Healthpeak Properties : Investor Presentation - June 2021

Sorrento Gateway (Rendering)

Sorrento Mesa, San Diego

Investor

Presentation

Healthpeak Properties

June 2021

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, expressed 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, capital recycling plans, financing activities, or other transactions; (ii) development, densification and land bank opportunities; (iii) 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 and dispositions, 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-19 pandemic and health and safety measures intended to reduce its spread; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; 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 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; our ability to identify replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; our property development and redevelopment activity risks,

including costs above original estimates, project delays and lower occupancy rates and rents 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 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; 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 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 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; our ability to foreclose on collateral securing our real estate-related loans; laws or regulations prohibiting eviction of our tenants; the failure of our tenants and operators 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 healthcare properties; compliance with the Americans with Disabilities Act and fire, safety and other health 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 Program and other COVID-19 related stimulus and relief programs; volatility or uncertainty in the capital markets, the availability and cost of capital as impacted by interest rates, changes in our credit ratings, the value of our common stock, and other conditions that may adversely impact our ability to fund our obligations or consummate transactions, or reduce the earnings from potential transactions; 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; 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; ownership limits in our charter that restrict ownership in our stock; our reliance on information technology systems and the potential impact of system failures, disruptions or breaches; unfavorable litigation resolution or disputes; and the loss or limited availability of our key personnel. 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 capitalization rates and yield ranges 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 development cost, 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.

The aggregate cash net operating income projections used in calculating the capitalization rates and yield ranges 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 capitalization rates and yield ranges 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 cash capitalization rates for these properties may differ materially and adversely from the estimated stabilized cash capitalization rates and yield ranges 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, 2020 and its subsequent filings with the SEC. As such, we can provide no assurance that the actual cash capitalization rates for these properties will be consistent with the estimated cash capitalization rates and yield ranges 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 first quarter 2021 Discussion and Reconciliation ofNon-GAAPFinancial Measuresavailable on our website.

Investor Presentation - March 2021	2

Updates Since May 5th Earnings Call

Callan Ridge Update

• $137M densification will double the leasable area, creating a ~185K square foot Class A lab building in the Torrey Pines submarket of San Diego with an estimated yield on cost of ​9.3%based on book value of land and approximately 7% based on market value of land(1)
• Recently signed a full-campus,129-month lease with Turning Point Therapeutics (NASDAQ: TPTX), a leading biotech company focused on

Development

development of cancer therapies, bringing the project to 100% leased

Sorrento Gateway Development Commencement

• ~$120M, 163K square foot Class A lab building with an estimated yield on cost in the low-8% range delivering in early 2023 (see page 4)
• Well-locatedland bank site is adjacent to our existing 3-building Sorrento Gateway campus in the Sorrento Mesa submarket of San Diego
• Closed on ~$175M of the remaining $0.4B of identified senior housing sales and loan repayments

Transactions

• Closed on the previously announced sale of Hoag purchase option, generating proceeds of $226M; the sale was used to facilitate a 1031 exchange
• Completed previously announced tender offers for $550M of bonds maturing in 2025

Debt Tender

• Improves weighted average tenor to ~6.5 years

		Medical Office & Life Science
		 Occupancy, retention, renewal spreads, leasing activity and cash receipts remain in-line with or ahead of expectations
		CCRC
Operations		 April Average Daily Census(2) ("ADC") occupancy was up 40 bps points over the prior month, with Independent Living, Assisted Living and Memory Care
	("IAM") up 20 bps and SNF up 130 bps
		 May ADC occupancy was down 10 bps over the prior month, with IAM up 10 bps and SNF down 80 bps; SNF occupancy recovered during the last 2
		weeks of May, finishing with a spot occupancy 250 bps above the May ADC occupancy, which will also benefit June ADC occupancy
		 Year to date the CCRC portfolio has outperformed SHOP, with continued recovery in occupancy for IAM; SNF continues to fluctuate as expected, but the
		low-margin business is a small portion of our NOI

(1)	See disclaimers on page 2 for a description of how we calculate stabilized yield.	Investor Presentation - June 2021	3
(2)	Average Daily Census (ADC) occupancy represents the facilities' average operating occupancy for the applicable month. The percentages are calculated based on units for senior housing facilities and

available beds for post-acute / skilled facilities.

Sorrento Gateway Development Start

Commencing development at our Directors Place land bank site to capitalize on highly favorable supply and demand dynamics in Sorrento Mesa (San Diego)

• 163K square foot, Class A life science building with an estimated total spend of approximately $120M
• Highly strategic location in the Sorrento Mesa submarket of San Diego adjacent to our existing 100% leased 3-building Sorrento Gateway campus
  □ Creates a largely contiguous 359K square foot campus, further building upon our proven 'cluster-in-a-cluster' strategy
• Expected completion in early 2023 with an estimated yield on cost in the low-8% range based on book value of land and high-6% based on market value of land(1)

Sorrento Gateway Rendering

Sorrento Mesa, CA

Sorrento Gateway Rendering

Sorrento Mesa, CA

(1) See disclaimers on page 2 for a description of how we calculate stabilized yield.	Investor Presentation - June 2021	4

Sorrento Mesa Submarket Overview

1

2

4

3

Sorrento Highlands	Sorrento Summit	Sorrento Gateway Campus	Sorrento Gateway Development
125,000 Sq Ft	252,000 Sq Ft	196,000 Sq Ft	163,000 Sq Ft
1	2	3	4

Investor Presentation - June 2021	5