EX-99.2 3 healthpeaksupplemental06.htm EXHIBIT 99.2
The Boardwalk (rendering) San Diego, CA Earnings Release and Supplemental Report ___________________________________________________________________ Second Quarter 2020

TABLE OF Contents Earnings Release 3 Consolidated Financial Statements 8 Overview 12 Portfolio Summary 13 Property Count Reconciliations 16 Capitalization and Indebtedness 17 Investment Summary 20 Developments and Redevelopments 22 Capital Expenditures 24 Portfolio Diversification 25 Expirations, Maturities and Purchase Options 27 Triple-net Master Lease Profile 28 Portfolio Senior Housing Triple-net 29 Senior Housing Operating Portfolio 31 CCRC 36 Life Science 37 Medical Office 40 Other 43 2020 Outlook and Additional Information 44 Glossary and Debt Ratios 47 Company Information 53 Forward-Looking Statements & Risk Factors 54 Discussion and Reconciliation of Non-GAAP Financial Measures Hayden Research Campus Lexington, MA 2

Healthpeak PropertiesTM Reports Second Quarter 2020 Results IRVINE, CA, August 4, 2020 -- Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the second quarter ended June 30, 2020. For the quarter, we generated net income of $0.09 per share, NAREIT FFO of $0.34 per share, FFO as Adjusted of $0.40 per share and blended Total Same-Store Portfolio Cash NOI results of (2.2%). SECOND QUARTER 2020 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS – The COVID-19 pandemic continues to evolve rapidly. In order to provide more up-to-date information about the impact of COVID-19 on Healthpeak, we have included certain key operating metrics through July 2020 in this release. – Balance sheet and liquidity: • In June 2020, issued $600 million of 2.875% senior unsecured notes due 2031 and used proceeds to redeem all of Healthpeak’s outstanding $300 million 3.150% senior unsecured notes due August 2022 and to repurchase $250 million of Healthpeak’s 4.250% senior unsecured notes due November 2023, pursuant to a tender offer completed in June 2020. Healthpeak incurred losses on debt extinguishment of $26 million in June and approximately $18 million in July in connection with the refinancings. Following these transactions, Healthpeak has no material scheduled debt maturities until November 2023. • As of July 31, 2020, had $2.85 billion of liquidity including full availability on Healthpeak’s $2.5 billion revolving credit facility and approximately $350 million of cash and cash equivalents. – Transactions: • In June 2020, closed on the previously announced sale of the three Frost Street medical office buildings in San Diego, CA, generating proceeds of approximately $106 million, representing a cash capitalization rate of 6.0%. • In April 2020, closed on the previously announced $320 million life science acquisition of The Post, a 426,000 square foot life science property located within the Route 128 submarket of Boston, Massachusetts. The stabilized cash and GAAP capitalization rates are 5.1% and 6.5%, respectively. – Development completion: • Delivered a 52,000 square foot, three-story Class A medical office building, located on HCA's campus of Lee's Summit Medical Center, in Lee's Summit, Missouri. The development was 51% leased to HCA upon delivery. – Development leasing: • In July 2020, signed two leases totaling 60,000 square feet, with a weighted average lease term of 8.5 years, bringing the 75 Hayden Avenue development to 100% leased. The project is expected to be completed and delivered in the third quarter of 2021. • In June 2020, signed a 17-year lease with a full-building user totaling 74,000 square feet at our Boardwalk development project in San Diego, California. The 190,000 square foot Class A, three-building development is now 39% pre-leased. – Declared quarterly common stock cash dividend of $0.37 per share to be paid on August 25, 2020, to stockholders of record as of the close of business on August 14, 2020. – Published 9th annual ESG Report covering 2019 environmental, social and governance (ESG) initiatives and progress; and named to Corporate Responsibility Magazine's 100 Best Corporate Citizens List for the second consecutive year. 3 ReturnReturn to to TOC TOC

SECOND QUARTER COMPARISON Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 (in thousands, except per share amounts) Amount Per Share Amount Per Share Net income (loss), diluted $ 51,131 $ 0.09 $ (13,991) $ (0.03) NAREIT FFO, diluted 182,367 0.34 199,906 0.41 FFO as Adjusted, diluted 216,547 0.40 214,385 0.44 AFFO, diluted 193,790 196,551 NAREIT FFO, FFO as Adjusted, AFFO, Same-Store Cash NOI, Net Debt and 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 the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "June 30, 2020 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 on the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. SAME-STORE ("SS") OPERATING SUMMARY The table below outlines the year-over-year three-month and year-to-date SS Cash NOI growth: Year-Over-Year Total SS Portfolio Cash NOI Growth Three Year-To- Month Date % of SS Medical office 1.3% 1.8% 42.5% Life science 7.3% 5.3% 34.6% Senior housing(1)(2) (21.2%) (6.2%) 19.2% Other non-reportable segments ("Other") 2.9% 4.1% 3.8% Total Portfolio(1)(2) (2.2%) 1.4% 100.0% (1) Same-Store year-over-year three-month Portfolio Cash NOI growth includes government grants under the CARES Act of $1.9 million and identifiable COVID-19 expenses of $6.3 million in the SHOP portfolio. (2) Same-Store year-over-year year-to-date Portfolio Cash NOI growth includes government grants under the CARES Act of $0.4 million and identifiable COVID-19 expenses of $4.1 million in the SHOP portfolio. 4 ReturnReturn to to TOC TOC

JULY 2020 PRELIMINARY UPDATES (Life Science, Medical Office and Hospitals) July 2020 data is based on preliminary information and is subject to change. (SF = square feet) As of, or for the month ended, July 31, 2020 Indicator (unless otherwise noted) Commentary LIFE SCIENCE Occupancy 96.3% Down 60 bps since June 30 due to known vacates Leasing 102,000 SF of executed leases (82,000 SF of new leasing) Year-to-date ahead of original expectations Letters of Intent 169,000 SF of executed LOIs in lease documentation (78,000 SF of new 96% of new leasing commitments driven by existing tenants looking to leasing) expand July Rent Payments 99% received Ahead of June collections Rent Relief Requests No new material requests in July In June, finalized short-term deferrals with 2 tenants totaling approximately $1 million MEDICAL OFFICE Occupancy 91.1% Unchanged from June 30 Leasing 230,000 SF of executed leases (28,000 SF of new leasing) Year-to-date ahead of original expectations Letters of Intent 367,000 SF of executed LOIs in lease documentation (121,000 SF of new Slightly lower than monthly average but YTD above 2019 leasing) July Rent Payments 98% of contractual rents received Deferral program represents previously announced program done in conjunction with HCA Rent Deferral Payments 96% of rent deferrals due in July have been paid $6 million in total rent deferrals (267 tenants); $1 million to be paid back per month HOSPITALS July Rent Payments 100% received 5 ReturnReturn to to TOC TOC

JULY 2020 PRELIMINARY UPDATES (Senior Housing) July 2020 data is based on preliminary information and is subject to change. (SF = square feet) As of, or for the month ended, July 31, 2020 Indicator (unless otherwise noted) Commentary SENIOR HOUSING: SHOP(1)(2)(3) Occupancy Spot occupancy (July 31): 77.8% Spot declined 110 bps vs. June 30 Average Daily Census (July): 77.8% Average Daily Census declined 50 bps vs. June Move-ins Declined 62% vs. July 2019; Declined 32% vs. June 2020 86% of our properties are now accepting move-ins Move-outs Declined 19% vs. July 2019; Declined 1% vs. June 2020 July is the third consecutive month move-outs declined Leads Declined 31% vs. July 2019; Declined 2% vs. June 2020 Operators continue to prioritize digital marketing platforms Tours Declined 52% vs. July 2019; Declined 8% vs. June 2020 Tours were almost entirely virtual / digital SENIOR HOUSING: CCRC(1)(2)(3) Spot Occupancy (July 31) Average Daily Census (July) IL/AL/MC Occupancy 82.7% 82.9% Total spot occupancy decreased 20 bps vs. June 30 SNF Occupancy 62.7% 60.2% Total average daily census declined 40 bps vs. June Total Occupancy 79.3% 79.1% 93% of our IL/AL/MC properties are now accepting move-ins. For IL/AL/MC Move-ins Declined 78% vs. July 2019; Declined 72% vs. June 2020 CCRCs the last month of a quarter is typically a stronger leasing month IL/AL/MC Move-outs Declined 28% vs. July 2019; Declined 12% vs. June 2020 July is the second consecutive month move-outs declined IL/AL/MC Leads Declined 17% vs. July 2019; Declined 2% vs. June 2020 Operators continue to prioritize digital marketing platforms IL/AL/MC Tours Increased 43% vs. July 2019; Increased 94% vs. June 2020 Tours were almost entirely virtual / digital SENIOR HOUSING (SHOP and CCRC) EXPENSE UPDATE Second quarter total expenses were incrementally ~1.6% higher than original 2020 expectations, which is below the low end of the Q2 2020 Expense Results The COVID-19 impact on total expenses was ~1.6% outlook range of 5-15% provided in May. COVID-19 related (July not yet available) expenses were in-line with expectations, with the favorable expense variance driven by lower than expected compensation, marketing and repairs and maintenance. SENIOR HOUSING: NNN TENANT UPDATES July Rent Payments 97% received + 3% deferred SENIOR HOUSING: KNOWN COVID-19 POSITIVE CASES New COVID positive resident cases in our senior housing facilities Based on the reports Healthpeak receives from its operators across 218 properties, as of July 31, 2020, Healthpeak had as of late July have declined by more than 50% from the peak in 111 properties managed by 15 different operators with confirmed resident COVID-19 cases, and 59 of those affected mid-April. 80 of our 111 COVID-19 resident positive properties are properties had experienced resident deaths. 14 or more days from the most recent exposure. (1) Properties that are held for sale, in redevelopment or in development are excluded from reporting statistics. (2) Move-in and move-out data exclude skilled nursing beds in our SHOP and CCRC portfolios given the Medicare residents usually have lengths of stay of 30 days or less. (3) Skilled nursing units in our portfolio received $14.9 million of Coronavirus Aid, Relief, and Economic Security ("CARES") Act funding in 2Q20. This represents pro rata funding provided to all Medicare providers. 6 ReturnReturn to to TOC TOC

2020 OUTLOOK UPDATE Please see pages 44 - 46 in the Second Quarter 2020 Supplemental Report for a revised outlook and earnings framework. COMPANY INFORMATION Healthpeak has scheduled a conference call and webcast for Wednesday, August 5, 2020, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) to present its performance and operating results for the second quarter ended June 30, 2020. The conference call is accessible by dialing (888) 317-6003 (U.S.) or (412) 317-6061 (international). The conference ID number is 3883068. You may also access the conference call via webcast in the Investor Relations section of our website at http://ir.healthpeak.com. An archive of the webcast will be available on Healthpeak's website through August 5, 2021, and a telephonic replay can be accessed through August 12, 2020, by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (international) and entering conference ID number 10145906.Our Supplemental Report for the current period is also available, with this earnings release, in the Investor Relations section of our website. ABOUT HEALTHPEAK Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Senior Housing and Medical Office, designed to provide stability through the inevitable industry cycles. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com. FORWARD-LOOKING STATEMENTS Statements 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 current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, joint venture transactions, leasing activity, capital recycling plans, financing activities, or other transactions discussed in this release; (ii) the payment of a quarterly cash dividend; and (iii) statements regarding the impact of the COVID-19 pandemic on our business, financial condition and results of operations. 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. These risks and uncertainties include, but are not limited to: the severity and duration of the COVID-19 pandemic; actions that have been taken and may continue to be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the impact of the COVID-19 pandemic and health and safety measures taken to reduce the spread; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; the ability of our existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and manage their expenses in order to generate sufficient income to make rent and loan payments to us and our ability to recover investments made, if applicable, in their operations; the imposition of laws or regulations prohibiting the eviction of our tenants, including new governmental efforts in response to COVID-19; the financial condition of our existing and future tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings, which results in uncertainties regarding our ability to continue to realize the full benefit of such tenants’ and operators’ leases and borrowers’ loans; our concentration in the healthcare property sector, particularly in senior housing, life sciences and medical office buildings, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the effect on us and our tenants and operators of legislation, executive orders and other legal requirements, including compliance with the Americans with Disabilities Act, fire, safety and health regulations, environmental laws, the Affordable Care Act, licensure, certification and inspection requirements, and laws addressing entitlement programs and related services, including Medicare and Medicaid, which may result in future reductions in reimbursements or fines for noncompliance; our ability to identify replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; the risks associated with property development and redevelopment, including costs above original estimates, project delays and lower occupancy rates and rents than expected; the potential impact of uninsured or underinsured losses, including as a result of hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause such losses and/or performance declines by us or our tenants and operators; the risks associated with our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners’ financial condition and continued cooperation; competition for the acquisition and financing of suitable healthcare properties as well as competition for tenants and operators, including with respect to new leases and mortgages and the renewal or rollover of existing leases; our or our counterparties’ ability to fulfill obligations, such as financing conditions and/or regulatory approval requirements, required to successfully consummate acquisitions, dispositions, transitions, developments, redevelopments, joint venture transactions or other transactions; our ability to achieve the benefits of acquisitions or other investments within expected time frames or at all, or within expected cost projections; the potential impact on us and our tenants, operators and borrowers from current and future litigation matters, including the possibility of larger than expected litigation costs, adverse results and related developments; changes in federal, state or local laws and regulations, including those affecting the healthcare industry that affect our costs of compliance or increase the costs, or otherwise affect the operations, of our tenants and operators; our ability to foreclose on collateral securing our real estate-related loans; volatility or uncertainty in the capital markets, the availability and cost of capital as impacted by interest rates, changes in our credit ratings, the value of our common stock, and other conditions that may adversely impact our ability to fund our obligations or consummate transactions, or reduce the earnings from potential transactions; changes in global, national and local economic and other conditions, including the ongoing economic downturn, volatility in the financial markets and high unemployment rates; our ability to manage our indebtedness level and changes in the terms of such indebtedness; competition for skilled management and other key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions or breaches; our ability to maintain our qualification as a real estate investment trust; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made. CONTACT Barbat Rodgers Senior Director – Investor Relations 949-407-0400 7 ReturnReturn to to TOC TOC

Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data (unaudited) June 30, 2020 December 31, 2019 Assets Real estate: Buildings and improvements $ 12,841,242 $ 11,120,039 Development costs and construction in progress 678,146 692,336 Land 2,113,871 1,992,602 Accumulated depreciation and amortization (2,846,260) (2,771,922) Net real estate 12,786,999 11,033,055 Net investment in direct financing leases 44,706 84,604 Loans receivable, net of reserves of $14,115 and $0 253,774 190,579 Investments in and advances to unconsolidated joint ventures 460,386 825,515 Accounts receivable, net of allowance of $9,487 and $4,565 73,432 59,417 Cash and cash equivalents 730,957 144,232 Restricted cash 105,684 40,425 Intangible assets, net 537,555 331,693 Assets held for sale, net 378,708 504,394 Right-of-use asset, net 193,729 172,486 Other assets, net 750,510 646,491 Total assets $ 16,316,440 $ 14,032,891 Liabilities and Equity Bank line of credit and commercial paper $ — $ 93,000 Term loan 249,062 248,942 Senior unsecured notes 5,992,193 5,647,993 Mortgage debt 487,532 276,907 Intangible liabilities, net 110,732 74,991 Liabilities of assets held for sale, net 32,648 36,369 Lease liability 177,029 156,611 Accounts payable, accrued liabilities, and other liabilities 847,080 540,924 Deferred revenue 751,443 289,680 Total liabilities 8,647,719 7,365,417 Commitments and contingencies Common stock, $1.00 par value: 750,000,000 shares authorized; 538,317,896 and 505,221,643 shares issued and outstanding 538,318 505,222 Additional paid-in capital 10,222,728 9,183,892 Cumulative dividends in excess of earnings (3,660,187) (3,601,199) Accumulated other comprehensive income (loss) (2,186) (2,857) Total stockholders' equity 7,098,673 6,085,058 Joint venture partners 370,347 378,061 Non-managing member unitholders 199,701 204,355 Total noncontrolling interests 570,048 582,416 Total equity 7,668,721 6,667,474 Total liabilities and equity $ 16,316,440 $ 14,032,891 8 ReturnReturn to to TOC TOC

Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues: Rental and related revenues $ 312,363 $ 301,197 $ 627,051 $ 595,419 Resident fees and services 269,697 177,766 533,202 304,461 Income from direct financing leases 2,150 10,190 5,419 23,714 Interest income 4,230 2,414 7,918 4,127 Total revenues 588,440 491,567 1,173,590 927,721 Costs and expenses: Interest expense 57,550 56,942 115,926 106,269 Depreciation and amortization 178,488 165,296 367,764 297,247 Operating 315,841 213,993 691,854 382,920 General and administrative 23,720 27,120 46,069 48,475 Transaction costs 627 1,337 15,475 5,855 Impairments and loan loss reserves (recoveries), net 24,050 68,538 63,173 77,396 Total costs and expenses 600,276 533,226 1,300,261 918,162 Other income (expense): Gain (loss) on sales of real estate, net 82,863 11,448 247,732 19,492 Loss on debt extinguishments (25,824) (1,135) (24,991) (1,135) Other income (expense), net 19,586 21,008 230,194 24,141 Total other income (expense), net 76,625 31,321 452,935 42,498 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 64,789 (10,338) 326,264 52,057 Income tax benefit (expense) 7,346 1,864 40,390 5,322 Equity income (loss) from unconsolidated joint ventures (17,086) (1,506) (29,065) (2,369) Net income (loss) 55,049 (9,980) 337,589 55,010 Noncontrolling interests' share in earnings (3,543) (3,617) (7,003) (7,137) Net income (loss) attributable to Healthpeak Properties, Inc. 51,506 (13,597) 330,586 47,873 Participating securities' share in earnings (375) (394) (1,800) (837) Net income (loss) applicable to common shares $ 51,131 $ (13,991) $ 328,786 $ 47,036 Earnings per common share: Basic $ 0.09 $ (0.03) $ 0.63 $ 0.10 Diluted $ 0.09 $ (0.03) $ 0.63 $ 0.10 Weighted average shares outstanding: Basic 538,262 478,739 522,427 478,260 Diluted 538,517 478,739 523,498 479,885 9 ReturnReturn to to TOC TOC

Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data (unaudited) Three Months Ended Six Months Ended (1) For the six months ended June 30, 2020, relates to June 30, June 30, the gain on consolidation of 13 continuing care 2020 2019 2020 2019 retirement communities ("CCRCs") in which we acquired Brookdale's interest and began Net income (loss) applicable to common shares $ 51,131 $ (13,991) $ 328,786 $ 47,036 consolidating during the first quarter of 2020. For Real estate related depreciation and amortization 178,488 165,296 367,764 297,247 the three and six months ended June 30, 2019, represents the gain related to the acquisition of the Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures 25,618 15,123 55,228 30,200 outstanding equity interests in a previously unconsolidated senior housing joint venture. Gains Noncontrolling interests' share of real estate related depreciation upon change of control are included in other income and amortization (4,980) (5,013) (10,023) (9,934) (expense), net in the consolidated statements of Other real estate-related depreciation and amortization 891 1,357 2,128 3,442 operations. Loss (gain) on sales of real estate, net (82,863) (11,448) (247,732) (19,492) (2) For the six months ended June 30, 2020, includes the termination fee and transition fee expenses Healthpeak's share of loss (gain) on sales of real estate, net, from unconsolidated joint ventures (1,519) — (9,248) — related to terminating the management agreements with Brookdale for 13 CCRCs and transitioning those Noncontrolling interests' share of gain (loss) on sales of real estate, communities to LCS, partially offset by the tax net (3) 208 (3) 208 benefit recognized related to those expenses. The (1) Loss (gain) upon change of control, net (2,528) (11,501) (169,962) (11,501) expense related to terminating the CCRC Taxes associated with real estate dispositions 335 — (11,540) — management agreements with Brookdale is included in operating expenses in the consolidated Impairments (recoveries) of depreciable real estate, net 17,797 58,391 48,519 67,249 statement of operations for the six months ended NAREIT FFO applicable to common shares 182,367 198,422 353,917 404,455 June 30, 2020. Distributions on dilutive convertible units and other — 1,484 3,501 3,279 (3) For the three months ended June 30, 2020, represents additional reserves for loan losses under Diluted NAREIT FFO applicable to common shares $ 182,367 $ 199,906 $ 357,418 $ 407,734 the current expected credit losses accounting Diluted NAREIT FFO per common share $ 0.34 $ 0.41 $ 0.68 $ 0.84 standard in accordance with Accounting Standards Weighted average shares outstanding - diluted NAREIT FFO 538,517 485,054 529,009 484,435 Codification 326, Financial Instruments – Credit Losses ("ASC 326") and the impairment of an Impact of adjustments to NAREIT FFO: undeveloped MOB land parcel, which is classified as Transaction-related items(2) $ 685 $ 6,435 $ 93,064 $ 12,324 held-for-sale. The six months ended June 30, 2020 (3) also includes additional reserves for loan losses Other impairments (recoveries) and other losses (gains), net 6,291 10,147 (27,015) 10,147 under ASC 326 and a gain on sale of a hospital that Severance and related charges — 3,728 — 3,728 was in a direct financing lease ("DFL"). For the three Loss on debt extinguishments(4) 25,824 1,135 24,991 1,135 and six months ended June 30, 2019, represents the impairment of 13 senior housing triple-net facilities Litigation costs (recoveries) 100 (527) 206 (399) under DFLs recognized as a result of entering into (5) Casualty-related charges (recoveries), net — (6,242) — (6,242) sales agreements. Foreign currency remeasurement losses (gains) 143 (159) 153 (187) (4) For all periods presented, primarily represents the (6) premium associated with the prepayment of senior Tax rate legislation impact (697) — (3,589) — unsecured notes and mortgage debt. Total adjustments 32,346 14,517 87,810 20,506 (5) For the three and six months ended June 30, 2019, FFO as Adjusted applicable to common shares 214,713 212,939 441,727 424,961 represents incremental insurance proceeds received for property damage and other associated costs Distributions on dilutive convertible units and other 1,834 1,446 3,390 3,226 related to hurricanes in 2017. Diluted FFO as Adjusted applicable to common shares $ 216,547 $ 214,385 $ 445,117 $ 428,187 (6) For the three and six months ended June 30, 2020, Diluted FFO as Adjusted per common share $ 0.40 $ 0.44 $ 0.84 $ 0.88 represents the tax benefit of the CARES Act extending the net operating loss carryback period to Weighted average shares outstanding - diluted FFO as Adjusted 544,018 485,054 529,009 484,435 five years. 10 ReturnReturn to to TOC TOC

Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 FFO as Adjusted applicable to common shares $ 214,713 $ 212,939 $ 441,727 $ 424,961 Amortization of deferred compensation 4,984 4,308 8,972 7,898 Amortization of deferred financing costs 2,534 2,740 5,116 5,440 Straight-line rents (8,316) (5,695) (14,544) (11,940) AFFO capital expenditures (18,781) (19,513) (40,572) (38,733) Lease restructure payments 328 292 619 580 CCRC entrance fees(1) — 4,845 — 8,340 Deferred income taxes (6,686) (3,897) (1,899) (7,629) Other AFFO adjustments(2) 3,150 (952) 109 (2,381) AFFO applicable to common shares 191,926 195,067 399,528 386,536 Distributions on dilutive convertible units and other 1,864 1,484 3,501 3,278 Diluted AFFO applicable to common shares $ 193,790 $ 196,551 $ 403,029 $ 389,814 Weighted average shares outstanding - diluted AFFO 544,018 485,054 529,009 484,435 (1) In connection with the acquisition of the remaining 51% interest in the CCRC JV in January 2020, we consolidated the 13 communities in the CCRC JV and recorded the assets and liabilities at their acquisition date relative fair values, including the CCRC contract liabilities associated with previously collected non-refundable entrance fees. In conjunction with increasing those CCRC contract liabilities to their fair value, we concluded that we will no longer adjust for the timing difference between non-refundable entrance fees collected and amortized as we believe the amortization of these fees is a meaningful representation of how we satisfy the performance obligations of the fees. As such, upon consolidation of the CCRC assets, we no longer exclude the difference between CCRC entrance fees collected and amortized from the calculation of AFFO. For comparative periods presented, the adjustment continues to represent our 49% share of non-refundable entrance fees collected by the CCRC JV, net of reserves and net of CCRC JV entrance fee amortization. (2) Primarily includes our share of AFFO capital expenditures from unconsolidated joint ventures, partially offset by noncontrolling interests' share of AFFO capital expenditures from consolidated joint ventures. 11 ReturnReturn to to TOC TOC

The Numbers Overview(1)(2) As of and for the quarter and six months ended June 30, 2020, dollars, square feet, and shares in thousands, except per share data 2Q20 YTD 2020 (1) Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non- Financial Metrics GAAP financial measures used in this report can be Diluted earnings per common share $0.09 $0.63 found at http://ir.healthpeak.com/quarterly-results. Totals throughout this Earnings Release and Diluted NAREIT FFO per common share $0.34 $0.68 Supplemental Report may not add due to rounding. Diluted FFO as Adjusted per common share $0.40 $0.84 (2) Segments, NOI, and other key performance metrics are Dividends per common share $0.37 $0.74 inclusive of our share in unconsolidated JVs and Portfolio Real Estate Revenues(3) $620,342 $1,240,768 exclusive of non-controlling interest share in (3)(4) consolidated JVs. See the Glossary herein and the Portfolio NOI $283,650 $494,790 Discussion and Reconciliation of Non-GAAP Financial Portfolio Cash NOI(3)(4) $280,581 $575,163 Measures found at http://ir.healthpeak.com/quarterly- (3)(4) results for further information. Portfolio Income $284,810 $583,081 (3) 2Q20 and YTD 2020 include government grants under the CARES Act for our SHOP and CCRC segments of $14.9 million, which is included in Other income % of Total SS 2Q20 YTD 2020 (expense), net and Equity income/(loss) from Same-Store Cash NOI Growth unconsolidated joint ventures in our Consolidated Statement of Operations. Senior housing 19.2% (21.2%) (6.2%) (4) 2Q20 and YTD 2020 include identifiable COVID Life science 34.6% 7.3% 5.3% expenses for our SHOP and CCRC segments of $20.2 Medical office 42.5% 1.3% 1.8% million and $23.1 million, respectively. Other 3.8% 2.9% 4.1% (5) Occupancy for Life science and Medical office is Total 100.0% (2.2%) 1.4% calculated as of the end of the period presented and is based on square feet. Occupancy for Senior housing is calculated on a three-month average and is based on units. Occupancy for Senior housing triple-net is one 2Q20 2Q20 quarter in arrears, and SHOP and CCRC are based on Capitalization Debt Ratios the most recent three-months available. Occupancy Common stock outstanding and DownREIT units 545,643 Financial Leverage 34.4% excludes assets that are held for sale. Total Market Equity $15,037,921 Secured Debt Ratio 3.1% (6) SHOP spot occupancy as of June 30, 2020 was 78.9%. Enterprise Debt $6,848,677 Net Debt to Adjusted EBITDAre 5.4x (7) CCRC spot occupancy as of June 30, 2020 was 79.5% composed of 83.4% for non-SNF care types (AL, IL, and Adjusted Fixed Charge Coverage 4.3x memory care) and 59.9% for SNF. (8) Our Other non-reportable segment includes ten (5) hospitals. Property Count Capacity Occupancy Portfolio Statistics Senior housing triple-net 62 5,848 Units 86.4% SHOP(6) 139 16,232 Units 79.8% CCRC(7) 17 8,321 Units 80.4% Life science 135 9,178 Sq. Ft. 96.9% Medical office 269 20,970 Sq. Ft. 91.1% Other(8) 11 N/A N/A Total 633 N/A N/A 12 ReturnReturn to to TOC TOC

Portfolio Summary As of and for the quarter ended June 30, 2020, dollars in thousands Weighted Property Portfolio Portfolio Private Average (2) (4) Count Age(1) Investment Income Pay % PORTFOLIO INCOME Property Portfolio Senior housing triple-net 62 19 $ 1,024,660 $ 24,104 93.1 SHOP 132 18 3,479,806 26,288 96.6 CCRC 17 28 2,218,752 32,056 83.7 SHOP 9% Life science 124 14 5,944,198 101,473 100.0 CCRC 11% Hospitals and Medical office 257 23 4,590,988 85,911 100.0 Other 5% Other 11 15 255,374 10,749 69.4 603 20 $ 17,513,779 $ 280,581 96.1 Senior housing Developments triple-net 9% Life science 8 — $ 410,036 $ — — Medical office 7 — 48,541 — — 15 — $ 458,577 $ — — $284.8M (3) Redevelopments Medical SHOP 7 — $ 67,592 $ — — office 30% Life science 3 — 75,685 — — Medical office 5 — 9,551 — — 15 — $ 152,827 $ — — Life science Debt Investments 36% Other — — $ 282,759 $ 4,230 — Total Senior housing triple-net 62 19 $ 1,024,660 $ 24,104 93.1 SHOP 139 18 3,547,398 26,288 96.6 CCRC 17 28 2,218,752 32,056 83.7 Life science 135 14 6,429,919 101,473 100.0 Medical office 269 23 4,649,080 85,911 100.0 Other 11 15 538,133 14,979 69.4 633 20 $ 18,407,942 $ 284,810 96.1 (1) Age is weighted based on current quarter Portfolio Income excluding assets sold or held for sale. (2) Self-pay and private insurance (including managed care) revenues as a percentage of total property revenues for the most recent trailing 12 months available, weighted based on current quarter Portfolio Income including assets sold in the quarter. Revenues for medical office buildings are considered 100% private pay. (3) Includes Construction in Process ("CIP") and buildings or portions of buildings placed in Redevelopment. Portfolio Income for Redevelopments is reflected in the Property Portfolio section above. (4) 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. 13 Return to TOC

Quarter NOI Summary For the quarter ended June 30, 2020, dollars in thousands PORTFOLIO NOI SUMMARY Portfolio NOI SS NOI Portfolio Real Portfolio Estate Operating SS Real Estate SS Operating Revenues Expenses Portfolio NOI Revenues Expenses SS NOI Senior housing triple-net $ 24,589 $ (526) $ 24,063 $ 20,590 $ (49) $ 20,541 SHOP 181,952 (155,782) 26,169 93,923 (77,432) 16,491 CCRC 131,112 (99,074) 32,037 N/A N/A N/A Total Senior housing $ 337,652 $ (255,383) $ 82,270 $ 114,513 $ (77,481) $ 37,032 Life science 138,439 (34,186) 104,253 87,922 (20,761) 67,161 Medical office 133,980 (47,117) 86,863 120,253 (41,200) 79,053 Other 10,271 (6) 10,264 6,744 (4) 6,740 $ 620,342 $ (336,693) $ 283,650 $ 329,432 $ (139,446) $ 189,986 PORTFOLIO CASH NOI SUMMARY Portfolio Cash NOI SS Cash NOI Portfolio Cash Portfolio Cash SS Cash Real SS Cash Real Estate Operating Portfolio Cash Estate Operating Revenues Expenses NOI Revenues Expenses SS Cash NOI Senior housing triple-net $ 24,569 $ (465) $ 24,104 $ 20,316 $ (35) $ 20,281 SHOP 182,059 (155,771) 26,288 93,805 (77,380) 16,425 CCRC 131,108 (99,052) 32,056 N/A N/A N/A Total Senior housing $ 337,736 $ (255,288) $ 82,448 $ 114,121 $ (77,415) $ 36,706 Life science 135,646 (34,173) 101,473 87,352 (20,748) 66,604 Medical office 132,381 (46,470) 85,911 118,624 (40,560) 78,064 Other 10,756 (6) 10,749 6,834 (4) 6,830 $ 616,519 $ (335,938) $ 280,581 $ 326,931 $ (138,727) $ 188,204 THREE-MONTH SS SS % of Year-Over-Year Sequential % of Total Segment Occupancy Growth Occupancy Growth SS based based on Property on SS Cash Portfolio SS Cash Count NOI Cash NOI 2Q20 2Q19 SS NOI SS Cash NOI 2Q20 1Q20 SS NOI NOI Senior housing triple-net 47 11% 84% 86.4% 87.1% 6.9% 3.2% 86.4% 87.2% 0.3% 1.9% SHOP 71 9% 62% 79.1% 84.7% (38.3%) (39.0%) (1) 79.1% 84.6% (33.6%) (33.5%) Total Senior housing 118 20% 45% (19.4%) (21.2%) (1) (18.3%) (17.7%) Life science 97 35% 66% 97.9% 95.6% 4.4% 7.3% 97.9% 95.2% 3.1% 5.0% Medical office 244 41% 91% 91.9% 92.1% 0.8% 1.3% 91.9% 91.8% (2.0%) (1.5%) Other 9 4% 64% 51.9% 51.5% (0.1%) 2.9% 51.9% 49.2% (2.1%) (2.0%) Total 468 100% 67% (2.8%) (2.2%) (1) (4.0%) (3.1%) (1) Same-Store year-over-year three-month Portfolio Cash NOI growth includes government grants under the CARES Act of $1.9 million and identifiable COVID-19 expenses of $6.3 million in the SHOP portfolio. 14 Return to TOC

Year-To-Date NOI Summary For the six months ended June 30, 2020, dollars in thousands NOI SUMMARY Portfolio NOI SS NOI Portfolio Real Portfolio Estate Operating SS Real Estate SS Operating Revenues Expenses Portfolio NOI Revenues Expenses SS NOI Wholly-Owned Senior housing triple-net $ 57,724 $ (1,032) $ 56,692 $ 41,118 $ (98) $ 41,020 SHOP 378,140 (311,492) 66,648 113,136 (82,615) 30,522 CCRC 244,539 (273,593) (29,054) N/A N/A N/A Total Senior housing $ 680,403 $ (586,117) $ 94,286 $ 154,254 $ (82,712) $ 71,542 Life science 267,270 (64,371) 202,899 167,854 (39,372) 128,481 Medical office 271,181 (95,480) 175,701 240,927 (82,487) 158,441 Other 21,914 (11) 21,903 13,631 (9) 13,623 $ 1,240,768 $ (745,979) $ 494,790 $ 576,667 $ (204,580) $ 372,087 CASH NOI SUMMARY Portfolio Cash NOI SS Cash NOI Portfolio Cash Portfolio Cash SS Cash Real SS Cash Real Estate Operating Portfolio Cash Estate Operating Revenues Expenses NOI Revenues Expenses SS Cash NOI Wholly-Owned Senior housing triple-net $ 54,316 $ (958) $ 53,359 $ 40,259 $ (70) $ 40,190 SHOP 378,796 (311,498) 67,298 112,895 (82,550) 30,345 CCRC 244,358 (181,832) 62,525 N/A N/A N/A Total Senior housing $ 677,470 $ (494,288) $ 183,182 $ 153,154 $ (82,620) $ 70,534 Life science 260,184 (64,345) 195,839 166,265 (39,346) 126,919 Medical office 267,478 (94,185) 173,293 237,209 (81,206) 156,003 Other 22,860 (11) 22,849 13,812 (9) 13,803 $ 1,227,993 $ (652,830) $ 575,163 $ 570,440 $ (203,181) $ 367,259 SIX-MONTH SS SS % of Year-Over-Year Segment Occupancy Growth % of Total based on Property SS based on Portfolio SS Cash Count Cash NOI Cash NOI 2Q20 2Q19 SS NOI NOI Senior housing triple-net 47 11% 75% 86.4% 87.1% 8.0% 3.0% SHOP 48 8% 45% 84.4% 87.1% (14.4%) (16.0%) (1) Total Senior housing 95 19% 39% (2.8%) (6.2%) (1) Life science 95 35% 65% 97.9% 95.5% 3.5% 5.3% Medical office 243 42% 90% 92.0% 92.3% 1.2% 1.8% Other 9 4% 60% 51.9% 51.5% 1.2% 4.1% Total 442 100% 64% 1.2% 1.4% (1) (1) Same-Store year-over-year year-to-date Portfolio Cash NOI growth includes government grants under the CARES Act of $0.4 million and identifiable COVID-19 expenses of $4.1 million in the SHOP portfolio. 15 Return to TOC

Property Count Reconciliations As of June 30, 2020 PROPERTY COUNT RECONCILIATION Senior Housing Life Medical Triple-net SHOP CCRC Science Office Other Total Prior Quarter Total Property Count 64 141 17 134 269 11 636 Acquisitions — — — 1 1 — 2 Assets sold — (4) — — (3) — (7) Segment conversions (2) 2 — — — — — New Developments — — — — 1 — 1 Bifurcation of adjacent assets — — — — 1 — 1 Current Quarter Total Property Count 62 139 17 135 269 11 633 Acquisitions — (8) — (8) (2) — (18) Assets in Development — — — (8) (7) — (15) Completed Developments - not Stabilized — (2) — (7) (2) — (11) Assets in Redevelopment — (7) — (3) (5) — (15) Completed Redevelopments - not Stabilized — (3) — (8) (3) — (14) Assets held for sale (12) (33) (2) — (6) (2) (55) Segment conversions(1) (3) (15) (15) — — — (33) Significant tenant relocation(2) — — — (3) — — (3) Assets impacted by casualty event — — — (1) — — (1) Three-Month SS Property Count 47 71 — 97 244 9 468 Segment conversions — (14) — — — — (14) Acquisitions — (9) — (1) — — (10) Completed Redevelopments - not Stabilized — — — (1) (1) — (2) Six-Month SS Property Count 47 48 — 95 243 9 442 SEQUENTIAL SS Senior Housing Life Medical Triple-net SHOP CCRC Science Office Other Total Prior Quarter Three-Month SS Property Count 52 50 — 95 252 11 460 Acquisitions — 9 — 1 — — 10 Assets in Redevelopment — — — — (3) — (3) Prior Development/Redevelopment now Stabilized — — — 1 1 — 2 Assets held for sale (5) (2) — — (4) (2) (13) Assets sold — — — — (3) — (3) Segment conversions — 14 — — — — 14 Bifurcation of adjacent assets — — — — 1 — 1 Current Quarter Three-Month SS Property Count 47 71 — 97 244 9 468 (1) Senior housing triple-net represents properties for which an agreement has been reached to convert to SHOP but have not yet closed. (2) Life science assets removed from Same-Store due to significant tenant relocations from buildings that were in Same-Store to buildings that are not in Same-Store, where the relocation results in increased revenues to the company. 16 Return to TOC

Capitalization Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION June 30, 2020 Shares Value Total Value Common stock (NYSE: PEAK) 538,318 $ 27.56 $ 14,836,044 Convertible partnership (DownREIT) units 7,325 27.56 201,877 Total Market Equity 545,643 $ 15,037,921 Consolidated Debt 6,756,432 Total Market Equity and Consolidated Debt 545,643 $ 21,794,353 Share of unconsolidated JV debt 92,245 Total Market Equity and Enterprise Debt 545,643 $ 21,886,598 COMMON STOCK AND EQUIVALENTS Weighted Average Shares Weighted Average Shares Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Shares Outstanding Diluted Diluted FFO Diluted Diluted Diluted FFO Diluted June 30, 2020 Diluted EPS NAREIT FFO as Adjusted AFFO Diluted EPS NAREIT FFO as Adjusted AFFO Common stock 538,318 538,262 538,262 538,262 538,262 522,427 522,427 522,427 522,427 Common stock equivalent securities: Restricted stock units(1) 1,765 255 255 255 255 263 263 263 263 Equity forward agreements(2) — — — — — 808 808 808 808 Convertible partnership (DownREIT) units 7,325 — — 5,501 5,501 — 5,511 5,511 5,511 Total common stock and equivalents 547,408 538,517 538,517 544,018 544,018 523,498 529,009 529,009 529,009 (1) The weighted average shares represent the current dilutive impact, using the treasury stock method, of 1.8 million restricted stock units outstanding as of June 30, 2020. (2) Represents the current dilutive impact of 32.5 million weighted average shares of common stock under forward sales agreements that were unsettled during a portion of the six months ended June 30, 2020. During 1Q20, all shares under forward sales agreements were settled and are included in our common stock outstanding. 17 Return to TOC

Indebtedness and Ratios As of June 30, 2020, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Share of Unconsolidated Senior Unsecured Notes Mortgage Debt JV Debt Enterprise Debt Bank LOC & Commercial Consolidated Paper(1) Term Loan(2) Amounts Rates %(3) Amounts Rates %(3) Debt Amounts(4) Rates %(3) Amounts Rates %(3) 2020 $ — $ — $ — — $ 4,205 — $ 4,205 $ 10,291 4.24 $ 14,496 4.24 2021 — — — — 16,165 5.26 16,165 46,532 2.83 62,697 3.22 2022 — — 300,000 (5) 3.37 8,417 — 308,417 14,622 4.44 323,039 3.42 2023 — — 300,000 4.37 93,609 3.80 393,609 3,122 3.96 396,731 4.23 2024 — 250,000 1,150,000 4.17 6,939 — 1,406,939 — — 1,406,939 3.64 2025 — — 1,350,000 3.93 7,287 — 1,357,287 17,972 3.87 1,375,259 3.93 2026 — — 650,000 3.39 106,687 3.51 756,687 — — 756,687 3.41 2027 — — — — 36,457 4.20 36,457 — — 36,457 4.20 2028 — — — — 70,020 3.87 70,020 — — 70,020 3.87 2029 — — 650,000 3.65 2,371 — 652,371 — — 652,371 3.65 Thereafter — — 1,650,000 3.79 118,103 4.07 1,768,103 — — 1,768,103 3.81 $ — $ 250,000 $ 6,050,000 $ 470,260 $ 6,770,260 $ 92,539 $ 6,862,799 (Discounts), premium and debt costs, net — (938) (57,807) 17,272 (41,473) (294) (41,767) $ — $ 249,062 $ 5,992,193 $ 487,532 $ 6,728,787 $ 92,245 $ 6,821,032 Mortgage debt on assets held for sale(6) — — — 27,645 27,645 — 27,645 $ — $ 249,062 $ 5,992,193 $ 515,177 $ 6,756,432 $ 92,245 $ 6,848,677 Weighted average (7) (7) interest rate % — 1.17 3.83 3.87 3.74 3.54 3.74 Weighted average (7) (7) maturity in years — 3.9 7.0 9.0 7.0 1.9 7.0 (1) The Company has a $2.5 billion unsecured revolving line of credit facility, which matures on May 23, 2023 and contains two six-month extension options. It accrues annual interest at LIBOR plus 82.5 basis points and incurs an annual facility fee of 15 basis points, based on our current unsecured credit rating. (2) The Company has a $250 million term loan, which matures on May 23, 2024. It accrues annual interest at LIBOR plus 90 basis points, based on our current unsecured credit rating. (3) Rates are reported in the year in which the related debt matures. (4) Reflects pro rata share of mortgage debt in our unconsolidated JVs. (5) On July 9, 2020, we repaid these notes in their entirety. (6) Includes mortgage debt of $27.6 million on assets held for sale that matures in 2044. (7) Excludes the impact of mortgage debt held for sale. 18 Return to TOC

Indebtedness and Ratios As of June 30, 2020, dollars in thousands DEBT STRUCTURE Weighted Average Years to Balance % of Total Rates % Maturity Secured Fixed rate $ 512,060 8 3.94 8.4 Floating rate 50,739 1 2.83 1.8 Combined $ 562,799 9 3.84 7.8 Unsecured Fixed rate 6,050,000 88 3.83 7.0 Floating rate 250,000 3 1.17 3.9 Combined $ 6,300,000 91 3.73 6.8 Total Fixed rate 6,562,060 96 3.84 7.1 Floating rate 300,739 4 1.45 3.6 Combined $ 6,862,799 100 3.74 7.0 (Discounts), premiums and debt costs, net (41,767) $ 6,821,032 Mortgage debt on assets held for sale(1) 27,645 Enterprise Debt $ 6,848,677 FINANCIAL COVENANTS(2) Bank Line of Credit Requirement Actual Compliance Leverage Ratio No greater than 60% 35% Secured Debt Ratio No greater than 40% 3% Unsecured Leverage Ratio No greater than 60% 38% Fixed Charge Coverage Ratio (12 months) No less than 1.50x 3.7x Tangible Net Worth ($ billions) No less than $7.0B $10.9B CREDIT RATINGS (SENIOR UNSECURED DEBT) Moody's Baa1 (Negative) S&P Global BBB+ (Stable) Fitch BBB+ (Stable) (1) Includes mortgage debt of $27.6 million on assets held for sale that matures in 2044. (2) Calculated based on the definitions contained in the credit agreement, which may differ from similar terms used in our consolidated financial statements as provided in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, or other metrics within this document. 19 Return to TOC

Investment Summary For the three and six months ended June 30, 2020, dollars and square feet in thousands INVESTMENT SUMMARY Property Three Months Ended Six Months Ended MSA Date Capacity Count Property Type June 30, 2020 June 30, 2020 ACQUISITIONS CCRC(1) Various January 6,383 Units 13 CCRC $ — $ 540,600 The Post Boston, MA April 426 Sq. Ft. 1 Life science 320,000 320,000 Justice Lane Greenville, SC June 11 Sq. Ft. 1 Medical office 1,591 1,591 OTHER INVESTMENTS Development fundings 77,082 171,972 Redevelopment fundings 31,608 92,625 Loan fundings/preferred equity investment(2) 45,103 54,533 Lease commissions - Dev/Redev/Acq 4,129 11,916 Total 15 $ 479,513 $ 1,193,237 (1) On January 31, 2020, we acquired Brookdale Senior Living's 51% interest in a CCRC joint venture (holding thirteen buildings) for $541 million (based on a gross valuation of $1.06B), bringing our equity ownership to 100%. Property count and units were already included in prior quarters. (2) Includes $25 million Oakmont loan and $12.5 million seller financing. Freedom Village at Bradenton Bradenton, FL 20 ReturnReturn toto TOCTOC

Investment Summary As of and for the six months ended June 30, 2020, dollars and square feet in thousands ASSETS HELD FOR SALE Property Projected Sales Trailing Cash Property Type Capacity Count Price Yield(1) SHOP 2,753 Units 33 $ 255,194 Senior housing triple-net 1,124 Units 12 121,967 CCRC 889 Units 2 53,950 Medical office 360 Sq. Ft. 6 42,526 Other 84 Beds 2 226,700 Total(2) 55 $ 700,337 6.9% DISPOSITIONS Property Sales Price/ Trailing Cash Date Capacity Count Property Type Proceeds Yield(1) Franklin/Morgan City (LA) January 202 Beds 2 Other $ 12,000 Various (GA, IN, OH) February 499 Units 7 SHOP 35,600 Various Brookdale NNN February 2,015 Units 18 Senior housing 405,451 North Fulton Hospital (GA) February 202 Beds 1 Other 82,000 Elko MOB (NV) March 8 Sq. Ft. 1 Medical office 490 Meridian (FL) April 173 Units 1 SHOP 12,350 Arbol (CA) May 163 Units 1 SHOP 16,000 Seminole/Edgwood (MI) June 159 Units 2 SHOP 1,729 Frost Street (CA) June 176 Sq. Ft. 3 Medical office 106,000 Total 36 $ 671,620 6.8% (1) Represents the average yield calculated using Cash NOI for the twelve month period prior to sale for dispositions and for the twelve month period ended June 30, 2020 for assets held for sale. (2) Includes two assets held for sale within unconsolidated JVs. 21 Return to TOC

Developments As of June 30, 2020, dollars and square feet in thousands DEVELOPMENT PROJECTS IN PROCESS Total % of Actual / Estimated Project Total Occupancy Property Cost to Total at Capacity Project Project Project MSA Count CIP(1) Complete(1) Completion (Sq. Ft.) Leased Start Initial Stabilized(2) Life Science Ridgeview San Diego, CA 1 $ 16,301 $ 1,635 $ 17,936 81 100 2Q16 4Q20 4Q20 The Shore at Sierra Point - Phase I San Francisco, CA 1 88,279 9,825 98,104 92 100 4Q17 4Q20 4Q20 75 Hayden Boston, MA 1 98,341 61,874 160,215 214 100 2Q18 4Q20 3Q21 The Boardwalk(3) San Diego, CA 3 65,658 98,627 164,285 190 39 4Q19 3Q21 4Q22 The Shore at Sierra Point - Phase II San Francisco, CA 2 153,844 167,573 321,417 298 61 4Q18 4Q21 2Q22 The Shore at Sierra Point - Phase III San Francisco, CA 1 27,257 66,257 93,514 103 — 4Q18 1Q22 2Q22 9 $ 449,680 $ 405,791 $ 855,471 978 66 Medical Office(4) Ogden Ogden, UT 1 $ 13,257 $ 4,931 $ 18,188 70 69 2Q19 3Q20 3Q22 Brentwood Nashville, TN 1 23,702 13,498 37,200 119 49 2Q19 4Q20 4Q22 Oak Hill Tampa, FL 1 3,748 8,552 12,300 42 65 3Q19 4Q20 1Q22 Orange Park Jacksonville, FL 1 755 15,815 16,570 63 48 4Q19 4Q21 2Q23 Centennial Nashville, TN 1 3,068 45,763 48,831 172 45 4Q19 4Q21 4Q23 Raulerson Miami, FL 1 760 15,775 16,535 52 54 4Q19 4Q21 3Q23 Woman's of Texas Houston, TX 1 3,252 31,310 34,562 117 36 2Q20 4Q21 4Q23 7 $ 48,541 $ 135,645 $ 184,186 635 49 16 $ 498,220 $ 541,437 $ 1,039,657 1,613 59 Projected stabilized yields typically range from 6.0% - 8.0% (1) Includes lease commissions incurred to date and projected lease commissions through Stabilization. (2) Economic stabilization typically occurs three to six months following Stabilized occupancy. (3) The Boardwalk includes the Redevelopment of 10275 Science Center Drive. CIP includes land and the net book value of the redeveloped building upon commencement of the project totaling $34 million. (4) During the quarter, Lee’s Summit totaling 52,000 square feet was completed and placed into service. 22 Return to TOC

