Healthpeak Properties (DOC) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	5050 South Syracuse Street
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
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		538,360,606
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Former Address
Entity Information [Line Items]
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate:
Buildings and improvements	$ 10,967,446	$ 11,120,039
Development costs and construction in progress	684,979	692,336
Land	1,889,643	1,992,602
Accumulated depreciation and amortization	(2,507,881)	(2,771,922)
Net real estate	11,034,187	11,033,055
Net investment in direct financing leases	44,706	84,604
Loans receivable, net of reserves of $11,547 and $0	231,162	190,579
Investments in and advances to unconsolidated joint ventures	436,271	825,515
Accounts receivable, net of allowance of $9,004 and $4,565	63,216	59,417
Cash and cash equivalents	197,119	144,232
Restricted cash	102,419	40,425
Intangible assets, net	501,583	331,693
Assets held for sale, net	2,213,185	504,394
Right-of-use asset, net	190,875	172,486
Other assets, net	737,098	646,491
Total assets	15,751,821	14,032,891
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	0	93,000
Term loan	249,122	248,942
Senior unsecured notes	5,695,567	5,647,993
Mortgage debt	435,206	276,907
Intangible liabilities, net	108,031	74,991
Liabilities related to assets held for sale, net	93,046	36,369
Lease liability	175,002	156,611
Accounts payable, accrued liabilities, and other liabilities	834,518	540,924
Deferred revenue	755,021	289,680
Total liabilities	8,345,513	7,365,417
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 538,354,755 and 505,221,643 shares issued and outstanding	538,355	505,222
Additional paid-in capital	10,228,086	9,183,892
Cumulative dividends in excess of earnings	(3,923,150)	(3,601,199)
Accumulated other comprehensive income (loss)	(3,236)	(2,857)
Total stockholders' equity	6,840,055	6,085,058
Joint venture partners	366,708	378,061
Non-managing member unitholders	199,545	204,355
Total noncontrolling interests	566,253	582,416
Total equity	7,406,308	6,667,474
Total liabilities and equity	$ 15,751,821	$ 14,032,891

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Balance Sheet Parenthetical Disclosures
Loans receivable, reserve (in dollars)	$ 11,547	$ 0
Accounts receivable, allowance (in dollars)	$ 9,004	$ 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)	538,354,755	505,221,643
Common stock, shares outstanding (in shares)	538,354,755	505,221,643

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental and related revenues	$ 326,530	$ 312,600	$ 953,581	$ 908,019
Resident fees and services	264,616	213,040	797,818	517,501
Income from direct financing leases	2,150	9,590	7,569	33,304
Interest income	4,443	2,741	12,361	6,868
Total revenues	597,739	537,971	1,771,329	1,465,692
Costs and expenses:
Interest expense	56,235	61,230	172,161	167,499
Depreciation and amortization	173,630	171,944	541,394	469,191
Operating	314,292	248,069	1,006,146	630,989
General and administrative	21,661	22,970	67,730	71,445
Transaction costs	2,586	1,319	18,061	7,174
Impairments and loan loss reserves (recoveries), net	34,550	38,257	97,723	115,653
Total costs and expenses	602,954	543,789	1,903,215	1,461,951
Other income (expense):
Gain (loss) on sales of real estate, net	149	(784)	247,881	18,708
Loss on debt extinguishments	(17,921)	(35,017)	(42,912)	(36,152)
Other income (expense), net	7,060	693	237,254	24,834
Total other income (expense), net	(10,712)	(35,108)	442,223	7,390
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(15,927)	(40,926)	310,337	11,131
Income tax benefit (expense)	(24,174)	6,261	16,216	11,583
Equity income (loss) from unconsolidated joint ventures	(19,480)	(7,643)	(48,545)	(10,012)
Net income (loss)	(59,581)	(42,308)	278,008	12,702
Noncontrolling interests' share in earnings	(3,836)	(3,555)	(10,839)	(10,692)
Net income (loss) attributable to Healthpeak Properties, Inc.	(63,417)	(45,863)	267,169	2,010
Participating securities' share in earnings	(351)	(386)	(2,151)	(1,223)
Net income (loss) applicable to common shares	$ (63,768)	$ (46,249)	$ 265,018	$ 787
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.50	$ 0
Diluted (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.50	$ 0
Weighted average shares outstanding:
Basic (in shares)	538,333	491,203	527,908	482,595
Diluted (in shares)	538,333	491,203	528,455	484,792

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (59,581)	$ (42,308)	$ 278,008	$ 12,702
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	(942)	288	(651)	483
Change in Supplemental Executive Retirement Plan obligation and other	(108)	69	272	206
Foreign currency translation adjustment	0	(1,121)	0	(1,204)
Total other comprehensive income (loss)	(1,050)	(764)	(379)	(515)
Total comprehensive income (loss)	(60,631)	(43,072)	277,629	12,187
Total comprehensive income (loss) attributable to noncontrolling interests	(3,836)	(3,555)	(10,839)	(10,692)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	$ (64,467)	$ (46,627)	$ 266,790	$ 1,495

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	Cumulative Effect, Period of Adoption, Adjustment		Cumulative Effect, Period of Adoption, AdjustmentCumulative Dividends In Excess Of Earnings		Cumulative Effect, Period of Adoption, AdjustmentTotal Stockholders’ Equity		Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjusted BalanceCommon Stock	Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-In Capital	Cumulative Effect, Period of Adoption, Adjusted BalanceCumulative Dividends In Excess Of Earnings	Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjusted BalanceTotal Stockholders’ Equity	Cumulative Effect, Period of Adoption, Adjusted BalanceTotal Noncontrolling Interests
Balance (in shares) at Dec. 31, 2018		477,496													477,496
Balance at Dec. 31, 2018	$ 6,512,591	$ 477,496	$ 8,398,847	$ (2,927,196)	$ (4,708)	$ 5,944,439	$ 568,152	$ 590	[1]	$ 590	[1]	$ 590	[1]	$ 6,513,181	$ 477,496	$ 8,398,847	$ (2,926,606)	$ (4,708)	$ 5,945,029	$ 568,152
Increase (Decrease) in Stockholders' Equity
Net income (loss)	12,702			2,010		2,010	10,692
Other comprehensive income (loss)	(515)				(515)	(515)
Issuance of common stock, net (in shares)		17,272
Issuance of common stock, net	509,242	$ 17,272	491,970			509,242
Conversion of DownREIT units to common stock (in shares)		184
Conversion of DownREIT units to common stock	0	$ 184	3,890			4,074	(4,074)
Repurchase of common stock (in shares)		(159)
Repurchase of common stock	(4,931)	$ (159)	(4,772)			(4,931)
Exercise of stock options (in shares)		55
Exercise of stock options	1,435	$ 55	1,380			1,435
Amortization of deferred compensation	14,529		14,529			14,529
Common dividends	(536,660)			(536,660)		(536,660)
Distributions to noncontrolling interests	(17,724)						(17,724)
Issuances of noncontrolling interests	33,318						33,318
Purchase of noncontrolling interests	(1,218)		(1,079)			(1,079)	(139)
Balance (in shares) at Sep. 30, 2019		494,848
Balance at Sep. 30, 2019	$ 6,523,359	$ 494,848	8,904,765	(3,461,256)	(5,223)	5,933,134	590,225
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance (in shares) at Dec. 31, 2018		477,496													477,496
Balance at Dec. 31, 2018	$ 6,512,591	$ 477,496	8,398,847	(2,927,196)	(4,708)	5,944,439	568,152	590	[1]	590	[1]	590	[1]	6,513,181	$ 477,496	8,398,847	(2,926,606)	(4,708)	5,945,029	568,152
Balance (in shares) at Dec. 31, 2019		505,222													505,222
Balance at Dec. 31, 2019	6,667,474	$ 505,222	9,183,892	(3,601,199)	(2,857)	6,085,058	582,416	(1,524)	[2]	(1,524)	[2]	(1,524)	[2]	6,665,950	$ 505,222	9,183,892	(3,602,723)	(2,857)	6,083,534	582,416
Balance (in shares) at Jun. 30, 2019		491,109
Balance at Jun. 30, 2019	6,619,272	$ 491,109	8,801,037	(3,233,283)	(4,459)	6,054,404	564,868
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(42,308)			(45,863)		(45,863)	3,555
Other comprehensive income (loss)	(764)				(764)	(764)
Issuance of common stock, net (in shares)		3,703
Issuance of common stock, net	102,429	$ 3,703	98,726			102,429
Repurchase of common stock (in shares)		(10)
Repurchase of common stock	(349)	$ (10)	(339)			(349)
Exercise of stock options (in shares)		46
Exercise of stock options	1,216	$ 46	1,170			1,216
Amortization of deferred compensation	4,171		4,171			4,171
Common dividends	(182,110)			(182,110)		(182,110)
Distributions to noncontrolling interests	(7,901)						(7,901)
Issuances of noncontrolling interests	29,703						29,703
Balance (in shares) at Sep. 30, 2019		494,848
Balance at Sep. 30, 2019	6,523,359	$ 494,848	8,904,765	(3,461,256)	(5,223)	5,933,134	590,225
Balance (in shares) at Dec. 31, 2019		505,222													505,222
Balance at Dec. 31, 2019	6,667,474	$ 505,222	9,183,892	(3,601,199)	(2,857)	6,085,058	582,416	$ (1,524)	[2]	$ (1,524)	[2]	$ (1,524)	[2]	$ 6,665,950	$ 505,222	$ 9,183,892	$ (3,602,723)	$ (2,857)	$ 6,083,534	$ 582,416
Increase (Decrease) in Stockholders' Equity
Net income (loss)	278,008			267,169		267,169	10,839
Other comprehensive income (loss)	(379)				(379)	(379)
Issuance of common stock, net (in shares)		33,248
Issuance of common stock, net	1,065,900	$ 33,248	1,032,652			1,065,900
Conversion of DownREIT units to common stock (in shares)		120
Conversion of DownREIT units to common stock	0	$ 120	3,957			4,077	(4,077)
Repurchase of common stock (in shares)		(289)
Repurchase of common stock	(10,273)	$ (289)	(9,984)			(10,273)
Exercise of stock options (in shares)		54
Exercise of stock options	1,806	$ 54	1,752			1,806
Amortization of deferred compensation	15,817		15,817			15,817
Common dividends	(587,596)			(587,596)		(587,596)
Distributions to noncontrolling interests	(22,925)						(22,925)
Balance (in shares) at Sep. 30, 2020		538,355
Balance at Sep. 30, 2020	7,406,308	$ 538,355	10,228,086	(3,923,150)	(3,236)	6,840,055	566,253
Balance (in shares) at Jun. 30, 2020		538,318
Balance at Jun. 30, 2020	7,668,721	$ 538,318	10,222,728	(3,660,187)	(2,186)	7,098,673	570,048
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(59,581)			(63,417)		(63,417)	3,836
Other comprehensive income (loss)	(1,050)				(1,050)	(1,050)
Issuance of common stock, net (in shares)		47
Issuance of common stock, net	511	$ 47	464			511
Repurchase of common stock (in shares)		(10)
Repurchase of common stock	(275)	$ (10)	(265)			(275)
Amortization of deferred compensation	5,159		5,159			5,159
Common dividends	(199,546)			(199,546)		(199,546)
Distributions to noncontrolling interests	(7,631)						(7,631)
Balance (in shares) at Sep. 30, 2020		538,355
Balance at Sep. 30, 2020	$ 7,406,308	$ 538,355	$ 10,228,086	$ (3,923,150)	$ (3,236)	$ 6,840,055	$ 566,253
[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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.37	$ 0.37	$ 1.11	$ 1.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 278,008	$ 12,702
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease and other intangibles	541,394	469,191
Amortization of deferred compensation	13,392	14,529
Amortization of deferred financing costs	7,670	8,174
Straight-line rents	(24,086)	(16,220)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(58,849)	0
Equity loss (income) from unconsolidated joint ventures	48,545	10,012
Distributions of earnings from unconsolidated joint ventures	11,928	12,001
Loss (gain) on sale of real estate under direct financing leases	(41,670)	0
Deferred income tax expense (benefit)	(8,245)	(14,468)
Impairments and loan loss reserves (recoveries), net	97,723	115,653
Loss on debt extinguishments	42,912	36,152
Loss (gain) on sales of real estate, net	(247,881)	(18,708)
Loss (gain) upon change of control, net	(173,222)	(11,481)
Casualty-related loss (recoveries), net	469	(4,406)
Other non-cash items	653	(1,157)
Decrease (increase) in accounts receivable and other assets, net	22,503	(31,445)
Increase (decrease) in accounts payable, accrued liabilities and deferred revenue	28,480	48,072
Net cash provided by (used in) operating activities	539,724	628,601
Cash flows from investing activities:
Acquisitions of real estate	(340,405)	(1,315,168)
Development, redevelopment, and other major improvements of real estate	(577,524)	(441,416)
Leasing costs, tenant improvements, and recurring capital expenditures	(61,329)	(62,840)
Proceeds from sales of real estate, net	568,828	165,683
Acquisition of CCRC Portfolio	(394,177)	0
Contributions to unconsolidated joint ventures	(9,792)	(14,067)
Distributions in excess of earnings from unconsolidated joint ventures	6,200	16,166
Proceeds from insurance recovery	0	9,359
Proceeds from sales/principal repayments on debt investments and direct financing leases	125,372	274,025
Investments in loans receivable, direct financing leases and other	(83,651)	(73,256)
Net cash provided by (used in) investing activities	(766,478)	(1,441,514)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	2,025,600	2,690,000
Repayments under bank line of credit and commercial paper	(2,118,600)	(2,030,000)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper	594,750	1,296,607
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(559,725)	(1,308,596)
Borrowings under term loan	0	250,000
Payments for debt extinguishment and deferred financing costs	(47,149)	(53,225)
Issuance of common stock and exercise of options	1,067,706	510,677
Repurchase of common stock	(10,273)	(4,931)
Dividends paid on common stock	(587,596)	(536,660)
Issuance of noncontrolling interests	0	33,318
Distributions to and purchase of noncontrolling interests	(22,925)	(18,942)
Net cash provided by (used in) financing activities	341,788	828,248
Effect of foreign exchanges on cash, cash equivalents and restricted cash	(153)	(77)
Net increase (decrease) in cash, cash equivalents and restricted cash	114,881	15,258
Cash, cash equivalents and restricted cash, beginning of period	184,657	139,846
Cash, cash equivalents and restricted cash, end of period	$ 299,538	$ 155,104

