XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Schedule of Company's Lease Income, Excluding Discontinued Operation | The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Fixed income from operating leases | $ | 943,638 |  |  | $ | 853,545 |  |  | $ | 829,774 |
Variable income from operating leases | 238,470 |  |  | 215,957 |  |  | 190,574 |
Interest income from direct financing leases | 9,720 |  |  | 16,666 |  |  | 16,349 |
Schedule of Components of Net Investment in Dfls | Net investment in DFLs consists of the following (dollars in thousands):
| December 31,
| 2020 |  | 2019
Present value of minimum lease payments receivable | $ | 9,804 |  |  | $ | 19,138 |
Present value of estimated residual value | 44,706 |  |  | 84,604 |
Less deferred selling profits | (9,804) |  |  | (19,138) |
Net investment in direct financing leases | $ | 44,706 |  |  | $ | 84,604 |
Properties subject to direct financing leases | 1 |  |  | 2 |
Schedule of the Company's Internal Ratings for Dfls | The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands):
|  |  |  |  |  | Internal Ratings
Segment |  | Carrying Amount |  | Percentage of DFL Portfolio |  | Performing DFLs |  | Watch List DFLs |  | Workout DFLs
Medical office |  | $ | 44,706 |  |  | 100 |  | $ | 44,706 |  |  | — |  |  | — |
|  | $ | 44,706 |  |  | 100 |  | $ | 44,706 |  |  | $ | — |  |  | $ | — |
The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of December 31, 2020 (dollars in thousands):
Investment Type |  | Year of Origination |  | Total
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |
Secured mortgage loans |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |
Performing loans |  | $ | 95,800 |  |  | $ | 61,772 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 157,572 |
Watch list loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Workout loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total secured mortgage loans |  | $ | 95,800 |  |  | $ | 61,772 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 157,572 |
Mezzanine and other |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |
Performing loans |  | $ | 23,263 |  |  | $ | 12,252 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,515 |
Watch list loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,288 |  |  | 2,288 |
Workout loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mezzanine and other |  | $ | 23,263 |  |  | $ | 12,252 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,288 |  |  | $ | 37,803 |
Schedule of Future Minimum Lease Payments Contractually Due Under Dfls | The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands):
Year |  | Amount
2021 |  | $ | 8,601 |
2022 |  | 1,203 |
2023 |  | — |
2024 |  | — |
2025 |  | — |
Thereafter |  | — |
Undiscounted minimum lease payments receivable |  | 9,804 |
Less: imputed interest |  | — |
Present value of minimum lease payments receivable |  | $ | 9,804 |
Schedule of Future Minimum Lease Payments Due Under Operating Leases | The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands):
Year |  | Amount(1)
2021 |  | $ | 969,519 |
2022 |  | 929,437 |
2023 |  | 869,628 |
2024 |  | 774,641 |
2025 |  | 669,289 |
Thereafter |  | 2,431,032 |
|  | $ | 6,643,546 |
_______________________________________ (1)Excludes future minimum lease payments from assets classified as discontinued operations.
Schedule of Tenant Purchase Options | Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands):
Year |  | Annualized Base Rent(1)(2) |  | Number of Properties
2021 |  | $ | 29,394 |  |  | 12 |
2022 |  | 11,187 |  |  | 3 |
2023 |  | — |  |  | — |
2024 |  | 3,190 |  |  | 1 |
2025 |  | 9,065 |  |  | 13 |
Thereafter |  | 5,815 |  |  | 2 |
|  | $ | 58,651 |  |  | 31 |
_______________________________________ (1)Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2)Excludes tenant purchase options related to assets classified as discontinued operations.
Schedule of Other Lease Information | The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands):
|  | Year Ended December 31,
Lease Expense Information: |  | 2020 |  | 2019 |  | 2018
Total lease expense(1) |  | $ | 13,601 |  |  | $ | 11,852 |  |  | $ | 10,569 |
_______________________________________ (1)Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations.
|  | Year Ended December 31,
Supplemental Cash Flow Information: |  | 2020 |  | 2019 |  | 2018
Cash paid for amounts included in the measurement of lease liability: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 9,940 |  |  | $ | 8,158 |  |  | $ | 7,326 |
Right-of-use asset obtained in exchange for new lease liability: |  |  |  |  |  |
Operating leases |  | $ | 32,208 |  |  | $ | 5,733 |  |  | $ | — |
Weighted Average Lease Term and Discount Rate: |  | December 31, 2020 |  | December 31, 2019
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 57 |  | 51
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.26 | % |  | 4.36 | %
Schedule of Future Minimum Lease Obligations, 842 | The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands):
Year |  | Amount(1)
2021 |  | $ | 11,106 |
2022 |  | 11,262 |
2023 |  | 11,445 |
2024 |  | 10,246 |
2025 |  | 8,886 |
Thereafter |  | 469,453 |
Undiscounted minimum lease payments included in the lease liability |  | 522,398 |
Less: imputed interest |  | (342,503) |
Present value of lease liability |  | $ | 179,895 |
_______________________________________ (1)Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations.

X
- Definition Tabular disclosure of the components of the net amount due as of the balance sheet date consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments. + References No definition available. + Details
Name: | peak_ScheduleOfNetInvestmentInDirectFinancingAndSalesTypeLeasesTableTextBlock
Namespace Prefix: | peak_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Tenant Purchase Options [Table Text Block] + References No definition available. + Details
Name: | peak_ScheduleofTenantPurchaseOptionsTableTextBlock
Namespace Prefix: | peak_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of lease income from direct financing lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=121640914&loc=SL77927221-108306 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919372-209981 + Details
Name: | us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919391-209981 + Details
Name: | us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration