XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Intangibles | 12 Months Ended
--- | ---
Dec. 31, 2020
Intangibles |
Intangibles | Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):
|  | December 31,
Intangible lease assets |  | 2020 |  | 2019
Gross intangible lease assets |  | $ | 761,328 |  |  | $ | 426,967 |
Accumulated depreciation and amortization |  | (241,411) |  |  | (166,763) |
Intangible assets, net(1) |  | $ | 519,917 |  |  | $ | 260,204 |
Weighted average remaining amortization period in years |  | 5 |  | 5
_______________________________________ (1)Excludes intangible assets reported in assets held for sale and discontinued operations, net of $25 million and $82 million as of December 31, 2020 and December 31, 2019, respectively. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):
|  | December 31,
Intangible lease liabilities |  | 2020 |  | 2019
Gross intangible lease liabilities |  | $ | 194,565 |  |  | $ | 113,213 |
Accumulated depreciation and amortization |  | (50,366) |  |  | (38,222) |
Intangible liabilities, net |  | $ | 144,199 |  |  | $ | 74,991 |
Weighted average remaining amortization period in years |  | 8 |  | 7
The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Depreciation and amortization expense related to amortization of lease-up intangibles(1) |  | $ | 89,301 |  |  | $ | 46,828 |  |  | $ | 43,933 |
Rental and related revenues related to amortization of net below market lease liabilities(1) |  | 11,717 |  |  | 6,319 |  |  | 5,341 |
_______________________________________ (1)Excludes amortization related to assets classified as discontinued operations. During the year ended December 31, 2020, in conjunction with the Company’s acquisitions of real estate (including the consolidation of 13 CCRCs in which the Company acquired Brookdale’s interest as part of the 2019 Brookdale MTCA - see Note 3), the Company acquired intangible assets of $352 million and intangible liabilities of $83 million. The intangible assets and intangible liabilities acquired have a weighted average amortization period of 7 years and 9 years, respectively. On January 1, 2019, in conjunction with the adoption of ASU 2016-02 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net. The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter, excluding assets classified as discontinued operations (in thousands):
| Rental and Related Revenues(1)(3) |  | Depreciation and Amortization(2)(3)
2021 | $ | 18,093 |  |  | $ | 96,094 |
2022 | 17,841 |  |  | 89,217 |
2023 | 17,119 |  |  | 85,484 |
2024 | 16,159 |  |  | 82,647 |
2025 | 15,370 |  |  | 72,373 |
Thereafter | 50,514 |  |  | 84,999 |
| $ | 135,096 |  |  | $ | 510,814 |
_______________________________________ (1)The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues. (2)The amortization of lease-up intangibles is recorded to depreciation and amortization expense. (3)Excludes estimated annual amortization from assets classified as discontinued operations.

X
- Definition This block of text may be used to disclose all or part of the information related to intangible assets and liabilities. + References No definition available. + Details
Name: | peak_IntangibleAssetsAndLiabilitiesDisclosureTextBlock
Namespace Prefix: | peak_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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