HEALTHPEAK PROPERTIES, INC.

Previous wording

As of June 30, 2026, our ownership of the Janus Living Class A-1 and Class A-2 common shares, together with our ownership of common units of Janus Living OP, provides us with voting and economic rights of 73.6% of Janus Living. Janus Living is externally managed by Healthpeak Investment Management, LLC, one of our indirect subsidiaries, and is consolidated by us.

Current wording

As of September 30, 2026, our ownership of the Janus Living Class A-1 and Class A-2 common shares, together with our ownership of common units of Janus Living OP, provides us with voting and economic rights of 69.2% of Janus Living. Janus Living is externally managed by Healthpeak Investment Management, LLC, one of our indirect subsidiaries, and is consolidated by us.

Previous wording

At June 30, 2026, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 686 properties: (i) Outpatient medical – 501 properties; (ii) Lab – 141 properties; (iii) Senior housing – 41 properties; and (iv) Other non-reportable – 3 properties. The following table summarizes information for our reportable segments for the three months ended June 30, 2026 (dollars in thousands):

Current wording

At September 30, 2026, our portfolio of investments, including properties in certain of our unconsolidated joint ventures, consisted of interests in 726 properties: (i) Outpatient medical – 506 properties; (ii) Lab – 143 properties; (iii) Senior housing – 74 properties; and (iv) Other non-reportable – 3 properties. The following table summarizes information for our reportable segments for the three months ended September 30, 2026 (dollars in thousands):

Previous wording

(1)For outpatient medical and lab, see Note 13 to the Consolidated Financial Statements for a reconciliation of NOI and Adjusted NOI by reportable segment to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. For senior housing, see “Non-GAAP Financial Measures Reconciliations” below for a reconciliation of NOI and Adjusted NOI to net income (loss). See our Segment Analysis below for additional information.

Current wording

(1)For outpatient medical and lab, see Note 13 to the Consolidated Financial Statements for a reconciliation of NOI and Adjusted NOI by reportable segment to income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures. For senior housing, see “Non-GAAP Financial Measures Reconciliations” below for a reconciliation of NOI and Adjusted NOI to senior housing net income (loss). See our Segment Analysis below for additional information.

Previous wording

For a description of our significant activities during the three and six months ended June 30, 2026, see “Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Company Highlights” in this report.

Current wording

For a description of our significant activities during the three and nine months ended September 30, 2026, see “Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Company Highlights” in this report.

Previous wording

(i)Ourreal estate: Our portfolio consists of high-quality properties in desirable locations. Our portfolio is primarily focused on outpatient medical and lab buildings, favorable sectors that benefit from the universal desire for improved health, as well as life plan community and senior housing facilities, which benefit from favorable demographic trends. We have built scale and fostered deep industry relationships, two unique factors that provide us with a competitive advantage.

Current wording

(i)Ourreal estate: Our portfolio consists of high-quality properties in desirable locations. Our portfolio is primarily focused on outpatient medical and lab buildings, favorable sectors that benefit from the universal desire for improved health, as well as, through our economic interest in Janus Living, life plan community and senior housing facilities, which benefit from favorable demographic trends. We have built scale and fostered deep industry relationships, two unique factors that provide us with a competitive advantage.

Previous wording

We continuously monitor the effects of domestic and global events on our operations and financial position, and on the operations and financial position of our tenants, operators, and borrowers, to enable us to remain responsive and adaptable to the dynamic changes in our operating environment. These events include, but are not limited to, the following, any of which could negatively impact our business: inflation; recession; interest rates; challenges in the financial markets; availability of private capital and funding in the life science industry; and actions by the U.S. political administration and regulatory agencies that affect healthcare policy, life science research and innovation, labor supply, procurement and construction costs, and general economic conditions (such as budget reconciliation actions, tariff actions, changes in healthcare regulation, decreases in government funding and staffing, and immigration reform).

Current wording

We continuously monitor the effects of domestic and global events on our operations and financial position, and on the operations and financial position of our tenants, operators, and borrowers, to enable us to remain responsive and adaptable to the dynamic changes in our operating environment. These events include, but are not limited to, the following, any of which could negatively impact our business: inflation; recession; increases in interest rates; challenges in the financial markets; availability of private capital and funding in the life science industry; and actions by the U.S. political administration and regulatory agencies that affect healthcare policy, life science research and innovation, labor supply, procurement and construction costs, and general economic conditions (such as budget reconciliation actions, tariff actions, changes in healthcare regulation, decreases in government funding and staffing, and immigration reform).

