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Segment Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summary Financial Information of Reportable Segment

The following tables summarize information for the reportable segments (in thousands):

For the year ended December 31, 2020:

						Life Science						Medical Office						CCRC						Other Non-reportable						Corporate Non-segment						Total
Total revenues						$	569,296					$	622,398					$	436,494					$	16,687					$	—					$	1,644,875
Government grant income(1)						—						—						16,198						—						—						16,198
Less: Interest income						—						—						—						(16,553)						—						(16,553)
Healthpeak's share of unconsolidated joint venture total revenues						448						2,772						35,392						74,023						—						112,635
Healthpeak's share of unconsolidated joint venture government grant income						—						—						920						359						—						1,279
Noncontrolling interests' share of consolidated joint venture total revenues						(239)						(34,597)						—						—						—						(34,836)
Operating expenses						(138,005)						(204,008)						(440,528)						—						—						(782,541)
Healthpeak's share of unconsolidated joint venture operating expenses						(137)						(1,129)						(32,125)						(53,779)						—						(87,170)
Noncontrolling interests' share of consolidated joint venture operating expenses						72						10,282						—						—						—						10,354
Adjustments to NOI(2)						(20,133)						(5,544)						97,072						433						—						71,828
Adjusted NOI						411,302						390,174						113,423						21,170						—						936,069
Plus: Adjustments to NOI(2)						20,133						5,544						(97,072)						(433)						—						(71,828)
Interest income						—						—						—						16,553						—						16,553
Interest expense						(234)						(400)						(7,227)						—						(210,475)						(218,336)
Depreciation and amortization						(217,921)						(222,165)						(113,851)						(12)						—						(553,949)
General and administrative						—						—						—						—						(93,237)						(93,237)
Transaction costs						(236)						—						(17,994)						(112)						—						(18,342)
Impairments and loan loss reserves (recoveries), net						(14,671)						(10,208)						—						(18,030)						—						(42,909)
Gain (loss) on sales of real estate, net						—						90,390						—						(40)						—						90,350
Loss on debt extinguishments						—						—						—						—						(42,912)						(42,912)
Other income (expense), net						—						—						187,844						41,707						5,133						234,684
Less: Government grant income						—						—						(16,198)						—						—						(16,198)
Less: Healthpeak's share of unconsolidated joint venture NOI						(311)						(1,643)						(4,187)						(20,603)						—						(26,744)
Plus: Noncontrolling interests' share of consolidated joint venture NOI						167						24,315						—						—						—						24,482
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures						198,229						276,007						44,738						40,200						(341,491)						217,683
Income tax benefit (expense)(3)						—						—						—						—						9,423						9,423
Equity income (loss) from unconsolidated joint ventures						(40)						798						(1,547)						(65,810)						—						(66,599)
Income (loss) from continuing operations						198,189						276,805						43,191						(25,610)						(332,068)						160,507
Income (loss) from discontinued operations						—						—						—						—						267,746						267,746
Net income (loss)						$	198,189					$	276,805					$	43,191					$	(25,610)					$	(64,322)					$	428,253

_______________________________________

(1)Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations.

(2)Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, 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.

(3)Income tax benefit (expense) for the year ended December 31, 2020 includes: (i) a $51 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3), (ii) a $33 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 17), and (iii) a $3.7 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available.

For the year ended December 31, 2019:

						Life Science						Medical Office						CCRC						Other Non-reportable						Corporate Non-segment						Total
Total revenues						$	440,784					$	621,171					$	3,010					$	175,374					$	—					$	1,240,339
Less: Interest income						—						—						—						(9,844)						—						(9,844)
Healthpeak's share of unconsolidated joint venture total revenues						—						2,810						211,377						23,834						—						238,021
Noncontrolling interests' share of consolidated joint venture total revenues						(187)						(33,998)						—						2,355						—						(31,830)
Operating expenses						(107,472)						(201,620)						(2,215)						(93,937)						—						(405,244)
Healthpeak's share of unconsolidated joint venture operating expenses						—						(1,107)						(170,473)						(1,996)						—						(173,576)
Noncontrolling interests' share of consolidated joint venture operating expenses						59						10,109						—						(1,536)						—						8,632
Adjustments to NOI(1)						(22,103)						(4,602)						16,985						(5,449)						—						(15,169)
Adjusted NOI						311,081						392,763						58,684						88,801						—						851,329
Plus: Adjustments to NOI(1)						22,103						4,602						(16,985)						5,449						—						15,169
Interest income						—						—						—						9,844						—						9,844
Interest expense						(277)						(434)						—						—						(216,901)						(217,612)
Depreciation and amortization						(168,339)						(221,175)						—						(45,677)						—						(435,191)
General and administrative						—						—						—						—						(92,966)						(92,966)
Transaction costs						—						—						—						—						(1,963)						(1,963)
Impairments and loan loss reserves (recoveries), net						—						(17,332)						—						(376)						—						(17,708)
Gain (loss) on sales of real estate, net						3,651						3,139						—						(6,830)						—						(40)
Loss on debt extinguishments						—						—						—						—						(58,364)						(58,364)
Other income (expense), net						—						—						(5,665)						161,886						8,848						165,069
Less: Healthpeak's share of unconsolidated joint venture NOI						—						(1,703)						(40,904)						(21,838)						—						(64,445)
Plus: Noncontrolling interests' share of consolidated joint venture NOI						128						23,889						—						(819)						—						23,198
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures						168,347						183,749						(4,870)						190,440						(361,346)						176,320
Income tax benefit (expense)						—						—						—						—						5,479						5,479
Equity income (loss) from unconsolidated joint ventures						—						858						(16,313)						9,125						—						(6,330)
Income (loss) from continuing operations						168,347						184,607						(21,183)						199,565						(355,867)						175,469
Income (loss) from discontinued operations						—						—						—						—						(115,408)						(115,408)
Net income (loss)						$	168,347					$	184,607					$	(21,183)					$	199,565					$	(471,275)					$	60,061

