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Stronger Q2, JV cash fuel outlook hike at Healthpeak (NYSE: DOC)

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Healthpeak Properties reported solid second-quarter 2026 results, with net income applicable to common shares of $52.7 million, or $0.08 per diluted share, up from $0.05 a year earlier. Total revenues were $771,579 thousand, and diluted FFO as Adjusted remained $0.46 per share. Same-store Adjusted NOI grew 1.8% overall, driven by a 19.2% increase in Senior Housing, partially offset by a 3.2% decline in Lab. Subsidiary Janus Living delivered strong growth, with Q2 revenue of $216 million and Adjusted EBITDAre of $79 million, up 45% and 34% year over year, respectively.

Capital recycling and balance sheet actions were significant. Healthpeak generated $1.4 billion of proceeds in Q2 and through August 3, including about $1.025 billion from selling a 49% interest in an 86-asset outpatient portfolio to Brookfield at a 5.9% cap rate, plus a $400 million seller-financing repayment and $40 million of dispositions. Net Debt to Adjusted EBITDAre was 4.7x, and liquidity totaled $3.4 billion. The company repurchased 5.9 million shares for roughly $100 million, authorized a new $500 million buyback, and declared monthly dividends of $0.10167 per share for July–September, annualizing to $1.22. Full-year 2026 guidance was raised, with diluted EPS now targeted at $0.48–$0.52 and diluted FFO as Adjusted at $1.73–$1.77 per share.

Positive

  • 2026 guidance raised: diluted EPS increased to $0.48–$0.52 and diluted FFO as Adjusted to $1.73–$1.77 per share, with Total Same-Store Cash (Adjusted) NOI growth range improved by 75 bps.
  • Large capital recycling and deleveraging: about $1.4 billion of proceeds in Q2 and through August 3, including $1.025 billion from the Brookfield JV, supporting a Net Debt to Adjusted EBITDAre of 4.7x and $3.4 billion of liquidity.
  • Strong Janus Living performance: Q2 revenue of $216 million, Adjusted EBITDAre of $79 million, and Total Adjusted NOI of $58 million, up 45%, 34%, and 37% year over year, respectively, alongside approximately $1.0 billion of senior housing acquisitions.

Negative

  • None.

Filing Explained

As of June 30, Healthpeak retained control of the Brookfield venture and reported 689,465,312 common shares outstanding.

The August 4 Form 8-K furnishes second-quarter results and related supplemental materials under Items 2.02 and 7.01; the exhibits are furnished rather than treated as filed for Exchange Act Section 18 liability purposes.

The Brookfield joint venture is disclosed as closed: Brookfield holds a 49% non-controlling interest, while Healthpeak retains 51% and serves as managing member, leaving Healthpeak with management control but sharing the portfolio's economics.

Healthpeak also retains a finite-period call right beginning after year seven to repurchase Brookfield's interest at a price sufficient to provide Brookfield a 6.5% net annual return, excluding initial transaction expenses.

At June 30, 2026, the reported common-share count was 689,465,312 issued and outstanding, compared with 695,036,731 at December 31, 2025; Janus Living was consolidated while the approximately 26.4% not owned by Healthpeak was reported as noncontrolling interest.

A specific unresolved item is Janus Living's purchase agreement for an incremental senior housing acquisition of approximately $59 million; the filing does not state that this acquisition had closed.

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, and exhibit attachments filed with this report.
Diluted EPS Q2 2026 $0.08 per share Net income applicable to common shares for the three months ended June 30, 2026; up from $0.05 in 2025
Diluted FFO as Adjusted per share Q2 2026 $0.46 Three months ended June 30, 2026 and 2025; flat year over year
Total revenues Q2 2026 771,579 Total revenues in thousands for the three months ended June 30, 2026, versus 694,348 in 2025
Net Debt to Adjusted EBITDAre 4.7x Reported for the quarter ended June 30, 2026
Brookfield JV proceeds $1.025 billion Cash received for sale of a 49% interest in an 86-asset, 5.6 million square foot outpatient medical portfolio
Share repurchases April 2026 5.9 million shares; approximately $100 million Repurchased at a weighted average price of $16.81 under a $500 million program
Quarterly dividend Q3 2026 $0.305 per share; $1.22 annualized Monthly dividends of $0.10167 per share for July, August, and September 2026
Janus Living Q2 2026 revenue $216 million Up 45% compared to the prior-year quarter; Adjusted EBITDAre was $79 million, up 34%
Nareit FFO financial
"Funds From Operations (Nareit FFO) applicable to common shares is net income excluding gains or losses from sales..."
NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.
FFO as Adjusted financial
"FFO as Adjusted presents Nareit FFO before non-comparable items including transaction, merger, and restructuring-related costs..."
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.
Adjusted EBITDAre financial
"Adjusted EBITDAre is defined as EBITDAre excluding other impairments, transaction costs, prepayment costs and similar items..."
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
Same-Store Cash (Adjusted) NOI financial
"Same-Store Cash (Adjusted) NOI allows evaluation of property performance under a consistent population..."
Net Debt to Adjusted EBITDAre financial
"Net Debt to Adjusted EBITDAre is a supplemental measure of our ability to decrease our debt..."
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.
Offering Type IPO/secondary/shelf/ATM

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FAQ

How did Healthpeak Properties (DOC) perform financially in Q2 2026?
Healthpeak reported Q2 2026 net income of $52.7 million, or $0.08 per diluted share, versus $0.05 a year earlier. Total revenues reached $771,579 thousand, and diluted FFO as Adjusted was $0.46 per share, unchanged year over year.

How did Janus Living, majority owned by Healthpeak (DOC), perform in Q2 2026?
Janus Living posted Q2 2026 revenue of $216 million, up 45% year over year, and Adjusted EBITDAre of $79 million, up 34%. Total Adjusted NOI was $58 million, up 37%, with same-store Adjusted NOI increasing 19.2% and margin expanding 250 bps.

What are the details of Healthpeak’s (DOC) Brookfield outpatient medical joint venture?
Healthpeak contributed an 86-property, 5.6 million square foot outpatient portfolio valued at about $2.1 billion. Brookfield acquired a 49% interest, paying approximately $1.025 billion, implying a 5.9% trailing cash cap rate and roughly $380 per square foot valuation.

How strong is Healthpeak’s (DOC) balance sheet and liquidity after Q2 2026?
For the quarter ended June 30, 2026, Net Debt to Adjusted EBITDAre was 4.7x. After major repayments and JV proceeds, Healthpeak reported $3.4 billion of liquidity, including cash and undrawn credit facility capacity, supporting ongoing investment and capital allocation plans.

What share repurchase and dividend actions did Healthpeak (DOC) take in 2026?
In April 2026, Healthpeak repurchased 5.9 million shares at a weighted average price of $16.81, totaling roughly $100 million. In July 2026, the board authorized a new $500 million buyback and declared monthly dividends of $0.10167 per share for Q3, annualizing to $1.22.

How did Healthpeak (DOC) update its 2026 outlook?
Management raised 2026 guidance to diluted EPS of $0.48–$0.52 and diluted FFO as Adjusted of $1.73–$1.77 per share. The outlook for Total Same-Store Cash (Adjusted) NOI improved from (1)%–1% to 0%–1.5%, a 75 bps mid-point increase.
0000765880false00007658802026-08-042026-08-040000765880dei:FormerAddressMember2026-08-042026-08-04

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
 
August 4, 2026
Date of Report (Date of earliest event reported)

Healthpeak Properties, Inc.
(Exact name of registrant as specified in its charter)
Maryland001-0889533-0091377
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueDOCNew 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 August 4, 2026, Healthpeak Properties, Inc., a Maryland corporation (“Healthpeak”), issued a press release setting forth its financial results for the three and six months ended June 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 six months ended June 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 August 4, 2026.
99.2
June 30, 2026, Supplemental Report.
99.3
June 30, 2026, Discussion and Reconciliation of Healthpeak's Non-GAAP Financial Measures.
99.4
June 30, 2026, Discussion and Reconciliation of Janus Living's Non-GAAP Financial Measures.
104Cover 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: August 4, 2026
Healthpeak Properties, Inc.
By:/s/ Kelvin O. Moses
Kelvin O. Moses
Chief Financial Officer

3
Exhibit 99.1
    



Healthpeak Properties Reports Second Quarter 2026 Results and Increases Full Year 2026 Earnings Guidance
DENVER, August 4, 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 June 30, 2026.
SECOND QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
–Net income of $0.08 per share and FFO as Adjusted of $0.46 per share
–Second quarter Outpatient Medical and Lab new and renewal lease executions totaled 1.6 million square feet:
•Outpatient Medical new lease executions totaled 327,000 square feet and renewal lease executions totaled 916,000 square feet
◦Subsequent to the second quarter, we have entered into approximately 204,000 square feet of Outpatient Medical leases and have another approximately 882,000 under signed letters of intent ("LOIs")
•Lab new lease executions totaled 222,000 square feet and renewal lease executions totaled 159,000 square feet
◦Subsequent to the second quarter, we have entered into approximately 20,000 square feet of Lab leases and have another approximately 480,000 square feet under signed LOIs
–Total occupancy increased sequentially by +20 basis points ("bps") in Outpatient Medical to 90.7% and by +80 bps in Lab to 78.5%
–Janus Living (NYSE: JAN) reported year-over-year revenue and Adjusted EBITDAre growth of 45% and 34%, respectively
–Entered into a new $20 million outpatient medical development agreement to support Northside Hospital’s continued expansion in the Atlanta market
–Generated $1.4 billion of proceeds from Outpatient Medical recapitalizations, seller financing loan repayments, and dispositions during the second quarter and through August 3, bringing year-to-date proceeds to $1.75 billion
•As previously disclosed, in July 2026, closed on the recapitalization and sale of a 49% joint venture interest in an 86-asset, 5.6 million square foot outpatient medical portfolio to affiliates of Brookfield at a gross valuation of $2.1 billion, generating proceeds of approximately $1.025 billion
–Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended June 30, 2026
–Authorized new $500 million share repurchase program
–Published 15th annual Corporate Impact Report highlighting Healthpeak's continued focus on building a resilient portfolio, advancing sustainability goals, fostering a workplace culture guided by our WE CARE core values, and promoting sound corporate governance and transparency
To learn more and view the Corporate Impact Report, please visit www.healthpeak.com/corporate-impact

SECOND QUARTER RESULTS
Three Months Ended June 30,
20262025
Diluted Net income (loss) per common share$0.08 $0.05 
Diluted FFO as Adjusted per common share0.46 0.46 

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Year-Over-Year Same-Store ("SS") Adjusted NOI Growth
Three Month
SS Growth %% of SS
Outpatient Medical2.5%56.4%
Lab(3.2%)34.0%
Senior Housing19.2%9.6%
Total1.8%100.0%





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JANUS LIVING SECOND QUARTER FINANCIAL AND OPERATING HIGHLIGHTS
•Revenue of $216 million, up 45% compared to the prior year quarter
•Adjusted EBITDAre of $79 million, up 34% compared to the prior year quarter
•Total Adjusted Net Operating Income of $58 million, up 37% compared to the prior year quarter
◦Same-store Adjusted NOI increased 19.2% and margin expanded 250 basis points
•During the second quarter, acquired two senior housing communities for approximately $105 million
•Subsequent to quarter end, and through August 3, 2026, completed approximately $1.0 billion of senior housing acquisitions
•As of August 3, 2026, and subsequent to closing the acquisitions referenced above, Janus Living had approximately $558 million of unrestricted cash and no outstanding debt
•Under purchase agreement for approximately $59 million incremental senior housing acquisition
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 73.6% equity ownership as of June 30, 2026. Janus Living is consolidated into Healthpeak’s financial statements, with the approximately 26.4% not owned by Healthpeak reported as noncontrolling interest.
NORTHSIDE OUTPATIENT MEDICAL DEVELOPMENT
In June 2026, Healthpeak entered into a development agreement for a new $20 million, 33,000 square foot outpatient medical building in the Sugar Hill submarket of Atlanta, Georgia.
The development is 84% pre-leased to Northside Hospital and affiliated physician groups supporting a range of clinical services and extends Northside’s network in a high-growth submarket connecting its Forsyth and Gwinnett hospital campuses.
The development represents Healthpeak’s fifth ground-up project totaling 565,000 square feet supporting Northside Hospital’s continued outpatient expansion in the Atlanta market.
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. The portfolio comprises approximately 5.6 million square feet and is located across 11 states including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey, and New York. The portfolio is 95% leased with a weighted average remaining lease term of six years.
Under the terms of the joint venture, Brookfield owns a 49% non-controlling equity interest and Healthpeak retains a 51% interest in the joint venture and serves as managing member, providing asset and property management services and earning customary fees.
Healthpeak received proceeds of approximately $1.025 billion for the sale of the 49% interest. The transaction implies a trailing cash capitalization rate of approximately 5.9% and a valuation of approximately $380 per square foot. Healthpeak retains a call right for a finite period beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield with a 6.5% net annual rate of return excluding initial transaction expenses.
The joint venture advances Healthpeak’s capital allocation strategy by generating proceeds to strengthen its balance sheet, fund investment opportunities, and support long-term growth. The transaction establishes a structure by which the parties can expand their relationship over time and also underscores the differentiated platform Healthpeak has built, including deep health system relationships and ongoing investments across the enterprise in technology, systems, and innovation that enhance long-term portfolio performance.
SELLER FINANCING LOAN REPAYMENT AND OTHER DISPOSITIONS
In June 2026, Healthpeak received approximately $400 million of gross proceeds from the partial repayment of a seller financing loan. The remaining $20 million loan balance was extended by 12 months pursuant to contractual extension rights. The repayment resulted in a one-time $9 million increase in interest income from the accelerated recognition of the remaining fair value discount.
During the second quarter of 2026, Healthpeak closed on $40 million of non-core outpatient medical dispositions at
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a trailing cash capitalization rate of 4.9%.
BALANCE SHEET
In June 2026, Healthpeak repaid $142 million of mortgage debt.
Subsequent to the end of the second quarter, Healthpeak used proceeds from the Brookfield joint venture to repay $650 million of 3.25% senior notes at maturity and approximately $375 million of borrowings under its commercial paper program.
As of August 3, 2026, Healthpeak had $3.4 billion of liquidity including cash and available credit facility capacity.
SHARE REPURCHASE ACTIVITY AND NEW SHARE REPURCHASE AUTHORIZATION
As previously disclosed, in April 2026, Healthpeak repurchased 5.9 million common shares at a weighted average share price of $16.81 for approximately $100 million under its $500 million share repurchase program.
In July 2026, Healthpeak's Board of Directors authorized a new $500 million share repurchase program, replacing the existing $500 million authorization. The shares may be repurchased through various methods, including in the open market at Healthpeak's discretion and subject to market conditions, regulatory requirements, and other customary conditions.
DIVIDEND
On July 9, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of July, August, and September of 2026, representing cash dividends totaling $0.305 per share for the third quarter, and 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 DatePayment DateAmount
July 20, 2026July 31, 2026$0.10167 per common share
August 17, 2026August 28, 2026$0.10167 per common share
September 14, 2026September 25, 2026$0.10167 per common share
GUIDANCE
Healthpeak's 2026 guidance ranges are updated as follows:
Full Year 2026As of 5/5/26As of 8/4/26Mid-Point Change
Diluted earnings per common share$0.46-$0.50$0.48-$0.52$0.02 increase
Diluted FFO as Adjusted per share$1.71-$1.75$1.73-$1.77$0.02 increase
Total Same-Store Cash (Adjusted) NOI(1)%-1%0%-1.5%75 bps increase
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 Wednesday, August 5, 2026, at 10:00 a.m. Eastern Time.
•Healthpeak’s website: https://ir.healthpeak.com/news-events
•Webcast: https://events.q4inc.com/attendee/933204731. 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 933 204 731.
A webcast replay will be available on Healthpeak’s website for 30 days.
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 "June 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 "June 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 buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational
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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, and 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
June 30,
2026		December 31,
2025
Assets
Real estate:
Buildings and improvements$17,211,536 $16,593,535 
Development costs and construction in progress969,495 1,010,657 
Land and improvements3,225,957 3,007,346 
Accumulated depreciation(4,543,382)(4,512,443)
Net real estate16,863,606 16,099,095 
Loans receivable, net of reserves of $8,165 and $11,345261,398 606,020 
Investments in unconsolidated joint ventures526,780 802,601 
Accounts receivable, net of allowance of $3,523 and $2,01872,134 78,327 
Cash and cash equivalents1,626,827 467,457 
Restricted cash91,858 70,245 
Intangible assets717,494 654,516 
Assets held for sale37,101 80,621 
Right-of-use asset395,124 412,198 
Deferred tax assets122,320 111,248 
Goodwill68,529 68,529 
Other assets896,875 885,161 
Total assets$21,680,046 $20,336,018 
Liabilities and Equity
Bank line of credit and commercial paper$1,495,994 $1,078,850 
Term loans1,646,282 1,647,113 
Senior unsecured notes6,785,697 6,772,722 
Mortgage debt104,213 349,209 
Intangible liabilities155,466 173,697 
Liabilities related to assets held for sale594 11,900 
Lease liability288,194 296,260 
Accounts payable, accrued liabilities, and other liabilities678,687 718,509 
Deferred revenue1,026,479 985,307 
Total liabilities12,181,606 12,033,567 
Commitments and contingencies
Redeemable noncontrolling interests27,695 159,581 
Common stock, $1.00 par value: 1,500,000,000 shares authorized; 689,465,312 and 695,036,731 shares issued and outstanding689,465 695,037 
Additional paid-in capital13,273,880 12,767,914 
Cumulative dividends in excess of earnings(6,129,129)(5,952,920)
Accumulated other comprehensive income (loss)10,534 (9,937)
Total stockholders’ equity7,844,750 7,500,094 
Public investors of Janus Living, Inc.979,186 — 
Joint venture partners291,294 295,455 
Non-managing member unitholders355,515 347,321 
Total noncontrolling interests1,625,995 642,776 
Total equity9,470,745 8,142,870 
Total liabilities and equity$21,680,046 $20,336,018 
Page 7

