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Earnings Release and Supplemental Report ___________________________________________________________________ First Quarter 2025 Calko Medical Building Brooklyn, NY
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Return to TOC2 Return to TOC 2 Earnings Release 3 Consolidated Financial Statements 8 Guidance 12 Portfolio Summary 13 Merger-Combined Same-Store 14 Capitalization and Debt Ratios 15 Indebtedness 16 Investment Summary 17 Developments and Redevelopments 18 Capital Expenditures 19 Portfolio Diversification 20 Tenant Diversification 21 Leasing Metrics 22 Lease Expirations 23 CCRC 24 Other 25 Net Asset Value 26 Glossary 27 Additional Information 30 Discussion and Reconciliation of Non-GAAP Financial Measures TABLE OF Contents The Boardwalk San Diego, CA
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Return to TOC3 Return to TOC Healthpeak Properties Reports First Quarter 2025 Results DENVER, April 24, 2025 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the first quarter ended March 31, 2025. FIRST QUARTER 2025 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS – Net income of $0.06 per share, Nareit FFO of $0.45 per share, FFO as Adjusted of $0.46 per share, AFFO of $0.43 per share, and Total Same-Store Portfolio Cash (Adjusted) NOI growth of 7.0% – On April 4, 2025, declared a monthly common stock cash dividend of $0.10167 per share for each of April, May, and June of 2025 representing cash dividends of $0.305 per share for the second quarter, and an annualized dividend amount of $1.22 per share – First quarter new and renewal lease executions totaled 1.2 million square feet: • Outpatient medical new and renewal lease executions totaled 973,000 square feet with 86% retention and +4% cash releasing spreads on renewals • Lab new and renewal lease executions totaled 276,000 square feet with 88% retention and +5% cash releasing spreads on renewals ◦ Subsequent to the first quarter and through April 24, 2025, executed 175,000 square feet of Lab leases with signed letters of intent on an additional 400,000 square feet – Entered into a long-term partnership with Hines for the multifamily component of Cambridge Point, a mixed-use development located in Cambridge, Massachusetts – Originated a $41 million secured outpatient medical development loan in Frisco, Texas bringing first quarter 2025 loan and other investment commitments to $166 million – Repurchased 5.1 million shares at a weighted average share price of $18.50 for an aggregate total of $94 million during the first quarter and through April 24, 2025 – Balance Sheet • In February 2025, issued $500 million of 5.375% fixed rate 10-year senior unsecured notes • Net Debt to Adjusted EBITDAre was 5.2x for the quarter ended March 31, 2025 • As of April 24, 2025, Healthpeak had approximately $2.8 billion in available liquidity through a combination of unrestricted cash and its revolving credit facility – Promoted and appointed Kelvin Moses as Chief Financial Officer – Recent sustainability and responsible business recognitions include: • Awarded LEED Gold Core & Shell for 480 and 490 Forbes on the Vantage campus in South San Francisco, California • Named to Newsweek's America’s Greenest Companies list for the first time To learn more about Healthpeak's commitment to responsible business and view our most recent Corporate Impact Report, please visit www.healthpeak.com/corporate-impact.
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Return to TOC4 Return to TOC MERGER-COMBINED SAME-STORE ("SS") OPERATING SUMMARY The table below outlines the year-over-year three-month Merger-Combined SS Cash (Adjusted) NOI growth. Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth Three Month SS Growth % % of SS Outpatient Medical 5.0% 54.5% Lab 7.7% 34.7% CCRC 15.9% 10.8% Total Merger-Combined SS Cash (Adjusted) NOI 7.0% 100.0% Nareit FFO, FFO as Adjusted, AFFO, Total Merger-Combined Same-Store Cash (Adjusted) NOI, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts (see the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "March 31, 2025 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP in the Investor Relations section of our website at http://ir.healthpeak.com/ quarterly-results. FIRST QUARTER COMPARISON Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 (in thousands, except per share amounts) Amount Per Share Amount Per Share Net income, diluted $ 42,364 $ 0.06 $ 6,477 $ 0.01 Nareit FFO, diluted 323,279 0.45 162,206 0.27 FFO as Adjusted, diluted 329,713 0.46 277,480 0.45 AFFO, diluted 306,414 0.43 255,142 0.42
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Return to TOC5 Return to TOC DIVIDEND On April 4, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of April, May, and June of 2025 representing cash dividends of $0.305 per share for the second quarter, and an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date. CAMBRIDGE POINT MULTIFAMILY RESIDENTIAL DEVELOPMENT PARTNERSHIP In April 2025, Healthpeak entered into a long-term partnership with global real estate investment manager Hines to develop the residential components of Healthpeak’s Cambridge Point master- planned district in the Alewife neighborhood of Cambridge, Massachusetts. Hines will lead the residential development in coordination with Healthpeak as master developer. Hines, with its partners, will capitalize the residential developments and intends to commence construction on the first residential building within the first 12 months following receipt of entitlements, which is anticipated in the second half of 2026. Healthpeak’s Cambridge Point master plan encompasses approximately 40 acres and can support development potential of up to five million square feet, including multifamily residential units, research and lab space, and community-oriented ground-floor neighborhood retail uses. A copy of the corresponding press release with additional details is available on the Investor Relations section of our website at https://ir.healthpeak.com. INVESTMENT ACTIVITY In March 2025, Healthpeak originated a secured loan for the development of a 83,000 square foot outpatient medical building in Frisco, Texas. The development is located within the Frisco Station mixed-use district, home to the Dallas Cowboys' World Headquarters and adjacent to the Baylor Scott & White Regional Medical Center at Frisco. Total funding available to the borrower under the three-year loan is approximately $41 million with an 8.3% interest rate. Healthpeak retains certain purchase rights on the development project. As previously disclosed, in January 2025, Healthpeak originated a secured loan to provide the borrower funding for the acquisition and redevelopment of a lab building in the Torrey Pines submarket of San Diego, California. Total funding available under the four-year loan is $75 million with an 8% interest rate. As previously disclosed, in February 2025, Healthpeak originated a preferred equity investment in a two-building, 244,000 square foot Class A lab campus that is currently under construction in the Sorrento Mesa submarket of San Diego, California. Total commitment for the preferred investment is $50 million with a 12% preferred return over the four-year term. SHARE REPURCHASE ACTIVITY During the first quarter of 2025, Healthpeak repurchased 1.1 million shares at a weighted average share price of $19.45 for approximately $22 million under its $500 million share repurchase program. From the beginning of the second quarter through and including April 24, 2025, Healthpeak repurchased 3.9 million shares at a weighted average share price of $18.22 for an aggregate total of $72 million. As of April 24, 2025, approximately $406 million remained available for share repurchases under the program. Record Date Payment Date Amount April 18, 2025 April 30, 2025 $0.10167 per common share May 19, 2025 May 30, 2025 $0.10167 per common share June 16, 2025 June 27, 2025 $0.10167 per common share
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Return to TOC6 Return to TOC BALANCE SHEET In February 2025, Healthpeak completed a public offering of $500 million of 5.375% fixed-rate senior unsecured notes due 2035. The notes priced at an approximate 102 basis point spread over the benchmark 10-year U.S. Treasury, representing the tightest 10-year spread in Healthpeak’s history. Net proceeds from the offering were used to repay a portion of Healthpeak’s outstanding commercial paper and for general corporate purposes. As of April 24, 2025, Healthpeak had approximately $2.8 billion in available liquidity through a combination of unrestricted cash and its revolving credit facility. 2025 GUIDANCE We are reaffirming the following guidance ranges for full year 2025: • Diluted earnings per common share of $0.30 – $0.36 • Diluted Nareit FFO per share of $1.81 – $1.87 • Diluted FFO as Adjusted per share of $1.81 – $1.87 • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth from 3.0% – 4.0% These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2025. For additional details and assumptions, please see page 12 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com. CONFERENCE CALL INFORMATION Healthpeak has scheduled a conference call and webcast for Friday, April 25, 2025, at 8:00 a.m. Mountain Time. The conference call can be accessed in the following ways: • Healthpeak’s website: https://ir.healthpeak.com/news-events • Webcast: https://events.q4inc.com/attendee/794734425. Joining via webcast is recommended for those who will not be asking questions. • Telephone: The participant dial-in number is (800) 715-9871 An archive of the webcast will be available on Healthpeak’s website through April 24, 2026, and a telephonic replay can be accessed through May 2, 2025, by dialing (800) 770-2030 and entering conference ID number 95156. ABOUT HEALTHPEAK Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.
