Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Information for the Reportable Segments

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

For the three months ended September 30, 2024:


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	317,659	$	225,592	$	142,845	$	686,096


Healthpeak’s share of unconsolidated joint venture total revenues	7,065		5,242		—		12,307

Noncontrolling interests’ share of consolidated joint venture total revenues	(9,734)		—		—		(9,734)
Operating expenses	(106,484)		(64,075)		(109,720)		(280,279)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,832)		(1,811)		—		(4,643)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,851		—		—		2,851

Adjustments to NOI(1)	(11,020)		(16,900)		95		(27,825)
Adjusted NOI for reportable segments	$	197,505	$	148,048	$	33,220	$	378,773
Plus: Adjustments to NOI(1)							27,825
Interest income and other							14,301
Interest expense							(74,105)
Depreciation and amortization							(280,019)
General and administrative							(23,216)
Transaction and merger-related costs							(7,134)
Impairments and loan loss reserves, net							(441)
Gain (loss) on sales of real estate, net							62,325

Other income (expense), net							982

Less: Healthpeak’s share of unconsolidated joint venture NOI							(7,664)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI							6,883
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	98,510

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(1)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.

For the three months ended September 30, 2023:


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	191,016	$	226,059	$	133,808	$	550,883


Healthpeak’s share of unconsolidated joint venture total revenues	746		2,425		—		3,171

Noncontrolling interests’ share of consolidated joint venture total revenues	(8,735)		(154)		—		(8,889)
Operating expenses	(67,693)		(60,268)		(104,773)		(232,734)
Healthpeak’s share of unconsolidated joint venture operating expenses	(301)		(958)		—		(1,259)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,474		33		—		2,507

Adjustments to NOI(1)	(3,547)		(9,842)		—		(13,389)
Adjusted NOI for reportable segments	$	113,960	$	157,295	$	29,035	$	300,290
Plus: Adjustments to NOI(1)							13,389
Interest income and other							5,360
Interest expense							(50,510)
Depreciation and amortization							(184,559)
General and administrative							(23,093)
Transaction and merger-related costs							(36)
Impairments and loan loss reserves, net							550


Other income (expense), net							1,481

Less: Healthpeak’s share of unconsolidated joint venture NOI							(1,912)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI							6,382
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	67,342

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For the nine months ended September 30, 2024:


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	888,446	$	663,619	$	422,512	$	1,974,577

Healthpeak’s share of unconsolidated joint venture total revenues	16,707		14,404		—		31,111
Noncontrolling interests’ share of consolidated joint venture total revenues	(27,952)		(196)		—		(28,148)
Operating expenses	(299,455)		(177,571)		(320,809)		(797,835)
Healthpeak’s share of unconsolidated joint venture operating expenses	(6,380)		(4,663)		—		(11,043)
Noncontrolling interests’ share of consolidated joint venture operating expenses	7,889		52		—		7,941

Adjustments to NOI(1)	(27,573)		(51,624)		(1,645)		(80,842)
Adjusted NOI for reportable segments	$	551,682	$	444,021	$	100,058	$	1,095,761
Plus: Adjustments to NOI(1)							80,842
Interest income and other							27,884
Interest expense							(209,922)
Depreciation and amortization							(782,736)
General and administrative							(73,233)
Transaction and merger-related costs							(122,113)
Impairments and loan loss reserves, net							(11,346)
Gain (loss) on sales of real estate, net							187,624

Other income (expense), net							83,502

Less: Healthpeak’s share of unconsolidated joint venture NOI							(20,068)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI							20,207
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	276,402

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For the nine months ended September 30, 2023:


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	564,644	$	654,829	$	391,076	$	1,610,549
Government grant income(1)	—		—		184		184

Healthpeak’s share of unconsolidated joint venture total revenues	2,245		6,519		—		8,764

Noncontrolling interests’ share of consolidated joint venture total revenues	(26,364)		(449)		—		(26,813)
Operating expenses	(197,442)		(172,666)		(307,551)		(677,659)
Healthpeak’s share of unconsolidated joint venture operating expenses	(895)		(2,987)		—		(3,882)
Noncontrolling interests’ share of consolidated joint venture operating expenses	7,477		108		—		7,585

Adjustments to NOI(2)	(11,373)		(25,618)		(679)		(37,670)
Adjusted NOI for reportable segments	$	338,292	$	459,736	$	83,030	$	881,058
Plus: Adjustments to NOI(2)							37,670
Interest income and other							16,802
Interest expense							(147,547)
Depreciation and amortization							(561,357)
General and administrative							(73,576)
Transaction and merger-related costs							(3,098)
Impairments and loan loss reserves, net							156
Gain (loss) on sales of real estate, net							86,463

Other income (expense), net							4,208
Less: Government grant income							(184)
Less: Healthpeak’s share of unconsolidated joint venture NOI							(4,882)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI							19,228
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	254,941

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

(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.

Schedule of Reconciliation of Company's Revenues by Segment

The following table summarizes the Company’s revenues by reportable segment (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Segment	2024		2023		2024		2023



Outpatient medical	$	317,659	$	191,016	$	888,446	$	564,644
Lab	225,592		226,059		663,619		654,829
CCRC	142,845		133,808		422,512		391,076
Total revenues for reportable segments	686,096		550,883		1,974,577		1,610,549
Interest income and other	14,301		5,360		27,884		16,802
Total revenues	$	700,397	$	556,243	$	2,002,461	$	1,627,351