Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Investor Presentation (December 2025)
27 slides from Healthpeak Properties's investor presentation, December 2025
Slide 1: Real Estate Partner of Choice for Healthcare Discovery and Delivery
Bob Bové Neuroscience Institute Scottsdale, AZ Real Estate Partner of Choice for Healthcare Discovery and Delivery December 2025
Slide 2: Disclaimers
Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as ownership in our stock, and provisions of Maryland law and our charter that could prevent a is subject to cha
Slide 3: Platform Overview
Platform Overview
Slide 4: About Healthpeak
About Healthpeak Healthpeak is a leading owner, operator, and developer of real estate for healthcare discovery and delivery. Our real estate is uniquely positioned to benefit from the aging population and universal desire for better health with a high-quality outpatient medical portfolio affiliated
Slide 5: Platform with Scale & Deep Relationships to Drive Performance
Platform with Scale & Deep Relationships to Drive Performance Institutional platform built to deliver excellence in execution across the portfolio with deep tenant relationships to drive proprietary opportunities Outpatient Medical Lab Senior Housing 38M SF Portfolio | $800M of Annual NOI(1) 11M SF
Slide 6: National Scale with Local Competitive Advantage
National Scale with Local Competitive Advantage Top 20 Markets Rank Market % of Combined NOI(2) Seattle 3% 1 San Francisco, CA 23% 2 Boston, MA 9% 3 Dallas, TX 7% Boston 9% 4 San Diego, CA 5% Minneapolis 2% 5 Houston, TX 4% New York 1% 6 Tampa, FL 4% San Francisco 23% Salt Lake City 1% 7 Denver, CO
Slide 7: Diversified Tenant Base
Diversified Tenant Base Unmatched roster of the world’s leading health systems and biopharma companies with only two tenants representing more than 1% of total ABR Tenant Diversification(1) Top 20 Tenants Rank Parent Name Classification % of ABR Senior Housing 1 HCA Healthcare(3) Health System 9% 2
Slide 8: Fortress Balance Sheet is a Competitive Advantage
Fortress Balance Sheet is a Competitive Advantage Well-laddered maturities and BBB+ / Baa1 (stable outlook) credit rating Debt Maturities Key Credit Metrics(1) ($ in billions) $2.5 Net Debt / EBITDAre ▪ 5.3x $2.0 Liquidity ▪ $2.7 billion $1.8 Weighted Average Debt $1.5 $0.3 ▪ 4.3 years $1.4 Maturity
Slide 9: Outpatient Medical Overview
Outpatient Medical Overview
Slide 10: Unmatched Outpatient Medical Portfolio and Platform
Unmatched Outpatient Medical Portfolio and Platform Best-in-class portfolio and sector-leading tenant relationships differentiates Healthpeak from competitors Leading Scale & 530 38M 91% 70% Properties Square Feet Occupancy Leased to Health Systems Portfolio Quality With Unmatched Experience & Healt
Slide 11: Attractive Cash Flow Profile Highly Valued by Private Markets
Attractive Cash Flow Profile Highly Valued by Private Markets Steady demand results in consistent, low volatility cash flow growth through market and business cycles Attributes Comments and Observations ▪ Outpatient Medical is one of two REIT sectors to maintain positive NOI growth for the last two
Slide 12: Improved Outpatient Fundamentals Across All Dimensions
Improved Outpatient Fundamentals Across All Dimensions Fundamental backdrop has improved over the past six years and is generating strong NOI growth 2019 2025 Improved vs 2019? Aging Demographic 16% 18% percent of US population over 65 Declining Starts 1.8% 1.1% new starts as % of inventory Higher I
Slide 13: Scaled Relationships with Leading Health Systems in Each Local Market
Scaled Relationships with Leading Health Systems in Each Local Market Deep relationships and internal property management maximize opportunities for internal and external growth Healthpeak Top 10 OM Markets and Key Relationships(1) Top 10 markets represent ~55% of OM ABR(2) Seattle 1.1M SF Swedish C
Slide 14: Recent Outpatient Medical Investments