Business

Business	9 Months Ended
	Sep. 30, 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 acquires, develops, leases, owns, and manages healthcare real estate. The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) senior housing triple-net; (ii) senior housing operating portfolio (“SHOP”); (iii) continuing care retirement community (“CCRC”); (iv) life science; and (v) medical office. New Corporate Headquarters In November 2020, the Company established a new corporate headquarters in Denver, CO. With properties in nearly every state, the new headquarters provides a favorable mix of affordability and a centralized geographic location. The Company’s Irvine, CA and Franklin, TN offices will continue to operate. COVID-19 Update In March 2020, the World Health Organization declared the outbreak caused by the coronavirus (“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. Global health concerns and increased efforts to reduce the spread of the COVID-19 pandemic prompted federal, state, and local governments to restrict normal daily activities, and resulted in travel bans, quarantines, school closings, “shelter-in-place” orders requiring individuals to remain in their homes other than to conduct essential services or activities, as well as business limitations and shutdowns, which resulted in closure of many businesses deemed to be non-essential. Although some of these restrictions have since been lifted or scaled back, certain restrictions remain in place and any future surges of COVID-19 may lead to other restrictions being re-implemented in response to efforts to reduce the spread. In addition, the Company’s tenants, operators and borrowers are facing significant cost increases as a result of increased health and safety measures, including increased staffing demands for patient care and sanitation, as well as increased usage and inventory of critical medical supplies and personal protective equipment. These health and safety measures, which may remain in place for a significant amount of time or be re-imposed from time to time, continue to place 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 information concerning the impact of COVID-19 into its assessments of liquidity, impairments, and collectibility from tenants, residents, and borrowers as of September 30, 2020. The Company will continue to monitor such impacts and will adjust its estimates and assumptions based on the best available information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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”). Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and nine months ended September 30, 2020, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of September 30, 2020, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company had complied or will comply with all grant conditions. The following table summarizes information related to government grant income recognized by the Company (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Government grant income recorded in other income (expense), net $ 2,153 $ — $ 16,233 $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 295 — 1,099 — Total government grants received $ 2,448 $ — $ 17,332 $ — 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. 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 and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability was calculated as the present value of minimum lease payments, discounted using a rate that approximated the Company’s secured incremental borrowing rate at the time of adoption, adjusted for the noncancelable term of each lease. The right-of-use asset was 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. 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 previous accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Historically, when credit losses were measured under previous 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 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 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). 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 and nine months ended September 30, 2020, the Company provided rent deferrals (to be repaid before the end of 2020) to certain tenants in its life science and medical office segments that were impacted by COVID-19 (discussed in further detail in Note 5). As it relates to these deferrals, the Company elected to not assess them on a lease-by-lease basis and to continue recognizing rent revenue on a straight-line basis. While the Company’s election for rent deferrals will be applied consistently to future deferrals of a similar nature, if the Company grants future lease concessions of a different type (such as rent abatements), it will make an election related to those concessions at that time.

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale	9 Months Ended
	Sep. 30, 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 one property to be transitioned or sold to a third party, 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 CCRC JV will sell the remaining two CCRCs, which are being marketed for sale to third parties. • The Company will terminate the triple-net lease related to one property and convert it to a RIDEA structure or sell it to a third party; and • 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 of September 30, 2020, the Company had funded $4 million of this capital investment. 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 ranging from 2% to 3%, and 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	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions 2020 Real Estate Investments The Post Acquisition In April 2020, the Company acquired a life science campus in Waltham, Massachusetts for $320 million. Scottsdale Gateway Acquisition In July 2020, the Company acquired one medical office building (“MOB”) in Scottsdale, Arizona for $27 million. Midwest MOB Portfolio Acquisition In September 2020, the Company entered into definitive agreements to acquire a portfolio of seven MOBs located in Indiana, Missouri, and Illinois for $169 million. The Company made a $9 million nonrefundable deposit upon completing due diligence in September 2020 and closed the transaction in October 2020. Cambridge Discovery Park Acquisition In October 2020, the Company entered into definitive agreements to acquire three life science facilities in Cambridge, Massachusetts for $610 million and a 49% joint venture interest in a fourth property on the same campus for $54 million. The Company made a $20 million nonrefundable deposit upon completing due diligence in October 2020 and expects to close the transaction during the fourth quarter of 2020. South San Francisco Land Site Acquisition In October 2020, the Company executed a definitive agreement to acquire approximately 12 acres of land for $128 million. The acquisition site is located in South San Francisco, California, adjacent to two sites currently held by the Company as land for future development. The Company made a $10 million nonrefundable deposit upon completing due diligence in November 2020 and expects to close the transaction during the first half of 2021. 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 of 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 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 increased by $37 million, to $398 million at September 30, 2020, when compared to December 31, 2019, primarily as a result of increased commitments on existing projects and new projects started during the third quarter of 2020. Held for Sale At September 30, 2020, 33 senior housing triple-net facilities, 5 MOBs, 97 SHOP facilities, 1 property included in the Company’s other non-reportable segment, 5 loans receivable (see Note 6), and 2 preferred equity investments (see Note 7) were classified as held for sale, with an aggregate carrying value of $2.21 billion, primarily comprised of real estate assets of $2.15 billion (net of accumulated depreciation of $659 million) and loans receivable of $23 million. Liabilities related to assets held for sale were primarily comprised of mortgage debt of $77 million and other liabilities of $16 million at September 30, 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 related to 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 In October 2020, the Company entered into a definitive agreement to sell seven SHOP assets for $115 million. The Company received a $3 million nonrefundable deposit upon completion of due diligence in October 2020. In October and November 2020, the Company sold seven SHOP assets and three senior housing triple-net assets for $88 million. During the three months ended September 30, 2020 , the Company sold four SHOP assets for $12 million, four MOBs for $14 million, one undeveloped MOB land parcel for $2 million, and one asset from the other non-reportable segment for $1 million, resulting in no material gain or loss on sales. During the three months ended June 30, 2020, the Company sold two SHOP assets for $28 million, resulting in total gain on sales of $2 million. Additionally, during the three months ended June 30, 2020, one of the Company’s tenants exercised its option to acquire three MOBs in San Diego, California for $106 million. The Company completed the sale in June 2020, resulting in total gain on sales of $81 million. During the three months 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 three months ended September 30, 2019, the Company sold one MOB for $3 million and one SHOP asset for $7 million, resulting in no material gain or loss on sales. During the nine months ended September 30, 2019, the Company sold 11 SHOP assets for $89 million, 2 senior housing triple-net assets for $26 million, 6 MOBs for $18 million, 1 life science asset for $7 million, and 1 undeveloped life science land parcel for $35 million, resulting in total gain on sales of $19 million. Impairments of Real Estate 2020 During the three months ended September 30, 2020, the Company recognized an aggregate impairment charge of $37 million related to nine SHOP assets, one senior housing triple-net asset, and one MOB 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 $163 million. During the nine months ended September 30, 2020, the Company recognized an aggregate impairment charge of $87 million related to 28 SHOP assets, 5 senior housing triple-net assets, 2 MOBs, and 1 undeveloped MOB land parcel as a result of being classified as held for sale and wrote down their aggregate carrying value of $424 million to their aggregate fair value, less estimated costs to sell, of $337 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 and/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, (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 and as of the nine months ended September 30, 2020, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $33,000 to $300,000, with a weighted average price per unit of $136,000. 2019 During the three months ended September 30, 2019, the Company recognized an aggregate impairment charge of $34 million related to seven SHOP assets, four senior housing triple-net assets, two MOBs, and one other non-reportable asset that were classified as held for sale and wrote down their aggregate carrying value of $124 million to their aggregate fair value less estimated costs to sell of $90 million. Additionally, during the three months ended September 30, 2019, the Company recognized an impairment charge of $4 million related to one MOB that it intends to demolish. During the nine months ended September 30, 2019, the Company recognized an aggregate impairment charge of $93 million related to 4 senior housing triple-net assets, 15 SHOP assets, 2 MOBs, and 1 other non-reportable asset that were classified as held for sale and wrote down their aggregate carrying value of $288 million to their aggregate fair value less estimated costs to sell of $195 million. During the nine months ended September 30, 2019, the Company also recognized an impairment charge of $4 million related to one MOB that it intends to demolish. 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. For the Company’s impairment calculations during the nine months ended September 30, 2019, the Company estimated the fair value of each asset using either (i) market capitalization rates ranging from 4.97% to 8.27%, with a weighted average rate of 6.09% or (ii) prices per unit ranging from $46,000 to $125,000, with a weighted average price of $71,000. Additionally, during the nine months ended September 30, 2019, the Company recognized a $5 million casualty-related gain, net of deferred tax impacts, as a result of insurance proceeds received for property damage and other associated costs related to hurricanes in 2017. The gain is recorded in other income (expense), net. Lastly, during the nine months ended September 30, 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. The fair value of the assets are considered to be Level 2 measurements within the fair value hierarchy. Deferred Tax Asset Valuation Allowance In conjunction with the Company establishing a plan during the third quarter of 2020 to dispose of a portion of its SHOP portfolio, the Company concluded it was more likely than not that it would no longer realize the future value of certain deferred tax assets generated by the net operating losses of its taxable REIT subsidiaries. Accordingly, the Company recognized a deferred tax asset valuation allowance and corresponding income tax expense of $31 million during the three months ended September 30, 2020.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Fixed income from operating leases $ 262,558 $ 255,447 $ 770,327 $ 730,277 Variable income from operating leases 63,972 57,153 183,254 177,742 Interest income from direct financing leases 2,150 9,590 7,569 33,304 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): September 30, December 31, Present value of minimum lease payments receivable $ 11,955 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (11,955) (19,138) 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 September 30, 2020 (dollars in thousands): Carrying Percentage of 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 transferred 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 was 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. For the DFL Sale Portfolio, during the three and nine months ended September 30, 2019, income from DFLs was $5 million and $17 million, respectively, and cash payments received were $5 million and $16 million, respectively. Lease Costs The following table provides supplemental cash flow information regarding the Company’s leases for which it is the lessee, such as ground leases (dollars in thousands): Nine Months Ended September 30, Supplemental Cash Flow Information: 2020 2019 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 24,984 $ 4,084 COVID-19 Rent Deferrals During the second and third quarters of 2020, the Company agreed to defer rent from certain tenants in the medical office segment, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through September 30, 2020, approximately $6 million of rent was deferred for the medical office segment, of which $3 million remained outstanding as of September 30, 2020. Additionally, through September 30, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, an immaterial amount of which remained outstanding as of September 30, 2020.
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Fixed income from operating leases $ 262,558 $ 255,447 $ 770,327 $ 730,277 Variable income from operating leases 63,972 57,153 183,254 177,742 Interest income from direct financing leases 2,150 9,590 7,569 33,304 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): September 30, December 31, Present value of minimum lease payments receivable $ 11,955 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (11,955) (19,138) 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 September 30, 2020 (dollars in thousands): Carrying Percentage of 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 transferred 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 was 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. For the DFL Sale Portfolio, during the three and nine months ended September 30, 2019, income from DFLs was $5 million and $17 million, respectively, and cash payments received were $5 million and $16 million, respectively. Lease Costs The following table provides supplemental cash flow information regarding the Company’s leases for which it is the lessee, such as ground leases (dollars in thousands): Nine Months Ended September 30, Supplemental Cash Flow Information: 2020 2019 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 24,984 $ 4,084 COVID-19 Rent Deferrals During the second and third quarters of 2020, the Company agreed to defer rent from certain tenants in the medical office segment, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through September 30, 2020, approximately $6 million of rent was deferred for the medical office segment, of which $3 million remained outstanding as of September 30, 2020. Additionally, through September 30, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, an immaterial amount of which remained outstanding as of September 30, 2020.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): September 30, 2020 December 31, 2019 Secured mortgage loans (1) $ 212,393 $ 161,964 Mezzanine and other 52,052 27,752 Unamortized discounts, fees, and costs 887 863 Reserve for loan losses (11,547) — Loans receivable including loans receivable held for sale 253,785 190,579 Loans receivable held for sale (22,623) — Loans receivable, net $ 231,162 $ 190,579 _______________________________________ (1) At September 30, 2020, the Company had $14 million remaining of commitments to fund $196 million of senior housing development and redevelopment projects. At December 31, 2019, the Company had $25 million remaining of commitments to fund $174 million of senior housing development and redevelopment projects. Loans Receivable Held for Sale At September 30, 2020, two secured mortgage loans with an aggregate carrying value of $11 million and three mezzanine loans with an aggregate carrying value of $12 million were classified as assets held for sale. 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 held approximately $30 million of such notes receivable from various community residents at the time of acquisition. At September 30, 2020, the Company held $21 million of such receivables, which is included in mezzanine and other in the table above. 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, net of reserves for loan losses, as of September 30, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans (1) Risk rating: Performing loans $ 36,805 $ 58,998 $ — $ 114,459 $ — $ 210,262 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 36,805 $ 58,998 $ — $ 114,459 $ — $ 210,262 Mezzanine and other (1) Risk rating: Performing loans $ 18,966 $ 14,243 $ — $ — $ 8,453 $ 41,662 Watch list loans — — — 1,861 — 1,861 Workout loans — — — — — — Total mezzanine and other $ 18,966 $ 14,243 $ — $ 1,861 $ 8,453 $ 43,523 _______________________________________ (1) Includes loans receivable held for sale. 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, which the Company utilizes to calculate the debt service coverages used 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 current expected credit losses for loans receivable and unfunded loan commitments, the Company utilizes past payment history of its borrowers, current economic conditions, and forecasted 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 September 30, 2020 (in thousands): September 30, 2020 Secured Mortgage Loans Mezzanine and Other Total Reserve for loan losses, December 31, 2019 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings 513 907 1,420 Provision for expected loan losses 1,851 8,276 10,127 Reserve for loan losses, September 30, 2020 $ 2,364 $ 9,183 $ 11,547 Additionally, at September 30, 2020, a liability of $111,000 related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. Credit loss expenses and recoveries are recorded in impairments and loan loss reserves (recoveries), net. During the three months ended September 30, 2020, the net credit loss recovery was $3 million, and during the nine months ended September 30, 2020, the net credit loss expense was $10 million. The change in the provision for expected loan losses during the three months ended September 30, 2020 is primarily due to a more positive economic outlook and classifying certain loans as held for sale at September 30, 2020.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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 September 30, December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2020 2019 SWF SH JV (4) SHOP 19 54 $ 374,198 $ 428,258 MBK JV SHOP 5 50 36,034 33,415 Other SHOP JVs (5) SHOP 2 50 - 90 15,973 17,719 Medical Office JVs (6) MOB 3 20 - 67 9,719 9,845 CCRC JV (7) CCRC 2 49 347 325,830 Other JVs (8) Other — — — 10,372 Advances to unconsolidated joint ventures, net — 76 $ 436,271 $ 825,515 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) The property count, ownership percentage, and carrying amount at September 30, 2020 exclude the Discovery Naples JV (41%) and Discovery Sarasota JV (47%), which are classified as assets held for sale and had an aggregate carrying value of $9 million at September 30, 2020. At December 31, 2019, the carrying value for both investments is included in Other JVs. 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. (3) Property count and ownership percentage are as of September 30, 2020. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4). (5) Unconsolidated other 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%). (6) 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%). (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. (8) In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, the 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. Waldwick JV. In October 2020, the Company acquired the remaining 15% equity interest in the Waldwick JV for $4 million. Subsequent to acquisition, the Company owned 100% of the equity and began consolidating the real estate held by the venture. 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.

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2020
Intangibles [Abstract]
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 (dollars in thousands): Intangible lease assets September 30, December 31, Gross intangible lease assets $ 722,259 $ 615,538 Accumulated depreciation and amortization (220,676) (283,845) Intangible assets, net (1) $ 501,583 $ 331,693 Weighted average remaining amortization period in years 6 5 _______________________________________ (1) Excludes intangible assets held for sale of $14 million and $11 million as of September 30, 2020 and December 31, 2019, respectively. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 153,624 $ 113,213 Accumulated depreciation and amortization (45,593) (38,222) Intangible liabilities, net $ 108,031 $ 74,991 Weighted average remaining amortization period in years 8 7 During the nine months ended September 30, 2020, in conjunction with the Company’s acquisitions of real estate (including the consolidation of 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 $298 million and intangible liabilities of $42 million. The intangible assets and liabilities acquired have a weighted average amortization period of 7 years and 10 years, respectively. 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	9 Months Ended
	Sep. 30, 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 September 30, 2020, the margin on the Revolving Facility was 0.83% and the facility fee was 0.15%. At September 30, 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 September 30, 2020, the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90%, with a weighted average effective interest rate of 1.14%. 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 September 30, 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. At September 30, 2020, the Company had no balance outstanding under the Commercial Paper Program. Senior Unsecured Notes At September 30, 2020, the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.75 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 September 30, 2020. The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2020 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date June 23, 2020 $ 600,000 2.88 % 2031 The following table summarizes the Company’s senior unsecured notes payoffs and repurchases during the nine months ended September 30, 2020 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 _______________________________________ (1) Upon completing the redemption of the 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment. (2) Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment. The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2019 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date November 21, 2019 $ 750,000 3.00 % 2030 July 5, 2019 $ 650,000 3.25 % 2026 July 5, 2019 $ 650,000 3.50 % 2029 The following table summarizes the Company’s senior unsecured notes payoffs and repurchases during the year ended December 31, 2019 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date November 21, 2019 (1) $ 350,000 4.00 % 2022 July 22, 2019 (2) $ 800,000 2.63 % 2020 July 8, 2019 (2) $ 250,000 4.00 % 2022 July 8, 2019 (2) $ 250,000 4.25 % 2023 _______________________________________ (1) Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment. (2) Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 2022, the Company recognized a $35 million loss on debt extinguishment. Mortgage Debt At September 30, 2020, the Company had $421 million in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale), which is secured by 14 healthcare facilities with an aggregate carrying value of $856 million. During the three and nine months ended September 30, 2020, the Company made aggregate principal repayments of mortgage debt of $2 million and $10 million, respectively. During the three and nine months ended September 30, 2019, the Company made aggregate principal repayments of mortgage debt of $1 million and $3 million, respectively. 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 September 30, 2020 (in thousands): Year Bank Line of Commercial Paper Term Loan Senior Unsecured Notes (1) Mortgage Debt (2) Total 2020 (three months) $ — $ — $ — $ — $ 1,884 $ 1,884 2021 — — — — 15,004 15,004 2022 — — — — 7,215 7,215 2023 — — — 300,000 92,365 392,365 2024 — — 250,000 1,150,000 5,652 1,405,652 Thereafter — — — 4,300,000 298,672 4,598,672 — — 250,000 5,750,000 420,792 6,420,792 (Discounts), premium and debt costs, net — — (878) (54,433) 14,414 (40,897) — — 249,122 5,695,567 435,206 6,379,895 Debt on assets held for sale (3) — — — — 77,222 77,222 $ — $ — $ 249,122 $ 5,695,567 $ 512,428 $ 6,457,117 _______________________________________ (1) Effective interest rates on the senior notes range from 3.08% to 6.87% with a weighted average effective interest rate of 3.86% 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 1.23% to 5.91% with a weighted average effective interest rate of 3.62% and a weighted average maturity of 7 years. (3) Represents mortgage debt on assets held for sale with interest rates of 1.23% and 3.45% that mature in 2027 and 2044, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. On May 18, 2020, Defendants filed a motion seeking leave to file a sur-reply, on May 21, 2020, Co-Lead Plaintiffs filed an opposition brief, and on May 28, 2020, Defendants filed a reply in support of the motion. On September 30, 2020, the Court denied the Defendants’ motion seeking leave to file a sur-reply. Co-Lead Plaintiffs’ motion to amend the Court’s judgment remains pending with the Court. 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 September 30, 2020, as the likelihood of loss is not considered probable or estimable. Credit Enhancement Guarantee As of September 30, 2020, certain of the Company’s senior housing facilities served as collateral for $57 million of debt (maturing May 1, 2025) that is owed by a previous owner of the facilities. This indebtedness is guaranteed by the previous owner who has an investment grade credit rating. These senior housing facilities had a carrying value of $323 million as of September 30, 2020. In conjunction with certain of the Company’s planned dispositions of SHOP assets, during October 2020, the debt to which the Company’s assets served as collateral was defeased. As part of that defeasance, the Company paid approximately $11 million of the defeasance premium, which will be recognized as a transaction cost expense during the fourth quarter of 2020.

Equity

Equity	9 Months Ended
	Sep. 30, 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 2020, the Company terminated its previous ATM Program (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 sale agreements 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 September 30, 2020, the Company did not utilize the forward provisions under the 2020 ATM Program. During the nine months ended September 30, 2020, 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 shares of its common stock at an initial weighted average net price of $35.23 per share, after commissions. During the three and nine months ended September 30, 2019, the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an aggregate of 1.2 million and 14.8 million shares of its common stock, respectively, at an initial weighted average net price of $31.10 and $31.23 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. No shares were settled during the three months ended September 30, 2020 and at September 30, 2020, no shares remained outstanding under ATM forward contracts. During the nine months ended September 30, 2019, the Company settled 5.5 million shares at a weighted average net price of $30.91 per share, after commissions, resulting in net proceeds of $171 million. The Company did not settle any ATM forward contracts during the three months ended September 30, 2019. At September 30, 2020, approximately $1.25 billion of the Company’s common stock remained available for sale under the 2020 ATM Program. ATM Direct Issuances During the three and nine months ended September 30, 2020, no shares of common stock were issued under the 2019 ATM Program or 2020 ATM Program. During the nine months ended September 30, 2019, the Company issued 5.9 million shares of common stock under the 2019 ATM Program at a weighted average net price of $31.84 per share, after commissions, resulting in net proceeds of $189 million. The Company did not issue any shares of its common stock under the 2019 ATM Program during the three months ended September 30, 2019. 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 September 30, 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 and nine months ended September 30, 2019, the Company settled 3.6 million and 5.1 million shares, respectively, under the forward sales agreement at a weighted average net price of $27.85 and $27.93 per share, respectively, resulting in net proceeds of $100 million and $142 million, respectively. 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): September 30, December 31, Cumulative foreign currency translation adjustment $ — $ (1,023) Unrealized gains (losses) on derivatives, net (162) 1,314 Supplemental Executive Retirement Plan minimum liability and other (3,074) (3,148) Total accumulated other comprehensive income (loss) $ (3,236) $ (2,857)

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 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. Refer to Note 11 for a discussion of the sale of shares under and settlement of forward sales agreements during the periods presented. 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 calculate 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 nine months ended September 30, 2020 and 2019 was 0.3 million and 1.9 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 Nine Months Ended 2020 2019 2020 2019 Numerator Net income (loss) $ (59,581) $ (42,308) $ 278,008 $ 12,702 Noncontrolling interests' share in earnings (3,836) (3,555) (10,839) (10,692) Net income (loss) attributable to Healthpeak Properties, Inc. (63,417) (45,863) 267,169 2,010 Less: Participating securities' share in earnings (351) (386) (2,151) (1,223) Net income (loss) applicable to common shares $ (63,768) $ (46,249) $ 265,018 $ 787 Denominator Basic weighted average shares outstanding 538,333 491,203 527,908 482,595 Dilutive potential common shares - equity awards (1) — — 279 296 Dilutive potential common shares - forward equity agreements (2) — — 268 1,901 Diluted weighted average common shares 538,333 491,203 528,455 484,792 Earnings (loss) per common share: Basic $ (0.12) $ (0.09) $ 0.50 $ 0.00 Diluted $ (0.12) $ (0.09) $ 0.50 $ 0.00 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the nine months ended September 30, 2020, represents the dilutive impact of 32 million shares that were settled during the nine months then ended. For the nine months ended September 30, 2019, represents the dilutive impact of 11 million shares that were settled during the nine months then ended and 19 million shares of common stock under forward sales agreements that had not been settled as of September 30, 2019. For the three months ended September 30, 2020, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period. For the three months ended September 30, 2020 and September 30, 2019, diluted loss per share is calculated using the weighted average common shares outstanding as a result of the Company generating a net loss applicable to common shares for the period.

