Segment Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Information for the Reportable Segments

The following table summarizes financial information for the reportable segments for the year ended December 31, 2025 (in thousands):

	Outpatient Medical		Lab		Senior Housing		Total
Total revenues	$	1,273,505	$	860,020	$	603,989	$	2,737,514
Operating expenses(1)	(424,141)		(245,159)		(447,854)		(1,117,154)
Healthpeak’s share of unconsolidated joint venture revenues less expenses	17,994		17,024		23,068		58,086
Noncontrolling interests’ share of consolidated joint venture revenues less expenses	(27,817)		(33)		—		(27,850)
Adjustments to NOI(2)	(43,698)		(64,494)		(2,462)		(110,654)
Adjusted NOI for reportable segments	$	795,843	$	567,358	$	176,741	$	1,539,942
Plus: Adjustments to NOI(2)							110,654
Other non-reportable revenues							23,218
Interest income and other							61,780
Other non-reportable operating expenses							(11,945)
Depreciation and amortization							(1,058,865)
Interest expense							(305,178)
General and administrative							(90,416)
Transaction and merger-related costs							(25,520)
Impairments and loan loss reserves, net							893
Gain (loss) on sales of real estate, net							69,488
Other income (expense), net							479
Less: Healthpeak’s share of unconsolidated joint venture revenues less expenses							(58,086)
Plus: Noncontrolling interests’ share of consolidated joint venture revenues less expenses							27,850
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	284,294

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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, 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 year ended December 31, 2025 (in thousands):

	Outpatient Medical		Lab		Senior Housing
Compensation and property management	$	58,955	$	33,695	$	286,689
Food	—		—		27,263
Real estate taxes	97,633		77,140		15,937
Repairs and maintenance	65,311		35,529		20,212
Utilities	74,798		47,853		23,602
Other segment items(1)	127,444		50,942		74,151
Operating expenses	$	424,141	$	245,159	$	447,854

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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 expense.

•Senior housing – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other expense.

The following table summarizes financial information for the reportable segments for the year ended December 31, 2024 (in thousands):

	Outpatient Medical		Lab		Senior Housing		Total
Total revenues	$	1,184,660	$	881,452	$	568,475	$	2,634,587
Operating expenses(1)	(395,105)		(239,620)		(429,248)		(1,063,973)
Healthpeak’s share of unconsolidated joint venture revenues less expenses	15,007		13,367		22,303		50,677
Noncontrolling interests’ share of consolidated joint venture revenues less expenses	(27,061)		(144)		—		(27,205)
Adjustments to NOI(2)	(38,203)		(64,449)		(3,024)		(105,676)
Adjusted NOI for reportable segments	$	739,298	$	590,606	$	158,506	$	1,488,410
Plus: Adjustments to NOI(2)							105,676
Other non-reportable revenues							21,084
Interest income and other							44,778
Other non-reportable operating expenses							(10,888)
Depreciation and amortization							(1,057,205)
Interest expense							(280,430)
General and administrative							(97,162)
Transaction and merger-related costs							(132,685)
Impairments and loan loss reserves, net							(22,978)
Gain (loss) on sales of real estate, net							178,695
Other income (expense), net							59,345
Less: Healthpeak’s share of unconsolidated joint venture revenues less expenses							(50,677)
Plus: Noncontrolling interests’ share of consolidated joint venture revenues less expenses							27,205
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	273,168

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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, 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 year ended December 31, 2024 (in thousands):

	Outpatient Medical		Lab		Senior Housing
Compensation and property management	$	54,554	$	33,058	$	277,686
Food	—		—		26,513
Real estate taxes	93,583		78,488		15,472
Repairs and maintenance	58,589		30,555		18,373
Utilities	68,199		50,793		22,309
Other segment items(1)	120,180		46,726		68,895
Operating expenses	$	395,105	$	239,620	$	429,248

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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 expense.

•Senior Housing – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other expense.

The following table summarizes financial information for the reportable segments for the year ended December 31, 2023 (in thousands):

	Outpatient Medical		Lab		Senior Housing		Total
Total revenues	$	732,279	$	878,326	$	527,417	$	2,138,022
Government grant income(1)	—		—		184		184
Operating expenses(2)	(252,744)		(229,630)		(413,472)		(895,846)
Healthpeak’s share of unconsolidated joint venture revenues less expenses	1,844		5,832		21,844		29,520
Noncontrolling interests’ share of consolidated joint venture revenues less expenses	(25,152)		(463)		—		(25,615)
Adjustments to NOI(3)	(14,382)		(36,524)		(1,252)		(52,158)
Adjusted NOI for reportable segments	$	441,845	$	617,541	$	134,721	$	1,194,107
Plus: Adjustments to NOI(3)							52,158
Other non-reportable revenues							21,200
Interest income and other							21,781
Other non-reportable operating expenses							(10,388)
Corporate non-segment operating expenses							4,174
Depreciation and amortization							(749,901)
Interest expense							(200,331)
General and administrative							(95,132)
Transaction and merger-related costs							(17,515)
Impairments and loan loss reserves, net							5,601
Gain (loss) on sales of real estate, net							86,463
Other income (expense), net							6,808
Less: Government grant income							(184)
Less: Healthpeak’s share of unconsolidated joint venture revenues less expenses							(29,520)
Plus: Noncontrolling interests’ share of consolidated joint venture revenues less expenses							25,615
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	314,936

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(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

(2)See reconciliation of significant expense categories below.

(3)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, 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 year ended December 31, 2023 (in thousands):

	Outpatient Medical		Lab		Senior Housing
Compensation and property management	$	28,510	$	18,096	$	260,624
Food	—		—		25,076
Real estate taxes	57,148		77,690		15,851
Repairs and maintenance	35,832		30,554		17,295
Utilities	41,830		45,490		22,787
Other segment items(1)	89,424		57,800		71,839
Operating expenses	$	252,744	$	229,630	$	413,472

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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 expense.

•Senior Housing – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other expense.

The following table summarizes the Company’s revenues by reportable segment (in thousands):

	December 31,
Segment	2025		2024		2023
Outpatient medical	$	1,273,505	$	1,184,660	$	732,279
Lab	860,020		881,452		878,326
Senior housing	603,989		568,475		527,417
Total revenues for reportable segments	2,737,514		2,634,587		2,138,022
Total revenues for other non-reportable	23,218		21,084		21,200
Interest income and other	61,780		44,778		21,781
Total revenues	$	2,822,512	$	2,700,449	$	2,181,003