Healthpeak Properties — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported diluted net income per share of $0.02 for the quarter ended September 30, 2026, compared to a loss of $0.17 per share in the prior year period.
• Reported diluted FFO as Adjusted per share of $0.44 for the quarter, down from $0.46 in the prior year period.
• Total revenues for the quarter were $820.9 million, up from $705.9 million in the prior year period.
• Same-store Adjusted NOI growth for the quarter was 3.6% overall, driven by 3.1% growth in Outpatient Medical and 25.9% growth in Senior Housing, offset by a 0.7% decline in Lab.
• Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30, 2026.
• Janus Living reported revenue of $268 million (up 78% year-over-year) and Adjusted EBITDAre of $105 million (up 101% year-over-year).
• Janus Living reported Total Adjusted Net Operating Income of $76 million, up 81% year-over-year, with same-store Adjusted NOI increasing 25.9%.

Guidance and Future Outlook:

• Updated Full Year 2026 Diluted Earnings Per Share guidance range to $0.39 – $0.41, representing a midpoint decrease of $0.10 from the previous guidance of $0.48 – $0.52.
• Updated Full Year 2026 Diluted FFO as Adjusted per share guidance range to $1.76 – $1.80, representing a midpoint increase of $0.02 from the previous guidance of $1.73 – $1.77.
• Updated Full Year 2026 Total Same-Store Cash (Adjusted) NOI guidance range to 0.5% – 2.0%, representing a midpoint increase of 50 basis points from the previous guidance of 0% – 1.5%.
• The decrease in earnings guidance is attributed to depreciation and amortization associated with senior housing acquisitions closed by Janus Living during the third quarter and through October 30, 2026.

Business Segments and Product Lines:

• Outpatient Medical: New and renewal lease executions totaled 846,000 square feet in the quarter, bringing year-to-date executions to 3.2 million square feet; 1.3 million square feet executed or under LOI subsequent to the quarter.
• Lab: New and renewal lease executions totaled 480,000 square feet in the quarter, bringing year-to-date executions to 1 million square feet; 643,000 square feet executed or under LOI subsequent to the quarter. Lab total occupancy increased 130 basis points sequentially and 270 basis points since year-end 2025.
• Senior Housing: Janus Living closed $1.75 billion of acquisitions during the third quarter ($1.0 billion from July 1 through August 3 and $743 million from August 3 through quarter end); completed approximately $370 million of additional acquisitions between quarter end and October 30, 2026.
• Life Science Acquisitions: Acquired or under contract to acquire four life science buildings totaling approximately 510,000 square feet across three campuses for approximately $233 million.
• Specific Life Science Deals: Acquired HQ Point (236,000 sq ft, 29% occupied) for $105 million; under contract to acquire a 145,000 sq ft building in South San Francisco for $92 million and the remaining 51% interest in 100 Acorn Park Drive in Cambridge for $36 million.
• Outpatient Medical Acquisition: Acquired Westway One, a 146,000 sq ft Class A medical training facility in Houston, for $38 million in October 2026; 100% leased to HCA Healthcare affiliates with 11 years remaining on the lease.
• Joint Venture: Recapitalized a joint venture with Brookfield Asset Management in July 2026, contributing an 86-property outpatient medical portfolio valued at $2.1 billion and receiving $1.025 billion for the sale of a 49% interest.

Market and Competitive Landscape:

• Janus Living holds approximately $1.2 billion in liquidity as of October 30, 2026, including cash and available credit facility capacity.
• Healthpeak has $3.8 billion of liquidity as of October 30, 2026, including cash, revolving credit facility availability, and undrawn term loan commitments.
• Healthpeak entered into a new $500 million unsecured delayed-draw term loan facility in October 2026, maturing in October 2030, bearing interest at SOFR plus 80 basis points.

Risks and Challenges:

• Forward-looking statements regarding pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activities remain subject to closing conditions and may not be completed within anticipated timeframes.
• Risks include macroeconomic trends affecting borrowing, construction, and operating costs; changes in the life science industry; tenant insolvency or bankruptcy; concentration in the healthcare property sector; and regulatory changes affecting reimbursement programs.

Management Commentary and Tone:

• Management highlighted the successful execution of significant capital deployment, including $1.75 billion in senior housing acquisitions in Q3 and a $500 million debt facility.
• The company noted strong leasing momentum in Outpatient Medical and Lab segments with significant volume executed or under LOI subsequent to the quarter.
• Janus Living's performance showed significant growth in revenue and Adjusted EBITDAre, contributing to overall portfolio strength.

Other Key Points:

• Healthpeak owns 214.7 million shares of Janus Living common stock and operating partnership units, representing a 69% equity ownership as of September 30, 2026.
• The Board declared a monthly common stock cash dividend of $0.10167 per share for October, November, and December 2026, annualizing to $1.22 per share.
• Janus Living has approximately $82 million of additional senior housing acquisitions under binding purchase agreements as of October 30, 2026.
• The three opportunistic life science acquisitions have a blended in-place occupancy of 41%, a current cash yield of approximately 5%, and an expected stabilized cash yield of 9-10%.
• Healthpeak was named to the Top 10 in Real Estate from 3BL Media's 100 Best Corporate Citizens List and recognized by Fortune and U.S. News & World Report as a top workplace.