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 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 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 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 nine months ended September 30, 2020, nine senior housing triple-net facilities were transferred to the Company’s SHOP segment as a result of terminating the triple-net leases and converting the assets to a RIDEA structure. There were no transfers of senior housing triple-net facilities to the Company’s SHOP segment during the three months ended September 30, 2020. During the nine months ended September 30, 2019, 39 senior housing triple-net facilities were transferred to the Company’s SHOP segment as a result of terminating the triple-net leases and converting the assets to a RIDEA structure. There were no transfers of senior housing triple-net facilities to the Company’s SHOP segment during the three months ended September 30, 2019. 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, income from direct financing leases, and government grant income 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, real estate assets held for sale, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the three months ended September 30, 2020: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 24,558 $ 149,615 $ 115,031 $ 148,702 $ 145,153 $ 14,680 $ — $ 597,739 Government grant income (1) — 392 1,761 — — — — 2,153 Less: Interest income — — — — — (4,443) — (4,443) Healthpeak's share of unconsolidated joint venture total revenues — 23,800 4,295 — 699 — — 28,794 Healthpeak's share of unconsolidated joint venture government grant income — 49 246 — — — — 295 Noncontrolling interests' share of consolidated joint venture total revenues — (459) — (66) (8,788) — — (9,313) Operating expenses (421) (130,729) (94,992) (36,714) (51,430) (6) — (314,292) Healthpeak's share of unconsolidated joint venture operating expenses — (18,280) (4,797) — (296) — — (23,373) Noncontrolling interests' share of consolidated joint venture operating expenses — 361 — 18 2,630 — — 3,009 Adjustments to NOI (2) 93 (1,228) 1,684 (8,330) (2,287) 558 — (9,510) Adjusted NOI 24,230 23,521 23,228 103,610 85,681 10,789 — 271,059 Plus: Adjustments to NOI (2) (93) 1,228 (1,684) 8,330 2,287 (558) — 9,510 Interest income — — — — — 4,443 — 4,443 Interest expense (45) (2,649) (1,983) (57) (100) — (51,401) (56,235) Depreciation and amortization (6,694) (24,966) (30,106) (57,170) (53,688) (1,006) — (173,630) General and administrative — — — — — — (21,661) (21,661) Transaction costs — — — — — — (2,586) (2,586) Impairments and loan loss reserves (recoveries), net (12,097) (24,229) — — (1,208) 2,984 — (34,550) Gain (loss) on sales of real estate, net — (2,134) — — 2,283 — — 149 Loss on debt extinguishments — — — — — — (17,921) (17,921) Other income (expense), net — 392 3,903 — — — 2,765 7,060 Income tax benefit (expense) (3) — — — — — — (24,174) (24,174) Less: Government grant income — (392) (1,761) — — — — (2,153) Less: Healthpeak's share of unconsolidated joint venture NOI — (5,569) 256 — (403) — — (5,716) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 98 — 48 6,158 — — 6,304 Equity income (loss) from unconsolidated joint ventures — (19,432) (322) — 198 76 — (19,480) Net income (loss) $ 5,301 $ (54,132) $ (8,469) $ 54,761 $ 41,208 $ 16,728 $ (114,978) $ (59,581) _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations. (2) 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. (3) Income tax benefit (expense) for the three months ended September 30, 2020 includes a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 4). For the three months ended September 30, 2019: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 47,956 $ 212,275 $ — $ 118,561 $ 143,639 $ 15,540 $ — $ 537,971 Less: Interest income — — — — — (2,741) — (2,741) Healthpeak's share of unconsolidated joint venture total revenues — 4,943 52,671 — 701 5,227 — 63,542 Noncontrolling interests' share of consolidated joint venture total revenues — (515) — (52) (8,605) — — (9,172) Operating expenses (865) (166,201) — (29,520) (51,472) (11) — (248,069) Healthpeak's share of unconsolidated joint venture operating expenses — (3,816) (43,193) — (279) (23) — (47,311) Noncontrolling interests' share of consolidated joint venture operating expenses — 388 — 16 2,593 — — 2,997 Adjustments to NOI (1) (1,537) 739 5,635 (7,062) (1,609) 79 — (3,755) Adjusted NOI 45,554 47,813 15,113 81,943 84,968 18,071 — 293,462 Plus: Adjustments to NOI (1) 1,537 (739) (5,635) 7,062 1,609 (79) — 3,755 Interest income — — — — — 2,741 — 2,741 Interest expense (106) (2,637) — (68) (108) — (58,311) (61,230) Depreciation and amortization (12,773) (58,152) — (45,028) (54,152) (1,839) — (171,944) General and administrative — — — — — — (22,970) (22,970) Transaction costs — — — — — — (1,319) (1,319) Impairments and loan loss reserves (recoveries), net (7,430) (24,721) — — (5,729) (377) — (38,257) Gain (loss) on sales of real estate, net — (734) — (87) (7) 44 — (784) Loss on debt extinguishments — — — — — — (35,017) (35,017) Other income (expense), net — — — — — 980 (287) 693 Income tax benefit (expense) — — — — — — 6,261 6,261 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,127) (9,478) — (422) (5,204) — (16,231) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 127 — 36 6,012 — — 6,175 Equity income (loss) from unconsolidated joint ventures — (392) (9,194) — 216 1,727 — (7,643) Net income (loss) $ 26,782 $ (40,562) $ (9,194) $ 43,858 $ 32,387 $ 16,064 $ (111,643) $ (42,308) _______________________________________ (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. For the nine months ended September 30, 2020: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 82,282 $ 475,869 $ 320,737 $ 416,081 $ 431,935 $ 44,425 $ — $ 1,771,329 Government grant income (1) — 2,601 13,632 — — — — 16,233 Less: Interest income — — — — — (12,361) — (12,361) Healthpeak's share of unconsolidated joint venture total revenues — 74,249 30,723 — 2,085 86 — 107,143 Healthpeak's share of unconsolidated joint venture government grant income — 319 780 — — — — 1,099 Noncontrolling interests' share of consolidated joint venture total revenues — (1,501) — (175) (25,775) — — (27,451) Operating expenses (1,453) (406,366) (345,722) (101,120) (151,467) (18) — (1,006,146) Healthpeak's share of unconsolidated joint venture operating expenses — (54,922) (27,660) — (846) 1 — (83,427) Noncontrolling interests' share of consolidated joint venture operating expenses — 1,149 — 53 7,737 — — 8,939 Adjustments to NOI (2) (3,240) (579) 93,263 (15,389) (4,695) 1,504 — 70,864 Adjusted NOI 77,589 90,819 85,753 299,450 258,974 33,637 — 846,222 Plus: Adjustments to NOI (2) 3,240 579 (93,263) 15,389 4,695 (1,504) — (70,864) Interest income — — — — — 12,361 — 12,361 Interest expense (199) (8,341) (5,256) (180) (302) — (157,883) (172,161) Depreciation and amortization (21,031) (113,591) (81,760) (159,737) (161,408) (3,867) — (541,394) General and administrative — — — — — — (67,730) (67,730) Transaction costs — — — — — — (18,061) (18,061) Impairments and loan loss reserves (recoveries), net (17,774) (63,672) — — (6,033) (10,244) — (97,723) Gain (loss) on sales of real estate, net 164,043 (1,798) — — 85,676 (40) — 247,881 Loss on debt extinguishments — — — — — — (42,912) (42,912) Other income (expense), net — 2,601 188,377 — — 41,707 4,569 237,254 Income tax benefit (expense) (3) — — — — — — 16,216 16,216 Less: Government grant income — (2,601) (13,632) — — — — (16,233) Less: Healthpeak's share of unconsolidated joint venture NOI — (19,646) (3,843) — (1,239) (87) — (24,815) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 352 — 122 18,038 — — 18,512 Equity income (loss) from unconsolidated joint ventures — (55,360) (1,801) — 604 8,012 — (48,545) Net income (loss) $ 205,868 $ (170,658) $ 74,575 $ 155,044 $ 199,005 $ 79,975 $ (265,801) $ 278,008 _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations. (2) 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. (3) Income tax benefit (expense) for the nine months ended September 30, 2020 includes: (i) a $51 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), (ii) a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 4), and (iii) a $3.6 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. For the nine months ended September 30, 2019: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 156,592 $ 515,457 $ — $ 320,630 $ 427,761 $ 45,252 $ — $ 1,465,692 Less: Interest income — — — — — (6,868) — (6,868) Healthpeak's share of unconsolidated joint venture total revenues — 16,514 157,744 — 2,115 16,241 — 192,614 Noncontrolling interests' share of consolidated joint venture total revenues (1) (1,510) — (134) (25,289) — — (26,934) Operating expenses (2,725) (400,608) — (76,992) (150,635) (29) — (630,989) Healthpeak's share of unconsolidated joint venture operating expenses — (12,407) (127,026) — (837) (51) — (140,321) Noncontrolling interests' share of consolidated joint venture operating expenses — 1,058 — 42 7,513 — — 8,613 Adjustments to NOI (1) 3,834 2,819 13,832 (17,146) (4,569) (413) — (1,643) Adjusted NOI 157,700 121,323 44,550 226,400 256,059 54,132 — 860,164 Plus: Adjustments to NOI (1) (3,834) (2,819) (13,832) 17,146 4,569 413 — 1,643 Interest income — — — — — 6,868 — 6,868 Interest expense (901) (4,626) — (211) (328) — (161,433) (167,499) Depreciation and amortization (45,138) (134,481) — (122,705) (161,350) (5,517) — (469,191) General and administrative — — — — — — (71,445) (71,445) Transaction costs — — — — — — (7,174) (7,174) Impairments and loan loss reserves (recoveries), net (22,914) (77,685) — — (14,677) (377) — (115,653) Gain (loss) on sales of real estate, net 3,557 8,844 — 3,651 2,876 (220) — 18,708 Loss on debt extinguishments — — — — — — (36,152) (36,152) Other income (expense), net — 12,817 — — — 980 11,037 24,834 Income tax benefit (expense) — — — — — — 11,583 11,583 Less: Healthpeak's share of unconsolidated joint venture NOI — (4,107) (30,718) — (1,278) (16,190) — (52,293) Plus: Noncontrolling interests' share of consolidated joint venture NOI 1 452 — 92 17,776 — — 18,321 Equity income (loss) from unconsolidated joint ventures — (1,473) (13,858) — 643 4,676 — (10,012) Net income (loss) $ 88,471 $ (81,755) $ (13,858) $ 124,373 $ 104,290 $ 44,765 $ (253,584) $ 12,702 _______________________________________ (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 Nine Months Ended Segment 2020 2019 2020 2019 Senior housing triple-net $ 24,558 $ 47,956 $ 82,282 $ 156,592 SHOP 149,615 212,275 475,869 515,457 CCRC 115,031 — 320,737 — Life science 148,702 118,561 416,081 320,630 Medical office 145,153 143,639 431,935 427,761 Other non-reportable 14,680 15,540 44,425 45,252 Total revenues $ 597,739 $ 537,971 $ 1,771,329 $ 1,465,692 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	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2020 2019 Supplemental cash flow information: Interest paid, net of capitalized interest $ 187,569 $ 164,761 Income taxes paid (refunded) 261 1,314 Capitalized interest 20,570 22,768 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 114,979 113,936 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,729 4,534 Liabilities assumed with real estate acquisitions 523,289 172,565 Conversion of DFLs to real estate — 350,540 Net noncash impact from the consolidation of previously unconsolidated joint ventures 323,138 17,850 Seller financing provided on disposition of real estate asset 12,480 — See Note 3 for a discussion of the impact of the 2019 MTCA with Brookdale on the Company’s consolidated balance sheets and statements 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): September 30, 2020 2019 Cash and cash equivalents $ 197,119 $ 124,990 Restricted cash 102,419 30,114 Cash, cash equivalents and restricted cash $ 299,538 $ 155,104

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At September 30, 2020, the Company had investments in: (i) two properties leased to a VIE tenant, (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 operations of CCRC OpCo (primarily rents from CCRC residents) 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 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). In October 2020, the Company purchased the remaining equity interests in the Waldwick Development JV and began consolidating the real estate held by the venture (see Note 7). 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 September 30, 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 $ 1,950 Unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures 28,879 Loan - seller financing Loans receivable, net 8,453 CMBS and LLC investment Marketable debt and LLC investment 35,302 _______________________________________ (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 September 30, 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 under 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 September 30, 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): September 30, 2020 December 31, 2019 Assets Buildings and improvements $ 2,977,513 $ 3,236,105 Development costs and construction in progress 114,929 67,285 Land 445,578 526,576 Accumulated depreciation and amortization (634,028) (568,574) Net real estate 2,903,992 3,261,392 Accounts receivable, net 8,397 11,986 Cash and cash equivalents 51,532 47,027 Restricted cash 14,894 13,596 Intangible assets, net 134,147 206,840 Right-of-use asset, net 91,444 92,664 Other assets, net 55,342 52,124 Total assets $ 3,259,748 $ 3,685,629 Liabilities Mortgage debt 216,594 218,767 Intangible liabilities, net 17,361 39,545 Lease liability 91,582 90,875 Accounts payable, accrued liabilities, and other liabilities 115,514 122,832 Deferred revenue 89,587 96,985 Total liabilities $ 530,638 $ 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	9 Months Ended
	Sep. 30, 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 September 30, 2020. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): September 30, 2020 (3) December 31, 2019 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 231,162 $ 238,100 $ 190,579 $ 190,579 Marketable debt securities (2) 20,201 20,201 19,756 19,756 Bank line of credit and commercial paper (2) — — 93,000 93,000 Term loan (2) 249,122 249,122 248,942 248,942 Senior unsecured notes (1) 5,695,567 6,438,400 5,647,993 6,076,150 Mortgage debt (2) 435,206 430,669 276,907 280,373 Interest-rate swap liabilities (2) 162 162 553 553 _______________________________________ (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, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2020 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: August 2020 (2) August 2025 Cash Flow $ 41,305 0.33% USD-SIFMA Municipal Swap Index $ (162) ______________________________________ (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_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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”).
Government Grant Income	Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and nine months ended September 30, 2020, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of September 30, 2020, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company had complied or will comply with all grant conditions.
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.
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 and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability was calculated as the present value of minimum lease payments, discounted using a rate that approximated the Company’s secured incremental borrowing rate at the time of adoption, adjusted for the noncancelable term of each lease. The right-of-use asset was 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. 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 previous accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Historically, when credit losses were measured under previous 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 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 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). 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 and nine months ended September 30, 2020, the Company provided rent deferrals (to be repaid before the end of 2020) to certain tenants in its life science and medical office segments that were impacted by COVID-19 (discussed in further detail in Note 5). As it relates to these deferrals, the Company elected to not assess them on a lease-by-lease basis and to continue recognizing rent revenue on a straight-line basis. While the Company’s election for rent deferrals will be applied consistently to future deferrals of a similar nature, if the Company grants future lease concessions of a different type (such as rent abatements), it will make an election related to those concessions at that time.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule Of Government Grant Receivables, CARES Act	The following table summarizes information related to government grant income recognized by the Company (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Government grant income recorded in other income (expense), net $ 2,153 $ — $ 16,233 $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 295 — 1,099 — Total government grants received $ 2,448 $ — $ 17,332 $ —

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Fixed income from operating leases $ 262,558 $ 255,447 $ 770,327 $ 730,277 Variable income from operating leases 63,972 57,153 183,254 177,742 Interest income from direct financing leases 2,150 9,590 7,569 33,304
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (dollars in thousands): September 30, December 31, Present value of minimum lease payments receivable $ 11,955 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (11,955) (19,138) 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 September 30, 2020 (dollars in thousands): Carrying Percentage of 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, net of reserves for loan losses, as of September 30, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans (1) Risk rating: Performing loans $ 36,805 $ 58,998 $ — $ 114,459 $ — $ 210,262 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 36,805 $ 58,998 $ — $ 114,459 $ — $ 210,262 Mezzanine and other (1) Risk rating: Performing loans $ 18,966 $ 14,243 $ — $ — $ 8,453 $ 41,662 Watch list loans — — — 1,861 — 1,861 Workout loans — — — — — — Total mezzanine and other $ 18,966 $ 14,243 $ — $ 1,861 $ 8,453 $ 43,523 _______________________________________ (1) Includes loans receivable held for sale.
Schedule of Other Lease Information	The following table provides supplemental cash flow information regarding the Company’s leases for which it is the lessee, such as ground leases (dollars in thousands): Nine Months Ended September 30, Supplemental Cash Flow Information: 2020 2019 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 24,984 $ 4,084

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): September 30, 2020 December 31, 2019 Secured mortgage loans (1) $ 212,393 $ 161,964 Mezzanine and other 52,052 27,752 Unamortized discounts, fees, and costs 887 863 Reserve for loan losses (11,547) — Loans receivable including loans receivable held for sale 253,785 190,579 Loans receivable held for sale (22,623) — Loans receivable, net $ 231,162 $ 190,579 _______________________________________
Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination	The following table summarizes the Company’s internal ratings for DFLs at September 30, 2020 (dollars in thousands): Carrying Percentage of 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, net of reserves for loan losses, as of September 30, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans (1) Risk rating: Performing loans $ 36,805 $ 58,998 $ — $ 114,459 $ — $ 210,262 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 36,805 $ 58,998 $ — $ 114,459 $ — $ 210,262 Mezzanine and other (1) Risk rating: Performing loans $ 18,966 $ 14,243 $ — $ — $ 8,453 $ 41,662 Watch list loans — — — 1,861 — 1,861 Workout loans — — — — — — Total mezzanine and other $ 18,966 $ 14,243 $ — $ 1,861 $ 8,453 $ 43,523 _______________________________________ (1) Includes loans receivable held for sale.
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses at September 30, 2020 (in thousands): September 30, 2020 Secured Mortgage Loans Mezzanine and Other Total Reserve for loan losses, December 31, 2019 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings 513 907 1,420 Provision for expected loan losses 1,851 8,276 10,127 Reserve for loan losses, September 30, 2020 $ 2,364 $ 9,183 $ 11,547

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2020 2019 SWF SH JV (4) SHOP 19 54 $ 374,198 $ 428,258 MBK JV SHOP 5 50 36,034 33,415 Other SHOP JVs (5) SHOP 2 50 - 90 15,973 17,719 Medical Office JVs (6) MOB 3 20 - 67 9,719 9,845 CCRC JV (7) CCRC 2 49 347 325,830 Other JVs (8) Other — — — 10,372 Advances to unconsolidated joint ventures, net — 76 $ 436,271 $ 825,515 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) The property count, ownership percentage, and carrying amount at September 30, 2020 exclude the Discovery Naples JV (41%) and Discovery Sarasota JV (47%), which are classified as assets held for sale and had an aggregate carrying value of $9 million at September 30, 2020. At December 31, 2019, the carrying value for both investments is included in Other JVs. 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. (3) Property count and ownership percentage are as of September 30, 2020. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4). (5) Unconsolidated other 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%). (6) 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%). (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. (8) In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, the 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.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2020
Intangibles [Abstract]
Schedule of Intangible Lease Assets	Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets September 30, December 31, Gross intangible lease assets $ 722,259 $ 615,538 Accumulated depreciation and amortization (220,676) (283,845) Intangible assets, net (1) $ 501,583 $ 331,693 Weighted average remaining amortization period in years 6 5 _______________________________________ (1) Excludes intangible assets held for sale of $14 million and $11 million as of September 30, 2020 and December 31, 2019, respectively.
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 153,624 $ 113,213 Accumulated depreciation and amortization (45,593) (38,222) Intangible liabilities, net $ 108,031 $ 74,991 Weighted average remaining amortization period in years 8 7

