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Investor Presentation March 2025 UF North Medical Building Jacksonville, FL
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Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, is subject to change and speaks only as of the date hereof. This presentation is not complete and is only a summary of the more detailed information included elsewhere, including in our Securities and Exchange Commission (“SEC”) filings. No representation or warranty, express or implied, is made and you should not place undue reliance on the accuracy, fairness or completeness of the information presented. Forward-Looking Statements Statements contained in this presentation that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release, including statements regarding our anticipated synergies from our merger with Physicians Realty Trust (the "Merger"); (ii) and outlooks relating to lab and outpatient medical; and (iii) potential capital sources and uses. Pending acquisitions, dispositions, development or redevelopment activity, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: macroeconomic trends, including inflation, interest rates, construction and labor costs, and unemployment; risks associated with the merger, including, but not limited to, macroeconomic trends that may increase construction, labor and other operating costs; changes within the life science industry; significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; our ability to satisfy environmental, social and governance and sustainability commitments and requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, including the coronavirus disease (Covid), and health and safety measures intended to reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the Coronavirus, Aid, Relief and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; changes in federal, state, or local laws or regulations that may limit our opportunities to participate in the ownership of, or investment in, healthcare real estate; our ability to successfully integrate our operations with Physicians Realty Trust and realize the anticipated synergies of our merger with Physicians Realty Trust and benefits of property management internalization; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our SEC filings. Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. Except as required by law, we do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made. Market and Industry Data This presentation also includes market and industry data that the Company has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. Such data is often based on industry surveys and preparers’ experience in the industry. Similarly, although Healthpeak believes that the surveys and market research that others have performed are reliable, such surveys and market research are subject to assumptions, estimates and other uncertainties and Healthpeak has not independently verified this information. Non-GAAP Financial Measures This presentation contains certain supplemental non-GAAP financial measures. While the Company believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this presentation should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. We caution you that there are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company’s computation of non-GAAP financial measures may not be comparable to those reported by other REITs. You can find reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the fourth quarter 2024 Discussion and Reconciliation of Non-GAAP Financial Measures available on our website at http://ir.healthpeak.com/quarterly-results. This document is hereafter referred to as the “4Q24 Non-GAAP” in these materials. In addition, the Appendix to this presentation entitled "Reconciliation of Certain Non-GAAP Financial Measures" provides updated reconciliations for certain forward-looking non-GAAP financial measures to their respective most directly comparable GAAP financial measure. Definitions and a discussion of non-GAAP financial measures presented herein are included in the 4Q24 Non- GAAP. 2Investor Presentation – March 2025
