Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (February 2026)
30 slides from Healthpeak Properties's investor presentation, Feb 27, 2026
Slide 1: Real Estate Partner of Choice for Healthcare Discovery and Delivery
751 Gateway South San Francisco, CA Real Estate Partner of Choice for Healthcare Discovery and Delivery February 27, 2026
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, tenants, operators, and borrowers to comply with federal, state, and local laws and transactions; our status as a holding company of Healthpeak OP; and other risks and is subject to change and s
Slide 3: Recent Updates
Recent Updates
Slide 4: Strategic Initiatives and Commentary
Strategic Initiatives and Commentary Janus Living Capital Recycling Technology Initiatives Lab Fundamentals ▪ Announced the formation and ▪ Capitalizing on strong private ▪ Focused on automation, superior ▪ Improvement in biopharma M&A planned initial public offering market demand for outpatient and
Slide 5: Capital Allocation: Gateway Acquisition
Capital Allocation: Gateway Acquisition Gateway Blvd Acquisition Transaction Highlights Gateway Crossing 1.4M SF | 29 acres 270K SF | 14 acres Point Grand and Vantage ▪ Acquired a 1.4M SF campus on 29 acres in South San 1.5M SF | 59 acres Sierra Point Francisco for $600M in late December and early J
Slide 6: Capital Allocation: Senior Housing Acquisitions
Capital Allocation: Senior Housing Acquisitions $675M of proprietary investment opportunities sourced in 4Q25 and expected to close in 1Q26 Total 80+ Population Project Status Product Type Top 25 MSA # of Units # of Buildings Growth %(2) 4,063 Units Atlanta MSA Under PSA Entry Fee and Rental ✓ 42% 3
Slide 7: Capital Allocation: Dispositions, Recaps, and Loan Proceeds
Capital Allocation: Dispositions, Recaps, and Loan Proceeds $511M in asset sales and loan repayments across 18 transactions closed in 2025; 2026 Guidance includes $1B of proceeds from a combination of dispositions, recapitalizations, and/or loan repayments Dispositions Recapitalizations Loan Proceed
Slide 8: Platform Overview
Platform Overview
Slide 9: About Healthpeak
About Healthpeak Healthpeak is a leading owner, operator, and developer of real estate for healthcare discovery and delivery. Our real estate is uniquely positioned to benefit from the aging population and universal desire for better health with a high-quality outpatient medical portfolio affiliated
Slide 10: Platform with Scale & Deep Relationships to Drive Performance
Platform with Scale & Deep Relationships to Drive Performance Institutional platform built to deliver excellence in execution across the portfolio with deep tenant relationships to drive proprietary opportunities Outpatient Medical Lab Senior Housing 37M SF Portfolio 13M SF Portfolio 10,422 units |
Slide 11: National Scale with Local Competitive Advantage
National Scale with Local Competitive Advantage Top 20 Markets Rank Market % of Combined NOI(1) Seattle 2% 1 San Francisco, CA 23% 2 Boston, MA 9% 3 Dallas, TX 8% Boston 9% 4 San Diego, CA 5% Minneapolis 2% 5 Houston, TX 4% New York 1% 6 Tampa, FL 4% San Francisco 23% Salt Lake City 1% 7 Philadelphi
Slide 12: Diversified Revenue Sources
Diversified Revenue Sources Unmatched roster of the world’s leading health systems and biopharma companies with only two tenants representing more than 1% of total ABR Portfolio Diversification(1) Top 20 Outpatient and Lab Tenants Rank Parent Name Classification % of ABR Senior Housing 1 HCA Healthc
Slide 13: Why Healthpeak
Why Healthpeak Portfolio benefits from an aging population, continued scientific discovery, and the trend toward lower-cost Structural Demand Drivers outpatient care delivery High-quality Outpatient Medical portfolio leased to leading health systems and specialty physicians, a Portfolio Quality crit
Slide 14: Outpatient Medical Overview
Outpatient Medical Overview
Slide 15: Unmatched Outpatient Medical Portfolio and Platform
Unmatched Outpatient Medical Portfolio and Platform Best-in-class portfolio and sector-leading tenant relationships differentiates Healthpeak from competitors Leading Scale & 509 37M 91% 70% Properties Square Feet Occupancy Leased to Health Systems Portfolio Quality With Unmatched Experience & Healt
