peak-20230207

Exhibit 99.1

Healthpeak Properties Reports Fourth Quarter and Year Ended 2022 Results

DENVER, February 7, 2023 - Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2022.

FOURTH QUARTER 2022 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

–Net income of $0.01 per share, Nareit FFO of $0.35 per share, FFO as Adjusted of $0.44 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 6.6%

▪Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 5.7% and 5.4%, respectively

–Fourth quarter life science new and renewal lease executions totaled 175,000 square feet, with +64% cash releasing spreads on renewals

–Life science development and redevelopment update:

▪Placed-in-service 142,000 square feet of fully leased Class A development space at 101 CambridgePark Drive in Cambridge

▪Completed a $44 million redevelopment of the fully leased 1150 Veterans building on the Oyster Point campus in South San Francisco

▪Executed leases totaling 100,000 square feet on previously disclosed LOIs and signed LOIs for an additional 29,000 square feet at the Pointe Grand redevelopment campus in South San Francisco

▪The $900 million life science active development pipeline is 78% pre-leased

–In December 2022 and January 2023, acquired a total of 2.2 acres of strategic land in the Alewife submarket of Cambridge for $27 million

–Balance Sheet:

▪In October 2022, drew down the entirety of the previously disclosed $500 million delayed draw senior unsecured term loans at a 3.5% fixed rate via swaps

▪In December 2022, settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of $34 per share, generating net proceeds of $308 million

▪In January 2023, issued $400 million of 5.25% fixed rate 10-year senior unsecured notes

▪Net debt to adjusted EBITDAre was 5.3x as of December 31, 2022

–Healthpeak intends to implement a holding company reorganization to an Umbrella Partnership Real Estate Investment Trust (UPREIT) during the first quarter of 2023

–Promoted Ankit Patadia to Executive Vice President and Treasurer – Corporate Finance

–The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on February 23, 2023, to stockholders of record as of the close of business on February 9, 2023

–Recent ESG recognitions include being named to the CDP Leadership band for the tenth consecutive year; included in the S&P Global Sustainability Yearbook for the eighth consecutive year, and Bloomberg Gender-Equality Index and Newsweek's America’s Most Responsible Companies for the fourth consecutive year; and named a Wall Street Journal Best-Managed Company for the first time

FULL YEAR 2022 HIGHLIGHTS

–Net income of $0.92 per share, Nareit FFO of $1.66 per share, FFO as Adjusted of $1.74 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 5.0%

▪Life Science Same-Store Portfolio Cash (Adjusted) NOI growth of 5.1%; 60 basis points above the mid-point of the initial 2022 guidance range of 4.00% - 5.00%

▪MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 4.0%; 175 basis points above the the mid-point of the initial 2022 guidance range of 1.75% - 2.75%

Page 1

–Portfolio leasing summary:

▪Full-year life science lease executions totaled 1.4 million square feet, with +35% cash releasing spreads on renewals

▪Full-year MOB lease executions totaled 3.1 million square feet

–Delivered development projects on-time and on-budget, with significant pre-leasing prior to delivery

▪675,000 square feet of fully-leased, purpose-built lab space representing $691 million of investment

▪Three on-campus MOBs totaling 237,000 square feet with a total investment of $69 million

▪Commenced our 10th HCA development project with an on-campus Class A MOB in Savannah, Georgia

–2022 ESG highlights

▪Received a Green Star rating from the Global Real Estate Sustainability Benchmark (GRESB) for the eleventh consecutive year

▪Named to CDP's Leadership band and listed in the S&P Global North America Dow Jones Sustainability Index for the tenth consecutive year

▪Listed in the S&P Global Sustainability Yearbook for the eighth consecutive year, and named to the Bloomberg Gender-Equality Index and Newsweek's America's Most Responsible Companies list for the fourth consecutive year

▪Certified a Great Place to Work for the third consecutive year

▪Named a Best-Managed Company by the Wall Street Journal and included in Fortune’s Modern Board 25 and Best Workplaces in Real Estate lists for the first time

▪Finalist for Best Proxy Statement for the third consecutive year and Best ESG Reporting for the first time by IR Magazine and Corporate Secretary

▪To learn more about Healthpeak's ESG program, please visit www.healthpeak.com/esg

FOURTH QUARTER COMPARISON


	Three Months Ended December 31, 2022				Three Months Ended December 31, 2021
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income, diluted	$	6,388	$	0.01	$	28,493	$	0.05
Nareit FFO, diluted	192,158		0.35		222,101		0.41
FFO as Adjusted, diluted	238,744		0.44		222,730		0.41
AFFO, diluted	194,414		0.36		175,941		0.32

FULL YEAR COMPARISON


	Year Ended December 31, 2022				Year Ended December 31, 2021
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income, diluted	$	497,792	$	0.92	$	502,271	$	0.93
Nareit FFO, diluted	904,573		1.66		610,888		1.12
FFO as Adjusted, diluted	950,259		1.74		879,222		1.61
AFFO, diluted	790,296		1.45		734,034		1.35

Nareit FFO, FFO as Adjusted, AFFO, Same-Store Cash (Adjusted) NOI and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts (see the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "December 31, 2022 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.

Page 2

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	5.7	%	48.2	%	5.1	%	47.6	%
Medical office	5.4	%	40.2	%	4.0	%	40.6	%
CCRC	15.0	%	11.5	%	8.0	%	11.8	%
Total Portfolio	6.6	%	100.0	%	5.0	%	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	5.7	%	48.2	%	5.1	%	48.0	%
Medical office	5.4	%	40.2	%	4.0	%	40.9	%
CCRC	15.0	%	11.5	%	2.5	%	11.1	%
Total Portfolio	6.6	%	100.0	%	4.4	%	100.0	%

Page 3

101 CAMBRIDGEPARK DRIVE DEVELOPMENT

During the fourth quarter, Healthpeak placed-in-service 142,000 square feet, representing $145 million of investment, at 101 CambridgePark Drive in Cambridge, Massachusetts. The remaining 19,000 square feet is expected to be placed-in-service during 2023.

101 CambridgePark Drive totals approximately 161,000 square feet, with the purpose-built lab space 100% leased. When combined with the adjacent life science holdings at 35 and 87 CambridgePark Drive, the flagship 450,000 square foot campus along CambridgePark Drive brings Healthpeak's operating life science ownership in the Boston market to 2.6 million square feet.

ALEWIFE ACQUISITIONS

In December 2022 and January 2023, Healthpeak acquired a total of 2.2 acres of land in the Alewife submarket of Cambridge for $27 million. The parcels are adjacent to Healthpeak's current holdings on Mooney Street and Concord Avenue, and have the potential to advance the community's open space, traffic mitigation, and pedestrian connectivity goals, while providing Healthpeak the ability to transfer density across its other Alewife properties.

DISPOSITIONS

In January 2023, Healthpeak closed on the sale of two held-for-sale life science buildings in Durham, North Carolina, generating proceeds of $113 million representing a trailing-twelve month cash capitalization rate of approximately 5%.

CAPITAL MARKETS ACTIVITY

$500 MILLION TERM LOANS

In October 2022, Healthpeak drew down the entirety of the previously disclosed $500 million delayed draw senior unsecured term loans and used proceeds to repay commercial paper. Healthpeak executed swaps in August 2022 that effectively fixed the interest rates of the term loans at a blended contractual rate of 3.5% for the initial blended term of 4.75 years.

FORWARD EQUITY

In December 2022, Healthpeak settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of $34 per share, after commissions, generating net proceeds of $308 million.

SENIOR UNSECURED NOTES

In January 2023, Healthpeak completed a public offering of $400 million 5.25% fixed rate senior unsecured notes due 2032. Net proceeds from the offering were used to repay a portion of the Company's outstanding commercial paper and for general corporate purposes.

UPREIT CONVERSION

During the first quarter of 2023, Healthpeak intends to implement a holding company reorganization to restructure Healthpeak Properties, Inc. as an Umbrella Partnership Real Estate Investment Trust, or UPREIT. The UPREIT conversion will align Healthpeak's corporate structure with other publicly traded U.S. real estate investment trusts and support external growth by offering real estate owners a tax-deferred alternative for disposing of properties.

The reorganization is expected to be effective as of February 10, 2023.

On the effective date, each issued and outstanding share of existing Healthpeak common stock immediately prior to the effective time of the reorganization will convert on a share-for-share basis into an issued and outstanding share of new Healthpeak common stock, having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions and other terms as the corresponding share of existing Healthpeak’s common stock that was converted. The conversion of stock will take place automatically without an exchange of stock certificates. New Healthpeak will replace existing Healthpeak as the public company listed on the New York Stock Exchange (the “NYSE”) and new Healthpeak common stock is expected to trade on the NYSE on an uninterrupted basis under the existing symbol “PEAK” and to retain the CUSIP number of 42250P103.

The UPREIT conversion is not anticipated to have any impact on Healthpeak's financial position and will not result in any changes to the consolidated financial statements of the company, its outstanding debt securities, or business operations. The UPREIT conversion will not impact the payment of the dividend declared by the Board and payable to stockholders of record in accordance with previously announced dividend payment dates.

EXECUTIVE LEADERSHIP PROMOTION

Ankit Patadia has been promoted to Executive Vice President and Treasurer – Corporate Finance. Mr. Patadia has been with Healthpeak for 13 years and served in various roles, most recently as Senior Vice President and Treasurer – Corporate Finance. He will continue to report to Peter Scott and lead Healthpeak's corporate finance function.

DIVIDEND

On February 1, 2023, Healthpeak announced that its Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on February 23, 2023, to stockholders of record as of the close of business on February 9, 2023.

2023 GUIDANCE

For full year 2023, we have established the following guidance ranges:

▪Diluted earnings per common share of $0.52 – $0.58

▪Diluted Nareit FFO share of $1.70 – $1.76

▪Diluted FFO as Adjusted per share of $1.70 – $1.76

▪Total Portfolio Same-Store Cash (Adjusted) NOI growth of 2.75% – 4.25%

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

▪Life Science: 3.0% to 4.5%; 47% of the full year 2023 same-store pool

▪Medical Office: 2.0% to 3.0%; 42% of the full year 2023 same-store pool

▪CCRC: 5.0% to 10.0%; 11% of the full year 2023 same-store pool

These estimates do not reflect the potential impact from unannounced future transactions. These estimates are based on our view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2023. For additional details and assumptions underlying this guidance, please see page 39 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.

