peak-20251023

Exhibit 99.1

Healthpeak Properties Provides Strategic Initiatives Update and Reports Third Quarter 2025 Results

DENVER, October 23, 2025 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today provided a strategic initiatives update and announced results for the quarter ended September 30, 2025.

STRATEGIC INITIATIVES AND COMMENTARY

–Outpatient medical demand is growing faster than new supply, which, combined with our leading platform and deep health system relationships, is driving strong cash re-leasing spreads including +5.4% in the quarter, higher annual escalators including +3% on leases signed in the quarter versus +2.7% on the existing portfolio, and low tenant improvement outlays which represented less than 5% of rent on renewals signed in the quarter. Total occupancy was up +10 basis points sequentially.

–Private market values for outpatient medical buildings have strengthened as inflation and interest rates have declined. We are in various stages of negotiation on opportunistic sales and recapitalizations that could generate proceeds of $1 billion or more at attractive prices. We would use proceeds from any such sales/recaps to further strengthen our balance sheet and recycle capital into highly pre-leased new outpatient medical developments, acquire distressed and opportunistic lab properties with significant upside, and/or repurchase shares. Our merger with Physicians Realty Trust has proven timely, as we have benefited from these strengthening prices. Our merger integration is complete, and was highly successful.

–We believe there has been a palpable shift in sentiment across the biopharma sector since the start of the school year driven by M&A activity, clinical data readouts, lower interest rates, reduced regulatory uncertainty, and biopharma stock price performance. The improved sentiment will take time to flow through to leasing executions, but we’re already seeing a pickup in leasing activity. Our pipeline is at its highest level since Q2 2024, and with a higher allocation toward new leasing. While we still expect our Lab occupancy to decline near-term due to expirations and early terminations, the recent trends suggest the underlying biopharma sector may be approaching an inflection point.

–NOI from our 15-asset CCRC portfolio is up more than +50% since 2019, and year-to-date same-store growth is up +11% over the prior year. We see further upside potential from higher occupancy and margin expansion. Total occupancy was up +70 basis points sequentially.

–We are deeply engaged in advancing our technology innovation initiatives. The early rollout of our tech-enabled platform has already improved company-wide connectivity, data access, and productivity, including a 5% reduction in our G&A guidance this year. Over time, the tech platform we’re building is intended to deliver more than just efficiency gains. We believe it will enable new ways to engage our clients and leasing prospects, enhance property performance, and drive differentiation versus other owners.

–Our strong balance sheet (5.3x debt/EBITDA) and well-covered dividend (71% AFFO payout ratio year-to-date) remain key strengths of the platform, allowing us to deploy capital opportunistically.

THIRD QUARTER 2025 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

–Net income (loss) of $(0.17) per share, Nareit FFO of $0.45 per share, FFO as Adjusted of $0.46 per share, AFFO of $0.42 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 0.9%

–On October 6, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December of 2025 representing cash dividends totaling $0.305 per share for the fourth quarter, and an annualized dividend amount of $1.22 per share

–Third quarter new and renewal lease executions totaled 1.5 million square feet:

•Outpatient Medical new and renewal lease executions totaled 1.2 million square feet, with +5.4% cash releasing spreads on renewals

◦Subsequent to the third quarter, and through October 23, 2025, executed 123,000 square feet of Outpatient Medical leases with signed letters of intent on an additional 895,000 square feet

•Lab new and renewal lease executions totaled 339,000 square feet, with +4.6% cash releasing spreads on renewals

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◦Subsequent to the third quarter, and through October 23, 2025, executed 22,000 square feet of Lab leases with signed letters of intent on an additional 291,000 square feet

–Third quarter CCRC Merger-Combined Same-Store Cash (Adjusted) NOI growth of 9.4% bringing year-to-date growth to 11.3%; year-to-date non-refundable entry fee cash collections totaled $108 million, an increase of 13% compared to the same period last year

–Hired Denis Sullivan as Managing Director of Lab Investments & San Diego Market Lead and promoted Mike Dorris to Head of West Coast Development & Construction underscoring Healthpeak's conviction in the life science sector and positioning the Company to capture investment and leasing opportunities as the market recovers

–Year-to-date asset sales and loan repayments totaling $160 million

•$204 million of additional asset sales under contract as of October 23, 2025

–Balance Sheet

•As previously disclosed, in August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due 2033

•Net Debt to Adjusted EBITDAre was 5.3x for the quarter ended September 30, 2025

•As of October 23, 2025, Healthpeak had approximately $2.7 billion in available liquidity through a combination of unrestricted cash and availability under its revolving credit facility

–Published 14th annual Corporate Impact Report detailing Healthpeak's comprehensive approach to corporate responsibility and sustainability

THIRD QUARTER COMPARISON


	Three Months Ended September 30, 2025				Three Months Ended September 30, 2024
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Diluted Net income (loss) applicable to common shares(1)	$	(117,256)	$	(0.17)	$	85,722	$	0.12
Diluted Nareit FFO applicable to common shares	322,706		0.45		315,824		0.44
Diluted FFO as Adjusted applicable to common shares	323,301		0.46		320,776		0.45
Diluted AFFO applicable to common shares	296,524		0.42		300,555		0.42

YEAR TO DATE COMPARISON


	Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Diluted Net income (loss) applicable to common shares(1)	$	(43,335)	$	(0.06)	$	238,057	$	0.36
Diluted Nareit FFO applicable to common shares	954,153		1.34		797,546		1.17
Diluted FFO as Adjusted applicable to common shares	978,802		1.38		918,665		1.35
Diluted AFFO applicable to common shares	917,712		1.29		844,952		1.24

_______________________________________

(1)See footnote 3 from the reconciliation of Funds From Operation for further detail.

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MERGER-COMBINED SAME-STORE ("SS") OPERATING SUMMARY

The table below outlines the year-over-year three-month and year-to-date total Merger-Combined SS Cash (Adjusted) NOI growth.


Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth
	Three Month				Year-To-Date
	SS Growth %		% of SS		SS Growth %		% of SS
Outpatient Medical	2.0	%	56.1	%	3.6	%	55.5	%
Lab	(3.2	%)	33.3	%	2.0	%	33.8	%
CCRC	9.4	%	10.6	%	11.3	%	10.7	%
Total Merger-Combined SS Cash (Adjusted) NOI	0.9	%	100.0	%	3.8	%	100.0	%

Nareit FFO, FFO as Adjusted, AFFO, Total Merger-Combined Same-Store Cash (Adjusted) NOI, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "September 30, 2025 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information.

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DIVIDEND

On October 6, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December of 2025 representing cash dividends totaling $0.305 per share for the fourth quarter, and an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date.


Record Date	Payment Date	Amount
October 17, 2025	October 30, 2025	$0.10167 per common share
November 14, 2025	November 26, 2025	$0.10167 per common share
December 19, 2025	December 30, 2025	$0.10167 per common share

DISPOSITIONS AND LOAN REPAYMENTS

DISPOSITIONS

As previously disclosed, in July 2025, Healthpeak sold two outpatient medical buildings for combined proceeds of approximately $31 million.

As of October 23, 2025, Healthpeak is under contract on four fully stabilized, 100% occupied outpatient medical dispositions totaling approximately $136 million at a blended 6.1% cash capitalization rate. The sales are expected to close in the fourth quarter.

Additionally, Healthpeak has received notice from the ground lessor of its intent to exercise a previously disclosed fixed-price purchase option for our leasehold interest in a four-building, 239,000 square foot lab campus in Salt Lake City, Utah. The contractual purchase price is $68 million, representing a cash capitalization rate of approximately 11%. The sale is expected to close in January 2026.

LOAN REPAYMENTS

In August 2025, Healthpeak received loan repayments of $58 million at a blended interest rate of 9% bringing total year-to-date loan repayments to $125 million at a blended interest rate of 10%.

BALANCE SHEET

As previously disclosed, in August 2025, Healthpeak issued $500 million of 4.75% senior unsecured notes due 2033. The offering priced at a 92 basis point spread over the reference U.S. Treasury bond, representing the lowest 7-year spread of any BBB+/Baa1 rated REIT year-to-date.

As of October 23, 2025, Healthpeak had approximately $2.7 billion in available liquidity through a combination of unrestricted cash and availability under its revolving credit facility.

CORPORATE IMPACT AND SUSTAINABILITY

In September, Healthpeak published its 14th annual Corporate Impact Report highlighting its continued focus on building a resilient portfolio, advancing sustainability goals, fostering a workplace culture guided by its WE CARE core values, and promoting sound corporate governance and transparency.

RECENT CORPORATE IMPACT AND SUSTAINABILITY ACHIEVEMENTS

•Named to the Top 10 in Real Estate from 3BL Media's 100 Best Corporate Citizens List

•Named as a finalist for the Corporate Governance Awards - Best Proxy Statement (Mid Cap) by Corporate Secretary & IR Magazine

•Named to Newsweek America's Greatest Companies list

•Earned a 2025 International MarCom Gold Award for the Company’s 2024 Corporate Impact Report from the Association of Marketing and Communication Professionals (AMCP) for the second year

To learn more about Healthpeak's commitment to responsible business, please visit www.healthpeak.com/corporate-impact.

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2025 GUIDANCE

We are reaffirming the following guidance ranges for full year 2025:

•Diluted Nareit FFO per share of $1.78 – $1.84

•Diluted FFO as Adjusted per share of $1.81 – $1.87

•Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.0% – 4.0%

We are updating the following guidance range for full year 2025:

•Diluted earnings per common share from $0.25 – $0.31 to $0.00 – $0.06

These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2025. For additional details and assumptions, please see page 13 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.

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CONFERENCE CALL INFORMATION

Healthpeak has scheduled a conference call and webcast for Friday, October 24, 2025, at 8:00 a.m. Mountain Time.

The conference call can be accessed in the following ways:

•Healthpeak’s website: https://ir.healthpeak.com/news-events

•Webcast: https://events.q4inc.com/attendee/161073286. Joining via webcast is recommended for those who will not be asking questions.

•Telephone: The participant dial-in number is (800) 715-9871

An archive of the webcast will be available on Healthpeak’s website through October 23, 2026, and a telephonic replay can be accessed through October 31, 2025, by dialing (800) 770-2030 and entering conference ID number 95156.

ABOUT HEALTHPEAK

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.

FORWARD-LOOKING STATEMENTS

Statements contained in this release 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, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "2025 Guidance Information." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed 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 release, 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 that may increase construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that 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 risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings 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 our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); 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 a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, including the coronavirus disease (Covid), and health and safety measures intended to

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reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; 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; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; 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, and legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the Coronavirus, Aid, Relief and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; changes in federal, state, or local laws or regulations that may limit our opportunities to participate in the ownership of, or investment in, healthcare real estate; our ability to successfully integrate our operations with Physicians Realty Trust and realize the anticipated synergies of our merger with Physicians Realty Trust and benefits of property management internalization; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; 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; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

CONTACT

Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400

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Healthpeak Properties, Inc.

