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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2025
Variable Interest Entities [Abstract] |
Variable Interest Entities | Variable Interest Entities Operating Subsidiary Healthpeak OP is the Company’s operating subsidiary and a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds a membership interest in Healthpeak OP, acts as the managing member of Healthpeak OP, and exercises full responsibility, discretion, and control over the day-to-day management of Healthpeak OP. Because the noncontrolling interests in Healthpeak OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights, the Company has determined that Healthpeak OP is a VIE. The Company, as managing member, has the power to direct the core activities of Healthpeak OP that most significantly affect Healthpeak OP’s performance, and through its interest in Healthpeak OP, has both the right to receive benefits from and the obligation to absorb losses of Healthpeak OP. Accordingly, the Company is the primary beneficiary of Healthpeak OP and consolidates Healthpeak OP. As the Company conducts its business and holds its assets and liabilities through Healthpeak OP, the total consolidated assets and liabilities, income (losses), and cash flows of Healthpeak OP represent substantially all of the total consolidated assets and liabilities, including the consolidated and unconsolidated entities discussed in this Note 16, income (losses), and cash flows of the Company. Unconsolidated Variable Interest Entities The Company has investments in certain unconsolidated VIEs. The Company determined it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures, as more fully discussed below, it has no formal involvement in these VIEs beyond its investments. LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC (“LLC Investment”) that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner and given its rights and ownership percentage, the Company has virtually no influence or control. The assets and liabilities of the entity primarily consist of three hospitals as well as senior housing real estate. Any assets generated by the entity may only be used to settle its contractual obligations (primarily capital expenditures and debt service payments). Other Equity Investments. The Company holds certain limited partner interests in funds that make venture capital investments in various early-stage technology solutions (“Other Equity Investments”). As of September 30, 2025, the Company had an aggregate commitment of $12 million related to its Other Equity Investments and as of September 30, 2025 and December 31, 2024, the Company’s total investments aggregated $3 million and $1 million, respectively. The Other Equity Investments have been identified as VIEs. The Company’s involvement in the entities is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner and given its rights and ownership percentage, the Company has virtually no influence or control. The assets and liabilities of the entities primarily consist of its capital investments. All future investments will be funded with capital contributions from the Company and other limited partners in accordance with their respective commitments. Needham Land Parcel JV. In December 2021, the Company acquired a 38% interest in a lab development joint venture in Needham, Massachusetts for $13 million. Current equity at risk is not sufficient to finance the joint venture’s activities. The assets and liabilities of the entity primarily consist of real estate and debt service obligations. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development costs and debt service payments). HQ Point Preferred Equity Investment. In February 2025, the Company made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California. As of September 30, 2025, the Company had funded $45 million of its investment. Current equity at risk is not sufficient to finance the entity’s activities. The assets and liabilities of the entity primarily consist of real estate and debt service obligations. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development costs and debt service payments). Loans Receivable Investments. In March 2025, the Company entered into an agreement to provide aggregate financing of $41 million to fund the development of an outpatient medical building in Dallas, Texas. The borrower entity for these investments meets the criteria of a VIE in accordance with ASC 810, Consolidation, and the Company is not the primary beneficiary of the borrower. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at September 30, 2025 was as follows (in thousands):
VIE Type |  | Asset Type |  | Maximum Loss Exposure and Carrying Amount(1)
LLC Investment and Other Equity Investments |  | Other assets, net |  | $ | 17,515 |
Needham Land Parcel JV and HQ Point Preferred Equity Investment |  | Investments in and advances to unconsolidated joint ventures |  | 59,308 |
Loans Receivable Investments |  | Loans receivable, net |  | 7,048 |
_______________________________________ (1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments. As of September 30, 2025, the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including under circumstances in which it could be exposed to further losses (e.g., cash shortfalls). Consolidated Variable Interest Entities The Company’s consolidated total assets and total liabilities at September 30, 2025 and December 31, 2024 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to the Company. Ventures V, LLC. The Company holds a 51% ownership interest in and is the managing member of a joint venture entity formed in October 2015 that owns and leases outpatient medical buildings (“Ventures V”). The Company classifies Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of Ventures V or kick-out rights over the managing member. The Company consolidates Ventures V as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by Ventures V may only be used to settle its contractual obligations. MSREI JV. The Company holds a 51% ownership interest in, and is the managing member of, a joint venture entity formed in August 2018 that owns and leases outpatient medical buildings (the “MSREI JV”). The MSREI JV is a VIE due to the non-managing member lacking substantive participation rights in the management of the joint venture or kick-out rights over the managing member. The Company consolidates the MSREI JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the MSREI JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the MSREI JV may only be used to settle its contractual obligations. DownREITs. As of September 30, 2025 and December 31, 2024, the Company held a controlling ownership interest in and was the managing member of eight DownREITs. The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of capital expenditures for the properties, debt service payments, and with respect to DOC DR OP Sub, certain guarantees. Assets generated by the DownREITs (primarily from tenant rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships. The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). The Company classifies the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from tenant rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |
Assets |  |  |  |
Buildings and improvements | $ | 4,707,134 |  |  | $ | 4,669,914 |  |
Development costs and construction in progress | 135,076 |  |  | 92,710 |  |
Land and improvements | 474,058 |  |  | 472,232 |  |
Accumulated depreciation and amortization | (895,705) |  |  | (761,759) |  |
Net real estate | 4,420,563 |  |  | 4,473,097 |  |
Loans receivable, net | 566,552 |  |  | 550,829 |  |
Investments in and advances to unconsolidated joint ventures | 25,481 |  |  | 39,946 |  |
Accounts receivable, net | 23,273 |  |  | 17,357 |  |
Cash and cash equivalents | 43,806 |  |  | 32,421 |  |
Restricted cash | 2,885 |  |  | 1,029 |  |
Intangible assets, net | 490,005 |  |  | 629,802 |  |
Assets held for sale, net(1) | 35,244 |  |  | — |  |
Right-of-use asset, net | 269,797 |  |  | 270,918 |  |
Other assets, net | 180,651 |  |  | 173,435 |  |
Total assets | $ | 6,058,257 |  |  | $ | 6,188,834 |  |
Liabilities |  |  |  |
Term loans | $ | 401,502 |  |  | $ | 401,895 |  |
Senior unsecured notes | 1,164,248 |  |  | 1,151,801 |  |
Mortgage debt | 245,691 |  |  | 247,776 |  |
Intangible liabilities, net | 80,210 |  |  | 95,315 |  |
Liabilities related to assets held for sale, net(1) | 11,798 |  |  | — |  |
Lease liability | 195,277 |  |  | 193,421 |  |
Accounts payable, accrued liabilities, and other liabilities | 142,859 |  |  | 125,688 |  |
Deferred revenue | 61,217 |  |  | 65,358 |  |
Total liabilities | $ | 2,302,802 |  |  | $ | 2,281,254 |  |
_______________________________________ (1)Relates to four assets classified as held for sale as of September 30, 2025. Assets held for sale, net, primarily includes: (i) net real estate of $27 million and (ii) right-of-use assets of $7 million. Liabilities related to assets held for sale, net, primarily includes: (i) lease liabilities of $9 million and (ii) deferred revenue of $3 million

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- Definition Variable Interest Entities [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for variable interest entities, including description of the terms of arrangements and categorized by: (1) VIEs consolidated because the entity is the primary beneficiary, (2) VIEs not consolidated because the entity is not the primary beneficiary, and (3) VIEs or potential VIEs that are not consolidated because necessary information is not available. + References No definition available. + Details
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