee assessment | N/A | 0–150% discretionary (objective criteria guided) | NEOs ranged 140–150% in 2024 |
Note: Kelvin’s individual 2024 award was not disclosed; he will participate in the plan going forward. 2025 STIP shifts weightings to Normalized FFO 55%, Net Debt/EBITDAre 15% (replaces synergies), Corporate Impact 10%, Individual 20% .
LTIP (Long-Term Incentive) Structure
| Component | Weight | Performance Hurdle | Payout vs. Target | Notes |
|---|---|---|---|---|
| 3-year Relative TSR (peer sets) | 40% | Threshold: 25% below mean; Target: at mean; High: 25% above mean | 0%/100%/200% | Comparator peers updated in 2024 to reflect business mix |
| 3-year Net Debt/Adjusted EBITDAre | 20% | Threshold: 6.0x; Target: 5.5x; High: 5.0x | 0%/100%/200% | Promotes balance sheet discipline |
| Retentive (service-based) | 40% | 3-year ratable vest; 2024 hurdle ≥$1.30 Normalized FFO per share | N/A | Performance hurdle met for 2024 awards |
Recent LTIP outcomes: The 2022–2024 performance-based LTIP paid 71% blended overall; 2023–2025 tracking below target and 2024–2026 tracking above target as of 12/31/2024 (not final) .
Equity Ownership & Alignment
| Policy / Feature | Details | Compliance / Prohibitions |
|---|---|---|
| Executive stock ownership guidelines | CEO 10x salary; other NEOs 6x; other executive officers 3x; 5-year compliance window; performance-based awards excluded until earned | Tested annually each May 15; all NEOs subject in 2024 met guidelines |
| Anti-hedging / anti-pledging | Prohibited for directors, officers, employees; robust insider trading policy with pre-clearance | No hedging or pledging allowed |
| Post-vesting holding | 1-year post-vesting hold on LTIP awards | Reduces near-term selling pressure |
| Options outstanding | No stock options outstanding as of Dec 31, 2024 / March 2025; program uses RSUs and profits interest units | Eliminates option repricing risk |
Note: Kelvin’s individual beneficial ownership was not separately disclosed in the 2025 proxy; he is included within “all directors and executive officers as a group” .
Employment Terms
| Term | Detail |
|---|---|
| Appointment as CFO | Effective April 24, 2025 |
| Base salary | $550,000 |
| Incentive eligibility | Participates in STIP and LTIP as described in 2025 proxy |
| Appointment grants | Retentive equity award $380,000 FV; performance-based equity award $570,000 FV; LTIP terms apply (TSR, leverage, service-based vest) |
| Severance plan (no CIC) | CFO-level executives receive 2x base + greater of target bonus or 3-year average bonus; prorated current-year bonus (actuals); cash in lieu of health benefits for 2 years; service-based equity continues vesting for 24 months then accelerates; performance-based equity continues per terms |
| CIC severance plan (double-trigger) | CFO-level executives receive 2.5x base + greater of target or 3-year average bonus; cash in lieu of health benefits for 2.5 years; prorated bonus; retirement plan vesting; equity continues/accelerates per award terms; no tax gross-ups; restrictive covenants apply during severance period |
| Clawback policy | Recovery of incentive comp for three years preceding a material restatement |
| Non-compete / non-solicit | Required under severance/CIC plans; duration tied to severance payout period; indefinite confidentiality |
| Related party transactions | None reported for Kelvin at appointment; no arrangement/understanding beyond succession plan |
Investment Implications
- Strong compensation alignment: Heavy at-risk mix (STIP/relative TSR/leverage metrics + service-based equity with post-vesting holding) and strict ownership/anti-hedging/anti-pledging policies reduce misalignment risk and temper near-term selling pressure .
- Retention supported but disciplined: Appointment grants and service-based vesting with a one-year hold support retention; severance plan standardization (no individual contracts, no tax gross-ups) and double-trigger CIC reduce windfall risk while providing competitive protections to retain key talent .
- Execution track record: Moses’ integration leadership delivering $50M synergies above forecast is a positive indicator for value creation in outpatient medical and lab strategies; 2024 pay outcomes show above-target STIP on operating metrics while earlier LTIP TSR paid below target, reinforcing pay-for-performance balance .
- Watch items: Individual beneficial ownership is not disclosed; monitor future Form 4 filings for selling cadence around vest dates and post-vesting holding releases, and for 2025 STIP metric changes increasing emphasis on Normalized FFO per share and leverage management .