| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| Date: May 4, 2021 | ||||||||
| Healthpeak Properties, Inc. | ||||||||
| By: | /s/ Peter A. Scott | |||||||
| Peter A. Scott | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||
| (in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
| Net income (loss), diluted | $ | 143,337 | $ | 0.27 | $ | 279,979 | $ | 0.54 | |||||||||||||||
| NAREIT FFO, diluted | 40,233 | 0.07 | 173,186 | 0.34 | |||||||||||||||||||
| FFO as Adjusted, diluted | 217,331 | 0.40 | 228,562 | 0.45 | |||||||||||||||||||
| AFFO, diluted | 186,135 | 209,214 | |||||||||||||||||||||
| Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | ||||||||
| Three Month | % of SS | |||||||
| Life science | 8.5 | % | 47.9 | % | ||||
| Medical office | 2.1 | % | 48.9 | % | ||||
CCRC(1) | (16.5 | %) | 3.1 | % | ||||
Total Portfolio(1) | 4.3 | % | 100.0 | % | ||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Assets | |||||||||||
| Real estate: | |||||||||||
| Buildings and improvements | $ | 11,149,249 | $ | 11,048,433 | |||||||
| Development costs and construction in progress | 642,879 | 613,182 | |||||||||
| Land | 1,865,806 | 1,867,278 | |||||||||
| Accumulated depreciation and amortization | (2,508,986) | (2,409,135) | |||||||||
| Net real estate | 11,148,948 | 11,119,758 | |||||||||
| Net investment in direct financing leases | 44,706 | 44,706 | |||||||||
| Loans receivable, net of reserves of $14,134 and $10,280 | 740,142 | 195,375 | |||||||||
| Investments in and advances to unconsolidated joint ventures | 399,841 | 402,871 | |||||||||
| Accounts receivable, net of allowance of $3,884 and $3,994 | 38,879 | 42,269 | |||||||||
| Cash and cash equivalents | 34,007 | 44,226 | |||||||||
| Restricted cash | 68,033 | 67,206 | |||||||||
| Intangible assets, net | 495,919 | 519,917 | |||||||||
| Assets held for sale and discontinued operations, net | 1,374,507 | 2,626,306 | |||||||||
| Right-of-use asset, net | 198,426 | 192,349 | |||||||||
| Other assets, net | 650,518 | 665,106 | |||||||||
| Total assets | $ | 15,193,926 | $ | 15,920,089 | |||||||
| Liabilities and Equity | |||||||||||
| Bank line of credit and commercial paper | $ | 1,038,150 | $ | 129,590 | |||||||
| Term loan | 249,243 | 249,182 | |||||||||
| Senior unsecured notes | 4,255,697 | 5,697,586 | |||||||||
| Mortgage debt | 219,959 | 221,621 | |||||||||
| Intangible liabilities, net | 138,617 | 144,199 | |||||||||
| Liabilities related to assets held for sale and discontinued operations, net | 328,167 | 415,737 | |||||||||
| Lease liability | 184,425 | 179,895 | |||||||||
| Accounts payable, accrued liabilities, and other liabilities | 697,040 | 763,391 | |||||||||
| Deferred revenue | 765,946 | 774,316 | |||||||||
| Total liabilities | 7,877,244 | 8,575,517 | |||||||||
| Commitments and contingencies | |||||||||||
| Common stock, $1.00 par value: 750,000,000 shares authorized; 538,885,793 and 538,405,393 shares issued and outstanding | 538,886 | 538,405 | |||||||||
| Additional paid-in capital | 10,223,711 | 10,229,857 | |||||||||
| Cumulative dividends in excess of earnings | (3,994,562) | (3,976,232) | |||||||||
| Accumulated other comprehensive income (loss) | (3,497) | (3,685) | |||||||||
| Total stockholders’ equity | 6,764,538 | 6,788,345 | |||||||||
| Joint venture partners | 352,986 | 357,069 | |||||||||
| Non-managing member unitholders | 199,158 | 199,158 | |||||||||
| Total noncontrolling interests | 552,144 | 556,227 | |||||||||
| Total equity | 7,316,682 | 7,344,572 | |||||||||
| Total liabilities and equity | $ | 15,193,926 | $ | 15,920,089 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Revenues: | |||||||||||
| Rental and related revenues | $ | 327,972 | $ | 282,317 | |||||||
| Resident fees and services | 116,128 | 91,780 | |||||||||
| Income from direct financing leases | 2,163 | 3,269 | |||||||||
| Interest income | 9,013 | 3,688 | |||||||||
| Total revenues | 455,276 | 381,054 | |||||||||
| Costs and expenses: | |||||||||||
| Interest expense | 46,843 | 55,691 | |||||||||
| Depreciation and amortization | 157,538 | 125,112 | |||||||||
| Operating | 181,761 | 237,377 | |||||||||
| General and administrative | 24,902 | 22,349 | |||||||||
| Transaction costs | 798 | 14,563 | |||||||||
| Impairments and loan loss reserves (recoveries), net | 3,242 | 11,107 | |||||||||
| Total costs and expenses | 415,084 | 466,199 | |||||||||
| Other income (expense): | |||||||||||
| Gain (loss) on sales of real estate, net | — | 2,069 | |||||||||
| Gain (loss) on debt extinguishments | (164,292) | 833 | |||||||||
| Other income (expense), net | 2,200 | 210,653 | |||||||||
| Total other income (expense), net | (162,092) | 213,555 | |||||||||
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | (121,900) | 128,410 | |||||||||
| Income tax benefit (expense) | (8) | 29,868 | |||||||||
| Equity income (loss) from unconsolidated joint ventures | 1,323 | (11,146) | |||||||||
| Income (loss) from continuing operations | (120,585) | 147,132 | |||||||||
| Income (loss) from discontinued operations | 270,008 | 135,408 | |||||||||
| Net income (loss) | 149,423 | 282,540 | |||||||||
| Noncontrolling interests’ share in continuing operations | (3,306) | (3,463) | |||||||||
| Noncontrolling interests’ share in discontinued operations | (329) | 3 | |||||||||
| Net income (loss) attributable to Healthpeak Properties, Inc. | 145,788 | 279,080 | |||||||||
| Participating securities’ share in earnings | (2,451) | (1,616) | |||||||||
| Net income (loss) applicable to common shares | $ | 143,337 | $ | 277,464 | |||||||
| Basic earnings (loss) per common share: | |||||||||||
| Continuing operations | $ | (0.23) | $ | 0.28 | |||||||
| Discontinued operations | 0.50 | 0.27 | |||||||||
| Net income (loss) applicable to common shares | $ | 0.27 | $ | 0.55 | |||||||
| Diluted earnings (loss) per common share: | |||||||||||
| Continuing operations | $ | (0.23) | $ | 0.28 | |||||||
| Discontinued operations | 0.50 | 0.26 | |||||||||
| Net income (loss) applicable to common shares | $ | 0.27 | $ | 0.54 | |||||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 538,679 | 506,476 | |||||||||
| Diluted | 538,679 | 515,045 | |||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2021 | 2020 | |||||||||||||
| Net income (loss) applicable to common shares | $ | 143,337 | $ | 277,464 | ||||||||||
Real estate related depreciation and amortization(1) | 157,538 | 189,276 | ||||||||||||
| Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 4,453 | 29,610 | ||||||||||||
| Noncontrolling interests' share of real estate related depreciation and amortization | (4,881) | (4,852) | ||||||||||||
| Other real estate-related depreciation and amortization | — | 1,237 | ||||||||||||
Loss (gain) on sales of depreciable real estate, net(1) | (259,662) | (164,869) | ||||||||||||
| Healthpeak's share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | (7,729) | ||||||||||||
Loss (gain) upon change of control, net(2) | (1,042) | (167,434) | ||||||||||||
| Taxes associated with real estate dispositions | 490 | (11,876) | ||||||||||||
Impairments (recoveries) of depreciable real estate, net(1) | — | 30,722 | ||||||||||||
| NAREIT FFO applicable to common shares | 40,233 | 171,549 | ||||||||||||
| Distributions on dilutive convertible units and other | — | 1,637 | ||||||||||||
| Diluted NAREIT FFO applicable to common shares | $ | 40,233 | $ | 173,186 | ||||||||||
| Diluted NAREIT FFO per common share | $ | 0.07 | $ | 0.34 | ||||||||||
| Weighted average shares outstanding - diluted NAREIT FFO | 539,016 | 513,123 | ||||||||||||
| Impact of adjustments to NAREIT FFO: | ||||||||||||||
Transaction-related items(3) | $ | 4,113 | $ | 92,379 | ||||||||||
Other impairments (recoveries) and other losses (gains), net(4) | 3,242 | (33,306) | ||||||||||||
| Restructuring and severance related charges | 2,463 | — | ||||||||||||
| Loss (gain) on debt extinguishments | 164,292 | (833) | ||||||||||||
| Litigation costs (recoveries) | — | 106 | ||||||||||||
| Casualty-related charges (recoveries), net | 1,048 | — | ||||||||||||
| Foreign currency remeasurement losses (gains) | — | 10 | ||||||||||||
Tax rate legislation impact(5) | — | (2,892) | ||||||||||||
| Total adjustments | 175,158 | 55,464 | ||||||||||||
| FFO as Adjusted applicable to common shares | 215,391 | 227,013 | ||||||||||||
| Distributions on dilutive convertible units and other | 1,940 | 1,549 | ||||||||||||
| Diluted FFO as Adjusted applicable to common shares | $ | 217,331 | $ | 228,562 | ||||||||||
| Diluted FFO as Adjusted per common share | $ | 0.40 | $ | 0.45 | ||||||||||
| Weighted average shares outstanding - diluted FFO as Adjusted | 546,342 | 513,123 | ||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| FFO as Adjusted applicable to common shares | $ | 215,391 | $ | 227,013 | |||||||
| Amortization of stock-based compensation | 4,364 | 3,987 | |||||||||
| Amortization of deferred financing costs | 2,213 | 2,582 | |||||||||
| Straight-line rents | (9,135) | (6,229) | |||||||||
| AFFO capital expenditures | (20,710) | (21,791) | |||||||||
| Lease restructure payments | 377 | 291 | |||||||||
| Deferred income taxes | (1,723) | 4,787 | |||||||||
| Other AFFO adjustments | (5,979) | (3,064) | |||||||||
| AFFO applicable to common shares | 184,798 | 207,576 | |||||||||
| Distributions on dilutive convertible units and other | 1,337 | 1,638 | |||||||||
| Diluted AFFO applicable to common shares | $ | 186,135 | $ | 209,214 | |||||||
| Weighted average shares outstanding - diluted AFFO | 544,517 | 513,123 | |||||||||
| Definitions | ||
| 2 | ||||
| Definitions | ||
| 3 | ||||
| Definitions | ||
| 4 | ||||
| Definitions | ||
| 5 | ||||
| Definitions | ||
| 6 | ||||
| Reconciliations | ||
| In thousands | ||
| Funds From Operations | ||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Net income (loss) applicable to common shares | $ | 143,337 | $ | 277,464 | |||||||
Real estate related depreciation and amortization(1) | 157,538 | 189,276 | |||||||||
| Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 4,453 | 29,610 | |||||||||
| Noncontrolling interests' share of real estate related depreciation and amortization | (4,881) | (4,852) | |||||||||
| Other real estate-related depreciation and amortization | — | 1,237 | |||||||||
Loss (gain) on sales of depreciable real estate, net(1) | (259,662) | (164,869) | |||||||||
| Healthpeak's share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | (7,729) | |||||||||
Loss (gain) upon change of control, net(2) | (1,042) | (167,434) | |||||||||
| Taxes associated with real estate dispositions | 490 | (11,876) | |||||||||
Impairments (recoveries) of depreciable real estate, net(1) | — | 30,722 | |||||||||
| NAREIT FFO applicable to common shares | 40,233 | 171,549 | |||||||||
| Distributions on dilutive convertible units and other | — | 1,637 | |||||||||
| Diluted NAREIT FFO applicable to common shares | $ | 40,233 | $ | 173,186 | |||||||
| Weighted average shares outstanding - diluted NAREIT FFO | 539,016 | 513,123 | |||||||||
| Impact of adjustments to NAREIT FFO: | |||||||||||
Transaction-related items(3) | $ | 4,113 | $ | 92,379 | |||||||
Other impairments (recoveries) and other losses (gains), net(4) | 3,242 | (33,306) | |||||||||
| Restructuring and severance related charges | 2,463 | — | |||||||||
| Loss (gain) on debt extinguishments | 164,292 | (833) | |||||||||
| Litigation costs (recoveries) | — | 106 | |||||||||
| Casualty-related charges (recoveries), net | 1,048 | — | |||||||||
| Foreign currency remeasurement losses (gains) | — | 10 | |||||||||
Tax rate legislation impact(5) | — | (2,892) | |||||||||
| Total adjustments | 175,158 | 55,464 | |||||||||
| FFO as Adjusted applicable to common shares | 215,391 | 227,013 | |||||||||
| Distributions on dilutive convertible units and other | 1,940 | 1,549 | |||||||||
| Diluted FFO as Adjusted applicable to common shares | $ | 217,331 | $ | 228,562 | |||||||
| Weighted average shares outstanding - diluted FFO as Adjusted | 546,342 | 513,123 | |||||||||
| Diluted earnings per common share | $ | 0.27 | $ | 0.54 | |||||||
| Depreciation and amortization | 0.29 | 0.42 | |||||||||
| Loss (gain) on sales of depreciable real estate, net | (0.48) | (0.33) | |||||||||
Loss (gain) upon change of control, net(1) | (0.01) | (0.33) | |||||||||
| Taxes associated with real estate dispositions | 0.00 | (0.02) | |||||||||
| Impairments (recoveries) of depreciable real estate, net | — | 0.06 | |||||||||
| Diluted NAREIT FFO per common share | $ | 0.07 | $ | 0.34 | |||||||
Transaction-related items(3) | 0.01 | 0.18 | |||||||||
Other impairments (recoveries) and other losses (gains), net(4) | 0.01 | (0.06) | |||||||||
| Restructuring and severance related charges | 0.01 | — | |||||||||
| Loss (gain) on debt extinguishments | 0.30 | 0.00 | |||||||||
Tax rate legislation impact(5) | — | (0.01) | |||||||||
| Diluted FFO as Adjusted per common share | $ | 0.40 | $ | 0.45 | |||||||
| 7 | ||||
| Reconciliations | ||
| In thousands | ||
| Adjusted Funds From Operations | ||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| FFO as Adjusted applicable to common shares | $ | 215,391 | $ | 227,013 | |||||||
| Amortization of stock-based compensation | 4,364 | 3,987 | |||||||||
| Amortization of deferred financing costs | 2,213 | 2,582 | |||||||||
| Straight-line rents | (9,135) | (6,229) | |||||||||
| AFFO capital expenditures | (20,710) | (21,791) | |||||||||
| Lease restructure payments | 377 | 291 | |||||||||
| Deferred income taxes | (1,723) | 4,787 | |||||||||
| Other AFFO adjustments | (5,979) | (3,064) | |||||||||
| AFFO applicable to common shares | 184,798 | 207,576 | |||||||||
| Distributions on dilutive convertible units and other | 1,337 | 1,638 | |||||||||
| Diluted AFFO applicable to common shares | $ | 186,135 | $ | 209,214 | |||||||
| Weighted average shares outstanding - diluted AFFO | 544,517 | 513,123 | |||||||||
| 8 | ||||
| Reconciliations | ||
| Per share data | ||
Projected Future Operations(1) | ||||||||||||||
| Full Year 2021 | |||||||||||
| Low | High | ||||||||||
| Diluted earnings per common share | $ | 0.98 | $ | 1.06 | |||||||
| Real estate related depreciation and amortization | 1.22 | 1.22 | |||||||||
| Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 0.03 | 0.03 | |||||||||
| Noncontrolling interests' share of real estate related depreciation and amortization | (0.03) | (0.03) | |||||||||
| Loss (gain) on sales of depreciable real estate, net | (1.12) | (1.12) | |||||||||
| Noncontrolling interests' share of gain (loss) on sale of depreciable real estate, net | 0.01 | 0.01 | |||||||||
| Diluted NAREIT FFO per common share | $ | 1.09 | $ | 1.17 | |||||||
| Transaction-related items | 0.01 | 0.01 | |||||||||
Other impairments (recoveries) and other losses (gains), net(2) | 0.06 | 0.06 | |||||||||
| Loss (gain) on extinguishment of debt | 0.37 | 0.37 | |||||||||
