Healthpeak Properties (DOC) Investor presentation summary

Strategic initiatives and recent updates

• Announced the formation and planned IPO of Janus Living to unlock value and leverage expertise, with confidential and public S-11 filings completed by February 2026.

• Focused on capital recycling, targeting $1B in asset sales, recapitalizations, and loan repayments, including $212M under LOI.

• Technology initiatives led by a new Head of Enterprise Innovation, emphasizing automation and improved tenant experience.

• Lab fundamentals are improving, with the Bay Area leading in leasing and active tenant demand.

Capital allocation and acquisitions

• Acquired a 1.4M SF campus in South San Francisco for $600M, expanding the Gateway footprint to 43 contiguous acres and solidifying leadership in the biotech submarket.

• Sourced $675M in senior housing investment opportunities in 4Q25, with targeted stabilized cash NOI yields of 8.0% to 9.0%.

• Closed $511M in asset sales and loan repayments in 2025, with 2026 guidance including $1B in proceeds from dispositions, recaps, and loan repayments.

Platform overview and portfolio scale

• Owns and operates 689 properties with $25B in total portfolio investment, 50M SF, and 10,422 senior housing units.

• Outpatient medical portfolio: 37M SF, $807M adjusted NOI, 91% occupancy, 70% leased to health systems.

• Lab portfolio: 13M SF, $567M adjusted NOI, concentrated in Bay Area, Boston, and San Diego.

• Senior housing: 10,422 units, $197M adjusted NOI, high concentration in Florida and Texas.