| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document and contained in Exhibit 101). | |||||||
| Date: October 30, 2023 | ||||||||
| Healthpeak Properties, Inc. | ||||||||
| By: | /s/ Peter A. Scott | |||||||
| Peter A. Scott | ||||||||
| Chief Financial Officer | ||||||||
| Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||||||||||||||
| (in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
| Net income, diluted | $ | 64,048 | $ | 0.12 | $ | 355,721 | $ | 0.65 | |||||||||||||||
| Nareit FFO, diluted | 252,566 | 0.46 | 227,426 | 0.42 | |||||||||||||||||||
| FFO as Adjusted, diluted | 251,647 | 0.45 | 235,504 | 0.43 | |||||||||||||||||||
| AFFO, diluted | 219,645 | 0.40 | 194,963 | 0.36 | |||||||||||||||||||
| Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||
| (in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
| Net income, diluted | $ | 233,497 | $ | 0.43 | $ | 496,341 | $ | 0.91 | |||||||||||||||
| Nareit FFO, diluted | 730,764 | 1.32 | 711,713 | 1.30 | |||||||||||||||||||
| FFO as Adjusted, diluted | 735,067 | 1.33 | 711,515 | 1.30 | |||||||||||||||||||
| AFFO, diluted | 652,839 | 1.18 | 595,883 | 1.09 | |||||||||||||||||||
| Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | |||||||||||||||||
| Three Month | Year-To-Date | ||||||||||||||||
| SS Growth % | % of SS | SS Growth % | % of SS | ||||||||||||||
| Lab | 3.3 | % | 47.6 | % | 4.3 | % | 47.3 | % | |||||||||
| Outpatient Medical | 3.4 | % | 41.1 | % | 3.2 | % | 41.5 | % | |||||||||
| CCRC | 32.1 | % | 11.3 | % | 20.0 | % | 11.2 | % | |||||||||
| Total Portfolio | 6.0 | % | 100.0 | % | 5.4 | % | 100.0 | % | |||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| Assets | |||||||||||
| Real estate: | |||||||||||
| Buildings and improvements | $ | 13,097,282 | $ | 12,784,078 | |||||||
| Development costs and construction in progress | 863,341 | 760,355 | |||||||||
| Land and improvements | 2,657,602 | 2,667,188 | |||||||||
| Accumulated depreciation and amortization | (3,498,077) | (3,188,138) | |||||||||
| Net real estate | 13,120,148 | 13,023,483 | |||||||||
| Loans receivable, net of reserves of $8,023 and $8,280 | 225,881 | 374,832 | |||||||||
| Investments in and advances to unconsolidated joint ventures | 745,381 | 706,677 | |||||||||
| Accounts receivable, net of allowance of $2,077 and $2,399 | 59,085 | 53,436 | |||||||||
| Cash and cash equivalents | 63,478 | 72,032 | |||||||||
| Restricted cash | 50,449 | 54,802 | |||||||||
| Intangible assets, net | 339,191 | 418,061 | |||||||||
| Assets held for sale, net | 8,277 | 49,866 | |||||||||
| Right-of-use asset, net | 233,480 | 237,318 | |||||||||
| Other assets, net | 757,164 | 780,722 | |||||||||
| Total assets | $ | 15,602,534 | $ | 15,771,229 | |||||||
| Liabilities and Equity | |||||||||||
| Bank line of credit and commercial paper | $ | 424,000 | $ | 995,606 | |||||||
| Term loans | 496,603 | 495,957 | |||||||||
| Senior unsecured notes | 5,401,461 | 4,659,451 | |||||||||
| Mortgage debt | 342,349 | 346,599 | |||||||||
| Intangible liabilities, net | 133,668 | 156,193 | |||||||||
| Liabilities related to assets held for sale, net | 39 | 4,070 | |||||||||
| Lease liability | 204,762 | 208,515 | |||||||||
| Accounts payable, accrued liabilities, and other liabilities | 687,650 | 772,485 | |||||||||
| Deferred revenue | 879,174 | 844,076 | |||||||||
| Total liabilities | 8,569,706 | 8,482,952 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interests | 49,016 | 105,679 | |||||||||
| Common stock, $1.00 par value: 750,000,000 shares authorized; 547,072,311 and 546,641,973 shares issued and outstanding | 547,072 | 546,642 | |||||||||
| Additional paid-in capital | 10,401,994 | 10,349,614 | |||||||||
| Cumulative dividends in excess of earnings | (4,528,508) | (4,269,689) | |||||||||
| Accumulated other comprehensive income (loss) | 36,747 | 28,134 | |||||||||
| Total stockholders’ equity | 6,457,305 | 6,654,701 | |||||||||
| Joint venture partners | 313,402 | 327,721 | |||||||||
| Non-managing member unitholders | 213,105 | 200,176 | |||||||||
| Total noncontrolling interests | 526,507 | 527,897 | |||||||||
| Total equity | 6,983,812 | 7,182,598 | |||||||||
| Total liabilities and equity | $ | 15,602,534 | $ | 15,771,229 | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental and related revenues | $ | 417,075 | $ | 392,301 | $ | 1,219,473 | $ | 1,149,530 | |||||||||||||||
| Resident fees and services | 133,808 | 122,142 | 391,076 | 369,062 | |||||||||||||||||||
| Interest income | 5,360 | 5,963 | 16,802 | 16,950 | |||||||||||||||||||
| Income from direct financing leases | — | — | — | 1,168 | |||||||||||||||||||
| Total revenues | 556,243 | 520,406 | 1,627,351 | 1,536,710 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Interest expense | 50,510 | 44,078 | 147,547 | 123,531 | |||||||||||||||||||
| Depreciation and amortization | 184,559 | 173,190 | 561,357 | 531,412 | |||||||||||||||||||
| Operating | 232,734 | 220,208 | 677,659 | 642,499 | |||||||||||||||||||
| General and administrative | 23,093 | 24,549 | 73,576 | 73,161 | |||||||||||||||||||
| Transaction costs | 36 | 728 | 3,098 | 1,636 | |||||||||||||||||||
| Impairments and loan loss reserves (recoveries), net | (550) | 3,407 | (156) | 3,678 | |||||||||||||||||||
| Total costs and expenses | 490,382 | 466,160 | 1,463,081 | 1,375,917 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Gain (loss) on sales of real estate, net | — | (4,149) | 86,463 | 10,047 | |||||||||||||||||||
| Other income (expense), net | 1,481 | 305,678 | 4,208 | 326,855 | |||||||||||||||||||
| Total other income (expense), net | 1,481 | 301,529 | 90,671 | 336,902 | |||||||||||||||||||
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 67,342 | 355,775 | 254,941 | 497,695 | |||||||||||||||||||
| Income tax benefit (expense) | (787) | 3,834 | (2,225) | 3,775 | |||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | 2,101 | (325) | 6,646 | 2,141 | |||||||||||||||||||
| Income (loss) from continuing operations | 68,656 | 359,284 | 259,362 | 503,611 | |||||||||||||||||||
| Income (loss) from discontinued operations | — | (1,298) | — | 2,011 | |||||||||||||||||||
| Net income (loss) | 68,656 | 357,986 | 259,362 | 505,622 | |||||||||||||||||||
| Noncontrolling interests’ share in continuing operations | (4,442) | (4,016) | (24,297) | (11,701) | |||||||||||||||||||
| Net income (loss) attributable to Healthpeak Properties, Inc. | 64,214 | 353,970 | 235,065 | 493,921 | |||||||||||||||||||
| Participating securities’ share in earnings | (166) | (604) | (1,568) | (2,523) | |||||||||||||||||||
| Net income (loss) applicable to common shares | $ | 64,048 | $ | 353,366 | $ | 233,497 | $ | 491,398 | |||||||||||||||
| Basic earnings (loss) per common share: | |||||||||||||||||||||||
| Continuing operations | $ | 0.12 | $ | 0.66 | $ | 0.43 | $ | 0.91 | |||||||||||||||
| Discontinued operations | — | 0.00 | — | 0.00 | |||||||||||||||||||
| Net income (loss) applicable to common shares | $ | 0.12 | $ | 0.66 | $ | 0.43 | $ | 0.91 | |||||||||||||||
| Diluted earnings (loss) per common share: | |||||||||||||||||||||||
| Continuing operations | $ | 0.12 | $ | 0.65 | $ | 0.43 | $ | 0.91 | |||||||||||||||
| Discontinued operations | — | 0.00 | — | 0.00 | |||||||||||||||||||
| Net income (loss) applicable to common shares | $ | 0.12 | $ | 0.65 | $ | 0.43 | $ | 0.91 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 547,062 | 538,417 | 546,978 | 539,105 | |||||||||||||||||||
| Diluted | 547,331 | 546,015 | 547,247 | 544,852 | |||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| Net income (loss) applicable to common shares | $ | 64,048 | $ | 353,366 | $ | 233,497 | $ | 491,398 | ||||||||||||||||||
| Real estate related depreciation and amortization | 184,559 | 173,190 | 561,357 | 531,412 | ||||||||||||||||||||||
| Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 6,190 | 8,704 | 18,076 | 19,049 | ||||||||||||||||||||||
| Noncontrolling interests’ share of real estate related depreciation and amortization | (4,571) | (4,464) | (14,042) | (14,487) | ||||||||||||||||||||||
| Loss (gain) on sales of depreciable real estate, net | — | 5,280 | (86,463) | (11,408) | ||||||||||||||||||||||
| Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | 239 | — | 89 | ||||||||||||||||||||||
| Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net | — | — | 11,546 | 12 | ||||||||||||||||||||||
Loss (gain) upon change of control, net(1) | — | (311,438) | (234) | (311,438) | ||||||||||||||||||||||
| Taxes associated with real estate dispositions | — | 197 | — | 31 | ||||||||||||||||||||||
| Nareit FFO applicable to common shares | 250,226 | 225,074 | 723,737 | 704,658 | ||||||||||||||||||||||
| Distributions on dilutive convertible units and other | 2,340 | 2,352 | 7,027 | 7,055 | ||||||||||||||||||||||
