peak-20220208

Exhibit 99.1

Healthpeak Reports Fourth Quarter and Year Ended 2021 Results

DENVER, February 8, 2022 - Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2021.

FOURTH QUARTER 2021 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

–Net income of $0.05 per share, Nareit FFO of $0.41 per share, FFO as Adjusted of $0.41 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 2.7%

▪Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 5.4% and 3.6%, respectively

▪Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of 4.0% excluding government grants received under the CARES Act at our CCRC properties

–Life science development leasing:

▪Pre-leased all 148,000 square feet at Nexus on Grand in South San Francisco

▪Active life science developments 76% pre-leased as of the end of the fourth quarter

–Additional life science development pipeline opportunities:

▪Acquired a combined ten acre parcel in the Sorrento Mesa submarket of San Diego

▪Acquired a joint venture interest in a nine acre land parcel located in the Needham submarket of Boston

–Balance sheet:

▪In November, issued $500 million of 2.125% senior unsecured notes in a green bond offering

▪Pro forma net debt to adjusted EBITDAre of 5.3x as of December 31, 2021, including $316 million of net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program during the third quarter of 2021

–Promoted Scott Bohn to Executive Vice President – Co-Head of Life Science

–The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on February 22, 2022, to stockholders of record as of the close of business on February 11, 2022

–Recent ESG recognitions include being named to the CDP Leadership band for the ninth consecutive year; included in the S&P Global Sustainability Yearbook for the seventh consecutive year and Bloomberg Gender-Equality Index for the third consecutive year; and named a Top-Rated Industry Performer and Top-Rated Regional Performer by Sustainalytics for the first time

FULL YEAR 2021 HIGHLIGHTS

–Net income of $0.93 per share, Nareit FFO of $1.12 per share, FFO as Adjusted of $1.61 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 4.4%

▪Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 7.2% and 3.1%, respectively

▪Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of 4.9% excluding government grants received under the CARES Act at our CCRC properties

–Closed $1.5 billion of acquisitions including:

▪$658 million of life science acquisitions

▪$834 million of medical office acquisitions

–Development:

▪Commenced four life science development projects totaling approximately 839,000 square feet, representing $812 million of estimated total spend

▪Signed 729,000 square feet of life science and MOB development leasing during 2021

–Closed $3.3 billion of dispositions including:

▪$3 billion of senior housing sales and loan repayments, bringing total senior housing dispositions to approximately $4 billion since July 2020

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▪$300 million of other non-core sales

–Balance sheet:

▪Issued $950 million of senior unsecured notes across multiple green bond offerings at a weighted average coupon of 1.76%

▪Using proceeds from senior housing sales, repaid $2 billion of senior unsecured notes with maturities ranging from 2023 to 2025 with a weighted average coupon rate of 3.95%

–Earned numerous ESG recognitions in 2021. We were short-listed for Best Proxy Statement by IR Magazine and Corporate Secretary for the second consecutive year; were named a constituent in the FTSE4Good Index, as well as received a Green Star rating from the Global Real Estate Sustainability Benchmark (GRESB), for the tenth consecutive year; were named to CDP’s Leadership band, as well as listed in S&P Global’s North America Dow Jones Sustainability Index, for the ninth consecutive year; were listed in S&P Global’s Sustainability Yearbook for the seventh consecutive year; were named to the Bloomberg Gender-Equality Index, 3BL Media’s 100 Best Corporate Citizens list, and Newsweek’s America’s Most Responsible Companies list for the third consecutive year; maintained a rating of “Prime” by ISS ESG Corporate Rating; and were named a Top-Rated Industry Performer and Top-Rated Regional Performer by Sustainalytics for the first time

FOURTH QUARTER COMPARISON


	Three Months Ended December 31, 2021				Three Months Ended December 31, 2020
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income, diluted	$	28,493	$	0.05	$	146,129	$	0.27
Nareit FFO, diluted	222,101		0.41		176,477		0.32
FFO as Adjusted, diluted	222,730		0.41		220,525		0.41
AFFO, diluted	175,941				190,991

FULL YEAR COMPARISON


	Year Ended December 31, 2021				Year Ended December 31, 2020
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income, diluted	$	502,271	$	0.93	$	411,147	$	0.77
Nareit FFO, diluted	610,888		1.12		700,029		1.30
FFO as Adjusted, diluted	879,222		1.61		880,678		1.64
AFFO, diluted	734,034				779,367

Nareit FFO, FFO as Adjusted, AFFO, Same-Store Cash (Adjusted) NOI, 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 "December 31, 2021 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.

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SAME-STORE ("SS") OPERATING SUMMARY

The table below outlines the year-over-year three-month and full year SS Cash (Adjusted) NOI growth on an actual and pro forma basis. The Pro Forma table reflects the results excluding government grants under the CARES Act for our CCRC portfolio.


Actual
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth
	Three Month				Full Year
	SS Growth %		% of SS		SS Growth %		% of SS
Life science	5.4	%	47.3	%	7.2	%	49.3	%
Medical office	3.6	%	40.9	%	3.1	%	47.8	%
CCRC(1)	(9.6	%)	11.8	%	(17.1	%)	2.9	%
Total Portfolio	2.7	%	100.0	%	4.4	%	100.0	%


Pro Forma (excluding CARES)
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth
	Three Month				Full Year
	SS Growth %		% of SS		SS Growth %		% of SS
Life science	5.4	%	47.3	%	7.2	%	49.4	%
Medical office	3.6	%	40.9	%	3.1	%	47.8	%
CCRC(1)	(0.2	%)	11.8	%	(4.3	%)	2.8	%
Total Portfolio	4.0	%	100.0	%	4.9	%	100.0	%

(1)CCRC SS consists of 15 properties for the three month comparison and two properties for the full year comparison.

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ACQUISITIONS

VISTA SORRENTO ASSEMBLAGE, SORRENTO MESA

As previously announced, in October 2021, Healthpeak closed on an office building on a five acre parcel in an off-market acquisition in the Sorrento Mesa submarket of San Diego for $20 million.

In January 2022, Healthpeak closed on an adjacent office building located on a five acre parcel in an off-market acquisition for $24 million.

Following near-term expirations of the in-place leases across the ten acre site, Healthpeak intends to commence construction of a new Class A life science development. The Vista Sorrento assemblage is located in close proximity to two existing Healthpeak life science campuses.

NEEDHAM LAND PARCEL JOINT VENTURE

In December 2021, Healthpeak acquired a 37.5% joint venture interest in a nine acre land parcel in the Needham submarket of Boston. Healthpeak's share of the purchase price totaled $21.5 million. The joint venture intends to pursue future life science, R&D, or medical office development opportunities on the site.

PREVIOUSLY DISCLOSED FOURTH QUARTER 2021 ACQUISITIONS

CAMBRIDGE (ALEWIFE) UPDATE

In December 2021 and January 2022, Healthpeak closed on the previously announced acquisitions of 110 & 125 Fawcett and 67 Smith Place in the Alewife submarket of Cambridge for a total of $117 million. Healthpeak has now closed on the full $625 million of previously announced acquisitions totaling 734,000 square feet of existing buildings across approximately 36 acres.

LAKEVIEW MOB

As previously announced, in October, Healthpeak acquired Lakeview Medical Pavilion, a 55,000 square foot on-campus MOB for $34 million in an off-market transaction. The property is on the campus of HCA's 167-bed Lakeview Regional Medical Center in Covington, Louisiana, part of the New Orleans MSA. The property, built in 2014, is 100% occupied with a weighted average lease term of 7 years.

SWEDISH MEDICAL MOB

As previously announced, in October, Healthpeak acquired 700 Broadway, a 39,000 square foot on-campus MOB located in the downtown Seattle healthcare cluster known as “First Hill” for $43 million. The property is on the campus of Swedish Medical Center and connected via an underground tunnel to the hospital. The property is 100% leased to Northwest Kidney Centers, the world’s first dialysis organization. The site includes structured and surface parking, providing future densification opportunities. The acquisition brings Healthpeak’s total square footage on the campus of Swedish Medical Center to 610,000 square feet with a current occupancy of 97%.

DEVELOPMENT UPDATES

NEXUS ON GRAND LEASING UPDATE

Graphite Bio, Inc. and another leading biotech company have signed leases for a combined 148,000 square feet at Nexus on Grand in South San Francisco, bringing the $162 million development to 100% pre-leased. The leases are expected to commence in 2023 upon completion of construction.

VANTAGE DEVELOPMENT START

As previously announced, in October, Healthpeak commenced the first phase of Vantage, a $393 million, 343,000 square foot life science development strategically located on the corner of Forbes Boulevard and at the door-step of Genentech’s headquarters in South San Francisco.

The purpose-built lab campus will feature state-of-the-art design, an amenity center, flexible and efficient floor plates, and building systems that will accommodate a broad range of life science uses. Expected initial occupancy is in the second half of 2023.

Healthpeak expects to pursue additional entitlements for the remaining acreage on the Vantage land site, enabling the development of a multi-phase campus totaling one million square feet based on existing zoning, with the potential for significantly more subject to entitlements.

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CENTENNIAL MOB COMPLETION

During the fourth quarter, Healthpeak completed the 172,000 square foot, $49 million MOB development on the campus of HCA's TriStar Centennial hospital in Nashville, Tennessee. Healthpeak now owns over 837,000 square feet on this market-leading campus.

BALANCE SHEET

In November, Healthpeak completed its second green bond issuance, a public offering of $500 million of 2.125% senior unsecured notes due 2028.

Pro forma net debt to adjusted EBITDAre of 5.3x as of December 31, 2021, including $316 million of net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program during the third quarter of 2021. No additional shares were sold through the Company's ATM program during the quarter ended December 31, 2021.

EXECUTIVE LEADERSHIP PROMOTION

Scott Bohn has been promoted to Executive Vice President – Co-Head of Life Science. Mr. Bohn has been with Healthpeak for 10 years. He will continue to report to Scott Brinker and lead Healthpeak's life science business in the San Francisco Bay Area and Boston.

DIVIDEND

On January 27, 2022, Healthpeak announced that its Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on February 22, 2022, to stockholders of record as of the close of business on February 11, 2022.