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Return to TOC7 Return to TOC FORWARD-LOOKING STATEMENTS Statements contained in this release 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, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2025 Guidance Information." Pending acquisitions, dispositions, 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 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 Securities and Exchange Commission 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. 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.
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Return to TOC8 Return to TOC March 31, 2025 December 31, 2024 Assets Real estate: Buildings and improvements $ 16,176,176 $ 16,115,283 Development costs and construction in progress 962,714 880,393 Land and improvements 2,941,082 2,918,758 Accumulated depreciation and amortization (4,240,220) (4,083,030) Net real estate 15,839,752 15,831,404 Loans receivable, net of reserves of $7,554 and $10,499 698,525 717,190 Investments in and advances to unconsolidated joint ventures 951,978 936,814 Accounts receivable, net of allowance of $2,040 and $2,243 68,908 76,810 Cash and cash equivalents 70,625 119,818 Restricted cash 67,981 64,487 Intangible assets, net 747,789 817,254 Assets held for sale, net 7,840 7,840 Right-of-use asset, net 422,017 424,173 Other assets, net 940,314 942,465 Total assets $ 19,815,729 $ 19,938,255 Liabilities and Equity Bank line of credit and commercial paper $ 164,000 $ 150,000 Term loans 1,646,335 1,646,043 Senior unsecured notes 6,714,279 6,563,256 Mortgage debt 352,051 356,750 Intangible liabilities, net 179,002 191,884 Lease liability 306,577 307,220 Accounts payable, accrued liabilities, and other liabilities 670,221 725,342 Deferred revenue 939,855 940,136 Total liabilities $ 10,972,320 $ 10,880,631 Commitments and contingencies Redeemable noncontrolling interests 14,417 2,610 Common stock, $1.00 par value: 1,500,000,000 shares authorized; 698,611,840 and 699,485,139 shares issued and outstanding 698,612 699,485 Additional paid-in capital 12,827,628 12,847,252 Cumulative dividends in excess of earnings (5,345,120) (5,174,279) Accumulated other comprehensive income (loss) 6,927 28,818 Total stockholders’ equity 8,188,047 8,401,276 Joint venture partners 299,923 315,821 Non-managing member unitholders 341,022 337,917 Total noncontrolling interests 640,945 653,738 Total equity $ 8,828,992 $ 9,055,014 Total liabilities and equity $ 19,815,729 $ 19,938,255 Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data
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Return to TOC9 Return to TOC Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months Ended March 31, 2025 2024 Revenues: Rental and related revenues $ 538,141 $ 462,033 Resident fees and services 148,927 138,776 Interest income and other 15,821 5,751 Total revenues 702,889 606,560 Costs and expenses: Interest expense 72,693 60,907 Depreciation and amortization 268,546 219,219 Operating 273,143 243,729 General and administrative 26,118 23,299 Transaction and merger-related costs 5,534 107,220 Impairments and loan loss reserves (recoveries), net (3,562) 11,458 Total costs and expenses 642,472 665,832 Other income (expense): Gain (loss) on sales of real estate, net — 3,255 Other income (expense), net (6,126) 78,516 Total other income (expense), net (6,126) 81,771 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 54,291 22,499 Income tax benefit (expense) (2,080) (13,698) Equity income (loss) from unconsolidated joint ventures (2,147) 2,376 Net income (loss) 50,064 11,177 Noncontrolling interests’ share in earnings (7,236) (4,501) Net income (loss) attributable to Healthpeak Properties, Inc. 42,828 6,676 Participating securities’ share in earnings (464) (199) Net income (loss) applicable to common shares $ 42,364 $ 6,477 Earnings (loss) per common share: Basic $ 0.06 $ 0.01 Diluted $ 0.06 $ 0.01 Weighted average shares outstanding: Basic 699,067 600,898 Diluted 699,118 601,188
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Return to TOC10 Return to TOC Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months Ended March 31, 2025 2024 Net income (loss) applicable to common shares $ 42,364 $ 6,477 Real estate related depreciation and amortization 268,546 219,219 Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 12,200 8,772 Noncontrolling interests’ share of real estate related depreciation and amortization (4,454) (4,452) Loss (gain) on sales of depreciable real estate, net — (3,255) Loss (gain) upon change of control, net(1) — (77,781) Taxes associated with real estate dispositions(2) — 11,608 Nareit FFO applicable to common shares 318,656 160,588 Distributions on dilutive convertible units and other 4,623 1,618 Diluted Nareit FFO applicable to common shares $ 323,279 $ 162,206 Diluted Nareit FFO per common share $ 0.45 $ 0.27 Weighted average shares outstanding - Diluted Nareit FFO 714,174 608,807 Impact of adjustments to Nareit FFO: Transaction and merger-related items(3) $ 5,534 $ 102,829 Other impairments (recoveries) and other losses (gains), net(4) (3,320) 11,853 Casualty-related charges (recoveries), net(5) 4,226 — Total adjustments 6,440 114,682 FFO as Adjusted applicable to common shares 325,096 275,270 Distributions on dilutive convertible units and other 4,617 2,210 Diluted FFO as Adjusted applicable to common shares $ 329,713 $ 277,480 Diluted FFO as Adjusted per common share $ 0.46 $ 0.45 Weighted average shares outstanding - Diluted FFO as Adjusted 714,174 610,632 (1) The three months ended March 31, 2024 includes a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations. (2) The three months ended March 31, 2024 includes non-cash income tax expense related to the sale of a 65% interest in two lab buildings in San Diego, California. (3) The three months ended March 31, 2025 and 2024 includes costs related to the merger, which are primarily comprised of advisory, legal, accounting, tax, information technology, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust that were incurred during the period. For the three months ended March 31, 2024, these costs were partially offset by termination fee income of $4 million associated with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024, for which the lease terms were modified to accelerate expiration of the lease to December 2024. This termination fee income is included in rental and related revenues on the Consolidated Statements of Operations, but is excluded from Portfolio Cash Real Estate Revenues and FFO as Adjusted. (4) The three months ended March 31, 2025 and 2024 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations. (5) Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests' share in earnings in the Consolidated Statements of Operations.
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Return to TOC11 Return to TOC (1) During the first quarter of 2025, we changed our definition of AFFO to adjust for the non-refundable entrance fees collected in excess of the related amortization as we believe the cash collection of these fees is a more meaningful representation of the performance of CCRCs in the determination of AFFO. Utilizing the prior definition for the three months ended March 31, 2025 and 2024, diluted AFFO applicable to common shares was $301.7 million and $247.8 million, respectively, and diluted AFFO per common share was $0.42 and $0.41, respectively. Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands, except per share data Three Months Ended March 31, 2025 2024 FFO as Adjusted applicable to common shares $ 325,096 $ 275,270 Stock-based compensation amortization expense 4,627 3,366 Amortization of deferred financing costs and debt discounts (premiums) 7,852 4,522 Straight-line rents (11,153) (12,093) AFFO capital expenditures (23,136) (17,517) CCRC entrance fees(1) 4,696 7,385 Deferred income taxes 2,570 724 Amortization of above (below) market lease intangibles, net (10,212) (7,351) Other AFFO adjustments 1,451 (1,485) AFFO applicable to common shares 301,791 252,821 Distributions on dilutive convertible units and other 4,623 2,321 Diluted AFFO applicable to common shares(1) $ 306,414 $ 255,142 Diluted AFFO per common share(1) $ 0.43 $ 0.42 Weighted average shares outstanding - Diluted AFFO 714,174 610,632
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12 Return to TOC 2025 Guidance Information(1) Bolded items represent updates from previous Guidance ranges and assumptions Projected full year 2025, dollars in millions, except per share amounts FY 2025 Guidance FY 2025 Guidance April 24, 2025 February 3, 2025 2025 Guidance Ranges and Supplemental Information Diluted earnings per common share $0.30 – $0.36 $0.30 – $0.36 Diluted Nareit FFO per common share $1.81 – $1.87 $1.81 – $1.87 Diluted FFO as adjusted per common share $1.81 – $1.87 $1.81 – $1.87 Total Year-Over-Year Merger-Combined Same-Store Cash (Adjusted) NOI Growth(2) 3.00% – 4.00% 3.00% – 4.00% Other Key Assumptions(3) General and administrative (excl. restructuring and severance-related charges) $95 $95 Interest expense (net of capitalized interest) $315 $315 Sources and Uses(3) LOC draw / debt issuance $1,500 $1,500 Sales and loan repayments $100 $100 Retained earnings $300 $300 Total Sources $1,900 $1,900 Bond maturities $800 $800 Investments and share repurchases(4) $500 $500 Development, redevelopment and revenue enhancing capex(5) $600 $600 Total Uses $1,900 $1,900 (1) Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this Supplemental Report can be found in the Glossary herein and the Discussion and Reconciliation of Non-GAAP Financial Measures at https://ir.healthpeak.com/quarterly-results. The contents of this Earnings Release and Supplemental Report are unaudited and totals may not add due to rounding. Throughout this Supplemental Report, segments, NOI, and other key performance metrics are inclusive of our share in unconsolidated JVs. See the Glossary herein and the Discussion and Reconciliation of Non-GAAP Financial Measures for further information, including how pro rata information is derived and the limits of such data. (2) Merger-Combined Same-Store Guidance includes properties acquired through the merger with Physicians Realty Trust as though the properties that meet our same- store definition had been owned for all of 2024. (3) Based on approximate midpoints. (4) Includes $203 million of investments completed year-to-date, of which we expect to fund approximately $140 million in 2025, and $94 million of share repurchases at a weighted average share price of $18.50. (5) Includes our share of unconsolidated JVs.
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13 Return to TOC Portfolio Summary As of and for the quarter ended March 31, 2025, dollars and square feet in thousands Property Count Capacity(1) Occupancy %(2)(3) Portfolio Investment Portfolio Cash Real Estate Revenues Portfolio Cash Operating Expenses Interest Income Portfolio Income Operating Portfolio Outpatient Medical 521 37,030 Sq. Ft. 92.2 $ 10,540,536 $ 304,408 $ (104,097) $ — $ 200,311 Lab 109 9,653 Sq. Ft. 97.9 7,858,122 205,836 (59,604) — 146,233 CCRC(4) 15 7,064 Units 86.2 2,422,982 148,927 (110,259) — 38,667 SWF Senior Housing JVs 19 3,354 Units 80.8 482,875 22,452 (16,313) — 6,139 664 $ 21,304,515 $ 681,623 $ (290,273) $ — $ 391,350 Developments & Redevelopments(5) Outpatient Medical 6 493 Sq. Ft. — $ 165,818 $ — $ — $ — $ — Lab 30 1,802 Sq. Ft. — 1,476,843 — — — — 36 $ 1,642,661 $ — $ — $ — $ — Land held for development Outpatient Medical — — — $ 6,942 $ — $ — $ — $ — Lab — — — 779,968 — — — — — $ 786,910 $ — $ — $ — $ — Debt and Other Investments Seller financing — — — $ 459,052 $ — $ — $ 9,482 $ 9,482 Development and other loans — — — 227,976 — — 5,048 5,048 — $ 687,028 $ — $ — $ 14,530 $ 14,530 Total Outpatient Medical 527 37,524 Sq. Ft. 90.9 $ 10,713,296 $ 304,408 $ (104,097) $ — $ 200,311 Lab 139 11,455 Sq. Ft. 83.7 10,114,933 205,836 (59,604) — 146,233 CCRC(4) 15 7,064 Units 86.2 2,422,982 148,927 (110,259) — 38,667 Other 19 3,354 Units 80.8 1,169,904 22,452 (16,313) 14,530 20,669 700 $ 24,421,114 $ 681,623 $ (290,273) $ 14,530 $ 405,880 (1) Total Portfolio Capacity includes estimated capacity upon the completion of Development and Redevelopment projects. (2) Operating Occupancy for Outpatient Medical and Lab is calculated as of the end of the period presented and is based on square feet. Operating Occupancy for CCRC and Other is calculated based on the most recent three-month average available and is based on units. Total Occupancy includes facilities that are currently in Development, vacant square feet under lease-up in newly completed or recently redeveloped facilities. All Occupancy excludes assets held for sale and is weighted to reflect our ownership share. (3) Including the leased but not yet occupied square feet for Developments and Redevelopments, total Occupancy for Outpatient Medical and Lab would be 92.1% and 89.0%, respectively. Refer to page 18 for Development and Redevelopment detail. (4) Portfolio Investment in the table represents Gross Portfolio Investment. Net of the related liabilities of $620.4 million for Non-Refundable Entrance Fees ("NREFs") and $233.4 million refundable Entrance Fees, Net Portfolio Investment would be $1.6 billion. (5) Includes Construction in Process ("CIP") and buildings or portions of buildings placed in Redevelopment. Portfolio Income for Redevelopments is reflected in the Operating Portfolio section above.
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14 Return to TOC Merger-Combined Same-Store(1) MERGER-COMBINED SAME-STORE Three-Month Same-Store 1Q24 2Q24 3Q24 4Q24 1Q25 Year-Over- Year Growth Sequential Growth Total Merger-Combined Same-Store Same-Store Cash Real Estate Revenues $ 585,192 $ 596,194 $ 607,818 $ 611,749 $ 617,190 5.5% 0.9% Same-Store Cash Operating Expenses (248,266) (251,154) (260,124) (259,601) (256,556) 3.3% (1.2%) Same-Store Cash (Adjusted) NOI $ 336,926 $ 345,040 $ 347,694 $ 352,148 $ 360,635 7.0% 2.4% Outpatient Medical Property Count 514 514 514 514 514 Square Feet 36,316 36,317 36,322 36,321 36,322 Occupancy % 92.5 92.7 92.5 92.5 92.3 -20 bps -20 bps Same-Store Cash Real Estate Revenues $ 283,546 $ 286,328 $ 289,496 $ 291,992 $ 295,308 4.1% 1.1% Same-Store Cash Operating Expenses (96,404) (97,148) (97,662) (100,011) (98,775) 2.5% (1.2%) Same-Store Cash (Adjusted) NOI $ 187,142 $ 189,180 $ 191,834 $ 191,981 $ 196,533 5.0% 2.4% Lab Property Count 106 106 106 106 106 Square Feet 8,346 8,350 8,350 8,350 8,350 Occupancy % 97.8 97.8 97.6 97.7 97.7 -10 bps — bps Same-Store Cash Real Estate Revenues $ 162,870 $ 168,976 $ 175,477 $ 173,794 $ 172,956 6.2% (0.5%) Same-Store Cash Operating Expenses (46,791) (47,156) (53,393) (50,219) (47,917) 2.4% (4.6%) Same-Store Cash (Adjusted) NOI $ 116,079 $ 121,820 $ 122,084 $ 123,575 $ 125,038 7.7% 1.2% CCRC Property Count 15 15 15 15 15 Units 7,088 7,061 7,060 7,060 7,064 Occupancy % 85.2 85.4 85.2 85.8 86.2 100 bps 40 bps Same-Store Cash Real Estate Revenues $ 138,776 $ 140,890 $ 142,846 $ 145,963 $ 148,927 7.3% 2.0% Same-Store Cash Operating Expenses (105,072) (106,851) (109,069) (109,371) (109,864) 4.6% 0.5% Same-Store Cash (Adjusted) NOI $ 33,705 $ 34,039 $ 33,777 $ 36,593 $ 39,063 15.9% 6.7% As of and for the quarter ended March 31, 2025, dollars and square feet in thousands (1) Same-Store presented combines properties from both Healthpeak and Physicians Realty Trust as though the properties that meet our same-store definition had been owned for all of 2024. See the Glossary for our Merger-Combined Same-Store definition.
