Healthpeak Properties (DOC) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-08895
Entity Registrant Name	Healthpeak Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0091377
Entity Address, Address Line One	1920 Main Street
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92614
City Area Code	949
Local Phone Number	407-0700
Title of 12(b) Security	Common stock, $1.00 par value
Trading Symbol	PEAK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		538,270,263
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate:
Buildings and improvements	$ 12,720,111	$ 11,120,039
Development costs and construction in progress	588,343	692,336
Land	2,114,024	1,992,602
Accumulated depreciation and amortization	(2,840,632)	(2,771,922)
Net real estate	12,581,846	11,033,055
Net investment in direct financing leases	44,706	84,604
Loans receivable, net of reserves of $9,314 and $0	220,652	190,579
Investments in and advances to unconsolidated joint ventures	479,900	825,515
Accounts receivable, net of allowance of $8,594 and $4,565	85,037	59,417
Cash and cash equivalents	783,542	144,232
Restricted cash	106,557	40,425
Intangible assets, net	550,348	331,693
Assets held for sale, net	271,861	504,394
Right-of-use asset, net	171,843	172,486
Other assets, net	776,387	646,491
Total assets	16,072,679	14,032,891
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	0	93,000
Term loan	249,002	248,942
Senior unsecured notes	5,650,053	5,647,993
Mortgage debt	490,049	276,907
Intangible liabilities, net	72,137	74,991
Liabilities of assets held for sale, net	31,724	36,369
Lease liability	156,808	156,611
Accounts payable, accrued liabilities, and other liabilities	856,031	540,924
Deferred revenue	753,432	289,680
Total liabilities	8,259,236	7,365,417
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 538,135,188 and 505,221,643 shares issued and outstanding	538,135	505,222
Additional paid-in capital	10,213,011	9,183,892
Cumulative dividends in excess of earnings	(3,512,143)	(3,601,199)
Accumulated other comprehensive income (loss)	(2,495)	(2,857)
Total stockholders' equity	7,236,508	6,085,058
Joint venture partners	373,495	378,061
Non-managing member unitholders	203,440	204,355
Total noncontrolling interests	576,935	582,416
Total equity	7,813,443	6,667,474
Total liabilities and equity	$ 16,072,679	$ 14,032,891

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Balance Sheet Parenthetical Disclosures
Loans receivable, reserve (in dollars)	$ 9,314	$ 0
Accounts receivable, allowance (in dollars)	$ 8,594	$ 4,565
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	538,135,188	505,221,643
Common stock, shares outstanding (in shares)	538,135,188	505,221,643

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental and related revenues	$ 314,688	$ 294,222
Resident fees and services	263,505	126,695
Income from direct financing leases	3,269	13,524
Interest income	3,688	1,713
Total revenues	585,150	436,154
Costs and expenses:
Interest expense	58,376	49,327
Depreciation and amortization	189,276	131,951
Operating	376,013	168,927
General and administrative	22,349	21,355
Transaction costs	14,848	4,518
Impairments and loan loss reserves (recoveries), net	39,123	8,858
Total costs and expenses	699,985	384,936
Other income (expense):
Gain (loss) on sales of real estate, net	164,869	8,044
Loss on debt extinguishments	833	0
Other income (expense), net	210,608	3,133
Total other income (expense), net	376,310	11,177
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	261,475	62,395
Income tax benefit (expense)	33,044	3,458
Equity income (loss) from unconsolidated joint ventures	(11,979)	(863)
Net income (loss)	282,540	64,990
Noncontrolling interests' share in earnings	(3,460)	(3,520)
Net income (loss) attributable to Healthpeak Properties, Inc.	279,080	61,470
Participating securities' share in earnings	(1,616)	(441)
Net income (loss) applicable to common shares	$ 277,464	$ 61,029
Earnings per common share:
Basic (in dollars per share)	$ 0.55	$ 0.13
Diluted (in dollars per share)	$ 0.54	$ 0.13
Weighted average shares outstanding:
Basic (in shares)	506,476	477,766
Diluted (in shares)	515,045	479,131

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 282,540	$ 64,990
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	301	94
Change in Supplemental Executive Retirement Plan obligation and other	61	69
Foreign currency translation adjustment	0	662
Total other comprehensive income (loss)	362	825
Total comprehensive income (loss)	282,902	65,815
Total comprehensive income (loss) attributable to noncontrolling interests	(3,460)	(3,520)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	$ 279,442	$ 62,295

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Total Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Impact of adoption of ASUs	[1]	$ 590			$ 590		$ 590
Adjusted balance, January 1		6,513,181	$ 477,496	$ 8,398,847	(2,926,606)	$ (4,708)	5,945,029	$ 568,152
Balance at Dec. 31, 2018		6,512,591	$ 477,496	8,398,847	(2,927,196)	(4,708)	5,944,439	568,152
Balance (in shares) at Dec. 31, 2018			477,496
Increase (Decrease) in Stockholders' Equity
Net income (loss)		64,990			61,470		61,470	3,520
Other comprehensive income (loss)		825				825	825
Issuance of common stock, net		1,532	$ 342	1,190			1,532
Issuance of common stock, net (in shares)			342
Conversion of DownREIT units to common stock		0	$ 184	3,890			4,074	(4,074)
Conversion of DownREIT units to common stock (in shares)			184
Repurchase of common stock		(2,919)	$ (95)	(2,824)			(2,919)
Repurchase of common stock (in shares)			(95)
Exercise of stock options		46	$ 2	44			46
Exercise of stock options (in shares)			2
Amortization of deferred compensation		4,111		4,111			4,111
Common dividends (usd per share)		(177,286)			(177,286)		(177,286)
Distributions to noncontrolling interests		(5,415)						(5,415)
Balance at Mar. 31, 2019		6,399,065	$ 477,929	8,405,258	(3,042,422)	(3,883)	5,836,882	562,183
Balance (in shares) at Mar. 31, 2019			477,929
Balance at Dec. 31, 2018		6,512,591	$ 477,496	8,398,847	(2,927,196)	(4,708)	5,944,439	568,152
Balance (in shares) at Dec. 31, 2018			477,496
Balance at Dec. 31, 2019		6,667,474	$ 505,222	9,183,892	(3,601,199)	(2,857)	6,085,058	582,416
Balance (in shares) at Dec. 31, 2019			505,222
Increase (Decrease) in Stockholders' Equity
Impact of adoption of ASUs	[2]	(1,524)			(1,524)		(1,524)
Adjusted balance, January 1		6,665,950	$ 505,222	9,183,892	(3,602,723)	(2,857)	6,083,534	582,416
Net income (loss)		282,540			279,080		279,080	3,460
Other comprehensive income (loss)		362				362	362
Issuance of common stock, net		1,064,622	$ 33,104	1,031,518			1,064,622
Issuance of common stock, net (in shares)			33,104
Conversion of DownREIT units to common stock		0	$ 23	486			509	(509)
Conversion of DownREIT units to common stock (in shares)			23
Repurchase of common stock		(9,737)	$ (268)	(9,469)			(9,737)
Repurchase of common stock (in shares)			(268)
Exercise of stock options		1,806	$ 54	1,752			1,806
Exercise of stock options (in shares)			54
Amortization of deferred compensation		4,832		4,832			4,832
Common dividends (usd per share)		(188,500)			(188,500)		(188,500)
Distributions to noncontrolling interests		(8,432)						(8,432)
Balance at Mar. 31, 2020		$ 7,813,443	$ 538,135	$ 10,213,011	$ (3,512,143)	$ (2,495)	$ 7,236,508	$ 576,935
Balance (in shares) at Mar. 31, 2020			538,135
[1]	On January 1, 2019, the Company adopted a series of ASUs related to accounting for leases and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.
[2]	On January 1, 2020, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.37	$ 0.37

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 282,540	$ 64,990
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of real estate, in-place lease and other intangibles	189,276	131,951
Amortization of deferred compensation	4,832	4,111
Amortization of deferred financing costs	2,582	2,699
Straight-line rents	(6,229)	(5,091)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(15,943)	0
Equity loss (income) from unconsolidated joint ventures	11,979	863
Distributions of earnings from unconsolidated joint ventures	9,513	5,232
Loss (gain) on sale of real estate under direct financing leases	(41,707)	0
Deferred income tax expense (benefit)	(24,911)	(3,800)
Impairments and loan loss reserves (recoveries), net	39,123	8,858
Loss on extinguishment of debt	(833)	0
Loss (gain) on sales of real estate, net	(164,869)	(8,044)
Loss (gain) upon change of control, net	(167,434)	0
Other non-cash items	502	560
Decrease (increase) in accounts receivable and other assets, net	(5,036)	(11,114)
Increase (decrease) in accounts payable, accrued liabilities and deferred revenue	(18,343)	(32,633)
Net cash provided by (used in) operating activities	95,042	158,582
Cash flows from investing activities:
Acquisitions of real estate	(20,018)	(106,298)
Development, redevelopment, and other major improvements of real estate	(209,418)	(136,654)
Leasing costs, tenant improvements, and recurring capital expenditures	(21,791)	(19,220)
Proceeds from sales of real estate, net	419,381	122,678
Acquisition of CCRC Portfolio	(396,352)	0
Contributions to unconsolidated joint ventures	(1,722)	(3,870)
Distributions in excess of earnings from unconsolidated joint ventures	2,639	5,497
Proceeds from sales/principal repayments on debt investments and direct financing leases	84,336	481
Investments in loans receivable, direct financing leases and other	(8,066)	(22,891)
Net cash provided by (used in) investing activities	(151,011)	(160,277)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	2,025,600	320,000
Repayments under bank line of credit and commercial paper	(2,118,600)	(125,000)
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(5,338)	(2,437)
Issuance of common stock and exercise of options	1,066,428	1,578
Repurchase of common stock	(9,737)	(2,919)
Dividends paid on common stock	(188,500)	(177,286)
Distributions to and purchase of noncontrolling interests	(8,432)	(5,415)
Net cash provided by (used in) financing activities	761,421	8,521
Effect of foreign exchanges on cash, cash equivalents and restricted cash	(10)	(20)
Net increase (decrease) in cash, cash equivalents and restricted cash	705,442	6,806
Cash, cash equivalents and restricted cash, beginning of year	184,657	139,846
Cash, cash equivalents and restricted cash, end of year	$ 890,099	$ 146,652

Business

Business	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Overview Healthpeak Properties, Inc., a Standard & Poor’s 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, together with its consolidated entities (collectively, “Healthpeak” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). Healthpeak TM

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”). Recent Accounting Pronouncements Adopted Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842, Leases ) amends the previous accounting for leases to: (i) require lessees to put most leases on their balance sheets (not required for short-term leases with lease terms of 12 months or less), but continue recognizing expenses on their income statements in a manner similar to requirements under prior accounting guidance, (ii) eliminate real estate specific lease provisions, and (iii) modify the classification criteria and accounting for sales-type leases for lessors. Additionally, ASU 2016-02 provides a practical expedient, which the Company elected, that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. As a result of adopting ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $1 million as of January 1, 2019. Under ASU 2016-02, the Company began capitalizing fewer costs related to the drafting and negotiation of its lease agreements. Additionally, the Company began recognizing all of its significant operating leases for which it is the lessee, including corporate office leases, equipment leases, and ground leases, on its consolidated balance sheets as a lease liability and corresponding right-of-use asset. As such, the Company recognized a lease liability of $153 million and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability is calculated as the present value of minimum lease payments, discounted using a rate that approximates the Company’s secured incremental borrowing rate, adjusted for the noncancelable term of each lease. The right-of-use asset is calculated as the aggregate lease liability, adjusted for the existing accrued straight-line rent liability balance of $20 million and net unamortized above/below market ground lease intangible assets of $33 million . Other. E ffective January 1, 2019, the Company adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The amendments in ASU 2017-12 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. For cash flow and net investment hedges existing at the date of adoption, the Company adopted the amendments in ASU 2017-12 using the modified retrospective approach. For amendments impacting presentation and disclosure, the Company adopted ASU 2017-12 using a prospective approach. The adoption of ASU 2017-12 did not have a material impact to the Company’s consolidated financial position, results of operations, cash flows, or disclosures. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in current accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Previously, when credit losses were measured under current accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. As a result of adopting ASU 2016-13 on January 1, 2020 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $2 million as of January 1, 2020. Under ASU 2016-13, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical U.S. GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of its financing receivables, including loans receivable, direct financing leases (“DFLs”), and certain accounts receivable, at inception of those instruments. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and rely on counter-party specific information to ensure the most accurate estimate is recognized. The Company will reassess its reserves on financing receivables at each balance sheet date to determine if an adjustment to the previous reserve is necessary. Not Yet Adopted Accounting for Lease Concessions Related to COVID-19. In April 2020, the FASB staff issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the coronavirus pandemic (“COVID-19”). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). Under the lease modification framework, rent abatements would be recognized evenly over the remaining lease term, while abatements accounted for outside of the lease modification framework would be recognized as a reduction in revenue in during the abatement period (i.e., the Company would recognize revenue equal to cash received during the concession period). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three months ended March 31, 2020 , the Company did not provide any lease concessions as a result of COVID-19 and as such, has not yet had to make an election. The future impact of the Lease Modification Q&A is dependent upon the nature and extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of granting such concessions. Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) CCRC, (iv) life science, and (v) medical office. In January 2020, primarily as a result of: (i) consolidating 13 of 15 CCRCs previously held by a CCRC joint venture (see discussion of the Brookdale 2019 Master Transaction and Cooperation Agreement in Note 3) and (ii) deconsolidating 19 SHOP assets into a new joint venture in December 2019, the Company's chief operating decision makers (“CODMs”) began reviewing operating results of CCRCs on a stand-alone basis and financial information for each respective segment inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. Therefore, during the first quarter of 2020, the Company began reporting CCRCs as a separate segment and segment measures inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. Accordingly, all prior period segment information has been recast to conform to the current period presentation.

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Master Transactions and Cooperation Agreement with Brookdale	Master Transactions and Cooperation Agreement with Brookdale 2019 Master Transactions and Cooperation Agreement with Brookdale In October 2019, the Company and Brookdale Senior Living Inc. (“Brookdale”) entered into a Master Transactions and Cooperation Agreement (the “2019 MTCA”), which includes a series of transactions related to its previously jointly owned 15 -campus CCRC portfolio (the “CCRC JV”) and the portfolio of senior housing properties Brookdale triple-net leased from the Company, which, at the time, included 43 properties. In connection with the 2019 MTCA, the Company and Brookdale, and certain of their respective subsidiaries, closed the following transactions related to the CCRC JV on January 31, 2020: • The Company, which owned a 49% interest in the CCRC JV, purchased Brookdale’s 51% interest in 13 of the 15 communities in the CCRC JV based on a valuation of $1.06 billion (the “CCRC Acquisition”); • The management agreements related to the CCRC Acquisition communities were terminated and management transitioned (under new management agreements) from Brookdale to Life Care Services LLC (“LCS”); and • The Company paid a $100 million management termination fee to Brookdale. In addition, pursuant to the 2019 MTCA, the Company and Brookdale closed the following transactions related to properties Brookdale triple-net leased from the Company on January 31, 2020: • Brookdale acquired 18 of the properties from the Company (the “Brookdale Acquisition Assets”) for cash proceeds of $385 million ; • The remaining 24 properties (excludes the one property to be transitioned to LCS, as discussed below) were restructured into a single master lease with 2.4% annual rent escalators and a maturity date of December 31, 2027 (the “2019 Amended Master Lease”); • A portion of annual rent (amount in excess of 6.5% of sales proceeds) related to 14 of the 18 Brookdale Acquisition Assets was reallocated to the remaining properties under the 2019 Amended Master Lease; and • Brookdale paid down $20 million of future rent under the 2019 Amended Master Lease. Additionally, under the 2019 MTCA, the Company and Brookdale agreed to the following transactions which have not yet occurred: • The remaining two CCRCs will be jointly marketed for sale to third parties. • The Company will terminate the triple-net lease related to one property and transition it to a RIDEA structure with LCS as the manager; • The Company will provide up to $35 million of capital investment in the 2019 Amended Master Lease properties over a five-year term, which will increase rent by 7% of the amount spent, per annum. As a result of the above transactions, on January 31, 2020, the Company began consolidating the 13 CCRCs in which it acquired Brookdale’s interest. Accordingly, the Company derecognized its investment in the CCRC JV of $323 million and recognized a gain upon change of control of $170 million , which is included in other income (expense), net. In connection with consolidating the 13 CCRCs during the first quarter of 2020, the Company recognized real estate and intangible assets of $1.8 billion , refundable entrance fee liabilities of $308 million , contractual liabilities associated with previously collected non-refundable entrance fees of $436 million , debt assumed of $215 million , other net assets of $48 million , and cash paid of $396 million . Upon sale of the 18 triple-net assets to Brookdale, the Company recognized an aggregate gain on sales of real estate of $164 million . Fair Value Measurement Techniques and Quantitative Information At January 31, 2020, the Company performed a fair value assessment of each of the 2019 MTCA components that provided measurable economic benefit or detriment to the Company. Each fair value calculation was based on an income or market approach and relied on historical and forecasted net operating income, actuarial assumptions about the expected resident length of stay, and market data, including, but not limited to, discount rates ranging from 10% to 12% , annual rent escalators of ranging from 2% to 3% , and a real estate capitalization rates ranging from 7% to 9% . All assumptions were supported by independent market data and considered to be Level 3 measurements within the fair value hierarchy. 2017 MTCA with Brookdale In November 2017, the Company and Brookdale entered into a Master Transactions and Cooperation Agreement (the “2017 MTCA”) to provide the Company with the ability to significantly reduce its concentration of assets leased to and/or managed by Brookdale. In connection with the overall transaction pursuant to the 2017 MTCA, the Company and Brookdale, and certain of their respective subsidiaries, agreed to the following: • The Company, which owned 90% of the interests in its RIDEA I and RIDEA III joint ventures with Brookdale at the time the 2017 MTCA was executed, agreed to purchase Brookdale’s 10% noncontrolling interest in each joint venture. At the time the 2017 MTCA was executed, these joint ventures collectively owned and operated 58 independent living, assisted living, memory care, and/or skilled nursing facilities (the “RIDEA Facilities”). The Company completed its acquisitions of the RIDEA III noncontrolling interest for $32 million in December 2017 and the RIDEA I noncontrolling interest for $63 million in March 2018; • The Company received the right to sell, or transition to other operators, 32 of the 78 total assets under an Amended and Restated Master Lease and Security Agreement (the “2017 Amended Master Lease”) with Brookdale and 36 of the RIDEA Facilities (and terminate related management agreements with an affiliate of Brookdale without penalty), certain of which were sold during 2018 and 2019; • The Company provided an aggregate $5 million annual reduction in rent on three assets, effective January 1, 2018; and • Brookdale agreed to purchase two of the assets under the 2017 Amended Master Lease for $35 million and four of the RIDEA Facilities for $240 million , all of which were sold in 2018. During 2018, the Company terminated the previous management agreements or leases with Brookdale on 37 assets contemplated under the 2017 MTCA and completed the transition of 20 SHOP assets and 17 senior housing triple-net assets to other managers.

Real Estate Transactions

Real Estate Transactions	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions 2020 Real Estate Investments The Post Acquisition In January 2020, the Company entered into definitive agreements to acquire a life science campus in Waltham, Massachusetts for $320 million . The Company made a $20 million nonrefundable deposit upon completing due diligence in January 2020 and closed the acquisition in April 2020. 2019 Real Estate Investments Cambridge Acquisition During the first quarter of 2019, the Company acquired a life science facility for $71 million and development rights at an adjacent undeveloped land parcel for consideration of up to $27 million . The existing facility and land parcel are located in Cambridge, Massachusetts. Discovery Portfolio Acquisition In April 2019, the Company acquired a portfolio of nine senior housing properties for $445 million . The properties are located across Florida, Georgia, and Texas and are operated by Discovery Senior Living, LLC. Oakmont Portfolio Acquisitions In May 2019, the Company acquired three senior housing communities in California for $113 million and in July 2019, the Company acquired an additional five senior housing communities for $284 million . Both portfolios were acquired from and continue to be operated by Oakmont Senior Living LLC (“Oakmont”). Each portfolio was contributed to a DownREIT joint venture in which the sellers received non-controlling interests in lieu of cash for a portion of the sales price. The Company consolidates each DownREIT joint venture. As part of the May and July 2019 Oakmont transactions, the Company assumed $50 million and $112 million , respectively, of secured mortgage debt, both of which were recorded at their relative fair values through asset acquisition accounting. Sierra Point Towers Acquisition In June 2019, the Company acquired two life science buildings in South San Francisco, California adjacent to the Company’s The Shore at Sierra Point development, for $245 million . Vintage Park JV Interest Purchase In June 2019, the Company acquired the outstanding equity interests of a senior housing joint venture structure (which owned one senior housing facility), in which the Company previously held an unconsolidated equity investment, for $24 million . Subsequent to acquisition, the Company owned 100% of the equity. Upon consolidating the facility at acquisition, the Company derecognized the existing investment in the joint venture structure, marked the real estate to fair value (using a relative fair value allocation), and recognized a gain upon change of control of $12 million , net of a tax impact of $1 million . The gain upon change in control is recognized within other income (expense), net and the tax impact is recognized within income tax benefit (expense). Hartwell Innovation Campus Acquisition In July 2019, the Company acquired a life science campus in the suburban Boston submarket of Lexington, Massachusetts, for $228 million . The campus is comprised of four buildings. West Cambridge Acquisition In December 2019, the Company acquired one life science building, adjacent to the Company’s existing properties in Cambridge, Massachusetts, for $333 million . Sovereign Wealth Fund Senior Housing Joint Venture In December 2019, the Company formed a new joint venture (the “SWF SH JV”) with a sovereign wealth fund that owns 19 SHOP assets operated by Brookdale. The Company owns 53.5% of the SWF SH JV and contributed all 19 assets with a fair value of $790 million . The SWF SH JV partner owns the other 46.5% and purchased its interest for $367 million . Upon formation of the SWF SH JV, the Company recognized its retained equity method investment at fair value, deconsolidated the 19 SHOP assets, and recognized a gain upon change of control of $161 million , which is recorded in other income (expense), net. Other Real Estate Acquisitions During the year ended December 31, 2019, the Company acquired one medical office building (“MOB”) in Kansas for $15 million , one MOB in Texas for $9 million , and one life science building in the Sorrento Mesa submarket of San Diego, California for $16 million . Development Activities The Company’s commitments related to development and redevelopment projects decreased by $77 million , to $284 million at March 31, 2020 , when compared to December 31, 2019 , primarily as a result of completed development and redevelopment projects. Held for Sale At March 31, 2020 , 9 senior housing triple-net facilities, 2 MOBs, and 25 SHOP facilities were classified as held for sale, with an aggregate carrying value of $272 million , primarily comprised of real estate assets of $269 million (net of accumulated depreciation of $160 million ). Liabilities of assets held for sale was primarily comprised of mortgage debt of $28 million and other liabilities of $4 million at March 31, 2020 . At December 31, 2019 , 27 senior housing triple-net facilities (inclusive of 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3), 28 SHOP facilities, and 2 MOBs were classified as held for sale, with an aggregate carrying value of $504 million , primarily comprised of real estate assets of $476 million (net of accumulated depreciation of $243 million ). Liabilities of assets held for sale were primarily comprised of mortgage debt of $32 million and other liabilities of $4 million at December 31, 2019 . 2020 Dispositions of Real Estate During the quarter ended March 31, 2020, the Company sold 7 SHOP assets for $36 million and 18 senior housing triple-net assets for $385 million (representative of the 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3), resulting in total gain on sales of $165 million . 2019 Dispositions of Real Estate During the quarter ended March 31, 2019, the Company sold nine SHOP assets for $68 million , two senior housing triple-net assets for $26 million , and one undeveloped life science land parcel for $35 million , resulting in total gain on sales of $8 million . During the year ended December 31, 2019, the Company sold 18 SHOP assets for $181 million , 2 senior housing triple-net assets for $26 million , 10 MOBs for $23 million , 1 life science asset for $7 million , 1 undeveloped life science land parcel for $35 million , and 2 facilities from the other non-reportable segment for $20 million . Impairments of Real Estate During the three months ended March 31, 2020 , the Company recognized an aggregate impairment charge of $31 million related to 15 SHOP assets, 2 senior housing triple-net assets, and 2 MOBs that are classified as held for sale and wrote down their aggregate carrying value of $200 million to their aggregate fair value, less estimated costs to sell, of $169 million . The fair value of the impaired assets was based on forecasted sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Forecasted sales prices were determined using a direct capitalization model or a market approach (comparable sales model), which rely on certain assumptions by management, including: (i) market capitalization rates, (ii) comparable market transactions, (iii) estimated prices per unit or per square foot, (iv) negotiations with prospective buyers, and (v) forecasted cash flow streams (lease revenue rates, expense rates, growth rates, etc.). There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations during the three months ended March 31, 2020 , the Company estimated the fair value of each asset using either (i) market capitalization rates ranging from 7.16% to 9.92% , with a weighted average rate of 9.32% or (ii) prices per unit ranging from $38,000 to $95,000 , with a weighted average price of $68,000 . During the three months ended March 31, 2019 , the Company determined the carrying value of two MOBs that were candidates for potential future sale were no longer recoverable due to the Company’s shortened intended hold period under the held-for-use impairment model. Accordingly, the Company wrote-down the carrying amount of these two assets to their respective fair value, which resulted in an aggregate impairment charge of $9 million

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases, Capital [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended 2020 2019 Fixed income from operating leases $ 253,859 $ 237,223 Variable income from operating leases 60,829 56,999 Interest income from direct financing leases 3,269 13,524 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): March 31, December 31, Present value of minimum lease payments receivable $ 16,255 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (16,255 ) (19,138 ) Net investment in direct financing leases before allowance 44,706 84,604 Allowance for direct financing lease losses — — Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at March 31, 2020 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Other non-reportable segments $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — 2020 Direct Financing Lease Sale During the first quarter of 2020, the Company sold a hospital under a DFL for $82 million and recognized a gain on sale of $42 million , which is included in other income (expense), net. 2019 Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ( $331 million ) and net intangibles assets ( $20 million ) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transitioned from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. 2019 Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million . Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio was based upon the agreed upon sale price, less estimated costs to sell, which is considered to be a Level 2 measurement within the fair value hierarchy. In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and began recognizing income equal to the amount of cash received. The Company completed the sale of the DFL Sale Portfolio in September 2019. During the three months ended March 31, 2019 , income from DFLs and cash payments received were $5.9 million and $4.8 million , respectively, for the DFL Sale Portfolio.
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended 2020 2019 Fixed income from operating leases $ 253,859 $ 237,223 Variable income from operating leases 60,829 56,999 Interest income from direct financing leases 3,269 13,524 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): March 31, December 31, Present value of minimum lease payments receivable $ 16,255 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (16,255 ) (19,138 ) Net investment in direct financing leases before allowance 44,706 84,604 Allowance for direct financing lease losses — — Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at March 31, 2020 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Other non-reportable segments $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — 2020 Direct Financing Lease Sale During the first quarter of 2020, the Company sold a hospital under a DFL for $82 million and recognized a gain on sale of $42 million , which is included in other income (expense), net. 2019 Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ( $331 million ) and net intangibles assets ( $20 million ) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transitioned from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. 2019 Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million . Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio was based upon the agreed upon sale price, less estimated costs to sell, which is considered to be a Level 2 measurement within the fair value hierarchy. In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and began recognizing income equal to the amount of cash received. The Company completed the sale of the DFL Sale Portfolio in September 2019. During the three months ended March 31, 2019 , income from DFLs and cash payments received were $5.9 million and $4.8 million , respectively, for the DFL Sale Portfolio.

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): March 31, 2020 December 31, 2019 Secured mortgage loans (1) $ 169,176 $ 161,964 Mezzanine and other 59,998 27,752 Unamortized discounts, fees, and costs 792 863 Reserve for loan losses (9,314 ) — $ 220,652 $ 190,579 _______________________________________ (1) At March 31, 2020 , the Company had $16 million remaining of commitments to fund $174 million of senior housing development projects. At December 31, 2019 , the Company had $25 million remaining of commitments to fund $174 million of senior housing development projects. 2020 Loans Receivable Transactions For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the previous residence. Upon completing the CCRC Acquisition (see Note 3) in January 2020, the Company began consolidating 13 CCRCs, which hold approximately $30 million of such notes receivable from various community residents. Loans Receivable Internal Ratings In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables as of March 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ — $ 55,955 $ — $ 108,484 $ — $ 164,439 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ — $ 55,955 $ — $ 108,484 $ — $ 164,439 Mezzanine and other Risk rating: Performing loans $ 2,901 $ 36,114 $ — $ 8,896 $ 8,302 $ 56,213 Watch list loans — — — — — — Workout loans — — — — — — Total mezzanine and other $ 2,901 $ 36,114 $ — $ 8,896 $ 8,302 $ 56,213 Reserve for Loan Losses The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the debt service coverages that it uses in its assessment of internal ratings, which is a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. In its assessment of credit losses for loans receivable and unfunded loan commitments, the Company utilizes past payment history of its borrowers, current economic conditions, and forecasts future economic conditions through the maturity date of each loan to estimate a probability of default and a resulting loss for each loan receivable. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The following table summarizes the Company’s reserve for loan losses at March 31, 2020 (in thousands): March 31, 2020 Secured Mortgage Loans Mezzanine and Other Total Reserve for loan losses, January 1, 2020 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings 513 907 1,420 Provision for expected loan losses 4,224 3,670 7,894 Reserve for loan losses, March 31, 2020 $ 4,737 $ 4,577 $ 9,314 At March 31, 2020 , a liability of $1 million related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. Credit loss expenses are recorded in impairments and loan loss reserves (recoveries), net. The change in the provision for expected loan losses during the quarter ended March 31, 2020 is primarily due to the current and anticipated economic impact of COVID-19.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount March 31, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2020 2019 SWF SH JV (3) SHOP 19 54 $ 411,057 $ 428,258 MBK JV SHOP 5 50 32,821 33,415 Other SHOP JVs (4) SHOP 4 50 - 90 16,843 17,719 Medical Office JVs (5) MOB 3 20 - 67 9,809 9,845 Other JVs (6) Other — 41 - 47 9,370 10,372 CCRC JV (7) CCRC 2 49 — 325,830 Advances to unconsolidated joint ventures, net — 76 $ 479,900 $ 825,515 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property count and ownership percentage are as of March 31, 2020. (3) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund. See Note 4 for discussion of the formation of the SWF SH JV. (4) In June 2019, the Company acquired the outstanding equity interests in, and began consolidating, the Vintage Park JV (see Note 4). Remaining unconsolidated SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV ( 85% ); (ii) Otay Ranch JV ( 90% ); and (iii) MBK Development JV ( 50% ). (5) Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): (i) Ventures IV ( 20% ); (ii) Ventures III ( 30% ); and (iii) Suburban Properties, LLC ( 67% ). (6) Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV ( 41% ) and (ii) Discovery Sarasota JV ( 47% ). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $ 12 million . At December 31, 2019 , K&Y joint venture includes an ownership percentage of 80% and one unconsolidated joint venture. In October 2019, the Company sold its interest in one of the K&Y joint ventures for $4 million . (7) See Note 3 for discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020. CCRC JV. During 2019, the CCRC JV classified one property that Brookdale and the Company committed to sell to a third-party as held for sale in the joint venture’s stand-alone financial statements. In conjunction with classifying the property as held for sale, the CCRC JV recognized an impairment charge of $12 million to reflect the write-down of the property’s previous carrying value to the estimated selling price, less costs to sell. The Company recognized its 49% share of the impairment charge ( $6 million ) through equity income (loss) from unconsolidated joint ventures during the quarter ended September 30, 2019. Additionally, in January 2020, the Company acquired Brookdale’s 51% interest in 13 of the 15 communities held by the CCRC JV. Refer to Note 3 for a detailed discussion of the 2019 MTCA with Brookdale. U.K. JV. In December 2019, the Company sold its remaining 49% interest in the U.K. JV for proceeds of £70 million ( $91 million ) and recognized a loss on sale of real estate of $7 million (based on exchange rates at the time the transaction was completed), including $1 million of loss in accumulated other comprehensive income (loss) that was reclassified to gain (loss) on sales of real estate, net. As of December 31, 2019, the Company no longer owned real estate in the U.K.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2020
Intangibles
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (in thousands): Intangible lease assets March 31, December 31, Gross intangible lease assets $ 887,516 $ 615,538 Accumulated depreciation and amortization (337,168 ) (283,845 ) Intangible assets, net $ 550,348 $ 331,693 Intangible liabilities primarily consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (in thousands): Intangible lease liabilities March 31, December 31, Gross intangible lease liabilities $ 113,213 $ 113,213 Accumulated depreciation and amortization (41,076 ) (38,222 ) Intangible liabilities, net $ 72,137 $ 74,991 During the three months ended March 31, 2020 , including intangible assets that were recognized in conjunction with consolidating 13 CCRCs in which the Company acquired Brookdale’s interest as part of the 2019 Brookdale MTCA (see Note 3), the Company acquired intangible assets of $273 million , with a weighted average amortization period of 6 years . No intangible liabilities were acquired during the three months ended March 31, 2020 . On January 1, 2019, in conjunction with the adoption of ASU 2016-12 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Bank Line of Credit and Term Loans On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility (the “Revolving Facility”), which matures on May 23, 2023 and contains two , six month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on credit ratings of the Company’s senior unsecured long-term debt. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on those credit ratings at March 31, 2020 , the margin on the Revolving Facility was 0.825% and the facility fee was 0.15% . At March 31, 2020 , the Company had no balance outstanding under the Revolving Facility. In May 2019, the Company also entered into a $250 million unsecured term loan facility, which the Company fully drew down on June 20, 2019 (the “2019 Term Loan” and, together with the Revolving Facility, the “Facilities”). The 2019 Term Loan matures on May 23, 2024. Based on credit ratings for the Company’s senior unsecured long-term debt at March 31, 2020 , the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90% , with a weighted average effective interest rate of 1.98% . The Facilities include a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million , subject to securing additional commitments. The Facilities also contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60% ; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40% ; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60% ; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.0 billion . At March 31, 2020 , the Company believes it was in compliance with each of these restrictions and requirements of the Facilities. Commercial Paper Program In September 2019, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured short-term debt securities with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time, with the maximum aggregate face or principal amount outstanding at any one time not exceeding $1.0 billion . Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company intends to use its Revolving Facility as a liquidity backstop for the repayment of unsecured short-term debt securities issued under the Commercial Paper Program. As of March 31, 2020 , the Company had no balance outstanding under the Commercial Paper Program. Senior Unsecured Notes At March 31, 2020 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.7 billion . The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at March 31, 2020 . During the three months ended March 31, 2020 and 2019 , the Company had no senior unsecured note issuances or payoffs. The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2019 (dollars in thousands): Date Amount Coupon Rate Maturity Date November 21, 2019 $ 750,000 3.000 % 2030 July 5, 2019 $ 650,000 3.250 % 2026 July 5, 2019 $ 650,000 3.500 % 2029 The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2019 (dollars in thousands): Date Amount Coupon Rate Maturity Date November 21, 2019 (1) $ 350,000 4.000 % 2022 July 22, 2019 (2) $ 800,000 2.625 % 2020 July 8, 2019 (2) $ 250,000 4.000 % 2022 July 8, 2019 (2) $ 250,000 4.250 % 2023 _______________________________________ (1) The Company recognized a $22 million loss on debt extinguishment related to the repurchase of senior notes. (2) Upon completing the redemption of the 2.625% senior unsecured notes due February 2020 and repurchasing a portion of the 4.250% senior unsecured notes due 2023 and the 4.000% senior unsecured notes due 2022, the Company recognized a $35 million loss on debt extinguishment. Mortgage Debt At March 31, 2020 , the Company had $472 million in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale), which is secured by 20 healthcare facilities with an aggregate carrying value of $995 million . Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires insurance on the assets, and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. In May 2019, upon acquiring three senior housing assets from Oakmont, the Company assumed $50 million of secured mortgage debt maturing in 2028 and having a weighted average interest rate of 4.83% . In July 2019, upon acquiring five additional senior housing assets from Oakmont, the Company assumed an additional $112 million of secured mortgage debt with maturity dates ranging from 2027 to 2033 and a weighted average interest rate of 4.89% (see Note 4). Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2020 (in thousands): Year Bank Line of Credit Commercial Paper Term Loan Senior Unsecured Notes (1) Mortgage Debt (2) Total 2020 (nine months) $ — $ — $ — $ — $ 6,202 $ 6,202 2021 — — — — 16,165 16,165 2022 — — — 300,000 8,417 308,417 2023 — — — 550,000 93,609 643,609 2024 — — 250,000 1,150,000 6,939 1,406,939 Thereafter — — — 3,700,000 340,925 4,040,925 — — 250,000 5,700,000 472,257 6,422,257 (Discounts), premium and debt costs, net — — (998 ) (49,947 ) 17,792 (33,153 ) — — 249,002 5,650,053 490,049 6,389,104 Debt on assets held for sale (3) — — — — 27,837 27,837 $ — $ — $ 249,002 $ 5,650,053 $ 517,886 $ 6,416,941 _______________________________________ (1) Effective interest rates on the senior notes range from 3.14% to 6.87% with a weighted average effective interest rate of 3.94% and a weighted average maturity of 7 years . (2) Excluding mortgage debt on assets held for sale, effective interest rates on the mortgage debt range from 2.16% to 5.91% with a weighted average effective interest rate of 3.91% and a weighted average maturity of 9 years . (3) Represents mortgage debt on assets held for sale with an interest rate of 3.45% and maturity in 2044.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to, or has a significant relationship to, legal proceedings, lawsuits and other claims. Except as described below, the Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred. Class Action. On May 9, 2016, a purported stockholder of the Company filed a putative class action complaint, Boynton Beach Firefighters’ Pension Fund v. HCP, Inc., et al. , Case No. 3:16-cv-01106-JJH, in the U.S. District Court for the Northern District of Ohio against the Company, certain of its officers, HCR ManorCare, Inc. (“HCRMC”), and certain of its officers, asserting violations of the federal securities laws. The suit asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and alleges that the Company made certain false or misleading statements relating to the value of and risks concerning its investment in HCRMC by allegedly failing to disclose that HCRMC had engaged in billing fraud, as alleged by the U.S. Department of Justice (“DoJ”) in a suit against HCRMC arising from the False Claims Act that the DoJ voluntarily dismissed with prejudice. The plaintiff in the class action suit demands compensatory damages (in an unspecified amount), costs and expenses (including attorneys’ fees and expert fees), and equitable, injunctive, or other relief as the Court deems just and proper. On November 28, 2017, the Court appointed Societe Generale Securities GmbH (SGSS Germany) and the City of Birmingham Retirement and Relief Systems (Birmingham) as Co-Lead Plaintiffs in the class action. The motion to dismiss was fully briefed on May 21, 2018 and oral arguments were held on October 23, 2018. Subsequently, on December 6, 2018, HCRMC and its officers were voluntarily dismissed from the class action lawsuit without prejudice to such claims being refiled. On November 22, 2019, the Court granted the motion to dismiss. On December 20, 2019, Co-Lead plaintiffs filed a motion to amend the Court's judgment. Defendants' opposition brief was filed on February 18, 2020, and Co-Lead Plaintiffs' reply brief was filed on April 2, 2020. The Company believes the suit to be without merit and intends to vigorously defend against it. Derivative Actions. On June 16, 2016 and July 5, 2016, purported stockholders of the Company filed two derivative actions, Subodh v. HCR ManorCare Inc., et al. , Case No. 30-2016-00858497-CU-PT-CXC and Stearns v. HCR ManorCare, Inc., et al. , Case No. 30-2016-00861646-CU-MC-CJC, in the Superior Court of California, County of Orange, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. As both derivative actions contained substantially the same allegations, they have been consolidated into a single action (the “California derivative action”). The consolidated action alleges that the defendants engaged in various acts of wrongdoing, including, among other things, breaching fiduciary duties by publicly making false or misleading statements of fact regarding HCRMC’s finances and prospects and failing to maintain adequate internal controls. On April 18, 2017, the Court approved the parties’ stipulation to stay the case pending disposition of the motion to dismiss the class action litigation. On April 10, 2017, a purported stockholder of the Company filed a derivative action, Weldon v. Martin et al. , Case No. 3:17-cv-755, in federal court in the Northern District of Ohio, Western Division, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. The Weldon complaint asserts similar claims to those asserted in the California derivative action. In addition, the complaint asserts a claim under Section 14(a) of the Exchange Act, alleging that the Company made false statements in its 2016 proxy statement by not disclosing that the Company’s performance issues in 2015 were the direct result of alleged billing fraud at HCRMC. On April 18, 2017, the Court re-assigned and transferred this action to the judge presiding over the related federal securities class action. On July 11, 2017, the Court approved a stipulation by the parties to stay the case pending disposition of the motion to dismiss the class action. On July 21, 2017, a purported stockholder of the Company filed another derivative action, Kelley v. HCR ManorCare, Inc., et al. , Case No. 8:17-cv-01259, in federal court in the Central District of California, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. The Kelley complaint asserts similar claims to those asserted in Weldon and in the California derivative action. Like Weldon , the Kelley complaint also additionally alleges that the Company made false statements in its 2016 proxy statement, and asserts a claim for a violation of Section 14(a) of the Exchange Act. On November 28, 2017, the federal court in the Central District of California granted Defendants’ motion to transfer the action to the Northern District of Ohio (i.e., the court where the class action and other federal derivative action are pending). The Court in the Northern District of Ohio is currently considering whether to consolidate the Weldon and Kelley actions, appointment of lead plaintiffs and counsel, and whether the stay in Weldon should continue as to either or both actions. The Company’s Board of Directors received letters dated August 17, 2016, April 19, 2017, and April 20, 2017 from private law firms acting on behalf of clients who are purported stockholders of the Company, each asserting allegations similar to those made in the California derivative action matters discussed above. Each letter demands that the Board of Directors take action to assert the Company’s rights. The Board of Directors completed its evaluation and rejected the demand letters in December of 2017. One of the law firms has more recently requested that the Board of Directors reconsider its determination after a ruling on the motion to dismiss in the class action litigation. The Company believes that the plaintiffs lack standing or the lawsuits and demands are without merit, but cannot predict the outcome of these proceedings or reasonably estimate any potential loss at this time. Accordingly, no loss contingency has been recorded for these matters as of March 31, 2020 , as the likelihood of loss is not considered probable or estimable.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Equity At-The-Market Equity Offering Program In June 2015, the Company established an at-the-market equity offering program (“ATM Program”) to sell shares of its common stock from time to time through a consortium of banks acting as sales agents or directly to the banks acting as principals. In February 2019, the Company terminated its previous ATM Program and established a new ATM Program (the “2019 ATM Program”) pursuant to which shares of common stock having an aggregate gross sales price of up to $1.0 billion could be sold. In February 2020, the Company terminated the 2019 ATM Program and established a new ATM Program (the “2020 ATM Program”) pursuant to which shares of common stock having an aggregate gross sales price of up to approximately $1.25 billion may be sold (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement allows the Company to lock in a share price on the sale of shares at the time the forward sales agreement is effective, but defer receiving the proceeds from the sale of shares until a later date. ATM forward sales generally have a one year term. At any time during the term, the Company may settle a forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price the Company expects to receive upon settlement of outstanding forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the forward sale agreement. ATM Forward Contracts During the three months ended March 31, 2020 and 2019 , the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an aggregate of 2.0 million and 3.6 million shares of its common stock, respectively, at an initial weighted average net price of $35.23 and $31.19 per share, after commissions, respectively. During the three months ended March 31, 2020 , the Company settled all 16.8 million shares previously outstanding under ATM forward contracts at a weighted average net price of $31.38 per share, after commissions, resulting in net proceeds of $528 million . At March 31, 2020 , no shares remained outstanding under ATM forward contracts. At March 31, 2020 , approximately $1.25 billion of the Company’s common stock remained available for sale under the 2020 ATM Program. The Company did no t settle any ATM forward contracts during the three months ended March 31, 2019 . ATM Direct Issuances During the three months ended March 31, 2020 and 2019 , no shares of common stock were issued under the 2019 ATM Program or the 2020 ATM Program, as applicable. Forward Equity Offerings November 2019 Offering. In November 2019, the Company entered into a forward equity sales agreement (the "2019 forward equity sales agreement") to sell an aggregate of 15.6 million shares of its common stock (including shares sold through the exercise of underwriters’ options) at an initial net price of $34.46 per share, after underwriting discounts and commissions, which was subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the agreement. During the year ended December 31, 2019 , no shares were settled under the 2019 forward equity sales agreement. During the three months ended March 31, 2020 , the Company settled all 15.6 million shares under the 2019 forward equity sales agreement at a weighted average net price of $34.18 per share, resulting in net proceeds of $534 million (total net proceeds of $1.06 billion , when aggregated with the net proceeds from settling ATM forward contracts, as discussed above). Therefore, at March 31, 2020 , no shares remained outstanding under the 2019 forward equity sales agreement. December 2018 Offering. In December 2018, the Company entered into a forward equity sales agreement (the “2018 forward equity sales agreement”) to sell an aggregate of 15.3 million shares of its common stock (including shares sold through the exercise of underwriters’ options) at an initial net price of $28.60 per share, after underwriting discounts and commissions. The 2018 forward equity sales agreement had a one year term that expired on December 13, 2019 during which time the Company could settle the forward sales agreement by delivery of physical shares of common stock to the forward seller or, at the Company’s election, settle in cash or net shares. During the three months ended March 31, 2019 , no shares were settled under the 2018 forward equity sales agreement. During the year ended December 31, 2019 , the Company settled all 15.3 million shares under the 2018 forward equity sales agreement at a weighted average net price of $27.66 per share resulting in net proceeds of $422 million . Therefore, at December 31, 2019 , no shares remained outstanding under the 2018 forward equity sales agreement. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, December 31, Cumulative foreign currency translation adjustment (1) $ — $ (1,023 ) Unrealized gains (losses) on derivatives, net 592 1,314 Supplemental Executive Retirement plan minimum liability and other (3,087 ) (3,148 ) Total accumulated other comprehensive income (loss) $ (2,495 ) $ (2,857 ) _______________________________________ (1)

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method and common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented. Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share. During the three months ended March 31, 2020 and 2019 , the Company utilized the forward sale provisions under the 2019 ATM Program to sell up to an aggregate of 2.0 million and 3.6 million shares of common stock, respectively, with a one year term. During the three months ended March 31, 2020 , the Company settled all 16.8 million shares previously outstanding under ATM forward contracts, leaving no shares outstanding thereunder. The Company did not settle any shares under ATM forward contracts during the three months ended March 31, 2019 . In November 2019, the Company entered into the 2019 forward equity sales agreement to sell an aggregate of 15.6 million shares of its common stock, including shares sold through the exercise of underwriters’ options. During the three months ended March 31, 2020 , the Company settled all 15.6 million shares under the 2019 forward equity sales agreement. Additionally, in December 2018, the Company entered into the 2018 forward equity sales agreement to sell an aggregate of 15.3 million shares of its common stock, including shares sold through the exercise of underwriters’ options. During the three months ended March 31, 2019 , no shares were settled under the 2018 forward equity sales agreement. The Company considered the potential dilution resulting from the forward agreements to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to determine the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. The aggregate effect on the Company’s diluted weighted-average common shares for the three months ended March 31, 2020 and 2019 , was 0.8 million and 1.1 million weighted-average incremental shares, respectively, from the forward equity sales agreements. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended 2020 2019 Numerator Net income (loss) $ 282,540 $ 64,990 Noncontrolling interests' share in earnings (3,460 ) (3,520 ) Net income (loss) attributable to Healthpeak Properties, Inc. 279,080 61,470 Less: Participating securities' share in earnings (1,616 ) (441 ) Net income (loss) applicable to common shares $ 277,464 $ 61,029 Numerator - Dilutive Net income (loss) applicable to common shares $ 277,464 $ 61,029 Add: distributions on dilutive convertible units and other 2,515 — Dilutive net income (loss) available to common shares $ 279,979 $ 61,029 Denominator Basic weighted average shares outstanding 506,476 477,766 Dilutive potential common shares - equity awards 318 272 Dilutive potential common shares - forward equity agreements (1) 808 1,093 Dilutive potential common shares - DownREIT conversions 7,443 — Diluted weighted average common shares 515,045 479,131 Earnings per common share: Basic $ 0.55 $ 0.13 Diluted $ 0.54 $ 0.13 _______________________________________ (1) For the three months ended March 31, 2020 , represents the dilutive impact of 32 million shares that were settled during the three months then ended. For the three months ended March 31, 2019 , represents the dilutive impact of 19 million shares of common stock under forward sales agreements that had not been settled as of March 31, 2019 . For the three months ended March 31, 2020 , all 7 million DownREIT shares were dilutive. For the three months ended March 31, 2019 , 6 million shares issuable upon conversion of DownREIT units were not included because they are anti-dilutive. Additionally, for the three months ended March 31, 2020 and 2019 , 31 million and 18 million shares of common stock, respectively, issuable pursuant to the settlement of forward equity sales agreements were not included because they are anti-dilutive (see discussion above). For all periods presented in the table above, approximately 1 million

