8-K - DOC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 24, 2025

Date of Report (Date of earliest event reported)

Healthpeak Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-08895	33-0091377
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4600 South Syracuse Street, Suite 500

Denver, CO 80237

(Address of principal executive offices) (Zip Code)

(720) 428-5050

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	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))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 24, 2025, Healthpeak Properties, Inc., a Maryland corporation (“Healthpeak”), issued a press release setting forth its financial results for the three and six months ended June 30, 2025. The press release refers to the Discussion and Reconciliation of Non-GAAP Financial Measures, which is available in the Investor Relations section of Healthpeak’s website, free of charge, at http://ir.healthpeak.com/quarterly-results. The press release and Discussion and Reconciliation of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are incorporated by reference herein.

The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibits 99.1 and 99.3 attached hereto are being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 7.01 Regulation FD Disclosure.

A supplemental report containing financial results and related information of Healthpeak for the three and six months ended June 30, 2025 is furnished as Exhibit 99.2 hereto and incorporated by reference herein. The supplemental report is also available in the Investor Relations section of Healthpeak’s website, free of charge, at http://ir.healthpeak.com/quarterly-results.

The information set forth in this Item 7.01 of this Current Report on Form 8-K and the related information in Exhibit 99.2 attached hereto is being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith:

No.	Description
99.1	Press Release dated July 24, 2025.
99.2	June 30, 2025, Supplemental Report.
99.3	June 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).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 24, 2025
	Healthpeak Properties, Inc.
	By:	/s/ Kelvin O. Moses
		Kelvin O. Moses
		Chief Financial Officer

Document

Exhibit 99.1

Healthpeak Properties Reports Second Quarter 2025 Results

DENVER, July 24, 2025 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the quarter ended June 30, 2025.

SECOND QUARTER 2025 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

–Net income of $0.05 per share, Nareit FFO of $0.43 per share, FFO as Adjusted of $0.46 per share, AFFO of $0.44 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.5%

–On July 7, 2025, declared a monthly common stock cash dividend of $0.10167 per share for each of July, August, and September, of 2025 representing cash dividends totaling $0.305 per share for the third quarter, and an annualized dividend amount of $1.22 per share

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

•Outpatient medical new and renewal lease executions totaled 1 million square feet, with 85% retention and +6% cash releasing spreads on renewals

◦Subsequent to the second quarter and through July 24, 2025, executed 419,000 square feet of Outpatient medical leases with signed letters of intent on an additional 682,000 square feet

•Lab new and renewal lease executions totaled 503,000 square feet, with 87% retention and +6% cash releasing spreads on renewals

◦Subsequent to the second quarter and through July 24, 2025, executed 55,000 square feet of Lab leases with signed letters of intent on an additional 253,000 square feet

–During the second quarter, entered into two new development agreements with a combined projected cost of $148 million to support Northside Hospital’s continued outpatient expansion in the Atlanta market

–Sold one outpatient medical land parcel in June 2025 and two outpatient medical buildings in July 2025 for combined proceeds of approximately $35 million

–Balance Sheet

•Net Debt to Adjusted EBITDAre was 5.2x for the quarter ended June 30, 2025

•As of July 24, 2025, Healthpeak had approximately $2.3 billion in available liquidity through a combination of unrestricted cash and availability under its revolving credit facility

–Launched a redesigned corporate website at www.healthpeak.com to elevate visibility into Healthpeak’s competitive advantage and core values

–Earned 2025 BOMA Mid Atlantic region TOBY Awards for 833 Chestnut Street (medical category) and Cambridge Discovery Park (life science category); TOBY (The Outstanding Building of the Year) Awards are among the most prestigious recognitions in commercial real estate, honoring commercial building management and operations excellence

–Recent corporate impact and sustainability achievements include:

•Published a standalone 2024 Environmental Data Report, marking our 14th consecutive year of environmental performance transparency and reporting

•Awarded the Green Lease Leader Platinum designation by the Institute for Market Transformation and the Department of Energy Better Buildings Alliance

•Earned LEED Gold certifications for sustainable building design and construction at Callan Ridge in Torrey Pines, California, and 460 Forbes on the Vantage campus in South San Francisco, California, bringing Healthpeak's total LEED-certified square footage to 6.7 million as of June 30, 2025

•Named a constituent of the FTSE4Good Index Series for the 14th consecutive year

To learn more about Healthpeak's commitment to responsible business and view our most recent Corporate Impact Report, please visit www.healthpeak.com/corporate-impact.

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SECOND QUARTER COMPARISON

	Three Months Ended<br>June 30, 2025				Three Months Ended<br>June 30, 2024
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income, diluted	$	31,558	$	0.05	$	145,904	$	0.21
Nareit FFO, diluted	308,167		0.43		318,610		0.44
FFO as Adjusted, diluted	325,785		0.46		320,220		0.45
AFFO, diluted	314,768		0.44		289,064		0.40

YEAR TO DATE COMPARISON

	Six Months Ended<br>June 30, 2025				Six Months Ended<br>June 30, 2024
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income, diluted	$	73,922	$	0.11	$	152,345	$	0.23
Nareit FFO, diluted	631,447		0.89		479,906		0.72
FFO as Adjusted, diluted	655,498		0.92		597,879		0.90
AFFO, diluted	621,185		0.87		544,101		0.82

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 the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "June 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 in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results.

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	3.9	%	55.2	%	4.5	%	54.9	%
Lab	1.5	%	34.4	%	5.4	%	34.5	%
CCRC	8.6	%	10.4	%	12.2	%	10.6	%
Total Merger-Combined SS Cash (Adjusted) NOI	3.5	%	100.0	%	5.6	%	100.0	%

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DIVIDEND

On July 7, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of July, August, and September, of 2025 representing cash dividends totaling $0.305 per share for the third 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
July 18, 2025	July 31, 2025	$0.10167 per common share
August 18, 2025	August 29, 2025	$0.10167 per common share
September 19, 2025	September 30, 2025	$0.10167 per common share

NORTHSIDE OUTPATIENT MEDICAL DEVELOPMENTS

During the second quarter of 2025, Healthpeak entered into two new outpatient development agreements in high-growth submarkets of Atlanta totaling $148 million to support the expansion of our longstanding partner, Northside Hospital. Affiliates of Northside have pre-leased 78% of each building for a range of clinical services, reflecting the system’s continued investment in outpatient capacity across two premier campuses. Physician tenants will have the ability to co-invest in the buildings. Upon stabilization, Healthpeak expects to achieve cash yields in the mid-7% range.

•Northside Forsyth: $82 million, 118,000 square foot Class A outpatient medical building and accompanying parking deck located on the campus of Northside Hospital Forsyth, a 389-bed acute care hospital located in Cumming, Georgia, a northeastern suburb of Atlanta.

•Northside Cherokee: $66 million, 148,000 square foot Class A outpatient medical building located on the campus of Northside Hospital Cherokee, a 332-bed acute care hospital in Canton, Georgia, a northern suburb of Atlanta.

SHARE REPURCHASE ACTIVITY

As previously disclosed, in April 2025, Healthpeak repurchased 3.9 million shares at a weighted average share price of $18.22, totaling $72 million.

As of July 24, 2025, approximately $406 million remained available for share repurchases under the program.

BALANCE SHEET

In June 2025, Healthpeak repaid $452 million 4.0% senior notes at maturity.

As of July 24, 2025, Healthpeak had approximately $2.3 billion in available liquidity through a combination of unrestricted cash and its revolving credit facility.