Healthpeak Properties, Inc.
Consolidated Statements of Operations
In thousands, except per share data
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues:
 Rental and related revenues $533,354 $529,687 $1,071,790 $1,067,828 
 Resident fees and services 216,456 148,855 416,801 297,782 
 Interest income and other 21,769 15,806 35,940 31,627 
 Total revenues 771,579 694,348 1,524,531 1,397,237 
 Costs and expenses:
 
 Operating 333,123 276,181 656,984 549,324 
 Depreciation and amortization 283,390 265,916 573,124 534,462 
 Interest expense 92,280 75,063 179,572 147,756 
 General and administrative 22,517 20,764 47,108 46,882 
 Transaction costs 9,172 10,215 33,321 15,749 
 Impairments and loan loss reserves (recoveries), net (1,479)3,499 (3,754)(63)
 Total costs and expenses 739,003 651,638 1,486,355 1,294,110 
 Other income (expense):
 
 Gain (loss) on sales of real estate, net 9,988 1,636 60,657 1,636 
 Gain (loss) on debt extinguishments — — (403)— 
 Other income (expense), net 16,766 (4,692)156,545 (10,818)
 Total other income (expense), net 26,754 (3,056)216,799 (9,182)
 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,330 39,654 254,975 93,945 
 Income tax benefit (expense)1,402 (2,382)1,148 (4,462)
 Equity income (loss) from unconsolidated joint ventures 2,509 1,747 6,774 (400)
 Net income (loss)63,241 39,019 262,897 89,083 
Noncontrolling interests’ share in earnings(10,423)(7,346)(16,446)(14,582)
 Net income (loss) attributable to Healthpeak Properties, Inc. 52,818 31,673 246,451 74,501 
 Participating securities’ share in earnings (150)(115)(299)(579)
Net income (loss) applicable to common shares$52,668 $31,558 $246,152 $73,922 
Earnings per common share:
Basic$0.08 $0.05 $0.36 $0.11 
Diluted$0.08 $0.05 $0.36 $0.11 
Weighted average shares outstanding:
Basic689,885 695,188 692,508 697,117 
Diluted689,885 695,194 692,843 697,146 
Page 8

Healthpeak Properties, Inc.
Funds From Operations
 In thousands, except per share data
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income (loss) applicable to common shares$52,668 $31,558 $246,152 $73,922 
Real estate related depreciation and amortization283,390 265,916 573,124 534,462 
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 7,644 12,530 14,856 24,730 
Noncontrolling interests’ share of real estate related depreciation and amortization(15,421)(4,426)(20,123)(8,879)
Loss (gain) on sales of depreciable real estate, net(9,988)(1,636)(60,657)(1,636)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures 1,793 — 1,793 — 
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net973 — 973 — 
Loss (gain) upon change of control, net(1)
(226)— (138,343)— 
Taxes associated with real estate dispositions(1,863)(335)(1,805)(335)
Nareit FFO applicable to common shares318,970 303,607 615,970 622,264 
Distributions on dilutive convertible units and other4,384 4,560 8,930 9,183 
Diluted Nareit FFO applicable to common shares$323,354 $308,167 $624,900 $631,447 
Diluted Nareit FFO per common share$0.46 $0.43 $0.88 $0.89 
Weighted average shares outstanding - Diluted Nareit FFO704,472 709,839 707,066 711,828 
Impact of adjustments to Nareit FFO:
Transaction, merger, and restructuring-related costs(2)
$7,734 $10,215 $28,302 $15,749 
Other impairments (recoveries) and other losses (gains), net(3)
(1,479)3,499 (3,754)179 
Loss (gain) on debt extinguishments— — 302 — 
Casualty-related charges (recoveries), net(4)
(4,191)3,919 (4,381)8,145 
Recognition (reversal) of valuation allowance on deferred tax assets(5)
— — (3,058)— 
Total adjustments2,064 17,633 17,411 24,073 
FFO as Adjusted applicable to common shares321,034 321,240 633,381 646,337 
Distributions on dilutive convertible units and other4,382 4,545 8,916 9,161 
Diluted FFO as Adjusted applicable to common shares$325,416 $325,785 $642,297 $655,498 
Diluted FFO as Adjusted per common share$0.46 $0.46 $0.91 $0.92 
Weighted average shares outstanding - Diluted FFO as Adjusted704,472 709,839 707,066 711,828 
Other operating data:
Amortization of deferred financing costs and debt discounts (premiums)$8,900 $7,875 $17,264 $15,727 
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization12,866 19,042 20,621 23,739 
Stock-based compensation amortization expense4,351 1,738 8,853 6,365 
Deferred income taxes48 2,597 3,101 5,168 
AFFO capital expenditures(42,105)(25,729)(66,061)(48,864)
Straight-line rents(12,183)(5,401)(23,088)(16,554)
Amortization of above (below) market lease intangibles, net(6,308)(10,085)(12,905)(20,296)
Other items(6)
(3,055)(1,069)(5,662)381 
_______________________________________
Refer to footnotes on the next page.
Page 9

(1)The six months ended June 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 six months ended June 30, 2026 includes costs incurred related to the Janus Living IPO and investment pursuit costs. The three and six months ended June 30, 2025 includes 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 that were incurred during the period. The three and six months ended June 30, 2025 also included $6 million of costs incurred related to investments we are no longer pursuing.
(3)The three and six months ended June 30, 2026 and 2025 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
(4)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.
(5)The six months ended June 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.
(6)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, and (iii) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.
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Exhibit 99.3


 
  
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Discussion and
Reconciliation of
Healthpeak's Non-GAAP
Financial Measures
 
June 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.
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 Nareit FFO. Funds from Operations (“FFO”) applicable to common shares, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate 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
hp_logoxhxka.jpg
2
Definitions
are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.
The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.
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 actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage 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 ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.
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.
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 growth 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
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3
Definitions
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-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues 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 actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). 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 actual ownership percentage 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 ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.
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 Statement 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 6-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
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4
Definitions
evaluate the revenue-generating capacity and profit potential of our other assets independent of fluctuating occupancy rates. It is also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our other assets.
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 ownership percentage 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 ownership percentage 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 Total Secured Debt from our unconsolidated JVs is not intended to reflect our actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs.
Segments The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) 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' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio.
Share of Unconsolidated Joint Ventures Our pro rata share information is prepared by applying our actual ownership percentage for the period and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio. Certain unconsolidated joint ventures are excluded from leasing statistics when leasing information is not available.
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5
Reconciliations
Funds From Operations
In thousands, except per share data
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income (loss) applicable to common shares$52,668 $31,558 $246,152 $73,922 
Real estate related depreciation and amortization283,390 265,916 573,124 534,462 
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 7,644 12,530 14,856 24,730 
Noncontrolling interests’ share of real estate related depreciation and amortization(15,421)(4,426)(20,123)(8,879)
Loss (gain) on sales of depreciable real estate, net(9,988)(1,636)(60,657)(1,636)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures 1,793 — 1,793 — 
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net973 — 973 — 
Loss (gain) upon change of control, net(1)
(226)— (138,343)— 
Taxes associated with real estate dispositions(1,863)(335)(1,805)(335)
Nareit FFO applicable to common shares318,970 303,607 615,970 622,264 
Distributions on dilutive convertible units and other4,384 4,560 8,930 9,183 
Diluted Nareit FFO applicable to common shares$323,354 $308,167 $624,900 $631,447 
Weighted average shares outstanding - Diluted Nareit FFO704,472 709,839 707,066 711,828 
Impact of adjustments to Nareit FFO:
Transaction, merger, and restructuring-related costs(2)
$7,734 $10,215 $28,302 $15,749 
Other impairments (recoveries) and other losses (gains), net(3)
(1,479)3,499 (3,754)179 
Loss (gain) on debt extinguishments— — 302 — 
Casualty-related charges (recoveries), net(4)
(4,191)3,919 (4,381)8,145 
Recognition (reversal) of valuation allowance on deferred tax assets(5)
— — (3,058)— 
Total adjustments$2,064 $17,633 $17,411 $24,073 
FFO as Adjusted applicable to common shares$321,034 $321,240 $633,381 $646,337 
Distributions on dilutive convertible units and other4,382 4,545 8,916 9,161 
Diluted FFO as Adjusted applicable to common shares$325,416 $325,785 $642,297 $655,498 
Weighted average shares outstanding - Diluted FFO as Adjusted704,472 709,839 707,066 711,828 
Other operating data:
Amortization of deferred financing costs and debt discounts (premiums)$8,900 $7,875 $17,264 $15,727 
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization12,866 19,042 20,621 23,739 
Stock-based compensation amortization expense4,351 1,738 8,853 6,365 
Deferred income taxes48 2,597 3,101 5,168 
AFFO capital expenditures(42,105)(25,729)(66,061)(48,864)
Straight-line rents(12,183)(5,401)(23,088)(16,554)
Amortization of above (below) market lease intangibles, net(6,308)(10,085)(12,905)(20,296)
Other items(6)
(3,055)(1,069)(5,662)381 

Continued
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6
Reconciliations
Funds From Operations
In thousands, except per share data
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Diluted earnings per common share$0.08 $0.05 $0.36 $0.11 
Depreciation and amortization0.39 0.38 0.81 0.77 
Loss (gain) on sales of depreciable real estate, net(0.01)0.00 (0.09)0.00 
Loss (gain) upon change of control, net(1)
— — (0.20)0.00 
Taxes associated with real estate dispositions0.00 0.00 0.00 0.01 
Diluted Nareit FFO per common share$0.46 $0.43 $0.88 $0.89 
Transaction, merger, and restructuring-related costs(2)
0.01 0.01 0.05 0.02 
Other impairments (recoveries) and other losses (gains), net(3)
0.00 0.01 (0.01)0.00 
Casualty-related charges (recoveries), net(4)
(0.01)0.01 (0.01)0.01 
Recognition (reversal) of valuation allowance on deferred tax assets(5)
— — 0.00 — 
Diluted FFO as Adjusted per common share$0.46 $0.46 $0.91 $0.92 
______________________________________
(1)The six months ended June 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 six months ended June 30, 2026 includes costs incurred related to the Janus Living IPO and investment pursuit costs. The three and six months ended June 30, 2025 includes 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 that were incurred during the period. The three and six months ended June 30, 2025 also included $6 million of costs incurred related to investments we are no longer pursuing.
(3)The three and six months ended June 30, 2026 and 2025 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
(4)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.
(5)The six months ended June 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.
(6)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, and (iii) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.
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7
Reconciliations
2026 Guidance(1)
Per share data

2026 Guidance Ranges
LowHigh
Diluted earnings per common share$0.48 $0.52 
Real estate related depreciation and amortization1.54 1.54 
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures0.04 0.04 
Noncontrolling interests' share of real estate related depreciation and amortization(0.07)(0.07)
Loss (gain) on sales of depreciable real estate, net(0.09)(0.09)
Loss (gain) upon change of control, net(0.20)(0.20)
Diluted Nareit FFO per common share$1.70 $1.74 
Transaction-related items$0.05 $0.05 
Other impairments (recoveries) and other losses (gains), net(0.01)(0.01)
Valuation allowance on deferred tax assets0.00 0.00 
Casualty-related charges (recoveries), net(0.01)(0.01)
Diluted FFO as Adjusted per common share$1.73 $1.77 
______________________________________
(1)The foregoing projections reflect management's view of current and future market conditions as of August 4, 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 August 4, 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.


    
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8
Reconciliations
Enterprise Gross Assets
In thousands

June 30, 2026
Consolidated total assets(1)
$21,680,046 
Investments in and advances to unconsolidated joint ventures(526,780)
Accumulated depreciation and amortization of real estate4,543,382 
Accumulated amortization of real estate intangibles557,385 
Accumulated depreciation and amortization of real estate assets held for sale33,864 
Consolidated Gross Assets$26,287,897 
Healthpeak's share of unconsolidated joint venture gross assets832,913 
Enterprise Gross Assets$27,120,810 
______________________________________
(1)Consolidated total assets represents total assets on the Consolidated Balance Sheet as of June 30, 2026 presented on page 7 within the Earnings Release and Supplemental Report for the quarter ended June 30, 2026.



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9
Reconciliations
Segment Portfolio NOI and Adjusted NOI Reconciliation
In thousands



For the three months ended June 30, 2026

Outpatient
Medical		LabSenior HousingOtherTotal
Rental and related revenues$310,670 $216,112 $— $6,572 $533,354 
Resident fees and services— — 216,456 — 216,456 
Operating expenses(103,476)(67,521)(158,786)(3,340)(333,123)
Healthpeak’s share of unconsolidated joint venture NOI5,837 6,010 — — 11,847 
Noncontrolling interests’ share of consolidated joint venture NOI(6,444)— (11,819)— (18,263)
NOI$206,587 $154,601 $45,851 $3,232 $410,271 
Termination fees, straight-line rent, and other income(8,582)(11,987)— (310)(20,879)
Adjusted NOI$198,005 $142,614 $45,851 $2,922 $389,392 




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10
Reconciliations
Revenues
In thousands

Three Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Outpatient Medical$320,482 $326,561 $329,086 $318,217 $310,670 
Lab209,205 213,325 219,943 212,812 216,112 
Senior Housing148,855 150,458 155,749 200,345 216,456 
Other14,288 14,092 13,453 20,615 27,463 
Corporate Non-segment1,518 1,437 1,171 963 878 
Total revenues$694,348 $705,873 $719,402 $752,952 $771,579 
Outpatient Medical— — — — — 
Lab— — — — — 
Senior Housing— — — — — 
Other(14,288)(14,092)(13,453)(13,208)(20,891)
Corporate Non-segment(1,518)(1,437)(1,171)(963)(878)
Less: Interest income and other$(15,806)$(15,529)$(14,624)$(14,171)$(21,769)
Outpatient Medical7,183 7,327 7,597 7,953 9,017 
Lab7,358 6,834 8,311 7,565 7,888 
Senior Housing— — — 3,011 — 
Other22,460 22,494 22,025 — — 
Corporate Non-segment— — — — — 
Healthpeak's share of unconsolidated joint venture real estate revenues$37,001 $36,655 $37,933 $18,529 $16,905 
Outpatient Medical(10,020)(10,334)(10,755)(11,342)(10,161)
Lab— — (137)(139)— 
Senior Housing— — — (3,810)(44,707)
Other— — — — — 
Corporate Non-segment— — — — — 
Noncontrolling interests' share of consolidated joint venture real estate revenues$(10,020)$(10,334)$(10,892)$(15,291)$(54,868)
Outpatient Medical(12,470)(12,021)(12,260)(12,297)(10,619)
Lab(12,202)(15,312)(21,386)(8,943)(11,083)
Senior Housing— — — — — 
Other67 (15)(38)(140)(282)
Corporate Non-segment— — — — — 
Non-cash adjustments to real estate revenues$(24,605)$(27,348)$(33,684)$(21,380)$(21,984)
Outpatient Medical305,175 311,532 313,667 302,531 298,907 
Lab204,362 204,847 206,730 211,295 212,917 
Senior Housing148,855 150,458 155,749 199,546 171,749 
Other22,527 22,479 21,987 7,267 6,290 
Corporate Non-segment— — — — — 
Portfolio Cash Real Estate Revenues$680,919 $689,316 $698,133 $720,639 $689,863 

