Healthpeak Properties (DOC) official guidance

Through year end, we now expect to generate $1.9 billion of gross proceeds from capital recycling initiatives.

We raised our FFO's adjusted guidance range by $0.02 to a $1.73 to a $1.77 per share.

As a result of this activity, we anticipate a modest improvement in total occupancy by year end from where we stand as of June 30th.

Our senior housing portfolio will essentially double in size this year, and the number of operating partners will increase from two to more than 10.

| Diluted earnings per common share | $0.46 | - | $0.50 | $0.48 | - | $0.52 | $0.02 increase |

| Total Same-Store Cash (Adjusted) NOI | (1)% | - | 1% | 0% | - | 1.5% | 75 bps increase |

These impacts are expected to be offset by the senior housing portfolio outperformance and deployment of $750 million of cash into acquisitions through year-end.

We're progressing additional transactions that would generate proceeds of $700 million or more at cap rates about 200 basis points inside what's implied in our current stock price.

Diluted Nareit FFO per share from $1.70 – $1.74 to $1.68 – $1.72

We have $360 million of additional relationship-driven acquisitions in our Senior Housing pipeline. These are newer vintage assets located in high-growth markets in Orlando and the northern suburbs of Atlanta, both markets that we know very well. We expect the acquisitions will close in the first quarter and be contributed to Janus Living.

In our guidance, we had just over $500 million of CapEx in our plan, and that's a combination of redevelopment capital, non-recurring capital, development capital.

Yeah, and maybe just to jump to first quarter FFO, it's probably down $0.03 from where, you know, we ended the year, so $0.47 to something closer to $0.43.

Finally, we have approximately $1.1 billion of refinancing activity in 2026, including $650 million of senior unsecured notes maturing in July and an additional $440 million of secured mortgages maturing throughout the year, which will either be refinanced or repaid.

Our total same-store NOI growth is forecasted in the range of -1%-+1%. This assumes Outpatient Medical between 2%-3%, lab -5% to -10%, and Senior Housing ranging from 8%-12%.

Our total same-store NOI growth is forecasted in the range of -1%-+1%. This assumes Outpatient Medical between 2%-3%, lab -5% to -10%, and Senior Housing ranging from 8%-12%.

Our total same-store NOI growth is forecasted in the range of -1%-+1%. This assumes Outpatient Medical between 2%-3%, lab -5% to -10%, and Senior Housing ranging from 8%-12%.

Our total same-store NOI growth is forecasted in the range of -1%-+1%.

Healthpeak is targeting 8% to 9% cash NOI yields upon stabilization across these investments.

In January 2026, Healthpeak executed an LOI for the recapitalization and sale of an 80% joint venture interest in a six-property outpatient medical portfolio with a gross valuation of $212 million, which is expected to generate proceeds of approximately $170 million.

Now turning to guidance, we are reaffirming our FFOs adjusted and same-store expectations within our original guidance range.