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Segment Disclosures
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
The Company’s reportable segments, based on how its chief operating decision makers (“CODMs”) evaluate the business and allocate 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 JV that owns 19 senior housing assets (the “SWF SH JV”), loans receivable, and marketable debt securities. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC, as updated by Note 2 herein.
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; 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 are non-GAAP supplemental measures that are calculated as NOI and Adjusted NOI from consolidated properties, plus the Company’s share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance. The Company does not control its unconsolidated joint ventures, and the Company’s share of amounts from unconsolidated joint ventures do not represent the Company’s legal claim to such items. The Company’s share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Management believes that 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 September 30, 2022:
Life ScienceMedical OfficeCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$207,795 $184,506 $122,142 $5,963 $— $520,406 
Government grant income(1)
— — 4 — — 4 
Less: Interest income— — — (5,963)— (5,963)
Healthpeak’s share of unconsolidated joint venture total revenues2,938 756 — 18,656 — 22,350 
Healthpeak’s share of unconsolidated joint venture government grant income— — — 183 — 183 
Noncontrolling interests’ share of consolidated joint venture total revenues(55)(8,968)— — — (9,023)
Operating expenses(55,162)(64,782)(100,264)— — (220,208)
Healthpeak’s share of unconsolidated joint venture operating expenses(777)(313)— (14,599)— (15,689)
Noncontrolling interests’ share of consolidated joint venture operating expenses21 2,558 — — — 2,579 
Adjustments to NOI(2)
(15,221)(4,079)— 76 — (19,224)
Adjusted NOI139,539 109,678 21,882 4,316 — 275,415 
Plus: Adjustments to NOI(2)
15,221 4,079 — (76)— 19,224 
Interest income— — — 5,963 — 5,963 
Interest expense— (1,964)(1,887)— (40,227)(44,078)
Depreciation and amortization(70,141)(70,917)(32,132)— — (173,190)
General and administrative— — — — (24,549)(24,549)
Transaction costs(40)(94)(594)— — (728)
Impairments and loan loss reserves— — — (3,407)— (3,407)
Gain (loss) on sales of real estate, net— 554 — (4,703)— (4,149)
Other income (expense), net311,912 154 (7,086)— 698 305,678 
Less: Government grant income— — (4)— — (4)
Less: Healthpeak’s share of unconsolidated joint venture NOI(2,161)(443)— (4,240)— (6,844)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI34 6,410 — — — 6,444 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures394,364 47,457 (19,821)(2,147)(64,078)355,775 
Income tax benefit (expense)— — — — 3,834 3,834 
Equity income (loss) from unconsolidated joint ventures(877)206 — 346 — (325)
Income (loss) from continuing operations393,487 47,663 (19,821)(1,801)(60,244)359,284 
Income (loss) from discontinued operations— — — — (1,298)(1,298)
Net income (loss)$393,487 $47,663 $(19,821)$(1,801)$(61,542)$357,986 
______________________________________________________________________________
(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 September 30, 2021:
 Life ScienceMedical OfficeCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$184,213 $171,482 $119,022 $6,748 $— $481,465 
Government grant income(1)
— — 15 — — 15 
Less: Interest income— — — (6,748)— (6,748)
Healthpeak’s share of unconsolidated joint venture total revenues1,521 737 — 17,109 — 19,367 
Noncontrolling interests’ share of consolidated joint venture total revenues(82)(8,954)— — — (9,036)
Operating expenses(44,923)(58,430)(98,799)13 — (202,139)
Healthpeak’s share of unconsolidated joint venture operating expenses(463)(305)(32)(13,450)— (14,250)
Noncontrolling interests’ share of consolidated joint venture operating expenses25 2,659 — — — 2,684 
Adjustments to NOI(2)
(11,021)(3,626)724 (100)— (14,023)
Adjusted NOI129,270 103,563 20,930 3,572 — 257,335 
Plus: Adjustments to NOI(2)
11,021 3,626 (724)100 — 14,023 
Interest income— — — 6,748 — 6,748 
Interest expense(46)(1,104)(1,936)— (32,819)(35,905)
Depreciation and amortization(79,570)(66,189)(31,416)— — (177,175)
General and administrative— — — — (23,270)(23,270)
Impairments and loan loss reserves— (1,952)— 1,667 — (285)
Gain (loss) on sales of real estate, net— 14,635 — — — 14,635 
Gain (loss) on debt extinguishments— — — — (667)(667)
Other income (expense), net22 (30)114 1 1,563 1,670 
Less: Government grant income— — (15)— — (15)
Less: Healthpeak’s share of unconsolidated joint venture NOI(1,058)(432)32 (3,659)— (5,117)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI57 6,295 — — — 6,352 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures59,696 58,412 (13,015)8,429 (55,193)58,329 
Income tax benefit (expense)— — — — 649 649 
Equity income (loss) from unconsolidated joint ventures630 220 845 632 — 2,327 