| Diluted Nareit FFO applicable to common shares | $ | 252,566 | $ | 227,426 | $ | 730,764 | $ | 711,713 | ||||||||||||||||||
| Diluted Nareit FFO per common share | $ | 0.46 | $ | 0.42 | $ | 1.32 | $ | 1.30 | ||||||||||||||||||
| Weighted average shares outstanding - diluted Nareit FFO | 554,614 | 546,015 | 554,535 | 546,677 | ||||||||||||||||||||||
| Impact of adjustments to Nareit FFO: | ||||||||||||||||||||||||||
| Transaction-related items | $ | 49 | $ | 681 | $ | 2,993 | $ | 1,573 | ||||||||||||||||||
Other impairments (recoveries) and other losses (gains), net(2) | (602) | 2,897 | 557 | (5,874) | ||||||||||||||||||||||
| Restructuring and severance-related charges | — | — | 1,368 | — | ||||||||||||||||||||||
Casualty-related charges (recoveries), net(3) | (367) | 4,514 | (610) | 4,103 | ||||||||||||||||||||||
| Total adjustments | (920) | 8,092 | 4,308 | (198) | ||||||||||||||||||||||
| FFO as Adjusted applicable to common shares | 249,306 | 233,166 | 728,045 | 704,460 | ||||||||||||||||||||||
| Distributions on dilutive convertible units and other | 2,341 | 2,338 | 7,022 | 7,055 | ||||||||||||||||||||||
| Diluted FFO as Adjusted applicable to common shares | $ | 251,647 | $ | 235,504 | $ | 735,067 | $ | 711,515 | ||||||||||||||||||
| Diluted FFO as Adjusted per common share | $ | 0.45 | $ | 0.43 | $ | 1.33 | $ | 1.30 | ||||||||||||||||||
| Weighted average shares outstanding - diluted FFO as Adjusted | 554,614 | 546,015 | 554,535 | 546,677 | ||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| FFO as Adjusted applicable to common shares | $ | 249,306 | $ | 233,166 | $ | 728,045 | $ | 704,460 | |||||||||||||||
| Stock-based compensation amortization expense | 3,434 | 4,614 | 10,966 | 14,635 | |||||||||||||||||||
| Amortization of deferred financing costs | 3,054 | 2,691 | 8,828 | 8,069 | |||||||||||||||||||
Straight-line rents(1) | (7,279) | (12,965) | (12,710) | (36,837) | |||||||||||||||||||
| AFFO capital expenditures | (24,031) | (24,358) | (66,264) | (75,103) | |||||||||||||||||||
| Deferred income taxes | (430) | (2,814) | (933) | (3,741) | |||||||||||||||||||
| Amortization of above (below) market lease intangibles, net | (5,626) | (5,876) | (20,267) | (17,528) | |||||||||||||||||||
| Other AFFO adjustments | (1,123) | (1,144) | (1,852) | (3,017) | |||||||||||||||||||
| AFFO applicable to common shares | 217,305 | 193,314 | 645,813 | 590,938 | |||||||||||||||||||
| Distributions on dilutive convertible units and other | 2,340 | 1,649 | 7,026 | 4,945 | |||||||||||||||||||
| Diluted AFFO applicable to common shares | $ | 219,645 | $ | 194,963 | $ | 652,839 | $ | 595,883 | |||||||||||||||
| Diluted AFFO per common share | $ | 0.40 | $ | 0.36 | $ | 1.18 | $ | 1.09 | |||||||||||||||
| Weighted average shares outstanding - diluted AFFO | 554,614 | 544,190 | 554,535 | 544,852 | |||||||||||||||||||
| Definitions | ||
| 2 | ||||
| Definitions | ||
| 3 | ||||
| Definitions | ||
| 4 | ||||
| Definitions | ||
| 5 | ||||
| Reconciliations | ||
| Funds From Operations | ||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Net income (loss) applicable to common shares | $ | 64,048 | $ | 353,366 | $ | 233,497 | $ | 491,398 | |||||||||||||||
| Real estate related depreciation and amortization | 184,559 | 173,190 | 561,357 | 531,412 | |||||||||||||||||||
| Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 6,190 | 8,704 | 18,076 | 19,049 | |||||||||||||||||||
| Noncontrolling interests’ share of real estate related depreciation and amortization | (4,571) | (4,464) | (14,042) | (14,487) | |||||||||||||||||||
| Loss (gain) on sales of depreciable real estate, net | — | 5,280 | (86,463) | (11,408) | |||||||||||||||||||
| Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | 239 | — | 89 | |||||||||||||||||||
| Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net | — | — | 11,546 | 12 | |||||||||||||||||||
Loss (gain) upon change of control, net(1) | — | (311,438) | (234) | (311,438) | |||||||||||||||||||
| Taxes associated with real estate dispositions | — | 197 | — | 31 | |||||||||||||||||||
| Nareit FFO applicable to common shares | 250,226 | 225,074 | 723,737 | 704,658 | |||||||||||||||||||
| Distributions on dilutive convertible units and other | 2,340 | 2,352 | 7,027 | 7,055 | |||||||||||||||||||
| Diluted Nareit FFO applicable to common shares | $ | 252,566 | $ | 227,426 | $ | 730,764 | $ | 711,713 | |||||||||||||||
| Weighted average shares outstanding - diluted Nareit FFO | 554,614 | 546,015 | 554,535 | 546,677 | |||||||||||||||||||
| Impact of adjustments to Nareit FFO: | |||||||||||||||||||||||
| Transaction-related items | $ | 49 | $ | 681 | $ | 2,993 | $ | 1,573 | |||||||||||||||
Other impairments (recoveries) and other losses (gains), net(2) | (602) | 2,897 | 557 | (5,874) | |||||||||||||||||||
| Restructuring and severance-related charges | — | — | 1,368 | — | |||||||||||||||||||
Casualty-related charges (recoveries), net(3) | (367) | 4,514 | (610) | 4,103 | |||||||||||||||||||
| Total adjustments | (920) | 8,092 | 4,308 | (198) | |||||||||||||||||||
| FFO as Adjusted applicable to common shares | 249,306 | 233,166 | 728,045 | 704,460 | |||||||||||||||||||
| Distributions on dilutive convertible units and other | 2,341 | 2,338 | 7,022 | 7,055 | |||||||||||||||||||
| Diluted FFO as Adjusted applicable to common shares | $ | 251,647 | $ | 235,504 | $ | 735,067 | $ | 711,515 | |||||||||||||||
| Weighted average shares outstanding - diluted FFO as Adjusted | 554,614 | 546,015 | 554,535 | 546,677 | |||||||||||||||||||
| FFO as Adjusted applicable to common shares | $ | 249,306 | $ | 233,166 | $ | 728,045 | $ | 704,460 | |||||||||||||||
| Stock-based compensation amortization expense | 3,434 | 4,614 | 10,966 | 14,635 | |||||||||||||||||||
| Amortization of deferred financing costs | 3,054 | 2,691 | 8,828 | 8,069 | |||||||||||||||||||
Straight-line rents(4) | (7,279) | (12,965) | (12,710) | (36,837) | |||||||||||||||||||
| AFFO capital expenditures | (24,031) | (24,358) | (66,264) | (75,103) | |||||||||||||||||||
| Deferred income taxes | (430) | (2,814) | (933) | (3,741) | |||||||||||||||||||
| Amortization of above (below) market lease intangibles, net | (5,626) | (5,876) | (20,267) | (17,528) | |||||||||||||||||||
| Other AFFO adjustments | (1,123) | (1,144) | (1,852) | (3,017) | |||||||||||||||||||
| AFFO applicable to common shares | 217,305 | 193,314 | 645,813 | 590,938 | |||||||||||||||||||
| Distributions on dilutive convertible units and other | 2,340 | 1,649 | 7,026 | 4,945 | |||||||||||||||||||
| Diluted AFFO applicable to common shares | $ | 219,645 | $ | 194,963 | $ | 652,839 | $ | 595,883 | |||||||||||||||
| Weighted average shares outstanding - diluted AFFO | 554,614 | 544,190 | 554,535 | 544,852 | |||||||||||||||||||
| 6 | ||||
| Reconciliations | ||
| Funds From Operations | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Diluted earnings per common share | $ | 0.12 | $ | 0.65 | $ | 0.43 | $ | 0.91 | |||||||||||||||
| Depreciation and amortization | 0.34 | 0.33 | 1.03 | 0.98 | |||||||||||||||||||
| Loss (gain) on sales of depreciable real estate, net | — | 0.01 | (0.14) | (0.02) | |||||||||||||||||||
Loss (gain) upon change of control, net(1) | — | (0.57) | 0.00 | (0.57) | |||||||||||||||||||
| Taxes associated with real estate dispositions | — | 0.00 | — | 0.00 | |||||||||||||||||||
| Diluted Nareit FFO per common share | $ | 0.46 | $ | 0.42 | $ | 1.32 | $ | 1.30 | |||||||||||||||
| Transaction-related items | 0.00 | 0.00 | 0.01 | 0.00 | |||||||||||||||||||
Other impairments (recoveries) and other losses (gains), net(2) | (0.01) | 0.00 | 0.00 | (0.01) | |||||||||||||||||||
| Restructuring and severance-related charges | — | — | 0.00 | — | |||||||||||||||||||
Casualty-related charges (recoveries), net(3) | 0.00 | 0.01 | 0.00 | 0.01 | |||||||||||||||||||
| Diluted FFO as Adjusted per common share | $ | 0.45 | $ | 0.43 | $ | 1.33 | $ | 1.30 | |||||||||||||||
| Stock-based compensation amortization expense | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||||||||||
| Amortization of deferred financing costs | 0.01 | 0.00 | 0.02 | 0.02 | |||||||||||||||||||
Straight-line rents(4) | (0.01) | (0.02) | (0.02) | (0.07) | |||||||||||||||||||
| AFFO capital expenditures | (0.05) | (0.04) | (0.14) | (0.14) | |||||||||||||||||||
| Deferred income taxes | 0.00 | (0.01) | 0.00 | (0.01) | |||||||||||||||||||
| Amortization of above (below) market lease intangibles, net | (0.01) | (0.01) | (0.04) | (0.03) | |||||||||||||||||||
| Other AFFO adjustments | 0.00 | 0.00 | 0.00 | (0.01) | |||||||||||||||||||
| Diluted AFFO per common share | $ | 0.40 | $ | 0.36 | $ | 1.18 | $ | 1.09 | |||||||||||||||
| 7 | ||||
| Reconciliations | ||
Projected Future Operations(1) | ||||||||||||||
| Full Year 2023 | |||||||||||
| Low | High | ||||||||||
| Diluted earnings per common share | $ | 0.53 | $ | 0.55 | |||||||
