(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: February 8, 2024 | ||||||||
Healthpeak Properties, Inc. | ||||||||
By: | /s/ Peter A. Scott | |||||||
Peter A. Scott | ||||||||
Chief Financial Officer |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||
(in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
Net income, diluted | $ | 70,787 | $ | 0.13 | $ | 6,388 | $ | 0.01 | |||||||||||||||
Nareit FFO, diluted | 263,810 | 0.48 | 192,158 | 0.35 | |||||||||||||||||||
FFO as Adjusted, diluted | 252,639 | 0.46 | 238,744 | 0.44 | |||||||||||||||||||
AFFO, diluted | 196,622 | 0.36 | 194,414 | 0.36 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||
(in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
Net income, diluted | $ | 304,284 | $ | 0.56 | $ | 497,792 | $ | 0.92 | |||||||||||||||
Nareit FFO, diluted | 994,574 | 1.79 | 904,573 | 1.66 | |||||||||||||||||||
FFO as Adjusted, diluted | 987,708 | 1.78 | 950,259 | 1.74 | |||||||||||||||||||
AFFO, diluted | 847,358 | 1.53 | 790,296 | 1.45 |
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | |||||||||||||||||
Three Month | Full Year | ||||||||||||||||
SS Growth % | % of SS | SS Growth % | % of SS | ||||||||||||||
Lab | 2.7 | % | 47.1 | % | 3.7 | % | 46.6 | % | |||||||||
Outpatient Medical | 4.3 | % | 41.4 | % | 3.4 | % | 42.0 | % | |||||||||
CCRC | 4.7 | % | 11.5 | % | 15.6 | % | 11.5 | % | |||||||||
Total Portfolio | 3.6 | % | 100.0 | % | 4.8 | % | 100.0 | % |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Real estate: | |||||||||||
Buildings and improvements | $ | 13,329,464 | $ | 12,784,078 | |||||||
Development costs and construction in progress | 643,217 | 760,355 | |||||||||
Land and improvements | 2,647,633 | 2,667,188 | |||||||||
Accumulated depreciation and amortization | (3,591,951) | (3,188,138) | |||||||||
Net real estate | 13,028,363 | 13,023,483 | |||||||||
Loans receivable, net of reserves of $2,830 and $8,280 | 218,450 | 374,832 | |||||||||
Investments in and advances to unconsolidated joint ventures | 782,853 | 706,677 | |||||||||
Accounts receivable, net of allowance of $2,282 and $2,399 | 55,820 | 53,436 | |||||||||
Cash and cash equivalents | 117,635 | 72,032 | |||||||||
Restricted cash | 51,388 | 54,802 | |||||||||
Intangible assets, net | 314,156 | 418,061 | |||||||||
Assets held for sale, net | 117,986 | 49,866 | |||||||||
Right-of-use asset, net | 240,155 | 237,318 | |||||||||
Other assets, net | 772,044 | 780,722 | |||||||||
Total assets | $ | 15,698,850 | $ | 15,771,229 | |||||||
Liabilities and Equity | |||||||||||
Bank line of credit and commercial paper | $ | 720,000 | $ | 995,606 | |||||||
Term loans | 496,824 | 495,957 | |||||||||
Senior unsecured notes | 5,403,378 | 4,659,451 | |||||||||
Mortgage debt | 256,097 | 346,599 | |||||||||
Intangible liabilities, net | 127,380 | 156,193 | |||||||||
Liabilities related to assets held for sale, net | 729 | 4,070 | |||||||||
Lease liability | 206,743 | 208,515 | |||||||||
Accounts payable, accrued liabilities, and other liabilities | 657,196 | 772,485 | |||||||||
Deferred revenue | 905,633 | 844,076 | |||||||||
Total liabilities | 8,773,980 | 8,482,952 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | 48,828 | 105,679 | |||||||||
Common stock, $1.00 par value: 750,000,000 shares authorized; 547,156,311 and 546,641,973 shares issued and outstanding | 547,156 | 546,642 | |||||||||
Additional paid-in capital | 10,405,780 | 10,349,614 | |||||||||
Cumulative dividends in excess of earnings | (4,621,861) | (4,269,689) | |||||||||
Accumulated other comprehensive income (loss) | 19,371 | 28,134 | |||||||||
Total stockholders’ equity | 6,350,446 | 6,654,701 | |||||||||
Joint venture partners | 310,998 | 327,721 | |||||||||
Non-managing member unitholders | 214,598 | 200,176 | |||||||||
Total noncontrolling interests | 525,596 | 527,897 | |||||||||
Total equity | 6,876,042 | 7,182,598 | |||||||||
Total liabilities and equity | $ | 15,698,850 | $ | 15,771,229 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and related revenues | $ | 412,332 | $ | 392,245 | $ | 1,631,805 | $ | 1,541,775 | |||||||||||||||
Resident fees and services | 136,341 | 125,873 | 527,417 | 494,935 | |||||||||||||||||||
Interest income | 4,979 | 6,350 | 21,781 | 23,300 | |||||||||||||||||||
Income from direct financing leases | — | — | — | 1,168 | |||||||||||||||||||
Total revenues | 553,652 | 524,468 | 2,181,003 | 2,061,178 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Interest expense | 52,784 | 49,413 | 200,331 | 172,944 | |||||||||||||||||||
Depreciation and amortization | 188,544 | 179,157 | 749,901 | 710,569 | |||||||||||||||||||
Operating | 224,401 | 220,492 | 902,060 | 862,991 | |||||||||||||||||||
General and administrative | 21,556 | 57,872 | 95,132 | 131,033 | |||||||||||||||||||
Transaction and merger-related costs | 14,417 | 3,217 | 17,515 | 4,853 | |||||||||||||||||||
Impairments and loan loss reserves (recoveries), net | (5,445) | 3,326 | (5,601) | 7,004 | |||||||||||||||||||
Total costs and expenses | 496,257 | 513,477 | 1,959,338 | 1,889,394 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Gain (loss) on sales of real estate, net | — | (969) | 86,463 | 9,078 | |||||||||||||||||||
Other income (expense), net | 2,600 | (587) | 6,808 | 326,268 | |||||||||||||||||||
Total other income (expense), net | 2,600 | (1,556) | 93,271 | 335,346 | |||||||||||||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 59,995 | 9,435 | 314,936 | 507,130 | |||||||||||||||||||
Income tax benefit (expense) | 11,842 | 650 | 9,617 | 4,425 | |||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | 3,558 | (156) | 10,204 | 1,985 | |||||||||||||||||||
Income (loss) from continuing operations | 75,395 | 9,929 | 334,757 | 513,540 | |||||||||||||||||||
Income (loss) from discontinued operations | — | 873 | — | 2,884 | |||||||||||||||||||
Net income (loss) | 75,395 | 10,802 | 334,757 | 516,424 | |||||||||||||||||||
Noncontrolling interests’ share in continuing operations | (4,451) | (4,274) | (28,748) | (15,975) | |||||||||||||||||||
Net income (loss) attributable to Healthpeak Properties, Inc. | 70,944 | 6,528 | 306,009 | 500,449 | |||||||||||||||||||
Participating securities’ share in earnings | (157) | (140) | (1,725) | (2,657) | |||||||||||||||||||
Net income (loss) applicable to common shares | $ | 70,787 | $ | 6,388 | $ | 304,284 | $ | 497,792 | |||||||||||||||
Basic earnings (loss) per common share: | |||||||||||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.01 | $ | 0.56 | $ | 0.92 | |||||||||||||||
Discontinued operations | — | 0.00 | — | 0.00 | |||||||||||||||||||
Net income (loss) applicable to common shares | $ | 0.13 | $ | 0.01 | $ | 0.56 | $ | 0.92 | |||||||||||||||
Diluted earnings (loss) per common share: | |||||||||||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.01 | $ | 0.56 | $ | 0.92 | |||||||||||||||
Discontinued operations | — | 0.00 | — | 0.00 | |||||||||||||||||||
Net income (loss) applicable to common shares | $ | 0.13 | $ | 0.01 | $ | 0.56 | $ | 0.92 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 547,091 | 537,992 | 547,006 | 538,809 | |||||||||||||||||||
Diluted | 547,361 | 538,396 | 547,275 | 539,147 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) applicable to common shares | $ | 70,787 | $ | 6,388 | $ | 304,284 | $ | 497,792 | ||||||||||||||||||
Real estate related depreciation and amortization | 188,544 | 179,157 | 749,901 | 710,569 | ||||||||||||||||||||||
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 6,723 | 8,642 | 24,800 | 27,691 | ||||||||||||||||||||||
Noncontrolling interests’ share of real estate related depreciation and amortization | (4,610) | (4,709) | (18,654) | (19,201) | ||||||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net | — | 986 | (86,463) | (10,422) | ||||||||||||||||||||||
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | 45 | — | 134 | ||||||||||||||||||||||
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net | — | — | 11,546 | 12 | ||||||||||||||||||||||
Loss (gain) upon change of control, net(1) | — | — | (234) | (311,438) | ||||||||||||||||||||||
Taxes associated with real estate dispositions | — | — | — | 29 | ||||||||||||||||||||||
Nareit FFO applicable to common shares | 261,444 | 190,509 | 985,180 | 895,166 | ||||||||||||||||||||||
Distributions on dilutive convertible units and other | 2,366 | 1,649 | 9,394 | 9,407 | ||||||||||||||||||||||
Diluted Nareit FFO applicable to common shares | $ | 263,810 | $ | 192,158 | $ | 994,574 | $ | 904,573 | ||||||||||||||||||
Diluted Nareit FFO per common share | $ | 0.48 | $ | 0.35 | $ | 1.79 | $ | 1.66 | ||||||||||||||||||
Weighted average shares outstanding - diluted Nareit FFO | 554,635 | 543,879 | 554,559 | 546,462 | ||||||||||||||||||||||
Impact of adjustments to Nareit FFO: | ||||||||||||||||||||||||||
Transaction and merger-related items(2) | $ | 10,842 | $ | 3,215 | $ | 13,835 | $ | 4,788 | ||||||||||||||||||
Other impairments (recoveries) and other losses (gains), net(3) | (4,407) | 9,702 | (3,850) | 3,829 | ||||||||||||||||||||||
Restructuring and severance-related charges(4) | — | 32,749 | 1,368 | 32,749 | ||||||||||||||||||||||
Casualty-related charges (recoveries), net(5) | (3,424) | 298 | (4,033) | 4,401 | ||||||||||||||||||||||
Recognition (reversal) of valuation allowance on deferred tax assets(6) | (14,194) | — | (14,194) | — | ||||||||||||||||||||||
Total adjustments | (11,183) | 45,964 | (6,874) | 45,767 | ||||||||||||||||||||||
FFO as Adjusted applicable to common shares | 250,261 | 236,473 | 978,306 | 940,933 | ||||||||||||||||||||||
Distributions on dilutive convertible units and other | 2,378 | 2,271 | 9,402 | 9,326 | ||||||||||||||||||||||
Diluted FFO as Adjusted applicable to common shares | $ | 252,639 | $ | 238,744 | $ | 987,708 | $ | 950,259 | ||||||||||||||||||
Diluted FFO as Adjusted per common share | $ | 0.46 | $ | 0.44 | $ | 1.78 | $ | 1.74 | ||||||||||||||||||
Weighted average shares outstanding - diluted FFO as Adjusted | 554,635 | 545,704 | 554,559 | 546,462 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
FFO as Adjusted applicable to common shares | $ | 250,261 | $ | 236,473 | $ | 978,306 | $ | 940,933 | |||||||||||||||
Stock-based compensation amortization expense | 3,513 | 1,903 | 14,480 | 16,537 | |||||||||||||||||||
Amortization of deferred financing costs | 3,088 | 2,812 | 11,916 | 10,881 | |||||||||||||||||||
Straight-line rents(1) | (1,677) | (12,346) | (14,387) | (49,183) | |||||||||||||||||||
AFFO capital expenditures | (47,332) | (33,407) | (113,596) | (108,510) | |||||||||||||||||||
Deferred income taxes | 117 | (355) | (816) | (4,096) | |||||||||||||||||||
Amortization of above (below) market lease intangibles, net | (5,525) | (5,851) | (25,791) | (23,380) | |||||||||||||||||||
Other AFFO adjustments | (7,486) | 3,536 | (9,335) | 520 | |||||||||||||||||||
AFFO applicable to common shares | 194,959 | 192,765 | 840,777 | 783,702 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 1,663 | 1,649 | 6,581 | 6,594 | |||||||||||||||||||
Diluted AFFO applicable to common shares | $ | 196,622 | $ | 194,414 | $ | 847,358 | $ | 790,296 | |||||||||||||||
Diluted AFFO per common share | $ | 0.36 | $ | 0.36 | $ | 1.53 | $ | 1.45 | |||||||||||||||
Weighted average shares outstanding - diluted AFFO | 552,810 | 543,879 | 552,734 | 544,637 |
Definitions |
2 |
Definitions |
3 |
Definitions |
4 |
Definitions |
5 |
Reconciliations | ||
Funds From Operations |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) applicable to common shares | $ | 70,787 | $ | 6,388 | $ | 304,284 | $ | 497,792 | |||||||||||||||
Real estate related depreciation and amortization | 188,544 | 179,157 | 749,901 | 710,569 | |||||||||||||||||||
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 6,723 | 8,642 | 24,800 | 27,691 | |||||||||||||||||||
Noncontrolling interests’ share of real estate related depreciation and amortization | (4,610) | (4,709) | (18,654) | (19,201) | |||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net | — | 986 | (86,463) | (10,422) | |||||||||||||||||||
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | 45 | — | 134 | |||||||||||||||||||
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net | — | — | 11,546 | 12 | |||||||||||||||||||
Loss (gain) upon change of control, net(1) | — | — | (234) | (311,438) | |||||||||||||||||||
Taxes associated with real estate dispositions | — | — | — | 29 | |||||||||||||||||||
Nareit FFO applicable to common shares | 261,444 | 190,509 | 985,180 | 895,166 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,366 | 1,649 | 9,394 | 9,407 | |||||||||||||||||||
Diluted Nareit FFO applicable to common shares | $ | 263,810 | $ | 192,158 | $ | 994,574 | $ | 904,573 | |||||||||||||||
Weighted average shares outstanding - diluted Nareit FFO | 554,635 | 543,879 | 554,559 | 546,462 | |||||||||||||||||||
Impact of adjustments to Nareit FFO: | |||||||||||||||||||||||
Transaction and merger-related items(2) | $ | 10,842 | $ | 3,215 | $ | 13,835 | $ | 4,788 | |||||||||||||||
Other impairments (recoveries) and other losses (gains), net(3) | (4,407) | 9,702 | (3,850) | 3,829 | |||||||||||||||||||
Restructuring and severance-related charges(4) | — | 32,749 | 1,368 | 32,749 | |||||||||||||||||||
Casualty-related charges (recoveries), net(5) | (3,424) | 298 | (4,033) | 4,401 | |||||||||||||||||||
Recognition (reversal) of valuation allowance on deferred tax assets(6) | (14,194) | — | (14,194) | — | |||||||||||||||||||
Total adjustments | (11,183) | 45,964 | (6,874) | 45,767 | |||||||||||||||||||
FFO as Adjusted applicable to common shares | 250,261 | 236,473 | 978,306 | 940,933 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,378 | 2,271 | 9,402 | 9,326 | |||||||||||||||||||
Diluted FFO as Adjusted applicable to common shares | $ | 252,639 | $ | 238,744 | $ | 987,708 | $ | 950,259 | |||||||||||||||
Weighted average shares outstanding - diluted FFO as Adjusted | 554,635 | 545,704 | 554,559 | 546,462 | |||||||||||||||||||
FFO as Adjusted applicable to common shares | $ | 250,261 | $ | 236,473 | $ | 978,306 | $ | 940,933 | |||||||||||||||
Stock-based compensation amortization expense | 3,513 | 1,903 | 14,480 | 16,537 | |||||||||||||||||||
Amortization of deferred financing costs | 3,088 | 2,812 | 11,916 | 10,881 | |||||||||||||||||||
Straight-line rents(7) | (1,677) | (12,346) | (14,387) | (49,183) | |||||||||||||||||||
AFFO capital expenditures | (47,332) | (33,407) | (113,596) | (108,510) | |||||||||||||||||||
Deferred income taxes | 117 | (355) | (816) | (4,096) | |||||||||||||||||||
Amortization of above (below) market lease intangibles, net | (5,525) | (5,851) | (25,791) | (23,380) | |||||||||||||||||||
Other AFFO adjustments | (7,486) | 3,536 | (9,335) | 520 | |||||||||||||||||||
AFFO applicable to common shares | 194,959 | 192,765 | 840,777 | 783,702 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 1,663 | 1,649 | 6,581 | 6,594 | |||||||||||||||||||
Diluted AFFO applicable to common shares | $ | 196,622 | $ | 194,414 | $ | 847,358 | $ | 790,296 | |||||||||||||||
Weighted average shares outstanding - diluted AFFO | 552,810 | 543,879 | 552,734 | 544,637 |
6 |
Reconciliations | ||
Funds From Operations |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Diluted earnings per common share | $ | 0.13 | $ | 0.01 | $ | 0.56 | $ | 0.92 | |||||||||||||||
Depreciation and amortization | 0.35 | 0.34 | 1.37 | 1.33 | |||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net | — | 0.00 | (0.14) | (0.02) | |||||||||||||||||||
Loss (gain) upon change of control, net(1) | — | — | 0.00 | (0.57) | |||||||||||||||||||
Taxes associated with real estate dispositions | — | — | — | 0.00 | |||||||||||||||||||
Diluted Nareit FFO per common share | $ | 0.48 | $ | 0.35 | $ | 1.79 | $ | 1.66 | |||||||||||||||
Transaction and merger-related items(2) | 0.02 | 0.01 | 0.03 | 0.01 | |||||||||||||||||||
Other impairments (recoveries) and other losses (gains), net(3) | (0.01) | 0.02 | (0.01) | 0.00 | |||||||||||||||||||
Restructuring and severance-related charges(4) | — | 0.06 | 0.01 | 0.06 | |||||||||||||||||||
Casualty-related charges (recoveries), net(5) | (0.01) | 0.00 | (0.01) | 0.01 | |||||||||||||||||||
Recognition (reversal) of valuation allowance on deferred tax assets(6) | (0.02) | — | (0.03) | — | |||||||||||||||||||
Diluted FFO as Adjusted per common share | $ | 0.46 | $ | 0.44 | $ | 1.78 | $ | 1.74 | |||||||||||||||
Stock-based compensation amortization expense | 0.01 | 0.00 | 0.03 | 0.03 | |||||||||||||||||||
Amortization of deferred financing costs | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||||||||
