DOC

Strategic & Business Transformation

• The company completed a multi-year downturn period that enabled strategic repositioning, including closing a $5 billion merger and a $1 billion IPO, resulting in a larger, more capable organization
• New operational capabilities have been added, including strategic hires and internalization of property management for most renewal leasing, with an agentic operating platform currently being rolled out
• Two large new joint ventures were closed with leading global real estate investors Blackstone and Brookfield (neither had prior meaningful outpatient medical exposure), providing HealthPeak with access to alternative equity capital while retaining control of assets and tenant relationships

Balance Sheet & Capital Allocation

• The balance sheet is the strongest it has ever been, with net debt to adjusted EBITDA of 4.7x (well below the 5.5x long-term target), and $4.1 billion in available liquidity
• The company completed the $1 billion Brookfield outpatient recapitalization, retaining 51% ownership of a 5.6 million square foot portfolio, with a 5.9% trailing cash cap rate and call rights to repurchase Brookfield's non-controlling interest after 7 years if Brookfield achieves a 6.5% unlevered return
• Through August 4, 2026, $900 million of debt has been repaid (including $650 million of senior unsecured notes in July 2026), and $1.9 billion in gross capital recycling proceeds are expected for full-year 2026
• Prioritized capital uses include funding pre-leased outpatient development, supporting outpatient acquisitions in JVs (generating extra operating partner returns), pursuing discounted life science acquisition opportunities, and opportunistic share buybacks (the company bought back $100 million of stock in April 2026 at a >10% FFO yield below $17 per share)
• Management notes elevated current debt costs make high leverage unattractive, so the company will maintain conservative leverage and deploy dry powder patiently at the most impactful times

Segment Fundamentals

• Outpatient medical continues to validate strong long-term fundamentals, with consistent 5% cash releasing spreads over 10 quarters, well above pre-merger averages of 2-3%, and lower tenant improvement costs than peer groups
• Life science fundamentals are inflecting upward: H1 2026 had 13 later-stage biotech IPOs raising over $5 billion, M&A activity hit over $250 billion in the past 3 quarters (recycling capital back to the sector), and year-to-date FDA approvals are above the 5-year trend, setting the stage for occupancy growth
• Senior housing has an active accretive acquisition pipeline, with the company on track to complete a 3-year business plan in 12 months, with the aligned deal structure for Janus Living driving direct earnings growth for HealthPeak

• Management raised full-year 2026 adjusted FFO guidance by 2 cents per share, to a new range of $1.73 to $1.77 per share
• The guidance increase was driven by a 75 basis points increase in full-year same store NOI at the midpoint, including a 200 basis points increase for both the lab and senior housing segments, plus accounting for low market interest amortization from the $400 million seller note repayment
• Management expects a modest improvement in total lab occupancy by the end of 2026 from the June 30, 2026 level of 78.5%, with 140 basis points of occupancy growth already achieved year-to-date

1. Outpatient Medical: Executed 1.2 million square feet of leases in 2Q 2026 (327,000 square feet new leasing), bringing year-to-date total leasing to 2.3 million square feet. Achieved 80% tenant retention, 5% cash releasing spreads, and ended the quarter with total occupancy of 90.7%, up 20 basis points sequentially. Post-quarter, an additional 204,000 square feet of leases have been executed, with 882,000 square feet under letter of intent (LOI). This segment contributes ~X% of total business, with strong stable internal growth. 2. Life Science (Lab): Executed 381,000 square feet of leases in 2Q 2026, 60% of which was new leasing and 30% for vacant space. Total occupancy increased 80 basis points sequentially to 78.5%, a 140 basis point increase year-to-date 2026. Post-quarter, 20,000 square feet of additional leases have been executed, with 480,000 square feet under LOI. In Torrey Pines (San Diego), leased percentage increased to 97% from ~65% at YE2025 when including executed leases and LOIs. 3. Senior Housing: Same store portfolio delivered 260 basis points of occupancy growth and 19% NOI growth in 2Q 2026. HealthPeak holds a 74% ownership interest in Janus Living (valued at ~$6.5 billion equity), which delivered 45% total revenue growth and 34% adjusted EBITDA growth for the quarter, with no outstanding debt on Janus Living's balance sheet. $1.8 billion in senior housing acquisitions have closed since January 1, 2026, and the total senior housing portfolio is on track to double in size in 2026.

• Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ from expectations, with detailed risk factors available in the company's SEC filings and press release
• Life science leasing results depend on continued improvement in biotech funding and IPO activity, and the recovery from prior sector oversupply will not happen overnight
• The Boston lab market still has a large overall supply overhang that will take time to work through, even if HealthPeak's specific assets are outperforming the broader market
• Distressed lab acquisition deals often have extended timelines, can be structurally complex with multiple lender stakeholders, and there is no guarantee that currently targeted opportunities will close
• Elevated debt costs in the current market environment make higher leverage uneconomical, limiting the company's ability to pursue large levered acquisitions in the near term

Q: When will the lab segment see same store NOI inflect positive, given recent sequential occupancy gains? / A: Management notes they focus on total occupancy growth and total NOI growth (the metrics that drive earnings and share price) rather than same store, which is only reported for regulatory requirements. Occupancy has increased from 77% at YE2025 to 78.5% in 2Q2026, trending in the right direction, but an exact quarter for inflection cannot yet be predicted.

Q: Are distressed lab acquisition opportunities more attractive now, and what is the current opportunity set? / A: The sector recovery trajectory is clearly positive, and HealthPeak (as an incumbent core market player) is capturing disproportionate market share. The company is focused on distressed assets in core submarkets where its platform can add value to lease up underperforming buildings, and is currently pursuing multiple opportunities (exemplified by the successful Gateway acquisition that already has 125,000 square feet of signed leases/LOIs). Deals can be complex and take time, so no guarantees of closing, but HealthPeak expects to act as a consolidator over the next 24 months.

Q: What is your appetite for additional JV recap transactions like the Brookfield deal, and why did you structure the Brookfield deal with a buyback option? / A: Management expects to complete additional JVs with both Brookfield and Blackstone, two high-capital, high-quality partners. The Brookfield deal structure is a win-win: HealthPeak gets strong upfront pricing, retains 51% ownership and full operating/tenant control, and gains a call option to repurchase the stake after 7 years if Brookfield hits a 6.5% unlevered return, which management expects to be in the money for HealthPeak. This transaction further strengthened the already strong balance sheet to pursue opportunities across all three segments.

Q: Which lab markets have the strongest demand and best pricing power? / A: The Bay Area and San Diego (especially Torrey Pines) have the strongest demand, with much demand coming from existing growing tenants in the portfolio. Boston still has a large supply overhang, but HealthPeak's assets in prime submarkets (West Cambridge, Lexington) outperform the broader market, and activity picked up significantly in 2Q2026. HealthPeak's scale and long-standing tenant/VC relationships give it greater pricing power on off-market deals compared to widely marketed transactions.