Previous wording

In addition, uncertainty in public and private equity and fixed income markets and elevated interest rates have directly led to increased costs and limitations on the availability of capital to us. Elevated interest rates have and could continue to adversely impact our borrowing costs, the fair value of our fixed rate instruments, transaction volume, and real estate values generally, including our real estate.

Current wording

In addition, uncertainty in public and private equity and fixed income markets and elevated interest rates have directly led to increased costs and limitations on the availability of capital to us. These uncertainties have recently been exacerbated by an increase in the target federal funds rate in September 2026, persistent inflation, and global market pressures, which have led to higher interest rates. Elevated interest rates have impacted and could continue to adversely impact our borrowing costs, the fair value of our fixed rate instruments, transaction volume, and real estate values generally, including our real estate.

Previous wording

•On June 4, 2026, an additional 25,000,000 shares of Janus Living’s Class A-1 common stock were issued to public investors following the completion of the Janus Living June Follow-On Offering. As part of the Janus Living June Follow-On Offering, Janus Living granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Janus Living’s Class A-1 common stock, which was exercised in full on June 22, 2026. The Janus Living June Follow-On Offering generated total gross proceeds of $719 million, less $28 million of fees paid to the underwriters.

Current wording

•On June 4, 2026, an additional 25,000,000 shares of Janus Living’s Class A-1 common stock were issued to public investors following the completion of a public offering (the “Janus Living June Follow-On Offering”). As part of the Janus Living June Follow-On Offering, Janus Living granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Janus Living’s Class A-1 common stock, which was exercised in full on June 22, 2026. The Janus Living June Follow-On Offering generated total gross proceeds of $719 million, less $28 million of fees paid to the underwriters.

Previous wording

•In July 2026, we formed a JV with affiliates of Brookfield Asset Management (“Brookfield”). We contributed 86 outpatient medical buildings which are diversified across 11 states. Brookfield purchased a non-controlling 49% equity interest in the JV at a gross valuation of approximately $2.1 billion, generating proceeds of approximately $1.025 billion. Under the terms of the agreement, we will maintain day-to-day control and management of the assets and will retain a call right for a finite period beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield with a 6.5% net annual rate of return excluding initial transaction expenses.

Current wording

•In July 2026, we formed a JV with an affiliate of Brookfield Asset Management (“Brookfield”). We contributed 86 outpatient medical buildings which are diversified across 11 states. Brookfield purchased a non-controlling 49% equity interest in the JV at a gross valuation of approximately $2.1 billion. Under the terms of the agreement, we will maintain day-to-day control and management of the assets and will retain a call right for a finite period beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield with a 6.5% net annual rate of return excluding initial transaction expenses.

Previous wording

•During the three months ended March 31, 2026, we also sold (i) four lab buildings for $68 million, (ii) two outpatient medical buildings for $15 million, and (iii) nine suites within an outpatient medical building in Atlanta, Georgia for $7 million.

Current wording

•During the nine months ended September 30, 2026, we sold (i) four lab buildings for $68 million, (ii) four outpatient medical buildings for $49 million, (iii) one senior housing community for $23 million, and (iv) nine suites within an outpatient medical building in Atlanta, Georgia for $7 million.

Previous wording

•During the six months ended June 30, 2026, the following projects were placed in service: (i) one lab redevelopment project with total project costs of $86 million, (ii) a portion of four lab redevelopment projects with total project costs of $65 million, and (iii) a portion of one lab development project with total project costs of $8 million.

Current wording

•During the nine months ended September 30, 2026, the following projects were placed in service: (i) two lab redevelopment projects with total project costs of $103 million, (ii) a portion of six lab redevelopment projects with total project costs of $94 million, (iii) a portion of two lab development projects with total project costs of $30 million, and (iv) a portion of two outpatient medical development projects with total project costs of $14 million.

Previous wording

•In March 2026, concurrent with the closing of Janus Living IPO, Janus Living entered into a credit agreement consisting of a $500 million revolving credit facility maturing in March 2030 and a $100 million term loan maturing in March 2031, bearing interest at SOFR plus 105 and 110 basis points, respectively. As of June 30, 2026, there were no outstanding borrowings under the credit agreement.

Current wording

•In March 2026, concurrent with the closing of Janus Living IPO, Janus Living entered into a credit agreement consisting of a $500 million revolving credit facility (as amended, the “Janus Living Revolving Credit Facility”) maturing in March 2030 bearing interest at SOFR plus 105 basis points and a $100 million delayed draw term loan (the “Janus Living Delayed Draw Term Loan” and, together with the Janus Living Revolving Credit Facility, the “Janus Living Credit Facilities”).

Previous wording

NOI and Adjusted NOI are non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues and resident fees and services, and exclusive of interest income), less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI exclude all other financial statement amounts included in net income (loss) as presented in Note 13 to the Consolidated Financial Statements. NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period). We utilize our share of NOI and Adjusted NOI in assessing our performance as we have various joint ventures that contribute to our performance. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

Current wording

NOI and Adjusted NOI are non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues and resident fees and services, and exclusive of interest income), less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI exclude all other financial statement amounts included in net income (loss) as presented in Note 13 to the Consolidated Financial Statements. NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our economic share for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our economic share for the period). We utilize our share of NOI and Adjusted NOI in assessing our performance as we have various joint ventures that contribute to our performance. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our economic share for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

Previous wording

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Current wording

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic share determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Previous wording

Nareit FFO. Funds from Operations (“FFO”) applicable to common shares, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

Current wording

Nareit FFO. Funds from Operations (“FFO”) applicable to common shares, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) applicable to common shares (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of Nareit FFO for unconsolidated joint ventures by applying our economic share for the period to the applicable reconciling items on an entity by entity basis. For consolidated joint ventures in which we do not own 100%, we reflect our share of the equity by adjusting our Nareit FFO to remove the third-party economic share of the applicable reconciling items based on economic share for the applicable periods. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our economic share for the period. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

Previous wording

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Current wording

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown on the individual line items were derived by applying our overall economic share determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Previous wording

FFO as Adjusted. In addition, we present Nareit FFO applicable to common shares on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction, merger, and restructuring-related costs, other impairments (recoveries) and other losses (gains), prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). These adjustments are net of tax, when applicable, and are reflective of our share of our joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of FFO as Adjusted for unconsolidated joint ventures by applying our actual ownership percentage for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party ownership share of the applicable reconciling items based on actual ownership percentage for the applicable periods. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in FFO as Adjusted do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

Current wording

FFO as Adjusted. In addition, we present Nareit FFO applicable to common shares on an adjusted basis before the impact of non-comparable items including, but not limited to, transaction, merger, and restructuring-related costs, other impairments (recoveries) and other losses (gains), prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances, and changes in tax legislation (“FFO as Adjusted”). These adjustments are net of tax, when applicable, and are reflective of our share of our joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of both our consolidated and unconsolidated joint ventures. We reflect our share of FFO as Adjusted for unconsolidated joint ventures by applying our economic share for the period to the applicable reconciling items on an entity by entity basis. We reflect our share for consolidated joint ventures in which we do not own 100% of the equity by adjusting our FFO as Adjusted to remove the third-party economic share of the applicable reconciling items based on economic share for the applicable periods. We do not control the unconsolidated joint ventures, and the pro rata presentations of reconciling items included in FFO as Adjusted do not represent our legal claim to such items. The joint venture members or partners are entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreements, which provide for such allocations generally according to their invested capital.

Previous wording

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Current wording

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic share determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2026 to the Three and Six Months Ended June 30, 2025

Current wording

Comparison of the Three and Nine Months Ended September 30, 2026 to the Three and Nine Months Ended September 30, 2025

Previous wording

•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased occupancy, (ii) increased rates for resident fees, (iii) the SWF JV Buyout, and (iv) other acquisitions of senior housing communities in 2026;

Current wording

•an increase in Adjusted NOI generated from our senior housing segment related to: (i) acquisitions of senior housing communities in 2026, (ii) increased occupancy, (iii) increased rates for resident fees, and (iv) the SWF JV Buyout;

Previous wording

•interest earned on proceeds from the Janus Living IPO and Janus Living June Follow-On Offering;

Current wording

•interest earned on proceeds from the Janus Living IPO and Janus Living Follow-On Offerings; and

Previous wording

•a decrease in Adjusted NOI generated from our lab segment related to: (i) lower occupancy, (ii) dispositions of real estate in 2026, and (iii) assets placed into development and redevelopment in 2025, partially offset by: (i) development and redevelopment projects placed in service during 2025 and 2026 and (ii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents); and

Current wording

•a decrease in Adjusted NOI generated from our outpatient medical segment related to: (i) dispositions of real estate in 2026 and 2025, (ii) assets placed into development and redevelopment in 2025 and 2026, and (iii) lower occupancy, partially offset by: (i) development and redevelopment projects placed in service during 2025 and 2026 and (ii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents);

Previous wording

•an increase in noncontrolling interests’ share in earnings as a result of third-party noncontrolling interest holders’ share of income from Janus Living.

Current wording

•an increase in noncontrolling interests’ share in earnings as a result of the Brookfield JV, partially offset by third-party noncontrolling interest holders’ share of net loss from Janus Living;

Previous wording

•gain on sales of real estate; and

Current wording

•a decrease in gain on sales of real estate, net as a result of no dispositions of real estate during the three months ended September 30, 2026;

Previous wording

•an increase in interest expense related to: (i) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (ii) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025 and (ii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026;

Current wording

•an increase in interest expense related to: (i) higher borrowings under the commercial paper program and (ii) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, partially offset by: (i) the repayment of $650 million aggregate principal amount of 3.25% senior unsecured notes in July 2026, (ii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026; and (iii) the repayment of $142 million aggregate principal amount of mortgage debt secured by 13 outpatient medical buildings in June 2026; and

Previous wording

•an increase in general and administrative expenses related to: (i) lower stock-based compensation expense due to forfeitures recognized during the three and six months ended June 30, 2025 and (ii) incremental stand-alone public company general and administrative expenses for Janus Living;

Current wording

•an increase in general and administrative expenses related to: (i) incremental stand-alone public company general and administrative expenses for Janus Living and (ii) higher compensation.

Previous wording

Nareit FFO applicable to common shares increased primarily as a result of the aforementioned events impacting net income (loss) applicable to common shares, except for the following, which are excluded from Nareit FFO applicable to common shares:

Current wording

Nareit FFO applicable to common shares decreased primarily as a result of the aforementioned events impacting net income (loss) applicable to common shares, except for the following, which are excluded from Nareit FFO applicable to common shares:

Previous wording

The following table summarizes results for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table summarizes results for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

•an increase in gain on sales of real estate due to fewer real estate dispositions during the three months ended June 30, 2025;

Current wording

•an increase in gain on sales of real estate due to fewer real estate dispositions during the nine months ended September 30, 2025;

Previous wording

•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased occupancy, (ii) increased rates for resident fees, (iii) the SWF JV Buyout, and (iv) other acquisitions of senior housing communities in 2026; and

Current wording

•an increase in Adjusted NOI generated from our senior housing segment related to: (i) acquisitions of senior housing communities in 2026, (ii) increased occupancy, (iii) increased rates for resident fees, and (iv) the SWF JV Buyout;

Previous wording

•an increase in income tax benefit recognized in connection with the disposition of a senior housing community in June 2026 and the derecognition of certain deferred tax assets and liabilities related to the change in tax status of certain entities in connection with the Janus Living IPO.

Current wording

•a decrease in income tax expense as a result of: (i) the tax benefit from the derecognition of certain deferred tax assets and liabilities related to the change in tax status of certain entities in connection with the Janus Living IPO and (ii) the tax benefit recognized in connection with the disposition of a senior housing community in June 2026, partially offset by the tax expense from an increase in operating income associated with our senior housing communities.

Previous wording

•an increase in interest expense related to: (i) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, (ii) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, and (iii) higher borrowings under the commercial paper program, partially offset by: (i) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025, (ii) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025, and (iii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026;

Current wording

•an increase in interest expense related to: (i) higher borrowings under the commercial paper program, (ii) the issuance of $500 million aggregate principal amount of 4.75% senior unsecured notes due 2033, which closed in August 2025, and (iii) the issuance of $500 million aggregate principal amount of 5.38% senior unsecured notes due 2035, which closed in February 2025, partially offset by: (i) the repayment of $650 million aggregate principal amount of 3.25% senior unsecured notes in July 2026, (ii) the early repayment of $102 million aggregate principal of mortgage debt secured by two senior housing communities in January 2026, (iii) the repayment of $142 million aggregate principal amount of mortgage debt secured by 13 outpatient medical buildings in June 2026, (iv) the repayment of $348 million aggregate principal amount of 3.40% senior unsecured notes in February 2025, and (v) the repayment of $452 million aggregate principal amount of 4.00% senior unsecured notes in June 2025;

Previous wording

•an increase in transaction costs incurred related to: (i) costs incurred for the Janus Living IPO and (ii) senior housing operator transition costs, partially offset by costs incurred in 2025 related to investments we are no longer pursuing;

Current wording

•an increase in transaction costs incurred related to: (i) investment pursuit costs, (ii) transition costs associated with senior housing operators, and (iii) costs incurred for the Janus Living IPO;

Previous wording

•a decrease in Adjusted NOI generated from our outpatient medical and lab segments related to: (i) lower occupancy for lab, (ii) dispositions of real estate in 2026, and (iii) assets placed into development and redevelopment in 2025, partially offset by: (i) development and redevelopment projects placed in service during 2025 and 2026 and (ii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents); and

Current wording

•a decrease in Adjusted NOI generated from our outpatient medical and lab segments related to: (i) dispositions of real estate in 2026 and 2025, (ii) assets placed into development and redevelopment in 2025 and 2026, and (iii) lower occupancy, partially offset by: (i) acquisitions of real estate in 2025 and 2026, (ii) development and redevelopment projects placed in service during 2025 and 2026, and (iii) new leasing activity during 2025 and 2026 (including the impact to straight-line rents);

Previous wording

•an increase in noncontrolling interests’ share in earnings as a result of third-party noncontrolling interest holders’ share of income from Janus Living.

Current wording

•an increase in noncontrolling interests’ share in earnings as a result of the Brookfield JV, partially offset by third-party noncontrolling interest holders’ share of net loss from Janus Living;

Previous wording

•an increase in interest income related to: (i) the accelerated recognition of a mark-to-market discount resulting from a partial principal repayment on loans receivable and (ii) secured loans funded in 2025 and 2026, partially offset by principal repayments on loans receivable in 2025 and 2026;

Current wording

•a decrease in interest income related to principal repayments on loans receivable in 2025 and 2026, partially offset by: (i) secured loans funded in 2025 and 2026 and (ii) the accelerated recognition of a mark-to-market discount resulting from a partial principal repayment on loans receivable in 2026; and

Previous wording

The following tables provide selected operating information for our Same-Store and total property portfolio for each of our reportable segments. For the three months ended June 30, 2026, our Same-Store consists of 600 properties representing properties fully operating on or prior to April 1, 2025 and that remained in operation through June 30, 2026. For the six months ended June 30, 2026, our Same-Store consists of 596 properties representing properties fully operating on or prior to January 1, 2025 and that remained in operation through June 30, 2026. See “Non-GAAP Financial Measures” for additional information. Our total property portfolio consisted of 686 and 702 properties at June 30, 2026 and 2025, respectively.

Current wording

The following tables provide selected operating information for our Same-Store and total property portfolio for each of our reportable segments. For the three months ended September 30, 2026, our Same-Store consists of 600 properties representing properties fully operating on or prior to July 1, 2025 and that remained in operation through September 30, 2026. For the nine months ended September 30, 2026, our Same-Store consists of 593 properties representing properties fully operating on or prior to January 1, 2025 and that remained in operation through September 30, 2026. See “Non-GAAP Financial Measures” for additional information. Our total property portfolio consisted of 726 and 703 properties at September 30, 2026 and 2025, respectively.

Previous wording

(3)From our second quarter 2025 presentation of Same-Store, we added: (i) three stabilized acquisitions and (ii) two developments placed in service, and we removed: (i) 27 buildings that were sold, (ii) four buildings that were placed into redevelopment, and (iii) one asset that was classified as held for sale. Additionally, six assets were contributed to a joint venture and are reported at share.

Current wording

(3)From our third quarter 2025 presentation of Same-Store, we added: (i) three stabilized acquisitions and (ii) two developments placed in service, and we removed: (i) 27 buildings that were sold, (ii) five buildings that were placed into redevelopment, and (iii) three assets that were classified as held for sale. Additionally, 92 assets were contributed to joint ventures and are reported at share.

Previous wording

•higher operating expenses, net of savings from our internalization of property management.

Current wording

•lower operating expenses, including savings from our internalization of property management.

Previous wording

•decreased Adjusted NOI from our 2025 and 2026 dispositions; partially offset by

Current wording

•decreased Adjusted NOI from our 2025 and 2026 dispositions, including formation of the Brookfield JV and BX JV I and II; partially offset by