Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (March 2021)
23 slides from Healthpeak Properties's investor presentation, Mar 8, 2021
Slide 1: Investor Presentation
Nexus on Grand (Rendering) South San Francisco, CA Investor Presentation Healthpeak Properties March 2021
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, tenants and operators and the potential renovation costs and regulatory approvals upfront rental concessions) for the applicable properties by the aggregate purchase price or is subject to chang
Slide 3: Updates Since February 10th Earnings Call
Updates Since February 10th Earnings Call Nexus on Grand Development 140K square foot, Class A laboratory building with estimated total spend of $160M (see page 4) $295M of New Prominent location in South San Francisco adjacent to our Pointe Grand campus and additional land holdings (see page 5)
Slide 4: Nexus on Grand Development
Nexus on Grand Development Development Overview Ŷ ~140K square foot, Class A laboratory building with estimated total spend of $160M Ŷ Strategically located adjacent to PEAK’s Pointe Grand campus with a prominent and easily accessible site along the East Grand corridor Ŷ Expected completion in the f
Slide 5: South San Francisco Submarket Overview
South San Francisco Submarket Overview The Towers at The Shore Sierra Point 6000 Shoreline The Cove Britannia Eccles Oyster Point Forbes Dev’t Site 8 acres South San Francisco Land Site (12 acres) Gateway Crossing Modular Labs I & II Nexus on Grand Modular Labs IV Pointe Grand Edgewater Further buil
Slide 6: Callan Ridge Densification
Callan Ridge Densification Redevelopment and Densification Overview Ŷ Callan Ridge represents an opportunity to replace the existing outmoded 90K square foot building into a ~170K square foot Class A lab building with total spend of $135M Ŷ Combined with Healthpeak’s Torrey Pines Science Park holdin
Slide 7: Torrey Pines Submarket Overview
Torrey Pines Submarket Overview Torrey Pines Callan Ridge Science Park Densification ~170,000SF Torrey Pines Science Center Torreyana The Boardwalk Development ~192,000 SF Further enhances our strong market position in the #1 life science submarket in San Diego Investor Presentation - March 2021 7
Slide 8: Healthpeak Transformation
Healthpeak Transformation
Slide 9: Constructing a Focused and Differentiated REIT
Constructing a Focused and Differentiated REIT Ŷ Over the past 5 years, we have taken deliberate actions to reposition Healthpeak, focusing on ownership of non-commoditized real estate where we have scale and expertise, creating a competitive advantage Ŷ We have sold $18B of non-core assets and recy
Slide 10: Then vs. Now
Then vs. Now Then (2016) Now (2021) Skilled Nursing / Life Science Other 32% Life 47% Science 15% Portfolio Portfolio Income(1) 97% 39% CCRC Composition Senior 11% MOB Housing 19% MOB 29% 39% CCRC 5% Net Debt / EBITDAre ~6.5x(2) 5.0x – 5.5x(3) Balance Weighted Average Maturity 5.1 yrs(4) 7.2 yrs(5)
Slide 11: We Have Created a Differentiated REIT
We Have Created a Differentiated REIT Life Science Medical Office Leader in the 3 hot beds of life science innovation – Largest on-campus MOB owner in the country San Francisco, San Diego & Boston The Cove | South San Francisco, CA Medical City Dallas | Dallas, TX PROPERTIES(1) PROPERTIES(1) 140 281
Slide 12: Multiple Avenues for Future Value-Creation and Growth
Multiple Avenues for Future Value-Creation and Growth Organic Cash Flow High-quality portfolio of vital real estate supported by demographic tailwinds and managed by a deep and experienced team Growth Active Development $1.3B active pipeline with an estimated ~7% yield; fully-funded within our p
Slide 13: Recent Strategic Acquisitions
Recent Strategic Acquisitions Cambridge Discovery Park | West Cambridge, MA The Post | Waltham, MA Midwest MOB Portfolio CCRC Portfolio Acquired: 2020 | Cost: $664M | Cash Cap Rate: 5% Acquired: 2020 | Cost: $320M | Cash Cap Rate: 5.1% Acquired: 2020 | Cost: $169M | Cash Cap Rate: 5.5% Acquired: 202
Slide 14: Recent Strategic Developments
Recent Strategic Developments The Cove | South San Francisco, CA The Shore | Brisbane, CA 75 Hayden | Lexington, MA The Boardwalk | Torrey Pines, CA Cost: $800M | Stabilized Yield: 8.4% Cost: $650M | Stabilized Yield: 6.3%(1) Cost: $155M | Stabilized Yield: ~8% Cost: $175M | Stabilized Yield: 7.1% W
Slide 15: $7B+ of Densification and Land Bank Opportunities
$7B+ of Densification and Land Bank Opportunities Healthpeak’s Densification and Land Bank 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 leas
Slide 16: Life Science Land Bank & Entitlements
Forbes Research Center (Rendering) South San Francisco, CA Life Science Land Bank & Entitlements Ŷ Land bank includes fully-entitled sites in core locations in San Francisco and San Diego proximate to existing PEAK campuses Ŷ Plan to strategically activate land bank over time as warranted by leasing
Slide 17: Segment Overviews
Segment Overviews
Slide 18: Life Science Business
Life Science Business Favorable Industry Fundamentals Healthpeak Portfolio Overview Ŷ Growing Demand and Scientific Innovation. The aging population is driving demand for life Ŷ Irreplaceable Real Estate. Over 10 million sq. ft. of operating life science real estate with an additional changing thera
Slide 19: MOB Business
MOB Business Healthpeak Medical Office Portfolio and Platform Ŷ Unique On-Campus Portfolio. 84% of our portfolio is on-campus, 6% adjacent-to-campus, 7% off-campus affiliated with a health system. Aggregate 97% on campus and affiliated. Ŷ Superior Performance. On-campus properties have outperformed
Slide 20: CCRC Business
CCRC Business Healthpeak Portfolio Overview Entrance Fee CCRC vs. Rental Senior Housing Ŷ Unique Property Type. Continuing Care Retirement Communities (CCRCs) allow seniors to age in Ŷ Larger Scale. Our CCRCs average ~500 units vs. 70-120 units for rental senior housing. place by offering a full con
Slide 21: Appendix
Medical City Dallas Dallas, TX Appendix
Slide 22: Reconciliation
Reconciliation Q4-2020 Portfolio Income(1) in thousands Senior Medical Housing Life Science Office CCRC Other Triple-Net SHOP Total (2) Portfolio Income $111,853 $97,782 $27,670 $8,508 $21,329 $30,483 $297,625 Pro forma adjustments: Senior housing asset sales and transititions - - - - (21,329) (30,4
Slide 23: healthpeak.com
—~— Yam Healthpeak PROPERTIES
Healthpeak Properties — Investor Presentation (March 2021) on 6ix