2022 GUIDANCE

For full year 2022, we have established the following guidance ranges:

▪Diluted earnings per common share of $0.58 – $0.64

▪Diluted Nareit FFO per share of $1.70 – $1.76

▪Diluted FFO as Adjusted per share of $1.68 – $1.74

▪Total Portfolio Same-Store Cash (Adjusted) NOI growth of 3.25% – 4.75%

Components of Total Portfolio Same-Store Cash (Adjusted) NOI guidance:

▪Life Science: 4.00% to 5.00%; 49% of the full year 2022 same-store pool

▪Medical Office: 1.75% to 2.75%; 39% of the full year 2022 same-store pool

▪CCRC: 8.00% to 12.00%; 12% of the full year 2022 same-store pool

These estimates do not reflect the potential impact from unannounced future transactions other than capital recycling activities. These estimates are based on our view of existing market conditions, transaction timing and other assumptions for the year ending December 31, 2022. For additional details and assumptions underlying this guidance, please see page 41 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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COMPANY INFORMATION

Healthpeak has scheduled a conference call and webcast for Wednesday, February 9, 2022, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) to present its performance and operating results for the fourth quarter and year ended December 31, 2021. The conference call is accessible by dialing (888) 317-6003 (U.S.) or (412) 317-6061 (international). The conference ID number is 7403667. You may also access the conference call via webcast in the Investor Relations section of our website at http://ir.healthpeak.com. An archive of the webcast will be available on Healthpeak's website through February 9, 2023, and a telephonic replay can be accessed through February 23, 2022, by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (international) and entering conference ID number 9680940. Our Supplemental Report for the current period is also available, with this earnings release, in the Investor Relations section of our website.

ABOUT HEALTHPEAK

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and CCRCs. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com.

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, transitions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, 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 "2022 Guidance." Pending acquisitions, dispositions, and leasing 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: the Covid pandemic and health and safety measures intended to reduce its spread, the availability, effectiveness and public usage and acceptance of vaccines, and how quickly and to what extent normal economic and operating conditions can resume within the markets in which we operate; the ability of our existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and manage their expenses in order to generate sufficient income to make rent and loan payments to us and our ability to recover investments made, if applicable, in their operations; increased competition, operating costs and market changes affecting our tenants, operators and borrowers; the financial condition of our tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a specific sector than if we invested in multiple industries and exposes us to the risks inherent in illiquid investments; our ability to identify and secure replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; our property development, redevelopment and tenant improvement activity risks, including project abandonments, project delays and lower profits than expected; changes within the life science industry; high levels of regulation, funding requirements, expense and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our MOBs are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to maintain or expand our hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; economic and other conditions that negatively affect geographic areas from which we recognize a greater percentage of our revenue; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us or our tenants and operators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners’ financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose on collateral securing our real estate-related loans; our ability to make

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material acquisitions and successfully integrate them; the potential impact on us and our tenants, operators and borrowers from litigation matters, including rising liability and insurance costs; an increase in our borrowing costs, including due to higher interest rates; the availability of external capital on acceptable terms or at all, including due to rising interest rates, changes in our credit ratings and the value of our common stock, volatility or uncertainty in the capital markets, and other factors; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; changes in global, national and local economic and other conditions; laws or regulations prohibiting eviction of our tenants; 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; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administration decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; environmental compliance costs and liabilities associated with our real estate investments; our ability to maintain our qualification as a real estate investment trust (“REIT”); changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; ownership limits in our charter that restrict ownership in our stock; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions or breaches; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.

CONTACT

Andrew Johns, CFA

Vice President – Corporate 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


	December 31, 2021		December 31, 2020
Assets
Real estate:
Buildings and improvements	$	12,025,271	$	11,048,433
Development costs and construction in progress	877,423		613,182
Land	2,603,964		1,867,278
Accumulated depreciation and amortization	(2,839,229)		(2,409,135)
Net real estate	12,667,429		11,119,758
Net investment in direct financing leases	44,706		44,706
Loans receivable, net of reserves of $1,813 and $10,280	415,811		195,375
Investments in and advances to unconsolidated joint ventures	403,634		402,871
Accounts receivable, net of allowance of $1,870 and $3,994	48,691		42,269
Cash and cash equivalents	158,287		44,226
Restricted cash	53,454		67,206
Intangible assets, net	519,760		519,917
Assets held for sale and discontinued operations, net	37,190		2,626,306
Right-of-use asset, net	233,942		192,349
Other assets, net	674,615		665,106
Total assets	$	15,257,519	$	15,920,089

Liabilities and Equity
Bank line of credit and commercial paper	$	1,165,975	$	129,590
Term loan	—		249,182
Senior unsecured notes	4,651,933		5,697,586
Mortgage debt	352,081		221,621
Intangible liabilities, net	177,232		144,199
Liabilities related to assets held for sale and discontinued operations, net	15,056		415,737
Lease liability	204,547		179,895
Accounts payable, accrued liabilities, and other liabilities	755,384		760,617
Deferred revenue	789,207		774,316
Total liabilities	8,111,415		8,572,743

Commitments and contingencies


Redeemable noncontrolling interests	87,344		57,396

Common stock, $1.00 par value: 750,000,000 shares authorized; 539,096,879 and 538,405,393 shares issued and outstanding	539,097		538,405
Additional paid-in capital	10,100,294		10,175,235
Cumulative dividends in excess of earnings	(4,120,774)		(3,976,232)
Accumulated other comprehensive income (loss)	(3,147)		(3,685)
Total stockholders’ equity	6,515,470		6,733,723

Joint venture partners	342,234		357,069
Non-managing member unitholders	201,056		199,158
Total noncontrolling interests	543,290		556,227

Total equity	7,058,760		7,289,950

Total liabilities and equity	$	15,257,519	$	15,920,089

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Healthpeak Properties, Inc.

Consolidated Statements of Operations

In thousands, except per share data


	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020

Revenues:
Rental and related revenues	$	356,254	$	309,597	$	1,378,384	$	1,182,108
Resident fees and services	118,867		115,757		471,325		436,494
Income from direct financing leases	2,180		2,151		8,702		9,720
Interest income	5,904		4,192		37,773		16,553
Total revenues	483,205		431,697		1,896,184		1,644,875

Costs and expenses:
Interest expense	36,551		54,088		157,980		218,336
Depreciation and amortization	178,114		147,175		684,286		553,949
Operating	199,247		184,215		773,279		782,541
General and administrative	26,043		25,507		98,303		93,237
Transaction costs	424		1,422		1,841		18,342

Impairments and loan loss reserves (recoveries), net	18,702		26,742		23,160		42,909
Total costs and expenses	459,081		439,149		1,738,849		1,709,314
Other income (expense):
Gain (loss) on sales of real estate, net	717		4,714		190,590		90,350
Gain (loss) on debt extinguishments	—		—		(225,824)		(42,912)
Other income (expense), net	662		(128)		6,266		234,684
Total other income (expense), net	1,379		4,586		(28,968)		282,122

Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	25,503		(2,866)		128,367		217,683
Income tax benefit (expense)	1,857		2,631		3,261		9,423
Equity income (loss) from unconsolidated joint ventures	1,583		(18,969)		6,100		(66,599)
Income (loss) from continuing operations	28,943		(19,204)		137,728		160,507

Income (loss) from discontinued operations	3,633		169,449		388,202		267,746

Net income (loss)	32,576		150,245		525,930		428,253
Noncontrolling interests’ share in continuing operations	(3,815)		(3,829)		(17,851)		(14,394)
Noncontrolling interests’ share in discontinued operations	—		(22)		(2,539)		(296)
Net income (loss) attributable to Healthpeak Properties, Inc.	28,761		146,394		505,540		413,563

Participating securities’ share in earnings	(268)		(265)		(3,269)		(2,416)
Net income (loss) applicable to common shares	$	28,493	$	146,129	$	502,271	$	411,147

Basic earnings (loss) per common share:
Continuing operations	$	0.05	$	(0.04)	$	0.22	$	0.27
Discontinued operations	0.00		0.31		0.71		0.50
Net income (loss) applicable to common shares	$	0.05	$	0.27	$	0.93	$	0.77

Diluted earnings (loss) per common share:
Continuing operations	$	0.05	$	(0.04)	$	0.22	$	0.27
Discontinued operations	0.00		0.31		0.71		0.50
Net income (loss) applicable to common shares	$	0.05	$	0.27	$	0.93	$	0.77

Weighted average shares outstanding:
Basic	539,081		538,381		538,930		530,555
Diluted	539,505		538,381		539,241		531,056

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Healthpeak Properties, Inc.

Funds From Operations

In thousands, except per share data


	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020

Net income (loss) applicable to common shares	$	28,493	$	146,129	$	502,271	$	411,147
Real estate related depreciation and amortization(1)	178,114		155,749		684,286		697,143
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	5,041		25,040		17,085		105,090
Noncontrolling interests’ share of real estate related depreciation and amortization	(4,869)		(4,863)		(19,367)		(19,906)
Other real estate-related depreciation and amortization	—		319		—		2,766
Loss (gain) on sales of depreciable real estate, net(1)	(6,780)		(302,613)		(605,311)		(550,494)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures	197		—		(6,737)		(9,248)
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net	(73)		—		5,555		(3)
Loss (gain) upon change of control, net(2)	—		13,249		(1,042)		(159,973)
Taxes associated with real estate dispositions	—		3,204		2,666		(7,785)
Impairments (recoveries) of depreciable real estate, net	19,625		138,634		25,320		224,630


Nareit FFO applicable to common shares	219,748		174,848		604,726		693,367
Distributions on dilutive convertible units and other	2,353		1,629		6,162		6,662
Diluted Nareit FFO applicable to common shares	$	222,101	$	176,477	$	610,888	$	700,029
Diluted Nareit FFO per common share	$	0.41	$	0.32	$	1.12	$	1.30
Weighted average shares outstanding - diluted Nareit FFO	546,829		544,243		544,742		536,562
Impact of adjustments to Nareit FFO:
Transaction-related items(3)	$	406	$	33,277	$	7,044	$	128,619
Other impairments (recoveries) and other losses (gains), net(4)	(923)		7,896		24,238		(22,046)
Restructuring and severance related charges	1,147		2,911		3,610		2,911
Loss (gain) on debt extinguishments	—		—		225,824		42,912

Litigation costs (recoveries)	—		—		—		232
Casualty-related charges (recoveries), net	—		—		5,203		469
Foreign currency remeasurement losses (gains)	—		—		—		153
Valuation allowance on deferred tax assets(5)	—		—		—		31,161
Tax rate legislation impact(6)	—		—		—		(3,590)
Total adjustments	630		44,084		265,919		180,821
FFO as Adjusted applicable to common shares	220,378		218,932		870,645		874,188
Distributions on dilutive convertible units and other	2,352		1,593		8,577		6,490
Diluted FFO as Adjusted applicable to common shares	$	222,730	$	220,525	$	879,222	$	880,678
Diluted FFO as Adjusted per common share	$	0.41	$	0.41	$	1.61	$	1.64
Weighted average shares outstanding - diluted FFO as Adjusted	546,829		544,243		546,567		536,562

_______________________________________

(1)This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations and the detailed financial information in the Discontinued Operations Reconciliation section of the Supplemental Report.

(2)For the year ended December 31, 2020, includes a $170 million gain upon consolidation of 13 continuing care retirement communities ("CCRCs") in which we acquired Brookdale's interest and began consolidating during the first quarter of 2020. Gains and losses upon change of control are included in other income (expense), net in the Consolidated Statements of Operations.

