Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Financial Information of Reportable Segments

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

For the three months ended June 30, 2024:


	Outpatient Medical		Lab		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	332,515	$	214,266	$	140,891	$	6,878	$	954	$	695,504

Less: Interest income and other	—		—		—		(6,878)		(954)		(7,832)
Healthpeak’s share of unconsolidated joint venture total revenues	6,903		4,301		—		21,378		—		32,582

Noncontrolling interests’ share of consolidated joint venture total revenues	(9,341)		(33)		—		—		—		(9,374)
Operating expenses	(111,702)		(56,656)		(105,469)		—		—		(273,827)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,464)		(1,528)		—		(15,790)		—		(19,782)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,609		9		—		—		—		2,618

Adjustments to NOI(1)	(10,430)		(13,289)		(1,739)		226		—		(25,232)
Adjusted NOI	208,090		147,070		33,683		5,814		—		394,657
Plus: Adjustments to NOI(1)	10,430		13,289		1,739		(226)		—		25,232
Interest income and other	—		—		—		6,878		954		7,832
Interest expense	(4,070)		—		(984)		—		(69,856)		(74,910)
Depreciation and amortization	(173,408)		(75,947)		(34,143)		—		—		(283,498)
General and administrative	—		—		—		—		(26,718)		(26,718)
Transaction and merger-related costs	(41)		(478)		24		—		(7,264)		(7,759)
Impairments and loan loss reserves, net	—		—		—		553		—		553
Gain (loss) on sales of real estate, net	66,831		55,213		—		—		—		122,044

Other income (expense), net	1,383		185		(479)		38		2,877		4,004

Less: Healthpeak’s share of unconsolidated joint venture NOI	(4,439)		(2,773)		—		(5,588)		—		(12,800)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,732		24		—		—		—		6,756
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	111,508		136,583		(160)		7,469		(100,007)		155,393
Income tax benefit (expense)	—		—		—		—		(2,728)		(2,728)
Equity income (loss) from unconsolidated joint ventures	(2,922)		2,247		—		726		—		51



Net income (loss)	$	108,586	$	138,830	$	(160)	$	8,195	$	(102,735)	$	152,716

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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 June 30, 2023:


	Outpatient Medical		Lab		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	186,661	$	223,306	$	130,184	$	5,279	$	—	$	545,430
Government grant income(1)	—		—		47		—		—		47
Less: Interest income and other	—		—		—		(5,279)		—		(5,279)
Healthpeak’s share of unconsolidated joint venture total revenues	754		1,928		—		20,261		—		22,943

Noncontrolling interests’ share of consolidated joint venture total revenues	(8,665)		(151)		—		—		—		(8,816)
Operating expenses	(65,350)		(54,832)		(101,655)		—		—		(221,837)
Healthpeak’s share of unconsolidated joint venture operating expenses	(288)		(848)		—		(14,618)		—		(15,754)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,409		35		—		—		—		2,444

Adjustments to NOI(2)	(4,008)		(14,943)		(728)		(9)		—		(19,688)
Adjusted NOI	111,513		154,495		27,848		5,634		—		299,490
Plus: Adjustments to NOI(2)	4,008		14,943		728		9		—		19,688
Interest income and other	—		—		—		5,279		—		5,279
Interest expense	(1,924)		—		(1,823)		—		(45,327)		(49,074)
Depreciation and amortization	(71,722)		(93,235)		(32,616)		—		—		(197,573)
General and administrative	—		—		—		—		(25,936)		(25,936)
Transaction and merger-related 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	235		(2)		674		(19)		1,067		1,955
Less: Government grant income	—		—		(47)		—		—		(47)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(466)		(1,080)		—		(5,643)		—		(7,189)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,256		116		—		—		—		6,372
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	47,884		75,237		(5,514)		7,538		(70,539)		54,606
Income tax benefit (expense)	—		—		—		—		(1,136)		(1,136)
Equity income (loss) from unconsolidated joint ventures	184		1,314		—		1,231		—		2,729



Net income (loss)	$	48,068	$	76,551	$	(5,514)	$	8,769	$	(71,675)	$	56,199

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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.

For the six months ended June 30, 2024:


	Outpatient Medical		Lab		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	570,787	$	438,027	$	279,667	$	11,937	$	1,646	$	1,302,064
Less: Interest income and other	—		—		—		(11,937)		(1,646)		(13,583)
Healthpeak’s share of unconsolidated joint venture total revenues	9,642		9,162		—		42,911		—		61,715
Noncontrolling interests’ share of consolidated joint venture total revenues	(18,217)		(196)		—		—		—		(18,413)
Operating expenses	(192,970)		(113,496)		(211,090)		—		—		(517,556)
Healthpeak’s share of unconsolidated joint venture operating expenses	(3,547)		(2,852)		—		(31,889)		—		(38,288)
Noncontrolling interests’ share of consolidated joint venture operating expenses	5,039		52		—		—		—		5,091

Adjustments to NOI(1)	(16,556)		(34,724)		(1,739)		179		—		(52,840)
Adjusted NOI	354,178		295,973		66,838		11,201		—		728,190
Plus: Adjustments to NOI(1)	16,556		34,724		1,739		(179)		—		52,840
Interest income and other	—		—		—		11,937		1,646		13,583
Interest expense	(26,775)		—		(1,979)		—		(107,063)		(135,817)
Depreciation and amortization	(279,699)		(154,855)		(68,163)		—		—		(502,717)
General and administrative	—		—		—		—		(50,017)		(50,017)
Transaction and merger-related costs	(154)		(486)		(49)		—		(114,290)		(114,979)
Impairments and loan loss reserves, net	—		—		—		(10,905)		—		(10,905)
Gain (loss) on sales of real estate, net	70,086		55,213		—		—		—		125,299

Other income (expense), net	1,454		79,168		(718)		38		2,578		82,520

Less: Healthpeak’s share of unconsolidated joint venture NOI	(6,095)		(6,310)		—		(11,022)		—		(23,427)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	13,178		144		—		—		—		13,322
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	142,729		303,571		(2,332)		1,070		(267,146)		177,892
Income tax benefit (expense)	—		—		—		—		(16,426)		(16,426)
Equity income (loss) from unconsolidated joint ventures	(4,032)		5,059		—		1,400		—		2,427



Net income (loss)	$	138,697	$	308,630	$	(2,332)	$	2,470	$	(283,572)	$	163,893

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For the six months ended June 30, 2023:


	Outpatient Medical		Lab		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	373,628	$	428,770	$	257,268	$	11,442	$	—	$	1,071,108
Government grant income(1)	—		—		184		—		—		184
Less: Interest income and other	—		—		—		(11,442)		—		(11,442)
Healthpeak’s share of unconsolidated joint venture total revenues	1,498		4,093		—		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	(17,628)		(294)		—		—		—		(17,922)
Operating expenses	(129,749)		(112,397)		(202,779)		—		—		(444,925)
Healthpeak’s share of unconsolidated joint venture operating expenses	(595)		(2,030)		—		(29,624)		—		(32,249)
Noncontrolling interests’ share of consolidated joint venture operating expenses	5,004		75		—		—		—		5,079

Adjustments to NOI(2)	(7,825)		(15,776)		(678)		(31)		—		(24,310)
Adjusted NOI	224,333		302,441		53,995		11,181		—		591,950
Plus: Adjustments to NOI(2)	7,825		15,776		678		31		—		24,310
Interest income and other	—		—		—		11,442		—		11,442
Interest expense	(3,845)		—		(3,639)		—		(89,553)		(97,037)
Depreciation and amortization	(142,881)		(168,817)		(65,100)		—		—		(376,798)
General and administrative	—		—		—		—		(50,483)		(50,483)
Transaction and merger-related costs	(148)		(158)		(497)		—		(2,259)		(3,062)
Impairments and loan loss reserves, net	—		—		—		(394)		—		(394)
Gain (loss) on sales of real estate, net	21,312		60,498		—		4,653		—		86,463

Other income (expense), net	439		2		7		(19)		2,298		2,727
Less: Government grant income	—		—		(184)		—		—		(184)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(903)		(2,063)		—		(11,212)		—		(14,178)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	12,624		219		—		—		—		12,843
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	118,756		207,898		(14,740)		15,682		(139,997)		187,599
Income tax benefit (expense)	—		—		—		—		(1,438)		(1,438)
Equity income (loss) from unconsolidated joint ventures	374		1,911		—		2,260		—		4,545



Net income (loss)	$	119,130	$	209,809	$	(14,740)	$	17,942	$	(141,435)	$	190,706

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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).