Recent Outpatient Medical Investments Northside Hospital Outpatient Developments ■ In July 2025, announced two new outpatient development agreements in high-growth submarkets of Atlanta totaling $148 million, supporting the expansion of our longstanding partner, Northside Hospital, a fast-growing an
Slide 15: Lab Overview
Lab Overview
Slide 16: Amenitized Lab Campuses in the Three Leading Markets
Amenitized Lab Campuses in the Three Leading Markets Healthpeak wisely pulled back on development in 2021 to reduce exposure to sector downturn; now prepared to go on offense 11M 139 3 ~85% Square Feet Properties Core Markets ABR from campuses 400K+ SF Bay Area Boston San Diego Preeminent lab real e
Slide 17: Platform and Portfolio Built for Outperformance
Platform and Portfolio Built for Outperformance Positioned to capitalize on leasing and investment opportunities as the sector’s nascent recovery takes hold, recognizing that Healthpeak occupancy will decline for the next few months due to known expirations and wind-downs, and that real estate funda
Slide 18: Clinical Data Fueling Capital Markets Activity for Our Tenants
Clinical Data Fueling Capital Markets Activity for Our Tenants The FDA continues its push to accelerate drug discovery timelines in the U.S. including priority and fast track designations benefiting our biopharma clients. The capital markets are responding positively with an uptick in equity raising
Slide 19: Biotech Capital Markets and M&A Accelerating
Biotech Capital Markets and M&A Accelerating Positive clinical data and lower interest rates have improved sentiment for the biotech sector and are supporting a recent acceleration in capital raising and M&A activity compared to the first 8 months of 2025 Biotech Capital Markets Have Reopened Post L
Slide 20: Improving Leasing Pipeline
Improving Leasing Pipeline Healthpeak’s lab leasing pipeline has grown nearly 2x compared to January 2025 levels driven by improved capital raising and M&A Growing Healthpeak Leasing Pipeline 2M SF 1M SF January 2025 December 2025 Investor Presentation – December 2025 20
Slide 21: Senior Housing Overview
Senior Housing Overview
Slide 22: Senior Housing Portfolio Summary
Senior Housing Portfolio Summary 4th largest RIDEA senior housing portfolio; 100% RIDEA structure with no triple-net leases 34 10,422 10 ~$220M 100% +9.5% Communities Units States Annualized Cash NOI(1) RIDEA Structure Average Annual NOI Growth Since Jan 2020(2) Operator Spotlight ■ LCS is the natio
Slide 23: Senior Housing Portfolio Summary
Senior Housing Portfolio Summary Our properties are positioned in high-growth markets with large and growing senior populations Geographic Overview Local Market Scale Unit % of Total 80+ Population Median Home MSA (2) Count Units Growth Value Tampa, FL 2,049 20% 37% $407,650 Houston, TX 2,027 19% 39
Slide 24: Compelling Lifestyle and Value Proposition for Residents
Oakmont Mariner Point DiscoveryPointe Freedom Village Palm Beach Gardens Cypress Discovery Village Village at Palm Beach Gardens SanPalm Francisco Miami, The FL Villages, FL Jacksonville, FLMSA Beach Gardens, FL Compelling Lifestyle and Value Proposition for Residents Our Life Plan communities appea
Slide 25: Healthpeak Operating Strategy
Healthpeak Operating Strategy Executing on operating initiatives to drive higher occupancy, margin expansion, and long-term growth Operator Alignment Competitive Pricing Model Portfolio Optimization Strategy for Continued Growth ▪ Incentive management fees create ▪ Strategic pricing shift since buyi
Slide 26: Product Appeal and Active Management Driving Outperformance
Product Appeal and Active Management Driving Outperformance Healthpeak’s Life Plan cash NOI growth has outperformed rental senior housing since January 1, 2020 Average Annual Cash NOI Growth: 2020-2025(1) 11.6% 5.1% REIT RIDEA Average Healthpeak Life Plan 1) For Healthpeak’s Life Plan, represents av
Slide 27: Healthpeak’ | v2
Healthpeak’ | v2
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