Straight-line rents(7) | 0.00 | (0.02) | (0.03) | (0.09) | |||||||||||||||||||
AFFO capital expenditures | (0.10) | (0.06) | (0.20) | (0.20) | |||||||||||||||||||
Deferred income taxes | 0.00 | 0.00 | 0.00 | (0.01) | |||||||||||||||||||
Amortization of above (below) market lease intangibles, net | (0.01) | (0.02) | (0.05) | (0.04) | |||||||||||||||||||
Other AFFO adjustments | (0.01) | 0.01 | (0.02) | 0.00 | |||||||||||||||||||
Diluted AFFO per common share | $ | 0.36 | $ | 0.36 | $ | 1.53 | $ | 1.45 |
7 |
Reconciliations | ||
2024 Outlook(1)(2) |
Full Year 2024 | |||||||||||
Low | High | ||||||||||
Diluted earnings per common share | $ | 0.07 | $ | 0.13 | |||||||
Real estate related depreciation and amortization | 1.55 | 1.55 | |||||||||
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 0.04 | 0.04 | |||||||||
Noncontrolling interests' share of real estate related depreciation and amortization | (0.02) | (0.02) | |||||||||
Loss (gain) upon change of control, net | (0.12) | (0.12) | |||||||||
Taxes associated with real estate dispositions | 0.02 | 0.02 | |||||||||
Diluted Nareit FFO per common share | $ | 1.54 | $ | 1.60 | |||||||
Transaction-related items | $ | 0.19 | $ | 0.19 | |||||||
Diluted FFO as Adjusted per common share | $ | 1.73 | $ | 1.79 | |||||||
Stock-based compensation amortization expense | $ | 0.03 | $ | 0.03 | |||||||
Amortization of deferred financing costs | 0.05 | 0.05 | |||||||||
Straight-line rents | (0.07) | (0.07) | |||||||||
AFFO capital expenditures | (0.18) | (0.18) | |||||||||
Amortization of above (below) market lease intangibles, net | (0.04) | (0.04) | |||||||||
Other AFFO adjustments | (0.02) | (0.02) | |||||||||
Diluted AFFO per common share | $ | 1.50 | $ | 1.56 |
8 |
Reconciliations | ||
Enterprise Gross Assets |
December 31, 2023 | |||||
Consolidated total assets(1) | $ | 15,698,850 | |||
Investments in and advances to unconsolidated joint ventures | (782,853) | ||||
Accumulated depreciation and amortization of real estate | 3,591,951 | ||||
Accumulated amortization of real estate intangibles | 425,072 | ||||
Accumulated depreciation and amortization of real estate assets held for sale | 5,367 | ||||
Consolidated Gross Assets | $ | 18,938,387 | |||
Healthpeak's share of unconsolidated joint venture gross assets | 1,021,097 | ||||
Enterprise Gross Assets | $ | 19,959,484 | |||
Portfolio Investment |
December 31, 2023 | |||||||||||||||||||||||||||||
Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
Net real estate | $ | 7,274,944 | $ | 4,079,873 | $ | 1,673,546 | $ | — | $ | 13,028,363 | |||||||||||||||||||
Real estate assets held for sale, net | 109,725 | 8,080 | — | — | 117,805 | ||||||||||||||||||||||||
Intangible assets, net | 73,739 | 112,396 | 128,021 | — | 314,156 | ||||||||||||||||||||||||
Accumulated depreciation and amortization of real estate | 1,444,871 | 1,790,816 | 356,264 | — | 3,591,951 | ||||||||||||||||||||||||
Accumulated amortization of real estate intangibles | 66,713 | 149,702 | 208,657 | — | 425,072 | ||||||||||||||||||||||||
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 | 464,051 | 21,950 | — | 471,412 | 957,413 | ||||||||||||||||||||||||
Fully depreciated and amortization real estate and intangibles assets | 553,037 | 700,469 | 20,949 | — | 1,274,455 | ||||||||||||||||||||||||
Leasing commissions and other | 93,333 | 72,325 | — | — | 165,658 | ||||||||||||||||||||||||
Debt investments | — | — | — | 178,547 | 178,547 | ||||||||||||||||||||||||
Land held for development | (703,691) | (4,676) | — | — | (708,367) | ||||||||||||||||||||||||
Real estate intangible liabilities, gross | (190,922) | (136,853) | — | — | (327,775) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture real estate and related intangibles | (5,094) | (383,905) | — | — | (388,999) | ||||||||||||||||||||||||
Portfolio Investment | $ | 9,180,706 | $ | 6,415,544 | $ | 2,387,437 | $ | 649,959 | $ | 18,633,646 |
9 |
Reconciliations | ||
Revenues |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Lab | $ | 207,952 | $ | 205,464 | $ | 223,306 | $ | 226,059 | $ | 223,497 | |||||||||||||||||||
Outpatient Medical | 184,293 | 186,967 | 186,661 | 191,016 | 188,835 | ||||||||||||||||||||||||
CCRC | 125,873 | 127,084 | 130,184 | 133,808 | 136,341 | ||||||||||||||||||||||||
Other | 6,350 | 6,163 | 5,279 | 5,360 | 4,979 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Total revenues | $ | 524,468 | $ | 525,678 | $ | 545,430 | $ | 556,243 | $ | 553,652 | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | 137 | 47 | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Government grant income | $ | — | $ | 137 | $ | 47 | $ | — | $ | — | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | (6,350) | (6,163) | (5,279) | (5,360) | (4,979) | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Less: Interest income | $ | (6,350) | $ | (6,163) | $ | (5,279) | $ | (5,360) | $ | (4,979) | |||||||||||||||||||
Lab | 4,285 | 2,165 | 1,928 | 2,425 | 3,406 | ||||||||||||||||||||||||
Outpatient Medical | 750 | 745 | 754 | 746 | 788 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 18,969 | 20,346 | 20,261 | 20,572 | 21,247 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture real estate revenues | $ | 24,004 | $ | 23,256 | $ | 22,943 | $ | 23,743 | $ | 25,441 | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | 47 | — | — | — | — | ||||||||||||||||||||||||
Other | — | 228 | — | — | 1 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture government grant income | $ | 47 | $ | 228 | $ | — | $ | — | $ | 1 | |||||||||||||||||||
Lab | (94) | (143) | (151) | (154) | (171) | ||||||||||||||||||||||||
Outpatient Medical | (8,986) | (8,963) | (8,665) | (8,735) | (8,710) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture real estate revenues | $ | (9,080) | $ | (9,106) | $ | (8,816) | $ | (8,889) | $ | (8,881) | |||||||||||||||||||
Lab | 212,143 | 207,486 | 225,083 | 228,330 | 226,732 | ||||||||||||||||||||||||
Outpatient Medical | 176,057 | 178,749 | 178,749 | 183,027 | 180,913 | ||||||||||||||||||||||||
CCRC | 125,920 | 127,221 | 130,231 | 133,808 | 136,341 | ||||||||||||||||||||||||
Other | 18,969 | 20,574 | 20,261 | 20,572 | 21,248 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Real Estate Revenues | $ | 533,089 | $ | 534,030 | $ | 554,324 | $ | 565,737 | $ | 565,234 |
10 |
Reconciliations | ||
Revenues |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Lab | (11,786) | (842) | (14,950) | (9,477) | (10,296) | ||||||||||||||||||||||||
Outpatient Medical | (5,631) | (4,470) | (4,685) | (4,223) | (3,612) | ||||||||||||||||||||||||
CCRC | — | — | — | — | (1) | ||||||||||||||||||||||||
Other | 55 | (8) | 17 | (5) | (81) | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | (17,362) | $ | (5,320) | $ | (19,618) | $ | (13,705) | $ | (13,990) | |||||||||||||||||||
Lab | 200,357 | 206,644 | 210,133 | 218,854 | 216,436 | ||||||||||||||||||||||||
Outpatient Medical | 170,426 | 174,279 | 174,064 | 178,804 | 177,301 | ||||||||||||||||||||||||
CCRC | 125,920 | 127,221 | 130,231 | 133,808 | 136,340 | ||||||||||||||||||||||||
Other | 19,024 | 20,566 | 20,278 | 20,567 | 21,167 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues | $ | 515,727 | $ | 528,710 | $ | 534,706 | $ | 552,033 | $ | 551,244 | |||||||||||||||||||
Lab | 11,786 | 842 | 14,950 | 9,477 | 10,296 | ||||||||||||||||||||||||
Outpatient Medical | 5,631 | 4,470 | 4,685 | 4,223 | 3,612 | ||||||||||||||||||||||||
CCRC | — | — | — | — | 1 | ||||||||||||||||||||||||
Other | (55) | 8 | (17) | 5 | 81 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | 17,362 | $ | 5,320 | $ | 19,618 | $ | 13,705 | $ | 13,990 | |||||||||||||||||||
Lab | (34,204) | (30,220) | (44,082) | (50,377) | (54,138) | ||||||||||||||||||||||||
Outpatient Medical | (13,711) | (14,912) | (14,233) | (14,255) | (14,362) | ||||||||||||||||||||||||
CCRC | (47) | (138) | (232) | (205) | (258) | ||||||||||||||||||||||||
Other | (18,969) | (20,574) | (20,261) | (20,572) | (21,248) | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-SS Portfolio Real Estate Revenues | $ | (66,931) | $ | (65,844) | $ | (78,808) | $ | (85,409) | $ | (90,006) | |||||||||||||||||||
Lab | 177,939 | 177,266 | 181,001 | 177,954 | 172,594 | ||||||||||||||||||||||||
Outpatient Medical | 162,346 | 163,837 | 164,516 | 168,772 | 166,551 | ||||||||||||||||||||||||