| Real estate related depreciation and amortization | 1.36 | 1.36 | |||||||||
| Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 0.05 | 0.05 | |||||||||
| Noncontrolling interests' share of real estate related depreciation and amortization | (0.04) | (0.04) | |||||||||
| Loss (gain) on sales of depreciable real estate, net | (0.16) | (0.16) | |||||||||
| Noncontrolling interests' share of gain (loss) on sale of depreciable real estate, net | 0.02 | 0.02 | |||||||||
| Diluted Nareit FFO per common share | $ | 1.76 | $ | 1.78 | |||||||
| Transaction-related items | 0.01 | 0.01 | |||||||||
| Other impairments (recoveries) and other losses (gains), net | (0.01) | (0.01) | |||||||||
| Diluted FFO as Adjusted per common share | $ | 1.76 | $ | 1.78 | |||||||
| Stock-based compensation amortization expense | $ | 0.03 | $ | 0.03 | |||||||
| Amortization of deferred financing costs | 0.02 | 0.02 | |||||||||
| Straight-line rents | (0.06) | (0.06) | |||||||||
| AFFO capital expenditures | (0.19) | (0.19) | |||||||||
| Amortization of above (below) market lease intangibles, net | (0.05) | (0.05) | |||||||||
| Other AFFO adjustments | 0.01 | 0.01 | |||||||||
| Diluted AFFO per common share | $ | 1.52 | $ | 1.54 | |||||||
| 8 | ||||
| Reconciliations | ||
Projected NOI(1) | ||||||||||||||
| Lab | Outpatient Medical | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 403 | $ | 229 | $ | (31) | $ | 26 | $ | (311) | $ | 318 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | 245 | 238 | 141 | (9) | 305 | 916 | ||||||||||||||||||||||||||||||||
NOI(3) | $ | 649 | $ | 466 | $ | 109 | $ | 16 | $ | (6) | $ | 1,235 | ||||||||||||||||||||||||||
| Non-SS NOI | (163) | (40) | 1 | (16) | 6 | (212) | ||||||||||||||||||||||||||||||||
| SS NOI | $ | 486 | $ | 426 | $ | 111 | $ | — | $ | — | $ | 1,022 | ||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(4) | (20) | (12) | (1) | — | — | (31) | ||||||||||||||||||||||||||||||||
| SS Cash (Adjusted) NOI | $ | 465 | $ | 415 | $ | 110 | $ | — | $ | — | $ | 991 | ||||||||||||||||||||||||||
| Non-SS cash NOI | 147 | 37 | (1) | 16 | (4) | 195 | ||||||||||||||||||||||||||||||||
Cash (Adjusted) NOI(5) | $ | 613 | $ | 452 | $ | 109 | $ | 16 | $ | (4) | $ | 1,185 | ||||||||||||||||||||||||||
| Lab | Outpatient Medical | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 410 | $ | 231 | $ | (27) | $ | 36 | $ | (315) | $ | 334 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | 245 | 238 | 141 | (9) | 305 | 921 | ||||||||||||||||||||||||||||||||
NOI(3) | $ | 655 | $ | 468 | $ | 114 | $ | 27 | $ | (10) | $ | 1,255 | ||||||||||||||||||||||||||
| Non-SS NOI | (165) | (40) | 1 | (27) | 10 | (221) | ||||||||||||||||||||||||||||||||
| SS NOI | $ | 490 | $ | 428 | $ | 115 | $ | — | $ | — | $ | 1,032 | ||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(4) | (21) | (12) | (1) | — | — | (32) | ||||||||||||||||||||||||||||||||
| SS Cash (Adjusted) NOI | $ | 470 | $ | 417 | $ | 114 | $ | — | $ | — | $ | 1,001 | ||||||||||||||||||||||||||
| Non-SS cash NOI | 149 | 37 | (1) | 27 | (18) | 194 | ||||||||||||||||||||||||||||||||
Cash (Adjusted) NOI(5) | $ | 619 | $ | 454 | $ | 113 | $ | 27 | $ | (18) | $ | 1,195 | ||||||||||||||||||||||||||
| 9 | ||||
| Reconciliations | ||
NOI(1) | ||||||||||||||
| Lab | Outpatient Medical | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 627 | $ | 210 | $ | (37) | $ | 19 | $ | (303) | $ | 516 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | (12) | 239 | 140 | (3) | 303 | 667 | ||||||||||||||||||||||||||||||||
| NOI | $ | 615 | $ | 448 | $ | 103 | $ | 17 | $ | — | $ | 1,183 | ||||||||||||||||||||||||||
| Non-SS NOI | (117) | (33) | (7) | (17) | — | (174) | ||||||||||||||||||||||||||||||||
| SS NOI | $ | 498 | $ | 416 | $ | 96 | $ | — | $ | — | $ | 1,010 | ||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(3) | (47) | (14) | 2 | — | — | (59) | ||||||||||||||||||||||||||||||||
| SS Cash (Adjusted) NOI | $ | 451 | $ | 402 | $ | 98 | $ | — | $ | — | $ | 951 | ||||||||||||||||||||||||||
| Non-SS cash NOI | 102 | 31 | 7 | 17 | — | 157 | ||||||||||||||||||||||||||||||||
| Cash (Adjusted) NOI | $ | 553 | $ | 433 | $ | 105 | $ | 17 | $ | — | $ | 1,108 | ||||||||||||||||||||||||||
| 10 | ||||
| Reconciliations | ||
| Enterprise Gross Assets | ||||||||||||||
| September 30, 2023 | |||||
Consolidated total assets(1) | $ | 15,602,534 | |||
| Investments in and advances to unconsolidated joint ventures | (745,381) | ||||
| Accumulated depreciation and amortization of real estate | 3,498,077 | ||||
| Accumulated amortization of real estate intangibles | 416,712 | ||||
| Accumulated depreciation and amortization of real estate assets held for sale | 5,367 | ||||
| Consolidated Gross Assets | $ | 18,777,309 | |||
| Healthpeak's share of unconsolidated joint venture gross assets | 973,612 | ||||
| Enterprise Gross Assets | $ | 19,750,921 | |||
| Portfolio Investment | ||
| September 30, 2023 | |||||||||||||||||||||||||||||
| Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
| Net real estate | $ | 7,381,926 | $ | 4,077,941 | $ | 1,660,281 | $ | — | $ | 13,120,148 | |||||||||||||||||||
| Real estate assets held for sale, net | — | 8,080 | — | — | 8,080 | ||||||||||||||||||||||||
| Intangible assets, net | 78,309 | 119,596 | 141,286 | — | 339,191 | ||||||||||||||||||||||||
| Accumulated depreciation and amortization of real estate | 1,410,578 | 1,750,035 | 337,464 | — | 3,498,077 | ||||||||||||||||||||||||
| Accumulated amortization of real estate intangibles | 77,803 | 143,517 | 195,392 | — | 416,712 | ||||||||||||||||||||||||
| Accumulated depreciation and amortization of real estate assets held for sale | — | 5,367 | — | — | 5,367 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture gross real estate assets | 435,942 | 21,883 | — | 470,300 | 928,125 | ||||||||||||||||||||||||
| Fully depreciated and amortization real estate and intangibles assets | 502,896 | 676,410 | 19,270 | — | 1,198,576 | ||||||||||||||||||||||||
| Leasing commissions and other | 91,543 | 70,848 | — | — | 162,391 | ||||||||||||||||||||||||
| Debt investments | — | — | — | 191,689 | 191,689 | ||||||||||||||||||||||||
| Land held for development | (693,558) | (4,676) | — | — | (698,234) | ||||||||||||||||||||||||
| Real estate intangible liabilities, gross | (190,922) | (136,853) | — | — | (327,775) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture real estate and related intangibles | (5,099) | (382,017) | — | — | (387,116) | ||||||||||||||||||||||||
| Portfolio Investment | $ | 9,089,418 | $ | 6,350,131 | $ | 2,353,693 | $ | 661,989 | $ | 18,455,231 | |||||||||||||||||||
| 11 | ||||
| Reconciliations | ||
| Revenues | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Lab | $ | 207,795 | $ | 207,952 | $ | 205,464 | $ | 223,306 | $ | 226,059 | |||||||||||||||||||
| Outpatient Medical | 184,506 | 184,293 | 186,967 | 186,661 | 191,016 | ||||||||||||||||||||||||
| CCRC | 122,142 | 125,873 | 127,084 | 130,184 | 133,808 | ||||||||||||||||||||||||
| Other | 5,963 | 6,350 | 6,163 | 5,279 | 5,360 | ||||||||||||||||||||||||
| Total revenues | $ | 520,406 | $ | 524,468 | $ | 525,678 | $ | 545,430 | $ | 556,243 | |||||||||||||||||||
| Lab | — | — | — | — | — | ||||||||||||||||||||||||
| Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | 4 | — | 137 | 47 | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Government grant income | $ | 4 | $ | — | $ | 137 | $ | 47 | $ | — | |||||||||||||||||||
| Lab | — | — | — | — | — | ||||||||||||||||||||||||
| Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | (5,963) | (6,350) | (6,163) | (5,279) | (5,360) | ||||||||||||||||||||||||
| Less: Interest income | $ | (5,963) | $ | (6,350) | $ | (6,163) | $ | (5,279) | $ | (5,360) | |||||||||||||||||||
| Lab | 2,938 | 4,285 | 2,165 | 1,928 | 2,425 | ||||||||||||||||||||||||
| Outpatient Medical | 756 | 750 | 745 | 754 | 746 | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | 18,656 | 18,969 | 20,346 | 20,261 | 20,572 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture real estate revenues | $ | 22,350 | $ | 24,004 | $ | 23,256 | $ | 22,943 | $ | 23,743 | |||||||||||||||||||
| Lab | — | — | — | — | — | ||||||||||||||||||||||||
| Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
| CCRC | — | 47 | — | — | — | ||||||||||||||||||||||||
| Other | 183 | — | 228 | — | — | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture government grant income | $ | 183 | $ | 47 | $ | 228 | $ | — | $ | — | |||||||||||||||||||
| Lab | (55) | (94) | (143) | (151) | (154) | ||||||||||||||||||||||||
| Outpatient Medical | (8,968) | (8,986) | (8,963) | (8,665) | (8,735) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture real estate revenues | $ | (9,023) | $ | (9,080) | $ | (9,106) | $ | (8,816) | $ | (8,889) | |||||||||||||||||||
| Lab | 210,678 | 212,143 | 207,486 | 225,083 | 228,330 | ||||||||||||||||||||||||
