v3.26.3
Segment Disclosures
 9 Months Ended
Sep. 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 in these financial statements.
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, respectively, from consolidated properties, plus the Company’s share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s economic share for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s economic share 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 September 30, 2026 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$314,752 $223,870 $268,300 
Operating expenses(1)
(107,000)(75,058)
Healthpeak’s share of unconsolidated joint venture NOI5,652 5,865 
Noncontrolling interests’ share of consolidated joint venture NOI(20,700)— 
NOI - outpatient medical and lab192,704 154,677 
Adjustments to NOI(2)
(8,432)(13,809)
Adjusted NOI - outpatient medical and lab$184,272 $140,868 $325,140 
Senior housing net income (loss):
Compensation and property management(122,831)
Food(11,712)
Real estate taxes(8,045)
Repairs and maintenance(8,825)
Utilities(11,418)
Other segment items(3)
(30,588)
Depreciation and amortization(78,682)
General and administrative(1,527)
General and administrative - related party management fee(3,779)
Interest expense(486)
Transaction costs(3,400)
Other income (expense), net8,276 
Income tax benefit (expense)(891)
Senior housing net income (loss)$(5,608)(5,608)
Reconciling items:
Plus: Adjustments to NOI(2)
22,241 
Other non-reportable revenues6,768 
Interest income and other7,202 
Other non-reportable operating expenses(3,914)
Depreciation and amortization(220,241)
Interest expense(83,413)
General and administrative(18,283)
Transaction costs(6,338)
Impairments and loan loss reserves, net210 
Other income (expense), net394 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(11,517)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical20,700 
Plus: Income tax benefit (expense) - senior housing891 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$34,232 
_______________________________________
(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 September 30, 2026 (in thousands):
Outpatient MedicalLab
Compensation and property management$15,887 $9,330 
Real estate taxes23,677 22,472 
Repairs and maintenance19,521 10,658 
Utilities21,074 18,188 
Other segment items(1)
26,841 14,410 
Operating expenses$107,000 $75,058 
_______________________________________
(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 September 30, 2025 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$320,903 $213,325 $150,458 
Operating expenses(1)
(110,431)(64,352)
Healthpeak’s share of unconsolidated joint venture NOI4,440 4,605 
Noncontrolling interests’ share of consolidated joint venture NOI(6,569)— 
NOI - outpatient medical and lab208,343 153,578 
Adjustments to NOI(2)
(10,300)(15,520)
Adjusted NOI - outpatient medical and lab$198,043 $138,058 $336,101 
Senior housing net income (loss):
Compensation and property management(71,809)
Food(6,855)
Real estate taxes(4,073)
Repairs and maintenance(5,461)
Utilities(6,278)
Other segment items(3)
(19,434)
Depreciation and amortization(30,885)
General and administrative(2,267)
Interest expense(950)
Other income (expense), net(450)
Income tax benefit (expense)(1,576)
Equity income (loss) from unconsolidated joint ventures992 
Senior housing net income (loss)$1,412 1,412 
Reconciling items:
Plus: Adjustments to NOI(2)
25,820 
Other non-reportable revenues5,658 
Interest income and other15,529 
Other non-reportable operating expenses(3,229)
Depreciation and amortization(231,432)
Interest expense(75,834)
General and administrative(17,640)
Transaction costs(2,420)
Impairments and loan loss reserves, net54 
Gain (loss) on sales of real estate, net11,500 
Other income (expense), net1,610 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(9,045)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical6,569 
Plus: Income tax benefit (expense) - senior housing1,576 
Less: Equity income (loss) from unconsolidated joint ventures - senior housing(992)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$65,237 
_______________________________________
(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 September 30, 2025 (in thousands):
Outpatient MedicalLab
Compensation and property management$15,043 $8,484 
Real estate taxes25,068 19,500 
Repairs and maintenance17,000 8,966 
Utilities21,168 14,855 
Other segment items(1)
32,152 12,547 
Operating expenses$110,431 $64,352 
_______________________________________
(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 nine months ended September 30, 2026 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$943,640 $652,793 $685,101 
Operating expenses(1)
(316,740)(211,461)
Healthpeak’s share of unconsolidated joint venture NOI16,078 18,113 
Noncontrolling interests’ share of consolidated joint venture NOI(34,840)(54)
NOI - outpatient medical and lab608,138 459,391 
Adjustments to NOI(2)
(27,484)(34,890)
Adjusted NOI - outpatient medical and lab$580,654 $424,501 $1,005,155 
Senior housing net income (loss):
Compensation and property management(314,444)
Food(30,281)
Real estate taxes(21,091)
Repairs and maintenance(23,196)
Utilities(28,264)
Other segment items(3)
(79,527)
Depreciation and amortization(186,553)
General and administrative(5,819)
General and administrative - related party management fee(6,579)
Interest expense(1,187)
Transaction costs(26,188)
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), net25,557 
Income tax benefit (expense)(267)
Equity income (loss) from unconsolidated joint ventures111 
Senior housing net income (loss)$37,124 37,124 
Reconciling items:
Plus: Adjustments to NOI(2)
62,374 
Other non-reportable revenues20,747 
Interest income and other43,142 
Other non-reportable operating expenses(11,371)
Depreciation and amortization(685,494)
Interest expense(262,284)
General and administrative(58,299)
Transaction costs(16,871)
Impairments and loan loss reserves, net3,964 
Gain (loss) on sales of real estate, net56,773 
Other income (expense), net93,388 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(34,191)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical and lab34,894 
Plus: Income tax benefit (expense) - senior housing267 
Less: Equity income (loss) from unconsolidated joint ventures - senior housing(111)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$289,207 
_______________________________________
(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 nine months ended September 30, 2026 (in thousands):
Outpatient MedicalLab
Compensation and property management$47,115 $27,920 
Real estate taxes72,136 66,097 
Repairs and maintenance56,553 29,992 
Utilities58,260 44,142 
Other segment items(1)
82,676 43,310 
Operating expenses$316,740 $211,461 
_______________________________________
(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 nine months ended September 30, 2025 (in thousands):
Outpatient MedicalLabSenior HousingTotal
Total revenues$950,135 $640,123 $448,240 
Operating expenses(1)
(315,136)(181,412)
Healthpeak’s share of unconsolidated joint venture NOI13,193 11,199 
Noncontrolling interests’ share of consolidated joint venture NOI(20,983)— 
NOI - outpatient medical and lab627,209 469,910 
Adjustments to NOI(2)
(32,959)(42,844)
Adjusted NOI - outpatient medical and lab$594,250 $427,066 $1,021,316 
Senior housing net income (loss):
Compensation and property management(213,558)
Food(20,080)
Real estate taxes(12,905)
Repairs and maintenance(15,181)
Utilities(17,660)
Other segment items(3)
(56,234)
Depreciation and amortization(94,875)
General and administrative(7,781)
Interest expense(2,847)
Other income (expense), net(11,781)
Income tax benefit (expense)(4,777)
Equity income (loss) from unconsolidated joint ventures3,452 
Senior housing net income (loss)$(5,987)(5,987)
Reconciling items:
Plus: Adjustments to NOI(2)
75,803 
Other non-reportable revenues17,456 
Interest income and other47,156 
Other non-reportable operating expenses(9,080)
Depreciation and amortization(701,904)
Interest expense(221,693)
General and administrative(59,008)
Transaction costs(18,169)
Impairments and loan loss reserves, net117 
Gain (loss) on sales of real estate, net13,136 
Other income (expense), net2,123 
Less: Healthpeak’s share of unconsolidated joint venture NOI - outpatient medical and lab(24,392)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI - outpatient medical20,983 
Plus: Income tax benefit (expense) - senior housing4,777 
Less: Equity income (loss) from unconsolidated joint ventures - senior housing(3,452)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$159,182 
_______________________________________
(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 nine months ended September 30, 2025 (in thousands):
Outpatient MedicalLab
Compensation and property management$43,901 $25,071 
Real estate taxes73,455 57,510 
Repairs and maintenance46,586 24,526 
Utilities56,586 35,965 
Other segment items(1)
94,608 38,340 
Operating expenses$315,136 $181,412 
_______________________________________
(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
September 30,		Nine Months Ended
September 30,
Segment2026202520262025
Outpatient medical
$314,752 $320,903 $943,640 $950,135 
Lab
223,870 213,325 652,793 640,123 
Senior housing
268,300 150,458 685,101 448,240 
Total revenues for reportable segments
806,922 684,686 2,281,534 2,038,498 
Total revenues for other non-reportable
6,768 5,658 20,747 17,456 
Interest income and other7,202 15,529 43,142 47,156 
Total revenues$820,892 $705,873 $2,345,423 $2,103,110