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2020 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date June 23, 2020 $ 600,000 2.88 % 2031 The following table summarizes the Company’s senior unsecured notes payoffs and repurchases during the nine months ended September 30, 2020 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 _______________________________________ (1) Upon completing the redemption of the 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment. (2) Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment. The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2019 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date November 21, 2019 $ 750,000 3.00 % 2030 July 5, 2019 $ 650,000 3.25 % 2026 July 5, 2019 $ 650,000 3.50 % 2029 The following table summarizes the Company’s senior unsecured notes payoffs and repurchases during the year ended December 31, 2019 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date November 21, 2019 (1) $ 350,000 4.00 % 2022 July 22, 2019 (2) $ 800,000 2.63 % 2020 July 8, 2019 (2) $ 250,000 4.00 % 2022 July 8, 2019 (2) $ 250,000 4.25 % 2023 _______________________________________ (1) Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment. (2) Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 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 September 30, 2020 (in thousands): Year Bank Line of Commercial Paper Term Loan Senior Unsecured Notes (1) Mortgage Debt (2) Total 2020 (three months) $ — $ — $ — $ — $ 1,884 $ 1,884 2021 — — — — 15,004 15,004 2022 — — — — 7,215 7,215 2023 — — — 300,000 92,365 392,365 2024 — — 250,000 1,150,000 5,652 1,405,652 Thereafter — — — 4,300,000 298,672 4,598,672 — — 250,000 5,750,000 420,792 6,420,792 (Discounts), premium and debt costs, net — — (878) (54,433) 14,414 (40,897) — — 249,122 5,695,567 435,206 6,379,895 Debt on assets held for sale (3) — — — — 77,222 77,222 $ — $ — $ 249,122 $ 5,695,567 $ 512,428 $ 6,457,117 _______________________________________ (1) Effective interest rates on the senior notes range from 3.08% to 6.87% with a weighted average effective interest rate of 3.86% 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 1.23% to 5.91% with a weighted average effective interest rate of 3.62% and a weighted average maturity of 7 years. (3) Represents mortgage debt on assets held for sale with interest rates of 1.23% and 3.45% that mature in 2027 and 2044, respectively.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Cumulative foreign currency translation adjustment $ — $ (1,023) Unrealized gains (losses) on derivatives, net (162) 1,314 Supplemental Executive Retirement Plan minimum liability and other (3,074) (3,148) Total accumulated other comprehensive income (loss) $ (3,236) $ (2,857)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator Net income (loss) $ (59,581) $ (42,308) $ 278,008 $ 12,702 Noncontrolling interests' share in earnings (3,836) (3,555) (10,839) (10,692) Net income (loss) attributable to Healthpeak Properties, Inc. (63,417) (45,863) 267,169 2,010 Less: Participating securities' share in earnings (351) (386) (2,151) (1,223) Net income (loss) applicable to common shares $ (63,768) $ (46,249) $ 265,018 $ 787 Denominator Basic weighted average shares outstanding 538,333 491,203 527,908 482,595 Dilutive potential common shares - equity awards (1) — — 279 296 Dilutive potential common shares - forward equity agreements (2) — — 268 1,901 Diluted weighted average common shares 538,333 491,203 528,455 484,792 Earnings (loss) per common share: Basic $ (0.12) $ (0.09) $ 0.50 $ 0.00 Diluted $ (0.12) $ (0.09) $ 0.50 $ 0.00 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the nine months ended September 30, 2020, represents the dilutive impact of 32 million shares that were settled during the nine months then ended. For the nine months ended September 30, 2019, represents the dilutive impact of 11 million shares that were settled during the nine months then ended and 19 million shares of common stock under forward sales agreements that had not been settled as of September 30, 2019. For the three months ended September 30, 2020, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 24,558 $ 149,615 $ 115,031 $ 148,702 $ 145,153 $ 14,680 $ — $ 597,739 Government grant income (1) — 392 1,761 — — — — 2,153 Less: Interest income — — — — — (4,443) — (4,443) Healthpeak's share of unconsolidated joint venture total revenues — 23,800 4,295 — 699 — — 28,794 Healthpeak's share of unconsolidated joint venture government grant income — 49 246 — — — — 295 Noncontrolling interests' share of consolidated joint venture total revenues — (459) — (66) (8,788) — — (9,313) Operating expenses (421) (130,729) (94,992) (36,714) (51,430) (6) — (314,292) Healthpeak's share of unconsolidated joint venture operating expenses — (18,280) (4,797) — (296) — — (23,373) Noncontrolling interests' share of consolidated joint venture operating expenses — 361 — 18 2,630 — — 3,009 Adjustments to NOI (2) 93 (1,228) 1,684 (8,330) (2,287) 558 — (9,510) Adjusted NOI 24,230 23,521 23,228 103,610 85,681 10,789 — 271,059 Plus: Adjustments to NOI (2) (93) 1,228 (1,684) 8,330 2,287 (558) — 9,510 Interest income — — — — — 4,443 — 4,443 Interest expense (45) (2,649) (1,983) (57) (100) — (51,401) (56,235) Depreciation and amortization (6,694) (24,966) (30,106) (57,170) (53,688) (1,006) — (173,630) General and administrative — — — — — — (21,661) (21,661) Transaction costs — — — — — — (2,586) (2,586) Impairments and loan loss reserves (recoveries), net (12,097) (24,229) — — (1,208) 2,984 — (34,550) Gain (loss) on sales of real estate, net — (2,134) — — 2,283 — — 149 Loss on debt extinguishments — — — — — — (17,921) (17,921) Other income (expense), net — 392 3,903 — — — 2,765 7,060 Income tax benefit (expense) (3) — — — — — — (24,174) (24,174) Less: Government grant income — (392) (1,761) — — — — (2,153) Less: Healthpeak's share of unconsolidated joint venture NOI — (5,569) 256 — (403) — — (5,716) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 98 — 48 6,158 — — 6,304 Equity income (loss) from unconsolidated joint ventures — (19,432) (322) — 198 76 — (19,480) Net income (loss) $ 5,301 $ (54,132) $ (8,469) $ 54,761 $ 41,208 $ 16,728 $ (114,978) $ (59,581) _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations. (2) 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. (3) Income tax benefit (expense) for the three months ended September 30, 2020 includes a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 4). For the three months ended September 30, 2019: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 47,956 $ 212,275 $ — $ 118,561 $ 143,639 $ 15,540 $ — $ 537,971 Less: Interest income — — — — — (2,741) — (2,741) Healthpeak's share of unconsolidated joint venture total revenues — 4,943 52,671 — 701 5,227 — 63,542 Noncontrolling interests' share of consolidated joint venture total revenues — (515) — (52) (8,605) — — (9,172) Operating expenses (865) (166,201) — (29,520) (51,472) (11) — (248,069) Healthpeak's share of unconsolidated joint venture operating expenses — (3,816) (43,193) — (279) (23) — (47,311) Noncontrolling interests' share of consolidated joint venture operating expenses — 388 — 16 2,593 — — 2,997 Adjustments to NOI (1) (1,537) 739 5,635 (7,062) (1,609) 79 — (3,755) Adjusted NOI 45,554 47,813 15,113 81,943 84,968 18,071 — 293,462 Plus: Adjustments to NOI (1) 1,537 (739) (5,635) 7,062 1,609 (79) — 3,755 Interest income — — — — — 2,741 — 2,741 Interest expense (106) (2,637) — (68) (108) — (58,311) (61,230) Depreciation and amortization (12,773) (58,152) — (45,028) (54,152) (1,839) — (171,944) General and administrative — — — — — — (22,970) (22,970) Transaction costs — — — — — — (1,319) (1,319) Impairments and loan loss reserves (recoveries), net (7,430) (24,721) — — (5,729) (377) — (38,257) Gain (loss) on sales of real estate, net — (734) — (87) (7) 44 — (784) Loss on debt extinguishments — — — — — — (35,017) (35,017) Other income (expense), net — — — — — 980 (287) 693 Income tax benefit (expense) — — — — — — 6,261 6,261 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,127) (9,478) — (422) (5,204) — (16,231) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 127 — 36 6,012 — — 6,175 Equity income (loss) from unconsolidated joint ventures — (392) (9,194) — 216 1,727 — (7,643) Net income (loss) $ 26,782 $ (40,562) $ (9,194) $ 43,858 $ 32,387 $ 16,064 $ (111,643) $ (42,308) _______________________________________ (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. For the nine months ended September 30, 2020: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 82,282 $ 475,869 $ 320,737 $ 416,081 $ 431,935 $ 44,425 $ — $ 1,771,329 Government grant income (1) — 2,601 13,632 — — — — 16,233 Less: Interest income — — — — — (12,361) — (12,361) Healthpeak's share of unconsolidated joint venture total revenues — 74,249 30,723 — 2,085 86 — 107,143 Healthpeak's share of unconsolidated joint venture government grant income — 319 780 — — — — 1,099 Noncontrolling interests' share of consolidated joint venture total revenues — (1,501) — (175) (25,775) — — (27,451) Operating expenses (1,453) (406,366) (345,722) (101,120) (151,467) (18) — (1,006,146) Healthpeak's share of unconsolidated joint venture operating expenses — (54,922) (27,660) — (846) 1 — (83,427) Noncontrolling interests' share of consolidated joint venture operating expenses — 1,149 — 53 7,737 — — 8,939 Adjustments to NOI (2) (3,240) (579) 93,263 (15,389) (4,695) 1,504 — 70,864 Adjusted NOI 77,589 90,819 85,753 299,450 258,974 33,637 — 846,222 Plus: Adjustments to NOI (2) 3,240 579 (93,263) 15,389 4,695 (1,504) — (70,864) Interest income — — — — — 12,361 — 12,361 Interest expense (199) (8,341) (5,256) (180) (302) — (157,883) (172,161) Depreciation and amortization (21,031) (113,591) (81,760) (159,737) (161,408) (3,867) — (541,394) General and administrative — — — — — — (67,730) (67,730) Transaction costs — — — — — — (18,061) (18,061) Impairments and loan loss reserves (recoveries), net (17,774) (63,672) — — (6,033) (10,244) — (97,723) Gain (loss) on sales of real estate, net 164,043 (1,798) — — 85,676 (40) — 247,881 Loss on debt extinguishments — — — — — — (42,912) (42,912) Other income (expense), net — 2,601 188,377 — — 41,707 4,569 237,254 Income tax benefit (expense) (3) — — — — — — 16,216 16,216 Less: Government grant income — (2,601) (13,632) — — — — (16,233) Less: Healthpeak's share of unconsolidated joint venture NOI — (19,646) (3,843) — (1,239) (87) — (24,815) Plus: Noncontrolling interests' share of consolidated joint venture NOI — 352 — 122 18,038 — — 18,512 Equity income (loss) from unconsolidated joint ventures — (55,360) (1,801) — 604 8,012 — (48,545) Net income (loss) $ 205,868 $ (170,658) $ 74,575 $ 155,044 $ 199,005 $ 79,975 $ (265,801) $ 278,008 _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations. (2) 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. (3) Income tax benefit (expense) for the nine months ended September 30, 2020 includes: (i) a $51 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), (ii) a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 4), and (iii) a $3.6 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. For the nine months ended September 30, 2019: Senior Housing Triple-Net SHOP CCRC Life Science Medical Office Other Non-reportable Corporate Non-segment Total Total revenues $ 156,592 $ 515,457 $ — $ 320,630 $ 427,761 $ 45,252 $ — $ 1,465,692 Less: Interest income — — — — — (6,868) — (6,868) Healthpeak's share of unconsolidated joint venture total revenues — 16,514 157,744 — 2,115 16,241 — 192,614 Noncontrolling interests' share of consolidated joint venture total revenues (1) (1,510) — (134) (25,289) — — (26,934) Operating expenses (2,725) (400,608) — (76,992) (150,635) (29) — (630,989) Healthpeak's share of unconsolidated joint venture operating expenses — (12,407) (127,026) — (837) (51) — (140,321) Noncontrolling interests' share of consolidated joint venture operating expenses — 1,058 — 42 7,513 — — 8,613 Adjustments to NOI (1) 3,834 2,819 13,832 (17,146) (4,569) (413) — (1,643) Adjusted NOI 157,700 121,323 44,550 226,400 256,059 54,132 — 860,164 Plus: Adjustments to NOI (1) (3,834) (2,819) (13,832) 17,146 4,569 413 — 1,643 Interest income — — — — — 6,868 — 6,868 Interest expense (901) (4,626) — (211) (328) — (161,433) (167,499) Depreciation and amortization (45,138) (134,481) — (122,705) (161,350) (5,517) — (469,191) General and administrative — — — — — — (71,445) (71,445) Transaction costs — — — — — — (7,174) (7,174) Impairments and loan loss reserves (recoveries), net (22,914) (77,685) — — (14,677) (377) — (115,653) Gain (loss) on sales of real estate, net 3,557 8,844 — 3,651 2,876 (220) — 18,708 Loss on debt extinguishments — — — — — — (36,152) (36,152) Other income (expense), net — 12,817 — — — 980 11,037 24,834 Income tax benefit (expense) — — — — — — 11,583 11,583 Less: Healthpeak's share of unconsolidated joint venture NOI — (4,107) (30,718) — (1,278) (16,190) — (52,293) Plus: Noncontrolling interests' share of consolidated joint venture NOI 1 452 — 92 17,776 — — 18,321 Equity income (loss) from unconsolidated joint ventures — (1,473) (13,858) — 643 4,676 — (10,012) Net income (loss) $ 88,471 $ (81,755) $ (13,858) $ 124,373 $ 104,290 $ 44,765 $ (253,584) $ 12,702 _______________________________________ (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.
Schedule of Reconciliation of Company's Revenues by Segment	The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Nine Months Ended Segment 2020 2019 2020 2019 Senior housing triple-net $ 24,558 $ 47,956 $ 82,282 $ 156,592 SHOP 149,615 212,275 475,869 515,457 CCRC 115,031 — 320,737 — Life science 148,702 118,561 416,081 320,630 Medical office 145,153 143,639 431,935 427,761 Other non-reportable 14,680 15,540 44,425 45,252 Total revenues $ 597,739 $ 537,971 $ 1,771,329 $ 1,465,692

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2020 2019 Supplemental cash flow information: Interest paid, net of capitalized interest $ 187,569 $ 164,761 Income taxes paid (refunded) 261 1,314 Capitalized interest 20,570 22,768 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 114,979 113,936 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,729 4,534 Liabilities assumed with real estate acquisitions 523,289 172,565 Conversion of DFLs to real estate — 350,540 Net noncash impact from the consolidation of previously unconsolidated joint ventures 323,138 17,850 Seller financing provided on disposition of real estate asset 12,480 —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): September 30, 2020 2019 Cash and cash equivalents $ 197,119 $ 124,990 Restricted cash 102,419 30,114 Cash, cash equivalents and restricted cash $ 299,538 $ 155,104