Consolidated Balance Sheets

In thousands, except share and per share data


	September 30, 2025		December 31, 2024
Assets
Real estate:
Buildings and improvements	$	16,192,972	$	16,115,283
Development costs and construction in progress	1,148,903		880,393
Land and improvements	2,927,571		2,918,758
Accumulated depreciation and amortization	(4,438,273)		(4,083,030)
Net real estate	15,831,173		15,831,404

Loans receivable, net of reserves of $11,602 and $10,499	673,502		717,190
Investments in and advances to unconsolidated joint ventures	796,171		936,814
Accounts receivable, net of allowance of $1,933 and $2,243	80,845		76,810
Cash and cash equivalents	91,038		119,818
Restricted cash	68,694		64,487
Intangible assets, net	610,513		817,254
Assets held for sale, net	67,593		7,840
Right-of-use asset, net	417,365		424,173
Other assets, net	945,507		942,465
Total assets	$	19,582,401	$	19,938,255

Liabilities and Equity
Bank line of credit and commercial paper	$	368,125	$	150,000
Term loans	1,646,912		1,646,043
Senior unsecured notes	6,766,350		6,563,256
Mortgage debt	350,174		356,750
Intangible liabilities, net	155,557		191,884
Liabilities related to assets held for sale, net	12,371		—
Lease liability	301,302		307,220
Accounts payable, accrued liabilities, and other liabilities	746,229		725,342
Deferred revenue	970,077		940,136
Total liabilities	11,317,097		10,880,631

Commitments and contingencies


Redeemable noncontrolling interests	27,809		2,610

Common stock, $1.00 par value: 1,500,000,000 shares authorized; 694,946,444 and 699,485,139 shares issued and outstanding	694,946		699,485
Additional paid-in capital	12,765,070		12,847,252
Cumulative dividends in excess of earnings	(5,854,766)		(5,174,279)
Accumulated other comprehensive income (loss)	(7,975)		28,818
Total stockholders’ equity	7,597,275		8,401,276

Joint venture partners	296,477		315,821
Non-managing member unitholders	343,743		337,917
Total noncontrolling interests	640,220		653,738

Total equity	8,237,495		9,055,014

Total liabilities and equity	$	19,582,401	$	19,938,255

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Healthpeak Properties, Inc.

Consolidated Statements of Operations

In thousands, except per share data


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Revenues:
Rental and related revenues	$	539,886	$	543,251	$	1,607,714	$	1,552,065
Resident fees and services	150,458		142,845		448,240		422,512
Interest income and other	15,529		14,301		47,156		27,884

Total revenues	705,873		700,397		2,103,110		2,002,461

Costs and expenses:
Interest expense	76,784		74,105		224,540		209,922
Depreciation and amortization	262,317		280,019		796,779		782,736
Operating	291,922		280,279		841,246		797,835
General and administrative	19,907		23,216		66,789		73,233
Transaction and merger-related costs	2,420		7,134		18,169		122,113

Impairments and loan loss reserves (recoveries), net	(54)		441		(117)		11,346
Total costs and expenses	653,296		665,194		1,947,406		1,997,185
Other income (expense):
Gain (loss) on sales of real estate, net	11,500		62,325		13,136		187,624

Other income (expense), net	1,160		982		(9,658)		83,502
Total other income (expense), net	12,660		63,307		3,478		271,126

Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	65,237		98,510		159,182		276,402
Income tax benefit (expense)	1,206		(1,938)		(3,256)		(18,364)
Equity income (loss) from unconsolidated joint ventures	(176,291)		(3,834)		(176,691)		(1,407)




Net income (loss)	(109,848)		92,738		(20,765)		256,631
Noncontrolling interests’ share in earnings	(7,274)		(6,866)		(21,856)		(18,036)

Net income (loss) attributable to Healthpeak Properties, Inc.	(117,122)		85,872		(42,621)		238,595

Participating securities’ share in earnings	(134)		(197)		(714)		(610)
Net income (loss) applicable to common shares	$	(117,256)	$	85,675	$	(43,335)	$	237,985










Earnings (loss) per common share:
Basic	$	(0.17)	$	0.12	$	(0.06)	$	0.36
Diluted	$	(0.17)	$	0.12	$	(0.06)	$	0.36
Weighted average shares outstanding:
Basic	694,930		699,349		696,380		667,536
Diluted	694,930		700,146		696,380		668,096

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Healthpeak Properties, Inc.

Funds From Operations

In thousands, except per share data


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Net income (loss) applicable to common shares	$	(117,256)	$	85,675	$	(43,335)	$	237,985
Real estate related depreciation and amortization	262,317		280,019		796,779		782,736
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	12,574		12,127		37,304		32,520
Noncontrolling interests’ share of real estate related depreciation and amortization	(3,807)		(4,534)		(12,686)		(13,705)

Loss (gain) on sales of depreciable real estate, net	(11,500)		(62,325)		(13,136)		(187,624)


Loss (gain) upon change of control, net(1)	—		430		—		(77,548)
Taxes associated with real estate dispositions(2)	—		(145)		(335)		11,512
Impairments (recoveries) of real estate, net(3)	175,827		—		175,827		—


Nareit FFO applicable to common shares	318,155		311,247		940,418		785,876
Distributions on dilutive convertible units and other	4,551		4,577		13,735		11,670
Diluted Nareit FFO applicable to common shares	$	322,706	$	315,824	$	954,153	$	797,546
Diluted Nareit FFO per common share	$	0.45	$	0.44	$	1.34	$	1.17
Weighted average shares outstanding - Diluted Nareit FFO	709,513		714,715		711,023		681,128
Impact of adjustments to Nareit FFO:
Transaction and merger-related items(4)	$	2,420	$	2,725	$	18,169	$	108,923
Other impairments (recoveries) and other losses (gains), net(5)	(54)		441		125		11,741




Casualty-related charges (recoveries), net(6)	(1,771)		1,792		6,375		588



Total adjustments	595		4,958		24,669		121,252
FFO as Adjusted applicable to common shares	318,750		316,205		965,087		907,128
Distributions on dilutive convertible units and other	4,551		4,571		13,715		11,537
Diluted FFO as Adjusted applicable to common shares	$	323,301	$	320,776	$	978,802	$	918,665
Diluted FFO as Adjusted per common share	$	0.46	$	0.45	$	1.38	$	1.35
Weighted average shares outstanding - Diluted FFO as Adjusted	709,513		714,715		711,023		681,128

_______________________________________

(1)The nine months ended September 30, 2024 includes a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations.

(2)The nine months ended September 30, 2024 includes non-cash income tax expense related to the sale of a 65% interest in two lab buildings in San Diego, California.

(3)The three and nine months ended September 30, 2025 includes other-than-temporary impairment charges on certain unconsolidated real estate joint ventures. During the three months ended September 30, 2025, we concluded that the decline in fair values of these joint ventures was other-than-temporary due to the length of time and extent of which the fair values have been less than carrying value. Other-than-temporary impairment charges on our unconsolidated joint ventures are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.

(4)The three and nine months ended September 30, 2025 and 2024 include costs related to the merger, which are primarily comprised of advisory, legal, accounting, tax, information technology, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust that were incurred during the period. The nine months ended September 30, 2025 also includes $6 million of costs incurred related to certain investments we are no longer pursuing. For the three and nine months ended September 30, 2024, these costs were partially offset by termination fee income of $4 million and $13 million, respectively, associated with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024, for which the lease terms were modified to accelerate expiration of the lease to December 2024. This termination fee income is included in rental and related revenues on the Consolidated Statements of Operations, but is excluded from Portfolio Cash Real Estate Revenues and FFO as Adjusted.

(5)The three and nine months ended September 30, 2025 and 2024 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

(6)Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests' share in earnings in the Consolidated Statements of Operations.

Page 10

Healthpeak Properties, Inc.

Adjusted Funds From Operations

In thousands, except per share data


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
FFO as Adjusted applicable to common shares	$	318,750	$	316,205	$	965,087	$	907,128
Stock-based compensation amortization expense	4,046		3,755		10,410		11,935
Amortization of deferred financing costs and debt discounts (premiums)	7,981		7,408		23,708		19,247
Straight-line rents	(14,282)		(10,346)		(30,836)		(32,891)

AFFO capital expenditures	(27,261)		(23,510)		(76,125)		(76,744)

CCRC entrance fees(1)	12,711		11,046		36,449		30,548
Deferred income taxes	(179)		585		4,989		2,330
Amortization of above (below) market lease intangibles, net	(8,105)		(7,887)		(28,402)		(23,325)
Other AFFO adjustments	(1,687)		(1,277)		(1,303)		(4,947)
AFFO applicable to common shares	291,974		295,979		903,977		833,281
Distributions on dilutive convertible units and other	4,550		4,576		13,735		11,671
Diluted AFFO applicable to common shares(1)	$	296,524	$	300,555	$	917,712	$	844,952
Diluted AFFO per common share(1)	$	0.42	$	0.42	$	1.29	$	1.24
Weighted average shares outstanding - Diluted AFFO	709,513		714,715		711,023		681,128

_______________________________________

(1)During the first quarter of 2025, we changed our definition of AFFO to adjust for the non-refundable entrance fees collected in excess of the related amortization as we believe the cash collection of these fees is a more meaningful representation of the performance of CCRCs in the determination of AFFO. Utilizing the prior definition for the three months ended September 30, 2025 and 2024, diluted AFFO applicable to common shares was $283.8 million and $289.5 million, respectively, and diluted AFFO per common share was $0.40 and $0.41, respectively. Utilizing the prior definition for the nine months ended September 30, 2025 and 2024, diluted AFFO applicable to common shares was $881.3 million and $814.4 million, respectively, and diluted AFFO per common share was $1.24 and $1.20, respectively.

Page 11

Exhibit 99.3

Discussion and

Reconciliation of Non-

GAAP Financial Measures

September 30, 2025

(Unaudited)


Definitions

Adjusted Fixed Charge Coverage Fixed Charge Coverage Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and our ability to meet interest payments on our outstanding debt and pay dividends to our preferred stockholders, if applicable. Our various debt agreements contain covenants that require us to maintain ratios similar to Adjusted Fixed Charge Coverage and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain of our debt instruments. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Fixed Charge Coverage Adjusted EBITDAre and Fixed Charges.

Adjusted Funds From Operations (“AFFO”) AFFO is defined as FFO as Adjusted after excluding the impact of the following: (i) stock-based compensation amortization expense, (ii) amortization of deferred financing costs and debt discounts (premiums), (iii) straight-line rents, (iv) deferred income taxes, (v) amortization of above (below) market lease intangibles, net, (vi) non-refundable entrance fees collected in excess of (less than) the related amortization, and (vii) other AFFO adjustments, which include: (a) lease incentive amortization (reduction of straight-line rents), (b) actuarial reserves for insurance claims that have been incurred but not reported, and (c) amortization of deferred revenues, excluding amounts amortized into rental income that are associated with tenant funded improvements owned/recognized by us and up-front cash payments made by tenants to reduce their contractual rents. Also, AFFO is computed after deducting recurring capital expenditures, including second generation leasing costs and second generation tenant and capital improvements (“AFFO capital expenditures”). All adjustments are reflective of our pro rata share of both our consolidated and unconsolidated joint ventures (reported in “other AFFO adjustments”). We reflect our share of AFFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our AFFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. See “Nareit FFO” below for further disclosures regarding our use of pro rata share information and its limitations. We believe AFFO is an alternative run-rate performance measure that improves the understanding of our operating results among investors and makes comparisons with: (i) expected results, (ii) results of previous periods, and (iii) results among REITs more meaningful. AFFO does not represent cash generated from operating activities determined in accordance with GAAP and is not indicative of cash available to fund cash needs as it excludes the following items which generally flow through our cash flows from operating activities: (i) adjustments for changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, (ii) transaction-related costs, (iii) litigation settlement expenses, and (iv) restructuring and severance-related charges. Furthermore, AFFO is adjusted for recurring capital expenditures, which are generally not considered when determining cash flows from operations or liquidity. Other REITs or real estate companies may use different methodologies for calculating AFFO, and accordingly, our AFFO may not be comparable to those reported by other REITs. Management believes AFFO provides a meaningful supplemental measure of our performance and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT, and by presenting AFFO, we are assisting these parties in their evaluation. AFFO is a non-GAAP supplemental financial measure and should not be considered as an alternative to net income (loss) determined in accordance with GAAP and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

Adjusted Net Operating Income and Cash (Adjusted) Net Operating Income (“NOI”) Adjusted NOI is a non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measure used to evaluate the operating performance of real estate. Adjusted NOI represents real estate revenues (inclusive of rental and related revenues, resident fees and services, and government grant income and exclusive of interest income), less property level operating expenses; Adjusted NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. Adjusted NOI is calculated as Adjusted NOI from consolidated properties, plus our share of Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests’ share of Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). We utilize our share of Adjusted NOI in assessing our performance as we have various joint ventures that contribute to our performance. Our share of Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP.

Adjusted NOI is oftentimes referred to as “Cash NOI.” Management believes Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presents them on an unlevered basis. We use Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance, and to evaluate our Merger-Combined Same-Store (“Merger-Combined SS”) performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to Adjusted NOI. Adjusted NOI should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items. Further, our definition of Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating Adjusted NOI.

Operating expenses generally relate to leased outpatient medical and lab buildings, as well as CCRC facilities. We generally recover all or a portion of our leased outpatient medical and lab property expenses through tenant recoveries, which are recognized within rental and related revenues.

Consolidated Debt The carrying amount of bank line of credit, commercial paper, term loans, senior unsecured notes, and mortgage debt, as reported in our consolidated financial statements.

Consolidated Gross Assets The carrying amount of total assets, excluding investments in and advances to our unconsolidated JVs, after adding back accumulated depreciation and amortization, as reported in our consolidated financial statements. Consolidated Gross Assets is a supplemental measure of our financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

Consolidated Secured Debt Mortgage and other debt secured by real estate, as reported in our consolidated financial statements.

Continuing Care Retirement Community (“CCRC”) A senior housing facility which provides at least three levels of care (i.e., independent living, assisted living and skilled nursing).

Debt Investments Loans secured by a direct interest in real estate and mezzanine loans.


			2


Definitions

Development Includes ground-up construction. Newly completed developments are considered fully operating once the property is placed in service.

EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the National Association of Real Estate Investment Trusts (“Nareit”) and intended for real estate companies. It represents earnings before interest expense, income taxes, depreciation and amortization, gains or losses from sales of depreciable property (including gains or losses on change in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) and other losses (gains), transaction and merger-related items, prepayment costs (benefits) associated with early retirement or payment of debt, restructuring and severance-related charges, litigation costs (recoveries), casualty-related charges (recoveries), stock-based compensation amortization expense, and non-refundable entrance fees collected in excess of (less than) the related amortization, adjusted to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. Fixed Charge Coverage Adjusted EBITDAre is defined as Adjusted EBITDAre excluding the adjustment to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre include our pro rata share of our unconsolidated JVs presented on the same basis. We consider EBITDAre and Adjusted EBITDAre important supplemental measures to net income (loss) because they provide an additional manner in which to evaluate our operating performance and serve as additional indicators of our ability to service our debt obligations. Net income (loss) is the most directly comparable U.S. generally accepted accounting principles (“GAAP”) measure to EBITDAre and Adjusted EBITDAre.

Enterprise Debt Consolidated Debt plus our pro rata share of total debt from our unconsolidated JVs. Enterprise Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

Enterprise Gross Assets Consolidated Gross Assets plus our pro rata share of total gross assets from our unconsolidated JVs, after adding back accumulated depreciation and amortization. Enterprise Gross Assets is a supplemental measure of our financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

Enterprise Secured Debt Consolidated Secured Debt plus our pro rata share of mortgage debt from our unconsolidated JVs. Enterprise Secured Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share of Enterprise Secured Debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

Entrance Fees Certain of our CCRC communities have residency agreements which require the resident to pay an upfront entrance fee prior to taking occupancy at the community. For net income, NOI, Adjusted NOI, Nareit FFO, FFO as Adjusted, and AFFO, the non-refundable portion of the entrance fee is recorded as deferred entrance fee revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident’s entrance fee is generally refundable within a certain number of months or days following contract termination or upon the sale of the unit. All refundable amounts due to residents at any time in the future are classified as liabilities.

Financial Leverage Enterprise Debt divided by Enterprise Gross Assets. Financial Leverage is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share information is calculated by applying our actual ownership percentage for the period and excludes debt funded by us to our JVs. Our pro rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

Fixed Charges Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Charges also includes our pro rata share of the interest expense plus capitalized interest plus preferred stock dividends (if applicable) of our unconsolidated JVs. Fixed Charges is a supplemental measure of our interest payments on outstanding debt and dividends to preferred stockholders for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations.

Funds From Operations (“Nareit FFO”) and FFO as Adjusted Nareit FFO. Funds from Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported


			3


Definitions

under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

We believe Nareit FFO applicable to common shares and diluted Nareit FFO applicable to common shares are important supplemental non-GAAP measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue.

Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours. For a reconciliation of net income (loss) to Nareit FFO and other relevant disclosures, refer to “Non-GAAP Financial Measures Reconciliations” below.

FFO as Adjusted. In addition, we present Nareit FFO on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction and merger-related items, other impairments (recoveries) and other losses (gains), restructuring and severance-related charges, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). These adjustments are net of tax, when applicable, and are reflective of our share of our joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of FFO as Adjusted for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. See “Nareit FFO” above for further disclosures regarding our use of pro rata share information and its limitations. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Other impairments (recoveries) and other losses (gains) include interest income associated with early and partial repayments of loans receivable and other losses or gains associated with non-depreciable assets including goodwill, undeveloped land parcels, and loans receivable. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that “management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community.” We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain other adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions, (ii) evaluate the performance of our management, (iii) budget and forecast future results to assist in the allocation of resources, (iv) assess our performance as compared with similar real estate companies and the industry in general, and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs.

Investment and Portfolio Investment Represents: (i) the carrying amount of real estate assets and intangibles, after adding back accumulated depreciation and amortization and (ii) the carrying amount of Debt Investments. Portfolio Investment also includes our pro rata share of the real estate assets and intangibles held in our unconsolidated JVs, presented on the same basis as Investment, and excludes noncontrolling interests' pro rata share of the real estate assets and intangibles held in our consolidated JVs, presented on the same basis. Investment and Portfolio Investment include land held for development.

Merger-Combined Same-Store (“SS”) Merger-Combined Same-Store Cash (Adjusted) NOI includes legacy Physicians Realty Trust properties that met the same-store criteria as if they were owned by the Company for the full analysis period. This information allows our investors, analysts, and Company management to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Merger-Combined Same-Store Adjusted NOI (see Cash (Adjusted) NOI definitions above for further discussion regarding our use of pro-rata share information and its limitations). Properties are included in Merger-Combined Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Merger-Combined Same-Store when it is classified as held for sale, sold, placed into redevelopment, experiences a casualty event that significantly impacts operations, or a significant tenant relocates from a Merger-Combined Same-Store property to a Merger-Combined non Same-Store property and that change results in a corresponding increase in revenue. We do not report Merger-Combined Same-Store metrics for our other non-reportable segments.

Management believes that continued reporting of the same-store portfolio for only pre-merger Healthpeak Properties, Inc. offers minimal value to investors who are seeking to understand the operating performance and growth potential of the combined company. The Company was provided access to the underlying financial statements of legacy Physicians Realty Trust and other detailed information about each property, such as the acquisition date. Based on this available information, the Company was able to consistently apply its same-store definition across the combined portfolio. As a result of the merger, approximately 97% of the combined portfolio is represented in the Merger-Combined Same-Store presentation for the outpatient medical segment.

Merger-Combined Same-Store Cash (Adjusted) NOI Merger-Combined Same-Store Cash (Adjusted) NOI is Merger-Combined Same-Store Cash Real Estate Revenues less Merger-Combined Same-Store Cash Operating Expenses.

Merger-Combined Same-Store Cash Operating Expenses Merger-Combined Same-Store Cash Operating Expenses are non-GAAP supplemental measures. Merger-Combined Same-Store Cash Operating Expenses represent property level operating expenses (which exclude


			4


Definitions

transition costs) and exclude certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis. Merger-Combined Same-Store Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Merger-Combined Same-Store Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee expense.

Merger-Combined Same-Store Cash Real Estate Revenues Merger-Combined Same-Store Cash Real Estate Revenues are non-GAAP supplemental measures. Merger-Combined Same-Store Cash Real Estate Revenues include rental related revenues, resident fees and services and exclude amortization of deferred revenue from tenant-funded improvements. Merger-Combined Same-Store Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling interests' pro rata share from consolidated JVs presented on the same basis. Merger-Combined Same-store Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and the impact of deferred community fee income.

Net Debt Enterprise Debt less the carrying amount of cash and cash equivalents, restricted cash, and expected net proceeds from the future settlement of shares issued through our equity forward contracts, as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents and restricted cash from our unconsolidated JVs. Consolidated Debt is the most directly comparable GAAP measure to Net Debt. Net Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

Net Debt to Adjusted EBITDAre Net Debt divided by Adjusted EBITDAre is a supplemental measure of our ability to decrease our debt. Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations.

Portfolio Adjusted NOI Portfolio Adjusted NOI is Portfolio Cash Real Estate Revenues less Portfolio Cash Operating Expenses.

Portfolio Cash Operating Expenses Portfolio Cash Operating Expenses are non-GAAP supplemental measures. Portfolio Cash Operating Expenses represent property level operating expenses (which exclude transition costs). Portfolio Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Portfolio Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee expense.

Portfolio Cash Real Estate Revenues Portfolio Cash Real Estate Revenues are non-GAAP supplemental measures. Portfolio Cash Real Estate Revenues include rental related revenues, resident fees and services, and government grant income which is included in Other income (expense), net in our Consolidated Statement of Operations. Portfolio Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling interests' pro rata share from consolidated JVs presented on the same basis. Portfolio Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and the impact of deferred community fee income.

Portfolio Income Cash (Adjusted) NOI plus interest income plus our pro rata share of Cash (Adjusted) NOI from our unconsolidated JVs less noncontrolling interests' pro rata share of Cash (Adjusted) NOI from consolidated JVs. Management believes that Portfolio Income is an important supplemental measure because it provides relevant and useful information regarding our performance; specifically, it is a measure of our property level profitability of the Company inclusive of interest income. Management believes that net income (loss) is the most directly comparable GAAP measure to Portfolio Income. Portfolio Income should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items.

Projected Stabilized Cash Yield Projected Cash (Adjusted) NOI at stabilization divided by the expected total development costs. Management considers Projected Stabilized Yield a useful metric for investors as it helps provide context to the expected effects that development projects will have on the Company’s future performance once stabilized.

Redevelopment Properties that incur major capital expenditures to significantly improve, change the use, or reposition the property pursuant to a formal redevelopment plan. Newly completed redevelopments, are considered fully operating once the property is placed in service. Redevelopment costs include only the incremental costs for the project.

REVPOR The 3-month average Cash Real Estate Revenues per occupied unit for the most recent period available. REVPOR excludes newly completed assets under lease-up, assets sold, acquired or converted to a new operating structure during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. REVPOR cannot be derived from the information presented for the Other portfolio as units reflect 100% of the unit capacities for unconsolidated JVs and revenue is at the Company's pro rata share. All facility occupancy data was derived solely from information provided by operators without independent verification by us. REVPOR relates to our Other non-reportable segment. REVPOR is a metric used to evaluate the revenue-generating capacity and profit potential of our other assets independent of fluctuating occupancy rates. It is also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our other assets.

REVPOR CCRC The 3-month average Cash Real Estate Revenues per occupied unit excluding Cash NREFs for the most recent period available. REVPOR CCRC excludes newly completed assets under lease-up, assets sold, or acquired during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. All facility occupancy data was derived solely from information provided by operators without independent verification by us. REVPOR CCRC is a metric used to evaluate the revenue-generating capacity and profit potential of our CCRC assets independent of fluctuating occupancy rates. It is also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our CCRC assets.

RIDEA A structure whereby a taxable REIT subsidiary is permitted to rent a healthcare facility from its parent REIT and hire an independent contractor to operate the facility.

Secured Debt Ratio Enterprise Secured Debt divided by Enterprise Gross Assets. Secured Debt Ratio is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. Our pro rata share information is calculated by applying our actual ownership percentage for the period and excludes debt funded by


			5


Definitions

us to our JVs. Our pro rata share of Total Secured Debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.

Segments The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) outpatient medical; (ii) lab; and (iii) continuing care retirement community (“CCRC”).

Share of Consolidated Joint Ventures ("JVs") Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio.

Share of Unconsolidated Joint Ventures Our pro rata share information is prepared by applying our actual ownership percentage for the period and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio. Certain unconsolidated joint ventures are excluded from leasing statistics when leasing information is not available.


			6


Reconciliations

Funds From Operations

In thousands, except per share data


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss) applicable to common shares	$	(117,256)	$	85,675	$	(43,335)	$	237,985
Real estate related depreciation and amortization	262,317		280,019		796,779		782,736
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	12,574		12,127		37,304		32,520
Noncontrolling interests’ share of real estate related depreciation and amortization	(3,807)		(4,534)		(12,686)		(13,705)

Loss (gain) on sales of depreciable real estate, net	(11,500)		(62,325)		(13,136)		(187,624)


Loss (gain) upon change of control, net(1)	—		430		—		(77,548)
Taxes associated with real estate dispositions(2)	—		(145)		(335)		11,512
Impairments (recoveries) of real estate, net(3)	175,827		—		175,827		—


Nareit FFO applicable to common shares	318,155		311,247		940,418		785,876
Distributions on dilutive convertible units and other	4,551		4,577		13,735		11,670
Diluted Nareit FFO applicable to common shares	$	322,706	$	315,824	$	954,153	$	797,546

Weighted average shares outstanding - Diluted Nareit FFO	709,513		714,715		711,023		681,128

Impact of adjustments to Nareit FFO:
Transaction and merger-related items(4)	$	2,420	$	2,725	$	18,169	$	108,923
Other impairments (recoveries) and other losses (gains), net(5)	(54)		441		125		11,741



Casualty-related charges (recoveries), net(6)	(1,771)		1,792		6,375		588



Total adjustments	$	595	$	4,958	$	24,669	$	121,252

FFO as Adjusted applicable to common shares	$	318,750	$	316,205	$	965,087	$	907,128
Distributions on dilutive convertible units and other	4,551		4,571		13,715		11,537
Diluted FFO as Adjusted applicable to common shares	$	323,301	$	320,776	$	978,802	$	918,665

Weighted average shares outstanding - Diluted FFO as Adjusted	709,513		714,715		711,023		681,128

FFO as Adjusted applicable to common shares	$	318,750	$	316,205	$	965,087	$	907,128
Stock-based compensation amortization expense	4,046		3,755		10,410		11,935
Amortization of deferred financing costs and debt discounts (premiums)	7,981		7,408		23,708		19,247
Straight-line rents	(14,282)		(10,346)		(30,836)		(32,891)
AFFO capital expenditures	(27,261)		(23,510)		(76,125)		(76,744)

CCRC entrance fees(7)	12,711		11,046		36,449		30,548
Deferred income taxes	(179)		585		4,989		2,330
Amortization of above (below) market lease intangibles, net	(8,105)		(7,887)		(28,402)		(23,325)
Other AFFO adjustments	(1,687)		(1,277)		(1,303)		(4,947)
AFFO applicable to common shares	291,974		295,979		903,977		833,281
Distributions on dilutive convertible units and other	4,550		4,576		13,735		11,671
Diluted AFFO applicable to common shares(7)	$	296,524	$	300,555	$	917,712	$	844,952

Weighted average shares outstanding - Diluted AFFO	709,513		714,715		711,023		681,128

Continued


			7


Reconciliations

Funds From Operations

In thousands, except per share data


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Diluted earnings per common share	$	(0.17)	$	0.12	$	(0.06)	$	0.36
Depreciation and amortization	0.39		0.41		1.17		1.18
Loss (gain) on sales of depreciable real estate, net	(0.02)		(0.09)		(0.02)		(0.28)
Loss (gain) upon change of control, net(1)	—		0.00		—		(0.11)
Taxes associated with real estate dispositions(2)	—		0.00		0.00		0.02
Impairments (recoveries) of depreciable real estate, net(3)	0.25		—		0.25		—
Diluted Nareit FFO per common share	$	0.45	$	0.44	$	1.34	$	1.17
Transaction and merger-related items(4)	0.01		0.01		0.03		0.16
Other impairments (recoveries) and other losses (gains), net(5)	0.00		0.00		0.00		0.02



Casualty-related charges (recoveries), net(6)	0.00		0.00		0.01		0.00



Diluted FFO as Adjusted per common share	$	0.46	$	0.45	$	1.38	$	1.35
Stock-based compensation amortization expense	0.01		0.01		0.01		0.02
Amortization of deferred financing costs and debt discounts (premiums)	0.01		0.01		0.03		0.03
Straight-line rents	(0.02)		(0.02)		(0.04)		(0.05)
AFFO capital expenditures	(0.04)		(0.03)		(0.11)		(0.11)
CCRC entrance fees(7)	0.01		0.01		0.05		0.04
Deferred income taxes	0.00		0.00		0.01		0.00
Amortization of above (below) market lease intangibles, net	(0.01)		(0.01)		(0.04)		(0.03)
Other AFFO adjustments	0.00		0.00		0.00		(0.01)
Diluted AFFO per common share(7)	$	0.42	$	0.42	$	1.29	$	1.24

______________________________________

(2)The nine months ended September 30, 2024 includes non-cash income tax expense related to the sale of a 65% interest in two lab buildings in San Diego, California.

(7)During the first quarter of 2025, we changed our definition of AFFO to adjust for the non-refundable entrance fees collected in excess of the related amortization as we believe the cash collection of these fees is a more meaningful representation of the performance of CCRCs in the determination of AFFO. Utilizing the prior definition for the three months ended September 30, 2025 and 2024, diluted AFFO applicable to common shares was $283.8 million and $289.5 million, respectively, and diluted AFFO per common share was $0.40 and $0.41, respectively. Utilizing the prior definition for the nine months ended September 30, 2025 and 2024, diluted AFFO applicable to common shares was $881.3 million and $814.4 million, respectively, and diluted AFFO per common share was $1.24 and $1.20, respectively.


			8


Reconciliations

2025 Guidance(1)

Per share data


	2025 Guidance Ranges
	Low		High
Diluted earnings per common share	$	—	$	0.06
Real estate related depreciation and amortization	1.50		1.50
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures	0.07		0.07
Noncontrolling interests' share of real estate related depreciation and amortization	0.23		0.23

Loss (gain) on sales of depreciable real estate, net	(0.02)		(0.02)



Diluted Nareit FFO per common share	$	1.78	$	1.84

Transaction and merger-related items	$	0.02	$	0.02

Casualty-related charges (recoveries), net	0.01		0.01
Diluted FFO as Adjusted per common share	$	1.81	$	1.87

______________________________________

(1)The foregoing projections reflect management's view of current and future market conditions as of October 23, 2025 including assumptions with respect to rental rates, occupancy levels, development items, and the earnings impact of the events referenced in our earnings press release that was issued on October 23, 2025. However, these projections do not reflect the impact of unannounced future transactions, except as described herein. Our actual results may differ materially from the projections set forth above. Except as otherwise required by law, management assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.


