Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (June 2022)
29 slides from Healthpeak Properties's investor presentation, Jun 6, 2022
Slide 1: Investor Presentation
Vantage Phase I (Rendering) South San Francisco, Vantage CA Phase I (Rendering) South San Francisco, CA Investor Presentation Healthpeak Properties June 2022
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the Company) presentation is solely for your information, regulatory approvals associated therewith; our property development, redevelopment and net operating income (adjusting for the impact of upfront rental concessions) for the is subject to change
Slide 3: Updates Since May 4th Earnings Call
Updates Since May 4th Earnings Call Continued strong tenant demand with leasing ahead of 2022 budget; 99% same-store occupancy as of May 31; recent leasing updates include: 54,500 sq. ft. lease and 53,000 sq. ft. letter of intent (LOI) both to the same credit tenant at 65 Hayden at a blended ~38% ca
Slide 4: Segment Updates
Segment Updates
Slide 5: Life Science Operating Update
Life Science Operating Update New, renewal, and development leasing demand remains strong Same-Store Occupancy Second quarter leasing to date: 99% 98% 98% 98% 97% ~505,000 sq. ft. of new / renewal leases signed, primarily to credit tenants ~15,500 sq. ft. development lease ~154,000 sq. ft. developme
Slide 6: Life Science Mega Campuses
Life Science Mega Campuses Leasing Flexibility in Amenity Rich Settings The Cove | 966K SF | 7 Properties | $75M Cash NOI The Shore & Towers | 1.1M SF | 7 Properties | $56M Cash NOI Oyster Point | 923K SF | 10 Properties | $73M Cash NOI South San Francisco, CA Brisbane ne, CA South San Francisco, CA
Slide 7: Medical Office Operating Update
Medical Office Operating Update On-campus portfolio combined with industry-leading Kingsley survey scores drive TTM Tenant Retention Rate high retention rates Retention is critical as renewal leases generally generate 50% more cash flow 82% compared to new leases when factoring in lower capital cost
Slide 8: MOB Mega Campuses
MOB Mega Campuses PEAK MOB Hospital On-campus scale creates leasing flexibility with hospital systems and competitive advantages compared to other properties in the market Medical City Dallas | 2.2M SF | 7 Properties | $44M Cash NOI Swedish Medical Center | 610K SF | 6 Properties | $24M Cash NOI Tri
Slide 9: CCRC Operating Update
CCRC Operating Update Leading indicators (leads and tours) are above 2019 levels Net Full-Time Hiring by Month Non-refundable entry fee sales remain strong: (number of employees) Cash collections exceeded GAAP / FFO / AFFO amortization for four straight 123 quarters 1Q 2022 entry-fee cash receipts u
Slide 10: Select CCRC Campuses
Select CCRC Campuses Unique and differentiated form of senior housing offering a full continuum of care in large scale communities with very high barriers-to-entry The Fairfax | $12M Cash NOI(1) Cypress Village | $12M Cash NOI(1) Washington, D.C. Jacksonville, FL Regency Oaks | $13M Cash NOI(1) Lake
Slide 11: Life Science Tenant Overview
Life Science Tenant Overview
Slide 12: Life Science Tenant Overview: Detailed Breakdown
Life Science Tenant Overview: Detailed Breakdown(1)(2) Tenant Summary R&D / University 7% Medical 200 tenants, with the top 25 representing 50% of ABR Device 7% Pharma Office 3% 13% 75% of ABR from publicly-traded tenants Tech 1% ~60% of ABR from post-revenue biotech and other companies / Large Cap
Slide 13: Life Science Tenant Overview: Top Tenants
Life Science Tenant Overview: Top 25 Tenants(1) Remaining Market Cap % of Sq. Rank Parent Name Classification Markets % of ABR Lease Term ($M) Ft. (2) 1 Amgen Large Cap Biotech 2.3 years Bay Area $134,701 5.8% 9.1% 2 Johnson & Johnson(3) Pharma 6.2 years Bay Area / Boston 466,047 3.2% 3.8% 3 Bristol
Slide 14: Life Science Tenant Overview: Mark-to-Market Analysis
