Healthpeak cuts 2026 earnings outlook to $0.39-$0.41

The 2026 outlook now pairs lower diluted earnings guidance with higher adjusted FFO guidance, alongside quarterly results showing a revenue increase.

Available on EDGAR 11/02/2026 - 04:11 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:10 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Healthpeak Properties reported third-quarter 2026 total revenue of $820.9 million, compared with $705.9 million a year earlier, and net income applicable to common shares of $17.1 million versus a loss of $117.3 million. Diluted earnings were $0.02 per share, while FFO as Adjusted was $0.44 per share versus $0.46 a year earlier. Healthpeak owned 69% of Janus Living as of September 30, 2026; Janus reported $268 million of revenue and $105 million of Adjusted EBITDAre, up 78% and 101% year over year.

Healthpeak lowered 2026 diluted earnings guidance to $0.39-$0.41 per share from $0.48-$0.52, citing depreciation and amortization tied to Janus Living senior-housing acquisitions; FFO as Adjusted guidance rose to $1.76-$1.78. It declared monthly dividends of $0.10167 per share for October, November, and December. Healthpeak received approximately $1.025 billion for selling a 49% interest in an 86-property outpatient medical portfolio valued at approximately $2.1 billion. It entered into a new unsecured $500 million delayed-draw term loan facility, undrawn at closing.

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Positive

• Moderate pointThird-quarter revenue reached $820.9 million, versus $705.9 million a year earlier.
• Moderate pointCommon-share net income was $17.1 million, versus a $117.3 million loss.
• Moderate pointJanus Living revenue and Adjusted EBITDAre rose 78% and 101% year over year.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.2026 diluted earnings guidance midpoint decreased $0.10 to $0.39-$0.41 per share.

Filing Explained

Healthpeak reported liquidity that includes cash and undrawn borrowing capacity.

Healthpeak reports a three-property lab acquisition package totaling about $233 million: the two-building HQ Point purchase closed on September 30, 2026 for $105 million, while two other properties priced at about $92 million and $36 million remain under contract subject to customary closing conditions. The completed HQ Point purchase adds a lab campus to Healthpeak’s portfolio; the other two purchases would add two more properties if they close.

Across the three acquisitions, reported blended occupancy is 41%, current cash yield is about 5%, and expected stabilized cash yield is about 9%–10%.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $820.9 million Net income applicable to common shares: $17.1 million Diluted earnings per common share: $0.02 per share +5 more

8 metrics

Total revenue $820.9 million Three months ended September 30, 2026; compared with $705.9 million in 2025

Net income applicable to common shares $17.1 million Three months ended September 30, 2026; compared with a $117.3 million loss in 2025

Diluted earnings per common share $0.02 per share Three months ended September 30, 2026; compared with a loss of $0.17 per share in 2025

Diluted FFO as Adjusted per common share $0.44 per share Three months ended September 30, 2026; compared with $0.46 per share in 2025

2026 diluted earnings guidance $0.39-$0.41 per share Full-year guidance updated November 2, 2026; prior range was $0.48-$0.52 per share

2026 FFO as Adjusted guidance $1.76-$1.78 per share Full-year guidance updated November 2, 2026; prior range was $1.73-$1.77 per share

Common stock cash dividend $0.10167 per share per month Declared for each of October, November, and December 2026

Janus Living Adjusted EBITDAre $105 million Third quarter 2026; up 101% year over year

Key Terms

FFO as Adjusted, Net Debt to Adjusted EBITDAre, delayed-draw term loan facility, initial capitalization rate, +1 more

5 terms

FFO as Adjusted financial

"FFO as Adjusted per common share"

Funds From Operations (FFO) as adjusted is a non-GAAP measure that shows the cash-generating power of a property-owning business after removing accounting items that don’t reflect ongoing operations, such as property depreciation, one-time gains or losses, and other unusual items. Think of it like a homeowner’s monthly rent income after excluding one-off repairs and accounting quirks; investors use it to judge recurring cash flow and dividend sustainability, and to compare operating performance across periods or peers.

Net Debt to Adjusted EBITDAre financial

"Net Debt to Adjusted EBITDAre was 4.7x"

A leverage ratio that compares a company’s net debt (total borrowings minus cash and equivalents) to its adjusted EBITDAre, a version of annual core cash profit that removes one‑off items and non‑recurring effects. It tells investors how many years of that normalized operating cash flow would be needed to pay off the company’s net borrowings; lower numbers mean less risk and greater financial flexibility, like measuring how many paychecks it would take to clear a mortgage.

delayed-draw term loan facility financial

"new $500 million unsecured delayed-draw term loan facility"

A delayed-draw term loan facility is a committed loan arrangement where lenders agree in advance to make a fixed amount of cash available for the borrower to draw down at one or more specified future dates, typically after certain conditions are met. It matters to investors because tapping that reserved funding increases a company's debt, interest costs and liquidity buffers—similar to activating a reserved emergency account for a big purchase—which can affect leverage, creditworthiness and the stock’s risk profile.

initial capitalization rate financial

"initial capitalization rate of approximately 7.4%"

Same-Store Cash (Adjusted) NOI financial

"Total Same-Store Cash (Adjusted) NOI"

Earnings Snapshot

Total revenue: $820.9 million · Guidance included

Three months ended September 30, 2026

Total revenue $820.9 million Compared with $705.9 million in the three months ended September 30, 2025

Net income applicable to common shares $17.1 million Compared with a loss of $117.3 million in the three months ended September 30, 2025

Diluted earnings per common share $0.02 per share Compared with a loss of $0.17 per share in the three months ended September 30, 2025

Diluted FFO as Adjusted per common share $0.44 per share Compared with $0.46 per share in the three months ended September 30, 2025

Guidance

Full-year 2026 diluted earnings guidance is $0.39-$0.41 per share, compared with $0.48-$0.52 previously; FFO as Adjusted guidance is $1.76-$1.78 per share, compared with $1.73-$1.77; Total Same-Store Cash (Adjusted) NOI guidance is 0.5%-2.0%, compared with 0%-1.5%.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were DOC's Q3 2026 revenue and earnings?

Healthpeak reported third-quarter total revenue of $820.9 million, compared with $705.9 million in Q3 2025. Net income applicable to common shares was $17.1 million, versus a loss of $117.3 million; diluted earnings were $0.02 per share.

How did DOC's 2026 earnings guidance change?

Healthpeak lowered full-year 2026 diluted earnings guidance to $0.39-$0.41 per share from $0.48-$0.52, a $0.10 midpoint decrease. The company attributed the change primarily to depreciation and amortization associated with senior housing acquisitions closed by Janus Living during the third quarter and through October 30, 2026. FFO as Adjusted guidance rose to $1.76-$1.78 per share from $1.73-$1.77.

What dividend did Healthpeak declare for DOC shareholders?

Healthpeak declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December 2026. Payment dates are October 30, November 25, and December 30, 2026; the corresponding record dates are October 19, November 13, and December 18, 2026.

What life science property acquisitions did DOC report?

Healthpeak acquired the senior construction loan secured by HQ Point and the remaining equity interest for a combined $105 million. It was also under contract to acquire a 145,000-square-foot South San Francisco building for approximately $92 million and the remaining 51% interest in 100 Acorn Park Drive for approximately $36 million. The two pending acquisitions were expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000765880false00007658802026-11-022026-11-020000765880dei:FormerAddressMember2026-11-022026-11-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

November 2, 2026

Date of Report (Date of earliest event reported)

Healthpeak Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-08895

33-0091377

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4600 South Syracuse Street, Suite 500

Denver, CO 80237

(Address of principal executive offices) (Zip Code)

(720) 428-5050

(Registrant’s telephone number, including area code)

N/A

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

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

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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

Emerging growth company ☐

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

Item 2.02                                           Results of Operations and Financial Condition.

On November 2, 2026, Healthpeak Properties, Inc., a Maryland corporation (“Healthpeak”), issued a press release setting forth its financial results for the three and nine months ended September 30, 2026. The press release refers to the Discussion and Reconciliation of Healthpeak’s Non-GAAP Financial Measures, which is available in the Investor Relations section of Healthpeak’s website, free of charge, at http://ir.healthpeak.com/quarterly-results. The press release and Discussion and Reconciliation of Healthpeak’s Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are incorporated by reference herein. The press release also refers to the Discussion and Reconciliation of Janus Living, Inc.’s Non-GAAP Financial Measures with respect to certain of its non-GAAP financial measures, which is furnished herewith as Exhibit 99.4 and incorporated by reference herein.

The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibits 99.1, 99.3, and 99.4 attached hereto are being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 7.01                                           Regulation FD Disclosure.

A supplemental report containing financial results and related information of Healthpeak for the three and nine months ended September 30, 2026 is furnished as Exhibit 99.2 hereto and incorporated by reference herein. The supplemental report is also available in the Investor Relations section of Healthpeak’s website, free of charge, at http://ir.healthpeak.com/quarterly-results.

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

Item 9.01                                           Financial Statements and Exhibits.

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

No.						Description
99.1						Press Release dated November 2, 2026.
99.2						September 30, 2026, Supplemental Report.
99.3						September 30, 2026, Discussion and Reconciliation of Healthpeak's Non-GAAP Financial Measures.
99.4						September 30, 2026, Discussion and Reconciliation of Janus Living's Non-GAAP Financial Measures.
104						Cover Page Interactive Data File (embedded within the inline XBRL document and contained in Exhibit 101).

2

SIGNATURES

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

Date: November 2, 2026
			Healthpeak Properties, Inc.
			By:			/s/ Kelvin O. Moses
						Kelvin O. Moses
						Chief Financial Officer

3

Exhibit 99.1

Healthpeak Properties Reports Third Quarter 2026 Results and Increases Full Year 2026 Earnings Guidance

DENVER, November 2, 2026 - Healthpeak Properties, Inc. (NYSE: DOC) ("Healthpeak"), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the quarter ended September 30, 2026.