			9


Reconciliations

2025 Guidance(1)

In millions

For the projected year 2025 (low)


	Total Portfolio
Net Income	$	34
Real estate related depreciation and amortization	1,051
Loss (gain) on sales of depreciable real estate, net	(13)

Other income, costs, and expense adjustments for Cash (Adjusted) NOI	471
Cash (Adjusted) NOI	$	1,542

Merger-Combined non-SS Adjusted NOI	(142)
Total Merger-Combined Same-Store Cash (Adjusted) NOI(2)	$	1,401

For the projected year 2025 (high)


	Total Portfolio
Net Income	$	69
Real estate related depreciation and amortization	1,051
Loss (gain) on sales of depreciable real estate, net	(13)

Other income, costs, and expense adjustments for Cash (Adjusted) NOI	449
Cash (Adjusted) NOI	$	1,556

Merger-Combined non-SS Adjusted NOI	(142)
Total Merger-Combined Same-Store Cash (Adjusted) NOI(2)	$	1,414

For the year-ended December 31, 2024


	Total Portfolio
Net Income	$	267
Real estate related depreciation and amortization	1,057
Loss (gain) on sales of depreciable real estate, net	(179)
Other impairments (recoveries) and other losses (gains), net	23
Other income, costs, and expense adjustments for Cash (Adjusted) NOI	329
Cash (Adjusted) NOI	$	1,498
Pre-Merger legacy Physicians Realty Trust Adjusted NOI	53
Merger-Combined non-SS Adjusted NOI	(191)
Total Merger-Combined Same-Store Cash (Adjusted) NOI(2)	$	1,360

Projected Merger-Combined Cash Same-Store for the full year 2025


Low	3.00	%
High	4.00	%

______________________________________

(2)Total Merger-Combined Same-Store Cash (Adjusted) NOI include the results from operations of the legacy Physicians Realty Trust properties that met the same-store definition as if they were owned by the Company for the entirety of the periods presented.


			10


Reconciliations

Enterprise Gross Assets

In thousands


	September 30, 2025
Consolidated total assets(1)	$	19,582,401
Investments in and advances to unconsolidated joint ventures	(796,171)
Accumulated depreciation and amortization of real estate	4,438,273
Accumulated amortization of real estate intangibles	710,661
Accumulated depreciation and amortization of real estate assets held for sale	51,909
Consolidated Gross Assets	$	23,987,073
Healthpeak's share of unconsolidated joint venture gross assets	1,279,185
Enterprise Gross Assets	$	25,266,258

______________________________________

(1)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of September 30, 2025 presented on page 9 within the Earnings Release and Supplemental Report for the quarter ended September 30, 2025.


Portfolio Investment

In thousands


	September 30, 2025
	Outpatient Medical		Lab		CCRC		Other		Total
Net real estate	$	7,018,944	$	7,178,982	$	1,633,248	$	—	$	15,831,174
Real estate assets held for sale, net	—		59,293		—		—		59,293
Intangible assets, net	534,294		39,061		37,158		—		610,513
Accumulated depreciation and amortization of real estate	2,249,962		1,695,687		492,624		—		4,438,273

Accumulated amortization of real estate intangibles assets	383,815		82,648		244,198		—		710,661
Accumulated depreciation and amortization of real estate assets held for sale	—		51,909		—		—		51,909
Healthpeak's share of unconsolidated joint venture gross real estate assets	250,316		594,735		—		486,400		1,331,451
Fully depreciated and amortized real estate and intangibles assets	930,089		681,744		81,683		—		1,693,516
Leasing commissions and other	186,858		121,295		—		—		308,153
Debt investments	—		—		—		681,048		681,048

Real estate intangible liabilities, gross	(239,559)		(190,922)		—		—		(430,481)
Noncontrolling interests' share of consolidated joint venture real estate and related intangibles	(440,150)		—		—		—		(440,150)
Portfolio Investment	$	10,874,569	$	10,314,432	$	2,488,911	$	1,167,448	$	24,845,360


			11


Reconciliations


Revenues

In thousands


	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Outpatient Medical	$	317,659	$	317,298	$	320,548	$	320,482	$	326,561
Lab	225,592		217,833		217,593		209,205		213,325
CCRC	142,845		145,963		148,927		148,855		150,458
Other	13,126		15,199		14,332		14,288		14,092
Corporate Non-segment	1,175		1,695		1,489		1,518		1,437


Total revenues	$	700,397	$	697,988	$	702,889	$	694,348	$	705,873








Outpatient Medical	—		—		—		—		—
Lab	—		—		—		—		—
CCRC	—		—		—		—		—
Other	(13,126)		(15,199)		(14,332)		(14,288)		(14,092)
Corporate Non-segment	(1,175)		(1,695)		(1,489)		(1,518)		(1,437)


Less: Interest income and other	$	(14,301)	$	(16,894)	$	(15,821)	$	(15,806)	$	(15,529)
Outpatient Medical	7,065		7,334		7,259		7,183		7,327
Lab	5,242		5,329		2,800		7,358		6,834
CCRC	—		—		—		—		—
Other	21,886		21,845		22,459		22,460		22,494
Corporate Non-segment	—		—		—		—		—


Healthpeak's share of unconsolidated joint venture real estate revenues	$	34,193	$	34,508	$	32,518	$	37,001	$	36,655








Outpatient Medical	(9,734)		(9,692)		(9,973)		(10,020)		(10,334)
Lab	—		—		—		—		—
CCRC	—		—		—		—		—
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—


Noncontrolling interests' share of consolidated joint venture real estate revenues	$	(9,734)	$	(9,692)	$	(9,973)	$	(10,020)	$	(10,334)
















Outpatient Medical	(12,761)		(13,181)		(13,426)		(12,470)		(12,021)
Lab	(16,647)		(12,550)		(14,557)		(12,202)		(15,312)
CCRC	—		—		—		—		—
Other	(71)		(94)		(7)		67		(15)
Corporate Non-segment	—		—		—		—		—


Non-cash adjustments to real estate revenues	$	(29,479)	$	(25,825)	$	(27,990)	$	(24,605)	$	(27,348)
Outpatient Medical	302,229		301,759		304,408		305,175		311,532
Lab	214,187		210,612		205,836		204,362		204,847
CCRC	142,845		145,963		148,927		148,855		150,458
Other	21,815		21,751		22,452		22,527		22,479
Corporate Non-segment	—		—		—		—		—


Portfolio Cash Real Estate Revenues	$	681,076	$	680,085	$	681,623	$	680,919	$	689,316

Continued


			12


Reconciliations

Revenues

In thousands


	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025








































Outpatient Medical	$	(13,029)	$	(9,964)	$	(9,292)	$	(10,741)	$	(10,875)
Lab	(41,662)		(39,586)		(34,992)		(35,285)		(36,902)
CCRC	—		—		—		—		—
Other	(21,815)		(21,751)		(22,452)		(22,527)		(22,479)
Corporate Non-segment	—		—		—		—		—


Merger-Combined non-SS Cash Real Estate Revenues	$	(76,506)	$	(71,301)	$	(66,736)	$	(68,553)	$	(70,256)
Outpatient Medical	289,200		291,795		295,116		294,434		300,657
Lab	172,525		171,026		170,844		169,077		167,945
CCRC	142,845		145,963		148,927		148,855		150,458
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—


Merger-Combined SS Cash Real Estate Revenues	$	604,570	$	608,784	$	614,887	$	612,366	$	619,060


			13


Reconciliations


Operating Expenses

In thousands


	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Outpatient Medical	$	106,484	$	106,539	$	105,226	$	105,331	$	113,660
Lab	64,075		62,049		57,658		59,401		64,352
CCRC	109,720		108,438		110,259		111,449		113,910
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—


Operating expenses	$	280,279	$	277,026	$	273,143	$	276,181	$	291,922
Outpatient Medical	2,832		2,655		2,994		2,695		2,887
Lab	1,811		1,703		1,666		1,898		2,229
CCRC	—		—		—		—		—
Other	16,226		16,224		16,324		16,440		16,855
Corporate Non-segment	—		—		—		—		—


Healthpeak's share of unconsolidated joint venture operating expenses	$	20,869	$	20,582	$	20,984	$	21,033	$	21,971
Outpatient Medical	(2,851)		(2,692)		(2,778)		(2,801)		(3,765)
Lab	—		—		—		—		—
CCRC	—		—		—		—		—
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—


Noncontrolling interests' share of consolidated joint venture operating expenses	$	(2,851)	$	(2,692)	$	(2,778)	$	(2,801)	$	(3,765)
















Outpatient Medical	(1,741)		(1,791)		(1,344)		(1,657)		(1,663)
Lab	253		275		279		286		208
CCRC	(95)		1,479		—		843		—
Other	3		(88)		(11)		104		7
Corporate Non-segment	—		—		—		—		—


Non-cash adjustments to operating expenses	$	(1,580)	$	(125)	$	(1,076)	$	(424)	$	(1,448)
Outpatient Medical	104,724		104,711		104,097		103,568		111,118
Lab	66,139		64,027		59,603		61,586		66,789
CCRC	109,625		109,917		110,260		112,292		113,910
Other	16,229		16,136		16,313		16,544		16,862
Corporate Non-segment	—		—		—		—		—


Portfolio Cash Operating Expenses	$	296,717	$	294,791	$	290,273	$	293,990	$	308,679

Continued


			14


Reconciliations


Operating Expenses

In thousands


	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
































Outpatient Medical	$	(7,107)	$	(4,745)	$	(5,395)	$	(5,606)	$	(5,867)
Lab	(13,555)		(14,511)		(12,383)		(13,507)		(14,941)
CCRC	(557)		(546)		(396)		(394)		(392)
Other	(16,229)		(16,136)		(16,313)		(16,544)		(16,862)
Corporate Non-segment	—		—		—		—		—


Merger-Combined non-SS Cash Operating Expenses	$	(37,448)	$	(35,938)	$	(34,487)	$	(36,051)	$	(38,062)
Outpatient Medical	97,617		99,966		98,702		97,962		105,251
Lab	52,584		49,516		47,220		48,079		51,848
CCRC	109,068		109,371		109,864		111,898		113,518
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—


Merger-Combined SS Cash Operating Expenses	$	259,269	$	258,853	$	255,786	$	257,939	$	270,617


			15


Reconciliations

Revenue

Operating Expenses

In thousands


Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Outpatient Medical	$	967,591	Outpatient Medical	$	324,216
Lab	640,123		Lab	181,412
CCRC	448,240		CCRC	335,618
Other	42,712		Other	—
Corporate Non-segment	4,444		Corporate Non-segment	—


Total revenues	$	2,103,110	Operating expenses	$	841,246
Outpatient Medical	—		Outpatient Medical	8,576
Lab	—		Lab	5,793
CCRC	—		CCRC	—
Other	(42,712)		Other	49,620
Corporate Non-segment	(4,444)		Corporate Non-segment	—


