Healthpeak Properties : Investor Presentation - March 2023

101 CambridgePark Drive

Boston, MA

Investor

Presentation

Healthpeak Properties

March 2023

Disclaimers

This Healthpeak Properties, Inc. (the "Company") presentation is solely for your information, is subject to change and speaks only as of the date hereof. This presentation is not complete and is only a summary of the more detailed information included elsewhere, including in our Securities and Exchange Commission ("SEC") filings. No representation or warranty, express or implied, is made and you should not place undue reliance on the accuracy, fairness or completeness of the information presented.

Forward-Looking Statements

Statements contained in this presentation 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 current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, financing activities, or other transactions; (ii) development, densification and land bank opportunities;

1. outlooks related to life science, medical office and CCRCs; and (iv) potential capital sources and uses. You should not place undue reliance on these forward-looking statements. Pending acquisitions, dispositions and leasing activity, including those that are subject to binding agreements, remain subject to closing conditions and may not close 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 presentation, 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: macroeconomic trends, including inflation, interest rates, labor costs, and unemployment; the ability of our existing and future tenants, operators, and borrowers to conduct their respective businesses in a manner that generates sufficient income to make rent and loan payments to us; the financial condition of our tenants, operators, and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a 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 activity risks, including project abandonments, project delays, and lower profits than expected; changes within the life science industry; significant regulation, funding requirements, and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our medical office buildings (MOBs) are located and their affiliated

healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our properties operated through RIDEA structures; 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 significant losses and/or performance declines by us or our tenants and operators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners' financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions, and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose or exercise rights on collateral securing our real estate-related loans; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from litigation matters, including rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious diseases, including Covid, and health and safety measures intended to reduce their spread; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions, or breaches; increased borrowing costs, including due to rising interest rates; 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, including due to rising interest rates, changes in our credit ratings and the value of our common stock, volatility or uncertainty in the capital markets, and other factors; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; 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; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; our ability to maintain our qualification as a REIT; 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; ownership limits in our charter that restrict ownership in our stock; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; and other risks and uncertainties described from time to time in our SEC filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.

Calculations

The estimated yields included in this presentation are calculated by dividing projected cash net operating income (adjusting for the impact of upfront rental concessions) for the applicable properties by the aggregate purchase price or expected development costs, as

applicable, for such properties. Newly acquired operating assets are generally considered stabilized at the earlier of lease up (typically when the tenant(s) control(s) the physical use of at least 80 of the space) or 12 months from the acquisition date. Newly completed developments are considered stabilized at the earlier of lease up or 24 months from the date the property is placed in service. Actual stabilized yields are calculated by dividing actual cash net operating income (adjusting for the impact of upfront rental concessions) by the aggregate purchase price or development costs, as applicable, for such properties.

The cash net operating income projections used in calculating the estimated yields included in this presentation are based on (i) information currently available to us, including, in connection with acquisitions, information made available to us by the seller in the diligence process, and (ii) certain assumptions applied by us related to anticipated occupancy, rental rates, property taxes and other expenses over a specified period of time in the future based on historical data and the Company's knowledge of and experience with the submarket. Accordingly, the estimated yields included in this presentation are inherently based on inexact projections that may be incorrect or imprecise and may change as a result of events or factors currently unknown to the Company. The actual yields for these properties may differ materially and adversely from the estimated yields discussed in this presentation based on numerous factors, including any difficulties achieving assumed occupancy and/or rental rates, development delays, unanticipated expenses not payable by a tenant, increases in the Company's financing costs, tenant defaults, the results of final purchase price allocations, as well as the risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and its subsequent filings with the SEC. As such, we can provide no assurance that the yields for these properties will be consistent with the estimated yields set forth in this presentation.

Market and Industry Data

This presentation also includes market and industry data that the Company has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. Such data is often based on industry surveys and preparers' experience in the industry. Similarly, although Healthpeak believes that the surveys and market research that others have performed are reliable, such surveys and market research are subject to assumptions, estimates and other uncertainties and Healthpeak has not independently verified this information.

Non-GAAP Financial Measures

This presentation contains certain supplemental non-GAAP financial measures. While the Company believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this presentation should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. We caution you that there are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company's computation of non-GAAP financial measures may not be comparable to those reported by other REITs. You can find reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the fourth quarter 2022 Discussion and Reconciliation of Non-GAAP Financial Measures available on our website.