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About Healthpeak Healthpeak is a leading owner, operator, and developer of real estate for healthcare discovery and delivery. Our real estate is uniquely positioned to benefit from the aging population and universal desire for better health with purpose-built lab campuses, a high-quality outpatient medical portfolio affiliated with leading health systems, and a highly-differentiated and attractive 15-property senior housing portfolio with over 7,000 units. 49M SF 697 Properties $24B Total Assets 6.0% Dividend Yield Baa1 / BBB+ Credit Ratings S&P 500 Company Investor Presentation – March 2025 3 Baylor Scott & White Charles A. Sammons Cancer Center Dallas, TX – Outpatient Medical Portfolio Vantage South San Francisco, CA – Lab Portfolio Note: Total square footage and property count as of 12/31/24. Total Assets based on Total Portfolio Investment as of 12/31/24 , see 4Q24 Non-GAAP. Dividend yield based on Healthpeak’s $1.22 annualized dividend and a share price of $20.18 as of 2/27/25. Future dividends are at the discretion of Healthpeak’s Board o f Directors. Baa1 credit rating from Moody’s, BBB+ credit rating from S&P Global. Freedom Plaza Tampa, FL – Senior Housing Portfolio
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How Healthpeak Will Generate Superior Long-Term Returns National and local scale with leading technology and experienced team to drive leasing outperformancePlatform Portfolio Two decades of building relationships with leading health systems and biopharma tenants generates leasing and investment opportunities not available to the broader market Relationships Relentless focus on growing earnings and net cash flowCapital Allocation Balance Sheet Fortress balance sheet allows us to capitalize on compelling opportunities High-quality buildings in prime locations generate superior leasing economics with lower cap-ex Investor Presentation – March 2025 4
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▪ Well-covered ~6.0% dividend yield plus 3-4% same-store growth ▪ $60M future Cash NOI upside from marquee lab dev/redev campuses plus ~$15M additional merger synergies in 2025+ ▪ Under-levered balance sheet with $500M to $1B of dry powder for accretive investments and / or share repurchases o $161M of total investments committed in December 2024 through February 2025, and $22M of share repurchases in February 2025 at an average price of $19.45 per share ▪ Additional total return opportunity from stock price reversion to consensus NAV and historical FFO multiple Why Invest in Healthpeak 5 ▪ Double digit earnings growth over the last three years (FFO as Adjusted +12% | AFFO +19%) ▪ Increased quarterly dividend by 2% in February 2025; will pay dividends monthly starting in April 2025(2) ▪ Record year of leasing in 2024: over 8M SF across Outpatient Medical (6.2M SF) and Lab (2.1M SF) ▪ Record year of senior housing performance: 21% SS growth and $143M of entry fee net cash receipts ▪ Achieved ~$50M of merger synergies in 2024; completed internalization of property management across 14 markets totaling over 19M square feet ▪ Sold $1.3B of less/non-core assets at a 6.4% cash cap rate and repurchased $188M of stock at a high-7% implied cap rate in 2024 Investor Presentation – March 2025 Executing With Excellence(1) Compelling Value and Growth Opportunity(1) 1) “Same-store growth” represents Merger-Combined Same-Store Cash (Adjusted) NOI growth. Reconciliations, definitions, and importan t discussions regarding the usefulness and limitations of the non-GAAP financial measures including AFFO, FFO as Adjusted, “EBITDAre”, Cash NOI, and “Merger -Combined Same-Store” (referred to herein as “same-store” or “SS”) used in this presentation can be found in the 4Q 2024 Non-GAAP at http://ir.healthpeak.com/quarterly-results. 3.5% same-store growth represents the mid -point of Healthpeak’s 2025 same-store Guidance, see page 10 for details on estimated Cash NOI upside. Dividend yield based on Healthpeak’s $1.22 annualized dividend and a share price of $20.18 as of 2/27/25. Consensus NAV per share of $24.63 as of 2/27/25 per S&P Capital IQ. 2) On February 3, 2025, Healthpeak's Board of Directors declared a 2% increase in the Company's quarterly cash dividend on its c ommon stock, from $0.30 per share to $0.305 per share. On an annualized basis, the first quarter dividend represents a distribution of $1.22 per common share. Future dividends are in the discretion of Healthpeak’s Board of Directors.
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Double Digit Earnings Growth Over the Past Three Years 6 FFO as Adjusted per Share(1) AFFO per Share(1) $1.61 $1.81 2021 2024 $1.35 $1.60 2021 2024 +12% +19% Investor Presentation – March 2025 Earnings growth driven by development earn-in, property performance, merger synergies, and more efficient G&A 1) Reconciliations of the non-GAAP financial measures can be found in the 4Q 2024 Non -GAAP at http://ir.healthpeak.com/quarterly-results.
