Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (March 2025)
31 slides from Healthpeak Properties's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
UF North Medical Building Jacksonville, FL Investor Presentation March 2025
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, competitive or financially viable; our ability to develop, maintain, or expand hospital and and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings is subje
Slide 3: 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 purpose-built lab campuses, a high-quality outpatient
Slide 4: How Healthpeak Will Generate Superior Long-Term Returns
How Healthpeak Will Generate Superior Long-Term Returns Platform National and local scale with leading technology and experienced team to drive leasing outperformance Portfolio High-quality buildings in prime locations generate superior leasing economics with lower cap-ex Two decades of building rel
Slide 5: Why Invest in Healthpeak
Why Invest in Healthpeak ▪ Well-covered ~6.0% dividend yield plus 3-4% same-store growth ▪ $60M future Cash NOI upside from marquee lab dev/redev campuses plus ~$15M additional merger Compelling synergies in 2025+ Value and ▪ Under-levered balance sheet with $500M to $1B of dry powder for accretive
Slide 6: Double Digit Earnings Growth Over the Past Three Years
Double Digit Earnings Growth Over the Past Three Years Earnings growth driven by development earn-in, property performance, merger synergies, and more efficient G&A FFO as Adjusted per Share(1) AFFO per Share(1) $1.81 $1.60 +12% +19% $1.61 $1.35 2021 2024 2021 2024 Investor Presentation – March 2025
Slide 7: 2024 Leasing: Executing with Excellence
2024 Leasing: Executing with Excellence Strong outpatient fundamentals, leading lab relationships & scale, and a senior housing portfolio targeting younger, healthier seniors all contributed to record leasing across the business Outpatient Medical Lease Executions(1) Lab Lease Executions Senior Hous
Slide 8: Recent Investment
Sorrento Highlands HQ Point (Development Rendering) Topa (Rendering) Topa (Rendering) Sorrento Mesa, CA Plano, TX Plano, TX HQ Sorrento Mesa Cluster Sorrento ~900K SF Point Summit Vista Sorrento Gateway at Directors Directors Place Campus Torrey Pines Cluster (~2 miles west) ~1.2M SF Recent Investme
Slide 9: Previously Disclosed Investments
Outpatient medical development rendering Torrey Pines Cluster Plano, TopaTX(Rendering) Torrey Pines, CA Plano, TX Redevelopment New Development New Development Previously Disclosed Investments Lab Acquisition and Redevelopment Loan (Torrey Pines, CA) Outpatient Medical Development Loan (Plano, TX) ■
Slide 10: Executed Leases to Capture >50% of $60M Cash NOI Upside
Executed Leases to Capture >50% of $60M Cash NOI Upside from Marquee Development and Redevelopment Campuses Potential Upside Leased / Committed Upside % Upside (1) 2025+ NOI 2025+ NOI Leased or Committed(2) Leasing ■ Signed a 205K SF lease with Portside +$25M +$19M ~75% an existing private life scie
Slide 11: Outperforming Merger Synergy Targets
Outperforming Merger Synergy Targets Accelerated internalization and higher profit margins resulted in $50+ million of additional earnings benefit during 2024 Property Management Internalization Update Market SF (M) Completion Bay Area 6.2 Feb 2024 2024 Synergies Achieved ~$50M San Diego 2.2 Feb 202
Slide 12: Under-Levered Balance Sheet with $500M to $1B of Dry Powder
Under-Levered Balance Sheet with $500M to $1B of Dry Powder for Accretive Investments Well-laddered maturities and BBB+ / Baa1 (stable) credit rating Key Credit Metrics(1) Debt Maturities ($ in billions) $2.5 Healthpeak’s February 2025 $500M 10-year bond offering priced at T+102 bps; represents the
Slide 13: Outpatient Medical Overview
Outpatient Medical Overview
Slide 14: Outpatient Medical Offers an Attractive Cash Flow Profile
Outpatient Medical Offers an Attractive Cash Flow Profile Steady demand results in consistent, low volatility cash flow growth through market and business cycles Attibutes Comments and Observations ▪ 5-7 year leases with contractual annual rent bumps Steady Growth ▪ Healthpeak achieving ~3% annual r
Slide 15: Improved Outpatient Fundamentals Across All Dimensions
Improved Outpatient Fundamentals Across All Dimensions Fundamental backdrop has improved over the past five years and is generating increased occupancy and rent growth, which we expect to continue 2019 2024 Improved vs 2019? Aging Demographic 16% 21% percent of US population over 65 Declining Starts
Slide 16: Unmatched Outpatient Medical Portfolio & Platform