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) senior housing triple-net, (ii) SHOP, (iii) CCRC, (iv) life science, and (v) medical office. The Company has non-reportable segments that are comprised primarily of the Company’s hospital properties and debt investments. The accounting policies of the segments are the same as those in Note 2 to the Consolidated Financial Statements in the Company’s 2019 Annual Report on Form 10-K filed with the SEC, as updated by Note 2 herein. During the first quarter of 2020, primarily as a result of: (i) acquiring 100% ownership interest in 13 of 15 CCRCs previously held by a CCRC joint venture (see discussion of the 2019 MTCA with Brookdale in Note 3) and (ii) deconsolidating 19 SHOP assets into a new joint venture in December 2019, the Company's chief operating decision makers began reviewing operating results of CCRCs on a stand-alone basis and financial information for each respective segment inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share on consolidated joint ventures. Therefore, during the first quarter of 2020, the Company began reporting CCRCs as a separate segment and began reporting segment measures inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. Accordingly, all prior period segment information has been recast to conform to the current period presentation. During the three months ended March 31, 2020 and 2019 , 7 and 18 senior housing triple-net facilities, respectively, were transferred to the Company’s SHOP segment as a result of terminating the triple-net leases and transitioning the assets to a RIDEA structure. When an asset is transferred from one segment to another, the results associated with that asset are included in the original segment until the date of transfer. Results generated after the transfer date are included in the new segment. The Company evaluates performance based on property Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, and income from direct financing leases and exclusive of interest income), less property level operating expenses (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss) . Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI include the Company’s share of income (loss) from unconsolidated joint ventures and exclude noncontrolling interests’ share of income (loss) from consolidated joint ventures. Management believes Adjusted NOI is an important supplemental measure 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. 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, net, marketable equity securities, and real estate assets and liabilities held for sale. The following tables summarize information for the reportable segments (in thousands): For the three months ended March 31, 2020 : Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 33,135 $ 170,961 $ 91,780 $ 128,883 $ 145,146 $ 15,245 $ — $ 585,150 Less: Interest income — — — — — (3,688 ) — (3,688 ) Healthpeak's share of unconsolidated joint venture real estate revenues — 25,765 21,647 — 695 86 — 48,193 Noncontrolling interests' share of consolidated joint venture real estate revenues — (538 ) — (52 ) (8,640 ) — — (9,230 ) Operating expenses (506 ) (138,130 ) (156,482 ) (30,201 ) (50,687 ) (7 ) — (376,013 ) Healthpeak's share of unconsolidated joint venture operating expenses — (17,956 ) (18,037 ) — (275 ) 2 — (36,266 ) Noncontrolling interests' share of consolidated joint venture operating expenses — 377 — 17 2,600 — — 2,994 Adjustments to NOI (1) (3,374 ) 531 91,561 (4,280 ) (1,457 ) 461 — 83,442 Adjusted NOI 29,255 41,010 30,469 94,367 87,382 12,099 — 294,582 Plus: Adjustments to NOI (1) 3,374 (531 ) (91,561 ) 4,280 1,457 (461 ) — (83,442 ) Interest income — — — — — 3,688 — 3,688 Interest expense (82 ) (2,855 ) (1,304 ) (63 ) (102 ) — (53,970 ) (58,376 ) Depreciation and amortization (7,160 ) (57,003 ) (20,229 ) (50,211 ) (53,148 ) (1,525 ) — (189,276 ) General and administrative — — — — — — (22,349 ) (22,349 ) Transaction costs — — — — — — (14,848 ) (14,848 ) Impairments and loan loss reserves (recoveries), net (4,670 ) (23,285 ) — — (2,706 ) (8,462 ) — (39,123 ) Gain (loss) on sales of real estate, net 164,043 (1,243 ) — — 2,109 (40 ) — 164,869 Loss on debt extinguishments — — — — — — 833 833 Other income (expense), net — — 170,332 — — 41,707 (1,431 ) 210,608 Income tax benefit (expense) (2) — — — — — — 33,044 33,044 Less: Healthpeak's share of unconsolidated joint venture NOI — (7,809 ) (3,610 ) — (420 ) (88 ) — (11,927 ) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 161 — 35 6,040 — — 6,236 Equity income (loss) from unconsolidated joint ventures — (18,150 ) (1,880 ) — 196 7,855 — (11,979 ) Net income (loss) $ 184,760 $ (69,705 ) $ 82,217 $ 48,408 $ 40,808 $ 54,773 $ (58,721 ) $ 282,540 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, 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. (2) Income tax benefit (expense) for the quarter ended March 31, 2020 includes: (i) a $52 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3) and (ii) a $2.9 million net tax benefit recognized due to changes under the Coronavirus Aid, Relief, and Economic Security (“CARES”) act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. For the three months ended March 31, 2019 : Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 58,831 $ 126,181 $ — $ 94,473 $ 142,195 $ 14,474 $ — $ 436,154 Less: Interest income — — — — — (1,713 ) — (1,713 ) Healthpeak's share of unconsolidated joint venture real estate revenues — 5,649 52,238 — 705 5,532 — 64,124 Noncontrolling interests' share of consolidated joint venture real estate revenues (2 ) (472 ) — (40 ) (8,303 ) — — (8,817 ) Operating expenses (994 ) (96,947 ) — (21,992 ) (48,987 ) (7 ) — (168,927 ) Healthpeak's share of unconsolidated joint venture operating expenses — (4,161 ) (41,377 ) — (275 ) (17 ) — (45,830 ) Noncontrolling interests' share of consolidated joint venture operating expenses — 350 — 13 2,424 — — 2,787 Adjustments to NOI (1) 566 1,182 3,452 (2,479 ) (1,748 ) (279 ) — 694 Adjusted NOI 58,401 31,782 14,313 69,975 86,011 17,990 — 278,472 Plus: Adjustments to NOI (1) (566 ) (1,182 ) (3,452 ) 2,479 1,748 279 — (694 ) Interest income — — — — — 1,713 — 1,713 Interest expense (589 ) (663 ) — (73 ) (111 ) — (47,891 ) (49,327 ) Depreciation and amortization (16,677 ) (24,086 ) — (36,248 ) (53,020 ) (1,920 ) — (131,951 ) General and administrative — — — — — — (21,355 ) (21,355 ) Transaction costs — — — — — — (4,518 ) (4,518 ) Impairments and loan loss reserves (recoveries), net — — — — (8,858 ) — — (8,858 ) Gain (loss) on sales of real estate, net 3,557 4,487 — — — — — 8,044 Other income (expense), net — — — — — — 3,133 3,133 Income tax benefit (expense) — — — — — — 3,458 3,458 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,488 ) (10,861 ) — (430 ) (5,515 ) — (18,294 ) Plus: Noncontrolling interests' share of consolidated joint venture NOI 2 122 — 27 5,879 — — 6,030 Equity income (loss) from unconsolidated joint ventures — (477 ) (2,096 ) — 211 1,499 — (863 ) Net income (loss) $ 44,128 $ 8,495 $ (2,096 ) $ 36,160 $ 31,430 $ 14,046 $ (67,173 ) $ 64,990 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, 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 revenues by segment (in thousands): Three Months Ended Segment 2020 2019 Senior housing triple-net $ 33,135 $ 58,831 SHOP 170,961 126,181 CCRC 91,780 — Life science 128,883 94,473 Medical office 145,146 142,195 Other non-reportable segments 15,245 14,474 Total revenues $ 585,150 $ 436,154 See Notes 3, 4, 5, 6, and 7 for significant transactions impacting the Company’s segment assets during the periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2020 2019 Supplemental cash flow information: Interest paid, net of capitalized interest $ 71,621 $ 53,475 Income taxes paid (refunded) (1,673 ) (769 ) Capitalized interest 6,970 8,369 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 126,185 94,904 Vesting of restricted stock units and conversion of non-managing member units into common stock 1,077 4,341 Liabilities assumed with real estate acquisitions 523,289 — Conversion of DFLs to real estate — 350,540 Net noncash impact from the consolidation of previously unconsolidated joint ventures 323,138 — See Note 3 for a discussion of the impact of the 2019 MTCA with Brookdale on the Company’s consolidated balance sheet and statement of operations. See Note 5 for a discussion related to the conversion of a DFL to real estate. The following table summarizes cash, cash equivalents and restricted cash (in thousands): March 31, 2020 2019 Cash and cash equivalents $ 783,542 $ 120,117 Restricted cash 106,557 26,535 Cash, cash equivalents and restricted cash $ 890,099 $ 146,652

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At March 31, 2020 , the Company had investments in: (i) two properties leased to VIE tenants, (ii) five unconsolidated VIE joint ventures, (iii) marketable debt securities of one VIE, and (iv) one loan to a VIE borrower. The Company determined it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures (CCRC OpCo, development investments, Waldwick JV, and the LLC investment discussed below), it has no formal involvement in these VIEs beyond its investments. VIE Tenant. The Company leases two properties to one tenant that has been identified as a VIE (“VIE tenant”). The VIE tenant is a “thinly capitalized” entity that relies on the operating cash flows generated from the senior housing facilities to pay operating expenses, including the rent obligations under its leases. CCRC OpCo. The Company holds a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operates senior housing properties in a RIDEA structure and has been identified as a VIE. The equity members of CCRC OpCo “lack power” because they share certain operating rights with Brookdale, as manager of the CCRCs. The assets of CCRC OpCo primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consist of operating lease obligations to CCRC PropCo, debt service payments, capital expenditures, accounts payable, and expense accruals. Assets generated by the CCRC operations (primarily rents from CCRC residents) of CCRC OpCo may only be used to settle its contractual obligations (primarily from debt service payments, capital expenditures, and rental costs and operating expenses incurred to manage such facilities). Refer to Note 3 for additional discussion related to transactions impacting the CCRC OpCo. Waldwick Development JV. The Company holds an 85% ownership interest in a joint venture (the “Waldwick JV”), which has been identified as a VIE as power is shared with a member that does not have a substantive equity investment at risk. The assets of the joint venture primarily consist of a senior housing facility that it owns and cash and cash equivalents; its obligations primarily consist of capital expenditures, accounts payable, and expense accruals. Any assets generated by the joint venture may only be used to settle its contractual obligations (primarily capital expenditures and rental costs and operating expenses incurred to manage such facilities). LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner. The assets and liabilities of the entity primarily consist of those associated with its senior housing real estate and development activities. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development expenses and debt service payments). Development Investments. The Company holds investments (consisting of mezzanine debt and/or preferred equity) in two senior housing development joint ventures. The joint ventures are also capitalized by senior loans from a third party and equity from the third party managing-member, but are considered to be “thinly capitalized” as there is insufficient equity investment at risk. Debt Securities Investment. The Company holds commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as Freddie MAC) through a special purpose entity that has been identified as a VIE because it is “thinly capitalized.” The CMBS issued by the VIE are backed by mortgage debt obligations on real estate assets. Seller Financing Loan. The Company provided seller financing of $10 million related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five –year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2020 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ 1,379 CCRC OpCo Investments in unconsolidated joint ventures — Unconsolidated development joint ventures Loans receivable, net and Investments in unconsolidated joint ventures 27,476 Loan - seller financing Loans receivable, net 9,750 CMBS and LLC investment Marketable debt and LLC investment 35,037 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. As of March 31, 2020 , the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 3, 4, 5, 6, and 7 for additional descriptions of the nature, purpose, and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities The Company’s consolidated total assets and total liabilities at March 31, 2020 and December 31, 2019 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to the Company . Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): March 31, 2020 December 31, 2019 Assets Buildings and improvements $ 2,983,887 $ 3,236,105 Development costs and construction in progress 90,536 67,285 Land 447,758 526,576 Accumulated depreciation and amortization (594,085 ) (568,574 ) Net real estate 2,928,096 3,261,392 Accounts receivable, net 10,884 11,986 Cash and cash equivalents 44,880 47,027 Restricted cash 13,631 13,596 Intangible assets, net 159,272 206,840 Right-of-use asset, net 92,225 92,664 Other assets, net 60,343 52,124 Total assets $ 3,309,331 $ 3,685,629 Liabilities Mortgage debt 218,027 218,767 Intangible liabilities, net 19,221 39,545 Lease liability 91,078 90,875 Accounts payable, accrued liabilities, and other liabilities 114,350 122,832 Deferred revenue 91,845 96,985 Total liabilities $ 534,521 $ 569,004 Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a joint venture entity formed in October 2015 that owns and leases MOBs (“Ventures V”). The Company classifies Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of Ventures V or kick-out rights over the managing member. The Company consolidates Ventures V as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by Ventures V may only be used to settle its contractual obligations (primarily from capital expenditures). Watertown JV . The Company holds a 95% ownership interest in and is the managing member of joint venture entities formed in November 2017 that own and operate a senior housing property in a RIDEA structure (“Watertown JV”). Watertown PropCo is a VIE as the Company and the non-managing member share in control of the entity, but substantially all of the entity's activities are performed on behalf of the Company. Watertown OpCo is a VIE as the non-managing member, through its equity interest, lacks substantive participation rights in the management of Watertown OpCo or kick-out rights over the managing member. The Company consolidates Watertown PropCo and Watertown OpCo as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of Watertown PropCo primarily consist of a leased property (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of notes payable to a non-VIE consolidated subsidiary of the Company. The assets of Watertown OpCo primarily consist of leasehold interests in a senior housing facility (operating lease), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to Watertown PropCo and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of the Watertown structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities, and debt costs). Life Science JVs . The Company holds a 99% ownership interest in multiple joint venture entities that own and lease life science assets (the “Life Science JVs”). The Life Science JVs are VIEs as the members share in control of the entities, but substantially all of the activities are performed on behalf of the Company. The Company consolidates the Life Science JVs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Life Science JVs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Life Science JVs may only be used to settle their contractual obligations (primarily from capital expenditures). MSREI MOB JV. The Company holds a 51% ownership interest in, and is the managing member of, a joint venture entity formed in August 2018 that owns and leases MOBs (the “MSREI JV”). The MSREI JV is a VIE due to the non-managing member lacking substantive participation rights in the management of the joint venture or kick-out rights over the managing member. The Company consolidates the MSREI JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the MSREI JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the MSREI JV may only be used to settle its contractual obligations (primarily from capital expenditures). Consolidated Lessees. The Company leases two senior housing properties to a lessee entity under a cash flow lease through which the Company receives monthly rent equal to the residual cash flows of the property. The lessee entity is classified as a VIE as it is a "thinly capitalized" entity. The Company consolidates the lessee entity as it has the ability to control the activities that most significantly impact the economic performance of the lessee entity. The lessee entity’s assets primarily consist of leasehold interests in a senior housing facility (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to the Company and operating expenses of the senior housing facility (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities, and debt costs). DownREITs . The Company holds a controlling ownership interest in and is the managing member of seven limited liability companies (“DownREITs”). The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships. The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). The Company classifies the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other consolidated VIEs. The Company made a loan to an entity that entered into a tax credit structure (“Tax Credit Subsidiary”) and a loan to an entity that made an investment in a development joint venture (“Development JV”) both of which are considered VIEs. The Company consolidates the Tax Credit Subsidiary and Development JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIEs’ economic performance. The assets and liabilities of the Tax Credit Subsidiary and Development JV substantially consist of a development in progress, notes receivable, prepaid expenses, notes payable, and accounts payable and accrued liabilities generated from their operating activities. Any assets generated by the operating activities of the Tax Credit Subsidiary and Development JV may only be used to settle their contractual obligations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets are immaterial at March 31, 2020 . The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): March 31, 2020 (3) December 31, 2019 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 220,652 $ 216,624 $ 190,579 $ 190,579 Marketable debt securities (2) 19,902 19,902 19,756 19,756 Bank line of credit and commercial paper (2) — — 93,000 93,000 Term loan (2) 249,002 249,002 248,942 248,942 Senior unsecured notes (1) 5,650,053 5,835,325 5,647,993 6,076,150 Mortgage debt (2) 490,049 470,521 276,907 280,373 Interest-rate swap liabilities (2) 252 252 553 553 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the three months ended March 31, 2020 and year ended December 31, 2019 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the Company’s outstanding swap contracts as of March 31, 2020 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow $ 42,000 3.82% BMA Swap Index $ (252 ) ______________________________________ (1) Derivative liabilities are recorded in accounts payable, accrued liabilities, and other liabilities in the consolidated balance sheets. (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. Assuming a one percentage point shift in the underlying interest rate curve, the estimated change in fair value of each of the underlying derivative instruments would not exceed $1 million . Concurrent with the sale of its remaining interest in the U.K. JV in December 2019 (see Note 7), the Company paid-off the remainder of its GBP-denominated borrowings under the Revolving Facility and terminated its previously-designated net investment hedge.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak caused by COVID-19 to be a global pandemic. While COVID-19 continues to evolve daily and its ultimate outcome is uncertain, it has caused significant disruption to individuals, governments, financial markets, and businesses, including the Company. In response to the COVID-19 pandemic, local, state and federal agencies have instituted stay-at-home or shelter-in-place orders, which resulted in closure of many businesses deemed to be non-essential. These health and safety measures, which may remain in place for a significant amount of time, are placing a substantial strain on the business operations of many of the Company’s tenants, operators, and borrowers. The Company evaluated the impacts of COVID-19 on its business thus far and incorporated, wherever possible, information concerning the impact of COVID-19 into its assessments of liquidity, impairments, and collectibility from tenants and borrowers as of March 31, 2020 . Subsequent to March 31, 2020 , the Company has agreed to defer rent for May and June 2020 from certain tenants in the MOB segment, with the requirement that all deferred rent is repaid by the end of 2020. Additionally, the Company has received rent relief requests from certain tenants, which we are assessing on a tenant-by-tenant basis, but at this time has not agreed to grant any such relief. The extent of the impact of the COVID-19 pandemic on the Company’s business and financial results will depend on future developments, including the duration, severity, and spread of the pandemic, health and safety actions taken to contain its spread, any possible resurgence of COVID-19 that may occur after the initial outbreak subsides, and how quickly and to what extent normal economic and operating conditions can resume within the markets in which the Company operates, each of which are highly uncertain at this time and outside of the Company’s control. At this time, the Company is unable to estimate the impact of this event on its operations or future financial results. The Post Acquisition As discussed in Note 4, in January 2020, the Company entered into definitive agreements to acquire a life science campus in Waltham, Massachusetts for $320 million . The Company made a $20 million nonrefundable deposit upon completing due diligence in January 2020 and closed the acquisition in April 2020. Dispositions of Real Estate In April 2020, the Company sold one SHOP asset for $12 million . Additionally, in April 2020, one of the Company’s tenants exercised its option to acquire three MOBs in San Diego, California for $106 million . The Company received a $5 million nonrefundable deposit in May 2020. The sale is scheduled to close during the second quarter of 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842, Leases ) amends the previous accounting for leases to: (i) require lessees to put most leases on their balance sheets (not required for short-term leases with lease terms of 12 months or less), but continue recognizing expenses on their income statements in a manner similar to requirements under prior accounting guidance, (ii) eliminate real estate specific lease provisions, and (iii) modify the classification criteria and accounting for sales-type leases for lessors. Additionally, ASU 2016-02 provides a practical expedient, which the Company elected, that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. As a result of adopting ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $1 million as of January 1, 2019. Under ASU 2016-02, the Company began capitalizing fewer costs related to the drafting and negotiation of its lease agreements. Additionally, the Company began recognizing all of its significant operating leases for which it is the lessee, including corporate office leases, equipment leases, and ground leases, on its consolidated balance sheets as a lease liability and corresponding right-of-use asset. As such, the Company recognized a lease liability of $153 million and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability is calculated as the present value of minimum lease payments, discounted using a rate that approximates the Company’s secured incremental borrowing rate, adjusted for the noncancelable term of each lease. The right-of-use asset is calculated as the aggregate lease liability, adjusted for the existing accrued straight-line rent liability balance of $20 million and net unamortized above/below market ground lease intangible assets of $33 million . Other. E ffective January 1, 2019, the Company adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The amendments in ASU 2017-12 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. For cash flow and net investment hedges existing at the date of adoption, the Company adopted the amendments in ASU 2017-12 using the modified retrospective approach. For amendments impacting presentation and disclosure, the Company adopted ASU 2017-12 using a prospective approach. The adoption of ASU 2017-12 did not have a material impact to the Company’s consolidated financial position, results of operations, cash flows, or disclosures. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in current accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Previously, when credit losses were measured under current accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. As a result of adopting ASU 2016-13 on January 1, 2020 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $2 million as of January 1, 2020. Under ASU 2016-13, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical U.S. GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of its financing receivables, including loans receivable, direct financing leases (“DFLs”), and certain accounts receivable, at inception of those instruments. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and rely on counter-party specific information to ensure the most accurate estimate is recognized. The Company will reassess its reserves on financing receivables at each balance sheet date to determine if an adjustment to the previous reserve is necessary. Not Yet Adopted Accounting for Lease Concessions Related to COVID-19. In April 2020, the FASB staff issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the coronavirus pandemic (“COVID-19”). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). Under the lease modification framework, rent abatements would be recognized evenly over the remaining lease term, while abatements accounted for outside of the lease modification framework would be recognized as a reduction in revenue in during the abatement period (i.e., the Company would recognize revenue equal to cash received during the concession period). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three months ended March 31, 2020 , the Company did not provide any lease concessions as a result of COVID-19 and as such, has not yet had to make an election. The future impact of the Lease Modification Q&A is dependent upon the nature and extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of granting such concessions.
Segment Reporting	Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) CCRC, (iv) life science, and (v) medical office. In January 2020, primarily as a result of: (i) consolidating 13 of 15 CCRCs previously held by a CCRC joint venture (see discussion of the Brookdale 2019 Master Transaction and Cooperation Agreement in Note 3) and (ii) deconsolidating 19 SHOP assets into a new joint venture in December 2019, the Company's chief operating decision makers (“CODMs”) began reviewing operating results of CCRCs on a stand-alone basis and financial information for each respective segment inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. Therefore, during the first quarter of 2020, the Company began reporting CCRCs as a separate segment and segment measures inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. Accordingly, all prior period segment information has been recast to conform to the current period presentation.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases, Capital [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended 2020 2019 Fixed income from operating leases $ 253,859 $ 237,223 Variable income from operating leases 60,829 56,999 Interest income from direct financing leases 3,269 13,524
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (dollars in thousands): March 31, December 31, Present value of minimum lease payments receivable $ 16,255 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (16,255 ) (19,138 ) Net investment in direct financing leases before allowance 44,706 84,604 Allowance for direct financing lease losses — — Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2
Summary of the Company's Internal Ratings for DFLs	The following table summarizes the Company’s internal ratings for DFLs at March 31, 2020 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Other non-reportable segments $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables as of March 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ — $ 55,955 $ — $ 108,484 $ — $ 164,439 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ — $ 55,955 $ — $ 108,484 $ — $ 164,439 Mezzanine and other Risk rating: Performing loans $ 2,901 $ 36,114 $ — $ 8,896 $ 8,302 $ 56,213 Watch list loans — — — — — — Workout loans — — — — — — Total mezzanine and other $ 2,901 $ 36,114 $ — $ 8,896 $ 8,302 $ 56,213

