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v3.25.1

Segment Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Information for the Reportable Segments | The following tables summarize information for the reportable segments for the three months ended March 31, 2025 (in thousands):
|  | Outpatient Medical |  | Lab |  | CCRC |  |  |  |  |  | Total
Total revenues |  | $ | 320,548 |  |  | $ | 217,593 |  |  | $ | 148,927 |  |  |  |  |  |  | $ | 687,068 |
Healthpeak’s share of unconsolidated joint venture total revenues |  | 7,259 |  |  | 2,800 |  |  | — |  |  |  |  |  |  | 10,059 |
Noncontrolling interests’ share of consolidated joint venture total revenues |  | (9,973) |  |  | — |  |  | — |  |  |  |  |  |  | (9,973) |
Operating expenses(1) |  | (105,225) |  |  | (57,658) |  |  | (110,260) |  |  |  |  |  |  | (273,143) |
Healthpeak’s share of unconsolidated joint venture operating expenses |  | (2,994) |  |  | (1,666) |  |  | — |  |  |  |  |  |  | (4,660) |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  | 2,778 |  |  | — |  |  | — |  |  |  |  |  |  | 2,778 |
Adjustments to NOI(2) |  | (12,082) |  |  | (14,836) |  |  | — |  |  |  |  |  |  | (26,918) |
Adjusted NOI for reportable segments |  | $ | 200,311 |  |  | $ | 146,233 |  |  | $ | 38,667 |  |  |  |  |  |  | $ | 385,211 |
Plus: Adjustments to NOI(2) |  |  |  |  |  |  |  |  |  |  |  | 26,918 |
Interest income and other |  |  |  |  |  |  |  |  |  |  |  | 15,821 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (72,693) |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (268,546) |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (26,118) |
Transaction and merger-related costs |  |  |  |  |  |  |  |  |  |  |  | (5,534) |
Impairments and loan loss reserves, net |  |  |  |  |  |  |  |  |  |  |  | 3,562 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  | (6,126) |
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI |  |  |  |  |  |  |  |  |  |  |  | (5,399) |
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI |  |  |  |  |  |  |  |  |  |  |  | 7,195 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | $ | 54,291 |
_______________________________________ (1)See reconciliation of significant expense categories below. (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. The following table summarizes the Company’s significant expense categories by reportable segment for the three months ended March 31, 2025 (in thousands):
|  | Outpatient Medical |  | Lab |  | CCRC
Compensation and property management |  | $ | 14,629 |  |  | $ | 8,310 |  |  | $ | 70,003 |
Food |  | — |  |  | — |  |  | 6,442 |
Real estate taxes |  | 24,079 |  |  | 19,021 |  |  | 4,508 |
Repairs and maintenance |  | 15,503 |  |  | 7,358 |  |  | 4,846 |
Utilities |  | 17,912 |  |  | 10,423 |  |  | 5,663 |
Other segment items(1) |  | 33,102 |  |  | 12,546 |  |  | 18,798 |
Operating expenses |  | $ | 105,225 |  |  | $ | 57,658 |  |  | $ | 110,260 |
_______________________________________ (1)Other segment items for each segment include: •Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. •CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following tables summarize information for the reportable segments for the three months ended March 31, 2024 (in thousands):
|  | Outpatient Medical |  | Lab |  | CCRC |  |  |  |  |  | Total |
Total revenues |  | $ | 238,272 |  |  | $ | 223,761 |  |  | $ | 138,776 |  |  |  |  |  |  | $ | 600,809 |  |
Healthpeak’s share of unconsolidated joint venture total revenues |  | 2,739 |  |  | 4,861 |  |  | — |  |  |  |  |  |  | 7,600 |  |
Noncontrolling interests’ share of consolidated joint venture total revenues |  | (8,876) |  |  | (163) |  |  | — |  |  |  |  |  |  | (9,039) |  |
Operating expenses(1) |  | (81,268) |  |  | (56,840) |  |  | (105,621) |  |  |  |  |  |  | (243,729) |  |
Healthpeak’s share of unconsolidated joint venture operating expenses |  | (1,083) |  |  | (1,324) |  |  | — |  |  |  |  |  |  | (2,407) |  |
Noncontrolling interests’ share of consolidated joint venture operating expenses |  | 2,430 |  |  | 43 |  |  | — |  |  |  |  |  |  | 2,473 |  |
Adjustments to NOI(2) |  | (6,127) |  |  | (21,435) |  |  | — |  |  |  |  |  |  | (27,562) |  |
Adjusted NOI for reportable segments |  | $ | 146,087 |  |  | $ | 148,903 |  |  | $ | 33,155 |  |  |  |  |  |  | $ | 328,145 |  |
Plus: Adjustments to NOI(2) |  |  |  |  |  |  |  |  |  |  |  | 27,562 |  |
Interest income and other |  |  |  |  |  |  |  |  |  |  |  | 5,751 |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (60,907) |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (219,219) |  |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (23,299) |  |
Transaction and merger-related costs |  |  |  |  |  |  |  |  |  |  |  | (107,220) |  |
Impairments and loan loss reserves, net |  |  |  |  |  |  |  |  |  |  |  | (11,458) |  |
Gain (loss) on sales of real estate, net |  |  |  |  |  |  |  |  |  |  |  | 3,255 |  |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  | 78,516 |  |
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI |  |  |  |  |  |  |  |  |  |  |  | (5,193) |  |
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI |  |  |  |  |  |  |  |  |  |  |  | 6,566 |  |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |  |  |  |  |  | $ | 22,499 |  |
_______________________________________ (1)See reconciliation of significant expense categories below. (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. The following table summarizes the Company’s significant expense categories by reportable segment for the three months ended March 31, 2024 (in thousands):
|  | Outpatient Medical |  | Lab |  | CCRC
Compensation and property management |  | $ | 11,097 |  |  | $ | 8,377 |  |  | $ | 67,622 |
Food |  | — |  |  | — |  |  | 6,463 |
Real estate taxes |  | 20,128 |  |  | 19,897 |  |  | 4,301 |
Repairs and maintenance |  | 11,591 |  |  | 6,611 |  |  | 4,614 |
Utilities |  | 12,887 |  |  | 11,184 |  |  | 5,336 |
Other segment items(1) |  | 25,565 |  |  | 10,771 |  |  | 17,285 |
Operating expenses |  | $ | 81,268 |  |  | $ | 56,840 |  |  | $ | 105,621 |
_______________________________________ (1)Other segment items for each segment include: •Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. •CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense.
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 March 31, |  |
Segment |  | 2025 |  | 2024 |  |  |  |
Outpatient medical |  | $ | 320,548 |  |  | $ | 238,272 |  |  |  |  |
Lab |  | 217,593 |  |  | 223,761 |  |  |  |  |
CCRC |  | 148,927 |  |  | 138,776 |  |  |  |  |
Total revenues for reportable segments |  | 687,068 |  |  | 600,809 |  |  |  |  |
Interest income and other |  | 15,821 |  |  | 5,751 |  |  |  |  |
Total revenues |  | $ | 702,889 |  |  | $ | 606,560 |  |  |  |  |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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