Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024:


	Outpatient Medical		Lab		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	238,272	$	223,761	$	138,776	$	5,059	$	692	$	606,560

Less: Interest income and other	—		—		—		(5,059)		(692)		(5,751)
Healthpeak’s share of unconsolidated joint venture total revenues	2,739		4,861		—		21,533		—		29,133

Noncontrolling interests’ share of consolidated joint venture total revenues	(8,876)		(163)		—		—		—		(9,039)
Operating expenses	(81,268)		(56,840)		(105,621)		—		—		(243,729)
Healthpeak’s share of unconsolidated joint venture operating expenses	(1,083)		(1,324)		—		(16,099)		—		(18,506)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,430		43		—		—		—		2,473

Adjustments to NOI(1)	(6,127)		(21,435)		—		(47)		—		(27,609)
Adjusted NOI	146,087		148,903		33,155		5,387		—		333,532
Plus: Adjustments to NOI(1)	6,127		21,435		—		47		—		27,609
Interest income and other	—		—		—		5,059		692		5,751
Interest expense	(3,131)		—		(996)		—		(56,780)		(60,907)
Depreciation and amortization	(106,292)		(78,908)		(34,019)		—		—		(219,219)
General and administrative	—		—		—		—		(23,299)		(23,299)
Transaction and merger-related costs	(113)		(9)		(73)		—		(107,025)		(107,220)
Impairments and loan loss reserves, net	—		—		—		(11,458)		—		(11,458)
Gain (loss) on sales of real estate, net	3,255		—		—		—		—		3,255

Other income (expense), net	71		78,983		(239)		—		(299)		78,516

Less: Healthpeak’s share of unconsolidated joint venture NOI	(1,656)		(3,537)		—		(5,434)		—		(10,627)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,446		120		—		—		—		6,566
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	50,794		166,987		(2,172)		(6,399)		(186,711)		22,499
Income tax benefit (expense)	—		—		—		—		(13,698)		(13,698)
Equity income (loss) from unconsolidated joint ventures	(1,110)		2,811		—		675		—		2,376



Net income (loss)	$	49,684	$	169,798	$	(2,172)	$	(5,724)	$	(200,409)	$	11,177

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(1)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 March 31, 2023:


	Outpatient Medical		Lab		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	186,967	$	205,464	$	127,084	$	6,163	$	—	$	525,678
Government grant income(1)	—		—		137		—		—		137
Less: Interest income and other	—		—		—		(6,163)		—		(6,163)
Healthpeak’s share of unconsolidated joint venture total revenues	745		2,165		—		20,346		—		23,256
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		—		228		—		228
Noncontrolling interests’ share of consolidated joint venture total revenues	(8,963)		(143)		—		—		—		(9,106)
Operating expenses	(64,398)		(57,566)		(101,124)		—		—		(223,088)
Healthpeak’s share of unconsolidated joint venture operating expenses	(305)		(1,182)		—		(15,006)		—		(16,493)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,595		40		—		—		—		2,635

Adjustments to NOI(2)	(3,821)		(832)		50		(21)		—		(4,624)
Adjusted NOI	112,820		147,946		26,147		5,547		—		292,460
Plus: Adjustments to NOI(2)	3,821		832		(50)		21		—		4,624
Interest income and other	—		—		—		6,163		—		6,163
Interest expense	(1,920)		—		(1,816)		—		(44,227)		(47,963)
Depreciation and amortization	(71,158)		(75,582)		(32,485)		—		—		(179,225)
General and administrative	—		—		—		—		(24,547)		(24,547)
Transaction and merger-related costs	(132)		(158)		(219)		—		(1,916)		(2,425)
Impairments and loan loss reserves, net	—		—		—		2,213		—		2,213
Gain (loss) on sales of real estate, net	21,312		60,498		—		(232)		—		81,578

Other income (expense), net	204		4		(667)		—		1,231		772
Less: Government grant income	—		—		(137)		—		—		(137)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(440)		(983)		—		(5,568)		—		(6,991)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,368		103		—		—		—		6,471
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	70,875		132,660		(9,227)		8,144		(69,459)		132,993
Income tax benefit (expense)	—		—		—		—		(302)		(302)
Equity income (loss) from unconsolidated joint ventures	189		598		—		1,029		—		1,816



Net income (loss)	$	71,064	$	133,258	$	(9,227)	$	9,173	$	(69,761)	$	134,507

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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, 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.