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): March 31, 2020 December 31, 2019 Secured mortgage loans (1) $ 169,176 $ 161,964 Mezzanine and other 59,998 27,752 Unamortized discounts, fees, and costs 792 863 Reserve for loan losses (9,314 ) — $ 220,652 $ 190,579 _______________________________________ (1) At March 31, 2020 , the Company had $16 million remaining of commitments to fund $174 million of senior housing development projects. At December 31, 2019 , the Company had $25 million remaining of commitments to fund $174 million of senior housing development projects.
Financing Receivable Credit Quality Indicators and by Year of Origination	The following table summarizes the Company’s internal ratings for DFLs at March 31, 2020 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Other non-reportable segments $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables as of March 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ — $ 55,955 $ — $ 108,484 $ — $ 164,439 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ — $ 55,955 $ — $ 108,484 $ — $ 164,439 Mezzanine and other Risk rating: Performing loans $ 2,901 $ 36,114 $ — $ 8,896 $ 8,302 $ 56,213 Watch list loans — — — — — — Workout loans — — — — — — Total mezzanine and other $ 2,901 $ 36,114 $ — $ 8,896 $ 8,302 $ 56,213
Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses at March 31, 2020 (in thousands): March 31, 2020 Secured Mortgage Loans Mezzanine and Other Total Reserve for loan losses, January 1, 2020 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings 513 907 1,420 Provision for expected loan losses 4,224 3,670 7,894 Reserve for loan losses, March 31, 2020 $ 4,737 $ 4,577 $ 9,314

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount March 31, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2020 2019 SWF SH JV (3) SHOP 19 54 $ 411,057 $ 428,258 MBK JV SHOP 5 50 32,821 33,415 Other SHOP JVs (4) SHOP 4 50 - 90 16,843 17,719 Medical Office JVs (5) MOB 3 20 - 67 9,809 9,845 Other JVs (6) Other — 41 - 47 9,370 10,372 CCRC JV (7) CCRC 2 49 — 325,830 Advances to unconsolidated joint ventures, net — 76 $ 479,900 $ 825,515 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property count and ownership percentage are as of March 31, 2020. (3) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund. See Note 4 for discussion of the formation of the SWF SH JV. (4) In June 2019, the Company acquired the outstanding equity interests in, and began consolidating, the Vintage Park JV (see Note 4). Remaining unconsolidated SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV ( 85% ); (ii) Otay Ranch JV ( 90% ); and (iii) MBK Development JV ( 50% ). (5) Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): (i) Ventures IV ( 20% ); (ii) Ventures III ( 30% ); and (iii) Suburban Properties, LLC ( 67% ). (6) Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV ( 41% ) and (ii) Discovery Sarasota JV ( 47% ). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $ 12 million . At December 31, 2019 , K&Y joint venture includes an ownership percentage of 80% and one unconsolidated joint venture. In October 2019, the Company sold its interest in one of the K&Y joint ventures for $4 million . (7) See Note 3 for discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2020
Intangibles
Schedule of Intangible Lease Assets	The following table summarizes the Company’s intangible lease assets (in thousands): Intangible lease assets March 31, December 31, Gross intangible lease assets $ 887,516 $ 615,538 Accumulated depreciation and amortization (337,168 ) (283,845 ) Intangible assets, net $ 550,348 $ 331,693
Schedule of Intangible Lease Liabilities	The following table summarizes the Company’s intangible lease liabilities (in thousands): Intangible lease liabilities March 31, December 31, Gross intangible lease liabilities $ 113,213 $ 113,213 Accumulated depreciation and amortization (41,076 ) (38,222 ) Intangible liabilities, net $ 72,137 $ 74,991

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	During the three months ended March 31, 2020 and 2019 , the Company had no senior unsecured note issuances or payoffs. The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2019 (dollars in thousands): Date Amount Coupon Rate Maturity Date November 21, 2019 $ 750,000 3.000 % 2030 July 5, 2019 $ 650,000 3.250 % 2026 July 5, 2019 $ 650,000 3.500 % 2029 The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2019 (dollars in thousands): Date Amount Coupon Rate Maturity Date November 21, 2019 (1) $ 350,000 4.000 % 2022 July 22, 2019 (2) $ 800,000 2.625 % 2020 July 8, 2019 (2) $ 250,000 4.000 % 2022 July 8, 2019 (2) $ 250,000 4.250 % 2023 _______________________________________ (1) The Company recognized a $22 million loss on debt extinguishment related to the repurchase of senior notes. (2) Upon completing the redemption of the 2.625% senior unsecured notes due February 2020 and repurchasing a portion of the 4.250% senior unsecured notes due 2023 and the 4.000% senior unsecured notes due 2022, the Company recognized a $35 million loss on debt extinguishment.
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2020 (in thousands): Year Bank Line of Credit Commercial Paper Term Loan Senior Unsecured Notes (1) Mortgage Debt (2) Total 2020 (nine months) $ — $ — $ — $ — $ 6,202 $ 6,202 2021 — — — — 16,165 16,165 2022 — — — 300,000 8,417 308,417 2023 — — — 550,000 93,609 643,609 2024 — — 250,000 1,150,000 6,939 1,406,939 Thereafter — — — 3,700,000 340,925 4,040,925 — — 250,000 5,700,000 472,257 6,422,257 (Discounts), premium and debt costs, net — — (998 ) (49,947 ) 17,792 (33,153 ) — — 249,002 5,650,053 490,049 6,389,104 Debt on assets held for sale (3) — — — — 27,837 27,837 $ — $ — $ 249,002 $ 5,650,053 $ 517,886 $ 6,416,941 _______________________________________ (1) Effective interest rates on the senior notes range from 3.14% to 6.87% with a weighted average effective interest rate of 3.94% and a weighted average maturity of 7 years . (2) Excluding mortgage debt on assets held for sale, effective interest rates on the mortgage debt range from 2.16% to 5.91% with a weighted average effective interest rate of 3.91% and a weighted average maturity of 9 years . (3) Represents mortgage debt on assets held for sale with an interest rate of 3.45% and maturity in 2044.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, December 31, Cumulative foreign currency translation adjustment (1) $ — $ (1,023 ) Unrealized gains (losses) on derivatives, net 592 1,314 Supplemental Executive Retirement plan minimum liability and other (3,087 ) (3,148 ) Total accumulated other comprehensive income (loss) $ (2,495 ) $ (2,857 ) _______________________________________ (1)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
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 2020 2019 Numerator Net income (loss) $ 282,540 $ 64,990 Noncontrolling interests' share in earnings (3,460 ) (3,520 ) Net income (loss) attributable to Healthpeak Properties, Inc. 279,080 61,470 Less: Participating securities' share in earnings (1,616 ) (441 ) Net income (loss) applicable to common shares $ 277,464 $ 61,029 Numerator - Dilutive Net income (loss) applicable to common shares $ 277,464 $ 61,029 Add: distributions on dilutive convertible units and other 2,515 — Dilutive net income (loss) available to common shares $ 279,979 $ 61,029 Denominator Basic weighted average shares outstanding 506,476 477,766 Dilutive potential common shares - equity awards 318 272 Dilutive potential common shares - forward equity agreements (1) 808 1,093 Dilutive potential common shares - DownREIT conversions 7,443 — Diluted weighted average common shares 515,045 479,131 Earnings per common share: Basic $ 0.55 $ 0.13 Diluted $ 0.54 $ 0.13 _______________________________________ (1) For the three months ended March 31, 2020 , represents the dilutive impact of 32 million shares that were settled during the three months then ended. For the three months ended March 31, 2019 , represents the dilutive impact of 19 million shares of common stock under forward sales agreements that had not been settled as of March 31, 2019 .

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended March 31, 2020 : Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 33,135 $ 170,961 $ 91,780 $ 128,883 $ 145,146 $ 15,245 $ — $ 585,150 Less: Interest income — — — — — (3,688 ) — (3,688 ) Healthpeak's share of unconsolidated joint venture real estate revenues — 25,765 21,647 — 695 86 — 48,193 Noncontrolling interests' share of consolidated joint venture real estate revenues — (538 ) — (52 ) (8,640 ) — — (9,230 ) Operating expenses (506 ) (138,130 ) (156,482 ) (30,201 ) (50,687 ) (7 ) — (376,013 ) Healthpeak's share of unconsolidated joint venture operating expenses — (17,956 ) (18,037 ) — (275 ) 2 — (36,266 ) Noncontrolling interests' share of consolidated joint venture operating expenses — 377 — 17 2,600 — — 2,994 Adjustments to NOI (1) (3,374 ) 531 91,561 (4,280 ) (1,457 ) 461 — 83,442 Adjusted NOI 29,255 41,010 30,469 94,367 87,382 12,099 — 294,582 Plus: Adjustments to NOI (1) 3,374 (531 ) (91,561 ) 4,280 1,457 (461 ) — (83,442 ) Interest income — — — — — 3,688 — 3,688 Interest expense (82 ) (2,855 ) (1,304 ) (63 ) (102 ) — (53,970 ) (58,376 ) Depreciation and amortization (7,160 ) (57,003 ) (20,229 ) (50,211 ) (53,148 ) (1,525 ) — (189,276 ) General and administrative — — — — — — (22,349 ) (22,349 ) Transaction costs — — — — — — (14,848 ) (14,848 ) Impairments and loan loss reserves (recoveries), net (4,670 ) (23,285 ) — — (2,706 ) (8,462 ) — (39,123 ) Gain (loss) on sales of real estate, net 164,043 (1,243 ) — — 2,109 (40 ) — 164,869 Loss on debt extinguishments — — — — — — 833 833 Other income (expense), net — — 170,332 — — 41,707 (1,431 ) 210,608 Income tax benefit (expense) (2) — — — — — — 33,044 33,044 Less: Healthpeak's share of unconsolidated joint venture NOI — (7,809 ) (3,610 ) — (420 ) (88 ) — (11,927 ) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 161 — 35 6,040 — — 6,236 Equity income (loss) from unconsolidated joint ventures — (18,150 ) (1,880 ) — 196 7,855 — (11,979 ) Net income (loss) $ 184,760 $ (69,705 ) $ 82,217 $ 48,408 $ 40,808 $ 54,773 $ (58,721 ) $ 282,540 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, 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. (2) Income tax benefit (expense) for the quarter ended March 31, 2020 includes: (i) a $52 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3) and (ii) a $2.9 million net tax benefit recognized due to changes under the Coronavirus Aid, Relief, and Economic Security (“CARES”) act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. For the three months ended March 31, 2019 : Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 58,831 $ 126,181 $ — $ 94,473 $ 142,195 $ 14,474 $ — $ 436,154 Less: Interest income — — — — — (1,713 ) — (1,713 ) Healthpeak's share of unconsolidated joint venture real estate revenues — 5,649 52,238 — 705 5,532 — 64,124 Noncontrolling interests' share of consolidated joint venture real estate revenues (2 ) (472 ) — (40 ) (8,303 ) — — (8,817 ) Operating expenses (994 ) (96,947 ) — (21,992 ) (48,987 ) (7 ) — (168,927 ) Healthpeak's share of unconsolidated joint venture operating expenses — (4,161 ) (41,377 ) — (275 ) (17 ) — (45,830 ) Noncontrolling interests' share of consolidated joint venture operating expenses — 350 — 13 2,424 — — 2,787 Adjustments to NOI (1) 566 1,182 3,452 (2,479 ) (1,748 ) (279 ) — 694 Adjusted NOI 58,401 31,782 14,313 69,975 86,011 17,990 — 278,472 Plus: Adjustments to NOI (1) (566 ) (1,182 ) (3,452 ) 2,479 1,748 279 — (694 ) Interest income — — — — — 1,713 — 1,713 Interest expense (589 ) (663 ) — (73 ) (111 ) — (47,891 ) (49,327 ) Depreciation and amortization (16,677 ) (24,086 ) — (36,248 ) (53,020 ) (1,920 ) — (131,951 ) General and administrative — — — — — — (21,355 ) (21,355 ) Transaction costs — — — — — — (4,518 ) (4,518 ) Impairments and loan loss reserves (recoveries), net — — — — (8,858 ) — — (8,858 ) Gain (loss) on sales of real estate, net 3,557 4,487 — — — — — 8,044 Other income (expense), net — — — — — — 3,133 3,133 Income tax benefit (expense) — — — — — — 3,458 3,458 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,488 ) (10,861 ) — (430 ) (5,515 ) — (18,294 ) Plus: Noncontrolling interests' share of consolidated joint venture NOI 2 122 — 27 5,879 — — 6,030 Equity income (loss) from unconsolidated joint ventures — (477 ) (2,096 ) — 211 1,499 — (863 ) Net income (loss) $ 44,128 $ 8,495 $ (2,096 ) $ 36,160 $ 31,430 $ 14,046 $ (67,173 ) $ 64,990 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, 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.
Reconciliation of Company's Revenues by Segment	The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Segment 2020 2019 Senior housing triple-net $ 33,135 $ 58,831 SHOP 170,961 126,181 CCRC 91,780 — Life science 128,883 94,473 Medical office 145,146 142,195 Other non-reportable segments 15,245 14,474 Total revenues $ 585,150 $ 436,154

