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Segment Disclosures | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Disclosures | Segment Disclosures The Company’s reportable segments, based on how its chief operating decision makers (“CODMs”) evaluates its business and allocates resources, are as follows: (i) life science, (ii) medical office, and (iii) CCRC. The Company has non-reportable segments that are comprised primarily of the Company’s interests in an unconsolidated senior housing joint venture and debt investments. The accounting policies of the segments are the same as those in Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC, as updated by Note 2 herein. In December 2020, the Company’s senior housing triple-net and SHOP portfolios were classified as discontinued operations and are no longer reportable segments. See Notes 1 and 5 for further information. In December 2020, as a result of a change in how operating results are reported to the Company’s CODMs, the Company’s hospitals were reclassified from other non-reportable segments to the medical office segment and the Company’s one remaining unconsolidated investment in a senior housing joint venture was reclassified from the SHOP segment to other non-reportable segments. All prior period segment information has been recast to conform to the current period presentation. The Company evaluates performance based on property Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI include the Company’s share of income (loss) from unconsolidated joint ventures and exclude noncontrolling interests’ share of income (loss) from consolidated joint ventures. Management believes that Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, loans receivable, marketable equity securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the three months ended September 30, 2021:
|  |  |  |  |  | Life Science |  | Medical Office |  | CCRC |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Total revenues |  |  |  |  |  | $ | 184,213 |  |  | $ | 171,482 |  |  | $ | 119,022 |  |  | $ | 6,748 |  |  | $ | — |  |  | $ | 481,465 |
Government grant income(1) |  |  |  |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Less: Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (6,748) |  |  | — |  |  | (6,748) |
Healthpeak’s share of unconsolidated joint venture total revenues |  |  |  |  |  | 1,521 |  |  | 737 |  |  | — |  |  | 17,109 |  |  | — |  |  | 19,367 |
Healthpeak’s share of unconsolidated joint venture government grant income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Noncontrolling interests’ share of consolidated joint venture total revenues |  |  |  |  |  | (82) |  |  | (8,954) |  |  | — |  |  | — |  |  | — |  |  | (9,036) |
Operating expenses |  |  |  |  |  | (44,923) |  |  | (58,430) |  |  | (98,799) |  |  | 13 |  |  | — |  |  | (202,139) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  |  |  |  |  | (463) |  |  | (305) |  |  | (32) |  |  | (13,450) |  |  | — |  |  | (14,250) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  |  |  |  |  | 25 |  |  | 2,659 |  |  | — |  |  | — |  |  | — |  |  | 2,684 |
Adjustments to NOI(2) |  |  |  |  |  | (11,021) |  |  | (3,626) |  |  | 724 |  |  | (100) |  |  | — |  |  | (14,023) |
Adjusted NOI |  |  |  |  |  | 129,270 |  |  | 103,563 |  |  | 20,930 |  |  | 3,572 |  |  | — |  |  | 257,335 |
Plus: Adjustments to NOI(2) |  |  |  |  |  | 11,021 |  |  | 3,626 |  |  | (724) |  |  | 100 |  |  | — |  |  | 14,023 |
Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 6,748 |  |  | — |  |  | 6,748 |
Interest expense |  |  |  |  |  | (46) |  |  | (1,104) |  |  | (1,936) |  |  | — |  |  | (32,819) |  |  | (35,905) |
Depreciation and amortization |  |  |  |  |  | (79,570) |  |  | (66,189) |  |  | (31,416) |  |  | — |  |  | — |  |  | (177,175) |