| Outpatient Medical | 176,294 | 176,057 | 178,749 | 178,749 | 183,027 | ||||||||||||||||||||||||
| CCRC | 122,146 | 125,920 | 127,221 | 130,231 | 133,808 | ||||||||||||||||||||||||
| Other | 18,839 | 18,969 | 20,574 | 20,261 | 20,572 | ||||||||||||||||||||||||
| Portfolio Real Estate Revenues | $ | 527,957 | $ | 533,089 | $ | 534,030 | $ | 554,324 | $ | 565,737 | |||||||||||||||||||
| Lab | (15,231) | (11,786) | (842) | (14,950) | (9,477) | ||||||||||||||||||||||||
| Outpatient Medical | (4,780) | (5,631) | (4,470) | (4,685) | (4,223) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | 66 | 55 | (8) | 17 | (5) | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Real Estate Revenues | $ | (19,945) | $ | (17,362) | $ | (5,320) | $ | (19,618) | $ | (13,705) | |||||||||||||||||||
| 12 | ||||
| Reconciliations | ||
| Revenues | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Lab | 195,447 | 200,357 | 206,644 | 210,133 | 218,854 | ||||||||||||||||||||||||
| Outpatient Medical | 171,514 | 170,426 | 174,279 | 174,064 | 178,804 | ||||||||||||||||||||||||
| CCRC | 122,146 | 125,920 | 127,221 | 130,231 | 133,808 | ||||||||||||||||||||||||
| Other | 18,905 | 19,024 | 20,566 | 20,278 | 20,567 | ||||||||||||||||||||||||
| Portfolio Cash Real Estate Revenues | $ | 508,012 | $ | 515,727 | $ | 528,710 | $ | 534,706 | $ | 552,033 | |||||||||||||||||||
| Lab | 15,231 | 11,786 | 842 | 14,950 | 9,477 | ||||||||||||||||||||||||
| Outpatient Medical | 4,780 | 5,631 | 4,470 | 4,685 | 4,223 | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | (66) | (55) | 8 | (17) | 5 | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Real Estate Revenues | $ | 19,945 | $ | 17,362 | $ | 5,320 | $ | 19,618 | $ | 13,705 | |||||||||||||||||||
| Lab | (30,695) | (32,558) | (35,238) | (43,185) | (48,767) | ||||||||||||||||||||||||
| Outpatient Medical | (14,296) | (14,603) | (15,864) | (14,907) | (15,313) | ||||||||||||||||||||||||
| CCRC | (4) | (47) | (137) | (232) | (205) | ||||||||||||||||||||||||
| Other | (18,839) | (18,969) | (20,574) | (20,261) | (20,572) | ||||||||||||||||||||||||
| Non-SS Portfolio Real Estate Revenues | $ | (63,834) | $ | (66,177) | $ | (71,813) | $ | (78,585) | $ | (84,857) | |||||||||||||||||||
| Lab | 179,983 | 179,585 | 172,248 | 181,898 | 179,564 | ||||||||||||||||||||||||
| Outpatient Medical | 161,998 | 161,454 | 162,885 | 163,842 | 167,714 | ||||||||||||||||||||||||
| CCRC | 122,142 | 125,873 | 127,084 | 129,999 | 133,603 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 464,123 | $ | 466,912 | $ | 462,217 | $ | 475,739 | $ | 480,881 | |||||||||||||||||||
| Lab | (12,957) | (11,368) | 744 | (11,930) | (5,234) | ||||||||||||||||||||||||
| Outpatient Medical | (4,437) | (5,263) | (4,196) | (4,285) | (3,888) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (17,394) | $ | (16,631) | $ | (3,452) | $ | (16,215) | $ | (9,122) | |||||||||||||||||||
| Lab | 167,026 | 168,217 | 172,992 | 169,968 | 174,330 | ||||||||||||||||||||||||
| Outpatient Medical | 157,561 | 156,191 | 158,689 | 159,557 | 163,826 | ||||||||||||||||||||||||
| CCRC | 122,142 | 125,873 | 127,084 | 129,999 | 133,603 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 446,729 | $ | 450,281 | $ | 458,765 | $ | 459,524 | $ | 471,759 | |||||||||||||||||||
| 13 | ||||
| Reconciliations | ||
| Operating Expenses | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Lab | $ | 55,162 | $ | 56,346 | $ | 57,566 | $ | 54,832 | $ | 60,268 | |||||||||||||||||||
| Outpatient Medical | 64,782 | 64,036 | 64,398 | 65,350 | 67,693 | ||||||||||||||||||||||||
| CCRC | 100,264 | 100,110 | 101,124 | 101,655 | 104,773 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Operating expenses | $ | 220,208 | $ | 220,492 | $ | 223,088 | $ | 221,837 | $ | 232,734 | |||||||||||||||||||
| Lab | 777 | 1,140 | 1,182 | 848 | 958 | ||||||||||||||||||||||||
| Outpatient Medical | 313 | 265 | 305 | 288 | 301 | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | 14,599 | 14,828 | 15,006 | 14,618 | 15,439 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture operating expenses | $ | 15,689 | $ | 16,233 | $ | 16,493 | $ | 15,754 | $ | 16,698 | |||||||||||||||||||
| Lab | (21) | (28) | (40) | (35) | (33) | ||||||||||||||||||||||||
| Outpatient Medical | (2,558) | (2,431) | (2,595) | (2,409) | (2,474) | ||||||||||||||||||||||||
| CCRC | — | — | — | — | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture operating expenses | $ | (2,579) | $ | (2,459) | $ | (2,635) | $ | (2,444) | $ | (2,507) | |||||||||||||||||||
| Lab | 55,918 | 57,458 | 58,708 | 55,645 | 61,193 | ||||||||||||||||||||||||
| Outpatient Medical | 62,537 | 61,870 | 62,108 | 63,229 | 65,520 | ||||||||||||||||||||||||
| CCRC | 100,264 | 100,110 | 101,124 | 101,655 | 104,773 | ||||||||||||||||||||||||
| Other | 14,599 | 14,828 | 15,006 | 14,618 | 15,439 | ||||||||||||||||||||||||
| Portfolio Operating Expenses | $ | 233,318 | $ | 234,266 | $ | 236,946 | $ | 235,147 | $ | 246,925 | |||||||||||||||||||
| Lab | (10) | (8) | (10) | (7) | 365 | ||||||||||||||||||||||||
| Outpatient Medical | (701) | (692) | (649) | (677) | (676) | ||||||||||||||||||||||||
| CCRC | — | (2,299) | (50) | 728 | — | ||||||||||||||||||||||||
| Other | (10) | 8 | 13 | 27 | 22 | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Operating Expenses | $ | (721) | $ | (2,991) | $ | (696) | $ | 71 | $ | (289) | |||||||||||||||||||
| Lab | 55,908 | 57,450 | 58,698 | 55,638 | 61,558 | ||||||||||||||||||||||||
| Outpatient Medical | 61,836 | 61,178 | 61,459 | 62,552 | 64,844 | ||||||||||||||||||||||||
| CCRC | 100,264 | 97,811 | 101,074 | 102,383 | 104,773 | ||||||||||||||||||||||||
| Other | 14,589 | 14,836 | 15,019 | 14,645 | 15,461 | ||||||||||||||||||||||||
| Portfolio Cash Operating Expenses | $ | 232,597 | $ | 231,275 | $ | 236,250 | $ | 235,218 | $ | 246,636 | |||||||||||||||||||
| Lab | 10 | 8 | 10 | 7 | (365) | ||||||||||||||||||||||||
| Outpatient Medical | 701 | 692 | 649 | 677 | 676 | ||||||||||||||||||||||||
| CCRC | — | 2,299 | 50 | (728) | — | ||||||||||||||||||||||||
| Other | 10 | (8) | (13) | (27) | (22) | ||||||||||||||||||||||||
| Non-cash adjustments to Portfolio Operating Expenses | $ | 721 | $ | 2,991 | $ | 696 | $ | (71) | $ | 289 | |||||||||||||||||||
| Lab | (8,392) | (9,634) | (9,164) | (8,980) | (10,333) | ||||||||||||||||||||||||
| Outpatient Medical | (7,441) | (7,265) | (6,656) | (6,932) | (7,660) | ||||||||||||||||||||||||
| CCRC | (350) | (341) | (446) | (445) | (537) | ||||||||||||||||||||||||
| Other | (14,599) | (14,828) | (15,006) | (14,618) | (15,439) | ||||||||||||||||||||||||
| Non-SS Portfolio Operating Expenses | $ | (30,782) | $ | (32,068) | $ | (31,272) | $ | (30,975) | $ | (33,969) | |||||||||||||||||||
| 14 | ||||
| Reconciliations | ||
| Operating Expenses | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Lab | 47,526 | 47,824 | 49,544 | 46,665 | 50,860 | ||||||||||||||||||||||||
| Outpatient Medical | 55,096 | 54,605 | 55,452 | 56,297 | 57,860 | ||||||||||||||||||||||||
| CCRC | 99,914 | 99,769 | 100,678 | 101,210 | 104,236 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Operating Expenses - SS(1) | $ | 202,536 | $ | 202,198 | $ | 205,674 | $ | 204,172 | $ | 212,956 | |||||||||||||||||||
| Lab | (10) | (10) | (8) | (6) | (3) | ||||||||||||||||||||||||
| Outpatient Medical | (665) | (655) | (615) | (645) | (643) | ||||||||||||||||||||||||
| CCRC | — | (2,300) | (50) | 728 | — | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
| Non-cash adjustment to SS Portfolio Operating Expenses | $ | (675) | $ | (2,965) | $ | (673) | $ | 77 | $ | (646) | |||||||||||||||||||
| Lab | 47,516 | 47,814 | 49,536 | 46,659 | 50,857 | ||||||||||||||||||||||||
| Outpatient Medical | 54,431 | 53,950 | 54,837 | 55,652 | 57,217 | ||||||||||||||||||||||||
| CCRC | 99,914 | 97,469 | 100,628 | 101,938 | 104,236 | ||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses - SS(1) | $ | 201,861 | $ | 199,233 | $ | 205,001 | $ | 204,249 | $ | 212,310 | |||||||||||||||||||
| 15 | ||||
| Reconciliations | ||
| Revenue | Operating Expenses | |||||||
| Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||
| Lab | $ | 654,829 | Lab | $ | 172,666 | ||||||||||||
| Outpatient Medical | 564,644 | Outpatient Medical | 197,442 | ||||||||||||||
| CCRC | 391,076 | CCRC | 307,551 | ||||||||||||||
| Other | 16,802 | Other | — | ||||||||||||||
| Total revenues | $ | 1,627,351 | Operating expenses | $ | 677,659 | ||||||||||||
| Lab | — | Lab | 2,987 | ||||||||||||||
| Outpatient Medical | — | Outpatient Medical | 895 | ||||||||||||||
| CCRC | 184 | CCRC | — | ||||||||||||||
| Other | — | Other | 45,062 | ||||||||||||||
| Government grant income | $ | 184 | Healthpeak's share of unconsolidated joint venture operating expenses | $ | 48,944 | ||||||||||||
| Lab | — | Lab | (108) | ||||||||||||||
