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Segment Disclosures (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Summary of Financial Information of Reportable Segments
The following tables summarize information for the reportable segments (in thousands):
For the three months ended March 31, 2020:
 
 
Senior Housing Triple-Net
 
SHOP
 
CCRC
 
Life Science
 
Medical Office
 
Other Non-reportable
 
Corporate Non-segment
 
Total
Total revenues
 
$
33,135

 
$
170,961

 
$
91,780

 
$
128,883

 
$
145,146

 
$
15,245

 
$
—

 
$
585,150

Less: Interest income
 
—

 
—

 
—

 
—

 
—

 
(3,688
)
 
—

 
(3,688
)
Healthpeak's share of unconsolidated joint venture real estate revenues
 
—

 
25,765

 
21,647

 
—

 
695

 
86

 
—

 
48,193

Noncontrolling interests' share of consolidated joint venture real estate revenues
 
—

 
(538
)
 
—

 
(52
)
 
(8,640
)
 
—

 
—

 
(9,230
)
Operating expenses
 
(506
)
 
(138,130
)
 
(156,482
)
 
(30,201
)
 
(50,687
)
 
(7
)
 
—

 
(376,013
)
Healthpeak's share of unconsolidated joint venture operating expenses
 
—

 
(17,956
)
 
(18,037
)
 
—

 
(275
)
 
2

 
—

 
(36,266
)
Noncontrolling interests' share of consolidated joint venture operating expenses
 
—

 
377

 
—

 
17

 
2,600

 
—

 
—

 
2,994

Adjustments to NOI(1)
 
(3,374
)
 
531

 
91,561

 
(4,280
)
 
(1,457
)
 
461

 
—

 
83,442

Adjusted NOI
 
29,255

 
41,010

 
30,469

 
94,367

 
87,382

 
12,099

 
—

 
294,582

Plus: Adjustments to NOI(1)
 
3,374

 
(531
)
 
(91,561
)
 
4,280

 
1,457

 
(461
)
 
—

 
(83,442
)
Interest income
 
—

 
—

 
—

 
—

 
—

 
3,688

 
—

 
3,688

Interest expense
 
(82
)
 
(2,855
)
 
(1,304
)
 
(63
)
 
(102
)
 
—

 
(53,970
)
 
(58,376
)
Depreciation and amortization
 
(7,160
)
 
(57,003
)
 
(20,229
)
 
(50,211
)
 
(53,148
)
 
(1,525
)
 
—

 
(189,276
)
General and administrative
 
—

 
—

 
—

 
—

 
—

 
—

 
(22,349
)
 
(22,349
)
Transaction costs
 
—

 
—

 
—

 
—

 
—

 
—

 
(14,848
)
 
(14,848
)
Impairments and loan loss reserves (recoveries), net
 
(4,670
)
 
(23,285
)
 
—

 
—

 
(2,706
)
 
(8,462
)
 
—

 
(39,123
)
Gain (loss) on sales of real estate, net
 
164,043

 
(1,243
)
 
—

 
—

 
2,109

 
(40
)
 
—

 
164,869

Loss on debt extinguishments
 
—

 
—

 
—

 
—

 
—

 
—

 
833

 
833

Other income (expense), net
 
—

 
—

 
170,332

 
—

 
—

 
41,707

 
(1,431
)
 
210,608

Income tax benefit (expense)(2)
 
—

 
—

 
—

 
—

 
—

 
—

 
33,044

 
33,044

Less: Healthpeak's share of unconsolidated joint venture NOI
 
—

 
(7,809
)
 
(3,610
)
 
—

 
(420
)
 
(88
)
 
—

 
(11,927
)
Plus: Noncontrolling interests' share of consolidated joint venture NOI
 
—

 
161

 
—

 
35

 
6,040

 
—

 
—

 
6,236

Equity income (loss) from unconsolidated joint ventures
 
—

 
(18,150
)
 
(1,880
)
 
—

 
196

 
7,855

 
—

 
(11,979
)
Net income (loss)
 
$
184,760

 
$
(69,705
)
 
$
82,217

 
$
48,408

 
$
40,808

 
$
54,773

 
$
(58,721
)
 
$
282,540

_______________________________________
(1)
Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
(2)
Income tax benefit (expense) for the quarter ended March 31, 2020 includes: (i) a $52 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3) and (ii) a $2.9 million net tax benefit recognized due to changes under the Coronavirus Aid, Relief, and Economic Security (“CARES”) act, which resulted in net operating losses being utilized at a higher income tax rate than previously available.
For the three months ended March 31, 2019:
 
 
Senior Housing Triple-Net
 
SHOP
 
CCRC
 
Life Science
 
Medical Office
 
Other Non-reportable
 
Corporate Non-segment
 
Total
Total revenues
 
$
58,831

 
$
126,181

 
$
—

 
$
94,473

 
$
142,195

 
$
14,474

 
$
—

 
$
436,154

Less: Interest income
 
—

 
—

 
—

 
—

 
—

 
(1,713
)
 
—

 
(1,713
)
Healthpeak's share of unconsolidated joint venture real estate revenues
 
—

 
5,649

 
52,238

 
—

 
705

 
5,532

 
—

 
64,124

Noncontrolling interests' share of consolidated joint venture real estate revenues
 
(2
)
 
(472
)
 
—

 
(40
)
 
(8,303
)
 
—

 
—

 
(8,817
)
Operating expenses
 
(994
)
 
(96,947
)
 
—

 
(21,992
)
 
(48,987
)
 
(7
)
 
—

 
(168,927
)
Healthpeak's share of unconsolidated joint venture operating expenses
 
—

 
(4,161
)
 
(41,377
)
 
—

 
(275
)
 
(17
)
 
—

 
(45,830
)
Noncontrolling interests' share of consolidated joint venture operating expenses
 
—

 
350

 
—

 
13

 
2,424

 
—

 
—

 
2,787

Adjustments to NOI(1)
 
566

 
1,182

 
3,452

 
(2,479
)
 
(1,748
)
 
(279
)
 
—

 
694

Adjusted NOI
 
58,401

 
31,782

 
14,313

 
69,975

 
86,011

 
17,990

 
—

 
278,472

Plus: Adjustments to NOI(1)
 
(566
)
 
(1,182
)
 
(3,452
)
 
2,479

 
1,748

 
279

 
—

 
(694
)
Interest income
 
—

 
—

 
—

 
—

 
—

 
1,713

 
—

 
1,713

Interest expense
 
(589
)
 
(663
)
 
—

 
(73
)
 
(111
)
 
—

 
(47,891
)
 
(49,327
)
Depreciation and amortization
 
(16,677
)
 
(24,086
)
 
—

 
(36,248
)
 
(53,020
)
 
(1,920
)
 
—

 
(131,951
)
General and administrative
 
—

 
—

 
—

 
—

 
—

 
—

 
(21,355
)
 
(21,355
)
Transaction costs
 
—

 
—

 
—

 
—

 
—

 
—

 
(4,518
)
 
(4,518
)
Impairments and loan loss reserves (recoveries), net
 
—

 
—

 
—

 
—

 
(8,858
)
 
—

 
—

 
(8,858
)
Gain (loss) on sales of real estate, net
 
3,557

 
4,487

 
—

 
—

 
—

 
—

 
—

 
8,044

Other income (expense), net
 
—

 
—

 
—

 
—

 
—

 
—

 
3,133

 
3,133

Income tax benefit (expense)
 
—

 
—

 
—

 
—

 
—

 
—

 
3,458

 
3,458

Less: Healthpeak's share of unconsolidated joint venture NOI
 
—

 
(1,488
)
 
(10,861
)
 
—

 
(430
)
 
(5,515
)
 
—

 
(18,294
)
Plus: Noncontrolling interests' share of consolidated joint venture NOI
 
2

 
122

 
—

 
27

 
5,879

 
—

 
—

 
6,030

Equity income (loss) from unconsolidated joint ventures
 
—

 
(477
)
 
(2,096
)
 
—

 
211

 
1,499

 
—

 
(863
)
Net income (loss)
 
$
44,128

 
$
8,495

 
$
(2,096
)
 
$
36,160

 
$
31,430

 
$
14,046

 
$
(67,173
)
 
$
64,990

_______________________________________
(1)
Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
Reconciliation of Company's Revenues by Segment
The following table summarizes the Company’s revenues by segment (in thousands):
 
 
Three Months Ended
March 31,
Segment
 
2020
 
2019
Senior housing triple-net
 
$
33,135

 
$
58,831

SHOP
 
170,961

 
126,181

CCRC
 
91,780

 
—

Life science
 
128,883

 
94,473

Medical office
 
145,146

 
142,195

Other non-reportable segments
 
15,245

 
14,474

Total revenues
 
$
585,150

 
$
436,154