Segment Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary Financial Information of Reportable Segment

The following tables summarize information for the reportable segments (in thousands):

For the year ended December 31, 2023:

	Lab		Outpatient Medical		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	878,326	$	753,479	$	527,417	$	21,781	$	—	$	2,181,003
Government grant income(1)	—		—		184		—		—		184
Less: Interest income	—		—		—		(21,781)		—		(21,781)
Healthpeak’s share of unconsolidated joint venture total revenues	9,924		3,033		—		82,426		—		95,383
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		—		229		—		229
Noncontrolling interests’ share of consolidated joint venture total revenues	(619)		(35,073)		—		—		—		(35,692)
Operating expenses	(229,630)		(263,132)		(413,472)		—		4,174		(902,060)
Healthpeak’s share of unconsolidated joint venture operating expenses	(4,092)		(1,189)		—		(60,811)		—		(66,092)
Noncontrolling interests’ share of consolidated joint venture operating expenses	156		9,921		—		—		—		10,077
Adjustments to NOI(2)	(36,524)		(14,314)		(1,618)		366		(4,174)		(56,264)
Adjusted NOI	617,541		452,725		112,511		22,210		—		1,204,987
Plus: Adjustments to NOI(2)	36,524		14,314		1,618		(366)		4,174		56,264
Interest income	—		—		—		21,781		—		21,781
Interest expense	—		(7,770)		(7,010)		—		(185,551)		(200,331)
Depreciation and amortization	(328,349)		(289,683)		(131,869)		—		—		(749,901)
General and administrative	—		—		—		—		(95,132)		(95,132)
Transaction and merger-related costs	(333)		(1,120)		(1,881)		—		(14,181)		(17,515)
Impairments and loan loss reserves, net	—		—		—		5,601		—		5,601
Gain (loss) on sales of real estate, net	60,498		21,312		—		4,653		—		86,463
Other income (expense), net	7		2,697		228		(81)		3,957		6,808
Less: Government grant income	—		—		(184)		—		—		(184)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(5,832)		(1,844)		—		(21,844)		—		(29,520)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	463		25,152		—		—		—		25,615
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	380,519		215,783		(26,587)		31,954		(286,733)		314,936
Income tax benefit (expense)	—		—		—		—		9,617		9,617
Equity income (loss) from unconsolidated joint ventures	4,540		835		—		4,829		—		10,204
Income (loss) from continuing operations	385,059		216,618		(26,587)		36,783		(277,116)		334,757
Income (loss) from discontinued operations	—		—		—		—		—		—
Net income (loss)	$	385,059	$	216,618	$	(26,587)	$	36,783	$	(277,116)	$	334,757

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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 year ended December 31, 2022:

	Lab		Outpatient Medical		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	817,573	$	725,370	$	494,935	$	23,300	$	—	$	2,061,178
Government grant income(1)	—		—		6,765		—		—		6,765
Less: Interest income	—		—		—		(23,300)		—		(23,300)
Healthpeak’s share of unconsolidated joint venture total revenues	9,921		2,999		—		73,885		—		86,805
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		380		498		—		878
Noncontrolling interests’ share of consolidated joint venture total revenues	(268)		(35,717)		—		—		—		(35,985)
Operating expenses	(209,143)		(253,309)		(400,539)		—		—		(862,991)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,883)		(1,178)		—		(57,632)		—		(61,693)
Noncontrolling interests’ share of consolidated joint venture operating expenses	87		10,317		—		—		—		10,404
Adjustments to NOI(2)	(62,754)		(15,513)		2,300		169		—		(75,798)
Adjusted NOI	552,533		432,969		103,841		16,920		—		1,106,263
Plus: Adjustments to NOI(2)	62,754		15,513		(2,300)		(169)		—		75,798
Interest income	—		—		—		23,300		—		23,300
Interest expense	—		(6,900)		(7,509)		—		(158,535)		(172,944)
Depreciation and amortization	(302,649)		(279,546)		(128,374)		—		—		(710,569)
General and administrative	—		—		—		—		(131,033)		(131,033)
Transaction and merger-related costs	(387)		(1,255)		(725)		—		(2,486)		(4,853)
Impairments and loan loss reserves, net	—		—		—		(7,004)		—		(7,004)
Gain (loss) on sales of real estate, net	3,744		10,659		—		(5,325)		—		9,078
Other income (expense), net	311,939		12,709		(1,380)		(13)		3,013		326,268
Less: Government grant income	—		—		(6,765)		—		—		(6,765)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(7,038)		(1,821)		(380)		(16,751)		—		(25,990)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	181		25,400		—		—		—		25,581
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	621,077		207,728		(43,592)		10,958		(289,041)		507,130
Income tax benefit (expense)	—		—		—		—		4,425		4,425
Equity income (loss) from unconsolidated joint ventures	(972)		852		539		1,566		—		1,985
Income (loss) from continuing operations	620,105		208,580		(43,053)		12,524		(284,616)		513,540
Income (loss) from discontinued operations	—		—		—		—		2,884		2,884
Net income (loss)	$	620,105	$	208,580	$	(43,053)	$	12,524	$	(281,732)	$	516,424

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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 year ended December 31, 2021:

	Lab		Outpatient Medical		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	715,844	$	671,242	$	471,325	$	37,773	$	—	$	1,896,184
Government grant income(1)	—		—		1,412		—		—		1,412
Less: Interest income	—		—		—		(37,773)		—		(37,773)
Healthpeak’s share of unconsolidated joint venture total revenues	5,757		2,882		6,903		67,835		—		83,377
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		200		1,549		—		1,749
Noncontrolling interests’ share of consolidated joint venture total revenues	(292)		(35,363)		—		—		—		(35,655)
Operating expenses	(169,044)		(223,383)		(380,865)		13		—		(773,279)
Healthpeak’s share of unconsolidated joint venture operating expenses	(1,836)		(1,174)		(6,639)		(51,866)		—		(61,515)
Noncontrolling interests’ share of consolidated joint venture operating expenses	87		10,071		—		—		—		10,158
Adjustments to NOI(2)	(46,589)		(11,118)		3,241		(47)		—		(54,513)
Adjusted NOI	503,927		413,157		95,577		17,484		—		1,030,145
Plus: Adjustments to NOI(2)	46,589		11,118		(3,241)		47		—		54,513
Interest income	—		—		—		37,773		—		37,773
Interest expense	(232)		(2,837)		(7,701)		—		(147,210)		(157,980)
Depreciation and amortization	(303,196)		(255,746)		(125,344)		—		—		(684,286)
General and administrative	—		—		—		—		(98,303)		(98,303)
Transaction and merger-related costs	(24)		(323)		(1,445)		(49)		—		(1,841)
Impairments and loan loss reserves, net	—		(21,577)		—		(1,583)		—		(23,160)
Gain (loss) on sales of real estate, net	—		190,590		—		—		—		190,590
Gain (loss) on debt extinguishments	—		—		—		—		(225,824)		(225,824)
Other income (expense), net	55		(2,725)		2,141		486		6,309		6,266
Less: Government grant income	—		—		(1,412)		—		—		(1,412)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(3,921)		(1,708)		(464)		(17,518)		—		(23,611)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	205		25,292		—		—		—		25,497
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	243,403		355,241		(41,889)		36,640		(465,028)		128,367
Income tax benefit (expense)	—		—		—		—		3,261		3,261
Equity income (loss) from unconsolidated joint ventures	1,118		794		1,484		2,704		—		6,100
Income (loss) from continuing operations	244,521		356,035		(40,405)		39,344		(461,767)		137,728
Income (loss) from discontinued operations	—		—		—		—		388,202		388,202
Net income (loss)	$	244,521	$	356,035	$	(40,405)	$	39,344	$	(73,565)	$	525,930

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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.

Summary of Reconciliation of Company's Assets to Total Assets

The following table summarizes the Company’s total assets by segment (in thousands):

	December 31,
Segment	2023		2022
Lab	$	9,313,395	$	9,019,271
Outpatient medical	6,376,191		6,291,986
CCRC	2,369,883		2,276,898
Reportable segment assets	18,059,469		17,588,155
Accumulated depreciation and amortization	(4,017,023)		(3,540,362)
Net reportable segment assets	14,042,446		14,047,793
Other non-reportable segment assets	553,031		744,550
Assets held for sale, net	117,986		49,866
Other non-segment assets	985,387		929,020
Total assets	$	15,698,850	$	15,771,229