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Segment Disclosures
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
The Company’s reportable segments, based on how its chief operating decision maker (“CODM”) evaluates the business and allocates resources, are as follows: (i) lab, (ii) outpatient medical, and (iii) CCRC. The Company has non-reportable segments that are comprised primarily of the Company’s interests in an unconsolidated JV that owns 19 senior housing assets (the “SWF SH JV”), loans receivable, and marketable debt securities. These non-reportable segments have been presented on an aggregate basis within the Notes to the Consolidated Financial Statements herein. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC, as updated by Note 2 herein.
During the second quarter of 2023, the Company changed the name of its “life science” and “medical office” segments to “lab” and “outpatient medical,” respectively. The segment name changes did not result in any changes to the composition of the Company’s segments or information reviewed by its CODM, and therefore, had no impact on the Company’s historical results of segment operations.
The Company evaluates performance based on property Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses; NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense.
NOI and Adjusted NOI are non-GAAP supplemental measures that are calculated as NOI and Adjusted NOI from consolidated properties, plus the Company’s share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance. The Company does not control its unconsolidated joint ventures, and the Company’s share of amounts from unconsolidated joint ventures do not represent the Company’s legal claim to such items. The Company’s share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Management believes that Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items.
Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, loans receivable, marketable debt securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale.
The following tables summarize information for the reportable segments (in thousands):
For the three months ended June 30, 2023:
LabOutpatient MedicalCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$223,306 $186,661 $130,184 $5,279 $— $545,430 
Government grant income(1)
— — 47 — — 47 
Less: Interest income— — — (5,279)— (5,279)
Healthpeak’s share of unconsolidated joint venture total revenues1,928 754 — 20,261 — 22,943 
Noncontrolling interests’ share of consolidated joint venture total revenues(151)(8,665)— — — (8,816)
Operating expenses(54,832)(65,350)(101,655)— — (221,837)
Healthpeak’s share of unconsolidated joint venture operating expenses(848)(288)— (14,618)— (15,754)
Noncontrolling interests’ share of consolidated joint venture operating expenses35 2,409 — — — 2,444 
Adjustments to NOI(2)
(14,943)(4,008)(728)(9)— (19,688)
Adjusted NOI154,495 111,513 27,848 5,634 — 299,490 
Plus: Adjustments to NOI(2)
14,943 4,008 728 9 — 19,688 
Interest income— — — 5,279 — 5,279 
Interest expense— (1,924)(1,823)— (45,327)(49,074)
Depreciation and amortization(93,235)(71,722)(32,616)— — (197,573)
General and administrative— — — — (25,936)(25,936)
Transaction costs— (16)(278)— (343)(637)
Impairments and loan loss reserves, net— — — (2,607)— (2,607)
Gain (loss) on sales of real estate, net— — — 4,885 — 4,885 
Other income (expense), net(2)235 674 (19)1,067 1,955 
Less: Government grant income— — (47)— — (47)
Less: Healthpeak’s share of unconsolidated joint venture NOI(1,080)(466)— (5,643)— (7,189)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI116 6,256 — — — 6,372 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures75,237 47,884 (5,514)7,538 (70,539)54,606 
Income tax benefit (expense)— — — — (1,136)(1,136)
Equity income (loss) from unconsolidated joint ventures1,314 184 — 1,231 — 2,729 
Income (loss) from continuing operations76,551 48,068 (5,514)8,769 (71,675)56,199 
Income (loss) from discontinued operations— — — — — — 
Net income (loss)$76,551 $48,068 $(5,514)$8,769 $(71,675)$56,199 
______________________________________________________________________________
(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, 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 June 30, 2022:
 LabOutpatient MedicalCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$207,771 $179,308 $125,360 $5,493 $— $517,932 
Government grant income(1)
— — 209 — — 209 
Less: Interest income— — — (5,493)— (5,493)
Healthpeak’s share of unconsolidated joint venture total revenues1,267 761 — 18,215 — 20,243 
Noncontrolling interests’ share of consolidated joint venture total revenues(62)(8,943)— — — (9,005)
Operating expenses(49,446)(63,321)(102,277)— — (215,044)
Healthpeak’s share of unconsolidated joint venture operating expenses(483)(301)— (14,150)— (14,934)
Noncontrolling interests’ share of consolidated joint venture operating expenses19 2,726 — — — 2,745 
Adjustments to NOI(2)
(21,644)(2,949)— 54 — (24,539)
Adjusted NOI137,422 107,281 23,292 4,119 — 272,114 
Plus: Adjustments to NOI(2)
21,644 2,949 — (54)— 24,539 
Interest income— — — 5,493 — 5,493 
Interest expense— (1,930)(1,876)— (38,061)(41,867)
Depreciation and amortization(79,673)(68,873)(31,943)— — (180,489)
General and administrative— — — — (24,781)(24,781)
Transaction costs(35)(70)(64)— (443)(612)
Impairments and loan loss reserves, net— — — (139)— (139)
Gain (loss) on sales of real estate, net— 10,340 — — — 10,340 
Other income (expense), net29 1,264 630 18 920 2,861 
Less: Government grant income— — (209)— — (209)
Less: Healthpeak’s share of unconsolidated joint venture NOI(784)(460)— (4,065)— (5,309)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI43 6,217 — — — 6,260 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures78,646 56,718 (10,170)5,372 (62,365)68,201 
Income tax benefit (expense)— — — — 718 718 
Equity income (loss) from unconsolidated joint ventures148 211 — 23 — 382 
Income (loss) from continuing operations78,794 56,929 (10,170)5,395 (61,647)69,301 
Income (loss) from discontinued operations— — — — 2,992 2,992 
Net income (loss)$78,794 $56,929 $(10,170)$5,395 $(58,655)$72,293 
______________________________________________________________________________
(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 six months ended June 30, 2023:
 LabOutpatient MedicalCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$428,770 $373,628 $257,268 $11,442 $— $1,071,108 
Government grant income(1)
— — 184 — — 184 
Less: Interest income— — — (11,442)— (11,442)
Healthpeak’s share of unconsolidated joint venture total revenues4,093 1,498 — 40,607 — 46,198 
Healthpeak’s share of unconsolidated joint venture government grant income— — — 229 — 229 
Noncontrolling interests’ share of consolidated joint venture total revenues(294)(17,628)— — — (17,922)
Operating expenses(112,397)(129,749)(202,779)— — (444,925)
Healthpeak’s share of unconsolidated joint venture operating expenses(2,030)(595)— (29,624)— (32,249)
Noncontrolling interests’ share of consolidated joint venture operating expenses75 5,004 — — — 5,079 
Adjustments to NOI(2)
(15,776)(7,825)(678)(31)— (24,310)
Adjusted NOI302,441 224,333 53,995 11,181 — 591,950 
Plus: Adjustments to NOI(2)
15,776 7,825 678 31 — 24,310 
Interest income— — — 11,442 — 11,442 
Interest expense— (3,845)(3,639)— (89,553)(97,037)
Depreciation and amortization(168,817)(142,881)(65,100)— — (376,798)
General and administrative— — — — (50,483)(50,483)
Transaction costs(158)(148)(497)— (2,259)(3,062)
Impairments and loan loss reserves, net— — — (394)— (394)
Gain (loss) on sales of real estate, net60,498 21,312 — 4,653 — 86,463 
Other income (expense), net2 439 7 (19)2,298 2,727 
Less: Government grant income— — (184)— — (184)
Less: Healthpeak’s share of unconsolidated joint venture NOI(2,063)(903)— (11,212)— (14,178)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI219 12,624 — — — 12,843 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures207,898 118,756 (14,740)15,682 (139,997)187,599 
Income tax benefit (expense)— — — — (1,438)(1,438)
Equity income (loss) from unconsolidated joint ventures1,911 374 — 2,260 — 4,545 
Income (loss) from continuing operations209,809 119,130 (14,740)17,942 (141,435)190,706 
Income (loss) from discontinued operations— — — — — — 
Net income (loss)$209,809 $119,130 $(14,740)$17,942 $(141,435)$190,706 
______________________________________________________________________________
(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 six months ended June 30, 2022:
 LabOutpatient MedicalCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$401,826 $356,571 $246,920 $10,987 $— $1,016,304 
Government grant income(1)
— — 6,762 — — 6,762 
Less: Interest income— — — (10,987)— (10,987)
Healthpeak’s share of unconsolidated joint venture total revenues2,698 1,493 — 36,260 — 40,451 
Healthpeak’s share of unconsolidated joint venture government grant income— — 333 315 — 648 
Noncontrolling interests’ share of consolidated joint venture total revenues(119)(17,763)— — — (17,882)
Operating expenses(97,635)(124,491)(200,165)— — (422,291)
Healthpeak’s share of unconsolidated joint venture operating expenses(966)(600)— (28,205)— (29,771)
Noncontrolling interests’ share of consolidated joint venture operating expenses38 5,328 — — — 5,366 
Adjustments to NOI(2)
(35,756)(6,495)— 45 — (42,206)
Adjusted NOI270,086 214,043 53,850 8,415 — 546,394 
Plus: Adjustments to NOI(2)
35,756 6,495 — (45)— 42,206 
Interest income— — — 10,987 — 10,987 
Interest expense— (2,966)(3,741)— (72,746)(79,453)
Depreciation and amortization(157,811)(136,646)(63,765)— — (358,222)
General and administrative— — — — (48,612)(48,612)
Transaction costs(327)(74)(64)— (443)(908)
Impairments and loan loss reserves, net— — — (271)— (271)
Gain (loss) on sales of real estate, net3,856 10,340 — — — 14,196 
Other income (expense), net20 12,201 7,141 (13)1,828 21,177 
Less: Government grant income— — (6,762)— — (6,762)
Less: Healthpeak’s share of unconsolidated joint venture NOI(1,732)(893)(333)(8,370)— (11,328)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI81 12,435 — — — 12,516 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures149,929 114,935 (13,674)10,703 (119,973)141,920 
Income tax benefit (expense)— — — — (59)(59)
Equity income (loss) from unconsolidated joint ventures1,114 411 539 402 — 2,466 
Income (loss) from continuing operations151,043 115,346 (13,135)11,105 (120,032)144,327 
Income (loss) from discontinued operations— — — — 3,309 3,309 
Net income (loss)$151,043 $115,346 $(13,135)$11,105 $(116,723)$147,636 
______________________________________________________________________________
(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.

See Notes 3, 4, 5, 6, 7, and 15 for significant transactions impacting the Company’s segment assets during the periods presented.