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2020 2019 Supplemental cash flow information: Interest paid, net of capitalized interest $ 71,621 $ 53,475 Income taxes paid (refunded) (1,673 ) (769 ) Capitalized interest 6,970 8,369 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 126,185 94,904 Vesting of restricted stock units and conversion of non-managing member units into common stock 1,077 4,341 Liabilities assumed with real estate acquisitions 523,289 — Conversion of DFLs to real estate — 350,540 Net noncash impact from the consolidation of previously unconsolidated joint ventures 323,138 —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): March 31, 2020 2019 Cash and cash equivalents $ 783,542 $ 120,117 Restricted cash 106,557 26,535 Cash, cash equivalents and restricted cash $ 890,099 $ 146,652

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2020 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ 1,379 CCRC OpCo Investments in unconsolidated joint ventures — Unconsolidated development joint ventures Loans receivable, net and Investments in unconsolidated joint ventures 27,476 Loan - seller financing Loans receivable, net 9,750 CMBS and LLC investment Marketable debt and LLC investment 35,037 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): March 31, 2020 December 31, 2019 Assets Buildings and improvements $ 2,983,887 $ 3,236,105 Development costs and construction in progress 90,536 67,285 Land 447,758 526,576 Accumulated depreciation and amortization (594,085 ) (568,574 ) Net real estate 2,928,096 3,261,392 Accounts receivable, net 10,884 11,986 Cash and cash equivalents 44,880 47,027 Restricted cash 13,631 13,596 Intangible assets, net 159,272 206,840 Right-of-use asset, net 92,225 92,664 Other assets, net 60,343 52,124 Total assets $ 3,309,331 $ 3,685,629 Liabilities Mortgage debt 218,027 218,767 Intangible liabilities, net 19,221 39,545 Lease liability 91,078 90,875 Accounts payable, accrued liabilities, and other liabilities 114,350 122,832 Deferred revenue 91,845 96,985 Total liabilities $ 534,521 $ 569,004

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): March 31, 2020 (3) December 31, 2019 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 220,652 $ 216,624 $ 190,579 $ 190,579 Marketable debt securities (2) 19,902 19,902 19,756 19,756 Bank line of credit and commercial paper (2) — — 93,000 93,000 Term loan (2) 249,002 249,002 248,942 248,942 Senior unsecured notes (1) 5,650,053 5,835,325 5,647,993 6,076,150 Mortgage debt (2) 490,049 470,521 276,907 280,373 Interest-rate swap liabilities (2) 252 252 553 553 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the three months ended March 31, 2020 and year ended December 31, 2019 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding swap contracts as of March 31, 2020 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow $ 42,000 3.82% BMA Swap Index $ (252 ) ______________________________________ (1) Derivative liabilities are recorded in accounts payable, accrued liabilities, and other liabilities in the consolidated balance sheets. (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	Mar. 31, 2020USD ($)property	Jan. 31, 2020property	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)		Oct. 31, 2019property	Jan. 01, 2019USD ($)		Dec. 31, 2018USD ($)	[2]
Schedule of Equity Method Investments [Line Items]
Cumulative effect of new accounting principle				$ (1,524)	[1]				$ 590
Present value of lease liabilities	$ 156,808			156,611
Right-of-use asset	171,843			172,486
Unamortized lease intangibles	(550,348)			(331,693)
Loans receivable, reserve	$ 9,314			0
ASU 2016-02
Schedule of Equity Method Investments [Line Items]
Present value of lease liabilities							$ 153,000
Right-of-use asset							166,000
Accrued straight-line rent liability							20,000
Unamortized lease intangibles							33,000
ASU 2016-13
Schedule of Equity Method Investments [Line Items]
Cumulative effect of new accounting principle			$ 2,000
Cumulative Dividends In Excess Of Earnings
Schedule of Equity Method Investments [Line Items]
Cumulative effect of new accounting principle				$ (1,524)	[1]		$ 1,000	[1]	$ 590
CCRC JV | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property		15
Other non-reportable segments | Assets Leased to Others | CCRC JV
Schedule of Equity Method Investments [Line Items]
Property count | property		15				15
Other non-reportable segments | Assets Leased to Others | CCRC JV | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property		13
SHOP
Schedule of Equity Method Investments [Line Items]
Number of deconsolidating assets | property	19
[1]	On January 1, 2020, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.
[2]	On January 1, 2019, the Company adopted a series of ASUs related to accounting for leases and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.

Master Transactions and Coope_2

Master Transactions and Cooperation Agreement with Brookdale (Details) $ in Thousands	Jan. 31, 2020USD ($)propertylease	Jan. 31, 2020USD ($)property	Oct. 31, 2019property	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 30, 2017USD ($)propertyfacility	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Apr. 30, 2020property	Jan. 01, 2018USD ($)property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long-term debt | $							$ 6,416,941
Payment to acquired noncontrolling interest | $				$ 63,000	$ 32,000
Loss (gain) upon change of control, net | $							167,434	$ 0
Gain (loss) on sales of real estate, net | $							$ 164,869	$ 8,044
RIDEA Facilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage (as a percent)						90.00%
Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets transitioned								37
Assets Leased to Others | RIDEA Facilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | facility						58
Other non-reportable segments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold										2
Other non-reportable segments | Assets Leased to Others | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count	15	15	15
Senior housing triple-net
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold							18	2		2
Senior housing triple-net | Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count			43			78
Disposition of properties, available for sale						32
Reduction in rent | $												$ 5,000
Number of properties with rent concessions												3
Total consideration for disposition of real estate | $						$ 35,000
Number of assets transitioned								17
Senior housing triple-net | Assets Leased to Others | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties disposed						2
SHOP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold							7	9		18
SHOP | Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets transitioned								20
SHOP | Assets Leased to Others | RIDEA Facilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count						36
Total consideration for disposition of real estate | $						$ 240,000
SHOP | Assets Leased to Others | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold						4
CCRC JV [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of interest acquired						10.00%
CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count							2
Investment ownership percentage	49.00%	49.00%					49.00%			49.00%
Equity method investments | $							$ 0			$ 325,830
Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties disposed	18						18			18
Cash proceeds | $	$ 385,000
Gain (loss) on sales of real estate, net | $	$ 164,000
Brookedale MTCA | 2019 Amended Master Lease
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual rent escalator	2.40%
Brookedale MTCA | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count	15	15
Number of properties acquired	13
Real estate and intangible assets | $	$ 1,800,000	$ 1,800,000
Working capital | $	48,000	48,000
Refundable entrance fee liabilities | $	308,000	308,000
Non-refundable entrance fee liabilities | $	436,000	436,000
Long-term debt | $	215,000	215,000
Cash paid | $	396,000
Equity method investments | $	$ 323,000	$ 323,000
Brookedale MTCA | Assets Leased to Others | 2019 Amended Master Lease
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties to be restructured	24	24
Percent of sales proceeds	6.50%
Number of properties to be reallocated	14	14
Future rent | $	$ 20,000	$ 20,000
Number of leases to be terminated | lease	1
Capital investment term			5 years
Brookedale MTCA | Other non-reportable segments | Assets Leased to Others | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count	13	13
Interest acquired		51.00%
Brookedale MTCA | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest acquired	51.00%
Purchase cost | $	$ 1,060,000	$ 1,060,000
Management termination fee | $	100,000
Other Income (Expense) | Brookedale MTCA | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loss (gain) upon change of control, net | $	$ 170,000
Measurement Input, Discount Rate | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.10	0.10
Measurement Input, Discount Rate | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.12	0.12
Measurement Input, Annual Rent Escalators [Member] | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.02	0.02
Measurement Input, Annual Rent Escalators [Member] | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.03	0.03
Measurement Input, Cap Rate | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.07	0.07
Measurement Input, Cap Rate | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.09	0.09
Subsequent Event | SHOP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold											1
Subsequent Event | Brookedale MTCA | Assets Leased to Others | 2019 Amended Master Lease
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of leases to be terminated									1
Capital investment | $									$ 35,000
Annual percent increase									7.00%
Subsequent Event | Brookedale MTCA | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold									2

Real Estate Transactions - Real

Real Estate Transactions - Real Estate Investments (Details) $ in Thousands	1 Months Ended							3 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)propertyasset	Jul. 31, 2019USD ($)propertyfacility	Jun. 30, 2019USD ($)property	May 31, 2019USD ($)property	Apr. 30, 2019USD ($)property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)property
Real Estate [Line Items]
Debt assumed								$ 6,422,257
Loss (gain) upon change of control, net								167,434	$ 0
Life science joint ventures
Real Estate [Line Items]
Payments to acquire real estate					$ 245,000
Number of properties acquired | property					2
Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate									71,000
Life science | Land
Real Estate [Line Items]
Payments to acquire real estate									$ 27,000
Senior Housing
Real Estate [Line Items]
Number of properties acquired | property					1
Payments to acquire outstanding equity interests					$ 24,000
Investment ownership percentage					100.00%
Gain (loss) from change of control, net					$ 12,000
Gain on consolidation, tax					$ 1,000
Senior Housing | Senior Housing
Real Estate [Line Items]
Payments to acquire real estate				$ 284,000		$ 113,000	$ 445,000
Number of properties acquired | property				5		3	9
Assets Leased to Others
Real Estate [Line Items]
Number of assets transitioned | property									37
Assets Leased to Others | Senior housing triple-net
Real Estate [Line Items]
Number of assets transitioned | property									17
Assets Leased to Others | SHOP
Real Estate [Line Items]
Number of assets transitioned | property									20
Mortgage Debt
Real Estate [Line Items]
Debt assumed				$ 112,000		$ 50,000		$ 472,257
Massachusetts | Life science
Real Estate [Line Items]
Deposit, nonrefundable		$ 20,000
San Diego | Life science
Real Estate [Line Items]
Number of properties acquired | property										1
San Diego | Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate										$ 16,000
Boston | Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate				$ 228,000
Number of properties acquired | facility				4
Kansas | Medical office
Real Estate [Line Items]
Payments to acquire real estate										$ 15,000
Number of properties acquired | property										1
Texas | Medical office
Real Estate [Line Items]
Payments to acquire real estate										$ 9,000
Number of properties acquired | property										1
Cambridge | Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate			$ 333,000
Number of properties acquired | asset			1
SHOP JV
Real Estate [Line Items]
Investment ownership percentage								54.00%
Purchase cost			$ 367,000							$ 367,000
Partnership investment ownership percentage			46.50%							46.50%
SHOP JV | SHOP
Real Estate [Line Items]
Investment ownership percentage			53.50%							53.50%
Purchase cost			$ 790,000							$ 790,000
SHOP JV | Assets Leased to Others | SHOP
Real Estate [Line Items]
Number of assets transitioned | property			19
SHOP JV
Real Estate [Line Items]
Loss (gain) upon change of control, net			$ 161,000
Subsequent Event | Massachusetts | Life science
Real Estate [Line Items]
Payments to acquire real estate	$ 320,000

Real Estate Transactions - Deve

Real Estate Transactions - Development Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Real Estate [Abstract]
Decrease to development commitments	$ 77
Development commitments	$ 284

Real Estate Transactions - Held

Real Estate Transactions - Held for Sale (Details) $ in Thousands	Jan. 31, 2020property	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net		$ 271,861	$ 504,394
Accumulated depreciation		2,840,632	2,771,922
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net		$ 272,000	$ 504,000
Held-for-sale | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property		25	28
Held-for-sale | Medical office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property		2	2
Held-for-sale | Senior housing triple-net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property		9	27
Held-for-sale | Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net		$ 269,000	$ 476,000
Accumulated depreciation		160,000	243,000
Held-for-sale | Real Estate | Senior Housing Triple-Net, Senior Housing Operating Portfolio and Medical Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt on assets held for sale		28,000	32,000
Other liabilities		$ 4,000	$ 4,000
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	18	18	18

Real Estate Transactions - Disp

Real Estate Transactions - Dispositions of Real Estate (Details) $ in Thousands	Jan. 31, 2020USD ($)property	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)property
Real Estate [Line Items]
Gain (loss) on sales of real estate, net		$ 164,869	$ 8,044
Undeveloped Life Science
Real Estate [Line Items]
Number of assets to be sold | property				1
SHOP
Real Estate [Line Items]
Number of assets to be sold | property		7	9	18
Medical office
Real Estate [Line Items]
Number of assets to be sold | property				10
Senior housing triple-net
Real Estate [Line Items]
Number of assets to be sold | property		18	2	2
Life science
Real Estate [Line Items]
Number of assets to be sold | property			1	1
Other non-reportable segments
Real Estate [Line Items]
Number of assets to be sold | property				2
Life science
Real Estate [Line Items]
Proceeds from sale of buildings			$ 35,000	$ 7,000
Medical office
Real Estate [Line Items]
Proceeds from sale of buildings				23,000
Senior housing triple-net
Real Estate [Line Items]
Proceeds from sale of buildings		$ 385,000	26,000	26,000
SHOP
Real Estate [Line Items]
Proceeds from sale of buildings		$ 36,000	$ 68,000	181,000
Undeveloped Life Science
Real Estate [Line Items]
Proceeds from sale of buildings				35,000
Other non-reportable segments
Real Estate [Line Items]
Proceeds from sale of buildings				$ 20,000
Brookedale MTCA
Real Estate [Line Items]
Number of properties disposed | property	18	18		18
Gain (loss) on sales of real estate, net	$ 164,000

Real Estate Transactions - Impa

Real Estate Transactions - Impairments of Real Estate (Details) $ / item in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / itemproperty	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)property
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net	$ 39,123		$ 8,858
Senior housing triple-net
Real Estate [Line Items]
Number of real estate properties impaired | property	2
Medical office
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net			$ 9,000
Number of real estate properties impaired | property	2		2
Senior Housing Triple Net, SHOP, MOB, and Other Non-Reportable
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net	$ 31,000
SHOP
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net		$ 10,000
Number of real estate properties impaired | property	15
Minimum
Real Estate [Line Items]
Impairment test, market capitalization rate	7.16%
Impairment calculation, price per unit | $ / item	38
Maximum
Real Estate [Line Items]
Impairment test, market capitalization rate	9.92%
Impairment calculation, price per unit | $ / item	95
Weighted Average
Real Estate [Line Items]
Impairment test, market capitalization rate	9.32%
Impairment calculation, price per unit | $ / item	68
Seven Shop Assets, Four Senior Housing Triple-net Assets, Two MOBs, and One Other Non-Reportable Asset
Real Estate [Line Items]
Real Estate Investment Property, Aggregate Carrying Value Before Impairment	$ 200,000
Real Estate Held-for-sale	$ 169,000

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 253,859	$ 237,223
Variable income from operating leases	60,829	56,999
Interest income from direct financing leases	$ 3,269	$ 13,524

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details)	3 Months Ended
	Mar. 31, 2020USD ($)property	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)property
Lessor, Lease, Description [Line Items]
Present value of minimum lease payments receivable	$ 16,255,000			$ 19,138,000
Present value of estimated residual value	44,706,000			84,604,000
Less deferred selling profits	(16,255,000)			(19,138,000)
Net investment in direct financing leases before allowance	44,706,000			84,604,000
Allowance for direct financing lease losses	0			0
Net investment in direct financing leases	$ 44,706,000			$ 84,604,000
Properties subject to direct financing leases | property	1			2
Percentage of DFL Portfolio	100.00%
Proceeds from sale of lease receivable	$ 82,000,000
Gain on sale of lease receivable	42,000,000
Conversion of DFLs to real estate	0		$ 350,540,000
Intangible assets, net	550,348,000			$ 331,693,000
Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 44,706,000
Percentage of DFL Portfolio	100.00%
SHOP
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivable		$ 274,000,000
Performing Loans
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 44,706,000
Performing Loans | Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	44,706,000
Watch List DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	0
Watch List DFLs | Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	0
Workout Loans
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	0
Workout Loans | Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 0
DFL Portfolio | Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Properties with derecognized carrying value during the period (in properties) | property			14
Conversion of DFLs to real estate			$ 351,000,000
DFL Portfolio | Watch List DFLs | SHOP
Lessor, Lease, Description [Line Items]
Properties subject to direct financing leases | property			14
Gain (loss) on recognition of lease			$ 0
Real Estate Investment | DFL Portfolio | Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Real estate investment property			331,000,000
Intangible assets | DFL Portfolio | Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Intangible assets, net			$ 20,000,000

Leases - Direct Financing Lea_2

Leases - Direct Financing Lease Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)facility	Mar. 31, 2019USD ($)
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivable	$ 82,000
Impairments and loan loss reserves (recoveries), net	$ 39,123		$ 8,858
Income from DFLs			5,900
Cash payments received			$ 4,800
SHOP
Lessor, Lease, Description [Line Items]
Number of leases disposed of (in facilities) | facility		13
Proceeds from sale of lease receivable		$ 274,000
Impairments and loan loss reserves (recoveries), net		$ 10,000

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Secured mortgage loans	$ 169,176	$ 161,964
Mezzanine and other	59,998	27,752
Unamortized discounts, fees, and costs	792	863
Reserve for loan losses	(9,314)	0
Loans receivable, net	220,652	190,579
Remaining loans receivable commitments	16,000	25,000
Loans receivable commitments	$ 174,000	$ 174,000