Income (loss) from continuing operations60,326 58,632 (12,170)9,061 (54,544)61,305 
Income (loss) from discontinued operations— — — — 601 601 
Net income (loss)$60,326 $58,632 $(12,170)$9,061 $(53,943)$61,906 
______________________________________________________________________________
(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 nine months ended September 30, 2022:
 Life ScienceMedical OfficeCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$609,620 $541,078 $369,062 $16,950 $— $1,536,710 
Government grant income(1)
— — 6,765 — — 6,765 
Less: Interest income— — — (16,950)— (16,950)
Healthpeak’s share of unconsolidated joint venture total revenues5,637 2,249 — 54,918 — 62,804 
Healthpeak’s share of unconsolidated joint venture government grant income— — 334 497 — 831 
Noncontrolling interests’ share of consolidated joint venture total revenues(174)(26,732)— — — (26,906)
Operating expenses(152,796)(189,274)(300,429)— — (642,499)
Healthpeak’s share of unconsolidated joint venture operating expenses(1,744)(912)— (42,804)— (45,460)
Noncontrolling interests’ share of consolidated joint venture operating expenses59 7,886 — — — 7,945 
Adjustments to NOI(2)
(50,977)(10,574)— 120 — (61,431)
Adjusted NOI409,625 323,721 75,732 12,731 — 821,809 
Plus: Adjustments to NOI(2)
50,977 10,574 — (120)— 61,431 
Interest income— — — 16,950 — 16,950 
Interest expense— (4,931)(5,629)— (112,971)(123,531)
Depreciation and amortization(227,952)(207,563)(95,897)— — (531,412)
General and administrative— — — — (73,161)(73,161)
Transaction costs(367)(168)(658)— (443)(1,636)
Impairments and loan loss reserves— — — (3,678)— (3,678)
Gain (loss) on sales of real estate, net3,856 10,894 — (4,703)— 10,047 
Other income (expense), net311,932 12,354 55 (13)2,527 326,855 
Less: Government grant income— — (6,765)— — (6,765)
Less: Healthpeak’s share of unconsolidated joint venture NOI(3,893)(1,337)(334)(12,611)— (18,175)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI115 18,846 — — — 18,961 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures544,293 162,390 (33,496)8,556 (184,048)497,695 
Income tax benefit (expense)— — — — 3,775 3,775 
Equity income (loss) from unconsolidated joint ventures237 617 539 748 — 2,141 
Income (loss) from continuing operations544,530 163,007 (32,957)9,304 (180,273)503,611 
Income (loss) from discontinued operations— — — — 2,011 2,011 
Net income (loss)$544,530 $163,007 $(32,957)$9,304 $(178,262)$505,622 
______________________________________________________________________________
(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 nine months ended September 30, 2021:
 Life ScienceMedical OfficeCCRCOther Non-reportableCorporate Non-segmentTotal
Total revenues$531,674 $496,978 $352,458 $31,869 $— $1,412,979 
Government grant income(1)
— — 1,412 — — 1,412 
Less: Interest income— — — (31,869)— (31,869)
Healthpeak’s share of unconsolidated joint venture total revenues4,270 2,162 6,903 50,602 — 63,937 
Healthpeak’s share of unconsolidated joint venture government grant income— — 200 810 — 1,010 
Noncontrolling interests’ share of consolidated joint venture total revenues(222)(26,704)— — — (26,926)
Operating expenses(125,108)(164,198)(284,739)13 — (574,032)
Healthpeak’s share of unconsolidated joint venture operating expenses(1,316)(915)(6,985)(38,496)— (47,712)
Noncontrolling interests’ share of consolidated joint venture operating expenses66 7,714 — — — 7,780 
Adjustments to NOI(2)
(35,197)(7,553)1,971 (15)— (40,794)
Adjusted NOI374,167 307,484 71,220 12,914 — 765,785 
Plus: Adjustments to NOI(2)
35,197 7,553 (1,971)15 — 40,794 
Interest income— — — 31,869 — 31,869 
Interest expense(196)(1,985)(5,778)— (113,470)(121,429)
Depreciation and amortization(224,958)(187,512)(93,702)— — (506,172)
General and administrative— — — — (72,260)(72,260)
Transaction costs(11)(295)(1,090)(21)— (1,417)
Impairments and loan loss reserves— (1,952)— (2,506)— (4,458)
Gain (loss) on sales of real estate, net— 189,873 — — — 189,873 
Gain (loss) on debt extinguishments— — — — (225,824)(225,824)
Other income (expense), net54 (2,483)2,456 482 5,095 5,604 
Less: Government grant income— — (1,412)— — (1,412)
Less: Healthpeak’s share of unconsolidated joint venture NOI(2,954)(1,247)(118)(12,916)— (17,235)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI156 18,990 — — — 19,146 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures181,455 328,426 (30,395)29,837 (406,459)102,864 
Income tax benefit (expense)— — — — 1,404 1,404 
Equity income (loss) from unconsolidated joint ventures648 549 1,484 1,836 — 4,517 
Income (loss) from continuing operations182,103 328,975 (28,911)31,673 (405,055)108,785 
Income (loss) from discontinued operations— — — — 384,569 384,569 
Net income (loss)$182,103 $328,975 $(28,911)$31,673 $(20,486)$493,354 
______________________________________________________________________________
(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, 5, and 7 for significant transactions impacting the Company’s segment assets during the periods presented.