Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (March 2023)
26 slides from Healthpeak Properties's investor presentation, March 2023
Slide 1: Investor Presentation
101 CambridgePark Drive Boston, MA Investor Presentation Healthpeak Properties March 2023
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, healthcare systems to remain competitive or financially viable; our ability to develop, applicable, for such properties. Newly acquired operating assets are generally considered is subject to ch
Slide 3: Healthpeak Platform Delivering Results
Healthpeak Platform Delivering Results ▪ Strong FY 2022 operating results with FFO as Adjusted(1) +$0.02/sh and same-store growth +100 bps above initial 2022 guidance mid-points 2022 Financial Results ▪ Delivered 675,000 sq. ft. of fully-leased life science developments and 237,000 sq. ft. of on-cam
Slide 4: Portfolio Supported by Aging Population & Desire for Improved Health
Portfolio Supported by Aging Population & Desire for Improved Health Irreplaceable and differentiated real estate portfolio well-positioned to generate attractive earnings growth Life Science Medical Office CCRC ✓ 3 core markets - San Francisco, San Diego & ✓ 81% on-campus / 97% affiliated ✓ 15 camp
Slide 5: Healthpeak Trophy Campuses
PEAK LS / MOB Hospital Healthpeak Trophy Campuses Nine select campuses, totaling 8.4M square feet, represent ~$410M of Cash NOI(1) The Cove | 982K SF | 7 Properties Oyster Point | 939K SF | 10 Properties Medical City Dallas | 2.2M SF | 7 Properties South San Francisco, CA South San Francisco, CA HCA
Slide 6: Multiple Potential Avenues of External Growth
Multiple Potential Avenues of External Growth Land Bank Densification Redevelopment Acquisitions Vista Sorrento | Sorrento Mesa, CA The Towers (Conceptual Rendering) | SSF, CA Thornton MOB | Thornton, CO The Post | Waltham, MA Entitlement work is progressing Densify excess land in operating Capture
Slide 7: Fortress Balance Sheet
Fortress Balance Sheet Debt Metrics (12/31/22) Debt Maturity Profile(1) $4,000 Baa1 / BBB+ / BBB+ 6.4 Years Investment Grade $3,500 Weighted Avg. Bond Ratings Maturity(1) (Moody’s / S&P / Fitch) $3,000 $2,500 ($ in millions) $2,000 5.3x 32.3% $1,490 Net Debt / Net Debt / Enterprise $1,500 Adj EBITDA
Slide 8: Segment Updates
Segment Updates
Slide 9: Life Science Operating Update
Life Science Operating Update ■ Portfolio 99% occupied at year-end 2022 Same-Store Occupancy ■ 1.4M sq. ft. of 2022 lease executions; YTD 2023 executed leases and LOIs total 98.7% 312K sq. ft. 96.6% 96.8% 96.3% □ +35% cash releasing spreads on renewals during 2022 ■ FY 2022 cash same-store(1) of 5.1
Slide 10: Medical Office Operating Update
Medical Office Operating Update ■ On-campus portfolio and platform with two decades of operating experience and Same-Store Occupancy relationships drive high retention rates and stable occupancy 92.9% 92.5% 92.1% □ Retention is critical as renewal leases generally generate 50% more cash flow 91.4% c
Slide 11: CCRC Operating Update
CCRC Operating Update ■ Industry-leading operating partner in LCS Portfolio Occupancy ■ Leads and tours trending above pre-COVID averages Q4 occupancy 82.4% ■ Non-refundable entry fee sales remain strong: □ FY 2022 entry-fee cash receipts up ~15% and number of contracts sold up 79.0% 79.0% 17% year-
Slide 12: Biotech Industry & Tenant Overview
Biotech Industry & Tenant Overview
Slide 13: Long-Term Drivers of Life Science Demand
Long-Term Drivers of Life Science Demand Aging Senior Population Logarithmic Decline in Genome Sequencing Cost Growing Global Drug Demand (US 65+ in millions) (US $) (Global Pharmaceutical Drug Sales in $B) $100M $100,000,000 69 $2,047 $1,000,000 41 $8,000 $10,000 $500 $741 $100 $1 2011 2030F 2001 2
Slide 14: Biopharma Capital Raising and R&D Trends
Biopharma Capital Raising and R&D Trends $ in billions $350 $300 $300 $300 $250 $250 2017 – 2021 Average: $230B $200 $200 $200 $160 $150 $100 $50 $0 2017 2018 2019 2020 2021 2022 Public Biopharma R&D NIH Funding VC Funding Secondary Equity IPO Despite a slowdown in public equity issuances, ~$250B of
Slide 15: PEAK Life Science Tenant Overview: Diversified Tenant Base
PEAK Life Science Tenant Overview: Diversified Tenant Base Office 4% Tenant Summary R&D / University 6% ■ ~200 tenants, with the top 20 representing ~45% of life science annualized base rent (ABR)(1) ■ Top 6 tenants are Amgen, J&J, Bristol-Myers Squibb, Arcus Biosciences, Medical Pfizer, and Alphabe
Slide 16: Select 4Q22 & 1Q23 Tenant Capital Raises
Select 4Q22 & 1Q23 Tenant Capital Raises Tenant PEAK Stats(1) Date Transaction Tenant PEAK Stats(1) Date Transaction Seaport, Redwood City $300M secondary Mar-23 & Discovery Park, Cambridge $178M series D Mar-23 Nov-22 103K sq.ft. / $6M ABR $264M secondary Jul-22 122K sq.ft. / $9M ABR Pointe Grand,
Slide 17: Select Tenant M&A and Collaborations
Select Tenant M&A and Collaborations Tenant PEAK Stats(1) Date M&A Tenant PEAK Stats(1) Date Collaboration Collaboration with Sorrento Summit, SD Pending acquisition by 75 Hayden, Lexington Neurocrine Biosciences; Feb-23 Jan-23 252K sq.ft. / $9M ABR Globus Medical for 32K sq.ft. / $2M ABR $175M upfr
Slide 18: Life Science Tenant Overview: Top Tenants
Life Science Tenant Overview: Top 20 Tenants(1) Remaining Lease Annualized % of Total Rank Parent Name Classification Markets Market Cap ($M) Term Base Rent ($M) PEAK NOI 1 Amgen Large Cap Biopharma 1.7 years Bay Area $126,120 $51 4.4% 2 Johnson & Johnson Large Cap Biopharma 5.9 years Bay Area / Bos
Slide 19: Select Campus Updates
Select Campus Updates
Slide 20: 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 101 freeway and (126K SF) adjacent to
Slide 21: Campus Update: Pointe Grand
Campus Update: Pointe Grand JV Buildings JV Buildings in Redevelopment 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 redevelopme
Slide 22: Select Submarket Maps
Select Submarket Maps
Slide 23: 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 +/- 1.9M SF E 54 Acres Sierra Point Cluster Existing: +/- 1.2M SF 43 Acres Existing PEAK Operations Active Developments / Redev Development / Redev / Densification Pip
Slide 24: San Diego Aerial
San Diego Aerial N W E S Torrey Pines Cluster +/- 1.2M SF Sorrento Mesa Cluster Existing: +/- 0.9M SF Existing PEAK Operations Active Developments Development Pipeline Investor Presentation – March 2023 24
Slide 25: 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 26: healthpeak.com
Healthpeak PROPERTIES healthpeak.com
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