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The Merger (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Consideration Transferred | The consideration transferred on the Closing Date was as follows (in thousands, except per share data):
|  | March 1, 2024
Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged(1) |  | 240,699
Exchange Ratio |  | 0.674
Shares of Healthpeak common stock issued |  | 162,231
Closing price of Healthpeak common stock on March 1, 2024(2) |  | $ | 17.10 |
Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs |  | $ | 2,774,147 |
Less: Fair value of share consideration attributable to the post-combination period(3) |  | (16,223) |
Physicians Realty Trust revolving credit facility termination(4) |  | $ | 175,411 |
Settlement of Physicians Realty Trust’s transaction costs |  | 23,913 |
Payments made in connection with share settlement(5) |  | 11,315 |
Cash consideration |  | $ | 210,639 |
Consideration transferred |  | $ | 2,968,563 |
_______________________________________ (1)Includes 241 million Physicians Realty Trust common shares and Physicians Realty Trust restricted shares outstanding as of March 1, 2024, inclusive of: (i) 200 thousand Physicians Realty Trust restricted shares; (ii) 1 million Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust performance-based restricted stock unit (“PSUs”) (reflected at the maximum level of performance); and (iii) 300 thousand Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust restricted stock units (“RSUs”). (2)The fair value of Healthpeak common stock issued to former holders of Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs was based on the per share closing price of Healthpeak common stock on March 1, 2024. (3)Represents the fair value of unvested Physicians Realty Trust restricted shares, PSUs, and RSUs attributable to post-combination services that were converted into Healthpeak common stock on the Closing Date in accordance with the Merger Agreement. Although no future service after the Closing Date is required, the value attributable to post-combination services reflected the incremental fair value provided to the Physicians Realty Trust equity award holders and the accelerated vesting of such awards at the Closing Date in accordance with the Merger Agreement. This amount was recognized as transaction and merger-related costs on the Consolidated Statements of Operations. (4)Represents the Company’s cash repayment of all outstanding balances under Physicians Realty Trust’s revolving credit facility on the Closing Date in connection with the related termination. (5)Includes cash settlement of: (i) tax liability related to holdback elections made under the pre-existing terms and conditions of Physicians Realty Trust’s equity programs and (ii) fractional share consideration.
Schedule of Summarizes the Fair Values of the Assets Acquired, Liabilities Assumed, and Noncontrolling Interests | The following table summarizes the fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands):
|  | Preliminary Amounts Recognized on the Closing Date |  | Measurement Period Adjustments |  | Amounts Recognized on the Closing Date (As Adjusted)
ASSETS |  |  |  |  |  |
Real estate: |  |  |  |  |  |
Buildings and improvements |  | $ | 3,199,884 |  |  | $ | (6,889) |  |  | $ | 3,192,995 |
Development costs and construction in progress |  | 68,171 |  |  | — |  |  | 68,171 |
Land and improvements |  | 435,353 |  |  | — |  |  | 435,353 |
Real estate |  | 3,703,408 |  |  | (6,889) |  |  | 3,696,519 |
Loans receivable |  | 118,908 |  |  | — |  |  | 118,908 |
Investments in and advances to unconsolidated joint ventures |  | 58,636 |  |  | — |  |  | 58,636 |
Accounts receivable, net(1) |  | 9,536 |  |  | (254) |  |  | 9,282 |
Cash and cash equivalents |  | 30,417 |  |  | — |  |  | 30,417 |
Restricted cash |  | 1,007 |  |  | — |  |  | 1,007 |
Intangible assets(2) |  | 890,827 |  |  | — |  |  | 890,827 |
Right-of-use asset |  | 191,415 |  |  | (113) |  |  | 191,302 |
Other assets |  | 44,691 |  |  | (668) |  |  | 44,023 |
Total assets |  | $ | 5,048,845 |  |  | $ | (7,924) |  |  | $ | 5,040,921 |
LIABILITIES AND EQUITY |  |  |  |  |  |
Term loans |  | $ | 402,320 |  |  | $ | — |  |  | $ | 402,320 |
Senior unsecured notes |  | 1,139,760 |  |  | — |  |  | 1,139,760 |
Mortgage debt |  | 127,176 |  |  | — |  |  | 127,176 |
Intangible liabilities(3) |  | 149,875 |  |  | — |  |  | 149,875 |
Lease liability |  | 97,160 |  |  | (113) |  |  | 97,047 |
Accounts payable, accrued liabilities, and other liabilities |  | 72,864 |  |  | (2,976) |  |  | 69,888 |
Total liabilities |  | $ | 1,989,155 |  |  | $ | (3,089) |  |  | $ | 1,986,066 |
Redeemable noncontrolling interests |  | 1,536 |  |  | 1,573 |  |  | 3,109 |
Joint venture partners(4) |  | 20,109 |  |  | (3,043) |  |  | 17,066 |
Non-managing member unitholders(5) |  | 116,618 |  |  | — |  |  | 116,618 |
Total noncontrolling interests |  | $ | 136,727 |  |  | $ | (3,043) |  |  | $ | 133,684 |
Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests |  | $ | 2,921,427 |  |  | $ | (3,365) |  |  | $ | 2,918,062 |
Goodwill |  | 47,136 |  |  | 3,365 |  |  | 50,501 |
Total purchase price |  | $ | 2,968,563 |  |  | $ | — |  |  | $ | 2,968,563 |
_______________________________________ (1)Includes $14 million of gross contractual accounts receivable. (2)The intangible assets acquired had a weighted average amortization period of 6 years (see Note 9). (3)The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 9). (4)Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7% on the Closing Date. (5)In connection with the Merger, Physicians Partnership merged with and into DOC DR OP Sub with DOC DR OP Sub surviving as the Partnership Surviving Entity. The Company controls the Partnership Surviving Entity via its ownership of its managing member, and the Partnership Surviving Entity is consolidated by the Company.
Schedule of Pro forma Financial Information | The following unaudited pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the unaudited pro forma financial information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.
| Three Months Ended September 30, 2024 |  |  |  | Nine Months Ended September 30, 2024
Total revenues | $ | 691,327 |  |  |  |  | $ | 2,078,322 |  |  |
Net income (loss) applicable to common shares | 95,234 |  |  |  |  | 337,520 |  |  |

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