| Schedule of Computation of Basic and Diluted Earnings Per Share |
The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Numerator - Basic | | | | | | | | | Net income (loss) | $ | 36,687 | | | $ | (109,848) | | | $ | 299,584 | | | $ | (20,765) | | | Noncontrolling interests’ share in earnings | (19,424) | | | (7,274) | | | (35,870) | | | (21,856) | | | Net income (loss) attributable to Healthpeak Properties, Inc. | 17,263 | | | (117,122) | | | 263,714 | | | (42,621) | | Less: Participating securities’ share in earnings | (145) | | | (134) | | | (444) | | | (714) | | | Net income (loss) applicable to common shares | $ | 17,118 | | | $ | (117,256) | | | $ | 263,270 | | | $ | (43,335) | | | | | | | | | | | Numerator - Dilutive | | | | | | | | | Net income (loss) applicable to common shares | $ | 17,118 | | | $ | (117,256) | | | $ | 263,270 | | | $ | (43,335) | | | Add: distributions on dilutive convertible units and other | — | | | — | | | 90 | | | — | | | Dilutive net income (loss) available to common shares | $ | 17,118 | | | $ | (117,256) | | | $ | 263,360 | | | $ | (43,335) | | | Denominator | | | | | | | | | Basic weighted average shares outstanding | 689,509 | | | 694,930 | | | 691,498 | | | 696,380 | | Dilutive potential common shares - equity awards(1) | — | | | — | | | 2 | | | — | | | | | | | | | | Dilutive potential common shares - OP Units(2) | — | | | — | | | 281 | | | — | | | | | | | | | | | | | | | | | | | Diluted weighted average common shares | 689,509 | | | 694,930 | | | 691,781 | | | 696,380 | | | Earnings per common share | | | | | | | | | Basic | $ | 0.02 | | | $ | (0.17) | | | $ | 0.38 | | | $ | (0.06) | | | Diluted | $ | 0.02 | | | $ | (0.17) | | | $ | 0.38 | | | $ | (0.06) | |
_______________________________________ (1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units). (2)For the three months ended September 30, 2026, all 6 million outstanding Healthpeak OP Units were not included because they were anti-dilutive. For the nine months ended September 30, 2026, represents the dilutive impact of 6 million outstanding Healthpeak OP Units. For each of the three and nine months ended September 30, 2025, all 4 million outstanding Healthpeak OP Units were not included because they were anti-dilutive.
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