Investor Presentation Healthpeak Properties June 2023 Torrey Pines Science Center – 10355 Science Center Drive San Diego, CA

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, densification and land bank opportunities; (iii) outlooks related to life science, outpatient medical 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 close 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; the ability of our existing and future tenants, operators, and borrowers to conduct their respective businesses in a manner that generates sufficient income to make rent and loan payments to us; the financial condition of our tenants, operators, and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; 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 activity risks, including project abandonments, project delays, and lower profits than expected; changes within the life science industry; significant regulation, funding requirements, and uncertainty faced by our life science tenants; 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; 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; epidemics, pandemics, or other infectious diseases, including Covid, and health and safety measures intended to reduce their spread; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions, or breaches; 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, volatility or uncertainty in the capital markets, and other factors; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; bank failures or other events affecting financial institutions; 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; 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; and other risks and uncertainties described from time to time in our 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. 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 first quarter 2023 Discussion and Reconciliation of Non-GAAP Financial Measures, as well as the Update to Discussion and Reconciliation of Certain Non-GAAP Financial Measures dated June 5, 2023, each available on our website at http://ir.healthpeak.com/quarterly-results. 2Investor Presentation – June 2023

Healthpeak Platform Delivering Results 3Investor Presentation – June 2023 (1) Nareit FFO, FFO as Adjusted, and AFFO guidance ranges updated on June 5, 2023, see page 5. We are reaffirming our EPS and all other guidance reported on April 27, 2023. Reconciliations of the non-GAAP financial measures can be found in the Update to Reconciliation of Certain Non-GAAP Financial Measures dated June 5, 2023 located at http://ir.healthpeak.com/quarterly-results. (2) Based on commercial paper balance as of 6/1/23 and net of remaining floating-rate seller financing loan receivables. (3) Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this presentation can be found in the Discussion and Reconciliation of Non-GAAP Financial Measures at http://ir.healthpeak.com/quarterly-results. (4) Represents Average Daily Census. Increasing FY 2023 FFO and AFFO guidance ranges by one penny at the midpoints driven by improving life science tenant credit New Nareit FFO & FFO as Adjusted per common share guidance ranges: $1.71 – $1.77 (prior $1.70 – $1.76) New AFFO per common share guidance: $1.47 – $1.53 (prior $1.46 – $1.52) Potential for achieving the higher end of the updated range pending continued capital raising by our life science tenants combined with strong performance in outpatient medical and CCRCs Life Science Fundamentals Improving Segment Performance Biotech index up +18% since March 22, 2023, significantly outpacing the S&P 500, REITs, and Healthpeak YTD through May funding: $140B of announced M&A and partnerships, $12B of IPO & follow-on equity offerings, and $8B in VC fund deployment Big Pharma patent cliff, record R&D spend, and growth in Phase II & III clinical trials will drive life science demand Currently, new life science development economics do not deliver acceptable risk-adjusted returns; starts rapidly decelerating across the sector Other Notable Items Life Science (~50% of Cash NOI(3)): 389,000 sq. ft. of lease executions YTD; 87% of leasing “off-market” via existing portfolio tenants Outpatient Medical (~40% of Cash NOI): Same-Store Portfolio Cash (Adjusted) NOI growth (“Same-store growth”)(3) consistently above peers; 1M sq. ft. of lease executions YTD and 80% retention CCRC (~10% of Cash NOI): May occupancy(4) of 83.5%, +60 bps from March; 1Q23 NOI using NREF cash collections of $35M, an increase of +35% compared to the prior year period Fortress Balance Sheet Codiak: Early termination on 87K sq. ft. of leases across two campuses in late May; 42K sq. ft. has been re-leased, with no downtime, to two strong portfolio tenants; in active discussions with other portfolio tenants for remaining space Sorrento: Rent on the four operating buildings, totaling 211K sq. ft., paid in full through June Increasing 2023 Guidance(1) In May, issued $350M of fixed rate bonds due in 2032, bringing YTD bond issuance to $750M at a blended yield of 5.36%; no bonds maturing until 2025 $2.9B of liquidity with no net floating rate exposure as of the end of May(2)

Healthpeak Portfolio Overview(1) Through all economic cycles, our business is driven by two consistent fundamentals: the aging population and the desire for improved health Life Science Outpatient Medical CCRC 11 million square feet across San Francisco, Boston & San Diego 98% occupancy 5.6% average same-store growth since 2015(2) 81% on-campus / 97% affiliated 24 million square feet 81% average tenant retention since 2015 15 campuses / 7,100 units No new competitive supply for over a decade Upside from a return to pre-COVID occupancy 4Investor Presentation – June 2023 Life Science 51% Outpatient Medical 38% CCRC 9% Other 2% Healthpeak Portfolio Composition (1) Segment percentages represent midpoint of projected full year 2023 Cash (Adjusted) NOI. Portfolio stats as of 3/31/23. (2) Average reported annual same-store growth from 2015 to 2022. Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this presentation can be found in the Discussion and Reconciliation of Non-GAAP Financial Measures at http://ir.healthpeak.com/quarterly-results.

Strong Start to 2023 Despite Challenging Macro Conditions Investor Presentation – June 2023 5 Nareit FFO & FFO as Adjusted Same-Store Growth Original Guidance (Feb 2023) Current Guidance (June 2023(1)) Midpoint Variance $1.70 - $1.76 $1.71 - $1.77 + $0.01 $1.45 - $1.51 $1.47 - $1.53 + $0.02 2.75% - 4.25% 3.00% - 4.50% + 25 bps (1) Nareit FFO, FFO as Adjusted and AFFO guidance ranges updated on June 5, 2023. Same-Store growth guidance was updated on April 27, 2023. Reconciliations of the non-GAAP financial measures can be found in the Update to Reconciliation of Certain Non-GAAP Financial Measures dated June 5, 2023 located at http://ir.healthpeak.com/quarterly-results. (2) AFFO guidance was previously updated from $1.45 - $1.51 to $1.46 - $1.52 on April 27, 2023. AFFO(2)

Investor Presentation – June 2023 Green Bonds Debt Maturity Profile(2)(3)Debt Metrics (3/31/23)(1) Fortress Balance Sheet 6 No net floating rate exposure as of the end of May with weighted average maturity of 6+ years and weighted average rate of 3.8%(4) (1) Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this presentation can be found in the Discussion and Reconciliation of Non-GAAP Financial Measures at http://ir.healthpeak.com/quarterly-results. (2) Term loans are illustrated inclusive of extension options. Excludes discount/premium and debt issuance costs. (3) Pro forma for add-on offering of $350M of 5.25% senior unsecured notes due 2032 issued in May 2023. (4) Based on commercial paper balance as of 6/1/23 and net of remaining floating-rate seller financing loan receivables. Baa1 / BBB+ Investment Grade Ratings (Moody’s / S&P) 5.4x Net Debt / Adj. EBITDAre No Bond Maturities Until 2025 $2.9B Available Liquidity(3) 2.0% Secured Debt Percentage 34.2% Net Debt / Enterprise Value Unsecured Bonds Secured Debt Term Loans Revolver / CP $89 $46 $803 $1,101 $700 $750 $650 $750 $600 $750 $- $300 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Remaining Revolver / CP Capacity

$741 $2,047 2011 2030F Growing Global Drug Demand (Global Pharmaceutical Drug Sales in $B) 41 69 2011 2030F Life Science Long-Term Demand Drivers Remain As Strong As Ever Sources: Stratodem, Evaluate Pharma, Precedence Research, BLS, CMS.gov, ClinicalTrials.Gov, Healthpayer Intelligence. 8 Aging Senior Population (US 65+ in millions) Drugs in Active Development (Pre-Clinical through Launched) With an aging population and accelerating scientific discovery, we expect a long-term virtuous cycle that will support ongoing demand for our real estate Investor Presentation – June 2023 6,994 9,737 13,718 20,109 2004 2010 2016 2022 20K drugs in active development

Total Returns Since Biotech Index 2023 Lows Investor Presentation – June 2023 9 Update graph -5% 0% 5% 10% 15% 20% 25% 3/22 4/1 4/11 4/21 5/1 5/11 5/21 5/31 XBI is an ETF that tracks the S&P® Biotechnology Select IndustryTM. REITs total return based on RMS index. Source: CapitalIQ as of June 2, 2023. XBI: 18% S&P 500: 9% REITs: 8% PEAK: 4%

YTD Transaction Activity Select PEAK Tenant Activity Year-to-Date Life Science Capital Raising Trends Investor Presentation – June 2023 10 Partnership | $61B | 396 deals $ in billions $0 $159 The positive momentum in biotech valuations has led to $159 billion of YTD transaction activity; M&A and collaboration deals fueled by Big Pharma’s significant cash balances combined with a looming patent cliff as top-selling drugs lose patent protection in 2024+ Announced M&A | $78B | 49 deals Follow-on and IPOs | $12B | 187 deals VC Funding | $8B | 185 deals February 2023 $3.1B merger with January 2023 $175M upfront / $39M equity investment partnership with January 2023 $576M acquisition by May 2023 $750M partnership with May 2023 Series D VC Funding $401M March 2023 Follow-On Equity Offering $345M January 2023 Follow-On Equity Offering $288M January 2023 Follow-On Equity Offering $143M May 2023 $1.7B partnership with Source: Public disclosures and Dealforma.

~200 tenants, with the top 25 representing ~50% of life science annualized base rent (ABR)(1) Top 5 tenants are Amgen, Bristol-Myers Squibb, J&J, Arcus Biosciences, and Pfizer, collectively comprising ~20% of life science ABR with a combined market cap of ~$1 trillion(2) ~75% of ABR from publicly-traded tenants ~60% of ABR from post-revenue biotech and other companies / institutions(3) PEAK publicly-traded biotech classification criteria (as of 3/31/2023): Large Cap Biopharma: market cap > $10B Mid Cap: market cap between $10B and $500M Small Cap: market cap < $500M Life Science Portfolio Overview Diversified tenant base reduces risk; no tenant outside of the Top 5 represents more than 1% of total PEAK NOI(4) Each “slice” represents a tenant by ABR; this tenant represents 1% of LS ABR Medical Device, 7% ABR R&D / University, 6% ABR Large Cap Biopharma, 28% ABR Mid Cap Biotech, 18% ABR Small Cap, 19% ABR Private Biotech, 18% ABR Life Science Tenant Summary $583M Annualized Base Rent Office, 4% ABR (1) Annualized Base Rent (ABR), tenant classification and Top 5 tenants as of 3/31/2023. ABR does not include expense recoveries, additional rent in excess of floors, and non-cash revenue adjustments. (2) Market caps as of 6/1/23. Source: CapitalIQ. (3) Post-revenue defined as having sales from approved products. (4) Total PEAK NOI based on 1Q23 annualized Portfolio Income. Reconciliations, definitions, and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this presentation can be found at http://ir.healthpeak.com/quarterly-results. Investor Presentation – June 2023 11