QUARTERLY RESULTS Quarterly Results Quarter 4Q 2020 4Q 2020 Earnings Results Earnings Release & Supplemental Report 10-K Filing Discussion + Reconciliation of Non-GAAP Financial Measures Fourth Quarter 2020 Highlights Net income of $0.27 per share, NAREIT FFO of $0.32 per share, FFO as Adjusted of $0.41 per share and blended Total Same-Store Portfolio Cash NOI growth of 4.2%. Significant progress on the sale of $4 billion of senior housing assets: Closed on 12 transactions generating gross proceeds of $2.5 billion 70 SHOP assets containing 7,637 units generating gross proceeds of $1.32 billion at a blended 3.1% annualized trailing 3-month cap rate 45 NNN assets containing 4,388 units generating gross proceeds of $1.04 billion at a blended 7.7% annualized trailing 3-month lease yield and a blended 5.6% annualized trailing 3-month EBITDAR yield 2 loan repayments generating gross proceeds of $117 million at a blended 7.3% annualized trailing 3-month interest yield Short-term seller financing provided on closed transactions of $620 million, of which approximately $250 million is currently anticipated to be repaid in 1Q 2021 Executed purchase and sale agreements and / or offer letters on an additional $1.5 billion of senior housing assets Acquisitions: In December 2020, acquired a 5.4 acre land parcel situated on the Medical City Dallas campus in Dallas, TX, for $34 million. The site currently includes a 124-bed behavioral hospital leased to HCA Healthcare (“HCA”). The addition of this site results in Healthpeak owning the entire Medical City Dallas campus, and will allow for the future development and expansion of critical medical services with HCA. In February 2021, acquired a 48,360 square foot medical office building located on HCA's TriStar Centennial Medical Center campus in Nashville, TN for $13.4 million, representing a stabilized cash capitalization rate of 6%. The addition of this property results in Healthpeak owning all non-HCA owned medical office buildings on the campus, representing approximately 830,000 square feet. Previously announced acquisitions: In December 2020, closed on the previously announced $664 million life science acquisition of Cambridge Discovery Park, a 607,000 square foot life science property located in the West Cambridge submarket of Boston, Massachusetts. The stabilized cash and GAAP capitalization rates are 5% and 6.5%, respectively. In October 2020, executed a definitive agreement to acquire approximately 12 acres of land in South San Francisco, CA, for $128 million in an off-market transaction. The land is adjacent to two sites currently held by Healthpeak as land for future development: Forbes Research Center and Modular Labs III. Healthpeak intends to entitle the acquisition sites for a new development of at least 500,000 square feet, which could join with our adjacent sites to create a multi-phase, scalable development campus totaling 1 million square feet or more. In October 2020, acquired a 7-property medical office portfolio, totaling 437,000 square feet, for $169 million, which represents year-one cash and GAAP capitalization rates of 5.5% and 5.6%, respectively Development: In December 2020, executed two leases totaling 175,000 square feet at Phases II and III at The Shore in South San Francisco, CA which are expected to deliver in 4Q 2021 and 1Q 2022, respectively. Both leases were signed with existing Healthpeak tenants expanding within our portfolio. The entire 630,000 square feet of Phases I, II and III combined are now 94% pre-leased. In the fourth quarter, delivered the second building at Phase I of The Shore at Sierra Point in South San Francisco, CA, representing 92,000 square feet that was 100% leased upon delivery In the fourth quarter, delivered an 81,000 square foot life science building in San Diego, CA, located at Ridgeview Business Park, a seven-building, 702,000 square foot campus. The building was 100% leased upon delivery. In December 2020, delivered a 42,000 square foot, two-story Class A medical office building located on the Oak Hill Hospital campus in Brooksville, FL. The development was 65% leased to HCA upon delivery. Balance sheet: In January 2021, with proceeds generated from our senior housing sales, commenced the debt repayment of $1.45 billion of senior unsecured notes with maturity dates in 2023 and 2024 with a weighted average coupon of approximately 4% On January 28, 2021, $782 million of notes were repaid through the tender offers The balance of the notes will be redeemed on February 26, 2021 through the make-whole provisions Total debt extinguishment costs are anticipated to be approximately $165 million, of which $145 million is related to mark-to-market due to the decline in interest rates since the issuance of these bonds Pro forma for the $1.45 billion of debt repayments: No senior unsecured notes maturing until February 2025 Weighted average maturity improves to approximately 7.2 years Weighted average interest rate improves to 3.5% Q4 annualized Net Debt to Adjusted EBITDAre improves to approximately 5.1x The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on March 5, 2021, to stockholders of record as of the close of business on February 22, 2021 The adjustment to the dividend aligns our payout ratio with our targeted Life Science, Medical Office and CCRC portfolio and strategy Will result in $150 million of annual dividend savings Recently named Nareit Leader in the Light for the ninth time, and to the CDP Leadership Band and the Dow Jones Sustainability Index for the eighth consecutive year; received the Green Star designation from GRESB for the ninth consecutive year; listed in S&P Global’s Sustainability Yearbook for the sixth consecutive year; and named to the Bloomberg Gender-Equality Index and Newsweek's list of America's Most Responsible Companies for the second consecutive year. 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