2025 GUIDANCE

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

•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 ranges for full year 2025:

•Diluted earnings per common share from $0.30 – $0.36 to $0.25 – $0.31

•Diluted Nareit FFO per share from $1.81 – $1.87 to $1.78 – $1.84

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 12 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, July 25, 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/759842811. 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 July 24, 2026, and a telephonic replay can be accessed through August 1, 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 quarterly 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; 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 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; our ability to satisfy 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

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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; 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; 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

	June 30,<br>2025		December 31,<br>2024
Assets
Real estate:
Buildings and improvements	$	16,211,931	$	16,115,283
Development costs and construction in progress	1,027,119		880,393
Land and improvements	2,930,060		2,918,758
Accumulated depreciation and amortization	(4,349,056)		(4,083,030)
Net real estate	15,820,054		15,831,404
Loans receivable, net of reserves of $11,331 and $10,499	716,529		717,190
Investments in and advances to unconsolidated joint ventures	963,379		936,814
Accounts receivable, net of allowance of $1,932 and $2,243	68,741		76,810
Cash and cash equivalents	89,436		119,818
Restricted cash	73,843		64,487
Intangible assets, net	677,101		817,254
Assets held for sale, net	45,717		7,840
Right-of-use asset, net	426,631		424,173
Other assets, net	928,836		942,465
Total assets	$	19,810,267	$	19,938,255
Liabilities and Equity
Bank line of credit and commercial paper	$	775,000	$	150,000
Term loans	1,646,605		1,646,043
Senior unsecured notes	6,268,532		6,563,256
Mortgage debt	351,116		356,750
Intangible liabilities, net	166,352		191,884
Liabilities related to assets held for sale, net	1,209		—
Lease liability	310,099		307,220
Accounts payable, accrued liabilities, and other liabilities	738,613		725,342
Deferred revenue	965,800		940,136
Total liabilities	11,223,326		10,880,631
Commitments and contingencies
Redeemable noncontrolling interests	20,104		2,610
Common stock, $1.00 par value: 1,500,000,000 shares authorized; 694,916,081 and 699,485,139 shares issued and outstanding	694,916		699,485
Additional paid-in capital	12,763,723		12,847,252
Cumulative dividends in excess of earnings	(5,525,520)		(5,174,279)
Accumulated other comprehensive income (loss)	(5,019)		28,818
Total stockholders’ equity	7,928,100		8,401,276
Joint venture partners	298,597		315,821
Non-managing member unitholders	340,140		337,917
Total noncontrolling interests	638,737		653,738
Total equity	8,566,837		9,055,014
Total liabilities and equity	$	19,810,267	$	19,938,255

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Healthpeak Properties, Inc.

Consolidated Statements of Operations

In thousands, except per share data

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
Revenues:
Rental and related revenues	$	529,687	$	546,781	$	1,067,828	$	1,008,814
Resident fees and services	148,855		140,891		297,782		279,667
Interest income and other	15,806		7,832		31,627		13,583
Total revenues	694,348		695,504		1,397,237		1,302,064
Costs and expenses:
Interest expense	75,063		74,910		147,756		135,817
Depreciation and amortization	265,916		283,498		534,462		502,717
Operating	276,181		273,827		549,324		517,556
General and administrative	20,764		26,718		46,882		50,017
Transaction and merger-related costs	10,215		7,759		15,749		114,979
Impairments and loan loss reserves (recoveries), net	3,499		(553)		(63)		10,905
Total costs and expenses	651,638		666,159		1,294,110		1,331,991
Other income (expense):
Gain (loss) on sales of real estate, net	1,636		122,044		1,636		125,299
Other income (expense), net	(4,692)		4,004		(10,818)		82,520
Total other income (expense), net	(3,056)		126,048		(9,182)		207,819
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	39,654		155,393		93,945		177,892
Income tax benefit (expense)	(2,382)		(2,728)		(4,462)		(16,426)
Equity income (loss) from unconsolidated joint ventures	1,747		51		(400)		2,427
Net income (loss)	39,019		152,716		89,083		163,893
Noncontrolling interests’ share in earnings	(7,346)		(6,669)		(14,582)		(11,170)
Net income (loss) attributable to Healthpeak Properties, Inc.	31,673		146,047		74,501		152,723
Participating securities’ share in earnings	(115)		(214)		(579)		(414)
Net income (loss) applicable to common shares	$	31,558	$	145,833	$	73,922	$	152,309
Earnings (loss) per common share:
Basic	$	0.05	$	0.21	$	0.11	$	0.23
Diluted	$	0.05	$	0.21	$	0.11	$	0.23
Weighted average shares outstanding:
Basic	695,188		702,382		697,117		651,642
Diluted	695,194		703,268		697,146		652,113

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Healthpeak Properties, Inc.

Funds From Operations

In thousands, except per share data

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
Net income (loss) applicable to common shares	$	31,558	$	145,833	$	73,922	$	152,309
Real estate related depreciation and amortization	265,916		283,498		534,462		502,717
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	12,530		11,621		24,730		20,393
Noncontrolling interests’ share of real estate related depreciation and amortization	(4,426)		(4,732)		(8,879)		(9,174)
Loss (gain) on sales of depreciable real estate, net	(1,636)		(122,044)		(1,636)		(125,299)
Loss (gain) upon change of control, net(1)	—		(198)		—		(77,978)
Taxes associated with real estate dispositions(2)	(335)		49		(335)		11,657
Nareit FFO applicable to common shares	303,607		314,027		622,264		474,625
Distributions on dilutive convertible units and other	4,560		4,583		9,183		5,281
Diluted Nareit FFO applicable to common shares	$	308,167	$	318,610	$	631,447	$	479,906
Diluted Nareit FFO per common share	$	0.43	$	0.44	$	0.89	$	0.72
Weighted average shares outstanding - Diluted Nareit FFO	709,839		717,797		711,828		661,999
Impact of adjustments to Nareit FFO:
Transaction and merger-related items(3)	$	10,215	$	3,369	$	15,749	$	106,198
Other impairments (recoveries) and other losses (gains), net(4)	3,499		(553)		179		11,300
Casualty-related charges (recoveries), net(5)	3,919		(1,204)		8,145		(1,204)
Total adjustments	17,633		1,612		24,073		116,294
FFO as Adjusted applicable to common shares	321,240		315,639		646,337		590,919
Distributions on dilutive convertible units and other	4,545		4,581		9,161		6,960
Diluted FFO as Adjusted applicable to common shares	$	325,785	$	320,220	$	655,498	$	597,879
Diluted FFO as Adjusted per common share	$	0.46	$	0.45	$	0.92	$	0.90
Weighted average shares outstanding - Diluted FFO as Adjusted	709,839		717,797		711,828		664,325

_______________________________________

(1)The six months ended June 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 six months ended June 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 six months ended June 30, 2025 and 2024 includes 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 three and six months ended June 30, 2025 also includes $6 million of costs incurred related to investments we are no longer pursuing. For the three and six months ended June 30, 2024, these costs were partially offset by termination fee income of $4 million and $9 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.

(4)The three and six months ended June 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.

(5)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 8

Healthpeak Properties, Inc.

Adjusted Funds From Operations

In thousands, except per share data

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
FFO as Adjusted applicable to common shares	$	321,240	$	315,639	$	646,337	$	590,919
Stock-based compensation amortization expense	1,738		4,814		6,365		8,180
Amortization of deferred financing costs and debt discounts (premiums)	7,875		7,317		15,727		11,840
Straight-line rents	(5,401)		(10,453)		(16,554)		(22,545)
AFFO capital expenditures	(25,729)		(35,718)		(48,864)		(53,235)
CCRC entrance fees(1)	19,042		12,117		23,739		19,502
Deferred income taxes	2,597		1,021		5,168		1,745
Amortization of above (below) market lease intangibles, net	(10,085)		(8,086)		(20,296)		(15,437)
Other AFFO adjustments	(1,069)		(2,169)		381		(3,667)
AFFO applicable to common shares	310,208		284,482		612,003		537,302
Distributions on dilutive convertible units and other	4,560		4,582		9,182		6,799
Diluted AFFO applicable to common shares(1)	$	314,768	$	289,064	$	621,185	$	544,101
Diluted AFFO per common share(1)	$	0.44	$	0.40	$	0.87	$	0.82
Weighted average shares outstanding - Diluted AFFO	709,839		717,797		711,828		663,975

_______________________________________

(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 June 30, 2025 and 2024, diluted AFFO applicable to common shares was $295.7 million and $276.9 million, respectively, and diluted AFFO per common share was $0.42 and $0.39, respectively. Utilizing the prior definition for the six months ended June 30, 2025 and 2024, diluted AFFO applicable to common shares was $597.4 million and $524.6 million, respectively, and diluted AFFO per common share was $0.84 and $0.79, respectively.