_______________________________________

(1)Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, 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.

For the year ended December 31, 2018:

						Life Science						Medical Office						CCRC						Other Non-reportable						Corporate Non-segment						Total
Total revenues						$	395,064					$	596,399					$	—					$	199,857					$	—					$	1,191,320
Less: Interest income						—						—						—						(10,406)						—						(10,406)
Healthpeak's share of unconsolidated joint venture total revenues						4,328						2,695						206,221						11,812						—						225,056
Noncontrolling interests' share of consolidated joint venture total revenues						(117)						(18,042)						—						3,927						—						(14,232)
Operating expenses						(91,742)						(195,362)						—						(91,553)						—						(378,657)
Healthpeak's share of unconsolidated joint venture operating expenses						(1,131)						(1,053)						(166,414)						(77)						—						(168,675)
Noncontrolling interests' share of consolidated joint venture operating expenses						44						4,591						—						(3,020)						—						1,615
Adjustments to NOI(1)						(9,718)						(5,953)						15,504						(5,458)						—						(5,625)
Adjusted NOI						296,728						383,275						55,311						105,082						—						840,396
Plus: Adjustments to NOI(1)						9,718						5,953						(15,504)						5,458						—						5,625
Interest income						—						—						—						10,406						—						10,406
Interest expense						(316)						(474)						—						—						(260,490)						(261,280)
Depreciation and amortization						(140,480)						(206,731)						—						(57,464)						(6)						(404,681)
General and administrative						—						—						—						—						(96,702)						(96,702)
Transaction costs						—						—						—						—						(1,137)						(1,137)
Impairments and loan loss reserves (recoveries), net						(7,639)						(553)						—						(2,725)						—						(10,917)
Gain (loss) on sales of real estate, net						806,184						4,428						—						20,756						—						831,368
Loss on debt extinguishments						—						—						—						—						(44,162)						(44,162)
Other income (expense), net						—						—						—						9,604						3,821						13,425
Less: Healthpeak's share of unconsolidated joint venture NOI						(3,197)						(1,642)						(39,807)						(11,735)						—						(56,381)
Plus: Noncontrolling interests' share of consolidated joint venture NOI						73						13,451						—						(907)						—						12,617
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures						961,071						197,707						—						78,475						(398,676)						838,577
Income tax benefit (expense)						—						—						—						—						4,396						4,396
Equity income (loss) from unconsolidated joint ventures						575						824						(10,847)						3,693						—						(5,755)
Income (loss) from continuing operations						961,646						198,531						(10,847)						82,168						(394,280)						837,218
Income (loss) from discontinued operations						—						—						—						—						236,256						236,256
Net income (loss)						$	961,646					$	198,531					$	(10,847)					$	82,168					$	(158,024)					$	1,073,474

_______________________________________

(1)Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, 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.

Summary of Reconciliation of Company's Revenues to Total Revenues

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

						Year Ended
						December 31,
Segments						2020						2019						2018
Life science						$	569,296					$	440,784					$	395,064
Medical office						622,398						621,171						596,399
CCRC						436,494						3,010						—
Other Non-reportable						16,687						175,374						199,857
Total revenues						$	1,644,875					$	1,240,339					$	1,191,320

Summary of Reconciliation of Company's Assets to Total Assets

The following table summarizes the Company’s total assets by segment (in thousands):

						December 31,
Segment						2020						2019
Life science						$	7,205,949					$	5,688,659
Medical office						5,197,777						5,061,351
CCRC						2,179,294						652,114
Reportable segment assets						14,583,020						11,402,124
Accumulated depreciation and amortization						(2,658,890)						(2,316,724)
Net reportable segment assets						11,924,130						9,085,400
Other non-reportable segment assets						584,432						653,746
Assets held for sale and discontinued operations, net						2,626,306						3,648,265
Other non-segment assets						785,221						645,480
Total assets						$	15,920,089					$	14,032,891

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