| Diluted FFO as adjusted per common share | $ | 1.53 | $ | 1.61 | |||||||
| 9 | ||||
| Reconciliations | ||
| In millions | ||
Projected SS Cash NOI(1)(2) | ||||||||||||||
| Life Science | Medical Office | CCRC(3) | Other(4) | Corporate Adjustments and Discontinued Operations | Total | |||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(5) | $ | 491 | $ | 405 | $ | 87 | $ | 10 | $ | 15 | $ | 1,008 | ||||||||||||||||||||||||||
| Interest income | — | — | — | 23 | — | 23 | ||||||||||||||||||||||||||||||||
| Portfolio Income | 491 | 405 | 87 | 33 | 15 | 1,031 | ||||||||||||||||||||||||||||||||
| Interest income | — | — | — | (23) | — | (23) | ||||||||||||||||||||||||||||||||
Non-cash adjustments to cash NOI(6) | 40 | 10 | 11 | — | (9) | 52 | ||||||||||||||||||||||||||||||||
| NOI | 531 | 415 | 97 | 10 | 6 | 1,060 | ||||||||||||||||||||||||||||||||
| Non-SS NOI | (179) | (85) | (80) | (10) | (6) | (361) | ||||||||||||||||||||||||||||||||
| SS NOI | 353 | 330 | 17 | — | — | 700 | ||||||||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(6) | (11) | (5) | — | — | — | (17) | ||||||||||||||||||||||||||||||||
| SS Cash (Adjusted) NOI | $ | 342 | $ | 325 | $ | 17 | $ | — | $ | — | $ | 683 | ||||||||||||||||||||||||||
Addback adjustments(7) | 378 | |||||||||||||||||||||||||||||||||||||
Other income and expenses(8) | 658 | |||||||||||||||||||||||||||||||||||||
Costs and expenses(9) | (1,134) | |||||||||||||||||||||||||||||||||||||
Other impairments (recoveries), net(10) | (32) | |||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 552 | ||||||||||||||||||||||||||||||||||||
| Life Science | Medical Office | CCRC(3) | Other(4) | Corporate Adjustments and Discontinued Operations | Total | |||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(5) | $ | 500 | $ | 409 | $ | 111 | $ | 20 | $ | 17 | $ | 1,056 | ||||||||||||||||||||||||||
| Interest income | — | — | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||
| Portfolio Income | 500 | 409 | 111 | 53 | 17 | 1,089 | ||||||||||||||||||||||||||||||||
| Interest income | — | — | — | (33) | — | (33) | ||||||||||||||||||||||||||||||||
Non-cash adjustments to cash NOI(6) | 40 | 10 | (4) | — | (9) | 38 | ||||||||||||||||||||||||||||||||
| NOI | 540 | 419 | 107 | 20 | 8 | 1,094 | ||||||||||||||||||||||||||||||||
| Non-SS NOI | (184) | (86) | (86) | (20) | (8) | (384) | ||||||||||||||||||||||||||||||||
| SS NOI | 356 | 333 | 21 | — | — | 710 | ||||||||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(6) | (12) | (5) | — | — | — | (17) | ||||||||||||||||||||||||||||||||
| SS Cash (Adjusted) NOI | $ | 345 | $ | 328 | $ | 21 | $ | — | $ | — | $ | 693 | ||||||||||||||||||||||||||
Addback adjustments(7) | 402 | |||||||||||||||||||||||||||||||||||||
Other income and expenses(8) | 668 | |||||||||||||||||||||||||||||||||||||
Costs and expenses(9) | (1,134) | |||||||||||||||||||||||||||||||||||||
Other impairments (recoveries), net(10) | (32) | |||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 596 | ||||||||||||||||||||||||||||||||||||
| 10 | ||||
| Reconciliations | ||
| In millions | ||
| Life Science | Medical Office | CCRC(3) | Other(4) | Corporate Adjustments and Discontinued Operations | Total | |||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(5) | $ | 411 | $ | 390 | $ | 113 | $ | 21 | $ | 204 | $ | 1,140 | ||||||||||||||||||||||||||
| Interest income | — | — | — | 17 | — | 17 | ||||||||||||||||||||||||||||||||
| Portfolio Income | 411 | 390 | 113 | 38 | 204 | 1,156 | ||||||||||||||||||||||||||||||||
| Interest income | — | — | — | (17) | — | (17) | ||||||||||||||||||||||||||||||||
Non-cash adjustments to cash NOI(6) | 20 | 6 | (97) | (1) | (16) | (88) | ||||||||||||||||||||||||||||||||
| NOI | 431 | 396 | 16 | 21 | 188 | 1,052 | ||||||||||||||||||||||||||||||||
| Non-SS NOI | (93) | (70) | 8 | (21) | (188) | (364) | ||||||||||||||||||||||||||||||||
| SS NOI | 338 | 325 | 25 | — | — | 688 | ||||||||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(6) | (12) | (6) | — | — | — | (18) | ||||||||||||||||||||||||||||||||
| SS Cash (Adjusted) NOI | $ | 327 | $ | 319 | $ | 25 | $ | — | $ | — | $ | 670 | ||||||||||||||||||||||||||
Addback adjustments(7) | 382 | |||||||||||||||||||||||||||||||||||||
Other income and expenses(8) | 721 | |||||||||||||||||||||||||||||||||||||
Costs and expenses(9) | (1,101) | |||||||||||||||||||||||||||||||||||||
| Other impairments (recoveries), net | (244) | |||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 428 | ||||||||||||||||||||||||||||||||||||
| Life Science | Medical Office | CCRC | Total | |||||||||||||||||||||||
| Low | 4.50 | % | 1.75 | % | (30.00) | % | 1.75 | % | ||||||||||||||||||
| High | 5.50 | % | 2.75 | % | (15.00) | % | 3.25 | % | ||||||||||||||||||
| 11 | ||||
| Reconciliations | ||
| In thousands | ||
| Enterprise Gross Assets and Portfolio Investment | ||
| March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
| Life Science | Medical Office | CCRC | Other | Senior Housing Triple-net(1) | SHOP(1) | Corporate Non-segment | Total | ||||||||||||||||||||||||||||||||||||||||
Consolidated total assets(2) | $ | 6,535,764 | $ | 3,964,297 | $ | 2,157,139 | $ | 1,104,942 | $ | 92,330 | $ | 1,191,954 | $ | 147,500 | $ | 15,193,926 | |||||||||||||||||||||||||||||||
Investments in and advances to unconsolidated JVs (3) | (24,786) | (9,613) | (6,481) | (358,961) | — | (5,776) | — | (405,617) | |||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization(4) | 1,045,315 | 1,583,000 | 219,958 | — | 34,840 | 189,832 | — | 3,072,945 | |||||||||||||||||||||||||||||||||||||||
| Consolidated Gross Assets | $ | 7,556,293 | $ | 5,537,684 | $ | 2,370,616 | $ | 745,981 | $ | 127,170 | $ | 1,376,010 | $ | 147,500 | $ | 17,861,254 | |||||||||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JV gross assets | 53,699 | 18,538 | 68,720 | 471,902 | — | 26,922 | — | 639,781 | |||||||||||||||||||||||||||||||||||||||
| Enterprise Gross Assets | $ | 7,609,992 | $ | 5,556,222 | $ | 2,439,336 | $ | 1,217,883 | $ | 127,170 | $ | 1,402,932 | $ | 147,500 | $ | 18,501,035 | |||||||||||||||||||||||||||||||
| Land held for development | (73,270) | (3,252) | — | — | — | — | — | (76,522) | |||||||||||||||||||||||||||||||||||||||
| Fully depreciated real estate and intangibles | 387,171 | 498,275 | 14,294 | — | 13,080 | 153,775 | — | 1,066,595 | |||||||||||||||||||||||||||||||||||||||
Non-real estate related assets(5) | (234,660) | (345,468) | (202,186) | 15,726 | (17,284) | (87,773) | (147,500) | (1,019,145) | |||||||||||||||||||||||||||||||||||||||
| Real estate intangible liabilities | (172,633) | (102,032) | — | — | (1,797) | (1,003) | — | (277,465) | |||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs real estate and related intangibles | (3,637) | (386,916) | — | — | — | (1,780) | — | (392,333) | |||||||||||||||||||||||||||||||||||||||
| Portfolio Investment | $ | 7,512,963 | $ | 5,216,829 | $ | 2,251,444 | $ | 1,233,609 | $ | 121,169 | $ | 1,466,151 | $ | — | $ | 17,802,165 | |||||||||||||||||||||||||||||||
| 12 | ||||
| Reconciliations | ||
| In thousands | ||
| Capital Expenditures | ||
| Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||
Total capital expenditures at share(1) | $ | 172,877 | $ | 239,390 | |||||||
Less: AFFO capital expenditures at share(1) | (21,194) | (23,734) | |||||||||
| Non AFFO capital expenditures at share | 151,683 | 215,656 | |||||||||
| Adjustment for Healthpeak's share of unconsolidated JV | (3,668) | (7,153) | |||||||||