THIRD QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

–Net income of $0.02 per share and FFO as Adjusted of $0.44 per share

–Outpatient Medical new and renewal lease executions totaled 846,000 square feet, bringing year-to-date Outpatient Medical lease executions to 3.2 million square feet

•Subsequent to the third quarter, 1.3 million square feet of Outpatient Medical leases have been executed or are under letter of intent ("LOI")

–Lab new and renewal lease executions totaled 480,000 square feet, bringing year-to-date Lab lease executions to 1 million square feet

•Subsequent to the third quarter, 643,000 square feet of Lab leases have been executed or are under LOI

•Lab total occupancy increased sequentially by +130 basis points ("bps") and is up +270 bps since year-end 2025

–Janus Living (NYSE: JAN) reported year-over-year revenue and Adjusted EBITDAre growth of 78% and 101%, respectively

–Acquired, or under contract to acquire, four life science buildings totaling approximately 510,000 square feet across three campuses for approximately $233 million

–Entered into a new $500 million unsecured delayed-draw term loan facility

–Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30, 2026

–Recent corporate impact and sustainability achievements:

•Named to the Top 10 in Real Estate from 3BL Media's 100 Best Corporate Citizens List

•Named Fortune's Best Workplaces in Real Estate

•Certified as a Great Place to Work 2026–2027

•Named one of U.S. News & World Report’s 2026–2027 Best Companies to Work For in the Real Estate and Facilities Management category, as well as the West Region category

To learn more and view the Corporate Impact Report, please visit www.healthpeak.com/corporate-impact

THIRD QUARTER RESULTS

									Three Months Ended September 30,
									2026												2025
Diluted Net income (loss) per common share									$	0.02											$	(0.17)
Diluted FFO as Adjusted per common share									0.44												0.46

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Year-Over-Year Same-Store ("SS") Adjusted NOI Growth
			Three Months Ended September 30,
			SS Growth %			% of SS
Outpatient Medical			3.1		%	54.4		%
Lab			(0.7		%)	35.6		%
Senior Housing			25.9		%	10.0		%
Total			3.6		%	100.0		%

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JANUS LIVING THIRD QUARTER FINANCIAL AND OPERATING HIGHLIGHTS

•Revenue of $268 million, up 78% compared to the prior year quarter

•Adjusted EBITDAre of $105 million, up 101% compared to the prior year quarter

•Total Adjusted Net Operating Income of $76 million, up 81% compared to the prior year quarter

◦Same-store Adjusted NOI increased 25.9% and margin expanded 360 bps

•Closed $1.75 billion of senior housing acquisitions during the third quarter, consisting of the previously disclosed $1.0 billion that closed from July 1 through August 3 and an additional $743 million that closed subsequent to August 3 through quarter end

•Subsequent to quarter end and through October 30, completed approximately $370 million of senior housing acquisitions

•As of October 30, Janus Living had approximately $1.2 billion of liquidity including cash and available credit facility capacity

•Under binding purchase agreements for approximately $82 million of additional senior housing acquisitions

Janus Living, Inc. is a pure-play senior housing real estate investment trust that owns high-quality communities across the United States, and is majority owned by Healthpeak. Healthpeak owns 214.7 million shares of Janus Living common stock and operating partnership common units, representing a 69% equity ownership as of September 30, 2026. Janus Living is consolidated into Healthpeak’s financial statements, with the approximately 31% not owned by Healthpeak reported as noncontrolling interest.

LAB INVESTMENTS

Healthpeak has acquired, or is under contract to acquire, four life science buildings totaling approximately 510,000 square feet across three campuses for approximately $233 million. Each acquisition is part of, or an extension of, an existing Healthpeak campus where the Company's local scale and relationships position it to drive near-term leasing.

On September 30, 2026, Healthpeak acquired the senior construction loan secured by HQ Point and acquired the remaining equity interest for a combined $105 million. HQ Point is a two-building, 236,000 square foot lab campus in San Diego’s Sorrento Mesa submarket that is currently 29% occupied.

Healthpeak is also under contract to acquire two life science properties that are expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

•South San Francisco: Healthpeak is under contract to acquire a 145,000 square foot life science building for approximately $92 million. The property is currently 49% occupied and sits adjacent to an existing 146,000 square foot Healthpeak life science building and between The Cove and The Shore, two Healthpeak campuses totaling more than 2 million square feet.

•Cambridge: Healthpeak is under contract to acquire the remaining 51% ownership interest in 100 Acorn Park Drive, a 129,000 square foot life science building on the Cambridge Discovery Park campus for approximately $36 million. The property is currently 53% occupied. Upon closing, Healthpeak will own 100% of the 605,000 square foot Cambridge Discovery Park campus.

These three opportunistic acquisitions have a blended in-place occupancy of 41%, a current cash yield of approximately 5%, and an expected stabilized cash yield of approximately 9-10%.

A presentation highlighting these investments is available at https://ir.healthpeak.com.

OUTPATIENT MEDICAL ACQUISITION

In October 2026, Healthpeak acquired Westway One, a 146,000 square foot Class A medical training facility in Houston, Texas, for $38 million. The property is 100% leased to affiliates of HCA Healthcare, with 11 years of remaining lease term. The acquisition represents an initial capitalization rate of approximately 7.4%, adds to Healthpeak's approximately 3.4 million square foot outpatient medical portfolio in Houston, and expands its portfolio of HCA nursing and professional education facilities.

OUTPATIENT MEDICAL JOINT VENTURE RECAPITALIZATION

As previously disclosed, in July 2026, Healthpeak entered into a joint venture with affiliates of Brookfield Asset Management (“Brookfield”) through the contribution of an 86-property outpatient medical portfolio valued at approximately $2.1 billion. Healthpeak received proceeds of approximately $1.025 billion for the sale of the 49% interest.

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BALANCE SHEET

Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30, 2026.

In October 2026, Healthpeak entered into a new $500 million unsecured delayed-draw term loan facility. The term loan matures in October 2030 and bears interest at SOFR plus 80 basis points based on Healthpeak’s current credit ratings. The unsecured term loan facility was undrawn at closing.

As of October 30, 2026, Healthpeak had $3.8 billion of liquidity, including cash, availability under its revolving credit facility, and undrawn term loan commitments.

DIVIDEND

On October 1, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December of 2026, representing an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date. Future dividends are at the discretion of Healthpeak's Board of Directors.

Record Date			Payment Date			Amount
October 19, 2026			October 30, 2026			$0.10167 per common share
November 13, 2026			November 25, 2026			$0.10167 per common share
December 18, 2026			December 30, 2026			$0.10167 per common share

GUIDANCE

Healthpeak's 2026 guidance ranges are updated as follows:

Full Year 2026						As of 8/4/26												As of 11/2/26												Midpoint Change
Diluted earnings per common share						$0.48			-			$0.52						$0.39			-			$0.41						$0.10 decrease(1)
Diluted FFO as Adjusted per share						$1.73			-			$1.77						$1.76			-			$1.78						$0.02 increase
Total Same-Store Cash (Adjusted) NOI						0%			-			1.5%						0.5%			-			2.0%						50 bps increase

(1) The decrease in diluted earnings per common share guidance is primarily due to depreciation and amortization associated with senior housing acquisitions closed by Janus Living during the third quarter and through October 30, 2026. Depreciation and amortization is excluded from Nareit FFO and FFO as Adjusted, so this change has no impact on FFO as Adjusted guidance.

These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional guidance ranges, details, and assumptions, please see page 10 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.

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CONFERENCE CALL INFORMATION

Healthpeak has scheduled a conference call and webcast for Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time.

•Healthpeak’s website: https://ir.healthpeak.com/news-events

•Webcast: https://events.q4inc.com/attendee/917525646. Joining via webcast is recommended for those who will not be asking questions.

•Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 917 525 646.

A webcast replay will be available on Healthpeak’s website through December 3, 2026.

ABOUT HEALTHPEAK

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.

NON-GAAP FINANCIAL MEASURES

Nareit FFO, FFO as Adjusted, Total Same-Store Cash (Adjusted) NOI, Adjusted EBITDAre, 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 "September 30, 2026 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, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" section of this release for additional information. Additionally, as used herein with respect to Janus Living, Adjusted EBITDAre, Total Adjusted Net Operating Income, and Same-Store Adjusted NOI are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of Janus Living. See "September 30, 2026 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, available in the Investor Relations section of the Janus Living website at https://ir.janusreit.com/financials/quarterly-results.

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 pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "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. As more fully set forth under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC"), these risks and uncertainties include, but are not limited to: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical

Page 5

buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the initial public offering of Janus Living may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our SEC filings.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

CONTACT

Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400

Page 6

Healthpeak Properties, Inc.

Consolidated Balance Sheets

In thousands, except share and per share data

			September 30, 2026						December 31, 2025
Assets
Real estate:
Buildings and improvements			$	18,744,157					$	16,593,535
Development costs and construction in progress			1,026,355						1,010,657
Land and improvements			3,426,289						3,007,346
Accumulated depreciation			(4,708,201)						(4,512,443)
Net real estate			18,488,600						16,099,095
Loans receivable, net of reserves of $8,036 and $11,345			284,203						606,020
Investments in unconsolidated joint ventures			466,114						802,601
Accounts receivable, net of allowance of $3,994 and $2,018			75,944						78,327
Cash and cash equivalents			514,310						467,457
Restricted cash			91,512						70,245
Intangible assets			917,700						654,516
Assets held for sale			48,042						80,621
Right-of-use asset			393,382						412,198
Deferred tax assets			121,663						111,248
Goodwill			68,529						68,529
Other assets			941,976						885,161
Total assets			$	22,411,975					$	20,336,018
Liabilities and Equity
Bank line of credit and commercial paper			$	1,489,500					$	1,078,850
Term loans			1,646,725						1,647,113
Senior unsecured notes			6,142,101						6,772,722
Mortgage debt			104,019						349,209
Intangible liabilities			146,688						173,697
Liabilities related to assets held for sale			1,035						11,900
Lease liability			288,386						296,260
Accounts payable, accrued liabilities, and other liabilities			749,010						718,509
Deferred revenue			1,039,166						985,307
Total liabilities			11,606,630						12,033,567
Commitments and contingencies
Redeemable noncontrolling interests			27,431						159,581
Common stock, $1.00 par value: 1,500,000,000 shares authorized; 689,535,670 and 695,036,731 shares issued and outstanding			689,536						695,037
Additional paid-in capital			13,470,684						12,767,914
Cumulative dividends in excess of earnings			(6,322,342)						(5,952,920)
Accumulated other comprehensive income (loss)			28,058						(9,937)
Total stockholders’ equity			7,865,936						7,500,094
Public investors of Janus Living, Inc.			1,270,543						—
Joint venture partners			1,283,529						295,455
Non-managing member unitholders			357,906						347,321
Total noncontrolling interests			2,911,978						642,776
Total equity			10,777,914						8,142,870
Total liabilities and equity			$	22,411,975					$	20,336,018

Page 7

Healthpeak Properties, Inc.