COMPANY INFORMATION

Healthpeak has scheduled a conference call and webcast for Wednesday, February 8, 2023, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) to review its financial and operating results for the quarter and full year ended December 31, 2022. The conference call is accessible by dialing (888) 317-6003 (U.S.) or (412) 317-6061 (international). The conference ID number is 5962519. 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 8, 2024, and a telephonic replay can be accessed through February 15, 2023, by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (international) and entering conference ID number 5525014. 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 CCRC. 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 "2023 Guidance." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: macroeconomic trends, including inflation, interest rates, labor costs, and unemployment; the ability of our existing and future tenants, operators, and borrowers to conduct their respective businesses in a manner that generates sufficient income to make rent and loan payments to us; 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 across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement activity risks, including project abandonments, project delays, and lower profits than expected; changes within the life science industry; significant regulation, funding requirements, and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our medical office buildings (MOBs) are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our properties operated through RIDEA structures; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in 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 or exercise rights on collateral securing our real estate-related loans; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from

litigation matters, including rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious diseases, including Covid, and health and safety measures intended to reduce their spread; 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; increased borrowing costs, including due to rising interest rates; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all, 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; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; our ability to maintain our qualification as a 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; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; 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

Senior Vice President – Investor Relations

720-428-5400

Healthpeak Properties, Inc.

Consolidated Balance Sheets

In thousands, except share and per share data


	December 31, 2022		December 31, 2021
Assets
Real estate:
Buildings and improvements	$	12,784,078	$	12,025,271
Development costs and construction in progress	760,355		877,423
Land	2,667,188		2,603,964
Accumulated depreciation and amortization	(3,188,138)		(2,839,229)
Net real estate	13,023,483		12,667,429
Net investment in direct financing leases	—		44,706
Loans receivable, net of reserves of $8,280 and $1,813	374,832		415,811
Investments in and advances to unconsolidated joint ventures	706,677		403,634
Accounts receivable, net of allowance of $2,399 and $1,870	53,436		48,691
Cash and cash equivalents	72,032		158,287
Restricted cash	54,802		53,454
Intangible assets, net	418,061		519,760
Assets held for sale and discontinued operations, net	49,866		37,190
Right-of-use asset, net	237,318		233,942
Other assets, net	780,722		674,615
Total assets	$	15,771,229	$	15,257,519

Liabilities and Equity
Bank line of credit and commercial paper	$	995,606	$	1,165,975
Term loans	495,957		—
Senior unsecured notes	4,659,451		4,651,933
Mortgage debt	346,599		352,081
Intangible liabilities, net	156,193		177,232
Liabilities related to assets held for sale and discontinued operations, net	4,070		15,056
Lease liability	208,515		204,547
Accounts payable, accrued liabilities, and other liabilities	772,485		755,384
Deferred revenue	844,076		789,207
Total liabilities	8,482,952		8,111,415

Commitments and contingencies


Redeemable noncontrolling interests	105,679		87,344

Common stock, $1.00 par value: 750,000,000 shares authorized; 546,641,973 and 539,096,879 shares issued and outstanding	546,642		539,097
Additional paid-in capital	10,349,614		10,100,294
Cumulative dividends in excess of earnings	(4,269,689)		(4,120,774)
Accumulated other comprehensive income (loss)	28,134		(3,147)
Total stockholders’ equity	6,654,701		6,515,470

Joint venture partners	327,721		342,234
Non-managing member unitholders	200,176		201,056
Total noncontrolling interests	527,897		543,290

Total equity	7,182,598		7,058,760

Total liabilities and equity	$	15,771,229	$	15,257,519

Healthpeak Properties, Inc.

Consolidated Statements of Operations

In thousands, except per share data


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021

Revenues:
Rental and related revenues	$	392,245	$	356,254	$	1,541,775	$	1,378,384
Resident fees and services	125,873		118,867		494,935		471,325
Income from direct financing leases	—		2,180		1,168		8,702
Interest income	6,350		5,904		23,300		37,773
Total revenues	524,468		483,205		2,061,178		1,896,184

Costs and expenses:
Interest expense	49,413		36,551		172,944		157,980
Depreciation and amortization	179,157		178,114		710,569		684,286
Operating	220,492		199,247		862,991		773,279
General and administrative	57,872		26,043		131,033		98,303
Transaction costs	3,217		424		4,853		1,841

Impairments and loan loss reserves (recoveries), net	3,326		18,702		7,004		23,160
Total costs and expenses	513,477		459,081		1,889,394		1,738,849
Other income (expense):
Gain (loss) on sales of real estate, net	(969)		717		9,078		190,590
Gain (loss) on debt extinguishments	—		—		—		(225,824)
Other income (expense), net	(587)		662		326,268		6,266
Total other income (expense), net	(1,556)		1,379		335,346		(28,968)

Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	9,435		25,503		507,130		128,367
Income tax benefit (expense)	650		1,857		4,425		3,261
Equity income (loss) from unconsolidated joint ventures	(156)		1,583		1,985		6,100
Income (loss) from continuing operations	9,929		28,943		513,540		137,728

Income (loss) from discontinued operations	873		3,633		2,884		388,202

Net income (loss)	10,802		32,576		516,424		525,930
Noncontrolling interests’ share in continuing operations	(4,274)		(3,815)		(15,975)		(17,851)
Noncontrolling interests’ share in discontinued operations	—		—		—		(2,539)
Net income (loss) attributable to Healthpeak Properties, Inc.	6,528		28,761		500,449		505,540

Participating securities’ share in earnings	(140)		(268)		(2,657)		(3,269)
Net income (loss) applicable to common shares	$	6,388	$	28,493	$	497,792	$	502,271

Basic earnings (loss) per common share:
Continuing operations	$	0.01	$	0.05	$	0.92	$	0.22
Discontinued operations	0.00		0.00		0.00		0.71
Net income (loss) applicable to common shares	$	0.01	$	0.05	$	0.92	$	0.93

Diluted earnings (loss) per common share:
Continuing operations	$	0.01	$	0.05	$	0.92	$	0.22
Discontinued operations	0.00		0.00		0.00		0.71
Net income (loss) applicable to common shares	$	0.01	$	0.05	$	0.92	$	0.93

Weighted average shares outstanding:
Basic	537,992		539,081		538,809		538,930
Diluted	538,396		539,505		539,147		539,241

Healthpeak Properties, Inc.

Funds From Operations

In thousands, except per share data


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021

Net income (loss) applicable to common shares	$	6,388	$	28,493	$	497,792	$	502,271
Real estate related depreciation and amortization	179,157		178,114		710,569		684,286
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	8,642		5,041		27,691		17,085
Noncontrolling interests’ share of real estate related depreciation and amortization	(4,709)		(4,869)		(19,201)		(19,367)

Loss (gain) on sales of depreciable real estate, net(1)	986		(6,780)		(10,422)		(605,311)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures	45		197		134		(6,737)
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net	—		(73)		12		5,555
Loss (gain) upon change of control, net(2)	—		—		(311,438)		(1,042)
Taxes associated with real estate dispositions	—		—		29		2,666
Impairments (recoveries) of depreciable real estate, net	—		19,625		—		25,320


Nareit FFO applicable to common shares	190,509		219,748		895,166		604,726
Distributions on dilutive convertible units and other	1,649		2,353		9,407		6,162
Diluted Nareit FFO applicable to common shares	$	192,158	$	222,101	$	904,573	$	610,888
Diluted Nareit FFO per common share	$	0.35	$	0.41	$	1.66	$	1.12
Weighted average shares outstanding - diluted Nareit FFO	543,879		546,829		546,462		544,742
Impact of adjustments to Nareit FFO:
Transaction-related items	$	3,215	$	406	$	4,788	$	7,044
Other impairments (recoveries) and other losses (gains), net(3)	9,702		(923)		3,829		24,238
Restructuring and severance-related charges(4)	32,749		1,147		32,749		3,610
Loss (gain) on debt extinguishments	—		—		—		225,824


Casualty-related charges (recoveries), net(5)	298		—		4,401		5,203



Total adjustments	45,964		630		45,767		265,919
FFO as Adjusted applicable to common shares	236,473		220,378		940,933		870,645
Distributions on dilutive convertible units and other	2,271		2,352		9,326		8,577
Diluted FFO as Adjusted applicable to common shares	$	238,744	$	222,730	$	950,259	$	879,222
Diluted FFO as Adjusted per common share	$	0.44	$	0.41	$	1.74	$	1.61
Weighted average shares outstanding - diluted FFO as Adjusted	545,704		546,829		546,462		546,567

_______________________________________

(1)This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations of this Earnings Release and the detailed financial information in the Discontinued Operations Reconciliation section included in the corresponding Discussion and Reconciliation of Non-GAAP Financial Measures, which is available in the Investor Relations section of our website at http://ir.healthpeak.com/.

(2)The year ended December 31, 2022 includes a gain upon change of control related to the sale of a 30% interest to a sovereign wealth fund and deconsolidation of seven previously consolidated life science assets in South San Francisco, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations.

(3)The three months and year ended December 31, 2022 includes $7 million of charges incurred in connection with the downsizing of the Company’s corporate headquarters in Denver, Colorado, which are included in general and administrative expenses in the Consolidated Statements of Operations. The year ended December 31, 2022 also includes the following, which are included in other income (expense), net in the Consolidated Statements of Operations: (i) $14 million of expenses incurred for tenant relocation and other costs associated with the demolition of an MOB and (ii) a $23 million gain on sale of a hospital under a direct financing lease. The year ended December 31, 2021 includes the following: (i) a $29 million goodwill impairment charge in connection with our senior housing triple-net and SHOP asset sales, which is reported in income (loss) from discontinued operations in the Consolidated Statements of Operations, and (ii) $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. The three months and years ended December 31, 2022 and 2021 also include reserves for loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

(4)The three months and year ended December 31, 2022 includes $32 million of severance-related charges associated with the departures of our former Chief Executive Officer and former Chief Legal Officer and General Counsel in the fourth quarter of 2022. These expenses are included in general and administrative expenses in the Consolidated Statements of Operations.

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

Healthpeak Properties, Inc.