| Adjustment for noncontrolling interests' share of consolidated JVs | 380 | 1,343 | |||||||||
| Consolidated non AFFO capital expenditures | 148,405 | 209,846 | |||||||||
| Decrease (Increase) in construction payable | (12,504) | (443) | |||||||||
| Other | (562) | 15 | |||||||||
Development, redevelopment, and other major improvements of real estate(2) | $ | 135,339 | $ | 209,418 | |||||||
AFFO capital expenditures at share(1) | $ | 21,194 | $ | 23,734 | |||||||
| Adjustment for Healthpeak's share of unconsolidated JV | (723) | (2,019) | |||||||||
| Adjustment for noncontrolling interests' share of consolidated JVs | $ | 239 | $ | 76 | |||||||
Leasing costs, tenant improvements, and recurring capital expenditures(2) | $ | 20,710 | $ | 21,791 | |||||||
| 13 | ||||
| Reconciliations | ||
| In thousands | ||
Revenues(1)(2) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Life Science | $ | 128,883 | $ | 138,496 | $ | 148,702 | $ | 153,215 | $ | 169,934 | |||||||||||||||||||
| Medical Office | 156,641 | 151,844 | 155,381 | 158,532 | 160,201 | ||||||||||||||||||||||||
| CCRC | 91,780 | 113,926 | 115,031 | 115,757 | 116,128 | ||||||||||||||||||||||||
| Other | 3,750 | 4,292 | 4,452 | 4,193 | 9,013 | ||||||||||||||||||||||||
| Senior Housing Triple-net | 33,135 | 24,589 | 24,558 | 16,807 | 5,228 | ||||||||||||||||||||||||
| SHOP | 170,961 | 155,293 | 149,615 | 144,173 | 72,998 | ||||||||||||||||||||||||
| Total revenues | $ | 585,150 | $ | 588,440 | $ | 597,739 | $ | 592,677 | $ | 533,502 | |||||||||||||||||||
| Life Science | — | — | — | — | — | ||||||||||||||||||||||||
| Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | — | 11,871 | 1,761 | 2,566 | 1,310 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | 2,209 | 392 | 12,774 | 3,232 | ||||||||||||||||||||||||
| Government grant income | $ | — | $ | 14,080 | $ | 2,153 | $ | 15,340 | $ | 4,542 | |||||||||||||||||||
| Life Science | — | — | — | — | — | ||||||||||||||||||||||||
| Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | (3,688) | (4,230) | (4,443) | (4,192) | (9,013) | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Less: Interest income | $ | (3,688) | $ | (4,230) | $ | (4,443) | $ | (4,192) | $ | (9,013) | |||||||||||||||||||
| Life Science | — | — | — | 448 | 1,337 | ||||||||||||||||||||||||
| Medical Office | 695 | 691 | 699 | 687 | 715 | ||||||||||||||||||||||||
| CCRC | 21,647 | 4,781 | 4,295 | 4,669 | 4,488 | ||||||||||||||||||||||||
| Other | 20,194 | 18,682 | 17,853 | 17,294 | 16,753 | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | 5,657 | 6,002 | 5,947 | 4,625 | 875 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs real estate revenues | $ | 48,193 | $ | 30,156 | $ | 28,794 | $ | 27,723 | $ | 24,168 | |||||||||||||||||||
| Life Science | — | — | — | — | — | ||||||||||||||||||||||||
| Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | — | 534 | 246 | 140 | 199 | ||||||||||||||||||||||||
| Other | — | 270 | 49 | 40 | 227 | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | 61 | — | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs government grant income | $ | — | $ | 804 | $ | 295 | $ | 241 | $ | 426 | |||||||||||||||||||
| Life Science | (52) | (57) | (66) | (64) | (65) | ||||||||||||||||||||||||
| Medical Office | (8,640) | (8,347) | (8,788) | (8,822) | (8,926) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | (538) | (504) | (459) | (134) | (52) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs real estate revenues | $ | (9,230) | $ | (8,908) | $ | (9,313) | $ | (9,020) | $ | (9,043) | |||||||||||||||||||
| 14 | ||||
| Reconciliations | ||
| In thousands | ||
Revenue(1)(2) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Life Science | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | (14) | — | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs government grant income | $ | — | $ | — | $ | — | $ | (14) | $ | — | |||||||||||||||||||
| Life Science | 128,831 | 138,439 | 148,636 | 153,599 | 171,206 | ||||||||||||||||||||||||
| Medical Office | 148,696 | 144,188 | 147,292 | 150,397 | 151,990 | ||||||||||||||||||||||||
| CCRC | 113,427 | 131,112 | 121,333 | 123,132 | 122,125 | ||||||||||||||||||||||||
| Other | 20,256 | 19,014 | 17,911 | 17,335 | 16,980 | ||||||||||||||||||||||||
| Senior Housing Triple-net | 33,135 | 24,589 | 24,558 | 16,807 | 5,228 | ||||||||||||||||||||||||
| SHOP | 176,080 | 163,000 | 155,495 | 161,485 | 77,053 | ||||||||||||||||||||||||
| Portfolio Real Estate Revenues | $ | 620,425 | $ | 620,342 | $ | 615,225 | $ | 622,755 | $ | 544,582 | |||||||||||||||||||
| Life Science | (4,293) | (2,793) | (8,343) | (4,757) | (11,819) | ||||||||||||||||||||||||
| Medical Office | (1,643) | (1,113) | (2,371) | (3,003) | (2,556) | ||||||||||||||||||||||||
| CCRC | (177) | (4) | 22 | (1) | 8 | ||||||||||||||||||||||||
| Other | (66) | 38 | 44 | 4 | 88 | ||||||||||||||||||||||||
| Senior Housing Triple-net | (3,388) | (20) | 79 | 4,962 | 146 | ||||||||||||||||||||||||
| SHOP | 615 | 68 | (244) | 20 | 42 | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Real Estate Revenues | $ | (8,952) | $ | (3,824) | $ | (10,813) | $ | (2,775) | $ | (14,091) | |||||||||||||||||||
| Life Science | 124,538 | 135,646 | 140,293 | 148,842 | 159,387 | ||||||||||||||||||||||||
| Medical Office | 147,053 | 143,075 | 144,921 | 147,394 | 149,434 | ||||||||||||||||||||||||
| CCRC | 113,250 | 131,108 | 121,355 | 123,131 | 122,133 | ||||||||||||||||||||||||
| Other | 20,190 | 19,052 | 17,955 | 17,339 | 17,068 | ||||||||||||||||||||||||
| Senior Housing Triple-net | 29,747 | 24,569 | 24,637 | 21,769 | 5,374 | ||||||||||||||||||||||||
| SHOP | 176,695 | 163,068 | 155,251 | 161,505 | 77,095 | ||||||||||||||||||||||||
| Portfolio Cash Real Estate Revenues | $ | 611,473 | $ | 616,518 | $ | 604,412 | $ | 619,980 | $ | 530,491 | |||||||||||||||||||
| Life Science | 4,293 | 2,793 | 8,343 | 4,757 | 11,819 | ||||||||||||||||||||||||
| Medical Office | 1,643 | 1,113 | 2,371 | 3,003 | 2,556 | ||||||||||||||||||||||||
| CCRC | 177 | 4 | (22) | 1 | (8) | ||||||||||||||||||||||||
| Other | 66 | (38) | (44) | (4) | (88) | ||||||||||||||||||||||||
| Senior Housing Triple-net | 3,388 | 20 | (79) | (4,962) | (146) | ||||||||||||||||||||||||
| SHOP | (615) | (68) | 244 | (20) | (42) | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Real Estate Revenues | $ | 8,952 | $ | 3,824 | $ | 10,813 | $ | 2,775 | $ | 14,091 | |||||||||||||||||||
| Life Science | (20,163) | (26,833) | (32,155) | (42,549) | (54,551) | ||||||||||||||||||||||||
| Medical Office | (19,355) | (17,665) | (16,099) | (20,216) | (20,882) | ||||||||||||||||||||||||
| CCRC | (92,420) | (111,371) | (103,317) | (103,195) | (103,138) | ||||||||||||||||||||||||
| Other | (20,256) | (19,014) | (17,911) | (17,335) | (16,980) | ||||||||||||||||||||||||
| Senior Housing Triple-net | (33,135) | (24,589) | (24,558) | (16,807) | (5,228) | ||||||||||||||||||||||||
| SHOP | (176,080) | (163,000) | (155,495) | (161,485) | (77,053) | ||||||||||||||||||||||||
| Non-SS Portfolio Real Estate Revenues | $ | (361,409) | $ | (362,472) | $ | (349,535) | $ | (361,587) | $ | (277,832) | |||||||||||||||||||
| 15 | ||||
| Reconciliations | ||
| In thousands | ||
Revenue(1)(2) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Life Science | $ | 108,668 | $ | 111,606 | $ | 116,481 | $ | 111,050 | $ | 116,655 | |||||||||||||||||||
| Medical Office | 129,341 | 126,523 | 131,193 | 130,181 | 131,108 | ||||||||||||||||||||||||
| CCRC | 21,007 | 19,741 | 18,016 | 19,937 | 18,987 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Portfolio Real Estate Revenue - SS | $ | 259,016 | $ | 257,870 | $ | 265,690 | $ | 261,168 | $ | 266,750 | |||||||||||||||||||
| Life Science | (4,328) | (2,388) | (5,139) | 516 | (3,984) | ||||||||||||||||||||||||
| Medical Office | (2,073) | (1,593) | (2,675) | (2,191) | (2,294) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (6,401) | $ | (3,981) | $ | (7,814) | $ | (1,675) | $ | (6,278) | |||||||||||||||||||
| Life Science | 104,340 | 109,218 | 111,342 | 111,566 | 112,671 | ||||||||||||||||||||||||
| Medical Office | 127,268 | 124,930 | 128,518 | 127,990 | 128,814 | ||||||||||||||||||||||||
| CCRC | 21,007 | 19,741 | 18,016 | 19,937 | 18,987 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Portfolio Cash Real Estate Revenues - SS | $ | 252,615 | $ | 253,889 | $ | 257,876 | $ | 259,493 | $ | 260,472 | |||||||||||||||||||
| 16 | ||||
| Reconciliations | ||
| In thousands | ||
Operating Expenses(1)(2) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Life Science | $ | 30,201 | $ | 34,205 | $ | 36,714 | $ | 36,885 | $ | 39,461 | |||||||||||||||||||
| Medical Office | 50,694 | 49,355 | 51,436 | 52,523 | 51,121 | ||||||||||||||||||||||||
| CCRC | 156,482 | 94,248 | 94,992 | 94,806 | 91,179 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | 506 | 526 | 421 | 453 | 294 | ||||||||||||||||||||||||
| SHOP | 138,130 | 137,507 | 130,729 | 141,953 | 71,225 | ||||||||||||||||||||||||
| Operating expenses | $ | 376,013 | $ | 315,841 | $ | 314,292 | $ | 326,620 | $ | 253,280 | |||||||||||||||||||
| Life Science | — | — | — | 137 | 425 | ||||||||||||||||||||||||
| Medical Office | 275 | 276 | 296 | 282 | 294 | ||||||||||||||||||||||||
| CCRC | 18,037 | 4,826 | 4,797 | 4,465 | 4,745 | ||||||||||||||||||||||||
| Other | 13,278 | 13,681 | 13,485 | 13,335 | 12,595 | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | 4,676 | 5,005 | 4,795 | 3,830 | 1,026 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs operating expenses | $ | 36,266 | $ | 23,788 | $ | 23,373 | $ | 22,049 | $ | 19,085 | |||||||||||||||||||
| Life Science | (17) | (18) | (18) | (19) | (20) | ||||||||||||||||||||||||
| Medical Office | (2,600) | (2,507) | (2,630) | (2,545) | (2,504) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | (377) | (411) | (361) | (112) | (49) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs operating expenses | $ | (2,994) | $ | (2,936) | $ | (3,009) | $ | (2,676) | $ | (2,573) | |||||||||||||||||||
| Life Science | 30,184 | 34,187 | 36,696 | 37,003 | 39,866 | ||||||||||||||||||||||||
| Medical Office | 48,369 | 47,124 | 49,102 | 50,260 | 48,911 | ||||||||||||||||||||||||
| CCRC | 174,519 | 99,074 | 99,789 | 99,271 | 95,924 | ||||||||||||||||||||||||
| Other | 13,278 | 13,681 | 13,485 | 13,335 | 12,595 | ||||||||||||||||||||||||
| Senior Housing Triple-net | 506 | 526 | 421 | 453 | 294 | ||||||||||||||||||||||||
| SHOP | 142,429 | 142,101 | 135,163 | 145,671 | 72,202 | ||||||||||||||||||||||||
| Portfolio Operating Expenses | $ | 409,285 | $ | 336,693 | $ | 334,656 | $ | 345,993 | $ | 269,792 | |||||||||||||||||||
| Life Science | (13) | (14) | (13) | (13) | (9) | ||||||||||||||||||||||||
| Medical Office | (649) | (648) | (642) | (647) | (633) | ||||||||||||||||||||||||
| CCRC | (91,738) | (22) | (1,662) | (3,810) | (12) | ||||||||||||||||||||||||
| Other | (18) | (61) | (19) | (313) | (24) | ||||||||||||||||||||||||
| Senior Housing Triple-net | (14) | (61) | (14) | (14) | (4) | ||||||||||||||||||||||||
| SHOP | 38 | 50 | 1,047 | (14,650) | (3,371) | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Operating Expenses | $ | (92,394) | $ | (756) | $ | (1,303) | $ | (19,447) | $ | (4,053) | |||||||||||||||||||
| Life Science | 30,171 | 34,173 | 36,683 | 36,990 | 39,857 | ||||||||||||||||||||||||
| Medical Office | 47,720 | 46,476 | 48,460 | 49,613 | 48,278 | ||||||||||||||||||||||||
| CCRC | 82,781 | 99,052 | 98,127 | 95,461 | 95,912 | ||||||||||||||||||||||||
| Other | 13,260 | 13,620 | 13,466 | 13,022 | 12,571 | ||||||||||||||||||||||||
| Senior Housing Triple-net | 492 | 465 | 407 | 439 | 290 | ||||||||||||||||||||||||
| SHOP | 142,467 | 142,151 | 136,210 | 131,021 | 68,831 | ||||||||||||||||||||||||
| Portfolio Cash Operating Expenses | $ | 316,891 | $ | 335,937 | $ | 333,353 | $ | 326,546 | $ | 265,739 | |||||||||||||||||||
| 17 | ||||
| Reconciliations | ||
| In thousands | ||
Operating Expenses(1)(2) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Life Science | $ | 13 | $ | 14 | $ | 13 | $ | 13 | $ | 9 | |||||||||||||||||||
| Medical Office | 649 | 648 | 642 | 647 | 633 | ||||||||||||||||||||||||
| CCRC | 91,738 | 22 | 1,662 | 3,810 | 12 | ||||||||||||||||||||||||
| Other | 18 | 61 | 19 | 313 | 24 | ||||||||||||||||||||||||
| Senior Housing Triple-net | 14 | 61 | 14 | 14 | 4 | ||||||||||||||||||||||||
| SHOP | (38) | (50) | (1,047) | 14,650 | 3,371 | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Operating Expenses | $ | 92,394 | $ | 756 | $ | 1,303 | $ | 19,447 | $ | 4,053 | |||||||||||||||||||
| Life Science | (4,941) | (7,839) | (8,584) | (9,381) | (13,030) | ||||||||||||||||||||||||
| Medical Office | (6,333) | (6,152) | (6,228) | (7,243) | (7,108) | ||||||||||||||||||||||||
| CCRC | (160,209) | (85,363) | (86,804) | (85,996) | (82,530) | ||||||||||||||||||||||||
| Other | (13,278) | (13,681) | (13,485) | (13,335) | (12,595) | ||||||||||||||||||||||||
| Senior Housing Triple-net | (506) | (526) | (421) | (453) | (294) | ||||||||||||||||||||||||
| SHOP | (142,429) | (142,101) | (135,163) | (145,671) | (72,202) | ||||||||||||||||||||||||
| Non-SS Portfolio Operating Expenses | $ | (327,696) | $ | (255,662) | $ | (250,685) | $ | (262,079) | $ | (187,759) | |||||||||||||||||||
| Life Science | 25,243 | 26,348 | 28,112 | 27,622 | 26,836 | ||||||||||||||||||||||||
| Medical Office | 42,036 | 40,972 | 42,874 | 43,017 | 41,803 | ||||||||||||||||||||||||
| CCRC | 14,310 | 13,711 | 12,985 | 13,275 | 13,394 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Portfolio Operating Expenses - SS | $ | 81,589 | $ | 81,031 | $ | 83,971 | $ | 83,914 | $ | 82,033 | |||||||||||||||||||
| Life Science | (14) | (13) | (13) | (13) | (10) | ||||||||||||||||||||||||
| Medical Office | (644) | (643) | (639) | (635) | (628) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Non-cash adjustment to SS Portfolio Operating Expenses | $ | (658) | $ | (656) | $ | (652) | $ | (648) | $ | (638) | |||||||||||||||||||
| Life Science | 25,229 | 26,335 | 28,099 | 27,609 | 26,826 | ||||||||||||||||||||||||
| Medical Office | 41,392 | 40,329 | 42,235 | 42,382 | 41,175 | ||||||||||||||||||||||||
| CCRC | 14,310 | 13,711 | 12,985 | 13,275 | 13,394 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Senior Housing Triple-net | — | — | — | — | — | ||||||||||||||||||||||||
| SHOP | — | — | — | — | — | ||||||||||||||||||||||||
| Portfolio Cash Operating Expenses - SS | $ | 80,931 | $ | 80,375 | $ | 83,319 | $ | 83,266 | $ | 81,395 | |||||||||||||||||||
| 18 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| Stabilized Held for Sale ("HFS") | ||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Revenue | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(1) | $ | 29,747 | $ | 24,569 | $ | 24,637 | $ | 21,769 | $ | 5,374 | ||||||||||||||||||||||
| Non-stabilized Portfolio Cash Real Estate Revenues | (28,544) | (23,356) | (23,420) | (20,552) | (4,147) | |||||||||||||||||||||||||||
| Stabilized HFS Portfolio Cash Real Estate Revenues | $ | 1,203 | $ | 1,213 | $ | 1,217 | $ | 1,217 | $ | 1,227 | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Operating Expenses | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Portfolio Cash Operating Expenses(2) | $ | 492 | $ | 465 | $ | 407 | $ | 439 | $ | 290 | ||||||||||||||||||||||
| Non-stabilized Portfolio Cash Real Estate Operating Expenses | (492) | (465) | (407) | (439) | (290) | |||||||||||||||||||||||||||
| Stabilized HFS Portfolio Cash Operating Expenses | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Revenue | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(1) | $ | 176,695 | $ | 163,068 | $ | 155,251 | $ | 161,505 | $ | 77,095 | ||||||||||||||||||||||
| Non-stabilized Portfolio Cash Real Estate Revenues | (118,418) | (107,590) | (101,848) | (105,482) | (25,853) | |||||||||||||||||||||||||||
| Stabilized HFS Portfolio Cash Real Estate Revenues | $ | 58,277 | $ | 55,478 | $ | 53,403 | $ | 56,023 | $ | 51,242 | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Operating Expenses | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Portfolio Cash Operating Expenses(2) | $ | 142,467 | $ | 142,151 | $ | 136,210 | $ | 131,021 | $ | 68,831 | ||||||||||||||||||||||
| Non-stabilized Portfolio Cash Real Estate Operating Expense | (99,131) | (96,588) | (91,263) | (86,494) | (24,239) | |||||||||||||||||||||||||||
| Stabilized HFS Portfolio Cash Operating Expenses | $ | 43,336 | $ | 45,563 | $ | 44,947 | $ | 44,527 | $ | 44,592 | ||||||||||||||||||||||
| 19 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| EBITDAre and Adjusted EBITDAre | ||
| Three Months Ended March 31, 2021 | |||||
| Net income (loss) | $ | 149,423 | |||
Interest expense(1) | 49,519 | ||||
Income tax expense (benefit)(1) | (813) | ||||
Depreciation and amortization(1) | 157,538 | ||||
| Other depreciation and amortization | 1,092 | ||||
Loss (gain) on sales of real estate(1) | (259,662) | ||||
| Loss (gain) upon change of control | (1,042) | ||||
| Share of unconsolidated JV: | |||||
| Interest expense | 575 | ||||
| Income tax expense (benefit) | (472) | ||||
| Depreciation and amortization | 4,453 | ||||
| EBITDAre | $ | 100,611 | |||
Transaction-related items, excluding taxes(2) | 4,040 | ||||
Other impairments (recoveries) and losses (gains)(3) | 3,242 | ||||
| Restructuring and severance related charges | 2,463 | ||||
| Loss (gain) on debt extinguishments | 164,292 | ||||
| Casualty-related charges (recoveries), excluding taxes | 859 | ||||
| Amortization of stock-based compensation | 4,364 | ||||
| Adjusted EBITDAre | $ | 279,871 | |||
| Adjusted Fixed Charge Coverage | ||
| Three Months Ended March 31, 2021 | |||||
Interest expense(1) | $ | 49,519 | |||
| Share of unconsolidated JV interest expense | 575 | ||||
| Capitalized interest | 5,453 | ||||
| Fixed Charges | $ | 55,547 | |||
| Adjusted Fixed Charge Coverage | 5.0x | ||||
| 20 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
Enterprise Debt and Net Debt(1) | ||
| March 31, 2021 | |||||
| Bank line of credit and commercial paper | $ | 1,038,150 | |||
| Term loan | 249,243 | ||||
| Senior unsecured notes | 4,255,697 | ||||
Mortgage debt(2) | 498,131 | ||||
| Consolidated Debt | $ | 6,041,221 | |||
Share of unconsolidated JV mortgage debt(3) | 59,125 | ||||
| Enterprise Debt | $ | 6,100,346 | |||
Cash and cash equivalents(4) | (74,168) | ||||
Share of unconsolidated JV cash and cash equivalents(5) | (11,426) | ||||
| Net Debt | $ | 6,014,752 | |||
| Financial Leverage | ||
| March 31, 2021 | |||||
| Enterprise Debt | $ | 6,100,346 | |||
| Enterprise Gross Assets | 18,501,035 | ||||
| Financial Leverage | 33.0% | ||||
Secured Debt Ratio(1) | ||
| March 31, 2021 | |||||
Mortgage debt(2) | $ | 498,131 | |||
Share of unconsolidated JV mortgage debt(3) | 59,125 | ||||
| Enterprise Secured Debt | $ | 557,256 | |||
| Enterprise Gross Assets | 18,501,035 | ||||
| Secured Debt Ratio | 3.0% | ||||
| Net Debt to Adjusted EBITDAre | ||
| Three Months Ended March 31, 2021 | ||||||||
| Net Debt | $ | 6,014,752 | ||||||
| Annualized Adjusted EBITDAre | 1,119,484 | (6) | ||||||
| Net Debt to Adjusted EBITDAre | 5.4x | |||||||
| 21 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | 282,540 | $ | 55,049 | $ | (59,581) | $ | 150,246 | $ | 149,423 | |||||||||||||||||||
| Interest income | (3,688) | (4,230) | (4,443) | (4,192) | (9,013) | ||||||||||||||||||||||||
| Interest expense | 58,376 | 57,550 | 56,235 | 56,713 | 49,519 | ||||||||||||||||||||||||
| Depreciation and amortization | 189,276 | 178,488 | 173,630 | 155,749 | 157,538 | ||||||||||||||||||||||||
| General and administrative | 22,349 | 23,720 | 21,661 | 25,507 | 24,902 | ||||||||||||||||||||||||
| Transaction costs | 14,848 | 627 | 2,586 | 20,708 | 874 | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | (164,869) | (82,863) | (149) | (302,613) | (259,662) | ||||||||||||||||||||||||
| Impairments and loan loss reserves (recoveries), net | 39,123 | 24,050 | 34,550 | 146,530 | 3,242 | ||||||||||||||||||||||||
| Other expense (income), net | (210,608) | (19,586) | (7,060) | (2,905) | (8,085) | ||||||||||||||||||||||||
| Loss (gain) on debt extinguishments | (833) | 25,824 | 17,921 | — | 164,292 | ||||||||||||||||||||||||
| Income tax expense (benefit) | (33,044) | (7,346) | 24,174 | (3,120) | (813) | ||||||||||||||||||||||||
| Government grant income | — | 14,080 | 2,153 | 15,340 | 4,542 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated JVs | 11,979 | 17,086 | 19,480 | 19,242 | (1,008) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs NOI | 11,927 | 7,172 | 5,716 | 5,915 | 5,509 | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs NOI | (6,236) | (5,972) | (6,304) | (6,358) | (6,470) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 211,140 | $ | 283,649 | $ | 280,569 | $ | 276,762 | $ | 274,790 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 83,442 | (3,068) | (9,510) | 16,672 | (10,038) | ||||||||||||||||||||||||
| Portfolio Cash (Adjusted) NOI | $ | 294,582 | $ | 280,581 | $ | 271,059 | $ | 293,434 | $ | 264,752 | |||||||||||||||||||
| Interest income | 3,688 | 4,230 | 4,443 | 4,192 | 9,013 | ||||||||||||||||||||||||
| Portfolio Income | $ | 298,270 | $ | 284,811 | $ | 275,502 | $ | 297,626 | $ | 273,765 | |||||||||||||||||||
| Interest income | (3,688) | (4,230) | (4,443) | (4,192) | (9,013) | ||||||||||||||||||||||||
| Adjustment to Portfolio NOI | (83,442) | 3,068 | 9,510 | (16,672) | 10,038 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (33,712) | (106,809) | (98,851) | (99,509) | (90,073) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 177,428 | $ | 176,840 | $ | 181,718 | $ | 177,253 | $ | 184,717 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (5,744) | (3,326) | (7,161) | (1,026) | (5,640) | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 171,684 | $ | 173,514 | $ | 174,557 | $ | 176,227 | $ | 179,077 | |||||||||||||||||||
| 22 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | 48,408 | $ | 51,874 | $ | 54,682 | $ | 43,225 | $ | 61,816 | |||||||||||||||||||
| Interest expense | 63 | 60 | 57 | 55 | 102 | ||||||||||||||||||||||||
| Depreciation and amortization | 50,211 | 52,356 | 57,170 | 58,184 | 68,434 | ||||||||||||||||||||||||
| Transaction costs | — | 1 | 79 | 155 | 32 | ||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | — | — | — | 14,671 | — | ||||||||||||||||||||||||
