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Segment Disclosures (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Summary of Financial Information of Reportable Segments
The following tables summarize information for the reportable segments (in thousands):
For the three months ended March 31, 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.
Schedule of Reconciliation of Company's Revenues by Segment
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