Adjusted Funds From Operations

In thousands


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
FFO as Adjusted applicable to common shares	$	236,473	$	220,378	$	940,933	$	870,645
Stock-based compensation amortization expense	1,903		4,307		16,537		18,202
Amortization of deferred financing costs	2,812		2,539		10,881		9,216
Straight-line rents	(12,346)		(7,561)		(49,183)		(31,188)

AFFO capital expenditures	(33,407)		(39,368)		(108,510)		(111,480)


Deferred income taxes	(355)		(1,776)		(4,096)		(8,015)
Other AFFO adjustments	(2,315)		(4,228)		(22,860)		(19,510)
AFFO applicable to common shares	192,765		174,291		783,702		727,870
Distributions on dilutive convertible units and other	1,649		1,650		6,594		6,164
Diluted AFFO applicable to common shares	$	194,414	$	175,941	$	790,296	$	734,034
Diluted AFFO per common share	$	0.36	$	0.32	$	1.45	$	1.35
Weighted average shares outstanding - diluted AFFO	543,879		545,004		544,637		544,742

Exhibit 99.3

Discussion and

Reconciliation of Non-

GAAP Financial Measures

December 31, 2022

(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. 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. Other REITs or real estate companies may use different methodologies for calculating AFFO, and accordingly, our AFFO may not be comparable to those reported by other REITs. Management believes AFFO provides a meaningful supplemental measure of our performance and is frequently used by analysts, investors, and other interested parties in the evaluation of our performance as a REIT, and by presenting AFFO, we are assisting these parties in their evaluation. AFFO is a non-GAAP supplemental financial measure and should not be considered as an alternative to net income (loss) determined in accordance with GAAP and should only be considered together with and as a supplement to the Company’s financial information prepared 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), adjusted to reflect the impact of transactions that closed during the period as if the transactions were completed at the beginning of the period. 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 to service our debt obligations. Net income (loss) is the most directly comparable U.S. generally accepted accounting principles (“GAAP”) measure to EBITDAre and Adjusted EBITDAre.

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

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

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

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

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

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

Funds From Operations (“Nareit FFO”) and FFO as Adjusted 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”). These adjustments are net of tax, when applicable. 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, restricted cash, and expected net proceeds from the future settlement of shares issued through our equity forward contracts, as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents and restricted cash from our unconsolidated JVs. Consolidated Debt is the most directly comparable GAAP measure to Net Debt. Net Debt is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

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

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 are calculated as NOI and Adjusted NOI from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as we have various joint ventures that contribute to its performance. We do not control our unconsolidated joint ventures, and our share of amounts from unconsolidated joint ventures do not represent our legal claim to such items. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP.

Adjusted NOI is oftentimes referred to as “Cash NOI.” Management believes 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 Operating Expenses and Portfolio Cash Operating Expenses Portfolio Operating Expenses and Portfolio Cash Operating Expenses are non-GAAP supplemental measures. Portfolio Operating Expenses represent property level operating expenses (which exclude transition costs). Portfolio Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Portfolio Cash Operating Expenses represent Portfolio Operating Expenses 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. Management believes that Portfolio Income is an important supplemental measure because it provides relevant and useful information regarding our performance; specifically, it is a measure of our property level profitability of the Company inclusive of interest income. Management believes that net income (loss) is the most directly comparable GAAP measure to Portfolio Income. Portfolio Income should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items.

Portfolio Real Estate Revenues and Portfolio Cash Real Estate Revenues Portfolio Real Estate Revenues and Portfolio Cash Real Estate Revenues are non-GAAP supplemental measures. 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.


			5


Definitions

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

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. All facility occupancy data was derived solely from information provided by operators without independent verification by us. REVPOR CCRC is a metric used to evaluate the revenue-generating capacity and profit potential of our CCRC assets independent of fluctuating occupancy rates. It is also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our CCRC assets.

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. All facility occupancy data was derived solely from information provided by operators without independent verification by us. REVPOR Other is a metric used to evaluate the revenue-generating capacity and profit potential of our other assets independent of fluctuating occupancy rates. It is also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our other assets.

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 portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Same-Store NOI and Adjusted NOI (see NOI definition above for further discussion regarding our use of pro-rata share information and its limitations). 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.

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 ("JVs") 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.


Reconciliations
In thousands, except per share data

Funds From Operations


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Net income (loss) applicable to common shares	$	6,388	$	28,493	$	497,792	$	502,271
Real estate related depreciation and amortization	179,157		178,114		710,569		684,286
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures	8,642		5,041		27,691		17,085
Noncontrolling interests’ share of real estate related depreciation and amortization	(4,709)		(4,869)		(19,201)		(19,367)

Loss (gain) on sales of depreciable real estate, net(1)	986		(6,780)		(10,422)		(605,311)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures	45		197		134		(6,737)
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net	—		(73)		12		5,555
Loss (gain) upon change of control, net(2)	—		—		(311,438)		(1,042)
Taxes associated with real estate dispositions	—		—		29		2,666
Impairments (recoveries) of depreciable real estate, net	—		19,625		—		25,320


Nareit FFO applicable to common shares	190,509		219,748		895,166		604,726
Distributions on dilutive convertible units and other	1,649		2,353		9,407		6,162
Diluted Nareit FFO applicable to common shares	$	192,158	$	222,101	$	904,573	$	610,888

Weighted average shares outstanding - diluted Nareit FFO	543,879		546,829		546,462		544,742

Impact of adjustments to Nareit FFO:
Transaction-related items	$	3,215	$	406	$	4,788	$	7,044
Other impairments (recoveries) and other losses (gains), net(3)	9,702		(923)		3,829		24,238
Restructuring and severance-related charges(4)	32,749		1,147		32,749		3,610
Loss (gain) on debt extinguishments	—		—		—		225,824

Casualty-related charges (recoveries), net(5)	298		—		4,401		5,203



Total adjustments	45,964		630		45,767		265,919

FFO as Adjusted applicable to common shares	236,473		220,378		940,933		870,645
Distributions on dilutive convertible units and other	2,271		2,352		9,326		8,577
Diluted FFO as Adjusted applicable to common shares	$	238,744	$	222,730	$	950,259	$	879,222

Weighted average shares outstanding - diluted FFO as Adjusted	545,704		546,829		546,462		546,567

FFO as Adjusted applicable to common shares	$	236,473	$	220,378	$	940,933	$	870,645
Stock-based compensation amortization expense	1,903		4,307		16,537		18,202
Amortization of deferred financing costs	2,812		2,539		10,881		9,216
Straight-line rents	(12,346)		(7,561)		(49,183)		(31,188)
AFFO capital expenditures	(33,407)		(39,368)		(108,510)		(111,480)


Deferred income taxes	(355)		(1,776)		(4,096)		(8,015)
Other AFFO adjustments	(2,315)		(4,228)		(22,860)		(19,510)
AFFO applicable to common shares	192,765		174,291		783,702		727,870
Distributions on dilutive convertible units and other	1,649		1,650		6,594		6,164
Diluted AFFO applicable to common shares	$	194,414	$	175,941	$	790,296	$	734,034

Weighted average shares outstanding - diluted AFFO	543,879		545,004		544,637		544,742


			7


Reconciliations
In thousands, except per share data

Adjusted Funds From Operations


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Diluted earnings per common share	$	0.01	$	0.05	$	0.92	$	0.93
Depreciation and amortization	0.34		0.33		1.33		1.25
Loss (gain) on sales of depreciable real estate, net	0.00		(0.01)		(0.02)		(1.11)
Loss (gain) upon change of control, net(2)	—		—		(0.57)		0.00
Taxes associated with real estate dispositions	—		—		0.00		0.00
Impairments (recoveries) of depreciable real estate, net	—		0.04		—		0.05
Diluted Nareit FFO per common share	$	0.35	$	0.41	$	1.66	$	1.12
Transaction-related items	0.01		0.00		0.01		0.01
Other impairments (recoveries) and other losses (gains), net(3)	0.02		0.00		0.00		0.04
Restructuring and severance-related charges(4)	0.06		0.00		0.06		0.01
Loss (gain) on debt extinguishments	—		—		—		0.42

Casualty-related charges (recoveries), net(5)	0.00		—		0.01		0.01



Diluted FFO as Adjusted per common share	$	0.44	$	0.41	$	1.74	$	1.61
Stock-based compensation amortization expense	0.00		0.01		0.03		0.03
Amortization of deferred financing costs	0.01		0.00		0.02		0.02
Straight-line rents	(0.02)		(0.02)		(0.09)		(0.06)
AFFO capital expenditures	(0.06)		(0.07)		(0.20)		(0.20)
Deferred income taxes	0.00		0.00		(0.01)		(0.01)
Other AFFO adjustments	(0.01)		(0.01)		(0.04)		(0.04)
Diluted AFFO per common share	$	0.36	$	0.32	$	1.45	$	1.35

______________________________________

(1)This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations on page 9 of the Earnings Release and Supplemental Report and Discontinued Operations Reconciliation on page 36 of this document for the three and twelve months ended December 31, 2022.

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


			8


Reconciliations
Per share data

Projected Future Operations(1)


	Full Year 2023
	Low		High
Diluted earnings per common share	$	0.52	$	0.58
Real estate related depreciation and amortization	1.28		1.28
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures	0.05		0.05
Noncontrolling interests' share of real estate related depreciation and amortization	(0.04)		(0.04)

Loss (gain) on sales of real estate, net	(0.11)		(0.11)



Diluted Nareit FFO per common share	$	1.70	$	1.76

Diluted FFO as Adjusted per common share	$	1.70	$	1.76

Stock-based compensation amortization expense	0.03		0.03
Amortization of deferred financing costs	0.02		0.02
Straight-line rents	(0.08)		(0.08)
Amortization of above/(below) market rents	(0.05)		(0.05)
AFFO capital expenditures	(0.19)		(0.19)
Other AFFO adjustments	0.02		0.02
Diluted AFFO per common share	$	1.45	$	1.51

______________________________________

(1)The foregoing projections reflect management's view of current and future market conditions as of February 7, 2023 including assumptions with respect to rental rates, occupancy levels, development items, and the earnings impact of the events referenced in our earnings press release that was issued on February 7, 2023. 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 NOI(1)

For the projected year 2023 (low)


	Life Science		Medical Office		CCRC		Other		Corporate Adjustments		Total
Net income (loss)	$	411	$	197	$	(37)	$	22	$	(291)	$	301
Other income, costs, and expenses excluded from NOI(2)	235		261		137		(8)		284		909
NOI(3)	$	645	$	457	$	100	$	14	$	(7)	$	1,210
Non-SS NOI	(153)		(36)		2		(14)		7		(194)
SS NOI	$	492	$	421	$	102	$	—	$	—	$	1,015
Non-cash adjustments to SS NOI(4)	(26)		(12)		1		—		—		(37)
SS Cash (Adjusted) NOI	$	466	$	410	$	103	$	—	$	—	$	978
Non-SS cash NOI	131		33		(1)		14		(1)		176
Cash (Adjusted) NOI(5)	$	597	$	442	$	102	$	14	$	(1)	$	1,155

For the projected year 2023 (high)


	Life Science		Medical Office		CCRC		Other		Corporate Adjustments		Total
Net income (loss)	$	420	$	201	$	(32)	$	32	$	(280)	$	338
Other income, costs, and expenses excluded from NOI(2)	235		261		137		(8)		284		911
NOI(3)	$	655	$	462	$	106	$	24	$	4	$	1,250
Non-SS NOI	(155)		(36)		1		(24)		(4)		(218)
SS NOI	$	500	$	425	$	107	$	—	$	—	$	1,030
Non-cash adjustments to SS NOI(4)	(27)		(12)		1		—		—		(38)
SS Cash (Adjusted) NOI	$	473	$	414	$	108	$	—	$	—	$	993
Non-SS cash NOI	134		33		(1)		24		1		191
Cash (Adjusted) NOI(5)	$	606	$	447	$	107	$	24	$	1	$	1,185

______________________________________

(2)Represents interest income, gain (loss) on sales of real estate, net, other income (expense), net, income tax benefit (expense), equity income (loss) from unconsolidated joint ventures (excluding NOI), interest expense, depreciation and amortization, general and administrative, transaction costs, and loss on debt extinguishments.

(3)The midpoint of the low and high projected year 2023 total NOI is $1.230 billion.

(4)Represents straight-line rents, 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.

(5)The midpoint of the low and high projected year 2023 total Cash (Adjusted) NOI is $1.170 billion.


			10


Reconciliations
In millions

NOI(1)

For the year ended December 31, 2022


	Life Science		Medical Office		CCRC		Other		Corporate Adjustments		Total
Net income (loss)	$	627	$	210	$	(37)	$	19	$	(303)	$	516
Other income, costs, and expenses excluded from NOI(2)	(12)		239		140		(3)		303		667
NOI	$	615	$	448	$	103	$	17	$	—	$	1,183
Non-SS NOI	(117)		(33)		(7)		(17)		—		(174)
SS NOI	$	498	$	415	$	96	$	—	$	—	$	1,009
Non-cash adjustments to SS NOI(3)	(46)		(14)		2		—		—		(57)
SS Cash (Adjusted) NOI	$	452	$	402	$	98	$	—	$	—	$	952
Non-SS cash NOI	100		31		7		17		—		155
Cash (Adjusted) NOI	$	553	$	433	$	105	$	17	$	—	$	1,108

______________________________________

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

(3)Represents straight-line rents, 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.


			11


Reconciliations
In thousands

Enterprise Gross Assets


	December 31, 2022

Consolidated total assets(1)	$	15,771,229
Investments in and advances to unconsolidated JVs	(706,677)
Accumulated depreciation and amortization(2)	3,564,082
Consolidated Gross Assets	$	18,628,634
Healthpeak's share of unconsolidated JV gross assets	903,441
Enterprise Gross Assets	$	19,532,075

______________________________________

(1)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of December 31, 2022 presented on page 8 within the Earnings Release and Supplemental Report for the quarter ended December 31, 2022.

(2)Accumulated depreciation and amortization includes accumulated depreciation for real estate and accumulated amortization for real estate related intangible assets.


Portfolio Investment


	December 31, 2022
	Life Science		Medical Office		CCRC		Other		Total
Net real estate	$	7,241,287	$	4,126,962	$	1,655,234	$	—	$	13,023,483
Intangible assets, net	95,119		141,861		181,081		—		418,061
Accumulated depreciation and amortization(1)	1,320,437		1,783,935		436,886		—		3,541,258
Assets held for sale, gross	68,799		—		—		—		68,799
Healthpeak's share of unconsolidated JV gross assets	376,732		19,709		—		464,068		860,509
Fully depreciated real estate and intangibles assets	455,318		599,402		16,620		—		1,071,340
Leasing commissions and other	83,665		65,392		—		—		149,057
Debt investments	—		—		—		371,731		371,731
Land held for development	(626,668)		(4,676)		—		—		(631,344)
Real estate intangible liabilities	(143,254)		(94,210)		—		—		(237,464)
Fully depreciated intangible liabilities	(49,841)		(42,655)		—		—		(92,496)
Noncontrolling interests' share of consolidated JVs real estate and related intangibles	(5,316)		(388,878)		—		—		(394,194)
Portfolio Investment	$	8,816,278	$	6,206,842	$	2,289,821	$	835,799	$	18,148,740

______________________________________

(1)Accumulated depreciation and amortization includes accumulated depreciation for real estate and accumulated amortization for real estate related intangible assets.


			12


Reconciliations
In thousands


Revenues


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Life Science	$	184,170	$	194,055	$	207,771	$	207,795	$	207,952
Medical Office	174,264		177,263		179,308		184,506		184,293
CCRC	118,867		121,560		125,360		122,142		125,873
Other	5,904		5,494		5,493		5,963		6,350


Total revenues	$	483,205	$	498,372	$	517,932	$	520,406	$	524,468
Life Science	—		—		—		—		—
Medical Office	—		—		—		—		—
CCRC	—		6,552		209		4		—
Other	—		—		—		—		—


Government grant income	$	—	$	6,552	$	209	$	4	$	—
Life Science	—		—		—		—		—
Medical Office	—		—		—		—		—
CCRC	—		—		—		—		—
Other	(5,904)		(5,494)		(5,493)		(5,963)		(6,350)


Less: Interest income	$	(5,904)	$	(5,494)	$	(5,493)	$	(5,963)	$	(6,350)
Life Science	1,487		1,431		1,267		2,938		4,285
Medical Office	720		732		761		756		750
CCRC	—		—		—		—		—
Other	17,233		18,045		18,215		18,656		18,969


Healthpeak's share of unconsolidated JVs real estate revenues	$	19,440	$	20,208	$	20,243	$	22,350	$	24,004
Life Science	—		—		—		—		—
Medical Office	—		—		—		—		—
CCRC	—		333		—		—		47
Other	739		315		—		183		—


Healthpeak's share of unconsolidated JVs government grant income	$	739	$	648	$	—	$	183	$	47
Life Science	(70)		(57)		(62)		(55)		(94)
Medical Office	(8,658)		(8,820)		(8,943)		(8,968)		(8,986)
CCRC	—		—		—		—		—
Other	—		—		—		—		—


Noncontrolling interests' share of consolidated JVs real estate revenues	$	(8,728)	$	(8,877)	$	(9,005)	$	(9,023)	$	(9,080)







Life Science	185,588		195,429		208,976		210,678		212,143
Medical Office	166,325		169,175		171,126		176,294		176,057
CCRC	118,868		128,445		125,569		122,146		125,920
Other	17,972		18,360		18,215		18,839		18,969


Portfolio Real Estate Revenues	$	488,753	$	511,409	$	523,886	$	527,957	$	533,089
Life Science	(11,402)		(14,272)		(21,653)		(15,231)		(11,786)
Medical Office	(4,306)		(4,180)		(3,643)		(4,780)		(5,631)
CCRC	—		—		—		—		—
Other	(4)		23		86		66		55


Non-cash adjustments to Portfolio Real Estate Revenues	$	(15,712)	$	(18,429)	$	(25,210)	$	(19,945)	$	(17,362)

Continued


			13


Reconciliations
In thousands

Revenues


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Life Science	174,186		181,157		187,323		195,447		200,357
Medical Office	162,019		164,995		167,483		171,514		170,426
CCRC	118,868		128,445		125,569		122,146		125,920
Other	17,968		18,383		18,301		18,905		19,024


Portfolio Cash Real Estate Revenues	$	473,041	$	492,980	$	498,676	$	508,012	$	515,727
Life Science	11,402		14,272		21,653		15,231		11,786
Medical Office	4,306		4,180		3,643		4,780		5,631
CCRC	—		—		—		—		—
Other	4		(23)		(86)		(66)		(55)


Non-cash adjustments to Portfolio Real Estate Revenues	$	15,712	$	18,429	$	25,210	$	19,945	$	17,362
Life Science	(24,968)		(29,013)		(37,979)		(34,791)		(36,501)
Medical Office	(17,794)		(17,894)		(19,135)		(20,368)		(20,468)
CCRC	—		(333)		—		—		(47)
Other	(17,972)		(18,360)		(18,215)		(18,839)		(18,969)


Non-SS Portfolio Real Estate Revenues	$	(60,734)	$	(65,600)	$	(75,329)	$	(73,998)	$	(75,985)
Life Science	160,620		166,416		170,997		175,887		175,642
Medical Office	148,531		151,281		151,991		155,926		155,589
CCRC	118,868		128,112		125,569		122,146		125,873
Other	—		—		—		—		—


Portfolio Real Estate Revenue - SS(1)	$	428,019	$	445,809	$	448,557	$	453,959	$	457,104
Life Science	(9,922)		(11,157)		(12,240)		(11,778)		(10,301)
Medical Office	(4,571)		(3,952)		(2,564)		(3,310)		(4,223)
CCRC	—		—		—		—		—
Other	—		—		—		—		—


Non-cash adjustment to SS Portfolio Real Estate Revenues	$	(14,493)	$	(15,109)	$	(14,804)	$	(15,088)	$	(14,524)
Life Science	150,698		155,259		158,757		164,109		165,341
Medical Office	143,960		147,329		149,427		152,616		151,366
CCRC	118,868		128,112		125,569		122,146		125,873
Other	—		—		—		—		—


Portfolio Cash Real Estate Revenue - SS(1)	$	413,526	$	430,700	$	433,753	$	438,871	$	442,580


			14


Reconciliations
In thousands


Operating Expenses


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Life Science	$	43,936	$	48,189	$	49,446	$	55,162	$	56,346
Medical Office	59,184		61,170		63,321		64,782		64,036
CCRC	96,127		97,888		102,277		100,264		100,110
Other	—		—		—		—		—


Operating expenses	$	199,247	$	207,247	$	215,044	$	220,208	$	220,492
Life Science	520		483		483		777		1,140
Medical Office	258		299		301		313		265
CCRC	(346)		—		—		—		—
Other	13,370		14,055		14,150		14,599		14,828


