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Market Analysis by covering: Healthpeak Properties Inc, Doximity Inc. Read 's Market Analysis on Investing.com ...

Core Insights - Healthpeak Properties (NYSE: DOC) is expected to see its funds from operations (FFO) move towards the upper end of its 2025 guidance range due to new and renewal leasing spreads, which will help cover dividends more comprehensively for shareholders [1] Group 1: Company Performance - The new and renewal leasing spreads for Healthpeak Properties are anticipated to positively impact its FFO, aligning it closer to the upper limit of the 2025 guidance [1] Group 2: Market Context - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with daily price fluctuations contributing to this dynamic [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Property Portfolio - As of September 30, 2025, Healthpeak Properties, Inc. owned interests in 703 properties, including 530 outpatient medical properties, 139 lab properties, and 15 continuing care retirement community properties [225]. - The total property portfolio consisted of 703 properties as of September 30, 2025, compared to 700 properties in 2024 [264]. Financial Performance - Net income applicable to common shares for Q3 2025 was $(117,256) thousand, a decrease of $(202,931) thousand compared to Q3 2024 [257]. - Nareit FFO for Q3 2025 was $318,155 thousand, an increase of $6,908 thousand from Q3 2024 [257]. - AFFO for Q3 2025 decreased to $291,974 thousand, down $4,005 thousand from Q3 2024 [257]. - For the nine months ended September 30, 2025, net income applicable to common shares was $(43,335) thousand, a decrease of $(281,320) thousand compared to the same period in 2024 [261]. - Nareit FFO for the nine months ended September 30, 2025 increased to $940,418 thousand, up $154,542 thousand from the same period in 2024 [261]. - AFFO for the nine months ended September 30, 2025 was $903,977 thousand, an increase of $70,696 thousand compared to the same period in 2024 [261]. Revenue and NOI - The Adjusted NOI for the outpatient medical segment was $200.4 million, for the lab segment was $138.1 million, and for the CCRC segment was $36.5 million for the three months ended September 30, 2025 [226]. - Adjusted NOI for Q3 2025 was $195,406,000, reflecting a 2.0% increase from $191,583,000 in Q3 2024 [266]. - Total Portfolio Adjusted NOI for the nine months ended September 30, 2025, was $587,183,000, up 3.6% from $566,770,000 in the same period of 2024 [272]. - Adjusted NOI for the nine months ended September 30, 2025, decreased by $16,955 compared to the same period in 2024 [285]. Development and Investment Activities - During the nine months ended September 30, 2025, total project costs for outpatient medical and lab development projects amounted to $32 million and $63 million respectively [236]. - In February 2025, Healthpeak acquired a lab land parcel in Cambridge, Massachusetts for $20 million and a portfolio of three outpatient medical buildings in New York for $17 million [235]. - The company made a preferred equity investment of up to $50 million in a joint venture for a lab campus in San Diego, funding $45 million as of September 30, 2025 [240]. Debt and Financing - The company issued $500 million of 5.38% senior unsecured notes due 2035 in February 2025 [240]. - Total debt increased by $416 million to $9.1 billion as of September 30, 2025, due to new senior unsecured notes issued and an increase in commercial paper [314]. - Approximately 95% of consolidated debt was fixed rate as of September 30, 2025, with a weighted average effective interest rate of 4.20% [329]. Shareholder Returns and Equity - The quarterly common stock cash dividend was increased from $0.300 to $0.305 per share, resulting in an annualized dividend of $1.220 per share [320]. - During the nine months ended September 30, 2025, the company repurchased 5.09 million shares at a weighted average price of $18.50 per share, totaling $94 million [240]. - The company established a new at-the-market equity offering program in February 2023, allowing for the sale of shares with an aggregate gross sales price of up to $1.5 billion [334]. Operational Efficiency - Healthpeak maintains a strong investment-grade balance sheet with ample liquidity and long-term fixed-rate debt financing to mitigate interest rate volatility [234]. - The company emphasizes a people-first culture to attract and retain top talent, enhancing its operational efficiency [234]. Impairments and Other Charges - The company recognized other-than-temporary impairment charges on certain unconsolidated real estate joint ventures during the three months ended September 30, 2025 [3]. - The company incurred $6 million in costs related to certain investments no longer pursued during the nine months ended September 30, 2025 [4].

Financial Performance - Healthpeak reported a net loss of $(0.17) per share for Q3 2025, with Nareit FFO of $0.45 per share and AFFO of $0.42 per share[10]. - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion for the quarter[28]. - Total revenues for Q3 2025 were $705.9 million, a slight increase from $700.4 million in Q3 2024, representing a growth of 0.7%[30]. - Rental and related revenues decreased to $539.9 million in Q3 2025 from $543.3 million in Q3 2024, a decline of 0.8%[30]. - Net income attributable to Healthpeak Properties, Inc. for Q3 2025 was a loss of $117.1 million, compared to a profit of $85.9 million in Q3 2024[30]. - Funds From Operations (FFO) applicable to common shares for Q3 2025 was $318.2 million, up from $316.2 million in Q3 2024, an increase of 0.6%[31]. - Diluted FFO per common share for Q3 2025 was $0.45, compared to $0.44 in Q3 2024, reflecting a growth of 2.3%[31]. - Adjusted Funds From Operations (AFFO) applicable to common shares for Q3 2025 was $291.9 million, slightly down from $296.0 million in Q3 2024, a decrease of 1.4%[35]. - The company reported total costs and expenses of $653.3 million in Q3 2025, down from $665.2 million in Q3 2024, a reduction of 1.4%[30]. Guidance and Projections - The company reaffirmed its full-year 2025 guidance for diluted earnings per share to be between $0.00 and $0.06[23]. - The diluted earnings per common share guidance for FY 2025 has been revised to a range of $0.00 - $0.06, down from $0.25 - $0.31[36]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues between $1.3 billion and $1.4 billion[28]. - The total year-over-year merger-combined same-store cash (adjusted) NOI growth is projected to be between 3.00% - 4.00%[36]. Balance Sheet and Liquidity - Healthpeak's balance sheet remains strong with a net debt to adjusted EBITDA ratio of 5.3x and approximately $2.7 billion in available liquidity as of October 23, 2025[10][20]. - Total assets increased to $19,938,255 thousand as of September 30, 2025, compared to $19,582,401 thousand at December 31, 2024, reflecting a growth of approximately 1.83%[29]. - Total liabilities rose to $11,317,097 thousand from $10,880,631 thousand, indicating an increase of about 4.02%[29]. - Total stockholders' equity decreased to $7,597,275 thousand from $8,401,276 thousand, representing a decline of approximately 9.55%[29]. - Cash and cash equivalents increased to $119,818 thousand from $91,038 thousand, marking a growth of about 31.6%[29]. - Total liquidity as of September 30, 2025, is approximately $2.72 billion, including $91.04 million in cash and cash equivalents[43]. Market and Operational Highlights - Total Merger-Combined Same-Store Cash NOI growth was 0.9% for Q3 2025, with CCRC segment growth at 9.4% year-to-date[10][14]. - New and renewal lease executions totaled 1.5 million square feet in Q3 2025, with outpatient medical leases showing a cash releasing spread of +5.4%[10]. - Year-to-date non-refundable entry fee cash collections reached $108 million, a 13% increase compared to the same period last year[10]. - The merger with Physicians Realty Trust has been successful, with integration completed and benefiting from strengthening market prices[9]. - User data showed a growth in active users by 20%, totaling 5 million new users in the last quarter[28]. - Market expansion efforts led to a 25% increase in sales in the Asia-Pacific region[28]. Capital Expenditures and Investments - Total capital expenditures for the third quarter of 2025 amounted to $218.608 million, with recurring capital expenditures at $11.738 million[54]. - Year-to-date total capital expenditures reached $582.230 million, with recurring capital expenditures at $24.927 million[54]. - The company has completed $43 million in real estate acquisitions year-to-date[36]. - The company invested $50 million in R&D for new technologies aimed at enhancing user experience[28]. - The company completed a strategic acquisition of a smaller competitor for $300 million, expected to enhance market share[28]. Debt and Financing - The company has a $3.0 billion unsecured revolving credit facility maturing on January 19, 2029, with an interest rate of 4.36%[46]. - Total debt amounts to $10.091 billion, including $6.9 billion in senior unsecured notes and $1.65 billion in term loans[81]. - The weighted average interest rate for the company's debt is 4.23% as of the end of the applicable period[46]. - The leverage ratio stands at 38%, well below the maximum requirement of 60%[41]. - The fixed charge coverage ratio is reported at 4.8x, significantly above the minimum requirement of 1.50x[41]. Occupancy and Tenant Information - The occupancy rate for outpatient medical properties was reported at 91.4% for Q3 2025, a decrease of 110 basis points year-over-year[38]. - The total occupancy rate for the CCRC portfolio was 86.7%, with independent living, assisted living, and memory care occupancy at 86.9%[73]. - The trailing twelve-month retention rate for outpatient medical and lab segments was 76.2% and 83.0%, respectively[68]. - Average tenant improvements per square foot per year for outpatient medical is $1.41, while for lab it is $1.30[63]. Strategic Initiatives - Healthpeak's technology innovation initiatives have led to a 5% reduction in GBA guidance this year, enhancing productivity and connectivity[9]. - A new marketing strategy was implemented, resulting in a 30% increase in customer engagement[28]. - Development projects in process include Gateway at Directors Science Park with a total estimated cost of $122 million and completion expected in Q4 2025[52]. - The company has 22 redevelopment projects in process, with a total estimated cost of $216.12 million and a projected stabilized cash yield of approximately 7%[53].

Core Insights - Campbell's Company (CPB) is enhancing its focus on cost control through the expanded PEAK enterprise savings initiative to protect profitability amid ongoing tariff and cost pressures [1] Group 1: PEAK Program Overview - The PEAK program was introduced in September 2024 with an initial savings target of $250 million through fiscal 2028, which was later increased by 50% to $375 million due to stronger-than-expected early results [2][8] - As of the end of fiscal 2025, Campbell's achieved approximately $145 million in savings, primarily from the integration of Sovos Brands and efficiencies in manufacturing and warehousing [2] Group 2: Program Structure and Goals - The PEAK program is structured around four pillars: network optimization, integration synergies, technology and organizational effectiveness, and indirect spend management [3] - The company anticipates mitigating 60% of the tariff burden, which is expected to account for nearly 4% of the cost of products sold in fiscal 2026, through productivity improvements and alternative sourcing [3] Group 3: Future Projections - Campbell's aims to sustain the gains from the PEAK initiative through fiscal 2028, with guidance for fiscal 2026 indicating approximately $70 million in enterprise cost savings and a 5% improvement in cost productivity [4] - These initiatives are expected to strengthen the company's margin structure, providing flexibility for brand support and innovation while navigating a volatile cost environment [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-08895 Healthpeak Properties, Inc. (Exact name of registrant as specified in its charter) (State or other jurisd ...

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share, with total portfolio same store growth of 3.5% [19] - CCRC business reported same store growth of 8.6%, driven by rate growth of 5% and higher entrance fee sales [19] - Outpatient medical segment achieved 85% tenant retention, with a positive rent mark to market of 6% and same store cash NOI growth of 3.9% [20] Business Line Data and Key Metrics Changes - Outpatient medical segment saw same store growth of 3.9%, with over 1,000,000 square feet of leases executed, including approximately 200,000 square feet of new leasing [20] - CCRC portfolio generated approximately $200,000,000 of annual NOI, which is 50% higher than in 2019 before the pandemic [14] - Lab R&D business is beginning to see positive indicators, with new supply quickly going to zero [11] Market Data and Key Metrics Changes - The company has significant concentration in markets like Dallas, Houston, Nashville, Atlanta, Phoenix, and Denver, which are expected to drive growth [10] - Recent broker reports indicated over 4,000,000 square feet of inventory being removed from the supply pipeline in the lab sector [12] - The occupancy in the outpatient medical portfolio remains strong at 91-92% [48] Company Strategy and Development Direction - The company is focusing on internalizing property management to enhance tenant relationships and operational efficiency [8] - A strategic plan is being implemented to enhance operating procedures and elevate service standards [18] - The company is optimistic about the regulatory environment, particularly the proposed rule from CMS that would allow more procedures to be performed in outpatient settings [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution from the team and the diversified portfolio, despite challenges in the lab sector [24] - The political and regulatory environment is improving, with favorable changes in drug pricing and tax treatment for research and manufacturing [7][10] - Management noted that the capital markets have shown signs of improvement, which could benefit tenants seeking to raise capital [40][56] Other Important Information - The company completed an enterprise-wide technology upgrade to improve data integration and productivity [5] - The internalization of property management is expected to generate profit and improve tenant satisfaction [9] - The company has nearly $2,300,000,000 of liquidity and ended the quarter with a net debt to adjusted EBITDA of 5.2 times [22] Q&A Session Summary Question: Can you break down the occupancy decline in the lab segment? - Management indicated that the occupancy decline was due to lease expirations, tenant migration, and some tenants unable to raise capital [28][29] Question: What are the thoughts on capital allocation and balance sheet usage? - Management emphasized maintaining a strong balance sheet and being opportunistic with asset sales and buybacks [32][34] Question: How much impact do you expect from unsuccessful capital raises on occupancy? - Management acknowledged some headwinds for occupancy but noted positive signs in the capital markets that could improve the situation [40][42] Question: Can you provide insights on the development pipeline and capitalized interest? - Management stated that capitalized interest will trend down as projects come online, with ongoing entitlement processes for large projects [76] Question: What are the expectations for the CCRC occupancy? - Management noted that the sequential dip in occupancy is typical seasonality, with strong performance in independent living [78][80] Question: How does the company view the regulatory changes and their impact? - Management expressed optimism about regulatory changes, particularly the shift towards outpatient settings, which aligns with the company's focus [10][106]

[Healthpeak Properties Reports Second Quarter 2025 Results](index=3&type=section&id=Earnings%20Release) [Second Quarter 2025 Financial Performance and Recent Highlights](index=3&type=section&id=2.1%20Second%20Quarter%202025%20Financial%20Performance%20and%20Recent%20Highlights) Healthpeak reported Q2 2025 net income of $0.05/share, FFO as Adjusted of $0.46/share, strong leasing activity, and $2.3 billion in available liquidity Financial Performance (Q2 2025) | Metric | Per Share | | :----------------------- | :-------- | | Net income, diluted | $0.05 | | Nareit FFO, diluted | $0.43 | | FFO as Adjusted, diluted | $0.46 | | AFFO, diluted | $0.44 | - Declared a monthly common stock cash dividend of **$0.10167** per share for July, August, and September 2025, totaling **$0.305** per share for Q3, and an annualized dividend of **$1.22** per share[8](index=8&type=chunk)[13](index=13&type=chunk) - Second quarter new and renewal lease executions totaled **1.5 million** square feet, including **1 million** square feet for **Outpatient Medical** (**85%** retention, **+0%** cash releasing spreads) and **503,000** square feet for **Lab** (**87%** retention, **+6%** cash releasing spreads)[8](index=8&type=chunk) - **Net Debt to Adjusted EBITDAre** was **5.2x** for the quarter ended June 30, 2025, with approximately **$2.3 billion** in available liquidity as of July 24, 2025[8](index=8&type=chunk)[17](index=17&type=chunk) - Entered into two new **development projects** with a combined projected cost of **$148 million** to support Northside Hospital in the Atlanta market[8](index=8&type=chunk)[15](index=15&type=chunk)[18](index=18&type=chunk) - Sold one **Outpatient Medical** land parcel in June 2025 and two **Outpatient Medical** buildings in July 2025 for combined proceeds of approximately **$35 million**[8](index=8&type=chunk) - Recent corporate impact and **sustainability achievements** include publishing a 2024 Environmental Data Report, earning **Green Lease Leader Platinum** designation, achieving **LEED Gold certifications** for Callan Ridge and 460 Forbes, and being named a constituent of the **FTSE4Good Index Series** for the **14th consecutive year**[8](index=8&type=chunk) [Second Quarter and Year-to-Date Financial Comparison](index=4&type=section&id=2.2%20Second%20Quarter%20and%20Year-to-Date%20Financial%20Comparison) Healthpeak saw diluted net income per share decrease in Q2 and YTD 2025, while FFO metrics showed mixed trends and Same-Store NOI grew Three Months Ended June 30 (2025 vs. 2024) | Metric | 2025 (Per Share) | 2024 (Per Share) | Change | | :----------------------- | :--------------- | :--------------- | :----- | | Net income, diluted | $0.05 | $0.21 | -76.2% | | Nareit FFO, diluted | $0.43 | $0.44 | -2.3% | | FFO as Adjusted, diluted | $0.46 | $0.45 | +2.2% | | AFFO, diluted | $0.44 | $0.40 | +10.0% | Six Months Ended June 30 (2025 vs. 2024) | Metric | 2025 (Per Share) | 2024 (Per Share) | Change | | :----------------------- | :--------------- | :--------------- | :----- | | Net income, diluted | $0.11 | $0.23 | -52.2% | | Nareit FFO, diluted | $0.89 | $0.72 | +23.6% | | FFO as Adjusted, diluted | $0.92 | $0.90 | +2.2% | | AFFO, diluted | $0.87 | $0.82 | +6.1% | Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth | Segment | Three Month SS Growth % | Year-To-Date SS Growth % | | :-------------------------------- | :---------------------- | :----------------------- | | Outpatient Medical | 3.9% | 4.5% | | Lab | 1.5% | 5.4% | | CCRC | 8.6% | 12.2% | | Total Merger-Combined SS Cash (Adjusted) NOI | 3.5% | 5.6% | [2025 Guidance Update](index=6&type=section&id=2.3%202025%20Guidance%20Update) Healthpeak updated 2025 guidance, lowering diluted EPS and Nareit FFO per share, while reaffirming FFO as Adjusted and Same-Store NOI growth Updated Full Year 2025 Guidance Ranges | Metric | July 24, 2025 Guidance | April 24, 2025 Guidance | Change | | :------------------------------------------ | :--------------------- | :---------------------- | :----- | | Diluted earnings per common share | $0.25 - $0.31 | $0.30 - $0.36 | Decreased | | Diluted Nareit FFO per common share | $1.78 - $1.84 | $1.81 - $1.87 | Decreased | | Diluted FFO as Adjusted per common share | $1.81 - $1.87 | $1.81 - $1.87 | Reaffirmed | | Total Year-Over-Year Merger-Combined Same-Store Cash (Adjusted) NOI Growth | 3.00% - 4.00% | 3.00% - 4.00% | Reaffirmed | - Other key assumptions (approximate midpoints) include **general and administrative expenses** (excluding restructuring and severance-related charges) of **$85 million** and **interest expense** (net of capitalized interest) of **$315 million**, both reaffirmed[32](index=32&type=chunk) Sources and Uses (FY 2025, in millions) | Category | Amount | | :-------------------------------- | :----- | | **Sources:** | | | LOC draw / debt issuance | $1,500 | | Sales and loan repayments | $100 | | Retained earnings | $300 | | **Total Sources** | **$1,900** | | **Uses:** | | | Bond maturities | $800 | | Investments and share repurchases | $500 | | Development, redevelopment and revenue enhancing capex | $600 | | **Total Uses** | **$1,900** | [About Healthpeak Properties, Inc.](index=6&type=section&id=2.4%20About%20Healthpeak%20Properties%2C%20Inc.) Healthpeak Properties, Inc. is an **S&P 500 REIT** focused on owning, operating, and developing high-quality healthcare real estate - **Healthpeak** is a fully integrated real estate investment trust (**REIT**) and **S&P 500** company[21](index=21&type=chunk) - The company owns, operates, and develops high-quality real estate for healthcare discovery and delivery[21](index=21&type=chunk) [Forward-Looking Statements](index=7&type=section&id=2.5%20Forward-Looking%20Statements) The report contains forward-looking statements on future events, acquisitions, and financial guidance, subject to various risks and uncertainties - **Forward-looking statements** cover timing and outcomes related to **acquisitions**, **development projects**, redevelopments, joint venture transactions, leasing activity, financing activities, **dispositions**, and the payment of quarterly cash dividends, as well as the 2025 Guidance Information[23](index=23&type=chunk) - Risks and uncertainties include macroeconomic trends, changes within the life science industry, factors affecting tenants' ability to meet obligations, concentration in healthcare, illiquidity of real estate, **development risks**, hospital competitiveness, operational risks, economic conditions, natural disasters, uninsured losses, joint venture limitations, competition, credit losses, integration challenges, litigation, environmental liabilities, ESG commitments, epidemics, IT reliance, financial market volatility, indebtedness, credit ratings, regulatory compliance, and **REIT** qualification[23](index=23&type=chunk) - The company does not guarantee the accuracy of **forward-looking statements** and does not undertake any obligation to update or supplement them based on new information or future events[23](index=23&type=chunk)[24](index=24&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=8&type=section&id=3.1%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Healthpeak reported **total assets** of **$19.81 billion**, **total liabilities** of **$10.88 billion**, and **total equity** of **$9.055 billion** Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Total assets | $19,810,267 | $19,938,255 | | Net real estate | $15,820,054 | $15,831,404 | | Cash and cash equivalents | $89,436 | $119,818 | | Total liabilities | $10,880,631 | $11,223,326 | | Senior unsecured notes | $6,563,256 | $6,268,532 | | Total equity | $9,055,014 | $8,566,837 | [Consolidated Statements of Operations](index=9&type=section&id=3.2%20Consolidated%20Statements%20of%20Operations) Q2 2025 **total revenues** were **$694.3 million**, with **net income applicable to common shares** significantly down to **$31.5 million** due to lower **real estate sales gains** Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change | | :----------------------------------- | :--------- | :--------- | :------- | | Total revenues | $694,348 | $695,504 | -0.17% | | Total costs and expenses | $651,638 | $666,159 | -2.18% | | Gain (loss) on sales of real estate, net | $1,636 | $122,044 | -98.66% | | Net income (loss) applicable to common shares | $31,558 | $145,833 | -78.36% | | Diluted EPS | $0.05 | $0.21 | -76.19% | Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change | | :----------------------------------- | :--------- | :--------- | :------- | | Total revenues | $1,397,237 | $1,302,064 | +7.31% | | Total costs and expenses | $1,294,110 | $1,331,991 | -2.84% | | Gain (loss) on sales of real estate, net | $1,636 | $125,299 | -98.69% | | Net income (loss) applicable to common shares | $73,922 | $152,309 | -51.47% | | Diluted EPS | $0.11 | $0.23 | -52.17% | [Funds From Operations (FFO) and FFO as Adjusted](index=10&type=section&id=3.3%20Funds%20From%20Operations%20(FFO)%20and%20FFO%20as%20Adjusted) **Diluted Nareit FFO per common share** decreased in Q2 2025 but increased YTD, while **diluted FFO as Adjusted per common share** saw modest increases Diluted Nareit FFO per Common Share | Period | 2025 | 2024 | Change | | :------- | :--- | :--- | :----- | | Q2 | $0.43 | $0.44 | -2.3% | | YTD | $0.89 | $0.72 | +23.6% | Diluted FFO as Adjusted per Common Share | Period | 2025 | 2024 | Change | | :------- | :--- | :--- | :----- |\ | Q2 | $0.46 | $0.45 | +2.2% | | YTD | $0.92 | $0.90 | +2.2% | - Adjustments to **Nareit FFO** for Q2 2025 included **$10.2 million** for transaction and merger-related items, **$3.5 million** for other impairments, and **$3.9 million** for casualty-related charges[27](index=27&type=chunk) [Adjusted Funds From Operations (AFFO)](index=11&type=section&id=3.4%20Adjusted%20Funds%20From%20Operations%20(AFFO)) **Diluted AFFO per common share** increased in Q2 and YTD 2025, with a Q1 2025 definition change to adjust for **non-refundable entrance fees** Diluted AFFO per Common Share | Period | 2025 | 2024 | Change | | :------- | :--- | :--- | :----- | | Q2 | $0.44 | $0.40 | +10.0% | | YTD | $0.87 | $0.82 | +6.1% | - In Q1 2025, **Healthpeak** changed its definition of **AFFO** to adjust for **non-refundable entrance fees** collected in excess of the related amortization, believing this provides a more meaningful representation of **CCRC** performance[31](index=31&type=chunk) [2025 Guidance Information](index=12&type=section&id=Guidance) **Healthpeak Properties** updated its full-year 2025 guidance, lowering **diluted earnings per common share** and **diluted Nareit FFO per common share**, while reaffirming **diluted FFO as Adjusted per common share** and **Total Year-Over-Year Merger-Combined Same-Store Cash (Adjusted) NOI growth** Updated Full Year 2025 Guidance Ranges | Metric | July 24, 2025 Guidance | April 24, 2025 Guidance | | :------------------------------------------ | :--------------------- | :---------------------- | | Diluted earnings per common share | $0.25 - $0.31 | $0.30 - $0.36 | | Diluted Nareit FFO per common share | $1.78 - $1.84 | $1.81 - $1.87 | | Diluted FFO as Adjusted per common share | $1.81 - $1.87 | $1.81 - $1.87 | | Total Year-Over-Year Merger-Combined Same-Store Cash (Adjusted) NOI Growth | 3.00% - 4.00% | 3.00% - 4.00% | - Other key assumptions (approximate midpoints) include **general and administrative expenses** (excluding restructuring and severance-related charges) of **$85 million** and **interest expense** (net of capitalized interest) of **$315 million**, both reaffirmed[32](index=32&type=chunk) Sources and Uses (FY 2025, in millions) | Category | Amount | | :-------------------------------- | :----- | | **Sources:** | | | LOC draw / debt issuance | $1,500 | | Sales and loan repayments | $100 | | Retained earnings | $300 | | **Total Sources** | **$1,900** | | **Uses:** | | | Bond maturities | $800 | | Investments and share repurchases | $500 | | Development, redevelopment and revenue enhancing capex | $600 | | **Total Uses** | **$1,900** | [Portfolio Summary](index=13&type=section&id=Portfolio%20Summary) As of June 30, 2025, **Healthpeak's total portfolio** comprised **702** properties with a **total investment** of **$24.67 billion**, generating **$402.0 million** in **Portfolio Income** Total Portfolio Overview (as of June 30, 2025, in thousands) | Metric | Value | | :-------------------------- | :------------ | | Property Count | 702 | | Total Portfolio Investment | $24,666,512 | | Portfolio Cash Real Estate Revenues | $680,917 | | Portfolio Cash Operating Expenses | $(293,989) | | Interest Income | $15,051 | | Portfolio Income | $401,980 | Operating Portfolio Breakdown (as of June 30, 2025, in thousands) | Property Type | Property Count | Capacity | Operating Occupancy | Portfolio Investment | Portfolio Income | | :-------------------- | :------------- | :--------------- | :------------------ | :------------------- | :--------------- | | Outpatient Medical | 522 | 37,105 Sq. Ft. | 91.8% | $10,632,721 | $201,606 | | Lab | 113 | 9,762 Sq. Ft. | 95.5% | $8,010,792 | $142,776 | | CCRC | 15 | 7,065 Units | 86.0% | $2,452,436 | $36,563 | | SWF Senior Housing JVs | 19 | 3,354 Units | 81.3% | $484,804 | $5,983 | - **Developments & Redevelopments** include **33** projects with a **total investment** of **$1.57 billion**. Land held for **development projects** has a **total investment** of **$796.5 million**. **Debt and Other Investments** total **$715.5 million**, generating **$15.1 million** in **interest income**[34](index=34&type=chunk) [Merger-Combined Same-Store Operating Summary](index=14&type=section&id=Merger-Combined%20Same-Store) The **Merger-Combined Same-Store (SS) portfolio** showed a **total cash (Adjusted) NOI growth** of **3.5%** for Q2 2025 and **5.6%** year-to-date, led by **CCRC** properties Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth | Segment | Three Month SS Growth % | % of SS | Year-To-Date SS Growth % | % of SS | | :-------------------------------- | :---------------------- | :-------- | :----------------------- | :-------- | | Outpatient Medical | 3.9% | 55.2% | 4.5% | 54.9% | | Lab | 1.5% | 34.4% | 5.4% | 34.5% | | CCRC | 8.6% | 10.4% | 12.2% | 10.6% | | Total Merger-Combined SS Cash (Adjusted) NOI | 3.5% | 100.0% | 5.6% | 100.0% | - The **Merger-Combined Same-Store** presentation includes legacy Physicians Realty Trust properties, with approximately **97%** of the combined portfolio represented in the **Outpatient Medical** segment[102](index=102&type=chunk)[103](index=103&type=chunk) [Capitalization and Debt Ratios](index=15&type=section&id=Capitalization%20and%20Debt%20Ratios) As of June 30, 2025, **Healthpeak's total market equity** was **$12.41 billion**, with **consolidated debt** at **$9.04 billion**, leading to a **total enterprise value** of **$21.65 billion**, and **$2.31 billion** in **total liquidity** Total Capitalization (as of June 30, 2025, in thousands) | Metric | Value | | :-------------------------------- | :------------ | | Total Market Equity | $12,407,113 | | Consolidated Debt | $9,041,253 | | Share of unconsolidated JV debt | $199,851 | | Total Market Equity and Enterprise Debt | $21,648,217 | Debt Ratios (as of June 30, 2025) | Metric | Value | | :-------------------------- | :------ | | Net Debt to Adjusted EBITDAre | 5.2x | | Floating Rate Debt % | 9.5% | | Adjusted Fixed Charge Coverage | 4.4x | | Financial Leverage | 36.4% | | Secured Debt Ratio | 2.2% | Liquidity (as of June 30, 2025, in thousands) | Metric | Value | | :-------------------------- | :------------ | | Cash and Cash Equivalents | $89,436 | | Availability under Credit Facility | $3,000,000 | | Less: Commercial Paper Borrowings | $(775,000) | | Total Liquidity | $2,314,436 | - **Credit Ratings** (**Senior Unsecured Debt**): Moody's **Baa1 (Stable)** and S&P Global **BBB+ (Stable)**[40](index=40&type=chunk) - The company is in **strong compliance** with all **financial covenants**, including Leverage Ratio (**37%** vs. max **60%**), Secured Debt Ratio (**2%** vs. max **40%**), Unsecured Leverage Ratio (**40%** vs. max **60%**), Fixed Charge Coverage Ratio (**4.4x** vs. min **1.50x**), and Tangible Net Worth (**$13.6B** vs. min **$7.7B**)[37](index=37&type=chunk) [Indebtedness](index=16&type=section&id=Indebtedness) **Healthpeak's total enterprise debt** as of June 30, 2025, was **$9.24 billion**, with a **weighted average interest rate** of **4.27%** and a **weighted average maturity** of **4.3 years** Debt Maturities and Scheduled Principal Repayments (as of June 30, 2025, in thousands) | Year | Consolidated Debt | Share of Unconsolidated JV Debt | Enterprise Debt | Weighted Average Rate % | | :--- | :---------------- | :------------------------------ | :-------------- | :---------------------- | | 2025 | $1,855 | $62,405 | $64,260 | 8.54 | | 2026 | $994,999 | $127,080 | $1,122,079 | 4.09 | | 2027 | $1,350,842 | $12,861 | $1,363,703 | 3.45 | | 2028 | $1,252,775 | - | $1,252,775 | 3.82 | | 2029 | $2,175,000 | - | $2,175,000 | 4.38 | | 2030 | $750,000 | - | $750,000 | 3.14 | | 2031 | $1,100,000 | - | $1,100,000 | 4.12 | | 2032 | $750,000 | - | $750,000 | 5.49 | | Thereafter | $800,000 | - | $800,000 | 6.05 | | **Total** | **$9,041,253** | **$199,851** | **$9,241,104** | **4.27** | - The **weighted average maturity** of **enterprise debt** is **4.3 years**[42](index=42&type=chunk) - The company has a **$3.0 billion** unsecured revolving line of credit facility that matures on January 19, 2029[42](index=42&type=chunk) [Investment Summary](index=17&type=section&id=Investment%20Summary) For the six months ended June 