# EDGAR Filing Document

**Accession Number:** 0000765880
**File Stem:** 0001628280-26-030561
**Filing Date:** 2026-5
**Character Count:** 129439
**Document Hash:** ca7c873d74a8deca5346d9421703aa85
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-030561.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001628280-26-030561

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260505

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEALTHPEAK PROPERTIES, INC.
- **CENTRAL INDEX KEY:** 0000765880
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 330091377
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08895
- **FILM NUMBER:** 26943437

**BUSINESS ADDRESS:**
- **STREET 1:** 4600 SOUTH SYRACUSE STREET
- **STREET 2:** SUITE 500
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 949-407-0700

**MAIL ADDRESS:**
- **STREET 1:** 4600 SOUTH SYRACUSE STREET
- **STREET 2:** SUITE 500
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HCP, INC.
- **DATE OF NAME CHANGE:** 20070911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEALTH CARE PROPERTY INVESTORS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? peak-20260505

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**May 5, 2026** 

**Date of Report (Date of earliest event reported)**

**Healthpeak Properties, Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-08895** | **33-0091377** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**4600 South Syracuse Street, Suite 500** 

**Denver, CO 80237** 

**(Address of principal executive offices) (Zip Code)**

**(720) 428-5050** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $1.00 par value | DOC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Results of Operations and Financial Condition.**

On May 5, 2026, Healthpeak Properties, Inc., a Maryland corporation ("Healthpeak"), issued a press release setting forth its financial results for the first quarter and three months ended March 31, 2026. The press release refers to the Discussion and Reconciliation of Non-GAAP Financial Measures, which is available in the Investor Relations section of Healthpeak's website, free of charge, at <u>http://ir.healthpeak.com/quarterly-results</u>. The press release and Discussion and Reconciliation of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are incorporated by reference herein.

The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibits 99.1 and 99.3 attached hereto are being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference therein.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD Disclosure.**

A supplemental report containing financial results and related information of Healthpeak for the first quarter and three months ended March 31, 2026 is furnished as Exhibit 99.2 hereto and incorporated by reference herein. The supplemental report is also available in the Investor Relations section of Healthpeak's website, free of charge, at <u>http://ir.healthpeak.com/quarterly-results</u>.

The information set forth in this Item 7.01 of this Current Report on Form 8-K and the related information in Exhibit 99.2 attached hereto is being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference therein.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibits</u>. The following exhibits are being furnished herewith:

---

| | |
|:---|:---|
| **No.** | **Description** |
| 99.1 | <u>[Press Release dated May 5, 2026.](ex99103312026.htm)</u> |
| 99.2 | <u>[March 31, 2026, Supplemental Report.](ex99203312026.htm)</u> |
| 99.3 | <u>[March 31, 2026, Discussion and Reconciliation of Non-GAAP Financial Measures.](ex99303312026.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document and contained in Exhibit 101). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 5, 2026 |  |  |
|  | **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** |
|  | By: | */s/ Kelvin O. Moses* |
|  |  | Kelvin O. Moses |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;

**Healthpeak Properties Raises 2026 Earnings Guidance Following Completion of the Janus Living IPO, Accretive Capital Allocation, and Strong First Quarter 2026 Results** 

DENVER, May 5, 2026 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the quarter ended March 31, 2026.

**FIRST QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS** 

*–*Net income of $0.28 per share, Nareit FFO of $0.42 per share, and FFO as Adjusted of $0.45 per share

–In March 2026, Janus Living, Inc. (NYSE: JAN) ("Janus Living") completed its initial public offering ("IPO") at the high-end of the valuation range, generating approximately $880 million of net proceeds in an oversubscribed and upsized offering, to pursue accretive acquisition and investment opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As Janus Living's largest shareholder, Healthpeak's earnings growth will benefit from the favorable senior housing supply-demand fundamentals and Janus Living's accretive external growth opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $714 million of previously disclosed Healthpeak senior housing acquisitions contributed to Janus Living as part of the formation transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janus Living reported it is under contract on an additional $400 million of senior housing acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of May 4, 2026, Janus Living had a market capitalization of $6.9 billion, of which Healthpeak owns 81.6%

–Janus Living reported post-IPO net loss of $(0.05) per share, first quarter net income of $0.13 per share and first quarter FFO as Adjusted of $0.23 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-over-year consolidated revenue and Adjusted EBITDAre growth of 35% and 42%, respectively

–First quarter Outpatient Medical and Lab new and renewal lease executions totaled 1.2 million square feet:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outpatient Medical new lease executions totaled 195,000 square feet and renewal lease executions totaled 868,000 square feet, with +5.4% cash releasing spreads on renewals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Subsequent to the first quarter, and through May 4, 2026, executed 1 million square feet of Outpatient Medical leases and signed letters of intent ("LOI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lab new lease executions totaled 129,000 square feet and renewal lease executions totaled 12,000 square feet and +3.5% cash releasing spreads on renewals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Subsequent to the first quarter, and through May 4, 2026, executed 354,000 square feet of Lab leases and signed LOIs

–Lab total occupancy increased sequentially and is expected to increase through year-end 2026

–Generated $267 million of proceeds from recapitalizations, dispositions, and loan repayments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In March 2026, closed on the recapitalization and sale of an 80% joint venture interest in a 100% occupied, six-property outpatient medical portfolio to affiliates of Blackstone at a gross valuation of $212 million, generating proceeds of approximately $170 million

–In April 2026, repurchased 5.9 million common shares at a weighted average share price of $16.81 for approximately $100 million

–Net Debt to Adjusted EBITDAre was 5.4x for the quarter ended March 31, 2026

–Recent corporate impact and sustainability achievements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Awarded LEED Silver Core & Shell for Medical City McKinney, an outpatient medical development located in suburban Dallas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Named a member of the Dow Jones Best-in-Class (DJBIC) North America Index for the 13<sup>th</sup> consecutive year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Named a constituent in the S&P Global Sustainability Yearbook for the 11<sup>th</sup> consecutive year

------

To learn more about Healthpeak's commitment to responsible business and view our Corporate Impact Report, please visit www.healthpeak.com/corporate-impact.

***FIRST QUARTER COMPARISON***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, 2026 | Three Months Ended<br>March 31, 2026 | Three Months Ended<br>March 31, 2025 | Three Months Ended<br>March 31, 2025 |
| *(in thousands, except per share amounts)* | Amount | Per Share | Amount | Per Share |
| Diluted Net income (loss) applicable to common shares | $193484 | $0.28 | $42364 | $0.06 |
| Diluted Nareit FFO applicable to common shares | 301519 | 0.42 | 323279 | 0.45 |
| Diluted FFO as Adjusted applicable to common shares | 316853 | 0.45 | 329713 | 0.46 |

---

**SAME-STORE ("SS") OPERATING SUMMARY** 

The table below outlines the year-over-year three-month total SS Cash (Adjusted) NOI growth.

---

| | | |
|:---|:---|:---|
| **Year-Over-Year Total Same-Store Adjusted NOI Growth** | **Year-Over-Year Total Same-Store Adjusted NOI Growth** | **Year-Over-Year Total Same-Store Adjusted NOI Growth** |
|  | Three Month | Three Month |
|  | SS Growth % | % of SS |
| Outpatient Medical | 2.4% | 55.7% |
| Lab | (7.2%) | 33.6% |
| Senior Housing | 13.8% | 10.7% |
| &nbsp;&nbsp;&nbsp;**Total SS Cash (Adjusted) NOI** | **0.0%** | **100.0%** |

---

Nareit FFO, FFO as Adjusted, Total Same-Store Cash (Adjusted) NOI, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "March 31, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" section of this release for additional information.

------

**DIVIDEND**

On April 6, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of April, May, and June of 2026, representing cash dividends totaling $0.305 per share for the second quarter, and an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date.

---

| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date** | **Amount** |
| April 17, 2026 | April 30, 2026 | $0.10167 per common share |
| May 18, 2026 | May 29, 2026 | $0.10167 per common share |
| June 15, 2026 | June 26, 2026 | $0.10167 per common share |

---

**JANUS LIVING INITIAL PUBLIC OFFERING**

In March 2026, Janus Living completed its IPO and began trading on the New York Stock Exchange under the ticker symbol "JAN". The net proceeds from the IPO were approximately $880 million, after deducting underwriting discounts and expenses payable by Janus Living.

Janus Living expects to use the net proceeds from the offering to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes.

As of the IPO, Healthpeak owned approximately 214.7 million shares of common stock and operating partnership common units in Janus Living, representing an 81.6% equity ownership.

**JANUS LIVING'S FIRST QUARTER RESULTS**

On May 5, 2026, Janus Living reported first quarter operating and financial results including year-over-year consolidated revenue and Adjusted EBITDAre growth of 35% and 42%, respectively, resulting in FFO as Adjusted of $0.23 per share. Janus Living is under contract on approximately $400 million of incremental senior housing acquisitions. As of March 31, 2026, Janus Living had $949 million of cash and no outstanding debt.

Janus Living also announced its intent to make a pro rata dividend payment for the period between March 20, 2026 and June 30, 2026, based on a distribution rate of $0.1425 per share, representing an annualized dividend of $0.57 per share.

Janus Living's operations are consolidated into Healthpeak's financial statements, with the approximately 18.4% not owned by Healthpeak reported as noncontrolling interest.