Page 9

ex99206302025

Document

Exhibit 99.3

Discussion and

Reconciliation of Non-

GAAP Financial Measures

June 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.

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, 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

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

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

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.

Reconciliations
Funds From Operations
---

In thousands, except per share data

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
Net income (loss) applicable to common shares	$	31,558	$	145,833	$	73,922	$	152,309
Real estate related depreciation and amortization	265,916		283,498		534,462		502,717
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	12,530		11,621		24,730		20,393
Noncontrolling interests’ share of real estate related depreciation and amortization	(4,426)		(4,732)		(8,879)		(9,174)
Loss (gain) on sales of depreciable real estate, net	(1,636)		(122,044)		(1,636)		(125,299)
Loss (gain) upon change of control, net(1)	—		(198)		—		(77,978)
Taxes associated with real estate dispositions(2)	(335)		49		(335)		11,657
Nareit FFO applicable to common shares	303,607		314,027		622,264		474,625
Distributions on dilutive convertible units and other	4,560		4,583		9,183		5,281
Diluted Nareit FFO applicable to common shares	$	308,167	$	318,610	$	631,447	$	479,906
Weighted average shares outstanding - Diluted Nareit FFO	709,839		717,797		711,828		661,999
Impact of adjustments to Nareit FFO:
Transaction and merger-related items(3)	$	10,215	$	3,369	$	15,749	$	106,198
Other impairments (recoveries) and other losses (gains), net(4)	3,499		(553)		179		11,300
Casualty-related charges (recoveries), net(5)	3,919		(1,204)		8,145		(1,204)
Total adjustments	$	17,633	$	1,612	$	24,073	$	116,294
FFO as Adjusted applicable to common shares	$	321,240	$	315,639	$	646,337	$	590,919
Distributions on dilutive convertible units and other	4,545		4,581		9,161		6,960
Diluted FFO as Adjusted applicable to common shares	$	325,785	$	320,220	$	655,498	$	597,879
Weighted average shares outstanding - Diluted FFO as Adjusted	709,839		717,797		711,828		664,325
FFO as Adjusted applicable to common shares	$	321,240	$	315,639	$	646,337	$	590,919
Stock-based compensation amortization expense	1,738		4,814		6,365		8,180
Amortization of deferred financing costs and debt discounts (premiums)	7,875		7,317		15,727		11,840
Straight-line rents	(5,401)		(10,453)		(16,554)		(22,545)
AFFO capital expenditures	(25,729)		(35,718)		(48,864)		(53,235)
CCRC entrance fees(6)	19,042		12,117		23,739		19,502
Deferred income taxes	2,597		1,021		5,168		1,745
Amortization of above (below) market lease intangibles, net	(10,085)		(8,086)		(20,296)		(15,437)
Other AFFO adjustments	(1,069)		(2,169)		381		(3,667)
AFFO applicable to common shares	310,208		284,482		612,003		537,302
Distributions on dilutive convertible units and other	4,560		4,582		9,182		6,799
Diluted AFFO applicable to common shares(6)	$	314,768	$	289,064	$	621,185	$	544,101
Weighted average shares outstanding - Diluted AFFO	709,839		717,797		711,828		663,975
Reconciliations
---
Funds From Operations
---

In thousands, except per share data

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
Diluted earnings per common share	$	0.05	$	0.21	$	0.11	$	0.23
Depreciation and amortization	0.38		0.40		0.77		0.78
Loss (gain) on sales of depreciable real estate, net	0.00		(0.17)		0.00		(0.19)
Loss (gain) upon change of control, net(1)	—		0.00		0.00		(0.12)
Taxes associated with real estate dispositions(2)	0.00		0.00		0.01		0.02
Diluted Nareit FFO per common share	$	0.43	$	0.44	$	0.89	$	0.72
Transaction and merger-related items(3)	0.01		0.01		0.02		0.16
Other impairments (recoveries) and other losses (gains), net(4)	0.01		0.00		0.00		0.02
Casualty-related charges (recoveries), net(5)	0.01		0.00		0.01		0.00
Diluted FFO as Adjusted per common share	$	0.46	$	0.45	$	0.92	$	0.90
Stock-based compensation amortization expense	0.00		0.01		0.01		0.01
Amortization of deferred financing costs and debt discounts (premiums)	0.01		0.01		0.02		0.02
Straight-line rents	(0.01)		(0.02)		(0.02)		(0.03)
AFFO capital expenditures	(0.04)		(0.05)		(0.07)		(0.08)
CCRC entrance fees(6)	0.03		0.01		0.03		0.03
Deferred income taxes	0.00		0.00		0.01		0.00
Amortization of above (below) market lease intangibles, net	(0.01)		(0.01)		(0.03)		(0.02)
Other AFFO adjustments	0.00		0.00		0.00		(0.01)
Diluted AFFO per common share(6)	$	0.44	$	0.40	$	0.87	$	0.82

______________________________________

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

(6)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 June 30, 2025 and 2024, diluted AFFO applicable to common shares was $295.7 million and $276.9 million, respectively, and diluted AFFO per common share was $0.42 and $0.39, respectively. Utilizing the prior definition for the six months ended June 30, 2025 and 2024, diluted AFFO applicable to common shares was $597.4 million and $524.6 million, respectively, and diluted AFFO per common share was $0.84 and $0.79, respectively.

| Reconciliations | | --- || 2025 Guidance(1) | | --- |

Per share data

	2025 Guidance Ranges
	Low		High
Diluted earnings per common share	$	0.25	$	0.31
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	(0.02)		(0.02)
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 July 24, 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 July 24, 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.

| Reconciliations | | --- || 2025 Guidance(1) | | --- |

In millions

For the projected year 2025 (low)

	Total Portfolio
Net Income	$	208
Real estate related depreciation and amortization	1,049
Loss (gain) on sales of depreciable real estate, net	(13)
Other income, costs, and expense adjustments for Cash (Adjusted) NOI	301
Cash (Adjusted) NOI	$	1,545
Merger-Combined non-SS Adjusted NOI	(138)
Total Merger-Combined Same-Store Cash (Adjusted) NOI(2)	$	1,407

For the projected year 2025 (high)

	Total Portfolio
Net Income	$	244
Real estate related depreciation and amortization	1,049
Loss (gain) on sales of depreciable real estate, net	(13)
Other income, costs, and expense adjustments for Cash (Adjusted) NOI	279
Cash (Adjusted) NOI	$	1,558
Merger-Combined non-SS Adjusted NOI	(138)
Total Merger-Combined Same-Store Cash (Adjusted) NOI(2)	$	1,420

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	(185)
Total Merger-Combined Same-Store Cash (Adjusted) NOI(2)	$	1,366

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.

| Reconciliations | | --- || Enterprise Gross Assets | | --- |

In thousands

	June 30, 2025
Consolidated total assets(1)	$	19,810,267
Investments in and advances to unconsolidated joint ventures	(963,379)
Accumulated depreciation and amortization of real estate	4,349,056
Accumulated amortization of real estate intangibles	717,401
Accumulated depreciation and amortization of real estate assets held for sale	33,558
Consolidated Gross Assets	$	23,946,903
Healthpeak's share of unconsolidated joint venture gross assets	1,423,499
Enterprise Gross Assets	$	25,370,402

______________________________________

(1)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of June 30, 2025 presented on page 8 within the Earnings Release and Supplemental Report for the quarter ended June 30, 2025.

