Earnings release
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Exhibit 99.1 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 pershare, 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 Juneof 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 leaseswith 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 loanand 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 ofunrestricted 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 ImpactReport, please visit www.healthpeak.com/corporate-impact. FIRST QUARTER COMPARISON Three Months EndedMarch 31, 2025 Three Months EndedMarch 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 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 Page 1
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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. 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 % Page 2
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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. 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 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' WorldHeadquarters and adjacent to the Baylor Scott & White Regional Medical Center at Frisco. Total funding available to theborrower 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 theacquisition and redevelopment of a lab building in the Torrey Pines submarket of San Diego, California. Total funding availableunder 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, 244,000square 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. 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 unrestrictedcash and its revolving credit facility. Page 3
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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. Page 4
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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 beaccessed 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. 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, asamended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief orexpectation 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 transactionsdiscussed 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 financingactivity, including those subject to binding agreements, remain subject to closing conditions and may not be completed withinthe anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about futureevents 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 basedupon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannotguarantee 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 withinthe life science industry; significant regulation, funding requirements, and uncertainty faced by our lab tenants; factorsadversely 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 estateinvestments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if weinvested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacementtenants 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 whosecampuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive orfinancially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risksassociated 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 inthe 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, lowerthan expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and ourflexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition forsuitable 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 oroperate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputesand 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, aswell 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 limitedavailability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security Page 5
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failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and ourinvestors; 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 tostockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptableterms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operationalflexibility, 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 lawsand regulations, including resident health and safety requirements, as well as licensure, certification, and inspectionrequirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans withDisabilities 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 federalgovernment operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; ourparticipation in the Coronavirus, Aid, Relief and Economic Security Act Provider Relief Fund and other Covid-related stimulusand 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 PhysiciansRealty Trust and realize the anticipated synergies of our merger with Physicians Realty Trust and benefits of propertymanagement 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”; changesto U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculatingnon-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certainproperties 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 ourstockholders; 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 thatmay 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-lookingstatements 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 undertakeany obligation to update or supplement any forward-looking statements to reflect actual results, new information, futureevents, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made. CONTACT Andrew Johns, CFA Senior Vice President – Finance and Investor Relations 720-428-5400 Page 6
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Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data 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 699,485,139shares 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 Page 7
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Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months EndedMarch 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 jointventures 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 Page 8
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Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months EndedMarch 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 jointventures 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 — (77,781) Taxes associated with real estate dispositions — 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 $ 5,534 $ 102,829 Other impairments (recoveries) and other losses (gains), net (3,320) 11,853 Casualty-related charges (recoveries), net 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. (1) (2) (3) (4) (5) Page 9
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Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands, except per share data Three Months EndedMarch 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 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 $ 306,414 $ 255,142 Diluted AFFO per common share $ 0.43 $ 0.42 Weighted average shares outstanding - Diluted AFFO 714,174 610,632 _______________________________________ (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. (1) (1) (1) Page 10