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15 Return to TOC Capitalization and Debt Ratios FINANCIAL COVENANTS(2) Bank Line of Credit Requirement Actual Compliance Leverage Ratio No greater than 60% 37% Secured Debt Ratio No greater than 40% 2% Unsecured Leverage Ratio No greater than 60% 39% Fixed Charge Coverage Ratio (12 months) No less than 1.50x 4.4x Tangible Net Worth ($ billions) No less than $7.7B $13.7B CREDIT RATINGS (SENIOR UNSECURED DEBT) Moody's Baa1 (Stable) S&P Global BBB+ (Stable) (1) Net floating rate debt is also net of variable rate loans receivable. (2) Calculated based on the definitions contained in the credit agreement, which may differ from similar terms used in the Company’s consolidated financial statements as provided in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. TOTAL CAPITALIZATION March 31, 2025 Shares Price Total Value Common stock (NYSE: DOC) 698,612 $ 20.22 $ 14,125,935 Convertible partnership and OP units 13,732 20.22 277,661 Total Market Equity 712,344 $ 14,403,596 Consolidated Debt 8,876,665 Total Market Equity and Consolidated Debt 712,344 $ 23,280,261 Share of unconsolidated JV debt 185,429 Total Market Equity and Enterprise Debt 712,344 $ 23,465,690 DEBT RATIOS Three Months Ended March 31, 2025 Net Debt to Adjusted EBITDAre 5.2x Floating Rate Debt % 2.9% Net Floating Rate Debt %(1) 0.8% Adjusted Fixed Charge Coverage 4.4x Financial Leverage 35.9% Secured Debt Ratio 2.1% Dollars and shares in thousands, except price per share data LIQUIDITY March 31, 2025 Cash and Cash Equivalents $ 70,625 Availability under Credit Facility 3,000,000 Less: Commercial Paper Borrowings (164,000) Total Liquidity as of March 31, 2025 $ 2,906,625
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16 Return to TOC Indebtedness As of March 31, 2025, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Term Loans Senior Unsecured Notes Mortgage Debt Enterprise Debt Bank LOC, Commercial Paper(1) Amounts Rate %(2) Amounts Rate %(2) Amounts Rate %(2) Consolidated Debt Share of Unconsolidated JV Debt(3) Amounts Rate %(2) 2025 $ — $ — — $ 451,806 4.19 $ 2,762 3.95 $ 454,568 $ 62,920 $ 517,488 4.68 2026 — — — 650,000 3.40 344,999 5.07 994,999 126,294 1,121,293 4.12 2027 — 500,000 3.76 850,000 3.23 842 5.29 1,350,842 — 1,350,842 3.43 2028 — 400,000 4.44 850,000 3.53 2,775 4.82 1,252,775 — 1,252,775 3.82 2029 164,000 750,000 4.66 650,000 3.65 — — 1,564,000 — 1,564,000 4.24 2030 — — — 750,000 3.14 — — 750,000 — 750,000 3.14 2031 — — — 1,100,000 4.12 — — 1,100,000 — 1,100,000 4.12 2032 — — — 750,000 5.49 — — 750,000 — 750,000 5.49 2033 — — — — — — — — — — — 2034 — — — — — — — — — — — Thereafter — — — 800,000 6.05 — — 800,000 — 800,000 6.05 $ 164,000 $ 1,650,000 $ 6,851,806 $ 351,378 $ 9,017,184 $ 189,214 $ 9,206,398 Premium, (discounts), and debt Issuance costs, net — (3,665) (137,527) 673 (140,519) (3,785) (144,304) $ 164,000 $ 1,646,335 $ 6,714,279 $ 352,051 $ 8,876,665 $ 185,429 $ 9,062,094 Weighted average interest rate %(2) 4.70 4.33 4.10 5.06 4.19 5.99 4.23 Weighted average maturity in years 3.8 3.2 5.0 1.5 4.5 1.2 4.4 (1) The Company has a $3.0 billion unsecured revolving line of credit facility (the "Revolving Facility") that matures on January 19, 2029 and contains two six-month extension options. It accrues interest at SOFR plus 77.5 basis points and incurs an annual facility fee of 15 basis points, based on our current unsecured credit rating. Commercial paper borrowings are backstopped by the availability under the Revolving Facility. As such, we calculate the weighted average remaining term of our commercial paper borrowings using the maturity date of the Revolving Facility. (2) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs. (3) Reflects pro rata share of mortgage debt in our unconsolidated JVs.
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17 Return to TOC Investment Summary As of and for the three months ended March 31, 2025, dollars and square feet in thousands INVESTMENT SUMMARY MSA Date Capacity (Sq. Ft.) Property Count Property Type Three Months Ended March 31, 2025 ACQUISITIONS(1) Middletown Medical(2) New York, NY February 68 3 Outpatient Medical $ 17,005 100 Smith land parcel(3) Boston, MA February — — Lab 20,000 Total $ 37,005 17 Return to TOC Vantage South San Francisco, CA (1) See page 5 for details on our preferred equity and debt investments. (2) In February 2025, the Company acquired a portfolio of three outpatient medical buildings in New York at an 8.7% cash cap rate. Each building has a long-term lease in place expiring in 2038. (3) This acquisition was negotiated and agreed to in 2022 and is intended for future development.
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18 Return to TOC (1) The blended Projected Stabilized Cash Yield is approximately 7%. (2) Total project capacity and Development costs for Vantage - Phase I are 346,000 square feet and $456 million, respectively, including 178,000 square feet / $256 million placed in service through 1Q25. During the quarter, Vantage - Phase I generated non-stabilized Portfolio Cash (Adjusted) NOI of $3.2 million. In total, Vantage - Phase I development is 70% leased. (3) In January 2024, Healthpeak formed a 65% Breakthrough / 35% Healthpeak joint venture for the two Callan Ridge properties. Cash rental payments for the first building commenced July 2023 and cash rental payments for the second building began July 2024. Initial occupancy of 3Q25 is delayed due to tenant-driven delays with tenant improvements within both buildings. (4) Projected stabilized cash-on-cash return on incremental capital invested typically ranges from 9% to 12%. (5) Tenant improvement costs are excluded for unleased portions of the redevelopment. These costs will be added to the estimated total at completion upon lease execution. (6) Includes one wholly owned property and five properties that are part of our seven property 70% Healthpeak / 30% partner joint venture in our Pointe Grand campus. On the joint venture, Healthpeak will earn customary asset management and development fees, a preferred return during the redevelopment period, and its 70% share of property NOI following completion of the project. Developments and Redevelopments As of March 31, 2025, dollars and square feet in thousands; includes JV project dollars at share DEVELOPMENT PROJECTS IN PROCESS Project(1) MSA Property Type Property Count CIP Cost to Complete Estimated Total at Completion Total Project Capacity (Sq. Ft.) % of Total Project Leased Initial Occupancy Vantage - Phase I(2) San Francisco, CA Lab 1 $ 166,658 $ 33,342 $ 200,000 169 37 (2) 4Q25 Gateway at Directors Science Park San Diego, CA Lab 1 128,606 22,394 151,000 166 44 3Q25 Callan Ridge(3) San Diego, CA Lab 2 40,207 10,793 51,000 185 100 3Q25 Galen Aurora Denver, CO Outpatient Medical 1 35,099 4,902 40,000 72 100 2Q25 McKinney Dallas, TX Outpatient Medical 1 34,885 15,115 50,000 120 62 2Q25 Brandon Tampa, FL Outpatient Medical 1 16,132 10,869 27,000 72 70 4Q25 Pooler Savannah, GA Outpatient Medical 1 15,946 10,054 26,000 63 100 3Q25 KC Research School of Nursing Kansas City, MO Outpatient Medical 1 21,785 15,215 37,000 79 100 4Q25 Total 9 $ 459,318 $ 122,682 $ 582,000 926 71 Return to TOC REDEVELOPMENT PROJECTS IN PROCESS Project(4) MSA Property Type Property Count CIP Cost to Complete Estimated Total at Completion(5) Total Project Capacity (Sq. Ft.) % of Total Project Leased Estimated Completion Date Portside at Oyster Point San Francisco, CA Lab 3 $ 59,977 $ 104,023 $ 164,000 310 66 4Q25 - 2Q28 Pointe Grand(6) San Francisco, CA Lab 6 26,902 67,098 94,000 243 25 2Q25 - 4Q26 Directors Science Park San Diego, CA Lab 3 10,439 15,561 26,000 162 20 2Q25 - 3Q26 Other Redevelopments Various Various 15 39,671 132,329 172,000 655 31 2Q25 - 1Q27 Total 27 $ 136,989 $ 319,011 $ 456,000 1,370 37
