Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 was as follows (in thousands):

VIE Type

Asset Type

Maximum Loss

Exposure and

Carrying Amount(1)

LLC Investment and Other Equity Investments

Other assets, net

17,515

Needham Land Parcel JV and HQ Point Preferred Equity Investment

Investments in and advances to unconsolidated joint ventures

59,308

Loans Receivable Investments

Loans receivable, net

7,048

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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 VIEs

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


	September 30, 2025		December 31, 2024
Assets
Buildings and improvements	$	4,707,134	$	4,669,914
Development costs and construction in progress	135,076		92,710
Land and improvements	474,058		472,232
Accumulated depreciation and amortization	(895,705)		(761,759)
Net real estate	4,420,563		4,473,097
Loans receivable, net	566,552		550,829
Investments in and advances to unconsolidated joint ventures	25,481		39,946
Accounts receivable, net	23,273		17,357
Cash and cash equivalents	43,806		32,421
Restricted cash	2,885		1,029
Intangible assets, net	490,005		629,802
Assets held for sale, net(1)	35,244		—
Right-of-use asset, net	269,797		270,918
Other assets, net	180,651		173,435
Total assets	$	6,058,257	$	6,188,834
Liabilities
Term loans	$	401,502	$	401,895
Senior unsecured notes	1,164,248		1,151,801
Mortgage debt	245,691		247,776
Intangible liabilities, net	80,210		95,315
Liabilities related to assets held for sale, net(1)	11,798		—
Lease liability	195,277		193,421
Accounts payable, accrued liabilities, and other liabilities	142,859		125,688
Deferred revenue	61,217		65,358
Total liabilities	$	2,302,802	$	2,281,254

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(1)Relates to four assets classified as held for sale as of September 30, 2025. Assets held for sale, net, primarily includes: (i) net real estate of $27 million and (ii) right-of-use assets of $7 million. Liabilities related to assets held for sale, net, primarily includes: (i) lease liabilities of $9 million and (ii) deferred revenue of $3 million

- 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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