(3)For the year ended December 31, 2020, includes the termination fee and transition fee expenses related to terminating the management agreements with Brookdale for 13 CCRCs and transitioning those communities to Life Care Services LLC, partially offset by the tax benefit recognized related to those expenses. The expenses related to terminating management agreements are included in operating expenses in the Consolidated Statements of Operations.

(4)For the year ended December 31, 2021, includes a $29 million goodwill impairment charge in connection with our senior housing triple-net and SHOP asset sales, which are reported in income (loss) from discontinued operations in the Consolidated Statements of Operations. The year ended December 31, 2021 also includes $6 million of accelerated recognition of a mark-to-market discount, less loan fees, resulting from prepayments on loans receivable, which is included in interest income in the Consolidated Statements of Operations. For the year ended December 31, 2020, includes a $42 million gain on sale of a hospital that was in a direct financing lease, which is included in other income (expense), net in the Consolidated Statements of Operations. The remaining activity for the three months and years ended December 31, 2021 and 2020 includes reserves for loan losses and land impairments recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

(5)In conjunction with establishing a plan during the year ended December 31, 2020 to dispose of all of our SHOP assets and classifying such assets as discontinued operations, we concluded it was more likely than not that we would no longer realize the future value of certain deferred tax assets generated by the net operating losses of our taxable REIT subsidiary entities. Accordingly, during the year ended December 31, 2020, we recognized an associated valuation allowance and corresponding income tax expense.

(6)For the year ended December 31, 2020, represents the tax benefit from the CARES Act, which extended the net operating loss carryback period to five years.

Page 10

Healthpeak Properties, Inc.

Adjusted Funds From Operations

In thousands


	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
FFO as Adjusted applicable to common shares	$	220,378	$	218,932	$	870,645	$	874,188
Amortization of stock-based compensation	4,307		3,977		18,202		17,368
Amortization of deferred financing costs	2,539		2,488		9,216		10,157
Straight-line rents	(7,561)		(5,230)		(31,188)		(29,316)

AFFO capital expenditures	(39,368)		(32,251)		(111,480)		(93,579)


Deferred income taxes	(1,776)		(6,447)		(8,015)		(15,647)
Other AFFO adjustments	(4,228)		7,893		(19,510)		9,534
AFFO applicable to common shares	174,291		189,362		727,870		772,705
Distributions on dilutive convertible units and other	1,650		1,629		6,164		6,662
Diluted AFFO applicable to common shares	$	175,941	$	190,991	$	734,034	$	779,367
Weighted average shares outstanding - diluted AFFO	545,004		544,243		544,742		536,562

Page 11

Exhibit 99.3

Discussion and

Reconciliation of Non-

GAAP Financial Measures

December 31, 2021

(Unaudited)


Definitions

Adjusted 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 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) amortization of stock-based compensation, (ii) amortization of deferred financing costs, net, (iii) straight-line rents, (iv) deferred income taxes, and (v) other AFFO adjustments, which include: (a) amortization of acquired market lease intangibles, net, (b) non-cash interest related to DFLs and lease incentive amortization (reduction of straight-line rents), (c) actuarial reserves for insurance claims that have been incurred but not reported, and (d) 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, and includes adjustments to compute our share of AFFO from our unconsolidated joint ventures. More specifically, recurring capital expenditures, including second generation leasing costs and second generation tenant and capital improvements ("AFFO capital expenditures") excludes our share from unconsolidated joint ventures (reported in “other AFFO adjustments”). 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 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 (reported in “other AFFO adjustments”). See FFO for further disclosure regarding our use of pro-rata share information and its limitations. 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. Although our AFFO computation may not be comparable to that of 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. We believe AFFO is an alternative run-rate earnings 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 necessarily 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. 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.

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.

Direct Financing Lease (“DFL”) Lease for which future minimum lease payments are recorded as a receivable and the difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield.


			2


Definitions

EBITDAre and 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-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 compensation expense, and foreign currency remeasurement losses (gains). EBITDAre and 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 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 FFO encompasses Nareit FFO and FFO as Adjusted, each of which is described in detail below. We believe FFO applicable to common shares, diluted FFO applicable to common shares, and diluted FFO per common share 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 FFO was designed by the REIT industry to address this issue.


			3


Definitions

Nareit FFO. 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 and other real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO and FFO as Adjusted (see below) 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 under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro-rata financial information as a supplement.

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.

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-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), foreign currency remeasurement losses (gains), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). Transaction-related items include transaction expenses and gains/charges incurred as a result of mergers and acquisitions and lease amendment or termination activities. 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, DFLs, 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 DFLs and 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 exclude land held for development.


			4


Definitions

Net Debt Enterprise Debt less the carrying amount of cash and cash equivalents as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents 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.

Net Operating Income (“NOI”) and Cash (Adjusted) NOI NOI and Adjusted NOI are non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses; NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, 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. NOI and Adjusted NOI include our share of income (loss) generated by unconsolidated joint ventures and exclude noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. Adjusted NOI is oftentimes referred to as “Cash NOI.” Management believes NOI and Adjusted NOI are important supplemental measures because they provide relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and present them on an unlevered basis. We use NOI and Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance, and to evaluate our Same-Store (“SS”) performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Further, our definitions of NOI and 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 NOI and Adjusted NOI.

Operating expenses generally relate to leased medical office and life science properties, as well as CCRC facilities. We generally recover all or a portion of our leased medical office and life science property expenses through tenant recoveries. We present expenses as operating or general and administrative based on the underlying nature of the expense.

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

Portfolio Cash Operating Expenses Consolidated cash operating expenses plus the Company's pro rata share of cash operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of cash operating expenses from consolidated JVs. Portfolio Cash Operating Expenses represent property level operating expenses (which exclude transition costs) after eliminating 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 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.

Portfolio Real Estate Revenues and Portfolio Cash Real Estate Revenues Portfolio Real Estate Revenues include rental related revenues, resident fees and services, income from DFLs, and government grant income which is included in Other income (expense), net in our Consolidated Statement of Operations. Portfolio 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 include Portfolio Real Estate Revenues after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, lease termination fees, and the impact of deferred community fee income.

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, 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 CCRC portfolio as units reflect 100% of the unit capacities for unconsolidated JVs and revenue is at the Company's pro rata share. REVPOR CCRC is a non-GAAP supplemental financial measure 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.

REVPOR Other The 3-month average Cash Real Estate Revenues per occupied unit for the most recent period available. REVPOR Other 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. REVPOR Other is a non-GAAP supplemental financial measure 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.


			5


Definitions

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.

Same-Store (“SS”) Same-Store NOI and Cash (Adjusted) NOI information allows us to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our consolidated portfolio of properties. Same-Store Adjusted NOI excludes amortization of deferred revenue from tenant-funded improvements and certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis. Properties are included in Same-Store once they are stabilized for the full period in both comparison periods. Newly acquired operating assets are generally considered stabilized at the earlier of lease-up (typically when the tenant(s) control(s) the physical use of at least 80% of the space and rental payments have commenced) or 12 months from the acquisition date. Newly completed developments and redevelopments are considered stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. Properties that experience a change in reporting structure are considered stabilized after 12 months in operations under a consistent reporting structure. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, experiences a casualty event that significantly impacts operations, a change in reporting structure or operator transition has been agreed to, or a significant tenant relocates from a Same-Store property to a non Same-Store property and that change results in a corresponding increase in revenue. We do not report Same-Store metrics for our other non-reportable segments.

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 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) life science; (ii) medical office; (iii) continuing care retirement community (“CCRC”), and (iv) other non-reportable segment. During 2020, the Company established and began executing a plan to dispose of its senior housing triple-net and Senior Housing Operating (“SHOP”) portfolios, which until the quarter ended December 31, 2020 had separately been disclosed as two segments.

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.

Stabilized / Stabilization Newly acquired operating assets are generally considered Stabilized at the earlier of lease-up (typically when the tenant(s) control(s) the physical use of at least 80% of the space and rental payments have commenced) or 12 months from the acquisition date. Newly completed developments and redevelopments are considered Stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. Properties that experience a change in reporting structure are considered stabilized after 12 months in operations under a consistent reporting structure.


			6


Reconciliations
In thousands, except per share data

Funds From Operations


	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Net income (loss) applicable to common shares	$	28,493	$	146,129	$	502,271	$	411,147
Real estate related depreciation and amortization(1)	178,114		155,749		684,286		697,143
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	5,041		25,040		17,085		105,090
Noncontrolling interests’ share of real estate related depreciation and amortization	(4,869)		(4,863)		(19,367)		(19,906)
Other real estate-related depreciation and amortization	—		319		—		2,766
Loss (gain) on sales of depreciable real estate, net(1)	(6,780)		(302,613)		(605,311)		(550,494)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures	197		—		(6,737)		(9,248)
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net	(73)		—		5,555		(3)
Loss (gain) upon change of control, net(2)	—		13,249		(1,042)		(159,973)
Taxes associated with real estate dispositions	—		3,204		2,666		(7,785)
Impairments (recoveries) of depreciable real estate, net	19,625		138,634		25,320		224,630


Nareit FFO applicable to common shares	219,748		174,848		604,726		693,367
Distributions on dilutive convertible units and other	2,353		1,629		6,162		6,662
Diluted Nareit FFO applicable to common shares	$	222,101	$	176,477	$	610,888	$	700,029

Weighted average shares outstanding - diluted Nareit FFO	546,829		544,243		544,742		536,562

Impact of adjustments to Nareit FFO:
Transaction-related items(3)	$	406	$	33,277	$	7,044	$	128,619
Other impairments (recoveries) and other losses (gains), net(4)	(923)		7,896		24,238		(22,046)
Restructuring and severance related charges	1,147		2,911		3,610		2,911
Loss (gain) on debt extinguishments	—		—		225,824		42,912
Litigation costs (recoveries)	—		—		—		232
Casualty-related charges (recoveries), net	—		—		5,203		469
Foreign currency remeasurement losses (gains)	—		—		—		153
Valuation allowance on deferred tax assets(5)	—		—		—		31,161
Tax rate legislation impact(6)	—		—		—		(3,590)
Total adjustments	630		44,084		265,919		180,821
FFO as Adjusted applicable to common shares	220,378		218,932		870,645		874,188
Distributions on dilutive convertible units and other	2,352		1,593		8,577		6,490
Diluted FFO as Adjusted applicable to common shares	$	222,730	$	220,525	$	879,222	$	880,678

Weighted average shares outstanding - diluted FFO as Adjusted	546,829		544,243		546,567		536,562

