Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — HCP — Merger or Acquisition (November 2017)
10 slides from Healthpeak Properties's merger presentation, Nov 2, 2017
Slide 1: Brookdale Transactions
Brookdale Transactions November 2, 2017 a The ae Vinee Park : Houston, Texas
Slide 2: Transaction Highlights
Transaction Highlights Ons Reduces Brookdale Senior Living Inc. (“Brookdale”) concentration on a pro forma basis to approximately 15.7% following anticipated future sales and transitions Improves Brookdale triple-net lease portfolio EBITDAR coverage on a pro forma basis to approximately 1.28x for th
Slide 3: Transaction Overview
Transaction Overview Initial Transactions Expected to Close in 3-6 Months . Brookdale to acquire 6 assets from HCP for $275 million . HCP to acquire Brookdale’s 10% interest in RIDEA | & Ill joint ventures for $99 million combined Future Transactions Expected to Close Throughout 2018 = HCP has been
Slide 4: Two Part Transaction
Two Part Transaction = Initial transactions expected to generate total net proceeds of approximately $500 million = Future Brookdale transactions expected to generate an additional $600 - $900 million of proceeds over the course of 2018 () = Total proceeds from future transactions will depend on the
Slide 5: Reduces Concentration & Solidifies Brookdale Relationship
(Gce Reduces Concentration & Solidifies Brookdale Relationship IL / AL SHOP Triple-Net CCRC JV Current Assets 106 Brookdale Exposure 3Q 2017 Cash NOI $40M % HCP NOI) 12.7% 9.9% 4A% C 27.0% y Initial Sales Transaction TXeJStuT-I) Anticipated Future Transactions Pro Forma Assets 20 44 15 79 Brookdale
Slide 6: Demonstrated Track Record of Execution
Gg Ro Demonstrated Track Record of Execution Announced Transactions Remaining Brookdale Assets 34.2% IL / AL SHOP (6% / 20 assets) 27.0% = 92% Occupancy 4) 1 1 1 1 1 1 1 I 1 1 I 1 (7.2%) H = 39% Cash NOI Margin 4) (3.5%) H 1 i ! 15.7% NNN (6% / 44 assets) 7.8%) H = 1.48x TTM EBITDARM Coverage ®) wer
Slide 7: Enhances HCP's Differentiated Portfolio
Enhances HCP’s Differentiated Portfolio HCP 3Q 2016 eted Pro Fo SH NNN 22% SH NNN 19% Portfolio Summary (% Cash NOI & Interest Income) SH SHOP 13% MOB oy 14% SH SHOP 20% Medical Office & Life Science 29% f ease 54% | aay, Senior Housing 35% 39% Other 10% 7% SNFs 26% 0% % Private Pay 78% 96% Top 3 Te
Slide 8: Indicative Run Rate Financial Impact
one Indicative Run Rate Financial Impact Initial Futur . Total ($ in millions, except per share) Transactions Transactions Total Estimated Net Proceeds $500 $600 - $900 ®) $1,100 - $1,400 Estimated Debt Repayment (500) (600) - (675) (1,100) - (1,175) Estimated Capital Recycling (0) O - (225) O - (22
Slide 9: Illustrative Earnings Impact of Announced Transactions
(Gce Illustrative Earnings Impact of Announced Transactions Estimated Estimated 2018E impact assumes mid-year timing for Run-Rate Impact 2018E Impact certain transactions (see below for details) Low High Low High 2017E FFO as Adjusted (Aug. Guidance) $1.89 $1.95 $1.89 $1.95 Incremental Increase to G
Slide 10: Disclaimer
Disclaimer This presentation is being presented solely for your information, is subject to change and speaks only as of the date hereof. This presentation and comments made by management do not constitute an offer to sell or the solicitation of an offer to buy any securities of HCP or any investment