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19 Return to TOC UF Health North Medical Building Jacksonville, FL Capital Expenditures(1) (1) Excludes corporate capitalized costs such as IT systems, furniture, fixtures and equipment at corporate or satellite offices, etc. (2) Includes AFFO capital expenditures on unconsolidated JVs of $1.9 million for the quarter. Excludes noncontrolling interest share of AFFO capital expenditures on consolidated joint ventures of $0.4 million for the quarter, which are included in the Other AFFO adjustments line item of the Adjusted Funds From Operations reconciliation. (3) Development and Redevelopment include related tenant improvements and lease commissions. For the three months ended March 31, 2025, dollars in thousands FIRST QUARTER Outpatient Medical Lab CCRC Other Total Portfolio at share Recurring Capital Expenditures $ 1,875 $ 604 $ 286 $ 975 $ 3,739 Tenant improvements 7,223 5,891 — — 13,114 Lease commissions 5,340 1,049 — — 6,388 AFFO capital expenditures(2) $ 14,438 $ 7,543 $ 286 $ 975 $ 23,242 Revenue Enhancing Capital Expenditures 14,159 13,647 5,879 862 34,547 Casualty related capital expenditures — — 3,865 725 4,590 Initial Capital Expenditures ("ICE") 10,714 — — — 10,714 Development(3) 32,559 13,177 — — 45,736 Redevelopment(3) 995 24,281 — — 25,276 Capitalized interest 1,361 18,670 — — 20,031 Total capital expenditures $ 74,226 $ 77,318 $ 10,030 $ 2,561 $ 164,135 19 Return to TOC
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20 Return to TOC Portfolio Diversification As of and for the quarter ended March 31, 2025, dollars in thousands (1) Primarily consists of the city of South San Francisco, located 10+ miles south of the central business district of San Francisco, in San Mateo County. Healthpeak does not own any assets in the city or county of San Francisco. TOP 20 MARKETS Market Portfolio Cash (Adjusted) NOI % of Total Portfolio Cash (Adjusted) NOI San Francisco, CA(1) 90,020 23% Boston, MA 39,258 10% Dallas, TX 30,000 8% San Diego, CA 18,576 5% Houston, TX 16,387 4% Tampa, FL 14,288 4% Philadelphia, PA 11,583 3% Louisville, KY 9,959 3% Nashville, TN 9,557 2% Seattle, WA 9,437 2% Denver, CO 9,220 2% Phoenix, AZ 8,563 2% Atlanta, GA 8,136 2% Washington, DC 7,841 2% Minneapolis, MN 6,982 2% Jacksonville, FL 6,619 2% New York, NY 5,041 1% Salt Lake City, UT 4,950 1% Indianapolis, IN 4,814 1% Orlando, FL 4,655 1% Remaining 75,464 19%
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21 Return to TOC Tenant Diversification(1) (1) Excludes Healthpeak's CCRC, Senior Housing JV, and loans receivable since there is no tenant. (2) Specialty outpatient services includes tenant types such as ambulatory surgical centers, cancer treatment centers, imaging and radiology that are not leased to health systems. Biopharma companies are classified by market cap at quarter-end as follows: Large Cap greater than $10 billion; Mid Cap between $10 billion and $500 million; and Small Cap less than $500 million. (3) HCA Healthcare's ABR is spread across 49 different cities. (4) CommonSpirit Health's ABR is spread across 25 different cities. (5) Represents lab space leased by Calico, a life science subsidiary of Alphabet. TOP 20 TENANTS Tenant / Parent Classification(2) Leased Square Feet Weighted Average Remaining Lease Term in Years % of ABR HCA Healthcare(3) Health System 4,972 6.8 10.1 CommonSpirit Health(4) Health System 2,039 9.5 2.9 McKesson Corporation Health System 676 3.1 1.5 Ascension Health Health System 761 3.9 1.4 University of Louisville Health System 832 5.2 1.4 Northside Hospital Health System 819 6.7 1.3 Alphabet(5) Large Cap Biopharma 242 7.5 1.3 Novo Nordisk Large Cap Biopharma 225 8.8 1.2 Arcus Biosciences Mid Cap Biopharma 260 6.8 1.2 Bristol-Myers Squibb Large Cap Biopharma 222 4.9 1.1 Johnson & Johnson Large Cap Biopharma 246 6.1 1.1 Astellas Pharma Large Cap Biopharma 178 9.1 1.1 HonorHealth Health System 548 6.0 1.1 Community Health Systems Health System 907 5.5 1.1 Norton Healthcare Health System 650 3.9 1.0 Pfizer Large Cap Biopharma 180 4.7 1.0 Memorial Hermann Health System 1,646 5.2 1.0 Revolution Medicines Mid Cap Biopharma 190 10.8 0.9 Nkarta Small Cap Biopharma 127 8.5 0.9 Tenet Healthcare Health System 421 4.6 0.9 Total Top 20 16,141 6.6 33.4 As of and for the quarter ended March 31, 2025 square feet in thousands Tenant Diversification Health System 39.6% Physician Group Practices 15.4% Large Cap Biopharma 10.3% Small Cap Biopharma 8.8% Private Biopharma 8.4% Med Device / R&D / University & Specialty Outpatient Services 6.7%Mid Cap Biopharma 6.4%Other 4.4% (2) $1.5B Annualized Based Rent
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22 Return to TOC (1) Assets that are held for sale are excluded from Leased Square Feet. One asset is held for sale as of March 31, 2025. (2) Includes both pure CPI leases and leases with a CPI floor averaging 2%. The CPI escalator presented above is based on the average full year year-over-year change in CPI, which will vary over time and is based on specific lease terms. (3) Includes net lease structures, where the tenant is responsible for 100% of their pro rata share of operating expenses. (4) A lease structure in which the rental rate includes the tenant's pro rata share of operating expenses. The pro rata share of expenses in the first year of the lease is considered the “base year” and any increase in expenses beyond the “base year” is recoverable by Healthpeak from the tenant. (5) A lease structure in which the tenant’s pro rata share of operating expenses is presumed to be included in the rental rate, with no variability for fluctuations in operating expenses. (6) Weighted Average remaining Lease Term ("WALT") in years for ground leases includes renewal options. LEASE TYPE(1) Leased Square Feet Outpatient Medical Lab Total % of Total Triple-Net(3) 25,665 8,590 34,254 80.0 Base Year(4) 6,094 723 6,817 15.9 Gross(5) 1,667 106 1,773 4.1 Total 33,426 9,419 42,845 100.0 OWNERSHIP TYPE Total Square Feet Outpatient Medical Lab Total % of Total Fee Simple 20,514 9,393 29,907 64.1 Ground Lease 16,516 260 16,776 35.9 Total 37,030 9,653 46,683 100.0 WALT(6) 74 38 73 Leasing Metrics CONTRACTUAL LEASE ESCALATORS(1) Leased Square Feet Outpatient Medical Lab Total % of Total Fixed 31,825 9,265 41,090 95.9 Fixed Escalator 2.7% 3.2% 2.9% CPI 1,601 154 1,755 4.1 CPI Escalator(2) 2.8% 2.7% 2.8% Total 33,426 9,419 42,845 100.0 Total Escalator 2.7% 3.2% 2.9% As of March 31, 2025, square feet in thousands, presented at 100% 1Q25 LEASING ACTIVITY Outpatient Medical Lab Total Renewals, amendments and extensions Leased Square Feet 686 146 832 Annualized Base Rent Per Sq. Ft $ 30.43 $ 41.34 % Change in Cash Rents 4.1 % 4.7 % 4.2 % Average Tenant Improvements per Sq. Ft. per year $ 1.83 $ — $ 1.51 Average Leasing Costs per Sq. Ft. per year $ 0.97 $ 1.73 $ 1.11 Average Lease Term (Months) 68 28 61 Trailing Twelve Month Retention Rate 85.5 % 88.2 % 86.0 % New lease commencements Leased Square Feet 232 149 381 Annualized Base Rent Per Sq. Ft $ 26.86 $ 59.63 Average Tenant Improvements per Sq. Ft. per year $ 3.83 $ 12.30 $ 7.14 Average Leasing Costs per Sq. Ft. per year $ 1.38 $ 1.58 $ 1.46 Average Lease Term (Months) 87 58 76