Portfolio Investment

In thousands

	June 30, 2025
	Outpatient<br>Medical		Lab		CCRC		Other		Total
Net real estate	$	7,019,796	$	7,184,400	$	1,615,858	$	—	$	15,820,054
Real estate assets held for sale, net	13,268		32,300		—		—		45,568
Intangible assets, net	583,706		44,243		49,152		—		677,101
Accumulated depreciation and amortization of real estate	2,177,683		1,697,834		473,539		—		4,349,056
Accumulated amortization of real estate intangibles assets	352,408		77,467		287,526		—		717,401
Accumulated depreciation and amortization of real estate assets held for sale	8,792		24,766		—		—		33,558
Healthpeak's share of unconsolidated joint venture gross real estate assets	237,743		590,880		—		484,804		1,313,427
Fully depreciated and amortized real estate and intangibles assets	887,747		640,927		26,361		—		1,555,035
Leasing commissions and other	184,996		116,782		—		—		301,778
Debt investments	—		—		—		715,553		715,553
Real estate intangible liabilities, gross	(241,566)		(190,923)		—		—		(432,489)
Noncontrolling interests' share of consolidated joint venture real estate and related intangibles	(429,530)		—		—		—		(429,530)
Portfolio Investment	$	10,795,043	$	10,218,676	$	2,452,436	$	1,200,357	$	24,666,512
Reconciliations
---		Revenues
---

In thousands

	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31, <br>2024		March 31, <br>2025		June 30, <br>2025
Outpatient Medical	$	332,515	$	317,659	$	317,298	$	320,548	$	320,482
Lab	214,266		225,592		217,833		217,593		209,205
CCRC	140,891		142,845		145,963		148,927		148,855
Other	6,878		13,126		15,199		14,332		14,288
Corporate Non-segment	954		1,175		1,695		1,489		1,518
Total revenues	$	695,504	$	700,397	$	697,988	$	702,889	$	694,348
Outpatient Medical	—		—		—		—		—
Lab	—		—		—		—		—
CCRC	—		—		—		—		—
Other	(6,878)		(13,126)		(15,199)		(14,332)		(14,288)
Corporate Non-segment	(954)		(1,175)		(1,695)		(1,489)		(1,518)
Less: Interest income and other	$	(7,832)	$	(14,301)	$	(16,894)	$	(15,821)	$	(15,806)
Outpatient Medical	6,903		7,065		7,334		7,259		7,183
Lab	4,301		5,242		5,329		2,800		7,358
CCRC	—		—		—		—		—
Other	21,378		21,886		21,845		22,459		22,460
Corporate Non-segment	—		—		—		—		—
Healthpeak's share of unconsolidated joint venture real estate revenues	$	32,582	$	34,193	$	34,508	$	32,518	$	37,001
Outpatient Medical	(9,341)		(9,734)		(9,692)		(9,973)		(10,020)
Lab	(33)		—		—		—		—
CCRC	—		—		—		—		—
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—
Noncontrolling interests' share of consolidated joint venture real estate revenues	$	(9,374)	$	(9,734)	$	(9,692)	$	(9,973)	$	(10,020)
Outpatient Medical	(12,101)		(12,761)		(13,181)		(13,426)		(12,470)
Lab	(12,988)		(16,647)		(12,550)		(14,557)		(12,202)
CCRC	(1)		—		—		—		—
Other	(18)		(71)		(94)		(7)		67
Corporate Non-segment	—		—		—		—		—
Non-cash adjustments to real estate revenues	$	(25,108)	$	(29,479)	$	(25,825)	$	(27,990)	$	(24,605)
Outpatient Medical	317,976		302,229		301,759		304,408		305,175
Lab	205,546		214,187		210,612		205,836		204,362
CCRC	140,890		142,845		145,963		148,927		148,855
Other	21,360		21,815		21,751		22,452		22,527
Corporate Non-segment	—		—		—		—		—
Portfolio Cash Real Estate Revenues(1)	$	685,772	$	681,076	$	680,085	$	681,623	$	680,919

Continued

| Reconciliations | | --- || Revenues | | --- |

In thousands

	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31, <br>2024		March 31, <br>2025		June 30, <br>2025
Outpatient Medical	$	(32,238)	$	(13,365)	$	(10,385)	$	(9,733)	$	(11,185)
Lab	(39,095)		(40,952)		(38,913)		(34,000)		(34,542)
CCRC	—		1		—		—		—
Other	(21,360)		(21,815)		(21,751)		(22,452)		(22,527)
Corporate Non-segment	—		—		—		—		—
Merger-Combined non-SS Cash Real Estate Revenues	$	(92,693)	$	(76,131)	$	(71,049)	$	(66,185)	$	(98,047)
Outpatient Medical	285,738		288,864		291,374		294,675		293,990
Lab	166,451		173,235		171,699		171,836		169,820
CCRC	140,890		142,846		145,963		148,927		148,855
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—
Merger-Combined SS Cash Real Estate Revenues(3)	$	593,079	$	604,945	$	609,036	$	615,438	$	612,665
Reconciliations
---		Operating Expenses
---

In thousands

	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31, <br>2024		March 31, <br>2025		June 30, <br>2025
Outpatient Medical	$	111,702	$	106,484	$	106,539	$	105,226	$	105,331
Lab	56,656		64,075		62,049		57,658		59,401
CCRC	105,469		109,720		108,438		110,259		111,449
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—
Operating expenses	$	273,827	$	280,279	$	277,026	$	273,143	$	276,181
Outpatient Medical	2,464		2,832		2,655		2,994		2,695
Lab	1,528		1,811		1,703		1,666		1,898
CCRC	—		—		—		—		—
Other	15,790		16,226		16,224		16,324		16,440
Corporate Non-segment	—		—		—		—		—
Healthpeak's share of unconsolidated joint venture operating expenses	$	19,782	$	20,869	$	20,582	$	20,984	$	21,033
Outpatient Medical	(2,609)		(2,851)		(2,692)		(2,778)		(2,801)
Lab	(9)		—		—		—		—
CCRC	—		—		—		—		—
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—
Noncontrolling interests' share of consolidated joint venture operating expenses	$	(2,618)	$	(2,851)	$	(2,692)	$	(2,778)	$	(2,801)
Outpatient Medical	(1,671)		(1,741)		(1,791)		(1,344)		(1,657)
Lab	301		253		275		279		286
CCRC	1,738		(95)		1,479		—		843
Other	(244)		3		(88)		(11)		104
Corporate Non-segment	—		—		—		—		—
Non-cash adjustments to operating expenses	$	124	$	(1,580)	$	(125)	$	(1,076)	$	(424)
Outpatient Medical	109,886		104,724		104,711		104,097		103,568
Lab	58,476		66,139		64,027		59,603		61,586
CCRC	107,207		109,625		109,917		110,260		112,292
Other	15,546		16,229		16,136		16,313		16,544
Corporate Non-segment	—		—		—		—		—
Portfolio Cash Operating Expenses(2)	$	291,115	$	296,717	$	294,791	$	290,273	$	293,990

Continued

| Reconciliations | | --- || Operating Expenses | | --- |

In thousands

	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31, <br>2024		March 31, <br>2025		June 30, <br>2025
Outpatient Medical	$	(12,931)	$	(7,296)	$	(4,917)	$	(5,545)	$	(5,777)
Lab	(12,214)		(13,869)		(14,733)		(12,575)		(13,756)
CCRC	(356)		(556)		(546)		(395)		(395)
Other	(15,546)		(16,229)		(16,136)		(16,313)		(16,544)
Corporate Non-segment	—		—		—		—		—
Merger-Combined non-SS Cash Operating Expenses	$	(41,047)	$	(37,950)	$	(36,332)	$	(34,828)	$	(36,472)
Outpatient Medical	96,955		97,428		99,794		98,552		97,791
Lab	46,262		52,270		49,294		47,028		47,830
CCRC	106,851		109,069		109,371		109,865		111,897
Other	—		—		—		—		—
Corporate Non-segment	—		—		—		—		—
Merger-Combined SS Cash Operating Expenses(3)	$	250,068	$	258,767	$	258,459	$	255,445	$	257,518
Reconciliations
---		Revenue	Operating Expenses
---	---

In thousands

Six Months Ended<br>June 30, 2025			Six Months Ended<br>June 30, 2025
Outpatient Medical	$	641,030	Outpatient Medical	$	210,557
Lab	426,798		Lab	117,059
CCRC	297,782		CCRC	221,708
Other	28,620		Other	—
Corporate Non-segment	3,007		Corporate Non-segment	—
Total revenues	$	1,397,237	Operating expenses	$	549,324
Outpatient Medical	—		Outpatient Medical	5,689
Lab	—		Lab	3,564
CCRC	—		CCRC	—
Other	(28,620)		Other	32,765
Corporate Non-segment	(3,007)		Corporate Non-segment	—
Less: Interest income and other	$	(31,627)	Healthpeak's share of unconsolidated joint venture operating expenses	$	42,018
Outpatient Medical	14,442		Outpatient Medical	(5,580)
Lab	10,158		Lab	—
CCRC	—		CCRC	—
Other	44,920		Other	—
Corporate Non-segment	—		Corporate Non-segment	—
Healthpeak's share of unconsolidated joint venture real estate revenues	$	69,520	Noncontrolling interests' share of consolidated joint venture operating expenses	$	(5,580)
Outpatient Medical	(19,993)		Outpatient Medical	(3,001)
Lab	—		Lab	565
CCRC	—		CCRC	843
Other	—		Other	93
Corporate Non-segment	—		Corporate Non-segment	—
Noncontrolling interests' share of consolidated joint venture real estate revenues	$	(19,993)	Non-cash adjustments to operating expenses	$	(1,500)
Outpatient Medical	(25,896)		Outpatient Medical	207,665
Lab	(26,759)		Lab	121,189
CCRC	—		CCRC	222,552
Other	60		Other	32,857
Corporate Non-segment	—		Corporate Non-segment	—
Non-cash adjustments to real estate revenues	$	(52,595)	Portfolio Cash Operating Expenses(2)	$	584,263

Continued

| Reconciliations | | --- || Revenue | Operating Expenses | | --- | --- |

In thousands

Six Months Ended<br>June 30, 2025			Six Months Ended<br>June 30, 2025
Outpatient Medical	$	609,583	Outpatient Medical	$	(11,322)
Lab	410,198		Lab	(26,331)
CCRC	297,782		CCRC	(791)
Other	44,979		Other	(32,857)
Corporate Non-segment	—		Corporate Non-segment	—
Portfolio Cash Real Estate Revenues(1)	$	1,362,542	Merger-Combined non-SS Cash Operating Expenses	$	(71,301)
Outpatient Medical	(20,919)		Outpatient Medical	196,343
Lab	(68,542)		Lab	94,858
CCRC	—		CCRC	221,761
Other	(44,979)		Other	—
Corporate Non-segment	—		Corporate Non-segment	—
Merger-Combined non-SS Cash Real Estate Revenues	$	(134,440)	Merger-Combined SS Cash Operating Expenses(3)	$	512,962
Outpatient Medical	588,664
Lab	341,656
CCRC	297,782
Other	—
Corporate Non-segment	—
Merger-Combined SS Cash Real Estate Revenues(3)	$	1,228,102
Reconciliations
---		Revenue	Operating Expenses
---	---

In thousands

Six Months Ended<br>June 30, 2024			Six Months Ended<br>June 30, 2024
Outpatient Medical	$	570,787	Outpatient Medical	$	192,970
Lab	438,027		Lab	113,496
CCRC	279,667		CCRC	211,090
Other	11,937		Other	—
Corporate Non-segment	1,646		Corporate Non-segment	—
Total revenues	$	1,302,064	Operating expenses	$	517,556
Outpatient Medical	—		Outpatient Medical	3,547
Lab	—		Lab	2,852
CCRC	—		CCRC	—
Other	(11,937)		Other	31,889
Corporate Non-segment	(1,646)		Corporate Non-segment	—
Less: Interest income and other	$	(13,583)	Healthpeak's share of unconsolidated joint venture operating expenses	$	38,288
Outpatient Medical	9,642		Outpatient Medical	(5,039)
Lab	9,162		Lab	(52)
CCRC	—		CCRC	—
Other	42,911		Other	—
Corporate Non-segment	—		Corporate Non-segment	—
Healthpeak's share of unconsolidated joint venture real estate revenues	$	61,715	Noncontrolling interests' share of consolidated joint venture operating expenses	$	(5,091)
Outpatient Medical	(18,217)		Outpatient Medical	(2,555)
Lab	(196)		Lab	609
CCRC	—		CCRC	1,739
Other	—		Other	(253)
Corporate Non-segment	—		Corporate Non-segment	—
Noncontrolling interests' share of consolidated joint venture real estate revenues	$	(18,413)	Non-cash adjustments to operating expenses	$	(460)
Outpatient Medical	(19,112)		Outpatient Medical	188,923
Lab	(34,115)		Lab	116,905
CCRC	—		CCRC	212,829
Other	(74)		Other	31,636
Corporate Non-segment	—		Corporate Non-segment	—
Non-cash adjustments to real estate revenues	$	(53,301)	Portfolio Cash Operating Expenses(2)	$	550,293

Continued

| Reconciliations | | --- || Revenue | Operating Expenses | | --- | --- |

In thousands

Six Months Ended<br>June 30, 2024			Six Months Ended<br>June 30, 2024
Outpatient Medical	$	543,100	Outpatient Medical	$	29,131
Lab	412,878		Life science	—
CCRC	279,667		CCRC	—
Other	42,837		Other	—
Corporate Non-segment	—		Corporate Non-Segment	—
Portfolio Cash Real Estate Revenues(1)	$	1,278,482	Pre-Merger legacy Physicians Realty Trust Cash Operating Expenses	$	29,131
Outpatient Medical	90,529		Outpatient Medical	(24,888)
Lab	—		Lab	(24,698)
CCRC	—		CCRC	(906)
Other	—		Other	(31,636)
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	$	(82,128)
Outpatient Medical	(64,932)		Outpatient Medical	193,166
Lab	(86,470)		Lab	92,207
CCRC	—		CCRC	211,923
Other	(42,837)		Other	—
Corporate Non-segment	—		Corporate Non-segment	—
Merger-Combined non-SS Cash Real Estate Revenues	$	(194,239)	Merger-Combined SS Cash Operating Expenses(3)	$	497,296
Outpatient Medical	568,697
Lab	326,408
CCRC	279,667
Other	—
Corporate Non-segment	—
Merger-Combined SS Cash Real Estate Revenues(3)	$	1,174,772

______________________________________

(1)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.

(2)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 fees expense.

