Mr. Alexander Elawadi reports

HEALTHPEAK PROPERTIES AND BROOKFIELD FORM A $2.1 BILLION STRATEGIC JOINT VENTURE

Healthpeak Properties Inc. (New York Stock Exchange: DOC) and Brookfield Asset Management (NYSE: BAM, Toronto Stock Exchange: BAM) have formed a long-term strategic capital partnership through a joint venture involving a portfolio of outpatient medical buildings across the United States.

The portfolio contributed by Healthpeak comprises 86 properties totalling approximately 5.6 million square feet, valued at approximately $2.1-billion. The portfolio is diversified across 11 states, including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York, and is 95 per cent leased with a weighted average remaining lease term of six years.

Brookfield and its affiliates own a non-controlling 49-per-cent interest in the venture. Healthpeak retained a 51-per-cent controlling interest and serves as managing member, providing asset management, leasing, and property management services. Healthpeak received gross proceeds of approximately $1,025-million from the sale of the 49-per-cent interest, implying a trailing cash capitalization rate of approximately 5.9 per cent and a valuation of approximately $380 per square foot. Healthpeak will retain a call right for a finite period beginning after year 7 to repurchase Brookfield's interest at a price sufficient to provide Brookfield with a 6.5-per-cent net annual rate of return excluding initial transaction expenses.

The transaction provides Healthpeak with long-term capital while preserving ownership, operational control and continued participation in the portfolio's future value creation. The venture is expected to be consolidated on Healthpeak's financial statements, with Brookfield's investment recognized as a non-controlling equity interest.

"Brookfield's reputation, scale and long-term investment approach complement our deep sector expertise and leading operating platform," said Scott Brinker, president and chief executive officer of Healthpeak. "This transaction advances our capital allocation priorities and highlights our unique ability to capture the favorable tailwinds driving demand for outpatient care."

"This joint venture underscores the differentiated platform Healthpeak has built and highlights our investment management capabilities," said Adam Mabry, chief investment officer of Healthpeak. "It also provides us with a framework to replicate as we pursue broader investment opportunities and deploy capital across our segments."

"Healthpeak is a recognized leader in health care real estate, and we're excited to establish a long-term strategic capital partnership centered on a portfolio of premier outpatient medical properties," said Alexander Elawadi, managing partner, real estate, Brookfield. "As real estate companies increasingly seek innovative capital solutions, Brookfield is well positioned to structure investments that advance our partners' strategic objectives while providing our investors with access to differentiated, high-quality real estate opportunities."

Newmark acted as financial adviser and Kirkland & Ellis LLP acted as legal adviser to Brookfield.

About Healthpeak Properties Inc.

Healthpeak Properties is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate for health care discovery and delivery.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across infrastructure, energy, private equity, real estate and credit. The company invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. The company offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. The company draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.