| Outpatient Medical | — | Outpatient Medical | (7,477) | ||||||||||||||
| CCRC | — | CCRC | — | ||||||||||||||
| Other | (16,802) | Other | — | ||||||||||||||
| Less: Interest income | $ | (16,802) | Noncontrolling interests' share of consolidated joint venture operating expenses | $ | (7,585) | ||||||||||||
| Lab | 6,519 | Lab | 175,545 | ||||||||||||||
| Outpatient Medical | 2,245 | Outpatient Medical | 190,860 | ||||||||||||||
| CCRC | — | CCRC | 307,551 | ||||||||||||||
| Other | 61,179 | Other | 45,062 | ||||||||||||||
| Healthpeak's share of unconsolidated joint venture real estate revenues | $ | 69,943 | Portfolio Operating Expenses | $ | 719,018 | ||||||||||||
| Lab | — | Lab | 350 | ||||||||||||||
| Outpatient Medical | — | Outpatient Medical | (2,005) | ||||||||||||||
| CCRC | — | CCRC | 679 | ||||||||||||||
| Other | 229 | Other | 62 | ||||||||||||||
| Healthpeak's share of unconsolidated joint venture government grant income | $ | 229 | Non-cash adjustments to Portfolio Operating Expenses | $ | (914) | ||||||||||||
| Lab | (449) | Lab | 175,895 | ||||||||||||||
| Outpatient Medical | (26,364) | Outpatient Medical | 188,855 | ||||||||||||||
| CCRC | — | CCRC | 308,230 | ||||||||||||||
| Other | — | Other | 45,124 | ||||||||||||||
| Noncontrolling interests' share of consolidated joint venture real estate revenues | $ | (26,813) | Portfolio Cash Operating Expenses | $ | 718,104 | ||||||||||||
| Lab | 660,899 | Lab | (350) | ||||||||||||||
| Outpatient Medical | 540,525 | Outpatient Medical | 2,005 | ||||||||||||||
| CCRC | 391,260 | CCRC | (679) | ||||||||||||||
| Other | 61,408 | Other | (62) | ||||||||||||||
| Portfolio Real Estate Revenues | $ | 1,654,092 | Non-cash Portfolio Cash Operating Expenses | $ | 914 | ||||||||||||
| Lab | (25,268) | Lab | (33,690) | ||||||||||||||
| Outpatient Medical | (13,378) | Outpatient Medical | (25,214) | ||||||||||||||
| CCRC | — | CCRC | (1,428) | ||||||||||||||
| Other | 3 | Other | (45,062) | ||||||||||||||
| Non-cash adjustments to Portfolio Real Estate Revenues | $ | (38,643) | Non-SS Portfolio Operating Expenses | $ | (105,394) | ||||||||||||
| 16 | ||||
| Reconciliations | ||
| Revenue | Operating Expenses | |||||||
| Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||
| Lab | 635,631 | Lab | 141,855 | ||||||||||||||
| Outpatient Medical | 527,148 | Outpatient Medical | 165,646 | ||||||||||||||
| CCRC | 391,260 | CCRC | 306,123 | ||||||||||||||
| Other | 61,411 | Other | — | ||||||||||||||
| Portfolio Cash Real Estate Revenues | $ | 1,615,450 | Portfolio Operating Expenses - SS(1) | $ | 613,624 | ||||||||||||
| Lab | 25,268 | Lab | (17) | ||||||||||||||
| Outpatient Medical | 13,378 | Outpatient Medical | (1,878) | ||||||||||||||
| CCRC | — | CCRC | 678 | ||||||||||||||
| Other | (3) | Other | — | ||||||||||||||
| Non-cash adjustments to Portfolio Real Estate Revenues | $ | 38,643 | Non-cash adjustment to SS Portfolio Operating Expenses | $ | (1,217) | ||||||||||||
| Lab | (149,517) | Lab | 141,838 | ||||||||||||||
| Outpatient Medical | (55,323) | Outpatient Medical | 163,768 | ||||||||||||||
| CCRC | (574) | CCRC | 306,801 | ||||||||||||||
| Other | (61,408) | Other | — | ||||||||||||||
| Non-SS Portfolio Real Estate Revenue | $ | (266,822) | Portfolio Cash Operating Expenses - SS(1) | $ | 612,407 | ||||||||||||
| Lab | 511,382 | ||||||||||||||||
| Outpatient Medical | 485,203 | ||||||||||||||||
| CCRC | 390,686 | ||||||||||||||||
| Other | — | ||||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 1,387,271 | |||||||||||||||
| Lab | (15,831) | ||||||||||||||||
| Outpatient Medical | (11,122) | ||||||||||||||||
| CCRC | — | ||||||||||||||||
| Other | — | ||||||||||||||||
| Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (26,953) | |||||||||||||||
| Lab | 495,551 | ||||||||||||||||
| Outpatient Medical | 474,081 | ||||||||||||||||
| CCRC | 390,686 | ||||||||||||||||
| Other | — | ||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 1,360,318 | |||||||||||||||
| 17 | ||||
| Reconciliations | ||
| Net Income to Adjusted EBITDAre | ||
| Three Months Ended September 30, 2023 | |||||
| Net income (loss) | $ | 68,656 | |||
| Interest expense | 50,510 | ||||
| Income tax expense (benefit) | 787 | ||||
| Depreciation and amortization | 184,559 | ||||
| Other depreciation and amortization | 2,119 | ||||
| Share of unconsolidated JV: | |||||
| Interest expense | 463 | ||||
| Income tax expense (benefit) | 50 | ||||
| Depreciation and amortization | 6,190 | ||||
| EBITDAre | $ | 313,334 | |||
Transaction-related items(1) | 36 | ||||
Other impairments (recoveries) and losses (gains)(1) | (550) | ||||
Casualty-related charges (recoveries)(1) | (493) | ||||
| Stock-based compensation amortization expense | 3,434 | ||||
| Adjusted EBITDAre | $ | 315,761 | |||
| Adjusted Fixed Charge Coverage | ||
| Three Months Ended September 30, 2023 | |||||
| Interest expense, including unconsolidated JV interest expense at share | 50,973 | ||||
| Capitalized interest, including unconsolidated JV capitalized interest at share | 15,151 | ||||
| Fixed Charges | $ | 66,124 | |||
| Adjusted Fixed Charge Coverage | 4.8x | ||||
| 18 | ||||
| Reconciliations | ||
| Enterprise Debt and Net Debt | ||
| September 30, 2023 | |||||
| Bank line of credit and commercial paper | $ | 424,000 | |||
| Term loans | 496,603 | ||||
| Senior unsecured notes | 5,401,461 | ||||
| Mortgage debt | 342,349 | ||||
| Consolidated Debt | $ | 6,664,413 | |||
| Share of unconsolidated JV mortgage debt | 39,976 | ||||
| Enterprise Debt | $ | 6,704,389 | |||
| Cash and cash equivalents | (63,478) | ||||
| Share of unconsolidated JV cash and cash equivalents | (29,947) | ||||
| Restricted cash | (50,449) | ||||
| Share of unconsolidated JV restricted cash | (3,126) | ||||
| Net Debt | $ | 6,557,389 | |||
| Financial Leverage | ||
| September 30, 2023 | |||||
| Enterprise Debt | $ | 6,704,389 | |||
| Enterprise Gross Assets | 19,750,921 | ||||
| Financial Leverage | 33.9% | ||||
| Secured Debt Ratio | ||
| September 30, 2023 | |||||
| Mortgage debt | $ | 342,349 | |||
| Share of unconsolidated JV mortgage debt | 39,976 | ||||
| Enterprise Secured Debt | $ | 382,325 | |||
| Enterprise Gross Assets | 19,750,921 | ||||
| Secured Debt Ratio | 1.9% | ||||
| Net Debt to Adjusted EBITDAre | ||
| Three Months Ended September 30, 2023 | |||||
| Net Debt | $ | 6,557,389 | |||
Annualized Adjusted EBITDAre(1) | 1,263,044 | ||||
| Net Debt to Adjusted EBITDAre | 5.2x | ||||
| 19 | ||||
| Reconciliations | ||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
| Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Net income (loss) | $ | 357,986 | $ | 10,802 | $ | 134,507 | $ | 56,199 | $ | 68,656 | |||||||||||||||||||
| Loss (income) from discontinued operations | 1,298 | (873) | — | — | — | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 359,284 | $ | 9,929 | $ | 134,507 | $ | 56,199 | $ | 68,656 | |||||||||||||||||||
| Interest income | (5,963) | (6,350) | (6,163) | (5,279) | (5,360) | ||||||||||||||||||||||||
| Interest expense | 44,078 | 49,413 | 47,963 | 49,074 | 50,510 | ||||||||||||||||||||||||
| Depreciation and amortization | 173,190 | 179,157 | 179,225 | 197,573 | 184,559 | ||||||||||||||||||||||||
| General and administrative | 24,549 | 57,872 | 24,547 | 25,936 | 23,093 | ||||||||||||||||||||||||
| Transaction costs | 728 | 3,217 | 2,425 | 637 | 36 | ||||||||||||||||||||||||
| Impairments and loan loss reserves (recoveries), net | 3,407 | 3,326 | (2,213) | 2,607 | (550) | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | 4,149 | 969 | (81,578) | (4,885) | — | ||||||||||||||||||||||||
| Other expense (income), net | (305,678) | 587 | (772) | (1,955) | (1,481) | ||||||||||||||||||||||||
| Government grant income | 4 | — | 137 | 47 | — | ||||||||||||||||||||||||
| Income tax expense (benefit) | (3,834) | (650) | 302 | 1,136 | 787 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated joint ventures | 325 | 156 | (1,816) | (2,729) | (2,101) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | 6,844 | 7,818 | 6,991 | 7,189 | 7,045 | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | (6,444) | (6,621) | (6,471) | (6,372) | (6,382) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 294,639 | $ | 298,823 | $ | 297,084 | $ | 319,178 | $ | 318,812 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (19,224) | (14,371) | (4,624) | (19,688) | (13,416) | ||||||||||||||||||||||||
| Portfolio Cash (Adjusted) NOI | $ | 275,415 | $ | 284,452 | $ | 292,460 | $ | 299,490 | $ | 305,396 | |||||||||||||||||||
| Interest income | 5,963 | 6,350 | 6,163 | 5,279 | 5,360 | ||||||||||||||||||||||||
| Portfolio Income | $ | 281,378 | $ | 290,802 | $ | 298,623 | $ | 304,769 | $ | 310,756 | |||||||||||||||||||
| Interest income | (5,963) | (6,350) | (6,163) | (5,279) | (5,360) | ||||||||||||||||||||||||
| Adjustment to Portfolio NOI | 19,224 | 14,371 | 4,624 | 19,688 | 13,416 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (33,052) | (34,109) | (40,541) | (47,611) | (50,887) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 261,587 | $ | 264,714 | $ | 256,543 | $ | 271,567 | $ | 267,925 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (16,719) | (13,666) | (2,779) | (16,292) | (8,475) | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 244,868 | $ | 251,048 | $ | 253,764 | $ | 255,275 | $ | 259,450 | |||||||||||||||||||
| 20 | ||||
| Reconciliations | ||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
| Lab | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Net income (loss) | $ | 393,487 | $ | 75,575 | $ | 133,258 | $ | 76,551 | $ | 88,337 | |||||||||||||||||||
| Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 393,487 | $ | 75,575 | $ | 133,258 | $ | 76,551 | $ | 88,337 | |||||||||||||||||||
| Depreciation and amortization | 70,141 | 74,697 | 75,582 | 93,235 | 78,646 | ||||||||||||||||||||||||
| Transaction costs | 40 | 20 | 158 | — | 51 | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | — | 112 | (60,498) | — | — | ||||||||||||||||||||||||
| Other expense (income), net | (311,912) | (7) | (4) | 2 | 1 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated joint ventures | 877 | 1,209 | (598) | (1,314) | (1,244) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | 2,161 | 3,145 | 983 | 1,080 | 1,467 | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | (34) | (66) | (103) | (116) | (121) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 154,760 | $ | 154,685 | $ | 148,778 | $ | 169,438 | $ | 167,137 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (15,221) | (11,778) | (832) | (14,943) | (9,842) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 139,539 | $ | 142,907 | $ | 147,946 | $ | 154,495 | $ | 157,295 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 15,221 | 11,778 | 832 | 14,943 | 9,842 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (22,303) | (22,924) | (26,074) | (34,205) | (38,433) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 132,457 | $ | 131,761 | $ | 122,704 | $ | 135,233 | $ | 128,704 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (12,947) | (11,358) | 752 | (11,924) | (5,231) | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 119,510 | $ | 120,403 | $ | 123,456 | $ | 123,309 | $ | 123,473 | |||||||||||||||||||
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Net income (loss) | $ | 47,663 | $ | 45,571 | $ | 71,064 | $ | 48,068 | $ | 48,906 | |||||||||||||||||||
| Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 47,663 | $ | 45,571 | $ | 71,064 | $ | 48,068 | $ | 48,906 | |||||||||||||||||||
| Interest expense | 1,964 | 1,970 | 1,920 | 1,924 | 1,947 | ||||||||||||||||||||||||
| Depreciation and amortization | 70,917 | 71,983 | 71,158 | 71,722 | 72,736 | ||||||||||||||||||||||||
| Transaction costs | 94 | 1,087 | 132 | 16 | 23 | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | (554) | 235 | (21,312) | — | — | ||||||||||||||||||||||||
| Other expense (income), net | (154) | (354) | (204) | (235) | (78) | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated joint ventures | (206) | (235) | (189) | (184) | (211) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | 443 | 485 | 440 | 466 | 445 | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | (6,410) | (6,555) | (6,368) | (6,256) | (6,261) | ||||||||||||||||||||||||
| Portfolio NOI | $ | 113,757 | $ | 114,187 | $ | 116,641 | $ | 115,521 | $ | 117,507 | |||||||||||||||||||
| Adjustment to Portfolio NOI | (4,079) | (4,939) | (3,821) | (4,008) | (3,547) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 109,678 | $ | 109,248 | $ | 112,820 | $ | 111,513 | $ | 113,960 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 4,079 | 4,939 | 3,821 | 4,008 | 3,547 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (6,855) | (7,338) | (9,208) | (7,976) | (7,653) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 106,902 | $ | 106,849 | $ | 107,433 | $ | 107,545 | $ | 109,854 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (3,772) | (4,608) | (3,581) | (3,640) | (3,244) | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 103,130 | $ | 102,241 | $ | 103,852 | $ | 103,905 | $ | 106,610 | |||||||||||||||||||
| 21 | ||||
| Reconciliations | ||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
| CCRC | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Net income (loss) | $ | (19,821) | $ | (10,097) | $ | (9,227) | $ | (5,514) | $ | (5,633) | |||||||||||||||||||
| Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | (19,821) | $ | (10,097) | $ | (9,227) | $ | (5,514) | $ | (5,633) | |||||||||||||||||||
| Interest expense | 1,887 | 1,881 | 1,816 | 1,823 | 1,830 | ||||||||||||||||||||||||
| Depreciation and amortization | 32,132 | 32,477 | 32,485 | 32,616 | 33,177 | ||||||||||||||||||||||||
| Transaction costs | 594 | 67 | 219 | 278 | (85) | ||||||||||||||||||||||||
| Other expense (income), net | 7,086 | 1,435 | 667 | (674) | (254) | ||||||||||||||||||||||||
| Government grant income | 4 | — | 137 | 47 | — | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | — | 47 | — | — | — | ||||||||||||||||||||||||
| Portfolio NOI | $ | 21,882 | $ | 25,810 | $ | 26,097 | $ | 28,576 | $ | 29,035 | |||||||||||||||||||
| Adjustment to Portfolio NOI | — | 2,299 | 50 | (728) | — | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 21,882 | $ | 28,109 | $ | 26,147 | $ | 27,848 | $ | 29,035 | |||||||||||||||||||
| Adjustment to Portfolio NOI | — | (2,299) | (50) | 728 | — | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | 346 | 294 | 309 | 213 | 332 | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | 22,228 | $ | 26,104 | $ | 26,406 | $ | 28,789 | $ | 29,367 | |||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | — | 2,300 | 50 | (728) | — | ||||||||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | 22,228 | $ | 28,404 | $ | 26,456 | $ | 28,061 | $ | 29,367 | |||||||||||||||||||
| Other | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Net income (loss) | $ | (1,801) | $ | 3,221 | $ | 9,173 | $ | 8,769 | $ | 6,503 | |||||||||||||||||||
| Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | (1,801) | $ | 3,221 | $ | 9,173 | $ | 8,769 | $ | 6,503 | |||||||||||||||||||
| Interest income | (5,963) | (6,350) | (6,163) | (5,279) | (5,360) | ||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | 3,407 | 3,326 | (2,213) | 2,607 | (550) | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | 4,703 | 622 | 232 | (4,885) | — | ||||||||||||||||||||||||
| Other expense (income), net | — | (1) | — | 19 | 53 | ||||||||||||||||||||||||
| Equity loss (income) from unconsolidated joint ventures | (346) | (818) | (1,029) | (1,231) | (646) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | 4,240 | 4,141 | 5,568 | 5,643 | 5,133 | ||||||||||||||||||||||||
| Portfolio NOI | $ | 4,240 | $ | 4,141 | $ | 5,568 | $ | 5,643 | $ | 5,133 | |||||||||||||||||||
| Adjustment to Portfolio NOI | 76 | 47 | (21) | (9) | (27) | ||||||||||||||||||||||||
| Portfolio Cash (Adjusted) NOI | $ | 4,316 | $ | 4,188 | $ | 5,547 | $ | 5,634 | $ | 5,106 | |||||||||||||||||||
| Interest income | 5,963 | 6,350 | 6,163 | 5,279 | 5,360 | ||||||||||||||||||||||||
| Portfolio Income | $ | 10,279 | $ | 10,538 | $ | 11,710 | $ | 10,913 | $ | 10,466 | |||||||||||||||||||
| Interest income | (5,963) | (6,350) | (6,163) | (5,279) | (5,360) | ||||||||||||||||||||||||
| Adjustment to Portfolio NOI | (76) | (47) | 21 | 9 | 27 | ||||||||||||||||||||||||
| Non-SS Portfolio NOI | (4,240) | (4,141) | (5,568) | (5,643) | (5,133) | ||||||||||||||||||||||||
| SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| 22 | ||||
| Reconciliations | ||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
Corporate Non-Segment | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Net income (loss) | $ | (61,542) | $ | (103,468) | $ | (69,761) | $ | (71,675) | $ | (69,457) | |||||||||||||||||||
| Loss (income) from discontinued operations | 1,298 | (873) | — | — | — | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | (60,244) | $ | (104,341) | $ | (69,761) | $ | (71,675) | $ | (69,457) | |||||||||||||||||||
| Interest expense | 40,227 | 45,562 | 44,227 | 45,327 | 46,733 | ||||||||||||||||||||||||
| General and administrative | 24,549 | 57,872 | 24,547 | 25,936 | 23,093 | ||||||||||||||||||||||||
| Transaction costs | — | 2,043 | 1,916 | 343 | 47 | ||||||||||||||||||||||||
| Other expense (income), net | (698) | (486) | (1,231) | (1,067) | (1,203) | ||||||||||||||||||||||||
| Income tax expense (benefit) | (3,834) | (650) | 302 | 1,136 | 787 | ||||||||||||||||||||||||
| Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| 23 | ||||
| Reconciliations | ||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