Healthpeak's share of unconsolidated JVs operating expenses	$	13,802	$	14,837	$	14,934	$	15,689	$	16,233
Life Science	(21)		(19)		(19)		(21)		(28)
Medical Office	(2,356)		(2,602)		(2,726)		(2,558)		(2,431)
CCRC	—		—		—		—		—
Other	—		—		—		—		—


Noncontrolling interests' share of consolidated JVs operating expenses	$	(2,377)	$	(2,621)	$	(2,745)	$	(2,579)	$	(2,459)
Life Science	44,435		48,653		49,910		55,918		57,458
Medical Office	57,086		58,867		60,896		62,537		61,870
CCRC	95,781		97,888		102,277		100,264		100,110
Other	13,370		14,055		14,150		14,599		14,828


Portfolio Operating Expenses	$	210,672	$	219,463	$	227,233	$	233,318	$	234,266
Life Science	(9)		(160)		(9)		(10)		(8)
Medical Office	(740)		(633)		(694)		(701)		(692)
CCRC	(1,270)		—		—		—		(2,299)
Other	27		31		32		(10)		8


Non-cash adjustments to Portfolio Operating Expenses	$	(1,992)	$	(762)	$	(671)	$	(721)	$	(2,991)
Life Science	44,426		48,493		49,901		55,908		57,450
Medical Office	56,346		58,234		60,202		61,836		61,178
CCRC	94,511		97,888		102,277		100,264		97,811
Other	13,397		14,086		14,182		14,589		14,836


Portfolio Cash Operating Expenses	$	208,680	$	218,701	$	226,562	$	232,597	$	231,275
Life Science	9		160		9		10		8
Medical Office	740		633		694		701		692
CCRC	1,270		—		—		—		2,299
Other	(27)		(31)		(32)		10		(8)


Non-cash adjustments to Portfolio Operating Expenses	$	1,992	$	762	$	671	$	721	$	2,991
Life Science	(6,400)		(8,007)		(8,813)		(9,861)		(11,190)
Medical Office	(6,655)		(8,197)		(9,430)		(9,459)		(9,207)
CCRC	(62)		(490)		(443)		(350)		(341)
Other	(13,370)		(14,055)		(14,150)		(14,599)		(14,828)


Non-SS Portfolio Operating Expenses	$	(26,487)	$	(30,749)	$	(32,836)	$	(34,269)	$	(35,566)

Continued


			15


Reconciliations
In thousands


Operating Expenses


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Life Science	38,035		40,646		41,097		46,057		46,268
Medical Office	50,431		50,670		51,466		53,078		52,663
CCRC	95,719		97,398		101,834		99,914		99,769
Other	—		—		—		—		—


Portfolio Operating Expenses - SS(1)	$	184,185	$	188,714	$	194,397	$	199,049	$	198,700
Life Science	(9)		(159)		(10)		(9)		(9)
Medical Office	(694)		(612)		(646)		(641)		(638)
CCRC	(1,542)		—		—		—		(2,300)
Other	—		—		—		—		—


Non-cash adjustment to SS Portfolio Operating Expenses	$	(2,245)	$	(771)	$	(656)	$	(650)	$	(2,947)
Life Science	38,026		40,487		41,087		46,048		46,259
Medical Office	49,737		50,058		50,820		52,437		52,025
CCRC	94,177		97,398		101,834		99,914		97,469
Other	—		—		—		—		—


Portfolio Cash Operating Expenses - SS(1)	$	181,940	$	187,943	$	193,741	$	198,399	$	195,753


			16


Reconciliations
In thousands

Revenues

Operating Expenses


Year Ended December 31, 2022			Year Ended December 31, 2022
Life Science	$	817,573	Life Science	$	209,143
Medical Office	725,370		Medical Office	253,309
CCRC	494,935		CCRC	400,539
Other	23,300		Other	—


Total revenues	$	2,061,178	Operating expenses	$	862,991
Life Science	—		Life Science	2,883
Medical Office	—		Medical Office	1,178
CCRC	6,765		CCRC	—
Other	—		Other	57,632


Government grant income	$	6,765	Healthpeak's share of unconsolidated JVs operating expenses	$	61,693
Life Science	—		Life Science	(87)
Medical Office	—		Medical Office	(10,317)
CCRC	—		CCRC	—
Other	(23,300)		Other	—


Less: Interest income	$	(23,300)	Noncontrolling interests' share of consolidated JVs operating expenses	$	(10,404)
Life Science	9,921		Life Science	211,939
Medical Office	2,999		Medical Office	244,170
CCRC	—		CCRC	400,539
Other	73,885		Other	57,632


Healthpeak's share of unconsolidated JVs real estate revenues	$	86,805	Portfolio Operating Expenses	$	914,280
Life Science	—		Life Science	(187)
Medical Office	—		Medical Office	(2,720)
CCRC	380		CCRC	(2,300)
Other	498		Other	61


Healthpeak's share of unconsolidated JVs government grant income	$	878	Non-cash adjustments to Portfolio Operating Expenses	$	(5,146)
Life Science	(268)		Life Science	211,752
Medical Office	(35,717)		Medical Office	241,450
CCRC	—		CCRC	398,239
Other	—		Other	57,693


Noncontrolling interests' share of consolidated JVs real estate revenues	$	(35,985)	Portfolio Cash Operating Expenses	$	909,134
Life Science	827,226		Life Science	$	187
Medical Office	692,652		Medical Office	2,720
CCRC	502,080		CCRC	2,300
Other	74,383		Other	(61)


Portfolio Real Estate Revenues	$	2,096,341	Non-cash Portfolio Cash Operating Expenses	$	5,146
Life Science	(62,941)		Life Science	(59,530)
Medical Office	(18,233)		Medical Office	(56,716)
CCRC	—		CCRC	(1,624)
Other	230		Other	(57,632)


Non-cash adjustments to Portfolio Real Estate Revenues	$	(80,944)	Non-SS Portfolio Operating Expenses	$	(175,502)


			17


Reconciliations
In thousands


Year Ended December 31, 2022			Year Ended December 31, 2022
Life Science	764,285		Life Science	152,409
Medical Office	674,419		Medical Office	187,454
CCRC	502,080		CCRC	398,915
Other	74,613		Other	—


Portfolio Cash Real Estate Revenues	$	2,015,397	Portfolio Operating Expenses - SS(1)	$	738,778
Life Science	62,941		Life Science	(187)
Medical Office	18,233		Medical Office	(2,245)
CCRC	—		CCRC	(2,300)
Other	(230)		Other	—


Non-cash adjustments to Portfolio Real Estate Revenues	$	80,944	Non-cash adjustment to SS Portfolio Operating Expenses	$	(4,732)
Life Science	(214,109)		Life Science	152,222
Medical Office	(136,199)		Medical Office	185,209
CCRC	(380)		CCRC	396,615
Other	(74,383)		Other	—


Non-SS Portfolio Real Estate Revenue	$	(425,071)	Portfolio Cash Operating Expenses - SS(1)	$	734,046
Life Science	$	613,117
Medical Office	556,453
CCRC	501,700
Other	—


Portfolio Real Estate Revenue - SS(1)	$	1,671,270
Life Science	(37,024)
Medical Office	(10,213)
CCRC	—
Other	—


Non-cash adjustment to SS Portfolio Real Estate Revenues	$	(47,237)
Life Science	576,093
Medical Office	546,240
CCRC	501,700
Other	—


Portfolio Cash Real Estate Revenue - SS(1)	$	1,624,033

______________________________________

(1)The property count used for Portfolio Real Estate Revenues - 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, 2022.


			18


Reconciliations
In thousands


EBITDAre and Adjusted EBITDAre


	Three Months Ended December 31, 2022		Twelve Months Ended December 31, 2022
Net income (loss)	$	10,802	$	516,424
Interest expense	49,413		172,944
Income tax expense (benefit)(1)	(661)		(4,695)
Depreciation and amortization	179,157		710,569
Other depreciation and amortization	1,286		5,255
Loss (gain) on sales of real estate(1)	986		(10,422)
Loss (gain) upon change of control	—		(311,438)

Share of unconsolidated JV:
Interest expense	241		(949)
Income tax expense (benefit)	(19)		233
Depreciation and amortization	8,642		27,691

Loss (gain) on sale of real estate from unconsolidated JVs	45		134

EBITDAre	$	249,892	$	1,105,746






Transaction-related items(2)	3,217		4,853

Other impairments (recoveries) and losses (gains)(2)	9,760		4,518
Restructuring and severance-related charges	32,749		32,749


Casualty-related charges (recoveries)(2)	684		5,583
Stock-based compensation amortization expense	1,903		16,537


Impact of transactions closed during the period(3)	449		(3,013)

Adjusted EBITDAre	$	298,654	$	1,166,973


Adjusted Fixed Charge Coverage


	Three Months Ended December 31, 2022		Twelve Months Ended December 31, 2022


Interest expense, including unconsolidated JV interest expense at share	49,654		171,995
Capitalized interest	14,413		41,972
Fixed Charges	$	64,067	$	213,967

Adjusted Fixed Charge Coverage	4.7x		5.5x

______________________________________

(1)This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations on page 9 of the Earnings Release and Supplemental Report and Discontinued Operations Reconciliation on page 37 of this document for the three and twelve months ended December 31, 2022.

(2)This amount includes the corresponding line on the Fu nds F ro m Operations reconciliation on page 7 of this document less the related tax impact included in the adjustment for income tax expense (benefit) above.

(3)Adjustment reflects the impact of transactions that closed during the period as if the transactions were completed at the beginning of the period.