| Other expense (income), net | — | — | — | — | (4) | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated JVs | — | — | — | 40 | 93 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs NOI | — | — | — | 311 | 912 | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs NOI | (35) | (39) | (48) | (45) | (45) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 98,647 | $ | 104,252 | $ | 111,940 | $ | 116,596 | $ | 131,340 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (4,280) | (2,779) | (8,330) | (4,744) | (11,810) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(3) | $ | 94,367 | $ | 101,473 | $ | 103,610 | $ | 111,852 | $ | 119,530 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 4,280 | 2,779 | 8,330 | 4,744 | 11,810 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (15,221) | (18,993) | (23,571) | (33,169) | (41,521) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 83,426 | $ | 85,259 | $ | 88,369 | $ | 83,427 | $ | 89,819 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (4,315) | (2,376) | (5,126) | 530 | (3,974) | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 79,111 | $ | 82,883 | $ | 83,243 | $ | 83,957 | $ | 85,845 | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | 50,778 | $ | 125,860 | $ | 50,425 | $ | 49,741 | $ | 48,614 | |||||||||||||||||||
| Interest expense | 102 | 100 | 100 | 98 | 95 | ||||||||||||||||||||||||
| Depreciation and amortization | 54,667 | 55,904 | 54,693 | 56,902 | 57,954 | ||||||||||||||||||||||||
| Transaction costs | — | — | — | — | 330 | ||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | 2,706 | 2,119 | 1,208 | 4,175 | — | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | (2,109) | (81,284) | (2,283) | (4,714) | — | ||||||||||||||||||||||||
| Other expense (income), net | — | — | — | — | 2,279 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated JVs | (197) | (210) | (198) | (193) | (192) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs NOI | 420 | 415 | 403 | 405 | 421 | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs NOI | (6,040) | (5,840) | (6,158) | (6,277) | (6,422) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 100,327 | $ | 97,064 | $ | 98,190 | $ | 100,137 | $ | 103,079 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (994) | (465) | (1,729) | (2,356) | (1,923) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(3) | $ | 99,333 | $ | 96,599 | $ | 96,461 | $ | 97,781 | $ | 101,156 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 994 | 465 | 1,729 | 2,356 | 1,923 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (13,022) | (11,513) | (9,872) | (12,973) | (13,774) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 87,305 | $ | 85,551 | $ | 88,318 | $ | 87,164 | $ | 89,305 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (1,429) | (950) | (2,035) | (1,556) | (1,666) | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 85,876 | $ | 84,601 | $ | 86,283 | $ | 85,608 | $ | 87,639 | |||||||||||||||||||
| 23 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | 67,743 | $ | 458 | $ | (10,366) | $ | (14,644) | $ | (6,375) | |||||||||||||||||||
| Interest expense | 1,304 | 1,969 | 1,983 | 1,971 | 1,918 | ||||||||||||||||||||||||
| Depreciation and amortization | 20,229 | 31,426 | 30,106 | 32,089 | 31,150 | ||||||||||||||||||||||||
| Transaction costs | 14,474 | 368 | 1,897 | 1,256 | 432 | ||||||||||||||||||||||||
| Other expense (income), net | (170,332) | (14,142) | (3,903) | 533 | (2,176) | ||||||||||||||||||||||||
| Government grant income | — | 11,871 | 1,761 | 2,566 | 1,310 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated JVs | 1,880 | (401) | 322 | (254) | — | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs NOI | 3,610 | 489 | (256) | 344 | (58) | ||||||||||||||||||||||||
| Portfolio NOI | $ | (61,092) | $ | 32,038 | $ | 21,544 | $ | 23,861 | $ | 26,201 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 91,561 | 18 | 1,684 | 3,809 | 20 | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(3) | $ | 30,469 | $ | 32,056 | $ | 23,228 | $ | 27,670 | $ | 26,221 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (91,561) | (18) | (1,684) | (3,809) | (20) | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | 67,789 | (26,008) | (16,513) | (17,199) | (20,608) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 6,697 | $ | 6,030 | $ | 5,031 | $ | 6,662 | $ | 5,593 | |||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 6,697 | $ | 6,030 | $ | 5,031 | $ | 6,662 | $ | 5,593 | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | 27,459 | $ | (18,781) | $ | (11,198) | $ | (23,090) | $ | 7,473 | |||||||||||||||||||
| Interest income | (3,688) | (4,230) | (4,443) | (4,192) | (9,013) | ||||||||||||||||||||||||
| Depreciation and amortization | 5 | 5 | 2 | — | — | ||||||||||||||||||||||||
| Transaction costs | 89 | 4 | 8 | 11 | 4 | ||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | 8,401 | 4,718 | (2,985) | 7,896 | 3,242 | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | 40 | — | — | — | — | ||||||||||||||||||||||||
| Other expense (income), net | (41,707) | — | — | — | (482) | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated JVs | 9,463 | 18,346 | 18,625 | 19,376 | (1,224) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs NOI | 6,916 | 5,271 | 4,417 | 3,999 | 4,385 | ||||||||||||||||||||||||
| Portfolio NOI | $ | 6,978 | $ | 5,333 | $ | 4,426 | $ | 4,000 | $ | 4,385 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (48) | 99 | 63 | 317 | 112 | ||||||||||||||||||||||||
| Portfolio Cash (Adjusted) NOI | $ | 6,930 | $ | 5,432 | $ | 4,489 | $ | 4,317 | $ | 4,497 | |||||||||||||||||||
| Interest income | 3,688 | 4,230 | 4,443 | 4,192 | 9,013 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs interest income | — | — | — | — | — | ||||||||||||||||||||||||
| Portfolio Income | $ | 10,618 | $ | 9,662 | $ | 8,932 | $ | 8,509 | $ | 13,510 | |||||||||||||||||||
| Interest income | (3,688) | (4,230) | (4,443) | (4,192) | (9,013) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs interest income | — | — | — | — | — | ||||||||||||||||||||||||
| Adjustment to Portfolio NOI | 48 | (99) | (63) | (317) | (112) | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (6,978) | (5,333) | (4,426) | (4,000) | (4,385) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| 24 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | 184,865 | $ | 15,808 | $ | 5,301 | $ | 256,292 | $ | 207,741 | |||||||||||||||||||
| Interest expense | 82 | 72 | 45 | 112 | — | ||||||||||||||||||||||||
| Depreciation and amortization | 7,160 | 7,175 | 6,694 | 4,051 | — | ||||||||||||||||||||||||
| Transaction costs | (105) | 1 | — | — | 4 | ||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | 4,670 | 1,007 | 12,097 | — | — | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | (164,043) | — | — | (244,101) | (202,455) | ||||||||||||||||||||||||
| Other expense (income), net | — | — | — | — | (356) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 32,629 | $ | 24,063 | $ | 24,137 | $ | 16,354 | $ | 4,934 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (3,374) | 41 | 93 | 4,976 | 150 | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(3) | $ | 29,255 | $ | 24,104 | $ | 24,230 | $ | 21,330 | $ | 5,084 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 3,374 | (41) | (93) | (4,976) | (150) | ||||||||||||||||||||||||
| Non-Stabilized HFS Portfolio NOI | (31,426) | (22,850) | (22,920) | (15,137) | (3,707) | ||||||||||||||||||||||||
