Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method, common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, OP Units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented.

Certain restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share.

The Company considers the potential dilution resulting from forward agreements under its ATM Program to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. Refer to Note 12 for a discussion of the sale of shares under and settlement of forward sales agreements, of which there were none during the three and six months ended June 30, 2025 and 2024.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator - Basic
Net income (loss)	$	39,019	$	152,716	$	89,083	$	163,893
Noncontrolling interests’ share in earnings	(7,346)		(6,669)		(14,582)		(11,170)
Net income (loss) attributable to Healthpeak Properties, Inc.	31,673		146,047		74,501		152,723
Less: Participating securities’ share in earnings	(115)		(214)		(579)		(414)
Net income (loss) applicable to common shares	$	31,558	$	145,833	$	73,922	$	152,309

Numerator - Dilutive
Net income (loss) applicable to common shares	$	31,558	$	145,833	$	73,922	$	152,309
Add: distributions on dilutive convertible units and other	—		71		—		36
Dilutive net income (loss) available to common shares	$	31,558	$	145,904	$	73,922	$	152,345
Denominator
Basic weighted average shares outstanding	695,188		702,382		697,117		651,642
Dilutive potential common shares - equity awards(1)	6		135		29		157

Dilutive potential common shares - OP Units(2)	—		751		—		314


Diluted weighted average common shares	695,194		703,268		697,146		652,113
Earnings (loss) per common share
Basic	$	0.05	$	0.21	$	0.11	$	0.23
Diluted	$	0.05	$	0.21	$	0.11	$	0.23

(2)For each of the three and six months ended June 30, 2025, represents the dilutive impact of 4 million outstanding OP Units. For each of the three and six months ended June 30, 2024, represents the dilutive impact of 3 million outstanding OP Units.

For each of the three and six months ended June 30, 2025, all 13 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive. For each of the three and six months ended June 30, 2024, all 14 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive.