Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022:

	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	207,771	$	179,308	$	125,360	$	5,493	$	—	$	517,932
Government grant income(1)	—		—		209		—		—		209
Less: Interest income	—		—		—		(5,493)		—		(5,493)
Healthpeak’s share of unconsolidated joint venture total revenues	1,267		761		—		18,215		—		20,243
Noncontrolling interests’ share of consolidated joint venture total revenues	(62)		(8,943)		—		—		—		(9,005)
Operating expenses	(49,446)		(63,321)		(102,277)		—		—		(215,044)
Healthpeak’s share of unconsolidated joint venture operating expenses	(483)		(301)		—		(14,150)		—		(14,934)
Noncontrolling interests’ share of consolidated joint venture operating expenses	19		2,726		—		—		—		2,745
Adjustments to NOI(2)	(21,644)		(2,949)		—		54		—		(24,539)
Adjusted NOI	137,422		107,281		23,292		4,119		—		272,114
Plus: Adjustments to NOI(2)	21,644		2,949		—		(54)		—		24,539
Interest income	—		—		—		5,493		—		5,493
Interest expense	—		(1,930)		(1,876)		—		(38,061)		(41,867)
Depreciation and amortization	(79,673)		(68,873)		(31,943)		—		—		(180,489)
General and administrative	—		—		—		—		(24,781)		(24,781)
Transaction costs	(35)		(70)		(64)		—		(443)		(612)
Impairments and loan loss reserves	—		—		—		(139)		—		(139)
Gain (loss) on sales of real estate, net	—		10,340		—		—		—		10,340
Other income (expense), net	29		1,264		630		18		920		2,861
Less: Government grant income	—		—		(209)		—		—		(209)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(784)		(460)		—		(4,065)		—		(5,309)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	43		6,217		—		—		—		6,260
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	78,646		56,718		(10,170)		5,372		(62,365)		68,201
Income tax benefit (expense)	—		—		—		—		718		718
Equity income (loss) from unconsolidated joint ventures	148		211		—		23		—		382
Income (loss) from continuing operations	78,794		56,929		(10,170)		5,395		(61,647)		69,301
Income (loss) from discontinued operations	—		—		—		—		2,992		2,992
Net income (loss)	$	78,794	$	56,929	$	(10,170)	$	5,395	$	(58,655)	$	72,293

______________________________________________________________________________

(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

(2)Represents straight-line rents, 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 June 30, 2021:

	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	177,527	$	165,295	$	117,308	$	16,108	$	—	$	476,238
Government grant income(1)	—		—		87		—		—		87
Less: Interest income	—		—		—		(16,108)		—		(16,108)
Healthpeak’s share of unconsolidated joint venture total revenues	1,412		710		2,415		16,740		—		21,277
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		—		583		—		583
Noncontrolling interests’ share of consolidated joint venture total revenues	(75)		(8,825)		—		—		—		(8,900)
Operating expenses	(40,724)		(54,648)		(94,760)		—		—		(190,132)
Healthpeak’s share of unconsolidated joint venture operating expenses	(428)		(317)		(2,208)		(12,451)		—		(15,404)
Noncontrolling interests’ share of consolidated joint venture operating expenses	21		2,552		—		—		—		2,573
Adjustments to NOI(2)	(12,366)		(2,003)		1,226		(27)		—		(13,170)
Adjusted NOI	125,367		102,764		24,068		4,845		—		257,044
Plus: Adjustments to NOI(2)	12,366		2,003		(1,226)		27		—		13,170
Interest income	—		—		—		16,108		—		16,108
Interest expense	(48)		(786)		(1,924)		—		(35,923)		(38,681)
Depreciation and amortization	(76,955)		(63,371)		(31,133)		—		—		(171,459)
General and administrative	—		—		—		—		(24,088)		(24,088)
Transaction costs	21		35		(657)		(18)		—		(619)
Impairments and loan loss reserves	—		—		—		(931)		—		(931)
Gain (loss) on sales of real estate, net	—		175,238		—		—		—		175,238
Gain (loss) on debt extinguishments	—		—		—		—		(60,865)		(60,865)
Other income (expense), net	28		(175)		165		—		1,716		1,734
Less: Government grant income	—		—		(87)		—		—		(87)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(984)		(393)		(207)		(4,872)		—		(6,456)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	54		6,273		—		—		—		6,327
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	59,849		221,588		(11,001)		15,159		(119,160)		166,435
Income tax benefit (expense)	—		—		—		—		763		763
Equity income (loss) from unconsolidated joint ventures	111		137		639		(20)		—		867
Income (loss) from continuing operations	59,960		221,725		(10,362)		15,139		(118,397)		168,065
Income (loss) from discontinued operations	—		—		—		—		113,960		113,960
Net income (loss)	$	59,960	$	221,725	$	(10,362)	$	15,139	$	(4,437)	$	282,025

______________________________________________________________________________

(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

(2)Represents straight-line rents, 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 six months ended June 30, 2022:

	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	401,826	$	356,571	$	246,920	$	10,987	$	—	$	1,016,304
Government grant income(1)	—		—		6,762		—		—		6,762
Less: Interest income	—		—		—		(10,987)		—		(10,987)
Healthpeak’s share of unconsolidated joint venture total revenues	2,698		1,493		—		36,260		—		40,451
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		333		315		—		648
Noncontrolling interests’ share of consolidated joint venture total revenues	(119)		(17,763)		—		—		—		(17,882)
Operating expenses	(97,635)		(124,491)		(200,165)		—		—		(422,291)
Healthpeak’s share of unconsolidated joint venture operating expenses	(966)		(600)		—		(28,205)		—		(29,771)
Noncontrolling interests’ share of consolidated joint venture operating expenses	38		5,328		—		—		—		5,366
Adjustments to NOI(2)	(35,756)		(6,495)		—		45		—		(42,206)
Adjusted NOI	270,086		214,043		53,850		8,415		—		546,394
Plus: Adjustments to NOI(2)	35,756		6,495		—		(45)		—		42,206
Interest income	—		—		—		10,987		—		10,987
Interest expense	—		(2,966)		(3,741)		—		(72,746)		(79,453)
Depreciation and amortization	(157,811)		(136,646)		(63,765)		—		—		(358,222)
General and administrative	—		—		—		—		(48,612)		(48,612)
Transaction costs	(327)		(74)		(64)		—		(443)		(908)
Impairments and loan loss reserves	—		—		—		(271)		—		(271)
Gain (loss) on sales of real estate, net	3,856		10,340		—		—		—		14,196
Other income (expense), net	20		12,201		7,141		(13)		1,828		21,177
Less: Government grant income	—		—		(6,762)		—		—		(6,762)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(1,732)		(893)		(333)		(8,370)		—		(11,328)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	81		12,435		—		—		—		12,516
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	149,929		114,935		(13,674)		10,703		(119,973)		141,920
Income tax benefit (expense)	—		—		—		—		(59)		(59)
Equity income (loss) from unconsolidated joint ventures	1,114		411		539		402		—		2,466
Income (loss) from continuing operations	151,043		115,346		(13,135)		11,105		(120,032)		144,327
Income (loss) from discontinued operations	—		—		—		—		3,309		3,309
Net income (loss)	$	151,043	$	115,346	$	(13,135)	$	11,105	$	(116,723)	$	147,636

______________________________________________________________________________

(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

(2)Represents straight-line rents, 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 six months ended June 30, 2021:

	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
Total revenues	$	347,461	$	325,496	$	233,436	$	25,121	$	—	$	931,514
Government grant income(1)	—		—		1,397		—		—		1,397
Less: Interest income	—		—		—		(25,121)		—		(25,121)
Healthpeak’s share of unconsolidated joint venture total revenues	2,749		1,425		6,903		33,493		—		44,570
Healthpeak’s share of unconsolidated joint venture government grant income	—		—		199		810		—		1,009
Noncontrolling interests’ share of consolidated joint venture total revenues	(140)		(17,751)		—		—		—		(17,891)
Operating expenses	(80,185)		(105,769)		(185,939)		—		—		(371,893)
Healthpeak’s share of unconsolidated joint venture operating expenses	(853)		(611)		(6,953)		(25,046)		—		(33,463)
Noncontrolling interests’ share of consolidated joint venture operating expenses	41		5,056		—		—		—		5,097
Adjustments to NOI(2)	(24,176)		(3,926)		1,246		85		—		(26,771)
Adjusted NOI	244,897		203,920		50,289		9,342		—		508,448
Plus: Adjustments to NOI(2)	24,176		3,926		(1,246)		(85)		—		26,771
Interest income	—		—		—		25,121		—		25,121
Interest expense	(150)		(881)		(3,842)		—		(80,651)		(85,524)
Depreciation and amortization	(145,388)		(121,326)		(62,283)		—		—		(328,997)
General and administrative	—		—		—		—		(48,990)		(48,990)
Transaction costs	(11)		(295)		(1,090)		(21)		—		(1,417)
Impairments and loan loss reserves	—		—		—		(4,173)		—		(4,173)
Gain (loss) on sales of real estate, net	—		175,238		—		—		—		175,238
Gain (loss) on debt extinguishments	—		—		—		—		(225,157)		(225,157)
Other income (expense), net	33		(2,454)		2,341		482		3,532		3,934
Less: Government grant income	—		—		(1,397)		—		—		(1,397)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(1,896)		(814)		(149)		(9,257)		—		(12,116)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	99		12,695		—		—		—		12,794
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	121,760		270,009		(17,377)		21,409		(351,266)		44,535
Income tax benefit (expense)	—		—		—		—		755		755
Equity income (loss) from unconsolidated joint ventures	18		328		639		1,205		—		2,190
Income (loss) from continuing operations	121,778		270,337		(16,738)		22,614		(350,511)		47,480
Income (loss) from discontinued operations	—		—		—		—		383,968		383,968
Net income (loss)	$	121,778	$	270,337	$	(16,738)	$	22,614	$	33,457	$	431,448

______________________________________________________________________________

(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

(2)Represents straight-line rents, 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.

See Notes 3, 4, and 5 for significant transactions impacting the Company’s segment assets during the periods presented.