CCRC | 125,873 | 127,083 | 129,999 | 133,603 | 136,083 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 466,158 | $ | 468,186 | $ | 475,516 | $ | 480,329 | $ | 475,228 | |||||||||||||||||||
Lab | (11,492) | (5,696) | (12,206) | (5,549) | (3,329) | ||||||||||||||||||||||||
Outpatient Medical | (5,346) | (4,268) | (4,356) | (3,953) | (3,397) | ||||||||||||||||||||||||
CCRC | — | 1 | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (16,838) | $ | (9,963) | $ | (16,562) | $ | (9,502) | $ | (6,726) | |||||||||||||||||||
Lab | 166,447 | 171,570 | 168,795 | 172,405 | 169,265 | ||||||||||||||||||||||||
Outpatient Medical | 157,000 | 159,569 | 160,160 | 164,819 | 163,154 | ||||||||||||||||||||||||
CCRC | 125,873 | 127,084 | 129,999 | 133,603 | 136,083 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 449,320 | $ | 458,223 | $ | 458,954 | $ | 470,827 | $ | 468,502 |
11 |
Reconciliations | ||
Operating Expenses |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Lab | $ | 56,346 | $ | 57,566 | $ | 54,832 | $ | 60,268 | $ | 56,964 | |||||||||||||||||||
Outpatient Medical | 64,036 | 64,398 | 65,350 | 67,693 | 65,691 | ||||||||||||||||||||||||
CCRC | 100,110 | 101,124 | 101,655 | 104,773 | 105,920 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | (4,174) | ||||||||||||||||||||||||
Operating expenses | $ | 220,492 | $ | 223,088 | $ | 221,837 | $ | 232,734 | $ | 224,401 | |||||||||||||||||||
Lab | 1,140 | 1,182 | 848 | 958 | 1,104 | ||||||||||||||||||||||||
Outpatient Medical | 265 | 305 | 288 | 301 | 295 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 14,828 | 15,006 | 14,618 | 15,439 | 15,748 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | $ | 16,233 | $ | 16,493 | $ | 15,754 | $ | 16,698 | $ | 17,147 | |||||||||||||||||||
Lab | (28) | (40) | (35) | (33) | (48) | ||||||||||||||||||||||||
Outpatient Medical | (2,431) | (2,595) | (2,409) | (2,474) | (2,443) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | $ | (2,459) | $ | (2,635) | $ | (2,444) | $ | (2,507) | $ | (2,491) | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | (4,174) | ||||||||||||||||||||||||
Non-property level operating expenses | $ | — | $ | — | $ | — | $ | — | $ | (4,174) | |||||||||||||||||||
Lab | 57,458 | 58,708 | 55,645 | 61,193 | 58,020 | ||||||||||||||||||||||||
Outpatient Medical | 61,870 | 62,108 | 63,229 | 65,520 | 63,543 | ||||||||||||||||||||||||
CCRC | 100,110 | 101,124 | 101,655 | 104,773 | 105,920 | ||||||||||||||||||||||||
Other | 14,828 | 15,006 | 14,618 | 15,439 | 15,748 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Operating Expenses | $ | 234,266 | $ | 236,946 | $ | 235,147 | $ | 246,925 | $ | 243,231 | |||||||||||||||||||
Lab | (8) | (10) | (7) | 365 | 612 | ||||||||||||||||||||||||
Outpatient Medical | (692) | (649) | (677) | (676) | (675) | ||||||||||||||||||||||||
CCRC | (2,299) | (50) | 728 | — | 940 | ||||||||||||||||||||||||
Other | 8 | 13 | 27 | 22 | (505) | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Operating Expenses | $ | (2,991) | $ | (696) | $ | 71 | $ | (289) | $ | 372 | |||||||||||||||||||
Lab | 57,450 | 58,698 | 55,638 | 61,558 | 58,632 | ||||||||||||||||||||||||
Outpatient Medical | 61,178 | 61,459 | 62,552 | 64,844 | 62,868 | ||||||||||||||||||||||||
CCRC | 97,811 | 101,074 | 102,383 | 104,773 | 106,860 | ||||||||||||||||||||||||
Other | 14,836 | 15,019 | 14,645 | 15,461 | 15,243 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses | $ | 231,275 | $ | 236,250 | $ | 235,218 | $ | 246,636 | $ | 243,603 |
12 |
Reconciliations | ||
Operating Expenses |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Lab | 8 | 10 | 7 | (365) | (612) | ||||||||||||||||||||||||
Outpatient Medical | 692 | 649 | 677 | 676 | 675 | ||||||||||||||||||||||||
CCRC | 2,299 | 50 | (728) | — | (940) | ||||||||||||||||||||||||
Other | (8) | (13) | (27) | (22) | 505 | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Operating Expenses | $ | 2,991 | $ | 696 | $ | (71) | $ | 289 | $ | (372) | |||||||||||||||||||
Lab | (9,731) | (9,111) | (8,990) | (10,921) | (10,644) | ||||||||||||||||||||||||
Outpatient Medical | (6,924) | (6,253) | (6,933) | (7,099) | (6,858) | ||||||||||||||||||||||||
CCRC | (341) | (447) | (445) | (537) | (504) | ||||||||||||||||||||||||
Other | (14,828) | (15,006) | (14,618) | (15,439) | (15,748) | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-SS Portfolio Operating Expenses | $ | (31,824) | $ | (30,817) | $ | (30,986) | $ | (33,996) | $ | (33,754) | |||||||||||||||||||
Lab | 47,727 | 49,597 | 46,655 | 50,272 | 47,376 | ||||||||||||||||||||||||
Outpatient Medical | 54,946 | 55,855 | 56,296 | 58,421 | 56,685 | ||||||||||||||||||||||||
CCRC | 99,769 | 100,677 | 101,210 | 104,236 | 105,416 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Operating Expenses - SS(1) | $ | 202,442 | $ | 206,129 | $ | 204,161 | $ | 212,929 | $ | 209,477 | |||||||||||||||||||
Lab | (11) | (9) | (6) | (3) | (2) | ||||||||||||||||||||||||
Outpatient Medical | (655) | (615) | (645) | (643) | (638) | ||||||||||||||||||||||||
CCRC | (2,300) | (49) | 728 | — | 940 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio Operating Expenses | $ | (2,966) | $ | (673) | $ | 77 | $ | (646) | $ | 300 | |||||||||||||||||||
Lab | 47,716 | 49,588 | 46,649 | 50,269 | 47,374 | ||||||||||||||||||||||||
Outpatient Medical | 54,291 | 55,240 | 55,651 | 57,778 | 56,047 | ||||||||||||||||||||||||
CCRC | 97,469 | 100,628 | 101,938 | 104,236 | 106,356 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Corporate Non-segment | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses - SS(1) | $ | 199,476 | $ | 205,456 | $ | 204,238 | $ | 212,283 | $ | 209,777 |
13 |
Reconciliations | ||
Revenue | Operating Expenses |
Year Ended December 31, 2023 | Year Ended December 31, 2023 | ||||||||||||||||
Lab | $ | 878,326 | Lab | $ | 229,630 | ||||||||||||
Outpatient Medical | 753,479 | Outpatient Medical | 263,132 | ||||||||||||||
CCRC | 527,417 | CCRC | 413,472 | ||||||||||||||
Other | 21,781 | Other | — | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | (4,174) | ||||||||||||||
Total revenues | $ | 2,181,003 | Operating expenses | $ | 902,060 | ||||||||||||
Lab | — | Lab | 4,092 | ||||||||||||||
Outpatient Medical | — | Outpatient Medical | 1,189 | ||||||||||||||
CCRC | 184 | CCRC | — | ||||||||||||||
Other | — | Other | 60,811 | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Government grant income | $ | 184 | Healthpeak's share of unconsolidated joint venture operating expenses | $ | 66,092 | ||||||||||||
Lab | — | Lab | (156) | ||||||||||||||
Outpatient Medical | — | Outpatient Medical | (9,921) | ||||||||||||||
CCRC | — | CCRC | — | ||||||||||||||
Other | (21,781) | Other | — | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Less: Interest income | $ | (21,781) | Noncontrolling interests' share of consolidated joint venture operating expenses | $ | (10,077) | ||||||||||||
Lab | 9,924 | Lab | — | ||||||||||||||
Outpatient Medical | 3,033 | Outpatient Medical | — | ||||||||||||||
CCRC | — | CCRC | — | ||||||||||||||
Other | 82,426 | Other | — | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | (4,174) | ||||||||||||||
Healthpeak's share of unconsolidated joint venture real estate revenues | $ | 95,383 | Non-property level operating expenses | $ | (4,174) | ||||||||||||
Lab | — | Lab | 233,566 | ||||||||||||||
Outpatient Medical | — | Outpatient Medical | 254,400 | ||||||||||||||
CCRC | — | CCRC | 413,472 | ||||||||||||||
Other | 229 | Other | 60,811 | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Healthpeak's share of unconsolidated joint venture government grant income | $ | 229 | Portfolio Operating Expenses | $ | 962,249 | ||||||||||||
Lab | (619) | Lab | 961 | ||||||||||||||
Outpatient Medical | (35,073) | Outpatient Medical | (2,676) | ||||||||||||||
CCRC | — | CCRC | 1,618 | ||||||||||||||
Other | — | Other | (443) | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Noncontrolling interests' share of consolidated joint venture real estate revenues | $ | (35,692) | Non-cash adjustments to Portfolio Operating Expenses | $ | (540) | ||||||||||||
Lab | 887,631 | Lab | 234,527 | ||||||||||||||
Outpatient Medical | 721,439 | Outpatient Medical | 251,724 | ||||||||||||||
CCRC | 527,601 | CCRC | 415,090 | ||||||||||||||
Other | 82,655 | Other | 60,368 | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Portfolio Real Estate Revenues | $ | 2,219,326 | Portfolio Cash Operating Expenses | $ | 961,709 |
14 |
Reconciliations | ||
Revenue | Operating Expenses |
Year Ended December 31, 2023 | Year Ended December 31, 2023 | ||||||||||||||||
Lab | (35,563) | Lab | (961) | ||||||||||||||
Outpatient Medical | (16,991) | Outpatient Medical | 2,676 | ||||||||||||||
CCRC | — | CCRC | (1,618) | ||||||||||||||
Other | (77) | Other | 443 | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | (52,631) | Non-cash Portfolio Cash Operating Expenses | $ | 540 | ||||||||||||
Lab | 852,068 | Lab | (48,359) | ||||||||||||||
Outpatient Medical | 704,448 | Outpatient Medical | (33,645) | ||||||||||||||
CCRC | 527,601 | CCRC | (1,933) | ||||||||||||||
Other | 82,578 | Other | (60,811) | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Portfolio Cash Real Estate Revenues | $ | 2,166,695 | Non-SS Portfolio Operating Expenses | $ | (144,748) | ||||||||||||
Lab | 35,563 | Lab | 185,207 | ||||||||||||||
Outpatient Medical | 16,991 | Outpatient Medical | 220,755 | ||||||||||||||
CCRC | — | CCRC | 411,539 | ||||||||||||||
Other | 77 | Other | — | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | 52,631 | Portfolio Operating Expenses - SS(1) | $ | 817,501 | ||||||||||||
Lab | (217,316) | Lab | (19) | ||||||||||||||
Outpatient Medical | (73,632) | Outpatient Medical | (2,509) | ||||||||||||||
CCRC | (832) | CCRC | 1,618 | ||||||||||||||
Other | (82,655) | Other | — | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Non-SS Portfolio Real Estate Revenue | $ | (374,435) | Non-cash adjustment to SS Portfolio Operating Expenses | $ | (910) | ||||||||||||
Lab | 670,315 | Lab | 185,188 | ||||||||||||||
Outpatient Medical | 647,807 | Outpatient Medical | 218,246 | ||||||||||||||
CCRC | 526,769 | CCRC | 413,157 | ||||||||||||||
Other | — | Other | — | ||||||||||||||
Corporate Non-segment | — | Corporate Non-segment | — | ||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 1,844,891 | Portfolio Cash Operating Expenses - SS(1) | $ | 816,591 | ||||||||||||
Lab | (23,998) | ||||||||||||||||
Outpatient Medical | (14,193) | ||||||||||||||||
CCRC | — | ||||||||||||||||
Other | — | ||||||||||||||||
Corporate Non-segment | — | ||||||||||||||||
Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (38,191) | |||||||||||||||
Lab | 646,317 | ||||||||||||||||
Outpatient Medical | 633,614 | ||||||||||||||||
CCRC | 526,769 | ||||||||||||||||
Other | — | ||||||||||||||||
Corporate Non-segment | — | ||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 1,806,700 |
15 |
Reconciliations | ||
Net Income to Adjusted EBITDAre |
Three Months Ended December 31, 2023 | Twelve Months Ended December 31, 2023 | ||||||||||
Net income (loss) | $ | 75,395 | $ | 334,757 | |||||||
Interest expense | 52,784 | 200,331 | |||||||||
Income tax expense (benefit) | (11,842) | (9,617) | |||||||||
Depreciation and amortization | 188,544 | 749,901 | |||||||||
Other depreciation and amortization | 1,168 | 6,269 | |||||||||
Loss (gain) on sales of real estate | — | (86,463) | |||||||||
Loss (gain) upon change of control | — | (234) | |||||||||
Share of unconsolidated JV: | |||||||||||
Interest expense | 834 | 1,987 | |||||||||
Income tax expense (benefit) | 150 | 648 | |||||||||
Depreciation and amortization | 6,723 | 24,800 | |||||||||
EBITDAre | $ | 313,756 | $ | 1,222,379 | |||||||
Transaction and merger-related items(1) | 11,202 | 14,300 | |||||||||
Other impairments (recoveries) and other losses (gains)(1) | (5,445) | (4,539) | |||||||||
Restructuring and severance-related charges | — | 1,368 | |||||||||
Casualty-related charges (recoveries)(1) | (3,462) | (4,214) | |||||||||
Stock-based compensation amortization expense | 3,513 | 14,480 | |||||||||
Impact of transactions closed during the period(2) | 52 | (3,927) | |||||||||
Adjusted EBITDAre | $ | 319,616 | $ | 1,239,847 |
Adjusted Fixed Charge Coverage |
Three Months Ended December 31, 2023 | Twelve Months Ended December 31, 2023 | ||||||||||
Interest expense, including unconsolidated JV interest expense at share | 53,618 | 202,318 | |||||||||
Capitalized interest, including unconsolidated JV capitalized interest at share | 14,436 | 58,494 | |||||||||
Fixed Charges | $ | 68,054 | $ | 260,812 | |||||||
Adjusted Fixed Charge Coverage | 4.7x | 4.8x |
16 |
Reconciliations | ||
Enterprise Debt and Net Debt |
December 31, 2023 | |||||
Bank line of credit and commercial paper | $ | 720,000 | |||
Term loans | 496,824 | ||||
Senior unsecured notes | 5,403,378 | ||||
Mortgage debt | 256,097 | ||||
Consolidated Debt | $ | 6,876,299 | |||
Share of unconsolidated JV mortgage debt | 39,906 | ||||
Enterprise Debt | $ | 6,916,205 | |||
Cash and cash equivalents | (117,635) | ||||
Share of unconsolidated JV cash and cash equivalents | (29,243) | ||||
Restricted cash | (51,388) | ||||
Share of unconsolidated JV restricted cash | (8,022) | ||||
Net Debt | $ | 6,709,917 |
Financial Leverage |
December 31, 2023 | |||||
Enterprise Debt | $ | 6,916,205 | |||
Enterprise Gross Assets | 19,959,484 | ||||
Financial Leverage | 34.7% |
Secured Debt Ratio |
December 31, 2023 | |||||
Mortgage debt | $ | 256,097 | |||
Share of unconsolidated JV mortgage debt | 39,906 | ||||
Enterprise Secured Debt | $ | 296,003 | |||
Enterprise Gross Assets | 19,959,484 | ||||
Secured Debt Ratio | 1.5% |
Net Debt to Adjusted EBITDAre |
Three Months Ended December 31, 2023 | Twelve Months Ended December 31, 2023 | ||||||||||
Net Debt | $ | 6,709,917 | $ | 6,709,917 | |||||||
Annualized Adjusted EBITDAre(1) | 1,278,464 | 1,239,847 | |||||||||
Net Debt to Adjusted EBITDAre | 5.2x | 5.4x |
17 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 10,802 | $ | 134,507 | $ | 56,199 | $ | 68,656 | $ | 75,395 | |||||||||||||||||||
(Income) loss from discontinued operations | (873) | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 9,929 | $ | 134,507 | $ | 56,199 | $ | 68,656 | $ | 75,395 | |||||||||||||||||||
Interest income | (6,350) | (6,163) | (5,279) | (5,360) | (4,979) | ||||||||||||||||||||||||
Interest expense | 49,413 | 47,963 | 49,074 | 50,510 | 52,784 | ||||||||||||||||||||||||
Depreciation and amortization | 179,157 | 179,225 | 197,573 | 184,559 | 188,544 | ||||||||||||||||||||||||
General and administrative | 57,872 | 24,547 | 25,936 | 23,093 | 21,556 | ||||||||||||||||||||||||
Transaction and merger-related costs | 3,217 | 2,425 | 637 | 36 | 14,417 | ||||||||||||||||||||||||
Impairments and loan loss reserves, net | 3,326 | (2,213) | 2,607 | (550) | (5,445) | ||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | 969 | (81,578) | (4,885) | — | — | ||||||||||||||||||||||||
Other (income) expense, net | 587 | (772) | (1,955) | (1,481) | (2,600) | ||||||||||||||||||||||||
Government grant income | — | 137 | 47 | — | — | ||||||||||||||||||||||||
Income tax (benefit) expense | (650) | 302 | 1,136 | 787 | (11,842) | ||||||||||||||||||||||||
Equity (income) loss from unconsolidated joint ventures | 156 | (1,816) | (2,729) | (2,101) | (3,558) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 7,818 | 6,991 | 7,189 | 7,045 | 8,295 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (6,621) | (6,471) | (6,372) | (6,382) | (6,390) | ||||||||||||||||||||||||
Non-property level NOI | — | — | — | — | (4,174) | ||||||||||||||||||||||||
Portfolio NOI | $ | 298,823 | $ | 297,084 | $ | 319,178 | $ | 318,812 | $ | 322,003 | |||||||||||||||||||
Adjustments to Portfolio NOI | (14,371) | (4,624) | (19,688) | (13,416) | (14,361) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 284,452 | $ | 292,460 | $ | 299,490 | $ | 305,396 | $ | 307,642 | |||||||||||||||||||
Interest income | 6,350 | 6,163 | 5,279 | 5,360 | 4,979 | ||||||||||||||||||||||||
Portfolio Income | $ | 290,802 | $ | 298,623 | $ | 304,769 | $ | 310,756 | $ | 312,621 | |||||||||||||||||||
Interest income | (6,350) | (6,163) | (5,279) | (5,360) | (4,979) | ||||||||||||||||||||||||
Adjustments to Portfolio NOI | 14,371 | 4,624 | 19,688 | 13,416 | 14,361 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (35,107) | (35,027) | (47,823) | (51,412) | (56,252) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 263,716 | $ | 262,057 | $ | 271,355 | $ | 267,400 | $ | 265,751 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (13,872) | (9,290) | (16,639) | (8,855) | (7,026) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 249,844 | $ | 252,767 | $ | 254,716 | $ | 258,545 | $ | 258,725 |