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23 Return to TOC Lease Expirations (1) Includes unconsolidated joint ventures and excludes one asset held for sale at March 31, 2025. (2) Annualized Base Rent does not include expense recoveries, additional rent in excess of floors, and non-cash revenue adjustments. Month-to-month and holdover leases are included in 2025 expirations. (3) Lab leased square feet expiring in 2025 includes 225,000 that is planned to undergo Redevelopment, 105,000 under LOI, and 50,000 under negotiation. (4) Reflects the earliest point at which the purchase option can be exercised. 23 Return to TOC MATERIAL NEAR-TERM PURCHASE OPTIONS Lease Maturity Year Option Date(4) Name Property Count MSA Property Type Cash (Adjusted) NOI Annualized Option Price 2026 10/2025 Innovation 1 San Diego, CA Outpatient medical $ 1,725 $ 31,700 2027, 2034 01/2026 Myriad Campus 4 Salt Lake City, UT Lab 7,550 68,484 As of March 31, 2025, dollars and square feet in thousands LEASE EXPIRATION DATA(1) Outpatient Medical Lab Total Year Leased Square Feet Annualized Base Rent(2) Leased Square Feet Annualized Base Rent(2) Leased Square Feet % Annualized Base Rent(2) % 2025(2)(3) 2,997 $ 80,127 616 $ 33,519 3,613 8.4 $ 113,646 7.7 2026 4,035 117,085 513 32,344 4,548 10.6 149,428 10.2 2027 3,099 86,866 1,096 58,538 4,196 9.8 145,404 9.9 2028 4,043 100,561 521 30,862 4,565 10.7 131,423 8.9 2029 3,234 94,555 874 55,835 4,108 9.6 150,390 10.2 2030 2,434 67,011 1,123 79,153 3,556 8.3 146,163 9.9 2031 2,648 67,229 1,186 78,446 3,834 8.9 145,675 9.9 2032 2,793 66,621 1,018 67,056 3,812 8.9 133,677 9.1 2033 1,658 48,024 705 54,409 2,364 5.5 102,433 7.0 2034 1,546 39,649 693 52,506 2,240 5.2 92,155 6.3 Thereafter 4,937 111,921 1,072 48,569 6,010 14.0 160,490 10.9 33,426 $ 879,649 9,419 $ 591,236 42,845 100.0 $ 1,470,885 100.0
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24 Return to TOC CCRC As of and for the quarter ended March 31, 2025, dollars in thousands, except REVPOR TOTAL CCRC PORTFOLIO Property Count Net Portfolio Investment(1) Resident Fees and Services, excluding NREFS(2) NREF Amortization Portfolio Cash Opex Portfolio Adjusted NOI Units Occupancy % REVPOR CCRC NREF Cash Collections Operator Life Care Services 13 $ 1,291,992 $ 104,245 $ 20,353 $ (92,675) $ 31,922 6,040 86.8 $ 7,919 $ 25,511 Sunrise Senior Living 2 277,213 20,676 3,653 (17,188) 7,141 1,024 82.1 9,643 3,191 Remaining — — — — (396) (396) N/A N/A N/A — Total 15 $ 1,569,204 $ 124,921 $ 24,006 $ (110,259) $ 38,667 7,064 86.2 $ 8,158 $ 28,702 (1) Net Portfolio Investment is gross Portfolio Investment as defined in the Glossary less Non-Refundable Entrance Fees ("NREFs") and refundable Entrance Fees, which appear on our Consolidated Balance Sheet in the Deferred revenue line and Accounts payable, accrued liabilities and other liabilities line, respectively. As of March 31, 2025, the balances of NREFs and refundable Entrance Fees were $620.4 million and $233.4 million, respectively. (2) Represents Resident Fees and Services from our Consolidated Statement of Operations, excluding NREF amortization. TOTAL CCRC PORTFOLIO 1Q24 2Q24 3Q24 4Q24 1Q25 IL Units 4,847 4,820 4,819 4,819 4,823 AL Units 921 921 921 921 921 Memory Care Units 304 304 304 304 304 Skilled Nursing Units 1,016 1,016 1,016 1,016 1,016 Total Units 7,088 7,061 7,060 7,060 7,064 IL, AL, and Memory Care Occupancy % 84.6 85.0 84.8 85.6 85.7 Skilled Nursing Occupancy % 88.6 88.3 87.2 87.3 89.1 Total Occupancy % 85.2 85.4 85.2 85.8 86.2 REVPOR CCRC $ 7,655 $ 7,764 $ 7,919 $ 8,028 $ 8,158 REVPOR CCRC excluding NREF Amortization 6,465 6,585 6,665 6,742 6,843 NREF Cash Collections $ 28,962 $ 33,518 $ 33,668 $ 46,542 $ 28,702 NREF Amortization 21,577 21,401 22,622 23,394 24,006 Portfolio Cash Real Estate Revenues $ 138,776 $ 140,890 $ 142,846 $ 145,963 $ 148,927 Portfolio Cash Operating Expenses (105,622) (107,207) (109,625) (109,917) (110,259) Portfolio Adjusted NOI $ 33,155 $ 33,683 $ 33,220 $ 36,046 $ 38,667
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25 Return to TOC Other DEBT AND OTHER INVESTMENTS Weighted Average as of March 31, 2025 Investment as of December 31, 2024 Additional Investments(1) Paydowns(2) Investment as of March 31, 2025(3) Interest Income Yield Maturity in Years(4) Seller financing $ 524,479 $ — $ (48,000) $ 476,479 $ 9,482 7.7% 1.4 Development and other 164,318 63,239 (17,007) 210,550 5,048 10.6% 1.8 Total Debt and Other Investments $ 688,797 $ 63,239 $ (65,007) $ 687,028 $ 14,530 8.6% 1.8 As of and for the quarter ended March 31, 2025, dollars in thousands, except REVPOR SOVEREIGN WEALTH FUND SENIOR HOUSING JV AT SHARE 1Q24 2Q24 3Q24 4Q24 1Q25 Year-Over-Year Growth Property count 19 19 19 19 19 — IL Units 2,442 2,442 2,442 2,442 2,442 AL Units 645 645 645 646 645 Memory Care Units 166 166 166 165 166 Skilled Nursing Units 101 101 101 101 101 Total Units 3,354 3,354 3,354 3,354 3,354 Occupancy % 78.1 78.9 80.8 81.4 80.8 270 bps REVPOR $ 5,109 $ 5,032 $ 5,016 $ 4,963 $ 5,162 1.0% Portfolio Cash Real Estate Revenues $ 21,476 $ 21,360 $ 21,816 $ 21,750 $ 22,452 4.5% Portfolio Cash Operating Expenses (16,090) (15,546) (16,229) (16,136) (16,313) 1.4% Portfolio Cash (Adjusted) NOI $ 5,387 $ 5,814 $ 5,586 $ 5,614 $ 6,139 14.0% (1) Additional investments during the quarter included $28 million of funding on a secured loan that closed in January 2025 with a total commitment of $75 million, $21 million of funding related to a preferred equity investment that closed in February 2025 with a total commitment of $50 million, plus other various fundings. (2) During the quarter, the Company received full repayment of $65 million in loans, primarily consisting of i) a $48 million senior housing seller financing loan with a 12% interest rate and ii) a $15 million secured loan with an 8% interest rate. (3) Excludes $7.6 million of estimated reserves for loan losses in accordance with ASC 326, resident loans on CCRC entrance fee contracts of $60.6 million, and discounts/premiums on notes of $19.8 million. (4) Weighted average maturity in years is based on initial maturity and excludes extension options. Including extension options weighted average maturity would be 2.9 years.
