Healthpeak Properties : Investor Presentation - September 2022

Vantage Phase I (Rendering)

South San Francisco, CA

Investor

Presentation

Healthpeak Properties

September 2022

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: the Covid pandemic and health and safety measures intended to reduce its spread, the availability, effectiveness and public usage and acceptance of vaccines, and how quickly and to what extent normal economic and operating conditions can resume within the markets in which we operate; the ability of our existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and manage their expenses in order to generate sufficient income to make rent and loan payments to us and our ability to recover investments made, if applicable, in their operations; increased competition, operating costs and market changes affecting our tenants, operators and borrowers; 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 in multiple industries and exposes us to the risks inherent in illiquid investments; our ability to identify

and secure replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; 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; high levels of regulation, funding requirements, expense 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 maintain or expand our hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; economic and other conditions that negatively affect geographic areas from which we recognize a greater percentage of our revenue; 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 on collateral securing our real estate-related loans; our ability to make material acquisitions and successfully integrate them; the potential impact on us and our tenants, operators and borrowers from litigation matters, including rising liability and insurance costs; an increase in our borrowing costs, including due to higher interest rates; 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; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; changes in global, national and local economic and other conditions; laws or regulations prohibiting eviction of our tenants; 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; legislation to address federal government operations and administration 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; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; environmental compliance costs and liabilities associated with our real estate investments; our ability to maintain our qualification as a real estate investment trust ("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; 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; 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.

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 second quarter 2022 Discussion and Reconciliation of Non-GAAP Financial Measures available on our website.

Investor Presentation - September 2022	2

Updates Since August 3rd Earnings Call

		 Through August, tracking to the high-end of FY segment same-store guidance (4.0% - 5.0%)
Life Science		 Rent collections in July and August were 99+%
	 Biotech index (XBI) up 33%(1) since hitting YTD low on May 11, resulting in an improved capital raising environment for tenants
		 Biotech M&A has increased, including the acquisition of Turning Point Therapeutics (185,000 sq. ft. lease at the in-process Callan Ridge development)
		by Bristol Myers Squibb, and the announced acquisition of Global Blood Therapeutics (#6 PEAK tenant) by Pfizer
		 Through August, tracking to the high-end of FY segment same-store guidance (2.5% - 3.5%)
Medical Office		 Performance driven by higher occupancy, rental rates & parking income, lower net expenses, and Medical City Dallas add rent
		 YTD leasing through August of 2.4M sq. ft. is ~74% of full-year budget
		 August Average Daily Census (ADC) occupancy for Independent/Assisted/Memory Care increased 130bps from June ADC
CCRC		 Strong non-refundable entry fee (NREF) sales trends continued in August, bringing YTD 2022 sales to 353 contracts / $61M compared to the same
	YTD period in 2021 with sales of 302 contracts / $50M
		 Labor continues to improve with the portfolio experiencing five consecutive months of positive net new hires and four consecutive months of declining
		contract labor as of July 2022
		 Closed on previously disclosed $500M of senior unsecured term loans; 3.5% fixed rate(2) through the initial 2027 maturities with swaps completed in
Balance Sheet		August 2022
		 Repurchased $56M of stock at a weighted average price of $27.16/share

(1)	As of 8/31/2022.	Investor Presentation - September 2022		3
(2)	Entered forward-starting swaps, effectively fixing interest rate at blended rate of 3.5%, based on Healthpeak's current senior unsecured long-term debt ratings.

Life Science

Tenant Overview

Life Science Tenant Overview: Detailed Breakdown(1)(2)

R&D / University

6%

Office 4%

Tech /

Other 1%

Private

Biotech

15%

Medical

Device

7% Pharma

17%

$568M	Large Cap
Biotech
ABR	14%

Small Cap	Mid Cap
Biotech
Biotech
20%
16%

Tenant Summary

• ~200 tenants, with the top 25 representing 50% of ABR
• Top 5 tenants are Amgen, J&J, Pfizer, Bristol Myers Squibb, and AstraZeneca, collectively comprising 21% of life science ABR
• 75% of ABR from publicly-traded tenants
• ~60% of ABR from post-revenue biotech and other companies / institutions(3)
• Only ~3% of ABR from pre-clinical biotech tenants(4)
• Pro forma Pharma percentage increases to 21% as signed leases enter the portfolio(5)

PEAK publicly-traded biotech classification criteria:

Large Cap: market cap > $10B

Mid Cap: market cap between $10B and $500M

Small Cap: market cap < $500M

High-quality, diversified tenant base focused in the three core markets of South San Francisco, San Diego, and Boston

1. Average Base Rent (ABR) as of 6/30/2022 excluding two assets held for sale and developments. Tenant classification and Top 5 tenants are pro forma for the pending acquisition of Global Blood Therapeutics by Pfizer. ABR does not include expense recoveries, additional rent in excess of floors, and non-cash revenue adjustments.
2. Market caps for public biotech companies as of 8/31/2022.
3. Post-revenuedefined as having sales from approved products.
4. Pre-clinicaldefined as not having started phase 1 of clinical trials (according to public information) and not having a mature stage parent company. Analysis excludes companies that are contract based in

nature.	Investor Presentation - September 2022	5
(5) Includes stabilized ABR from signed leases / M&A including: Novo Nordisk (107,500 sq. ft. at 65 Hayden), Astellas Pharma Inc. (154,000 sq. ft. at Vantage Phase 1 development), and Bristol Meyers
Squibb's acquisition of Turning Point Therapeutics (185,000 sq. ft. at Callan Ridge development).