Healthpeak Properties, Inc. Q1 FY2026 earnings call

Early Jan, completed once-in-a-decade buying opportunity at Gateway Campus in South San Francisco, driving leasing momentum with signed leases and active proposals. In March, completed IPO of senior housing business, $240 million current year FFO from that portfolio valued at higher multiple. Closed joint venture recap with Blackstone on outpatient portfolio, raised $170 million. Bought back $100 million of stock in April at over 10% FFO yield, accretive and increased 2026 earnings guidance. Paid over $200 million in dividends in Q1. Outpatient medical has strong fundamentals, signed over 10 million sq ft of renewals, strong leasing activity with leading health system partners. Lab has positive trends in M&A, biopharma stock prices, capital raising, with active leasing pipeline. Senior housing had outstanding Q1 results

Outpatient medical: Since the merger, more than 10 million square feet of renewals signed with 5.8% cash releasing spreads, last quarter 5.4%, average 3% escalators for 5 years, same-store NOI growth averaged 3.5% over past 5 years. Lab: Executed 141,000 sq ft of leases in Q1, 92% new leasing, ~355,000 sq ft under LOI, 80% new leasing and 75% on vacant space, total occupancy 77.7% at quarter end, expected to increase at least 100 basis points vs year-end 2025. Senior housing: Q1 results phenomenal, entry fees at all-time high, Janus Living delivered 35% total revenue growth and 42% adjusted EBITDA growth in Q1, HealthPeak's ownership of Janus Living is 81.6% with ~$5.7 billion market value

Janus Living IPO consolidated into HealthPeak's financial statements, expected neutral to HealthPeak's earnings in 2026, accretive in 2027 and beyond due to capital deployment. Repurchased $100 million of stock in April, raising FFO adjusted guidance to $1.71 - $1.75 per share. In January, repaid $103 million of secured mortgages on two senior housing properties. In March, closed a new $400 million senior unsecured delayed draw term loan on senior housing, undrawn with until December 2026 to draw down

Forward-looking statements subject to risks and uncertainties where actual results may differ materially from expectations, detailed risks discussed in SEC filings

Nick Ulico: connection issue; Pharrell Granath: life science portfolio impact on opportunistic investments; Seth Berge: Gateway acquisition vs underwriting and lease economics; Austin Werschmidt: lab occupancy components and 2027 vacates; Ronald Camden: 2027 lab vacancies; Rich Anderson: lab occupancy cadence; Michael Goldsmith: guidance raise; Michael Carroll: life science setup; Juan Sanabria: Blackstone JV project; Michael Stroyak: lab releasing spreads; Wes Galladay: mixed-use project update; Vikram Malhotra: life science trajectory differences; Jim Comart: lab vacant NOI; Mike Mueller: development page and lab same-store; Omotayo Okunseniya: April activity vs Q1; Pharrell Grenath: life science occupancy factors