**SENIOR HOUSING ACQUISITIONS** 

During the first quarter 2026, Healthpeak closed on senior housing acquisitions totaling $714 million across 25 communities. These communities were contributed to Janus Living as part of the formation transactions.

A summary of the acquisitions is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our joint venture partner's 46.5% interest in a 19-community portfolio for $314 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Three communities in the Orlando MSA for $119 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two communities in the Atlanta MSA for $240 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One community in the Seattle MSA for $41 million

**SHARE REPURCHASE ACTIVITY** 

In April 2026, Healthpeak repurchased 5.9 million common shares at a weighted average share price of $16.81 for approximately $100 million under its $500 million share repurchase program.

As of May 5, 2026, approximately $306 million remained available for share repurchases under the program.

**OUTPATIENT MEDICAL JOINT VENTURE RECAPITALIZATION** 

In March 2026, Healthpeak entered into a joint venture with affiliates of Blackstone through the contribution of a 100% occupied, six-property outpatient medical portfolio valued at approximately $212 million. The portfolio comprises approximately 418,000 square feet across California, Maryland, Colorado, Texas, and Nebraska.

Under the terms of the joint venture, Blackstone owns an 80% majority interest and Healthpeak retains a 20% minority interest. Healthpeak will serve as operating member of the joint venture and will continue to provide asset and property management services, earning customary fees. The joint venture establishes a platform from which the parties will seek to expand their relationship over time. Healthpeak received gross proceeds of approximately $170 million for the sale of the 80% interest. The transaction implies a trailing cash cap rate of approximately 6.1%

------

and a valuation of approximately $508 per square foot. The transaction reflects continued execution on Healthpeak's ongoing capital recycling strategy and the strong private market interest in Healthpeak's operating platform and relationships.

**DISPOSITIONS** 

During the first quarter 2026, Healthpeak closed on approximately $92 million of dispositions and received loan repayments for proceeds of $5 million. Together with the recapitalization, Healthpeak has generated $267 million of net proceeds as of May 5, 2026.

**BALANCE SHEET**

As previously disclosed, in March 2026, Healthpeak closed on a new $400 million unsecured delayed-draw term loan facility. The term loan matures in March 2031 and bears interest at SOFR plus 80 basis points, based on Healthpeak's current credit ratings. The unsecured term loan facility was undrawn as of May 5, 2026.

**2026 GUIDANCE** 

We are updating the following guidance ranges for full year 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per common share from $0.34 – $0.38 to $0.46 – $0.50

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted Nareit FFO per share from $1.70 – $1.74 to $1.68 – $1.72

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted FFO as Adjusted per share from $1.70 – $1.74 to $1.71 – $1.75

We are reaffirming full year 2026 Total Same-Store Cash (Adjusted) NOI growth in the range of (1.0%) – 1.0%

These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional details and assumptions, please see page 10 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.

------

**CONFERENCE CALL INFORMATION** 

Healthpeak has scheduled a conference call and webcast for Wednesday, May 6, 2026, at 10:00 a.m. Eastern Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Healthpeak's website: https://ir.healthpeak.com/news-events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast: https://events.q4inc.com/attendee/885401057. Joining via webcast is recommended for those who will not be asking questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 885401057.

A webcast replay will be available on Healthpeak's website through May 5, 2027.

**ABOUT HEALTHPEAK**

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.

**FORWARD-LOOKING STATEMENTS** 

Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to the proposed Janus Living IPO or current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "2026 Guidance Information." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants', operators', or borrowers' ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as "RIDEA"); the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental,

------

social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the pending initial public offering of Janus Living may not be completed on the currently contemplated timeline or terms, or at all, and may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust ("REIT"); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from "prohibited transactions"; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC ("Healthpeak OP") common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

**CONTACT** 

Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400

------

**Healthpeak Properties, Inc.** 

**Consolidated Balance Sheets** 

**In thousands, except share and per share data** 

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| **Assets** |  |  |
| Real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | $17168415 | $16593535 |
| &nbsp;&nbsp;&nbsp;Development costs and construction in progress | 1056909 | 1010657 |
| &nbsp;&nbsp;&nbsp;Land and improvements | 3221127 | 3007346 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation | (4609647) | (4512443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate | 16836804 | 16099095 |
| Loans receivable, net of reserves of $9,290 and $11,345 | 631648 | 606020 |
| Investments in unconsolidated joint ventures | 530354 | 802601 |
| Accounts receivable, net of allowance of $3,480 and $2,018 | 91467 | 78327 |
| Cash and cash equivalents | 1170992 | 467457 |
| Restricted cash | 94917 | 70245 |
| Intangible assets | 758495 | 654516 |
| Assets held for sale | 45667 | 80621 |
| Right-of-use asset | 395929 | 412198 |
| Deferred tax assets | 120310 | 111248 |
| Goodwill | 68529 | 68529 |
| Other assets | 871113 | 885161 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $21616225 | $20336018 |
| **Liabilities and Equity** |  |  |
| Bank line of credit and commercial paper | $1751409 | $1078850 |
| Term loans | 1645731 | 1647113 |
| Senior unsecured notes | 6779171 | 6772722 |
| Mortgage debt | 246461 | 349209 |
| Intangible liabilities | 164360 | 173697 |
| Liabilities related to assets held for sale | 545 | 11900 |
| Lease liability | 290089 | 296260 |
| Accounts payable, accrued liabilities, and other liabilities | 671245 | 718509 |
| Deferred revenue | 1007201 | 985307 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 12556212 | 12033567 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 27214 | 159581 |
| Common stock, $1.00 par value: 1,500,000,000 shares authorized; 695,263,156 and 695,036,731 shares issued and outstanding | 695263 | 695037 |
| Additional paid-in capital | 13102990 | 12767914 |
| Cumulative dividends in excess of earnings | (5971501) | (5952920) |
| Accumulated other comprehensive income (loss) | (464) | (9937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 7826288 | 7500094 |
| Public investors of Janus Living, Inc. | 560426 |  |
| Joint venture partners | 294297 | 295455 |
| Non-managing member unitholders | 351788 | 347321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncontrolling interests | 1206511 | 642776 |
| &nbsp;&nbsp;&nbsp;**Total equity** | 9032799 | 8142870 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $21616225 | $20336018 |

---

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**Healthpeak Properties, Inc.** 

**Consolidated Statements of Operations** 

**In thousands, except per share data** 

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| | 2026 | 2025 |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp; Rental and related revenues | $538436 | $538141 |
| &nbsp;&nbsp;&nbsp; Resident fees and services | 200345 | 148927 |
| &nbsp;&nbsp;&nbsp; Interest income and other | 14171 | 15821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 752952 | 702889 |
| **Costs and expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Operating | 323861 | 273143 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 289734 | 268546 |
| &nbsp;&nbsp;&nbsp; Interest expense | 87292 | 72693 |
| &nbsp;&nbsp;&nbsp; General and administrative | 24591 | 26118 |
| &nbsp;&nbsp;&nbsp; Transaction costs | 24149 | 5534 |
| &nbsp;&nbsp;&nbsp; Impairments and loan loss reserves (recoveries), net | (2275) | (3562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 747352 | 642472 |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp; Gain (loss) on sales of real estate, net | 50669 |  |
| &nbsp;&nbsp;&nbsp; Gain (loss) on debt extinguishments | (403) |  |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | 139779 | (6126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | 190045 | (6126) |
| **Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures** | 195645 | 54291 |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense) | (254) | (2080) |
| &nbsp;&nbsp;&nbsp; Equity income (loss) from unconsolidated joint ventures | 4265 | (2147) |
| **Net income (loss)** | 199656 | 50064 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests' share in earnings | (6023) | (7236) |
| **Net income (loss) attributable to Healthpeak Properties, Inc.** | 193633 | 42828 |
| &nbsp;&nbsp;&nbsp; Participating securities' share in earnings | (149) | (464) |
| **Net income (loss) applicable to common shares** | $193484 | $42364 |
| **Earnings per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.28 | $0.06 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.28 | $0.06 |
| **Weighted average shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 695161 | 699067 |
| &nbsp;&nbsp;&nbsp;Diluted | 695168 | 699118 |

---

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**Healthpeak Properties, Inc.** 

**Funds From Operations** 

**In thousands, except per share data** 

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| | 2026 | 2025 |
| **Net income (loss) applicable to common shares** | $**193484** | $**42364** |
| &nbsp;&nbsp;&nbsp;Real estate related depreciation and amortization | 289734 | 268546 |
| &nbsp;&nbsp;&nbsp;Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 7212 | 12200 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests' share of real estate related depreciation and amortization | (4702) | (4454) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sales of depreciable real estate, net | (50669) |  |
| &nbsp;&nbsp;Loss (gain) upon change of control, net<sup>(1)</sup> | (138117) |  |
| &nbsp;&nbsp;&nbsp;Taxes associated with real estate dispositions | 58 |  |
| Nareit FFO applicable to common shares | 297000 | 318656 |
| &nbsp;&nbsp;&nbsp;Distributions on dilutive convertible units and other | 4519 | 4623 |
| **Diluted Nareit FFO applicable to common shares** | $**301519** | $**323279** |
| **Diluted Nareit FFO per common share** | $**0.42** | $**0.45** |
| Weighted average shares outstanding - Diluted Nareit FFO | 709457 | 714174 |
| Impact of adjustments to Nareit FFO: |  |  |
| &nbsp;&nbsp;Transaction, merger, and restructuring-related costs<sup>(2)</sup> | $20568 | $5534 |
| &nbsp;&nbsp;Other impairments (recoveries) and other losses (gains), net<sup>(3)</sup> | (2275) | (3320) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on debt extinguishments | 302 |  |
| &nbsp;&nbsp;Casualty-related charges (recoveries), net<sup>(4)</sup> | (190) | 4226 |
| &nbsp;&nbsp;Recognition (reversal) of valuation allowance on deferred tax assets<sup>(5)</sup> | (3058) |  |
| Total adjustments | 15347 | 6440 |
| FFO as Adjusted applicable to common shares | 312347 | 325096 |
| &nbsp;&nbsp;&nbsp;Distributions on dilutive convertible units and other | 4506 | 4617 |
| **Diluted FFO as Adjusted applicable to common shares** | $**316853** | $**329713** |
| **Diluted FFO as Adjusted per common share** | $**0.45** | $**0.46** |
| Weighted average shares outstanding - Diluted FFO as Adjusted | 709457 | 714174 |
| Other operating data: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discounts (premiums) | $8363 | $7852 |
| &nbsp;&nbsp;&nbsp;Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization | 7756 | 4696 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation amortization expense | 4502 | 4627 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 3053 | 2570 |
| &nbsp;&nbsp;&nbsp;AFFO capital expenditures | (23956) | (23136) |
| &nbsp;&nbsp;&nbsp;Straight-line rents | (10905) | (11153) |
| &nbsp;&nbsp;&nbsp;Amortization of above (below) market lease intangibles, net | (6597) | (10212) |
| &nbsp;&nbsp;Other items<sup>(6)</sup> | (2606) | 1451 |

---

**_______________________________________** 

(1)The three months ended March 31, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining 46.5% interest in the SWF SH JV which held 19 senior housing properties and (ii) the disposition of an 80% interest in six outpatient medical buildings to a third-party. These gains upon change of control are included in other income (expense), net in the Consolidated Statements of Operations.

(2)The three months ended March 31, 2026 includes costs incurred related to the Janus Living IPO and investment pursuit costs. The three months ended March 31, 2025 includes costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust that were incurred during the period.

(3)The three months ended March 31, 2026 and 2025 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

(4)Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests' share in earnings in the Consolidated Statements of Operations.

(5)The three months ended March 31, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.

(6)Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests' share of senior housing entrance fees in excess (less) than the related GAAP amortization, and (iii) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.

## Exhibit 99.2

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## Exhibit 99.3

**Exhibit 99.3**

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)

**Discussion and**

**Reconciliation of Non-**

**GAAP Financial Measures**

March 31, 2026

**(Unaudited)**

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***Definitions***

**Adjusted Fixed Charge Coverage** Fixed Charge Coverage Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and our ability to meet interest payments on our outstanding debt and pay dividends to our preferred stockholders, if applicable. Our various debt agreements contain covenants that require us to maintain ratios similar to Adjusted Fixed Charge Coverage and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain of our debt instruments. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Fixed Charge Coverage Adjusted EBITDAre and Fixed Charges.

**Consolidated Debt** The carrying amount of bank line of credit, commercial paper, term loans, senior unsecured notes, and mortgage debt, as reported in our consolidated financial statements.

**Consolidated Gross Assets** The carrying amount of total assets, excluding investments in and advances to our unconsolidated JVs, after adding back accumulated depreciation and amortization, as reported in our consolidated financial statements. Consolidated Gross Assets is a supplemental measure of our financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

**Consolidated Secured Debt** Mortgage and other debt secured by real estate, as reported in our consolidated financial statements.

**Development** Includes ground-up construction. Newly completed developments are considered fully operating once the property is placed in service.

**EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre** EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the National Association of Real Estate Investment Trusts ("Nareit") and intended for real estate companies. It represents earnings before interest expense, income taxes, depreciation and amortization, gains or losses from sales of depreciable property (including gains or losses on change in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) and other losses (gains), transaction, merger, and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), stock-based compensation amortization expense, and non-refundable entrance fees collected in excess of (less than) the related amortization, adjusted to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. Fixed Charge Coverage Adjusted EBITDAre is defined as Adjusted EBITDAre excluding the adjustment to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre include our pro rata share of our unconsolidated JVs presented on the same basis. We consider EBITDAre and Adjusted EBITDAre important supplemental measures to net income (loss) because they provide an additional manner in which to evaluate our operating performance and serve as additional indicators of our ability to service our debt obligations. Net income (loss) is the most directly comparable U.S. generally accepted accounting principles ("GAAP") measure to EBITDAre and Adjusted EBITDAre.

**Enterprise Debt** Consolidated Debt plus our pro rata share of total debt from our unconsolidated JVs. Enterprise Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

**Enterprise Gross Assets** Consolidated Gross Assets plus our pro rata share of total gross assets from our unconsolidated JVs, after adding back accumulated depreciation and amortization. Enterprise Gross Assets is a supplemental measure of our financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

**Enterprise Secured Debt** Consolidated Secured Debt plus our pro rata share of mortgage debt from our unconsolidated JVs. Enterprise Secured Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of Enterprise Secured Debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

**Entrance Fees** Certain of our senior housing communities have residency agreements which require the resident to pay an upfront entrance fee prior to taking occupancy at the community. For net income, NOI, Adjusted NOI, Nareit FFO, FFO as Adjusted, and AFFO, the non-refundable portion of the entrance fee is recorded as deferred entrance fee revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or upon the sale of the unit. All refundable amounts due to residents at any time in the future are classified as liabilities.

**Financial Leverage** Enterprise Debt divided by Enterprise Gross Assets. Financial Leverage is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share information is calculated by applying our actual ownership percentage for the period and excludes debt funded by us to our JVs. Our pro rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

**Fixed Charges** Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Charges also includes our pro rata share of the interest expense plus capitalized interest plus preferred stock dividends (if applicable) of our unconsolidated JVs. Fixed Charges is a supplemental measure of our interest payments on outstanding debt and dividends to preferred stockholders for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations.

**Funds From Operations ("Nareit FFO") and FFO as Adjusted** *Nareit FFO*. Funds from Operations ("FFO") applicable to common shares, as defined by the National Association of Real Estate Investment Trusts ("Nareit"), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from joint ventures. Adjustments for joint ventures

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>2</sub>

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***Definitions***

are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

We believe Nareit FFO applicable to common shares and diluted Nareit FFO applicable to common shares are important supplemental non-GAAP measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue.

Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours. For a reconciliation of net income (loss) applicable to common shares to Nareit FFO applicable to common shares and other relevant disclosures, refer to "Non-GAAP Financial Measures Reconciliations" below.

*FFO as Adjusted.* In addition, we present Nareit FFO applicable to common shares on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction, merger, and restructuring-related costs, other impairments (recoveries) and other losses (gains), prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances, and changes in tax legislation ("FFO as Adjusted"). These adjustments are net of tax, when applicable, and are reflective of our share of our joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of FFO as Adjusted for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in FFO as Adjusted do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Transaction, merger, and restructuring-related costs include expenses incurred as a result of mergers, acquisitions, operator transitions, severance, and other investment pursuit costs. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Other impairments (recoveries) and other losses (gains) include interest income associated with early and partial repayments of loans receivable and other losses or gains associated with non-depreciable assets including goodwill, loans receivable, and investments in equity securities. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that "management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community." We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain other adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions, (ii) evaluate the performance of our management, (iii) budget and forecast future results to assist in the allocation of resources, (iv) assess our performance as compared with similar real estate companies and the industry in general, and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs.

**Net Debt** Enterprise Debt less the carrying amount of cash and cash equivalents, restricted cash, and expected net proceeds from the future settlement of shares issued through our equity forward contracts, as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents and restricted cash from our unconsolidated JVs. Consolidated Debt is the most directly comparable GAAP measure

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>3</sub>

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***Definitions***

to Net Debt. Net Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

**Net Debt to Adjusted EBITDAre** Net Debt divided by Adjusted EBITDAre is a supplemental measure of our ability to decrease our debt. Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations.

**Net Operating Income ("NOI") and Adjusted NOI** NOI and Adjusted NOI are non-U.S. generally accepted accounting principles ("GAAP") supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues and resident fees and services, and exclusive of interest income), less property level operating expenses. . Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests' share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). We utilize our share of NOI and Adjusted NOI in assessing our performance as we have various joint ventures that contribute to our performance. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Adjusted NOI is oftentimes referred to as "Cash NOI." Management believes NOI and Adjusted NOI are important supplemental measures because they provide relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and present them on an unlevered basis. We use Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance, and to evaluate our Same-Store ("SS") performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Further, our definitions of NOI and Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating NOI and Adjusted NOI.

Operating expenses generally relate to leased outpatient medical and lab buildings, as well as senior housing facilities. We generally recover all or a portion of our leased outpatient medical and lab property expenses through tenant recoveries, which are recognized within rental and related revenues.

**Portfolio Adjusted NOI** Portfolio Adjusted NOI is Portfolio Cash Real Estate Revenues less Portfolio Cash Operating Expenses.

**Portfolio Cash Operating Expenses** Portfolio Cash Operating Expenses are non-GAAP supplemental measures. Portfolio Cash Operating Expenses represent property level operating expenses (which exclude transition costs). Portfolio Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Portfolio Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, and actuarial reserves for insurance claims that have been incurred but not reported.

**Portfolio Cash Real Estate Revenues** Portfolio Cash Real Estate Revenues are non-GAAP supplemental measures. Portfolio Cash Real Estate Revenues include rental related revenues, resident fees and services, and government grant income which is included in Other income (expense), net in our Consolidated Statement of Operations. Portfolio Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling interests' pro rata share from consolidated JVs presented on the same basis. Portfolio Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, and lease termination fees.

**Redevelopment** Properties that incur major capital expenditures to significantly improve, change the use, or reposition the property pursuant to a formal redevelopment plan. Newly completed redevelopments, are considered fully operating once the property is placed in service. Redevelopment costs include only the incremental costs for the project.

**RevPOR** The 3-month average resident fees and services per occupied unit for the most recent period available. REVPOR excludes newly completed assets under lease-up, assets sold, acquired or converted to a new operating structure during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. All facility occupancy data was derived solely from information provided by operators without independent verification by us. REVPOR is a metric used to evaluate the revenue-generating capacity and profit potential of our other assets independent of fluctuating occupancy rates. It is also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our other assets.

**Same-Store ("SS")** Same-Store Cash (Adjusted) NOI allows our investors, analysts, and Company management to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Same-Store Adjusted NOI (see Cash (Adjusted) NOI definitions above for further discussion regarding our use of pro-rata share information and its limitations). Properties are included in Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment,

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>4</sub>

------

***Definitions***

experiences a casualty event or planned operator transition that significantly impacts operations, or a significant tenant relocates from a Same-Store property to a non Same-Store property and that change results in a corresponding increase in revenue. We do not report Same-Store metrics for our other non-reportable segments.

**Same-Store Cash (Adjusted) NOI** Same-Store Cash (Adjusted) NOI is Same-Store Cash Real Estate Revenues less Same-Store Cash Operating Expenses.

**Same-Store Cash Operating Expenses** Same-Store Cash Operating Expenses are non-GAAP supplemental measures. Same-Store Cash Operating Expenses represent property level operating expenses and exclude certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis. Same-Store Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs presented on the same basis less noncontrolling interests' pro rata share of operating expenses from consolidated JVs (based on applying our current ownership percentage to all periods presented). Same-Store Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported.

**Same-Store Cash Real Estate Revenues** Same-Store Cash Real Estate Revenues are non-GAAP supplemental measures. Same-Store Cash Real Estate Revenues include rental related revenues, resident fees and services and exclude amortization of deferred revenue from tenant-funded improvements. Same-Store Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis less noncontrolling interests' pro rata share from consolidated JVs (based on applying our current ownership percentage to all periods presented). Same-store Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, and lease termination fees.

**Secured Debt Ratio** Enterprise Secured Debt divided by Enterprise Gross Assets. Secured Debt Ratio is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share information is calculated by applying our actual ownership percentage for the period and excludes debt funded by us to our JVs. Our pro rata share of Total Secured Debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

**Segments** The Company's diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) outpatient medical; (ii) lab; and (iii) senior housing.

**Share of Consolidated Joint Ventures ("JVs")** Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio.

**Share of Unconsolidated Joint Ventures** Our pro rata share information is prepared by applying our actual ownership percentage for the period and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio. Certain unconsolidated joint ventures are excluded from leasing statistics when leasing information is not available.

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>5</sub>

------

***Reconciliations***

**Funds From Operations**

*In thousands, except per share data*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Net income (loss) applicable to common shares** | $**193484** | $**42364** |
| &nbsp;&nbsp;&nbsp;Real estate related depreciation and amortization | 289734 | 268546 |
| &nbsp;&nbsp;&nbsp;Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 7212 | 12200 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests' share of real estate related depreciation and amortization | (4702) | (4454) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sales of depreciable real estate, net | (50669) |  |
| &nbsp;&nbsp;&nbsp;Loss (gain) upon change of control, net<sup>(1)</sup> | (138117) |  |
| &nbsp;&nbsp;&nbsp;Taxes associated with real estate dispositions | 58 |  |
| Nareit FFO applicable to common shares | 297000 | 318656 |
| &nbsp;&nbsp;&nbsp;Distributions on dilutive convertible units and other | 4519 | 4623 |
| **Diluted Nareit FFO applicable to common shares** | $**301519** | $**323279** |
| Weighted average shares outstanding - Diluted Nareit FFO | 709457 | 714174 |
| Impact of adjustments to Nareit FFO: |  |  |
| &nbsp;&nbsp;&nbsp;Transaction, merger, and restructuring-related costs<sup>(2)</sup> | $20568 | $5534 |
| &nbsp;&nbsp;&nbsp;Other impairments (recoveries) and other losses (gains), net<sup>(3)</sup> | (2275) | (3320) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on debt extinguishments | 302 |  |
| &nbsp;&nbsp;&nbsp;Casualty-related charges (recoveries), net<sup>(4)</sup> | (190) | 4226 |
| &nbsp;&nbsp;&nbsp;Recognition (reversal) of valuation allowance on deferred tax assets<sup>(5)</sup> | (3058) |  |
| Total adjustments | $15347 | $6440 |
| FFO as Adjusted applicable to common shares | $312347 | $325096 |
| &nbsp;&nbsp;&nbsp;Distributions on dilutive convertible units and other | 4506 | 4617 |
| **Diluted FFO as Adjusted applicable to common shares** | $**316853** | $**329713** |
| Weighted average shares outstanding - Diluted FFO as Adjusted | 709457 | 714174 |
| Other operating data: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discounts (premiums) | $8363 | $7852 |
| &nbsp;&nbsp;&nbsp;Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization | 7756 | 4696 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation amortization expense | 4502 | 4627 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 3053 | 2570 |
| &nbsp;&nbsp;&nbsp;AFFO capital expenditures | (23956) | (23136) |
| &nbsp;&nbsp;&nbsp;Straight-line rents | (10905) | (11153) |
| &nbsp;&nbsp;&nbsp;Amortization of above (below) market lease intangibles, net | (6597) | (10212) |
| &nbsp;&nbsp;&nbsp;Other items<sup>(6)</sup> | (2606) | 1451 |

---

**Continued**

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>6</sub>

------

***Reconciliations***

**Funds From Operations**

*In thousands, except per share data*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Diluted earnings per common share** | $**0.28** | $**0.06** |
| Depreciation and amortization | 0.40 | 0.39 |
| Loss (gain) on sales of depreciable real estate, net | (0.07) |  |
| Loss (gain) upon change of control, net<sup>(1)</sup> | (0.19) |  |
| **Diluted Nareit FFO per common share** | $**0.42** | $**0.45** |
| Transaction, merger, and restructuring-related costs<sup>(2)</sup> | 0.03 | 0.01 |
| Other impairments (recoveries) and other losses (gains), net<sup>(3)</sup> | 0.00 | (0.01) |
| Casualty-related charges (recoveries), net<sup>(4)</sup> | 0.00 | 0.01 |
| Recognition (reversal) of valuation allowance on deferred tax assets<sup>(5)</sup> | 0.00 |  |
| **Diluted FFO as Adjusted per common share** | $**0.45** | $**0.46** |

---

**______________________________________**

(1)The three months ended March 31, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining 46.5% interest in the SWF SH JV which held 19 senior housing properties and (ii) the disposition of an 80% interest in six outpatient medical buildings to a third-party. These gains upon change of control are included in other income (expense), net in the Consolidated Statements of Operations.

(2)The three months ended March 31, 2026 includes costs incurred related to the Janus Living IPO and investment pursuit costs. The three months ended March 31, 2025 includes costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust that were incurred during the period.

(3)The three months ended March 31, 2026 and 2025 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

(4)Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests' share in earnings in the Consolidated Statements of Operations.

(5)The three months ended March 31, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.

(6)Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests' share of senior housing entrance fees in excess (less) than the related GAAP amortization, and (iii) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>7</sub>

------

***Reconciliations***

**2026 Guidance**<sup>(1)</sup><br>

*Per share data*

---

| | | |
|:---|:---|:---|
| | **2026 Guidance Ranges** | **2026 Guidance Ranges** |
| | **Low** | **High** |
| **Diluted earnings per common share** | $**0.46** | $**0.50** |
| &nbsp;&nbsp;&nbsp;Real estate related depreciation and amortization | 1.51 | 1.51 |
| &nbsp;&nbsp;&nbsp;Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests' share of real estate related depreciation and amortization | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sales of depreciable real estate, net | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Loss (gain) upon change of control, net | (0.20) | (0.20) |
| **Diluted Nareit FFO per common share** | $**1.68** | $**1.72** |
| &nbsp;&nbsp;&nbsp;Transaction-related items | $0.04 | $0.04 |
| &nbsp;&nbsp;&nbsp;Valuation allowance on deferred tax assets | (0.01) | (0.01) |
| **Diluted FFO as Adjusted per common share** | $**1.71** | $**1.75** |

---

**______________________________________**

(1)The foregoing projections reflect management's view of current and future market conditions as of May 5, 2026 including assumptions with respect to rental rates, occupancy levels, development items, and the earnings impact of the events referenced in our earnings press release that was issued on May 5, 2026. However, these projections do not reflect the impact of unannounced future transactions, except as described herein. Our actual results may differ materially from the projections set forth above. Except as otherwise required by law, management assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>8</sub>