(3)Merger-Combined Same-Store Cash Real Estate Revenues and Merger-Combined Same-Store Cash Operating Expenses 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.

| Reconciliations | | --- || Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | | --- |

In thousands

Total Portfolio	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Net income (loss)	$	152,716	$	92,738	$	10,672	$	50,064	$	39,019
Interest income and other	(7,832)		(14,301)		(16,894)		(15,821)		(15,806)
Interest expense	74,910		74,105		70,508		72,693		75,063
Depreciation and amortization	283,498		280,019		274,469		268,546		265,916
General and administrative	26,718		23,216		23,929		26,118		20,764
Transaction and merger-related costs	7,759		7,134		10,572		5,534		10,215
Impairments and loan loss reserves, net	(553)		441		11,632		(3,562)		3,499
(Gain) loss on sales of real estate, net	(122,044)		(62,325)		8,929		—		(1,636)
Other (income) expense, net	(4,004)		(982)		24,157		6,126		4,692
Income tax (benefit) expense	2,728		1,938		(14,014)		2,080		2,382
Equity (income) loss from unconsolidated joint ventures	(51)		3,834		108		2,147		(1,747)
Healthpeak's share of unconsolidated joint venture NOI	12,800		13,324		13,926		11,534		15,968
Noncontrolling interests' share of consolidated joint venture NOI	(6,756)		(6,883)		(7,000)		(7,195)		(7,219)
Adjustments to NOI(1)	(25,232)		(27,899)		(25,700)		(26,914)		(24,181)
Portfolio Adjusted NOI	$	394,657	$	384,359	$	385,294	$	391,350	$	386,929
Merger-Combined non-SS Adjusted NOI	(51,646)		(38,181)		(34,717)		(31,357)		(31,782)
Merger-Combined SS Adjusted NOI(2)	$	343,011	$	346,178	$	350,577	$	359,993	$	355,147
Outpatient Medical	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Net income (loss)	$	108,586	$	94,960	$	32,066	$	51,216	$	54,395
Interest expense	4,070		4,268		3,686		3,573		3,476
Depreciation and amortization	173,408		168,120		162,592		157,131		156,714
Transaction and merger-related costs	41		889		1,137		248		12
Impairments and loan loss reserves, net	—		—		13,118		—		—
(Gain) loss on sales of real estate, net	(66,831)		(62,325)		(5,832)		—		(2,932)
Other (income) expense, net	(1,383)		78		1,122		(49)		652
Equity (income) loss from unconsolidated joint ventures	2,922		5,185		2,870		3,204		2,834
Healthpeak's share of unconsolidated joint venture NOI	4,439		4,233		4,679		4,265		4,488
Noncontrolling interests' share of consolidated joint venture NOI	(6,732)		(6,883)		(7,000)		(7,195)		(7,219)
Adjustments to NOI(1)	(10,430)		(11,020)		(11,390)		(12,082)		(10,813)
Portfolio Adjusted NOI	$	208,090	$	197,505	$	197,048	$	200,311	$	201,607
Merger-Combined non-SS Adjusted NOI	(19,307)		(6,069)		(5,468)		(4,188)		(5,408)
Merger-Combined SS Adjusted NOI(2)	$	188,783	$	191,436	$	191,580	$	196,123	$	196,199

Continued

| Reconciliations | | --- || Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | | --- |

In thousands

Lab	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Net income (loss)	$	138,830	$	85,240	$	83,305	$	80,403	$	74,328
Depreciation and amortization	75,947		77,625		77,127		78,616		78,010
Transaction and merger-related costs	478		4		12		337		295
(Gain) loss on sales of real estate, net	(55,213)		—		(298)		—		—
Other (income) expense, net	(185)		402		(2,496)		(13)		(20)
Equity (income) loss from unconsolidated joint ventures	(2,247)		(1,754)		(1,866)		592		(2,809)
Healthpeak's share of unconsolidated joint venture NOI	2,773		3,431		3,626		1,134		5,460
Noncontrolling interests' share of consolidated joint venture NOI	(24)		—		—		—		—
Adjustments to NOI(1)	(13,289)		(16,900)		(12,825)		(14,836)		(12,488)
Portfolio Adjusted NOI	$	147,070	$	148,048	$	146,585	$	146,233	$	142,776
Merger-Combined non-SS Adjusted NOI	(26,881)		(27,083)		(24,180)		(21,425)		(20,786)
Merger-Combined SS Adjusted NOI(2)	$	120,189	$	120,965	$	122,405	$	124,808	$	121,990
CCRC	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Net income (loss)	$	(160)	$	(2,827)	$	(25,978)	$	(1,679)	$	303
Interest expense	984		984		978		948		949
Depreciation and amortization	34,143		34,274		34,750		32,799		31,192
Transaction and merger-related costs	(24)		—		11		14		215
Other (income) expense, net	479		694		27,764		6,585		4,747
Adjustments to NOI(1)	(1,739)		95		(1,479)		—		(843)
Portfolio Adjusted NOI	$	33,683	$	33,220	$	36,046	$	38,667	$	36,563
Merger-Combined non-SS Adjusted NOI	356		557		546		395		395
Merger-Combined SS Adjusted NOI(2)	$	34,039	$	33,777	$	36,592	$	39,062	$	36,958
Other	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Net income (loss)	$	8,195	$	12,282	$	2,522	$	19,004	$	10,907
Interest income and other	(6,878)		(13,126)		(15,199)		(14,332)		(14,288)
Transaction and merger-related costs	—		—		—		433		393
Impairments and loan loss reserves, net	(553)		441		(1,486)		(3,562)		3,499
(Gain) loss on sales of real estate, net	—		—		15,059		—		1,296
Other (income) expense, net	(38)		—		—		106		(35)
Equity (income) loss from unconsolidated joint ventures	(726)		403		(896)		(1,649)		(1,772)
Healthpeak's share of unconsolidated joint venture NOI	5,588		5,660		5,621		6,135		6,020
Adjustments to NOI(1)	226		(74)		(6)		4		(37)
Portfolio Adjusted NOI	$	5,814	$	5,586	$	5,615	$	6,139	$	5,983
Merger-Combined non-SS Adjusted NOI	(5,814)		(5,586)		(5,615)		(6,139)		(5,983)
Merger-Combined SS Adjusted NOI(2)	$	—	$	—	$	—	$	—	$	—

Continued

| Reconciliations | | --- || Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | | --- |

In thousands

Corporate Non-Segment	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Net income (loss)	$	(102,735)	$	(96,917)	$	(81,243)	$	(98,880)	$	(100,914)
Interest income and other	(954)		(1,175)		(1,695)		(1,489)		(1,518)
Interest expense	69,856		68,853		65,844		68,172		70,638
General and administrative	26,718		23,216		23,929		26,118		20,764
Transaction and merger-related costs	7,264		6,241		9,412		4,502		9,300
Other (income) expense, net	(2,877)		(2,156)		(2,233)		(503)		(652)
Income tax (benefit) expense	2,728		1,938		(14,014)		2,080		2,382
Adjustments to NOI(1)	—		—		—		—		—
Portfolio Adjusted NOI	$	—	$	—	$	—	$	—	$	—
Merger-Combined non-SS Adjusted NOI	—		—		—		—		—
Merger-Combined SS Adjusted NOI(2)	$	—	$	—	$	—	$	—	$	—
Reconciliations
---		Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS
---

In thousands

For the six months ended June 30, 2025

	Outpatient <br>Medical		Lab		CCRC		Other Non-<br>reportable		Corporate <br>Non-segment		Total
Net income (loss)	$	105,610	$	154,731	$	(1,375)	$	29,911	$	(199,794)	$	89,083
Interest income and other	—		—		—		(28,620)		(3,007)		(31,627)
Interest expense	7,049		—		1,897		—		138,810		147,756
Depreciation and amortization	313,845		156,626		63,991		—		—		534,462
General and administrative	—		—		—		—		46,882		46,882
Transaction and merger-related costs	260		632		229		826		13,802		15,749
Impairments and loan loss reserves, net	—		—		—		(63)		—		(63)
(Gain) loss on sales of real estate, net	(2,932)		—		—		1,296		—		(1,636)
Other (income) expense, net	603		(33)		11,332		71		(1,155)		10,818
Income tax (benefit) expense	—		—		—		—		4,462		4,462
Equity (income) loss from unconsolidated joint ventures	6,038		(2,217)		—		(3,421)		—		400
Healthpeak's share of unconsolidated joint venture NOI	8,753		6,594		—		12,155		—		27,502
Noncontrolling interests' share of consolidated joint venture NOI	(14,413)		—		—		—		—		(14,413)
Adjustments to NOI(1)	(22,895)		(27,325)		(843)		(33)		—		(51,096)
Portfolio Adjusted NOI	$	401,918	$	289,008	$	75,231	$	12,122	$	—	$	778,279
Merger-Combined non-SS Adjusted NOI	(9,596)		(42,210)		790		(12,122)		—		(63,138)
Merger-Combined SS Adjusted NOI(2)	$	392,322	$	246,798	$	76,021	$	—	$	—	$	715,141
Reconciliations
---		Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS
---