18 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Lab | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 75,575 | $ | 133,258 | $ | 76,551 | $ | 88,337 | $ | 86,913 | |||||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 75,575 | $ | 133,258 | $ | 76,551 | $ | 88,337 | $ | 86,913 | |||||||||||||||||||
Depreciation and amortization | 74,697 | 75,582 | 93,235 | 78,646 | 80,886 | ||||||||||||||||||||||||
Transaction and merger-related costs | 20 | 158 | — | 51 | 124 | ||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | 112 | (60,498) | — | — | — | ||||||||||||||||||||||||
Other (income) expense, net | (7) | (4) | 2 | 1 | (6) | ||||||||||||||||||||||||
Equity (income) loss from unconsolidated joint ventures | 1,209 | (598) | (1,314) | (1,244) | (1,384) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 3,145 | 983 | 1,080 | 1,467 | 2,302 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (66) | (103) | (116) | (121) | (123) | ||||||||||||||||||||||||
Portfolio NOI | $ | 154,685 | $ | 148,778 | $ | 169,438 | $ | 167,137 | $ | 168,712 | |||||||||||||||||||
Adjustments to Portfolio NOI | (11,778) | (832) | (14,943) | (9,842) | (10,907) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 142,907 | $ | 147,946 | $ | 154,495 | $ | 157,295 | $ | 157,805 | |||||||||||||||||||
Adjustments to Portfolio NOI | 11,778 | 832 | 14,943 | 9,842 | 10,907 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (24,473) | (21,109) | (35,092) | (39,455) | (43,494) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 130,212 | $ | 127,669 | $ | 134,346 | $ | 127,682 | $ | 125,218 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (11,481) | (5,687) | (12,200) | (5,546) | (3,327) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 118,731 | $ | 121,982 | $ | 122,146 | $ | 122,136 | $ | 121,891 |
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 45,571 | $ | 71,064 | $ | 48,068 | $ | 48,906 | $ | 48,580 | |||||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 45,571 | $ | 71,064 | $ | 48,068 | $ | 48,906 | $ | 48,580 | |||||||||||||||||||
Interest expense | 1,970 | 1,920 | 1,924 | 1,947 | 1,979 | ||||||||||||||||||||||||
Depreciation and amortization | 71,983 | 71,158 | 71,722 | 72,736 | 74,067 | ||||||||||||||||||||||||
Transaction and merger-related costs | 1,087 | 132 | 16 | 23 | 949 | ||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | 235 | (21,312) | — | — | — | ||||||||||||||||||||||||
Other (income) expense, net | (354) | (204) | (235) | (78) | (2,180) | ||||||||||||||||||||||||
Equity (income) loss from unconsolidated joint ventures | (235) | (189) | (184) | (211) | (251) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 485 | 440 | 466 | 445 | 493 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (6,555) | (6,368) | (6,256) | (6,261) | (6,267) | ||||||||||||||||||||||||
Portfolio NOI | $ | 114,187 | $ | 116,641 | $ | 115,521 | $ | 117,507 | $ | 117,370 | |||||||||||||||||||
Adjustment to Portfolio NOI | (4,939) | (3,821) | (4,008) | (3,547) | (2,938) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 109,248 | $ | 112,820 | $ | 111,513 | $ | 113,960 | $ | 114,432 | |||||||||||||||||||
Adjustment to Portfolio NOI | 4,939 | 3,821 | 4,008 | 3,547 | 2,938 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (6,787) | (8,659) | (7,301) | (7,156) | (7,504) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 107,400 | $ | 107,982 | $ | 108,220 | $ | 110,351 | $ | 109,866 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (4,691) | (3,653) | (3,711) | (3,309) | (2,759) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 102,709 | $ | 104,329 | $ | 104,509 | $ | 107,042 | $ | 107,107 |
19 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
CCRC | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | (10,097) | $ | (9,227) | $ | (5,514) | $ | (5,633) | $ | (6,213) | |||||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (10,097) | $ | (9,227) | $ | (5,514) | $ | (5,633) | $ | (6,213) | |||||||||||||||||||
Interest expense | 1,881 | 1,816 | 1,823 | 1,830 | 1,541 | ||||||||||||||||||||||||
Depreciation and amortization | 32,477 | 32,485 | 32,616 | 33,177 | 33,591 | ||||||||||||||||||||||||
Transaction and merger-related costs | 67 | 219 | 278 | (85) | 1,469 | ||||||||||||||||||||||||
Other (income) expense, net | 1,435 | 667 | (674) | (254) | 33 | ||||||||||||||||||||||||
Government grant income | — | 137 | 47 | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 47 | — | — | — | — | ||||||||||||||||||||||||
Portfolio NOI | $ | 25,810 | $ | 26,097 | $ | 28,576 | $ | 29,035 | $ | 30,421 | |||||||||||||||||||
Adjustments to Portfolio NOI | 2,299 | 50 | (728) | — | (940) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 28,109 | $ | 26,147 | $ | 27,848 | $ | 29,035 | $ | 29,481 | |||||||||||||||||||
Adjustments to Portfolio NOI | (2,299) | (50) | 728 | — | 940 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | 294 | 309 | 213 | 332 | 246 | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 26,104 | $ | 26,406 | $ | 28,789 | $ | 29,367 | $ | 30,667 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | 2,300 | 50 | (728) | — | (940) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 28,404 | $ | 26,456 | $ | 28,061 | $ | 29,367 | $ | 29,727 |
Other | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 3,221 | $ | 9,173 | $ | 8,769 | $ | 6,503 | $ | 12,338 | |||||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 3,221 | $ | 9,173 | $ | 8,769 | $ | 6,503 | $ | 12,338 | |||||||||||||||||||
Interest income | (6,350) | (6,163) | (5,279) | (5,360) | (4,979) | ||||||||||||||||||||||||
Impairments and loan loss reserves, net | 3,326 | (2,213) | 2,607 | (550) | (5,445) | ||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | 622 | 232 | (4,885) | — | — | ||||||||||||||||||||||||
Other (income) expense, net | (1) | — | 19 | 53 | 9 | ||||||||||||||||||||||||
Equity (income) loss from unconsolidated joint ventures | (818) | (1,029) | (1,231) | (646) | (1,923) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 4,141 | 5,568 | 5,643 | 5,133 | 5,500 | ||||||||||||||||||||||||
Portfolio NOI | $ | 4,141 | $ | 5,568 | $ | 5,643 | $ | 5,133 | $ | 5,500 | |||||||||||||||||||
Adjustment to Portfolio NOI | 47 | (21) | (9) | (27) | 424 | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 4,188 | $ | 5,547 | $ | 5,634 | $ | 5,106 | $ | 5,924 | |||||||||||||||||||
Interest income | 6,350 | 6,163 | 5,279 | 5,360 | 4,979 | ||||||||||||||||||||||||
Portfolio Income | $ | 10,538 | $ | 11,710 | $ | 10,913 | $ | 10,466 | $ | 10,903 | |||||||||||||||||||
Interest income | (6,350) | (6,163) | (5,279) | (5,360) | (4,979) | ||||||||||||||||||||||||
Adjustment to Portfolio NOI | (47) | 21 | 9 | 27 | (424) | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (4,141) | (5,568) | (5,643) | (5,133) | (5,500) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
20 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Corporate Non-Segment | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | (103,468) | $ | (69,761) | $ | (71,675) | $ | (69,457) | $ | (66,223) | |||||||||||||||||||
(Income) loss from discontinued operations | (873) | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (104,341) | $ | (69,761) | $ | (71,675) | $ | (69,457) | $ | (66,223) | |||||||||||||||||||
Interest expense | 45,562 | 44,227 | 45,327 | 46,733 | 49,264 | ||||||||||||||||||||||||
General and administrative | 57,872 | 24,547 | 25,936 | 23,093 | 21,556 | ||||||||||||||||||||||||
Transaction and merger-related costs | 2,043 | 1,916 | 343 | 47 | 11,875 | ||||||||||||||||||||||||
Other (income) expense, net | (486) | (1,231) | (1,067) | (1,203) | (456) | ||||||||||||||||||||||||
Income tax (benefit) expense | (650) | 302 | 1,136 | 787 | (11,842) | ||||||||||||||||||||||||
Non-property level NOI | $ | — | $ | — | $ | — | $ | — | $ | (4,174) | |||||||||||||||||||
Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
21 |
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) | $ | 385,059 | $ | 216,618 | $ | (26,587) | $ | 36,783 | $ | (277,116) | $ | 334,757 | ||||||||||||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 385,059 | $ | 216,618 | $ | (26,587) | $ | 36,783 | $ | (277,116) | $ | 334,757 | ||||||||||||||||||||||||||