Less: Interest income and other	$	(47,156)	Healthpeak's share of unconsolidated joint venture operating expenses	$	63,989
Outpatient Medical	21,769		Outpatient Medical	(9,344)
Lab	16,992		Lab	—
CCRC	—		CCRC	—
Other	67,414		Other	—
Corporate Non-segment	—		Corporate Non-segment	—


Healthpeak's share of unconsolidated joint venture real estate revenues	$	106,175	Noncontrolling interests' share of consolidated joint venture operating expenses	$	(9,344)








Outpatient Medical	(30,327)		Outpatient Medical	(4,666)
Lab	—		Lab	774
CCRC	—		CCRC	844
Other	—		Other	99
Corporate Non-segment	—		Corporate Non-segment	—


Noncontrolling interests' share of consolidated joint venture real estate revenues	$	(30,327)	Non-cash adjustments to operating expenses	$	(2,949)
Outpatient Medical	(37,919)		Outpatient Medical	318,782
Lab	(42,070)		Lab	187,979
CCRC	—		CCRC	336,462
Other	44		Other	49,719
Corporate Non-segment	—		Corporate Non-segment	—


Non-cash adjustments to real estate revenues	$	(79,945)	Portfolio Cash Operating Expenses	$	892,942

Continued


			16


Reconciliations

Revenue

Operating Expenses

In thousands


Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Outpatient Medical	$	921,114	Outpatient Medical	$	(17,633)
Lab	615,045		Lab	(42,591)
CCRC	448,240		CCRC	(1,182)
Other	67,458		Other	(49,719)
Corporate Non-segment	—		Corporate Non-segment	—


Portfolio Cash Real Estate Revenues	$	2,051,857	Merger-Combined non-SS Cash Operating Expenses	$	(111,125)








Outpatient Medical	(32,782)		Outpatient Medical	301,149
Lab	(111,537)		Lab	145,388
CCRC	—		CCRC	335,280
Other	(67,458)		Other	—
Corporate Non-segment	—		Corporate Non-segment	—


Merger-Combined non-SS Cash Real Estate Revenues	$	(211,777)	Merger-Combined SS Cash Operating Expenses	$	781,817
Outpatient Medical	888,332
Lab	503,508
CCRC	448,240
Other	—
Corporate Non-segment	—


Merger-Combined SS Cash Real Estate Revenues	$	1,840,080


			17


Reconciliations

Revenue

Operating Expenses

In thousands


Nine Months Ended September 30, 2024			Nine Months Ended September 30, 2024
Outpatient Medical	$	888,446	Outpatient Medical	$	299,455
Lab	663,619		Lab	177,571
CCRC	422,512		CCRC	320,809
Other	25,063		Other	—
Corporate Non-segment	2,821		Corporate Non-segment	—


Total revenues	$	2,002,461	Operating expenses	$	797,835
Outpatient Medical	—		Outpatient Medical	6,380
Lab	—		Lab	4,663
CCRC	—		CCRC	—
Other	(25,063)		Other	48,116
Corporate Non-segment	(2,821)		Corporate Non-segment	—


Less: Interest income and other	$	(27,884)	Healthpeak's share of unconsolidated joint venture operating expenses	$	59,159
Outpatient Medical	16,707		Outpatient Medical	(7,889)
Lab	14,404		Lab	(52)
CCRC	—		CCRC	—
Other	64,797		Other	—
Corporate Non-segment	—		Corporate Non-segment	—


Healthpeak's share of unconsolidated joint venture real estate revenues	$	95,908	Noncontrolling interests' share of consolidated joint venture operating expenses	$	(7,941)








Outpatient Medical	(27,952)		Outpatient Medical	(4,299)
Lab	(196)		Lab	862
CCRC	—		CCRC	1,645
Other	—		Other	(251)
Corporate Non-segment	—		Corporate Non-segment	—


Noncontrolling interests' share of consolidated joint venture real estate revenues	$	(28,148)	Non-cash adjustments to operating expenses	$	(2,043)
Outpatient Medical	(31,872)		Outpatient Medical	293,647
Lab	(50,762)		Lab	183,044
CCRC	—		CCRC	322,454
Other	(145)		Other	47,865
Corporate Non-segment	—		Corporate Non-segment	—


Non-cash adjustments to real estate revenues	$	(82,779)	Portfolio Cash Operating Expenses	$	847,010

Continued


			18


Reconciliations

Revenue

Operating Expenses

In thousands


Nine Months Ended September 30, 2024			Nine Months Ended September 30, 2024
Outpatient Medical	$	845,329	Outpatient Medical	$	29,131
Lab	627,065		Life science	—
CCRC	422,512		CCRC	—
Other	64,652		Other	—
Corporate Non-segment	—		Corporate Non-Segment	—


Portfolio Cash Real Estate Revenues	$	1,959,558	Pre-Merger legacy Physicians Realty Trust Cash Operating Expenses	$	29,131
Outpatient Medical	90,529		Outpatient Medical	(32,319)
Lab	—		Lab	(39,557)
CCRC	—		CCRC	(1,463)
Other	—		Other	(47,865)
Corporate Non-segment	—		Corporate Non-segment	—


Pre-Merger legacy Physicians Realty Trust Cash Real Estate Revenue	$	90,529	Merger-Combined non-SS Cash Operating Expenses	$	(121,204)
Outpatient Medical	(78,629)		Outpatient Medical	290,459
Lab	(132,509)		Lab	143,487
CCRC	—		CCRC	320,991
Other	(64,652)		Other	—
Corporate Non-segment	—		Corporate Non-segment	—


Merger-Combined non-SS Cash Real Estate Revenues	$	(275,790)	Merger-Combined SS Cash Operating Expenses	$	754,937
Outpatient Medical	857,229
Lab	494,556
CCRC	422,512
Other	—
Corporate Non-segment	—


Merger-Combined SS Cash Real Estate Revenues	$	1,774,297


			19


Reconciliations


Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS

In thousands


Total Portfolio	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss)	$	92,738	$	10,672	$	50,064	$	39,019	$	(109,848)


Interest income and other	(14,301)		(16,894)		(15,821)		(15,806)		(15,529)
Interest expense	74,105		70,508		72,693		75,063		76,784
Depreciation and amortization	280,019		274,469		268,546		265,916		262,317
General and administrative	23,216		23,929		26,118		20,764		19,907
Transaction and merger-related costs	7,134		10,572		5,534		10,215		2,420
Impairments and loan loss reserves (recoveries), net	441		11,632		(3,562)		3,499		(54)
(Gain) loss on sales of real estate, net	(62,325)		8,929		—		(1,636)		(11,500)

Other (income) expense, net	(982)		24,157		6,126		4,692		(1,160)

Income tax (benefit) expense	1,938		(14,014)		2,080		2,382		(1,206)
Equity (income) loss from unconsolidated joint ventures	3,834		108		2,147		(1,747)		176,291
Healthpeak's share of unconsolidated joint venture NOI	13,324		13,926		11,534		15,968		14,684
Noncontrolling interests' share of consolidated joint venture NOI	(6,883)		(7,000)		(7,195)		(7,219)		(6,569)


Adjustments to NOI(1)	(27,899)		(25,700)		(26,914)		(24,181)		(25,900)
Portfolio Adjusted NOI	$	384,359	$	385,294	$	391,350	$	386,929	$	380,637










Merger-Combined non-SS Adjusted NOI	(39,058)		(35,363)		(32,249)		(32,502)		(32,194)
Merger-Combined SS Adjusted NOI	$	345,301	$	349,931	$	359,101	$	354,427	$	348,443


Outpatient Medical	Three Months Ended
		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss)		$	94,960	$	32,066	$	51,216	$	54,395	$	64,948



Interest expense		4,268		3,686		3,573		3,476		3,571
Depreciation and amortization		168,120		162,592		157,131		156,714		154,485

Transaction and merger-related costs		889		1,137		248		12		298
Impairments and loan loss reserves (recoveries), net		—		13,118		—		—		—
(Gain) loss on sales of real estate, net		(62,325)		(5,832)		—		(2,932)		(11,500)
Other (income) expense, net		78		1,122		(49)		652		(1,350)


Equity (income) loss from unconsolidated joint ventures		5,185		2,870		3,204		2,834		2,449
Healthpeak's share of unconsolidated joint venture NOI		4,233		4,679		4,265		4,488		4,440
Noncontrolling interests' share of consolidated joint venture NOI		(6,883)		(7,000)		(7,195)		(7,219)		(6,569)

Adjustments to NOI(1)		(11,020)		(11,390)		(12,082)		(10,813)		(10,358)
Portfolio Adjusted NOI		$	197,505	$	197,048	$	200,311	$	201,607	$	200,414










Merger-Combined non-SS Adjusted NOI		(5,922)		(5,219)		(3,897)		(5,135)		(5,008)
Merger-Combined SS Adjusted NOI		$	191,583	$	191,829	$	196,414	$	196,472	$	195,406

Continued


			20


Reconciliations


Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS

In thousands


Lab	Three Months Ended
		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss)		$	85,240	$	83,305	$	80,403	$	74,328	$	(104,187)




Depreciation and amortization		77,625		77,127		78,616		78,010		76,946

Transaction and merger-related costs		4		12		337		295		232

(Gain) loss on sales of real estate, net		—		(298)		—		—		—
Other (income) expense, net		402		(2,496)		(13)		(20)		(138)


Equity (income) loss from unconsolidated joint ventures		(1,754)		(1,866)		592		(2,809)		176,120
Healthpeak's share of unconsolidated joint venture NOI		3,431		3,626		1,134		5,460		4,605


Adjustments to NOI(1)		(16,900)		(12,825)		(14,836)		(12,488)		(15,520)
Portfolio Adjusted NOI		$	148,048	$	146,585	$	146,233	$	142,776	$	138,058










Merger-Combined non-SS Adjusted NOI		(28,107)		(25,075)		(22,609)		(21,778)		(21,961)
Merger-Combined SS Adjusted NOI		$	119,941	$	121,510	$	123,624	$	120,998	$	116,097


CCRC	Three Months Ended
		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss)		$	(2,827)	$	(25,978)	$	(1,679)	$	303	$	4,439



Interest expense		984		978		948		949		951
Depreciation and amortization		34,274		34,750		32,799		31,192		30,886

Transaction and merger-related costs		—		11		14		215		—

Other (income) expense, net		694		27,764		6,585		4,747		272






Adjustments to NOI(1)		95		(1,479)		—		(843)		—
Portfolio Adjusted NOI		$	33,220	$	36,046	$	38,667	$	36,563	$	36,548