In thousands

For the six months ended June 30, 2024

	Outpatient <br>Medical		Lab		CCRC		Other Non-<br>reportable		Corporate <br>Non-segment		Total
Net income (loss)	$	138,697	$	308,630	$	(2,332)	$	2,470	$	(283,572)	$	163,893
Interest income and other	—		—		—		(11,937)		(1,646)		(13,583)
Interest expense	26,775		—		1,979		—		107,063		135,817
Depreciation and amortization	279,699		154,855		68,163		—		—		502,717
General and administrative	—		—		—		—		50,017		50,017
Transaction and merger-related costs	154		486		49		—		114,290		114,979
Impairments and loan loss reserves, net	—		—		—		10,905		—		10,905
(Gain) loss on sales of real estate, net	(70,086)		(55,213)		—		—		—		(125,299)
Other (income) expense, net	(1,454)		(79,168)		718		(38)		(2,578)		(82,520)
Income tax (benefit) expense	—		—		—		—		16,426		16,426
Equity (income) loss from unconsolidated joint ventures	4,032		(5,059)		—		(1,400)		—		(2,427)
Healthpeak's share of unconsolidated joint venture NOI	6,095		6,310		—		11,022		—		23,427
Noncontrolling interests' share of consolidated joint venture NOI	(13,178)		(144)		—		—		—		(13,322)
Adjustments to NOI(1)	(16,556)		(34,724)		(1,739)		179		—		(52,840)
Portfolio Adjusted NOI	$	354,178	$	295,973	$	66,838	$	11,201	$	—	$	728,190
Pre-Merger legacy Physicians Realty Trust Adjusted NOI	61,398		—		—		—		—		61,398
Merger-Combined non-SS Adjusted NOI	(40,045)		(61,772)		906		(11,201)		—		(112,112)
Merger-Combined SS Adjusted NOI(2)	$	375,531	$	234,201	$	67,744	$	—	$	—	$	677,476

______________________________________

(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.

(2)Merger-Combined Same-Store 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.

| Reconciliations | | --- || Property Count Reconciliations | | --- || As of June 30, 2025 | | | | | | | --- | --- | --- | --- | --- | --- | | | Property Count Reconciliation | | | | | | | Outpatient <br>Medical | Lab | CCRC | Other | Total | | Prior Quarter Total Property Count | 527 | 139 | 15 | 19 | 700 | | New Developments | 2 | — | — | — | 2 | | Current Quarter Total Property Count | 529 | 139 | 15 | 19 | 702 | | Recent acquisitions | (3) | — | — | — | (3) | | Assets in Development | (6) | (4) | — | — | (10) | | Recently completed Developments | (4) | — | — | — | (4) | | Assets in Redevelopment | (1) | (22) | — | — | (23) | | Recently completed Redevelopments | — | (6) | — | — | (6) | | Assets held for sale | (2) | (2) | — | — | (4) | | Segment exclusions | — | — | — | (19) | (19) | | Significant tenant relocation | — | (1) | — | — | (1) | | Three-Month SS Property Count | 513 | 104 | 15 | — | 632 | | Six-Month SS Property Count | 513 | 104 | 15 | — | 632 | | | Sequential SS | | | | | | --- | --- | --- | --- | --- | --- | | | Outpatient <br>Medical | Lab | CCRC | Other | Total | | Prior Quarter Three-Month SS Property Count | 514 | 106 | 15 | — | 635 | | Assets held for sale | (1) | (2) | — | — | (3) | | Current Quarter Three-Month SS Property Count | 513 | 104 | 15 | — | 632 | | Reconciliations | | --- | | Common Stock and Equivalents | | --- |

In thousands

		Weighted Average Shares				Weighted Average Shares
		Three Months Ended<br>June 30, 2025				Six Months Ended<br>June 30, 2025
	Shares Outstanding <br>June 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	694,916	695,188	695,188	695,188	695,188	697,117	697,117	697,117	697,117
Common stock equivalent securities(1):
Restricted stock units	583	6	6	6	6	29	29	29	29
OP units	4,282	—	1,225	1,225	1,225	—	1,225	1,225	1,225
Convertible partnership units	13,392	—	13,420	13,420	13,420	—	13,457	13,457	13,457
Total common stock and equivalents	713,173	695,194	709,839	709,839	709,839	697,146	711,828	711,828	711,828

______________________________________

(1)The weighted average shares for the three and six months ended June 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.

| Reconciliations | | --- || Net Income to Adjusted EBITDAre | | --- |

In thousands

	Three Months Ended<br>June 30, 2025
Net income (loss)	$	39,019
Interest expense	75,063
Income tax expense (benefit)	2,382
Depreciation and amortization	265,916
Other depreciation and amortization	631
Loss (gain) on sales of real estate	(1,636)
Share of unconsolidated JV:
Interest expense	3,764
Income tax expense (benefit)	253
Depreciation and amortization	12,530
EBITDAre	$	397,922
Transaction and merger-related items	10,215
Other impairments (recoveries) and other losses (gains)	3,499
Casualty-related charges (recoveries)	5,059
CCRC entrance fees	19,042
Stock-based compensation amortization expense	1,738
Impact of transactions closed during the period(1)	468
Adjusted EBITDAre	$	437,943
Impact of transactions closed during the period(1)	(468)
Fixed Charge Coverage Adjusted EBITDAre(2)	$	437,475
Adjusted Fixed Charge Coverage
---

In thousands

	Three Months Ended<br>June 30, 2025
Interest expense, including unconsolidated JV interest expense at share	$	78,827
Capitalized interest, including unconsolidated JV capitalized interest at share	21,667
Fixed Charges	$	100,494
Adjusted Fixed Charge Coverage(2)	4.4x

______________________________________

(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.

| Reconciliations | | --- || Enterprise Debt and Net Debt | | --- |

In thousands

	June 30, 2025
Bank line of credit and commercial paper	$	775,000
Term loans	1,646,605
Senior unsecured notes	6,268,532
Mortgage debt	351,116
Consolidated Debt	$	9,041,253
Share of unconsolidated JV mortgage debt	199,851
Enterprise Debt	$	9,241,104
Cash and cash equivalents	(89,436)
Share of unconsolidated JV cash and cash equivalents	(23,742)
Restricted cash	(73,843)
Share of unconsolidated JV restricted cash	(4,164)
Net Debt	$	9,049,919	Financial Leverage
---

In thousands

	June 30, 2025
Enterprise Debt	$	9,241,104
Enterprise Gross Assets	25,370,402
Financial Leverage	36.4%		Secured Debt Ratio
---

In thousands

	June 30, 2025
Mortgage debt	$	351,116
Share of unconsolidated JV mortgage debt	199,851
Enterprise Secured Debt	$	550,967
Enterprise Gross Assets	$	25,370,402
Secured Debt Ratio	2.2%		Net Debt to Adjusted EBITDAre
---

In thousands

	Three Months Ended<br>June 30, 2025
Net Debt	$	9,049,919
Annualized Adjusted EBITDAre(1)	1,751,772
Net Debt to Adjusted EBITDAre	5.2x

______________________________________

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

| Reconciliations | | --- || Healthpeak's Share of Unconsolidated Joint Venture NOI | | --- |

