Earnings release
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Exhibit 99.1 Healthpeak Properties Provides Strategic Initiatives Update and Reports Third Quarter 2025 Results DENVER, October 23, 2025 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today provided a strategic initiatives update and announced results for the quarter ended September 30, 2025. STRATEGIC INITIATIVES AND COMMENTARY – Outpatient medical demand is growing faster than new supply, which, combined with our leading platform and deep healthsystem relationships, is driving strong cash re-leasing spreads including +5.4% in the quarter, higher annual escalatorsincluding +3% on leases signed in the quarter versus +2.7% on the existing portfolio, and low tenant improvement outlayswhich represented less than 5% of rent on renewals signed in the quarter. Total occupancy was up +10 basis points sequentially. – Private market values for outpatient medical buildings have strengthened as inflation and interest rates have declined. Weare in various stages of negotiation on opportunistic sales and recapitalizations that could generate proceeds of $1 billionor more at attractive prices. We would use proceeds from any such sales/recaps to further strengthen our balance sheet and recycle capital into highly pre-leased new outpatient medical developments, acquire distressed and opportunistic labproperties with significant upside, and/or repurchase shares. Our merger with Physicians Realty Trust has proven timely,as we have benefited from these strengthening prices. Our merger integration is complete, and was highly successful. – We believe there has been a palpable shift in sentiment across the biopharma sector since the start of the school yeardriven by M&A activity, clinical data readouts, lower interest rates, reduced regulatory uncertainty, and biopharma stockprice performance. The improved sentiment will take time to flow through to leasing executions, but we’re already seeinga pickup in leasing activity. Our pipeline is at its highest level since Q2 2024, and with a higher allocation toward new leasing. While we still expect our Lab occupancy to decline near-term due to expirations and early terminations, therecent trends suggest the underlying biopharma sector may be approaching an inflection point. – NOI from our 15-asset CCRC portfolio is up more than +50% since 2019, and year-to-date same-store growth is up +11%over the prior year. We see further upside potential from higher occupancy and margin expansion. Total occupancy was up +70 basis points sequentially. – We are deeply engaged in advancing our technology innovation initiatives. The early rollout of our tech-enabled platformhas already improved company-wide connectivity, data access, and productivity, including a 5% reduction in our G&Aguidance this year. Over time, the tech platform we’re building is intended to deliver more than just efficiency gains. We believe it will enable new ways to engage our clients and leasing prospects, enhance property performance, and drivedifferentiation versus other owners. – Our strong balance sheet (5.3x debt/EBITDA) and well-covered dividend (71% AFFO payout ratio year-to-date) remain key strengths of the platform, allowing us to deploy capital opportunistically. THIRD QUARTER 2025 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS – Net income (loss) of $(0.17) per share, Nareit FFO of $0.45 per share, FFO as Adjusted of $0.46 per share, AFFO of$0.42 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 0.9% – On October 6, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 pershare for each of October, November, and December of 2025 representing cash dividends totaling $0.305 per share for the fourth quarter, and an annualized dividend amount of $1.22 per share – Third quarter new and renewal lease executions totaled 1.5 million square feet: • Outpatient Medical new and renewal lease executions totaled 1.2 million square feet, with +5.4% cash releasing spreads on renewals ◦ Subsequent to the third quarter, and through October 23, 2025, executed 123,000 square feet of Outpatient Medical leases with signed letters of intent on an additional 895,000 square feet • Lab new and renewal lease executions totaled 339,000 square feet, with +4.6% cash releasing spreads on renewals Page 1
