Earnings Per Common Share

6 Months Ended

Jun. 30, 2026

Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method, common shares issuable from the assumed conversion of DownREIT units, certain performance restricted stock units, OP Units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented.

Certain restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share.

The Company considers the potential dilution resulting from forward agreements under its ATM Program to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. Refer to Note 11 for a discussion of the forward sales agreements, under which there were no sales or settlements during the three and six months ended June 30, 2026 and 2025.

The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator - Basic
Net income (loss)	$	63,241	$	39,019	$	262,897	$	89,083
Noncontrolling interests’ share in earnings	(10,423)		(7,346)		(16,446)		(14,582)
Net income (loss) attributable to Healthpeak Properties, Inc.	52,818		31,673		246,451		74,501
Less: Participating securities’ share in earnings	(150)		(115)		(299)		(579)
Net income (loss) applicable to common shares	$	52,668	$	31,558	$	246,152	$	73,922

Numerator - Dilutive
Net income (loss) applicable to common shares	$	52,668	$	31,558	$	246,152	$	73,922
Add: distributions on dilutive convertible units and other	—		—		60		—
Dilutive net income (loss) available to common shares	$	52,668	$	31,558	$	246,212	$	73,922
Denominator
Basic weighted average shares outstanding	689,885		695,188		692,508		697,117
Dilutive potential common shares - equity awards(1)	—		6		4		29

Dilutive potential common shares - OP Units(2)	—		—		331		—


Diluted weighted average common shares	689,885		695,194		692,843		697,146
Earnings per common share
Basic	$	0.08	$	0.05	$	0.36	$	0.11
Diluted	$	0.08	$	0.05	$	0.36	$	0.11

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(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units).

(2)For the three months ended June 30, 2026, all 6 million outstanding OP Units were not included because they were anti-dilutive. For the six months ended June 30, 2026, represents the dilutive impact of 6 million outstanding OP Units. For the three and six months ended June 30, 2025, all 4 million outstanding OP Units were not included because they were anti-dilutive.

For each of the three and six months ended June 30, 2026 and 2025, all 13 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive.