v3.26.1
Segment Disclosures
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
The Company’s operating segments, based on how its chief operating decision maker (“CODM”), the President and CEO, evaluates the business and allocates resources, are as follows: (i) outpatient medical, (ii) lab, (iii) senior housing, (iv) loans receivable, (v) a preferred equity investment, and (vi) three other properties. The Company’s reportable segments, as determined in accordance with ASC 280, Segment Reporting, are as follows: (i) outpatient medical, (ii) lab, and (iii) senior housing. The loans receivable, preferred equity investment, and three other properties are non-reportable segments that have been presented on a combined basis within the Notes to the Consolidated Financial Statements herein. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC, as updated by Note 2 herein.
For the outpatient medical and lab segments, the CODM evaluates performance based on property adjusted net operating income (“Adjusted NOI”). Adjusted NOI is used to evaluate performance because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. NOI is defined as real estate revenues (inclusive of rental and related revenues and resident fees and services, and exclusive of interest income), less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, amortization of market lease intangibles, termination fees, operator transition costs, and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI exclude all other financial statement amounts included in net income (loss).
NOI and Adjusted NOI are calculated as NOI and Adjusted NOI from consolidated properties, plus the Company’s share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance.
In connection with the Janus Living IPO, beginning in the first quarter of 2026, the CODM evaluates performance for the senior housing segment based on net income (loss).
Segment assets consist of real estate assets, intangible assets, and right-of-use assets. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, other assets, and real estate assets held for sale. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
The following table summarizes financial information for the reportable segments for the three months ended June 30, 2026 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$310,670 $216,112 $216,456 
Operating expenses(1)
(103,476)(67,521)
Healthpeak’s share of unconsolidated joint venture NOI5,837 6,010 
Noncontrolling interests’ share of consolidated joint venture NOI(6,444)— 
NOI - outpatient medical and lab206,587 154,601 
Adjustments to NOI(2)
(8,582)(11,987)
Adjusted NOI - outpatient medical and lab$198,005 $142,614 $340,619 
Senior housing net income (loss):
Compensation and property management(100,605)
Food(9,870)
Real estate taxes(6,566)
Repairs and maintenance(7,719)
Utilities(8,701)
Other segment items(3)
(25,325)
Depreciation and amortization(56,473)
General and administrative(1,334)
General and administrative - related party management fee(2,472)
Interest expense(350)
Transaction costs(4,278)
Gain (loss) on sales of real estate, net3,884 
Other income (expense), net16,465 
Income tax benefit (expense)1,746 
Senior housing net income (loss)$14,858 14,858 
Reconciling items:
Plus: Adjustments to NOI(2)
20,569 
Other non-reportable revenues6,572 
Interest income and other21,769 
Other non-reportable operating expenses(3,340)
Depreciation and amortization(226,917)
Interest expense(91,930)
General and administrative(18,711)
Transaction costs(4,894)
Impairments and loan loss reserves, net1,479 
Gain (loss) on sales of real estate, net6,104 
Other income (expense), net301 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(11,847)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical6,444 
Plus: Income tax benefit (expense) - senior housing(1,746)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$59,330 
_______________________________________
(1)See reconciliation of significant expense categories for outpatient medical and lab below.
(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of earnings generated by consolidated joint ventures.
(3)Other segment items for senior housing include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.
