Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Year Ended December 31,
	2024		2023		2022
Numerator - Basic
Income (loss) from continuing operations	$	267,303	$	334,757	$	513,540
Noncontrolling interests’ share in continuing operations	(24,161)		(28,748)		(15,975)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	243,142		306,009		497,565
Less: Participating securities’ share in continuing operations	(758)		(1,725)		(2,657)
Income (loss) from continuing operations applicable to common shares	242,384		304,284		494,908
Income (loss) from discontinued operations	—		—		2,884

Net income (loss) applicable to common shares	$	242,384	$	304,284	$	497,792
Numerator - Dilutive
Net income (loss) applicable to common shares	$	242,384	$	304,284	$	497,792
Add: distributions on dilutive convertible units and other	107		—		—
Dilutive net income (loss) available to common shares	$	242,491	$	304,284	$	497,792
Denominator
Basic weighted average shares outstanding	675,680		547,006		538,809
Dilutive potential common shares - equity awards(1)	148		269		338


Dilutive potential common shares - OP Units(2)	405		—		—
Diluted weighted average common shares	676,233		547,275		539,147
Basic earnings (loss) per common share
Continuing operations	$	0.36	$	0.56	$	0.92
Discontinued operations	—		—		0.00
Net income (loss) applicable to common shares	$	0.36	$	0.56	$	0.92
Diluted earnings (loss) per common share
Continuing operations	$	0.36	$	0.56	$	0.92
Discontinued operations	—		—		0.00
Net income (loss) applicable to common shares	$	0.36	$	0.56	$	0.92

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(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

(2)For the year ended December 31, 2024, represents the dilutive impact of 3 million outstanding OP Units.