			19


Reconciliations
In thousands


Enterprise Debt and Net Debt


	December 31, 2022
Bank line of credit and commercial paper	$	995,606
Term loan	495,957
Senior unsecured notes	4,659,451
Mortgage debt	346,599

Consolidated Debt	$	6,497,613
Share of unconsolidated JV mortgage debt	39,790

Enterprise Debt	$	6,537,403
Cash and cash equivalents	(72,032)
Share of unconsolidated JV cash and cash equivalents	(30,189)
Restricted cash	(54,802)
Share of unconsolidated JV restricted cash	(3,062)

Net Debt	$	6,377,318


Financial Leverage


	December 31, 2022
Enterprise Debt	$	6,537,403
Enterprise Gross Assets	19,532,075
Financial Leverage	33.5%


Secured Debt Ratio


	December 31, 2022
Mortgage debt	$	346,599
Share of unconsolidated JV mortgage debt	39,790
Enterprise Secured Debt	$	386,389
Enterprise Gross Assets	19,532,075
Secured Debt Ratio	2.0%


Net Debt to Adjusted EBITDAre


	Three Months Ended December 31, 2022		Twelve Months Ended December 31, 2022
Net Debt	$	6,377,318	$	6,377,318
Annualized Adjusted EBITDAre(1)	1,194,616		1,166,973
Net Debt to Adjusted EBITDAre	5.34x		5.47x

______________________________________

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


			20


Reconciliations
In thousands


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

Total Portfolio


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss)	$	32,576	$	75,343	$	72,293	$	357,986	$	10,802
Loss (income) from discontinued operations	(3,633)		(317)		(2,992)		1,298		(873)
Income (loss) from continuing operations	$	28,943	$	75,026	$	69,301	$	359,284	$	9,929
Interest income	(5,904)		(5,494)		(5,493)		(5,963)		(6,350)
Interest expense	36,551		37,586		41,867		44,078		49,413
Depreciation and amortization	178,114		177,733		180,489		173,190		179,157
General and administrative	26,043		23,831		24,781		24,549		57,872
Transaction costs	424		296		612		728		3,217
Loss (gain) on sales of real estate, net	(717)		(3,856)		(10,340)		4,149		969
Impairments and loan loss reserves (recoveries), net	18,702		132		139		3,407		3,326
Other expense (income), net	(662)		(18,316)		(2,861)		(305,678)		587

Income tax expense (benefit)	(1,857)		777		(718)		(3,834)		(650)
Government grant income	—		6,552		209		4		—
Equity loss (income) from unconsolidated JVs	(1,583)		(2,084)		(382)		325		156
Healthpeak's share of unconsolidated JVs NOI	6,378		6,019		5,309		6,844		7,818
Noncontrolling interests' share of consolidated JVs NOI	(6,351)		(6,256)		(6,260)		(6,444)		(6,621)
Portfolio NOI	$	278,081	$	291,946	$	296,653	$	294,639	$	298,823
Adjustment to Portfolio NOI	(13,719)		(17,666)		(24,539)		(19,224)		(14,371)
Portfolio Cash (Adjusted) NOI	$	264,362	$	274,280	$	272,114	$	275,415	$	284,452
Interest income	5,904		5,494		5,493		5,963		6,350

Portfolio Income	$	270,266	$	279,774	$	277,607	$	281,378	$	290,802
Interest income	(5,904)		(5,494)		(5,493)		(5,963)		(6,350)

Adjustment to Portfolio NOI	13,719		17,666		24,539		19,224		14,371
Non-SS Portfolio NOI	(34,249)		(34,851)		(42,493)		(39,729)		(40,419)
SS Portfolio NOI	$	243,832	$	257,095	$	254,160	$	254,910	$	258,404
Non-cash adjustment to SS Portfolio NOI	(12,246)		(14,338)		(14,149)		(14,438)		(11,577)
SS Portfolio Cash (Adjusted) NOI	$	231,586	$	242,757	$	240,011	$	240,472	$	246,827


			21


Reconciliations
In thousands

Life Science


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss)	$	62,419	$	72,249	$	78,794	$	393,487	$	75,575
Loss (income) from discontinued operations	—		—		—		—		—
Income (loss) from continuing operations	$	62,419	$	72,249	$	78,794	$	393,487	$	75,575

Interest expense	36		—		—		—		—
Depreciation and amortization	78,237		78,138		79,673		70,141		74,697

Transaction costs	13		292		35		40		20

Loss (gain) on sales of real estate, net	—		(3,856)		—		—		112
Other expense (income), net	(1)		9		(29)		(311,912)		(7)


Equity loss (income) from unconsolidated JVs	(470)		(966)		(148)		877		1,209
Healthpeak's share of unconsolidated JVs NOI	967		948		784		2,161		3,145
Noncontrolling interests' share of consolidated JVs NOI	(49)		(38)		(43)		(34)		(66)
Portfolio NOI	$	141,152	$	146,776	$	159,066	$	154,760	$	154,685
Adjustment to Portfolio NOI	(11,392)		(14,112)		(21,644)		(15,221)		(11,778)
Portfolio Cash (Adjusted) NOI(1)	$	129,760	$	132,664	$	137,422	$	139,539	$	142,907





Adjustment to Portfolio NOI	11,392		14,112		21,644		15,221		11,778
Non-SS Portfolio NOI	(18,568)		(21,006)		(29,166)		(24,930)		(25,311)
SS Portfolio NOI	$	122,584	$	125,770	$	129,900	$	129,830	$	129,374
Non-cash adjustment to SS Portfolio NOI	(9,912)		(10,998)		(12,231)		(11,769)		(10,292)
SS Portfolio Cash (Adjusted) NOI	$	112,672	$	114,772	$	117,669	$	118,061	$	119,082

Medical Office


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss)	$	27,064	$	58,417	$	56,929	$	47,663	$	45,571
Loss (income) from discontinued operations	—		—		—		—		—
Income (loss) from continuing operations	$	27,064	$	58,417	$	56,929	$	47,663	$	45,571

Interest expense	852		1,036		1,930		1,964		1,970
Depreciation and amortization	68,232		67,773		68,873		70,917		71,983

Transaction costs	28		4		70		94		1,087
Impairments and loan loss (reserves) recoveries, net	19,625		—		—		—		—
Loss (gain) on sales of real estate, net	(717)		—		(10,340)		(554)		235
Other expense (income), net	241		(10,937)		(1,264)		(154)		(354)


Equity loss (income) from unconsolidated JVs	(245)		(200)		(211)		(206)		(235)
Healthpeak's share of unconsolidated JVs NOI	462		433		460		443		485
Noncontrolling interests' share of consolidated JVs NOI	(6,302)		(6,218)		(6,217)		(6,410)		(6,555)
Portfolio NOI	$	109,240	$	110,308	$	110,230	$	113,757	$	114,187
Adjustment to Portfolio NOI	(3,566)		(3,546)		(2,949)		(4,079)		(4,939)
Portfolio Cash (Adjusted) NOI(1)	$	105,674	$	106,762	$	107,281	$	109,678	$	109,248





Adjustment to Portfolio NOI	3,566		3,546		2,949		4,079		4,939
Non-SS Portfolio NOI	(11,140)		(9,697)		(9,705)		(10,909)		(11,261)
SS Portfolio NOI	$	98,100	$	100,611	$	100,525	$	102,848	$	102,926
Non-cash adjustment to SS Portfolio NOI	(3,877)		(3,340)		(1,918)		(2,669)		(3,585)
SS Portfolio Cash (Adjusted) NOI	$	94,223	$	97,271	$	98,607	$	100,179	$	99,341


			22


Reconciliations
In thousands

CCRC


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss)	$	(11,498)	$	(2,965)	$	(10,170)	$	(19,821)	$	(10,097)
Loss (income) from discontinued operations	—		—		—		—		—
Income (loss) from continuing operations	$	(11,498)	$	(2,965)	$	(10,170)	$	(19,821)	$	(10,097)

Interest expense	1,923		1,865		1,876		1,887		1,881
Depreciation and amortization	31,645		31,822		31,943		32,132		32,477

Transaction costs	356		—		64		594		67

Other expense (income), net	314		(6,511)		(630)		7,086		1,435

Government grant income	—		6,552		209		4		—
Equity loss (income) from unconsolidated JVs	—		(539)		—		—		—
Healthpeak's share of unconsolidated JVs NOI	347		333		—		—		47

Portfolio NOI	$	23,087	$	30,557	$	23,292	$	21,882	$	25,810
Adjustment to Portfolio NOI	1,271		—		—		—		2,299
Portfolio Cash (Adjusted) NOI(1)	$	24,358	$	30,557	$	23,292	$	21,882	$	28,109





Adjustment to Portfolio NOI	(1,271)		—		—		—		(2,299)
Non-SS Portfolio NOI	61		157		443		350		294
SS Portfolio NOI	$	23,148	$	30,714	$	23,735	$	22,232	$	26,104
Non-cash adjustment to SS Portfolio NOI	1,543		—		—		—		2,300
SS Portfolio Cash (Adjusted) NOI	$	24,691	$	30,714	$	23,735	$	22,232	$	28,404

Other


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss)	$	7,671	$	5,709	$	5,395	$	(1,801)	$	3,221
Loss (income) from discontinued operations	—		—		—		—		—
Income (loss) from continuing operations	$	7,671	$	5,709	$	5,395	$	(1,801)	$	3,221
Interest income	(5,904)		(5,494)		(5,493)		(5,963)		(6,350)



Transaction costs	27		—		—		—		—
Impairments and loan loss (reserves) recoveries, net	(923)		132		139		3,407		3,326
Loss (gain) on sales of real estate, net	—		—		—		4,703		622
Other expense (income), net	(3)		32		(18)		—		(1)


Equity loss (income) from unconsolidated JVs	(868)		(379)		(23)		(346)		(818)
Healthpeak's share of unconsolidated JVs NOI	4,602		4,305		4,065		4,240		4,141

Portfolio NOI	$	4,602	$	4,305	$	4,065	$	4,240	$	4,141
Adjustment to Portfolio NOI	(32)		(8)		54		76		47
Portfolio Cash (Adjusted) NOI	$	4,570	$	4,297	$	4,119	$	4,316	$	4,188
Interest income	5,904		5,494		5,493		5,963		6,350

Portfolio Income	$	10,474	$	9,791	$	9,612	$	10,279	$	10,538
Interest income	(5,904)		(5,494)		(5,493)		(5,963)		(6,350)

Adjustment to Portfolio NOI	32		8		(54)		(76)		(47)
Non-SS Portfolio NOI	(4,602)		(4,305)		(4,065)		(4,240)		(4,141)
SS Portfolio NOI	$	—	$	—	$	—	$	—	$	—

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


			23


Reconciliations
In thousands

Corporate Non-Segment


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss)	$	(53,080)	$	(58,067)	$	(58,655)	$	(61,542)	$	(103,468)
Loss (income) from discontinued operations	(3,633)		(317)		(2,992)		1,298		(873)
Income (loss) from continuing operations	$	(56,713)	$	(58,384)	$	(61,647)	$	(60,244)	$	(104,341)
Interest expense	33,740		34,685		38,061		40,227		45,562
General and administrative	26,043		23,831		24,781		24,549		57,872
Transaction costs	—		—		443		—		2,043


Other expense (income), net	(1,213)		(909)		(920)		(698)		(486)
Income tax expense (benefit)	(1,857)		777		(718)		(3,834)		(650)
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.