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 1,950 Unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures 28,879 Loan - seller financing Loans receivable, net 8,453 CMBS and LLC investment Marketable debt and LLC investment 35,302 _______________________________________ (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): September 30, 2020 December 31, 2019 Assets Buildings and improvements $ 2,977,513 $ 3,236,105 Development costs and construction in progress 114,929 67,285 Land 445,578 526,576 Accumulated depreciation and amortization (634,028) (568,574) Net real estate 2,903,992 3,261,392 Accounts receivable, net 8,397 11,986 Cash and cash equivalents 51,532 47,027 Restricted cash 14,894 13,596 Intangible assets, net 134,147 206,840 Right-of-use asset, net 91,444 92,664 Other assets, net 55,342 52,124 Total assets $ 3,259,748 $ 3,685,629 Liabilities Mortgage debt 216,594 218,767 Intangible liabilities, net 17,361 39,545 Lease liability 91,582 90,875 Accounts payable, accrued liabilities, and other liabilities 115,514 122,832 Deferred revenue 89,587 96,985 Total liabilities $ 530,638 $ 569,004

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 (3) December 31, 2019 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 231,162 $ 238,100 $ 190,579 $ 190,579 Marketable debt securities (2) 20,201 20,201 19,756 19,756 Bank line of credit and commercial paper (2) — — 93,000 93,000 Term loan (2) 249,122 249,122 248,942 248,942 Senior unsecured notes (1) 5,695,567 6,438,400 5,647,993 6,076,150 Mortgage debt (2) 435,206 430,669 276,907 280,373 Interest-rate swap liabilities (2) 162 162 553 553 _______________________________________ (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, 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 nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding swap contracts as of September 30, 2020 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: August 2020 (2) August 2025 Cash Flow $ 41,305 0.33% USD-SIFMA Municipal Swap Index $ (162) ______________________________________ (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_4

Summary of Significant Accounting Policies - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Government grant income	$ 2,448	$ 0	$ 17,332	$ 0
Other Income (Expense)
Schedule of Equity Method Investments [Line Items]
Government grant income	2,153	0	16,233	0
Equity Income (Loss) From Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Government grant income	$ 295	$ 0	$ 1,099	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands

12 Months Ended

Dec. 31, 2019USD ($)facility

Dec. 31, 2018USD ($)

Sep. 30, 2020USD ($)property

Jun. 30, 2020USD ($)

Jan. 31, 2020facility

Jan. 31, 2020property

Jan. 01, 2020USD ($)

Oct. 31, 2019property

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Jan. 01, 2019USD ($)

Schedule of Equity Method Investments [Line Items]

Accounting Standards Update [Extensible List]

us-gaap:AccountingStandardsUpdate201613Member

us-gaap:AccountingStandardsUpdate201602Member

Cumulative effect adjustment

$ 6,667,474

$ 6,512,591

$ 7,406,308

$ 7,668,721

$ 6,523,359

$ 6,619,272

Present value of lease liabilities

156,611

175,002

Right-of-use asset

172,486

190,875

Unamortized lease intangibles

(331,693)

$ (501,583)

Accounting Standards Update 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

Cumulative Effect, Period of Adoption, Adjustment

Schedule of Equity Method Investments [Line Items]

Cumulative effect adjustment

$ (1,524)

[1]

$ 590

[2]

$ 2,000

$ 1,000

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

15

15

15

Other Non-reportable Segments | Assets Leased to Others | CCRC JV | Brookedale MTCA

Schedule of Equity Method Investments [Line Items]

Property count

13

13

13

SHOP

Schedule of Equity Method Investments [Line Items]

Number of deconsolidating assets

19

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)	Jan. 31, 2020USD ($)propertylease	Jan. 31, 2020USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 30, 2017USD ($)propertyfacility	Dec. 31, 2020property	Sep. 30, 2020USD ($)property	Jun. 30, 2020property	Mar. 31, 2020USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018property	Jan. 31, 2020facility	Jan. 31, 2020property	Jan. 31, 2020	Oct. 31, 2019property	Jan. 01, 2018USD ($)property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties disposed | property									18
Capital investment							$ 4,000,000				$ 4,000,000
Loss (gain) upon change of control, net											173,222,000	$ 11,481,000
Long-term debt							6,457,117,000				6,457,117,000
Gain (loss) on sales of real estate, net							$ 149,000		$ 165,000,000	$ (784,000)	$ 247,881,000	$ 18,708,000
Payment to acquired noncontrolling interest			$ 63,000,000	$ 32,000,000
Measurement Input, Discount Rate | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input																	0.10
Measurement Input, Discount Rate | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input																	0.12
Measurement Input, Annual Rent Escalators | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input																	0.02
Measurement Input, Annual Rent Escalators | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input																	0.03
Measurement Input, Cap Rate | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input																	0.07
Measurement Input, Cap Rate | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input																	0.09
Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties disposed | property	18												18
Cash proceeds	$ 385,000,000
Gain (loss) on sales of real estate, net	$ 164,000,000
CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property							2				2
Investment ownership percentage							49.00%				49.00%		49.00%				49.00%
Equity method investments							$ 347,000				$ 347,000		$ 325,830,000
CCRC JV | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest acquired	51.00%
Purchase cost	$ 1,060,000,000	$ 1,060,000,000
Management termination fee	$ 100,000,000
CCRC JV | Brookedale MTCA | Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property						2
CCRC JV | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property																15
Number of properties acquired | property	13
Equity method investments	$ 323,000,000	323,000,000
Real estate and intangible assets	1,800,000,000	1,800,000,000
Refundable entrance fee liabilities	308,000,000	308,000,000
Non-refundable entrance fee liabilities	436,000,000	436,000,000
Long-term debt	215,000,000	215,000,000
Working capital	48,000,000	48,000,000
Cash paid	396,000,000
CCRC JV | Brookedale MTCA | Other Income (Expense)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loss (gain) upon change of control, net	$ 170,000,000
2019 Amended Master Lease | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual rent escalator	2.40%
RIDEA Facilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage (as a percent)					90.00%
Percentage of interest acquired					10.00%
Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets transitioned | property														37
Assets Leased to Others | 2019 Amended Master Lease | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties to be restructured | property																24
Number of leases to be terminated | lease	1
Percent of sales proceeds	6.50%
Number of properties to be reallocated | property																14
Future rent	$ 20,000,000	20,000,000
Capital investment	$ 35,000,000	$ 35,000,000
Capital investment term	5 years
Annual percent increase	7.00%
Assets Leased to Others | 2019 Amended Master Lease | Brookedale MTCA | Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of leases to be terminated | property						1
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 | property							1
Other Non-reportable Segments | Assets Leased to Others | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count															15	15		15
Other Non-reportable Segments | Assets Leased to Others | CCRC JV | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count							13				13				13	13
Interest acquired		51.00%
Senior Housing Triple-Net
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property									18			2
Senior Housing Triple-Net | Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property					78													43
Disposition of properties, available for sale | property					32
Reduction in rent																			$ 5,000,000
Number of properties with rent concessions | property																			3
Total consideration for disposition of real estate					$ 35,000,000
Number of assets transitioned | property														17
Senior Housing Triple-Net | Assets Leased to Others | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties disposed | property					2
SHOP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property							4	2	7	1		11
SHOP | Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets transitioned | property														20
SHOP | Assets Leased to Others | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property					4
SHOP | Assets Leased to Others | RIDEA Facilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property					36
Total consideration for disposition of real estate					$ 240,000,000

Real Estate Transactions - Real

Real Estate Transactions - Real Estate Investments (Details) $ in Thousands

Nov. 03, 2020USD ($)

Oct. 31, 2020USD ($)aproperty

Sep. 30, 2020USD ($)

Jul. 31, 2020USD ($)property

Apr. 30, 2020USD ($)

Dec. 31, 2019USD ($)propertyasset

Jul. 31, 2019USD ($)propertyfacility

Jun. 30, 2019USD ($)property

May 31, 2019USD ($)property

Apr. 30, 2019USD ($)property

Mar. 31, 2019USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)property

Dec. 31, 2018property

Real Estate [Line Items]

Debt assumed

$ 6,420,792

$ 6,420,792

Loss (gain) upon change of control, net

$ 173,222

$ 11,481

SHOP JV

Real Estate [Line Items]

Loss (gain) upon change of control, net

$ 161,000

Assets Leased to Others

Real Estate [Line Items]

Number of assets transitioned | property

37

SHOP JV

Real Estate [Line Items]

Investment ownership percentage

54.00%

54.00%

Purchase cost

$ 367,000

$ 367,000

Partnership investment ownership percentage

46.50%

46.50%

Mortgage Debt

Real Estate [Line Items]

Debt assumed

$ 420,792

$ 112,000

$ 50,000

$ 420,792

Massachusetts | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

$ 54,000

Massachusetts | Life science joint ventures | Subsequent Event

Real Estate [Line Items]

Investment ownership percentage

49.00%

San Francisco, California | Subsequent Event

Real Estate [Line Items]

Payments for deposits on real estate acquisitions

$ 10,000

Area of land | a

12

Payments to acquire land

$ 128,000

Number of adjacent sites currently held | 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

Life science | Massachusetts

Real Estate [Line Items]

Payments to acquire real estate

$ 320,000

Life science | Massachusetts | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

$ 610,000

Number of properties acquired | property

3

Payments for deposits on real estate acquisitions

$ 20,000

Life science | Boston | Life science facility

Real Estate [Line Items]

Payments to acquire real estate

$ 228,000

Number of properties acquired | facility

4

Life science | Cambridge | Life science facility

Real Estate [Line Items]

Payments to acquire real estate

$ 333,000

Number of properties acquired | asset

1

Life science | San Diego

Real Estate [Line Items]

Number of properties acquired | property

1

Life science | San Diego | Life science facility

Real Estate [Line Items]

Payments to acquire real estate

$ 16,000

Medical office

Real Estate [Line Items]

Number of properties acquired | property

1

Medical office | ARIZONA

Real Estate [Line Items]

Payments to acquire real estate

$ 27,000

Medical office | Indiana, Missouri, Illinois

Real Estate [Line Items]

Payments for deposits on real estate acquisitions

$ 9,000

Medical office | Indiana, Missouri, Illinois | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

$ 169,000

Number of properties acquired | property

7

Medical office | Kansas

Real Estate [Line Items]

Payments to acquire real estate

$ 15,000

Number of properties acquired | property

1

Medical office | Texas

Real Estate [Line Items]

Payments to acquire real estate

$ 9,000

Number of properties acquired | property

1

Life science joint ventures

Real Estate [Line Items]

Payments to acquire real estate

$ 245,000

Number of properties acquired | property

2

Senior Housing | Vintage Park JV

Real Estate [Line Items]

Number of properties acquired | property

1

Investment ownership percentage

100.00%

Payments to acquire outstanding equity interests

$ 24,000

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

SHOP | Assets Leased to Others

Real Estate [Line Items]

Number of assets transitioned | property

20

SHOP | SHOP JV

Real Estate [Line Items]

Investment ownership percentage

53.50%

53.50%

Purchase cost

$ 790,000

$ 790,000

SHOP | SHOP JV | Assets Leased to Others

Real Estate [Line Items]

Number of assets transitioned | property

19

Real Estate Transactions - Deve

Real Estate Transactions - Development Activities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Real Estate [Abstract]
Development and redevelopment projects, amount increase (decrease)	$ 37
Development commitments	$ 398

Real Estate Transactions - Held

Real Estate Transactions - Held for Sale (Details) $ in Thousands	Jan. 31, 2020property	Mar. 31, 2020property	Dec. 31, 2019USD ($)property	Sep. 30, 2020USD ($)propertyinvestmentloan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of loan receivables | loan				5
Assets held for sale, net			$ 504,394	$ 2,213,185
Accumulated depreciation			$ 2,771,922	$ 2,507,881
Number of properties disposed | property		18
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	18		18
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments held for sale | investment				2
Assets held for sale, net			$ 504,000	$ 2,210,000
Real estate			476,000	2,150,000
Accumulated depreciation			$ 243,000	659,000
Loans receivable				$ 23,000
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			27	33
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	5
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			28	97
Held-for-sale | Other Non-reportable Segments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property				1
Held-for-sale | 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			$ 32,000	$ 77,000
Other liabilities			$ 4,000	$ 16,000

Real Estate Transactions - Disp

Real Estate Transactions - Dispositions of Real Estate (Details) $ in Thousands	Jan. 31, 2020USD ($)property	Oct. 31, 2020USD ($)property	Sep. 30, 2020USD ($)property	Jun. 30, 2020USD ($)property	Mar. 31, 2020USD ($)property	Sep. 30, 2019USD ($)property	Jun. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)property	Dec. 31, 2019property
Real Estate [Line Items]
Gain (loss) on sales of real estate, net			$ 149		$ 165,000	$ (784)		$ 247,881	$ 18,708
Number of properties disposed | property					18
Brookedale MTCA
Real Estate [Line Items]
Gain (loss) on sales of real estate, net	$ 164,000
Number of properties disposed | property	18									18
SHOP and Senior Housing Triple-Net | Subsequent Event
Real Estate [Line Items]
Proceeds from sale of buildings		$ 88,000
SHOP
Real Estate [Line Items]
Proceeds from sale of buildings			12,000	$ 28,000	$ 36,000	7,000			89,000
Gain (loss) on sales of real estate, net				2,000
SHOP | Subsequent Event | Definitive Agreement Four
Real Estate [Line Items]
Proceeds from sale of buildings		$ 3,000					$ 115,000
Senior housing triple-net
Real Estate [Line Items]
Proceeds from sale of buildings					$ 385,000				26,000
Medical office
Real Estate [Line Items]
Proceeds from sale of buildings			14,000			$ 3,000			18,000
Medical office | San Diego
Real Estate [Line Items]
Proceeds from sale of buildings				106,000
Gain (loss) on sales of real estate, net				$ 81,000
Undeveloped MOB land parcel
Real Estate [Line Items]
Proceeds from sale of buildings			$ 2,000
Life science
Real Estate [Line Items]
Proceeds from sale of buildings									7,000
Undeveloped Life Science
Real Estate [Line Items]
Proceeds from sale of buildings									$ 35,000
SHOP
Real Estate [Line Items]
Number of assets to be sold | property			4	2	7	1			11
SHOP | Subsequent Event
Real Estate [Line Items]
Number of assets to be sold | property		7
SHOP | Subsequent Event | Definitive Agreement Four
Real Estate [Line Items]
Number of assets to be sold | property							7
Senior housing triple-net
Real Estate [Line Items]
Number of assets to be sold | property					18				2
Senior housing triple-net | Subsequent Event
Real Estate [Line Items]
Number of assets to be sold | property		3
Medical office
Real Estate [Line Items]
Number of assets to be sold | property			4			1			6
Medical office | San Diego
Real Estate [Line Items]
Number of assets to be sold | property				3
Undeveloped MOB land parcel
Real Estate [Line Items]
Number of assets to be sold | property			1
Other non-reportable
Real Estate [Line Items]
Number of assets to be sold | property			1
Proceeds from sale of buildings			$ 1,000
Life science
Real Estate [Line Items]
Number of assets to be sold | property									1
Undeveloped Life Science
Real Estate [Line Items]
Number of assets to be sold | property									1