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◦ Subsequent to the third quarter, and through October 23, 2025, executed 22,000 square feet of Lableases with signed letters of intent on an additional 291,000 square feet – Third quarter CCRC Merger-Combined Same-Store Cash (Adjusted) NOI growth of 9.4% bringing year-to-date growth to11.3%; year-to-date non-refundable entry fee cash collections totaled $108 million, an increase of 13% compared to thesame period last year – Hired Denis Sullivan as Managing Director of Lab Investments & San Diego Market Lead and promoted Mike Dorris to Head of West Coast Development & Construction underscoring Healthpeak's conviction in the life science sector andpositioning the Company to capture investment and leasing opportunities as the market recovers – Year-to-date asset sales and loan repayments totaling $160 million • $204 million of additional asset sales under contract as of October 23, 2025 – Balance Sheet • As previously disclosed, in August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due2033 • Net Debt to Adjusted EBITDAre was 5.3x for the quarter ended September 30, 2025 • As of October 23, 2025, Healthpeak had approximately $2.7 billion in available liquidity through a combination ofunrestricted cash and availability under its revolving credit facility – Published 14 annual Corporate Impact Report detailing Healthpeak's comprehensive approach to corporate responsibility and sustainability THIRD QUARTER COMPARISON Three Months EndedSeptember 30, 2025 Three Months EndedSeptember 30, 2024 (in thousands, except per share amounts) Amount Per Share Amount Per Share Diluted Net income (loss) applicable to commonshares $ (117,256) $ (0.17) $ 85,722 $ 0.12 Diluted Nareit FFO applicable to common shares 322,706 0.45 315,824 0.44 Diluted FFO as Adjusted applicable to commonshares 323,301 0.46 320,776 0.45 Diluted AFFO applicable to common shares 296,524 0.42 300,555 0.42 YEAR TO DATE COMPARISON Nine Months EndedSeptember 30, 2025 Nine Months EndedSeptember 30, 2024 (in thousands, except per share amounts) Amount Per Share Amount Per Share Diluted Net income (loss) applicable to commonshares $ (43,335) $ (0.06) $ 238,057 $ 0.36 Diluted Nareit FFO applicable to common shares 954,153 1.34 797,546 1.17 Diluted FFO as Adjusted applicable to commonshares 978,802 1.38 918,665 1.35 Diluted AFFO applicable to common shares 917,712 1.29 844,952 1.24 _______________________________________ (1) See footnote 3 from the reconciliation of Funds From Operation for further detail. th (1) (1) Page 2
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MERGER-COMBINED SAME-STORE ("SS") OPERATING SUMMARY The table below outlines the year-over-year three-month and year-to-date total Merger-Combined SS Cash (Adjusted) NOI growth. Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth Three Month Year-To-Date SS Growth % % of SS SS Growth % % of SS Outpatient Medical 2.0% 56.1% 3.6% 55.5% Lab (3.2%) 33.3% 2.0% 33.8% CCRC 9.4% 10.6% 11.3% 10.7% Total Merger-Combined SS Cash(Adjusted) NOI 0.9% 100.0% 3.8% 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 performanceand financial position of real estate investment trusts. See "September 30, 2025 Discussion and Reconciliation of Non-GAAPFinancial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directlycomparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" and "AdjustedFunds From Operations" sections of this release for additional information. Page 3
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DIVIDEND On October 6, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December of 2025 representing cash dividends totaling $0.305 per share for the fourth 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 October 17, 2025 October 30, 2025 $0.10167 per common share November 14, 2025 November 26, 2025 $0.10167 per common share December 19, 2025 December 30, 2025 $0.10167 per common share DISPOSITIONS AND LOAN REPAYMENTS DISPOSITIONS As previously disclosed, in July 2025, Healthpeak sold two outpatient medical buildings for combined proceeds of approximately $31 million. As of October 23, 2025, Healthpeak is under contract on four fully stabilized, 100% occupied outpatient medical dispositions totaling approximately $136 million at a blended 6.1% cash capitalization rate. The sales are expected to close in the fourth quarter. Additionally, Healthpeak has received notice from the ground lessor of its intent to exercise a previously disclosed fixed-price purchase option for our leasehold interest in a four-building, 239,000 square foot lab campus in Salt Lake City, Utah. The contractual purchase price is $68 million, representing a cash capitalization rate of approximately 11%. The sale is expected to close in January 2026. LOAN REPAYMENTS In August 2025, Healthpeak received loan repayments of $58 million at a blended interest rate of 9% bringing total year-to- date loan repayments to $125 million at a blended interest rate of 10%. BALANCE SHEET As previously disclosed, in August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due 2033. The offering priced at a 92 basis point spread over the reference U.S. Treasury bond, representing the lowest 7-year spread of any BBB+/Baa1 rated REIT year-to-date. As of October 23, 2025, Healthpeak had approximately $2.7 billion in available liquidity through a combination of unrestricted cash and availability under its revolving credit facility. CORPORATE IMPACT AND SUSTAINABILITY In September, Healthpeak published its 14th annual Corporate Impact Report highlighting its continued focus on building a resilient portfolio, advancing sustainability goals, fostering a workplace culture guided by its WE CARE core values, and promoting sound corporate governance and transparency. RECENT CORPORATE IMPACT AND SUSTAINABILITY ACHIEVEMENTS • Named to the Top 10 in Real Estate from 3BL Media's 100 Best Corporate Citizens List • Named as a finalist for the Corporate Governance Awards - Best Proxy Statement (Mid Cap) by Corporate Secretary & IR Magazine • Named to Newsweek America's Greatest Companies list • Earned a 2025 International MarCom Gold Award for the Company’s 2024 Corporate Impact Report from the Association of Marketing and Communication Professionals (AMCP) for the second year To learn more about Healthpeak's commitment to responsible business, please visit www.healthpeak.com/corporate-impact. Page 4
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2025 GUIDANCE We are reaffirming the following guidance ranges for full year 2025: • Diluted Nareit FFO per share of $1.78 – $1.84 • Diluted FFO as Adjusted per share of $1.81 – $1.87 • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.0% – 4.0% We are updating the following guidance range for full year 2025: • Diluted earnings per common share from $0.25 – $0.31 to $0.00 – $0.06 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 13 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 5
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CONFERENCE CALL INFORMATION Healthpeak has scheduled a conference call and webcast for Friday, October 24, 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/161073286. 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 October 23, 2026, and a telephonic replay canbe accessed through October 31, 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 monthly 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, and 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 integrateand/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation ordisputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and requirements, as well asstakeholder expectations; epidemics, pandemics, or other infectious diseases, including the coronavirus disease (Covid), andhealth and safety measures intended to Page 6
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reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance oninformation 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 inthe financial markets; increased borrowing costs, which could impact our ability to refinance existing debt, sell properties, andconduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions atexpected 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 themarket 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 safetyrequirements, 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 orregulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programssuch as Medicare or Medicaid, and legislation to address federal government operations and administrative decisionsaffecting 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 locallaws 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 ourqualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; taximposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferredand 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 debtlevels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter thatcould prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between theinterests 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 andother transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from timeto 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 undertake any 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 statementswere made. CONTACT Andrew Johns, CFA Senior Vice President – Finance and Investor Relations 720-428-5400 Page 7