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2024 Leasing: Executing with Excellence Strong outpatient fundamentals, leading lab relationships & scale, and a senior housing portfolio targeting younger, healthier seniors all contributed to record leasing across the business 7 1.0 2.1 2023 2024 5.5 6.2 2023 2024 $127 $143 2023 2024 Outpatient Medical Lease Executions(1) Lab Lease Executions Senior Housing Entry Fee Net Cash Receipts SF in millions SF in millions $ millions +13% +110% +13% 1) Includes combined total 2023 and 2024 lease executions from both Healthpeak Properties and Physicians Realty. Investor Presentation – March 2025
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8 Topa (Rendering) Plano, TX Lab Preferred Equity Investment (Sorrento Mesa, CA) ■ In February 2025, Healthpeak originated a preferred equity investment in HQ Point, a two-building, ~$320M Class A lab campus that is currently under construction in the Sorrento Mesa submarket of San Diego, CA ■ The two-building, 244K SF campus is ~25% pre-leased with initial occupancy estimated in 1Q 2025 ■ HQ Point overlooks Healthpeak’s existing ~900K SF Sorrento Mesa cluster conveniently located with superb visibility and accessibility off Interstate 805 ■ Total commitment for the preferred investment is $50M which is expected to be fully funded during 2025 to support leasing costs; the investment carries a 12% preferred return over the four-year term □ After factoring in the in-place third-party loan, Healthpeak’s fully funded investment represents a loan-to-cost of ~70% Recent Investment Investor Presentation – March 2025 Topa (Rendering) Plano, TX Sorrento Summit Vista Sorrento Gateway at Directors Directors Place Campus Sorrento Highlands HQ Point Sorrento Mesa Cluster ~900K SF Torrey Pines Cluster (~2 miles west) ~1.2M SF HQ Point (Development Rendering) Sorrento Mesa, CA
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9 Topa (Rendering) Plano, TX Outpatient Medical Development Loan (Plano, TX)Lab Acquisition and Redevelopment Loan (Torrey Pines, CA) ■ In January 2025, Healthpeak originated a secured first mortgage loan for the acquisition and redevelopment of 3030 Science Park Road, a lab building in Torrey Pines ■ The building is adjacent to Healthpeak’s ~700K SF North Torrey Pines cluster and ~500K SF South Torrey Pines cluster ■ Total funding under the four-year loan is $75M with an 8% interest rate □ Total expected costs for the acquisition and redevelopment are ~$123M ■ Healthpeak retains certain purchase rights on the building ■ In December, Healthpeak originated a secured development loan for the construction of an outpatient medical building in Plano, TX ■ The development is 100% pre-leased to an oncology affiliate of McKesson Corporation and adjacent to the Baylor Scott & White Regional Medical Center at Plano, a 276-bed acute care hospital ■ Total funding available under the four-year loan is $36M with an 8% interest rate ■ Healthpeak retains certain purchase rights on the building Previously Disclosed Investments New Development Redevelopment New Development Investor Presentation – March 2025 Torrey Pines Cluster Torrey Pines, CA Outpatient medical development rendering Plano, TX
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Executed Leases to Capture >50% of $60M Cash NOI Upside from Marquee Development and Redevelopment Campuses 10 Vantage Development Gateway Development Portside Redevelopment Directors Place Redevelopment +$15M +$10M +$25M +$10M 1) Estimated stabilized cash NOI is based on a mid-point of current market rents. Subject to change based on market conditions. Ref er to 4Q24 Non-GAAP for definition of Cash NOI. 2) Percent of upside corresponding to space that is committed via executed leases. Earnings benefit from upside partially offset by a decrease in capitalized interest upon lease commencements. See 3Q24 and 4Q24 Earnings Release for additional lease detail. Investor Presentation – March 2025 Leasing ■ Signed a 205K SF lease with an existing private life science tenant Potential Upside 2025+ NOI(1) Leased / Committed Upside 2025+ NOI % Upside Leased or Committed(2) +$7M +$5M +$19M +$2M ~50% ~50% ~75% ~20% ■ Signed a 63K SF lease with an existing private biotech tenant ■ Signed 40K SF of leases with a private biotech tenant and 33K SF lease with a mid-cap biotech ■ Signed 33K SF lease with an existing private biotech tenant +$60M +$33M > 50%