In thousands

Total Portfolio	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Equity income (loss) from unconsolidated joint ventures	$	51	$	(3,834)	$	(108)	$	(2,147)	$	1,747
Depreciation and amortization	11,621		12,127		12,441		12,200		12,530
General and administrative	79		353		348		350		352
Other (income) expense, net	883		4,670		1,039		861		1,089
Income tax (benefit) expense	166		8		206		270		250
Healthpeak's share of unconsolidated joint venture NOI	$	12,800	$	13,324	$	13,926	$	11,534	$	15,968
Outpatient Medical	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Equity income (loss) from unconsolidated joint ventures	$	(2,922)	$	(5,185)	$	(2,870)	$	(3,204)	$	(2,834)
Depreciation and amortization	4,270		4,253		4,388		4,128		4,039
General and administrative	133		91		95		159		97
Other (income) expense, net	2,965		5,082		3,074		3,193		3,178
Income tax (benefit) expense	(7)		(8)		(8)		(11)		8
Healthpeak's share of unconsolidated joint venture NOI	$	4,439	$	4,233	$	4,679	$	4,265	$	4,488
Lab	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Equity income (loss) from unconsolidated joint ventures	$	2,247	$	1,754	$	1,865	$	(592)	$	2,809
Depreciation and amortization	2,693		3,194		3,380		3,346		3,714
General and administrative	(53)		242		258		151		249
Other (income) expense, net	(2,114)		(1,759)		(1,877)		(1,771)		(1,312)
Healthpeak's share of unconsolidated joint venture NOI	$	2,773	$	3,431	$	3,626	$	1,134	$	5,460
Other	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Equity income (loss) from unconsolidated joint ventures	$	726	$	(403)	$	897	$	1,649	$	1,772
Depreciation and amortization	4,658		4,680		4,673		4,726		4,777
General and administrative	(1)		20		(5)		40		6
Other (income) expense, net	32		1,347		(158)		(561)		(777)
Income tax (benefit) expense	173		16		214		281		242
Healthpeak's share of unconsolidated joint venture NOI	$	5,588	$	5,660	$	5,621	$	6,135	$	6,020
Reconciliations
---		Healthpeak's Share of Unconsolidated Joint Venture NOI
---

In thousands

For the six months ended June 30, 2025

	Outpatient<br>Medical		Lab		Other		Total
Equity income (loss) from unconsolidated joint ventures	$	(6,038)	$	2,217	$	3,421	$	(400)
Depreciation and amortization	8,167		7,060		9,503		24,730
General and administrative	256		400		46		702
Other (income) expense, net	6,371		(3,083)		(1,338)		1,950
Income tax (benefit) expense	(3)		—		523		520
Healthpeak's share of unconsolidated joint venture NOI	$	8,753	$	6,594	$	12,155	$	27,502

For the six months ended June 30, 2024

	Outpatient<br>Medical		Lab		Other		Total
Equity income (loss) from unconsolidated joint ventures	$	(4,032)	$	5,058	$	1,401	$	2,427
Depreciation and amortization	5,885		5,266		9,242		20,393
General and administrative	177		164		75		416
Other (income) expense, net	4,064		(4,178)		(8)		(122)
Income tax (benefit) expense	1		—		312		313
Healthpeak's share of unconsolidated joint venture NOI	$	6,095	$	6,310	$	11,022	$	23,427
Reconciliations
---		Noncontrolling Interests' Share of Consolidated Joint Venture NOI
---

In thousands

Total Portfolio	Three Months Ended
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	6,669	$	6,866	$	6,125	$	7,236	$	7,346
Depreciation and amortization	4,614		4,415		4,520		4,353		4,350
Other (income) expense, net	84		207		923		422		264
Dividends attributable to noncontrolling interest	(4,611)		(4,605)		(4,568)		(4,816)		(4,741)
Noncontrolling interests' share of consolidated joint venture NOI	$	6,756	$	6,883	$	7,000	$	7,195	$	7,219	Outpatient Medical	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	5,398	$	5,661	$	4,890	$	5,792	$	5,894
Depreciation and amortization	4,603		4,415		4,520		4,353		4,350
Other (income) expense, net	107		177		923		422		324
Dividends attributable to noncontrolling interest	(3,376)		(3,370)		(3,333)		(3,372)		(3,349)
Noncontrolling interests' share of consolidated joint venture NOI	$	6,732	$	6,883	$	7,000	$	7,195	$	7,219
Lab	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	949	$	883	$	913	$	898	$	928
Depreciation and amortization	11		—		—		—		—
Other (income) expense, net	(23)		30		—		—		—
Dividends attributable to noncontrolling interest	(913)		(913)		(913)		(898)		(928)
Noncontrolling interests' share of consolidated joint venture NOI	$	24	$	—	$	—	$	—	$	—
Corporate Non-segment	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Income (loss) from continuing operations attributable to noncontrolling interest	$	322	$	322	$	322	$	546	$	524
Dividends attributable to noncontrolling interest	(322)		(322)		(322)		(546)		(524)
Noncontrolling interests' share of consolidated joint venture NOI	$	—	$	—	$	—	$	—	$	—
Reconciliations
---		Noncontrolling Interests' Share of Consolidated Joint Venture NOI
---

In thousands

For the six months ended June 30, 2025

	Outpatient<br>Medical		Lab		Corporate<br>Non-segment		Total
Income (loss) from continuing operations attributable to noncontrolling interest	$	11,686	$	1,826	$	1,070	$	14,582
Depreciation and amortization	8,703		—		—		8,703
Other (income) expense, net	745		—		—		745
Dividends attributable to noncontrolling interest	(6,721)		(1,826)		(1,070)		(9,617)
Noncontrolling interests' share of consolidated joint venture NOI	$	14,413	$	—	$	—	$	14,413

For the six months ended June 30, 2024

	Outpatient<br>Medical		Lab		Corporate<br>Non-segment		Total
Income (loss) from continuing operations attributable to noncontrolling interest	$	8,664	$	1,993	$	513	$	11,170
Depreciation and amortization	9,005		61		—		9,066
Other (income) expense, net	322		(114)		—		208
Dividends attributable to noncontrolling interest	(4,813)		(1,796)		(513)		(7,122)
Noncontrolling interests' share of consolidated joint venture NOI	$	13,178	$	144	$	—	$	13,322
Reconciliations
---		REVPOR CCRC(1)
---

In thousands, except per month data

	Three Months Ended
REVPOR CCRC	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Portfolio Cash Real Estate Revenues(2)	$	140,890	$	142,845	$	145,963	$	148,927	$	148,855
REVPOR CCRC revenues	$	140,890	$	142,845	$	145,963	$	148,927	$	148,855
Average occupied units/month	6,049		6,013		6,060		6,085		6,074
REVPOR CCRC per month(3)	$	7,764	$	7,919	$	8,028	$	8,158	$	8,169	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
REVPOR CCRC excluding NREF Amortization	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
REVPOR CCRC revenues	$	140,890	$	142,845	$	145,963	$	148,927	$	148,855
NREF Amortization	(21,401)		(22,622)		(23,394)		(24,006)		(23,652)
REVPOR CCRC revenues excluding NREF Amortization	$	119,489	$	120,223	$	122,569	$	124,921	$	125,203
Average occupied units/month	6,049		6,013		6,060		6,085		6,074
REVPOR CCRC excluding NREF Amortization per month(3)	$	6,585	$	6,665	$	6,742	$	6,843	$	6,871

_____________________________________

(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.

| Reconciliations | | --- || REVPOR(1) | | --- |

In thousands, except per month data

	Three Months Ended
REVPOR Other	June 30,<br>2024		September 30,<br>2024		December 31,<br>2024		March 31, <br>2025		June 30, <br>2025
Portfolio Cash Real Estate Revenues(2)	$	21,360	$	21,815	$	21,751	$	22,452	$	22,527
REVPOR revenues	$	21,360	$	21,815	$	21,751	$	22,452	$	22,527
Average occupied units/month	1,415		1,450		1,461		1,450		1,459
REVPOR per month(3)	$	5,032	$	5,016	$	4,963	$	5,162	$	5,145

______________________________________

(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.

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, 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—including statements relating to creating value for stockholders, and the expected benefits of integration of operations relating to the merger with Physicians Realty Trust and property management internalization—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; 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 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; 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; 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.

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