General and administrative |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,270) |  |  | (23,270) |
Transaction costs |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Impairments and loan loss reserves |  |  |  |  |  | — |  |  | (1,952) |  |  | — |  |  | 1,667 |  |  | — |  |  | (285) |
Gain (loss) on sales of real estate, net |  |  |  |  |  | — |  |  | 14,635 |  |  | — |  |  | — |  |  | — |  |  | 14,635 |
Gain (loss) on debt extinguishments |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (667) |  |  | (667) |
Other income (expense), net |  |  |  |  |  | 22 |  |  | (30) |  |  | 114 |  |  | 1 |  |  | 1,563 |  |  | 1,670 |
Less: Government grant income |  |  |  |  |  | — |  |  | — |  |  | (15) |  |  | — |  |  | — |  |  | (15) |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  | (1,058) |  |  | (432) |  |  | 32 |  |  | (3,659) |  |  | — |  |  | (5,117) |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  | 57 |  |  | 6,295 |  |  | — |  |  | — |  |  | — |  |  | 6,352 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | 59,696 |  |  | 58,412 |  |  | (13,015) |  |  | 8,429 |  |  | (55,193) |  |  | 58,329 |
Income tax benefit (expense) |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 649 |  |  | 649 |
Equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | 630 |  |  | 220 |  |  | 845 |  |  | 632 |  |  | — |  |  | 2,327 |
Income (loss) from continuing operations |  |  |  |  |  | 60,326 |  |  | 58,632 |  |  | (12,170) |  |  | 9,061 |  |  | (54,544) |  |  | 61,305 |
Income (loss) from discontinued operations |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 601 |  |  | 601 |
Net income (loss) |  |  |  |  |  | $ | 60,326 |  |  | $ | 58,632 |  |  | $ | (12,170) |  |  | $ | 9,061 |  |  | $ | (53,943) |  |  | $ | 61,906 |
_______________________________________ (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)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 three months ended September 30, 2020:
|  |  |  |  |  | Life Science |  | Medical Office |  | CCRC |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Total revenues |  |  |  |  |  | $ | 148,702 |  |  | $ | 155,381 |  |  | $ | 115,031 |  |  | $ | 4,451 |  |  | $ | — |  |  | $ | 423,565 |
Government grant income(1) |  |  |  |  |  | — |  |  | — |  |  | 1,761 |  |  | — |  |  | — |  |  | 1,761 |
Less: Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (4,443) |  |  | — |  |  | (4,443) |
Healthpeak’s share of unconsolidated joint venture total revenues |  |  |  |  |  | — |  |  | 699 |  |  | 4,295 |  |  | 17,853 |  |  | — |  |  | 22,847 |
Healthpeak’s share of unconsolidated joint venture government grant income |  |  |  |  |  | — |  |  | — |  |  | 246 |  |  | 49 |  |  | — |  |  | 295 |
Noncontrolling interests’ share of consolidated joint venture total revenues |  |  |  |  |  | (66) |  |  | (8,788) |  |  | — |  |  | — |  |  | — |  |  | (8,854) |
Operating expenses |  |  |  |  |  | (36,714) |  |  | (51,435) |  |  | (94,992) |  |  | — |  |  | — |  |  | (183,141) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  |  |  |  |  | — |  |  | (296) |  |  | (4,797) |  |  | (13,485) |  |  | — |  |  | (18,578) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  |  |  |  |  | 18 |  |  | 2,630 |  |  | — |  |  | — |  |  | — |  |  | 2,648 |
Adjustments to NOI(2) |  |  |  |  |  | (8,330) |  |  | (1,729) |  |  | 1,684 |  |  | 63 |  |  | — |  |  | (8,312) |
Adjusted NOI |  |  |  |  |  | 103,610 |  |  | 96,462 |  |  | 23,228 |  |  | 4,488 |  |  | — |  |  | 227,788 |
Plus: Adjustments to NOI(2) |  |  |  |  |  | 8,330 |  |  | 1,729 |  |  | (1,684) |  |  | (63) |  |  | — |  |  | 8,312 |
Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 4,443 |  |  | — |  |  | 4,443 |
Interest expense |  |  |  |  |  | (57) |  |  | (100) |  |  | (1,983) |  |  | — |  |  | (51,594) |  |  | (53,734) |
Depreciation and amortization |  |  |  |  |  | (57,170) |  |  | (54,693) |  |  | (30,106) |  |  | (2) |  |  | — |  |  | (141,971) |
