Healthpeak Properties, Inc. · NYSE:DOC

Healthpeak Properties — Q4 2025 Earnings Presentation

32 slides from Healthpeak Properties's earnings presentation, Feb 2, 2026

  1. Slide 1: Fourth Quarter 2025 Supplemental Report

    .)* DGI1DGI= ?BD-?BD8*. 1B>9>7C(5<51C5 1>4)E@@<5=5>D1<(5@?BD 5555555555555555555555555555555555555555555555555555555555555555555 ?EBD8'E1BD5B

  2. Slide 2: Contents

    .&) DCI:CIH -IG6I:<>8#C>I>6I>K:H6C9DBB:CI6GN 6GC>C<H,:A:6H: DCHDA>96I:9 >C6C8>6A-I6I:B:CIH !J>96C8: *DGI;DA>D-JBB6GN ':G<:G DB7>C:9-6B: -IDG: 6E>I6A>O6I>DC6C9:7I,6I>DH #C9:7I:9C:HH #CK:HIB:CI-JBB6GN :K:ADEB:CIH6C9,:9:K:ADEB:CIH 6E>I6AME:C9>IJG:H *DGI;DA>D>K:GH>;>86I>DC .:C6CI>K:GH>;>86I>DC &:6H>C<':

  3. Slide 3: Fourth Quarter 2025 Highlights and Recent Updates

    06CI6<: )?ED8)1>B1>39C3? 51<D8@51;&B?@5BD95C&B?F945C)DB1D5793>9D91D9F5C+@41D51>4(5@?BDC?EBD8'E1BD5B (5CE<DC (0, :7GJ6GN ":6AI=E:6@*GDE:GI>:H #C8 (3-) 6A:69>C<DLC:G DE:G6IDG 6C99:K:ADE:GD;G:6A:HI6I:;DG=:6AI=86G:9>H8DK:GN6C99:A>K:GN ID96NEGDK>9:96HIG6I:<>8 >C>I>6I>K:HJE96I:6C96CCDJC8:9G:HJAIH;DGI=:FJ6

  4. Slide 4: Dividends and FFO growth highlights

    %+(*'+(*( $$"&(%(#$$($*"*)P (:I>C8DB:D; E:GH=6G: (6G:>I )D; E:GH=6G: )6H9?JHI:9D; E:GH=6G: )D; E:GH=6G: 6C9.DI6A':G<:G DB7>C:9-6B: -IDG:6H=9?JHI:9()# <GDLI=D; Q )C$6CJ6GN ":6AI=E:6@HD6G9D;>G:8IDGH9:8A6G:96BDCI=AN8DBBDCHID8@86H=9>K>9:C9D; E:GH=6G:;DG:68=D;$6CJ6GN :7GJ6GN 6C9'6G8=D; G:EG:H:CI>C< 86H=9

  5. Slide 5: Net income and FFO per share

    *8B55#?>D8C>454 *8B55#?>D8C>454 535=25B 535=25B =?E>D &5BM)81B5 =?E>D &5BM)81B5 >AJI:9C:I>C8DB:ADHH6EEA>867A:ID8DBBDCH=6G:H >AJI:9(6G:>I )6EEA>867A:ID8DBBDCH=6G:H >AJI:9 )6H9?JHI:96EEA>867A:ID8DBBDCH=6G:H >AJI:9 )6EEA>867A:ID8DBBDCH=6G:H /51B>454 /51B>454 535=25B 535=25B =?E>D &5BM)81B5 =?E>D &5BM)8

  6. Slide 6: Dividend declared and payment dates

    ,$ )C$6CJ6GN ":6AI=E:6@HD6G9D;>G:8IDGH9:8A6G:96BDCI=AN8DBBDCHID8@86H=9>K>9:C9D; E:GH=6G:;DG:68=D;$6CJ6GN :7GJ6GN 6C9'6G8=D; G:EG:H:CI>C<86H= 9>K>9:C9HIDI6A>C< E:GH=6G:;DGI=:;>GHIFJ6GI:G 6C96C6CCJ6A>O:99>K>9:C96BDJCID; E:GH=6G: .=:9>K>9:C9>HE6N67A:DCI=:E6NB:CI96I:HH:I;DGI=>CI=:I67A:7:ADLID HID8@=DA9:

  7. Slide 7: Leadership additions over the past year

    &"*%(#$$#$*) )K:GI=:E6HIN:6G ":6AI=E:6@=6H8DCI>CJ:9IDHIG:C<I=:C>IHEA6I;DGBL>I=@:NA:69:GH=>E699>I>DCH68GDHH:CI:GEG>H:>CCDK6I>DC ;>C6C8: A:<6A A>;:H8>:C8: 6C9IG6CH68I>DCH V %=;1B ?C89?D>C:9":6AI=E:6@>C$6CJ6GN6H":69D;CI:GEG>H:#CCDK6I>DC 'G $DH=>?D>CH":6AI=E:6@;GDB*6A6CI>G.:8=CDAD<>:H L=:G:=:HE:CI69:869

  8. Slide 8: Forward-looking statements

    %(-( "%%!$)**#$*) -I6I:B:CIH8DCI6>C:9>CI=>HG:A:6H:I=6I6G:CDI=>HIDG>86A;68IH6G:;DGL6G9 ADD@>C<HI6I:B:CIHL>I=>CI=:B:6C>C<D;-:8I>DCD;I=:-:8JG>I>:H8ID; 6H6B:C9:9 6C9-:8I>DCD; I=:-:8JG>I>:HM8=6C<:8ID; 6H6B:C9:9 DGL6G9 ADD@>C<HI6I:B:CIH>C8AJ9: 6BDC<DI=:GI=>C<H HI6I:B:CIHG:<6G9>C<DJG6C9DJGD;;>8:GH>CI:CI 7:

  9. Slide 9: Consolidated Balance Sheets

    51<D8@51;&B?@5BD95C>3 ?>C?<941D541<1>35)855DC #CI=DJH6C9H :M8:EIH=6G:6C9E:GH=6G:96I6 535=25B 535=25B CC5DC ,:6A:HI6I: J>A9>C<H6C9>BEGDK:B:CIH :K:ADEB:CI8DHIH6C98DCHIGJ8I>DC>CEGD<G:HH &6C96C9>BEGDK:B:CIH 88JBJA6I:99:EG:8>6I>DC (:IG:6A:HI6I: &D6CHG:8:>K67A: C:ID;G:H:GK:HD; 6C9 #CK:HIB:CIH>CJC8DCHDA>96

  10. Slide 10: Consolidated Statements of Operations

    51<D8@51;&B?@5BD95C>3 ?>C?<941D54)D1D5=5>DC?6%@5B1D9?>C #CI=DJH6C9H :M8:EIE:GH=6G:96I6 *8B55#?>D8C>454535=25B /51B5>454535=25B (5F5>E5C ,:CI6A6C9G:A6I:9G:K:CJ:H ,:H>9:CI;::H6C9H:GK>8:H #CI:G:HI>C8DB:6C9DI=:G .DI6AG:K:CJ:H ?CDC1>45H@5>C5C )E:G6I>C< :EG:8>6I>DC6C96BDGI>O6I>DC #CI:G:HI:ME:CH: !:C:G6A6C

  11. Slide 11: FFO reconciliation

    51<D8@51;&B?@5BD95C>3 E>4CB?=%@5B1D9?>C #CI=DJH6C9H :M8:EIE:GH=6G:96I6 *8B55#?>D8C>454 /51B>454 535=25B 535=25B $5D9>3?=5<?CC1@@<9312<5D?3?==?>C81B5C ,:6A:HI6I:G:A6I:99:EG:8>6I>DC6C96BDGI>O6I>DC ":6AI=E:6@SHH=6G:D;G:6A:HI6I:G:A6I:99:EG:8>6I>DC6C96BDGI>O6I>DC;GDB JC8DCHDA>96I:9?D>CIK:CIJG:H (DC8DCIGD

  12. Slide 12: Adjusted FFO reconciliation

    51<D8@51;&B?@5BD95C>3 4:ECD54E>4CB?=%@5B1D9?>C #CI=DJH6C9H :M8:EIE:GH=6G:96I6 *8B55#?>D8C>454 /51B>454 535=25B 535=25B )6H9?JHI:96EEA>867A:ID8DBBDCH=6G:H -ID8@ 76H:98DBE:CH6I>DC6BDGI>O6I>DC:ME:CH: BDGI>O6I>DCD;9:;:GG:9;>C6C8>C<8DHIH6C99:7I9>H8DJCIHEG:B>JBH -IG6><=I A>C:G:CIH )86E>I6A:ME:C9>IJG:H &>;