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Outperforming Merger Synergy Targets 11Investor Presentation – March 2025 Accelerated internalization and higher profit margins resulted in $50+ million of additional earnings benefit during 2024 Property Management Internalization Update Market SF (M) Completion Bay Area 6.2 Feb 2024 San Diego 2.2 Feb 2024 Dallas 2.0 Mar 2024 Nashville 1.8 Apr 2024 Louisville 1.5 Apr 2024 Seattle 0.8 Apr 2024 Chicago 0.6 Apr 2024 Indianapolis 0.3 Apr 2024 Wisconsin 0.2 Apr 2024 Arkansas 0.5 May 2024 Arizona 1.1 Jul 2024 Mississippi 0.2 Jul 2024 Denver 1.2 Sep 2024 Utah 0.8 Sep 2024 2024 Total 19.4 Additional Markets in 2025+ ~14 Previously Internalized ~5 Total ~38 2025+ Remaining Synergies(1) ~$50M2024 Synergies Achieved 1) Represents incremental merger-related synergies above the approximately $50 million achieved in 2024. Total Merger Synergies ~$65M ~$15M DOC 75+% internally managed upon completion
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Under-Levered Balance Sheet with $500M to $1B of Dry Powder for Accretive Investments Debt Maturities 12 1) Enterprise credit metrics and debt maturities as of 12/31/24, adjusted for the repayment of $348M of unsecured notes due Febr uary 2025 and the issuance of $500M unsecured notes on 02/05/25. Refer to 4Q24 Non-GAAP at http://ir.healthpeak.com/quarterly-results. Liquidity consists of Healthpeak’s cash and cash equivalents and available capacity under Healthpeak’s revolving credit facility. Net floating rate debt includes variable rate loans receivable. Weighted average interest rate based on coupon rate and excludes amortization of any discount / premium and deferred financing costs. Well-laddered maturities and BBB+ / Baa1 (stable) credit rating Investor Presentation – March 2025 $0.5 $0.7 $0.9 $0.9 $0.7 $0.5 $0.4 $0.8 $0.1 $0.4 $0.6 $1.1 $1.4 $1.3 $1.5 $0.8 $1.1 $0.8 $0.0 $0.8 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Unsecured Bonds Unsecured Term Loans Secured Debt (Inclusive of Pro Rata JVs) 5.2x Net Debt to EBITDAre Key Credit Metrics(1) 3.8% Wtd Avg Interest Rate 0% Net Floating Rate Debt ~$3B Liquidity 4.7 Years Wtd Avg Debt Maturity 2.2% Secured Debt Ratio ($ in billions) Healthpeak’s February 2025 $500M 10-year bond offering priced at T+102 bps; represents the tightest 10-year spread in Healthpeak’s history
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Outpatient Medical Overview
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Outpatient Medical Offers an Attractive Cash Flow Profile Steady demand results in consistent, low volatility cash flow growth through market and business cycles Investor Presentation – March 2025 14 Attibutes ▪ 5-7 year leases with contractual annual rent bumps ▪ Healthpeak achieving ~3% annual rent bumps on new leases; +7% cash releasing spreads on 2024 renewals ▪ High relocation costs for tenants include potential loss of patient & referral patterns and out of pocket tenant improvements ▪ Healthpeak achieved 88% tenant retention in 2024 ▪ Tenant base is largely credit-rated health systems; rent coverage ratios substantially exceed other real estate sectors ▪ Healthpeak collected 99.5% of cash rents during Covid; bad debt is de minimis ▪ Construction costs have risen ~40% since 2020, limiting new supply despite strong health system demand ▪ Required rent on new construction is ~$35 - $40 PSF vs. Healthpeak’s in-place net rent of ~$23 PSF; this gap provides Healthpeak an opportunity to continue pushing rents higher upon lease expiration Steady Growth “Sticky” Tenancy Favorable Supply Dynamics Superior Credit Profile Comments and Observations
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Improved Outpatient Fundamentals Across All Dimensions Fundamental backdrop has improved over the past five years and is generating increased occupancy and rent growth, which we expect to continue Investor Presentation – March 2025 15 2019 Aging Demographic percent of US population over 65 2024 Declining Starts new starts as % of inventory Higher Absorption Higher Occupancy Higher Annual Rent Bumps(1) Stronger Credit(2) % leased by health systems 16% 1.8% +12M SF 91% ~2.5% ~50% 21% 0.8% +19M SF 93% ~3% ~70% Note: Demographic data from STI Popstats. OM starts, absorption and occupancy from from Rivista for properties over 7,500 SF; starts based on 4Q19 & 4Q24, absorption based on FY 2019 and FY 2024; occupancy as of 4Q19 and 4Q24. 1) Refers to Healthpeak’s OM portfolio and represents approximate annual contractual lease escalators achieved for new and renew al leases. 2) Refers to Healthpeak’s OM portfolio and represents percentage of portfolio leased by health systems. Improved vs 2019?
