Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022:


	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	194,055	$	177,263	$	121,560	$	5,494	$	—	$	498,372
Government grant income(1)	—		—		6,552		—		—		6,552
Less: Interest income	—		—		—		(5,494)		—		(5,494)
Healthpeak’s share of unconsolidated joint venture total revenues	1,431		732		—		18,045		—		20,208
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		333		315		—		648
Noncontrolling interests’ share of consolidated joint venture total revenues	(57)		(8,820)		—		—		—		(8,877)
Operating expenses	(48,189)		(61,170)		(97,888)		—		—		(207,247)
Healthpeak’s share of unconsolidated joint venture operating expenses	(483)		(299)		—		(14,055)		—		(14,837)
Noncontrolling interests’ share of consolidated joint venture operating expenses	19		2,602		—		—		—		2,621

Adjustments to NOI(2)	(14,112)		(3,546)		—		(8)		—		(17,666)
Adjusted NOI	132,664		106,762		30,557		4,297		—		274,280
Plus: Adjustments to NOI(2)	14,112		3,546		—		8		—		17,666
Interest income	—		—		—		5,494		—		5,494
Interest expense	—		(1,036)		(1,865)		—		(34,685)		(37,586)
Depreciation and amortization	(78,138)		(67,773)		(31,822)		—		—		(177,733)
General and administrative	—		—		—		—		(23,831)		(23,831)
Transaction costs	(292)		(4)		—		—		—		(296)
Impairments and loan loss reserves	—		—		—		(132)		—		(132)
Gain (loss) on sales of real estate, net	3,856		—		—		—		—		3,856

Other income (expense), net	(9)		10,937		6,511		(32)		909		18,316
Less: Government grant income	—		—		(6,552)		—		—		(6,552)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(948)		(433)		(333)		(4,305)		—		(6,019)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	38		6,218		—		—		—		6,256
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	71,283		58,217		(3,504)		5,330		(57,607)		73,719
Income tax benefit (expense)	—		—		—		—		(777)		(777)
Equity income (loss) from unconsolidated joint ventures	966		200		539		379		—		2,084

Income (loss) from continuing operations	72,249		58,417		(2,965)		5,709		(58,384)		75,026
Income (loss) from discontinued operations	—		—		—		—		317		317
Net income (loss)	$	72,249	$	58,417	$	(2,965)	$	5,709	$	(58,067)	$	75,343

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(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

(2)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.

For the three months ended March 31, 2021:


	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	169,934	$	160,201	$	116,128	$	9,013	$	—	$	455,276
Government grant income(1)	—		—		1,310		—		—		1,310
Less: Interest income	—		—		—		(9,013)		—		(9,013)
Healthpeak’s share of unconsolidated joint venture total revenues	1,337		715		4,488		16,753		—		23,293
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		199		227		—		426
Noncontrolling interests’ share of consolidated joint venture total revenues	(65)		(8,926)		—		—		—		(8,991)
Operating expenses	(39,461)		(51,121)		(91,179)		—		—		(181,761)
Healthpeak’s share of unconsolidated joint venture operating expenses	(425)		(294)		(4,745)		(12,595)		—		(18,059)
Noncontrolling interests’ share of consolidated joint venture operating expenses	20		2,504		—		—		—		2,524

Adjustments to NOI(2)	(11,810)		(1,923)		20		112		—		(13,601)
Adjusted NOI	119,530		101,156		26,221		4,497		—		251,404
Plus: Adjustments to NOI(2)	11,810		1,923		(20)		(112)		—		13,601
Interest income	—		—		—		9,013		—		9,013
Interest expense	(102)		(95)		(1,918)		—		(44,728)		(46,843)
Depreciation and amortization	(68,434)		(57,954)		(31,150)		—		—		(157,538)
General and administrative	—		—		—		—		(24,902)		(24,902)
Transaction costs	(32)		(330)		(432)		(4)		—		(798)
Impairments and loan loss reserves	—		—		—		(3,242)		—		(3,242)

Gain (loss) on debt extinguishments	—		—		—		—		(164,292)		(164,292)
Other income (expense), net	4		(2,279)		2,176		482		1,817		2,200
Less: Government grant income	—		—		(1,310)		—		—		(1,310)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(912)		(421)		58		(4,385)		—		(5,660)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	45		6,422		—		—		—		6,467
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	61,909		48,422		(6,375)		6,249		(232,105)		(121,900)
Income tax benefit (expense)	—		—		—		—		(8)		(8)
Equity income (loss) from unconsolidated joint ventures	(93)		192		—		1,224		—		1,323

Income (loss) from continuing operations	61,816		48,614		(6,375)		7,473		(232,113)		(120,585)
Income (loss) from discontinued operations	—		—		—		—		270,008		270,008
Net income (loss)	$	61,816	$	48,614	$	(6,375)	$	7,473	$	37,895	$	149,423

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(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).