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Segment Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information for the Reportable Segments
The following tables summarize information for the reportable segments for the year ended December 31, 2024 (in thousands):
Outpatient MedicalLabCCRCTotal
Total revenues$1,205,744 $881,452 $568,475 $2,655,671 
Healthpeak’s share of unconsolidated joint venture total revenues24,041 19,733 — 43,774 
Noncontrolling interests’ share of consolidated joint venture total revenues(37,643)(196)— (37,839)
Operating expenses(1)
(405,993)(239,620)(429,248)(1,074,861)
Healthpeak’s share of unconsolidated joint venture operating expenses(9,034)(6,366)— (15,400)
Noncontrolling interests’ share of consolidated joint venture operating expenses10,582 52 — 10,634 
Adjustments to NOI(2)
(38,967)(64,449)(3,123)(106,539)
Adjusted NOI for reportable segments$748,730 $590,606 $136,104 $1,475,440 
Plus: Adjustments to NOI(2)
106,539 
Interest income and other44,778 
Interest expense(280,430)
Depreciation and amortization(1,057,205)
General and administrative(97,162)
Transaction and merger-related costs(132,685)
Impairments and loan loss reserves, net(22,978)
Gain (loss) on sales of real estate, net178,695 
Other income (expense), net59,345 
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(28,374)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI27,205 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$273,168 
_______________________________________
(1)See reconciliation of significant expense categories below.
(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.
The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2024 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management
$56,066 $33,058 $277,686 
Food
— — 26,513 
Real estate taxes
95,286 78,488 15,472 
Repairs and maintenance
61,409 30,555 18,373 
Utilities
69,690 50,793 22,309 
Other segment items(1)
123,542 46,726 68,895 
Operating expenses
$405,993 $239,620 $429,248 
_______________________________________
(1)Other segment items for each segment include:
•Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense.
•CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense.
The following tables summarize information for the reportable segments for the year ended December 31, 2023 (in thousands):
Outpatient MedicalLabCCRCTotal
Total revenues$753,479 $878,326 $527,417 $2,159,222 
Government grant income(1)
— — 184 184 
Healthpeak’s share of unconsolidated joint venture total revenues3,0339,924—12,957 
Noncontrolling interests’ share of consolidated joint venture total revenues(35,073)(619)—(35,692)
Operating expenses(2)
(263,132)(229,630)(413,472)(906,234)
Healthpeak’s share of unconsolidated joint venture operating expenses(1,189)(4,092)— (5,281)
Noncontrolling interests’ share of consolidated joint venture operating expenses9,921 156 — 10,077 
Adjustments to NOI(3)
(14,314)(36,524)(1,618)(52,456)
Adjusted NOI for reportable segments$452,725 $617,541 $112,511 $1,182,777 
Plus: Adjustments to NOI(3)
52,456 
Interest income and other21,781 
Interest expense(200,331)
Depreciation and amortization(749,901)
Corporate non-segment operating expenses4,174 
General and administrative(95,132)
Transaction and merger-related costs(17,515)
Impairments and loan loss reserves, net5,601 
Gain (loss) on sales of real estate, net86,463 
Other income (expense), net6,808 
Less: Government grant income(184)
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(7,676)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI25,615 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$314,936 
_______________________________________
(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)See reconciliation of significant expense categories below.
(3)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.
The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2023 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management
$29,752 $18,096 $260,624 
Food
— — 25,076 
Real estate taxes
59,255 77,690 15,851 
Repairs and maintenance
38,277 30,554 17,295 
Utilities
43,348 45,490 22,787 
Other segment items(1)
92,500 57,800 71,839 
Operating expenses
$263,132 $229,630 $413,472 
_______________________________________
(1)Other segment items for each segment include:
•Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense.
•CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense.
The following tables summarize information for the reportable segments for the year ended December 31, 2022 (in thousands):
Outpatient MedicalLabCCRCTotal
Total revenues$725,370 $817,573 $494,935 $2,037,878 
Government grant income(1)
— — 6,765 6,765 
Healthpeak’s share of unconsolidated joint venture total revenues2,999 9,921 — 12,920 
Healthpeak’s share of unconsolidated joint venture government grant income— — 380 380 
Noncontrolling interests’ share of consolidated joint venture total revenues(35,717)(268)— (35,985)
Operating expenses(2)
(253,309)(209,143)(400,539)(862,991)
Healthpeak’s share of unconsolidated joint venture operating expenses(1,178)(2,883)— (4,061)
Noncontrolling interests’ share of consolidated joint venture operating expenses10,317 87 — 10,404 
Adjustments to NOI(3)
(15,513)(62,754)2,300 (75,967)
Adjusted NOI for reportable segments$432,969 $552,533 $103,841 $1,089,343 
Plus: Adjustments to NOI(3)
75,967 
Interest income and other23,300 
Interest expense(172,944)
Depreciation and amortization(710,569)
General and administrative(131,033)
Transaction and merger-related costs(4,853)
Impairments and loan loss reserves, net(7,004)
Gain (loss) on sales of real estate, net9,078 
Other income (expense), net326,268 
Less: Government grant income(6,765)
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(9,239)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI25,581 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$507,130 
_______________________________________
(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)See reconciliation of significant expense categories below.
(3)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.
The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2022 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management
$27,807 $16,817 $251,804 
Food
— — 23,641 
Real estate taxes
59,992 75,459 14,090 
Repairs and maintenance
36,439 26,884 16,522 
Utilities
43,329 41,087 21,219 
Other segment items(1)
85,742 48,896 73,263 
Operating expenses
$253,309 $209,143 $400,539 
_______________________________________
(1)Other segment items for each segment include:
•Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense.
•CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense.
The following table summarizes the Company’s revenues by reportable segment (in thousands):
 
December 31,
Segment202420232022
Outpatient medical
$1,205,744 $753,479 $725,370 
Lab
881,452 878,326 817,573 
CCRC568,475 527,417 494,935 
Total revenues for reportable segments
2,655,671 2,159,222 2,037,878 
Interest income and other
44,778 21,781 23,300 
Total revenues$2,700,449 $2,181,003 $2,061,178