Healthpeak Properties Investor Presentation — December 2021

Document content

and Supplemental Report

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Vantage Amenities Center (Rendering)

South San Francisco, CAReturn to TOC2

Return to TOC2Earnings Release 3

Consolidated Financial Statements 8

Portfolio Summary 13

Property Count Reconciliations 16

Investment Summary 20

Developments and Redevelopments 22

Capital Expenditures 24

Portfolio Diversification 25

Discontinued Operations 40

Glossary and Debt Ratios 42

Company Information 47

Forward-Looking Statements & Risk Factors 48

Discussion and Reconciliation of Non-GAAP Financial MeasuresTABLE OF

Hayden Research Campus

Lexington, MAReturn to TOC3

Return to TOCHealthpeak Reports Fourth Quarter and Year Ended 2021 Results

DENVER, February 8, 2022 - Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2021.

FOURTH QUARTER 2021 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

– Net income of $0.05 per share, Nareit FFO of $0.41 per share, FFO as Adjusted of $0.41 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 2.7%

• Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 5.4% and 3.6%, respectively

• Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of 4.0% excluding government grants received under the CARES Act at our CCRC properties

– Life science development leasing:

• Pre-leased all 148,000 square feet at Nexus on Grand in South San Francisco

• Active life science developments 76% pre-leased as of the end of the fourth quarter

– Additional life science development pipeline opportunities:

• Acquired a combined ten acre parcel in the Sorrento Mesa submarket of San Diego

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