General and administrative |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,661) |  |  | (21,661) |
Transaction costs |  |  |  |  |  | (79) |  |  | — |  |  | (1,897) |  |  | (8) |  |  | — |  |  | (1,984) |
Impairments and loan loss reserves |  |  |  |  |  | — |  |  | (1,208) |  |  | — |  |  | 2,985 |  |  | — |  |  | 1,777 |
Gain (loss) on sales of real estate, net |  |  |  |  |  | — |  |  | 2,283 |  |  | — |  |  | — |  |  | — |  |  | 2,283 |
Gain (loss) on debt extinguishments |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,921) |  |  | (17,921) |
Other income (expense), net |  |  |  |  |  | — |  |  | — |  |  | 3,903 |  |  | — |  |  | 2,841 |  |  | 6,744 |
Less: Government grant income |  |  |  |  |  | — |  |  | — |  |  | (1,761) |  |  | — |  |  | — |  |  | (1,761) |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  | — |  |  | (403) |  |  | 256 |  |  | (4,417) |  |  | — |  |  | (4,564) |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  | 48 |  |  | 6,158 |  |  | — |  |  | — |  |  | — |  |  | 6,206 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | 54,682 |  |  | 50,228 |  |  | (10,044) |  |  | 7,426 |  |  | (88,335) |  |  | 13,957 |
Income tax benefit (expense)(3) |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,970) |  |  | (22,970) |
Equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | — |  |  | 198 |  |  | (322) |  |  | (18,625) |  |  | — |  |  | (18,749) |
Income (loss) from continuing operations |  |  |  |  |  | 54,682 |  |  | 50,426 |  |  | (10,366) |  |  | (11,199) |  |  | (111,305) |  |  | (27,762) |
Income (loss) from discontinued operations |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31,819) |  |  | (31,819) |
Net income (loss) |  |  |  |  |  | $ | 54,682 |  |  | $ | 50,426 |  |  | $ | (10,366) |  |  | $ | (11,199) |  |  | $ | (143,124) |  |  | $ | (59,581) |
______________________________________________________________________________ (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)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 three months ended September 30, 2020 includes a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 5). For the nine months ended September 30, 2021:
|  |  |  |  |  | Life Science |  | Medical Office |  | CCRC |  | Other Non-reportable |  | Corporate Non-segment |  | Total |
Total revenues |  |  |  |  |  | $ | 531,674 |  |  | $ | 496,978 |  |  | $ | 352,458 |  |  | $ | 31,869 |  |  | $ | — |  |  | $ | 1,412,979 |  |
Government grant income(1) |  |  |  |  |  | — |  |  | — |  |  | 1,412 |  |  | — |  |  | — |  |  | 1,412 |  |
Less: Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (31,869) |  |  | — |  |  | (31,869) |  |
Healthpeak’s share of unconsolidated joint venture total revenues |  |  |  |  |  | 4,270 |  |  | 2,162 |  |  | 6,903 |  |  | 50,602 |  |  | — |  |  | 63,937 |  |
Healthpeak’s share of unconsolidated joint venture government grant income |  |  |  |  |  | — |  |  | — |  |  | 200 |  |  | 810 |  |  | — |  |  | 1,010 |  |
Noncontrolling interests’ share of consolidated joint venture total revenues |  |  |  |  |  | (222) |  |  | (26,704) |  |  | — |  |  | — |  |  | — |  |  | (26,926) |  |
Operating expenses |  |  |  |  |  | (125,108) |  |  | (164,198) |  |  | (284,739) |  |  | 13 |  |  | — |  |  | (574,032) |  |
Healthpeak’s share of unconsolidated joint venture operating expenses |  |  |  |  |  | (1,316) |  |  | (915) |  |  | (6,985) |  |  | (38,496) |  |  | — |  |  | (47,712) |  |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  |  |  |  |  | 66 |  |  | 7,714 |  |  | — |  |  | — |  |  | — |  |  | 7,780 |  |
Adjustments to NOI(2) |  |  |  |  |  | (35,197) |  |  | (7,553) |  |  | 1,971 |  |  | (15) |  |  | — |  |  | (40,794) |  |
Adjusted NOI |  |  |  |  |  | 374,167 |  |  | 307,484 |  |  | 71,220 |  |  | 12,914 |  |  | — |  |  | 765,785 |  |