Real Estate Transactions - Impa

Real Estate Transactions - Impairments of Real Estate (Details) $ / item in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)property	Jun. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / itemproperty	Sep. 30, 2019USD ($)$ / itemproperty
Real Estate [Line Items]
Impairment of real estate	$ 37,000			$ 87,000
Impairments and loan loss reserves (recoveries), net				$ 97,723	$ 115,653
Casualty related gain					$ 5,000
Minimum
Real Estate [Line Items]
Impairment calculation, price per unit | $ / item				33	46
Impairment test, market capitalization rate		4.97%			4.97%
Maximum
Real Estate [Line Items]
Impairment calculation, price per unit | $ / item				300	125
Impairment test, market capitalization rate		8.27%			8.27%
Weighted Average
Real Estate [Line Items]
Impairment calculation, price per unit | $ / item				136	71
Impairment test, market capitalization rate		6.09%			6.09%
Impairments 2020
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment	200,000			$ 200,000
Real estate held-for-sale	163,000			163,000
Impairments 2020
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment	424,000			424,000
Real estate held-for-sale	$ 337,000			$ 337,000
Impairments 2019
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment		$ 288,000			$ 288,000
Seven shop senior housing triplenet asset
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment		124,000			124,000
Real estate held-for-sale		90,000			90,000
Fifteen shop senior housing triplenet asset
Real Estate [Line Items]
Real estate held-for-sale		195,000			195,000
Senior housing Triple Net, SHOP, MOB, and other non-reportable
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net		$ 34,000			$ 93,000
SHOP
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net			$ 10,000
Number of real estate properties impaired | property	9	7		28	15
Senior housing triple-net
Real Estate [Line Items]
Number of real estate properties impaired | property	1	4		5	4
Medical office
Real Estate [Line Items]
Impairments and loan loss reserves (recoveries), net					$ 9,000
Number of real estate properties impaired | property	1	2		2	2
Asset impairment charge due to intent to demolish		$ 4,000			$ 4,000
Number of real estate properties impaired due intent to demolish | property		1			1
Undeveloped MOB land parcel
Real Estate [Line Items]
Number of real estate properties impaired | property				1
Other Non-reportable Asset [Member]
Real Estate [Line Items]
Number of real estate properties impaired | property		1			1

Real Estate Transactions - Defe

Real Estate Transactions - Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Real Estate [Abstract]
Deferred tax assets valuation allowance	$ 31	$ 31

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 262,558	$ 255,447	$ 770,327	$ 730,277
Variable income from operating leases	63,972	57,153	183,254	177,742
Interest income from direct financing leases	$ 2,150	$ 9,590	$ 7,569	$ 33,304

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details) $ in Thousands	Sep. 30, 2020USD ($)property	Dec. 31, 2019USD ($)property
Lessor, Lease, Description [Line Items]
Present value of minimum lease payments receivable	$ 11,955	$ 19,138
Present value of estimated residual value	44,706	84,604
Less deferred selling profits	(11,955)	(19,138)
Net investment in direct financing leases	$ 44,706	$ 84,604
Properties subject to direct financing leases | property	1	2
Percentage of DFL Portfolio	100.00%
Other non-reportable
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 44,706
Percentage of DFL Portfolio	100.00%
Performing DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 44,706
Performing DFLs | Other non-reportable
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	44,706
Watch List DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	0
Watch List DFLs | Other non-reportable
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
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 0

Leases - Direct Financing Lea_2

Leases - Direct Financing Lease Sale and Conversion (Details)	3 Months Ended				9 Months Ended
	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)facility	Mar. 31, 2019USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)property
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivable	$ 82,000,000
Gain on sale of direct financing lease	$ 42,000,000
Conversion of DFLs to real estate					$ 0	$ 350,540,000
Intangible assets, net					$ 501,583,000		$ 331,693,000
Properties subject to direct financing leases | property					1		2
Impairments and loan loss reserves (recoveries), net					$ 97,723,000	115,653,000
Income from DFLs		$ 5,000,000				17,000,000
Cash payments received		$ 5,000,000				$ 16,000,000
SHOP
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivable			$ 274,000,000
Number of leases disposed of (in facilities) | facility			13
Impairments and loan loss reserves (recoveries), net			$ 10,000,000
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 | Senior Housing Triple-Net | Real Estate Investment
Lessor, Lease, Description [Line Items]
Real estate investment property				331,000,000
DFL Portfolio | Watch List DFLs | Senior Housing Triple-Net | Intangible Assets
Lessor, Lease, Description [Line Items]
Intangible assets, net				20,000,000
DFL Portfolio | Watch List DFLs | SHOP
Lessor, Lease, Description [Line Items]
Gain (loss) on recognition of lease				$ 0
Properties subject to direct financing leases | property				14

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating leases	$ 24,984	$ 4,084

Leases - Rent Deferrals (Detail

Leases - Rent Deferrals (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Medical Office
Lessor, Lease, Description [Line Items]
Rent deferred during the period	$ 6
Deferred rent outstanding	3
Life Science
Lessor, Lease, Description [Line Items]
Rent deferred during the period	$ 1

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ 887	$ 863
Reserve for loan losses	(11,547)	0
Loans receivable including loans receivable held for sale	253,785	190,579
Loans receivable held for sale	(22,623)	0
Loans receivable, net	231,162	190,579
Remaining loans receivable commitments	14,000	25,000
Loans receivable commitments	196,000	174,000
Secured mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	212,393	161,964
Loans receivable held for sale	(11,000)
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	52,052	$ 27,752
Loans receivable held for sale	$ (12,000)

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)loanproperty	Sep. 30, 2020USD ($)loanproperty	Jan. 31, 2020facility	Jan. 31, 2020property	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2019property
Loans Receivable:
Number of loan receivables | loan	5	5
Loan receivable held for sale	$ 22,623	$ 22,623				$ 0
Financing receivable, after allowance for credit loss	253,785	253,785				$ 190,579
Credit loss reserve on unfunded loan commitments	111	111
Credit loss expenses (recovery)	$ (3,000)	$ 10,000
Secured mortgage loans
Loans Receivable:
Number of loan receivables | loan	2	2
Loan receivable held for sale	$ 11,000	$ 11,000
Mezzanine and other
Loans Receivable:
Number of loan receivables | loan	3	3
Loan receivable held for sale	$ 12,000	$ 12,000
CCRC JV | Brookedale MTCA
Loans Receivable:
Property count | property				15
CCRC JV | Assets Leased to Others | Other non-reportable
Loans Receivable:
Property count			15	15			15
CCRC JV | Assets Leased to Others | Brookedale MTCA | Other non-reportable
Loans Receivable:
Property count	13	13	13	13
Financing receivable, after allowance for credit loss	$ 21,000	$ 21,000			$ 30,000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Sep. 30, 2020USD ($)
Secured mortgage loans
Loans Receivable:
2020	$ 36,805
2019	58,998
2018	0
2017	114,459
2016	0
Total	210,262
Mezzanine and other
Loans Receivable:
2020	18,966
2019	14,243
2018	0
2017	1,861
2016	8,453
Total	43,523
Performing loans | Secured mortgage loans
Loans Receivable:
2020	36,805
2019	58,998
2018	0
2017	114,459
2016	0
Total	210,262
Performing loans | Mezzanine and other
Loans Receivable:
2020	18,966
2019	14,243
2018	0
2017	0
2016	8,453
Total	41,662
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	1,861
2016	0
Total	1,861
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	9 Months Ended
	Sep. 30, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, December 31, 2019	$ 0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	1,420
Provision for expected loan losses	10,127
Reserve for loan losses, September 30, 2020	11,547
Secured Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, December 31, 2019	0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	513
Provision for expected loan losses	1,851
Reserve for loan losses, September 30, 2020	2,364
Mezzanine and Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, December 31, 2019	0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	907
Provision for expected loan losses	8,276
Reserve for loan losses, September 30, 2020	$ 9,183

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	Jan. 31, 2020facility	Oct. 31, 2020USD ($)	Jan. 31, 2020USD ($)facility	Oct. 31, 2019USD ($)joint_ventureproperty	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)propertyjoint_venture	Dec. 31, 2019USD ($)joint_ventureproperty	Jan. 31, 2020property	Jan. 31, 2020	Jan. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Advances to unconsolidated joint ventures, net						$ 0	$ 76
Investments in and advances to unconsolidated joint ventures						436,271	825,515
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Equity method investments						$ 9,000
Investment return percentage						10.00%
Discovery Naples JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						41.00%
Discovery Sarasota JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage						47.00%
SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count | property						19
Investment ownership percentage						54.00%
Equity method investments						$ 374,198	428,258
MBK JV
Schedule of Equity Method Investments [Line Items]
Property count | property						5
Investment ownership percentage						50.00%
Equity method investments						$ 36,034	33,415
Other SHOP JVs
Schedule of Equity Method Investments [Line Items]
Property count | property						2
Equity method investments						$ 15,973	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%
Waldwick | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		100.00%
Additional ownership percentage acquired		15.00%
Payments to acquire real estate joint ventures		$ 4,000
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						$ 9,719	$ 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%
CCRC JV
Schedule of Equity Method Investments [Line Items]
Property count | property						2
Investment ownership percentage						49.00%	49.00%		49.00%
Equity method investments						$ 347	$ 325,830
Number of properties classified as held for sale | property							1
Impairment charge					$ 6,000		$ 12,000
Other JVs
Schedule of Equity Method Investments [Line Items]
Property count | property						0
Equity method investments						$ 0	$ 10,372
K&Y JVs
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							80.00%
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				1			1
Proceeds from sale of equity method investments			$ 12,000	$ 4,000
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
Equity method investments										$ 323,000
CCRC JV | Assets Leased to Others | Other non-reportable
Schedule of Equity Method Investments [Line Items]
Property count	15		15	15				15
CCRC JV | Assets Leased to Others | Other non-reportable | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count	13		13			13		13
Interest acquired			51.00%

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Intangibles [Abstract]
Gross intangible lease assets	$ 722,259	$ 615,538
Accumulated depreciation and amortization	(220,676)	(283,845)
Intangible assets, net(1)	$ 501,583	$ 331,693
Weighted average remaining amortization period in years	6 years	5 years

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Intangibles [Abstract]
Gross intangible lease liabilities	$ 153,624	$ 113,213
Accumulated depreciation and amortization	(45,593)	(38,222)
Intangible liabilities, net	$ 108,031	$ 74,991
Weighted average remaining amortization period in years	8 years	7 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)property	Dec. 31, 2019USD ($)	Jan. 31, 2020facility	Jan. 31, 2020property	Oct. 31, 2019property	Jan. 01, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years	6 years	5 years
Weighted average remaining amortization period in years	8 years	7 years
Intangible assets, net	$ 501,583	$ 331,693
Intangible liabilities, net	108,031	74,991
Held-for-sale
Finite-Lived Intangible Assets [Line Items]
Intangible assets, held for sale	14,000	$ 11,000
Accounting Standards Update 2016-12
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net						$ 39,000
Intangible liabilities, net						$ 6,000
Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	298,000
Intangible liabilities acquired	$ 42,000
Weighted average remaining amortization period in years	7 years
Weighted average remaining amortization period in years	10 years
Brookedale MTCA | CCRC JV
Finite-Lived Intangible Assets [Line Items]
Property count | property				15
Other non-reportable | CCRC JV | Assets Leased to Others
Finite-Lived Intangible Assets [Line Items]
Property count			15	15	15
Other non-reportable | Brookedale MTCA | CCRC JV | Assets Leased to Others
Finite-Lived Intangible Assets [Line Items]
Property count	13		13	13

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details)	May 23, 2019USD ($)renewal_option	Sep. 30, 2020USD ($)	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)		0.83%
Bank Line of Credit | 2019 Term Loan
Debt Instrument
Face amount				$ 250,000,000
Weighted-average interest rate (as a percent)		1.14%
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	Sep. 30, 2020USD ($)
Debt Instrument
Maximum outstanding amount capacity	$ 1,000,000,000
Borrowings	$ 0

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)

Jul. 09, 2020

Jun. 24, 2020

Nov. 21, 2019

Jul. 22, 2019

Jul. 08, 2019

Jul. 31, 2019

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Jun. 23, 2020

Dec. 31, 2019

Jul. 05, 2019

Debt Instrument

Principal balance on debt

$ 6,420,792,000

$ 6,420,792,000

Loss on extinguishment of debt

17,921,000

$ 35,017,000

42,912,000

$ 36,152,000

Senior Unsecured Note

Debt Instrument

Principal balance on debt

$ 5,750,000,000

$ 5,750,000,000

Senior Unsecured Note | 2031 Notes

Debt Instrument

Face amount

$ 600,000,000

Percentage of stated interest rate

2.88%

Senior Unsecured Note | Unsecured note 3.150 percent

Debt Instrument

Face amount

$ 300,000,000

Percentage of stated interest rate

3.15%

Senior Unsecured Note | Unsecured noted 4.250 Percent

Debt Instrument

Face amount

$ 250,000,000

Percentage of stated interest rate

4.25%

4.25%

Repayment of senior unsecured notes

$ 250,000,000

Senior Unsecured Note | 2022 Notes

Debt Instrument

Percentage of stated interest rate

4.00%

4.00%

Repayment of senior unsecured notes

$ 250,000,000

Loss on extinguishment of debt

$ 18,000,000

Senior Unsecured Note | 2023 Notes

Debt Instrument

Percentage of stated interest rate

4.25%

Loss on extinguishment of debt

$ 26,000,000

Senior Unsecured Note | 2030 Notes

Debt Instrument

Face amount

$ 750,000,000

Percentage of stated interest rate

3.00%

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 | Unsecured noted 4.000 Percent