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Unmatched Outpatient Medical Portfolio & Platform 16 Best-in-class portfolio and platform differentiate Healthpeak 70% Leased to Health Systems 524 Properties 37M SF Investor Presentation – March 2025 Leading Scale & Portfolio Quality With Unmatched Experience & Health System Relationships 92% Occupancy Vertically Integrated Platform 88% 2024 Retention Rate +7% 2024 Cash Releasing Spreads Note: Portfolio data as of 12/31/24. 1) From 1Q19 through 4Q24, average quarterly outpatient medical same -store growth for the Healthpeak / Physicians Realty Trust comp osite was 2.7%. This compares to average growth of 2.3% for a composite of reported outpatient medical same -store growth for Healthcare Realty, Healthcare Trust of America, Wellto wer, and Ventas during the time periods for which publicly disclosed data was available. Sector Leading Same-Store Growth(1) 5.5 Year Remaining Lease Term 96% On-Campus or Affiliated Baylor Charles A. Sammons Cancer Center Dallas, TX M Health Clinic and Specialty Center Minneapolis, MN Swedish Medical Center Seattle, WA
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Anchored Assets 8 Leased Area 0.8M Anchored Assets(1) 69 Leased Area (SF) 5.0M Superior Relationships with Leading Health Systems in Each Local Market 17 Seattle 1.1M SF Swedish CommonSpirit Healthpeak Top 10 OM Markets and Key Relationships(2) 1) Anchor presence in table above defined as a >20,000 square foot lease with the respective system. 2) Top 10 OM Markets by Leased Area as of 12/31/24. 3) Percent of 4Q24 Annualized Base Rent (“ABR”) based on operating portfolio only. Anchored Assets 36 Leased Area 2.0M Anchored Assets 10 Leased Area 0.8M Anchored Assets 13 Leased Area 0.8M Anchored Assets 10 Leased Area 0.7M Anchored Assets 10 Leased Area 0.6M Dallas 4.7M SF HCA Baylor Scott & White McKesson Houston 3.7M SF HCA Memorial Hermann CommonSpirit Nashville 2.0M SF HCA Louisville 1.9M SF UofL Health Norton Healthcare Atlanta 1.3M SF Northside Denver 1.3M SF HCA Minneapolis 1.3M SF Allina Health Philadelphia 1.3M SF Jefferson Health UPenn Health Phoenix 1.5M SF HonorHealth Tenet Deep relationships and internal property management maximize opportunities for internal and external growth Investor Presentation – March 2025 Top 10 markets represent ~55% of OM ABR(3)
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Northside Medical Buford Atlanta, GA Delivered: 2Q 2024 Investment $38M Size (SF) 97K $ / psf $392 % Pre-Leased 100% Abrazo Buckeye (Loan) Phoenix, AZ Est. Delivery: 1Q 2025 Investment $21M Interest Rate 9.4% Size (SF) 63K % Pre-Leased 90% HonorHealth Pima (Loan) Phoenix, AZ Est. Delivery: 4Q 2025 Investment $44M Interest Rate 7.5% Size (SF) 97K % Pre-Leased 86% Development & Loan Opportunities Create Pipeline for External Growth Note: Includes transactions executed by Healthpeak and Physicians Realty Trust. 18 Health system relationships provide proprietary opportunities for investment in trophy quality development assets Galen Aurora Denver, CO Est. Delivery: 2Q 2025 Investment $40M Size (SF) 72K $ / psf $555 % Pre-Leased 100% Investor Presentation – March 2025
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Lab Overview