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)	Jan. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Oct. 31, 2019property
Loans Receivable:
Loans receivable, net | $	$ 220,652		$ 190,579
Unfunded loan commitments | $	$ 1,000
CCRC JV | Brookedale MTCA
Loans Receivable:
Property count | property		15
CCRC JV | Assets Leased to Others | Other non-reportable segments
Loans Receivable:
Property count | property		15		15
CCRC JV | Assets Leased to Others | Brookedale MTCA | Other non-reportable segments
Loans Receivable:
Property count | property		13
Loans receivable, net | $		$ 30,000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Mar. 31, 2020USD ($)
Secured mortgage loans
Loans Receivable:
2020	$ 0
2019	55,955
2018	0
2017	108,484
2016	0
Total	164,439
Mezzanine and other
Loans Receivable:
2020	2,901
2019	36,114
2018	0
2017	8,896
2016	8,302
Total	56,213
Performing Loans | Secured mortgage loans
Loans Receivable:
2020	0
2019	55,955
2018	0
2017	108,484
2016	0
Total	164,439
Performing Loans | Mezzanine and other
Loans Receivable:
2020	2,901
2019	36,114
2018	0
2017	8,896
2016	8,302
Total	56,213
Watch List Loans | Secured mortgage loans
Loans Receivable:
2020	0
2019	0
2018	0
2017	0
2016	0
Total	0
Watch List Loans | Mezzanine and other
Loans Receivable:
2020	0
2019	0
2018	0
2017	0
2016	0
Total	0
Workout Loans | Secured mortgage loans
Loans Receivable:
2020	0
2019	0
2018	0
2017	0
2016	0
Total	0
Workout Loans | Mezzanine and other
Loans Receivable:
2020	0
2019	0
2018	0
2017	0
2016	0
Total	$ 0

Loans Receivable - Schedule o_3

Loans Receivable - Schedule of Reserve for Loan Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, January 1, 2020	$ 0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	1,420
Provision for expected loan losses	7,894
Reserve for loan losses, March 31, 2020	9,314
Secured Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, January 1, 2020	0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	513
Provision for expected loan losses	4,224
Reserve for loan losses, March 31, 2020	4,737
Mezzanine and Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, January 1, 2020	0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	907
Provision for expected loan losses	3,670
Reserve for loan losses, March 31, 2020	$ 4,577

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands, £ in Millions	Jan. 31, 2020USD ($)property	Jan. 31, 2020USD ($)property	Dec. 31, 2019GBP (£)	Dec. 31, 2019USD ($)propertyjoint_venture	Oct. 31, 2019USD ($)propertyjoint_venture	Mar. 31, 2020USD ($)propertyjoint_venture	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)propertyjoint_venture
Schedule of Equity Method Investments [Line Items]
Advances to unconsolidated joint ventures, net				$ 76		$ 0			$ 76
Investments in and advances to unconsolidated joint ventures				825,515		479,900			825,515
Gain (loss) on sales of real estate						$ 164,869		$ 8,044
SHOP JV
Schedule of Equity Method Investments [Line Items]
Property count | property						19
Investment ownership percentage						54.00%
Equity method investments				428,258		$ 411,057			428,258
MBK JV
Schedule of Equity Method Investments [Line Items]
Property count | property						5
Investment ownership percentage						50.00%
Equity method investments				33,415		$ 32,821			33,415
Other SHOP JVs
Schedule of Equity Method Investments [Line Items]
Property count | property						4
Equity method investments				17,719		$ 16,843			17,719
Other SHOP JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						50.00%
Other SHOP JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						90.00%
Waldwick
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						85.00%
Otay Ranch
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						90.00%
MBK Development JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						50.00%
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property						3
Equity method investments				9,845		$ 9,809			9,845
Number of unconsolidated joint ventures (in joint ventures) | joint_venture						3
Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						20.00%
Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						67.00%
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						20.00%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						30.00%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						67.00%
Other JVs
Schedule of Equity Method Investments [Line Items]
Property count | property						0
Equity method investments				$ 10,372		$ 9,370			$ 10,372
Other JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						41.00%
Other JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						47.00%
Discovery Naples JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						41.00%
Investment return percentage						10.00%
Discovery Sarasota JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						47.00%
K&Y JVs
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				80.00%					80.00%
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				1	1				1
Proceeds from sale of equity method investments		$ 12,000			$ 4,000
CCRC JV
Schedule of Equity Method Investments [Line Items]
Property count | property						2
Investment ownership percentage	49.00%	49.00%		49.00%		49.00%			49.00%
Equity method investments				$ 325,830		$ 0			$ 325,830
Number of properties classified as held for sale | property				1					1
Impairment charge							$ 6,000		$ 12,000
UK JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				49.00%					49.00%
Proceeds from sale of equity method investments			£ 70	$ 91,000
Loss on sale				7,000
Gain (loss) on sales of real estate				$ 1,000
Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sales of real estate	$ 164,000
Brookedale MTCA | CCRC JV
Schedule of Equity Method Investments [Line Items]
Interest acquired	51.00%
CCRC JV | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property	15	15
Equity method investments	$ 323,000	$ 323,000
CCRC JV | Assets Leased to Others | Other non-reportable segments
Schedule of Equity Method Investments [Line Items]
Property count | property	15	15			15
CCRC JV | Assets Leased to Others | Other non-reportable segments | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property	13	13
Interest acquired		51.00%

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangibles
Gross intangible lease assets	$ 887,516	$ 615,538
Accumulated depreciation and amortization	(337,168)	(283,845)
Intangible assets, net	$ 550,348	$ 331,693

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangibles
Gross intangible lease liabilities	$ 113,213	$ 113,213
Accumulated depreciation and amortization	(41,076)	(38,222)
Intangible liabilities, net	$ 72,137	$ 74,991

Intangibles - Additional Inform

Intangibles - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)	Jan. 31, 2020property	Dec. 31, 2019USD ($)	Oct. 31, 2019property	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets acquired	$ 273,000,000
Acquired intangible assets acquired, weighted average useful life	6 years
Intangible liabilities acquired	$ 0
Intangible assets, net	(550,348,000)		$ (331,693,000)
Intangible liabilities, net	$ (72,137,000)		$ (74,991,000)
Accounting Standards Update 2016-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets, net					$ 39,000,000
Intangible liabilities, net					$ 6,000,000
Brookedale MTCA | CCRC JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property count | property		15
Other non-reportable segments | CCRC JV | Assets Leased to Others
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property count | property		15		15
Other non-reportable segments | Brookedale MTCA | CCRC JV | Assets Leased to Others
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property count | property		13

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details)	May 23, 2019USD ($)renewal_option	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 31, 2019USD ($)
Debt Instrument
Balance outstanding		$ 0	$ 93,000,000
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)		60.00%
Debt instrument, covenant secured debt to assets (as a percent)		40.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)		60.00%
Debt instrument, covenant minimum fixed charge coverage ratio		1.5
Debt instrument, covenant net worth		$ 7,000,000,000
Bank Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000
Number of extensions | renewal_option	2
Length of debt instrument extension period	6 months
Debt instrument, facility fee (as a percent)		0.15%
Balance outstanding		$ 0
Line of credit facility additional aggregate amount, maximum		$ 750,000,000
Bank Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)		0.825%
Bank Line of Credit | 2019 Term Loan
Debt Instrument
Face amount				$ 250,000,000
Weighted-average interest rate (as a percent)		1.98%
Bank Line of Credit | 2019 Term Loan | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)		0.90%

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - Commercial Paper Program	Mar. 31, 2020USD ($)
Debt Instrument
Maximum outstanding amount capacity	$ 1,000,000,000
Borrowings	$ 0

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Nov. 21, 2019	Jul. 22, 2019	Jul. 08, 2019	Jul. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 05, 2019
Debt Instrument
Long Term Debt, Excluding Disposal Group					$ 6,389,104,000
Principal balance on debt					6,422,257,000
Loss on extinguishment of debt					(833,000)	$ 0
Senior Unsecured Note
Debt Instrument
Long Term Debt, Excluding Disposal Group					5,650,053,000
Issuances of senior unsecured notes					0	0
Principal balance on debt					5,700,000,000
Repayment of senior unsecured notes					$ 0	$ 0
Senior Unsecured Note | 2026 Notes
Debt Instrument
Face amount								$ 650,000,000
Percentage of stated interest rate								3.25%
Senior Unsecured Note | 2029 Notes
Debt Instrument
Face amount								$ 650,000,000
Percentage of stated interest rate								3.50%
Senior Unsecured Note | 2020 Notes
Debt Instrument
Repayment of senior unsecured notes		$ 800,000,000
Percentage of stated interest rate		2.625%					2.625%
Senior Unsecured Note | 2022 Notes
Debt Instrument
Repayment of senior unsecured notes			$ 250,000,000
Percentage of stated interest rate			4.00%				4.00%
Senior Unsecured Note | 2023 Notes
Debt Instrument
Percentage of stated interest rate							4.25%
Senior Unsecured Note | Senior Notes Due 2020, 2022, and 2023
Debt Instrument
Loss on extinguishment of debt				$ 35,000,000
Senior Unsecured Note | 2030 Notes
Debt Instrument
Face amount	$ 750,000,000
Percentage of stated interest rate	3.00%
Senior Unsecured Note | 2022 Notes
Debt Instrument
Repayment of senior unsecured notes	$ 350,000,000
Percentage of stated interest rate	4.00%
Loss on extinguishment of debt	$ 22,000,000
Senior Unsecured Note | 2023 Notes
Debt Instrument
Repayment of senior unsecured notes			$ 250,000,000
Percentage of stated interest rate			4.25%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	1 Months Ended
	Jul. 31, 2019USD ($)property	Jun. 30, 2019property	May 31, 2019USD ($)property	Apr. 30, 2019property	Mar. 31, 2020USD ($)facility
Debt Instrument
Debt assumed					$ 6,422,257
Mortgage Debt
Debt Instrument
Debt assumed	$ 112,000		$ 50,000		$ 472,257
Number of healthcare facilities used to secure debt (in facilities) | facility					20
Debt instrument, collateral, healthcare facilities carrying value					$ 995,000
Weighted-average interest rate (as a percent)	4.89%		4.83%		3.91%
Senior Housing
Debt Instrument
Number of properties acquired | property		1
Senior Housing | Senior Housing
Debt Instrument
Number of properties acquired | property	5		3	9

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Jul. 31, 2019	May 31, 2019
Debt Instrument
2020 (nine months)	$ 6,202
2021	16,165
2022	308,417
2023	643,609
2024	1,406,939
Thereafter	4,040,925
Total debt before discount, net	6,422,257
(Discounts), premiums and debt costs, net	(33,153)
Long-term debt, net assets held for sale	6,389,104
Long-term debt	6,416,941
Bank Line of Credit
Debt Instrument
2020 (nine months)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt before discount, net	0
(Discounts), premiums and debt costs, net	0
Long-term debt, net assets held for sale	0
Long-term debt	0
Commercial Paper
Debt Instrument
2020 (nine months)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt before discount, net	0
(Discounts), premiums and debt costs, net	0
Long-term debt, net assets held for sale	0
Long-term debt	0
Term loans
Debt Instrument
2020 (nine months)	0
2021	0
2022	0
2023	0
2024	250,000
Thereafter	0
Total debt before discount, net	250,000
(Discounts), premiums and debt costs, net	(998)
Long-term debt, net assets held for sale	249,002
Long-term debt	249,002
Senior Unsecured Note
Debt Instrument
2020 (nine months)	0
2021	0
2022	300,000
2023	550,000
2024	1,150,000
Thereafter	3,700,000
Total debt before discount, net	5,700,000
(Discounts), premiums and debt costs, net	(49,947)
Long-term debt, net assets held for sale	5,650,053
Long-term debt	$ 5,650,053
Weighted-average interest rate (as a percent)	3.94%
Weighted-average maturity	7 years
Senior Unsecured Note | Minimum
Debt Instrument
Percentage of stated interest rate	3.14%
Senior Unsecured Note | Maximum
Debt Instrument
Percentage of stated interest rate	6.87%
Mortgage Debt
Debt Instrument
2020 (nine months)	$ 6,202
2021	16,165
2022	8,417
2023	93,609
2024	6,939
Thereafter	340,925
Total debt before discount, net	472,257	$ 112,000	$ 50,000
(Discounts), premiums and debt costs, net	17,792
Long-term debt, net assets held for sale	490,049
Long-term debt	$ 517,886
Weighted-average interest rate (as a percent)	3.91%	4.89%	4.83%
Weighted-average maturity	9 years
Mortgage Debt | Minimum
Debt Instrument
Percentage of stated interest rate	2.16%
Mortgage Debt | Maximum
Debt Instrument
Percentage of stated interest rate	5.91%
Held-for-sale
Debt Instrument
Debt on assets held for sale	$ 27,837
Held-for-sale | Bank Line of Credit
Debt Instrument
Debt on assets held for sale	$ 0
Held-for-sale | Bank Line of Credit | Minimum
Debt Instrument
Weighted-average interest rate (as a percent)	3.45%
Held-for-sale | Commercial Paper
Debt Instrument
Debt on assets held for sale	$ 0
Held-for-sale | Term loans
Debt Instrument
Debt on assets held for sale	0
Held-for-sale | Senior Unsecured Note
Debt Instrument
Debt on assets held for sale	0
Held-for-sale | Mortgage Debt
Debt Instrument
Debt on assets held for sale	$ 27,837

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 0

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	1 Months Ended					3 Months Ended		4 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2019	Nov. 30, 2019	Feb. 28, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Issuance of common stock, net						$ 1,064,622,000	$ 1,532,000	$ 1,060,000,000
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)						0	0
2019 ATM Program
Class of Stock [Line Items]
ATM aggregate amount authorized				$ 1,000,000,000
Maximum shares issuable under forward equity sales agreement (in shares)						2,000,000	3,600,000
Forward equity sales agreement, initial net price (in usd per share)						$ 35.23	$ 31.19
At-The-Market Program
Class of Stock [Line Items]
Option indexed to issuers equity, term						1 year
2019 ATM Program, Settled
Class of Stock [Line Items]
Share settlement (in shares)						16,800,000	0	16,800,000
Weighted average settlement price (in usd per share)						$ 31.38
Issuance of common stock, net						$ 528,000,000
Remainder outstanding (in shares)						0		0
2020 ATM Program
Class of Stock [Line Items]
ATM aggregate amount authorized	$ 1,250,000,000
ATM aggregate amount remaining						$ 1,250,000,000
2019 Forward Equity Offering
Class of Stock [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)			15,600,000
Forward equity sales agreement, initial net price (in usd per share)			$ 34.46
Share settlement (in shares)						15,600,000		15,600,000
Issuance of common stock, net						$ 534,000,000
Issuance of common stock, net (in shares)						0			0
Forward Equity Offering
Class of Stock [Line Items]
Option indexed to issuers equity, term					1 year	1 year
Maximum shares issuable under forward equity sales agreement (in shares)					15,300,000
Forward equity sales agreement, initial net price (in usd per share)					$ 28.60
Share settlement (in shares)		15,300,000					0		15,300,000
Issuance of common stock, net		$ 422,000,000
Issuance of common stock, net (in shares)					0
Maximum | 2019 Forward Equity Offering
Class of Stock [Line Items]
Weighted average net price (in usd per share)						$ 34.18		$ 34.18
Maximum | Forward Equity Offering
Class of Stock [Line Items]
Weighted average net price (in usd per share)		$ 27.66							$ 27.66

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment	$ 0	$ (1,023)
Unrealized gains (losses) on derivatives, net	592	1,314
Supplemental Executive Retirement plan minimum liability and other	(3,087)	(3,148)
Total accumulated other comprehensive income (loss)	$ (2,495)	$ (2,857)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 30, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)			808,000	1,093,000
Dilutive potential common shares - DownREIT conversions (in shares)			7,443,000	0
Down REIT
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)				6,000,000
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)			1,000,000	1,000,000
Convertible Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)			31,000,000	18,000,000
2019 ATM Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)			2,000,000	3,600,000
Forward Equity Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)		15,300,000
Option indexed to issuers equity, term		1 year	1 year
Share settlement (in shares)				0	15,300,000
Issuance of common stock, net (in shares)		0
2019 ATM Program, Settled
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share settlement (in shares)			16,800,000	0
Remainder outstanding (in shares)			0
2019 Forward Equity Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)	15,600,000
Share settlement (in shares)			15,600,000
Issuance of common stock, net (in shares)			0		0