Consolidated Statements of Operations

In thousands, except per share data

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Revenues:
Rental and related revenues			$	545,390					$	539,886					$	1,617,180					$	1,607,714
Resident fees and services			268,300						150,458						685,101						448,240
Interest income and other			7,202						15,529						43,142						47,156
Total revenues			820,892						705,873						2,345,423						2,103,110
Costs and expenses:
Operating			379,391						291,922						1,036,375						841,246
Depreciation and amortization			298,923						262,317						872,047						796,779
Interest expense			83,899						76,784						263,471						224,540
General and administrative			23,589						19,907						70,697						66,789
Transaction costs			9,738						2,420						43,059						18,169
Impairments and loan loss reserves (recoveries), net			(210)						(54)						(3,964)						(117)
Total costs and expenses			795,330						653,296						2,281,685						1,947,406
Other income (expense):
Gain (loss) on sales of real estate, net			—						11,500						60,657						13,136
Gain (loss) on debt extinguishments			—						—						(403)						—
Other income (expense), net			8,670						1,160						165,215						(9,658)
Total other income (expense), net			8,670						12,660						225,469						3,478
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			34,232						65,237						289,207						159,182
Income tax benefit (expense)			(1,287)						1,206						(139)						(3,256)
Equity income (loss) from unconsolidated joint ventures			3,742						(176,291)						10,516						(176,691)
Net income (loss)			36,687						(109,848)						299,584						(20,765)
Noncontrolling interests’ share in earnings			(19,424)						(7,274)						(35,870)						(21,856)
Net income (loss) attributable to Healthpeak Properties, Inc.			17,263						(117,122)						263,714						(42,621)
Participating securities’ share in earnings			(145)						(134)						(444)						(714)
Net income (loss) applicable to common shares			$	17,118					$	(117,256)					$	263,270					$	(43,335)
Earnings per common share:
Basic			$	0.02					$	(0.17)					$	0.38					$	(0.06)
Diluted			$	0.02					$	(0.17)					$	0.38					$	(0.06)
Weighted average shares outstanding:
Basic			689,509						694,930						691,498						696,380
Diluted			689,509						694,930						691,781						696,380

Page 8

Healthpeak Properties, Inc.

Funds From Operations

In thousands, except per share data

						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Net income (loss) applicable to common shares						$	17,118					$	(117,256)					$	263,270					$	(43,335)
Real estate related depreciation and amortization						298,923						262,317						872,047						796,779
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures						7,564						12,574						22,420						37,304
Noncontrolling interests’ share of real estate related depreciation and amortization						(26,816)						(3,807)						(46,939)						(12,686)
Loss (gain) on sales of depreciable real estate, net						—						(11,500)						(60,657)						(13,136)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures						—						—						1,793						—
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net						—						—						973						—
Loss (gain) upon change of control, net(1)						—						—						(138,343)						—
Taxes associated with real estate dispositions						—						—						(1,805)						(335)
Impairments (recoveries) of real estate, net(2)						—						175,827						—						175,827
Nareit FFO applicable to common shares						296,789						318,155						912,759						940,418
Distributions on dilutive convertible units and other						4,336						4,551						13,257						13,735
Diluted Nareit FFO applicable to common shares						$	301,125					$	322,706					$	926,016					$	954,153
Diluted Nareit FFO per common share						$	0.43					$	0.45					$	1.31					$	1.34
Weighted average shares outstanding - Diluted Nareit FFO						703,980						709,513						705,980						711,023
Impact of adjustments to Nareit FFO:
Transaction, merger, and restructuring-related costs(3)						$	8,379					$	2,420					$	36,681					$	18,169
Other impairments (recoveries) and other losses (gains), net(4)						(210)						(54)						(3,964)						125
Loss (gain) on debt extinguishments						—						—						302						—
Casualty-related charges (recoveries), net(5)						(70)						(1,771)						(4,451)						6,375
Recognition (reversal) of valuation allowance on deferred tax assets(6)						—						—						(3,058)						—
Total adjustments						8,099						595						25,510						24,669
FFO as Adjusted applicable to common shares						304,888						318,750						938,269						965,087
Distributions on dilutive convertible units and other						4,330						4,551						13,235						13,715
Diluted FFO as Adjusted applicable to common shares						$	309,218					$	323,301					$	951,504					$	978,802
Diluted FFO as Adjusted per common share						$	0.44					$	0.46					$	1.35					$	1.38
Weighted average shares outstanding - Diluted FFO as Adjusted						703,980						709,513						705,980						711,023
Other operating data:
Amortization of deferred financing costs and debt discounts (premiums)						$	8,616					$	7,981					$	25,879					$	23,708
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization						16,710						12,711						37,331						36,449
Stock-based compensation amortization expense						4,412						4,046						13,265						10,410
Deferred income taxes						930						(179)						4,032						4,989
AFFO capital expenditures						(37,617)						(27,261)						(103,678)						(76,125)
Straight-line rents						(12,876)						(14,282)						(35,964)						(30,836)
Amortization of above (below) market lease intangibles, net						(6,562)						(8,105)						(19,466)						(28,402)
Other items(7)						(3,909)						(1,687)						(9,571)						(1,303)

_______________________________________

Refer to footnotes on the next page.

Page 9

(1)The nine months ended September 30, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining 46.5% interest in the SWF SH JV which held 19 senior housing properties and (ii) the disposition of an 80% interest in six outpatient medical buildings to a third-party. These gains upon change of control are included in other income (expense), net in the Consolidated Statements of Operations.

(2)The three and nine months ended September 30, 2025 include other-than-temporary impairment charges on certain unconsolidated real estate joint ventures, which are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.

(3)The three and nine months ended September 30, 2026 and 2025 include investment pursuit costs. The three and nine months ended September 30, 2026 includes transition costs associated with senior housing operators and the nine months ended September 30, 2026 includes costs related to the Janus Living IPO. The three and nine months ended September 30, 2025 include costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust.

(4)The three and nine months ended September 30, 2026 and 2025 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

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

(6)The nine months ended September 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.

(7)Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests’ share of senior housing entrance fees in excess of (less than) the related GAAP amortization, (iii) noncontrolling interests’ share of Adjusted Funds from Operations (“AFFO”) Capital Expenditures, and (iv) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.

Page 10

Exhibit 99.3

Discussion and

Reconciliation of

Healthpeak's Non-GAAP

Financial Measures

September 30, 2026

(Unaudited)

Definitions

Adjusted Fixed Charge Coverage Fixed Charge Coverage Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and our ability to meet interest payments on our outstanding debt and pay dividends to our preferred stockholders, if applicable. Our various debt agreements contain covenants that require us to maintain ratios similar to Adjusted Fixed Charge Coverage and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain of our debt instruments. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Fixed Charge Coverage Adjusted EBITDAre and Fixed Charges.

AFFO Capital Expenditures Adjusted Funds from Operations ("AFFO") Capital Expenditures include costs incurred in our operating portfolio required to maintain the properties in current market condition and generally are recurring in nature.

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.

Development Includes ground-up construction. Newly completed developments are considered fully operating once the property is placed in service.

EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the National Association of Real Estate Investment Trusts (“Nareit”) and intended for real estate companies. It represents earnings before interest expense, income taxes, depreciation and amortization, gains or losses from sales of depreciable property (including gains or losses on change in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) and other losses (gains), transaction, merger, and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), stock-based compensation amortization expense, and non-refundable entrance fees collected in excess of (less than) the related amortization, adjusted to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. Fixed Charge Coverage Adjusted EBITDAre is defined as Adjusted EBITDAre excluding the adjustment to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre include our pro rata share of our unconsolidated JVs presented on the same basis. We consider EBITDAre and Adjusted EBITDAre important supplemental measures to net income (loss) because they provide an additional manner in which to evaluate our operating performance and serve as additional indicators of our ability to service our debt obligations. Net income (loss) is the most directly comparable U.S. generally accepted accounting principles (“GAAP”) measure to EBITDAre and Adjusted EBITDAre.

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

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

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

Entrance Fees Certain of our senior housing 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 Funds from Operations (“FFO”) applicable to common shares, as defined by Nareit, is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of

2

Definitions

depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our economic share 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 economic share of the applicable reconciling items based on economic share 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 economic share 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 share 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.

We believe Nareit FFO applicable to common shares and diluted Nareit FFO applicable to common shares are important supplemental non-GAAP measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue.

Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours. For a reconciliation of net income (loss) applicable to common shares to Nareit FFO applicable to common shares and other relevant disclosures, refer to “Non-GAAP Financial Measures Reconciliations” below.

FFO as Adjusted. In addition, we present Nareit FFO applicable to common shares on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction, merger, and restructuring-related costs, other impairments (recoveries) and other losses (gains), prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). These adjustments are net of tax, when applicable, and are reflective of our share of our joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of FFO as Adjusted for unconsolidated joint ventures by applying our economic share for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party economic share of the applicable reconciling items based on economic share for the applicable periods. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in FFO as Adjusted 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 were derived by applying our overall economic share 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.

Transaction, merger, and restructuring-related costs include expenses incurred as a result of mergers, acquisitions, operator transitions, severance, and other investment pursuit costs. 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, loans receivable, and investments in equity securities. 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.

3

Definitions

Guidance Ranges Guidance Ranges represent management's forward-looking expectations for certain non-GAAP financial measures. A reconciliation of the forward-looking non-GAAP financial measure of Same-Store Cash (Adjusted) NOI to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort, as certain items included in the comparable GAAP measure cannot be reasonably predicted with respect to their occurrence or financial impact. These items may include, among others, gains or losses on dispositions of real estate, impairment charges, casualty gains or losses, and other non-recurring or infrequent items that are not indicative of ongoing operations. The variability, timing, and potential significance of these items are dependent on future events and market conditions that are outside of management's control. As a result, providing a reconciliation could imply a degree of precision that may be misleading to investors.

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 Adjusted NOI NOI and Adjusted NOI are non-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 and resident fees and services, and exclusive of interest income), less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our economic share for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our economic share for the period). We utilize our share of NOI and Adjusted NOI in assessing our performance as we have various joint ventures that contribute to our performance. 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. 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 economic share for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI 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 share 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.

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 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 outpatient medical and lab buildings, as well as senior housing facilities. We generally recover all or a portion of our leased outpatient medical and lab property expenses through tenant recoveries, which are recognized within rental and related revenues.

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

Portfolio Cash Operating Expenses Portfolio Cash Operating Expenses are non-GAAP supplemental measures. Portfolio Cash Operating Expenses represent property level operating expenses (which exclude transition costs). Portfolio Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of operating expenses from consolidated JVs. Portfolio Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, and actuarial reserves for insurance claims that have been incurred but not reported.

Portfolio Cash Real Estate Revenues Portfolio Cash Real Estate Revenues are non-GAAP supplemental measures. Portfolio Cash Real Estate Revenues include rental related revenues, resident fees and services, and government grant income which is included in Other income (expense), net in our Consolidated Statements of Operations. Portfolio Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling interests' pro rata share from consolidated JVs presented on the same basis. Portfolio Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, and lease termination fees.

Redevelopment Properties that incur major capital expenditures to significantly improve, change the use, or reposition the property pursuant to a formal redevelopment plan. Newly completed redevelopments are considered fully operating once the property is placed in service. Redevelopment costs include only the incremental costs for the project.

RevPOR The 3-month or 9-month average resident fees and services per occupied unit for the most recent period available. RevPOR excludes newly completed assets under lease-up, assets sold, acquired or converted to a new operating structure during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. All facility occupancy data was derived solely from information provided by operators without independent verification by us. RevPOR is a metric used to

4

Definitions

evaluate the revenue-generating capacity and profit potential of our senior housing 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 senior housing assets.

Same-Store (“SS”) Same-Store Cash (Adjusted) NOI allows our investors, analysts, and Company management to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties, excluding properties within the other non-reportable segments. We include properties from our consolidated portfolio, as well as properties owned by our unconsolidated joint ventures in Same-Store Adjusted NOI (see Cash (Adjusted) NOI definitions above for further discussion regarding our use of pro-rata share information and its limitations). Properties are included in Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, experiences a casualty event or planned operator transition that significantly impacts operations, 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.

Same-Store Cash (Adjusted) NOI Same-Store Cash (Adjusted) NOI is Same-Store Cash Real Estate Revenues less Same-Store Cash Operating Expenses.

Same-Store Cash Operating Expenses Same-Store Cash Operating Expenses are non-GAAP supplemental measures. Same-Store Cash Operating Expenses represent property level operating expenses and exclude certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis. Same-Store Cash Operating Expenses include consolidated operating expenses plus the Company's pro rata share of operating expenses from its unconsolidated JVs presented on the same basis less noncontrolling interests' pro rata share of operating expenses from consolidated JVs (based on applying our current economic ownership to all periods presented). Same-Store Cash Operating Expenses eliminates the effects of straight-line rents, lease termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported.

Same-Store Cash Real Estate Revenues Same-Store Cash Real Estate Revenues are non-GAAP supplemental measures. Same-Store Cash Real Estate Revenues include rental related revenues, resident fees and services and exclude amortization of deferred revenue from tenant-funded improvements. Same-Store Cash Real Estate Revenues include the Company's pro rata share from unconsolidated JVs presented on the same basis less noncontrolling interests' pro rata share from consolidated JVs (based on applying our current economic ownership to all periods presented). Same-Store Cash Real Estate Revenues eliminates the effects of straight-line rents, amortization of market lease intangibles, and lease termination fees.

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 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.

Segments The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) outpatient medical; (ii) lab; and (iii) senior housing.

Share of Consolidated Joint Ventures ("JVs") Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' economic share for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio.

Share of Unconsolidated Joint Ventures Our pro rata share information is prepared by applying our economic share for the period and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio. Certain unconsolidated joint ventures are excluded from leasing statistics when leasing information is not available.

5

Reconciliations

Funds From Operations

In thousands, except per share data

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net income (loss) applicable to common shares			$	17,118					$	(117,256)					$	263,270					$	(43,335)
Real estate related depreciation and amortization			298,923						262,317						872,047						796,779
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures			7,564						12,574						22,420						37,304
Noncontrolling interests’ share of real estate related depreciation and amortization			(26,816)						(3,807)						(46,939)						(12,686)
Loss (gain) on sales of depreciable real estate, net			—						(11,500)						(60,657)						(13,136)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures			—						—						1,793						—
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net			—						—						973						—
Loss (gain) upon change of control, net(1)			—						—						(138,343)						—
Taxes associated with real estate dispositions			—						—						(1,805)						(335)
Impairments (recoveries) of real estate, net(2)			—						175,827						—						175,827
Nareit FFO applicable to common shares			296,789						318,155						912,759						940,418
Distributions on dilutive convertible units and other			4,336						4,551						13,257						13,735
Diluted Nareit FFO applicable to common shares			$	301,125					$	322,706					$	926,016					$	954,153
Weighted average shares outstanding - Diluted Nareit FFO			703,980						709,513						705,980						711,023
Impact of adjustments to Nareit FFO:
Transaction, merger, and restructuring-related costs(3)			$	8,379					$	2,420					$	36,681					$	18,169
Other impairments (recoveries) and other losses (gains), net(4)			(210)						(54)						(3,964)						125
Loss (gain) on debt extinguishments			—						—						302						—
Casualty-related charges (recoveries), net(5)			(70)						(1,771)						(4,451)						6,375
Recognition (reversal) of valuation allowance on deferred tax assets(6)			—						—						(3,058)						—
Total adjustments			$	8,099					$	595					$	25,510					$	24,669
FFO as Adjusted applicable to common shares			$	304,888					$	318,750					$	938,269					$	965,087
Distributions on dilutive convertible units and other			4,330						4,551						13,235						13,715
Diluted FFO as Adjusted applicable to common shares			$	309,218					$	323,301					$	951,504					$	978,802
Weighted average shares outstanding - Diluted FFO as Adjusted			703,980						709,513						705,980						711,023
Other operating data:
Amortization of deferred financing costs and debt discounts (premiums)			$	8,616					$	7,981					$	25,879					$	23,708
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization			16,710						12,711						37,331						36,449
Stock-based compensation amortization expense			4,412						4,046						13,265						10,410
Deferred income taxes			930						(179)						4,032						4,989
AFFO capital expenditures			(37,617)						(27,261)						(103,678)						(76,125)
Straight-line rents			(12,876)						(14,282)						(35,964)						(30,836)
Amortization of above (below) market lease intangibles, net			(6,562)						(8,105)						(19,466)						(28,402)
Other items(7)			(3,909)						(1,687)						(9,571)						(1,303)

Continued

6

Reconciliations

Funds From Operations

In thousands, except per share data

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Diluted earnings per common share			$	0.02					$	(0.17)					$	0.38					$	(0.06)
Depreciation and amortization			0.41						0.39						1.21						1.17
Loss (gain) on sales of depreciable real estate, net			—						(0.02)						(0.08)						(0.02)
Loss (gain) upon change of control, net(1)			—						—						(0.20)						—
Taxes associated with real estate dispositions			—						—						0.00						0.00
Impairments (recoveries) of real estate, net(2)			—						0.25						—						0.25
Diluted Nareit FFO per common share			$	0.43					$	0.45					$	1.31					$	1.34
Transaction, merger, and restructuring-related costs(3)			0.01						0.01						0.06						0.03
Other impairments (recoveries) and other losses (gains), net(4)			0.00						0.00						(0.01)						0.00
Casualty-related charges (recoveries), net(5)			0.00						0.00						(0.01)						0.01
Recognition (reversal) of valuation allowance on deferred tax assets(6)			—						—						0.00						—
Diluted FFO as Adjusted per common share			$	0.44					$	0.46					$	1.35					$	1.38

______________________________________

(1)The nine months ended September 30, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining 46.5% interest in the SWF SH JV which held 19 senior housing properties and (ii) the disposition of an 80% interest in six outpatient medical buildings to a third-party. These gains upon change of control are included in other income (expense), net in the Consolidated Statements of Operations.

(2)The three and nine months ended September 30, 2025 include other-than-temporary impairment charges on certain unconsolidated real estate joint ventures, which are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.

(3)The three and nine months ended September 30, 2026 and 2025 include investment pursuit costs. The three and nine months ended September 30, 2026 includes transition costs associated with senior housing operators and the nine months ended September 30, 2026 includes costs related to the Janus Living IPO. The three and nine months ended September 30, 2025 include costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust.

(4)The three and nine months ended September 30, 2026 and 2025 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.

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

(6)The nine months ended September 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.

(7)Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests’ share of senior housing entrance fees in excess of (less than) the related GAAP amortization, (iii) noncontrolling interests’ share of Adjusted Funds from Operations (“AFFO”) Capital Expenditures, and (iv) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.

7

Reconciliations

2026 Guidance(1)

Per share data

			2026 Guidance Ranges
			Low						High
Diluted earnings per common share			$	0.39					$	0.41
Real estate related depreciation and amortization			1.70						1.70
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures			0.04						0.04
Noncontrolling interests' share of real estate related depreciation and amortization			(0.11)						(0.11)
Loss (gain) on sales of depreciable real estate, net			(0.09)						(0.09)
Loss (gain) upon change of control, net			(0.20)						(0.20)
Taxes associated with real estate dispositions			(0.01)						(0.01)
Diluted Nareit FFO per common share			$	1.72					$	1.74
Transaction, merger, and restructuring-related costs			$	0.06					$	0.06
Other impairments (recoveries) and other losses (gains), net			(0.01)						(0.01)
Recognition (reversal) of valuation allowance on deferred tax assets			0.00						0.00
Casualty-related charges (recoveries), net			(0.01)						(0.01)
Diluted FFO as Adjusted per common share			$	1.76					$	1.78

______________________________________

(1)The foregoing projections reflect management's view of current and future market conditions as of November 2, 2026 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 November 2, 2026. 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.

8

Reconciliations

Enterprise Gross Assets

In thousands

																																													September 30, 2026
Consolidated total assets(1)																																													$	22,411,975
Investments in and advances to unconsolidated joint ventures																																													(466,114)
Accumulated depreciation and amortization of real estate																																													4,708,201
Accumulated amortization of real estate intangibles																																													560,859
Accumulated depreciation and amortization of real estate assets held for sale																																													42,113
Consolidated Gross Assets																																													$	27,257,034
Healthpeak's share of unconsolidated joint venture gross assets																																													798,457
Enterprise Gross Assets																																													$	28,055,491

______________________________________

(1)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of September 30, 2026 presented on page 7 within the Earnings Release and Supplemental Report for the quarter ended September 30, 2026.

9

Reconciliations

Segment Portfolio NOI and Adjusted NOI Reconciliation

In thousands

For the three months ended September 30, 2026

			Outpatient Medical						Lab						Senior Housing						Other						Total
Rental and related revenues			$	314,752					$	223,870					$	—					$	6,768					$	545,390
Resident fees and services			—						—						268,300						—						268,300
Operating expenses			(106,999)						(75,058)						(193,419)						(3,915)						(379,391)
Healthpeak’s share of unconsolidated joint venture NOI			5,652						5,865						—						—						11,517
Noncontrolling interests’ share of consolidated joint venture NOI			(20,700)						—						(21,723)						—						(42,423)
NOI			$	192,705					$	154,677					$	53,158					$	2,853					$	403,393
Termination fees, straight-line rent, and other income			(8,433)						(13,809)						497						(334)						(22,079)
Adjusted NOI			$	184,272					$	140,868					$	53,655					$	2,519					$	381,314

10

Reconciliations

Revenues

In thousands

						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Outpatient Medical						$	326,561					$	329,086					$	318,217					$	310,670					$	314,752
Lab						213,325						219,943						212,812						216,112						223,870
Senior Housing						150,458						155,749						200,345						216,456						268,300
Other						14,092						13,453						20,615						27,463						13,345
Corporate Non-segment						1,437						1,171						963						878						625
Total revenues						$	705,873					$	719,402					$	752,952					$	771,579					$	820,892
Outpatient Medical						—						—						—						—						—
Lab						—						—						—						—						—
Senior Housing						—						—						—						—						—
Other						(14,092)						(13,453)						(13,208)						(20,891)						(6,577)
Corporate Non-segment						(1,437)						(1,171)						(963)						(878)						(625)
Less: Interest income and other						$	(15,529)					$	(14,624)					$	(14,171)					$	(21,769)					$	(7,202)
Outpatient Medical						7,327						7,597						7,953						9,017						8,705
Lab						6,834						8,311						7,565						7,888						8,275
Senior Housing						—						—						3,011						—						—
Other						22,494						22,025						—						—						—
Corporate Non-segment						—						—						—						—						—
Healthpeak's share of unconsolidated joint venture real estate revenues						$	36,655					$	37,933					$	18,529					$	16,905					$	16,980
Outpatient Medical						(10,334)						(10,755)						(11,342)						(10,161)						(31,443)
Lab						—						(137)						(139)						—						—
Senior Housing						—						—						(3,810)						(44,707)						(77,767)
Other						—						—						—						—						—
Corporate Non-segment						—						—						—						—						—
Noncontrolling interests' share of consolidated joint venture real estate revenues						$	(10,334)					$	(10,892)					$	(15,291)					$	(54,868)					$	(109,210)
Outpatient Medical						(12,021)						(12,260)						(12,297)						(10,619)						(10,108)
Lab						(15,312)						(21,386)						(8,943)						(11,083)						(12,930)
Senior Housing						—						—						—						—						—
Other						(15)						(38)						(140)						(282)						(306)
Corporate Non-segment						—						—						—						—						—
Non-cash adjustments to real estate revenues						$	(27,348)					$	(33,684)					$	(21,380)					$	(21,984)					$	(23,344)
Outpatient Medical						311,532						313,667						302,531						298,907						281,906
Lab						204,847						206,730						211,295						212,917						219,215
Senior Housing						150,458						155,749						199,546						171,749						190,533
Other						22,479						21,987						7,267						6,290						6,462
Corporate Non-segment						—						—						—						—						—
Portfolio Cash Real Estate Revenues						$	689,316					$	698,133					$	720,639					$	689,863					$	698,116

Continued

11

Reconciliations

Revenues

In thousands

						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Outpatient Medical						$	(52,288)					$	(53,575)					$	(41,668)					$	(37,577)					$	(17,620)
Lab						(39,829)						(37,214)						(49,204)						(50,368)						(53,442)
Senior Housing						(46,341)						(47,971)						(88,605)						(60,127)						(76,212)
Other						(22,479)						(21,987)						(7,267)						(6,290)						(6,462)
Corporate Non-segment						—						—						—						—						—
Non-SS Cash Real Estate Revenues						$	(160,937)					$	(160,747)					$	(186,744)					$	(154,362)					$	(153,736)
Outpatient Medical						259,244						260,092						260,863						261,330						264,286
Lab						165,018						169,516						162,091						162,549						165,773
Senior Housing						104,117						107,778						110,941						111,622						114,321
Other						—						—						—						—						—
Corporate Non-segment						—						—						—						—						—
SS Cash Real Estate Revenues						$	528,379					$	537,386					$	533,895					$	535,501					$	544,380

12

Reconciliations

Operating Expenses

In thousands

						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Outpatient Medical						$	113,660					$	111,834					$	106,264					$	103,476					$	107,000
Lab						64,352						63,783						68,882						67,521						75,058
Senior Housing						113,910						112,236						144,598						158,786						193,419
Other						—						—						4,117						3,340						3,914
Corporate Non-segment						—						—						—						—						—
Operating expenses						$	291,922					$	287,853					$	323,861					$	333,123					$	379,391
Outpatient Medical						2,887						2,796						3,365						3,180						3,053
Lab						2,229						2,486						1,328						1,878						2,410
Senior Housing						—						—						2,263						—						—
Other						16,855						16,751						—						—						—
Corporate Non-segment						—						—						—						—						—
Healthpeak's share of unconsolidated joint venture operating expenses						$	21,971					$	22,033					$	6,956					$	5,058					$	5,463
Outpatient Medical						(3,765)						(3,921)						(3,647)						(3,717)						(10,743)
Lab						—						(99)						(85)						—						—
Senior Housing						—						—						(2,741)						(32,888)						(56,044)
Other						—						—						—						—						—
Corporate Non-segment						—						—						—						—						—
Noncontrolling interests' share of consolidated joint venture operating expenses						$	(3,765)					$	(4,020)					$	(6,473)					$	(36,605)					$	(66,787)
Outpatient Medical						(1,663)						(1,470)						(1,828)						(2,037)						(1,676)
Lab						208						260						151						904						879
Senior Housing						—						1,647						—						—						(497)
Other						7						(122)						28						28						29
Corporate Non-segment						—						—						—						—						—
Non-cash adjustments to operating expenses						$	(1,448)					$	315					$	(1,649)					$	(1,105)					$	(1,265)
Outpatient Medical						111,118						109,238						104,154						100,902						97,634
Lab						66,789						66,430						70,276						70,303						78,347
Senior Housing						113,910						113,884						144,120						125,898						136,878
Other						16,862						16,629						4,145						3,368						3,943
Corporate Non-segment						—						—						—						—						—
Portfolio Cash Operating Expenses						$	308,679					$	306,181					$	322,695					$	300,471					$	316,802

Continued

13

Reconciliations

Operating Expenses

In thousands

						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Outpatient Medical						$	(19,891)					$	(19,717)					$	(14,679)					$	(13,047)					$	(6,590)
Lab						(16,211)						(16,233)						(21,716)						(23,040)						(26,165)
Senior Housing						(35,112)						(35,330)						(63,636)						(44,489)						(54,428)
Other						(16,862)						(16,629)						(4,145)						(3,368)						(3,943)
Corporate Non-segment						—						—						—						—						—
Non-SS Cash Operating Expenses						$	(88,076)					$	(87,909)					$	(104,176)					$	(83,944)					$	(91,126)
Outpatient Medical						91,227						89,521						89,475						87,855						91,044
Lab						50,578						50,197						48,560						47,263						52,182
Senior Housing						78,798						78,554						80,484						81,409						82,450
Other						—						—						—						—						—
Corporate Non-segment						—						—						—						—						—
SS Cash Operating Expenses						$	220,603					$	218,272					$	218,519					$	216,527					$	225,676

14

Reconciliations

Revenues Operating Expenses

In thousands

Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2026
Outpatient Medical			$	943,640								Outpatient Medical			$	316,740
Lab			652,793									Lab			211,461
Senior Housing			685,101									Senior Housing			496,803
Other			61,423									Other			11,371
Corporate Non-segment			2,466									Corporate Non-segment			—
Total revenues			$	2,345,423								Operating expenses			$	1,036,375
Outpatient Medical			—									Outpatient Medical			9,598
Lab			—									Lab			5,615
Senior Housing			—									Senior Housing			2,263
Other			(40,676)									Other			—
Corporate Non-segment			(2,466)									Corporate Non-segment			—
Less: Interest income and other			$	(43,142)								Healthpeak's share of unconsolidated joint venture operating expenses			$	17,476
Outpatient Medical			25,676									Outpatient Medical			(18,107)
Lab			23,728									Lab			(85)
Senior Housing			3,011									Senior Housing			(91,674)
Other			—									Other			—
Corporate Non-segment			—									Corporate Non-segment			—
Healthpeak's share of unconsolidated joint venture real estate revenues			$	52,415								Noncontrolling interests' share of consolidated joint venture operating expenses			$	(109,866)
Outpatient Medical			(52,947)									Outpatient Medical			(5,540)
Lab			(139)									Lab			1,935
Senior Housing			(126,285)									Senior Housing			(497)
Other			—									Other			85
Corporate Non-segment			—									Corporate Non-segment			—
Noncontrolling interests' share of consolidated joint venture real estate revenues			$	(179,371)								Non-cash adjustments to operating expenses			$	(4,017)
Outpatient Medical			(33,024)									Outpatient Medical			302,691
Lab			(32,955)									Lab			218,926
Senior Housing			—									Senior Housing			406,895
Other			(728)									Other			11,456
Corporate Non-segment			—									Corporate Non-segment			—
Non-cash adjustments to real estate revenues			$	(66,707)								Portfolio Cash Operating Expenses			$	939,968
Outpatient Medical			883,345									Outpatient Medical			(35,401)
Lab			643,427									Lab			(72,191)
Senior Housing			561,827									Senior Housing			(162,553)
Other			20,019									Other			(11,456)
Corporate Non-segment			—									Corporate Non-segment			—
Portfolio Cash Real Estate Revenues			$	2,108,618								Non-SS Cash Operating Expenses			$	(281,601)

Continued

15

Reconciliations

Revenues Operating Expenses

In thousands

Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2026
Outpatient Medical			(100,161)									Outpatient Medical			267,290
Lab			(157,876)									Lab			146,735
Senior Housing			(224,944)									Senior Housing			244,342
Other			(20,019)									Other			—
Corporate Non-segment			—									Corporate Non-segment			—
Non-SS Cash Real Estate Revenues			$	(503,000)								SS Cash Operating Expenses			$	658,367
Outpatient Medical			783,184
Lab			485,551
Senior Housing			336,883
Other			—
Corporate Non-segment			—
SS Cash Real Estate Revenues			$	1,605,618

16

Reconciliations

Revenues Operating Expenses

In thousands

Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2025
Outpatient Medical			$	967,591								Outpatient Medical			$	324,216
Lab			640,123									Lab			181,412
Senior Housing			448,240									Senior Housing			335,618
Other			42,712									Other			—
Corporate Non-segment			4,444									Corporate Non-segment			—
Total revenues			$	2,103,110								Operating expenses			$	841,246
Outpatient Medical			—									Outpatient Medical			8,576
Lab			—									Lab			5,793
Senior Housing			—									Senior Housing			—
Other			(42,712)									Other			49,620
Corporate Non-segment			(4,444)									Corporate Non-segment			—
Less: Interest income and other			$	(47,156)								Healthpeak's share of unconsolidated joint venture operating expenses			$	63,989
Outpatient Medical			21,769									Outpatient Medical			(9,344)
Lab			16,992									Lab			—
Senior Housing			—									Senior Housing			—
Other			67,414									Other			—
Corporate Non-segment			—									Corporate Non-segment			—
Healthpeak's share of unconsolidated joint venture real estate revenues			$	106,175								Noncontrolling interests' share of consolidated joint venture operating expenses			$	(9,344)
Outpatient Medical			(30,327)									Outpatient Medical			(4,666)
Lab			—									Lab			774
Senior Housing			—									Senior Housing			844
Other			—									Other			99
Corporate Non-segment			—									Corporate Non-segment			—
Noncontrolling interests' share of consolidated joint venture real estate revenues			$	(30,327)								Non-cash adjustments to operating expenses			$	(2,949)
Outpatient Medical			(37,919)									Outpatient Medical			318,782
Lab			(42,070)									Lab			187,979
Senior Housing			—									Senior Housing			336,462
Other			44									Other			49,719
Corporate Non-segment			—									Corporate Non-segment			—
Non-cash adjustments to real estate revenues			$	(79,945)								Portfolio Cash Operating Expenses			$	892,942
Outpatient Medical			921,114									Outpatient Medical			(58,615)
Lab			615,045									Lab			(45,566)
Senior Housing			448,240									Senior Housing			(103,709)
Other			67,458									Other			(49,719)
Corporate Non-segment			—									Corporate Non-segment			—
Portfolio Cash Real Estate Revenues			$	2,051,857								Non-SS Cash Operating Expenses			$	(257,609)

Continued

17

Reconciliations

Revenues Operating Expenses

In thousands

Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2025
Outpatient Medical			(158,828)									Outpatient Medical			260,167
Lab			(119,978)									Lab			142,413
Senior Housing			(138,058)									Senior Housing			232,753
Other			(67,458)									Other			—
Corporate Non-segment			—									Corporate Non-segment			—
Non-SS Cash Real Estate Revenues			$	(484,322)								SS Cash Operating Expenses			$	635,333
Outpatient Medical			762,286
Lab			495,067
Senior Housing			310,182
Other			—
Corporate Non-segment			—
SS Cash Real Estate Revenues			$	1,567,535

18

Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS

In thousands

Total Portfolio						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Net income (loss)						$	(109,848)					$	121,792					$	199,656					$	63,241					$	36,687
Interest income and other						(15,529)						(14,624)						(14,171)						(21,769)						(7,202)
Interest expense						76,784						80,638						87,292						92,280						83,899
Depreciation and amortization						262,317						262,086						289,734						283,390						298,923
General and administrative						19,907						23,627						24,591						22,517						23,589
Transaction costs						2,420						7,351						24,149						9,172						9,738
Impairments and loan loss reserves (recoveries), net						(54)						(776)						(2,275)						(1,479)						(210)
(Gain) loss on sales of real estate, net						(11,500)						(56,352)						(50,669)						(9,988)						—
(Gain) loss on debt extinguishments						—						—						403						—						—
Other (income) expense, net						(1,160)						(10,137)						(139,779)						(16,766)						(8,670)
Income tax (benefit) expense						(1,206)						6,027						254						(1,402)						1,287
Equity (income) loss from unconsolidated joint ventures						176,291						(2,707)						(4,265)						(2,509)						(3,742)
Healthpeak's share of unconsolidated joint venture NOI						14,684						15,900						11,573						11,847						11,517
Noncontrolling interests' share of consolidated joint venture NOI						(6,569)						(6,872)						(8,818)						(18,263)						(42,423)
NOI						$	406,537					$	425,953					$	417,675					$	410,271					$	403,393
Adjustments to NOI(1)						(25,900)						(34,001)						(19,731)						(20,879)						(22,079)
Portfolio Adjusted NOI						$	380,637					$	391,952					$	397,944					$	389,392					$	381,314
Non-SS Adjusted NOI						(72,861)						(72,838)						(82,568)						(70,418)						(62,610)
SS Adjusted NOI						$	307,776					$	319,114					$	315,376					$	318,974					$	318,704

Outpatient Medical						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Net income (loss)						$	64,948					$	116,100					$	161,675					$	72,906					$	76,783
Interest expense						3,571						3,457						3,290						3,637						1,561
Depreciation and amortization						154,485						152,814						143,439						133,831						127,981
Transaction costs						298						377						262						89						71
(Gain) loss on sales of real estate, net						(11,500)						(56,352)						(7,004)						(6,129)						—
Other (income) expense, net						(1,350)						(1,390)						(92,037)						(179)						(10)
Equity (income) loss from unconsolidated joint ventures						2,449						2,246						2,328						3,039						1,366
Healthpeak's share of unconsolidated joint venture NOI						4,440						4,801						4,588						5,837						5,652
Noncontrolling interests' share of consolidated joint venture NOI						(6,569)						(6,834)						(7,695)						(6,444)						(20,700)
NOI						$	210,772					$	215,219					$	208,846					$	206,587					$	192,704
Adjustments to NOI(1)						(10,358)						(10,790)						(10,469)						(8,582)						(8,432)
Portfolio Adjusted NOI						$	200,414					$	204,429					$	198,377					$	198,005					$	184,272
Non-SS Adjusted NOI						(32,397)						(33,858)						(26,989)						(24,530)						(11,030)
SS Adjusted NOI						$	168,017					$	170,571					$	171,388					$	173,475					$	173,242

Continued

19

Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS

In thousands

Lab						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Net income (loss)						$	(104,187)					$	80,964					$	101,664					$	63,145					$	63,845
Depreciation and amortization						76,946						77,792						90,821						89,079						88,238
Transaction costs						232						206						—						123						104
(Gain) loss on sales of real estate, net						—						—						(43,665)						25						—
Other (income) expense, net						(138)						(26)						(22)						86						(18)
Equity (income) loss from unconsolidated joint ventures						176,120						(2,777)						(4,868)						(3,867)						(3,357)
Healthpeak's share of unconsolidated joint venture NOI						4,605						5,825						6,237						6,010						5,865
Noncontrolling interests' share of consolidated joint venture NOI						—						(38)						(54)						—						—
NOI						$	153,578					$	161,946					$	150,113					$	154,601					$	154,677
Adjustments to NOI(1)						(15,520)						(21,646)						(9,094)						(11,987)						(13,809)
Portfolio Adjusted NOI						$	138,058					$	140,300					$	141,019					$	142,614					$	140,868
Non-SS Adjusted NOI						(23,618)						(20,981)						(27,488)						(27,328)						(27,277)
SS Adjusted NOI						$	114,440					$	119,319					$	113,531					$	115,286					$	113,591

Senior Housing						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Net income (loss)						$	4,439					$	18,491					$	27,874					$	14,858					$	(5,608)
Interest expense						951						950						351						350						486
Depreciation and amortization						30,886						31,480						51,398						56,473						78,682
General and administrative						—						—						3,286						3,806						5,306
Transaction costs						—						(229)						18,510						4,278						3,400
(Gain) loss on debt extinguishments						—						—						403						—						—
(Gain) loss on sales of real estate, net						—						—						—						(3,884)						—
Other (income) expense, net						272						(7,178)						(47,086)						(16,465)						(8,276)
Income tax (benefit) expense						—						—						1,122						(1,746)						891
Equity (income) loss from unconsolidated joint ventures						—						—						(111)						—						—
Healthpeak's share of unconsolidated joint venture NOI						—						—						748						—						—
Noncontrolling interests' share of consolidated joint venture NOI						—						—						(1,069)						(11,819)						(21,723)
NOI						$	36,548					$	43,514					$	55,426					$	45,851					$	53,158
Adjustments to NOI(1)						—						(1,649)						—						—						497
Portfolio Adjusted NOI						$	36,548					$	41,865					$	55,426					$	45,851					$	53,655
Non-SS Adjusted NOI						(11,229)						(12,641)						(24,969)						(15,638)						(21,784)
SS Adjusted NOI						$	25,319					$	29,224					$	30,457					$	30,213					$	31,871

Continued

20

Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS

In thousands

Other						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Net income (loss)						$	15,983					$	15,663					$	16,194					$	23,276					$	7,370
Interest income and other						(14,092)						(13,453)						(13,208)						(20,891)						(6,577)
Depreciation and amortization						—						—						4,076						4,007						4,022
Transaction costs						(5)						47						(10)						—						—
Impairments and loan loss reserves (recoveries), net						(54)						(776)						(2,275)						(1,479)						(210)
Other (income) expense, net						446						695						127						—						—
Equity (income) loss from unconsolidated joint ventures						(2,278)						(2,176)						(1,614)						(1,681)						(1,751)
Healthpeak's share of unconsolidated joint venture NOI						5,639						5,274						—						—						—
NOI						$	5,639					$	5,274					$	3,290					$	3,232					$	2,854
Adjustments to NOI(1)						(22)						84						(168)						(310)						(335)
Portfolio Adjusted NOI						$	5,617					$	5,358					$	3,122					$	2,922					$	2,519
Non-SS Adjusted NOI						(5,617)						(5,358)						(3,122)						(2,922)						(2,519)
SS Adjusted NOI						$	—					$	—					$	—					$	—					$	—

Corporate Non-Segment						Three Months Ended
						September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Net income (loss)						$	(91,031)					$	(109,426)					$	(107,751)					$	(110,944)					$	(105,703)
Interest income and other						(1,437)						(1,171)						(963)						(878)						(625)
Interest expense						72,262						76,231						83,651						88,293						81,852
General and administrative						19,907						23,627						21,305						18,711						18,283
Transaction costs						1,895						6,950						5,387						4,682						6,163
Other (income) expense, net						(390)						(2,238)						(761)						(208)						(366)
Income tax (benefit) expense						(1,206)						6,027						(868)						344						396
SS Adjusted NOI						$	—					$	—					$	—					$	—					$	—

______________________________________

(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported.

21

Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS

In thousands

For the nine months ended September 30, 2026

						Outpatient Medical						Lab						Senior Housing						Other						Corporate Non-segment						Total
Net income (loss)						$	311,365					$	228,653					$	37,124					$	46,840					$	(324,398)					$	299,584
Interest income and other						—						—						—						(40,676)						(2,466)						(43,142)
Interest expense						8,488						—						1,187						—						253,796						263,471
Depreciation and amortization						405,251						268,138						186,553						12,105						—						872,047
General and administrative						—						—						12,398						—						58,299						70,697
Transaction costs						422						227						26,188						(10)						16,232						43,059
Impairments and loan loss reserves (recoveries), net						—						—						—						(3,964)						—						(3,964)
(Gain) loss on sales of real estate, net						(13,133)						(43,640)						(3,884)						—						—						(60,657)
Loss (gain) on debt extinguishments						—						—						403						—						—						403
Other (income) expense, net						(92,226)						46						(71,827)						127						(1,335)						(165,215)
Income tax (benefit) expense						—						—						267						—						(128)						139
Equity (income) loss from unconsolidated joint ventures						6,733						(12,092)						(111)						(5,046)						—						(10,516)
Healthpeak's share of unconsolidated joint venture NOI						16,078						18,113						748						—						—						34,939
Noncontrolling interests' share of consolidated joint venture NOI						(34,840)						(54)						(34,611)						—						—						(69,505)
NOI						$	608,138					$	459,391					$	154,435					$	9,376					$	—					$	1,231,340
Adjustments to NOI(1)						(27,484)						(34,890)						497						(813)						—						(62,690)
Portfolio Adjusted NOI						$	580,654					$	424,501					$	154,932					$	8,563					$	—					$	1,168,650
Non-SS Adjusted NOI						(64,760)						(85,685)						(62,391)						(8,563)						—						(221,399)
SS Adjusted NOI						$	515,894					$	338,816					$	92,541					$	—					$	—					$	947,251

______________________________________

(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported.

22

Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS

In thousands

For the nine months ended September 30, 2025

						Outpatient Medical						Lab						Senior Housing						Other						Corporate Non-segment						Total
Net income (loss)						$	170,559					$	50,543					$	3,064					$	45,894					$	(290,825)					$	(20,765)
Interest income and other						—						—						—						(42,712)						(4,444)						(47,156)
Interest expense						10,620						—						2,848						—						211,072						224,540
Depreciation and amortization						468,330						233,572						94,877						—						—						796,779
General and administrative						—						—						—						—						66,789						66,789
Transaction costs						558						864						229						821						15,697						18,169
Impairments and loan loss reserves (recoveries), net						—						—						—						(117)						—						(117)
(Gain) loss on sales of real estate, net						(14,432)						—						—						1,296						—						(13,136)
Other (income) expense, net						(747)						(171)						11,604						517						(1,545)						9,658
Income tax (benefit) expense						—						—						—						—						3,256						3,256
Equity (income) loss from unconsolidated joint ventures						8,487						173,903						—						(5,699)						—						176,691
Healthpeak's share of unconsolidated joint venture NOI						13,193						11,199						—						17,794						—						42,186
Noncontrolling interests' share of consolidated joint venture NOI						(20,983)						—						—						—						—						(20,983)
NOI						$	635,585					$	469,910					$	112,622					$	17,794					$	—					$	1,235,911
Adjustments to NOI(1)						(33,253)						(42,844)						(844)						(55)						—						(76,996)
Portfolio Adjusted NOI						$	602,332					$	427,066					$	111,778					$	17,739					$	—					$	1,158,915
Non-SS Adjusted NOI						(100,213)						(74,412)						(34,349)						(17,739)						—						(226,713)
SS Adjusted NOI						$	502,119					$	352,654					$	77,429					$	—					$	—					$	932,202

______________________________________

(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported.

23

Reconciliations

Property Count Reconciliations

As of September 30, 2026
			Property Count Reconciliation
			Outpatient Medical						Lab						Senior Housing						Other						Total
Prior Quarter Total Property Count			501						141						41						3						686
Acquisitions(1)			4						2						33						—						39
New Developments			1						—						—						—						1
Current Quarter Total Property Count			506						143						74						3						726
Recent acquisitions			(8)						(8)						(41)						—						(57)
Assets in Development			(6)						(2)						—						—						(8)
Recently completed Developments			(1)						(2)						—						—						(3)
Assets in Redevelopment			(5)						(17)						—						—						(22)
Recently completed Redevelopments			(1)						(7)						—						—						(8)
Assets held for sale			(3)						(2)						—						—						(5)
Other exclusions			—						—						—						(3)						(3)
Operator transition			—						—						(18)						—						(18)
Significant tenant relocation			—						(2)						—						—						(2)
Three-Month SS Property Count			482						103						15						—						600
Recent acquisitions			(3)						—						—						—						(3)
Recently completed Redevelopments			—						(1)						—						—						(1)
Prior Development/Redevelopment			(1)						(2)						—						—						(3)
Nine-Month SS Property Count			478						100						15						—						593

			Sequential SS
			Outpatient Medical						Lab						Senior Housing						Other						Total
Prior Quarter Three-Month SS Property Count			484						101						15						—						600
Assets in Redevelopment			(1)						—						—						—						(1)
Prior Development/Redevelopment			1						2						—						—						3
Assets held for sale			(2)						—						—						—						(2)
Current Quarter Three-Month SS Property Count			482						103						15						—						600

______________________________________

(1)The four Outpatient Medical acquisitions represent properties acquired by an existing unconsolidated joint venture, in which the Company holds a 46% ownership interest.

24

Reconciliations

Common Stock and Equivalents

In thousands

									Weighted Average Shares																		Weighted Average Shares
									Three Months Ended September 30, 2026																		Nine Months Ended September 30, 2026
			Shares Outstanding September 30, 2026						Diluted EPS						Diluted Nareit FFO						Diluted FFO as Adjusted						Diluted EPS						Diluted Nareit FFO						Diluted FFO as Adjusted
Common stock			689,536						689,509						689,509						689,509						691,498						691,498						691,498
Common stock equivalent securities(1):
Restricted stock units			575						—						—						—						2						2						2
OP units			6,070						—						1,140						1,140						281						1,127						1,127
Convertible partnership units			13,312						—						13,331						13,331						—						13,353						13,353
Total common stock and equivalents			709,493						689,509						703,980						703,980						691,781						705,980						705,980

______________________________________

(1)The weighted average shares for the three and nine months ended September 30, 2026 represent the current dilutive impact, using the treasury stock method, of approximately 1 million restricted stock units, 6.1 million OP Units, and 13.3 million DownREIT convertible partnership units.

25

Reconciliations

Net Income to Adjusted EBITDAre

In thousands

			Three Months Ended September 30, 2026
Net income (loss)			$	36,687
Interest expense			83,899
Income tax expense (benefit)			1,287
Depreciation and amortization			298,923
Other depreciation and amortization			831
Share of unconsolidated JV:
Interest expense			3,177
Income tax expense (benefit)			(1)
Depreciation and amortization			7,564
EBITDAre			$	432,367
Transaction, merger, and restructuring-related costs			9,738
Other impairments (recoveries) and other losses (gains)			(210)
Casualty-related charges (recoveries)			(252)
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization			16,710
Stock-based compensation amortization expense			4,412
Impact of transactions closed during the period(1)			10,096
Adjusted EBITDAre			$	472,861
Impact of transactions closed during the period(1)			(10,096)
Fixed Charge Coverage Adjusted EBITDAre(2)			$	462,765

Adjusted Fixed Charge Coverage

In thousands

			Three Months Ended September 30, 2026
Interest expense, including unconsolidated JV interest expense at share			$	87,076
Capitalized interest, including unconsolidated JV capitalized interest at share			17,696
Fixed Charges			$	104,772
Adjusted Fixed Charge Coverage(2)			4.4x

______________________________________

(1)Adjustment reflects the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period.

(2)Fixed Charge Coverage Adjusted EBITDAre is utilized in the calculation of Adjusted Fixed Charge Coverage and excludes the impact of transactions that occurred during the period for consistency with the calculation of Fixed Charges.

26

Reconciliations

Enterprise Debt and Net Debt

In thousands

			September 30, 2026
Bank line of credit and commercial paper			$	1,489,500
Term loans			1,646,725
Senior unsecured notes			6,142,101
Mortgage debt			104,019
Consolidated Debt			$	9,382,345
Share of unconsolidated JV mortgage debt			221,768
Enterprise Debt			$	9,604,113
Cash and cash equivalents			(514,310)
Share of unconsolidated JV cash and cash equivalents			(17,443)
Restricted cash			(91,512)
Share of unconsolidated JV restricted cash			(1,809)
Net Debt			$	8,979,039

Financial Leverage

In thousands

			September 30, 2026
Enterprise Debt			$	9,604,113
Enterprise Gross Assets			28,055,491
Financial Leverage			34.2%

Secured Debt Ratio

In thousands

			September 30, 2026
Mortgage debt			$	104,019
Share of unconsolidated JV mortgage debt			221,768
Enterprise Secured Debt			$	325,787
Enterprise Gross Assets			$	28,055,491
Secured Debt Ratio			1.2%

Net Debt to Adjusted EBITDAre

In thousands

			Three Months Ended September 30, 2026
Net Debt			$	8,979,039
Annualized Adjusted EBITDAre(1)			1,891,444
Net Debt to Adjusted EBITDAre			4.7x

______________________________________

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

27

Reconciliations

Healthpeak's Share of Unconsolidated Joint Venture NOI

In thousands

Total Portfolio			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Equity income (loss) from unconsolidated joint ventures			$	(176,291)					$	2,707					$	4,265					$	2,509					$	3,742
Depreciation and amortization			12,574						12,806						7,212						7,644						7,564
General and administrative			340						425						399						239						291
Loss (gain) on sales of real estate, net			—						—						—						1,793						—
Other (income) expense, net			66						92						(325)						(351)						(88)
Income tax (benefit) expense			155						(130)						22						13						8
Impairments (recoveries) of real estate, net			177,840						—						—						—						—
Healthpeak's share of unconsolidated joint venture NOI			$	14,684					$	15,900					$	11,573					$	11,847					$	11,517

Outpatient Medical			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Equity income (loss) from unconsolidated joint ventures			$	(2,449)					$	(2,246)					$	(2,328)					$	(3,039)					$	(1,366)
Depreciation and amortization			3,859						3,813						4,056						4,278						4,199
General and administrative			22						166						157						57						56
Loss (gain) on sales of real estate, net			—						—						—						1,793						—
Other (income) expense, net			2,999						3,059						2,702						2,735						2,755
Income tax (benefit) expense			9						9						1						13						8
Healthpeak's share of unconsolidated joint venture NOI			$	4,440					$	4,801					$	4,588					$	5,837					$	5,652

Lab			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Equity income (loss) from unconsolidated joint ventures			$	(176,120)					$	2,777					$	4,868					$	3,867					$	3,357
Depreciation and amortization			3,943						4,172						2,554						3,366						3,365
General and administrative			272						241						225						182						235
Other (income) expense, net			(1,330)						(1,365)						(1,410)						(1,405)						(1,092)
Impairments (recoveries) of real estate, net			177,840						—						—						—						—
Healthpeak's share of unconsolidated joint venture NOI			$	4,605					$	5,825					$	6,237					$	6,010					$	5,865

Senior Housing			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Equity income (loss) from unconsolidated joint ventures			$	—					$	—					$	111					$	—					$	—
Depreciation and amortization			—						—						602						—						—
General and administrative			—						—						17						—						—
Other (income) expense, net			—						—						(3)						—						—
Income tax (benefit) expense			—						—						21						—						—
Healthpeak's share of unconsolidated joint venture NOI			$	—					$	—					$	748					$	—					$	—

Continued

28

Reconciliations

Healthpeak's Share of Unconsolidated Joint Venture NOI

In thousands

Other			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Equity income (loss) from unconsolidated joint ventures			$	2,278					$	2,176					$	1,614					$	1,681					$	1,751
Depreciation and amortization			4,772						4,821						—						—						—
General and administrative			46						18						—						—						—
Other (income) expense, net			(1,603)						(1,602)						(1,614)						(1,681)						(1,751)
Income tax (benefit) expense			146						(139)						—						—						—
Healthpeak's share of unconsolidated joint venture NOI			$	5,639					$	5,274					$	—					$	—					$	—

29

Reconciliations

Healthpeak's Share of Unconsolidated Joint Venture NOI

In thousands

For the nine months ended September 30, 2026

						Outpatient Medical						Lab						Senior Housing						Other						Total
Equity income (loss) from unconsolidated joint ventures						$	(6,733)					$	12,092					$	111					$	5,046					$	10,516
Depreciation and amortization						12,533						9,285						602						—						22,420
General and administrative						271						642						17						—						930
Loss (gain) on sales of real estate, net						1,793						—						—						—						1,793
Other (income) expense, net						8,192						(3,906)						(3)						(5,046)						(763)
Income tax (benefit) expense						22						—						21						—						43
Healthpeak's share of unconsolidated joint venture NOI						$	16,078					$	18,113					$	748					$	—					$	34,939

For the nine months ended September 30, 2025

						Outpatient Medical						Lab						Senior Housing						Other						Total
Equity income (loss) from unconsolidated joint ventures						$	(8,487)					$	(173,903)					$	—					$	5,699					$	(176,691)
Depreciation and amortization						12,026						11,003						—						14,275						37,304
General and administrative						278						672						—						92						1,042
Other (income) expense, net						9,370						(4,413)						—						(2,941)						2,016
Income tax (benefit) expense						6						—						—						669						675
Impairments (recoveries) of real estate, net						—						177,840						—						—						177,840
Healthpeak's share of unconsolidated joint venture NOI						$	13,193					$	11,199					$	—					$	17,794					$	42,186

30

Reconciliations

Noncontrolling Interests' Share of Consolidated Joint Venture NOI

In thousands

Total Portfolio			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Income (loss) from continuing operations attributable to noncontrolling interest			$	7,274					$	7,824					$	6,023					$	10,423					$	19,424
Loss (gain) on sales of real estate, net			—						—						—						(973)						—
Depreciation and amortization			3,721						3,731						4,627						15,327						26,743
Other (income) expense, net			340						121						3,001						(2,334)						(298)
Dividends attributable to noncontrolling interest and other			(4,766)						(4,804)						(4,833)						(4,180)						(3,446)
Noncontrolling interests' share of consolidated joint venture NOI			$	6,569					$	6,872					$	8,818					$	18,263					$	42,423

Outpatient Medical			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Income (loss) from continuing operations attributable to noncontrolling interest			$	5,848					$	6,322					$	6,715					$	5,691					$	19,868
Depreciation and amortization			3,721						3,731						3,790						3,709						3,766
Other (income) expense, net			340						121						524						377						389
Dividends attributable to noncontrolling interest and other			(3,340)						(3,340)						(3,334)						(3,333)						(3,323)
Noncontrolling interests' share of consolidated joint venture NOI			$	6,569					$	6,834					$	7,695					$	6,444					$	20,700

Lab			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Income (loss) from continuing operations attributable to noncontrolling interest			$	898					$	966					$	854					$	928					$	898
Depreciation and amortization			—						—						98						—						—
Dividends attributable to noncontrolling interest and other			(898)						(928)						(898)						(928)						(898)
Noncontrolling interests' share of consolidated joint venture NOI			$	—					$	38					$	54					$	—					$	—

Senior Housing			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Income (loss) from continuing operations attributable to noncontrolling interest			$	—					$	—					$	(2,192)					$	3,244					$	(1,872)
Loss (gain) on sales of real estate, net			—						—						—						(973)						—
Depreciation and amortization			—						—						739						11,618						22,977
Other (income) expense, net			—						—						2,477						(2,711)						(687)
Dividends attributable to noncontrolling interest and other			—						—						45						641						1,305
Noncontrolling interests' share of consolidated joint venture NOI			$	—					$	—					$	1,069					$	11,819					$	21,723

Continued

31

Reconciliations

Noncontrolling Interests' Share of Consolidated Joint Venture NOI

In thousands

Corporate Non-Segment			Three Months Ended
			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026
Income (loss) from continuing operations attributable to noncontrolling interest			$	528					$	536					$	646					$	560					$	530
Dividends attributable to noncontrolling interest and other			(528)						(536)						(646)						(560)						(530)
Noncontrolling interests' share of consolidated joint venture NOI			$	—					$	—					$	—					$	—					$	—

32

Reconciliations

Noncontrolling Interests' Share of Consolidated Joint Venture NOI

In thousands

For the nine months ended September 30, 2026

						Outpatient Medical						Lab						Senior Housing												Corporate Non-segment						Total
Income (loss) from continuing operations attributable to noncontrolling interest						$	32,274					$	2,680					$	(820)											$	1,736					$	35,870
Loss (gain) on sales of real estate, net						—						—						(973)												—						(973)
Depreciation and amortization						11,266						98						35,334												—						46,698
Other (income) expense, net						1,290						—						(921)												—						369
Dividends attributable to noncontrolling interest and other						(9,990)						(2,724)						1,991												(1,736)						(12,459)
Noncontrolling interests' share of consolidated joint venture NOI						$	34,840					$	54					$	34,611											$	—					$	69,505

For the nine months ended September 30, 2025

						Outpatient Medical						Lab						Senior Housing												Corporate Non-segment						Total
Income (loss) from continuing operations attributable to noncontrolling interest						$	17,534					$	2,724					$	—											$	1,598					$	21,856
Depreciation and amortization						12,424						—						—												—						12,424
Other (income) expense, net						1,086						—						—												—						1,086
Dividends attributable to noncontrolling interest and other						(10,061)						(2,724)						—												(1,598)						(14,383)
Noncontrolling interests' share of consolidated joint venture NOI						$	20,983					$	—					$	—											$	—					$	20,983

33

Reconciliations

RevPOR Senior Housing(1)

In thousands, except per month data

			Three Months Ended
RevPOR Senior Housing			September 30, 2025						September 30, 2026
Portfolio Cash Real Estate Revenues(2)			$	172,937					$	190,533
Other adjustments to RevPOR Senior Housing			—						48,075
RevPOR Senior Housing revenues			$	172,937					$	238,608
Average occupied units/month			7,597						10,718
RevPOR Senior Housing per month(3)			$	7,588					$	7,421

			Three Months Ended
Same-Store RevPOR Senior Housing			September 30, 2025						September 30, 2026
SS Cash Real Estate Revenues(2)			$	104,117					$	114,321
Other adjustments to RevPOR Senior Housing			46,340						50,882
SS RevPOR Senior Housing revenues			$	150,457					$	165,203
Average occupied units/month			6,121						6,311
RevPOR Senior Housing per month(3)			$	8,193					$	8,726

_____________________________________

(1)May not foot due to rounding.

(2)See pages 11 and 12 of this document for a reconciliation of Portfolio Cash Real Estate Revenues and SS Cash Real Estate Revenues.

(3)Represents the quarter RevPOR divided by a factor of three.

34

Reconciliations

RevPOR Senior Housing(1)

In thousands, except per month data

			Nine Months Ended
RevPOR Senior Housing			September 30, 2025						September 30, 2026
Portfolio Cash Real Estate Revenues(2)			$	515,698					$	561,827
Other adjustments to RevPOR Senior Housing			—						32,282
RevPOR Senior Housing revenues			$	515,698					$	594,109
Average occupied units/month			7,555						8,688
RevPOR Senior Housing per month(3)			$	7,584					$	7,598

			Nine Months Ended
Same-Store RevPOR Senior Housing			September 30, 2025						September 30, 2026
SS Cash Real Estate Revenues(2)			$	310,182					$	336,883
Other adjustments to RevPOR Senior Housing			138,058						149,942
SS RevPOR Senior Housing revenues			$	448,240					$	486,825
Average occupied units/month			6,093						6,275
RevPOR Senior Housing per month(3)			$	8,173					$	8,620

_____________________________________

(1)May not foot due to rounding.

(2)See pages 15 through 18 of this document for a reconciliation of Portfolio Cash Real Estate Revenues and SS Cash Real Estate Revenues for the nine months ended September 30, 2026 and 2025.

(3)Represents the nine months RevPOR divided by a factor of nine.

35

FORWARD-LOOKING STATEMENTS

This Discussion and Reconciliation of Non-GAAP Financial Measures may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which we operate and beliefs of and assumptions made by our management, involve uncertainties that could significantly affect our financial or operating results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “projects,” “forecasts,” “will,” “may,” “potential,” “can,” “could,” “should,” “pro forma,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about our business outlook, 2026 guidance information, current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, financing activity, leasing activity and commitments, financing activities, other transactions, financial and operating results, plans, objectives, expectations, and intentions. All statements that address operating performance, events, or developments that Healthpeak expects or anticipates will occur in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. As more fully set forth under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”), these forward-looking statements could be affected by factors including, without limitation, risks associated with: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; the failure of our tenants 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; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the initial public offering of Janus Living may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our SEC filings. In addition, due to our ownership interest in Janus Living and the consolidation of its operations in our financial statements, we are also subject to the risks and uncertainties described from time to time in filings by Janus Living with the Securities and Exchange Commission, including in the section titled “Risk Factors” in the prospectus Janus Living filed on August 11, 2026 with the Securities and Exchange Commission as part of its Registration Statement on Form S-11 (File No. 333-298182), which includes many of the same risks and uncertainties described above as they would apply to Janus Living's operations and ownership of senior housing communities.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

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Filing Exhibits & Attachments

53 documents

Press Releases

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