Life Science Tenant Overview: Mark-to-Market Analysis Weighted Avg. Square Feet % of Square % MTM Total MTM Category Remaining ABR ($M)(1) % of ABR (in M) Feet Opportunity(2) ABR ($M) Lease Term Pharma 6.0 years 1.2 12% $72 13% 34% $96 Large Cap Biotech 4.4 years 1.2 12% $92 16% 10% $102 Mid Cap Bio
Slide 15: Oyster Point Campus Update
Oyster Point Campus Update
Slide 16: Oyster Point Campus: Overview
Oyster Point Campus: Overview Completed Leases / LOI Future Spec Leases Campus Summary 333 Oyster Pt. Main and Main location in South San Francisco along Oyster (122K SF) Point Blvd., benefiting from close proximity to 101 freeway and adjacent to The Cove 331 Oyster Pt. (129K SF) 329 Oyster Pt. Ac
Slide 17: Oyster Point Campus: Detailed Lease Terms / Assumptions
Oyster Point Campus: Detailed Lease Terms / Assumptions Expiring NNN Lease Terms(1) New NNN Lease Terms / Assumptions(2) 2021 Square Lease Starting Capital Current Expiration Cash Rent New Downtime Address Status Feet Start Cash Rent Spend Tenant Date (Monthly Tenant (months) (in 000) Date (Monthly
Slide 18: Oyster Point Campus: Financial Summary
Oyster Point Campus: Financial Summary Campus expected to experience downtime from re-leasing and TI build-outs before stabilizing in 2025 with ~$21M of NOI upside versus 2022 NOI(1) Year-Over-Year Change in NOI ($ in millions) ($ in millions) $83 $25 $67 $65 $62 $58 $3 ($5) ($7) (2) 2021 2022F 20
Slide 19: Development Platform
Development Platform
Slide 20: Developments 73% Pre-Leased with an Additional 12% Under LOI
Developments 73% Pre-Leased with an Additional 12% Under LOI The Boardwalk | San Diego, CA The Shore Phase II | Brisbane, CA Vantage Phase I | South San Francisco, CA Cost: $52M(1) | 100% Pre-Leased Cost: $222M(2) | 100% Pre-Leased Cost: $393M | 45% LOI Sorrento Gateway | San Diego, CA Callan Ridge
Slide 21: Value-Creation and Earn-in From Development
Value-Creation and Earn-in From Development Expect significant value-creation and earnings growth from development activities FFO earn-in based on our current estimates but could fluctuate based on supply chain delays impacting construction and completion of tenant improvements Composition NAV V
Slide 22: Development, Redevelopment & Densification Pipeline
Development, Redevelopment & Densification Pipeline Underway and Near Term Starts Intermediate Starts Vista Sorrento Development | San Diego Vantage Ph II & III Development | S. San Francisco Alewife Development / Densification | Cambridge Two covered land parcels totaling 10 acres, acquired in 2021
Slide 23: Advancing ESG
Advancing ESG
Slide 24: Commitment to Environmental, Social, and Governance Initiatives
Commitment to Environmental, Social, and Governance Initiatives We believe that ESG initiatives are a vital part of our corporate responsibility Environmental Social Governance Long-Term Science-Based Greenhouse Gas (GHG) Gender Diversity(1) Corporate Governance Highlights Emissions Reduction Goals
Slide 25: Select Submarket Maps
Select Submarket Maps
Slide 26: South San Francisco Aerial
South San Francisco Aerial W East Grand / Forbes Cluster Healthpeak Oyster Existing: +/- 1.4M SF S N Point Cluster 73 Acres Existing +/- 1.9M SF 54 Acres E Sierra Point Cluster Existing: +/- 1.2M SF 43 Acres Active and future development and densification opportunities on ~170 acres of premium land
Slide 27: San Diego Aerial
San Diego Aerial 5 Callan Ridge Vista Sorrento Development Future Development Sorrento Gateway Development Sorrento Sorrento Torrey Mesa M Pines 805 5 The Boardwalk Development University Towne Centre Downtown Active Future Investor Presentation June 2022 27 Existing Property Development Site Deve
Slide 28: West Cambridge Aerial
West Cambridge Aerial N E W S Cambridge Park Cluster Existing: +/- 1.1M SF 18 acres Alewife Station Alewife Cluster 36 acres of income-producing properties and future densification n Assembled an additional 36 acres with future densification opportunity in Alewife to further our already market-leadi
Slide 29: healthpeak.com
—= Va Healthpeak PROPERTIES healthpeak.com
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