Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Financial Information of Reportable Segments

The following tables summarize information for the reportable segments (in thousands):

For the three months ended September 30, 2022:


	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
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 revenues	2,938		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 expenses	21		2,558		—		—		—		2,579

Adjustments to NOI(2)	(15,221)		(4,079)		—		76		—		(19,224)
Adjusted NOI	139,539		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), net	311,912		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 NOI	34		6,410		—		—		—		6,444
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	394,364		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 operations	393,487		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

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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 (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 Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
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 revenues	1,521		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 expenses	25		2,659		—		—		—		2,684

Adjustments to NOI(2)	(11,021)		(3,626)		724		(100)		—		(14,023)
Adjusted NOI	129,270		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), net	22		(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 NOI	57		6,295		—		—		—		6,352
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	59,696		58,412		(13,015)		8,429		(55,193)		58,329
Income tax benefit (expense)	—		—		—		—		649		649
Equity income (loss) from unconsolidated joint ventures	630		220		845		632		—		2,327

Income (loss) from continuing operations	60,326		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

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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 (see Note 2).

For the nine months ended September 30, 2022:


	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
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 revenues	5,637		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 expenses	59		7,886		—		—		—		7,945

Adjustments to NOI(2)	(50,977)		(10,574)		—		120		—		(61,431)
Adjusted NOI	409,625		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, net	3,856		10,894		—		(4,703)		—		10,047

Other income (expense), net	311,932		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 NOI	115		18,846		—		—		—		18,961
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	544,293		162,390		(33,496)		8,556		(184,048)		497,695
Income tax benefit (expense)	—		—		—		—		3,775		3,775
Equity income (loss) from unconsolidated joint ventures	237		617		539		748		—		2,141

Income (loss) from continuing operations	544,530		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

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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 (see Note 2).

For the nine months ended September 30, 2021:


	Life Science		Medical Office		CCRC		Other Non-reportable		Corporate Non-segment		Total
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 revenues	4,270		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 expenses	66		7,714		—		—		—		7,780

Adjustments to NOI(2)	(35,197)		(7,553)		1,971		(15)		—		(40,794)
Adjusted NOI	374,167		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), net	54		(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 NOI	156		18,990		—		—		—		19,146
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	181,455		328,426		(30,395)		29,837		(406,459)		102,864
Income tax benefit (expense)	—		—		—		—		1,404		1,404
Equity income (loss) from unconsolidated joint ventures	648		549		1,484		1,836		—		4,517

Income (loss) from continuing operations	182,103		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

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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 (see Note 2).