Redevelopments and Land Held for Development(1) As of June 30, 2020, dollars and square feet in thousands; includes JV projects at share REDEVELOPMENT PROJECTS IN PROCESS Incremental Costs Estimated Property Property Placed in Cost to Project Completion Project(2) MSA Type Count Service CIP(3) Complete(3) Total Start Date(4) Various SHOP Various SHOP 7 $ — $ 27,715 $ 41,516 $ 69,231 2Q18 - 1Q20 3Q20 - 2Q22 Kendall Atrium Miami, FL Medical office 1 480 3,558 4,690 8,728 3Q19 4Q20 Plaza Medical Dallas, TX Medical office 1 — 1,398 2,779 4,177 4Q19 4Q20 11149 North Torrey Pines San Diego, CA Life science 1 — 5,173 14,233 19,406 1Q20 1Q21 4921 Directors Place San Diego, CA Life science 1 — 2,415 18,275 20,690 2Q20 1Q21 Thornton Denver, CO Medical office 1 16 54 8,030 8,100 2Q20 4Q21 West Houston I Houston, TX Medical office 1 125 65 11,610 11,800 2Q20 3Q21 Sunrise Tower III Las Vegas, NV Medical office 1 — 63 14,137 14,200 2Q20 3Q21 14 $ 621 $ 40,441 $ 115,270 $ 156,332 Projected stabilized cash-on-cash return on incremental capital invested typically ranges from 9.0% to 12.0% LAND HELD FOR DEVELOPMENT Estimated Gross Site Rentable Investment Project MSA Property Type Acreage Sq. Ft. / Units to Date Forbes Research Center San Francisco, CA Life science 8 326 Sq. Ft. $ 61,929 Modular Labs III San Francisco, CA Life science 2 130 Sq. Ft. 13,542 Directors Place San Diego, CA Life science 4 150 Sq. Ft. 8,545 101 CambridgePark Drive Boston, MA Life science 1 159 Sq. Ft. 24,616 Oakmont Village Santa Rosa, CA SHOP 3 74 Units 2,418 Brandywine Philadelphia, PA CCRC 8 67 Units 797 Remaining Various Various 2 N/A 3,252 28 $ 115,099 (1) Redevelopments are excluded from Same-Store until they are Stabilized. See Glossary for further definition. (2) During the quarter, Swedish IV, 10410 Science Center Drive, and three SHOP properties were completed and placed into service. (3) Includes lease commissions incurred to date and projected lease commissions through Stabilization. See Glossary for further definition. (4) Excludes the completion of tenant improvements. 23 Return to TOC

Capital Expenditures For the three and six months ended June 30, 2020, dollars in thousands, except per unit/square foot Senior Housing SECOND QUARTER Triple-net SHOP CCRC Life Science Medical Office Other Total Portfolio at share Recurring capital expenditures $ — $ 3,585 $ 1,843 $ 224 $ 2,491 $ — $ 8,143 Tenant improvements - 2nd generation — — — 1,176 4,010 — 5,186 Lease commissions - 2nd generation — — — 2,985 2,916 — 5,901 AFFO capital expenditures(1) $ — $ 3,585 $ 1,843 $ 4,384 $ 9,417 $ — $ 19,229 Revenue enhancing capital expenditures 2,114 2,703 6,115 2,443 4,475 — 17,849 Casualty related capital expenditures — 348 259 — — — 607 Initial Capital Expenditures ("ICE") — 252 6,524 1,555 93 — 8,425 Tenant improvements - 1st generation — — — 26,095 4,657 — 30,752 Lease commissions - Dev/Redev/Acq — — — 3,779 351 — 4,129 Development — 272 — 55,600 21,210 — 77,082 Redevelopment — 3,785 24 21,164 6,636 — 31,608 Capitalized interest — 333 — 5,889 504 — 6,726 Total capital expenditures $ 2,114 $ 11,277 $14,765 $ 120,910 $ 47,342 $ — $ 196,407 $249 $234 $0.02 $0.13 Recurring capital expenditures per unit/sq. ft. (2) per Unit per Unit per Sq. Ft. per Sq. Ft. YTD Portfolio at share Recurring capital expenditures $ — $ 7,554 $ 3,998 $ 896 $ 4,458 $ — $ 16,906 Tenant improvements - 2nd generation — — — 5,281 10,405 — 15,685 Lease commissions - 2nd generation — — — 4,411 5,961 — 10,372 AFFO capital expenditures(1) $ — $ 7,554 $ 3,998 $ 10,587 $ 20,824 $ — $ 42,964 Revenue enhancing capital expenditures 3,941 8,722 10,640 4,828 9,402 — 37,533 Casualty related capital expenditures — 480 286 — — — 767 Initial Capital Expenditures ("ICE") — 773 7,515 2,779 190 — 11,258 Tenant improvements - 1st generation — — — 40,656 12,397 — 53,053 Lease commissions - Dev/Redev/Acq — — — 11,350 566 — 11,916 Development — 91 — 134,459 37,423 — 171,972 Redevelopment — 10,263 24 72,133 10,205 — 92,625 Capitalized interest — 704 10 12,175 820 — 13,709 Total capital expenditures $ 3,941 $ 28,588 $22,474 $ 288,967 $ 91,827 $ — $ 435,797 $527 $547 $0.10 $0.23 Recurring capital expenditures per unit/sq. ft. (2) per Unit per Unit per Sq. Ft. per Sq. Ft. (1) Includes AFFO capital expenditures on unconsolidated JVs for the quarter of $0.6 million and $2.6 million year-to-date. Excludes non-controlling interest on AFFO capital expenditures on consolidated joint ventures for the quarter of $0.1 million and $0.2 million year-to-date. (2) Senior housing triple-net per unit is not presented as it is not meaningful. 24 Return to TOC

Portfolio Diversification As of and for the quarter ended June 30, 2020, dollars in thousands PORTFOLIO INCOME BY MSA Property Senior Housing Medical MSA Count(1) Triple-net SHOP CCRC Life Science Office Other Total % of Total San Francisco, CA 84 $ 1,443 $ 2,618 $ — $ 67,732 $ 823 $ — $ 72,616 25 San Diego, CA 38 — 796 — 15,540 2,368 — 18,704 7 Dallas, TX 41 453 1,479 — — 15,295 1,413 18,640 7 Boston, MA 12 (4) 559 — 14,708 92 — 15,355 5 Houston, TX 42 288 3,337 812 — 7,134 348 11,918 4 Los Angeles, CA 15 2,070 2,858 — — 1,174 3,859 9,961 3 Philadelphia, PA 7 — 182 5,550 — 3,620 — 9,352 3 Tampa, FL 11 577 194 8,069 — 490 — 9,329 3 Seattle, WA 12 1,439 (101) — — 6,090 — 7,428 3 Denver, CO 20 — 689 — — 5,360 — 6,050 2 Remaining 336 17,840 13,676 17,625 3,492 43,464 5,129 101,226 36 Portfolio Cash NOI 618 $ 24,104 $ 26,288 $ 32,056 $ 101,473 $ 85,911 $ 10,749 $ 280,581 99 Interest income — — — — — — 4,230 4,230 1 Portfolio Income 618 $ 24,104 $ 26,288 $ 32,056 $ 101,473 $ 85,911 $ 14,979 $ 284,810 100 (1) Excludes fifteen properties in Development. 25 Return to TOC

Portfolio Diversification As of and for the quarter ended June 30, 2020, dollars in thousands PORTFOLIO INCOME BY OPERATOR/TENANT Tenant/Credit Exposure Operator Exposure Senior % of % of Property Housing Life Medical Portfolio Property Portfolio Operator/Tenant Count(1) Triple-net Science Office Other Total Income Count(1) SHOP CCRC Total Income Life Care Services — $ — $ — $ — $ — $ — — 16 $ 1,749 $ 25,519 $ 27,268 10 Hospital Corp of America(2) 90 — — 22,002 — 22,002 8 — — — — — Brookdale Senior Living 25 11,723 — — — 11,723 4 22 5,338 507 5,845 2 Amgen 7 — 13,733 — — 13,733 5 — — — — — Sunrise Senior Living 2 225 — — — 225 — 40 5,737 6,030 11,768 4 Remaining 338 12,156 87,739 63,909 14,979 178,784 63 78 13,463 — 13,463 5 Portfolio Income 462 $ 24,104 $ 101,473 $ 85,911 $ 14,979 $ 226,466 80 156 $ 26,288 $ 32,056 $ 58,344 20 PRO FORMA PORTFOLIO INCOME BY OPERATOR/TENANT(3) Tenant/Credit Exposure Operator Exposure Senior % of % of Property Housing Life Medical Portfolio Property Portfolio Operator/Tenant Count(1) Triple-net Science Office Other Total Income Count(1) SHOP CCRC Total Income Life Care Services — $ — $ — $ — $ — $ — — 16 $ 1,719 $ 25,519 $ 27,238 10 Hospital Corp of America(2) 90 — — 22,002 — 22,002 8 — — — — — Brookdale Senior Living 24 10,740 — — — 10,740 4 20 6,332 — 6,332 2 Amgen 7 — 13,733 — — 13,733 5 — — — — — Sunrise Senior Living — — — — — — — 31 6,015 6,030 12,046 4 Remaining 318 9,119 87,739 61,398 11,172 169,428 61 57 13,323 — 13,323 5 Portfolio Income 439 $ 19,859 $ 101,472 $ 83,400 $ 11,172 $ 215,903 79 124 $ 27,390 $ 31,549 $ 58,939 21 (1) Excludes fifteen properties in Development. (2) Includes Cash NOI for 1.4 million square feet in five properties that are 100% leased to HCA, and 3.0 million square feet in 85 properties partially leased to HCA. (3) Pro forma to exclude certain previously announced transactions and to reflect acquisitions, dispositions and operator transitions as if they occurred on the first day of the quarter. 26 Return to TOC

Expirations, Maturities and Purchase Options As of June 30, 2020, dollars in thousands EXCLUDES PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent(1) Senior Housing Medical Interest Year Total % of Total Triple-net Life Science Office Other Income 2020(2) $ 51,652 5 $ — $ 8,063 $ 42,605 $ — $ 984 2021 88,554 9 — 30,147 57,616 — 790 2022 110,132 11 1,977 32,441 53,745 12,594 9,375 2023(3) 103,339 10 9,869 47,032 44,568 — 1,869 2024 79,985 8 — 26,781 43,908 9,296 — 2025 123,157 12 — 55,072 68,084 — — 2026 45,645 5 — 23,955 17,982 — 3,708 2027 108,080 11 46,828 44,908 16,345 — — 2028 62,048 6 14,225 24,837 22,986 — — 2029 77,628 8 — 64,172 13,456 — — Thereafter 139,676 14 19,222 76,522 38,474 5,458 — Total $ 989,897 100 $ 92,120 $ 433,933 $ 419,769 $ 27,349 $ 16,726 Weighted average maturity in years 5.5 7.6 6.2 4.3 4.5 3.2 MATERIAL NEAR-TERM PURCHASE OPTIONS Annualized Maturity Year Option Date(4) Name MSA Property Type Base Rent(1) Option Price 2024(5) 5/2021 Hoag Hospital Irvine Los Angeles, CA Other $ 15,636 $ 226,200 2022 2/2022 Frye Regional Medical Center Hickory, NC Other 8,601 67,675 (1) Annualized Base Rent does not include tenant recoveries, additional rent in excess of floors, and non-cash revenue adjustments. (2) Includes month-to-month and holdover leases. (3) Senior housing triple-net includes $7.0 million related to a two-property master lease with Sunrise Senior Living for which we have reached an agreement to convert to SHOP. (4) Reflects the earliest point at which the purchase option can be exercised. (5) Includes Annualized Base Rent for property held for sale pursuant to the exercise of a purchase option by the tenant. Closing is expected in May 2021 for a price of $226.2 million and a non–refundable deposit of $7 million has been received. 27 Return to TOC

Triple-Net Master Lease Profile(1) % of Weighted (1) Excludes properties held for sale or sold, master leases with properties acquired during the Portfolio Cash Average period required to calculate CFC, and master leases that include newly completed NOI and # of Leases/ Maturity in (3) developments that are not Stabilized. Additionally, excludes a data point representing two Facility EBITDAR CFC Interest Income Data Points Years Guaranty Sunrise properties for which an agreement has been reached to convert to SHOP in 2020. Less than 1.0x 1.6 2 7.6 100.0% (2) Represents ten properties, including two properties that are currently in individual leases 1.00x - 1.25x 3.9 1 7.5 100.0% due to lender requirements. Upon debt repayment, the leases of these two properties transfer to the overall master lease. 1.26x - 1.50x 1.7 1 10.3 100.0% (3) Represents the percentage of total Cash NOI supported by a corporate guaranty. 1.51x and above 0.7 1 4.0 100.0% 28 Return to TOC

Senior Housing Triple-net(1) As of and for the quarter ended June 30, 2020, dollars in thousands, except REVPOR INVESTMENTS Straight-line Facility Facility Portfolio Portfolio Rent Occupancy REVPOR EBITDARM EBITDAR Operator Investment Cash NOI Balance(2) Count Units % Triple-Net CFC CFC Brookdale Senior Living $ 457,719 $ 11,723 $ 36,013 25 2,711 87.2 $ 5,400 1.18x 1.01x Aegis Living 182,152 4,805 6,482 10 702 92.2 9,219 1.45x 1.27x Harbor Retirement Associates 136,835 3,708 1,860 8 790 84.8 5,187 1.05x 0.90x Capital Senior Living(3) 100,387 2,105 — 8 852 N/A N/A N/A N/A Saber Healthcare 41,185 954 — 3 281 43.9 4,314 0.34x 0.25x Remaining 106,382 808 554 8 512 86.1 4,714 0.85x 0.68x Total(3)(4) $ 1,024,660 $ 24,104 $ 44,909 62 5,848 86.4 $ 5,971 1.19x 1.02x SAME-STORE 2Q19 3Q19 4Q19 1Q20 2Q20 Property count 47 47 47 47 47 Portfolio Investment $ 775,064 $ 775,815 $ 776,339 $ 778,091 $ 780,166 Units 4,367 4,367 4,367 4,367 4,364 Occupancy %(3) 87.1 86.1 86.6 87.2 86.4 REVPOR Triple-net(3) $ 5,840 $ 5,865 $ 5,861 $ 5,873 $ 5,971 Facility EBITDARM CFC(3) 1.27x 1.25x 1.22x 1.22x 1.19x Facility EBITDAR CFC(3) 1.10x 1.08x 1.06x 1.05x 1.02x Portfolio Real Estate Revenues $ 19,254 $ 20,917 $ 20,932 $ 20,528 $ 20,590 Portfolio Operating Expenses (44) (45) (38) (49) (49) Portfolio NOI $ 19,210 $ 20,872 $ 20,895 $ 20,479 $ 20,541 Portfolio Cash Real Estate Revenues $ 19,673 $ 19,672 $ 19,808 $ 19,943 $ 20,316 Portfolio Cash Operating Expenses (30) (31) (24) (35) (35) Portfolio Cash NOI $ 19,643 $ 19,641 $ 19,784 $ 19,908 $ 20,281 Year-Over-Year Three-Month SS Growth 3.2% (1) Properties that are held for sale are included in property count, Investment, Cash NOI, and units, but are excluded from Straight-line Rent Balance, Occupancy, REVPOR Triple-net, Facility EBITDARM CFC and Facility EBITDAR CFC. (2) Accounts receivable balance is zero as of June 30, 2020. (3) Occupancy, REVPOR Triple-net, Facility EBITDARM, and Facility EBITDAR CFC exclude eight Capital Senior Living properties that are held for sale or for which an agreement for early termination has been reached. (4) The Facility EBITDAR CFC presented above is for the twelve months ended March 31, 2020. Based on the latest preliminary financials received (May or June), the Facility EBITDAR CFC for the twelve months ended June 30, 2020 is 0.95x. Exclusive of identifiable COVID-19 related expenses reported to date, preliminary Facility EBITDAR CFC for the twelve months ended June 30, 2020 would be 0.99x. Occupancy presented above is for the three months ended March 31, 2020. Based on the latest preliminary financials received (May or June), the Occupancy for the three months ended June 30, 2020 is 81.4%. 29 Return to TOC

Senior Housing Triple-net New Supply As of and for the quarter ended June 30, 2020, dollars in thousands NEW SUPPLY ANALYSIS Senior Housing Triple-net Portfolio 5-Mile Radius(1) Portfolio Cash 5-Year 80+ % of Triple- Properties/ NOI Exposed Population 80+ Median Median Portfolio net Portfolio Units Under to New Growth % Penetration Household Home Unemploy- MSA Units Cash NOI Cash NOI Construction(2) Supply(3) 2020-2025 Rate % Income Value ment % US National Average 15.8 12.0 $ 62 $ 252 11.8 Los Angeles, CA 305 $ 2,070 8.6 1 / 40 $ 508 15.1 7.3 89 718 13.2 Jacksonville, FL 397 1,709 7.1 -- / -- — 20.5 29.7 63 254 7.6 Sebastian, FL 298 1,489 6.2 -- / -- — 14.7 10.8 56 272 14.7 Austin, TX 269 1,484 6.2 -- / -- — 18.7 17.0 79 591 9.6 San Francisco, CA 214 1,443 6.0 -- / -- — 16.4 10.1 114 993 11.4 Seattle, WA 206 1,439 6.0 2 / 147 1,439 16.2 13.6 98 734 6.1 Portland, OR 438 1,422 5.9 1 / 198 263 24.5 23.4 72 402 9.8 Charlotte, NC 336 1,083 4.5 -- / -- — 26.8 16.9 67 259 13.5 Tucson, AZ 282 870 3.6 1 / 24 870 15.5 32.5 67 363 6.6 New York, NY 278 852 3.5 -- / -- — 11.5 2.3 110 547 11.2 Bremerton, WA 103 734 3.0 -- / -- — 28.5 — 82 377 3.8 Ventura, CA 84 606 2.5 -- / -- — 16.7 13.2 76 623 15.7 Tampa, FL 99 577 2.4 -- / -- — 13.9 8.5 61 270 7.1 Amarillo, TX 132 529 2.2 -- / -- — 12.0 — 72 164 2.7 Sacramento, CA 272 514 2.1 -- / -- — 14.8 12.6 68 381 12.0 Fort Myers, FL 116 494 2.1 -- / -- — 18.0 14.7 47 196 22.2 Washington, DC 79 469 1.9 -- / -- — 33.3 10.2 123 397 10.8 Dallas, TX 206 453 1.9 1 / 126 147 24.5 17.5 79 250 8.4 St. Louis, MO 179 436 1.8 -- / -- — 11.4 5.6 69 219 3.5 Tallahassee, FL 84 379 1.6 -- / -- — 21.8 — 44 187 3.8 Remaining 1,471 5,054 21.0 5 / 422 998 22.4 11.8 68 242 6.4 Total 5,848 $ 24,104 100.0 11 / 957 $ 4,225 17.2 12.5 $ 77 $ 420 9.3 % of Total Portfolio Income 1.5% (1) Demographic data provided by StratoDem Analytics for 2020. Construction and supply data provided by National Investment Center for Senior Housing and Care (“NIC”) for the quarter ended June 30, 2020. Data reflects a 5-mile radius around each community and is weighted by Cash NOI. See Glossary for further discussion. (2) Represents the number of properties and units with similar care types that are under construction. (3) Represents total Portfolio Cash NOI exposed to new construction and material expansions. 30 Return to TOC

SHOP(1) As of and for the quarter ended June 30, 2020, dollars in thousands, except REVPOR INVESTMENTS Property Portfolio Portfolio Cash REVPOR Count Investment NOI(2)(3) Units Occupancy %(4) SHOP(3) Operator Oakmont Senior Living 12 $ 575,496 $ 7,336 1,049 88.9 $ 8,051 Sunrise Senior Living 38 883,733 5,737 3,744 74.0 7,425 Brookdale Senior Living 20 436,692 5,338 3,453 82.6 3,993 Discovery Senior Living 10 475,035 2,054 1,428 76.2 4,350 Atria Senior Living 27 547,783 1,940 3,445 84.1 4,476 Remaining 32 561,068 3,883 3,113 81.1 5,253 Total 139 $ 3,479,806 $ 26,288 16,232 79.8 $ 5,738 TOTAL SHOP PORTFOLIO 2Q19 3Q19 4Q19 1Q20 2Q20 Property count 144 148 141 141 139 Investment $ 3,763,585 $ 4,039,969 $ 3,520,342 $ 3,461,980 $ 3,479,806 Units 16,981 17,130 16,452 16,609 16,232 Occupancy % 82.1 83.4 85.8 85.7 79.8 REVPOR SHOP $ 4,917 $ 5,314 $ 5,538 $ 5,810 $ 5,738 Portfolio Real Estate Revenues $ 182,400 $ 216,703 $ 214,314 $ 196,188 $ 181,952 Portfolio Operating Expenses before management fee (133,920) (160,255) (160,580) (148,386) (148,877) Management fee (7,650) (9,374) (7,946) (7,323) (6,905) Portfolio NOI(2)(3) $ 40,830 $ 47,073 $ 45,789 $ 40,479 $ 26,169 Portfolio Cash Real Estate Revenues $ 183,534 $ 217,660 $ 215,056 $ 196,737 $ 182,059 Portfolio Cash Operating Expenses before management fee (134,156) (160,473) (160,705) (148,404) (148,866) Management Fee (7,650) (9,374) (7,946) (7,323) (6,905) Portfolio Cash NOI(2)(3) $ 41,727 $ 47,812 $ 46,405 $ 41,010 $ 26,288 Portfolio Cash NOI Margin % 22.7 22.0 21.6 20.8 14.4 (1) Properties that are held for sale are included in property count, Portfolio Investment, Portfolio Cash NOI, and units, but are excluded from Occupancy and REVPOR SHOP. (2) Includes identifiable COVID-19 related expenses for 1Q20 and 2Q20 of $2.6 million and $12.8 million, respectively. (3) Includes government grants under the CARES Act of $2.5 million. (4) SHOP spot occupancy as of June 30, 2020 was 78.9%. 31 Return to TOC

SHOP MSA As of and for the quarter ended June 30, 2020, dollars in thousands, except REVPOR OPERATING PORTFOLIO METRICS Units(1) REVPOR SHOP(1) % of SHOP Portfolio Portfolio Portfolio Occupancy MSA Investment Cash NOI Cash NOI AL IL % AL IL Houston, TX $ 207,710 $ 3,337 12.7 311 1,723 83.9 $ 4,822 $ 2,936 Los Angeles, CA 307,911 2,858 10.9 678 — 82.4 8,649 — San Francisco, CA 135,108 2,618 10.0 273 — 95.3 8,683 — Dallas, TX 138,398 1,479 5.6 483 621 71.8 4,202 3,029 Sacramento, CA 97,444 1,230 4.7 158 — 92.7 8,020 — New York, NY 224,065 1,120 4.3 718 — 72.6 7,906 — Killeen, TX 61,033 1,086 4.1 — 231 78.3 — 5,696 Chicago, IL 147,380 952 3.6 249 610 80.7 6,043 3,538 Sarasota, FL 79,911 905 3.4 126 164 94.3 4,552 — Melbourne, FL 75,617 846 3.2 — 163 94.5 — 4,910 San Diego, CA 55,950 796 3.0 243 — 91.5 6,472 — Riverside, CA 85,330 758 2.9 312 — 88.4 5,897 — Omaha, NE 36,137 726 2.8 150 — 73.4 9,369 — San Jose, CA 51,720 708 2.7 66 — 91.1 10,338 — Denver, CO 75,489 689 2.6 154 437 76.2 4,532 4,129 Washington, DC 233,689 636 2.4 975 100 69.8 7,758 — Victoria, TX 19,126 633 2.4 — 197 92.2 — 3,751 Memphis, TN 46,264 606 2.3 — 182 82.0 — 6,369 Charlotte, NC 45,746 598 2.3 135 — 92.4 4,759 — St. Louis, MO(2) 40,276 587 2.2 152 — N/A N/A N/A Remaining 1,315,505 3,120 11.9 5,174 1,447 78.4 6,005 3,969 Total $ 3,479,806 $ 26,288 100.0 10,357 5,875 79.8 $ 6,664 $ 3,825 (1) Units and REVPOR SHOP are based on the majority type within each community. AL includes needs-based care, such as memory care. (2) St. Louis properties are excluded from occupancy and REVPOR SHOP metrics as they are held for sale. 32 Return to TOC

SHOP Same-Store Dollars in thousands, except REVPOR Sequential Year-Over- 2Q19 3Q19 4Q19 1Q20 2Q20 Growth Year Growth Property count 71 71 71 71 71 — — Portfolio Investment $ 1,856,983 $ 1,866,533 $ 1,867,585 $ 1,872,931 $ 1,876,002 0.2% 1.0% Units 9,368 9,368 9,368 9,366 9,362 — % (0.1%) Occupancy % 84.7 85.1 85.2 84.6 79.1 -550 bps -560 bps REVPOR SHOP $ 5,100 $ 5,087 $ 5,070 $ 5,177 $ 5,128 (0.9%) 0.5% Portfolio Real Estate Revenues $ 99,719 $ 100,043 $ 99,937 $ 101,423 $ 93,923 (7.4%) (5.8%) Portfolio Operating Expenses before management fee (69,167) (71,315) (71,534) (72,980) (73,730) 1.0% 6.6% Management Fee (3,820) (3,841) (3,736) (3,614) (3,702) 2.4% (3.1%) Portfolio NOI $ 26,732 $ 24,887 $ 24,667 $ 24,829 $ 16,491 (33.6%) (38.3%) Portfolio Cash Real Estate Revenues $ 99,941 $ 100,132 $ 99,898 $ 101,299 $ 93,805 (7.4%) (6.1%) Portfolio Cash Operating Expenses before management fee (69,184) (71,416) (71,584) (72,967) (73,679) 1.0% 6.5% Management Fee (3,820) (3,841) (3,736) (3,614) (3,702) 2.4% (3.1%) Portfolio Cash NOI $ 26,937 $ 24,876 $ 24,578 $ 24,718 $ 16,425 (33.5%) (39.0%) (1) Portfolio Cash NOI Margin % 27.0 24.8 24.6 24.4 17.5 (6.9%) (9.5%) (1) Same-Store year-over-year three-month Portfolio Cash NOI growth includes government grants under the CARES Act of $1.9 million and identifiable COVID-19 expenses of $6.3 million in the SHOP portfolio. Oakmont San Jose San Jose, CA 33 Return to TOC

SHOP Non-Same-Store(1)(2) Dollars in thousands, except REVPOR 3Q19 4Q19 1Q20 2Q20 Property Portfolio Property Portfolio Property Portfolio Property Portfolio Count Cash NOI Count Cash NOI Count Cash NOI Count Cash NOI Same-Store 48 $ 20,815 29 $ 10,591 50 $ 17,938 71 $ 16,425 Segment conversions(3) 43 16,105 34 24,437 35 13,245 15 6,523 Acquisitions 17 7,094 17 8,207 17 8,520 8 4,093 Assets in Redevelopment & Redevelopment completed but not Stabilized 11 3,503 7 1,750 10 2,387 10 798 Assets in Development & Development completed but not Stabilized — — — — 2 (350) 2 66 Assets held for sale 20 907 28 1,042 27 1,143 33 248 Assets sold — (80) — (332) — (219) — (108) Other non-SS NOI — (1,531) — (944) — (1,655) — (1,756) Total SHOP 139 $ 46,814 115 $ 44,749 141 $ 41,010 139 $ 26,288 3Q19 4Q19 1Q20 2Q20 Occupancy REVPOR Occupancy REVPOR Occupancy REVPOR Occupancy REVPOR % (4) SHOP(5) % (4) SHOP(5) % (4) SHOP(5) % (4) SHOP(5) Same-Store 86.5 $ 4,315 87.4 $ 4,675 87.0 $ 4,630 79.1 $ 5,128 Segment conversions(3) 83.4 7,330 86.4 6,163 85.1 7,266 80.8 7,482 Acquisitions 79.6 5,803 81.4 5,985 82.3 6,053 85.9 8,916 Assets in Redevelopment & Redevelopment completed but not Stabilized 75.2 4,756 72.4 4,372 76.6 4,712 72.3 4,832 Assets in Development & Development completed but not Stabilized — — — — 49.0 5,757 62.5 5,054 Assets held for sale 73.0 4,459 75.4 4,820 74.8 5,543 74.1 4,735 Assets sold 70.6 3,069 63.8 4,082 93.4 4,102 64.9 7,735 Total SHOP 82.2 $ 5,335 82.2 $ 5,426 82.4 $ 5,590 77.3 $ 5,476 (1) Information presented is as originally reported for each quarter. See the Earnings Release and Supplemental report and the Discussion and Reconciliation of Non-GAAP Financial Measures found at http://ir.healthpeak.com/quarterly-results for each quarter for further information on the Same-Store Portfolio Cash NOI definition, uses and inherent limitations, and reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP. (2) Property count is as of the end of each quarter presented and Portfolio Cash NOI represents the full period a property was held in each quarter presented. (3) Represents properties converted to SHOP that do not meet the criteria for SS for the period presented due to the twelve-month Stabilization period following conversion. A property must be in a consistent reporting structure for the full period presented and the year-over-year comparison period in order to be included in SS. (4) Occupancy represents the facilities’ average operating occupancy for the periods presented, based on units, weighted to reflect our share and excludes facilities for which data is not available or meaningful. All facility financial performance data was derived solely from information provided by operators without independent verification by us. (5) REVPOR SHOP represents the average Cash Real Estate Revenues per occupied unit for the periods presented. REVPOR cannot be derived from the information presented for the SHOP portfolio as units reflect 100% of the unit capacities for unconsolidated JVs and revenue is at the Company's pro rata share. 34 Return to TOC

SHOP New Supply As of and for the quarter ended June 30, 2020, dollars in thousands NEW SUPPLY ANALYSIS SHOP 5-Mile Radius(1) % of 5-Year 80+ SHOP Properties/ Portfolio Cash NOI Population 80+ Median Portfolio Portfolio Units Under Exposed to New Growth % Penetration Household Median Unemploy- MSA Units Cash NOI Cash NOI Construction(2) Supply(3) 2020-2025 Rate % Income Home Value ment% US National Average 15.8 12.0 $ 62 $ 252 11.8 Houston, TX 2,034 $ 3,337 12.7 3 / 590 $ 1,983 23.8 19.8 87 337 8.4 Los Angeles, CA 678 2,858 10.9 1 / 142 1,036 15.1 6.1 103 953 13.3 San Francisco, CA 273 2,618 10.0 -- / -- — 16.8 11.4 94 741 12.8 Dallas, TX 1,104 1,479 5.6 1 / 126 65 24.5 16.2 73 228 11.1 Sacramento, CA 158 1,230 4.7 3 / 288 1,230 16.6 18.1 90 466 12.0 New York, NY 718 1,120 4.3 3 / 416 106 10.3 8.2 106 531 9.8 Killeen, TX 231 1,086 4.1 -- / -- — 18.6 — 56 150 3.0 Chicago, IL 859 952 3.6 2 / 227 — 15.5 14.0 84 263 12.2 Sarasota, FL 290 905 3.4 1 / 198 385 14.2 10.3 58 261 16.9 Melbourne, FL 163 846 3.2 -- / -- — 14.8 9.0 65 277 7.2 San Diego, CA 243 796 3.0 -- / -- — 13.3 17.3 87 608 14.8 Riverside, CA 312 758 2.9 1 / 124 187 19.4 5.3 91 536 13.4 Omaha, NE 150 726 2.8 -- / -- — 14.7 23.9 66 188 6.0 San Jose, CA 66 708 2.7 1 / 200 708 13.3 8.4 115 2,036 13.2 Denver, CO 591 689 2.6 3 / 571 158 16.8 16.3 64 446 12.8 Washington, DC 1,075 636 2.4 5 / 523 91 20.1 8.2 109 543 7.9 Victoria, TX 197 633 2.4 -- / -- — 11.6 — 58 159 3.5 Memphis, TN 182 606 2.3 3 / 640 606 18.4 22.4 72 271 4.1 Charlotte, NC 135 598 2.3 -- / -- — 25.2 17.1 81 319 11.9 St. Louis, MO 152 587 2.2 1 / 65 80 11.5 10.5 103 346 2.1 Remaining 6,621 3,120 11.9 13 / 1,399 1,989 15.1 13.2 68 358 11.0 Total 16,232 $ 26,288 100.0 41 / 5,509 $ 8,624 16.2 12.2 $ 82 $ 467 10.5 % of Total Portfolio Income 3.0% (1) Demographic data provided by StratoDem Analytics for 2020. Construction and supply data provided by NIC for the quarter ended June 30, 2020. Data reflects a 5-mile radius around each community and is weighted by Cash NOI. See Glossary for further discussion. (2) Represents the number of properties and units with similar care types that are under construction. (3) Represents total Portfolio Cash NOI exposed to new construction and material expansions. 35 Return to TOC

CCRC(1) As of and for the quarter ended June 30, 2020, dollars in thousands, except REVPOR CCRC Portfolio Real Portfolio Property Portfolio Estate Revenues, NREF Portfolio Adjusted Occupancy REVPOR NREF Cash Count Investment excluding NREFS Amortization Cash Opex NOI Units %(2) CCRC Collections Operator Life Care Services 13 $ 1,821,871 $ 89,739 $ 16,318 $ (80,537) $ 25,519 6,380 80.4 6,895 $ 10,328 Sunrise Senior Living 2 336,203 16,995 2,746 (13,711) 6,030 1,052 81.0 7,727 633 Brookdale Senior Living 2 60,679 4,803 507 (4,804) 507 889 N/A N/A — Total 17 $ 2,218,752 $ 111,537 $ 19,571 $ (99,052) $ 32,056 8,321 80.4 7,014 $ 10,961 TOTAL CCRC PORTFOLIO 2Q19 3Q19 4Q19(3) 1Q20(4) 2Q20 Property count 15 15 17 17 17 Investment $ 739,505 $ 739,889 $ 1,082,447 $ 2,205,032 $ 2,218,752 Units 7,270 7,272 8,323 8,321 8,321 Occupancy % 85.7 85.1 85.8 86.2 80.4 REVPOR CCRC $ 5,262 $ 5,243 $ 5,290 $ 6,507 $ 7,014 (5)(6) Portfolio Real Estate Revenues $ 52,835 $ 52,671 $ 56,642 $ 113,427 $ 131,112 Portfolio Operating Expenses before management fee (39,785) (40,502) (42,755) (78,318) (95,440) Management fee(7) (2,671) (2,691) (2,908) (96,201) (3,635) Portfolio NOI(5)(8) $ 10,380 $ 9,478 $ 10,980 $ (61,091) $ 32,037 Portfolio Cash Real Estate Revenues $ 57,696 $ 58,419 $ 59,887 $ 113,250 $ 131,108 Portfolio Cash Operating Expenses before management fee (39,901) (40,615) (42,846) (78,283) (95,417) Management Fee (2,671) (2,691) (2,908) (4,498) (3,635) Portfolio Adjusted NOI(5)(8) $ 15,124 $ 15,112 $ 14,134 $ 30,469 $ 32,056 Portfolio Adjusted NOI Margin % 26.2 25.9 23.6 26.9 24.5 (1) Non-refundable entrance fees ("NREFs") of $492.5 million and Refundable entrance fees of $333.3 million appear on our Consolidated Balance Sheet in the Deferred revenue line and Accounts payable, accrued liabilities and other liabilities line, respectively. These balances exclude the two assets in the Brookdale Senior Living joint venture that are held for sale. (2) CCRC spot occupancy as of June 30, 2020 was 79.5% composed of 83.4% for non-SNF care types (AL, IL, and memory care) and 59.9% for SNF. (3) Includes the December 2019 conversion of two Sunrise Senior Living assets from a triple-net lease to a RIDEA structure. (4) Includes the February 2020 acquisition of 51% interest in the Brookdale Senior Living's CCRC joint venture (holding thirteen buildings), bringing our equity ownership to 100%. (5) Includes government grants under the CARES Act of $12.4 million for 2Q20. (6) 2Q20 REVPOR excluding NREF amortization would be $5,951. (7) 1Q20 includes management termination fee expense related to Healthpeak's acquisition of Brookdale's 51% interest in thirteen CCRCs. (8) Includes identifiable COVID-19 related expenses for 1Q20 and 2Q20 of $0.3 million and $7.4 million, respectively. 36 Return to TOC

