Risk Factors Update Summary

• Added risks related to the life science industry, including potential adverse effects on performance and demand. This change highlights the potential impact of economic, financial, and industry conditions on leasing properties and repositioning efforts.
• Conflicts of interest may arise between stockholders and Healthpeak OP holders, affecting business decisions.
• The company and operators may face financial audits and compliance costs related to PRF funds.
• Increased interest rates in 2023 may hinder the company's ability to execute acquisitions or offset costs. Interest rates rose substantially in 2022 and are expected to remain elevated, impacting asset values and economic growth.
• The Mergers will dilute stockholder ownership, with legacy Company stockholders owning ~77% of the Combined Company.
• Changes in PRF requirements could impact funding received, with uncertainty in compliance.
• Added risks related to cybersecurity incidents and threats, with a significant increase in phishing attacks. The company faces increased risks of cybersecurity breaches, potentially leading to unauthorized access, disclosure of confidential information, and financial impacts.
• The Combined Company expects substantial expenses post-Mergers, impacting cost savings and integration benefits.
• Loss of REIT status due to failure to meet Code requirements could affect stock value.
• Added risks related to climate change, including physical climate risks and natural disasters. The company may incur substantial expenditures due to climate-related events, impacting property operations and leading to additional losses.
• Added risks related to ESG commitments and sustainability requirements, impacting stakeholder expectations and financial results. Failure to meet ESG goals or comply with evolving criteria could negatively affect the company's reputation, financial results, and growth opportunities.
• Added risks related to market volatility and capital structure, affecting the company's ability to raise capital and fund activities. Volatility in financial markets may impair the company's ability to obtain financing, refinance obligations, and fund acquisitions and developments.
• Added risks related to changes in laws and regulations, including healthcare reimbursement and delivery systems. Uncertainty in regulatory frameworks and potential legislative changes could impact the company's operations and financial condition.