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26 Return to TOC Components of Net Asset Value As of and for the quarter ended March 31, 2025, dollars and shares in millions PORTFOLIO CASH (ADJUSTED) NOI AT SHARE Quarter Ending March 31, 2025 Significant Adjustments(1) Annualized Outpatient Medical $ 200 $ — $ 801 Lab 146 — 585 CCRC 39 — 155 SWF SH JV 6 — 25 Total Portfolio Cash (Adjusted) NOI 391 $ — $ 1,565 CCRC NREF cash collections in excess of NREF amortization — 5 19 Total $ 391 $ 5 $ 1,584 DEVELOPMENT AND REDEVELOPMENT PROPERTIES(2) Estimated Cost to Complete Estimated Total Cost Projected Stabilized Portfolio Cash (Adjusted) NOI Development $ 123 $ 582 $ 40 Redevelopment 319 456 58 Total $ 442 $ 1,038 $ 98 LAND HELD FOR DEVELOPMENT / CASH / LOANS RECEIVABLE Book value of land held for development $ 787 Cash, cash equivalents, and restricted cash 139 Loans receivable, net of reserves 699 Total $ 1,625 DEBT AND OTHER LIABILITIES(3) Bank line of credit and commercial paper $ 164 Term loans 1,650 Senior unsecured notes 6,852 Mortgage debt 351 Share of unconsolidated JV debt 189 Other liabilities (assets), net(4) 510 Total $ 9,716 Fully-diluted shares and units 717 (1) Significant adjustments for mid-quarter acquisitions, dispositions, and development/redevelopment activity. Also includes an adjustment for the difference between CCRC NREF amortization and NREF cash collections. (2) See Development and Redevelopment detail on page 18. Projected Stabilized Portfolio Cash (Adjusted) NOI for redevelopments assumes a return on incremental capital and a return to stabilized occupancy levels. (3) Represents principal amounts due and excludes unamortized premiums/ discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. (4) Includes accounts payable, accrued liabilities, and other liabilities net of other assets. Excludes certain non-cash liabilities and assets including straight-line rents and net leasing costs.
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Return to TOC27 Return to TOC Glossary Adjusted Fixed Charge Coverage* Fixed Charge Coverage Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and our ability to meet interest payments on our outstanding debt and pay dividends to our preferred stockholders, if applicable. Our various debt agreements contain covenants that require us to maintain ratios similar to Adjusted Fixed Charge Coverage and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain of our debt instruments. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Fixed Charge Coverage Adjusted EBITDAre and Fixed Charges. Adjusted Funds From Operations (“AFFO”)* See the “Adjusted Funds From Operations” definition included in the accompanying Discussion and Reconciliations of Non-GAAP Financial Measures for information regarding AFFO. Annualized Base Rent ("ABR") The most recent month’s (or subsequent month’s if acquired in the most recent month) base rent including additional rent floors. Annualized Base Rent includes the Company's share of unconsolidated JVs calculated on the same basis and excludes properties in our CCRC segment, properties within the other non-reportable segments, properties sold or held for sale during the quarter, and noncontrolling interests' share of consolidated JVs calculated on the same basis. Further, Annualized Base Rent does not include expense recoveries, additional rents in excess of floors, and non- cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues). We use Annualized Base Rent for the purpose of determining Lease Expirations and Debt Investment Maturities. Cash (Adjusted) Net Operating Income (“NOI”)* Cash (Adjusted) NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, and government grant income and exclusive of interest income), less property level operating expenses; and excludes all other financial statement amounts included in net income (loss). Cash (Adjusted) NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. Cash (Adjusted) NOI include the Company's pro rata share of Cash (Adjusted) NOI from its unconsolidated JVs and exclude noncontrolling interests’ pro rata share of NOI and Cash (Adjusted) NOI from consolidated joint ventures. See the "Cash (Adjusted) NOI" definition included in the accompanying Discussion and Reconciliation of Non-GAAP Financial Measures for further information regarding the impact of the Company's pro rata share on these measures. Completion Date - Development/Redevelopment For Developments, management’s estimate of the period the core and shell structure improvements are expected to be or have been completed. For Redevelopments, management’s estimate of the period in which major construction activity in relation to the scope of the project has been or will be substantially completed and excludes the completion of tenant improvements. Consolidated Debt The carrying amount of bank line of credit, commercial paper, term loans, senior unsecured notes, and mortgage debt, as reported in our consolidated financial statements. Consolidated Gross Assets* The carrying amount of total assets, excluding investments in and advances to our unconsolidated JVs, after adding back accumulated depreciation and amortization, as reported in our consolidated financial statements. Consolidated Gross Assets is a supplemental measure of our financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Consolidated Secured Debt Mortgage and other debt secured by real estate, as reported in our consolidated financial statements. Continuing Care Retirement Community (“CCRC”) A senior housing facility which provides at least three levels of care (i.e., independent living, assisted living and skilled nursing). Cost to Complete Includes lease commissions and tenant improvements incurred to date, and projected lease commissions through Occupancy. Debt Investments Loans secured by a direct interest in real estate and mezzanine loans. Development Includes ground-up construction. Newly completed developments are considered fully operating once the property is placed in service. EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre* EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the National Association of Real Estate Investment Trusts (“Nareit”) and intended for real estate companies. It represents earnings before interest expense, income taxes, depreciation and amortization, gains or losses from sales of depreciable property (including gains or losses on change in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) and other losses (gains), transaction and merger-related items, prepayment costs (benefits) associated with early retirement or payment of debt, restructuring and severance-related charges, litigation costs (recoveries), casualty-related charges (recoveries), stock-based compensation amortization expense, and non-refundable entrance fees collected in excess of (less than) the related amortization, adjusted to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. Fixed Charge Coverage Adjusted EBITDAre is defined as Adjusted EBITDAre excluding the adjustment to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre include our pro rata share of our unconsolidated JVs presented on the same basis. Enterprise Debt* Consolidated Debt plus our pro rata share of total debt from our unconsolidated JVs. Enterprise Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs. Enterprise Gross Assets* Consolidated Gross Assets plus our pro rata share of total gross assets from our unconsolidated JVs, after adding back accumulated depreciation and amortization. Enterprise Gross Assets is a supplemental measure of our financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Enterprise Secured Debt* Consolidated Secured Debt plus our pro rata share of mortgage debt from our unconsolidated JVs. Enterprise Secured Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of Enterprise Secured Debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs. Entrance Fees Certain of our CCRC communities have residency agreements which require the resident to pay an upfront entrance fee prior to taking occupancy at the community. For net income, NOI, Adjusted NOI, Nareit FFO, FFO as Adjusted, and AFFO, the non-refundable portion of the entrance fee is recorded as deferred entrance fee revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident’s entrance fee is generally refundable within a certain number of months or days following contract termination or upon the sale of the unit. All refundable amounts due to residents at any time in the future are classified as liabilities.
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Return to TOC28 Return to TOC Merger-Combined Same-Store Cash (Adjusted) NOI* Merger-Combined Same-Store Cash (Adjusted) NOI is Merger-Combined Same-Store Cash Real Estate Revenues less Merger-Combined Same-Store Cash Operating Expenses. Merger-Combined Same-Store Cash Operating Expenses* Merger-Combined Same-Store Cash Operating Expenses are non-GAAP supplemental measures. Merger- Combined Same-Store Cash Operating Expenses represent property level operating expenses (which exclude transition costs) and exclude certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis. Merger-Combined Same-Store Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Merger-Combined Same-Store Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee expense. Merger-Combined Same-Store Cash Real Estate Revenues* Merger-Combined Same-Store Cash Real Estate Revenues are non-GAAP supplemental measures. Merger-Combined Same-Store Cash Real Estate Revenues include rental related revenues, resident fees and services and exclude amortization of deferred revenue from tenant-funded improvements. Merger- Combined Same-Store Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling interests' pro rata share from consolidated JVs presented on the same basis. Merger-Combined Same-store Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and the impact of deferred community fee income. Metropolitan Statistical Areas (“MSA”) Metropolitan Statistical Areas are geographic entities delineated by the Office of Management and Budget for use by Federal Statistical agencies in collecting, tabulating, and publishing Federal statistics. A metro area contains a core urban area of 50,000 or more population, consists of one or more counties and includes the counties containing the core urban area, as well as any adjacent counties that have a high degree of social and economic integration (as measured by commuting to work) with the urban core. Net Debt* Enterprise Debt less the carrying amount of cash and cash equivalents, restricted cash, and expected net proceeds from the future settlement of shares issued through our equity forward contracts, as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents and restricted cash from our unconsolidated JVs. Net Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Net Debt to Adjusted EBITDAre* Net Debt divided by Adjusted EBITDAre is a supplemental measure of our ability to decrease our debt. Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations. Occupancy Occupancy in our Operating Portfolio for lab buildings and outpatient medical buildings represents rentable square feet where leases have commenced (certificate of occupancy received), including month- to-month leases, as of the end of the period reported divided by total rentable square feet. For senior housing facilities, Occupancy represents the facilities’ average operating Occupancy for the most recent calendar quarter available based on units. Occupancy excludes facilities that are currently in Development, vacant square feet under lease-up in newly completed or recently redeveloped facilities, and facilities held for sale. Occupancy in our Total Portfolio also includes facilities that are currently in development and redevelopment based on their Total Project Leased. Senior housing occupancy was derived solely from information provided by operators without independent verification by us. The percentages shown are weighted to reflect our ownership share. Portfolio Adjusted NOI* Portfolio Adjusted NOI is Portfolio Cash Real Estate Revenues less Portfolio Cash Operating Expenses. Glossary Financial Leverage* Enterprise Debt divided by Enterprise Gross Assets. Financial Leverage is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Fixed Charges* Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Charges also includes our pro rata share of the interest expense plus capitalized interest plus preferred stock dividends (if applicable) of our unconsolidated JVs. Fixed Charges is a supplemental measure of our interest payments on outstanding debt and dividends to preferred stockholders for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations. Funds From Operations (“Nareit FFO”) and FFO as Adjusted* See the “Funds From Operations” definition included in the accompanying Discussion and Reconciliations of Non-GAAP Financial Measures for information regarding Nareit FFO and FFO as Adjusted. Initial Capital Expenditures (“ICE”) Expenditures required to bring a newly acquired property up to standard. The expenditures are typically identified during underwriting and incurred within the first year of ownership. Initial Occupancy Initial Occupancy is generally reflective of revenue recognition commencement, which may not coincide with the start of cash rental payments. Cash rental payments generally occur three to six months following Initial Occupancy. For multiple building projects, Initial Occupancy is reflective of the first tenant's occupancy date. Investment and Portfolio Investment* Represents: (i) the carrying amount of real estate assets and intangibles, after adding back accumulated depreciation and amortization and (ii) the carrying amount of Debt Investments. Portfolio Investment also includes our pro rata share of the real estate assets and intangibles held in our unconsolidated JVs, presented on the same basis as Investment, and excludes noncontrolling interests' pro rata share of the real estate assets and intangibles held in our consolidated JVs, presented on the same basis. Investment and Portfolio Investment include land held for development. Merger-Combined Same-Store (“SS”)* Merger-Combined Same-Store Cash (Adjusted) NOI includes legacy Physicians Realty Trust properties that met the same-store criteria as if they were owned by the Company for the full analysis period. This information allows our investors, analysts, and Company management to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Merger-Combined Same-Store Adjusted NOI (see Cash (Adjusted) NOI definitions above for further discussion regarding our use of pro-rata share information and its limitations). Properties are included in Merger-Combined Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Merger-Combined Same-Store when it is classified as held for sale, sold, placed into redevelopment, experiences a casualty event that significantly impacts operations, or a significant tenant relocates from a Merger-Combined Same-Store property to a Merger-Combined non Same-Store property and that change results in a corresponding increase in revenue. We do not report Merger-Combined Same-Store metrics for our other non-reportable segments. Management believes that continued reporting of the same-store portfolio for only pre-merger Healthpeak Properties, Inc. offers minimal value to investors who are seeking to understand the operating performance and growth potential of the combined company. The Company was provided access to the underlying financial statements of legacy Physicians Realty Trust and other detailed information about each property, such as the acquisition date. Based on this available information, the Company was able to consistently apply its same-store definition across the combined portfolio. As a result of the merger, approximately 98% of the combined portfolio is represented in the Merger- Combined Same-Store presentation for the outpatient medical segment.
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Return to TOC29 Return to TOC Glossary Portfolio Cash Operating Expenses* Portfolio Cash Operating Expenses are non-GAAP supplemental measures. Portfolio Cash Operating Expenses represent property level operating expenses (which exclude transition costs). Portfolio Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Portfolio Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee expense. Portfolio Cash Real Estate Revenues* Portfolio Cash Real Estate Revenues are non-GAAP supplemental measures. Portfolio Cash Real Estate Revenues include rental related revenues, resident fees and services, and government grant income which is included in Other income (expense), net in our Consolidated Statement of Operations. Portfolio Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling interests' pro rata share from consolidated JVs presented on the same basis. Portfolio Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and the impact of deferred community fee income. Portfolio Income* Cash (Adjusted) NOI plus interest income plus our pro rata share of Cash (Adjusted) NOI from our unconsolidated JVs less noncontrolling interests' pro rata share of Cash (Adjusted) NOI from consolidated JVs. Management believes that Portfolio Income is an important supplemental measure because it provides relevant and useful information regarding our performance; specifically, it is a measure of our property level profitability of the Company inclusive of interest income. Management believes that net income (loss) is the most directly comparable GAAP measure to Portfolio Income. Portfolio Income should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items. Projected Stabilized Cash Yield Projected Cash (Adjusted) NOI at stabilization divided by the expected total development costs. Recurring Capital Expenditures Recurring Capital Expenditures include costs incurred in our operating portfolio required to maintain the properties in current market condition and generally are recurring in nature. Redevelopment Properties that incur major capital expenditures to significantly improve, change the use, or reposition the property pursuant to a formal redevelopment plan. Newly completed redevelopments, are considered fully operating once the property is placed in service. Redevelopment costs include only the incremental costs for the project. Retention Rate The ratio of total renewed square feet to the total square feet expiring and available for lease, excluding the square feet for tenant leases terminated for default or buy-out prior to the expiration of the lease and leases in assets designated as Held for Sale. Revenue Enhancing Capital Expenditures Revenue Enhancing Capital Expenditures include costs incurred to build out suites in shell condition or to reposition space that is expected to result in additional revenue upon the space being re-leased. REVPOR* The 3-month average Cash Real Estate Revenues per occupied unit for the most recent period available. REVPOR excludes newly completed assets under lease-up, assets sold, acquired or converted to a new operating structure during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. REVPOR cannot be derived from the information presented for the Other portfolio as units reflect 100% of the unit capacities for unconsolidated JVs and revenue is at the Company's pro rata share. All facility occupancy data was derived solely from information provided by operators without independent verification by us. REVPOR relates to our Other non-reportable segment. REVPOR CCRC* The 3-month average Cash Real Estate Revenues per occupied unit excluding Cash NREFs for the most recent period available. REVPOR CCRC excludes newly completed assets under lease-up, assets sold, or acquired during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. All facility occupancy data was derived solely from information provided by operators without independent verification by us. RIDEA A structure whereby a taxable REIT subsidiary is permitted to rent a healthcare facility from its parent REIT and hire an independent contractor to operate the facility. Secured Debt Ratio* Enterprise Secured Debt divided by Enterprise Gross Assets. Secured Debt Ratio is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Share of Consolidated Joint Ventures ("JVs") Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio. Share of Unconsolidated Joint Ventures Our pro rata share information is prepared by applying our actual ownership percentage for the period and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio. Certain unconsolidated joint ventures are excluded from leasing statistics when leasing information is not available. Total Market Equity The total number of outstanding shares of our common stock multiplied by the closing price per share of our common stock on the New York Stock Exchange as of period end, plus the total number of convertible partnership units multiplied by the closing price per share of our common stock on the New York Stock Exchange as of period end (adjusted for stock splits). Units/Square Feet/Capacity Senior housing facilities are measured in available units (e.g., studio, one or two bedroom units). Lab buildings and outpatient medical buildings are measured in square feet, excluding square footage for development or square footage removed from service for redevelopment properties prior to completion. Capacities are presented at 100% ownership share. * Non-GAAP Supplemental Measures Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this report can be found at https://ir.healthpeak.com/quarterly-results.
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Return to TOC30 Return to TOC The information in this supplemental report should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other information filed with the SEC. The Reporting Definitions (and Reconciliations of Non-GAAP Financial Measures) are an integral part of the information presented herein. You can access these documents on our website, www.healthpeak.com, free of charge, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on our website is not incorporated by reference into, and should not be considered a part of, this supplemental report. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at www.sec.gov. This supplemental report 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. The market and industry data is often based on industry surveys and preparers’ experience in the industry. Similarly, although the Company 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 the Company has not independently verified this information. For more information, contact Andrew Johns, Senior Vice President - Investor Relations, at (720) 428-5050. Additional Information Bob Bové Neuroscience Institute Scottsdale, AZ 30 Return to TOC
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