Diluted earnings per common share	$	0.05	$	0.27	$	0.93	$	0.77
Depreciation and amortization	0.33		0.33		1.25		1.47
Loss (gain) on sales of depreciable real estate, net	(0.01)		(0.56)		(1.11)		(1.05)
Loss (gain) upon change of control, net(2)	—		0.02		0.00		(0.30)
Taxes associated with real estate dispositions	—		0.01		0.00		(0.01)
Impairments (recoveries) of depreciable real estate, net	0.04		0.25		0.05		0.42
Diluted Nareit FFO per common share	$	0.41	$	0.32	$	1.12	$	1.30
Transaction-related items(3)	0.00		0.07		0.01		0.24
Other impairments (recoveries) and other losses (gains), net(4)	0.00		0.01		0.04		(0.04)
Restructuring and severance related charges	0.00		0.01		0.01		0.01
Loss (gain) on debt extinguishments	—		—		0.42		0.08
Litigation costs (recoveries)	—		—		—		0.00
Casualty-related charges (recoveries), net	—		—		0.01		0.00
Foreign currency remeasurement losses (gains)	—		—		—		0.00
Valuation allowance on deferred tax assets(5)	—		—		—		0.06
Tax rate legislation impact(6)	—		—		—		(0.01)
Diluted FFO as Adjusted per common share	$	0.41	$	0.41	$	1.61	$	1.64


			7


Reconciliations
In thousands, except per share data

Adjusted Funds From Operations


	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
FFO as Adjusted applicable to common shares	$	220,378	$	218,932	$	870,645	$	874,188
Amortization of stock-based compensation	4,307		3,977		18,202		17,368
Amortization of deferred financing costs	2,539		2,488		9,216		10,157
Straight-line rents	(7,561)		(5,230)		(31,188)		(29,316)
AFFO capital expenditures	(39,368)		(32,251)		(111,480)		(93,579)


Deferred income taxes	(1,776)		(6,447)		(8,015)		(15,647)
Other AFFO adjustments	(4,228)		7,893		(19,510)		9,534
AFFO applicable to common shares	174,291		189,362		727,870		772,705
Distributions on dilutive convertible units and other	1,650		1,629		6,164		6,662
Diluted AFFO applicable to common shares	$	175,941	$	190,991	$	734,034	$	779,367

Weighted average shares outstanding - diluted AFFO	545,004		544,243		544,742		536,562

______________________________________

(6)For the year ended December 31, 2020, represents the tax benefit from the CARES Act, which extended the net operating loss carryback period to five years.


			8


Reconciliations
Per share data

Projected Future Operations(1)


	Full Year 2022
	Low		High
Diluted earnings per common share	$	0.58	$	0.64
Real estate related depreciation and amortization	1.29		1.29
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures	0.04		0.04
Noncontrolling interests' share of real estate related depreciation and amortization	(0.04)		(0.04)

Loss (gain) on sales of depreciable real estate, net	(0.17)		(0.17)



Diluted Nareit FFO per common share	$	1.70	$	1.76

Other impairments (recoveries) and other losses (gains), net	(0.02)		(0.02)



Diluted FFO as Adjusted per common share	$	1.68	$	1.74

______________________________________

(1)The foregoing projections reflect management's view of current and future market conditions as of February 8, 2022 including assumptions with respect to rental rates, occupancy levels, development items, and the earnings impact of the events referenced in our earnings press release for the quarter ended December 31, 2021 that was issued on February 8, 2022. However, these projections do not reflect the impact of unannounced future transactions, except as described herein. Our actual results may differ materially from the projections set forth above. Except as otherwise required by law, management assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.


			9


Reconciliations
In millions

Projected SS Cash NOI(1)(2)

For the projected year 2022 (low)


	Life Science		Medical Office		CCRC		Other(3)		Corporate Adjustments		Total
Portfolio Cash (Adjusted) NOI(4)	$	540	$	419	$	103	$	15	$	(3)	$	1,075
Interest income	—		—		—		18		—		18
Portfolio Income	540		419		103		33		(3)		1,094
Interest income	—		—		—		(18)		—		(18)
Non-cash adjustments to cash NOI(5)	67		13		—		(1)		2		81
NOI	607		433		103		14		(1)		1,156
Non-SS NOI	(151)		(85)		2		(14)		1		(248)
SS NOI	456		348		105		—		—		908
Non-cash adjustments to SS NOI(5)	(35)		(8)		—		—		—		(42)
SS Cash (Adjusted) NOI	$	421	$	340	$	105	$	—	$	—	$	866
Addback adjustments(6)											290
Other income and expenses(7)											136
Costs and expenses(8)											(963)

Net income (loss)											$	330

For the projected year 2022 (high)


	Life Science		Medical Office		CCRC		Other(3)		Corporate Adjustments		Total
Portfolio Cash (Adjusted) NOI(4)	$	545	$	424	$	107	$	20	$	(1)	$	1,094
Interest income	—		—		—		23		—		23
Portfolio Income	545		424		107		43		(1)		1,118
Interest income	—		—		—		(23)		—		(23)
Non-cash adjustments to cash NOI(5)	67		14		—		3		2		85
NOI	613		437		107		22		1		1,180
Non-SS NOI	(152)		(86)		2		(22)		(1)		(260)
SS NOI	460		351		108		—		—		920
Non-cash adjustments to SS NOI(5)	(35)		(8)		1		—		—		(43)
SS Cash (Adjusted) NOI	$	425	$	343	$	109	$	—	$	—	$	877
Addback adjustments(6)											303
Other income and expenses(7)											140
Costs and expenses(8)											(952)

Net income (loss)											$	367


			10


Reconciliations
In millions

For the year ended December 31, 2021


	Life Science		Medical Office		CCRC		Other(3)		Corporate Adjustments and Discontinued Operations		Total
Portfolio Cash (Adjusted) NOI(4)	$	504	$	413	$	96	$	17	$	11	$	1,041
Interest income	—		—		—		38		—		38
Portfolio Income	504		413		96		55		11		1,079
Interest income	—		—		—		(38)		—		(38)
Non-cash adjustments to cash NOI(5)	47		11		(3)		—		(7)		47
NOI	551		424		92		18		3		1,088
Non-SS NOI	(111)		(82)		1		(18)		(3)		(212)
SS NOI	439		343		94		—		—		876
Non-cash adjustments to SS NOI(5)	(34)		(9)		3		—		—		(39)
SS Cash (Adjusted) NOI	$	405	$	334	$	97	$	—	$	—	$	836
Addback adjustments(6)											252
Other income and expenses(7)											666
Costs and expenses(8)											(1,172)
Other impairments (recoveries), net(9)											(56)
Net income (loss)											$	526

Projected SS Cash NOI Changed for the full year 2022


	Life Science		Medical Office		CCRC		Total
Low	4.00	%	1.75	%	8.00	%	3.25	%
High	5.00	%	2.75	%	12.00	%	4.75	%

______________________________________

(2)May not foot, cross foot, or recalculate due to rounding and adjustments made to SS high and low ranges reported by segments.

(3)Portfolio Cash NOI for Other represents the Company's share of its unconsolidated investment in SWF SH JV portfolio, with the low of $15 million and the high of $20 million.

(4)Represents rental and related revenues, tenant recoveries, resident fees and services, and other income from DFLs, less property level operating expenses, including our share of joint ventures.

(5)Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, the deferral of community fees, net of amortization, management contract termination expense, actuarial reserves for insurance claims that have been incurred but not reported, and lease termination fees.

(6)Represents non-SS NOI and non-cash adjustments to SS NOI.

(7)Represents interest income, gain (loss) on sales of real estate, net, other income (expense), net, income taxes benefit (expense), and equity income (loss) from unconsolidated joint ventures, excluding NOI. The year ended December 31, 2021 includes discontinued operations.

(8)Represents interest expense, depreciation and amortization, general and administrative, transaction costs, and loss on debt extinguishments. The year ended December 31, 2021 includes discontinued operations.

(9)The majority of the balance represents the impairment of goodwill related to the disposition of senior housing triple-net and SHOP portfolios during the year ended December 31, 2021, and included in discontinued operations.


			11


Reconciliations
In thousands


Enterprise Gross Assets and Portfolio Investment


	December 31, 2021
	Life Science		Medical Office		CCRC		Other		Discontinued Operations(1)		Corporate Non-segment		Total
Consolidated total assets(2)	$	7,399,952	$	4,730,801	$	2,121,536	$	774,502	$	13,416	$	217,312	$	15,257,519
Investments in and advances to unconsolidated JVs	(39,171)		(9,070)		—		(355,393)		—		—		(403,634)
Accumulated depreciation and amortization(3)	1,196,841		1,631,977		311,125		—		—		—		3,139,943
Consolidated Gross Assets	$	8,557,622	$	6,353,708	$	2,432,661	$	419,109	$	13,416	$	217,312	$	17,993,828
Healthpeak's share of unconsolidated JV gross assets	74,168		18,456		433		481,379		157		—		574,593
Enterprise Gross Assets	$	8,631,790	$	6,372,164	$	2,433,094	$	900,488	$	13,573	$	217,312	$	18,568,421

Land held for development	(394,294)		(4,268)		(112)		—		—		—		(398,674)

Fully depreciated real estate and intangibles	458,795		531,783		17,389		—		—		—		1,007,967
Non-real estate related assets(4)	(263,229)		(359,556)		(206,716)		(28,428)		(13,573)		(217,312)		(1,088,814)
Real estate intangible liabilities	(198,695)		(132,526)		—		—		—		—		(331,221)
Noncontrolling interests' share of consolidated JVs real estate and related intangibles	(3,652)		(384,492)		—		—		—		—		(388,144)
Portfolio Investment	$	8,230,715	$	6,023,105	$	2,243,655	$	872,060	$	—	$	—	$	17,369,535

______________________________________

(1)During 2020, the Company established and began executing a plan to dispose of its senior housing triple-net and SHOP properties. As of December 31, 2020, the Company concluded the planned dispositions represented a strategic shift and therefore, as of December 31, 2021, the assets meeting the held for sale criteria on or before December 31, 2021 are classified as assets held for sale on the Consolidated Balance Sheet as disclosed within the Earnings Release and Supplemental Report for the quarter ended December 31, 2021. In September 2021, the Company successfully completed the disposition of the remaining senior triple-net and SHOP properties. The remaining balances primarily relate to Accounts receivable, net of allowances and Cash and cash equivalents related to the wrap up of senior housing triple-net and SHOP operations.

(2)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of December 31, 2021 presented on page 8 within the Earnings Release and Supplemental Report for the quarter ended December 31, 2021.

(3)Accumulated depreciation and amortization includes accumulated depreciation for real estate, accumulated amortization for real estate related intangible assets, and accumulated amortization for right-of-use assets.

(4)Balance includes Cash and cash equivalents, Restricted cash, Right-of-use asset, net, Accounts receivable, net of allowances, and Other assets, net.