Plus: Adjustments to NOI(2) |  |  |  |  |  | 35,197 |  |  | 7,553 |  |  | (1,971) |  |  | 15 |  |  | — |  |  | 40,794 |  |
Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 31,869 |  |  | — |  |  | 31,869 |  |
Interest expense |  |  |  |  |  | (196) |  |  | (1,985) |  |  | (5,778) |  |  | — |  |  | (113,470) |  |  | (121,429) |  |
Depreciation and amortization |  |  |  |  |  | (224,958) |  |  | (187,512) |  |  | (93,702) |  |  | — |  |  | — |  |  | (506,172) |  |
General and administrative |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72,260) |  |  | (72,260) |  |
Transaction costs |  |  |  |  |  | (11) |  |  | (295) |  |  | (1,090) |  |  | (21) |  |  | — |  |  | (1,417) |  |
Impairments and loan loss reserves |  |  |  |  |  | — |  |  | (1,952) |  |  | — |  |  | (2,506) |  |  | — |  |  | (4,458) |  |
Gain (loss) on sales of real estate, net |  |  |  |  |  | — |  |  | 189,873 |  |  | — |  |  | — |  |  | — |  |  | 189,873 |  |
Gain (loss) on debt extinguishments |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (225,824) |  |  | (225,824) |  |
Other income (expense), net |  |  |  |  |  | 54 |  |  | (2,483) |  |  | 2,456 |  |  | 482 |  |  | 5,095 |  |  | 5,604 |  |
Less: Government grant income |  |  |  |  |  | — |  |  | — |  |  | (1,412) |  |  | — |  |  | — |  |  | (1,412) |  |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  | (2,954) |  |  | (1,247) |  |  | (118) |  |  | (12,916) |  |  | — |  |  | (17,235) |  |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  | 156 |  |  | 18,990 |  |  | — |  |  | — |  |  | — |  |  | 19,146 |  |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | 181,455 |  |  | 328,426 |  |  | (30,395) |  |  | 29,837 |  |  | (406,459) |  |  | 102,864 |  |
Income tax benefit (expense) |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,404 |  |  | 1,404 |  |
Equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | 648 |  |  | 549 |  |  | 1,484 |  |  | 1,836 |  |  | — |  |  | 4,517 |  |
Income (loss) from continuing operations |  |  |  |  |  | 182,103 |  |  | 328,975 |  |  | (28,911) |  |  | 31,673 |  |  | (405,055) |  |  | 108,785 |  |
Income (loss) from discontinued operations |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 384,569 |  |  | 384,569 |  |
Net income (loss) |  |  |  |  |  | $ | 182,103 |  |  | $ | 328,975 |  |  | $ | (28,911) |  |  | $ | 31,673 |  |  | $ | (20,486) |  |  | $ | 493,354 |  |
______________________________________________________________________________ (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)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 nine months ended September 30, 2020:
|  |  |  |  |  | Life Science |  | Medical Office |  | CCRC |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Total revenues |  |  |  |  |  | $ | 416,081 |  |  | $ | 463,866 |  |  | $ | 320,737 |  |  | $ | 12,494 |  |  | $ | — |  |  | $ | 1,213,178 |
Government grant income(1) |  |  |  |  |  | — |  |  | — |  |  | 13,632 |  |  | — |  |  | — |  |  | 13,632 |
Less: Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (12,361) |  |  | — |  |  | (12,361) |
Healthpeak’s share of unconsolidated joint venture total revenues |  |  |  |  |  | — |  |  | 2,085 |  |  | 30,723 |  |  | 56,729 |  |  | — |  |  | 89,537 |
Healthpeak’s share of unconsolidated joint venture government grant income |  |  |  |  |  | — |  |  | — |  |  | 780 |  |  | 319 |  |  | — |  |  | 1,099 |
Noncontrolling interests’ share of consolidated joint venture total revenues |  |  |  |  |  | (175) |  |  | (25,775) |  |  | — |  |  | — |  |  | — |  |  | (25,950) |
Operating expenses |  |  |  |  |  | (101,120) |  |  | (151,484) |  |  | (345,722) |  |  | — |  |  | — |  |  | (598,326) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  |  |  |  |  | — |  |  | (846) |  |  | (27,660) |  |  | (40,444) |  |  | — |  |  | (68,950) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  |  |  |  |  | 53 |  |  | 7,737 |  |  | — |  |  | — |  |  | — |  |  | 7,790 |
