Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator - Basic
Net income (loss)	$	63,241	$	39,019	$	262,897	$	89,083
Noncontrolling interests’ share in earnings	(10,423)		(7,346)		(16,446)		(14,582)
Net income (loss) attributable to Healthpeak Properties, Inc.	52,818		31,673		246,451		74,501
Less: Participating securities’ share in earnings	(150)		(115)		(299)		(579)
Net income (loss) applicable to common shares	$	52,668	$	31,558	$	246,152	$	73,922

Numerator - Dilutive
Net income (loss) applicable to common shares	$	52,668	$	31,558	$	246,152	$	73,922
Add: distributions on dilutive convertible units and other	—		—		60		—
Dilutive net income (loss) available to common shares	$	52,668	$	31,558	$	246,212	$	73,922
Denominator
Basic weighted average shares outstanding	689,885		695,188		692,508		697,117
Dilutive potential common shares - equity awards(1)	—		6		4		29

Dilutive potential common shares - OP Units(2)	—		—		331		—


Diluted weighted average common shares	689,885		695,194		692,843		697,146
Earnings per common share
Basic	$	0.08	$	0.05	$	0.36	$	0.11
Diluted	$	0.08	$	0.05	$	0.36	$	0.11

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(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units).

(2)For the three months ended June 30, 2026, all 6 million outstanding OP Units were not included because they were anti-dilutive. For the six months ended June 30, 2026, represents the dilutive impact of 6 million outstanding OP Units. For the three and six months ended June 30, 2025, all 4 million outstanding OP Units were not included because they were anti-dilutive.