Healthpeak Properties (DOC) Transaction update presentation summary

Operating performance

• FFO as Adjusted guidance increased for the third time in 2026, driven by operating performance and Janus Living external growth.

• Outpatient leasing totaled 3.2M SF YTD; TTM renewals had 5% cash releasing spreads, leasing costs of 8% of ABR, and 82% retention.

• Lab occupancy rose 270 bps since year-end 2025, including 130 bps sequentially in Q3; Q3 lease executions were 480K SF and the pipeline exceeded 2M SF.

• Janus Living Q3 same-store NOI grew 26%, supported by occupancy gains and rate growth; non-refundable entrance fee sales reached a Q3 record.

Capital allocation

• Recycled $1.9B of lower-growth assets at a blended 6% cash yield into $1.7B of higher-return acquisitions and buybacks, at a 6% initial and 9–10% stabilized cash yield.

• Outpatient recaps generated $1.2B of proceeds at a ~5.9% blended trailing cash cap rate; $91M of dispositions closed, with ~ $200M expected by year-end.

• Investments included $705M of lab acquisitions closed YTD and $128M under contract, a $38M outpatient acquisition, a $20M pre-leased development start, and $714M of senior housing acquisitions.

• Repurchased $100M of shares in April 2026 at an average $16.81 per share, representing a 10%+ FFO yield.

Lab acquisition strategy

• Opportunistic lab acquisitions were 50% or more below replacement cost, with ~6% in-place yields and expected stabilized yields of 9–10%.

• Acquired assets had 41% in-place occupancy; leasing activity covered 70% of acquired vacancy, with ~5% in-place and 9–10% expected stabilized yields.

• HQ Point is a newly constructed 236K SF campus within the Sorrento Mesa footprint; 5000 Shoreline is a 145K SF building adjacent to existing South San Francisco assets.

• The 100 Acorn Park Drive transaction buys out a JV partner, enabling full ownership and control of the Cambridge footprint; the property is 129K SF.