Merger-Combined non-SS Adjusted NOI		557		546		396		394		392
Merger-Combined SS Adjusted NOI		$	33,777	$	36,592	$	39,063	$	36,957	$	36,940


Other	Three Months Ended
		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss)		$	12,282	$	2,522	$	19,004	$	10,907	$	15,983


Interest income and other		(13,126)		(15,199)		(14,332)		(14,288)		(14,092)



Transaction and merger-related costs		—		—		433		393		(5)
Impairments and loan loss reserves (recoveries), net		441		(1,486)		(3,562)		3,499		(54)
(Gain) loss on sales of real estate, net		—		15,059		—		1,296		—
Other (income) expense, net		—		—		106		(35)		446


Equity (income) loss from unconsolidated joint ventures		403		(896)		(1,649)		(1,772)		(2,278)
Healthpeak's share of unconsolidated joint venture NOI		5,660		5,621		6,135		6,020		5,639


Adjustments to NOI(1)		(74)		(6)		4		(37)		(22)
Portfolio Adjusted NOI		$	5,586	$	5,615	$	6,139	$	5,983	$	5,617










Merger-Combined non-SS Adjusted NOI		(5,586)		(5,615)		(6,139)		(5,983)		(5,617)
Merger-Combined SS Adjusted NOI		$	—	$	—	$	—	$	—	$	—

Continued


			21


Reconciliations


Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS

In thousands


Corporate Non-Segment	Three Months Ended
		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income (loss)		$	(96,917)	$	(81,243)	$	(98,880)	$	(100,914)	$	(91,031)


Interest income and other		(1,175)		(1,695)		(1,489)		(1,518)		(1,437)
Interest expense		68,853		65,844		68,172		70,638		72,262

General and administrative		23,216		23,929		26,118		20,764		19,907
Transaction and merger-related costs		6,241		9,412		4,502		9,300		1,895

Other (income) expense, net		(2,156)		(2,233)		(503)		(652)		(390)
Income tax (benefit) expense		1,938		(14,014)		2,080		2,382		(1,206)















Merger-Combined SS Adjusted NOI		$	—	$	—	$	—	$	—	$	—

______________________________________

(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, the impact of deferred community fee income, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fees expense.


			22


Reconciliations


Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS

In thousands

For the nine months ended September 30, 2025


	Outpatient Medical		Lab		CCRC		Other Non- reportable		Corporate Non-segment		Total
Net income (loss)	$	170,559	$	50,543	$	3,064	$	45,894	$	(290,825)	$	(20,765)


Interest income and other	—		—		—		(42,712)		(4,444)		(47,156)
Interest expense	10,620		—		2,848		—		211,072		224,540
Depreciation and amortization	468,330		233,572		94,877		—		—		796,779
General and administrative	—		—		—		—		66,789		66,789
Transaction and merger-related costs	558		864		229		821		15,697		18,169
Impairments and loan loss reserves (recoveries), net	—		—		—		(117)		—		(117)
(Gain) loss on sales of real estate, net	(14,432)		—		—		1,296		—		(13,136)

Other (income) expense, net	(747)		(171)		11,604		517		(1,545)		9,658

Income tax (benefit) expense	—		—		—		—		3,256		3,256
Equity (income) loss from unconsolidated joint ventures	8,487		173,903		—		(5,699)		—		176,691
Healthpeak's share of unconsolidated joint venture NOI	13,193		11,199		—		17,794		—		42,186
Noncontrolling interests' share of consolidated joint venture NOI	(20,983)		—		—		—		—		(20,983)


Adjustments to NOI(1)	(33,253)		(42,844)		(844)		(55)		—		(76,996)
Portfolio Adjusted NOI	$	602,332	$	427,066	$	111,778	$	17,739	$	—	$	1,158,915










Merger-Combined non-SS Adjusted NOI	(15,149)		(68,946)		1,182		(17,739)		—		(100,652)
Merger-Combined SS Adjusted NOI	$	587,183	$	358,120	$	112,960	$	—	$	—	$	1,058,263

______________________________________


			23


Reconciliations


Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS

In thousands

For the nine months ended September 30, 2024


	Outpatient Medical		Lab		CCRC		Other Non- reportable		Corporate Non-segment		Total
Net income (loss)	$	253,425	$	393,912	$	(5,159)	$	14,753	$	(400,300)	$	256,631


Interest income and other	—		—		—		(25,063)		(2,821)		(27,884)
Interest expense	11,231		—		2,963		—		195,728		209,922
Depreciation and amortization	447,819		232,480		102,437		—		—		782,736
General and administrative	—		—		—		—		73,233		73,233
Transaction and merger-related costs	1,043		490		49		—		120,531		122,113
Impairments and loan loss reserves (recoveries), net	—		—		—		11,346		—		11,346
(Gain) loss on sales of real estate, net	(132,369)		(55,255)		—		—		—		(187,624)

Other (income) expense, net	(1,376)		(78,766)		1,413		(38)		(4,735)		(83,502)

Income tax (benefit) expense	—		—		—		—		18,364		18,364
Equity (income) loss from unconsolidated joint ventures	9,218		(6,813)		—		(998)		—		1,407
Healthpeak's share of unconsolidated joint venture NOI	10,327		9,741		—		16,681		—		36,749
Noncontrolling interests' share of consolidated joint venture NOI	(20,063)		(144)		—		—		—		(20,207)


Adjustments to NOI(1)	(27,573)		(51,624)		(1,645)		106		—		(80,736)
Portfolio Adjusted NOI	$	551,682	$	444,021	$	100,058	$	16,787	$	—	$	1,112,548









Pre-Merger legacy Physicians Realty Trust Adjusted NOI	61,398		—		—		—		—		61,398
Merger-Combined non-SS Adjusted NOI	(46,310)		(92,952)		1,463		(16,787)		—		(154,586)
Merger-Combined SS Adjusted NOI	$	566,770	$	351,069	$	101,521	$	—	$	—	$	1,019,360

______________________________________


			24


Reconciliations


Property Count Reconciliations


As of September 30, 2025
	Property Count Reconciliation
	Outpatient Medical	Lab	CCRC	Other	Total
Prior Quarter Total Property Count	529	139	15	19	702
Acquisitions	3	—	—	—	3
Assets sold	(2)	—	—	—	(2)






Current Quarter Total Property Count	530	139	15	19	703
Recent acquisitions	(6)	—	—	—	(6)
Assets in Development	(6)	(2)	—	—	(8)
Recently completed Developments	(3)	(2)	—	—	(5)

Assets in Redevelopment	—	(22)	—	—	(22)
Recently completed Redevelopments	(1)	(4)	—	—	(5)
Assets held for sale	—	(6)	—	—	(6)

Segment exclusions	—	—	—	(19)	(19)

Significant tenant relocation	—	(1)	—	—	(1)


Three-Month SS Property Count	514	102	15	—	631




Prior Development/Redevelopment	(1)	(2)	—	—	(3)





Nine-Month SS Property Count	513	100	15	—	628


	Sequential SS
	Outpatient Medical	Lab	CCRC	Other	Total
Prior Quarter Three-Month SS Property Count	513	104	15	—	632




Prior Development/Redevelopment	1	2	—	—	3



Assets held for sale	—	(4)	—	—	(4)





Current Quarter Three-Month SS Property Count	514	102	15	—	631


			25


Reconciliations


Common Stock and Equivalents

In thousands


		Weighted Average Shares				Weighted Average Shares
		Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
	Shares Outstanding September 30, 2025	Diluted EPS	Diluted Nareit FFO	Diluted FFO as Adjusted	Diluted AFFO	Diluted EPS	Diluted Nareit FFO	Diluted FFO as Adjusted	Diluted AFFO
Common stock	694,946	694,930	694,930	694,930	694,930	696,380	696,380	696,380	696,380
Common stock equivalent securities(1):
Restricted stock units	574	—	8	8	8	—	21	21	21


OP units	4,323	—	1,188	1,188	1,188	—	1,188	1,188	1,188
Convertible partnership units	13,385	—	13,387	13,387	13,387	—	13,434	13,434	13,434
Total common stock and equivalents	713,228	694,930	709,513	709,513	709,513	696,380	711,023	711,023	711,023

______________________________________

(1)The weighted average shares for the three and nine months ended September 30, 2025 represent the current dilutive impact, using the treasury stock method, of approximately 1 million restricted stock units, 4.3 million OP units, and 13.4 million DownREIT units.


			26


Reconciliations


Net Income to Adjusted EBITDAre

In thousands


	Three Months Ended September 30, 2025
Net income (loss)	$	(109,848)
Interest expense	76,784
Income tax expense (benefit)	(1,206)
Depreciation and amortization	262,317
Other depreciation and amortization	687
Loss (gain) on sales of real estate	(11,500)

Impairments (recoveries) of real estate	177,840
Share of unconsolidated JV:
Interest expense	3,546
Income tax expense (benefit)	167
Depreciation and amortization	12,574


EBITDAre	$	411,361
Transaction and merger-related items	2,420
Other impairments (recoveries) and other losses (gains)	(54)



Casualty-related charges (recoveries)	(1,764)
CCRC entrance fees	12,711
Stock-based compensation amortization expense	4,046
Impact of transactions closed during the period(1)	(265)
Adjusted EBITDAre	$	428,455
Impact of transactions closed during the period(1)	265
Fixed Charge Coverage Adjusted EBITDAre(2)	$	428,720


Adjusted Fixed Charge Coverage

In thousands


	Three Months Ended September 30, 2025
Interest expense, including unconsolidated JV interest expense at share	$	80,330
Capitalized interest, including unconsolidated JV capitalized interest at share	21,947
Fixed Charges	$	102,277

Adjusted Fixed Charge Coverage(2)	4.2x

______________________________________

(1)Adjustment reflects the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period.

(2)Fixed Charge Coverage Adjusted EBITDAre is utilized in the calculation of Adjusted Fixed Charge Coverage and excludes the impact of transactions that occurred during the period for consistency with the calculation of Fixed Charges.


			27


Reconciliations


Enterprise Debt and Net Debt

In thousands


	September 30, 2025
Bank line of credit and commercial paper	$	368,125
Term loans	1,646,912
Senior unsecured notes	6,766,350
Mortgage debt	350,174
Consolidated Debt	$	9,131,561
Share of unconsolidated JV mortgage debt	200,489
Enterprise Debt	$	9,332,050
Cash and cash equivalents	(91,038)
Share of unconsolidated JV cash and cash equivalents	(27,210)
Restricted cash	(68,694)
Share of unconsolidated JV restricted cash	(1,582)

Net Debt	$	9,143,526


Financial Leverage

In thousands


	September 30, 2025
Enterprise Debt	$	9,332,050
Enterprise Gross Assets	25,266,258
Financial Leverage	36.9%


Secured Debt Ratio

In thousands


	September 30, 2025
Mortgage debt	$	350,174
Share of unconsolidated JV mortgage debt	200,489
Enterprise Secured Debt	$	550,663
Enterprise Gross Assets	$	25,266,258
Secured Debt Ratio	2.2%


Net Debt to Adjusted EBITDAre

In thousands


	Three Months Ended September 30, 2025
Net Debt	$	9,143,526
Annualized Adjusted EBITDAre(1)	1,713,820
Net Debt to Adjusted EBITDAre	5.3x

______________________________________

(1)Represents the current quarter Adjusted EBITDAre multiplied by a factor of four.