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We Continue to Outperform the Broader Lab Market Investor Presentation – March 2025 20 Tenant Priority Checklist Prime Locations Brand Name and Reputation High-Quality Portfolio Scale and Expertise Established Industry Relationships Capitalization and Stability Healthpeak Competitive Advantage Exclusively located in leading markets of Bay Area, Boston, and San Diego including ~70% of ABR in South San Francisco, Cambridge, and Torrey Pines Industry leader for two decades partnering with leading biopharma tenants Purpose-built product at a range of price points and suite sizes to cater to diverse tenant requirements; ~85% of ABR from campuses 400K+ SF 11M SF portfolio with strategic land bank to fulfill tenant growth needs 200 existing tenant relationships overseen by best-in-class local teams in Bay Area, Boston, and San Diego Long-term owner with unencumbered BBB+ / Baa1 rated balance sheet provides credibility and comfort to tenants 2.1M SF of Leasing2024 Results: +11% Cash Releasing Spreads on Renewals Prime Locations Established Industry Relationships High-Quality Portfolio Scale and Expertise Capitalization and Stability Brand Name and Reputation
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Lab Market(1) Submarkets Percent of Total Healthpeak ABR Total SF Occupancy Operating | Total(2) Bay Area South San Francisco 19.6% 5,080K 99% | 84% Redwood City 2.6% 645K 95% | 100% Hayward 1.3% 540K 93% | 83% Boston West Cambridge 5.3% 1,430K 95% | 94% Lexington / Waltham 5.0% 1,315K 100% | 100% San Diego Torrey Pines 3.6% 1,160K 93% | 87% Sorrento Mesa 1.6% 900K 100% | 75% UTC 0.4% 135K 89% | 89% Total Healthpeak 39.4% 11.2M 97% | 88% Strategically Located in Long-Established Life Science Submarkets 21Investor Presentation – March 2025 Well-occupied portfolio with upside from lease-up of South San Francisco and Sorrento Mesa re/developments 1) Square footage includes operating portfolio and expected square footage from development and redevelopment properties. Percen t of 4Q 2024 ABR based on operating portfolio only. 2) Total occupancy by market and for Total Healthpeak includes the net impact of leasing activity at re/development campuses.
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Platform and Footprint to Drive Leasing and Capture Market Share 22Investor Presentation – March 2025 Select 2024 Lease Executions Existing Tenant Quarter Signed Campus Tenant Type Tenant Total SF SF Increase 4Q Portside Private Life Science 205,000 ~150,000 4Q Vantage Private Biotech 63,000 17,000 3Q Pointe Grand Private Biotech 51,000 51,000 3Q Seaport Mid-Cap Biotech 186,000(2) 43,000 3Q Gateway Private Biotech 39,000 39,000 3Q The Cove Private Biotech 36,000 36,000 2Q Torrey Pines Large-Cap Biopharma 86,000 21,000 ~200 Existing Tenants ~75% of 2024 Lease Executions with Existing Tenants 88% TTM Tenant Retention(1) 1) Trailing twelve-month (TTM) retention including 126,000 square foot lease that went direct with the former subtenant in 1Q24. 2) Tenant executed a 43,000 SF expansion lease in 2024, bringing total SF in the Healthpeak portfolio to 186,000. Key Healthpeak Statistics
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Biotech Capital Markets Accelerated During 2024 23 Source: Baird Biotech Monthly ECM Report, January 2025. Percent increases may not add due to rounding. Investor Presentation – March 2025 Increased capital raising had a direct and positive impact on Healthpeak’s leasing activity Year-Over-Year Increase Venture Capital +32% IPO +31% Follow-Ons +53% PIPEs +70% $0B $20B $40B $60B $80B 2023 2024 Biotech Capital Raising 2023 vs 2024 $45B +45% increase $65B $3B $7B $14B $21B $4B $11B $18B $32B
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Healthpeak Leasing Activity Has Accelerated 24Investor Presentation – March 2025 2024 leasing activity increased significantly, Healthpeak is capturing market share, and the pipeline remains strong Key 2024 Lab Leasing Statistics 2023 2024 Lab Lease Executions 2023 vs 2024 1M SF +110% increase 2.1M SF 3Q 2Q 1Q 2.1M SF Lease Executions 1.1M SF | 11% Renewals | MTM 1.0M SF New Leases 340K SF Outstanding LOIs 3Q 2Q 1Q 4Q 4Q