Investor Presentation - March 2023

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Healthpeak Platform Delivering Results

2022 Financial		▪	Strong FY 2022 operating results with FFO as Adjusted(1)	+$0.02/sh and same-store growth +100 bps above initial 2022 guidance mid-points
	▪	Delivered 675,000 sq. ft. of fully-leased life science developments and 237,000 sq. ft. of on-campus MOBs with a total cost of $760M and blended yield
Results
		of 7%(2)

2022 Operating

Highlights

Life Science

• FY 2022 cash same-store(1) of 5.1%; 60 bps above initial 2022 guidance mid-point; YE portfolio occupancy of 99%
• 1.4M sq. ft. of FY 2022 lease executions; +35% cash releasing spreads on renewals

Medical Office

• FY 2022 cash same-store(1) of 4.0%; 175 bps above initial 2022 guidance mid-point
• 3.1M sq. ft. of FY 2022 lease executions; 82% tenant retention rate

CCRC

• FY occupancy +340 bps; NREF cash collections of approximately $101 million, exceeding our NREF/FFO amortization by ~$0.04/sh

			▪ Issued $400M of 5.25% fixed rate 10-year bonds in Jan; sold two non-core life science buildings in Durham, NC in Feb ($113M at a 5% cap rate)
	Balance Sheet		▪	5.3x Net debt to annualized Adjusted EBITDAre(1), $2.5 billion of liquidity, 5% net floating rate debt(3) and no bonds maturing until 2025
			▪	Debt capacity to fund the ~$560M of remaining spend on active dev/redev while maintaining mid-5x net debt to EBITDA

	▪ Received ~$100M seller financing repayment in February; YTD seller financing repayments now total ~$135M
Recent Updates	▪ Completed UPREIT conversion on February 10th; provides enhanced opportunity set for future external growth
▪ Sorrento Therapeutics received DIP financing and paid March rent in full. Healthpeak may update guidance depending on the nature of further
	information as it becomes available, inclusive of Sorrento's decision to accept or reject certain leases

(1)	Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this presentation can be found athttp://ir.healthpeak.com/quarterly-
	results.
(2)	See disclaimers on page 2 for a description of how we calculate yields.	Investor Presentation - March 2023
(3)	Based on commercial paper balance as of 2/28/23 and net of remaining floating-rate seller financing loan receivables.

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Portfolio Supported by Aging Population & Desire for Improved Health

Irreplaceable and differentiated real estate portfolio well-positioned to generate attractive earnings growth

Life Science

Medical Office

CCRC

✓ 3 core markets - San Francisco, San Diego & ✓ 81% on-campus / 97% affiliated	✓ 15 campuses / 7,300 units
Boston
✓ 24 million square feet	✓ No new competitive supply for over a decade
✓ 99% occupancy
✓ 81% avg. tenant retention since 2015	✓ 8-10 year average length of stay
✓ 5.6% avg. same-store growth since 2015
✓ 2.8% avg. same-store growth since 2015	✓ $20M - $40M potential NOI upside from
✓ 25% mark-to-market opportunity	occupancy and expense normalization

The Shore | South San Francisco, CA		HealthOne Sky Ridge Medical Center | Denver, CO		Cypress Village CCRC | Jacksonville, FL

Long-term demographics support growth in our three primary asset classes: Life Science, Medical Office, and CCRC

Investor Presentation - March 2023

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Healthpeak Trophy Campuses

Nine select campuses, totaling 8.4M square feet, represent ~$410M of Cash NOI(1)

The Cove | 982K SF | 7 Properties		Oyster Point | 939K SF | 10 Properties

	South San Francisco, CA		South San Francisco, CA
	The Shore & Towers | 1.1M SF | 7 Properties		Seaport Center | 643K SF | 15 Properties

	South San Francisco, CA			Redwood City, CA
	CambridgePark Drive | 449K SF | 3 Properties		Hayden Research Center | 612K SF | 3 Properties

Cambridge, MA		Lexington, MA

PEAK LS / MOB		Hospital

Medical City Dallas | 2.2M SF | 7 Properties

HCA | Dallas, TX

Swedish Medical Center | 610K SF | 6 Properties

Providence Health | Seattle, WA

Tristar Centennial | 837K SF | 9 Properties

HCA | Nashville, TN

(1) 4Q22 annualized Cash NOI for stabilized assets. Cash NOI for in-process developments, redevelopments and Hayden Research Center based on projected stabilized Cash NOI. Reconciliations,	Investor Presentation - March 2023
definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this presentation can be found at http://ir.healthpeak.com/quarterly-results.

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