			24


Reconciliations
In thousands


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

For the year ended December 31, 2022


	Life Science		Medical Office		CCRC		Other		Corporate Non-segment		Total
Net income (loss)	$	620,105	$	208,580	$	(43,053)	$	12,524	$	(281,732)	$	516,424
Loss (income) from discontinued operations	—		—		—		—		(2,884)		(2,884)
Income (loss) from continuing operations	$	620,105	$	208,580	$	(43,053)	$	12,524	$	(284,616)	$	513,540
Interest income	—		—		—		(23,300)		—		(23,300)
Interest expense	—		6,900		7,509		—		158,535		172,944
Depreciation and amortization	302,649		279,546		128,374		—		—		710,569
General and administrative	—		—		—		—		131,033		131,033
Transaction costs	387		1,255		725		—		2,486		4,853
Impairments and loan loss (reserves) recoveries, net	—		—		—		7,004		—		7,004
Loss (gain) on sales of real estate, net	(3,744)		(10,659)		—		5,325		—		(9,078)

Other expense (income), net	(311,939)		(12,709)		1,380		13		(3,013)		(326,268)
Income tax expense (benefit)	—		—		—		—		(4,425)		(4,425)
Government grant income	—		—		6,765		—		—		6,765
Healthpeak's share of unconsolidated joint venture NOI	7,038		1,821		380		16,751		—		25,990
Noncontrolling interests' share of consolidated joint venture NOI	(181)		(25,400)		—		—		—		(25,581)
Equity loss (income) from unconsolidated JVs	972		(852)		(539)		(1,566)		—		(1,985)


Portfolio NOI	$	615,287	$	448,482	$	101,541	$	16,751	$	—	$	1,182,061
Adjustment to NOI	(62,754)		(15,513)		2,300		169		—		(75,798)
Portfolio Cash (Adjusted) NOI	$	552,533	$	432,969	$	103,841	$	16,920	$	—	$	1,106,263
Interest Income	—		—		—		23,300		—		23,300

Portfolio Income	$	552,533	$	432,969	$	103,841	$	40,220	$	—	$	1,129,563
Interest income	—		—		—		(23,300)				(23,300)

Adjustment to NOI	62,754		15,513		(2,300)		(169)		—		75,798
Non-SS Portfolio NOI	(154,579)		(79,484)		1,244		(16,751)		—		(249,570)
SS Portfolio NOI(1)	$	460,708	$	368,998	$	102,785	$	—	$	—	$	932,491
Non-cash adjustment to SS Portfolio NOI	(36,837)		(7,967)		2,300		—		—		(42,504)
SS Portfolio Cash (Adjusted) NOI(1)	$	423,871	$	361,031	$	105,085	$	—	$	—	$	889,987


			25


Reconciliations
In thousands

For the year ended December 31, 2021


	Life Science		Medical Office		CCRC		Other		Corporate Non-segment		Total
Net income (loss)	$	244,521	$	356,035	$	(40,405)	$	39,344	$	(73,565)	$	525,930
Loss (income) from discontinued operations	—		—		—		—		(388,202)		(388,202)
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 (gain) 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	(112,497)		(68,835)		1,482		(17,531)		—		(197,381)
SS Portfolio NOI(1)	$	438,019	$	355,440	$	93,818	$	—	$	—	$	887,277
Non-cash adjustment to SS Portfolio NOI	(34,667)		(8,455)		3,475		—		—		(39,647)
SS Portfolio Cash (Adjusted) NOI(1)	$	403,352	$	346,985	$	97,293	$	—	$	—	$	847,630

______________________________________

(1)The property count used for SS Portfolio NOI and SS Portfolio Cash (Adjusted) NOI differed for the three and twelve months ended December 31, 2022 and 2021.


			26


Reconciliations
In thousands


Healthpeak's Share of Unconsolidated Joint Venture's NOI

Total Portfolio


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Equity income (loss) from unconsolidated JVs	$	1,583	$	2,084	$	382	$	(325)	$	(156)
Depreciation and amortization	5,041		5,135		5,210		8,704		8,642
General and administrative	6		30		71		177		167
Loss (gain) on sales of real estate, net	329		(210)		150		239		45
Other expense (income), net	(130)		(1,067)		(592)		(2,069)		(861)
Income tax expense (benefit)	(451)		47		88		118		(19)

Healthpeak's Share of unconsolidated JVs NOI	$	6,378	$	6,019	$	5,309	$	6,844	$	7,818

Life Science


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Equity income (loss) from unconsolidated JVs	$	470	$	966	$	148	$	(877)	$	(1,209)
Depreciation and amortization	754		760		776		3,709		5,037
General and administrative	—		—		—		123		160
Other expense (income), net	(257)		(778)		(140)		(794)		(843)




Healthpeak's Share of unconsolidated JVs NOI	$	967	$	948	$	784	$	2,161	$	3,145

Medical Office


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Equity income (loss) from unconsolidated JVs	$	245	$	200	$	211	$	206	$	235
Depreciation and amortization	228		221		226		225		240
General and administrative	4		7		17		5		3
Loss (gain) on sales of real estate, net	(17)		(2)		—		—		—
Other expense (income), net	(5)		—		—		—		—
Income tax expense (benefit)	7		7		6		7		7

Healthpeak's Share of unconsolidated JVs NOI	$	462	$	433	$	460	$	443	$	485


			27


Reconciliations
In thousands

CCRC


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Equity income (loss) from unconsolidated JVs	$	—	$	539	$	—	$	—	$	—


Loss (gain) on sales of real estate, net	346		(208)		150		—		45
Other expense (income), net	1		2		(150)		—		2


Healthpeak's Share of unconsolidated JVs NOI	$	347	$	333	$	—	$	—	$	47

Other


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Equity income (loss) from unconsolidated JVs	$	868	$	379	$	23	$	346	$	818
Depreciation and amortization	4,059		4,154		4,208		4,770		3,365
General and administrative	2		23		54		49		4

Other expense (income), net	131		(291)		(302)		(1,036)		(20)
Income tax expense (benefit)	(458)		40		82		111		(26)

Healthpeak's Share of unconsolidated JVs NOI	$	4,602	$	4,305	$	4,065	$	4,240	$	4,141


			28


Reconciliations
In thousands


Healthpeak's Share of Unconsolidated Joint Venture's NOI

For the year ended December 31, 2022


	Life Science		Medical Office		CCRC		Other		Total
Equity income (loss) from unconsolidated JVs	$	(972)	$	852	$	539	$	1,566	$	1,985
Depreciation and amortization	10,282		911		—		16,498		27,691
General and administrative	282		33		—		129		444
Loss (gain) on sales of real estate, net	—		(2)		226		—		224
Other expense (income), net	(2,554)		—		(385)		(1,649)		(4,588)
Income tax expense (benefit)	—		27		—		207		234

Healthpeak's Share of unconsolidated JVs NOI	$	7,038	$	1,821	$	380	$	16,751	$	25,990

For the year ended December 31, 2021


	Life Science		Medical Office		CCRC		Other		Total
Equity income (loss) from unconsolidated JVs	$	1,118	$	794	$	1,484	$	2,704	$	6,100
Depreciation and amortization	3,022		885		—		13,174		17,081
General and administrative	2		26		—		202		230
Loss (gain) on sales of real estate, net	—		(17)		(1,017)		—		(1,034)
Other expense (income), net	(221)		—		(3)		3,554		3,330
Income tax expense (benefit)	—		20		—		(2,116)		(2,096)
Healthpeak's Share of unconsolidated JVs NOI	$	3,921	$	1,708	$	464	$	17,518	$	23,611


			29


Reconciliations
In thousands


Noncontrolling Interests' Share of Consolidated Joint Venture's NOI

Total Portfolio


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Income (loss) from continuing operations attributable to noncontrolling interest	$	3,815	$	3,730	$	3,955	$	4,016	$	4,274
Gain on sales of real estate, net	76		(12)		—		—		—
Depreciation and amortization	4,768		4,693		4,710		4,696		4,657
Other expense (income), net	74		195		(26)		82		69
Dividends attributable to noncontrolling interest	(2,382)		(2,350)		(2,379)		(2,350)		(2,379)
Noncontrolling interests' share of consolidated JVs NOI	$	6,351	$	6,256	$	6,260	$	6,444	$	6,621

Life Science


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Income (loss) from continuing operations attributable to noncontrolling interest	$	956	$	916	$	946	$	922	$	1,000

Depreciation and amortization	25		20		25		13		31
Other expense (income), net	—		3		2		—		(35)
Dividends attributable to noncontrolling interest	(932)		(901)		(930)		(901)		(930)
Noncontrolling interests' share of consolidated JVs NOI	$	49	$	38	$	43	$	34	$	66

Medical Office


	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Income (loss) from continuing operations attributable to noncontrolling interest	$	2,859	$	2,814	$	3,009	$	3,094	$	3,274
Gain on sales of real estate, net	76		(12)		—		—		—
Depreciation and amortization	4,743		4,673		4,685		4,683		4,626
Other expense (income), net	74		192		(28)		82		104
Dividends attributable to noncontrolling interest	(1,450)		(1,449)		(1,449)		(1,449)		(1,449)
Noncontrolling interests' share of consolidated JVs NOI	$	6,302	$	6,218	$	6,217	$	6,410	$	6,555


			30


Reconciliations
In thousands


Noncontrolling Interests' Share of Consolidated Joint Venture's NOI

For the year ended December 31, 2022


	Life Science		Medical Office		Total
Income (loss) from continuing operations attributable to noncontrolling interest	$	3,784	$	12,191	$	15,975
Gain on sales of real estate, net	—		(12)		(12)
Depreciation and amortization	89		18,667		18,756
Other expense (income), net	(28)		350		322
Dividends attributable to noncontrolling interest	(3,664)		(5,796)		(9,460)
Noncontrolling interests' share of consolidated JVs NOI	$	181	$	25,400	$	25,581

For the year ended December 31, 2021


	Life Science		Medical Office		Total
Income (loss) from continuing operations attributable to noncontrolling interest	$	3,727	$	14,124	$	17,851
Gain on sales of real estate, net	—		(3,404)		(3,404)
Depreciation and amortization	102		19,265		19,367
Other expense (income), net	47		667		714
Dividends attributable to noncontrolling interest	(3,671)		(5,360)		(9,031)
Noncontrolling interests' share of consolidated JVs NOI	$	205	$	25,292	$	25,497