			28


Reconciliations


Healthpeak's Share of Unconsolidated Joint Venture NOI

In thousands


Total Portfolio	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Equity income (loss) from unconsolidated joint ventures	$	(3,834)	$	(108)	$	(2,147)	$	1,747	$	(176,291)
Depreciation and amortization	12,127		12,441		12,200		12,530		12,574
General and administrative	353		348		350		352		340

Other (income) expense, net	4,670		1,039		861		1,089		66
Income tax (benefit) expense	8		206		270		250		155
Impairments (recoveries) of real estate, net	—		—		—		—		177,840
Healthpeak's share of unconsolidated joint venture NOI	$	13,324	$	13,926	$	11,534	$	15,968	$	14,684


Outpatient Medical	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Equity income (loss) from unconsolidated joint ventures	$	(5,185)	$	(2,870)	$	(3,204)	$	(2,834)	$	(2,449)
Depreciation and amortization	4,253		4,388		4,128		4,039		3,859
General and administrative	91		95		159		97		22

Other (income) expense, net	5,082		3,074		3,193		3,178		2,999
Income tax (benefit) expense	(8)		(8)		(11)		8		9
Healthpeak's share of unconsolidated joint venture NOI	$	4,233	$	4,679	$	4,265	$	4,488	$	4,440


Lab	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Equity income (loss) from unconsolidated joint ventures	$	1,754	$	1,865	$	(592)	$	2,809	$	(176,120)
Depreciation and amortization	3,194		3,380		3,346		3,714		3,943
General and administrative	242		258		151		249		272

Other (income) expense, net	(1,759)		(1,877)		(1,771)		(1,312)		(1,330)

Impairments (recoveries) of real estate, net	—		—		—		—		177,840
Healthpeak's share of unconsolidated joint venture NOI	$	3,431	$	3,626	$	1,134	$	5,460	$	4,605


Other	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Equity income (loss) from unconsolidated joint ventures	$	(403)	$	897	$	1,649	$	1,772	$	2,278
Depreciation and amortization	4,680		4,673		4,726		4,777		4,772
General and administrative	20		(5)		40		6		46

Other (income) expense, net	1,347		(158)		(561)		(777)		(1,603)
Income tax (benefit) expense	16		214		281		242		146
Healthpeak's share of unconsolidated joint venture NOI	$	5,660	$	5,621	$	6,135	$	6,020	$	5,639


			29


Reconciliations


Healthpeak's Share of Unconsolidated Joint Venture NOI

In thousands

For the nine months ended September 30, 2025


	Outpatient Medical		Lab		Other		Total
Equity income (loss) from unconsolidated joint ventures	$	(8,487)	$	(173,903)	$	5,699	$	(176,691)
Depreciation and amortization	12,026		11,003		14,275		37,304
General and administrative	278		672		92		1,042

Other (income) expense, net	9,370		(4,413)		(2,941)		2,016
Income tax (benefit) expense	6		—		669		675
Impairments (recoveries) of real estate, net	—		177,840		—		177,840
Healthpeak's share of unconsolidated joint venture NOI	$	13,193	$	11,199	$	17,794	$	42,186

For the nine months ended September 30, 2024


	Outpatient Medical		Lab		Other		Total
Equity income (loss) from unconsolidated joint ventures	$	(9,217)	$	6,812	$	998	$	(1,407)
Depreciation and amortization	10,138		8,460		13,922		32,520
General and administrative	267		406		95		768

Other (income) expense, net	9,146		(5,937)		1,338		4,547
Income tax (benefit) expense	(7)		—		328		321
Healthpeak's share of unconsolidated joint venture NOI	$	10,327	$	9,741	$	16,681	$	36,749


			30


Reconciliations


Noncontrolling Interests' Share of Consolidated Joint Venture NOI

In thousands


Total Portfolio	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	6,866	$	6,125	$	7,236	$	7,346	$	7,274

Depreciation and amortization	4,415		4,520		4,353		4,350		3,721
Other (income) expense, net	207		923		422		264		340
Dividends attributable to noncontrolling interest	(4,605)		(4,568)		(4,816)		(4,741)		(4,766)
Noncontrolling interests' share of consolidated joint venture NOI	$	6,883	$	7,000	$	7,195	$	7,219	$	6,569


Outpatient Medical	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	5,661	$	4,890	$	5,792	$	5,894	$	5,848

Depreciation and amortization	4,415		4,520		4,353		4,350		3,721
Other (income) expense, net	177		923		422		324		340
Dividends attributable to noncontrolling interest	(3,370)		(3,333)		(3,372)		(3,349)		(3,340)
Noncontrolling interests' share of consolidated joint venture NOI	$	6,883	$	7,000	$	7,195	$	7,219	$	6,569


Lab	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	883	$	913	$	898	$	928	$	898


Other (income) expense, net	30		—		—		—		—
Dividends attributable to noncontrolling interest	(913)		(913)		(898)		(928)		(898)
Noncontrolling interests' share of consolidated joint venture NOI	$	—	$	—	$	—	$	—	$	—


Corporate Non-segment	Three Months Ended
	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	322	$	322	$	546	$	524	$	528



Dividends attributable to noncontrolling interest	(322)		(322)		(546)		(524)		(528)
Noncontrolling interests' share of consolidated joint venture NOI	$	—	$	—	$	—	$	—	$	—


			31


Reconciliations


Noncontrolling Interests' Share of Consolidated Joint Venture NOI

In thousands

For the nine months ended September 30, 2025


	Outpatient Medical		Lab		Corporate Non-segment		Total
Income (loss) from continuing operations attributable to noncontrolling interest	$	17,534	$	2,724	$	1,598	$	21,856

Depreciation and amortization	12,424		—		—		12,424
Other (income) expense, net	1,086		—		—		1,086
Dividends attributable to noncontrolling interest	(10,061)		(2,724)		(1,598)		(14,383)
Noncontrolling interests' share of consolidated joint venture NOI	$	20,983	$	—	$	—	$	20,983

For the nine months ended September 30, 2024


	Outpatient Medical		Lab		Corporate Non-segment		Total
Income (loss) from continuing operations attributable to noncontrolling interest	$	14,325	$	2,876	$	835	$	18,036

Depreciation and amortization	13,420		61		—		13,481
Other (income) expense, net	501		(84)		—		417
Dividends attributable to noncontrolling interest	(8,183)		(2,709)		(835)		(11,727)
Noncontrolling interests' share of consolidated joint venture NOI	$	20,063	$	144	$	—	$	20,207


			32


Reconciliations


REVPOR CCRC(1)

In thousands, except per month data


	Three Months Ended
REVPOR CCRC	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Portfolio Cash Real Estate Revenues(2)	$	142,845	$	145,963	$	148,927	$	148,855	$	150,458

REVPOR CCRC revenues	$	142,845	$	145,963	$	148,927	$	148,855	$	150,458

Average occupied units/month	6,013		6,060		6,085		6,074		6,121
REVPOR CCRC per month(3)	$	7,919	$	8,028	$	8,158	$	8,169	$	8,193


	Three Months Ended
REVPOR CCRC excluding NREF Amortization	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
REVPOR CCRC revenues	$	142,845	$	145,963	$	148,927	$	148,855	$	150,458
NREF Amortization	(22,622)		(23,394)		(24,006)		(23,652)		(24,155)

REVPOR CCRC revenues excluding NREF Amortization	$	120,223	$	122,569	$	124,921	$	125,203	$	126,302

Average occupied units/month	6,013		6,060		6,085		6,074		6,121
REVPOR CCRC excluding NREF Amortization per month(3)	$	6,665	$	6,742	$	6,843	$	6,871	$	6,878

_____________________________________

(1)May not foot due to rounding.

(2)See pages 12 and 13 of this document for a reconciliation of Portfolio Cash Real Estate Revenues.

(3)Represents the quarter REVPOR CCRC divided by a factor of three.


			33


Reconciliations


REVPOR(1)

In thousands, except per month data


	Three Months Ended
REVPOR Other	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Portfolio Cash Real Estate Revenues(2)	$	21,815	$	21,751	$	22,452	$	22,527	$	22,479

REVPOR revenues	$	21,815	$	21,751	$	22,452	$	22,527	$	22,479

Average occupied units/month	1,450		1,461		1,450		1,459		1,476
REVPOR per month(3)	$	5,016	$	4,963	$	5,162	$	5,145	$	5,078

______________________________________

(1)May not foot due to rounding.

(2)See pages 12 and 13 of this document for a reconciliation of Portfolio Cash Real Estate Revenues.

(3)Represents the quarter REVPOR divided by a factor of three.


			34

FORWARD-LOOKING STATEMENTS

This Discussion and Reconciliation of Non-GAAP Financial Measures may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which we operate and beliefs of and assumptions made by our management, involve uncertainties that could significantly affect our financial or operating results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “projects,” “forecasts,” “will,” “may,” “potential,” “can,” “could,” “should,” “pro forma,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about our business outlook, 2025 guidance information, future acquisitions, dispositions, developments, financing activity, leasing activity, financial and operating results, plans, objectives, expectations, and intentions. All statements that address operating performance, events, or developments that Healthpeak expects or anticipates will occur in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with: macroeconomic trends that may increase construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that 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 risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings 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 our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); 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 a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions and/or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, including the coronavirus disease (Covid), and health and safety measures intended to reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; 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; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; 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, and legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; changes in federal, state, or local laws or regulations that may limit our opportunities to participate in the ownership of, or investment in, healthcare real estate; our ability to successfully integrate our operations with Physicians Realty Trust and realize the anticipated synergies of our merger with Physicians Realty Trust and benefits of property management internalization; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; 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; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.


			35


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	DOC	New York Stock Exchange


No.						Description

99.1						Press Release dated October 23, 2025.

99.2						September 30, 2025, Supplemental Report.

99.3						September 30, 2025, Discussion and Reconciliation of Non-GAAP Financial Measures.

104						Cover Page Interactive Data File (embedded within the inline XBRL document and contained in Exhibit 101).


Date: October 23, 2025
	Healthpeak Properties, Inc.



	By:	/s/ Kelvin O. Moses
		Kelvin O. Moses
		Chief Financial Officer