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net income (loss)	$ 282,540	$ 64,990
Noncontrolling interests' share in earnings	(3,460)	(3,520)
Net income (loss) attributable to Healthpeak Properties, Inc.	279,080	61,470
Less: Participating securities' share in earnings	(1,616)	(441)
Net income (loss) applicable to common shares	277,464	61,029
Add: distributions on dilutive convertible units and other	2,515	0
Dilutive net income (loss) available to common shares	$ 279,979	$ 61,029
Denominator
Basic weighted average shares outstanding (in shares)	506,476	477,766
Dilutive potential common shares - equity awards (in shares)	318	272
Dilutive potential common shares - forward equity agreements (in shares)	808	1,093
Dilutive potential common shares - DownREIT conversions (in shares)	7,443	0
Diluted weighted average common shares (in shares)	515,045	479,131
Earnings per common share:
Earnings per common share, basic (in dollars per share)	$ 0.55	$ 0.13
Earnings per common share, diluted (in dollars per share)	$ 0.54	$ 0.13
Forward sales agreements that have been settled (in shares)	32,000
Forward sales agreements that have not been settled (in shares)		19,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	Jan. 31, 2020USD ($)property	Mar. 31, 2020USD ($)propertyfacility	Mar. 31, 2019USD ($)facility	Oct. 31, 2019property	Nov. 30, 2017property
Segment reporting information, revenues
Total revenues		$ 585,150	$ 436,154
Less: Interest income		(3,688)	(1,713)
Healthpeak's share of unconsolidated joint venture real estate revenues		48,193	64,124
Noncontrolling interests' share of consolidated joint venture real estate revenues		(9,230)	(8,817)
Operating expenses		(376,013)	(168,927)
Healthpeak's share of unconsolidated joint venture operating expenses		(36,266)	(45,830)
Noncontrolling interests' share of consolidated joint venture operating expenses		2,994	2,787
Adjustments to NOI		83,442	694
Adjusted NOI		294,582	278,472
Plus: Adjustments to NOI		(83,442)	(694)
Interest income		3,688	1,713
Interest expense		(58,376)	(49,327)
Depreciation and amortization		(189,276)	(131,951)
General and administrative		(22,349)	(21,355)
Transaction costs		(14,848)	(4,518)
Impairments and loan loss reserves (recoveries), net		(39,123)	(8,858)
Gain (loss) on sales of real estate, net		164,869	8,044
Loss on debt extinguishments		833	0
Other income (expense), net		210,608	3,133
Income tax benefit (expense)		33,044	3,458
Less: Healthpeak's share of unconsolidated joint venture NOI		(11,927)	(18,294)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		6,236	6,030
Equity income (loss) from unconsolidated joint ventures		(11,979)	(863)
Net income (loss)		282,540	64,990
Tax benefit recognized in conjunction with internal restructuring activities		52,000
Tax benefit recognized from CARES Act		2,900
Operating segment
Segment reporting information, revenues
Total revenues		585,150	436,154
Corporate and other assets
Segment reporting information, revenues
Total revenues		0	0
Less: Interest income		0	0
Healthpeak's share of unconsolidated joint venture real estate revenues		0	0
Noncontrolling interests' share of consolidated joint venture real estate revenues		0	0
Operating expenses		0	0
Healthpeak's share of unconsolidated joint venture operating expenses		0	0
Noncontrolling interests' share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		0	0
Adjusted NOI		0	0
Plus: Adjustments to NOI		0	0
Interest income		0	0
Interest expense		(53,970)	(47,891)
Depreciation and amortization		0	0
General and administrative		(22,349)	(21,355)
Transaction costs		(14,848)	(4,518)
Impairments and loan loss reserves (recoveries), net		0	0
Gain (loss) on sales of real estate, net		0	0
Loss on debt extinguishments		833
Other income (expense), net		(1,431)	3,133
Income tax benefit (expense)		33,044	3,458
Less: Healthpeak's share of unconsolidated joint venture NOI		0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0	0
Equity income (loss) from unconsolidated joint ventures		0	0
Net income (loss)		$ (58,721)	$ (67,173)
Senior housing triple-net
Segment Disclosure
Number of facilities transitioned | facility		7	18
Senior housing triple-net | Operating segment
Segment reporting information, revenues
Total revenues		$ 33,135	$ 58,831
Less: Interest income		0	0
Healthpeak's share of unconsolidated joint venture real estate revenues		0	0
Noncontrolling interests' share of consolidated joint venture real estate revenues		0	(2)
Operating expenses		(506)	(994)
Healthpeak's share of unconsolidated joint venture operating expenses		0	0
Noncontrolling interests' share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		(3,374)	566
Adjusted NOI		29,255	58,401
Plus: Adjustments to NOI		3,374	(566)
Interest income		0	0
Interest expense		(82)	(589)
Depreciation and amortization		(7,160)	(16,677)
General and administrative		0	0
Transaction costs		0	0
Impairments and loan loss reserves (recoveries), net		(4,670)	0
Gain (loss) on sales of real estate, net		164,043	3,557
Loss on debt extinguishments		0
Other income (expense), net		0	0
Income tax benefit (expense)		0	0
Less: Healthpeak's share of unconsolidated joint venture NOI		0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0	2
Equity income (loss) from unconsolidated joint ventures		0	0
Net income (loss)		$ 184,760	44,128
SHOP
Segment Disclosure
Number of deconsolidating assets | property		19
SHOP | Operating segment
Segment reporting information, revenues
Total revenues		$ 170,961	126,181
Less: Interest income		0	0
Healthpeak's share of unconsolidated joint venture real estate revenues		25,765	5,649
Noncontrolling interests' share of consolidated joint venture real estate revenues		(538)	(472)
Operating expenses		(138,130)	(96,947)
Healthpeak's share of unconsolidated joint venture operating expenses		(17,956)	(4,161)
Noncontrolling interests' share of consolidated joint venture operating expenses		377	350
Adjustments to NOI		531	1,182
Adjusted NOI		41,010	31,782
Plus: Adjustments to NOI		(531)	(1,182)
Interest income		0	0
Interest expense		(2,855)	(663)
Depreciation and amortization		(57,003)	(24,086)
General and administrative		0	0
Transaction costs		0	0
Impairments and loan loss reserves (recoveries), net		(23,285)	0
Gain (loss) on sales of real estate, net		(1,243)	4,487
Loss on debt extinguishments		0
Other income (expense), net		0	0
Income tax benefit (expense)		0	0
Less: Healthpeak's share of unconsolidated joint venture NOI		(7,809)	(1,488)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		161	122
Equity income (loss) from unconsolidated joint ventures		(18,150)	(477)
Net income (loss)		(69,705)	8,495
CCRC | Operating segment
Segment reporting information, revenues
Total revenues		91,780	0
Less: Interest income		0	0
Healthpeak's share of unconsolidated joint venture real estate revenues		21,647	52,238
Noncontrolling interests' share of consolidated joint venture real estate revenues		0	0
Operating expenses		(156,482)	0
Healthpeak's share of unconsolidated joint venture operating expenses		(18,037)	(41,377)
Noncontrolling interests' share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		91,561	3,452
Adjusted NOI		30,469	14,313
Plus: Adjustments to NOI		(91,561)	(3,452)
Interest income		0	0
Interest expense		(1,304)	0
Depreciation and amortization		(20,229)	0
General and administrative		0	0
Transaction costs		0	0
Impairments and loan loss reserves (recoveries), net		0	0
Gain (loss) on sales of real estate, net		0	0
Loss on debt extinguishments		0
Other income (expense), net		170,332	0
Income tax benefit (expense)		0	0
Less: Healthpeak's share of unconsolidated joint venture NOI		(3,610)	(10,861)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0	0
Equity income (loss) from unconsolidated joint ventures		(1,880)	(2,096)
Net income (loss)		82,217	(2,096)
Life science | Operating segment
Segment reporting information, revenues
Total revenues		128,883	94,473
Less: Interest income		0	0
Healthpeak's share of unconsolidated joint venture real estate revenues		0	0
Noncontrolling interests' share of consolidated joint venture real estate revenues		(52)	(40)
Operating expenses		(30,201)	(21,992)
Healthpeak's share of unconsolidated joint venture operating expenses		0	0
Noncontrolling interests' share of consolidated joint venture operating expenses		17	13
Adjustments to NOI		(4,280)	(2,479)
Adjusted NOI		94,367	69,975
Plus: Adjustments to NOI		4,280	2,479
Interest income		0	0
Interest expense		(63)	(73)
Depreciation and amortization		(50,211)	(36,248)
General and administrative		0	0
Transaction costs		0	0
Impairments and loan loss reserves (recoveries), net		0	0
Gain (loss) on sales of real estate, net		0	0
Loss on debt extinguishments		0
Other income (expense), net		0	0
Income tax benefit (expense)		0	0
Less: Healthpeak's share of unconsolidated joint venture NOI		0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI		35	27
Equity income (loss) from unconsolidated joint ventures		0	0
Net income (loss)		48,408	36,160
Medical office | Operating segment
Segment reporting information, revenues
Total revenues		145,146	142,195
Less: Interest income		0	0
Healthpeak's share of unconsolidated joint venture real estate revenues		695	705
Noncontrolling interests' share of consolidated joint venture real estate revenues		(8,640)	(8,303)
Operating expenses		(50,687)	(48,987)
Healthpeak's share of unconsolidated joint venture operating expenses		(275)	(275)
Noncontrolling interests' share of consolidated joint venture operating expenses		2,600	2,424
Adjustments to NOI		(1,457)	(1,748)
Adjusted NOI		87,382	86,011
Plus: Adjustments to NOI		1,457	1,748
Interest income		0	0
Interest expense		(102)	(111)
Depreciation and amortization		(53,148)	(53,020)
General and administrative		0	0
Transaction costs		0	0
Impairments and loan loss reserves (recoveries), net		(2,706)	(8,858)
Gain (loss) on sales of real estate, net		2,109	0
Loss on debt extinguishments		0
Other income (expense), net		0	0
Income tax benefit (expense)		0	0
Less: Healthpeak's share of unconsolidated joint venture NOI		(420)	(430)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		6,040	5,879
Equity income (loss) from unconsolidated joint ventures		196	211
Net income (loss)		40,808	31,430
Other non-reportable segments | Operating segment
Segment reporting information, revenues
Total revenues		15,245	14,474
Less: Interest income		(3,688)	(1,713)
Healthpeak's share of unconsolidated joint venture real estate revenues		86	5,532
Noncontrolling interests' share of consolidated joint venture real estate revenues		0	0
Operating expenses		(7)	(7)
Healthpeak's share of unconsolidated joint venture operating expenses		2	(17)
Noncontrolling interests' share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		461	(279)
Adjusted NOI		12,099	17,990
Plus: Adjustments to NOI		(461)	279
Interest income		3,688	1,713
Interest expense		0	0
Depreciation and amortization		(1,525)	(1,920)
General and administrative		0	0
Transaction costs		0	0
Impairments and loan loss reserves (recoveries), net		(8,462)	0
Gain (loss) on sales of real estate, net		(40)	0
Loss on debt extinguishments		0
Other income (expense), net		41,707	0
Income tax benefit (expense)		0	0
Less: Healthpeak's share of unconsolidated joint venture NOI		(88)	(5,515)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0	0
Equity income (loss) from unconsolidated joint ventures		7,855	1,499
Net income (loss)		$ 54,773	$ 14,046
Assets Leased to Others | Senior housing triple-net
Segment Disclosure
Property count | property				43	78
CCRC JV | Assets Leased to Others | Other non-reportable segments
Segment Disclosure
Property count | property	15			15
Brookedale MTCA
Segment reporting information, revenues
Gain (loss) on sales of real estate, net	$ 164,000
Brookedale MTCA | CCRC JV
Segment Disclosure
Property count | property	15
Brookedale MTCA | CCRC JV | Assets Leased to Others | Other non-reportable segments
Segment Disclosure
Ownership interest acquired		100.00%
Property count | property	13

Segment Disclosures - Revenues

Segment Disclosures - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Disclosure
Total revenues	$ 585,150	$ 436,154
Operating segment
Segment Disclosure
Total revenues	585,150	436,154
Operating segment | Senior housing triple-net
Segment Disclosure
Total revenues	33,135	58,831
Operating segment | SHOP
Segment Disclosure
Total revenues	170,961	126,181
Operating segment | CCRC
Segment Disclosure
Total revenues	91,780	0
Operating segment | Life science
Segment Disclosure
Total revenues	128,883	94,473
Operating segment | Medical office
Segment Disclosure
Total revenues	145,146	142,195
Operating segment | Other non-reportable segments
Segment Disclosure
Total revenues	$ 15,245	$ 14,474

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 71,621	$ 53,475
Income taxes paid (refunded)	(1,673)	(769)
Capitalized interest	6,970	8,369
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	126,185	94,904
Vesting of restricted stock units and conversion of non-managing member units into common stock	1,077	4,341
Liabilities assumed with real estate acquisitions	523,289	0
Conversion of DFLs to real estate	0	350,540
Net noncash impact from the consolidation of previously unconsolidated joint ventures	$ 323,138	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 783,542	$ 144,232	$ 120,117
Restricted cash	106,557	40,425	26,535
Cash, cash equivalents and restricted cash	$ 890,099	$ 184,657	$ 146,652	$ 139,846

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)propertyfacilityjoint_venturetenantloan	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Secured mortgage loans | $	$ 169,176	$ 161,964
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Number of properties leased (in properties) | property	2
Number of VIE tenants (in tenants) | tenant	1
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures)	5
Number of VIE borrowers with marketable debt securities (in joint ventures)	1
Number of loans to VIE borrowers (in loans) | loan	1
CCRC OpCo
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	49.00%
Waldwick
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	85.00%
Loan - seller financing | Senior housing triple-net
Variable Interest Entity [Line Items]
Secured mortgage loans | $	$ 10,000
Number of properties disposed | facility	7
Term of facility	5 years
HCP Ventures V
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	51.00%
Watertown JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	95.00%
Life science joint ventures
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	99.00%
MSREI JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	51.00%
Consolidated lessees VIE
Variable Interest Entity [Line Items]
Number of properties leased (in properties) | property	2
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member	7

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2020USD ($)
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 1,379
CCRC OpCo
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	0
Unconsolidated development joint ventures
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	27,476
Loan - seller financing
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	9,750
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 35,037

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
ASSETS
Buildings and improvements	$ 12,720,111	$ 11,120,039
Development costs and construction in progress	588,343	692,336
Land	2,114,024	1,992,602
Accumulated depreciation and amortization	(2,840,632)	(2,771,922)
Net real estate	12,581,846	11,033,055
Investments in and advances to unconsolidated joint ventures	479,900	825,515
Accounts receivable, net	85,037	59,417
Cash and cash equivalents	783,542	144,232	$ 120,117
Restricted cash	106,557	40,425	$ 26,535
Intangible assets, net	550,348	331,693
Right-of-use asset, net	171,843	172,486
Other assets, net	776,387	646,491
Total assets	16,072,679	14,032,891
LIABILITIES AND EQUITY
Mortgage debt	490,049	276,907
Intangible liabilities, net	72,137	74,991
Lease liability	156,808	156,611
Accounts payable, accrued liabilities, and other liabilities	31,724	36,369
Deferred revenue	753,432	289,680
Total liabilities	8,259,236	7,365,417
VIEs
ASSETS
Buildings and improvements	2,983,887	3,236,105
Development costs and construction in progress	90,536	67,285
Land	447,758	526,576
Accumulated depreciation and amortization	(594,085)	(568,574)
Net real estate	2,928,096	3,261,392
Accounts receivable, net	10,884	11,986
Cash and cash equivalents	44,880	47,027
Restricted cash	13,631	13,596
Intangible assets, net	159,272	206,840
Right-of-use asset, net	92,225	92,664
Other assets, net	60,343	52,124
Total assets	3,309,331	3,685,629
LIABILITIES AND EQUITY
Mortgage debt	218,027	218,767
Intangible liabilities, net	19,221	39,545
Lease liability	91,078	90,875
Accounts payable, accrued liabilities, and other liabilities	114,350	122,832
Deferred revenue	91,845	96,985
Total liabilities	$ 534,521	$ 569,004

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Summary of financial instruments
Bank line of credit and commercial paper	$ 0	$ 93,000
Senior unsecured notes	5,650,053	5,647,993
Mortgage debt	490,049	276,907
Carrying Value
Summary of financial instruments
Loans receivable, net	220,652	190,579
Marketable debt securities	19,902	19,756
Bank line of credit and commercial paper	0	93,000
Term loan	249,002	248,942
Senior unsecured notes	5,650,053	5,647,993
Mortgage debt	490,049	276,907
Derivative liabilities	252	553
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	5,835,325	6,076,150
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	216,624	190,579
Marketable debt securities	19,902	19,756
Bank line of credit and commercial paper	0	93,000
Term loan	249,002	248,942
Mortgage debt	470,521	280,373
Derivative liabilities	$ 252	$ 553

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Cash Flow - Interest-rate swap contracts	Mar. 31, 2020USD ($)derivative
Derivative [Line Items]
Notional	$ 42,000,000
Pay Rate	3.82%
Fair value of interest rate hedge, liabilities	$ (252,000)
Number of interest-rate contracts held | derivative	3

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Interest-rate swap contracts | Maximum
Derivative [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate	$ 1

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May 01, 2020USD ($)	Apr. 30, 2020USD ($)property	Jan. 31, 2020USD ($)	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)property
Medical office
Subsequent Event [Line Items]
Number of assets to be sold | property						10
Life science
Subsequent Event [Line Items]
Number of assets to be sold | property					1	1
SHOP
Subsequent Event [Line Items]
Number of assets to be sold | property				7	9	18
SHOP | Subsequent Event
Subsequent Event [Line Items]
Number of assets to be sold | property		1
Massachusetts | Life science
Subsequent Event [Line Items]
Deposit, nonrefundable			$ 20
Massachusetts | Life science | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate		$ 320
San Diego | Medical office | Subsequent Event
Subsequent Event [Line Items]
Number of assets to be sold | property		3
Proceeds from nonrefundable deposit	$ 5
Medical office
Subsequent Event [Line Items]
Proceeds from sale of buildings						$ 23
Medical office | San Diego | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of buildings		$ 106
SHOP
Subsequent Event [Line Items]
Proceeds from sale of buildings				$ 36	$ 68	$ 181
SHOP | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of buildings		$ 12