Life Science As of and for the quarter ended June 30, 2020, dollars and square feet in thousands INVESTMENTS(1) Property Portfolio Portfolio Cash Square Occupancy MSA Count Investment NOI Feet % San Francisco, CA 77 $ 3,592,244 $ 67,732 5,068 95.5 San Diego, CA 34 1,003,468 15,540 2,245 97.6 Boston, MA 9 1,201,187 14,708 1,389 100.0 Remaining 7 147,299 3,492 476 100.0 127 $ 5,944,198 $ 101,473 9,178 96.9 SAME-STORE 2Q19 3Q19 4Q19 1Q20 2Q20 Property Count 97 97 97 97 97 Portfolio Investment $ 3,474,705 $ 3,491,968 $ 3,516,342 $ 3,533,400 $ 3,548,068 Square Feet 6,159 6,159 6,159 6,156 6,156 Occupancy % 95.6 97.2 95.6 95.2 97.9 Portfolio Real Estate Revenues $ 84,800 $ 87,088 $ 84,561 $ 85,115 $ 87,922 Portfolio Operating Expenses (20,458) (21,464) (21,049) (19,999) (20,761) Portfolio NOI $ 64,343 $ 65,623 $ 63,512 $ 65,116 $ 67,161 Portfolio Cash Real Estate Revenues $ 82,522 $ 85,039 $ 84,097 $ 83,435 $ 87,352 Portfolio Cash Operating Expenses (20,445) (21,451) (21,036) (19,986) (20,748) Portfolio Cash NOI $ 62,077 $ 63,587 $ 63,061 $ 63,449 $ 66,604 Year-Over-Year Three-Month SS Growth % 7.3% (1) Excludes eight properties that are in Development. 37 Return to TOC

Life Science As of June 30, 2020, dollars and square feet in thousands SELECTED LEASE EXPIRATION DATA (NEXT 5 YEARS) Total San Francisco San Diego Boston Remaining Leased Square Annualized Square Annualized Square Annualized Square Annualized Square Annualized Year Feet % Base Rent(1) % Feet Base Rent(1) Feet Base Rent(1) Feet Base Rent(1) Feet Base Rent(1) 2020(2) 189 2 $ 8,063 2 93 $ 4,214 59 $ 2,131 37 $ 1,718 — $ — 2021 533 6 30,147 7 362 23,030 107 4,459 64 2,658 — — 2022 741 8 32,441 7 341 19,221 319 10,785 11 453 70 1,982 2023 774 9 47,032 11 600 39,639 174 7,394 — — — — 2024 427 5 26,781 6 427 26,781 — — — — — — Thereafter 6,230 70 289,467 67 3,017 169,312 1,531 45,572 1,276 61,963 406 12,620 8,893 100 $ 433,933 100 4,839 $ 282,198 2,190 $ 70,341 1,388 $ 66,793 476 $ 14,602 TENANT CONCENTRATION Leased Square Feet Annualized Base Rent(1) Remaining Lease Term % of % of Credit Office 3% in Years Amount Total Amount Total Rating University, Amgen 2.9 684 8 $ 52,860 12 A- Government, Myriad Genetics 4.9 359 4 11,130 3 — Public Biotech / Research 3% Global Blood Therapeutics 9.7 164 2 10,804 2 — Medical Device Denali Therapeutics 8.8 148 2 10,142 2 — 57% R&D 6% Rigel Pharmaceuticals 2.6 147 2 9,725 2 — Pharma General Atomics 9.6 621 7 9,205 2 — Private 11% Pacira Biosciences 8.9 196 2 8,997 2 — Biotech / Medical AstraZeneca Pharmaceuticals 6.7 156 2 8,847 2 BBB+ Device 20% Nuvasive 14.7 252 3 8,450 2 — MyoKardia 9.5 130 1 8,180 2 — Remaining 6.2 6,037 68 295,593 68 6.2 8,893 100 $ 433,933 100 (1) Annualized Base Rent does not include tenant recoveries, additional rent in excess of floors, and non-cash revenue adjustments. (2) Includes month-to-month and holdover leases. 38 Return to TOC

Life Science Square feet in thousands LEASING ACTIVITY Annualized Tenant Trailing Twelve Leased Base Rent % Change in Improvements Leasing Costs Average Lease Month Retention Square Feet Per Sq. Ft. Cash Rents per Sq. Ft.(1) per Sq. Ft.(1) Term (Months) Rate Leased Square Feet as of March 31, 2020 8,100 $ 48.28 Acquisitions 426 40.36 Redevelopments placed in service 185 47.28 Properties placed into redevelopment (5) 32.85 Expirations (125) 49.93 Renewals, amendments and extensions 125 57.50 15.2 $ 0.87 $ 1.48 56 65.8% New leases 223 54.19 12.27 2.29 102 Terminations (36) 26.35 Leased Square Feet as of June 30, 2020 8,893 $ 48.79 (1) Average cost per lease year. Hartwell Innovation Campus Lexington, MA 39 Return to TOC

Medical Office As of and for the quarter ended June 30, 2020, dollars and square feet in thousands PORTFOLIO BY MARKET(1) Square Feet On-campus(2) Off-campus(3) Total Property Portfolio Portfolio Occupancy MSA Count Investment Cash NOI % Multi-tenant Single-tenant Multi-tenant Single-tenant Multi-tenant Single-tenant % of Total Dallas, TX 27 $ 723,615 $ 15,295 92.1 1,901 1,352 287 54 2,188 1,406 17 Houston, TX 30 408,397 7,134 87.5 1,490 1,365 287 — 1,777 1,365 15 Seattle, WA 6 229,477 6,090 94.4 667 — — — 667 — 3 Denver, CO 16 292,532 5,360 81.9 1,078 — 35 — 1,113 — 5 Nashville, TN 14 183,204 4,905 93.9 1,290 10 — — 1,290 10 6 Louisville, KY 12 234,414 4,803 96.9 668 17 447 15 1,115 32 5 Philadelphia, PA 3 385,560 3,620 88.0 700 — 256 90 956 90 5 Salt Lake City, UT 13 147,421 3,220 91.1 434 63 261 7 695 71 4 Phoenix, AZ 13 189,910 3,031 87.0 519 — 207 — 726 — 3 Miami, FL 9 99,533 2,396 90.1 451 — — 30 451 30 2 San Diego, CA 2 58,102 2,368 94.8 — — 155 — 155 — 1 Kansas City, MO 5 111,078 1,898 89.3 351 — — 8 351 8 2 Greenville, SC 14 151,956 1,816 100.0 232 560 — 51 232 611 4 Las Vegas, NV 6 114,606 1,772 75.4 536 — — — 536 — 3 Ogden, UT 8 63,380 1,285 91.6 268 — — 68 268 68 2 Fresno, CA 1 59,689 1,216 100.0 — 56 — — — 56 — Los Angeles, CA 4 67,544 1,174 87.4 106 — 97 — 202 — 1 Washington, DC 3 66,611 1,170 91.4 55 29 99 — 154 29 1 Sacramento, CA 2 75,514 1,043 98.5 — — 29 92 29 92 1 San Antonio, TX 4 56,344 926 78.6 354 — — — 354 — 2 Remaining 70 872,101 15,388 96.0 1,823 1,243 414 365 2,237 1,609 18 262 $ 4,590,988 $ 85,911 91.1 12,921 4,695 2,574 780 15,495 5,475 100 (1) Excludes seven properties that are in Development. Properties that are held for sale are included in property count, Investment, Cash NOI, and square feet but are excluded from Occupancy. (2) Includes 7.8 million square feet subject to ground leases with average expirations of 55 years and renewal options generally ranging from 10 to 25 years. (3) Includes medical office buildings that are off-campus, adjacent (within 0.25 miles of a hospital campus) and anchored (the asset is off-campus, but is 1/3 or more leased to a health system or physician group). 40 Return to TOC

Medical Office As of and for the quarter ended June 30, 2020, square feet in thousands SQUARE FEET BY HEALTH SYSTEM Square Feet Directly Leased by Health System Health System Credit % of Annualized Health System Rank(1) Rating On-Campus Adjacent(2) Anchored(2) Off-Campus Total % of Total % Square Feet Base Rent HCA 2 Ba1 8,879 236 60 — 9,174 43.8 25.4 25.3 Memorial Hermann Health System 53 A1 1,709 — 80 — 1,788 8.5 4.7 2.6 Community Health Systems, Inc. 15 Caa3 1,189 — 51 — 1,239 5.9 5.9 3.9 Norton Healthcare 109 — 685 328 15 — 1,028 4.9 3.3 3.4 Prisma Health 76 A3 792 — 51 — 843 4.0 2.4 1.9 Steward Health Care N/A — 718 — — — 718 3.4 1.5 1.4 Jefferson Health 59 A2 700 — — — 700 3.3 2.2 2.1 Providence Health & Services 5 Aa3 563 — — — 563 2.7 1.5 2.3 Remaining - credit rated 2,052 492 1,082 — 3,626 17.3 Non-credit rated 330 56 193 711 1,289 6.1 Total 17,616 1,112 1,531 711 20,970 100.0 46.9 42.9 % of Total 84.0 5.3 7.3 3.4 Total Healthcare Affiliated 96.6% LEASING ACTIVITY Annualized Tenant Leasing Trailing Twelve Leased Base Rent % Change in Improvements Costs per Average Lease Month Retention Square Feet Per Sq. Ft. Cash Rents(3) per Sq. Ft. (4) Sq. Ft. (4) Term (Months) Rate Leased Square Feet as of March 31, 2020 19,200 $ 24.97 Acquisitions 11 11.00 Dispositions (176) 36.94 Developments and Redevelopments 26 23.25 Expirations (1,019) 27.04 Renewals, amendments and extensions 790 28.83 9.1 $ 1.34 $ 0.43 68 81.3% New leases 187 25.04 5.25 1.53 90 Terminations (13) 25.39 Leased Square Feet as of June 30, 2020 19,006 $ 24.96 (1) Ranked by revenue based on the 2019 Modern Healthcare’s Healthcare Systems Financial Database. Systems denoted as N/A are not reported. (2) Denotes whether the medical office building is adjacent (within 0.25 miles) to a hospital campus or anchored (the asset is off-campus, but is 1/3 or more leased to a health system or physician group). (3) For comparative purposes, reflects adjustments for leases that converted to a different lease type upon renewal, amendment or extension of the original lease. (4) Average cost per lease year. 41 Return to TOC

Medical Office As of and for the quarter ended June 30, 2020, dollars and square feet in thousands SELECTED LEASE EXPIRATION DATA (NEXT 5 YEARS)(1) Total On-Campus Off-Campus Leased Annualized Annualized Annualized Year Square Feet % Base Rent(2) % Square Feet Base Rent(2) Square Feet Base Rent(2) 2020(3) 1,551 8 $ 42,605 10 1,352 $ 38,449 199 $ 4,156 2021 2,272 12 57,616 14 1,978 50,083 294 7,533 2022 2,207 12 53,745 13 1,738 42,306 469 11,438 2023 1,733 9 44,568 11 1,451 37,354 282 7,215 2024 1,594 8 43,908 10 1,221 34,078 373 9,831 Thereafter 9,441 50 177,326 42 8,198 149,012 1,244 28,314 18,799 100 $ 419,769 100 15,939 $ 351,282 2,860 $ 68,486 SAME-STORE 2Q19 3Q19 4Q19 1Q20 2Q20 Property Count 244 244 244 244 244 Portfolio Investment $ 4,055,498 $ 4,070,593 $ 4,097,294 $ 4,117,695 $ 4,133,250 Square Feet 19,397 19,397 19,398 19,399 19,399 Occupancy % 92.1 92.1 92.3 91.8 91.9 Portfolio Real Estate Revenues $ 120,555 $ 122,166 $ 122,595 $ 122,924 $ 120,253 Portfolio Operating Expenses (42,130) (43,201) (42,946) (42,262) (41,200) Portfolio NOI $ 78,425 $ 78,966 $ 79,649 $ 80,661 $ 79,053 Portfolio Cash Real Estate Revenues $ 118,530 $ 119,757 $ 120,461 $ 120,859 $ 118,624 Portfolio Cash Operating Expenses (41,478) (42,547) (42,298) (41,622) (40,560) Portfolio Cash NOI $ 77,052 $ 77,211 $ 78,162 $ 79,238 $ 78,064 Year-Over-Year Three-Month SS Growth % 1.3% (1) Excludes 207,000 square feet and Annualized Base Rent of $5.2 million related to six assets held for sale at June 30, 2020. (2) Annualized Base Rent does not include tenant recoveries, additional rent in excess of floors, and non-cash revenue adjustments. (3) Includes month-to-month and holdover leases. 42 Return to TOC

Other Wholly-owned As of and for the quarter ended June 30, 2020, dollars in thousands LEASED PROPERTIES Facility Facility Property Portfolio Portfolio Occupancy EBITDARM EBITDAR Type/Operator Count Investment Cash NOI Beds %(1) CFC(1) CFC(1) Hospitals 10 $ 254,561 $ 10,688 930 51.9 3.31x 2.94x Other investments 1 813 61 — N/A N/A N/A Total 11 $ 255,374 $ 10,749 DEBT INVESTMENTS Weighted Average Interest Maturity in Investment Income Yield Years 620 Terry Development Loan(2) $ 112,248 $ 1,806 6.5% 2.5 Boynton Beach 45,068 731 6.3% 5.5 Remaining 125,444 1,693 5.9% 2.1 Total Debt Investments $ 282,759 $ 4,230 6.2% 2.8 SAME-STORE 2Q19 3Q19 4Q19 1Q20 2Q20 Property count 9 9 9 9 9 (1) Certain operators in our hospital portfolio are not Portfolio Investment $ 165,311 $ 165,311 $ 165,761 $ 165,761 $ 165,761 required under their respective leases to provide operational data. Beds 872 872 846 846 846 (2) Investment represents fundings under the $115 Occupancy %(1) 51.5 51.2 50.0 49.2 51.9 million participating development loan for the Facility EBITDARM CFC(1) 3.53x 3.55x 3.37x 3.33x 3.31x construction of 620 Terry, a $147 million senior (1) housing development located in Seattle. Upon sale Facility EBITDAR CFC 3.13x 3.15x 2.99x 2.94x 2.94x or refinancing, we will receive 20% of fair market value in excess of the total development cost. Portfolio Real Estate Revenues $ 6,750 $ 6,722 $ 6,782 $ 6,887 $ 6,744 Portfolio Operating Expenses (5) (5) (75) (5) (4) Portfolio NOI $ 6,745 $ 6,717 $ 6,707 $ 6,882 $ 6,740 Portfolio Cash Real Estate Revenues $ 6,643 $ 6,821 $ 6,872 $ 6,977 $ 6,834 Portfolio Cash Operating Expenses (5) (5) (75) (5) (4) Portfolio Cash NOI $ 6,639 $ 6,816 $ 6,798 $ 6,972 $ 6,830 Year-Over-Year Three-Month SS Growth 2.9% 43 Return to TOC

