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Segment Disclosures
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
The Company’s operating segments, based on how its CODM, the President and Chief Executive Officer, evaluates the business and allocates resources, are as follows: (i) outpatient medical, (ii) lab, (iii) CCRC, (iv) an interest in an unconsolidated joint venture that owns 19 senior housing assets (the “SWF SH JV”), (v) loans receivable, and (vi) a preferred equity investment. The Company’s reportable segments, as determined in accordance with ASC 280, Segment Reporting, are as follows: (i) outpatient medical, (ii) lab, and (iii) CCRC. The SWF SH JV, loans receivable, and preferred equity investment are non-reportable segments that have been presented on a combined basis within the Notes to the Consolidated Financial Statements herein. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC, as updated by Note 2 herein.
The CODM evaluates performance based on property Adjusted NOI. Adjusted NOI is used to evaluate performance because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Adjusted NOI represents real estate revenues (inclusive of rental and related revenues, resident fees and services, and government grant income and exclusive of interest income), less property level operating expenses; Adjusted NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI eliminates the effects of straight-line rents, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense.
Adjusted NOI is calculated as Adjusted NOI from consolidated properties, plus the Company’s share of Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance.
Segment assets consist of real estate assets, intangible assets, and right-of-use assets. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, other assets, and real estate assets held for sale. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
The following table summarizes financial information for the reportable segments for the three months ended September 30, 2025 (in thousands):
Outpatient MedicalLabCCRCTotal
Total revenues$326,561 $213,325 $150,458 $690,344 
Healthpeak’s share of unconsolidated joint venture total revenues7,327 6,834 — 14,161 
Noncontrolling interests’ share of consolidated joint venture total revenues(10,334)— — (10,334)
Operating expenses(1)
(113,660)(64,352)(113,910)(291,922)
Healthpeak’s share of unconsolidated joint venture operating expenses(2,887)(2,229)— (5,116)
Noncontrolling interests’ share of consolidated joint venture operating expenses3,765 — — 3,765 
Adjustments to NOI(2)
(10,358)(15,520)— (25,878)
Adjusted NOI for reportable segments$200,414 $138,058 $36,548 $375,020 
Plus: Adjustments to NOI(2)
25,878 
Interest income and other15,529 
Interest expense(76,784)
Depreciation and amortization(262,317)
General and administrative(19,907)
Transaction and merger-related costs(2,420)
Impairments and loan loss reserves, net54 
Gain (loss) on sales of real estate, net11,500 
Other income (expense), net1,160 
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(9,045)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI6,569 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$65,237 
_______________________________________
(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 September 30, 2025 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$15,451 $8,484 $71,809 
Food— — 6,855 
Real estate taxes25,584 19,500 4,073 
Repairs and maintenance17,848 8,966 5,461 
Utilities21,614 14,855 6,278 
Other segment items(1)
33,163 12,547 19,434 
Operating expenses$113,660 $64,352 $113,910 
_______________________________________
(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 financial information for the reportable segments for the three months ended September 30, 2024 (in thousands):
 Outpatient MedicalLabCCRCTotal
Total revenues$317,659 $225,592 $142,845 $686,096 
Healthpeak’s share of unconsolidated joint venture total revenues7,065 5,242 — 12,307 
Noncontrolling interests’ share of consolidated joint venture total revenues(9,734)— — (9,734)
Operating expenses(1)
(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 expenses2,851 — — 2,851 
Adjustments to NOI(2)
(11,020)(16,900)95 (27,825)
Adjusted NOI for reportable segments$197,505 $148,048 $33,220 $378,773 
Plus: Adjustments to NOI(2)
27,825 
Interest income and other14,301 
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, net62,325 
Other income (expense), net982 
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(7,664)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI6,883 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$98,510 
_______________________________________
(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 September 30, 2024 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$14,527 $7,835 $69,873 
Food— — 6,563 
Real estate taxes23,861 19,830 3,989 
Repairs and maintenance16,241 7,768 4,692 
Utilities20,437 16,535 6,042 
Other segment items(1)
31,418 12,107 18,561 
Operating expenses$106,484 $64,075 $109,720 
_______________________________________
(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 financial information for the reportable segments for the nine months ended September 30, 2025 (in thousands):
 Outpatient MedicalLabCCRCTotal
Total revenues$967,591 $640,123 $448,240 $2,055,954 
Healthpeak’s share of unconsolidated joint venture total revenues21,769 16,992 — 38,761 
Noncontrolling interests’ share of consolidated joint venture total revenues(30,327)— — (30,327)
Operating expenses(1)
(324,216)(181,412)(335,618)(841,246)
Healthpeak’s share of unconsolidated joint venture operating expenses(8,576)(5,793)— (14,369)
Noncontrolling interests’ share of consolidated joint venture operating expenses9,344 — — 9,344 
Adjustments to NOI(2)
(33,253)(42,844)(844)(76,941)
Adjusted NOI for reportable segments$602,332 $427,066 $111,778 $1,141,176 
Plus: Adjustments to NOI(2)
76,941 
Interest income and other47,156 
Interest expense(224,540)
Depreciation and amortization(796,779)
General and administrative(66,789)
Transaction and merger-related costs(18,169)
Impairments and loan loss reserves, net117 
Gain (loss) on sales of real estate, net13,136 
Other income (expense), net(9,658)
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(24,392)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI20,983 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$159,182 
_______________________________________
(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 nine months ended September 30, 2025 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$45,089 $25,071 $213,558 
Food— — 20,080 
Real estate taxes74,963 57,510 12,905 
Repairs and maintenance48,741 24,526 15,181 
Utilities57,858 35,965 17,660 
Other segment items(1)
97,565 38,340 56,234 
Operating expenses$324,216 $181,412 $335,618 
_______________________________________
(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 financial information for the reportable segments for the nine months ended September 30, 2024 (in thousands):
 Outpatient MedicalLabCCRCTotal
Total revenues$888,446 $663,619 $422,512 $1,974,577 
Healthpeak’s share of unconsolidated joint venture total revenues16,707 14,404 — 31,111 
Noncontrolling interests’ share of consolidated joint venture total revenues(27,952)(196)— (28,148)
Operating expenses(1)
(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 expenses7,889 52 — 7,941 
Adjustments to NOI(2)
(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(2)
80,842 
Interest income and other27,884 
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, net187,624 
Other income (expense), net83,502 
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(20,068)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI20,207 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$276,402 
_______________________________________
(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 nine months ended September 30, 2024 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$40,802 $24,257 $205,979 
Food— — 19,632 
Real estate taxes71,795 58,534 12,567 
Repairs and maintenance44,337 21,586 13,884 
Utilities52,120 38,632 16,750 
Other segment items(1)
90,401 34,562 51,997 
Operating expenses$299,455 $177,571 $320,809 
_______________________________________
(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):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
Segment2025202420252024
Outpatient medical
$326,561 $317,659 $967,591 $888,446 
Lab
213,325 225,592 640,123 663,619 
CCRC150,458 142,845 448,240 422,512 
Total revenues for reportable segments
690,344 686,096 2,055,954 1,974,577 
Interest income and other
15,529 14,301 47,156 27,884 
Total revenues$705,873 $700,397 $2,103,110 $2,002,461