			12


Reconciliations
In thousands


Capital Expenditures


	Year ended
	December 31, 2021		December 31, 2020
Total capital expenditures at share(1)	$	818,284	$	868,408
Less: AFFO capital expenditures at share(1)	(114,937)		(97,153)
Non AFFO capital expenditures at share	703,347		771,255
Adjustment for Healthpeak's share of unconsolidated JV	(12,355)		(11,231)
Adjustment for noncontrolling interests' share of consolidated JVs	1,803		1,854
Consolidated non AFFO capital expenditures	692,795		761,878
Decrease (increase) in construction payable	(79,930)		30,712
Other	(2,310)		(1,024)
Development, redevelopment, and other major improvements of real estate(2)	$	610,555	$	791,566

AFFO capital expenditures at share(1)	$	114,937	$	97,153
Adjustment for Healthpeak's share of unconsolidated JV	(4,944)		(4,383)
Adjustment for noncontrolling interests' share of consolidated JVs	$	1,487	$	1,351
Leasing costs, tenant improvements, and recurring capital expenditures(2)	$	111,480	$	94,121

______________________________________

(1)Total capital expenditures at share and AFFO capital expenditures at share are presented inclusive of unconsolidated JVs and exclusive of noncontrolling interest. For the twelve month period ended December 31, 2021, Capital Expenditures on page 24 of the Earnings Release and Supplemental Report excluded $8.4 million and $2.6 million, respectively, of total capital expenditures at share and AFFO capital expenditures at share related to discontinued operations. Such amounts have been included within the totals provided herein for total capital expenditures at share and AFFO capital expenditures at share. Total capital expenditures at share and AFFO capital expenditures at share for the twelve months period ended December 31, 2020 are presented on page 25 of the Earnings Release and Supplemental Reports for the period then ended.

(2)Represents the financial statement lines items of Development, redevelopment, and other major improvements of real estate and Leasing costs, tenant improvements, and recurring capital expenditures as presented within the Consolidated Statement of Cash Flows for the twelve months ended December 31, 2021 and 2020.


			13


Reconciliations
In thousands


Revenues


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Life Science	$	153,215	$	169,934	$	177,527	$	184,213	$	184,170
Medical Office	158,532		160,201		165,295		171,482		174,264
CCRC	115,757		116,128		117,308		119,022		118,867
Other	4,193		9,013		16,108		6,748		5,904


Total revenues	$	431,697	$	455,276	$	476,238	$	481,465	$	483,205
Life Science	—		—		—		—		—
Medical Office	—		—		—		—		—
CCRC	2,566		1,310		87		15		—
Other	—		—		—		—		—


Government grant income	$	2,566	$	1,310	$	87	$	15	$	—
Life Science	—		—		—		—		—
Medical Office	—		—		—		—		—
CCRC	—		—		—		—		—
Other	(4,192)		(9,013)		(16,108)		(6,748)		(5,904)


Less: Interest income	$	(4,192)	$	(9,013)	$	(16,108)	$	(6,748)	$	(5,904)
Life Science	448		1,337		1,412		1,521		1,487
Medical Office	687		715		710		737		720
CCRC	4,669		4,488		2,415		—		—
Other	17,294		16,753		16,740		17,109		17,233


Healthpeak's share of unconsolidated JVs real estate revenues	$	23,098	$	23,293	$	21,277	$	19,367	$	19,440
Life Science	—		—		—		—		—
Medical Office	—		—		—		—		—
CCRC	140		199		—		—		—
Other	40		227		583		—		739


Healthpeak's share of unconsolidated JVs government grant income	$	180	$	426	$	583	$	—	$	739
Life Science	(64)		(65)		(75)		(82)		(70)
Medical Office	(8,822)		(8,926)		(8,825)		(8,954)		(8,658)
CCRC	—		—		—		—		—
Other	—		—		—		—		—


Noncontrolling interests' share of consolidated JVs real estate revenues	$	(8,886)	$	(8,991)	$	(8,900)	$	(9,036)	$	(8,728)







Life Science	153,599		171,206		178,863		185,652		185,588
Medical Office	150,397		151,990		157,181		163,265		166,325
CCRC	123,132		122,125		119,810		119,037		118,868
Other	17,335		16,980		17,323		17,109		17,972


Portfolio Real Estate Revenues	$	444,463	$	462,301	$	473,177	$	485,063	$	488,753
Life Science	(4,757)		(11,819)		(12,374)		(11,030)		(11,402)
Medical Office	(3,003)		(2,556)		(2,643)		(4,337)		(4,306)
CCRC	(1)		8		14		—		—
Other	4		88		6		12		(4)


Non-cash adjustments to Portfolio Real Estate Revenues	$	(7,757)	$	(14,279)	$	(14,997)	$	(15,355)	$	(15,712)

Continued


			14


Reconciliations
In thousands

Revenues


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Life Science	148,842		159,387		166,489		174,622		174,186
Medical Office	147,394		149,434		154,538		158,928		162,019
CCRC	123,131		122,133		119,824		119,037		118,868
Other	17,339		17,068		17,329		17,121		17,968


Portfolio Cash Real Estate Revenues	$	436,706	$	448,022	$	458,180	$	469,708	$	473,041
Life Science	4,757		11,819		12,374		11,030		11,402
Medical Office	3,003		2,556		2,643		4,337		4,306
CCRC	1		(8)		(14)		—		—
Other	(4)		(88)		(6)		(12)		4


Non-cash adjustments to Portfolio Real Estate Revenues	$	7,757	$	14,279	$	14,997	$	15,355	$	15,712
Life Science	(29,037)		(40,927)		(44,364)		(49,762)		(51,427)
Medical Office	(24,766)		(25,403)		(29,663)		(32,977)		(36,338)
CCRC	(4,808)		(4,687)		(2,415)		—		—
Other	(17,335)		(16,980)		(17,323)		(17,109)		(17,972)


Non-SS Portfolio Real Estate Revenues	$	(75,946)	$	(87,997)	$	(93,765)	$	(99,848)	$	(105,737)
Life Science	$	124,562	$	130,279	$	134,499	$	135,890	$	134,161
Medical Office	125,631		126,587		127,518		130,288		129,987
CCRC	118,323		117,438		117,395		119,037		118,868
Other	—		—		—		—		—


Portfolio Real Estate Revenue - SS	$	368,516	$	374,304	$	379,412	$	385,215	$	383,016
Life Science	(840)		(5,084)		(5,541)		(4,118)		(4,190)
Medical Office	(2,305)		(2,418)		(1,930)		(2,353)		(2,150)
CCRC	—		—		—		—		—
Other	—		—		—		—		—


Non-cash adjustment to SS Portfolio Real Estate Revenues	$	(3,145)	$	(7,502)	$	(7,471)	$	(6,471)	$	(6,340)
Life Science	123,722		125,195		128,958		131,772		129,971
Medical Office	123,326		124,169		125,588		127,935		127,837
CCRC	118,323		117,438		117,395		119,037		118,868
Other	—		—		—		—		—


Portfolio Cash Real Estate Revenues - SS	$	365,371	$	366,802	$	371,941	$	378,744	$	376,676


			15


Reconciliations
In thousands


Operating Expenses


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Life Science	$	36,885	$	39,461	$	40,724	$	44,923	$	43,936
Medical Office	52,523		51,121		54,648		58,430		59,184
CCRC	94,806		91,179		94,760		98,799		96,127
Other	—		—		—		(13)		—


Operating expenses	$	184,214	$	181,761	$	190,132	$	202,139	$	199,247
Life Science	137		425		428		463		520
Medical Office	282		294		317		305		258
CCRC	4,465		4,745		2,208		32		(346)
Other	13,335		12,595		12,451		13,450		13,370


Healthpeak's share of unconsolidated JVs operating expenses	$	18,219	$	18,059	$	15,404	$	14,250	$	13,802
Life Science	(19)		(20)		(21)		(25)		(21)
Medical Office	(2,545)		(2,504)		(2,552)		(2,659)		(2,356)
CCRC	—		—		—		—		—
Other	—		—		—		—		—


Noncontrolling interests' share of consolidated JVs operating expenses	$	(2,564)	$	(2,524)	$	(2,573)	$	(2,684)	$	(2,377)
Life Science	37,003		39,866		41,131		45,361		44,435
Medical Office	50,260		48,911		52,413		56,076		57,086
CCRC	99,271		95,924		96,968		98,831		95,781
Other	13,335		12,595		12,451		13,437		13,370


Portfolio Operating Expenses	$	199,869	$	197,296	$	202,963	$	213,705	$	210,672
Life Science	(13)		(9)		(9)		(10)		(9)
Medical Office	(647)		(633)		(639)		(711)		(740)
CCRC	(3,810)		(12)		(1,212)		(724)		(1,270)
Other	(313)		(24)		33		113		27


Non-cash adjustments to Portfolio Operating Expenses	$	(4,783)	$	(678)	$	(1,827)	$	(1,332)	$	(1,992)
Life Science	36,990		39,857		41,122		45,351		44,426
Medical Office	49,613		48,278		51,774		55,365		56,346
CCRC	95,461		95,912		95,756		98,107		94,511
Other	13,022		12,571		12,484		13,550		13,397


Portfolio Cash Operating Expenses	$	195,086	$	196,618	$	201,136	$	212,373	$	208,680
Life Science	$	13	$	9	$	9	$	10	$	9
Medical Office	647		633		639		711		740
CCRC	3,810		12		1,212		724		1,270
Other	313		24		(33)		(113)		(27)


Non-cash adjustments to Portfolio Operating Expenses	$	4,783	$	678	$	1,827	$	1,332	$	1,992
Life Science	(6,949)		(10,575)		(11,338)		(12,367)		(13,236)
Medical Office	(8,749)		(8,717)		(11,211)		(13,232)		(14,053)
CCRC	(4,463)		(5,495)		(2,602)		(426)		(62)
Other	(13,335)		(12,595)		(12,451)		(13,437)		(13,370)


Non-SS Portfolio Operating Expenses	$	(33,496)	$	(37,382)	$	(37,602)	$	(39,462)	$	(40,721)

Continued


			16


Reconciliations
In thousands


Operating Expenses


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Life Science	30,054		29,291		29,793		32,994		31,199
Medical Office	41,511		40,194		41,202		42,844		43,033
CCRC	94,808		90,429		94,366		98,405		95,719
Other	—		—		—		—		—


Portfolio Operating Expenses - SS	$	166,373	$	159,914	$	165,361	$	174,243	$	169,951
Life Science	(13)		(9)		(9)		(8)		(9)
Medical Office	(576)		(571)		(571)		(569)		(565)
CCRC	(3,800)		—		(1,209)		(724)		(1,542)
Other	—		—		—		—		—


Non-cash adjustment to SS Portfolio Operating Expenses	$	(4,389)	$	(580)	$	(1,789)	$	(1,301)	$	(2,116)
Life Science	30,041		29,282		29,784		32,986		31,190
Medical Office	40,935		39,623		40,631		42,275		42,468
CCRC	91,008		90,429		93,157		97,681		94,177
Other	—		—		—		—		—


Portfolio Cash Operating Expenses - SS	$	161,984	$	159,334	$	163,572	$	172,942	$	167,835


			17


Reconciliations
In thousands

Revenues

Operating Expenses


Year Ended December 31, 2021			Year Ended December 31, 2021
Life Science	$	715,844	Life Science	$	169,044
Medical Office	671,242		Medical Office	223,383
CCRC	471,325		CCRC	380,865
Other	37,773		Other	(13)


Total revenues	$	1,896,184	Operating expenses	$	773,279
Life Science	—		Life Science	1,836
Medical Office	—		Medical Office	1,174
CCRC	1,412		CCRC	6,639
Other	—		Other	51,866


Government grant income	$	1,412	Healthpeak's share of unconsolidated JVs operating expenses	$	61,515
Life Science	—		Life Science	(87)
Medical Office	—		Medical Office	(10,071)
CCRC	—		CCRC	—
Other	(37,773)		Other	—


Less: Interest income	$	(37,773)	Noncontrolling interests' share of consolidated JVs operating expenses	$	(10,158)
Life Science	5,757		Life Science	170,793
Medical Office	2,882		Medical Office	214,486
CCRC	6,903		CCRC	387,504
Other	67,835		Other	51,853


Healthpeak's share of unconsolidated JVs real estate revenues	$	83,377	Portfolio Operating Expenses	$	824,636
Life Science	—		Life Science	(37)
Medical Office	—		Medical Office	(2,723)
CCRC	200		CCRC	(3,218)
Other	1,549		Other	149


Healthpeak's share of unconsolidated JVs government grant income	$	1,749	Non-cash adjustments to Portfolio Operating Expenses	$	(5,829)
Life Science	(292)		Life Science	170,756
Medical Office	(35,363)		Medical Office	211,763
CCRC	—		CCRC	384,286
Other	—		Other	52,002


Noncontrolling interests' share of consolidated JVs real estate revenues	$	(35,655)	Portfolio Cash Operating Expenses	$	818,807
Life Science	721,309		Life Science	$	37
Medical Office	638,761		Medical Office	2,723
CCRC	479,840		CCRC	3,218
Other	69,384		Other	(149)


Portfolio Real Estate Revenues	$	1,909,294	Non-cash Portfolio Cash Operating Expenses	$	5,829
Life Science	(46,625)		Life Science	(60,234)
Medical Office	(13,842)		Medical Office	(49,136)
CCRC	22		CCRC	(332,792)
Other	102		Other	(51,853)


Non-cash adjustments to Portfolio Real Estate Revenues	$	(60,343)	Non-SS Portfolio Operating Expenses	$	(494,015)

Continued


			18


Reconciliations
In thousands


Year Ended December 31, 2021			Year Ended December 31, 2021
Life Science	674,684		Life Science	110,559
Medical Office	624,919		Medical Office	165,350
CCRC	479,862		CCRC	54,712
Other	69,486		Other	—


Portfolio Cash Real Estate Revenues	$	1,848,951	Portfolio Operating Expenses - SS(2)	$	330,621
Life Science	46,625		Life Science	(37)
Medical Office	13,842		Medical Office	(2,263)
CCRC	(22)		CCRC	(163)
Other	(102)		Other	—


Non-cash adjustments to Portfolio Real Estate Revenues	$	60,343	Non-cash adjustment to SS Portfolio Operating Expenses	$	(2,463)
Life Science	(247,515)		Life Science	110,522
Medical Office	(130,138)		Medical Office	163,087
CCRC	(405,033)		CCRC	54,549
Other	(69,383)		Other	—


Non-SS Portfolio Real Estate Revenue	$	(852,069)	Portfolio Cash Operating Expenses - SS(1)	$	328,158
Life Science	473,794
Medical Office	508,624
CCRC	74,806
Other	—


Portfolio Real Estate Revenue - SS(2)	$	1,057,224
Life Science	(15,252)
Medical Office	(8,675)
CCRC	—
Other	—


Non-cash adjustment to SS Portfolio Real Estate Revenues	$	(23,927)
Life Science	458,542
Medical Office	499,949
CCRC	74,806
Other	—


Portfolio Cash Real Estate Revenues - SS(1)	$	1,033,297

______________________________________

(1)The property count used for Portfolio Real Estate Revenue - SS, Portfolio Cash Real Estate Revenues - SS, Portfolio Operating Expenses - SS, and Portfolio Cash Operating Expenses - SS differed for the three and twelve months ended December 31, 2021.


			19


Reconciliations
In thousands


EBITDAre and Adjusted EBITDAre


	Three Months Ended December 31, 2021		Twelve Months Ended December 31, 2021
Net income (loss)	$	32,576	$	525,930
Interest expense(1)	36,551		161,880
Income tax expense (benefit)(1)	(1,481)		(4,230)
Depreciation and amortization	178,114		684,286
Other depreciation and amortization	1,492		4,873
Loss (gain) on sales of real estate(1)	(6,780)		(605,311)
Loss (gain) upon change of control	—		(1,042)
Impairments (recoveries) of depreciable real estate	19,625		25,320
Share of unconsolidated JV:
Interest expense	(259)		72
Income tax expense (benefit)	(452)		(2,096)
Depreciation and amortization	5,041		17,085

Loss (gain) on sale of real estate from unconsolidated JVs	197		(6,737)

EBITDAre	$	264,624	$	800,030






Transaction-related items, excluding taxes	388		6,789

Other impairments (recoveries) and losses (gains)(2)	(923)		24,238
Restructuring and severance related charges	1,147		3,610
Loss (gain) on debt extinguishments	—		225,824

Casualty-related charges (recoveries), excluding taxes	—		5,158
Amortization of stock-based compensation	4,307		18,202



Adjusted EBITDAre	$	269,543	$	1,083,851


Adjusted Fixed Charge Coverage


	Three Months Ended December 31, 2021		Twelve Months Ended December 31, 2021


Interest expense, including unconsolidated JV interest expense at share	36,292		161,952
Capitalized interest	7,076		23,875
Fixed Charges	$	43,368	$	185,827

Adjusted Fixed Charge Coverage	6.2x		5.8x

______________________________________

(1)Amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations and Discontinued Operations Reconciliation provided on pages 9 and 40, respectively, in the Earnings Release and Supplemental Report for the quarter ended December 31, 2021.

(2)For the year ended December 31, 2021, includes the following: (i) a $29 million goodwill impairment charge in connection with our senior housing asset sales reported in income (loss) from discontinued operations in the Consolidated Statements of Operations and (ii) $1.6 million of reserves for loan loss recorded in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations, offset by (iii) $6.4 million of accelerated recognition of a mark-to-market discount, less loan fees, resulting from prepayments on loans receivable which is included in interest income in the Consolidated Statements of Operations.


			20


Reconciliations
In thousands


Enterprise Debt and Net Debt


	December 31, 2021		Pro Forma December 31, 2021(1)
Bank line of credit and commercial paper	$	1,165,975

Senior unsecured notes	4,651,933
Mortgage debt	352,081

Consolidated Debt	$	6,169,989
Share of unconsolidated JV mortgage debt	39,684

Enterprise Debt	$	6,209,673	$	6,209,673
Cash and cash equivalents(2)	(165,994)		(481,863)
Share of unconsolidated JV cash and cash equivalents	(15,912)		(15,912)
Net Debt	$	6,027,767	$	5,711,898


Financial Leverage


	December 31, 2021
Enterprise Debt	$	6,209,673
Enterprise Gross Assets	18,568,421
Financial Leverage	33.4%


Secured Debt Ratio(2)


	December 31, 2021
Mortgage debt	$	352,081
Share of unconsolidated JV mortgage debt	39,684
Enterprise Secured Debt	$	391,765
Enterprise Gross Assets	18,568,421
Secured Debt Ratio	2.1%


Net Debt to Adjusted EBITDAre


	Three Months Ended December 31, 2021		Twelve Months Ended December 31, 2021		Pro Forma Three Months Ended December 31, 2021(1)		Pro Forma Twelve Months Ended December 31, 2021(1)
Net Debt	$	6,027,767	$	6,027,767	$	5,711,898	$	5,711,898
Annualized Adjusted EBITDAre(3)	1,078,172		1,083,851		1,078,172		1,083,851
Net Debt to Adjusted EBITDAre	5.6x		5.6x		5.3x		5.3x

______________________________________

(1)Pro forma cash and cash equivalents and the resulting Net Debt to Adjusted EBITDAre at December 31, 2021 is adjusted to include $316 million of net proceeds from the future expected settlement of 9.1 million shares sold under equity forward contracts through the Company's ATM program during the third quarter of 2021.

(2)Includes cash and cash equivalents of $8 million on assets held for sale.

(3)For the three months ended, represents the current quarter Adjusted EBIDTAre multiplied by a factor of four. For the twelve months ended, represents trailing twelve months Adjusted EBITDAre.


			21


Reconciliations
In thousands


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

Total Portfolio


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Income (loss) from continuing operations	$	(19,203)	$	(120,585)	$	168,065	$	61,305	$	28,943
Interest income	(4,192)		(9,013)		(16,108)		(6,748)		(5,904)
Interest expense	54,088		46,843		38,681		35,905		36,551
Depreciation and amortization	147,175		157,538		171,459		177,175		178,114
General and administrative	25,507		24,902		24,088		23,270		26,043
Transaction costs	1,422		798		619		—		424
Loss (gain) on sales of real estate, net	(4,714)		—		(175,238)		(14,635)		(717)
Impairments and loan loss reserves (recoveries), net	26,742		3,242		931		285		18,702
Other expense (income), net	128		(2,200)		(1,734)		(1,670)		(662)
Loss (gain) on debt extinguishments	—		164,292		60,865		667		—
Income tax expense (benefit)	(2,631)		8		(763)		(649)		(1,857)
Government grant income	2,566		1,310		87		15		—
Equity loss (income) from unconsolidated JVs	18,969		(1,323)		(867)		(2,327)		(1,583)
Healthpeak's share of unconsolidated JVs NOI	5,059		5,660		6,456		5,117		6,378
Noncontrolling interests' share of consolidated JVs NOI	(6,322)		(6,467)		(6,327)		(6,352)		(6,351)
Portfolio NOI	$	244,594	$	265,005	$	270,214	$	271,358	$	278,081
Adjustment to Portfolio NOI	(2,974)		(13,601)		(13,170)		(14,023)		(13,719)
Portfolio Cash (Adjusted) NOI	$	241,620	$	251,404	$	257,044	$	257,335	$	264,362
Interest income	4,192		9,013		16,108		6,748		5,904