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Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data September 30,2025 December 31,2024 Assets Real estate: Buildings and improvements $ 16,192,972 $ 16,115,283 Development costs and construction in progress 1,148,903 880,393 Land and improvements 2,927,571 2,918,758 Accumulated depreciation and amortization (4,438,273) (4,083,030) Net real estate 15,831,173 15,831,404 Loans receivable, net of reserves of $11,602 and $10,499 673,502 717,190 Investments in and advances to unconsolidated joint ventures 796,171 936,814 Accounts receivable, net of allowance of $1,933 and $2,243 80,845 76,810 Cash and cash equivalents 91,038 119,818 Restricted cash 68,694 64,487 Intangible assets, net 610,513 817,254 Assets held for sale, net 67,593 7,840 Right-of-use asset, net 417,365 424,173 Other assets, net 945,507 942,465 Total assets $ 19,582,401 $ 19,938,255 Liabilities and Equity Bank line of credit and commercial paper $ 368,125 $ 150,000 Term loans 1,646,912 1,646,043 Senior unsecured notes 6,766,350 6,563,256 Mortgage debt 350,174 356,750 Intangible liabilities, net 155,557 191,884 Liabilities related to assets held for sale, net 12,371 — Lease liability 301,302 307,220 Accounts payable, accrued liabilities, and other liabilities 746,229 725,342 Deferred revenue 970,077 940,136 Total liabilities 11,317,097 10,880,631 Commitments and contingencies Redeemable noncontrolling interests 27,809 2,610 Common stock, $1.00 par value: 1,500,000,000 shares authorized; 694,946,444 and 699,485,139shares issued and outstanding 694,946 699,485 Additional paid-in capital 12,765,070 12,847,252 Cumulative dividends in excess of earnings (5,854,766) (5,174,279) Accumulated other comprehensive income (loss) (7,975) 28,818 Total stockholders’ equity 7,597,275 8,401,276 Joint venture partners 296,477 315,821 Non-managing member unitholders 343,743 337,917 Total noncontrolling interests 640,220 653,738 Total equity 8,237,495 9,055,014 Total liabilities and equity $ 19,582,401 $ 19,938,255 Page 8
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Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 Revenues: Rental and related revenues $ 539,886 $ 543,251 $ 1,607,714 $ 1,552,065 Resident fees and services 150,458 142,845 448,240 422,512 Interest income and other 15,529 14,301 47,156 27,884 Total revenues 705,873 700,397 2,103,110 2,002,461 Costs and expenses: Interest expense 76,784 74,105 224,540 209,922 Depreciation and amortization 262,317 280,019 796,779 782,736 Operating 291,922 280,279 841,246 797,835 General and administrative 19,907 23,216 66,789 73,233 Transaction and merger-related costs 2,420 7,134 18,169 122,113 Impairments and loan loss reserves (recoveries), net (54) 441 (117) 11,346 Total costs and expenses 653,296 665,194 1,947,406 1,997,185 Other income (expense): Gain (loss) on sales of real estate, net 11,500 62,325 13,136 187,624 Other income (expense), net 1,160 982 (9,658) 83,502 Total other income (expense), net 12,660 63,307 3,478 271,126 Income (loss) before income taxes and equity income (loss) fromunconsolidated joint ventures 65,237 98,510 159,182 276,402 Income tax benefit (expense) 1,206 (1,938) (3,256) (18,364) Equity income (loss) from unconsolidated joint ventures (176,291) (3,834) (176,691) (1,407) Net income (loss) (109,848) 92,738 (20,765) 256,631 Noncontrolling interests’ share in earnings (7,274) (6,866) (21,856) (18,036) Net income (loss) attributable to Healthpeak Properties, Inc.(117,122) 85,872 (42,621) 238,595 Participating securities’ share in earnings (134) (197) (714) (610) Net income (loss) applicable to common shares $ (117,256)$ 85,675 $ (43,335)$ 237,985 Earnings (loss) per common share: Basic $ (0.17)$ 0.12 $ (0.06)$ 0.36 Diluted $ (0.17)$ 0.12 $ (0.06)$ 0.36 Weighted average shares outstanding: Basic 694,930 699,349 696,380 667,536 Diluted 694,930 700,146 696,380 668,096 Page 9
