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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 001-08895
Healthpeak Properties, Inc.
(Exact name of registrant as specified in its charter)
Maryland 33-0091377
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
5050 South Syracuse Street, Suite 800
Denver, CO 80237
(Address of principal executive offices) (Zip code)
(949) 407-0700
(Registrant’s telephone number, including area code)
1920 Main Street, Suite 1200
Irvine, CA 92614
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valuePEAKNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
  Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
As of October 30, 2020, there were 538,360,606 shares of the registrant’s $1.00 par value common stock outstanding.


Table of Contents
HEALTHPEAK PROPERTIES, INC.
INDEX
PART I. FINANCIAL INFORMATION

2

Table of Contents
Healthpeak Properties, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
 September 30,
2020
December 31,
2019
ASSETS  
Real estate:  
Buildings and improvements$10,967,446 $11,120,039 
Development costs and construction in progress684,979 692,336 
Land1,889,643 1,992,602 
Accumulated depreciation and amortization(2,507,881)(2,771,922)
Net real estate11,034,187 11,033,055 
Net investment in direct financing leases44,706 84,604 
Loans receivable, net of reserves of $11,547 and $0
231,162 190,579 
Investments in and advances to unconsolidated joint ventures436,271 825,515 
Accounts receivable, net of allowance of $9,004 and $4,565
63,216 59,417 
Cash and cash equivalents197,119 144,232 
Restricted cash102,419 40,425 
Intangible assets, net501,583 331,693 
Assets held for sale, net2,213,185 504,394 
Right-of-use asset, net190,875 172,486 
Other assets, net737,098 646,491 
Total assets$15,751,821 $14,032,891 
LIABILITIES AND EQUITY  
Bank line of credit and commercial paper$ $93,000 
Term loan249,122 248,942 
Senior unsecured notes5,695,567 5,647,993 
Mortgage debt435,206 276,907 
Intangible liabilities, net108,031 74,991 
Liabilities related to assets held for sale, net93,046 36,369 
Lease liability175,002 156,611 
Accounts payable, accrued liabilities, and other liabilities834,518 540,924 
Deferred revenue755,021 289,680 
Total liabilities8,345,513 7,365,417 
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 538,354,755 and 505,221,643 shares issued and outstanding
538,355 505,222 
Additional paid-in capital10,228,086 9,183,892 
Cumulative dividends in excess of earnings(3,923,150)(3,601,199)
Accumulated other comprehensive income (loss)(3,236)(2,857)
Total stockholders' equity6,840,055 6,085,058 
Joint venture partners366,708 378,061 
Non-managing member unitholders199,545 204,355 
Total noncontrolling interests566,253 582,416 
Total equity7,406,308 6,667,474 
Total liabilities and equity$15,751,821 $14,032,891 
See accompanying Notes to the Unaudited Consolidated Financial Statements.

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Table of Contents
Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Revenues:  
Rental and related revenues$326,530 $312,600 $953,581 $908,019 
Resident fees and services264,616 213,040 797,818 517,501 
Income from direct financing leases2,150 9,590 7,569 33,304 
Interest income4,443 2,741 12,361 6,868 
Total revenues597,739 537,971 1,771,329 1,465,692 
Costs and expenses:  
Interest expense56,235 61,230 172,161 167,499 
Depreciation and amortization173,630 171,944 541,394 469,191 
Operating314,292 248,069 1,006,146 630,989 
General and administrative21,661 22,970 67,730 71,445 
Transaction costs2,586 1,319 18,061 7,174 
Impairments and loan loss reserves (recoveries), net34,550 38,257 97,723 115,653 
Total costs and expenses602,954 543,789 1,903,215 1,461,951 
Other income (expense):  
Gain (loss) on sales of real estate, net149 (784)247,881 18,708 
Loss on debt extinguishments(17,921)(35,017)(42,912)(36,152)
Other income (expense), net7,060 693 237,254 24,834 
Total other income (expense), net(10,712)(35,108)442,223 7,390 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures(15,927)(40,926)310,337 11,131 
Income tax benefit (expense)(24,174)6,261 16,216 11,583 
Equity income (loss) from unconsolidated joint ventures(19,480)(7,643)(48,545)(10,012)
Net income (loss)(59,581)(42,308)278,008 12,702 
Noncontrolling interests' share in earnings(3,836)(3,555)(10,839)(10,692)
Net income (loss) attributable to Healthpeak Properties, Inc.(63,417)(45,863)267,169 2,010 
Participating securities' share in earnings(351)(386)(2,151)(1,223)
Net income (loss) applicable to common shares$(63,768)$(46,249)$265,018 $787 
Earnings (loss) per common share:
Basic$(0.12)$(0.09)$0.50 $0.00 
Diluted$(0.12)$(0.09)$0.50 $0.00 
Weighted average shares outstanding:
Basic538,333 491,203 527,908 482,595 
Diluted538,333 491,203 528,455 484,792 
See accompanying Notes to the Unaudited Consolidated Financial Statements.

