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Segment Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Information for the Reportable Segments | The following tables summarize information for the reportable segments (in thousands). For the three months ended September 30, 2024:
|  | Outpatient Medical |  | Lab |  | CCRC |  |  |  |  |  | Total
Total revenues |  | $ | 317,659 |  |  | $ | 225,592 |  |  | $ | 142,845 |  |  |  |  |  |  | $ | 686,096 |
Healthpeak’s share of unconsolidated joint venture total revenues |  | 7,065 |  |  | 5,242 |  |  | — |  |  |  |  |  |  | 12,307 |
Noncontrolling interests’ share of consolidated joint venture total revenues |  | (9,734) |  |  | — |  |  | — |  |  |  |  |  |  | (9,734) |
Operating expenses |  | (106,484) |  |  | (64,075) |  |  | (109,720) |  |  |  |  |  |  | (280,279) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  | (2,832) |  |  | (1,811) |  |  | — |  |  |  |  |  |  | (4,643) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  | 2,851 |  |  | — |  |  | — |  |  |  |  |  |  | 2,851 |
Adjustments to NOI(1) |  | (11,020) |  |  | (16,900) |  |  | 95 |  |  |  |  |  |  | (27,825) |
Adjusted NOI for reportable segments |  | $ | 197,505 |  |  | $ | 148,048 |  |  | $ | 33,220 |  |  |  |  |  |  | $ | 378,773 |
Plus: Adjustments to NOI(1) |  |  |  |  |  |  |  |  |  |  |  | 27,825 |
Interest income and other |  |  |  |  |  |  |  |  |  |  |  | 14,301 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (74,105) |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (280,019) |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (23,216) |
Transaction and merger-related costs |  |  |  |  |  |  |  |  |  |  |  | (7,134) |
Impairments and loan loss reserves, net |  |  |  |  |  |  |  |  |  |  |  | (441) |
Gain (loss) on sales of real estate, net |  |  |  |  |  |  |  |  |  |  |  | 62,325 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  | 982 |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | (7,664) |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | 6,883 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | $ | 98,510 |
_______________________________________ (1)Represents straight-line rents, 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, 2023:
|  | Outpatient Medical |  | Lab |  | CCRC |  |  |  |  |  | Total
Total revenues |  | $ | 191,016 |  |  | $ | 226,059 |  |  | $ | 133,808 |  |  |  |  |  |  | $ | 550,883 |
Healthpeak’s share of unconsolidated joint venture total revenues |  | 746 |  |  | 2,425 |  |  | — |  |  |  |  |  |  | 3,171 |
Noncontrolling interests’ share of consolidated joint venture total revenues |  | (8,735) |  |  | (154) |  |  | — |  |  |  |  |  |  | (8,889) |
Operating expenses |  | (67,693) |  |  | (60,268) |  |  | (104,773) |  |  |  |  |  |  | (232,734) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  | (301) |  |  | (958) |  |  | — |  |  |  |  |  |  | (1,259) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  | 2,474 |  |  | 33 |  |  | — |  |  |  |  |  |  | 2,507 |
Adjustments to NOI(1) |  | (3,547) |  |  | (9,842) |  |  | — |  |  |  |  |  |  | (13,389) |
Adjusted NOI for reportable segments |  | $ | 113,960 |  |  | $ | 157,295 |  |  | $ | 29,035 |  |  |  |  |  |  | $ | 300,290 |
Plus: Adjustments to NOI(1) |  |  |  |  |  |  |  |  |  |  |  | 13,389 |
Interest income and other |  |  |  |  |  |  |  |  |  |  |  | 5,360 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (50,510) |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (184,559) |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (23,093) |
Transaction and merger-related costs |  |  |  |  |  |  |  |  |  |  |  | (36) |
Impairments and loan loss reserves, net |  |  |  |  |  |  |  |  |  |  |  | 550 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  | 1,481 |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | (1,912) |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | 6,382 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | $ | 67,342 |
_______________________________________ (1)Represents straight-line rents, 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, 2024:
|  | Outpatient Medical |  | Lab |  | CCRC |  |  |  |  |  | Total |
Total revenues |  | $ | 888,446 |  |  | $ | 663,619 |  |  | $ | 422,512 |  |  |  |  |  |  | $ | 1,974,577 |  |
Healthpeak’s share of unconsolidated joint venture total revenues |  | 16,707 |  |  | 14,404 |  |  | — |  |  |  |  |  |  | 31,111 |  |
Noncontrolling interests’ share of consolidated joint venture total revenues |  | (27,952) |  |  | (196) |  |  | — |  |  |  |  |  |  | (28,148) |  |
Operating expenses |  | (299,455) |  |  | (177,571) |  |  | (320,809) |  |  |  |  |  |  | (797,835) |  |