------

***Reconciliations***

**2026 Guidance**<sup>(1)</sup><br>

*In millions*

***For the projected year 2026 (low)***

---

| | |
|:---|:---|
| | **Total Portfolio** |
| Net Income | $363 |
| Real estate related depreciation and amortization | 1043 |
| Loss (gain) on sales of depreciable real estate, net | (51) |
| Other impairments (recoveries) and other losses (gains), net | (2) |
| Other income, costs, and expense adjustments for Adjusted NOI | 153 |
| **Adjusted NOI** | $**1506** |
| Non-SS Adjusted NOI | (184) |
| **Same-Store Cash (Adjusted) NOI** | $**1323** |

---

***For the projected year 2026 (high)***

---

| | |
|:---|:---|
| | **Total Portfolio** |
| Net Income | $390 |
| Real estate related depreciation and amortization | 1043 |
| Loss (gain) on sales of depreciable real estate, net | (51) |
| Other impairments (recoveries) and other losses (gains), net | (2) |
| Other income, costs, and expense adjustments for Adjusted NOI | 153 |
| **Adjusted NOI** | $**1533** |
| Non-SS Adjusted NOI | (184) |
| **Same-Store Cash (Adjusted) NOI** | $**1349** |

---

***For the year-ended December 31, 2025***

---

| | |
|:---|:---|
| | **Total Portfolio** |
| Net Income | $101 |
| Real estate related depreciation and amortization | 1059 |
| Loss (gain) on sales of depreciable real estate, net | (69) |
| Other impairments (recoveries) and other losses (gains), net | (1) |
| Other income, costs, and expense adjustments for Adjusted NOI | 461 |
| **Adjusted NOI** | $**1551** |
| Non-SS Adjusted NOI | (215) |
| **Same-Store Cash (Adjusted) NOI** | $**1336** |

---

***Projected Cash Same-Store for the full year 2026***

---

| | |
|:---|:---|
| Low | (1.00)% |
| High | 1.00% |

---

**______________________________________**

(1)The foregoing projections reflect management's view of current and future market conditions as of May 5, 2026 including assumptions with respect to rental rates, occupancy levels, development items, and the earnings impact of the events referenced in our earnings press release that was issued on May 5, 2026. However, these projections do not reflect the impact of unannounced future transactions, except as described herein. Our actual results may differ materially from the projections set forth above. Except as otherwise required by law, management assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments. May not foot or recalculate due to the rounding.

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>9</sub>

------

***Reconciliations***

**Enterprise Gross Assets**

*In thousands*

---

| | |
|:---|:---|
| | **March 31, 2026** |
| **Consolidated total assets**<sup>(1)</sup> | $**21616225** |
| Investments in and advances to unconsolidated joint ventures | (530354) |
| Accumulated depreciation and amortization of real estate | 4609647 |
| Accumulated amortization of real estate intangibles | 665950 |
| Accumulated depreciation and amortization of real estate assets held for sale | 58751 |
| **Consolidated Gross Assets** | $**26420219** |
| Healthpeak's share of unconsolidated joint venture gross assets | 833363 |
| **Enterprise Gross Assets** | $**27253582** |

---

**______________________________________**

(1)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of March 31, 2026 presented on page 7 within the Earnings Release and Supplemental Report for the quarter ended March 31, 2026.

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>10</sub>

------

***Reconciliations***

**Revenues**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31, <br>2026** |
| Outpatient Medical | $320548 | $320482 | $326561 | $329086 | $318217 |
| Lab | 217593 | 209205 | 213325 | 219943 | 212812 |
| Senior Housing | 148927 | 148855 | 150458 | 155749 | 200345 |
| Other | 14332 | 14288 | 14092 | 13453 | 20615 |
| Corporate Non-segment | 1489 | 1518 | 1437 | 1171 | 963 |
| **Total revenues** | $**702889** | $**694348** | $**705873** | $**719402** | $**752952** |
| Outpatient Medical |  |  |  |  |  |
| Lab |  |  |  |  |  |
| Senior Housing |  |  |  |  |  |
| Other | (14332) | (14288) | (14092) | (13453) | (13208) |
| Corporate Non-segment | (1489) | (1518) | (1437) | (1171) | (963) |
| **Less: Interest income and other** | $**(15821)** | $**(15806)** | $**(15529)** | $**(14624)** | $**(14171)** |
| Outpatient Medical | 7259 | 7183 | 7327 | 7597 | 7953 |
| Lab | 2800 | 7358 | 6834 | 8311 | 7565 |
| Senior Housing |  |  |  |  | 3011 |
| Other | 22459 | 22460 | 22494 | 22025 |  |
| Corporate Non-segment |  |  |  |  |  |
| **Healthpeak's share of unconsolidated joint venture real estate revenues** | $**32518** | $**37001** | $**36655** | $**37933** | $**18529** |
| Outpatient Medical | (9973) | (10020) | (10334) | (10755) | (11342) |
| Lab |  |  |  | (137) | (139) |
| Senior Housing |  |  |  |  | (3810) |
| Other |  |  |  |  |  |
| Corporate Non-segment |  |  |  |  |  |
| **Noncontrolling interests' share of consolidated joint venture real estate revenues** | $**(9973)** | $**(10020)** | $**(10334)** | $**(10892)** | $**(15291)** |
| Outpatient Medical | (13426) | (12470) | (12021) | (12260) | (12297) |
| Lab | (14557) | (12202) | (15312) | (21386) | (8943) |
| Senior Housing |  |  |  |  |  |
| Other | (7) | 67 | (15) | (38) | (140) |
| Corporate Non-segment |  |  |  |  |  |
| **Non-cash adjustments to real estate revenues** | $**(27990)** | $**(24605)** | $**(27348)** | $**(33684)** | $**(21380)** |
| Outpatient Medical | 304408 | 305175 | 311532 | 313667 | 302531 |
| Lab | 205836 | 204362 | 204847 | 206730 | 211295 |
| Senior Housing | 148927 | 148855 | 150458 | 155749 | 199546 |
| Other | 22452 | 22527 | 22479 | 21987 | 7267 |
| Corporate Non-segment |  |  |  |  |  |
| **Portfolio Cash Real Estate Revenues** | $**681623** | $**680919** | $**689316** | $**698133** | $**720639** |

---

**Continued**

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>11</sub>

------

***Reconciliations***

**Revenues**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31, <br>2026** |
| Outpatient Medical | $(29394) | $(29101) | $(28963) | $(30090) | $(18387) |
| Lab | (37938) | (38084) | (38771) | (37562) | (49645) |
| Senior Housing | (27403) | (27389) | (27685) | (28657) | (68725) |
| Other | (22452) | (22527) | (22479) | (21987) | (7267) |
| Corporate Non-segment |  |  |  |  |  |
| **Non-SS Cash Real Estate Revenues** | $**(117187)** | $**(117101)** | $**(117898)** | $**(118296)** | $**(144024)** |
| Outpatient Medical | 275014 | 276074 | 282569 | 283577 | 284144 |
| Lab | 167898 | 166278 | 166076 | 169168 | 161650 |
| Senior Housing | 121524 | 121466 | 122773 | 127092 | 130821 |
| Other |  |  |  |  |  |
| Corporate Non-segment |  |  |  |  |  |
| **SS Cash Real Estate Revenues** | $**564436** | $**563818** | $**571418** | $**579837** | $**576615** |

---

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>12</sub>

------

***Reconciliations***

**Operating Expenses**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31, <br>2026** |
| Outpatient Medical | $105226 | $105331 | $113660 | $111834 | $106264 |
| Lab | 57658 | 59401 | 64352 | 63783 | 68882 |
| Senior Housing | 110259 | 111449 | 113910 | 112236 | 144598 |
| Other |  |  |  |  | 4117 |
| Corporate Non-segment |  |  |  |  |  |
| **Operating expenses** | $**273143** | $**276181** | $**291922** | $**287853** | $**323861** |
| Outpatient Medical | 2994 | 2695 | 2887 | 2796 | 3365 |
| Lab | 1666 | 1898 | 2229 | 2486 | 1328 |
| Senior Housing |  |  |  |  | 2263 |
| Other | 16324 | 16440 | 16855 | 16751 |  |
| Corporate Non-segment |  |  |  |  |  |
| **Healthpeak's share of unconsolidated joint venture operating expenses** | $**20984** | $**21033** | $**21971** | $**22033** | $**6956** |
| Outpatient Medical | (2778) | (2801) | (3765) | (3921) | (3647) |
| Lab |  |  |  | (99) | (85) |
| Senior Housing |  |  |  |  | (2741) |
| Other |  |  |  |  |  |
| Corporate Non-segment |  |  |  |  |  |
| **Noncontrolling interests' share of consolidated joint venture operating expenses** | $**(2778)** | $**(2801)** | $**(3765)** | $**(4020)** | $**(6473)** |
| Outpatient Medical | (1344) | (1657) | (1663) | (1470) | (1828) |
| Lab | 279 | 286 | 208 | 260 | 151 |
| Senior Housing |  | 843 |  | 1647 |  |
| Other | (11) | 104 | 7 | (122) | 28 |
| Corporate Non-segment |  |  |  |  |  |
| **Non-cash adjustments to operating expenses** | $**(1076)** | $**(424)** | $**(1448)** | $**315** | $**(1649)** |
| Outpatient Medical | 104097 | 103568 | 111118 | 109238 | 104154 |
| Lab | 59603 | 61586 | 66789 | 66430 | 70276 |
| Senior Housing | 110260 | 112292 | 113910 | 113884 | 144120 |
| Other | 16313 | 16544 | 16862 | 16629 | 4145 |
| Corporate Non-segment |  |  |  |  |  |
| **Portfolio Cash Operating Expenses** | $**290273** | $**293990** | $**308679** | $**306181** | $**322695** |