  13. Slide 13: Guidance Information

    !J>96C8:#C;DGB6I>DC *GD?:8I:9;JAAN:6G 9DAA6GH>CB>AA>DCH :M8:EIE:GH=6G:6BDJCIH / E941>35 52BE1BI E941>35(1>75C1>4)E@@<5=5>D1<>6?B=1D9?> >AJI:9:6GC>C<HE:G8DBBDCH=6G: Q >AJI:9(6G:>I )E:G8DBBDCH=6G: Q >AJI:9 )6H69?JHI:9E:G8DBBDCH=6G: Q .DI6A3:6G )K:G 3:6G-6B: -IDG:6H=9?JHI:9()#!GDLI= Q )I=:G%:NHHJBEI>DC

  14. Slide 14: Portfolio Summary

    *DGI;DA>D-JBB6GN HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G 9DAA6GH6C9HFJ6G:;::I>CI=DJH6C9H &?BD6?<9?1C8 &?BD6?<9?1C8 &B?@5BDI %33E@1>3I &?BD6?<9? (51<CD1D5 %@5B1D9>7 &?BD6?<9? ?E>D 1@139DI >F5CD=5>D (5F5>E5C H@5>C5C >3?=5 %@5B1D9>7&?BD6?<9? )JIE6I>:CI':9>86A -F I R &67 -F I R &>;:*A6C /C>IH R )I=:G /C>IH R L

  15. Slide 15: Merger-Combined Same-Store

    ':G<:G DB7>C:9-6B: -IDG: HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G 9DAA6GH6C9HFJ6G:;::I>CI=DJH6C9H #(( %#$)# )*%( *8B55 #?>D8)1=5 )D?B5 /51B %F5B )5AE5>D91< ' ' ' ' ' /51BB?GD8 B?GD8 *?D1<#5B75B ?=29>54)1=5 )D?B5 -6B: -IDG:6H=,:6AHI6I:,:K:CJ:H -6B: -IDG:6H=)E:G6I>C<ME:CH:H )1=5 )D?B51C84:ECD54$% %ED@1D95>D#54

  16. Slide 16: Capitalization and Debt Ratios

    6E>I6A>O6I>DC6C9:7I,6I>DH DAA6GH6C9H=6G:H>CI=DJH6C9H :M8:EIEG>8:E:GH=6G:96I6 *%*"&*"0*%$ *(*%) 535=25B C?61>46?BD85D8B55=?>D8C 5>454535=25B )81B5C &B935 *?D1<,1<E5 (:I:7IID9?JHI:9#.G: M DBBDCHID8@(3-) AD6I>C<,6I::7I DCK:GI>7A:E6GIC:GH=>E6C9)*JC>IH (:I AD6I>C<,6I::7I *?D1<#1B;5DAE9DI 9?JHI:9 >M:9=6G<

  17. Slide 17: Indebtedness

    #C9:7I:9C:HH HD;:8:B7:G 9DAA6GH>CI=DJH6C9H *#*+(*)$)+"&($&"(&/#$*)#%(*0*%$ *5B="?1>C )5>9?B+>C53EB54$?D5C #?BD717552D >D5B@B9C552D 1>;"% )81B5?6 ?==5B391< ?>C?<941D54 +>3?>C?<941D54 &1@5B =?E>DC (1D5 =?E>DC (1D5 =?E>DC (1D5 52D ,52D =?E>DC (1D5 R R R R R R R R R R R R R R R R R R R R R R R R R R R R

  18. Slide 18: Investment Summary

    #CK:HIB:CI-JBB6GN HD;6C9;DGI=:N:6G:C9:9:8:B7:G 9DAA6GH6C9HFJ6G:;::I>CI=DJH6C9H $,)*#$*)+##(/ 1@139DI &B?@5BDI #) 'E1BD5B )A D ?E>D &B?@5BDI*I@5 &EB381C5&B935 '+)*%$) '>99A:IDLC':9>86A (:L3DG@ (3 + )JIE6I>:CI':9>86A -B>I=A6C9E6G8:A DHIDC ' + R R &67 IA6CI6DC9DB>C>JBH IA6CI6 ! + )JIE6I>:CI':9>86A !6I:

  19. Slide 19: Developments and Redevelopments

    :K:ADEB:CIH6C9,:9:K:ADEB:CIH HD;:8:B7:G 9DAA6GH6C9HFJ6G:;::I>CI=DJH6C9H>C8AJ9:H$0EGD?:8I9DAA6GH6IH=6G: ,"%&#$*&(% *) 3D9F5&B?:53DC 1@139DI)A D "51C54 CD9=1D54 &B?@5BDI ?CDD? *?D1<1D >9D91< &B?:53D #) &B?@5BDI*I@5 ?E>D & ?=@<5D5 ?=@<5D9?> %33E@1>3I *?D1< 3D9F5 *?D1< 3D9F5 !6I:L6N6I>G:8IDGH-8>:C8:*6G@