			31


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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Portfolio Real Estate Revenues - SS(2)	$	118,868	$	128,112	$	125,569	$	122,146	$	125,873

Pro forma adjustments to exclude government grants	—		(6,552)		(209)		(4)		—
Pro forma Portfolio Real Estate Revenues - SS(3)	$	118,868	$	121,560	$	125,360	$	122,143	$	125,873


Pro Forma SS Portfolio Cash Real Estate Revenues	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Portfolio Cash Real Estate Revenues - SS(2)	$	118,868	$	128,112	$	125,569	$	122,146	$	125,873

Pro forma adjustments to exclude government grants	—		(6,552)		(209)		(4)		—
Pro forma Portfolio Cash Real Estate Revenues - SS(3)	$	118,868	$	121,560	$	125,360	$	122,143	$	125,873


Pro Forma SS Portfolio NOI	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
SS Portfolio NOI(4)	$	23,148	$	30,714	$	23,735	$	22,232	$	26,104

Pro forma adjustment to exclude government grants	—		(6,552)		(209)		(4)		—
Pro forma SS Portfolio NOI(3)	$	23,148	$	24,162	$	23,526	$	22,228	$	26,104


Pro Forma SS Portfolio Cash (Adjusted) NOI	Three Months Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
SS Portfolio Cash (Adjusted) NOI(4)	$	24,691	$	30,714	$	23,735	$	22,232	$	28,404

Pro forma adjustment to exclude government grants	—		(6,552)		(209)		(4)		—
Pro forma SS Portfolio Cash (Adjusted) NOI(3)	$	24,691	$	24,162	$	23,526	$	22,228	$	28,404

______________________________________

(1)May not foot due to rounding.

(2)See pages 13 and 14 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 pages 21 through 24 of this document for a reconciliation of SS Portfolio NOI and SS Portfolio Cash (Adjusted) NOI.


			32


Reconciliations
In thousands, except per month data


REVPOR CCRC(1)



	Three Months Ended
REVPOR CCRC	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



Portfolio Cash Real Estate Revenues(2)	$	118,868	$	128,445	$	125,569	$	122,146	$	125,920
Other adjustments to REVPOR CCRC(3)	—		(333)		—		—		(47)
REVPOR CCRC revenues	$	118,868	$	128,112	$	125,569	$	122,146	$	125,873

Average occupied units/month	5,852		5,939		5,952		5,894		5,918
REVPOR CCRC per month(4)	$	6,770	$	7,190	$	7,032	$	6,908	$	7,090


	Three Months Ended
REVPOR CCRC excluding NREF Amortization	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



REVPOR CCRC revenues	$	118,868	$	128,112	$	125,569	$	122,146	$	125,873
NREF Amortization	(19,745)		(18,957)		(19,444)		(19,706)		(21,260)

REVPOR CCRC revenues excluding NREF Amortization	$	99,123	$	109,155	$	106,125	$	102,440	$	104,612

Average occupied units/month	5,852		5,939		5,952		5,894		5,918
REVPOR CCRC excluding NREF Amortization per month(4)	$	5,646	$	6,126	$	5,943	$	5,794	$	5,892



	Three Months Ended
SS REVPOR CCRC	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



SS REVPOR CCRC revenues(5)	$	118,868	$	128,112	$	125,569	$	122,146	$	125,873

SS average occupied units/month	5,852		5,939		5,952		5,894		5,918
SS REVPOR CCRC per month(4)	$	6,770	$	7,190	$	7,032	$	6,908	$	7,090


	Three Months Ended
SS REVPOR CCRC excluding NREF Amortization	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



SS REVPOR CCRC revenues(5)	$	118,868	$	128,112	$	125,569	$	122,146	$	125,873
NREF Amortization	(19,745)		(18,957)		(19,444)		(19,706)		(21,260)

SS REVPOR CCRC revenues excluding NREF Amortization	$	99,123	$	109,155	$	106,125	$	102,440	$	104,612

SS Average occupied units/month	5,852		5,939		5,952		5,894		5,918
SS REVPOR CCRC excluding NREF Amortization per month(4)	$	5,646	$	6,126	$	5,943	$	5,794	$	5,892



	Three Months Ended
PRO FORMA SS REVPOR CCRC	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022


Pro Forma SS REVPOR CCRC revenues(6)	$	118,868	$	121,560	$	125,360	$	122,143	$	125,873

SS average occupied units/month	5,852		5,939		5,952		5,894		5,918
SS REVPOR CCRC per month(4)	$	6,770	$	6,822	$	7,020	$	6,908	$	7,090


			33


Reconciliations
In thousands, except per month data


	Three Months Ended
PRO FORMA SS REVPOR CCRC excluding NREF Amortization	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



Pro Forma SS REVPOR CCRC revenues(6)	$	118,868	$	121,560	$	125,360	$	122,143	$	125,873
NREF Amortization	(19,745)		(18,957)		(19,444)		(19,706)		(21,260)

SS REVPOR CCRC revenues excluding NREF Amortization	$	99,123	$	102,603	$	105,916	$	102,436	$	104,612

Average occupied units/month	5,852		5,939		5,952		5,894		5,918
SS REVPOR CCRC excluding NREF Amortization per month(4)	$	5,646	$	5,758	$	5,931	$	5,794	$	5,892

_____________________________________

(1)May not foot due to rounding.

(2)See pages 13 and 14 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 pages 13 and 14 of this document for a reconciliation of Portfolio Cash Real Estate Revenues - SS.

(6)See page 32 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.


			34


Reconciliations
In thousands


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


	Three Months Ended
Pro Forma Portfolio Real Estate Revenues	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Portfolio Real Estate Revenues(2)	$	17,972	$	18,360	$	18,215	$	18,839	$	18,969
Pro forma adjustments to exclude government grants	(739)		(315)		—		(183)		—
Pro forma Portfolio Real Estate Revenues(3)	$	17,232	$	18,045	$	18,215	$	18,657	$	18,969


	Three Months Ended
Pro Forma Portfolio Cash Real Estate Revenues	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



Portfolio Cash Real Estate Revenues(2)	$	17,968	$	18,383	$	18,301	$	18,905	$	19,024
Pro forma adjustments to exclude government grants	(739)		(315)		—		(183)		—
Pro forma Portfolio Cash Real Estate Revenues(3)	$	17,228	$	18,067	$	18,301	$	18,722	$	19,024


	Three Months Ended
Pro Forma Portfolio NOI	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Portfolio NOI(4)	$	4,602	$	4,305	$	4,065	$	4,240	$	4,141
Pro forma adjustments to exclude government grants	(739)		(315)		—		(183)		—
Pro forma Portfolio NOI(3)	$	3,863	$	3,990	$	4,065	$	4,058	$	4,141


	Three Months Ended
Pro Forma Portfolio Cash (Adjusted) NOI	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Portfolio Cash (Adjusted) NOI(4)	$	4,570	$	4,297	$	4,119	$	4,316	$	4,188
Pro forma adjustments to exclude government grants	(739)		(315)		—		(183)		—
Pro forma Portfolio Cash (Adjusted) NOI(3)	$	3,831	$	3,981	$	4,119	$	4,134	$	4,188

______________________________________

(1)May not foot due to rounding.

(2)See pages 13 and 14 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 pages 21 through 24 of this document for a reconciliation of Portfolio NOI and Portfolio Cash (Adjusted) NOI.


			35


Reconciliations
In thousands, except per month data


REVPOR Other(1)


	Three Months Ended
REVPOR Other	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



Portfolio Cash Real Estate Revenues(2)	$	17,968	$	18,383	$	18,301	$	18,905	$	19,024
Other adjustments to REVPOR Other(3)	(3,863)		(2,201)		(2,280)		(2,371)		(2,423)
REVPOR Other revenues	$	14,105	$	16,182	$	16,021	$	16,534	$	16,601

Average occupied units/month	1,142		1,261		1,261		1,289		1,302
REVPOR Other per month(4)	$	4,118	$	4,278	$	4,234	$	4,276	$	4,250


	Three Months Ended
Pro Forma REVPOR Other	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022



REVPOR Other revenues	$	14,105	$	16,182	$	16,021	$	16,534	$	16,601
Pro Forma adjustments to REVPOR Other(5)	(532)		(258)		—		(168)		—
Pro Forma REVPOR Other revenues	$	13,573	$	15,923	$	16,021	$	16,365	$	16,601

Average occupied units/month	1,142		1,261		1,261		1,289		1,302
Pro Forma REVPOR Other per month(4)	$	3,963	$	4,210	$	4,234	$	4,232	$	4,250

______________________________________

(1)May not foot due to rounding.

(2)See pages 13 and 14 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.


			36


Reconciliations
In thousands


Discontinued Operations Reconciliation

The results of discontinued operations during the three and twelve months ended December 31, 2022 and 2021, or through the disposal date of each asset or portfolio of assets held within discontinued operations if sold during such periods, as applicable, are presented below and are included within the Income (loss) from discontinued operations line of the Consolidated Statements of Operations in the accompanying Earnings Release and Supplemental Report. In order to facilitate reconciliation of amounts through this Discussion and Reconciliation of Non-GAAP Financial Measures and the accompanying Earnings Release and Supplemental Report, detailed financial information for discontinued operations for the three and twelve months ended December 31, 2022 and 2021 is presented below (in thousands):


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Revenues:
Rental and related revenues	$	—	$	—	$	—	$	7,535
Resident fees and services	725		3,159		7,489		114,936

Total revenues	725		3,159		7,489		122,471
Costs and expenses:
Interest expense	—		—		—		3,900

Operating	—		4,396		6,452		122,571
Transaction costs	—		—		—		76
Impairments and loan loss reserves (recoveries), net	—		—		—		32,736
Total costs and expenses	—		4,396		6,452		159,283
Other income (expense):
Gain (loss) on sales of real estate, net	(17)		6,063		1,344		414,721
Other income (expense), net	154		(960)		169		4,189
Total other income (expense), net	137		5,103		1,513		418,910
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	862		3,866		2,550		382,098
Income tax benefit (expense)	11		(376)		270		969
Equity income (loss) from unconsolidated joint ventures	—		143		64		5,135

Income (loss) from discontinued operations	$	873	$	3,633	$	2,884	$	388,202


			37


☐			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 7, 2023.

99.2						December 31, 2022, Supplemental Report.

99.3						December 31, 2022, Discussion and Reconciliation of Non-GAAP Financial Measures.

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


Date: February 7, 2023
	Healthpeak Properties, Inc.



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