HEALTHPEAK PROPERTIES (+) : Guidance raised; incrementally positive life science activity

Research evidence excerpt

HEALTHPEAK PROPERTIES (+) : Guidance raised; incrementally positive life science activity

EQUITIES

REAL ESTATE

OUTPERFORM TARGET PRICE FFO 26e FFO 27eHEALTHPEAK PROPERTIES PRICE* USD19.6  TARGET PRICE USD22 (UPSIDE 13%)  5% non material  -4%

Guidance raised; incrementally positive life science activity

We would describe 1Q26 results as solid, and we view the spinoff of Janus Living positively, as it14 MAY 2026

Securities Research Report will benefit Healtpeak earnings. With strong senior housing fundamentals, an incrementally better

Production time: 18:48* (London time)

lab picture and favorable relative valuation on a PEG basis, we remain positive on shares.

Research Analysts & Publishing Entities

Nate Crossett 2026 guidance raised; incrementally positive life science activity

BNP Paribas Securities Corp1 Healthpeak Properties (DOC) reported Q1 results and raised 2026 FFO (as adjusted) guidance by

(+)1 646 342 1588

nate.crossett@us.bnpparibas.com 1 penny to a midpoint of $1.73; core assumptions were largely unchanged with SSNOI flat

(midpoint) and capital recycling activity level including: $1b from JV/sales/loan repayments and $1b

John Paul Flangos

in acquisitions/repurchases. The quarter was characterized by strong execution on the JanusBNP Paribas Securities Corp1

(+1) 646 342 5660 Living (JAN) spinoff of senior housing assets (IPO proceeds expected to be 4 cents accretive to

johnpaul.flangos@us.bnpparibas.com DOC once fully invested and stabilized), along with better incremental activity in the lab business.

Monir Koummal Life science activity was more positive relative to prior quarters, where management noted M&A

BNP Paribas Securities Corp1 activity, biopharma stock prices, and capital raising all seemingly trending in a healthy direction.