Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2024

Variable Interest Entities [Abstract]

The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2024 was as follows (in thousands):

VIE Type

Asset Type

Maximum Loss Exposure and Carrying Amount(1)

LLC Investment and PropTech Investment

Other assets, net

15,815

Needham Land Parcel JV

Investments in and advances to unconsolidated joint ventures

21,348

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(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.

Schedule of Consolidated Assets and Liabilities of Variable Interest Entities

Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):


	December 31,
	2024		2023
Assets
Buildings and improvements	$	4,669,914	$	2,392,375
Development costs and construction in progress	92,710		47,481
Land and improvements	472,232		307,166
Accumulated depreciation and amortization	(761,759)		(665,791)
Net real estate	4,473,097		2,081,231
Loans receivable, net	550,829		—
Investments in and advances to unconsolidated joint ventures	39,946		—
Accounts receivable, net	17,357		5,906
Cash and cash equivalents	32,421		18,410
Restricted cash	1,029		613
Intangible assets, net	629,802		56,975

Right-of-use asset, net	270,918		97,575
Other assets, net	173,435		79,248
Total assets	$	6,188,834	$	2,339,958
Liabilities
Term loans	$	401,895	$	—
Senior unsecured notes	1,151,801		—
Mortgage debt	247,776		144,874

Intangible liabilities, net	95,315		11,884

Lease liability	193,421		99,725
Accounts payable, accrued liabilities, and other liabilities	125,688		54,975
Deferred revenue	65,358		48,316
Total liabilities	$	2,281,254	$	359,774

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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