Portfolio Income	$	245,812	$	260,417	$	273,152	$	264,083	$	270,266
Interest income	(4,192)		(9,013)		(16,108)		(6,748)		(5,904)

Adjustment to Portfolio NOI	2,974		13,601		13,170		14,023		13,719
Non-SS Portfolio NOI	(42,450)		(50,617)		(56,163)		(60,387)		(65,017)
SS Portfolio NOI	$	202,144	$	214,388	$	214,051	$	210,971	$	213,064
Non-cash adjustment to SS Portfolio NOI	1,243		(6,920)		(5,682)		(5,169)		(4,223)
SS Portfolio Cash (Adjusted) NOI	$	203,387	$	207,468	$	208,369	$	205,802	$	208,841


			22


Reconciliations
In thousands

Life Science


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Income (loss) from continuing operations	$	43,225	$	61,816	$	59,960	$	60,326	$	62,419

Interest expense	55		102		48		46		36
Depreciation and amortization	58,184		68,434		76,955		79,570		78,237

Transaction costs	155		32		(21)		—		13
Impairments and loan loss (reserves) recoveries, net	14,671		—		—		—		—

Other expense (income), net	—		(4)		(28)		(22)		(1)


Equity loss (income) from unconsolidated JVs	40		93		(111)		(630)		(470)
Healthpeak's share of unconsolidated JVs NOI	311		912		984		1,058		967
Noncontrolling interests' share of consolidated JVs NOI	(45)		(45)		(54)		(57)		(49)
Portfolio NOI	$	116,596	$	131,340	$	137,733	$	140,291	$	141,152
Adjustment to Portfolio NOI	(4,744)		(11,810)		(12,366)		(11,021)		(11,392)
Portfolio Cash (Adjusted) NOI(1)	$	111,852	$	119,530	$	125,367	$	129,270	$	129,760





Adjustment to Portfolio NOI	4,744		11,810		12,366		11,021		11,392
Non-SS Portfolio NOI	(22,088)		(30,353)		(33,027)		(37,397)		(38,190)
SS Portfolio NOI	$	94,508	$	100,987	$	104,706	$	102,894	$	102,962
Non-cash adjustment to SS Portfolio NOI	(827)		(5,074)		(5,532)		(4,108)		(4,181)
SS Portfolio Cash (Adjusted) NOI	$	93,681	$	95,913	$	99,174	$	98,786	$	98,781

Medical Office


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Income (loss) from continuing operations	$	49,741	$	48,614	$	221,725	$	58,632	$	27,064

Interest expense	98		95		786		1,104		852
Depreciation and amortization	56,902		57,954		63,371		66,189		68,232

Transaction costs	—		330		(35)		—		28
Impairments and loan loss (reserves) recoveries, net	4,175		—		—		1,952		19,625
Loss (gain) on sales of real estate, net	(4,714)		—		(175,238)		(14,635)		(717)
Other expense (income), net	—		2,279		175		30		241


Equity loss (income) from unconsolidated JVs	(193)		(192)		(137)		(220)		(245)
Healthpeak's share of unconsolidated JVs NOI	405		421		393		432		462
Noncontrolling interests' share of consolidated JVs NOI	(6,277)		(6,422)		(6,273)		(6,295)		(6,302)
Portfolio NOI	$	100,137	$	103,079	$	104,767	$	107,189	$	109,240
Adjustment to Portfolio NOI	(2,356)		(1,923)		(2,003)		(3,626)		(3,566)
Portfolio Cash (Adjusted) NOI(1)	$	97,781	$	101,156	$	102,764	$	103,563	$	105,674





Adjustment to Portfolio NOI	2,356		1,923		2,003		3,626		3,566
Non-SS Portfolio NOI	(16,017)		(16,686)		(18,451)		(19,744)		(22,286)
SS Portfolio NOI	$	84,120	$	86,393	$	86,316	$	87,445	$	86,954
Non-cash adjustment to SS Portfolio NOI	(1,729)		(1,847)		(1,359)		(1,785)		(1,585)
SS Portfolio Cash (Adjusted) NOI	$	82,391	$	84,546	$	84,957	$	85,660	$	85,369


			23


Reconciliations
In thousands

CCRC


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Income (loss) from continuing operations	$	(14,644)	$	(6,375)	$	(10,362)	$	(12,170)	$	(11,498)

Interest expense	1,971		1,918		1,924		1,936		1,923
Depreciation and amortization	32,089		31,150		31,133		31,416		31,645

Transaction costs	1,256		432		657		—		356

Other expense (income), net	533		(2,176)		(165)		(114)		314

Government grant income	2,566		1,310		87		15		—
Equity loss (income) from unconsolidated JVs	(254)		—		(639)		(845)		—
Healthpeak's share of unconsolidated JVs NOI	344		(58)		207		(32)		347

Portfolio NOI	$	23,861	$	26,201	$	22,842	$	20,206	$	23,087
Adjustment to Portfolio NOI	3,809		20		1,226		724		1,271
Portfolio Cash (Adjusted) NOI(1)	$	27,670	$	26,221	$	24,068	$	20,930	$	24,358





Adjustment to Portfolio NOI	(3,809)		(20)		(1,226)		(724)		(1,271)
Non-SS Portfolio NOI	(345)		807		187		426		61
SS Portfolio NOI	$	23,516	$	27,008	$	23,029	$	20,632	$	23,148
Non-cash adjustment to SS Portfolio NOI	3,799		1		1,209		724		1,543
SS Portfolio Cash (Adjusted) NOI	$	27,315	$	27,009	$	24,238	$	21,356	$	24,691

Other


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Income (loss) from continuing operations	$	(23,090)	$	7,473	$	15,139	$	9,061	$	7,671
Interest income	(4,192)		(9,013)		(16,108)		(6,748)		(5,904)

Depreciation and amortization	—		—		—		—		—

Transaction costs	11		4		18		—		27
Impairments and loan loss (reserves) recoveries, net	7,896		3,242		931		(1,667)		(923)

Other expense (income), net	—		(482)		—		(1)		(3)


Equity loss (income) from unconsolidated JVs	19,376		(1,224)		20		(632)		(868)
Healthpeak's share of unconsolidated JVs NOI	3,999		4,385		4,872		3,659		4,602

Portfolio NOI	$	4,000	$	4,385	$	4,872	$	3,672	$	4,602
Adjustment to Portfolio NOI	317		112		(27)		(100)		(32)
Portfolio Cash (Adjusted) NOI	$	4,317	$	4,497	$	4,845	$	3,572	$	4,570
Interest income	4,192		9,013		16,108		6,748		5,904

Portfolio Income	$	8,509	$	13,510	$	20,953	$	10,320	$	10,474
Interest income	(4,192)		(9,013)		(16,108)		(6,748)		(5,904)

Adjustment to Portfolio NOI	(317)		(112)		27		100		32
Non-SS Portfolio NOI	(4,000)		(4,385)		(4,872)		(3,672)		(4,602)
SS Portfolio NOI	$	—	$	—	$	—	$	—	$	—

SS Portfolio Cash (Adjusted) NOI	$	—	$	—	$	—	$	—	$	—


			24


Reconciliations
In thousands

Corporate Non-Segment


	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Income (loss) from continuing operations	$	(74,435)	$	(232,113)	$	(118,397)	$	(54,544)	$	(56,713)
Interest expense	51,964		44,728		35,923		32,819		33,740
General and administrative	25,507		24,902		24,088		23,270		26,043


Loss (gain) on debt extinguishments	—		164,292		60,865		667		—
Other expense (income), net	(405)		(1,817)		(1,716)		(1,563)		(1,213)
Income tax expense (benefit)	(2,631)		8		(763)		(649)		(1,857)
Portfolio NOI	$	—	$	—	$	—	$	—	$	—

______________________________________

(1)Portfolio Income and Portfolio Cash (Adjusted) NOI are the same for Life Science, Medical Office, and CCRC for all periods presented as there is no interest income related to such segments.


			25


Reconciliations
In thousands


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

For the year ended December 31, 2021


	Life Science		Medical Office		CCRC		Other		Corporate Non-segment		Total
Income (loss) from continuing operations	$	244,521	$	356,035	$	(40,405)	$	39,344	$	(461,767)	$	137,728
Interest income	—		—		—		(37,773)		—		(37,773)
Interest expense	232		2,837		7,701		—		147,210		157,980
Depreciation and amortization	303,196		255,746		125,344		—		—		684,286
General and administrative	—		—		—		—		98,303		98,303
Transaction costs	24		323		1,445		49		—		1,841
Impairments and loan loss (reserves) recoveries, net	—		21,577		—		1,583		—		23,160
Loss (gain) on sales of real estate, net	—		(190,590)		—		—		—		(190,590)
Loss on debt extinguishments	—		—		—		—		225,824		225,824
Other expense (income), net	(55)		2,725		(2,141)		(486)		(6,309)		(6,266)
Income tax expense (benefit)	—		—		—		—		(3,261)		(3,261)
Government grant income	—		—		1,412		—		—		1,412
Healthpeak's share of unconsolidated joint venture NOI	3,921		1,708		464		17,518		—		23,611
Noncontrolling interests' share of consolidated joint venture NOI	(205)		(25,292)		—		—		—		(25,497)
Equity loss (income) from unconsolidated JVs	(1,118)		(794)		(1,484)		(2,704)		—		(6,100)


Portfolio NOI	$	550,516	$	424,275	$	92,336	$	17,531	$	—	$	1,084,658
Adjustment to NOI	(46,589)		(11,118)		3,241		(47)		—		(54,513)
Portfolio Cash (Adjusted) NOI	$	503,927	$	413,157	$	95,577	$	17,484	$	—	$	1,030,145
Interest Income	—		—		—		37,773		—		37,773

Portfolio Income	$	503,927	$	413,157	$	95,577	$	55,257	$	—	$	1,067,918
Interest income	—		—		—		(37,773)				(37,773)

Adjustment to NOI	46,589		11,118		(3,241)		47		—		54,513
Non-SS Portfolio NOI	(187,281)		(81,001)		(72,243)		(17,531)		—		(358,056)
SS Portfolio NOI	$	363,235	$	343,274	$	20,093	$	—	$	—	$	726,602
Non-cash adjustment to SS Portfolio NOI	(15,215)		(6,412)		164		—		—		(21,463)
SS Portfolio Cash (Adjusted) NOI	$	348,020	$	336,862	$	20,257	$	—	$	—	$	705,139


