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Here are 1-3 brief analogies for Healthpeak Properties:

• It's like Prologis, but for healthcare properties like life science labs and medical offices instead of warehouses.
• Think of it as the American Tower for healthcare, owning essential properties like medical offices and senior living communities instead of cell towers.

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• Life Science Real Estate: Healthpeak owns and develops specialized facilities designed for life science research and development.
• Medical Office Real Estate: Healthpeak owns and develops office buildings tailored for medical practices and healthcare providers.
• Senior Housing Real Estate: Healthpeak owns and develops properties dedicated to various forms of housing for seniors.

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Scott M. Brinker, President and Chief Executive Officer

Scott M. Brinker has served as President and Chief Executive Officer of Healthpeak Properties and a member of its Board of Directors since October 2022. He joined Healthpeak in 2018, previously holding the roles of Chief Investment Officer and President. Before joining Healthpeak, Mr. Brinker served as Executive Vice President and Chief Investment Officer at Welltower Inc. (NYSE: WELL) from 2001 to 2017. Under his leadership at Healthpeak, the company completed the Physicians Realty Trust merger and internalized property management. He serves on the Executive Board and Governance Committee of Nareit.

Kelvin O. Moses, Chief Financial Officer

Kelvin O. Moses was promoted to Chief Financial Officer of Healthpeak Properties in April 2025. He joined Healthpeak in 2018, having previously held positions as Executive Vice President of Investments and Portfolio Management. Mr. Moses was instrumental in significant transactions, including the integration of the $5 billion Physicians Realty Trust merger. Prior to his time at Healthpeak, he worked in healthcare and real estate investment banking at Barclays PLC.

Adam G. Mabry, Chief Investment Officer

Adam G. Mabry was promoted to Chief Investment Officer in October 2022. He has been with Healthpeak Properties since June 2017. Before joining Healthpeak, he served as a Vice President at Parse Capital, LLC, and prior to that, he was a Vice President in Investment Banking at Barclays from 2012 to 2016. His earlier career also includes roles at Dinan & Company and Merrill Lynch.

Tracy A. Porter, Executive Vice President and General Counsel

Tracy A. Porter was promoted to Executive Vice President and General Counsel in February 2025.

Scott R. Bohn, Chief Development Officer and Head of Lab

Scott R. Bohn was appointed Chief Development Officer in October 2022, while also retaining his role as Co-Head of Life Science.

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Here are the key risks to Healthpeak Properties (DOC):

1. Downturn in the Lab Segment and Reinvestment Risk: Healthpeak Properties faces significant risks due to a potential downturn in the lab real estate market. The company has experienced decelerating same-store Net Operating Income (NOI) growth and falling occupancy in its lab segment, with tenant expirations outpacing new leasing. There is evidence that the market has repriced these assets, leading to a substantial loss in value for some properties acquired at the peak of the 2020 life-science real estate bubble. This reflects a supply-demand imbalance in the sector, leading to pressure on occupancy rates, increased tenant incentives, and reduced pricing power for landlords. The company also faces reinvestment risk as it redeploys capital into medical office and life science assets.
2. Execution Risk and Capital Allocation Challenges: Healthpeak Properties has faced criticism regarding its historical capital allocation strategies, including decisions to sell senior housing assets at market lows and acquire lab assets at highs, which some analysts believe has destroyed value. The company's recent strategic pivot, which includes spinning off senior housing assets into Janus Living, introduces significant execution risk due to its external management model and dual-CEO structure. Externally managed REITs often underperform due to factors such as higher general and administrative expenses, increased interest expenses, and misaligned incentives. The future performance of Healthpeak Properties will depend on the successful execution of the Janus Living structure.
3. Regulatory, Reimbursement, and Macroeconomic Headwinds: Healthpeak Properties is exposed to extensive regulatory, reimbursement, and macroeconomic risks that can impact its tenants, operators, and ultimately its cash flows and dividends. These pressures include changes in healthcare regulations, evolving reimbursement policies, rising labor costs, and broader macroeconomic conditions. Such factors can affect tenant credit quality, occupancy rates, rent collection, and the company's ability to reinvest or grow dividends. The company's performance is highly dependent on the future of the healthcare industry and regulation, including the Affordable Care Act.

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There are two clear emerging threats for Healthpeak Properties:

• Telemedicine and virtual care technologies: For its Medical Office segment, the increasing adoption and sophistication of telehealth platforms could reduce the demand for physical medical office space as more routine consultations and follow-ups shift to virtual channels.
• Aging-in-place technologies and services: For its Senior Housing segment, advancements in home health monitoring, remote care, and in-home support services could allow seniors to remain in their homes longer, potentially decreasing the need for traditional senior living facilities.

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Healthpeak Properties (NYSE: DOC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Strategic Re-engagement and Development in the Life Science Sector: Healthpeak has actively re-engaged in the life science sector, demonstrated by the acquisition of a 1.4 million square foot portfolio in South San Francisco in January (likely 2026), increasing its total ownership in the area to 6.5 million square feet. The company also has new development projects totaling $148 million, which are substantially pre-leased (approximately 80%) and anticipated to yield mid-7% upon stabilization. Further expansion is planned with entitlements for an additional 1.3 million square feet of lab space at the Vantage campus. This focus on lab leasing momentum is a key lever for growth.
2. Continued Momentum in Outpatient Medical Development and Leasing: The Outpatient Medical segment is projected to experience 2-3% growth in 2026. Healthpeak has demonstrated strong leasing activity, including 743,000 square feet of new and renewal lease executions in Q4 2023 and 879,000 square feet in Q4 2024 in this segment. The company is also investing in new developments, such as two on-campus outpatient facilities with an expected cost of $90 million added in Q4 2023. Sustained positive momentum in the outpatient medical sector is a key assumption for Healthpeak's optimistic guidance.
3. Performance of the Senior Housing Portfolio and the Janus Living IPO: Healthpeak's senior housing portfolio is expected to grow by 8-12% in 2026. This growth is attributed to highly amenitized full-continuum campuses, effective asset management, and favorable supply and demand fundamentals in the market. Additionally, the planned initial public offering (IPO) of Janus Living, a pure-play senior housing REIT created by contributing Healthpeak's entire senior housing portfolio, is anticipated in the first half of 2026. This strategic move is expected to unlock value and drive future growth by allowing the market to apply a higher multiple to senior housing earnings.
4. Realization of Merger Synergies and Integration from Physicians Realty Trust: The merger with Physicians Realty Trust, completed in 2024, combined two significant outpatient platforms. Healthpeak successfully achieved approximately $50 million in merger-related synergies in 2024, exceeding its initial guidance. The ongoing integration and leveraging of the combined portfolio are expected to continue driving revenue growth through increased operating leverage and cost efficiencies.

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Share Repurchases

• Healthpeak Properties repurchased approximately $190.69 million in shares during 2024.
• In 2025, the company repurchased approximately $94.17 million worth of stock, including 1.1 million shares for about $22 million in Q1 2025 and 3.9 million shares for $72 million through April 24, 2025.
• As of April 24, 2025, approximately $406 million remained available for share repurchases under the company's authorized program.

Share Issuance

• Healthpeak Properties' shares outstanding increased by 23.56% in 2024 to 0.676 billion, largely due to the all-stock merger with Physicians Realty Trust.
• Shares outstanding further increased by 2.93% in 2025 to 0.696 billion.

Outbound Investments

• In December 2025 and January 2026, Healthpeak acquired a 1.4-million square foot campus in South San Francisco for $600 million.
• In January 2026, Healthpeak completed the buyout of its joint venture partner's share of a portfolio totaling approximately $314 million.
• The company assembled a pipeline of senior housing investments worth approximately $675 million in December 2025, with an additional $360 million in acquisitions anticipated to close in the first quarter of 2026.

Capital Expenditures

• Capital expenditures totaled approximately -$897.61 million in 2025, -$713.28 million in 2024, and -$844.8 million in 2023.
• New development projects currently total $148 million and are largely pre-leased at approximately 80%, with an expected yield of mid-7% upon stabilization.
• A primary focus of capital expenditures includes revenue-enhancing projects, such as building out shell suites or repositioning space to generate additional revenue when re-leased.