  20. Slide 20: Capital Expenditures

    6E>I6AME:C9>IJG:H DGI=:I=G::6C9IL:AK:BDCI=H:C9:9:8:B7:G 9DAA6GH>CI=DJH6C9H %ED@1D95>D %+(*'+(*( #54931< "12 "965&<1> %D85B *?D1< &?BD6?<9?1DC81B5 ,:8JGG>C<6E>I6AME:C9>IJG:H .:C6CI>BEGDK:B:CIH R R &:6H:8DBB>HH>DCH R R %31@9D1<5H@5>49DEB5C ,:K:CJ:C=6C8>C<6E>I6AME:C9>IJG:H 6HJ6AING:A6I:986E>I6A:ME:C9>I

  21. Slide 21: Portfolio Diversification

    *DGI;DA>D>K:GH>;>86I>DC HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G 9DAA6GH>CI=DJH6C9H *%& #(!*) ?6*?D1< &?BD6?<9? &?BD6?<9? 4:ECD54 4:ECD54 #1B;5D $% $% -6C G6C8>H8D DHIDC ' 6AA6H .2 -6C>:<D "DJHIDC .2 .6BE6 & *=>A69:AE=>6 * &DJ>HK>AA: %3 (6H=K>AA: .( :CK:G ) -:6IIA: 1 *=D:C>M 4 IA6CI6 ! $68@HDCK>AA: & '>CC:6E

  22. Slide 22: Tenant Diversification

    .:C6CI>K:GH>;>86I>DC HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G HFJ6G:;::I>CI=DJH6C9H *5>1>D9F5BC96931D9?> *%& *$$*) -5978D54 &6G<:6E>DE=6GB6 F5B175 (5=19>9>7 "51C54 "51C5 )AE1B5 *5B=9> *5>1>D &1B5>D <1CC96931D9?> 55D /51BC ?6( *=NH>8>6C!GDJE*G68I>8:H "":6AI=86G: ":6AI=-NHI:B DBBDC-E>G>I":6AI= ":6AI=-NHI:B '8%

  23. Slide 23: Leasing Metrics

    &:6H>C<':IG>8H HD;:8:B7:G HFJ6G:;::I>CI=DJH6C9H EG:H:CI:96I '")$*,*/%##$#$*) %$*(*+""))"*%() %ED@1D95>D #54931< "12 *?D1< "51C54)AE1B555D (5>5G1<C1=5>4=5>DC1>45HD5>C9?>C %ED@1D95>D #54931< "12 *?D1< ?6*?D1< &:6H:9-FJ6G: ::I >M:9 CCJ6A>O:96H:,:CI*:G-F I >M:9H86A6IDG =6C<:>C6H=,:CIH86H=G: A:6H>C<HEG:6

  24. Slide 24: Lease Expirations

    &:6H:ME>G6I>DCH HD;:8:B7:G 9DAA6GH6C9HFJ6G:;::I>CI=DJH6C9H ").&(*%$* %ED@1D95>D#54931< "12 *?D1< "51C54 >>E1<9J54 "51C54 >>E1<9J54 "51C54 >>E1<9J54 /51B )AE1B555D 1C5(5>D )AE1B555D 1C5(5>D )AE1B555D 1C5(5>D .=:G:6;I:G #C8AJ9:HJC8DCHDA>96I:9?D>CIK:CIJG:H6C9:M8AJ9:H6HH:IH=:A9;DGH6A:6I:8:B7:G ,:IJGCID.

  25. Slide 25: Life Plan

    &>;:*A6C HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G 9DAA6GH>CI=DJH6C9H :M8:EI,0*),&>;:*A6C *%*""&"$&%(*%"% (5C945>D55C1>4 &?BD6?<9? &B?@5BDI )5BF935C5H3<E49>7 $( &?BD6?<9? 4:ECD54 %33E@1>3I (,&%( $(1C8 ?E>D +>9DC $(C =?BD9J1D9?> 1C8%@5H $% "965&<1> ?<<53D9?>C %@5B1D?B &>;:6G:-:GK>8:H -JCG>H:-:C>DG&>K>C< ,:B6>C

