Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Q4 2025 Earnings Presentation
10 slides from Healthpeak Properties's earnings presentation, Feb 3, 2026
Slide 1: Healthpeak Announces the Formation of Janus Living
Cypress Village Jacksonville, FL Healthpeak Announces the Formation of Janus Living A New Pure-Play, RIDEA-Structured Publicly Traded Senior Housing REIT
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company,” “Healthpeak,” “we,” “our,” or “us”) presentation is solely for increase operating costs; the effects of economic conditions and market conditions in the markets in which your information, is subject to change and speaks only as of the date
Slide 3: Key Aspects of the Proposed Transaction
Key Aspects of the Proposed Transaction Dedicated Expands Strategic Highly Aligned Independent and Well-Positioned Senior Housing Flexibility Corporate Structure Aligned Governance Balance Sheet Platform ▪ Creation of a pure-play, ▪ Allows Healthpeak to unlock ▪ Healthpeak’s management of ▪ Healthpe
Slide 4: Strongly Aligned and Favorable Transaction Framework
Strongly Aligned and Favorable Transaction Framework ▪ Healthpeak announced its planned Initial Public Offering (“IPO”) of Janus Living, a pure-play, RIDEA-structured senior housing REIT ▪ Healthpeak has formed Janus Living and intends to contribute its 34 existing senior housing properties, totalin
Slide 5: Healthpeak Structure Highlights: Platform, Scale & Relationships
Healthpeak Structure Highlights: Platform, Scale & Relationships Institutional platform built to deliver excellence in execution across the portfolio with deep relationships to drive proprietary opportunities Senior Housing Outpatient Medical Lab 10,422 units | $220M of Annualized NOI(1) 38M SF Port
Slide 6: Senior Housing Portfolio Summary
Senior Housing Portfolio Summary 100% RIDEA structure with attractive scale – large enough to be a public company but small enough for external growth to move the needle 34 10,422 10 ~$220M 100% +9.5% Average Annual NOI Communities Units States Annualized Cash NOI(1) RIDEA Structure Growth Since Jan
Slide 7: Senior Housing Portfolio Summary (Cont'd)
Senior Housing Portfolio Summary (Cont’d) Our properties are positioned in high-growth markets with large and growing senior populations Geographic Overview Local Market Scale Unit % of Total 80+ Population Median MSA (2) Count Units Growth Home Value(2) Tampa, FL 2,049 20% 37% $407,650 Houston, TX
Slide 8: Appendix
Appendix
Slide 9: Non-GAAP Reconciliations
Non-GAAP Reconciliations 9/30/2025 OM Lab Life Plan Other (1) Corp Non-Segment Total Net income (loss) 64,948 -104,187 4,439 15,983 -91,031 -109,848 Interest income and other 0 0 0 -14,092 -1,437 -15,529 Interest expense 3,571 0 951 0 72,262 76,784 Depreciation and amortization 154,485 76,946 30,886
Slide 10: Definitions
Definitions Adjusted Net Operating Income and Cash (Adjusted) Net Operating Income (“NOI”) Life Plan Community (formerly known as Continuing Care Retirement Community) Adjusted NOI is a non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measure used to evaluate the A s
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