Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (June 2023)
24 slides from Healthpeak Properties's investor presentation, Jun 5, 2023
Slide 1: Investor Presentation
Torrey Pines Science Center – 10355 Science Center Drive San Diego, CA Investor Presentation Healthpeak Properties June 2023
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your multiple sectors; the illiquidity of real estate investments; our ability to identify and federal income tax laws, and potential deferred and contingent tax liabilities from information, is subject to change
Slide 3: Healthpeak Platform Delivering Results
Healthpeak Platform Delivering Results Increasing FY 2023 FFO and AFFO guidance ranges by one penny at the midpoints driven by improving life science tenant credit Increasing New Nareit FFO & FFO as Adjusted per common share guidance ranges: $1.71 – $1.77 (prior $1.70 – $1.76) 2023 New AFFO per comm
Slide 4: Healthpeak Portfolio Overview
Healthpeak Portfolio Overview(1) Healthpeak Portfolio Composition Life Science 11 million square feet across San Francisco, Other Boston & San Diego 2% 98% occupancy CCRC 5.6% average same-store growth since 2015(2) 9% Life Science Outpatient Medical 51% 81% on-campus / 97% affiliated 24 million squ
Slide 5: Strong Start to 2023 Despite Challenging Macro Conditions
Strong Start to 2023 Despite Challenging Macro Conditions Original Guidance Current Guidance Midpoint (Feb 2023) (June 2023(1)) Variance Nareit FFO & FFO as Adjusted $1.70 - $1.76 $1.71 - $1.77 + $0.01 AFFO(2) $1.45 - $1.51 $1.47 - $1.53 + $0.02 Same-Store Growth 2.75% - 4.25% 3.00% - 4.50% + 25 bps
Slide 6: Fortress Balance Sheet
Fortress Balance Sheet Debt Metrics (3/31/23)(1) Debt Maturity Profile(2)(3) $4,000 Baa1 / BBB+ 5.4x Investment Grade $3,500 Net Debt / Ratings Adj. EBITDAre (Moody’s / S&P) $3,000 $2,500 $2,000 34.2% 2.0% $1,500 $1,101 Net Debt / Enterprise Value Secured Debt Percentage $1,000 $803 $750 $750 $750 $
Slide 7: Life Science Fundamentals
Life Science Fundamentals
Slide 8: Life Science Long-Term Demand Drivers Remain As Strong As Ever
Life Science Long-Term Demand Drivers Remain As Strong As Ever Aging Senior Population Drugs in Active Development Growing Global Drug Demand (US 65+ in millions) (Pre-Clinical through Launched) (Global Pharmaceutical Drug Sales in $B) 20K drugs in 69 active development $2,047 20,109 13,718 41 9,737
Slide 9: Total Returns Since Biotech Index 2023 Lows
Total Returns Since Biotech Index 2023 Lows 25% Update graph 20% XBI: 18% 15% 10% S&P 500: 9% REITs: 8% 5% PEAK: 4% 0% -5% 3/22 4/1 4/11 4/21 5/1 5/11 5/21 5/31 Investor Presentation – June 2023 9 XBI is an ETF that tracks the S&P® Biotechnology Select IndustryTM . REITs total return based on RMS in
Slide 10: Year-to-Date Life Science Capital Raising Trends
Year-to-Date Life Science Capital Raising Trends YTD Transaction Activity Select PEAK Tenant Activity $ in billions $159 VC Funding | $8B | 185 deals Follow-on and IPOs | $12B | 187 deals $401M $750M partnership with $1.7B partnership with Series D VC Funding May 2023 May 2023 May 2023 Partnership |
Slide 11: Life Science Portfolio Overview
Life Science Portfolio Overview Life Science Tenant Summary Office, R&D / 4% ABR ~200 tenants, with the top 25 representing ~50% of life science annualized University, base rent (ABR)(1) 6% ABR Large Cap Medical Biopharma, 28% ABR Top 5 tenants are Amgen, Bristol-Myers Squibb, J&J, Arcus Biosciences
Slide 12: Segment Performance
Segment Performance
Slide 13: Life Science Operating Update
Life Science Operating Update Year-to-Date Highlights Segment Statistics(1) 389,000 sq. ft. of lease executions year-to-date 87% of leasing “off-market” via existing portfolio tenants 51% 141 1Q 2023 same-store growth of 6.3% driven by contractual rent bumps, positive of PEAK Cash NOI Properties mar
Slide 14: Outpatient Medical Operating Update
Outpatient Medical Operating Update Year-to-Date Highlights Segment Statistics(2) 1Q 2023 same-store growth of 3.7% driven by strong performance at Medical City Dallas, lease escalators, and positive mark-to-market Strong start to the year supported a +50 basis point increase to FY 2023 same- 38% 29
Slide 15: CCRC Operating Update
CCRC Operating Update Year-to-Date Highlights Segment Statistics 1Q 2023 NOI using entry-fee cash receipts up +35% year-over-year Occupancy up +220 basis points year-over-year and up +70 basis points sequentially Expense trends continue to improve, with contract labor declining 68% year- over-year 1
Slide 16: Select Campus Updates
Select Campus Updates
Slide 17: Campus Update: Oyster Point
Campus Update: Oyster Point Campus Summary Completed Leases – 547K SF(1) Future Expirations – 323K SF In Redevelopment – 69K SF(2) 10 buildings totaling 939,000 sq. ft. located along Oyster Point 333 Oyster Pt. Blvd. in SSF, benefiting from close proximity to the 101 freeway (126K SF) and adjacent t
Slide 18: Campus Update: Pointe Grand
Campus Update: Pointe Grand JV Building (Future Redev) JV Buildings (Active Redev) Wholly-Owned Stabilized Buildings Campus Summary 656,000 sq. ft. 11-building campus located on the East Grand Avenue corridor in SSF with a mix of stabilized operating assets 220 E. Grand 170 Harbor Way (48K SF) and r
Slide 19: Select Submarket Maps
Select Submarket Maps
Slide 20: South San Francisco Aerial
South San Francisco Aerial W East Grand / Forbes Cluster Healthpeak Oyster Existing: +/- 1.6M SF S N Point Cluster 73 Acres Existing +/- 2.0M SF 54 Acres E Sierra Point Cluster Existing: +/- 1.2M SF 43 Acres Existing PEAK Operations Active Developments / Redev Development / Redev / Densification Pip
Slide 21: San Diego Aerial
San Diego Aerial N W E S Torrey Pines Cluster +/- 1.2M SF Sorrento Mesa Cluster +/- 0.9M SF Existing PEAK Operations Active Developments Development Pipeline Investor Presentation – June 2023 21
Slide 22: North Torrey Pines Submarket Detail
North Torrey Pines Submarket Detail Top Landlords Market Share 700K SF 1,516K SF 150K SF Recent Sales Comp: $86M | 72,506 SF Other Landlords 277K SF 4.6% cap rate(1), $1,186 psf One Alexandria Square North Torrey Pines Science 11149 N Torrey Pines Future Development One Alexandria Square South Park
Slide 23: West Cambridge Aerial
West Cambridge Aerial N E W S Cambridge Park Cluster Existing: +/- 1.1M SF 18 acres Alewife Station Alewife Cluster 38 acres of income-producing properties and future densification Assembled 38 acres with future densification opportunity in Alewife to further our already market-leading position in W
Slide 24: healthpeak.com
‘ill? Healthpeak PROPERTIES healthpeak.com
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