Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Information for the Reportable Segments

The following tables summarize information for the reportable segments for the three months ended March 31, 2025 (in thousands):


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	320,548	$	217,593	$	148,927	$	687,068


Healthpeak’s share of unconsolidated joint venture total revenues	7,259		2,800		—		10,059

Noncontrolling interests’ share of consolidated joint venture total revenues	(9,973)		—		—		(9,973)
Operating expenses(1)	(105,225)		(57,658)		(110,260)		(273,143)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,994)		(1,666)		—		(4,660)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,778		—		—		2,778

Adjustments to NOI(2)	(12,082)		(14,836)		—		(26,918)
Adjusted NOI for reportable segments	$	200,311	$	146,233	$	38,667	$	385,211
Plus: Adjustments to NOI(2)							26,918
Interest income and other							15,821
Interest expense							(72,693)
Depreciation and amortization							(268,546)
General and administrative							(26,118)
Transaction and merger-related costs							(5,534)
Impairments and loan loss reserves, net							3,562


Other income (expense), net							(6,126)

Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(5,399)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							7,195
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	54,291

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(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 three months ended March 31, 2025 (in thousands):


	Outpatient Medical		Lab		CCRC
Compensation and property management	$	14,629	$	8,310	$	70,003
Food	—		—		6,442
Real estate taxes	24,079		19,021		4,508
Repairs and maintenance	15,503		7,358		4,846
Utilities	17,912		10,423		5,663
Other segment items(1)	33,102		12,546		18,798
Operating expenses	$	105,225	$	57,658	$	110,260

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(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 three months ended March 31, 2024 (in thousands):


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	238,272	$	223,761	$	138,776	$	600,809


Healthpeak’s share of unconsolidated joint venture total revenues	2,739		4,861		—		7,600

Noncontrolling interests’ share of consolidated joint venture total revenues	(8,876)		(163)		—		(9,039)
Operating expenses(1)	(81,268)		(56,840)		(105,621)		(243,729)
Healthpeak’s share of unconsolidated joint venture operating expenses	(1,083)		(1,324)		—		(2,407)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,430		43		—		2,473

Adjustments to NOI(2)	(6,127)		(21,435)		—		(27,562)
Adjusted NOI for reportable segments	$	146,087	$	148,903	$	33,155	$	328,145
Plus: Adjustments to NOI(2)							27,562
Interest income and other							5,751
Interest expense							(60,907)
Depreciation and amortization							(219,219)
General and administrative							(23,299)
Transaction and merger-related costs							(107,220)
Impairments and loan loss reserves, net							(11,458)


Gain (loss) on sales of real estate, net							3,255
Other income (expense), net							78,516

Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(5,193)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							6,566
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	22,499

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(1)See reconciliation of significant expense categories below.

The following table summarizes the Company’s significant expense categories by reportable segment for the three months ended March 31, 2024 (in thousands):


	Outpatient Medical		Lab		CCRC
Compensation and property management	$	11,097	$	8,377	$	67,622
Food	—		—		6,463
Real estate taxes	20,128		19,897		4,301
Repairs and maintenance	11,591		6,611		4,614
Utilities	12,887		11,184		5,336
Other segment items(1)	25,565		10,771		17,285
Operating expenses	$	81,268	$	56,840	$	105,621

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(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.

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 March 31,
Segment	2025		2024



Outpatient medical	$	320,548	$	238,272
Lab	217,593		223,761
CCRC	148,927		138,776
Total revenues for reportable segments	687,068		600,809
Interest income and other	15,821		5,751
Total revenues	$	702,889	$	606,560