			26


Reconciliations
In thousands

For the year ended December 31, 2020


	Life Science		Medical Office		CCRC		Other		Corporate Non-segment		Total
Income (loss) from continuing operations	$	198,189	$	276,805	$	43,191	$	(25,610)	$	(332,068)	$	160,507
Interest income	—		—		—		(16,553)		—		(16,553)
Interest expense	234		400		7,227		—		210,475		218,336
Depreciation and amortization	217,921		222,165		113,851		12		—		553,949
General and administrative	—		—		—		—		93,237		93,237
Transaction costs	236		—		17,994		112		—		18,342
Impairments and loan loss (reserves) recoveries, net	14,671		10,208		—		18,030		—		42,909
Loss (gain) on sales of real estate, net	—		(90,390)		—		40		—		(90,350)
Loss on debt extinguishments	—		—		—		—		42,912		42,912
Other expense (income), net	—		—		(187,844)		(41,707)		(5,133)		(234,684)
Income tax expense (benefit)	—		—		—		—		(9,423)		(9,423)
Government grant income	—		—		16,198		—		—		16,198
Healthpeak's share of unconsolidated joint venture NOI	311		1,643		4,187		20,603		—		26,744
Noncontrolling interests' share of consolidated joint venture NOI	(167)		(24,315)		—		—		—		(24,482)
Equity loss (income) from unconsolidated JVs	40		(798)		1,547		65,810		—		66,599


Portfolio NOI	$	431,435	$	395,718	$	16,351	$	20,737	$	—	$	864,241
Adjustment to NOI	(20,133)		(5,544)		97,072		433		—		71,828
Portfolio Cash (Adjusted) NOI	$	411,302	$	390,174	$	113,423	$	21,170	$	—	$	936,069
Interest Income	—		—		—		16,553		—		16,553

Portfolio Income	$	411,302	$	390,174	$	113,423	$	37,723	$	—	$	952,622
Interest income	—		—		—		(16,553)				(16,553)

Adjustment to NOI	20,133		5,544		(97,072)		(433)		—		(71,828)
Non-SS Portfolio NOI	(95,302)		(62,483)		8,070		(20,737)		—		(170,452)
SS Portfolio NOI	$	336,133	$	333,235	$	24,421	$	—	$	—	$	693,789
Non-cash adjustment to SS Portfolio NOI	(11,463)		(6,618)		—		—		—		(18,081)
SS Portfolio Cash (Adjusted) NOI	$	324,670	$	326,617	$	24,421	$	—	$	—	$	675,708


			27


Reconciliations
In thousands

CCRC Pro Forma Portfolio Real Estate Revenues and NOI(1)


Pro Forma SS Portfolio Real Estate Revenues	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Portfolio Real Estate Revenues - SS(2)	$	118,323	$	117,437	$	117,395	$	119,037	$	118,868

Pro forma adjustments to exclude government grants	(2,566)		(1,310)		(87)		(15)		—
Pro forma Portfolio Real Estate Revenues - SS(3)	$	115,757	$	116,128	$	117,308	$	119,022	$	118,868


Pro Forma SS Portfolio Cash Real Estate Revenues	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Portfolio Cash Real Estate Revenues - SS(2)	$	118,323	$	117,437	$	117,395	$	119,037	$	118,868

Pro forma adjustments to exclude government grants	(2,566)		(1,310)		(87)		(15)		—
Pro forma Portfolio Cash Real Estate Revenues - SS(3)	$	115,757	$	116,128	$	117,308	$	119,022	$	118,868


Pro Forma SS Portfolio NOI	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
SS Portfolio NOI(5)	$	23,516	$	27,008	$	23,029	$	20,632	$	23,148

Pro forma adjustment to exclude government grants	(2,566)		(1,310)		(87)		(15)		—
Pro forma SS Portfolio NOI(3)	$	20,950	$	25,699	$	22,942	$	20,617	$	23,148


Pro Forma SS Portfolio Cash (Adjusted) NOI	Three Months Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
SS Portfolio Cash (Adjusted) NOI(5)	$	27,315	$	27,009	$	24,238	$	21,356	$	24,691

Pro forma adjustment to exclude government grants	(2,566)		(1,310)		(87)		(15)		—
Pro forma SS Portfolio Cash (Adjusted) NOI(3)	$	24,749	$	25,700	$	24,151	$	21,341	$	24,691

______________________________________

(1)May not foot due to rounding.

(2)See page 14 and 15 of this document for a reconciliation of Portfolio Real Estate Revenues - SS and Portfolio Cash Real Estate Revenues - SS.

(3)Pro forma adjustments excludes government grants received under the CARES Act from Portfolio Real Estate Revenues.

(4)See page 16 and 17 of this document for a reconciliation of Portfolio Operating Expenses - SS and Portfolio Cash Operating Expenses - SS.

(5)See page 22 through 25 of this document for a reconciliation of SS Portfolio NOI and SS Portfolio Cash (Adjusted) NOI.


			28


Reconciliations
In thousands, except per month data


REVPOR CCRC(1)



	Three Months Ended
CCRC	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021



Portfolio Cash Real Estate Revenues(2)	$	123,131	$	122,133	$	119,824	$	119,037	$	118,868
Other adjustments to REVPOR CCRC(3)	(4,808)		(4,696)		(2,429)		—		—
REVPOR CCRC revenues	$	118,323	$	117,438	$	117,395	$	119,037	$	118,868

Average occupied units/month	5,876		5,854		5,906		5,910		5,852
REVPOR CCRC per month(4)	$	6,712	$	6,687	$	6,626	$	6,714	$	6,770



	Three Months Ended
SS REVPOR CCRC	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021



SS REVPOR CCRC revenues(5)	$	118,323	$	117,438	$	117,395	$	119,037	$	118,868

SS average occupied units/month	5,876		5,854		5,906		5,910		5,852
SS REVPOR CCRC per month(4)	$	6,712	$	6,687	$	6,626	$	6,714	$	6,770



	Three Months Ended
PRO FORMA SS REVPOR CCRC	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021


Pro Forma SS REVPOR CCRC revenues(6)	$	115,757	$	116,128	$	117,308	$	119,022	$	118,868

SS average occupied units/month	5,876		5,854		5,906		5,910		5,852
SS REVPOR CCRC per month(4)	$	6,567	$	6,612	$	6,621	$	6,713	$	6,770

_____________________________________

(1)May not foot due to rounding.

(2)See page 14 and 15 of this document for a reconciliation of Portfolio Cash Real Estate Revenues.

(3)Includes revenue from facilities that are held for sale or sold.

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

(5)See page 14 and 15 of this document for a reconciliation of Portfolio Cash Real Estate Revenues - SS.

(6)See page 28 of this document for a reconciliation of Pro forma Portfolio Real Estate Revenues - SS which is the same as Pro Forma SS REVPOR CCRC revenues.


			29


Reconciliations
In thousands


Other Pro Forma Portfolio Real Estate Revenues and NOI(1)


	Three Months Ended
Pro Forma Portfolio Real Estate Revenues	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Portfolio Real Estate Revenues(2)	$	17,334	$	16,980	$	17,323	$	17,109	$	17,971
Pro forma adjustments to exclude government grants	(40)		(227)		(583)		—		(739)
Pro forma Portfolio Real Estate Revenues(3)	$	17,294	$	16,753	$	16,740	$	17,109	$	17,232


	Three Months Ended
Pro Forma Portfolio Cash Real Estate Revenues	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021



Portfolio Cash Real Estate Revenues(2)	$	17,339	$	17,068	$	17,330	$	17,121	$	17,967
Pro forma adjustments to exclude government grants	(40)		(227)		(583)		—		(739)
Pro forma Portfolio Cash Real Estate Revenues(3)	$	17,298	$	16,841	$	16,747	$	17,121	$	17,228


	Three Months Ended
Pro Forma Portfolio NOI	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Portfolio NOI(4)	$	3,999	$	4,385	$	4,872	$	3,672	$	4,602
Pro forma adjustments to exclude government grants	(40)		(227)		(583)		—		(739)
Pro forma Portfolio NOI(4)	$	3,959	$	4,158	$	4,289	$	3,672	$	3,863


	Three Months Ended
Pro Forma Portfolio Cash (Adjusted) NOI	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Portfolio Cash (Adjusted) NOI(4)	$	4,316	$	4,497	$	4,845	$	3,571	$	4,570
Pro forma adjustments to exclude government grants	(40)		(227)		(583)		—		(739)
Pro forma Portfolio Cash (Adjusted) NOI(4)	$	4,276	$	4,271	$	4,262	$	3,571	$	3,831

______________________________________

(1)May not foot due to rounding.

(2)See page 14 and 15 of this document for a reconciliation of Portfolio Real Estate Revenues and Portfolio Cash Real Estate Revenues.

(3)Pro forma adjustments excludes government grants received under the CARES Act for Portfolio Real Estate Revenues.

(4)See page 22 through 25 of this document for a reconciliation of Portfolio NOI and Portfolio Cash (Adjusted) NOI.


			30


Reconciliations
In thousands, except per month data


REVPOR Other(1)


	Three Months Ended
REVPOR Other	December 31, 2020		March 31, 2021		June 30, 2021			September 30, 2021		December 31, 2021



Portfolio Cash Real Estate Revenues(2)	$	17,339	$	17,068	$	17,329		$	17,121	$	17,967
Other adjustments to REVPOR Other(3)	(3,330)		(3,372)		(3,460)			(3,509)		(3,863)
REVPOR Other revenues	$	14,008	$	13,696	$	13,870		$	13,612	$	14,105

Average occupied units/month	1,172		1,109		1,104			1,134		1,142
REVPOR Other per month(4)	$	3,983	$	4,117	$	4,186	4	$	4,000	$	4,118


	Three Months Ended
Pro Forma REVPOR Other	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021



REVPOR Other revenues	$	14,008	$	13,696	$	13,870	$	13,612	$	14,105
Pro Forma adjustments to REVPOR Other(5)	(24)		(163)		(490)		—		(532)
Pro Forma REVPOR Other revenues	$	13,984	$	13,533	$	13,380	$	13,612	$	13,573

Average occupied units/month	1,172		1,109		1,104		1,134		1,142
Pro Forma REVPOR Other per month(4)	$	3,976	$	4,068	$	4,038	$	4,000	$	3,963

______________________________________

(1)May not foot due to rounding.

(2)See page 14 and 15 of this document for a reconciliation of Portfolio Cash Real Estate Revenues.

(3)Includes revenue for assets in redevelopment or recently completed redevelopments that are not yet stabilized.

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

(5)Pro forma adjustments excludes government grants received under the CARES Act for the stabilized properties included in REVPOR Other revenues.


			31


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

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

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

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


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


No.						Description

99.1						Press Release dated February 8, 2022.

99.2						December 31, 2021, Supplemental Report.

99.3						December 31, 2021, Discussion and Reconciliation of Non-GAAP Financial Measures.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


Date: February 8, 2022
	Healthpeak Properties, Inc.



	By:	/s/ Peter A. Scott
		Peter A. Scott
		Chief Financial Officer