The following table summarizes the Company’s significant expense categories for the outpatient medical and lab reportable segments for the three months ended June 30, 2026 (in thousands):
Outpatient MedicalLab
Compensation and property management$15,487 $9,433 
Real estate taxes23,653 21,671 
Repairs and maintenance18,725 10,405 
Utilities18,349 12,678 
Other segment items(1)
27,262 13,334 
Operating expenses$103,476 $67,521 
_______________________________________
(1)Other segment items for outpatient medical and lab include: (i) cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
The following table summarizes financial information for the reportable segments for the three months ended June 30, 2025 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$314,775 $209,205 $148,855 
Operating expenses(1)
(102,435)(59,401)
Healthpeak’s share of unconsolidated joint venture NOI4,488 5,460 
Noncontrolling interests’ share of consolidated joint venture NOI(7,219)— 
NOI - outpatient medical and lab209,609 155,264 
Adjustments to NOI(2)
(10,746)(12,488)
Adjusted NOI - outpatient medical and lab$198,863 $142,776 $341,639 
Senior housing net income (loss):
Compensation and property management(71,745)
Food(6,782)
Real estate taxes(4,324)
Repairs and maintenance(4,873)
Utilities(5,719)
Other segment items(3)
(18,006)
Depreciation and amortization(31,191)
General and administrative(2,382)
Interest expense(949)
Other income (expense), net(4,747)
Income tax benefit (expense)(1,607)
Equity income (loss) from unconsolidated joint ventures1,009 
Senior housing net income (loss)$(2,461)(2,461)
Reconciling items:
Plus: Adjustments to NOI(2)
23,234 
Other non-reportable revenues5,707 
Interest income and other15,806 
Other non-reportable operating expenses(2,896)
Depreciation and amortization(234,725)
Interest expense(74,114)
General and administrative(18,382)
Transaction costs(10,215)
Impairments and loan loss reserves, net(3,499)
Gain (loss) on sales of real estate, net1,636 
Other income (expense), net55 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(9,948)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical7,219 
Plus: Income tax benefit (expense) - senior housing1,607 
Less: Equity income (loss) from unconsolidated joint ventures - senior housing(1,009)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$39,654 
_______________________________________
(1)See reconciliation of significant expense categories for outpatient medical and lab below.
(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of earnings generated by consolidated joint ventures.
(3)Other segment items for senior housing include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.
The following table summarizes the Company’s significant expense categories for the outpatient medical and lab reportable segments for the three months ended June 30, 2025 (in thousands):
Outpatient MedicalLab
Compensation and property management$14,595 $8,277 
Real estate taxes24,802 18,989 
Repairs and maintenance14,700 8,202 
Utilities17,971 10,687 
Other segment items(1)
30,367 13,246 
Operating expenses$102,435 $59,401 
_______________________________________
(1)Other segment items for outpatient medical and lab include: (i) cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
The following table summarizes financial information for the reportable segments for the six months ended June 30, 2026 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$628,887 $428,924 $416,801 
Operating expenses(1)
(209,740)(136,403)
Healthpeak’s share of unconsolidated joint venture NOI10,425 12,247 
Noncontrolling interests’ share of consolidated joint venture NOI(14,139)(54)
NOI - outpatient medical and lab415,433 304,714 
Adjustments to NOI(2)
(19,051)(21,081)
Adjusted NOI - outpatient medical and lab$396,382 $283,633 $680,015 
Senior housing net income (loss):
Compensation and property management(191,613)
Food(18,568)
Real estate taxes(13,046)
Repairs and maintenance(14,371)
Utilities(16,846)
Other segment items(3)
(48,940)
Depreciation and amortization(107,871)
General and administrative(4,292)
General and administrative - related party management fee(2,800)
Interest expense(701)
Transaction costs(22,788)
Gain (loss) on sales of real estate, net3,884 
Gain (loss) upon change of control, net(4)
46,270 
Gain (loss) on debt extinguishments(403)
Other income (expense), net17,281 
Income tax benefit (expense)624 
Equity income (loss) from unconsolidated joint ventures111 
Senior housing net income (loss)42,732 42,732 
Reconciling items:
Plus: Adjustments to NOI(2)
40,132 
Other non-reportable revenues13,979 
Interest income and other35,940 
Other non-reportable operating expenses(7,457)
Depreciation and amortization(465,253)
Interest expense(178,871)
General and administrative(40,016)
Transaction costs(10,533)
Impairments and loan loss reserves, net3,754 
Gain (loss) on sales of real estate, net56,773 
Other income (expense), net92,994 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(22,672)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical and lab14,193 
Plus: Income tax benefit (expense) - senior housing(624)
Less: Equity income (loss) from unconsolidated joint ventures - senior housing(111)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$254,975 
_______________________________________
(1)See reconciliation of significant expense categories for outpatient medical and lab below.