Interest income | — | — | — | (21,781) | — | (21,781) | ||||||||||||||||||||||||||||||||
Interest expense | — | 7,770 | 7,010 | — | 185,551 | 200,331 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 328,349 | 289,683 | 131,869 | — | — | 749,901 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 95,132 | 95,132 | ||||||||||||||||||||||||||||||||
Transaction and merger-related costs | 333 | 1,120 | 1,881 | — | 14,181 | 17,515 | ||||||||||||||||||||||||||||||||
Impairments and loan loss reserves, net | — | — | — | (5,601) | — | (5,601) | ||||||||||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | (60,498) | (21,312) | — | (4,653) | — | (86,463) | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (7) | (2,697) | (228) | 81 | (3,957) | (6,808) | ||||||||||||||||||||||||||||||||
Government grant income | — | — | 184 | — | — | 184 | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | — | — | — | — | (9,617) | (9,617) | ||||||||||||||||||||||||||||||||
Equity (income) loss from unconsolidated joint ventures | (4,540) | (835) | — | (4,829) | — | (10,204) | ||||||||||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 5,832 | 1,844 | — | 21,844 | — | 29,520 | ||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (463) | (25,152) | — | — | — | (25,615) | ||||||||||||||||||||||||||||||||
Non-property level NOI | — | — | — | — | (4,174) | (4,174) | ||||||||||||||||||||||||||||||||
Portfolio NOI | $ | 654,065 | $ | 467,039 | $ | 114,129 | $ | 21,844 | $ | — | $ | 1,257,077 | ||||||||||||||||||||||||||
Adjustments to NOI | (36,524) | (14,314) | (1,618) | 366 | — | (52,090) | ||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 617,541 | $ | 452,725 | $ | 112,511 | $ | 22,210 | $ | — | $ | 1,204,987 | ||||||||||||||||||||||||||
Interest Income | — | — | — | 21,781 | — | 21,781 | ||||||||||||||||||||||||||||||||
Portfolio Income | $ | 617,541 | $ | 452,725 | $ | 112,511 | $ | 43,991 | $ | — | $ | 1,226,768 | ||||||||||||||||||||||||||
Interest income | — | — | — | (21,781) | — | (21,781) | ||||||||||||||||||||||||||||||||
Adjustments to NOI | 36,524 | 14,314 | 1,618 | (366) | — | 52,090 | ||||||||||||||||||||||||||||||||
Non-SS Portfolio NOI | (168,957) | (39,987) | 1,101 | (21,844) | — | (229,687) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 485,108 | $ | 427,052 | $ | 115,230 | $ | — | $ | — | $ | 1,027,390 | ||||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (23,979) | (11,685) | (1,618) | — | — | (37,282) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 461,129 | $ | 415,367 | $ | 113,612 | $ | — | $ | — | $ | 990,108 |
22 |
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) | $ | 620,105 | $ | 208,580 | $ | (43,053) | $ | 12,524 | $ | (281,732) | $ | 516,424 | ||||||||||||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | (2,884) | (2,884) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 620,105 | $ | 208,580 | $ | (43,053) | $ | 12,524 | $ | (284,616) | $ | 513,540 | ||||||||||||||||||||||||||
Interest income | — | — | — | (23,300) | — | (23,300) | ||||||||||||||||||||||||||||||||
Interest expense | — | 6,900 | 7,509 | — | 158,535 | 172,944 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 302,649 | 279,546 | 128,374 | — | — | 710,569 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 131,033 | 131,033 | ||||||||||||||||||||||||||||||||
Transaction and merger-related costs | 387 | 1,255 | 725 | — | 2,486 | 4,853 | ||||||||||||||||||||||||||||||||
Impairments and loan loss reserves, net | — | — | — | 7,004 | — | 7,004 | ||||||||||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | (3,744) | (10,659) | — | 5,325 | — | (9,078) | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (311,939) | (12,709) | 1,380 | 13 | (3,013) | (326,268) | ||||||||||||||||||||||||||||||||
Government grant income | — | — | 6,765 | — | — | 6,765 | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | — | — | — | — | (4,425) | (4,425) | ||||||||||||||||||||||||||||||||
Equity (income) loss from unconsolidated joint ventures | 972 | (852) | (539) | (1,566) | — | (1,985) | ||||||||||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 7,038 | 1,821 | 380 | 16,751 | — | 25,990 | ||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (181) | (25,400) | — | — | — | (25,581) | ||||||||||||||||||||||||||||||||
Portfolio NOI | $ | 615,287 | $ | 448,482 | $ | 101,541 | $ | 16,751 | $ | — | $ | 1,182,061 | ||||||||||||||||||||||||||
Adjustments to NOI | (62,754) | (15,513) | 2,300 | 169 | — | (75,798) | ||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 552,533 | $ | 432,969 | $ | 103,841 | $ | 16,920 | $ | — | $ | 1,106,263 | ||||||||||||||||||||||||||
Interest Income | — | — | — | 23,300 | — | 23,300 | ||||||||||||||||||||||||||||||||
Portfolio Income | $ | 552,533 | $ | 432,969 | $ | 103,841 | $ | 40,220 | $ | — | $ | 1,129,563 | ||||||||||||||||||||||||||
Interest income | — | — | — | (23,300) | — | (23,300) | ||||||||||||||||||||||||||||||||
Adjustments to NOI | 62,754 | 15,513 | (2,300) | (169) | — | 75,798 | ||||||||||||||||||||||||||||||||
Non-SS Portfolio NOI | (125,260) | (32,899) | (5,521) | (16,751) | — | (180,431) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 490,027 | $ | 415,583 | $ | 96,020 | $ | — | $ | — | $ | 1,001,630 | ||||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (45,496) | (13,763) | 2,300 | — | — | (56,959) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 444,531 | $ | 401,820 | $ | 98,320 | $ | — | $ | — | $ | 944,671 |
23 |
Reconciliations | ||
Healthpeak's Share of Unconsolidated Joint Venture NOI |
Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | (156) | $ | 1,816 | $ | 2,729 | $ | 2,101 | $ | 3,558 | |||||||||||||||||||
Depreciation and amortization | 8,642 | 5,993 | 5,893 | 6,190 | 6,724 | ||||||||||||||||||||||||
General and administrative | 167 | 444 | 249 | 267 | 199 | ||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | 45 | — | — | — | — | ||||||||||||||||||||||||
Other (income) expense, net | (861) | (1,478) | (1,917) | (1,558) | (2,389) | ||||||||||||||||||||||||
Income tax (benefit) expense | (19) | 216 | 235 | 45 | 203 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 7,818 | $ | 6,991 | $ | 7,189 | $ | 7,045 | $ | 8,295 |
Lab | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | (1,209) | $ | 598 | $ | 1,314 | $ | 1,244 | $ | 1,384 | |||||||||||||||||||
Depreciation and amortization | 5,037 | 1,521 | 1,415 | 1,568 | 1,992 | ||||||||||||||||||||||||
General and administrative | 160 | 345 | 209 | 220 | 134 | ||||||||||||||||||||||||
Income tax (benefit) expense | (843) | (1,481) | (1,858) | (1,565) | (1,208) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 3,145 | $ | 983 | $ | 1,080 | $ | 1,467 | $ | 2,302 |
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 235 | $ | 189 | $ | 184 | $ | 211 | $ | 251 | |||||||||||||||||||
Depreciation and amortization | 240 | 238 | 256 | 218 | 241 | ||||||||||||||||||||||||
General and administrative | 3 | 7 | 21 | 15 | (3) | ||||||||||||||||||||||||
Income tax expense (benefit) | 7 | 6 | 5 | 1 | 4 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 485 | $ | 440 | $ | 466 | $ | 445 | $ | 493 |
CCRC | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
(Gain) loss on sales of real estate, net | 45 | — | — | — | — | ||||||||||||||||||||||||
Other (income) expense, net | 2 | — | — | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 47 | $ | — | $ | — | $ | — | $ | — |
Other | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 818 | $ | 1,029 | $ | 1,231 | $ | 646 | $ | 1,923 | |||||||||||||||||||
Depreciation and amortization | 3,365 | 4,234 | 4,222 | 4,404 | 4,491 | ||||||||||||||||||||||||
General and administrative | 4 | 92 | 19 | 32 | 68 | ||||||||||||||||||||||||
Other (income) expense, net | (20) | 3 | (59) | 7 | (1,181) | ||||||||||||||||||||||||
Income tax (benefit) expense | (26) | 210 | 230 | 44 | 199 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 4,141 | $ | 5,568 | $ | 5,643 | $ | 5,133 | $ | 5,500 |
24 |
Reconciliations | ||
Healthpeak's Share of Unconsolidated Joint Venture NOI |
Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 4,540 | $ | 835 | $ | — | $ | 4,829 | $ | 10,204 | |||||||||||||||||||