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Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 Net income (loss) applicable to common shares $ (117,256)$ 85,675 $ (43,335)$ 237,985 Real estate related depreciation and amortization 262,317 280,019 796,779 782,736 Healthpeak’s share of real estate related depreciation andamortization from unconsolidated joint ventures 12,574 12,127 37,304 32,520 Noncontrolling interests’ share of real estate related depreciationand amortization (3,807) (4,534) (12,686) (13,705) Loss (gain) on sales of depreciable real estate, net (11,500) (62,325) (13,136) (187,624) Loss (gain) upon change of control, net — 430 — (77,548) Taxes associated with real estate dispositions — (145) (335) 11,512 Impairments (recoveries) of real estate, net 175,827 — 175,827 — Nareit FFO applicable to common shares 318,155 311,247 940,418 785,876 Distributions on dilutive convertible units and other 4,551 4,577 13,735 11,670 Diluted Nareit FFO applicable to common shares $ 322,706 $ 315,824 $ 954,153 $ 797,546 Diluted Nareit FFO per common share $ 0.45 $ 0.44 $ 1.34 $ 1.17 Weighted average shares outstanding - Diluted Nareit FFO709,513 714,715 711,023 681,128 Impact of adjustments to Nareit FFO: Transaction and merger-related items $ 2,420 $ 2,725 $ 18,169 $ 108,923 Other impairments (recoveries) and other losses (gains), net (54) 441 125 11,741 Casualty-related charges (recoveries), net (1,771) 1,792 6,375 588 Total adjustments 595 4,958 24,669 121,252 FFO as Adjusted applicable to common shares 318,750 316,205 965,087 907,128 Distributions on dilutive convertible units and other 4,551 4,571 13,715 11,537 Diluted FFO as Adjusted applicable to common shares$ 323,301 $ 320,776 $ 978,802 $ 918,665 Diluted FFO as Adjusted per common share $ 0.46 $ 0.45 $ 1.38 $ 1.35 Weighted average shares outstanding - Diluted FFO as Adjusted 709,513 714,715 711,023 681,128 _______________________________________ (1) The nine months ended September 30, 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 nine months ended September 30, 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 and nine months ended September 30, 2025 includes other-than-temporary impairment charges on certain unconsolidated real estate joint ventures. During the three months ended September 30, 2025, we concluded that the decline in fair values of these joint ventures was other-than-temporary due to the length of time and extent of which the fair values have been less than carrying value. Other-than-temporary impairment charges on our unconsolidated joint ventures are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. (4) The three and nine months ended September 30, 2025 and 2024 include 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. The nine months ended September 30, 2025 also includes $6 million of costs incurred related to certain investments we are no longer pursuing. For the three and nine months ended September 30, 2024, these costs were partially offset by termination fee income of $4 million and $13 million, respectively, 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. (5) The three and nine months ended September 30, 2025 and 2024 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations. (6) 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) (6) Page 10
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Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands, except per share data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 FFO as Adjusted applicable to common shares $ 318,750 $ 316,205 $ 965,087 $ 907,128 Stock-based compensation amortization expense 4,046 3,755 10,410 11,935 Amortization of deferred financing costs and debt discounts(premiums) 7,981 7,408 23,708 19,247 Straight-line rents (14,282) (10,346) (30,836) (32,891) AFFO capital expenditures (27,261) (23,510) (76,125) (76,744) CCRC entrance fees 12,711 11,046 36,449 30,548 Deferred income taxes (179) 585 4,989 2,330 Amortization of above (below) market lease intangibles, net(8,105) (7,887) (28,402) (23,325) Other AFFO adjustments (1,687) (1,277) (1,303) (4,947) AFFO applicable to common shares 291,974 295,979 903,977 833,281 Distributions on dilutive convertible units and other 4,550 4,576 13,735 11,671 Diluted AFFO applicable to common shares $ 296,524 $ 300,555 $ 917,712 $ 844,952 Diluted AFFO per common share $ 0.42 $ 0.42 $ 1.29 $ 1.24 Weighted average shares outstanding - Diluted AFFO 709,513 714,715 711,023 681,128 _______________________________________ (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 September 30, 2025 and 2024, diluted AFFO applicable to common shares was $283.8 million and $289.5 million, respectively, and diluted AFFO per common share was $0.40 and $0.41, respectively. Utilizing the prior definition for the nine months ended September 30, 2025 and 2024, diluted AFFO applicable to common shares was $881.3 million and $814.4 million, respectively, and diluted AFFO per common share was $1.24 and $1.20, respectively. (1) (1) (1) Page 11