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New Supply is Declining Precipitously with Essentially No New Starts 25 1) Source: JLL Research; includes lab deliveries in Greater DC, Boston, Denver, Philadelphia, New Jersey, Bay Area, Raleigh -Durham, San Diego, and Seattle. Investor Presentation – March 2025 The supply / demand environment is set up to improve significantly as we head into 2025+ 0M 20M 2022 2023 2024 2025 2026 2027 Vacant / Non-Pre-Leased Lab Deliveries Across the Sector(1) 4M SF 9M SF 16M SF 4M SF 0.5M SF 0M SF SF in millions 75% decrease
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Manageable Near-Term Lab Lease Expirations Healthpeak’s expirations in 2025 & 2026 total ~1M SF; compares to 2.1M SF of lease executions in 2024 2025 2026 62 47 2025 2026 2025 2026 Bay Area SF in 000s Boston SF in 000s San Diego SF in 000s 305 303 307 59 ~12% of Healthpeak’s Bay Area lab leases expire from 2025 - 2026 26Investor Presentation – March 2025 ~4% of Healthpeak’s Boston lab leases expire from 2025 - 2026 ~22% of Healthpeak’s San Diego lab leases expire from 2025 - 2026
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Senior Housing Overview
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14 18 Current 2030E Senior Housing Fundamentals Are Strong Supply and demand fundamentals support a multi-year window for strong growth Investor Presentation – March 2025 28 Age 80+ Population +30% increase 7% 3% 2015-2019 Avg. Current Senior Housing Construction 400 bp decline Sources: Age 80+ population from STI Popstats. Senior housing construction as a percentage of inventory from National Investment Center for Seniors Housing & Care. in millions % of inventory
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Healthpeak’s Senior Housing Portfolio Overview 29 Discovery Village at Palm Beach Gardens Palm Beach Gardens, FL Discovery Village Palm Beach Gardens Miami, FL Oakmont Mariner Point San Francisco MSA ■ The lifestyle choice and value proposition our communities offer resonates with consumers and is translating into strong financial performance ■ Significant land requirements, high development costs, and difficult financing requirements for new development create meaningful barriers to entry for our unique portfolio ■ Our communities average ~470 units providing scale to support indoor / outdoor amenities as well as providing operating leverage ■ Our communities appeal to active seniors and an earlier capture of the Baby Boomers (average entry age is several years younger than traditional rental senior housing) ■ Robust continuum of care options allow residents to age in place, leading to superior length of stay (average length of stay of ~8-10 years vs ~2 years for traditional rental senior housing) Highly-differentiated and attractive 15-property senior housing portfolio with over 7,000 units Cypress Village Jacksonville, FL Freedom Pointe The Villages, FL Investor Presentation – March 2025
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79% 82% 85% 86% 2021 2022 2023 2024 Record High Occupancy and Entry Fee Net Cash Receipts Favorable supply / demand fundamentals and a compelling lifestyle proposition in our communities are driving results Investor Presentation – March 2025 30 Portfolio Occupancy(1) $89 $101 $127 $143 2021 2022 2023 2024 Entry Fee Net Cash Receipts(2) $ in millions 1) Represents 4Q total occupancy. 2) Non-refundable cash entry fee receipts for Healthpeak’s 15 -asset consolidated senior housing portfolio.