Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (June 2023)
24 slides from Healthpeak Properties's investor presentation, June 2023
Slide 1: Investor Presentation
Torrey Pines Science Center – 10355 Science Center Drive San Diego, CA Investor Presentation Healthpeak Properties June 2023
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your multiple sectors; the illiquidity of real estate investments; our ability to identify and federal income tax laws, and potential deferred and contingent tax liabilities from information, is subject to change
Slide 3: Healthpeak Platform Delivering Results
Healthpeak Platform Delivering Results Increasing FY 2023 FFO and AFFO guidance ranges by one penny at the midpoints driven by improving life science tenant credit Increasing □ New Nareit FFO & FFO as Adjusted per common share guidance ranges: $1.71 – $1.77 (prior $1.70 – $1.76) 2023 □ New AFFO pe
Slide 4: Healthpeak Portfolio Overview
Healthpeak Portfolio Overview(1) Healthpeak Portfolio Composition Life Science 11 million square feet across San Francisco, Other Boston & San Diego 2% 98% occupancy CCRC 5.6% average same-store growth since 2015(2) 9% Life Science Outpatient Medical 51% 81% on-campus / 97% affiliated 24 mi
Slide 5: Strong Start to 2023 Despite Challenging Macro Conditions
Strong Start to 2023 Despite Challenging Macro Conditions Original Guidance Current Guidance Midpoint (Feb 2023) (June 2023(1)) Variance Nareit FFO & FFO as Adjusted $1.70 - $1.76 $1.71 - $1.77 + $0.01 AFFO(2) $1.45 - $1.51 $1.47 - $1.53 + $0.02 Same-Store Growth 2.75% - 4.25% 3.00% - 4.50% + 25 bps
Slide 6: Fortress Balance Sheet
Fortress Balance Sheet Debt Metrics (3/31/23)(1) Debt Maturity Profile(2)(3) $4,000 Baa1 / BBB+ 5.4x Investment Grade $3,500 Net Debt / Ratings Adj. EBITDAre (Moody’s / S&P) $3,000 $2,500 ($ in millions) $2,000 34.2% 2.0% $1,500 $1,101 Net Debt / Enterprise Value Secured Debt Percentage $1,000 $803
Slide 7: Life Science Fundamentals
Life Science Fundamentals
Slide 8: Life Science Long-Term Demand Drivers Remain As Strong As Ever
Life Science Long-Term Demand Drivers Remain As Strong As Ever Aging Senior Population Drugs in Active Development Growing Global Drug Demand (US 65+ in millions) (Pre-Clinical through Launched) (Global Pharmaceutical Drug Sales in $B) 20K drugs in 69 active development $2,047 20,109 13,718 41 9,737
Slide 9: Total Returns Since Biotech Index 2023 Lows
Total Returns Since Biotech Index 2023 Lows 25% Update graph 20% XBI: 18% 15% 10% S&P 500: 9% REITs: 8% 5% PEAK: 4% 0% -5% 3/22 4/1 4/11 4/21 5/1 5/11 5/21 5/31 Investor Presentation – June 2023 9 XBI is an ETF that tracks the S&P® Biotechnology Select IndustryTM. REITs total return based on RMS ind
Slide 10: Year-to-Date Life Science Capital Raising Trends
Year-to-Date Life Science Capital Raising Trends YTD Transaction Activity Select PEAK Tenant Activity $ in billions $159 VC Funding | $8B | 185 deals Follow-on and IPOs | $12B | 187 deals $401M $750M partnership with $1.7B partnership with Series D VC Funding May 2023 May 2023 May 2023 Partnership |
Slide 11: Life Science Portfolio Overview
Life Science Portfolio Overview Life Science Tenant Summary Office, R&D / 4% ABR ■ ~200 tenants, with the top 25 representing ~50% of life science annualized University, base rent (ABR)(1) 6% ABR Large Cap Medical Biopharma, 28% ABR ■ Top 5 tenants are Amgen, Bristol-Myers Squibb, J&J, Arcus Bioscie
Slide 12: Segment Performance
Segment Performance
Slide 13: Life Science Operating Update
Life Science Operating Update Year-to-Date Highlights Segment Statistics(1) ■ 389,000 sq. ft. of lease executions year-to-date □ 87% of leasing “off-market” via existing portfolio tenants 51% 141 ■ 1Q 2023 same-store growth of 6.3% driven by contractual rent bumps, positive of PEAK Cash NOI Properti
Slide 14: Outpatient Medical Operating Update
Outpatient Medical Operating Update Year-to-Date Highlights Segment Statistics(2) ■ 1Q 2023 same-store growth of 3.7% driven by strong performance at Medical City Dallas, lease escalators, and positive mark-to-market □ Strong start to the year supported a +50 basis point increase to FY 2023 same- 38
Slide 15: CCRC Operating Update
CCRC Operating Update Year-to-Date Highlights Segment Statistics ■ 1Q 2023 NOI using entry-fee cash receipts up +35% year-over-year □ Occupancy up +220 basis points year-over-year and up +70 basis points sequentially □ Expense trends continue to improve, with contract labor declining 68% year- over-
Slide 16: Select Campus Updates
Select Campus Updates
Slide 17: 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 the 101 freeway (126K SF) and adjacent
Slide 18: Campus Update: Pointe Grand
Campus Update: Pointe Grand Campus Summary JV Building (Future Redev) JV Buildings (Active Redev) Wholly-Owned Stabilized Buildings ■ 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
Slide 19: Select Submarket Maps
Select Submarket Maps
Slide 20: 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 +/- 2.0M SF 54 Acres E Sierra Point Cluster Existing: +/- 1.2M SF 43 Acres Existing PEAK Operations Active Developments / Redev Development / Redev / Densification Pip
Slide 21: San Diego Aerial
San Diego Aerial N W E S Torrey Pines Cluster +/- 1.2M SF Sorrento Mesa Cluster +/- 0.9M SF Existing PEAK Operations Active Developments Development Pipeline Investor Presentation – June 2023 21
Slide 22: North Torrey Pines Submarket Detail
North Torrey Pines Submarket Detail Top Landlords Market Share 700K SF 1,516K SF 150K SF Recent Sales Comp: $86M | 72,506 SF Other Landlords 277K SF 4.6% cap rate(1), $1,186 psf One Alexandria Square North Torrey Pines Science 11149 N Torrey Pines Future Development One Alexandria Square South Park
Slide 23: 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 24: healthpeak.com
‘ill? Healthpeak PROPERTIES healthpeak.com
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