Continued
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11
Reconciliations
Revenues
In thousands

Three Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Outpatient Medical$(29,364)$(29,328)$(30,405)$(18,499)$(14,387)
Lab(39,791)(40,434)(38,705)(50,615)(51,824)
Senior Housing(39,342)(39,766)(41,164)(81,599)(53,078)
Other(22,527)(22,479)(21,987)(7,267)(6,290)
Corporate Non-segment— — — — — 
Non-SS Cash Real Estate Revenues$(131,024)$(132,007)$(132,261)$(157,980)$(125,579)
Outpatient Medical275,811 282,204 283,262 284,032 284,520 
Lab164,571 164,413 168,025 160,680 161,093 
Senior Housing109,513 110,692 114,585 117,947 118,671 
Other— — — — — 
Corporate Non-segment— — — — — 
SS Cash Real Estate Revenues$549,895 $557,309 $565,872 $562,659 $564,284 

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12
Reconciliations
Operating Expenses
In thousands

Three Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Outpatient Medical$105,331 $113,660 $111,834 $106,264 $103,476 
Lab59,401 64,352 63,783 68,882 67,521 
Senior Housing111,449 113,910 112,236 144,598 158,786 
Other— — — 4,117 3,340 
Corporate Non-segment— — — — — 
Operating expenses$276,181 $291,922 $287,853 $323,861 $333,123 
Outpatient Medical2,695 2,887 2,796 3,365 3,180 
Lab1,898 2,229 2,486 1,328 1,878 
Senior Housing— — — 2,263 — 
Other16,440 16,855 16,751 — — 
Corporate Non-segment— — — — — 
Healthpeak's share of unconsolidated joint venture operating expenses$21,033 $21,971 $22,033 $6,956 $5,058 
Outpatient Medical(2,801)(3,765)(3,921)(3,647)(3,717)
Lab— — (99)(85)— 
Senior Housing— — — (2,741)(32,888)
Other— — — — — 
Corporate Non-segment— — — — — 
Noncontrolling interests' share of consolidated joint venture operating expenses$(2,801)$(3,765)$(4,020)$(6,473)$(36,605)
Outpatient Medical(1,657)(1,663)(1,470)(1,828)(2,037)
Lab286 208 260 151 904 
Senior Housing843 — 1,647 — — 
Other104 7 (122)28 28 
Corporate Non-segment— — — — — 
Non-cash adjustments to operating expenses$(424)$(1,448)$315 $(1,649)$(1,105)
Outpatient Medical103,568 111,118 109,238 104,154 100,902 
Lab61,586 66,789 66,430 70,276 70,303 
Senior Housing112,292 113,910 113,884 144,120 125,898 
Other16,544 16,862 16,629 4,145 3,368 
Corporate Non-segment— — — — — 
Portfolio Cash Operating Expenses$293,990 $308,679 $306,181 $322,695 $300,471 

Continued
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13
Reconciliations
Operating Expenses
In thousands

Three Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Outpatient Medical$(12,209)$(12,114)$(12,252)$(7,134)$(5,505)
Lab(15,034)(16,543)(16,633)(22,075)(23,393)
Senior Housing(29,719)(30,136)(30,369)(58,554)(39,348)
Other(16,544)(16,862)(16,629)(4,145)(3,368)
Corporate Non-segment— — — — — 
Non-SS Cash Operating Expenses$(73,506)$(75,655)$(75,883)$(91,908)$(71,614)
Outpatient Medical91,359 99,004 96,986 97,020 95,397 
Lab46,552 50,246 49,797 48,201 46,910 
Senior Housing82,573 83,774 83,515 85,566 86,550 
Other— — — — — 
Corporate Non-segment— — — — — 
SS Cash Operating Expenses$220,484 $233,024 $230,298 $230,787 $228,857 

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14
Reconciliations

RevenueOperating Expenses
In thousands
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2026
Outpatient Medical$628,887 Outpatient Medical$209,740 
Lab428,924 Lab136,403 
Senior Housing416,801 Senior Housing303,384 
Other48,078 Other7,457 
Corporate Non-segment1,841 Corporate Non-segment— 
Total revenues$1,524,531 Operating expenses$656,984 
Outpatient Medical— Outpatient Medical6,545 
Lab— Lab3,206 
Senior Housing— Senior Housing2,263 
Other(34,099)Other— 
Corporate Non-segment(1,841)Corporate Non-segment— 
Less: Interest income and other$(35,940)Healthpeak's share of unconsolidated joint venture operating expenses$12,014 
Outpatient Medical16,970 Outpatient Medical(7,364)
Lab15,453 Lab(85)
Senior Housing3,011 Senior Housing(35,629)
Other— Other— 
Corporate Non-segment— Corporate Non-segment— 
Healthpeak's share of unconsolidated joint venture real estate revenues$35,434 Noncontrolling interests' share of consolidated joint venture operating expenses$(43,078)
Outpatient Medical(21,503)Outpatient Medical(3,865)
Lab(139)Lab1,055 
Senior Housing(48,517)Senior Housing— 
Other— Other56 
Corporate Non-segment— Corporate Non-segment— 
Noncontrolling interests' share of consolidated joint venture real estate revenues$(70,159)Non-cash adjustments to operating expenses$(2,754)
Outpatient Medical(22,916)Outpatient Medical205,056 
Lab(20,026)Lab140,579 
Senior Housing— Senior Housing270,018 
Other(422)Other7,513 
Corporate Non-segment— Corporate Non-segment— 
Non-cash adjustments to real estate revenues$(43,364)Portfolio Cash Operating Expenses$623,166 
Outpatient Medical601,438 Outpatient Medical(12,639)
Lab424,212 Lab(45,574)
Senior Housing371,295 Senior Housing(97,902)
Other13,557 Other(7,513)
Corporate Non-segment— Corporate Non-segment— 
Portfolio Cash Real Estate Revenues$1,410,502 Non-SS Cash Operating Expenses$(163,628)
Continued







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15
Reconciliations


RevenueOperating Expenses
In thousands
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2026
Outpatient Medical(33,640)Outpatient Medical192,417 
Lab(102,698)Lab95,005 
Senior Housing(134,678)Senior Housing172,116 
Other(13,557)Other— 
Corporate Non-segment— Corporate Non-segment— 
Non-SS Cash Real Estate Revenues$(284,573)SS Cash Operating Expenses$459,538 
Outpatient Medical567,798 
Lab321,514 
Senior Housing236,617 
Other— 
Corporate Non-segment— 
SS Cash Real Estate Revenues$1,125,929 




























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16
Reconciliations


RevenueOperating Expenses
In thousands
Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
Outpatient Medical$641,030 Outpatient Medical$210,557 
Lab426,798 Lab117,059 
Senior Housing297,782 Senior Housing221,708 
Other28,620 Other— 
Corporate Non-segment3,007 Corporate Non-segment— 
Total revenues$1,397,237 Operating expenses$549,324 
Outpatient Medical— Outpatient Medical5,689 
Lab— Lab3,564 
Senior Housing— Senior Housing— 
Other(28,620)Other32,765 
Corporate Non-segment(3,007)Corporate Non-segment— 
Less: Interest income and other$(31,627)Healthpeak's share of unconsolidated joint venture operating expenses$42,018 
Outpatient Medical14,442 Outpatient Medical(5,580)
Lab10,158 Lab— 
Senior Housing— Senior Housing— 
Other44,920 Other— 
Corporate Non-segment— Corporate Non-segment— 
Healthpeak's share of unconsolidated joint venture real estate revenues$69,520 Noncontrolling interests' share of consolidated joint venture operating expenses$(5,580)
Outpatient Medical(19,993)Outpatient Medical(3,001)
Lab— Lab566 
Senior Housing— Senior Housing843 
Other— Other93 
Corporate Non-segment— Corporate Non-segment— 
Noncontrolling interests' share of consolidated joint venture real estate revenues$(19,993)Non-cash adjustments to operating expenses$(1,499)
Outpatient Medical(25,896)Outpatient Medical207,665 
Lab(26,759)Lab121,189 
Senior Housing— Senior Housing222,551 
Other60 Other32,857 
Corporate Non-segment— Corporate Non-segment— 
Non-cash adjustments to real estate revenues$(52,595)Portfolio Cash Operating Expenses$584,262 
Outpatient Medical609,583 Outpatient Medical(24,072)
Lab410,197 Lab(28,941)
Senior Housing297,782 Senior Housing(58,873)
Other44,979 Other(32,857)
Corporate Non-segment— Corporate Non-segment— 
Portfolio Cash Real Estate Revenues$1,362,541 Non-SS Cash Operating Expenses$(144,743)
Continued






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17
Reconciliations

RevenueOperating Expenses
In thousands
Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
Outpatient Medical(59,710)Outpatient Medical183,593 
Lab(79,475)Lab92,248 
Senior Housing(78,704)Senior Housing163,678 
Other(44,979)Other— 
Corporate Non-segment— Corporate Non-segment— 
Non-SS Cash Real Estate Revenues$(262,868)SS Cash Operating Expenses$439,519 
Outpatient Medical549,873 
Lab330,722 
Senior Housing219,078 
Other— 
Corporate Non-segment— 
SS Cash Real Estate Revenues$1,099,673 
























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18
Reconciliations
Segment Portfolio NOI and Adjusted NOI and SS
In thousands

Total PortfolioThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Net income (loss)$39,019 $(109,848)$121,792 $199,656 $63,241 
Interest income and other(15,806)(15,529)(14,624)(14,171)(21,769)
Interest expense75,063 76,784 80,638 87,292 92,280 
Depreciation and amortization265,916 262,317 262,086 289,734 283,390 
General and administrative20,764 19,907 23,627 24,591 22,517 
Transaction costs10,215 2,420 7,351 24,149 9,172 
Impairments and loan loss reserves (recoveries), net3,499 (54)(776)(2,275)(1,479)
(Gain) loss on sales of real estate, net(1,636)(11,500)(56,352)(50,669)(9,988)
(Gain) loss on debt extinguishments— — — 403 — 
Other (income) expense, net4,692 (1,160)(10,137)(139,779)(16,766)
Income tax (benefit) expense2,382 (1,206)6,027 254 (1,402)
Equity (income) loss from unconsolidated joint ventures(1,747)176,291 (2,707)(4,265)(2,509)
Healthpeak's share of unconsolidated joint venture NOI15,968 14,684 15,900 11,573 11,847 
Noncontrolling interests' share of consolidated joint venture NOI(7,219)(6,569)(6,872)(8,818)(18,263)
NOI$411,110 $406,537 $425,953 $417,675 $410,271 
Adjustments to NOI(1)
(24,181)(25,900)(34,001)(19,731)(20,879)
Portfolio Adjusted NOI$386,929 $380,637 $391,952 $397,944 $389,392 
Non-SS Adjusted NOI(57,518)(56,352)(56,378)(66,072)(53,965)
SS Adjusted NOI$329,411 $324,285 $335,574 $331,872 $335,427 



Outpatient Medical
Three Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Net income (loss)$54,395 $64,948 $116,100 $161,675 $72,906 
Interest expense3,476 3,571 3,457 3,290 3,637 
Depreciation and amortization156,714 154,485 152,814 143,439 133,831 
Transaction costs12 298 377 262 89 
(Gain) loss on sales of real estate, net(2,932)(11,500)(56,352)(7,004)(6,129)
Other (income) expense, net652 (1,350)(1,390)(92,037)(179)
Equity (income) loss from unconsolidated joint ventures2,834 2,449 2,246 2,328 3,039 
Healthpeak's share of unconsolidated joint venture NOI4,488 4,440 4,801 4,588 5,837 
Noncontrolling interests' share of consolidated joint venture NOI(7,219)(6,569)(6,834)(7,695)(6,444)
NOI$212,420 $210,772 $215,219 $208,846 $206,587 
Adjustments to NOI(1)
(10,813)(10,358)(10,790)(10,469)(8,582)
Portfolio Adjusted NOI$201,607 $200,414 $204,429 $198,377 $198,005 
Non-SS Adjusted NOI(17,155)(17,214)(18,153)(11,365)(8,882)
SS Adjusted NOI$184,452 $183,200 $186,276 $187,012 $189,123 

Continued


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19
Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS
In thousands

LabThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Net income (loss)$74,328 $(104,187)$80,964 $101,664 $63,145 
Depreciation and amortization78,010 76,946 77,792 90,821 89,079 
Transaction costs295 232 206 — 123 
(Gain) loss on sales of real estate, net— — — (43,665)25 
Other (income) expense, net(20)(138)(26)(22)86 
Equity (income) loss from unconsolidated joint ventures(2,809)176,120 (2,777)(4,868)(3,867)
Healthpeak's share of unconsolidated joint venture NOI5,460 4,605 5,825 6,237 6,010 
Noncontrolling interests' share of consolidated joint venture NOI— — (38)(54)— 
NOI$155,264 $153,578 $161,946 $150,113 $154,601 
Adjustments to NOI(1)
(12,488)(15,520)(21,646)(9,094)(11,987)
Portfolio Adjusted NOI$142,776 $138,058 $140,300 $141,019 $142,614 
Non-SS Adjusted NOI(24,757)(23,891)(22,072)(28,540)(28,431)
SS Adjusted NOI$118,019 $114,167 $118,228 $112,479 $114,183 

Senior HousingThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Net income (loss)$303 $4,439 $18,491 $27,874 $14,858 
Interest expense949 951 950 351 350 
Depreciation and amortization31,192 30,886 31,480 51,398 56,473 
General and administrative— — — 3,286 3,806 
Transaction costs215 — (229)18,510 4,278 
(Gain) loss on debt extinguishments— — — 403 — 
(Gain) loss on sales of real estate, net— — — — (3,884)
Other (income) expense, net4,747 272 (7,178)(47,086)(16,465)
Income tax (benefit) expense— — — 1,122 (1,746)
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)
NOI$37,406 $36,548 $43,514 $55,426 $45,851 
Adjustments to NOI(1)
(843)— (1,649)— — 
Portfolio Adjusted NOI$36,563 $36,548 $41,865 $55,426 $45,851 
Non-SS Adjusted NOI(9,623)(9,630)(10,795)(23,045)(13,730)
SS Adjusted NOI$26,940 $26,918 $31,070 $32,381 $32,121 


Continued


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20
Reconciliations
Segment Portfolio NOI and Adjusted NOI and SS
In thousands

OtherThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Net income (loss)$10,907 $15,983 $15,663 $16,194 $23,276 
Interest income and other(14,288)(14,092)(13,453)(13,208)(20,891)
Depreciation and amortization— — — 4,076 4,007 
Transaction costs393 (5)47 (10)— 
Impairments and loan loss reserves (recoveries), net3,499 (54)(776)(2,275)(1,479)
(Gain) loss on sales of real estate, net1,296 — — — — 
Other (income) expense, net(35)446 695 127 — 
Equity (income) loss from unconsolidated joint ventures(1,772)(2,278)(2,176)(1,614)(1,681)
Healthpeak's share of unconsolidated joint venture NOI6,020 5,639 5,274 — — 
NOI$6,020 $5,639 $5,274 $3,290 $3,232 
Adjustments to NOI(1)
(37)(22)84 (168)(310)
Portfolio Adjusted NOI$5,983 $5,617 $5,358 $3,122 $2,922 
Non-SS Adjusted NOI(5,983)(5,617)(5,358)(3,122)(2,922)
SS Adjusted NOI$— $— $— $— $— 

Corporate Non-Segment
Three Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Net income (loss)$(100,914)$(91,031)$(109,426)$(107,751)$(110,944)
Interest income and other(1,518)(1,437)(1,171)(963)(878)
Interest expense70,638 72,262 76,231 83,651 88,293 
General and administrative20,764 19,907 23,627 21,305 18,711 
Transaction costs9,300 1,895 6,950 5,387 4,682 
Other (income) expense, net(652)(390)(2,238)(761)(208)
Income tax (benefit) expense2,382 (1,206)6,027 (868)344 
SS Adjusted NOI$— $— $— $— $— 
______________________________________
(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and actuarial reserves for insurance claims that have been incurred but not reported.
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21
Reconciliations
Segment Portfolio NOI and Adjusted NOI and SS
In thousands

For the six months ended June 30, 2026
Outpatient
Medical		LabSenior HousingOtherCorporate
Non-segment		Total
Net income (loss)$234,581 $164,809 $42,732 $39,470 $(218,695)$262,897 
Interest income and other— — — (34,099)(1,841)(35,940)
Interest expense6,927 — 701 — 171,944 179,572 
Depreciation and amortization277,270 179,900 107,871 8,083 — 573,124 
General and administrative— — 7,092 — 40,016 47,108 
Transaction and merger-related costs351 123 22,788 (10)10,069 33,321 
Impairments and loan loss reserves (recoveries), net— — — (3,754)— (3,754)
(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(92,216)64 (63,551)127 (969)(156,545)
Income tax (benefit) expense— — (624)— (524)(1,148)
Equity (income) loss from unconsolidated joint ventures5,367 (8,735)(111)(3,295)— (6,774)
Healthpeak's share of unconsolidated joint venture NOI10,425 12,247 748 — — 23,420 
Noncontrolling interests' share of consolidated joint venture NOI(14,139)(54)(12,888)— — (27,081)
NOI$415,433 $304,714 $101,277 $6,522 $— $827,946 
Adjustments to NOI(1)
(19,051)(21,081)— (478)— (40,610)
Portfolio Adjusted NOI$396,382 $283,633 $101,277 $6,044 $— $787,336 
Non-SS Adjusted NOI(21,001)(57,124)(36,776)(6,044)— (120,945)
SS Adjusted NOI$375,381 $226,509 $64,501 $— $— $666,391 
______________________________________
(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and actuarial reserves for insurance claims that have been incurred but not reported.















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22
Reconciliations

Segment Portfolio NOI and Adjusted NOI and SS
In thousands

For the six months ended June 30, 2025
Outpatient
Medical		LabSenior HousingOtherCorporate
Non-segment		Total
Net income (loss)$105,610 $154,731 $(1,375)$29,911 $(199,794)$89,083 
Interest income and other— — — (28,620)(3,007)(31,627)
Interest expense7,049 — 1,897 — 138,810 147,756 
Depreciation and amortization313,845 156,626 63,991 — — 534,462 
General and administrative— — — — 46,882 46,882 
Transaction and merger-related costs260 632 229 826 13,802 15,749 
Impairments and loan loss reserves (recoveries), net— — — (63)— (63)
(Gain) loss on sales of real estate, net(2,932)— — 1,296 — (1,636)
Other (income) expense, net603 (33)11,332 71 (1,155)10,818 
Income tax (benefit) expense— — — — 4,462 4,462 
Equity (income) loss from unconsolidated joint ventures6,038 (2,217)— (3,421)— 400 
Healthpeak's share of unconsolidated joint venture NOI8,753 6,594 — 12,155 — 27,502 
Noncontrolling interests' share of consolidated joint venture NOI(14,413)— — — — (14,413)
NOI$424,813 $316,333 $76,074 $12,155 $— $829,375 
Adjustments to NOI(1)
(22,895)(27,325)(843)(33)— (51,096)
Portfolio Adjusted NOI$401,918 $289,008 $75,231 $12,122 $— $778,279 
Non-SS Adjusted NOI(35,638)(50,534)(19,831)(12,122)— (118,125)
SS Adjusted NOI$366,280 $238,474 $55,400 $— $— $660,154 
______________________________________
(1)Adjustments to NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, lease termination fees, and actuarial reserves for insurance claims that have been incurred but not reported.
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23
Reconciliations
Property Count Reconciliations
As of June 30, 2026
Property Count Reconciliation
Outpatient
Medical		LabSenior
Housing		OtherTotal
Prior Quarter Total Property Count504141403688
Acquisitions——2—2
Assets sold(3)—(1)—(4)
Current Quarter Total Property Count501141413686
Recent acquisitions(4)(6)(8)—(18)
Assets in Development(5)(2)——(7)
Recently completed Developments(2)(2)——(4)
Assets in Redevelopment(4)(18)——(22)
Recently completed Redevelopments (1)(8)——(9)
Assets held for sale(1)(2)——(3)
Other exclusions———(3)(3)
Operator transition——(18)—(18)
Significant tenant relocation—(2)——(2)
Three-Month SS Property Count48410115—600
Recent acquisitions(3)———(3)
Recently completed Redevelopments—(1)——(1)
Six-Month SS Property Count48110015—596


Sequential SS
Outpatient
Medical		LabSenior
Housing		OtherTotal
Prior Quarter Three-Month SS Property Count48310115—599
Acquisitions3———3
Recently completed Redevelopments—1——1
Significant tenant relocation—(1)——(1)
Assets sold(2)———(2)
Current Quarter Three-Month SS Property Count48410115—600
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24
Reconciliations
Common Stock and Equivalents
In thousands
Weighted Average Shares Weighted Average Shares
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
Shares Outstanding
June 30, 2026
Diluted EPSDiluted Nareit FFODiluted FFO as AdjustedDiluted EPSDiluted Nareit FFODiluted FFO as Adjusted
Common stock689,465 689,885 689,885 689,885 692,508 692,508 692,508 
Common stock equivalent securities(1):
Restricted stock units598 — — — 4 4 4 
OP units6,094 — 1,224 1,224 331 1,190 1,190 
Convertible partnership units13,360 — 13,363 13,363 — 13,364 13,364 
Total common stock and equivalents709,517 689,885 704,472 704,472 692,843 707,066 707,066 
______________________________________
(1)The weighted average shares for the three and six months ended June 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 13.4 million DownREIT units.
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25
Reconciliations
Net Income to Adjusted EBITDAre
In thousands
Three Months Ended
June 30, 2026
Net income (loss)$63,241 
Interest expense92,280 
Income tax expense (benefit)(1,402)
Depreciation and amortization283,390 
Other depreciation and amortization770 
Loss (gain) on sales of real estate(9,988)
Loss (gain) upon change of control(226)
Share of unconsolidated JV:
  Interest expense3,164 
  Income tax expense (benefit)15 
  Depreciation and amortization7,644 
  Loss (gain) on sale of real estate from unconsolidated JVs1,793 
EBITDAre$440,681 
Transaction, merger, and restructuring-related costs9,172 
Other impairments (recoveries) and other losses (gains)(1,479)
Casualty-related charges (recoveries)(5,507)
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization12,866 
Stock-based compensation amortization expense4,351 
Impact of transactions closed during the period(1)
(4,611)
Adjusted EBITDAre$455,473 
Impact of transactions closed during the period(1)
4,611 
Fixed Charge Coverage Adjusted EBITDAre(2)
$460,084 


Adjusted Fixed Charge Coverage
In thousands
Three Months Ended
June 30, 2026
Interest expense, including unconsolidated JV interest expense at share$95,444 
Capitalized interest, including unconsolidated JV capitalized interest at share19,562 
Fixed Charges$115,006 
Adjusted Fixed Charge Coverage(2)
  4.0x
  ______________________________________
(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.
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26
Reconciliations
Enterprise Debt and Net Debt
In thousands
June 30, 2026
Bank line of credit and commercial paper$1,495,994 
Term loans1,646,282 
Senior unsecured notes6,785,697 
Mortgage debt104,213 
Consolidated Debt$10,032,186 
Share of unconsolidated JV mortgage debt212,248 
Enterprise Debt$10,244,434 
Cash and cash equivalents(1,626,827)
Share of unconsolidated JV cash and cash equivalents(9,289)
Restricted cash(91,858)
Share of unconsolidated JV restricted cash(1,647)
Net Debt$8,514,813 
Financial Leverage
In thousands
June 30, 2026
Enterprise Debt$10,244,434 
Enterprise Gross Assets27,120,810 
Financial Leverage37.8%
Secured Debt Ratio
In thousands
June 30, 2026
Mortgage debt$104,213 
Share of unconsolidated JV mortgage debt212,248 
Enterprise Secured Debt$316,461 
Enterprise Gross Assets$27,120,810 
Secured Debt Ratio1.2%
Net Debt to Adjusted EBITDAre
In thousands
Three Months Ended
June 30, 2026
Net Debt$8,514,813 
Annualized Adjusted EBITDAre(1)
1,821,892 
Net Debt to Adjusted EBITDAre  4.7x
  ______________________________________
(1)Represents the current quarter Adjusted EBITDAre multiplied by a factor of four.
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27
Reconciliations
Healthpeak's Share of Unconsolidated Joint Venture NOI
In thousands