Depreciation and amortization | 6,496 | 953 | — | 17,351 | 24,800 | ||||||||||||||||||||||||
General and administrative | 908 | 40 | — | 211 | 1,159 | ||||||||||||||||||||||||
Other (income) expense, net | (6,112) | — | — | (1,230) | (7,342) | ||||||||||||||||||||||||
Income tax (benefit) expense | — | 16 | — | 683 | 699 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 5,832 | $ | 1,844 | $ | — | $ | 21,844 | $ | 29,520 |
Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | (972) | $ | 852 | $ | 539 | $ | 1,566 | $ | 1,985 | |||||||||||||||||||
Depreciation and amortization | 10,282 | 911 | — | 16,498 | 27,691 | ||||||||||||||||||||||||
General and administrative | 282 | 33 | — | 129 | 444 | ||||||||||||||||||||||||
(Gain) loss on sales of real estate, net | — | (2) | 226 | — | 224 | ||||||||||||||||||||||||
Other (income) expense, net | (2,554) | — | (385) | (1,649) | (4,588) | ||||||||||||||||||||||||
Income tax (benefit) expense | — | 27 | — | 207 | 234 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 7,038 | $ | 1,821 | $ | 380 | $ | 16,751 | $ | 25,990 |
25 |
Reconciliations | ||
Noncontrolling Interests' Share of Consolidated Joint Venture NOI |
Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 4,274 | $ | 15,555 | $ | 4,300 | $ | 4,442 | $ | 4,451 | |||||||||||||||||||
(Gain) loss on sales of real estate, net | — | (11,546) | — | — | — | ||||||||||||||||||||||||
Depreciation and amortization | 4,657 | 4,691 | 4,593 | 4,474 | 4,502 | ||||||||||||||||||||||||
Other (income) expense, net | 69 | 113 | 40 | 6 | 23 | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (2,379) | (2,342) | (2,561) | (2,540) | (2,586) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 6,621 | $ | 6,471 | $ | 6,372 | $ | 6,382 | $ | 6,390 |
Lab | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 1,000 | $ | 1,483 | $ | 1,078 | $ | 1,061 | $ | 1,093 | |||||||||||||||||||
(Gain) loss on sales of real estate, net | — | (413) | — | — | — | ||||||||||||||||||||||||
Depreciation and amortization | 31 | 37 | 52 | 52 | 50 | ||||||||||||||||||||||||
Other (income) expense, net | (35) | (103) | (84) | (91) | (94) | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (930) | (901) | (930) | (901) | (926) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 66 | $ | 103 | $ | 116 | $ | 121 | $ | 123 |
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 3,274 | $ | 14,072 | $ | 3,032 | $ | 3,181 | $ | 3,162 | |||||||||||||||||||
(Gain) loss on sales of real estate, net | — | (11,133) | — | — | — | ||||||||||||||||||||||||
Depreciation and amortization | 4,626 | 4,654 | 4,541 | 4,422 | 4,452 | ||||||||||||||||||||||||
Other (income) expense, net | 104 | 216 | 124 | 97 | 117 | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (1,449) | (1,441) | (1,441) | (1,439) | (1,464) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 6,555 | $ | 6,368 | $ | 6,256 | $ | 6,261 | $ | 6,267 |
Corporate Non-segment | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | — | $ | — | $ | 190 | $ | 200 | $ | 196 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | — | — | (190) | (200) | (196) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
26 |
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 | $ | 4,715 | $ | 23,447 | $ | 586 | $ | 28,748 | |||||||||||||||
(Gain) loss on sales of real estate, net | (413) | (11,133) | — | (11,546) | |||||||||||||||||||
Depreciation and amortization | 192 | 18,069 | — | 18,261 | |||||||||||||||||||
Other (income) expense, net | (372) | 554 | — | 182 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | (3,659) | (5,785) | (586) | (10,030) | |||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 463 | $ | 25,152 | $ | — | $ | 25,615 |
Lab | Outpatient Medical | Corporate Non-segment | Total | ||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 3,784 | $ | 12,191 | $ | — | $ | 15,975 | |||||||||||||||
(Gain) loss on sales of real estate, net | — | (12) | — | (12) | |||||||||||||||||||
Depreciation and amortization | 89 | 18,667 | — | 18,756 | |||||||||||||||||||
Other (income) expense, net | (28) | 350 | — | 322 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | (3,664) | (5,796) | — | (9,460) | |||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 181 | $ | 25,400 | $ | — | $ | 25,581 |
27 |
Reconciliations | ||
REVPOR CCRC(1) |
Three Months Ended | |||||||||||||||||||||||||||||
REVPOR CCRC | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 125,920 | $ | 127,221 | $ | 130,231 | $ | 133,808 | $ | 136,340 | |||||||||||||||||||
Other adjustments to REVPOR CCRC(3) | (47) | — | (184) | (206) | — | ||||||||||||||||||||||||
REVPOR CCRC revenues | $ | 125,873 | $ | 127,221 | $ | 130,046 | $ | 133,603 | $ | 136,340 | |||||||||||||||||||
Average occupied units/month | 5,918 | 5,908 | 5,925 | 5,956 | 6,031 | ||||||||||||||||||||||||
REVPOR CCRC per month(4) | $ | 7,090 | $ | 7,179 | $ | 7,317 | $ | 7,477 | $ | 7,536 |
Three Months Ended | |||||||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||
REVPOR CCRC revenues | $ | 125,873 | $ | 127,221 | $ | 130,046 | $ | 133,603 | $ | 136,340 | |||||||||||||||||||
NREF Amortization(5) | (21,260) | (19,887) | (20,287) | (20,762) | (22,105) | ||||||||||||||||||||||||
REVPOR CCRC revenues excluding NREF Amortization | $ | 104,612 | $ | 107,334 | $ | 109,759 | $ | 112,841 | $ | 114,235 | |||||||||||||||||||
Average occupied units/month | 5,918 | 5,908 | 5,925 | 5,956 | 6,031 | ||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,892 | $ | 6,056 | $ | 6,175 | $ | 6,315 | $ | 6,314 |
Three Months Ended | |||||||||||||||||||||||||||||
SS REVPOR CCRC | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||
SS REVPOR CCRC revenues(6) | $ | 125,873 | $ | 127,084 | $ | 129,999 | $ | 133,603 | $ | 136,083 | |||||||||||||||||||
SS average occupied units/month | 5,918 | 5,908 | 5,925 | 5,956 | 6,020 | ||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 7,090 | $ | 7,171 | $ | 7,314 | $ | 7,477 | $ | 7,535 |
Three Months Ended | |||||||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||
SS REVPOR CCRC revenues(6) | $ | 125,873 | $ | 127,084 | $ | 129,999 | $ | 133,603 | $ | 136,083 | |||||||||||||||||||
NREF Amortization(5) | (21,260) | (19,887) | (20,287) | (20,762) | (22,024) | ||||||||||||||||||||||||
SS REVPOR CCRC revenues excluding NREF Amortization | $ | 104,612 | $ | 107,197 | $ | 109,712 | $ | 112,841 | $ | 114,059 | |||||||||||||||||||
SS Average occupied units/month | 5,918 | 5,908 | 5,925 | 5,956 | 6,020 | ||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,892 | $ | 6,049 | $ | 6,173 | $ | 6,315 | $ | 6,315 |
28 |
Reconciliations | ||
REVPOR(1) |
Three Months Ended | |||||||||||||||||||||||||||||
REVPOR Other | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 19,024 | $ | 20,566 | $ | 20,278 | $ | 20,567 | $ | 21,167 | |||||||||||||||||||
Other adjustments to REVPOR(3) | (2,423) | (2,532) | (2,365) | (2,456) | — | ||||||||||||||||||||||||
REVPOR revenues | $ | 16,601 | $ | 18,034 | $ | 17,914 | $ | 18,111 | $ | 21,167 | |||||||||||||||||||
Average occupied units/month | 1,302 | 1,297 | 1,303 | 1,320 | 1,410 | ||||||||||||||||||||||||
REVPOR per month(4) | $ | 4,250 | $ | 4,633 | $ | 4,584 | $ | 4,573 | $ | 5,005 |
29 |
Reconciliations | ||
Discontinued Operations Reconciliation |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Resident fees and services | $ | — | $ | 725 | $ | — | $ | 7,489 | |||||||||||||||
Total revenues | — | 725 | — | 7,489 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Operating | — | — | — | 6,452 | |||||||||||||||||||
Total costs and expenses | — | — | — | 6,452 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Gain (loss) on sales of real estate, net | — | (17) | — | 1,344 | |||||||||||||||||||
Other income (expense), net | — | 154 | — | 169 | |||||||||||||||||||
Total other income (expense), net | — | 137 | — | 1,513 | |||||||||||||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | — | 862 | — | 2,550 | |||||||||||||||||||
Income tax benefit (expense) | — | 11 | — | 270 | |||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | — | — | — | 64 | |||||||||||||||||||
Income (loss) from discontinued operations | $ | — | $ | 873 | $ | — | $ | 2,884 |
30 |
31 |
32 |
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