Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Information for the Reportable Segments and Significant Expense Categories By Reportable Segment

The following table summarizes financial information for the reportable segments for the three months ended September 30, 2025 (in thousands):

	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	326,561	$	213,325	$	150,458	$	690,344
Healthpeak’s share of unconsolidated joint venture total revenues	7,327		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 expenses	3,765		—		—		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 other							15,529
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, net							54
Gain (loss) on sales of real estate, net							11,500
Other income (expense), net							1,160
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(9,045)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							6,569
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 Medical		Lab		CCRC
Compensation and property management	$	15,451	$	8,484	$	71,809
Food	—		—		6,855
Real estate taxes	25,584		19,500		4,073
Repairs and maintenance	17,848		8,966		5,461
Utilities	21,614		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 Medical		Lab		CCRC		Total
Total revenues	$	317,659	$	225,592	$	142,845	$	686,096
Healthpeak’s share of unconsolidated joint venture total revenues	7,065		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 expenses	2,851		—		—		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 other							14,301
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, net							62,325
Other income (expense), net							982
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(7,664)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							6,883
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 Medical		Lab		CCRC
Compensation and property management	$	14,527	$	7,835	$	69,873
Food	—		—		6,563
Real estate taxes	23,861		19,830		3,989
Repairs and maintenance	16,241		7,768		4,692
Utilities	20,437		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 Medical		Lab		CCRC		Total
Total revenues	$	967,591	$	640,123	$	448,240	$	2,055,954
Healthpeak’s share of unconsolidated joint venture total revenues	21,769		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 expenses	9,344		—		—		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 other							47,156
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, net							117
Gain (loss) on sales of real estate, net							13,136
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 NOI							20,983
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 Medical		Lab		CCRC
Compensation and property management	$	45,089	$	25,071	$	213,558
Food	—		—		20,080
Real estate taxes	74,963		57,510		12,905
Repairs and maintenance	48,741		24,526		15,181
Utilities	57,858		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 Medical		Lab		CCRC		Total
Total revenues	$	888,446	$	663,619	$	422,512	$	1,974,577
Healthpeak’s share of unconsolidated joint venture total revenues	16,707		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 expenses	7,889		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 other							27,884
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, net							187,624
Other income (expense), net							83,502
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(20,068)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							20,207
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 Medical		Lab		CCRC
Compensation and property management	$	40,802	$	24,257	$	205,979
Food	—		—		19,632
Real estate taxes	71,795		58,534		12,567
Repairs and maintenance	44,337		21,586		13,884
Utilities	52,120		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.

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 September 30,				Nine Months Ended September 30,
Segment	2025		2024		2025		2024
Outpatient medical	$	326,561	$	317,659	$	967,591	$	888,446
Lab	213,325		225,592		640,123		663,619
CCRC	150,458		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