Investor Presentation March 2024 The Baylor Scott & White Charles A Sammons Cancer Center Dallas, Texas

Disclaimers This Healthpeak Properties, Inc. (the “Company”) presentation is solely for your information, is subject to change and speaks only as of the date hereof. This presentation is not complete and is only a summary of the more detailed information included elsewhere, including in our Securities and Exchange Commission (“SEC”) filings. No representation or warranty, express or implied, is made and you should not place undue reliance on the accuracy, fairness or completeness of the information presented. Forward-Looking Statements Statements contained in this presentation 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, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, financing activities, or other transactions; (ii) development and densification opportunities; (iii) outlooks related to outpatient medical, lab, and CCRCs; and (iv) potential capital sources and uses. You should not place undue reliance on these forward-looking statements. Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those that are subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. 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 presentation, 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: macroeconomic trends, including inflation, interest rates, labor costs, and unemployment; risks associated with the merger transactions with Physicians Realty Trust (the “Mergers”), including, but not limited to, potential loss or disruption of current and prospective commercial relationships due to the uncertainties about the Mergers, and the outcome of legal proceedings instituted against us, our Board of Directors, and others related to the Mergers; our ability to integrate the operations of the Company and Physicians Realty Trust successfully and realize the anticipated synergies and other benefits of the Mergers or do so within the anticipated time frame; changes within the industries in which we operate; significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, including project abandonments, project delays, and lower profits than expected; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our properties operated through RIDEA structures; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us or our tenants and operators; 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; our use of fixed rent escalators, contingent rent provisions, and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose or exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from litigation matters, including rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; ESG and sustainability commitments and requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, including Covid, and health and safety measures intended to reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology systems and the possibility of a cybersecurity incident or cybersecurity threat affect our information systems or the information systems of our tenants, operators or borrowers; volatility, disruption, or uncertainty in the financial markets; increased borrowing costs, including due to rising interest rates; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all, including due to rising interest rates, changes in our credit ratings and the value of our common stock, bank failures or other events affecting financial institutions; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; our ability to maintain our qualification as a REIT; our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; ownership limits in our charter that restrict ownership in our stock; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; 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. Market and Industry Data This presentation 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. Such data is often based on industry surveys and preparers’ experience in the industry. Similarly, although Healthpeak believes that the surveys and market research that others have performed are reliable, such surveys and market research are subject to assumptions, estimates and other uncertainties and Healthpeak has not independently verified this information. Non-GAAP Financial Measures This presentation contains certain supplemental non-GAAP financial measures. While the Company believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this presentation should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. We caution you that there are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company’s computation of non-GAAP financial measures may not be comparable to those reported by other REITs. You can find reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the fourth quarter 2023 Discussion and Reconciliation of Non-GAAP Financial Measures available on our website at http://ir.healthpeak.com/quarterly-results. Investor Presentation – March 2024 2

Executive Summary – Continued Strong Execution 3 ▪ AFFO of $1.53 per share; +5 pennies better than original guidance ▪ FFO as Adjusted of $1.78 per share; +5 pennies better than original guidance ▪ Same-store growth of 4.8%; +130 basis points better than original guidance ▪ Near-record leasing volume with ~5.1 million square feet of executions across Outpatient Medical and Lab Fortress Balance Sheet 2024 Outlook(1) ▪ 5.2x Net Debt to EBITDA(1) and ~$3 billion of liquidity ▪ New 5-year, $750 million term loan swapped to a fixed rate of 4.5% Recent Updates 2023 Performance(1) ▪ Merger with Physicians Realty Trust closed on March 1st; Healthpeak trading under the ticker “DOC” beginning March 4th o $40 million of year-one merger synergies included in 2024 Outlook o Completed property management internalization in four markets to date with an additional five markets scheduled by the end of the second quarter ▪ Received $69 million of proceeds from repayment of seller financing loans in mid-February and under contract on ~$40 million of outpatient dispositions; continue to pursue less-core property dispositions ▪ AFFO of $1.50 - $1.56 per share; in-line with consensus estimates ▪ FFO as Adjusted of $1.73 - $1.79 per share; includes 3 penny headwind from non-cash merger-related debt mark-to-market ▪ Same-store growth of 2.25% - 3.75% Investor Presentation – March 2024 2025+ Upside ▪ ~$60 million cash NOI(1) upside opportunity from temporary downtime at trophy Lab campuses (Vantage, Portside, and Gateway / Directors) and additional ~$20 million of incremental merger synergies above the $40 million year-one target ▪ Accretive stock buybacks with excess cash including proceeds from less-core property sales and / or seller-financing loan repayments 1) Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures including AFFO, FFO as Adjusted, “EBITDA”, and “same-store” used in this presentation can be found in the fourth quarter 2023 Discussion and Reconciliation of Non-GAAP Financial Measures at http://ir.healthpeak.com/quarterly-results. “Same-store growth” represents Total Portfolio Same-Store Cash (Adjusted) NOI growth. “EBITDA” represents Adjusted EBITDAre. Net Debt to Adjusted EBITDAre as of 12/31/23; there is no material change expected in Net Debt to Adjusted EBITDAre following the merger with Physicians Realty Trust completed on 3/1/2024. The 2024 Outlook ranges provide a framework for metrics of Healthpeak following the merger with Physicians Realty Trust. We expect to finalize 2024 guidance in late April once 1Q books are closed and GAAP merger adjustments are finalized.

Why Healthpeak 4 Compelling Total Return Opportunity 3% cash same-store NOI growth, opportunity for ~$60 million of cash NOI upside across three lab campuses and $20 million of additional merger synergies, a well-covered dividend currently yielding ~7.2%, and a stock price currently trading ~30% below consensus NAV creates a compelling total return opportunity(1) Structural Demand Drivers Portfolio benefits from continued scientific discovery, an aging population, and the trend toward lower-cost outpatient care delivery Portfolio Quality Critical mass of purpose-built lab campuses in the three most important clusters and a high-quality outpatient medical portfolio leased to leading health systems and specialty physicians Competitive Advantage Decades of operational expertise and relationships drive internal and external growth opportunities Fortress Balance Sheet 5.2x Net Debt to EBITDA(2), limited floating rate debt, and no material 2024 debt maturities Sustainable and Responsible Business Sustainability embedded into our business model and operating plan; committed to strong governance 1) 3% same-store growth represents the mid-point of Healthpeak’s 2024 same-store Outlook, See page 9 for details on estimated NOI upside. Dividend yield based on Healthpeak’s $1.20 annualized dividend and a share price of $16.75 as of 2/29/24. Consensus NAV per share of $24.77 as of 2/29/24 per CapIQ. Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures including AFFO, FFO as Adjusted, “EBITDA”, and “same-store” used in this presentation can be found in the fourth quarter 2023 Discussion and Reconciliation of Non-GAAP Financial Measures located at http://ir.healthpeak.com/quarterly-results. “Same-store growth” represents Total Portfolio Same-Store Cash (Adjusted) NOI growth. 2) “EBITDA” represents Adjusted EBITDAre. Net Debt to Adjusted EBITDAre as of 12/31/23; there is no material change expected in Net Debt to Adjusted EBITDAre following the merger with Physicians Realty Trust completed on 3/1/24. Investor Presentation – March 2024

Strategic Merger Benefits The combination of Healthpeak and Physicians Realty Trust accelerates key strategic goals 5 Create Best-In-Class Platform Combined senior team has 200+ years of outpatient medical operating experience Drive Internal Growth Favorable supply / demand fundamentals are producing at or near all-time highs for outpatient medical same-store, retention, and releasing spreads Grow Earnings Increases 2024 AFFO by 5 pennies per share (+3.4% versus stand-alone Healthpeak) Lower Cap-Ex Legacy Physicians Realty Trust portfolio comprised of younger assets with longer WALT and higher percentage of investment grade tenants, resulting in lower cap-ex than industry averages; earnings and same-store are important metrics, but cash flow drives IRR Maintain Strong Balance Sheet Improves leverage and extends weighted average maturity Improve G&A Efficiency Healthpeak G&A essentially flat despite adding ~$5 billion of assets Expand Growth Relationships No company better networked in the outpatient medical sector; relationships create outsized internal and external growth opportunities Investor Presentation – March 2024 Strategic Goal Merger Benefit

Delivering Earnings Results & Exceeding Expectations 6 FFO as Adjusted Same-Store Growth Original 2023 Guidance(1) Actual 2023 Results(1) Midpoint Variance $1.73 $1.78 + $0.05 $1.48 $1.53 + $0.05 3.5% 4.8% + 130 bps 1) Represents midpoint of legacy Healthpeak’s original 2023 Guidance provided on 2/7/2023. Reconciliations of the non-GAAP financial measures can be found in the Discussion and Reconciliation of Non-GAAP Financial Measures for the fourth quarter 2022 (for Original 2023 Guidance) and the fourth quarter 2023 (for Actual 2023 Results), in each case at http://ir.healthpeak.com/quarterly-results. AFFO Investor Presentation – March 2024 Strong track record for exceeding guidance

2020-2022 Avg. 2023 Note: Lease executions for legacy Healthpeak portfolio only. 2023 Lease Executions Above the 3-Year Average Investor Presentation – March 2024 7 +6% 4.8M SF 5.1M SF Record or near-record lease executions, tenant retention, and lease spreads led to year-end same-store occupancy of ~92%, with +4% cash renewal spreads Outpatient Medical Lab ~90% of lease executions in our three core markets were with existing tenants, demonstrating the importance of scale and relationships to drive leasing success Continued growth in outpatient demand and strong lab relationships drove above-trend leasing volumes

Double Digit Earnings Growth Over the Past Two Years 8 FFO as Adjusted per Share(1) AFFO per Share(1) $1.61 $1.78 2021 2023 $1.35 $1.53 2021 2023 +11% +13% Investor Presentation – March 2024 Earnings growth driven by development earn-in, property performance, and a more efficient G&A structure Note: Represents earnings growth for legacy Healthpeak only. 1) Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures can be found in the fourth quarter 2023 Discussion and Reconciliation of Non-GAAP Financial Measures located at http://ir.healthpeak.com/quarterly-results. .

Significant Potential Growth Opportunity 9 Vantage Phase I Development(1) Gateway / Directors Dev & Redev(1) Portside Redevelopment(1) Additional Merger Synergies(2) +$15M +$20M +$25M +$20M 2025+ Upside Opportunity +$80M 1) Estimated stabilized cash NOI is based on a mid-point of current market rents. Subject to change based on market conditions. 2) Represents incremental merger-related synergies above the $40 million incorporated into Healthpeak’s 2024 Outlook. Investor Presentation – March 2024 ~$60 million of cash NOI upside and ~$20 million of additional merger synergies that are not included in our 2024 earnings Outlook; majority of capital needed to achieve upside already incurred or included in 2024 forecast

National Scale, Local Competitive Advantage, Attractive Diversification 10 13 markets with footprints of 1 million square feet or more to help drive local competitive advantage Bay Area / South San Francisco 25% Boston 10% Dallas 8% San Diego 6% Houston 4% Phoenix 3% Louisville 3% Nashville 3% Seattle 2% Atlanta 2% Denver 2% Minneapolis 2% Indianapolis 1% Philadelphia 2% New York 1% Salt Lake City 1% Miami 1% Washington, DC 1% Omaha 1% Kansa City 1% Rank Market Square Feet (M) % of ABR(1) 1 Bay Area (S. SF), CA(2) 6.3 25% 2 Boston, MA 2.8 10% 3 Dallas, TX 4.6 8% 4 San Diego, CA 3.0 6% 5 Houston, TX 3.6 4% 6 Nashville, TN 1.8 3% 7 Phoenix, AZ 1.8 3% 8 Louisville, KY 1.9 3% 9 Denver, CO 1.2 2% 10 Seattle, WA 1.1 2% 11 Atlanta, GA 1.2 2% 12 Minneapolis, MN 1.0 2% 13 Philadelphia, PA 1.3 2% 14 New York, NY 0.8 1% 15 Indianapolis, IN 0.8 1% 16 Salt Lake City, UT 0.8 1% 17 Miami, FL 0.6 1% 18 Washington, DC 0.5 1% 19 Kansas City, MO 0.5 1% 20 Omaha, NE 0.7 1% Remainder 15.0 21% Top 20 Outpatient and Lab Markets Sized in proportion to % of ABR Investor Presentation – March 2024 1) Represents Annualized Base Rent (“ABR”) for the combined company’s Outpatient and Lab portfolios as of 12/31/2023. Excludes CCRC / Senior Housing JV portfolio. 2) Primarily consists of the city of South San Francisco, located 10+ miles south of the central business district of San Francisco, in San Mateo County. Healhpeak does not own any assets in the city or county of San Francisco.