Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2026

Variable Interest Entities [Abstract]

The classification of the related assets and the maximum loss exposure as a result of the Company’s involvement with VIEs at September 30, 2026 was as follows (in thousands):

VIE Type

Asset Type

Maximum Loss

Exposure and

Carrying Amount(1)

LLC Investment and Other Equity Investments

Other assets

34,240

Needham Land Parcel JV

Investments in unconsolidated joint ventures

13,960

Loans Receivable Investments

Loans receivable, net

37,688

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(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.

Schedule of Consolidated Assets and Liabilities of VIEs

Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):


	September 30, 2026		December 31, 2025
Assets
Buildings and improvements	$	9,337,618	$	4,697,185
Development costs and construction in progress	306,933		190,603
Land and improvements	1,097,335		532,374
Accumulated depreciation	(1,869,357)		(930,916)
Net real estate	8,872,529		4,489,246
Loans receivable, net	181,285		552,113
Investments in unconsolidated joint ventures	38,637		25,241
Accounts receivable, net	44,141		24,823
Cash and cash equivalents	398,169		56,660
Restricted cash	88,984		3,141
Intangible assets	747,089		473,011
Assets held for sale(1)	4,025		35,244
Right-of-use asset	273,456		266,135
Deferred tax assets	116,024		121
Goodwill	54,350		50,501
Other assets	339,430		138,265
Total assets	$	11,158,119	$	6,114,501
Liabilities
Term loans	$	400,936	$	401,339
Senior unsecured notes	1,181,632		1,168,508
Mortgage debt	103,544		245,735
Intangible liabilities	65,668		76,593
Liabilities related to assets held for sale(1)	—		11,798
Lease liability	206,117		193,441
Accounts payable, accrued liabilities, and other liabilities	526,084		144,106
Deferred revenue	803,466		61,432
Total liabilities	$	3,287,447	$	2,302,952

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(1)As of September 30, 2026, there was one outpatient medical building that was classified as held for sale, which was sold in October 2026, and primarily included net real estate of $4 million. As of December 31, 2025, relates to four assets classified as held for sale, which were sold during the nine months ended September 30, 2026. The assets held for sale as of December 31, 2025 primarily included: (i) net real estate of $27 million and (ii) right-of-use assets of $7 million. The liabilities related to assets held for sale as of December 31, 2025 primarily included: (i) lease liabilities of $9 million and (ii) deferred revenue of $2 million.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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