30, 2025, **Healthpeak** acquired two properties totaling **$37.0 million** and disposed of properties for **$4.2 million** Acquisitions (Six Months Ended June 30, 2025, in thousands) | Property | MSA | Property Type | Amount | | :---------------------- | :------------ | :---------------- | :----- | | Middletown Medical | New York, NY | Outpatient Medical | $17,005 | | 100 Smith land parcel | Boston, MA | Lab | $20,000 | | **Total** | | | **$37,005** | - The Middletown Medical **acquisition** involved three **Outpatient Medical** buildings in New York with long-term leases expiring in 2038, acquired at an **8.7%** **cash cap rate**[46](index=46&type=chunk) - The 100 Smith land parcel **acquisition** in Boston was negotiated in 2022 for future **development projects**[46](index=46&type=chunk) Dispositions (Quarter Ended June 30, 2025, in thousands) | Property | Property Type | Sales Price | | :-------------------------- | :---------------- | :---------- | | Sunrise Medical Tower land parcel | Outpatient Medical | $4,200 | | **Total** | | **$4,200** | - Subsequent to June 30, 2025, **Healthpeak** sold two **Outpatient Medical** buildings for an additional **$31 million**[46](index=46&type=chunk) [Developments and Redevelopments](index=18&type=section&id=Developments%20and%20Redevelopments) **Healthpeak** has **10 development projects** with an estimated total cost of **$684 million** and **23 redevelopment projects** with an estimated total cost of **$427 million**, primarily in **Lab** and **Outpatient Medical** Development Projects in Process (as of June 30, 2025, in thousands) | Project Type | Property Count | CIP | Cost to Complete | Estimated Total at Completion | Total Capacity (Sq. Ft.) | Project % Leased | | :----------------- | :------------- | :-------- | :--------------- | :-------------------------- | :----------------------- | :--------------- | | Lab | 3 | $355,917 | $45,883 | $402,000 | 520 | 50% | | Outpatient Medical | 7 | $108,922 | $153,872 | $285,000 | 608 | 78% | | **Total** | **10** | **$464,518** | **$219,482** | **$684,000** | **1,119** | **71%** | Redevelopment Projects in Process (as of June 30, 2025, in thousands) | Project Type | Property Count | CIP | Cost to Complete | Estimated Total at Completion | Total Capacity (Sq. Ft.) | Project % Leased | | :----------------- | :------------- | :-------- | :--------------- | :-------------------------- | :----------------------- | :--------------- | | Lab | 3 | $99,468 | $165,532 | $265,000 | 653 | 33% | | Various (Other) | 13 | $59,788 | $102,212 | $162,000 | 625 | 24% | | **Total** | **23** | **$159,256** | **$267,744** | **$427,000** | **1,278** | **28%** | - The **blended projected stabilized cash yield** for **Development projects** is approximately **7%**. Projected stabilized cash-on-cash return on incremental capital invested for **Redevelopment projects** typically ranges from **10%** to **12%**[48](index=48&type=chunk) - During Q2 2025, one **Outpatient Medical Development** building, two Point Grand **Redevelopment** buildings, and two Other **Redevelopment** buildings were placed in service[49](index=49&type=chunk) [Capital Expenditures](index=19&type=section&id=Capital%20Expenditures) **Healthpeak's total capital expenditures** for Q2 2025 were **$199.5 million**, and **$363.6 million** year-to-date, with **development and redevelopment activities** accounting for the largest portion Total Capital Expenditures (Three Months Ended June 30, 2025, in thousands) | Category | Outpatient Medical | Lab | CCRC | Other | Total | | :-------------------------------- | :----------------- | :-------- | :-------- | :-------- | :-------- | | Recurring Capital Expenditures | $4,206 | $1,101 | $3,280 | $863 | $9,450 | | Tenant improvements | $5,257 | $3,429 | - | - | $8,686 | | Lease commissions | $4,528 | $2,126 | - | - | $6,653 | | AFFO capital expenditures | $13,991 | $6,656 | $3,280 | $863 | $24,790 | | Revenue Enhancing Capital Expenditures | $16,416 | $12,644 | $12,639 | $1,060 | $42,759 | | Casualty related capital expenditures | $658 | - | $13,073 | $14 | $13,744 | | Initial Capital Expenditures ("ICE") | $11,543 | - | - | - | $11,543 | | Development | $21,143 | $21,773 | - | - | $42,915 | | Redevelopment | $5,978 | $36,087 | - | - | $42,065 | | Capitalized interest | $1,770 | $19,897 | - | - | $21,667 | | **Total capital expenditures** | **$71,498** | **$97,057** | **$28,992** | **$1,937** | **$199,483** | Total Capital Expenditures (Six Months Ended June 30, 2025, in thousands) | Category | Outpatient Medical | Lab | CCRC | Other | Total | | :-------------------------------- | :----------------- | :-------- | :-------- | :-------- | :-------- | | AFFO capital expenditures | $28,429 | $14,199 | $3,566 | $1,838 | $48,032 | | Revenue Enhancing Capital Expenditures | $30,575 | $26,291 | $18,518 | $1,922 | $77,306 | | Development | $53,702 | $34,949 | - | - | $88,651 | | Redevelopment | $6,973 | $60,367 | - | - | $67,341 | | **Total capital expenditures** | **$145,723** | **$174,379** | **$39,022** | **$4,498** | **$363,622** | [Portfolio Diversification](index=20&type=section&id=Portfolio%20Diversification) **Healthpeak's portfolio** is diversified across key markets, with San Francisco, CA, representing the largest share of **Portfolio Cash (Adjusted) NOI** at **23%**, followed by Boston, MA, at **10%** Top 20 Markets by % of Total Portfolio Cash (Adjusted) NOI (as of June 30, 2025, in thousands) | Market | (Adjusted) NOI | % of Total (Adjusted) NOI | | :------------------ | :------------- | :------------------------ | | San Francisco, CA | $87,126 | 23% | | Boston, MA | $37,039 | 10% | | Dallas, TX | $28,028 | 7% | | San Diego, CA | $20,337 | 5% | | Houston, TX | $17,313 | 4% | | Tampa, FL | $13,892 | 4% | | Louisville, KY | $10,036 | 3% | | Philadelphia, PA | $9,871 | 3% | | Nashville, TN | $9,836 | 3% | | Seattle, WA | $9,725 | 3% | | Denver, CO | $9,095 | 2% | | Phoenix, AZ | $8,533 | 2% | | Atlanta, GA | $8,319 | 2% | | Washington, DC | $7,859 | 2% | | Minneapolis, MN | $7,178 | 2% | | Jacksonville, FL | $6,571 | 2% | | New York, NY | $5,178 | 1% | | Salt Lake City, UT | $4,896 | 1% | | Indianapolis, IN | $4,789 | 1% | | Orlando, FL | $4,432 | 1% | | Remaining | $76,876 | 20% | - The San Francisco, CA market primarily consists of properties in South San Francisco, located in San Mateo County, not the city or county of San Francisco[55](index=55&type=chunk) [Tenant Diversification](index=21&type=section&id=Tenant%20Diversification) **Healthpeak's tenant base** is diversified, with **Physician Group Practices** accounting for **14.7%** of **annualized base rent (ABR)** and **Biopharma (Large, Mid, Small Cap)** collectively making up **26.0%** - Tenant diversification by classification (% of **ABR**): **Physician Group Practices** (**14.7%**), **Large Cap Biopharma** (**10.9%**), **Small Cap Biopharma** (**8.6%**), Private Health System (**7.3%**), Med Device / R&D / University & Specialty Outpatient Services (**6.5%**), **Mid Cap Biopharma** (**6.5%**), Other (**4.4%**). Total **Biopharma (Large, Mid, Small Cap)** is **26.0%**[57](index=57&type=chunk) - **Annualized Base Rent (ABR)** is **$1.5 billion**[57](index=57&type=chunk) Top 20 Tenants by % of ABR (as of June 30, 2025) | Tenant / Parent | Classification | Weighted Average Remaining Lease Term (Years) | % of ABR | | :---------------------- | :------------- | :------------------------------------------ | :--------- | | HCA Healthcare | Health System | 6.7 | 10.2 | | CommonSpirit Health | Health System | 9.6 | 2.8 | | McKesson Corporation | Health System | 3.3 | 1.5 | | Ascension Health | Health System | 3.7 | 1.4 | | University of Louisville | Health System | 4.9 | 1.4 | | Northside Hospital | Health System | 6.5 | 1.4 | | Alphabet (Calico) | Large Cap Biopharma | 7.2 | 1.3 | | Novo Nordisk | Large Cap Biopharma | 8.6 | 1.2 | | Arcus Biosciences | Mid Cap Biopharma | 6.5 | 1.2 | | Bristol-Myers Squibb | Large Cap Biopharma | 4.6 | 1.1 | | Revolution Medicines | Mid Cap Biopharma | 10.5 | 1.1 | | Johnson & Johnson | Large Cap Biopharma | 5.9 | 1.1 | | HonorHealth | Health System | 5.8 | 1.1 | | Astellas Pharma | Large Cap Biopharma | 8.8 | 1.1 | | Community Health Systems | Health System | 5.3 | 1.1 | | Norton Healthcare | Health System | 3.7 | 1.1 | | Memorial Hermann | Health System | 5.3 | 1.1 | | Pfizer | Large Cap Biopharma | 4.4 | 1.0 | | Nkarta | Small Cap Biopharma | 8.2 | 0.9 | | Myriad Genetics | Medical Device | 4.0 | 0.9 | | **Total Top 20** | | **6.5** | **34.0** | [Leasing Metrics](index=22&type=section&id=Leasing%20Metrics) This section provides data on **new and renewal lease executions**, **retention rates**, and **cash releasing spreads** for **Outpatient Medical** and **Lab** segments for Q2 and YTD 2025 Three Months Ended June 30, 2025 (in thousands) | Metric | Outpatient Medical | Lab | Total | | :-------------------------------- | :----------------- | :-------- | :-------- | | New Lease Executions (Sq. Ft.) | 200 | 100 | 300 | | Renewal Lease Executions (Sq. Ft.) | 800 | 403 | 1,203 | | Total Lease Executions (Sq. Ft.) | 1,000 | 503 | 1,503 | | Retention Rate | 85% | 87% | 86% | | Cash Releasing Spreads on Renewals | 0% | 6% | 2% | Six Months Ended June 30, 2025 (in thousands) | Metric | Outpatient Medical | Lab | Total | | :-------------------------------- | :----------------- | :-------- | :-------- | | New Lease Executions (Sq. Ft.) | 400 | 200 | 600 | | Renewal Lease Executions (Sq. Ft.) | 1,600 | 800 | 2,400 | | Total Lease Executions (Sq. Ft.) | 2,000 | 1,000 | 3,000 | | Retention Rate | 85% | 87% | 86% | | Cash Releasing Spreads on Renewals | 0% | 6% | 2% | [Lease Expirations](index=23&type=section&id=Lease%20Expirations) **Healthpeak** has a diversified **lease expiration schedule**, with **5.9%** of **total annualized base rent (ABR)** expiring in 2025 and **9.7%** in 2026, and a **weighted average remaining lease term** of **6.5 years** Lease Expiration Data (as of June 30, 2025, in thousands) | Year | Leased Square Feet | Annualized Base Rent | % Base Rent | | :--- | :----------------- | :------------------- | :---------- | | 2025 | 2,842 | $86,059 | 5.9% | | 2026 | 4,362 | $141,651 | 9.7% | | 2027 | 3,985 | $137,769 | 9.5% | | 2028 | 4,542 | $130,228 | 8.9% | | 2029 | 4,037 | $148,429 | 10.2% | | 2030 | 3,729 | $153,489 | 10.5% | | 2031 | 3,835 | $147,151 | 10.1% | | 2032 | 3,790 | $133,605 | 9.2% | | 2033 | 2,388 | $103,498 | 7.1% | | 2034 | 2,480 | $102,244 | 7.0% | | Thereafter | 6,484 | $171,596 | 11.8% | | **Total** | **42,473** | **$1,455,719** | **100.0%** | - The **weighted average remaining lease term** for the **total portfolio** is **6.5 years**[58](index=58&type=chunk) - **Lab** leased square feet expiring in 2025 includes **217,000** sq ft planned for **redevelopment projects**, **62,000** sq ft under LOI, and **28,000** sq ft under negotiation[69](index=69&type=chunk) Material Near-Term Purchase Options | Lease Maturity Year | Option Date | Property Name | MSA | Property Type | Annualized Cash (Adjusted) NOI | Option Price | | :------------------ | :---------- | :------------ | :---------- | :---------------- | :----------------------------- | :----------- | | 2026 | 10/2025 | Innovation | San Diego, CA | Outpatient medical | $1,835 | $31,700 | | 2027, 2034 | 01/2026 | Myriad Campus | Salt Lake City, UT | Lab | $7,617 | $68,484 | [CCRC Portfolio](index=24&type=section&id=CCRC) **Healthpeak's CCRC portfolio** consists of **15** properties with **7,065** units, achieving a **total occupancy** of **86.0%** in Q2 2025, generating **$36.6 million** in **Portfolio Adjusted NOI** Total CCRC Portfolio (as of June 30, 2025, in thousands) | Metric | Value | | :----------------------------------- | :------------ | | Property Count | 15 | | Total Units | 7,065 | | Total Occupancy % | 86.0% | | Resident Fees and Services (excl. NREFs Amortization) | $125,203 | | NREF Amortization | $23,652 | | Portfolio Adjusted NOI | $36,563 | | REVPOR CCRC | $8,169 | | NREF Cash Collections | $42,695 | CCRC Occupancy Trend (Q2 2024 to Q2 2025) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :-------------------------- | :------ | :------ | :------ | :------ | :------ | | IL, AL, and Memory Care Occupancy % | 85.0 | 84.8 | 85.6 | 85.7 | 85.9 | | Skilled Nursing Occupancy % | 88.3 | 87.2 | 87.3 | 89.1 | 86.4 | | Total Occupancy % | 85.4 | 85.2 | 85.8 | 86.2 | 86.0 | - **REVPOR CCRC** increased from **$7,764** in Q2 2024 to **$8,169** in Q2 2025. **NREF Cash Collections** increased from **$33,518k** in Q2 2024 to **$42,695k** in Q2 2025[71](index=71&type=chunk) [Other Investments](index=25&type=section&id=Other) The **Sovereign Wealth Fund (SWF) Senior Housing JV portfolio** achieved **81.3% occupancy** in Q2 2025, with **REVPOR** growing **2.3%** and **Portfolio Cash (Adjusted) NOI** increasing **2.9%** Sovereign Wealth Fund Senior Housing JV (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Year-Over-Year Growth | | :------------------------------ | :-------- | :-------- | :-------------------- | | Property count | 19 | 19 | - | | Total Units | 3,354 | 3,354 | - | | Occupancy % | 81.3% | 78.9% | 240 bps | | REVPOR | $5,145 | $5,032 | 2.3% | | Portfolio Cash Real Estate Revenues | $22,527 | $21,360 | 5.5% | | Portfolio Cash Operating Expenses | $(16,544) | $(15,546) | 6.4% | | Portfolio Cash (Adjusted) NOI | $5,983 | $5,814 | 2.9% | Debt and Other Investments (as of June 30, 2025, in thousands) | Investment Type | Investment Amount | Interest Income | Weighted Average Yield | Maturity in Years | | :------------------------ | :---------------- | :-------------- | :--------------------- | :---------------- | | Seller financing | $476,479 | $9,303 | 7.7% | 1.1 | | Development and other loans | $239,074 | $5,748 | 10.3% | 1.9 | | **Total** | **$715,553** | **$15,051** | **8.6%** | **1.4** | [Components of Net Asset Value](index=26&type=section&id=Net%20Asset%20Value) **Healthpeak's annualized Portfolio Cash (Adjusted) NOI** is **$1.548 billion**, with **$487 million** in **estimated cost to complete development and redevelopment projects** projected to generate **$98 million** in **stabilized NOI** Annualized Portfolio Cash (Adjusted) NOI at Share (as of June 30, 2025, in millions) | Segment | Quarter Ended June 30, 2025 | Annualized | | :----------------------------------- | :-------------------------- | :--------- | | Outpatient Medical | $202 | $806 | | Lab | $143 | $571 | | CCRC | $37 | $146 | | SWE SH JV | $6 | $24 | | **Total Portfolio Cash (Adjusted) NOI** | **$387** | **$1,548** | | CCRC NREF cash collections in excess of NREF amortization | - | $56 | | **Total** | **$387** | **$1,604** | Development and Redevelopment Properties (in millions) | Category | Estimated Cost to Complete | Estimated Total Cost | Projected Stabilized Portfolio Cash (Adjusted) NOI | | :-------------- | :----------------------- | :------------------- | :------------------------------------------------ | | Development | $219 | $684 | $44 | | Redevelopment | $268 | $427 | $54 | | **Total** | **$487** | **$1,111** | **$98** | Land Held for Development / Cash / Loans Receivable (in millions) | Metric | Book Value | | :-------------------------------- | :--------- | | Book value of land held for development | $797 | | Cash, cash equivalents, and restricted cash | $163 | | Loans receivable, net of reserves | $717 | | **Total** | **$1,677** | Debt and Other Liabilities (in millions) | Metric | Amount | | :-------------------------------- | :----- | | Bank line of credit and commercial paper | $775 | | Term loans | $1,650 | | Senior unsecured notes | $6,400 | | Mortgage debt | $350 | | Share of unconsolidated JV debt | $202 | | Other liabilities (assets), net | $619 | | **Total** | **$9,996** | [Glossary](index=27&type=section&id=Glossary) The **Glossary** defines key financial and operational terms, including **non-GAAP measures** like **Adjusted Fixed Charge Coverage**, **AFFO**, **Cash (Adjusted) NOI**, **EBITDAre**, **FFO as Adjusted**, and **Nareit FFO** - The **glossary** defines key financial and operational terms, including **non-GAAP measures** such as **Adjusted Fixed Charge Coverage**, **Adjusted Funds From Operations ("AFFO")**, **Annualized Base Rent ("ABR")**, **Cash (Adjusted) Net Operating Income ("NOI")**, **EBITDAre**, **Funds From Operations ("Nareit FFO")**, and **FFO as Adjusted**[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[91](index=91&type=chunk)[98](index=98&type=chunk) - It also provides definitions for terms related to the company's portfolio and operations, including **Consolidated Debt**, **Continuing Care Retirement Community ("CCRC")**, **Development**, **Enterprise Debt**, **Investment and Portfolio Investment**, **Merger-Combined Same-Store ("SS")**, **Net Debt**, **Occupancy**, **Redevelopment**, and various **capital expenditure types**[84](index=84&type=chunk)[87](index=87&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk) - The definitions clarify the calculation and intended use of these measures for evaluating the company's **operating performance and financial position**, noting that **non-GAAP measures** are supplemental and have **inherent limitations**[79](index=79&type=chunk)[82](index=82&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[96](index=96&type=chunk)[102](index=102&type=chunk)[108](index=108&type=chunk) [Additional Information](index=30&type=section&id=Additional%20Information) This section directs readers to **Healthpeak's SEC filings (10-K, 10-Q, 8-K)** and its website for further information, including reporting definitions and **non-GAAP financial measure reconciliations** - Readers are advised to consult **Healthpeak's Annual Report on Form 10-K**, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other **SEC filings** for comprehensive information[128](index=128&type=chunk) - **Reporting Definitions and Reconciliations of Non-GAAP Financial Measures** are an integral part of the information presented and are available on **www.healthpeak.com**[128](index=128&type=chunk) - **Market and industry data** in the report is obtained from market research, publicly available information, and industry publications; its accuracy and completeness are not guaranteed, and it has not been **independently verified** by the company[130](index=130&type=chunk) - Contact information for **Andrew Johns, Senior Vice President - Investor Relations**, is provided for more information[131](index=131&type=chunk) [Discussion and Reconciliation of Non-GAAP Financial Measures](type=section&id=Discussion%20and%20Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This chapter defines and reconciles **non-GAAP financial measures** like **FFO**, **AFFO**, and **Same-Store NOI**, crucial for evaluating **REIT** performance - This section provides definitions, discussions of their uses and **inherent limitations**, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with **GAAP**[10](index=10&type=chunk)[32](index=32&type=chunk) - It covers supplemental **non-GAAP financial measures** such as **Nareit FFO**, **FFO as Adjusted**, **AFFO**, **Total Merger-Combined Same-Store Cash (Adjusted) NOI**, and **Net Debt to Adjusted EBITDAre**[10](index=10&type=chunk) - These measures are useful in evaluating the **operating performance and financial position** of real estate investment trusts[10](index=10&type=chunk)

Core Insights - The article expresses a beneficial long position in the shares of DOC, HR, and ARE, indicating a positive outlook on these companies [1] - The author emphasizes that the article is based on personal opinions and does not constitute financial advice [2] - It is highlighted that past performance does not guarantee future results, and the views expressed may not reflect those of the platform as a whole [3] Company Insights - The companies mentioned (DOC, HR, ARE) are positioned favorably in the market according to the author's analysis [1] - The article does not provide specific financial metrics or performance data for these companies, focusing instead on the author's investment stance [1][2] - There is an indication that the companies may have potential for growth, although specific catalysts or market conditions are not detailed [1]