Healthpeak’s share of unconsolidated joint venture operating expenses |  | (6,380) |  |  | (4,663) |  |  | — |  |  |  |  |  |  | (11,043) |  |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  | 7,889 |  |  | 52 |  |  | — |  |  |  |  |  |  | 7,941 |  |
Adjustments to NOI(1) |  | (27,573) |  |  | (51,624) |  |  | (1,645) |  |  |  |  |  |  | (80,842) |  |
Adjusted NOI for reportable segments |  | $ | 551,682 |  |  | $ | 444,021 |  |  | $ | 100,058 |  |  |  |  |  |  | $ | 1,095,761 |  |
Plus: Adjustments to NOI(1) |  |  |  |  |  |  |  |  |  |  |  | 80,842 |  |
Interest income and other |  |  |  |  |  |  |  |  |  |  |  | 27,884 |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (209,922) |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (782,736) |  |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (73,233) |  |
Transaction and merger-related costs |  |  |  |  |  |  |  |  |  |  |  | (122,113) |  |
Impairments and loan loss reserves, net |  |  |  |  |  |  |  |  |  |  |  | (11,346) |  |
Gain (loss) on sales of real estate, net |  |  |  |  |  |  |  |  |  |  |  | 187,624 |  |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  | 83,502 |  |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | (20,068) |  |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | 20,207 |  |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | $ | 276,402 |  |
______________________________________________________________________________ (1)Represents straight-line rents, 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, 2023:
|  | Outpatient Medical |  | Lab |  | CCRC |  |  |  |  |  | Total
Total revenues |  | $ | 564,644 |  |  | $ | 654,829 |  |  | $ | 391,076 |  |  |  |  |  |  | $ | 1,610,549 |
Government grant income(1) |  | — |  |  | — |  |  | 184 |  |  |  |  |  |  | 184 |
Healthpeak’s share of unconsolidated joint venture total revenues |  | 2,245 |  |  | 6,519 |  |  | — |  |  |  |  |  |  | 8,764 |
Noncontrolling interests’ share of consolidated joint venture total revenues |  | (26,364) |  |  | (449) |  |  | — |  |  |  |  |  |  | (26,813) |
Operating expenses |  | (197,442) |  |  | (172,666) |  |  | (307,551) |  |  |  |  |  |  | (677,659) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  | (895) |  |  | (2,987) |  |  | — |  |  |  |  |  |  | (3,882) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  | 7,477 |  |  | 108 |  |  | — |  |  |  |  |  |  | 7,585 |
Adjustments to NOI(2) |  | (11,373) |  |  | (25,618) |  |  | (679) |  |  |  |  |  |  | (37,670) |
Adjusted NOI for reportable segments |  | $ | 338,292 |  |  | $ | 459,736 |  |  | $ | 83,030 |  |  |  |  |  |  | $ | 881,058 |
Plus: Adjustments to NOI(2) |  |  |  |  |  |  |  |  |  |  |  | 37,670 |
Interest income and other |  |  |  |  |  |  |  |  |  |  |  | 16,802 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (147,547) |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (561,357) |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (73,576) |
Transaction and merger-related costs |  |  |  |  |  |  |  |  |  |  |  | (3,098) |
Impairments and loan loss reserves, net |  |  |  |  |  |  |  |  |  |  |  | 156 |
Gain (loss) on sales of real estate, net |  |  |  |  |  |  |  |  |  |  |  | 86,463 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  | 4,208 |
Less: Government grant income |  |  |  |  |  |  |  |  |  |  |  | (184) |
Less: Healthpeak’s share of unconsolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | (4,882) |
Plus: Noncontrolling interests’ share of consolidated joint venture NOI |  |  |  |  |  |  |  |  |  |  |  | 19,228 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | $ | 254,941 |
______________________________________________________________________________ (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, 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.
Schedule of Reconciliation of Company's Revenues by Segment | The following table summarizes the Company’s revenues by reportable segment (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Segment |  | 2024 |  | 2023 |  | 2024 |  | 2023
Outpatient medical |  | $ | 317,659 |  |  | $ | 191,016 |  |  | $ | 888,446 |  |  | $ | 564,644 |
Lab |  | 225,592 |  |  | 226,059 |  |  | 663,619 |  |  | 654,829 |
CCRC |  | 142,845 |  |  | 133,808 |  |  | 422,512 |  |  | 391,076 |
Total revenues for reportable segments |  | 686,096 |  |  | 550,883 |  |  | 1,974,577 |  |  | 1,610,549 |
Interest income and other |  | 14,301 |  |  | 5,360 |  |  | 27,884 |  |  | 16,802 |
Total revenues |  | $ | 700,397 |  |  | $ | 556,243 |  |  | $ | 2,002,461 |  |  | $ | 1,627,351 |

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