(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of earnings generated by consolidated joint ventures.
(3)Other segment items for senior housing include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.
(4)Gain (loss) upon change of control, net, is recognized in other income (expense), net, in the Consolidated Statements of Operations.
The following table summarizes the Company’s significant expense categories for the outpatient medical and lab reportable segments for the six months ended June 30, 2026 (in thousands):
Outpatient MedicalLab
Compensation and property management$31,229 $18,590 
Real estate taxes48,459 43,625 
Repairs and maintenance37,032 19,333 
Utilities37,186 25,954 
Other segment items(1)
55,834 28,901 
Operating expenses$209,740 $136,403 
_______________________________________
(1)Other segment items for outpatient medical and lab include: (i) cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
The following table summarizes financial information for the reportable segments for the six months ended June 30, 2025 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues629,232 426,798 297,782 
Operating expenses(1)
(204,706)(117,059)
Healthpeak’s share of unconsolidated joint venture NOI8,753 6,594 
Noncontrolling interests’ share of consolidated joint venture NOI(14,413)— 
NOI - outpatient medical and lab418,866 316,333 
Adjustments to NOI(2)
(22,660)(27,325)
Adjusted NOI - outpatient medical and lab$396,206 $289,008 $685,214 
Senior housing net income (loss):
Compensation and property management(141,748)
Food(13,225)
Real estate taxes(8,832)
Repairs and maintenance(9,719)
Utilities(11,382)
Other segment items(3)
(36,802)
Depreciation and amortization(63,990)
General and administrative(5,514)
Interest expense(1,897)
Other income (expense), net(11,332)
Income tax benefit (expense)(3,201)
Equity income (loss) from unconsolidated joint ventures2,460 
Senior housing net income (loss)(7,400)(7,400)
Reconciling items:
Plus: Adjustments to NOI(2)
49,985 
Other non-reportable revenues11,798 
Interest income and other31,627 
Other non-reportable operating expenses(5,851)
Depreciation and amortization(470,472)
Interest expense(145,859)
General and administrative(41,368)
Transaction costs(15,749)
Impairments and loan loss reserves, net63 
Gain (loss) on sales of real estate, net1,636 
Other income (expense), net514 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(15,347)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical14,413 
Plus: Income tax benefit (expense) - senior housing3,201 
Less: Equity income (loss) from unconsolidated joint ventures - senior housing(2,460)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$93,945 
_______________________________________
(1)See reconciliation of significant expense categories for outpatient medical and lab below.
(2)Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of earnings generated by consolidated joint ventures.
(3)Other segment items for senior housing include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.
The following table summarizes the Company’s significant expense categories for the outpatient medical and lab reportable segments for the six months ended June 30, 2025 (in thousands):
Outpatient MedicalLab
Compensation and property management$28,858 $16,587 
Real estate taxes48,387 38,010 
Repairs and maintenance29,586 15,560 
Utilities35,417 21,110 
Other segment items(1)
62,458 25,792 
Operating expenses$204,706 $117,059 
_______________________________________
(1)Other segment items for outpatient medical and lab include: (i) cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other expense.
The following table summarizes the Company’s revenues by reportable segment (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
Segment2026202520262025
Outpatient medical
$310,670 $314,775 $628,887 $629,232 
Lab
216,112 209,205 428,924 426,798 
Senior housing
216,456 148,855 416,801 297,782 
Total revenues for reportable segments
743,238 672,835 1,474,612 1,353,812 
Total revenues for other non-reportable
6,572 5,707 13,979 11,798 
Interest income and other21,769 15,806 35,940 31,627 
Total revenues$771,579 $694,348 $1,524,531 $1,397,237