| Stabilized HFS Portfolio Cash (Adjusted) NOI | $ | 1,203 | $ | 1,213 | $ | 1,217 | $ | 1,217 | $ | 1,227 | |||||||||||||||||||
| Stabilized HFS Portfolio NOI adjustment | (1,203) | (1,213) | (1,217) | (1,217) | (1,227) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | (52,633) | $ | (28,551) | $ | (35,915) | $ | (87,333) | $ | 61,446 | |||||||||||||||||||
| Interest expense | 2,603 | 2,655 | 2,455 | 2,514 | 2,676 | ||||||||||||||||||||||||
| Depreciation and amortization | 57,004 | 31,622 | 24,965 | 4,523 | — | ||||||||||||||||||||||||
| Transaction costs | 390 | 253 | 602 | 19,286 | 72 | ||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | 23,346 | 16,206 | 24,230 | 119,788 | — | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | 1,243 | (1,579) | 2,134 | (53,798) | (57,207) | ||||||||||||||||||||||||
| Other expense (income), net | 45 | (2,171) | (316) | (3,033) | (5,529) | ||||||||||||||||||||||||
| Government grant income | — | 2,209 | 392 | 12,774 | 3,232 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated JVs | 833 | (649) | 731 | 273 | 315 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated JVs NOI | 981 | 997 | 1,152 | 856 | (151) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated JVs NOI | (161) | (93) | (98) | (36) | (3) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 33,651 | $ | 20,899 | $ | 20,332 | $ | 15,814 | $ | 4,851 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 577 | 18 | (1,291) | 14,670 | 3,413 | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(3) | $ | 34,228 | $ | 20,917 | $ | 19,041 | $ | 30,484 | $ | 8,264 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (577) | (18) | 1,291 | (14,670) | (3,413) | ||||||||||||||||||||||||
| Non-Stabilized HFS Portfolio NOI | (18,710) | (10,984) | (11,877) | (4,318) | 1,798 | ||||||||||||||||||||||||
| Stabilized HFS Portfolio Cash (Adjusted) NOI | $ | 14,941 | $ | 9,915 | $ | 8,455 | $ | 11,496 | $ | 6,649 | |||||||||||||||||||
| Stabilized HFS Portfolio NOI adjustment | (14,941) | (9,915) | (8,455) | (11,496) | (6,649) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| 25 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||
| Net Income (loss) | $ | (44,080) | $ | (91,619) | $ | (112,510) | $ | (73,945) | $ | (231,292) | |||||||||||||||||||
| Interest expense | 54,222 | 52,694 | 51,595 | 51,963 | 44,728 | ||||||||||||||||||||||||
| General and administrative | 22,349 | 23,720 | 21,661 | 25,507 | 24,902 | ||||||||||||||||||||||||
| Loss (gain) on debt extinguishments | (833) | 25,824 | 17,921 | — | 164,292 | ||||||||||||||||||||||||
| Other expense (income), net | 1,386 | (3,273) | (2,841) | (405) | (1,817) | ||||||||||||||||||||||||
| Income tax expense (benefit) | (33,044) | (7,346) | 24,174 | (3,120) | (813) | ||||||||||||||||||||||||
| Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| 26 | ||||
| Reconciliations | ||||||||
| In thousands | ||||||||
CCRC Pro Forma Portfolio Real Estate Revenues, Operating Expenses, and NOI(1) | ||||||||||||||
| Pro Forma Portfolio Real Estate Revenues | Three Months Ended | |||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | ||||||||||||||||||||||||||||
Portfolio Real Estate Revenues - SS(2) | $ | 21,007 | $ | 19,741 | $ | 18,016 | $ | 19,937 | $ | 18,987 | ||||||||||||||||||||||
| Pro forma adjustments to exclude government grant income | — | (1,733) | — | (1,681) | (143) | |||||||||||||||||||||||||||
Pro forma Portfolio Real Estate Revenues - SS(3) | $ | 21,007 | $ | 18,008 | $ | 18,016 | $ | 18,256 | $ | 18,844 | ||||||||||||||||||||||
| Operating Expenses | Three Months Ended | |||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | ||||||||||||||||||||||||||||
Portfolio Operating Expenses - SS(4) | $ | 14,310 | $ | 13,711 | $ | 12,985 | $ | 13,275 | $ | 13,394 | ||||||||||||||||||||||
| Pro Forma SS Portfolio NOI | Three Months Ended | |||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | ||||||||||||||||||||||||||||
SS Portfolio NOI(5)(6) | $ | 6,697 | $ | 6,030 | $ | 5,031 | $ | 6,662 | $ | 5,593 | ||||||||||||||||||||||
| Pro forma adjustments | — | (1,733) | — | (1,681) | (143) | |||||||||||||||||||||||||||
Pro forma SS Portfolio NOI(3) | $ | 6,697 | $ | 4,298 | $ | 5,031 | $ | 4,981 | $ | 5,450 | ||||||||||||||||||||||
| 27 | ||||
| Reconciliations | ||
In thousands, except per month data | ||
REVPOR CCRC(1) | ||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| CCRC | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 113,250 | $ | 131,108 | $ | 121,355 | $ | 123,131 | $ | 122,133 | ||||||||||||||||||||||
Other adjustments to REVPOR CCRC(3) | (6,414) | (5,311) | (4,563) | (4,808) | (4,696) | |||||||||||||||||||||||||||
| REVPOR CCRC revenues | $ | 106,836 | $ | 125,797 | $ | 116,793 | $ | 118,323 | $ | 117,437 | ||||||||||||||||||||||
| Average occupied units/month | 5,473 | 5,979 | 5,909 | 5,876 | 5,854 | |||||||||||||||||||||||||||
REVPOR CCRC per month(4) | $ | 6,507 | $ | 7,014 | $ | 6,589 | $ | 6,712 | $ | 6,687 | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| SS REVPOR CCRC | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
SS REVPOR CCRC revenues(5) | $ | 21,007 | $ | 19,741 | $ | 18,016 | $ | 19,937 | $ | 18,987 | ||||||||||||||||||||||
| SS average occupied units/month | 909 | 852 | 826 | 820 | 798 | |||||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 7,700 | $ | 7,727 | $ | 7,267 | $ | 8,102 | $ | 7,936 | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| PRO FORMA SS REVPOR CCRC | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Pro Forma SS REVPOR CCRC revenues(6) | $ | 21,007 | $ | 18,008 | $ | 18,016 | $ | 18,256 | $ | 18,844 | ||||||||||||||||||||||
| SS average occupied units/month | 909 | 852 | 826 | 820 | 798 | |||||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 7,700 | $ | 7,049 | $ | 7,267 | $ | 7,419 | $ | 7,876 | ||||||||||||||||||||||
| 28 | ||||
| Reconciliations | ||
In thousands, except per month data | ||
REVPOR(1) | ||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Other | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 20,190 | $ | 19,052 | $ | 17,955 | $ | 17,339 | $ | 17,068 | ||||||||||||||||||||||
Other adjustments to REVPOR Other(3) | (4,259) | (3,955) | (3,411) | (3,330) | (3,372) | |||||||||||||||||||||||||||
| REVPOR Other revenues | $ | 15,932 | $ | 15,098 | $ | 14,544 | $ | 14,008 | $ | 13,696 | ||||||||||||||||||||||
| Average occupied units/month | 1,324 | 1,260 | 1,213 | 1,172 | 1,109 | |||||||||||||||||||||||||||
REVPOR Other per month(4) | $ | 4,011 | $ | 3,993 | $ | 3,997 | $ | 3,983 | $ | 4,117 | ||||||||||||||||||||||
| Three Months Ended | ||||||||
| SHOP | March 31, 2021 | |||||||
Portfolio Cash Real Estate Revenues(2) | $ | 77,095 | ||||||
Other adjustments to REVPOR SHOP(5) | (18,503) | |||||||
REVPOR SHOP revenues(6) | $ | 58,592 | ||||||
| Average occupied units/month | 3,262 | |||||||
REVPOR SHOP per month(4) | $ | 5,987 | ||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| REVPOR SHOP Stabilized - HFS | December 31, 2019 | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | |||||||||||||||||||||||||||
REVPOR SHOP Stabilized - HFS revenues(7) | $ | 58,277 | $ | 55,478 | $ | 53,403 | $ | 56,023 | $ | 51,242 | ||||||||||||||||||||||
| Average occupied units/month | 3,238 | 3,071 | 2,956 | 2,904 | 2,765 | |||||||||||||||||||||||||||
REVPOR SHOP Stabilized - HFS per month(4) | $ | 5,999 | $ | 6,022 | $ | 6,022 | $ | 6,431 | $ | 6,178 | ||||||||||||||||||||||
 | 29 | ||||