---

**Continued**

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>13</sub>

------

***Reconciliations***

**Operating Expenses**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31, <br>2026** |
| Outpatient Medical | $(11607) | $(11898) | $(11836) | $(11893) | $(6847) |
| Lab | (13419) | (14553) | (15953) | (16105) | (21566) |
| Senior Housing | (20303) | (20706) | (20993) | (21253) | (49214) |
| Other | (16313) | (16544) | (16862) | (16629) | (4145) |
| Corporate Non-segment |  |  |  |  |  |
| **Non-SS Cash Operating Expenses** | $**(61642)** | $**(63701)** | $**(65644)** | $**(65880)** | $**(81772)** |
| Outpatient Medical | 92490 | 91670 | 99282 | 97345 | 97307 |
| Lab | 46184 | 47033 | 50836 | 50325 | 48710 |
| Senior Housing | 89957 | 91586 | 92917 | 92631 | 94906 |
| Other |  |  |  |  |  |
| Corporate Non-segment |  |  |  |  |  |
| **SS Cash Operating Expenses** | $**228631** | $**230289** | $**243035** | $**240301** | $**240923** |

---

![hp_logoxhxka.jpg](hp_logoxhxka.jpg)<sub>14</sub>

------

***Reconciliations***

**Segment Portfolio NOI and Adjusted NOI and SS**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Total Portfolio*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Net income (loss)** | $**50064** | $**39019** | $**(109848)** | $**121792** | $**199656** |
| Interest income and other | (15821) | (15806) | (15529) | (14624) | (14171) |
| Interest expense | 72693 | 75063 | 76784 | 80638 | 87292 |
| Depreciation and amortization | 268546 | 265916 | 262317 | 262086 | 289734 |
| General and administrative | 26118 | 20764 | 19907 | 23627 | 24591 |
| Transaction costs | 5534 | 10215 | 2420 | 7351 | 24149 |
| Impairments and loan loss reserves (recoveries), net | (3562) | 3499 | (54) | (776) | (2275) |
| (Gain) loss on sales of real estate, net |  | (1636) | (11500) | (56352) | (50669) |
| (Gain) loss on debt extinguishments |  |  |  |  | 403 |
| Other (income) expense, net | 6126 | 4692 | (1160) | (10137) | (139779) |
| Income tax (benefit) expense | 2080 | 2382 | (1206) | 6027 | 254 |
| Equity (income) loss from unconsolidated joint ventures | 2147 | (1747) | 176291 | (2707) | (4265) |
| Healthpeak's share of unconsolidated joint venture NOI | 11534 | 15968 | 14684 | 15900 | 11573 |
| Noncontrolling interests' share of consolidated joint venture NOI | (7195) | (7219) | (6569) | (6872) | (8818) |
| **NOI** | $**418264** | $**411110** | $**406537** | $**425953** | $**417675** |
| Adjustments to NOI<sup>(1)</sup> | (26914) | (24181) | (25900) | (34001) | (19731) |
| **Portfolio Adjusted NOI** | $**391350** | $**386929** | $**380637** | $**391952** | $**397944** |
| Non-SS Adjusted NOI | (55545) | (53400) | (52254) | (52416) | (62252) |
| **SS Adjusted NOI** | $**335805** | $**333529** | $**328383** | $**339536** | $**335692** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Outpatient Medical*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Net income (loss)** | $**51216** | $**54395** | $**64948** | $**116100** | $**161675** |
| Interest expense | 3573 | 3476 | 3571 | 3457 | 3290 |
| Depreciation and amortization | 157131 | 156714 | 154485 | 152814 | 143439 |
| Transaction costs | 248 | 12 | 298 | 377 | 262 |
| (Gain) loss on sales of real estate, net |  | (2932) | (11500) | (56352) | (7004) |
| Other (income) expense, net | (49) | 652 | (1350) | (1390) | (92037) |
| Equity (income) loss from unconsolidated joint ventures | 3204 | 2834 | 2449 | 2246 | 2328 |
| Healthpeak's share of unconsolidated joint venture NOI | 4265 | 4488 | 4440 | 4801 | 4588 |
| Noncontrolling interests' share of consolidated joint venture NOI | (7195) | (7219) | (6569) | (6834) | (7695) |
| **NOI** | $**212393** | $**212420** | $**210772** | $**215219** | $**208846** |
| Adjustments to NOI<sup>(1)</sup> | (12082) | (10813) | (10358) | (10790) | (10469) |
| **Portfolio Adjusted NOI** | $**200311** | $**201607** | $**200414** | $**204429** | $**198377** |
| Non-SS Adjusted NOI | (17787) | (17203) | (17127) | (18197) | (11540) |
| **SS Adjusted NOI** | $**182524** | $**184404** | $**183287** | $**186232** | $**186837** |

---

**Continued**

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 15 |

---

------

***Reconciliations***

**Segment Portfolio NOI and Adjusted NOI and SS**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Lab*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Net income (loss)** | $**80403** | $**74328** | $**(104187)** | $**80964** | $**101664** |
| Depreciation and amortization | 78616 | 78010 | 76946 | 77792 | 90821 |
| Transaction costs | 337 | 295 | 232 | 206 |  |
| (Gain) loss on sales of real estate, net |  |  |  |  | (43665) |
| Other (income) expense, net | (13) | (20) | (138) | (26) | (22) |
| Equity (income) loss from unconsolidated joint ventures | 592 | (2809) | 176120 | (2777) | (4868) |
| Healthpeak's share of unconsolidated joint venture NOI | 1134 | 5460 | 4605 | 5825 | 6237 |
| Noncontrolling interests' share of consolidated joint venture NOI |  |  |  | (38) | (54) |
| **NOI** | $**161069** | $**155264** | $**153578** | $**161946** | $**150113** |
| Adjustments to NOI<sup>(1)</sup> | (14836) | (12488) | (15520) | (21646) | (9094) |
| **Portfolio Adjusted NOI** | $**146233** | $**142776** | $**138058** | $**140300** | $**141019** |
| Non-SS Adjusted NOI | (24519) | (23531) | (22818) | (21457) | (28079) |
| **SS Adjusted NOI** | $**121714** | $**119245** | $**115240** | $**118843** | $**112940** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Senior Housing*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Net income (loss)** | $**(1679)** | $**303** | $**4439** | $**18491** | $**27874** |
| Interest expense | 948 | 949 | 951 | 950 | 351 |
| Depreciation and amortization | 32799 | 31192 | 30886 | 31480 | 51398 |
| General and administrative |  |  |  |  | 3286 |
| Transaction costs | 14 | 215 |  | (229) | 18510 |
| (Gain) loss on debt extinguishments |  |  |  |  | 403 |
| Other (income) expense, net | 6585 | 4747 | 272 | (7178) | (47086) |
| Income tax (benefit) expense |  |  |  |  | 1122 |
| Equity (income) loss from unconsolidated joint ventures |  |  |  |  | (111) |
| Healthpeak's share of unconsolidated joint venture NOI |  |  |  |  | 748 |
| Noncontrolling interests' share of consolidated joint venture NOI |  |  |  |  | (1069) |
| **NOI** | $**38667** | $**37406** | $**36548** | $**43514** | $**55426** |
| Adjustments to NOI<sup>(1)</sup> |  | (843) |  | (1649) |  |
| **Portfolio Adjusted NOI** | $**38667** | $**36563** | $**36548** | $**41865** | $**55426** |
| Non-SS Adjusted NOI | (7100) | (6683) | (6692) | (7404) | (19511) |
| **SS Adjusted NOI** | $**31567** | $**29880** | $**29856** | $**34461** | $**35915** |

---

**Continued**

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 16 |

---

------

***Reconciliations***

**Segment Portfolio NOI and Adjusted NOI and SS**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Other*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Net income (loss)** | $**19004** | $**10907** | $**15983** | $**15663** | $**16194** |
| Interest income and other | (14332) | (14288) | (14092) | (13453) | (13208) |
| Depreciation and amortization |  |  |  |  | 4076 |
| Transaction costs | 433 | 393 | (5) | 47 | (10) |
| Impairments and loan loss reserves (recoveries), net | (3562) | 3499 | (54) | (776) | (2275) |
| (Gain) loss on sales of real estate, net |  | 1296 |  |  |  |
| Other (income) expense, net | 106 | (35) | 446 | 695 | 127 |
| Equity (income) loss from unconsolidated joint ventures | (1649) | (1772) | (2278) | (2176) | (1614) |
| Healthpeak's share of unconsolidated joint venture NOI | 6135 | 6020 | 5639 | 5274 |  |
| **NOI** | $**6135** | $**6020** | $**5639** | $**5274** | $**3290** |
| Adjustments to NOI<sup>(1)</sup> | 4 | (37) | (22) | 84 | (168) |
| **Portfolio Adjusted NOI** | $**6139** | $**5983** | $**5617** | $**5358** | $**3122** |
| Non-SS Adjusted NOI | (6139) | (5983) | (5617) | (5358) | (3122) |
| **SS Adjusted NOI** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Corporate Non-Segment*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30, <br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Net income (loss)** | $**(98880)** | $**(100914)** | $**(91031)** | $**(109426)** | $**(107751)** |
| Interest income and other | (1489) | (1518) | (1437) | (1171) | (963) |
| Interest expense | 68172 | 70638 | 72262 | 76231 | 83651 |
| General and administrative | 26118 | 20764 | 19907 | 23627 | 21305 |
| Transaction costs | 4502 | 9300 | 1895 | 6950 | 5387 |
| Other (income) expense, net | (503) | (652) | (390) | (2238) | (761) |
| Income tax (benefit) expense | 2080 | 2382 | (1206) | 6027 | (868) |
| **SS Adjusted NOI** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

**______________________________________**

(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, the impact of deferred community fee income, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fees expense.