4

Table of Contents
Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income (loss)$(59,581)$(42,308)$278,008 $12,702 
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives(942)288 (651)483 
Change in Supplemental Executive Retirement Plan obligation and other(108)69 272 206 
Foreign currency translation adjustment (1,121) (1,204)
Total other comprehensive income (loss)(1,050)(764)(379)(515)
Total comprehensive income (loss)(60,631)(43,072)277,629 12,187 
Total comprehensive income (loss) attributable to noncontrolling interests(3,836)(3,555)(10,839)(10,692)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.$(64,467)$(46,627)$266,790 $1,495 
See accompanying Notes to the Unaudited Consolidated Financial Statements.

5

Table of Contents
Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share data)
(Unaudited)

For the three months ended September 30, 2020:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
 SharesAmount
July 1, 2020538,318 $538,318 $10,222,728 $(3,660,187)$(2,186)$7,098,673 $570,048 $7,668,721 
Net income (loss)— — — (63,417)— (63,417)3,836 (59,581)
Other comprehensive income (loss)— — — — (1,050)(1,050)— (1,050)
Issuance of common stock, net47 47 464 — — 511 — 511 
Repurchase of common stock(10)(10)(265)— — (275)— (275)
Amortization of deferred compensation— — 5,159 — — 5,159 — 5,159 
Common dividends ($0.37 per share)
— — — (199,546)— (199,546)— (199,546)
Distributions to noncontrolling interests— — — — — — (7,631)(7,631)
September 30, 2020538,355 $538,355 $10,228,086 $(3,923,150)$(3,236)$6,840,055 $566,253 $7,406,308 

For the three months ended September 30, 2019:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
 SharesAmount
July 1, 2019491,109 $491,109 $8,801,037 $(3,233,283)$(4,459)$6,054,404 $564,868 $6,619,272 
Net income (loss)— — — (45,863)— (45,863)3,555 (42,308)
Other comprehensive income (loss)— — — — (764)(764)— (764)
Issuance of common stock, net3,703 3,703 98,726 — — 102,429 — 102,429 
Repurchase of common stock(10)(10)(339)— — (349)— (349)
Exercise of stock options46 46 1,170 — — 1,216 — 1,216 
Amortization of deferred compensation— — 4,171 — — 4,171 — 4,171 
Common dividends ($0.37 per share)
— — — (182,110)— (182,110)— (182,110)
Distributions to noncontrolling interests— — — — — — (7,901)(7,901)
Issuances of noncontrolling interests— — — — — — 29,703 29,703 
September 30, 2019494,848 $494,848 $8,904,765 $(3,461,256)$(5,223)$5,933,134 $590,225 $6,523,359 
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For the nine months ended September 30, 2020:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
 SharesAmount
December 31, 2019505,222 $505,222 $9,183,892 $(3,601,199)$(2,857)$6,085,058 $582,416 $6,667,474 
Impact of adoption of ASU No. 2016-13(1)
— — — (1,524)— (1,524)— (1,524)
January 1, 2020505,222 505,222 9,183,892 (3,602,723)(2,857)6,083,534 582,416 6,665,950 
Net income (loss)— — — 267,169 — 267,169 10,839 278,008 
Other comprehensive income (loss)— — — — (379)(379)— (379)
Issuance of common stock, net33,248 33,248 1,032,652 — — 1,065,900 — 1,065,900 
Conversion of DownREIT units to common stock120 120 3,957 — — 4,077 (4,077) 
Repurchase of common stock(289)(289)(9,984)— — (10,273)— (10,273)
Exercise of stock options54 54 1,752 — — 1,806 — 1,806 
Amortization of deferred compensation— — 15,817 — — 15,817 — 15,817 
Common dividends ($1.11 per share)
— — — (587,596)— (587,596)— (587,596)
Distributions to noncontrolling interests— — — — — — (22,925)(22,925)
September 30, 2020538,355 $538,355 $10,228,086 $(3,923,150)$(3,236)$6,840,055 $566,253 $7,406,308 