2020 Outlook & Additional Items Projected full year 2020, dollars in millions, except per share amounts Please note that the figures provided on these pages do not represent guidance, but an outlook to help quantify the potential outcomes and impacts from COVID-19 Full Year 2020 Full Year 2020 Outlook Outlook (May 5, 2020) (August 5, 2020) Net income, FFO and FFO as Adjusted per Share Dividend Diluted earnings per common share Withdrawn Withdrawn On 08/04/2020 the Board of Directors declared a dividend of $0.37 per share, which we will continue to assess on a quarterly basis. Diluted NAREIT FFO per common share Withdrawn Withdrawn Diluted FFO as Adjusted per common share Withdrawn Withdrawn Same-Store Update (Total Portfolio YoY Components) May 5, 2020 August 5, 2020 Year-Over-Year Same-Store Cash NOI Outlook Outlook Total Portfolio Withdrawn Withdrawn Medical office 1.00% - 2.00% 1.00% - 2.00% Life science 3.00% - 4.00% 4.00% - 5.00% Other Supplemental Information - Cash Addition (Reduction) Senior housing Withdrawn Withdrawn Amortization of deferred compensation $16 - $18 $16 - $18 Other 1.75% - 2.50% 1.75% - 2.50% Total Portfolio Withdrawn Withdrawn Amortization of deferred financing costs $9 - $13 $9 - $13 Straight-line rents Withdrawn Withdrawn Sources & Uses Update Recurring capital expenditures ($80) - ($100) ($80) - ($100) May 5, 2020 August 5, 2020 Deferred income taxes Withdrawn Withdrawn Transaction Outlook Outlook Other AFFO adjustments - primarily JV AFFO Capital ($3) - ($7) ($3) - ($7) Equity Forwards $1,062 $1,062 Dispositions(a) 250 275 Capital Expenditures (excluding AFFO Capital Expenditures)(1) Total Sources $1,312 $1,337 1st generation tenant improvements / ICE $50 - $75 $50 - $75 Capital spend(b) $600 $700 (c) Revenue enhancing $50 - $75 $50 - $75 Investments 350 375 Development and Redevelopment $450 - $500 $550 - $600 Brookdale Transaction 225 225 Increase in cash 137 37 Development loan funding $15 - $25 $15 - $25 Total Uses $1,312 $1,337 Other Items (a) Closed on ~$275 million of dispositions to date. Excludes completed sale of Interest income $12 - $16 $14 - $18 18 NNN assets as part of the Brookdale Transaction. (b) Development and redevelopment spend during 2020 increased by $100 General and administrative $87 - $93 $87 - $93 million compared to Outlook provided on May 5th due to earlier resumption Interest expense $225 - $245 $225 - $245 of construction activities. Share of Unconsolidated JVs Cash NOI Withdrawn Withdrawn (c) Closed on ~$375 million of investments to date. Excludes completed purchase of 51% interest in 13 CCRCs related to the Brookdale Transaction Share of Unconsolidated JVs FFO Withdrawn Withdrawn and includes loan funding. (1) Includes our Share of Unconsolidated JVs. 44 Return to TOC

2020 Outlook & Additional Items FFO per share impacts for May and August Outlooks are relative to our February 2020 Guidance of $1.80 per share at the midpoint, which was formally withdrawn in March 2020. Dollars in millions, except per share data Known Items May Outlook August Outlook Type of Impact FFO Per Share FFO Per Share Commentary Acceleration of equity forwards Timing Only $(0.035) No Change Reflects accelerated settlement of $1.06B compared to withdrawn guidance Reflects acceleration of tenant's $106M purchase option exercise from Acceleration of Frost Street PO Timing Only $(0.005) No Change February 2021 to June 2020 (6.0% cash yield) Reduced acquisitions from $800M to $375M (5.5% blended cash yield), Reduction of acquisition guidance Timing Only $(0.015) No Change primarily related to the Oakmont ROFO delay Development earn-in Timing Only $(0.005) No Change Reduced development earn-in as a result of delayed construction Reduced disposition guidance from $500M to $275M (7% blended cash Reduction of disposition guidance Timing Only $0.015 No Change yield) Reduction in LIBOR -- $0.005 No Change Approximately 100 bps decline in LIBOR Medical Office / Life Science May Outlook August Outlook FFO Per Share FFO Per Share Type of Impact Low High Low High Commentary Improvement of half a penny due to favorable leasing activity and lower- Medical Office performance GAAP and Cash $(0.005) $(0.015) $0.00 $(0.01) than-expected bad debt Improvement of one to two pennies due to favorable leasing activity, strong Life Science performance GAAP and Cash $(0.01) $(0.02) $0.00 $0.00 mark-to-markets and lower-than-expected bad debt (1) Improvement of one and a half pennies due to construction activities TI revenue recognition Timing and GAAP $(0.015) $(0.04) $(0.01) $(0.02) resuming earlier than expected relative to the May Outlook Ongoing Rent Collectability Assessment May Outlook August Outlook Type of Impact FFO Per Share FFO Per Share Commentary Immaterial write-offs during the second quarter due to strong rent collections Straight-line rent write-off GAAP Only Unknown Unknown across all segments Immaterial write-offs during the second quarter due to strong rent collections Accounts receivable write-off GAAP and Cash Unknown Unknown across all segments Senior Housing NNN leases GAAP and Cash < $(0.01) $0.00 Resolved discussions with two tenants (1) Assumptions are in addition to the $10 million previously provided in withdrawn guidance. 45 Return to TOC

2020 Outlook & Additional Items Estimated Monthly COVID-19 Impact SHOP May Outlook August Outlook Commentary Occupancy(1) During the second quarter, move-ins declined at a slower rate than initially expected in our May Outlook. Move-ins during COVID-19 disruption(2) 0.0 - 2.0% 1.5 - 3.5% For August Outlook, we expect move-ins to increase by 150 bps relative to May Outlook, but continue to remain below historical averages During the second quarter, move-outs continued at the same rate as expected in our May Outlook (an Move-outs during COVID-19 disruption(3) 3.0 - 5.0% No Change increase in involuntary move-outs was offset by a decrease in voluntary move-outs). For August Outlook, we expect move-outs to continue at the same rate with the net result in-line with historical averages (4) For August Outlook, net attrition improves by 150 bps relative to May Outlook driven by improved move- ADC Net attrition during COVID-19 disruption 2.0 - 4.0% 0.5 - 2.5% ins, but continues to remain above historical averages CCRC May Outlook August Outlook Commentary Occupancy(1) During the second quarter, move-ins declined at a slower rate than initially expected in our May Outlook. Move-ins during COVID-19 disruption(2) 0.0 - 0.5% 0.5 - 1.0% For August Outlook, we expect move-ins to increase by 50 bps relative to May Outlook, but continue to remain below historical averages During the second quarter, move-outs occurred at the higher rate than initially expected in our May Outlook. Move-outs during COVID-19 disruption(3) 0.75 - 1.25% 1.25 - 1.75% For August Outlook, we expect move-outs to increase by 50 bps relative to May Outlook, but continue to remain in-line with historical averages (4) For August Outlook, net attrition remains in line with May Outlook, as 50 bps increase in move-ins and move- ADC Net attrition during COVID-19 disruption 0.5 - 1.0% No Change outs offset each other. Continues to remain above historical averages SHOP & CCRC May Outlook August Outlook Commentary Senior Housing Expenses(5) 2Q20 total expense monthly run-rates are ~$51 million for SHOP and ~$33 million for CCRC, which include Total incremental expenses during COVID-19 disruption 5 - 15% 0 - 5% COVID-19 expenses of ~$4.3 million for SHOP and ~$2.5 million for CCRC, and are representative of the run- rates going forward (1) SHOP as of 2Q - total SHOP units of 16,232, REVPOR of $5,738 and ADC occupancy of 79.8%. CCRC as of 2Q - total CCRC units of 8,321, REVPOR of $7,014 and ADC occupancy 80.4%. Move-in, Move-out and ADC net attrition data does not include SNF. (2) Move-in rate is defined as total gross move-ins for the month / prior month for Independent Living / Assisted Living / Memory Care average occupied units. (3) Move-out rate is defined as total gross move-outs for the month / prior month for Independent Living / Assisted Living / Memory Care average occupied units. Average length of stay from SHOP is approximately 24 months, with 3 to 5% monthly attrition. For CCRCs the average length of stay is 8-10 years for residents who enter the property under an entry fee contract. (4) Average Daily Census (ADC) net attrition is average occupied units in the current month / average occupied units in the prior month - 1. (5) COVID-19 related expenses are comprised of mostly Supplies and Labor, are not added back to Cash NOI, FFO as Adjusted or AFFO. 2Q20 COVID-19 expenses are representative of the run-rate going forward as operators were primarily stockpiling supplies throughout the month of March. 46 Return to TOC

Glossary Adjusted Fixed Charge Coverage* Consolidated Secured Debt Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental Mortgage and other debt secured by real estate, as reported in our consolidated financial measure of liquidity and our ability to meet interest payments on our outstanding debt and pay statements. 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 Continuing Care Retirement Community (“CCRC”) rating agencies utilize similar ratios in evaluating and determining the credit rating on certain of A senior housing facility which provides at least three levels of care (i.e., independent living, assisted our debt instruments. Adjusted Fixed Charge Coverage is subject to the same limitations and living and skilled nursing). qualifications as Adjusted EBITDAre and Fixed Charges. Debt Investments Adjusted Funds From Operations (“AFFO”)* Loans secured by a direct interest in real estate and mezzanine loans. See the “Adjusted Funds From Operations” definition included in the accompanying Discussion and Reconciliations of Non-GAAP Financial Measures for information regarding AFFO. Development Includes ground-up construction. Newly completed developments, are considered Stabilized at Annualized Base Rent the earlier of lease-up (typically when the tenant(s) controls the physical use of 80% of the space) The most recent month’s (or subsequent month’s if acquired in the most recent month) base rent or 24 months from the date the property is placed in service. including additional rent floors, cash income from DFLs, and/or interest income annualized for 12 months. Annualized Base Rent includes the Company's share of unconsolidated JVs calculated Direct Financing Lease (“DFL”) on the same basis and excludes properties in our SHOP and CCRC segments, properties sold or Lease for which future minimum lease payments are recorded as a receivable and the difference held for sale during the quarter, and noncontrolling interests' share of consolidated JVs calculated between the future minimum lease payments and the estimated residual values less the cost of on the same basis. Further, Annualized Base Rent does not include tenant recoveries, additional the properties is recorded as unearned income. Unearned income is deferred and amortized to rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization income over the lease terms to provide a constant yield. of market lease intangibles, DFL non-cash interest and deferred revenues). We use Annualized Base Rent for the purpose of determining Lease Expirations and Debt Investment Maturities. EBITDAre and Adjusted EBITDAre* EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the Cash Flow Coverage (“CFC”)* National Association of Real Estate Investment Trusts (“NAREIT”) and intended for real estate Facility EBITDAR or Facility EBITDARM divided by the aggregate of base rent and any additional companies. It represents earnings before interest expense, income taxes, depreciation and rent due to us for the trailing 12-month period one quarter in arrears from the period presented. amortization, gains or losses from sales of depreciable property (including gains or losses on change CFC is a supplemental measure of a property’s ability to generate cash flows for the operator/ in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre tenant (not the Company) to meet the operator’s/tenant’s related rent and other obligations to us. is defined as EBITDAre excluding impairments (recoveries) related to non-depreciable assets, However, CFC is subject to the same limitations and qualifications as Facility EBITDAR or Facility transaction-related items, prepayment costs (benefits) associated with early retirement or payment EBITDARM. CFC is not presented for: (i) properties operated under a RIDEA structure or (ii) newly of debt, severance and related charges, litigation costs (recoveries), casualty-related charges completed facilities under lease-up, facilities acquired or transitioned to new operators during the (recoveries), stock compensation expense, and foreign currency remeasurement losses (gains). relevant trailing 12-month period, vacant facilities, facilities that are held for sale, facilities for which EBITDAre and Adjusted EBITDAre include our pro rata share of our unconsolidated JVs presented an agreement has been reached to change reporting structure, and facilities for which data is not on the same basis. available or meaningful. Enterprise Debt* Completion Date - Development/Redevelopment Consolidated Debt plus our pro rata share of total debt from our unconsolidated JVs. Enterprise For Developments, management’s estimate of the period the core and shell structure improvements Debt is a supplemental measure of our financial position, which enables both management and are expected to be or have been completed. For Redevelopments, management’s estimate of the investors to analyze our leverage and to compare our leverage to that of other companies. Our pro period in which major construction activity in relation to the scope of the project has been or will rata share of total debt from our unconsolidated JVs is not intended to reflect our actual liability be substantially completed and excludes the completion of tenant improvements. or ability to access assets should there be a default under any or all such loans or a liquidation of the JVs. Consolidated Debt The carrying amount of bank line of credit, commercial paper, term loans, senior unsecured notes, Enterprise Gross Assets* and mortgage debt, as reported in our consolidated financial statements. 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 Consolidated Gross Assets* supplemental measure of our financial position, which, when used in conjunction with debt-related The carrying amount of total assets, excluding investments in and advances to our unconsolidated measures, enables both management and investors to analyze our leverage and to compare our JVs, after adding back accumulated depreciation and amortization, as reported in our consolidated leverage to that of other companies. 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. 47 ReturnReturn to to TOC TOC

Glossary Enterprise Secured Debt* Fixed Charges* Consolidated Secured Debt plus our pro rata share of mortgage debt from our unconsolidated JVs. Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Enterprise Secured Debt is a supplemental measure of our financial position, which enables both Charges also includes our pro rata share of the interest expense plus capitalized interest plus management and investors to analyze our leverage and to compare our leverage to that of other preferred stock dividends (if applicable) of our unconsolidated JVs. Fixed Charges is a supplemental companies. Our pro rata share of Enterprise Secured Debt from our unconsolidated JVs is not measure of our interest payments on outstanding debt and dividends to preferred stockholders intended to reflect our actual liability or ability to access assets should there be a default under for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed any or all such loans or a liquidation of the JVs. Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations. Entrance Fees Certain of our communities have residency agreements which require the resident to pay an upfront Funds From Operations (“NAREIT FFO”) and FFO as Adjusted* entrance fee prior to taking occupancy at the community. For net income, NOI, Adjusted NOI, See the “Funds From Operations” definition included in the accompanying Discussion and NAREIT FFO, FFO as Adjusted, and AFFO, the non-refundable portion of the entrance fee is recorded Reconciliations of Non-GAAP Financial Measures for information regarding NAREIT FFO and FFO as deferred entrance fee revenue and amortized over the estimated stay of the resident based on as Adjusted. 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 Healthcare Affiliated unit. All refundable amounts due to residents at any time in the future are classified as liabilities. Represents properties that are on-campus or adjacent to a healthcare system and properties that are leased 1/3 or more to a health system or physician group. Facility EBITDAR and Facility EBITDARM* Earnings before interest, taxes, depreciation, amortization and rent (and management fees), as Initial Capital Expenditures (“ICE”) applicable, for a particular facility accruing to the operator/tenant of the property (the Company Expenditures required to bring a newly acquired property up to standard. The expenditures are as lessor), for the trailing 12 months and one quarter in arrears from the date reported. We use typically identified during underwriting and incurred within the first year of ownership. Facility EBITDAR or Facility EBITDARM in determining CFC and as a supplemental measure of the ability of the property to generate sufficient liquidity to meet related obligations to us. Facility Investment and Portfolio Investment* EBITDAR includes: (i) contractual management fees; (ii) an imputed management fee of 5% of Represents: (i) the carrying amount of real estate assets and intangibles, after adding back revenues for senior housing facilities and post-acute/skilled facilities, or (iii) an imputed accumulated depreciation and amortization and (ii) the carrying amount of DFLs and Debt management fee of 2% of revenues for hospitals. All facility financial performance data was derived Investments. Portfolio Investment also includes our pro rata share of the real estate assets and solely from information provided by operators/tenants without independent verification by us. intangibles held in our unconsolidated JVs, presented on the same basis as Investment, and Facility EBITDAR and Facility EBITDARM are subject to the same limitations and qualifications as excludes noncontrolling interests' pro rata share of the real estate assets and intangibles held in EBITDA. In addition, Facility EBITDAR and Facility EBITDARM do not represent a borrower’s net our consolidated JVs, presented on the same basis. Investment and Portfolio Investment exclude income or cash flow from operations and should not be considered alternatives to those indicators. land held for development. Facility EBITDAR and Facility EBITDARM are not presented for: (i) properties operated under a RIDEA structure; or (ii) newly completed facilities under lease-up, facilities acquired or transitioned Metropolitan Statistical Areas (“MSA”) to new operators during the relevant trailing 12-month period, vacant facilities, facilities that are Metropolitan Statistical Areas are geographic entities delineated by the Office of Management and held for sale, facilities for which an agreement has been reached to change reporting structure, Budget for use by Federal Statistical agencies in collecting, tabulating, and publishing Federal and facilities for which data is not available or meaningful. statistics. A metro area contains a core urban area of 50,000 or more population, consists of one or more counties and includes the counties containing the core urban area, as well as any adjacent Financial Leverage* counties that have a high degree of social and economic integration (as measured by commuting Enterprise Debt divided by Enterprise Gross Assets. Financial Leverage is a supplemental measure to work) with the urban core. 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* Enterprise Debt less the carrying amount of cash and cash equivalents as reported in our consolidated financial statements and our pro rata share of cash and cash equivalents from our unconsolidated JVs. 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. 48 ReturnReturn to to TOC TOC

Glossary Net Debt to Adjusted EBITDAre* Portfolio Income* Net Debt divided by Adjusted EBITDAre is a supplemental measure of our ability to decrease our Cash NOI plus interest income plus our pro rata share of Cash NOI from our unconsolidated JVs debt. Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, less noncontrolling interests' pro rata share of Cash NOI from consolidated JVs. this measure may have material limitations. Portfolio Real Estate Revenues* and Portfolio Cash Real Estate Net Operating Income from Continuing Operations (“NOI”) and Cash Revenues* (Adjusted) NOI* Portfolio Real Estate Revenues include rental related revenues, resident fees and services, income NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and from DFLs, and government grant income which is included in Other income (expense), net in our services, income from direct financing leases, and government grant income and exclusive of Consolidated Statement of Operations. Portfolio Real Estate Revenues include the Company's pro interest income), less property level operating expenses (which exclude transition costs); NOI rata share from unconsolidated JVs presented on the same basis and exclude noncontrolling excludes all other financial statement amounts included in net income (loss). Cash NOI is calculated interests' pro rata share from consolidated JVs presented on the same basis. Portfolio Cash Real as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of Estate Revenues include Portfolio Real Estate Revenues after eliminating the effects of straight- market lease intangibles, termination fees, actuarial reserves for insurance claims that have been line rents, DFL non-cash interest, amortization of market lease intangibles, lease termination fees, incurred but not reported, and the impact of deferred community fee income and expense. NOI and the impact of deferred community fee income. and Cash NOI include the Company's pro rata share of NOI and Cash NOI from its unconsolidated JVs and exclude noncontrolling interests’ pro rata share of NOI and Cash NOI from consolidated Redevelopment joint ventures. Properties that incur major capital expenditures to significantly improve, change the use, or reposition the property pursuant to a formal redevelopment plan. Newly completed Occupancy redevelopments, are considered Stabilized at the earlier of lease-up (typically when the tenant(s) For life science facilities and medical office buildings, Occupancy represents the percentage of controls the physical use of 80% of the space) or 24 months from the date the property is placed total rentable square feet leased where rental payments have commenced, including month-to- in service. month leases, as of the end of the period reported. For senior housing triple-net facilities, post- acute/skilled facilities and hospitals, Occupancy represents the facilities’ average operating Retention Rate Occupancy for the trailing three-month period ended one quarter in arrears from the date reported. The ratio of total renewed square feet to the total square feet expiring and available for lease, For SHOP properties, Occupancy represents the facilities’ average operating Occupancy for the excluding the square feet for tenant leases terminated for default or buy-out prior to the expiration most recent calendar quarter (year-to-date for year-to-date SS) available. The percentages are of the lease and leases in assets designated as Held for Sale. calculated based on units for senior housing facilities and available beds for post-acute/skilled facilities and hospitals. The percentages shown are weighted to reflect our share and exclude newly REVPOR CCRC* completed facilities under lease-up, facilities acquired or transitioned to new operators during the The 3-month average Cash Real Estate Revenues per occupied unit excluding Cash NREFs for the relevant period, vacant facilities, facilities held for sale, facilities for which agreement has been most recent period available. REVPOR CCRC excludes newly completed assets under lease-up, reached to change reporting structure, and facilities for which data is not available or meaningful. assets sold, acquired or converted to a new operating structure (such as triple-net to SHOP) during All facility financial performance data was derived solely from information provided by operators/ the relevant period, assets in redevelopment, assets that are held for sale, and assets that tenants and borrowers without independent verification by us. experienced a casualty event that significantly impacted operations. REVPOR cannot be derived from the information presented for the CCRC portfolio as units reflect 100% of the unit capacities Penetration Rate for unconsolidated JVs and revenue is at the Company's pro rata share. Reflects the number of available senior housing units as a percentage of total population age 80 and older. This measurement is an indicator of market demand for new development and expansion REVPOR SHOP* projects. The 3-month average Cash Real Estate Revenues per occupied unit for the most recent period available. REVPOR SHOP excludes newly completed assets under lease-up, assets sold, acquired Portfolio Cash Operating Expenses* or converted to a new operating structure (such as triple-net to SHOP) during the relevant period, Consolidated cash operating expenses plus the Company's pro rata share of cash operating assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event expenses from its unconsolidated JVs less noncontrolling interests' pro rata share of cash operating that significantly impacted operations. REVPOR cannot be derived from the information presented expenses from consolidated JVs. Portfolio Cash Operating Expenses represent property level for the SHOP portfolio as units reflect 100% of the unit capacities for unconsolidated JVs and operating expenses (which exclude transition costs) after eliminating the effects of straight-line revenue is at the Company's pro rata share. rents, lease termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee expense. 49 ReturnReturn to to TOC TOC

Glossary REVPOR Triple-net Share of Consolidated Joint Ventures The 3-month average facility revenue per occupied unit, one quarter in arrears from the period Noncontrolling interests' pro rata share information is prepared by applying noncontrolling presented. Facility revenue consists primarily of resident rents generated at triple-net communities, interests' actual ownership percentage for the period and is intended to reflect noncontrolling which are not included in our financial results. Facility revenues are derived solely from information interests' proportionate economic interest in the financial position and operating results of provided by operators/tenants without independent verification by us. REVPOR Triple-net excludes properties in our portfolio. vacant facilities, newly completed assets under lease-up, assets sold, acquired or converted to a new operating structure (such as triple-net to SHOP) during the relevant period, assets that are Share of Unconsolidated Joint Ventures ("JVs") held for sale, and assets for which agreement has been reached to change reporting structure. 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 RIDEA operating results of properties in our portfolio. A structure whereby a taxable REIT subsidiary is permitted to rent a healthcare facility from its parent REIT and hire an independent contractor to operate the facility. Stabilized / Stabilization Newly acquired operating assets are generally considered Stabilized at the earlier of lease-up Same-Store (“SS”)* (typically when the tenant(s) control(s) the physical use of at least 80% of the space) or 12 months Same-Store NOI and Adjusted (Cash) NOI information allows us to evaluate the performance of from the acquisition date. Newly completed developments and redevelopments are considered our property portfolio under a consistent population by eliminating changes in the composition of Stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. our consolidated portfolio of properties. Same-Store Adjusted NOI excludes amortization of Properties that experience a change in reporting structure, such as a conversion from a triple-net deferred revenue from tenant-funded improvements and certain non-property specific operating lease to a RIDEA reporting structure, are considered stabilized after 12 months in operations under expenses that are allocated to each operating segment on a consolidated basis. Properties are a consistent reporting structure. included in Same-Store once they are stabilized for the full period in both comparison periods. Newly acquired operating assets are generally considered stabilized at the earlier of lease-up Total Market Equity (typically when the tenant(s) control(s) the physical use of at least 80% of the space) or 12 months The total number of outstanding shares of our common stock multiplied by the closing price per from the acquisition date. Newly completed developments and redevelopments are considered share of our common stock on the New York Stock Exchange as of period end, plus the total stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. number of convertible partnership units multiplied by the closing price per share of our common Properties that experience a change in reporting structure, such as a conversion from a triple-net stock on the New York Stock Exchange as of period end (adjusted for stock splits). lease to a RIDEA reporting structure, are considered stabilized after 12 months in operations under a consistent reporting structure. A property is removed from Same-Store when it is classified as Units/Square Feet/Beds held for sale, sold, placed into redevelopment, experiences a casualty event that significantly Senior housing facilities are measured in available units (e.g., studio, one or two bedroom units). impacts operations, a change in reporting structure (such as triple-net to SHOP) or operator Life science facilities and medical office buildings are measured in square feet, excluding square transition has been agreed to, or a significant tenant relocates from a Same-Store property to a footage for development or redevelopment properties prior to completion. Post-acute/skilled non Same-Store property and that change results in a corresponding increase in revenue. facilities and hospitals are measured in available beds. Capacities are presented at 100%. 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. * Non-GAAP Supplemental Measures Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this report can be found at http://ir.healthpeak.com/quarterly-results. 50 ReturnReturn to to TOC TOC

Adjusted EBITDAre and Adjusted Debt Ratios Fixed Charge Coverage Dollars in thousands NET INCOME TO ADJUSTED EBITDAre Three Months Ended June 30, 2020 Net income (loss) $ 55,049 Interest expense 57,550 Income tax expense (benefit) (7,346) Depreciation and amortization 178,488 Other depreciation and amortization 1,787 Loss (gain) on sales of real estate (82,863) Loss (gain) upon change of control (2,528) Impairments (recoveries) of depreciable real estate 17,797 Share of unconsolidated JV: Interest expense 945 Income tax expense (benefit) (507) Depreciation and amortization 25,618 Gain on sale of real estate from unconsolidated JVs (1,519) EBITDAre $ 242,471 Transaction-related items 673 Other impairments (recoveries) and losses (gains) 6,291 Loss on debt extinguishments 25,824 Litigation costs (recoveries) 100 Amortization of deferred compensation 4,984 Foreign currency remeasurement losses (gains) 143 Adjusted EBITDAre $ 280,486 ADJUSTED FIXED CHARGE COVERAGE Interest expense 57,550 Share of unconsolidated JV interest expense 945 Capitalized interest 6,726 Fixed Charges $ 65,221 Adjusted Fixed Charge Coverage 4.3x 51 Return to TOC

Debt Ratios As of and for the quarter ended June 30, 2020, dollars in thousands ENTERPRISE DEBT AND NET DEBT June 30, 2020 (1) Includes mortgage debt of $27.6 million on assets held for Bank line of credit and commercial paper $ — sale that matures in 2044. Term loan 249,062 (2) Represents the current quarter Adjusted EBIDTAre multiplied Senior unsecured notes 5,992,193 by a factor of four. Mortgage debt(1) 515,177 Consolidated Debt $ 6,756,432 Share of unconsolidated JV mortgage debt 92,245 Enterprise Debt $ 6,848,677 Cash and cash equivalents (730,957) Share of unconsolidated JV cash and cash equivalents (19,012) Net Debt $ 6,098,708 FINANCIAL LEVERAGE June 30, 2020 Enterprise Debt $ 6,848,677 Enterprise Gross Assets 19,907,516 Financial Leverage 34.4% SECURED DEBT RATIO June 30, 2020 Mortgage debt(1) $ 515,177 Share of unconsolidated JV mortgage debt 92,245 Enterprise Secured Debt $ 607,422 Enterprise Gross Assets 19,907,516 Secured Debt Ratio 3.1% NET DEBT TO ADJUSTED EBITDAre Three Months Ended June 30, 2020 Net Debt $ 6,098,708 Annualized Adjusted EBITDAre 1,121,944 (2) Net Debt to Adjusted EBITDAre 5.4x 52 Return to TOC

COMPANY Information BOARD OF DIRECTORS BRIAN G. CARTWRIGHT DAVID B. HENRY Chairman of the Board, Healthpeak Properties, Inc. Former Vice Chairman and Chief Executive Officer, Former General Counsel, Kimco Realty Corporation U.S. Securities and Exchange Commission LYDIA H. KENNARD THOMAS M. HERZOG President and Chief Executive Officer, Chief Executive Officer, Healthpeak Properties, Inc. KDG Construction Consulting CHRISTINE N. GARVEY SARA GROOTWASSINK LEWIS Former Global Head of Corporate Founder and Chief Executive Officer, Real Estate Services, Deutsche Bank AG Lewis Corporate Advisors, LLC R. KENT GRIFFIN, JR. KATHERINE M. SANDSTROM Managing Director, PHICAS Investors Former Senior Managing Director, Former President, BioMed Realty Trust, Inc. Heitman, LLC EXECUTIVE MANAGEMENT THOMAS M. HERZOG PETER A. SCOTT Chief Executive Officer Executive Vice President Chief Financial Officer SCOTT M. BRINKER President SHAWN G. JOHNSTON Chief Investment Officer Executive Vice President Chief Accounting Officer THOMAS M. KLARITCH Executive Vice President JEFFREY H. MILLER Chief Development Officer Executive Vice President Chief Operating Officer Senior Housing TROY E. MCHENRY LISA A. ALONSO Executive Vice President Executive Vice President Chief Legal Officer Chief Human Resources Officer General Counsel Corporate Secretary 53 ReturnReturn to to TOC TOC

Medical City Hospital Forward-Looking Statements Dallas, TX & Risk Factors Statements contained in this supplemental report which 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 current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, joint venture transactions, capital recycling plans, financing activities, or other transactions; (ii) future new supply and demographics; (iii) the Company’s 2020 guidance, outlook, framework, assumptions and additional information with respect thereto, including potential outcomes and impacts from COVID-19; and (iv) statements regarding the impact of the COVID-19 pandemic on our business, financial condition and results of operations. 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 supplemental report, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: the severity and duration of the COVID-19 pandemic; actions that have been taken and may continue to be taken by governmental authorities to contain the COVID-19 outbreak or to treats its impact; the impact of the COVID-19 pandemic and health and safety measures intended to reduce its spread; operational risks associated with third party management contracts, including the additional regulation and liabilities of RIDEA lease structures; the ability of the Company’s existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and manage their expenses in order to generate sufficient income to make rent and loan payments to the Company and the Company’s ability to recover investments made, if applicable, in their operations; the imposition of laws or regulations prohibiting eviction of our tenants or operators, including new governmental efforts in response to COVID-19; the financial condition of the Company’s existing and future tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings, which results in uncertainties regarding the Company’s ability to continue to realize the full benefit of such tenants’ and operators’ leases and borrowers’ loans; the Company’s concentration in the healthcare property sector, particularly in senior housing, life sciences and medical office buildings, which makes its profitability more vulnerable to a downturn in a specific sector than if the Company were investing in multiple industries; the effect on the Company and its tenants and operators of legislation, executive orders and other legal requirements, including compliance with the Americans with Disabilities Act, fire, safety and health regulations, environmental laws, the Affordable Care Act, licensure, certification and inspection requirements, and laws addressing entitlement programs and related services, including Medicare and Medicaid, which may result in future reductions in reimbursements or fines for noncompliance; the Company’s ability to identify replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; the risks associated with property development and redevelopment, including costs above original estimates, project delays and lower occupancy rates and rents than expected; the potential impact of uninsured or underinsured losses, including as a result of hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause such losses and/or performance declines by us or our tenants and operators; the risks associated with the Company’s investments in joint ventures and unconsolidated entities, including 54 ReturnReturn toto TOCTOC Continued

2201 Medical Plaza Forward-Looking Statements Nashville, TN & Risk Factors (concluded) its lack of sole decision making authority and its reliance on its partners’ financial condition and continued cooperation; competition for the acquisition and financing of suitable healthcare properties as well as competition for tenants and operators, including with respect to new leases and mortgages and the renewal or rollover of existing leases; the Company’s or its counterparties’ ability to fulfill obligations, such as financing conditions and/or regulatory approval requirements, required to successfully consummate acquisitions, dispositions, transitions, developments, redevelopments, joint venture transactions or other transactions; the Company’s ability to achieve the benefits of acquisitions or other investments within expected time frames or at all, or within expected cost projections; the potential impact on the Company and its tenants, operators and borrowers from current and future litigation matters, including the possibility of larger than expected litigation costs, adverse results and related developments; changes in federal, state or local laws and regulations, including those affecting the healthcare industry that affect the Company’s costs of compliance or increase the costs, or otherwise affect the operations, of its tenants and operators; the Company’s ability to foreclose on collateral securing its real estate-related loans; volatility or uncertainty in the capital markets, the availability and cost of capital as impacted by interest rates, changes in the Company’s credit ratings, and the value of its common stock, and other conditions that may adversely impact the Company’s ability to fund its obligations or consummate transactions, or reduce the earnings from potential transactions; changes in global, national and local economic and other conditions, including the ongoing economic downturn, volatility in the financial markets and high unemployment rates; the Company’s ability to manage its indebtedness level and changes in the terms of such indebtedness; competition for skilled management and other key personnel; the Company’s reliance on information technology systems and the potential impact of system failures, disruptions or breaches; the Company’s ability to maintain its qualification as a real estate investment trust; and other risks and uncertainties described from time to time in the Company’s Securities and Exchange Commission (SEC) filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made. The information in this supplemental report should be read in conjunction with the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the SEC. The Reporting Definitions (and Reconciliations of Non-GAAP Financial Measures) are an integral part of the information presented herein. You can access these documents on the Company’s website, www.healthpeak.com, free of charge, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on the Company’s website is not incorporated by reference into, and should not be considered a part of, this supplemental report. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at www.sec.gov. This supplemental report also includes market and industry data that the Company has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. The market and industry data is often based on industry surveys and preparers’ experience in the industry. Similarly, although the Company believes that the surveys and market research that others have performed are reliable, it has not independently verified this information. For more information, contact Barbat Rodgers, Senior Director - Investor Relations, at (949) 407-0400. 55 ReturnReturn toto TOCTOC

_________________________________________________________ Corporate HQ, Irvine, CA 1920 Main Street, Suite 1200 Irvine, CA 92614 (949) 407 - 0700 ________________________________________________________ San Francisco, CA 950 Tower Lane, Suite 1650 Foster City, CA 94404 _______________________________________________________ Nashville, TN 3000 Meridian Boulevard, Suite 200 Franklin, TN 37067 healthpeak.com 56 ReturnReturn to to TOC TOC