Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Nareit REITweek 2021
19 slides from Healthpeak Properties's conference presentation, Jun 7, 2021
Slide 1: Investor Presentation
Sorrento Gateway (Rendering) Sorrento Mesa, San Diego Investor Presentation Healthpeak Properties June 2021
Slide 2: Disclaimers
Disclaimers including costs above original estimates, project delays and lower occupancy rates and rents generally considered stabilized at the earlier of lease-up (typically when the tenant(s) is subject to change and speaks only as of the date hereof. This presentation is not complete than expecte
Slide 3: Updates Since May 5th Earnings Call
Updates Since May 5th Earnings Call Callan Ridge Update $137M densification will double the leasable area, creating a ~185K square foot Class A lab building in the Torrey Pines submarket of San Diego with an estimated yield on cost of 9.3% based on book value of land and approximately 7% based on ma
Slide 4: Sorrento Gateway Development Start
Sorrento Gateway Development Start Commencing development at our Directors Place land bank site to capitalize on highly favorable supply and demand dynamics in Sorrento Mesa (San Diego) 163K square foot, Class A life science building with an estimated total spend of approximately $120M Highly strate
Slide 5: Sorrento Mesa Submarket Overview
Sorrento Mesa Submarket Overview 1 2 4 3 Sorrento Highlands Sorrento Summit Sorrento Gateway Campus Sorrento Gateway Development 125,000 Sq Ft 252,000 Sq Ft 196,000 Sq Ft 163,000 Sq Ft 1 2 3 4 5
Slide 6: Healthpeak San Diego Market Overview
Healthpeak San Diego Market Overview San Diego Developments The Boardwalk 5 Poway Callan Ridge Development Sorrento Gateway Development 192K Sq Ft | 100% Leased | Est Completion: 4Q 2021 Sorrento Callan Ridge Torrey Mesa Pines 805 185K Sq Ft | 100% Leased | Est Completion: 4Q 2022 5 Sorrento Gateway
Slide 7: Development Platform
Development Platform
Slide 8: Healthpeak Completed Development Projects
Healthpeak Completed Development Projects The Cove | South San Francisco, CA The Shore Phase I | Brisbane, CA 75 Hayden | Lexington, MA Sorrento Summit | Sorrento Mesa, CA Cost: $800M | Stabilized Yield: 8.4%(1) Cost: $235M | Stabilized Yield: 6.4%(1) Cost: $151M | Stabilized Yield: ~8%(1) Cost: $17
Slide 9: $1.3B Active Development Pipeline
$1.3B Active Development Pipeline(1) Total Cost Cost to Date Remaining Leasable Area Percent Stabilized Est. Initial Project Market ($M) ($M)(2) Cost ($M) (000s SF) Leased(2) Yield(3) Occupancy The Boardwalk (4) Torrey Pines $173 $109 $64 192 100% 7.1% 4Q 2021 The Shore Phase II South San Francisco
Slide 10: $7B+ of Land Bank and Densification Opportunities
$7B+ of Land Bank and Densification Opportunities (1) Our densification opportunities include utilizing excess land on existing campuses, as well as the potential to replace older one- and two-story buildings with taller, Class A buildings as leases roll Life Science Densification Opportunities oppo
Slide 11: Significant Value Creation from Development Platform
Significant Value Creation from Development Platform(1)(2) ($ of NAV per share) ~$6.50/sh of potential value CA The Shore | Brisbane, creation from active pipeline and land / densification opportunities ~$2.60/sh Value Creation ~$4.00 ~$8.50 ~$1.50 ~$1.00 ~$2.00 $1.6B of Completed $1.3B of Active Va
Slide 12: Deeper Dive into South San Francisco and West Cambridge Submarkets
Deeper Dive into South San Francisco and West Cambridge Submarkets South San Francisco Submarket West Cambridge Submarket The Shore Development E N S W 35 CPD Vantage Land (20 acres) 87 CPD 101 CPD Development Nexus on Grand Development East Grand Ave. Future Densification Cambridge Pointe Grand Dis
Slide 13: MOB Historical Performance Analysis: On-Campus vs Off-Campus
MOB Historical Performance Analysis: On-Campus vs Off-Campus
Slide 14: Four select on-campus portfolios representing more than $80M of Cash NOI
Four select on-campus portfolios representing more than $80M of Cash NOI(1) Medical City Dallas | Dallas, TX Swedish Hospital System | Seattle, WA Medical City Dallas | Dallas, TX | 7 properties 2.2M SF Swedish Hospital | Seattle, WA | 4 properties 563K SF TriStar Centennial Campus | Nashville, TN S
Slide 15: On-Campus vs Off-Campus Historical Performance
On-Campus vs Off-Campus Historical Performance A key strategic element of our MOB business is to focus on ownership of on-campus and affiliated assets We have the highest percentage of on-campus assets in the industry at 84%, and our portfolio is 97% affiliated During our 2+ decades in the MOB busin
Slide 16: Historical Average Annual Cash NOI less AFFO CapEx Growth
Historical Average Annual Cash NOI less AFFO CapEx Growth(1) Healthpeak portfolio includes ~300 MOBs(2) On-Campus Off-Campus: Affiliated Off-Campus: Unaffiliated +2.3% +1.4% -1.7% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% (1) Cash flow represented by Cash NOI less recurring capital expenditures. Reconciliatio
Slide 17: Historical Average Tenant Retention
Historical Average Tenant Retention Healthpeak portfolio includes ~300 MOBs(1) On-Campus Off-Campus: Affiliated Off-Campus: Unaffiliated 80.2% 75.2% 68.0% 90.0% 80.0% 70.0% 60.0% 50.0% Proximity to hospital provides depth of demand for long-term stability (1) Healthpeak portfolio includes approximat
Slide 18: Historical Average Renewal Mark-to-Market
Historical Average Renewal Mark-to-Market Healthpeak portfolio includes ~300 MOBs(1) On-Campus Off-Campus: Affiliated Off-Campus: Unaffiliated +2.3% -2.4% -2.1% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% Consistent on-campus pricing power (1) Healthpeak portfolio includes approximately 300 MOBs measured
Slide 19: healthpeak.com
——~— Yam Healthpeak PROPERTIES