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Segment Disclosures
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
The Company’s reportable segments, based on how its chief operating decision makers (“CODMs”) evaluates its business and allocates resources, are as follows: (i) life science, (ii) medical office, and (iii) CCRC. The Company has non-reportable segments that are comprised primarily of the Company’s interests in an unconsolidated senior housing joint venture and debt investments. The accounting policies of the segments are the same as those in Note 2 to the Consolidated Financial Statements in the Company’s 2020 Annual Report on Form 10-K filed with the SEC, as updated by Note 2 herein.
In December 2020, the Company’s senior housing triple-net and SHOP portfolios were classified as discontinued operations and are no longer reportable segments. See Notes 1 and 5 for further information.
In December 2020, as a result of a change in how operating results are reported to the Company's CODMs, the Company’s hospitals were reclassified from other non-reportable segments to the medical office segment and the Company’s one remaining unconsolidated investment in a senior housing joint venture was reclassified from the SHOP segment to other non-reportable segments.
All prior period segment information has been recast to conform to the current period presentation.
The Company evaluates performance based on property Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense.
NOI and Adjusted NOI include the Company’s share of income (loss) from unconsolidated joint ventures and exclude noncontrolling interests’ share of income (loss) from consolidated joint ventures. Management believes Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items.
Non-segment assets consist of assets in the Company's other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, loans receivable, marketable equity securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale.
The following tables summarize information for the reportable segments (in thousands):
For the three months ended March 31, 2021:
Life ScienceMedical OfficeCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$169,934 $160,201 $116,128 $9,013 $— $455,276 
Government grant income(1)
— — 1,310 — — 1,310 
Less: Interest income— — — (9,013)— (9,013)
Healthpeak's share of unconsolidated joint venture total revenues1,337 715 4,488 16,753 — 23,293 
Healthpeak's share of unconsolidated joint venture government grant income— — 199 227 — 426 
Noncontrolling interests' share of consolidated joint venture total revenues(65)(8,926)— — — (8,991)
Operating expenses(39,461)(51,121)(91,179)— — (181,761)
Healthpeak's share of unconsolidated joint venture operating expenses(425)(294)(4,745)(12,595)— (18,059)
Noncontrolling interests' share of consolidated joint venture operating expenses20 2,504 — — — 2,524 
Adjustments to NOI(2)
(11,810)(1,923)20 112 — (13,601)
Adjusted NOI119,530 101,156 26,221 4,497 — 251,404 
Plus: Adjustments to NOI(2)
11,810 1,923 (20)(112)— 13,601 
Interest income— — — 9,013 — 9,013 
Interest expense(102)(95)(1,918)— (44,728)(46,843)
Depreciation and amortization(68,434)(57,954)(31,150)— — (157,538)
General and administrative— — — — (24,902)(24,902)
Transaction costs(32)(330)(432)(4)— (798)
Impairments and loan loss reserves— — — (3,242)— (3,242)
Gain (loss) on debt extinguishments— — — — (164,292)(164,292)
Other income (expense), net4 (2,279)2,176 482 1,817 2,200 
Less: Government grant income— — (1,310)— — (1,310)
Less: Healthpeak's share of unconsolidated joint venture NOI(912)(421)58 (4,385)— (5,660)
Plus: Noncontrolling interests' share of consolidated joint venture NOI45 6,422 — — — 6,467 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures61,909 48,422 (6,375)6,249 (232,105)(121,900)
Income tax benefit (expense)— — — — (8)(8)
Equity income (loss) from unconsolidated joint ventures(93)192 — 1,224 — 1,323 
Income (loss) from continuing operations61,816 48,614 (6,375)7,473 (232,113)(120,585)
Income (loss) from discontinued operations— — — — 270,008 270,008 
Net income (loss)$61,816 $48,614 $(6,375)$7,473 $37,895 $149,423 
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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.
(2)Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
For the three months ended March 31, 2020:
 Life ScienceMedical OfficeCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$128,883 $156,641 $91,780 $3,750 $— $381,054 
Less: Interest income— — — (3,688)— (3,688)
Healthpeak's share of unconsolidated joint venture total revenues— 695 21,647 20,194 — 42,536 
Noncontrolling interests' share of consolidated joint venture total revenues(52)(8,640)— — — (8,692)
Operating expenses(30,201)(50,694)(156,482)— — (237,377)
Healthpeak's share of unconsolidated joint venture operating expenses— (275)(18,037)(13,278)— (31,590)
Noncontrolling interests' share of consolidated joint venture operating expenses17 2,600 — — — 2,617 
Adjustments to NOI(1)
(4,280)(994)91,561 (48)— 86,239 
Adjusted NOI94,367 99,333 30,469 6,930 — 231,099 
Plus: Adjustments to NOI(1)
4,280 994 (91,561)48 — (86,239)
Interest income— — — 3,688 — 3,688 
Interest expense(63)(102)(1,304)— (54,222)(55,691)
Depreciation and amortization(50,211)(54,667)(20,229)(5)— (125,112)
General and administrative— — — — (22,349)(22,349)
Transaction costs— — (14,474)(89)— (14,563)
Impairments and loan loss reserves— (2,706)— (8,401)— (11,107)
Gain (loss) on sales of real estate, net— 2,109 — (40)— 2,069 
Gain (loss) on debt extinguishments— — — — 833 833 
Other income (expense), net— — 170,332 41,707 (1,386)210,653 
Less: Healthpeak's share of unconsolidated joint venture NOI— (420)(3,610)(6,916)— (10,946)
Plus: Noncontrolling interests' share of consolidated joint venture NOI35 6,040 — — — 6,075 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures48,408 50,581 69,623 36,922 (77,124)128,410 
Income tax benefit (expense)(2)
— — — — 29,868 29,868 
Equity income (loss) from unconsolidated joint ventures— 197 (1,880)(9,463)— (11,146)
Income (loss) from continuing operations48,408 50,778 67,743 27,459 (47,256)147,132 
Income (loss) from discontinued operations— — — — 135,408 135,408 
Net income (loss)$48,408 $50,778 $67,743 $27,459 $88,152 $282,540 
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(1)Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.
(2)Income tax benefit (expense) for the quarter ended March 31, 2020 includes: (i) a $52 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3) and (ii) a $2.9 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available.

The following table summarizes the Company’s revenues by segment (in thousands):
 Three Months Ended
March 31,
Segment20212020
Life science$169,934 $128,883 
Medical office160,201 156,641 
CCRC116,128 91,780 
Other non-reportable9,013 3,750 
Total revenues$455,276 $381,054 
See Notes 3, 4, and 5 for significant transactions impacting the Company’s segment assets during the periods presented.