Unmatched Outpatient Medical Portfolio & Platform Best-in-class portfolio and platform differentiate Healthpeak 524 37M 92% 70% Leading Scale & Properties SF Occupancy Leased to Health Systems Portfolio Quality With Unmatched 96% 5.5 Year 88% +7% Experience & On-Campus or Affiliated Remaining Lease
Slide 17: Superior Relationships with Leading Health Systems in Each Local Market
Superior Relationships with Leading Health Systems in Each Local Market Deep relationships and internal property management maximize opportunities for internal and external growth Anchored Assets(1) 69 Healthpeak Top 10 OM Markets and Key Relationships(2) Leased Area (SF) 5.0M Top 10 markets represe
Slide 18: Development & Loan Opportunities Create Pipeline for External Growth
Development & Loan Opportunities Create Pipeline for External Growth Health system relationships provide proprietary opportunities for investment in trophy quality development assets Northside Medical Buford Galen Aurora Atlanta, GA Denver, CO Delivered: 2Q 2024 Est. Delivery: 2Q 2025 Investment $38
Slide 19: Lab Overview
Lab Overview
Slide 20: We Continue to Outperform the Broader Lab Market
We Continue to Outperform the Broader Lab Market 2024 Results: 2.1M SF of Leasing +11% Cash Releasing Spreads on Renewals Tenant Priority Checklist Healthpeak Competitive Advantage Exclusively located in leading markets of Bay Area, Boston, and San Diego PrimeLocations Prime Locations including ~70%
Slide 21: Strategically Located in Long-Established Life Science Submarkets
Strategically Located in Long-Established Life Science Submarkets Well-occupied portfolio with upside from lease-up of South San Francisco and Sorrento Mesa re/developments Percent of Total Occupancy Lab Market(1) Submarkets Healthpeak ABR Total SF Operating | Total(2) South San Francisco 19.6% 5,08
Slide 22: Platform and Footprint to Drive Leasing and Capture Market Share
Platform and Footprint to Drive Leasing and Capture Market Share Key Healthpeak Statistics Select 2024 Lease Executions Existing Quarter Tenant SF Tenant Signed Campus Tenant Type Total SF Increase ~200 Existing Tenants 4Q Portside Private Life Science 205,000 ~150,000 4Q Vantage Private Biotech 63,
Slide 23: Biotech Capital Markets Accelerated During 2024
Biotech Capital Markets Accelerated During 2024 Increased capital raising had a direct and positive impact on Healthpeak’s leasing activity Biotech Capital Raising 2023 vs 2024 Year-Over-Year Increase $80B $65B Follow-Ons Venture Capital +45% $60B increase $4B +53% +32% $11B $45B $3B $40B $18B $7B $
Slide 24: Healthpeak Leasing Activity Has Accelerated
Healthpeak Leasing Activity Has Accelerated 2024 leasing activity increased significantly, Healthpeak is capturing market share, and the pipeline remains strong Lab Lease Executions 2023 vs 2024 Key 2024 Lab Leasing Statistics 2.1M SF 2.1M SF 1.1M SF | 11% 4Q +110% Lease Executions Renewals | MTM in
Slide 25: New Supply is Declining Precipitously with Essentially No New Starts
New Supply is Declining Precipitously with Essentially No New Starts The supply / demand environment is set up to improve significantly as we head into 2025+ Vacant / Non-Pre-Leased Lab Deliveries Across the Sector(1) SF in millions 20M 16M SF 75% 9M SF decrease 4M SF 4M SF 0.5M SF 0M SF 0M 2022 202
Slide 26: Manageable Near-Term Lab Lease Expirations
Manageable Near-Term Lab Lease Expirations Healthpeak’s expirations in 2025 & 2026 total ~1M SF; compares to 2.1M SF of lease executions in 2024 Bay Area Boston San Diego SF in 000s SF in 000s SF in 000s 305 303 307 62 59 47 2025 2026 2025 2026 2025 2026 ~12% of Healthpeak’s Bay Area lab leases ~4%
Slide 27: Senior Housing Overview
Senior Housing Overview
Slide 28: Senior Housing Fundamentals Are Strong
Senior Housing Fundamentals Are Strong Supply and demand fundamentals support a multi-year window for strong growth Age 80+ Population Senior Housing Construction in millions % of inventory 7% 18 +30% 400 bp increase decline 14 3% Current 2030E 2015-2019 Avg. Current Investor Presentation – March 20
Slide 29: Healthpeak's Senior Housing Portfolio Overview
Oakmont Mariner Discovery Cypress Point Village Villageat Palm Beach Gardens Discovery Village Palm Beach Gardens Freedom Pointe SanPalm Francisco BeachMSA Jacksonville, Gardens, FL FL Miami, The FL Villages, FL Healthpeak’s Senior Housing Portfolio Overview Highly-differentiated and attractive 15-p
Slide 30: Record High Occupancy and Entry Fee Net Cash Receipts
Record High Occupancy and Entry Fee Net Cash Receipts Favorable supply / demand fundamentals and a compelling lifestyle proposition in our communities are driving results Portfolio Occupancy(1) Entry Fee Net Cash Receipts(2) $ in millions $143 86% 85% $127 $101 82% $89 79% 2021 2022 2023 2024 2021 2
Slide 31: Healthpeak
Healthpeak’ | v2
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