  26. Slide 26: Other

    )I=:G HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G 9DAA6GH>CI=DJH6C9H :M8:EI,0*), )%,($-"*+$)$%(%+)$ ,*)( /51B %F5B /51B ' ' ' ' ' B?GD8 *GDE:GIN8DJCI R #&/C>IH &/C>IH ':BDGN6G:/C>IH -@>AA:9(JGH>C</C>IH .DI6A/C>IH )88JE6C8N 7EH ,0*), *DGI;DA>D6H=,:6AHI6I:,:K:CJ:H *DGI;DA>D6H=)E:G6I>C<ME:CH:H &?BD6?<9?4:ECD54$% *

  27. Slide 27: Components of Net Asset Value

    DBEDC:CIHD;(:IHH:I06AJ: HD;6C9;DGI=:FJ6GI:G:C9:9:8:B7:G 9DAA6GH6C9H=6G:H>CB>AA>DCH &%(*%"% +)*$%*)( 'E1BD5B>454 )97>96931>D 535=25B 4:ECD=5>DC >>E1<9J54 )JIE6I>:CI':9>86A &67 &>;:*A6C -1 -"$0 *?D1<&?BD6?<9?4:ECD54$% &>;:*A6C(, 86H=8DAA:8I>DCH>C:M8:HHD;(, 6BDGI>O6I>DC R *?D1< ,"%&#$*$(,"%&#$*&(%&(*)

  28. Slide 28: Glossary

    !ADHH6GN 9?JHI:9 >M:9=6G<:DK:G6<: :7I#CK:HIB:CIH >M:9=6G<:DK:G6<:9?JHI:9#.G:9>K>9:97N >M:9=6G<:H 9?JHI:9 >M:9=6G<:DK:G6<:>H &D6CHH:8JG:97N69>G:8I>CI:G:HI>CG:6A:HI6I:6C9B:OO6C>C:AD6CH 6 HJEEA:B:CI6A B:6HJG: D; A>FJ>9>IN 6C9 DJG 67>A>IN ID B::I >CI:G:HI E6NB:CIH DC DJG DJIHI6C9>C< 9:7I 6C9 E6N 9>K>9:C

  29. Slide 29: Glossary

    !ADHH6GN >M:9=6G<:H .DI6A >CI:G:HI :ME:CH: EAJH 86E>I6A>O:9 >CI:G:HI EAJH EG:;:GG:9 HID8@ 9>K>9:C9H >; 6EEA>867A: >M:9 ':G<:G DB7>C:9-6B: -IDG:6H=9?JHI:9()# =6G<:H6AHD>C8AJ9:HDJGEGDG6I6H=6G:D;I=:>CI:G:HI:ME:CH:EAJH86E>I6A>O:9>CI:G:HIEAJHEG:;:GG:9 ':G<:G DB7>C:9 -6B: -IDG: 6H= 9?JHI:9 ()# >H ':G<:G D

  30. Slide 30: Glossary

    !ADHH6GN *DGI;DA>D6H=)E:G6I>C<ME:CH:H ,0*), *DGI;DA>D 6H= )E:G6I>C< ME:CH:H 6G: CDC !* HJEEA:B:CI6A B:6HJG:H *DGI;DA>D 6H= )E:G6I>C< .=: BDCI=6K:G6<:6H=,:6AHI6I:,:K:CJ:HE:GD88JE>:9JC>I;DGI=:BDHIG:8:CIE:G>D96K6>A67A: ME:CH:H G:EG:H:CI EGDE:GIN A:K:A DE:G6I>C< :ME:CH:H L=>8= :M8AJ9: IG6CH>I>DC 8DHIH *

  31. Slide 31: Additional Information

    99>I>DC6A#C;DGB6I>DC &6@:-:B>CDA:-FJ6G: )5=9>?<5" .=:>C;DGB6I>DC>CI=>HHJEEA:B:CI6AG:EDGIH=DJA97:G:69>C8DC?JC8I>DCL>I=DJGCCJ6A,:EDGIDC DGB % +J6GI:GAN ,:EDGIH DC DGB + JGG:CI ,:EDGIH DC DGB % 6C9 DI=:G >C;DGB6I>DC ;>A:9 L>I= I=: - .=: ,:EDGI>C< :;>C>I>DCH 6C9 ,:8DC8>A>6I>DCH D; (DC !* >C6C8>6A ':6HJG

  32. Slide 32: healthpeak.com

    DOC healthpeak.com Healthpeak’ | %

Healthpeak Properties — Q4 2025 Earnings Presentation on 6ix