Adjustments to NOI(2) |  |  |  |  |  | (15,389) |  |  | (3,188) |  |  | 93,263 |  |  | 114 |  |  | — |  |  | 74,800 |
Adjusted NOI |  |  |  |  |  | 299,450 |  |  | 292,395 |  |  | 85,753 |  |  | 16,851 |  |  | — |  |  | 694,449 |
Plus: Adjustments to NOI(2) |  |  |  |  |  | 15,389 |  |  | 3,188 |  |  | (93,263) |  |  | (114) |  |  | — |  |  | (74,800) |
Interest income |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 12,361 |  |  | — |  |  | 12,361 |
Interest expense |  |  |  |  |  | (180) |  |  | (302) |  |  | (5,256) |  |  | — |  |  | (158,510) |  |  | (164,248) |
Depreciation and amortization |  |  |  |  |  | (159,737) |  |  | (165,265) |  |  | (81,760) |  |  | (12) |  |  | — |  |  | (406,774) |
General and administrative |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (67,730) |  |  | (67,730) |
Transaction costs |  |  |  |  |  | (80) |  |  | — |  |  | (16,739) |  |  | (101) |  |  | — |  |  | (16,920) |
Impairments and loan loss reserves |  |  |  |  |  | — |  |  | (6,033) |  |  | — |  |  | (10,134) |  |  | — |  |  | (16,167) |
Gain (loss) on sales of real estate, net |  |  |  |  |  | — |  |  | 85,676 |  |  | — |  |  | (40) |  |  | — |  |  | 85,636 |
Gain (loss) on debt extinguishments |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,912) |  |  | (42,912) |
Other income (expense), net |  |  |  |  |  | — |  |  | — |  |  | 188,377 |  |  | 41,707 |  |  | 4,728 |  |  | 234,812 |
Less: Government grant income |  |  |  |  |  | — |  |  | — |  |  | (13,632) |  |  | — |  |  | — |  |  | (13,632) |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  | — |  |  | (1,239) |  |  | (3,843) |  |  | (16,604) |  |  | — |  |  | (21,686) |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  | 122 |  |  | 18,038 |  |  | — |  |  | — |  |  | — |  |  | 18,160 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | 154,964 |  |  | 226,458 |  |  | 59,637 |  |  | 43,914 |  |  | (264,424) |  |  | 220,549 |
Income tax benefit (expense)(3) |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,792 |  |  | 6,792 |
Equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | — |  |  | 604 |  |  | (1,801) |  |  | (46,433) |  |  | — |  |  | (47,630) |
Income (loss) from continuing operations |  |  |  |  |  | 154,964 |  |  | 227,062 |  |  | 57,836 |  |  | (2,519) |  |  | (257,632) |  |  | 179,711 |
Income (loss) from discontinued operations |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,297 |  |  | 98,297 |
Net income (loss) |  |  |  |  |  | $ | 154,964 |  |  | $ | 227,062 |  |  | $ | 57,836 |  |  | $ | (2,519) |  |  | $ | (159,335) |  |  | $ | 278,008 |
______________________________________________________________________________ (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)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 nine months ended September 30, 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 $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 5), and (iii) a $3.6 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. The following table summarizes the Company’s revenues by segment (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Segment |  | 2021 |  | 2020 |  | 2021 |  | 2020
Life science |  | $ | 184,213 |  |  | $ | 148,702 |  |  | $ | 531,674 |  |  | $ | 416,081 |
Medical office |  | 171,482 |  |  | 155,381 |  |  | 496,978 |  |  | 463,866 |
CCRC |  | 119,022 |  |  | 115,031 |  |  | 352,458 |  |  | 320,737 |
Other non-reportable |  | 6,748 |  |  | 4,451 |  |  | 31,869 |  |  | 12,494 |
Total revenues |  | $ | 481,465 |  |  | $ | 423,565 |  |  | $ | 1,412,979 |  |  | $ | 1,213,178 |
See Notes 3, 4, and 5 for significant transactions impacting the Company’s segment assets during the periods presented.

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