Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Information for the Reportable Segments and Significant Expense Categories By Reportable Segment

The following table summarizes financial information for the reportable segments for the three months ended June 30, 2025 (in thousands):


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	320,482	$	209,205	$	148,855	$	678,542


Healthpeak’s share of unconsolidated joint venture total revenues	7,183		7,358		—		14,541

Noncontrolling interests’ share of consolidated joint venture total revenues	(10,020)		—		—		(10,020)
Operating expenses(1)	(105,331)		(59,401)		(111,449)		(276,181)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,695)		(1,898)		—		(4,593)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,801		—		—		2,801

Adjustments to NOI(2)	(10,813)		(12,488)		(843)		(24,144)
Adjusted NOI for reportable segments	$	201,607	$	142,776	$	36,563	$	380,946
Plus: Adjustments to NOI(2)							24,144
Interest income and other							15,806
Interest expense							(75,063)
Depreciation and amortization							(265,916)
General and administrative							(20,764)
Transaction and merger-related costs							(10,215)
Impairments and loan loss reserves, net							(3,499)
Gain (loss) on sales of real estate, net							1,636

Other income (expense), net							(4,692)

Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(9,948)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							7,219
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	39,654

_______________________________________

(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 June 30, 2025 (in thousands):


	Outpatient Medical		Lab		CCRC
Compensation and property management	$	15,009	$	8,277	$	71,745
Food	—		—		6,782
Real estate taxes	25,300		18,989		4,324
Repairs and maintenance	15,389		8,202		4,873
Utilities	18,332		10,687		5,719
Other segment items(1)	31,301		13,246		18,006
Operating expenses	$	105,331	$	59,401	$	111,449

_______________________________________

(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 table summarizes financial information for the reportable segments for the three months ended June 30, 2024 (in thousands):


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	332,515	$	214,266	$	140,891	$	687,672


Healthpeak’s share of unconsolidated joint venture total revenues	6,903		4,301		—		11,204

Noncontrolling interests’ share of consolidated joint venture total revenues	(9,341)		(33)		—		(9,374)
Operating expenses(1)	(111,702)		(56,656)		(105,469)		(273,827)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,464)		(1,528)		—		(3,992)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,609		9		—		2,618

Adjustments to NOI(2)	(10,430)		(13,289)		(1,739)		(25,458)
Adjusted NOI for reportable segments	$	208,090	$	147,070	$	33,683	$	388,843
Plus: Adjustments to NOI(2)							25,458
Interest income and other							7,832
Interest expense							(74,910)
Depreciation and amortization							(283,498)
General and administrative							(26,718)
Transaction and merger-related costs							(7,759)
Impairments and loan loss reserves, net							553


Gain (loss) on sales of real estate, net							122,044
Other income (expense), net							4,004

Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(7,212)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							6,756
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	155,393

_______________________________________

(1)See reconciliation of significant expense categories below.

The following table summarizes the Company’s significant expense categories by reportable segment for the three months ended June 30, 2024 (in thousands):


	Outpatient Medical		Lab		CCRC
Compensation and property management	$	15,177	$	8,045	$	68,485
Food	—		—		6,605
Real estate taxes	27,806		18,808		4,276
Repairs and maintenance	16,504		7,206		4,578
Utilities	18,796		10,913		5,373
Other segment items(1)	33,419		11,684		16,152
Operating expenses	$	111,702	$	56,656	$	105,469

_______________________________________

(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 table summarizes financial information for the reportable segments for the six months ended June 30, 2025 (in thousands):


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	641,030	$	426,798	$	297,782	$	1,365,610

Healthpeak’s share of unconsolidated joint venture total revenues	14,442		10,158		—		24,600
Noncontrolling interests’ share of consolidated joint venture total revenues	(19,993)		—		—		(19,993)
Operating expenses(1)	(210,557)		(117,059)		(221,708)		(549,324)
Healthpeak’s share of unconsolidated joint venture operating expenses	(5,689)		(3,564)		—		(9,253)
Noncontrolling interests’ share of consolidated joint venture operating expenses	5,580		—		—		5,580

Adjustments to NOI(2)	(22,895)		(27,325)		(843)		(51,063)
Adjusted NOI for reportable segments	$	401,918	$	289,008	$	75,231	$	766,157
Plus: Adjustments to NOI(2)							51,063
Interest income and other							31,627
Interest expense							(147,756)
Depreciation and amortization							(534,462)
General and administrative							(46,882)
Transaction and merger-related costs							(15,749)
Impairments and loan loss reserves, net							63
Gain (loss) on sales of real estate, net							1,636

Other income (expense), net							(10,818)

Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(15,347)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							14,413
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	93,945

_______________________________________

(1)See reconciliation of significant expense categories below.

The following table summarizes the Company’s significant expense categories by reportable segment for the six months ended June 30, 2025 (in thousands):


	Outpatient Medical		Lab		CCRC
Compensation and property management	$	29,638	$	16,587	$	141,748
Food	—		—		13,225
Real estate taxes	49,379		38,010		8,832
Repairs and maintenance	30,892		15,560		9,719
Utilities	36,244		21,110		11,382
Other segment items(1)	64,404		25,792		36,802
Operating expenses	$	210,557	$	117,059	$	221,708

_______________________________________

(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 table summarizes financial information for the reportable segments for the six months ended June 30, 2024 (in thousands):


	Outpatient Medical		Lab		CCRC		Total
Total revenues	$	570,787	$	438,027	$	279,667	$	1,288,481


Healthpeak’s share of unconsolidated joint venture total revenues	9,642		9,162		—		18,804

Noncontrolling interests’ share of consolidated joint venture total revenues	(18,217)		(196)		—		(18,413)
Operating expenses(1)	(192,970)		(113,496)		(211,090)		(517,556)
Healthpeak’s share of unconsolidated joint venture operating expenses	(3,547)		(2,852)		—		(6,399)
Noncontrolling interests’ share of consolidated joint venture operating expenses	5,039		52		—		5,091

Adjustments to NOI(2)	(16,556)		(34,724)		(1,739)		(53,019)
Adjusted NOI for reportable segments	$	354,178	$	295,973	$	66,838	$	716,989
Plus: Adjustments to NOI(2)							53,019
Interest income and other							13,583
Interest expense							(135,817)
Depreciation and amortization							(502,717)
General and administrative							(50,017)
Transaction and merger-related costs							(114,979)
Impairments and loan loss reserves, net							(10,905)
Gain (loss) on sales of real estate, net							125,299

Other income (expense), net							82,520

Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI							(12,405)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI							13,322
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures							$	177,892

_______________________________________

(1)See reconciliation of significant expense categories below.

The following table summarizes the Company’s significant expense categories by reportable segment for the six months ended June 30, 2024 (in thousands):


	Outpatient Medical		Lab		CCRC
Compensation and property management	$	26,275	$	16,422	$	136,107
Food	—		—		13,069
Real estate taxes	47,934		38,705		8,577
Repairs and maintenance	28,096		13,818		9,192
Utilities	31,682		22,097		10,708
Other segment items(1)	58,983		22,454		33,437
Operating expenses	$	192,970	$	113,496	$	211,090

_______________________________________

(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 June 30,				Six Months Ended June 30,
Segment	2025		2024		2025		2024



Outpatient medical	$	320,482	$	332,515	$	641,030	$	570,787
Lab	209,205		214,266		426,798		438,027
CCRC	148,855		140,891		297,782		279,667
Total revenues for reportable segments	678,542		687,672		1,365,610		1,288,481
Interest income and other	15,806		7,832		31,627		13,583
Total revenues	$	694,348	$	695,504	$	1,397,237	$	1,302,064