Slide 16: Two-Year Lookback at the Physicians Realty Trust Merger
Two-Year Lookback at the Physicians Realty Trust Merger Merger synergies and integration outperformed expectations and provided a meaningful improvement to our scale, expanded the depth of our relationships, and enhanced our platform capabilities with internalized property management operations and
Slide 17: Structural Factors Driving Growth in Outpatient Demand
Structural Factors Driving Growth in Outpatient Demand Advances in technology enable more procedures to be performed outside of the inpatient hospital setting Baylor Scott & White Charles A. Sammons Cancer Center 8 C1TY Blvd TOPA Fort Worth Dallas, TX Nashville, TN Ft. Worth, TX Consumer Preference
Slide 18: Improved Outpatient Real Estate Fundamentals Across All Dimensions
Improved Outpatient Real Estate Fundamentals Across All Dimensions Fundamental backdrop has improved over the past six years and is generating strong NOI growth; renewed investor demand attracted to consistent, low volatility cash flow growth through market and business cycles 2019 2025 Improved vs
Slide 19: Lab Overview
Lab Overview
Slide 20: Amenitized Lab Campuses in the Three Leading Markets
Amenitized Lab Campuses in the Three Leading Markets Well-located portfolio of amenity-rich spaces for R&D and collaboration 13M 146 3 ~85% Square Feet Properties Core Markets ABR from campuses 400K+ SF Bay Area Boston San Diego Preeminent lab real estate owner in South Concentrated in Cambridge and
Slide 21: Platform and Portfolio Built for Performance
Platform and Portfolio Built for Performance Healthpeak wisely pulled back on development in 2021 to reduce exposure to sector downturn; now while others are retrenching, we’re strengthening our portfolio and platform Tenant Priority Checklist Healthpeak Competitive Advantage Exclusively located in
Slide 22: Biotech Capital Markets and M&A Accelerating
Biotech Capital Markets and M&A Accelerating Positive clinical data, lower interest rates, and less regulatory noise have improved sentiment for the biotech sector and are supporting the recent improvement in capital raising and M&A activity Public Biotech Capital Raising Accelerated Post Labor Day
Slide 23: Senior Housing Overview
Senior Housing Overview
Slide 24: Senior Housing Portfolio Summary: Top 4 Markets
Senior Housing Portfolio Summary 34 10,422 10 100% $197M $54M Communities Units States RIDEA 2025 Adjusted NOI(1) 2025 non-refundable entrance fee sales in excess of the GAAP related amortization Attractive Market Concentration(2) Unit Mix By Product Type(2) Tampa, FL Independent Living Remaining 20
Slide 25: Senior Housing Portfolio Summary
Senior Housing Portfolio Summary Properties located in high-growth markets with affluent senior populations; ~70% in Florida and Texas Geographic Overview Local Market Scale Unit % of Total 80+ Population Median Local MSA Count Units Growth(1) Home Sale Price(1) Tampa, FL 2,049 20% 37% $407,650 Hous
Slide 26: Life Plan Sector Performance Compared to Rental Senior Housing
Life Plan Sector Performance Compared to Rental Senior Housing High barriers to entry for life plan communities result in limited new supply while the product attracts healthy and active residents with a 10-year average length of stay, providing a consistent, durable growth profile through economic
Slide 27: Life Plan Campus Case Study
Life Plan Campus Case Study An elevated senior living experience featuring expansive grounds, multiple dining options, wellness and fitness amenities, art & woodworking studios, entertainment spaces, and numerous outdoor amenities 2 6 1 4 3 Private Putting Fine Dining 1 6 Green Café 5 Indoor Heated
Slide 28: Appendix: Reconciliation of Certain Non-GAAP Financial Measures
Appendix: Reconciliation of Certain Non-GAAP Financial Measures
Slide 29: Segment Portfolio NOI and Adjusted NOI
Segment Portfolio NOI and Adjusted NOI For the year ended December 31, 2025 Outpatient Other Corporate Lab Life Plan Total Medical Non-reportable (1) Non-segment Net income (loss) $ 286,659 $ 131,508 $ 21,554 $ 61,557 $ (400,251) $ 101,027 Interest income and other - - - (56,165) (5,615) (61,780) In
Slide 30: Healthpeak’ | v2
Healthpeak’ | v2
Healthpeak Properties — Investor Presentation (February 2026) on 6ix