| Lab | Outpatient Medical | CCRC | Other Non-reportable | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 298,145 | $ | 168,037 | $ | (20,374) | $ | 24,445 | $ | (210,891) | $ | 259,362 | ||||||||||||||||||||||||||
| Loss (income) from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 298,145 | $ | 168,037 | $ | (20,374) | $ | 24,445 | $ | (210,891) | $ | 259,362 | ||||||||||||||||||||||||||
| Interest income | — | — | — | (16,802) | — | (16,802) | ||||||||||||||||||||||||||||||||
| Interest expense | — | 5,791 | 5,470 | — | 136,286 | 147,547 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 247,463 | 215,617 | 98,277 | — | — | 561,357 | ||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | 73,576 | 73,576 | ||||||||||||||||||||||||||||||||
| Transaction costs | 209 | 171 | 412 | — | 2,306 | 3,098 | ||||||||||||||||||||||||||||||||
| Impairments and loan loss (reserves) recoveries, net | — | — | — | (156) | — | (156) | ||||||||||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | (60,498) | (21,312) | — | (4,653) | — | (86,463) | ||||||||||||||||||||||||||||||||
| Other expense (income), net | (1) | (517) | (260) | 72 | (3,502) | (4,208) | ||||||||||||||||||||||||||||||||
| Government grant income | — | — | 184 | — | — | 184 | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | 2,225 | 2,225 | ||||||||||||||||||||||||||||||||
| Equity loss (income) from unconsolidated joint ventures | (3,155) | (585) | — | (2,906) | — | (6,646) | ||||||||||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | 3,532 | 1,350 | — | 16,346 | — | 21,228 | ||||||||||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | (341) | (18,887) | — | — | — | (19,228) | ||||||||||||||||||||||||||||||||
| Portfolio NOI | $ | 485,354 | $ | 349,665 | $ | 83,709 | $ | 16,346 | $ | — | $ | 935,074 | ||||||||||||||||||||||||||
| Adjustment to NOI | (25,618) | (11,373) | (679) | (59) | — | (37,729) | ||||||||||||||||||||||||||||||||
| Portfolio Cash (Adjusted) NOI | $ | 459,736 | $ | 338,292 | $ | 83,030 | $ | 16,287 | $ | — | $ | 897,345 | ||||||||||||||||||||||||||
| Interest Income | — | — | — | 16,802 | — | 16,802 | ||||||||||||||||||||||||||||||||
| Portfolio Income | $ | 459,736 | $ | 338,292 | $ | 83,030 | $ | 33,089 | $ | — | $ | 914,147 | ||||||||||||||||||||||||||
| Interest income | — | — | — | (16,802) | — | (16,802) | ||||||||||||||||||||||||||||||||
| Adjustment to NOI | 25,618 | 11,373 | 679 | 59 | — | 37,729 | ||||||||||||||||||||||||||||||||
| Non-SS Portfolio NOI | (115,827) | (30,108) | 854 | (16,346) | — | (161,427) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 369,527 | $ | 319,557 | $ | 84,563 | $ | — | $ | — | $ | 773,647 | ||||||||||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (15,813) | (9,244) | (678) | — | — | (25,735) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 353,714 | $ | 310,313 | $ | 83,885 | $ | — | $ | — | $ | 747,912 | ||||||||||||||||||||||||||
| 24 | ||||
| Reconciliations | ||
| Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS | ||
| Lab | Outpatient Medical | CCRC | Other Non-reportable | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 544,530 | $ | 163,007 | $ | (32,957) | $ | 9,304 | $ | (178,262) | $ | 505,622 | ||||||||||||||||||||||||||
| Loss (income) from discontinued operations | — | — | — | — | (2,011) | (2,011) | ||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 544,530 | $ | 163,007 | $ | (32,957) | $ | 9,304 | $ | (180,273) | $ | 503,611 | ||||||||||||||||||||||||||
| 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) recoveries, net | — | — | — | 3,678 | — | 3,678 | ||||||||||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | (3,856) | (10,894) | — | 4,703 | — | (10,047) | ||||||||||||||||||||||||||||||||
| Other expense (income), net | (311,932) | (12,354) | (55) | 13 | (2,527) | (326,855) | ||||||||||||||||||||||||||||||||
| Government grant income | — | — | 6,765 | — | — | 6,765 | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | — | — | — | — | (3,775) | (3,775) | ||||||||||||||||||||||||||||||||
| Equity loss (income) from unconsolidated joint ventures | (237) | (617) | (539) | (748) | — | (2,141) | ||||||||||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | 3,893 | 1,337 | 334 | 12,611 | — | 18,175 | ||||||||||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | (115) | (18,846) | — | — | — | (18,961) | ||||||||||||||||||||||||||||||||
| Portfolio NOI | $ | 460,602 | $ | 334,295 | $ | 75,732 | $ | 12,611 | $ | — | $ | 883,240 | ||||||||||||||||||||||||||
| Adjustment to NOI | (50,977) | (10,574) | — | 120 | — | (61,431) | ||||||||||||||||||||||||||||||||
| Portfolio Cash (Adjusted) NOI | $ | 409,625 | $ | 323,721 | $ | 75,732 | $ | 12,731 | $ | — | $ | 821,809 | ||||||||||||||||||||||||||
| Interest Income | — | — | — | 16,950 | — | 16,950 | ||||||||||||||||||||||||||||||||
| Portfolio Income | $ | 409,625 | $ | 323,721 | $ | 75,732 | $ | 29,681 | $ | — | $ | 838,759 | ||||||||||||||||||||||||||
| Interest income | — | — | — | (16,950) | — | (16,950) | ||||||||||||||||||||||||||||||||
| Adjustment to NOI | 50,977 | 10,574 | — | (120) | — | 61,431 | ||||||||||||||||||||||||||||||||
| Non-SS Portfolio NOI | (84,954) | (23,883) | (5,816) | (12,611) | — | (127,264) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 375,648 | $ | 310,412 | $ | 69,916 | $ | — | $ | — | $ | 755,976 | ||||||||||||||||||||||||||
| Non-cash adjustment to SS Portfolio NOI | (36,641) | (9,678) | — | — | — | (46,319) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 339,007 | $ | 300,734 | $ | 69,916 | $ | — | $ | — | $ | 709,657 | ||||||||||||||||||||||||||
| 25 | ||||
| Reconciliations | ||
| Healthpeak's Share of Unconsolidated Joint Venture NOI | ||
| Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | (325) | $ | (156) | $ | 1,816 | $ | 2,729 | $ | 2,101 | |||||||||||||||||||
| Depreciation and amortization | 8,704 | 8,642 | 5,993 | 5,893 | 6,190 | ||||||||||||||||||||||||
| General and administrative | 177 | 167 | 444 | 249 | 267 | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | 239 | 45 | — | — | — | ||||||||||||||||||||||||
| Other expense (income), net | (2,069) | (861) | (1,478) | (1,917) | (1,558) | ||||||||||||||||||||||||
| Income tax expense (benefit) | 118 | (19) | 216 | 235 | 45 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | 6,844 | $ | 7,818 | $ | 6,991 | $ | 7,189 | $ | 7,045 | |||||||||||||||||||
| Lab | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | (877) | $ | (1,209) | $ | 598 | $ | 1,314 | $ | 1,244 | |||||||||||||||||||
| Depreciation and amortization | 3,709 | 5,037 | 1,521 | 1,415 | 1,568 | ||||||||||||||||||||||||
| General and administrative | 123 | 160 | 345 | 209 | 220 | ||||||||||||||||||||||||
| Other expense (income), net | (794) | (843) | (1,481) | (1,858) | (1,565) | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | 2,161 | $ | 3,145 | $ | 983 | $ | 1,080 | $ | 1,467 | |||||||||||||||||||
| Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | 206 | $ | 235 | $ | 189 | $ | 184 | $ | 211 | |||||||||||||||||||
| Depreciation and amortization | 225 | 240 | 238 | 256 | 218 | ||||||||||||||||||||||||
| General and administrative | 5 | 3 | 7 | 21 | 15 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 7 | 7 | 6 | 5 | 1 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | 443 | $ | 485 | $ | 440 | $ | 466 | $ | 445 | |||||||||||||||||||
| CCRC | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Loss (gain) on sales of real estate, net | — | 45 | — | — | — | ||||||||||||||||||||||||
| Other expense (income), net | — | 2 | — | — | — | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | — | $ | 47 | $ | — | $ | — | $ | — | |||||||||||||||||||
| Other | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | 346 | $ | 818 | $ | 1,029 | $ | 1,231 | $ | 646 | |||||||||||||||||||
| Depreciation and amortization | 4,770 | 3,365 | 4,234 | 4,222 | 4,404 | ||||||||||||||||||||||||
| General and administrative | 49 | 4 | 92 | 19 | 32 | ||||||||||||||||||||||||
| Other expense (income), net | (1,036) | (20) | 3 | (59) | 7 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 111 | (26) | 210 | 230 | 44 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | 4,240 | $ | 4,141 | $ | 5,568 | $ | 5,643 | $ | 5,133 | |||||||||||||||||||
| 26 | ||||
| Reconciliations | ||
| Healthpeak's Share of Unconsolidated Joint Venture NOI | ||
| Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | 3,155 | $ | 585 | $ | — | $ | 2,906 | $ | 6,646 | |||||||||||||||||||
| Depreciation and amortization | 4,504 | 712 | — | 12,860 | 18,076 | ||||||||||||||||||||||||
| General and administrative | 774 | 41 | — | 143 | 958 | ||||||||||||||||||||||||
| Other expense (income), net | (4,901) | — | — | (47) | (4,948) | ||||||||||||||||||||||||
