Healthpeak Properties : 2022 Annual Report2022 Annual Report (

®

2022

Annual Report

VANTAGE (RENDERING)

SOUTH SAN FRANCISCO, CA

LIFE SCIENCE

BRIARGATE MEDICAL OFFICE BUILDING COLORADO SPRINGS, CO

MEDICAL OFFICE

THE BOARDWALK SAN DIEGO, CA LIFE SCIENCE

PEAK

Ticker

BBB+/Baa1

Credit Ratings

$20B	$2.5B	5.3x
Enterprise Value(1)	Liquidity(2)	Leverage(3)

Dear Stockholders,

Our business is driven by two secular fundamentals - the aging population and the desire for improved health.

We have concentrated our resources in sectors and markets where Healthpeak has unique scale, expertise, and relationships. We believe this allows us to invest and operate with a competitive advantage.

The societal impact of our buildings is significant. In Life Science, our biopharma tenants are producing life-changing diagnostics and therapeutics for cancer, heart disease, and sickle cell, among many other chronic diseases. In Medical Office, we estimate 17 million patients visited our buildings last year. Our properties are critical to outpatient healthcare delivery in attractive markets such as Dallas, Houston, Denver, Phoenix, and Nashville.

We expect the societal impact of our portfolio to grow over time, driven by the ongoing push to convenient outpatient medical care, and exciting advances in personalized medicine and drug discovery.

2022 Results and 2023 Outlook

Strong execution by our team produced better-than-expected internal growth and earnings in 2022. Our internal growth rate was even more impressive when considering Healthpeak's Life Science and Medical Office portfolios produced outsized growth in both 2020 and 2021, creating a difficult comparison period.

Looking forward to 2023, despite the challenging macroeconomic background, we are projecting another year of solid same-store growth and accretive development deliveries. Our balance sheet is in great shape from both a leverage and liquidity standpoint, an important asset given the volatile capital markets environment.

1. Based on Healthpeak's common stock outstanding and stock price of $25.07 as of the close of trading on December 30, 2022, the last trading day of the year, and total consolidated debt and Healthpeak's share of unconsolidated joint venture debt and cash and cash equivalents as of December 31, 2022.
2. Represents pro forma cash and cash equivalents as of December 31, 2022, as adjusted to give effect to $400 million of senior notes issued in January 2023, plus undrawn capacity on Healthpeak's revolving credit facility as of February 28, 2023.
3. Represents Net Debt to Adjusted EBITDAre, a non-GAAP financial measure, as of December 31, 2022, with Adjusted EBITDAre based on fourth quarter annualized performance and Net debt as of December 31, 2022. For the definition and reconciliation to the most directly comparable GAAP measure, see Appendix A.

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Our Portfolio

Life Science

VANTAGE (RENDERING)

SOUTH SAN FRANCISCO, CA

1.4M

SF of Lease Executions in 2022

12.2M Total Square Feet (SF)

Core Markets

San Francisco, CA; Boston, MA; and San Diego, CA

5.1% 2022 Same-Store Cash (Adjusted) NOI Growth(1)

98.7% Same-Store Occupancy (12/31/22)

Our 12 million square foot Life Science portfolio was built and acquired over the past two decades and represented nearly half of our 2022 total portfolio income. The portfolio is located in the three most important centers of biotech innovation: San Francisco, Boston, and San Diego. Over the past four decades, these three markets have developed an unmatched ecosystem of academics, capital, infrastructure, and scientific talent, placing them at the heart of the life sciences revolution.

We have intentionally concentrated our resources on amenity-rich campus settings that are differentiated from freestanding buildings. Combined with our local scale and long-standing tenant relationships, we have a sustainable competitive advantage in our local markets. For example, we reported 99% occupancy at year-end and +35% cash re-leasing spreads on renewals during 2022.

Our profitable and unique development platform delivered 675,000 square feet and nearly $700 million of investment across three campuses in 2022. These Class A properties are fully leased and are expected to deliver a 7% stabilized return on cost. We expect initial deliveries on three additional projects totaling 650,000 square feet in 2023, and we own and control a large land bank to support future development when market conditions are favorable.

LIFE SCIENCE INDUSTRY FUNDING LEVELS(2)

($USD in billions)

	$250
$100
2012	2022

HEALTHPEAK'S LIFE SCIENCE SAME-STORE GROWTH(1)

6.2%

4.6%

Last 10 Year	Last 3 Year
Average	Average

1. For the definition and reconciliation of Same-Store Cash (Adjusted) NOI to the most directly comparable GAAP measure, see Appendix A. Life Science same-store growth shown in the chart above represents Healthpeak's average reported same-store cash (adjusted) NOI growth from 2013-2022 and 2020-2022.
2. Source: Dealforma and NIH.gov

• Healthpeak Properties 2022 Annual Report

Medical Office

LONE PEAK HOSPITAL

DRAPER, UTAH

3.1M

SF of Lease Executions in 2022

24.1M Total Square Feet (SF)

81% On Campus

4.0% 2022 Same-Store Cash (Adjusted) NOI Growth(1)

91.5% Same-Store Occupancy (12/31/22)

Our 24 million square foot Medical Office portfolio has grown over the past two decades through acquisitions and developments and represented about 40% of our 2022 total portfolio income. We chose to concentrate our real estate on the campuses of market-leading hospitals and health systems in major metro markets. Our properties have a deep pool of demand and generate sector-leading internal growth.

We have long-standing relationships with the top hospitals, physician groups, and health systems that serve as anchor tenants in nearly all of our buildings. These anchor tenants create a critical mass of patient activity and demand for space, allowing us to maintain high occupancy and renewal rates.

We are one of the country's most active developers of Medical Office buildings, and we view development as an important part of our external growth opportunity as our tenants look to migrate services to a lower cost outpatient setting. In 2022, we delivered three new properties totaling 237,000 square feet and $69 million of investment.

HEALTHPEAK'S MEDICAL SAME-STORE	PORTFOLIO INCOME(2)
GROWTH(1)	(for the year ended December 31, 2022)

2.7%	3.1%

Last 10 Year	Last 3 Year
Average	Average

49% 38%

Life	Medical
Science	Office

4% 9%

OtherCCRC

1. For the definition and reconciliation of Same-Store Cash (Adjusted) NOI to the most directly comparable GAAP measure, see Appendix A. Medical Office same-store growth shown in the chart above represents Healthpeak's average reported same-store cash (adjusted) NOI growth from 2013-2022 and 2020-2022.
2. For the definition and reconciliation of Portfolio Income to the most directly comparable GAAP measure, see Appendix A.

Healthpeak Properties 2022 Annual Report	5