For the nine months ended September 30, 2019:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
 SharesAmount
December 31, 2018477,496 $477,496 $8,398,847 $(2,927,196)$(4,708)$5,944,439 $568,152 $6,512,591 
Impact of adoption of ASU No. 2016-02(2)
— — — 590 — 590 — 590 
January 1, 2019477,496 477,496 8,398,847 (2,926,606)(4,708)5,945,029 568,152 6,513,181 
Net income (loss)— — — 2,010 — 2,010 10,692 12,702 
Other comprehensive income (loss)— — — — (515)(515)— (515)
Issuance of common stock, net17,272 17,272 491,970 — — 509,242 — 509,242 
Conversion of DownREIT units to common stock184 184 3,890 — — 4,074 (4,074) 
Repurchase of common stock(159)(159)(4,772)— — (4,931)— (4,931)
Exercise of stock options55 55 1,380 — — 1,435 — 1,435 
Amortization of deferred compensation— — 14,529 — — 14,529 — 14,529 
Common dividends ($1.11 per share)
— — — (536,660)— (536,660)— (536,660)
Distributions to noncontrolling interests— — — — — — (17,724)(17,724)
Issuances of noncontrolling interests— — — — — — 33,318 33,318 
Purchase of noncontrolling interests— — (1,079)— — (1,079)(139)(1,218)
September 30, 2019494,848 $494,848 $8,904,765 $(3,461,256)$(5,223)$5,933,134 $590,225 $6,523,359 
_______________________________________
(1)On January 1, 2020, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.
(2)On January 1, 2019, the Company adopted a series of ASUs related to accounting for leases and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.
See accompanying Notes to the Unaudited Consolidated Financial Statements.
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Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended
September 30,
 20202019
Cash flows from operating activities:
Net income (loss)$278,008 $12,702 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease and other intangibles541,394 469,191 
Amortization of deferred compensation13,392 14,529 
Amortization of deferred financing costs7,670 8,174 
Straight-line rents(24,086)(16,220)
Amortization of nonrefundable entrance fees and above/below market lease intangibles(58,849) 
Equity loss (income) from unconsolidated joint ventures48,545 10,012 
Distributions of earnings from unconsolidated joint ventures11,928 12,001 
Loss (gain) on sale of real estate under direct financing leases(41,670) 
Deferred income tax expense (benefit)(8,245)(14,468)
Impairments and loan loss reserves (recoveries), net97,723 115,653 
Loss on debt extinguishments42,912 36,152 
Loss (gain) on sales of real estate, net(247,881)(18,708)
Loss (gain) upon change of control, net(173,222)(11,481)
Casualty-related loss (recoveries), net469 (4,406)
Other non-cash items653 (1,157)
Changes in:
Decrease (increase) in accounts receivable and other assets, net22,503 (31,445)
Increase (decrease) in accounts payable, accrued liabilities and deferred revenue28,480 48,072 
Net cash provided by (used in) operating activities539,724 628,601 
Cash flows from investing activities:
Acquisitions of real estate(340,405)(1,315,168)
Development, redevelopment, and other major improvements of real estate(577,524)(441,416)
Leasing costs, tenant improvements, and recurring capital expenditures(61,329)(62,840)
Proceeds from sales of real estate, net568,828 165,683 
Acquisition of CCRC Portfolio(394,177) 
Contributions to unconsolidated joint ventures(9,792)(14,067)
Distributions in excess of earnings from unconsolidated joint ventures6,200 16,166 
Proceeds from insurance recovery 9,359 
Proceeds from sales/principal repayments on debt investments and direct financing leases125,372 274,025 
Investments in loans receivable, direct financing leases and other(83,651)(73,256)
Net cash provided by (used in) investing activities(766,478)(1,441,514)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper2,025,600 2,690,000 
Repayments under bank line of credit and commercial paper(2,118,600)(2,030,000)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper594,750 1,296,607 
Repayments and repurchase of debt, excluding bank line of credit and commercial paper(559,725)(1,308,596)
Borrowings under term loan 250,000 
Payments for debt extinguishment and deferred financing costs(47,149)(53,225)
Issuance of common stock and exercise of options1,067,706 510,677 
Repurchase of common stock(10,273)(4,931)
Dividends paid on common stock(587,596)(536,660)
Issuance of noncontrolling interests 33,318 
Distributions to and purchase of noncontrolling interests(22,925)(18,942)
Net cash provided by (used in) financing activities341,788 828,248 
Effect of foreign exchanges on cash, cash equivalents and restricted cash(153)(77)
Net increase (decrease) in cash, cash equivalents and restricted cash114,881 15,258 
Cash, cash equivalents and restricted cash, beginning of period