| Income tax expense (benefit) | — | 12 | — | 484 | 496 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | 3,532 | $ | 1,350 | $ | — | $ | 16,346 | $ | 21,228 | |||||||||||||||||||
| Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | $ | 237 | $ | 617 | $ | 539 | $ | 748 | $ | 2,141 | |||||||||||||||||||
| Depreciation and amortization | 5,245 | 672 | — | 13,132 | 19,049 | ||||||||||||||||||||||||
| General and administrative | 123 | 30 | — | 126 | 279 | ||||||||||||||||||||||||
| Loss (gain) on sales of real estate, net | — | (2) | 181 | — | 179 | ||||||||||||||||||||||||
| Other expense (income), net | (1,712) | — | (386) | (1,628) | (3,726) | ||||||||||||||||||||||||
| Income tax expense (benefit) | — | 20 | — | 233 | 253 | ||||||||||||||||||||||||
| Healthpeak's share of unconsolidated joint venture NOI | $ | 3,893 | $ | 1,337 | $ | 334 | $ | 12,611 | $ | 18,175 | |||||||||||||||||||
| 27 | ||||
| Reconciliations | ||
| Noncontrolling Interests' Share of Consolidated Joint Venture NOI | ||
| Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interest | $ | 4,016 | $ | 4,274 | $ | 15,555 | $ | 4,300 | $ | 4,442 | |||||||||||||||||||
| Gain on sales of real estate, net | — | — | (11,546) | — | — | ||||||||||||||||||||||||
| Depreciation and amortization | 4,696 | 4,657 | 4,691 | 4,593 | 4,474 | ||||||||||||||||||||||||
| Other expense (income), net | 82 | 69 | 113 | 40 | 6 | ||||||||||||||||||||||||
| Dividends attributable to noncontrolling interest | (2,350) | (2,379) | (2,342) | (2,561) | (2,540) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | $ | 6,444 | $ | 6,621 | $ | 6,471 | $ | 6,372 | $ | 6,382 | |||||||||||||||||||
| Lab | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interest | $ | 922 | $ | 1,000 | $ | 1,483 | $ | 1,078 | $ | 1,061 | |||||||||||||||||||
| Gain on sales of real estate, net | — | — | (413) | — | — | ||||||||||||||||||||||||
| Depreciation and amortization | 13 | 31 | 37 | 52 | 52 | ||||||||||||||||||||||||
| Other expense (income), net | — | (35) | (103) | (84) | (91) | ||||||||||||||||||||||||
| Dividends attributable to noncontrolling interest | (901) | (930) | (901) | (930) | (901) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | $ | 34 | $ | 66 | $ | 103 | $ | 116 | $ | 121 | |||||||||||||||||||
| Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interest | $ | 3,094 | $ | 3,274 | $ | 14,072 | $ | 3,032 | $ | 3,181 | |||||||||||||||||||
| Gain on sales of real estate, net | — | — | (11,133) | — | — | ||||||||||||||||||||||||
| Depreciation and amortization | 4,683 | 4,626 | 4,654 | 4,541 | 4,422 | ||||||||||||||||||||||||
| Other expense (income), net | 82 | 104 | 216 | 124 | 97 | ||||||||||||||||||||||||
| Dividends attributable to noncontrolling interest | (1,449) | (1,449) | (1,441) | (1,441) | (1,439) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | $ | 6,410 | $ | 6,555 | $ | 6,368 | $ | 6,256 | $ | 6,261 | |||||||||||||||||||
| Corporate Non-segment | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interest | $ | — | $ | — | $ | — | $ | 190 | $ | 200 | |||||||||||||||||||
| Dividends attributable to noncontrolling interest | — | — | — | (190) | (200) | ||||||||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| 28 | ||||
| Reconciliations | ||
| Noncontrolling Interests' Share of Consolidated Joint Venture NOI | ||
| Lab | Outpatient Medical | Corporate Non-segment | Total | ||||||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interest | $ | 3,622 | $ | 20,285 | $ | 390 | $ | 24,297 | |||||||||||||||
| Gain on sales of real estate, net | (413) | (11,133) | — | (11,546) | |||||||||||||||||||
| Depreciation and amortization | 141 | 13,617 | — | 13,758 | |||||||||||||||||||
| Other expense (income), net | (277) | 438 | — | 161 | |||||||||||||||||||
| Dividends attributable to noncontrolling interest | (2,732) | (4,320) | (390) | (7,442) | |||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | $ | 341 | $ | 18,887 | $ | — | $ | 19,228 | |||||||||||||||
| Lab | Outpatient Medical | Corporate Non-segment | Total | ||||||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interest | $ | 2,784 | $ | 8,917 | $ | — | $ | 11,701 | |||||||||||||||
| Gain on sales of real estate, net | — | (12) | — | (12) | |||||||||||||||||||
| Depreciation and amortization | 59 | 14,041 | — | 14,100 | |||||||||||||||||||
| Other expense (income), net | 5 | 247 | — | 252 | |||||||||||||||||||
| Dividends attributable to noncontrolling interest | (2,733) | (4,347) | — | (7,080) | |||||||||||||||||||
| Noncontrolling interests' share of consolidated joint venture NOI | $ | 115 | $ | 18,846 | $ | — | $ | 18,961 | |||||||||||||||
| 29 | ||||
| Reconciliations | ||
REVPOR CCRC(1) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| REVPOR CCRC | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 122,146 | $ | 125,920 | $ | 127,221 | $ | 130,231 | $ | 133,808 | |||||||||||||||||||
Other adjustments to REVPOR CCRC(3) | — | (47) | — | (184) | (206) | ||||||||||||||||||||||||
| REVPOR CCRC revenues | $ | 122,146 | $ | 125,873 | $ | 127,221 | $ | 130,046 | $ | 133,603 | |||||||||||||||||||
| Average occupied units/month | 5,894 | 5,918 | 5,908 | 5,925 | 5,956 | ||||||||||||||||||||||||
REVPOR CCRC per month(4) | $ | 6,908 | $ | 7,090 | $ | 7,179 | $ | 7,317 | $ | 7,477 | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| REVPOR CCRC excluding NREF Amortization | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||
| REVPOR CCRC revenues | $ | 122,146 | $ | 125,873 | $ | 127,221 | $ | 130,046 | $ | 133,603 | |||||||||||||||||||
NREF Amortization(5) | (19,706) | (21,260) | (19,887) | (20,287) | (20,762) | ||||||||||||||||||||||||
| REVPOR CCRC revenues excluding NREF Amortization | $ | 102,440 | $ | 104,612 | $ | 107,334 | $ | 109,759 | $ | 112,841 | |||||||||||||||||||
| Average occupied units/month | 5,894 | 5,918 | 5,908 | 5,925 | 5,956 | ||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,794 | $ | 5,892 | $ | 6,056 | $ | 6,175 | $ | 6,315 | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| SS REVPOR CCRC | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||
SS REVPOR CCRC revenues(6) | $ | 122,143 | $ | 125,873 | $ | 127,084 | $ | 129,999 | $ | 133,603 | |||||||||||||||||||
| SS average occupied units/month | 5,894 | 5,918 | 5,908 | 5,925 | 5,956 | ||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 6,908 | $ | 7,090 | $ | 7,171 | $ | 7,314 | $ | 7,477 | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| SS REVPOR CCRC excluding NREF Amortization | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||
SS REVPOR CCRC revenues(6) | $ | 122,143 | $ | 125,873 | $ | 127,084 | $ | 129,999 | $ | 133,603 | |||||||||||||||||||
NREF Amortization(5) | (19,706) | (21,260) | (19,887) | (20,287) | (20,762) | ||||||||||||||||||||||||
| SS REVPOR CCRC revenues excluding NREF Amortization | $ | 102,436 | $ | 104,612 | $ | 107,197 | $ | 109,712 | $ | 112,841 | |||||||||||||||||||
| SS Average occupied units/month | 5,894 | 5,918 | 5,908 | 5,925 | 5,956 | ||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,794 | $ | 5,892 | $ | 6,049 | $ | 6,173 | $ | 6,315 | |||||||||||||||||||
| 30 | ||||
| Reconciliations | ||
REVPOR(1) | ||
| Three Months Ended | |||||||||||||||||||||||||||||
| REVPOR | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 18,905 | $ | 19,024 | $ | 20,566 | $ | 20,278 | $ | 20,567 | |||||||||||||||||||
Other adjustments to REVPOR(3) | (2,371) | (2,423) | (2,532) | (2,365) | (2,456) | ||||||||||||||||||||||||
| REVPOR revenues | $ | 16,534 | $ | 16,601 | $ | 18,034 | $ | 17,914 | $ | 18,111 | |||||||||||||||||||
| Average occupied units/month | 1,289 | 1,302 | 1,297 | 1,303 | 1,320 | ||||||||||||||||||||||||
REVPOR per month(4) | $ | 4,276 | $ | 4,250 | $ | 4,633 | $ | 4,584 | $ | 4,573 | |||||||||||||||||||
| 31 | ||||
| Reconciliations | ||
| Discontinued Operations Reconciliation | ||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Resident fees and services | $ | — | $ | 1,284 | $ | — | $ | 6,765 | |||||||||||||||
| Total revenues | — | 1,284 | — | 6,765 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Operating | — | 1,334 | — | 6,451 | |||||||||||||||||||
| Total costs and expenses | — | 1,334 | — | 6,451 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Gain (loss) on sales of real estate, net | — | (1,131) | — | 1,361 | |||||||||||||||||||
| Other income (expense), net | — | (7) | — | 12 | |||||||||||||||||||
| Total other income (expense), net | — | (1,138) | — | 1,373 | |||||||||||||||||||
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | — | (1,188) | — | 1,687 | |||||||||||||||||||
| Income tax benefit (expense) | — | (110) | — | 260 | |||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | — | — | — | 64 | |||||||||||||||||||
| Income (loss) from discontinued operations | $ | — | $ | (1,298) | $ | — | $ | 2,011 | |||||||||||||||
| 32 | ||||