Total PortfolioThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Equity income (loss) from unconsolidated joint ventures$1,747 $(176,291)$2,707 $4,265 $2,509 
Depreciation and amortization12,530 12,574 12,806 7,212 7,644 
General and administrative352 340 425 399 239 
Loss (gain) on sales of real estate, net— — — — 1,793 
Other (income) expense, net1,089 66 92 (325)(351)
Income tax (benefit) expense250 155 (130)22 13 
Impairments (recoveries) of real estate, net
— 177,840 — — — 
Healthpeak's share of unconsolidated joint venture NOI$15,968 $14,684 $15,900 $11,573 $11,847 

Outpatient MedicalThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Equity income (loss) from unconsolidated joint ventures$(2,834)$(2,449)$(2,246)$(2,328)$(3,039)
Depreciation and amortization4,039 3,859 3,813 4,056 4,278 
General and administrative97 22 166 157 57 
Loss (gain) on sales of real estate, net— — — — 1,793 
Other (income) expense, net3,178 2,999 3,059 2,702 2,735 
Income tax (benefit) expense8 9 9 1 13 
Healthpeak's share of unconsolidated joint venture NOI$4,488 $4,440 $4,801 $4,588 $5,837 

LabThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Equity income (loss) from unconsolidated joint ventures$2,809 $(176,120)$2,777 $4,868 $3,867 
Depreciation and amortization3,714 3,943 4,172 2,554 3,366 
General and administrative249 272 241 225 182 
Other (income) expense, net(1,312)(1,330)(1,365)(1,410)(1,405)
Impairments (recoveries) of real estate, net
— 177,840 — — — 
Healthpeak's share of unconsolidated joint venture NOI$5,460 $4,605 $5,825 $6,237 $6,010 

Senior HousingThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 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





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28
Reconciliations



Healthpeak's Share of Unconsolidated Joint Venture NOI
In thousands

OtherThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Equity income (loss) from unconsolidated joint ventures$1,772 $2,278 $2,176 $1,614 $1,681 
Depreciation and amortization4,777 4,772 4,821 — — 
General and administrative6 46 18 — — 
Other (income) expense, net(777)(1,603)(1,602)(1,614)(1,681)
Income tax (benefit) expense242 146 (139)— — 
Healthpeak's share of unconsolidated joint venture NOI$6,020 $5,639 $5,274 $— $— 

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29
Reconciliations
Healthpeak's Share of Unconsolidated Joint Venture NOI
In thousands

For the six months ended June 30, 2026
Outpatient
Medical		LabSenior HousingOtherTotal
Equity income (loss) from unconsolidated joint ventures$(5,367)$8,735 $111 $3,295 $6,774 
Depreciation and amortization8,334 5,920 602 — 14,856 
General and administrative214 407 17 — 638 
Loss (gain) on sales of real estate, net1,793 — — — 1,793 
Other (income) expense, net5,437 (2,815)(3)(3,295)(676)
Income tax (benefit) expense14 — 21 — 35 
Healthpeak's share of unconsolidated joint venture NOI$10,425 $12,247 $748 $— $23,420 


For the six months ended June 30, 2025

Outpatient
Medical		LabSenior HousingOtherTotal
Equity income (loss) from unconsolidated joint ventures$(6,038)$2,217 $— $3,421 $(400)
Depreciation and amortization8,167 7,060 — 9,503 24,730 
General and administrative256 400 — 46 702 
Other (income) expense, net6,371 (3,083)— (1,338)1,950 
Income tax (benefit) expense(3)— — 523 520 
Healthpeak's share of unconsolidated joint venture NOI$8,753 $6,594 $— $12,155 $27,502 


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30
Reconciliations
Noncontrolling Interests' Share of Consolidated Joint Venture NOI
In thousands

Total PortfolioThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Income (loss) from continuing operations attributable to noncontrolling interest$7,346 $7,274 $7,824 $6,023 $10,423 
Loss (gain) on sales of real estate, net— — — — (973)
Depreciation and amortization4,350 3,721 3,731 4,627 15,327 
Other (income) expense, net264 340 121 3,001 (2,334)
Dividends attributable to noncontrolling interest(4,741)(4,766)(4,804)(4,833)(4,180)
Noncontrolling interests' share of consolidated joint venture NOI$7,219 $6,569 $6,872 $8,818 $18,263 

Outpatient MedicalThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Income (loss) from continuing operations attributable to noncontrolling interest$5,894 $5,848 $6,322 $6,715 $5,691 
Depreciation and amortization4,350 3,721 3,731 3,790 3,709 
Other (income) expense, net324 340 121 524 377 
Dividends attributable to noncontrolling interest(3,349)(3,340)(3,340)(3,334)(3,333)
Noncontrolling interests' share of consolidated joint venture NOI$7,219 $6,569 $6,834 $7,695 $6,444 

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

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

Continued





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31
Reconciliations

Noncontrolling Interests' Share of Consolidated Joint Venture NOI
In thousands

Corporate Non-SegmentThree Months Ended
June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026		June 30,
2026
Income (loss) from continuing operations attributable to noncontrolling interest$524 $528 $536 $646 $560 
Dividends attributable to noncontrolling interest(524)(528)(536)(646)(560)
Noncontrolling interests' share of consolidated joint venture NOI$— $— $— $— $— 


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32
Reconciliations
Noncontrolling Interests' Share of Consolidated Joint Venture NOI
In thousands

For the six months ended June 30, 2026
Outpatient
Medical		LabSenior HousingCorporate
Non-segment		Total
Income (loss) from continuing operations attributable to noncontrolling interest$12,406 $1,782 $1,052 $1,206 $16,446 
Loss (gain) on sales of real estate, net— — (973)— (973)
Depreciation and amortization7,499 98 12,357 — 19,954 
Other (income) expense, net901 — (234)— 667 
Dividends attributable to noncontrolling interest(6,667)(1,826)686 (1,206)(9,013)
Noncontrolling interests' share of consolidated joint venture NOI$14,139 $54 $12,888 $— $27,081 


For the six months ended June 30, 2025

Outpatient
Medical		LabSenior HousingCorporate
Non-segment		Total
Income (loss) from continuing operations attributable to noncontrolling interest$11,686 $1,826 $— $1,070 $14,582 
Depreciation and amortization8,703 — — — 8,703 
Other (income) expense, net745 — — — 745 
Dividends attributable to noncontrolling interest(6,721)(1,826)— (1,070)(9,617)
Noncontrolling interests' share of consolidated joint venture NOI$14,413 $— $— $— $14,413 


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33
Reconciliations
RevPOR Senior Housing(1)
In thousands, except per month data

Three Months Ended
RevPOR Senior HousingJune 30,
2025		June 30,
2026
Portfolio Cash Real Estate Revenues(2)
$171,383 $171,749 
Other adjustments to RevPOR Senior Housing— 30,420 
RevPOR Senior Housing revenues$171,383 $202,169 
Average occupied units/month7,533 9,004 
RevPOR Senior Housing per month(3)
$7,583 $7,484 

Three Months Ended
Same-Store RevPOR Senior HousingJune 30,
2025		June 30,
2026
SS Cash Real Estate Revenues(2)
$109,513 $118,671 
Other adjustments to RevPOR Senior Housing39,342 42,632 
SS RevPOR Senior Housing revenues$148,855 $161,303 
Average occupied units/month6,074 6,260 
RevPOR Senior Housing per month(3)
$8,169 $8,589 

_____________________________________
(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.
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Reconciliations
RevPOR Senior Housing(1)
In thousands, except per month data

Six Months Ended
RevPOR Senior HousingJune 30, 2025June 30, 2026
Portfolio Cash Real Estate Revenues(2)
$342,762 $371,295 
Other adjustments to RevPOR Senior Housing— 22,391 
RevPOR Senior Housing revenues$342,762 $393,686 
Average occupied units/month7,534 8,672 
RevPOR Senior Housing per month(3)
$7,582 $7,566 

Six Months Ended
Same-Store RevPOR Senior HousingJune 30, 2025June 30, 2026
SS Cash Real Estate Revenues(2)
$219,078 $236,617 
Other adjustments to RevPOR Senior Housing78,704 85,005 
SS RevPOR Senior Housing revenues$297,782 $321,622 
Average occupied units/month6,080 6,257 
RevPOR Senior Housing per month(3)
$8,163 $8,566 

_____________________________________
(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 six months ended June 30, 2026 and 2025.
(3)Represents the six months RevPOR divided by a factor of six.
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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 or operate acquisitions and/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 requirements, as well as changing 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 significant economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; 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 June 3, 2026 with the Securities and Exchange Commission as part of its Registration Statement on Form S-11 (File No. 333-296384), 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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