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 17 |

---

------

***Reconciliations***

**Property Count Reconciliations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | |
| | **Property Count Reconciliation** | **Property Count Reconciliation** | **Property Count Reconciliation** | **Property Count Reconciliation** | **Property Count Reconciliation** |
| | **Outpatient <br>Medical** | **Lab** | **Senior<br>Housing** | **Other** | **Total** |
| **Prior Quarter Total Property Count** | **509** | **146** | **15** | **19** | **689** |
| Acquisitions |  |  | 6 |  | 6 |
| Assets sold | (3) | (4) |  |  | (7) |
| Segment conversions | (2) | (1) | 19 | (16) |  |
| **Current Quarter Total Property Count** | **504** | **141** | **40** | **3** | **688** |
| Recent acquisitions | (7) | (6) | (6) |  | (19) |
| Assets in Development | (5) | (2) |  |  | (7) |
| Recently completed Developments | (2) | (2) |  |  | (4) |
| Assets in Redevelopment | (4) | (21) |  |  | (25) |
| Recently completed Redevelopments | (1) | (6) |  |  | (7) |
| Assets held for sale | (2) | (2) |  |  | (4) |
| Other exclusions |  |  |  | (3) | (3) |
| Operator transition |  |  | (19) |  | (19) |
| Significant tenant relocation |  | (1) |  |  | (1) |
| **Three-Month SS Property Count** | **483** | **101** | **15** | **—** | **599** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Sequential SS** | **Sequential SS** | **Sequential SS** | **Sequential SS** | **Sequential SS** |
| | **Outpatient <br>Medical** | **Lab** | **Senior<br>Housing** | **Other** | **Total** |
| **Prior Quarter Three-Month SS Property Count** | **486** | **102** | **15** | **—** | **603** |
| Assets in Redevelopment |  | (1) |  |  | (1) |
| Prior Development/Redevelopment | 1 |  |  |  | 1 |
| Assets sold | (2) |  |  |  | (2) |
| Segment conversion | (2) |  |  |  | (2) |
| **Current Quarter Three-Month SS Property Count** | **483** | **101** | **15** | **—** | **599** |

---

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 18 |

---

------

***Reconciliations***

**Common Stock and Equivalents**

*In thousands*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average Shares** | **Weighted Average Shares** | **Weighted Average Shares** |
| | | **Three Months Ended**<br>**March 31, 2026** | **Three Months Ended**<br>**March 31, 2026** | **Three Months Ended**<br>**March 31, 2026** |
| | **Shares Outstanding** <br>**March 31, 2026** | **Diluted EPS** | **Diluted Nareit FFO** | **Diluted FFO as Adjusted** |
| Common stock | 695263 | 695161 | 695161 | 695161 |
| Common stock equivalent securities<sup>(1)</sup>: |  |  |  |  |
| Restricted stock units | 659 | 7 | 7 | 7 |
| OP units | 6055 |  | 924 | 924 |
| Convertible partnership units | 13365 |  | 13365 | 13365 |
| **Total common stock and equivalents** | **715342** | **695168** | **709457** | **709457** |

---

**______________________________________**

(1)The weighted average shares for the three months ended March 31, 2026 represent the current dilutive impact, using the treasury stock method, of approximately 1 million restricted stock units, 6.1 million OP Units, and 13.4 million DownREIT units.

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 19 |

---

------

***Reconciliations***

**Net Income to Adjusted EBITDAre**

*In thousands*

---

| | |
|:---|:---|
| | **Three Months Ended<br>March 31, 2026** |
| **Net income (loss)** | $**199656** |
| Interest expense | 87292 |
| Income tax expense (benefit) | 254 |
| Depreciation and amortization | 289734 |
| Other depreciation and amortization | 691 |
| Loss (gain) on sales of real estate | (50669) |
| Loss (gain) upon change of control | (138117) |
| Share of unconsolidated JV: |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 3123 |
| &nbsp;&nbsp;&nbsp; Income tax expense (benefit) | 24 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 7212 |
| **EBITDAre** | $**399200** |
| Transaction, merger, and restructuring-related costs | 24149 |
| Other impairments (recoveries) and other losses (gains) | (2275) |
| Loss (gain) on debt extinguishments | 403 |
| Casualty-related charges (recoveries) | (190) |
| Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization | 7756 |
| Stock-based compensation amortization expense | 4502 |
| Impact of transactions closed during the period<sup>(1)</sup> | (56) |
| **Adjusted EBITDAre** | $**433489** |
| Impact of transactions closed during the period<sup>(1)</sup> | 56 |
| **Fixed Charge Coverage Adjusted EBITDAre**<sup>(2)</sup> | $**433545** |

---

**Adjusted Fixed Charge Coverage**

*In thousands*

---

| | |
|:---|:---|
| | **Three Months Ended<br>March 31, 2026** |
| Interest expense, including unconsolidated JV interest expense at share | $90415 |
| Capitalized interest, including unconsolidated JV capitalized interest at share | 19798 |
| **Fixed Charges** | $**110213** |
| **Adjusted Fixed Charge Coverage**<sup>(2)</sup> | **3.9x** |

---

**______________________________________**

(1)Adjustment reflects the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period.

(2)Fixed Charge Coverage Adjusted EBITDAre is utilized in the calculation of Adjusted Fixed Charge Coverage and excludes the impact of transactions that occurred during the period for consistency with the calculation of Fixed Charges.

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 20 |

---

------

***Reconciliations***

**Enterprise Debt and Net Debt**

*In thousands*

---

| | |
|:---|:---|
| | **March 31, 2026** |
| Bank line of credit and commercial paper | $1751409 |
| Term loans | 1645731 |
| Senior unsecured notes | 6779171 |
| Mortgage debt | 246461 |
| **Consolidated Debt** | $**10422772** |
| Share of unconsolidated JV mortgage debt | 211936 |
| **Enterprise Debt** | $**10634708** |
| Cash and cash equivalents | (1170992) |
| Share of unconsolidated JV cash and cash equivalents | (8242) |
| Restricted cash | (94917) |
| Share of unconsolidated JV restricted cash | (1709) |
| **Net Debt** | $**9358848** |

---

**Financial Leverage**

*In thousands*

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| Enterprise Debt | $| 10634708 |
| Enterprise Gross Assets | 27253582 | 27253582 |
| Financial Leverage | 39.0% | 39.0% |

---

**Secured Debt Ratio**

*In thousands*

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| Mortgage debt | $| 246461 |
| Share of unconsolidated JV mortgage debt | 211936 | 211936 |
| **Enterprise Secured Debt** | **$** | **458397** |
| Enterprise Gross Assets | $| 27253582 |
| Secured Debt Ratio | 1.7% | 1.7% |

---

**Net Debt to Adjusted EBITDAre**

*In thousands*

---

| | |
|:---|:---|
| | **Three Months Ended<br>March 31, 2026** |
| Net Debt | $9358848 |
| Annualized Adjusted EBITDAre<sup>(1)</sup> | 1733956 |
| Net Debt to Adjusted EBITDAre | &nbsp;&nbsp;&nbsp;&nbsp;5.4x |

---

**______________________________________**

(1)Represents the current quarter Adjusted EBITDAre multiplied by a factor of four.

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 21 |

---

------

***Reconciliations***

**Healthpeak's Share of Unconsolidated Joint Venture NOI**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Total Portfolio*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Equity income (loss) from unconsolidated joint ventures** | $**(2147)** | $**1747** | $**(176291)** | $**2707** | $**4265** |
| Depreciation and amortization | 12200 | 12530 | 12574 | 12806 | 7212 |
| General and administrative | 350 | 352 | 340 | 425 | 399 |
| Other (income) expense, net | 861 | 1089 | 66 | 92 | (325) |
| Income tax (benefit) expense | 270 | 250 | 155 | (130) | 22 |
| Impairments (recoveries) of real estate, net |  |  | 177840 |  |  |
| **Healthpeak's share of unconsolidated joint venture NOI** | $**11534** | $**15968** | $**14684** | $**15900** | $**11573** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Outpatient Medical*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Equity income (loss) from unconsolidated joint ventures** | $**(3204)** | $**(2834)** | $**(2449)** | $**(2246)** | $**(2328)** |
| Depreciation and amortization | 4128 | 4039 | 3859 | 3813 | 4056 |
| General and administrative | 159 | 97 | 22 | 166 | 157 |
| Other (income) expense, net | 3193 | 3178 | 2999 | 3059 | 2702 |
| Income tax (benefit) expense | (11) | 8 | 9 | 9 | 1 |
| **Healthpeak's share of unconsolidated joint venture NOI** | $**4265** | $**4488** | $**4440** | $**4801** | $**4588** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Lab*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Equity income (loss) from unconsolidated joint ventures** | $**(592)** | $**2809** | $**(176120)** | $**2777** | $**4868** |
| Depreciation and amortization | 3346 | 3714 | 3943 | 4172 | 2554 |
| General and administrative | 151 | 249 | 272 | 241 | 225 |
| Other (income) expense, net | (1771) | (1312) | (1330) | (1365) | (1410) |
| Impairments (recoveries) of real estate, net |  |  | 177840 |  |  |
| **Healthpeak's share of unconsolidated joint venture NOI** | $**1134** | $**5460** | $**4605** | $**5825** | $**6237** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Senior Housing*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Equity income (loss) from unconsolidated joint ventures** | $**—** | $**—** | $**—** | $**—** | $**111** |
| Depreciation and amortization |  |  |  |  | 602 |
| General and administrative |  |  |  |  | 17 |
| Other (income) expense, net |  |  |  |  | (3) |
| Income tax (benefit) expense |  |  |  |  | 21 |
| **Healthpeak's share of unconsolidated joint venture NOI** | $**—** | $**—** | $**—** | $**—** | $**748** |

---

**Continued**

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 22 |

---

------

***Reconciliations***

**Healthpeak's Share of Unconsolidated Joint Venture NOI**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Other*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Equity income (loss) from unconsolidated joint ventures** | $**1649** | $**1772** | $**2278** | $**2176** | $**1614** |
| Depreciation and amortization | 4726 | 4777 | 4772 | 4821 |  |
| General and administrative | 40 | 6 | 46 | 18 |  |
| Other (income) expense, net | (561) | (777) | (1603) | (1602) | (1614) |
| Income tax (benefit) expense | 281 | 242 | 146 | (139) |  |
| **Healthpeak's share of unconsolidated joint venture NOI** | $**6135** | $**6020** | $**5639** | $**5274** | $**—** |

---

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 23 |

---

------

***Reconciliations***

**Noncontrolling Interests' Share of Consolidated Joint Venture NOI**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Total Portfolio*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Income (loss) from continuing operations attributable to noncontrolling interest** | $**7236** | $**7346** | $**7274** | $**7824** | $**6023** |
| Depreciation and amortization | 4353 | 4350 | 3721 | 3731 | 4627 |
| Other (income) expense, net | 422 | 264 | 340 | 121 | 3001 |
| Dividends attributable to noncontrolling interest | (4816) | (4741) | (4766) | (4804) | (4833) |
| **Noncontrolling interests' share of consolidated joint venture NOI** | $**7195** | $**7219** | $**6569** | $**6872** | $**8818** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Outpatient Medical*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Income (loss) from continuing operations attributable to noncontrolling interest** | $**5792** | $**5894** | $**5848** | $**6322** | $**6715** |
| Depreciation and amortization | 4353 | 4350 | 3721 | 3731 | 3790 |
| Other (income) expense, net | 422 | 324 | 340 | 121 | 524 |
| Dividends attributable to noncontrolling interest | (3372) | (3349) | (3340) | (3340) | (3334) |
| **Noncontrolling interests' share of consolidated joint venture NOI** | $**7195** | $**7219** | $**6569** | $**6834** | $**7695** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Lab*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Income (loss) from continuing operations attributable to noncontrolling interest** | $**898** | $**928** | $**898** | $**966** | $**854** |
| Depreciation and amortization |  |  |  |  | 98 |
| Dividends attributable to noncontrolling interest | (898) | (928) | (898) | (928) | (898) |
| **Noncontrolling interests' share of consolidated joint venture NOI** | $**—** | $**—** | $**—** | $**38** | $**54** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Senior Housing*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Income (loss) from continuing operations attributable to noncontrolling interest** | $**—** | $**—** | $**—** | $**—** | $**(5659)** |
| Depreciation and amortization |  |  |  |  | 739 |
| Other (income) expense, net |  |  |  |  | 2477 |
| Dividends attributable to noncontrolling interest |  |  |  |  | 3512 |
| **Noncontrolling interests' share of consolidated joint venture NOI** | $**—** | $**—** | $**—** | $**—** | $**1069** |

---

**Continued**

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| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 24 |

---

------

***Reconciliations***

**Noncontrolling Interests' Share of Consolidated Joint Venture NOI**

*In thousands*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Corporate Non-Segment*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| **Income (loss) from continuing operations attributable to noncontrolling interest** | $**546** | $**524** | $**528** | $**536** | $**4113** |
| Dividends attributable to noncontrolling interest | (546) | (524) | (528) | (536) | (4113) |
| **Noncontrolling interests' share of consolidated joint venture NOI** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

---

| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 25 |

---

------

***Reconciliations***

**RevPOR Senior Housing**<sup>(1)</sup><br>

*In thousands, except per month data*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>***RevPOR Senior Housing*** | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| Portfolio Cash Real Estate Revenues<sup>(2)</sup> | $171379 | $171383 | $172937 | $177737 | $199546 |
| Other adjustments to RevPOR Senior Housing |  |  |  |  | 1410 |
| RevPOR Senior Housing revenues | $**171379** | $**171383** | $**172937** | $**177737** | $**200956** |
| Average occupied units/month | 7535 | 7533 | 7597 | 7646 | 8802 |
| RevPOR Senior Housing per month<sup>(3)</sup> | $7581 | $7583 | $7588 | $7749 | $7610 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>***RevPOR Senior Housing excluding NREF Amortization*** | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| RevPOR Senior Housing revenues | $171379 | $171383 | $172937 | $177737 | $200956 |
| NREF Amortization | (24006) | (23652) | (24155) | (27099) | (27203) |
| RevPOR Senior Housing revenues excluding NREF Amortization | $**147373** | $**147731** | $**148782** | $**150638** | $**173753** |
| Average occupied units/month | 7535 | 7533 | 7597 | 7646 | 8802 |
| RevPOR Senior Housing excluding NREF Amortization per month<sup>(3)</sup> | $6519 | $6537 | $6528 | $6568 | $6580 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>***Same-Store RevPOR Senior Housing*** | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| SS Cash Real Estate Revenues<sup>(2)</sup> | $121524 | $121466 | $122773 | $127092 | $130821 |
| Other adjustments to RevPOR Senior Housing | 27403 | 27389 | 27685 | 28657 | 29498 |
| SS RevPOR Senior Housing revenues | $**148927** | $**148855** | $**150457** | $**155750** | $**160319** |
| Average occupied units/month | 6085 | 6074 | 6121 | 6179 | 6255 |
| RevPOR Senior Housing per month<sup>(3)</sup> | $8158 | $8169 | $8193 | $8403 | $8544 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>***Same-Store RevPOR Senior Housing excluding NREF Amortization*** | **March 31, <br>2025** | **June 30, <br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **March 31,<br>2026** |
| SS RevPOR Senior Housing revenues | $148927 | $148855 | $150457 | $155750 | $160319 |
| NREF Amortization | (24006) | (23652) | (24155) | (27099) | (27203) |
| RevPOR Senior Housing revenues excluding NREF Amortization | $**124921** | $**125203** | $**126301** | $**128652** | $**133116** |
| Average occupied units/month | 6085 | 6074 | 6121 | 6179 | 6255 |
| RevPOR Senior Housing excluding NREF Amortization per month<sup>(3)</sup> | $6843 | $6871 | $6878 | $6941 | $7094 |

---

**_____________________________________**

(1)May not foot due to rounding.

(2)See pages 11 and 12 of this document for a reconciliation of Portfolio Cash Real Estate Revenues and SS Cash Real Estate Revenues.

(3)Represents the quarter RevPOR divided by a factor of three.

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| | |
|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 26 |

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------

**FORWARD-LOOKING STATEMENTS**

This Discussion and Reconciliation of Non-GAAP Financial Measures may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which we operate and beliefs of and assumptions made by our management, involve uncertainties that could significantly affect our financial or operating results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "predicts," "projects," "forecasts," "will," "may," "potential," "can," "could," "should," "pro forma," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about our business outlook, 2026 guidance information, future acquisitions, dispositions, developments, financing activity, leasing activity, financial and operating results, plans, objectives, expectations, and intentions. All statements that address operating performance, events, or developments that Healthpeak expects or anticipates will occur in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration, macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants', or borrowers' ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; the failure of our tenants and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions and/or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and requirements, as well as changing stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the initial public offering of Janus Living may not achieve the intended benefits; our significant economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust ("REIT"); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from "prohibited transactions"; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC ("Healthpeak OP") common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. In addition, due to our ownership interest in Janus Living and the consolidation of its operations in our financial statements, we are also subject to the risks and uncertainties described from time to time in filings by Janus Living with the Securities and Exchange Commission, including in the section titled "Risk Factors" in the prospectus Janus Living filed on March 23, 2026 with the Securities and Exchange Commission as part of its Registration Statement on Form S-11 (File No. 333-293835), which includes many of the same risks and uncertainties described above as they would apply to Janus Living's operations and ownership of senior housing communities.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

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|:---|:---|
| ![hp_logoxhxka.jpg](hp_logoxhxka.jpg) | 27 |

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### Attached PDF Documents

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