Debt Instrument

Percentage of stated interest rate

4.00%

Repayment of senior unsecured notes

$ 350,000,000

Loss on extinguishment of debt

$ 22,000,000

Senior Unsecured Note | 2020 Notes

Debt Instrument

Percentage of stated interest rate

2.63%

2.63%

Repayment of senior unsecured notes

$ 800,000,000

Senior Unsecured Note | Senior Notes Due 2020, 2022, and 2023

Debt Instrument

Loss on extinguishment of debt

$ 35,000,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 31, 2019USD ($)property	May 31, 2019USD ($)property	Apr. 30, 2019property	Sep. 30, 2020USD ($)facility	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)facility	Sep. 30, 2019USD ($)
Debt Instrument
Principal balance on debt				$ 6,420,792		$ 6,420,792
Senior Housing | Senior Housing
Debt Instrument
Number of properties acquired | property	5	3	9
Mortgage Debt
Debt Instrument
Principal balance on debt	$ 112,000	$ 50,000		$ 420,792		$ 420,792
Number of healthcare facilities used to secure debt (in facilities) | facility				14		14
Debt instrument, collateral, healthcare facilities carrying value				$ 856,000		$ 856,000
Debt instrument, periodic payment				$ 2,000	$ 1,000	$ 10,000	$ 3,000
Weighted-average interest rate (as a percent)	4.89%	4.83%		3.62%		3.62%

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jul. 31, 2019	May 31, 2019
Debt Instrument
2020 (three months)	$ 1,884
2021	15,004
2022	7,215
2023	392,365
2024	1,405,652
Thereafter	4,598,672
Total debt before discount, net	6,420,792
(Discounts), premium and debt costs, net	(40,897)
Long-term debt, net assets held for sale	6,379,895
Long-term debt	6,457,117
Held-for-sale
Debt Instrument
Debt on assets held for sale	77,222
Bank Line of Credit
Debt Instrument
2020 (three months)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt before discount, net	0
(Discounts), premium and debt costs, net	0
Long-term debt, net assets held for sale	0
Long-term debt	0
Bank Line of Credit | Held-for-sale
Debt Instrument
Debt on assets held for sale	0
Commercial Paper
Debt Instrument
2020 (three months)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt before discount, net	0
(Discounts), premium and debt costs, net	0
Long-term debt, net assets held for sale	0
Long-term debt	0
Commercial Paper | Held-for-sale
Debt Instrument
Debt on assets held for sale	0
Term Loan
Debt Instrument
2020 (three months)	0
2021	0
2022	0
2023	0
2024	250,000
Thereafter	0
Total debt before discount, net	250,000
(Discounts), premium and debt costs, net	(878)
Long-term debt, net assets held for sale	249,122
Long-term debt	249,122
Term Loan | Held-for-sale
Debt Instrument
Debt on assets held for sale	0
Senior Unsecured Note
Debt Instrument
2020 (three months)	0
2021	0
2022	0
2023	300,000
2024	1,150,000
Thereafter	4,300,000
Total debt before discount, net	5,750,000
(Discounts), premium and debt costs, net	(54,433)
Long-term debt, net assets held for sale	5,695,567
Long-term debt	$ 5,695,567
Weighted-average interest rate (as a percent)	3.86%
Weighted-average maturity	7 years
Senior Unsecured Note | Held-for-sale
Debt Instrument
Debt on assets held for sale	$ 0
Senior Unsecured Note | Minimum
Debt Instrument
Percentage of stated interest rate	3.08%
Senior Unsecured Note | Maximum
Debt Instrument
Percentage of stated interest rate	6.87%
Mortgage Debt
Debt Instrument
2020 (three months)	$ 1,884
2021	15,004
2022	7,215
2023	92,365
2024	5,652
Thereafter	298,672
Total debt before discount, net	420,792	$ 112,000	$ 50,000
(Discounts), premium and debt costs, net	14,414
Long-term debt, net assets held for sale	435,206
Long-term debt	$ 512,428
Weighted-average interest rate (as a percent)	3.62%	4.89%	4.83%
Weighted-average maturity	7 years
Mortgage Debt | Held-for-sale
Debt Instrument
Debt on assets held for sale	$ 77,222
Mortgage Debt | Held-for-sale | Debt Maturing In 2027
Debt Instrument
Weighted-average interest rate (as a percent)	1.23%
Mortgage Debt | Held-for-sale | Debt Maturing In 2044
Debt Instrument
Weighted-average interest rate (as a percent)	3.45%
Mortgage Debt | Minimum
Debt Instrument
Percentage of stated interest rate	1.23%
Mortgage Debt | Maximum
Debt Instrument
Percentage of stated interest rate	5.91%

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended
	Oct. 31, 2020USD ($)	Sep. 30, 2020USD ($)property
Loss Contingencies [Line Items]
Loss contingency accrual		$ 0
Third party debt collateralized by facilities, debt amount		57,000,000
Third party debt collateralized by facilities, asset carrying amount		$ 323,000,000
Subsequent Event
Loss Contingencies [Line Items]
Transaction cost	$ 11,000,000
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement | property		25

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended			4 Months Ended	9 Months Ended		12 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Dec. 31, 2018	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Issuance of common stock, net				$ 511		$ 102,429	$ 1,060,000	$ 1,065,900	$ 509,242
At-The-Market Program
Class of Stock [Line Items]
Option indexed to issuers equity, term								1 year
2019 ATM Program
Class of Stock [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)						1,200,000		2,000,000	14,800,000
Forward equity sales agreement, initial net price (in usd per share)						$ 31.10		$ 35.23	$ 31.23
2019 ATM Program, Settled
Class of Stock [Line Items]
Share settlement (in shares)					16,800,000	5,500,000	16,800,000		5,500,000
Weighted average settlement price (in usd per share)					$ 31.38				$ 30.91
Issuance of common stock, net					$ 528,000				$ 171,000
Issuance of common stock, net (in shares)				0
Remainder outstanding (in shares)				0				0
ATM Direct Issuances
Class of Stock [Line Items]
Weighted average net price (in usd per share)						$ 31.84			$ 31.84
ATM Direct Issuances | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net									$ 189,000
Issuance of common stock, net (in shares)				0				0	5,900,000
2020 ATM Program
Class of Stock [Line Items]
ATM aggregate amount authorized	$ 1,250,000
ATM aggregate amount remaining								$ 1,250,000
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
Issuance of common stock, net (in shares)								0		0
2019 Forward Equity Offering | Maximum
Class of Stock [Line Items]
Weighted average net price (in usd per share)					$ 34.18		$ 34.18
Forward Equity Offering
Class of Stock [Line Items]
Option indexed to issuers equity, term			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
Issuance of common stock, net						$ 100,000			$ 142,000	$ 422,000
Issuance of common stock, net (in shares)						3,600,000			5,100,000	0
Weighted average net price (in usd per share)						$ 27.85			$ 27.85
Forward Equity Offering | Maximum
Class of Stock [Line Items]
Weighted average net price (in usd per share)						$ 27.93			$ 27.93	$ 27.66

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment	$ 0	$ (1,023)
Unrealized gains (losses) on derivatives, net	(162)	1,314
Supplemental Executive Retirement Plan minimum liability and other	(3,074)	(3,148)
Total accumulated other comprehensive income (loss)	$ (3,236)	$ (2,857)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)	0	0	268	1,901
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)	7,000	7,000	7,000	7,000

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator
Net income (loss)	$ (59,581)	$ (42,308)	$ 278,008	$ 12,702
Noncontrolling interests' share in earnings	(3,836)	(3,555)	(10,839)	(10,692)
Net income (loss) attributable to Healthpeak Properties, Inc.	(63,417)	(45,863)	267,169	2,010
Less: Participating securities' share in earnings	(351)	(386)	(2,151)	(1,223)
Net income (loss) applicable to common shares	$ (63,768)	$ (46,249)	$ 265,018	$ 787
Denominator
Basic weighted average shares outstanding (in shares)	538,333	491,203	527,908	482,595
Dilutive potential common shares - equity awards (in shares)	0	0	279	296
Dilutive potential common shares - forward equity agreements (in shares)	0	0	268	1,901
Diluted weighted average common shares (in shares)	538,333	491,203	528,455	484,792
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.50	$ 0
Diluted (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.50	$ 0
Outstanding equity awards (in shares)	1,000	1,000	1,000	1,000
Forward sales agreements that have been settled (in shares)			32,000	11,000
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 ($)facility	Sep. 30, 2020USD ($)property	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)facilityproperty	Sep. 30, 2019USD ($)facility	Jan. 31, 2020property	Dec. 31, 2019facility	Oct. 31, 2019property	Nov. 30, 2017property
Segment Disclosure
Deferred tax assets valuation allowance		$ 31,000			$ 31,000
Tax benefit recognized in conjunction with internal restructuring activities					51,000
Tax benefit recognized from CARES Act					3,600
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		597,739		$ 537,971	1,771,329	$ 1,465,692
Government grant income		2,153			16,233
Less: Interest income		(4,443)		(2,741)	(12,361)	(6,868)
Healthpeak's share of unconsolidated joint venture total revenues		28,794		63,542	107,143	192,614
Healthpeak's share of unconsolidated joint venture government grant income		295			1,099
Noncontrolling interests' share of consolidated joint venture total revenues		(9,313)		(9,172)	(27,451)	(26,934)
Operating expenses		(314,292)		(248,069)	(1,006,146)	(630,989)
Healthpeak's share of unconsolidated joint venture operating expenses		(23,373)		(47,311)	(83,427)	(140,321)
Noncontrolling interests' share of consolidated joint venture operating expenses		3,009		2,997	8,939	8,613
Adjustments to NOI		(9,510)		(3,755)	70,864	(1,643)
Adjusted NOI		271,059		293,462	846,222	860,164
Plus: Adjustments to NOI		9,510		3,755	(70,864)	1,643
Interest income		4,443		2,741	12,361	6,868
Interest expense		(56,235)		(61,230)	(172,161)	(167,499)
Depreciation and amortization		(173,630)		(171,944)	(541,394)	(469,191)
General and administrative		(21,661)		(22,970)	(67,730)	(71,445)
Transaction costs		(2,586)		(1,319)	(18,061)	(7,174)
Impairments and loan loss reserves (recoveries), net		(34,550)		(38,257)	(97,723)	(115,653)
Gain (loss) on sales of real estate, net		149	$ 165,000	(784)	247,881	18,708
Loss on debt extinguishments		(17,921)		(35,017)	(42,912)	(36,152)
Other income (expense), net		7,060		693	237,254	24,834
Income tax benefit (expense)(3)		(24,174)		6,261	16,216	11,583
Less: Government grant income		(2,153)			(16,233)
Less: Healthpeak's share of unconsolidated joint venture NOI		(5,716)		(16,231)	(24,815)	(52,293)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		6,304		6,175	18,512	18,321
Equity income (loss) from unconsolidated joint ventures		(19,480)		(7,643)	(48,545)	(10,012)
Net income (loss)		(59,581)		(42,308)	278,008	12,702
Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		597,739		537,971	1,771,329	1,465,692
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		0		0	0	0
Government grant income		0			0
Less: Interest income		0		0	0	0
Healthpeak's share of unconsolidated joint venture total revenues		0		0	0	0
Healthpeak's share of unconsolidated joint venture government grant income		0			0
Noncontrolling interests' share of consolidated joint venture total revenues		0		0	0	0
Operating expenses		0		0	0	0
Healthpeak's share of unconsolidated joint venture operating expenses		0		0	0	0
Noncontrolling interests' share of consolidated joint venture operating expenses		0		0	0	0
Adjustments to NOI		0		0	0	0
Adjusted NOI		0		0	0	0
Plus: Adjustments to NOI		0		0	0	0
Interest income		0		0	0	0
Interest expense		(51,401)		(58,311)	(157,883)	(161,433)
Depreciation and amortization		0		0	0	0
General and administrative		(21,661)		(22,970)	(67,730)	(71,445)
Transaction costs		(2,586)		(1,319)	(18,061)	(7,174)
Impairments and loan loss reserves (recoveries), net		0		0	0	0
Gain (loss) on sales of real estate, net		0		0	0	0
Loss on debt extinguishments		(17,921)		(35,017)	(42,912)	(36,152)
Other income (expense), net		2,765		(287)	4,569	11,037
Income tax benefit (expense)(3)		(24,174)		6,261	16,216	11,583
Less: Government grant income		0			0
Less: Healthpeak's share of unconsolidated joint venture NOI		0		0	0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0		0	0	0
Equity income (loss) from unconsolidated joint ventures		0		0	0	0
Net income (loss)		(114,978)		(111,643)	$ (265,801)	$ (253,584)
Senior Housing Triple-Net
Segment Disclosure
Number of facilities transitioned | facility					9	39
Senior Housing Triple-Net | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		24,558		47,956	$ 82,282	$ 156,592
Government grant income		0			0
Less: Interest income		0		0	0	0
Healthpeak's share of unconsolidated joint venture total revenues		0		0	0	0
Healthpeak's share of unconsolidated joint venture government grant income		0			0
Noncontrolling interests' share of consolidated joint venture total revenues		0		0	0	(1)
Operating expenses		(421)		(865)	(1,453)	(2,725)
Healthpeak's share of unconsolidated joint venture operating expenses		0		0	0	0
Noncontrolling interests' share of consolidated joint venture operating expenses		0		0	0	0
Adjustments to NOI		93		(1,537)	(3,240)	3,834
Adjusted NOI		24,230		45,554	77,589	157,700
Plus: Adjustments to NOI		(93)		1,537	3,240	(3,834)
Interest income		0		0	0	0
Interest expense		(45)		(106)	(199)	(901)
Depreciation and amortization		(6,694)		(12,773)	(21,031)	(45,138)
General and administrative		0		0	0	0
Transaction costs		0		0	0	0
Impairments and loan loss reserves (recoveries), net		(12,097)		(7,430)	(17,774)	(22,914)
Gain (loss) on sales of real estate, net		0		0	164,043	3,557
Loss on debt extinguishments		0		0	0	0
Other income (expense), net		0		0	0	0
Income tax benefit (expense)(3)		0		0	0	0
Less: Government grant income		0			0
Less: Healthpeak's share of unconsolidated joint venture NOI		0		0	0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0		0	0	1
Equity income (loss) from unconsolidated joint ventures		0		0	0	0
Net income (loss)		$ 5,301		26,782	$ 205,868	88,471
SHOP
Segment Disclosure
Number of deconsolidating assets		19			19			19
SHOP | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		$ 149,615		212,275	$ 475,869	515,457
Government grant income		392			2,601
Less: Interest income		0		0	0	0
Healthpeak's share of unconsolidated joint venture total revenues		23,800		4,943	74,249	16,514
Healthpeak's share of unconsolidated joint venture government grant income		49			319
Noncontrolling interests' share of consolidated joint venture total revenues		(459)		(515)	(1,501)	(1,510)
Operating expenses		(130,729)		(166,201)	(406,366)	(400,608)
Healthpeak's share of unconsolidated joint venture operating expenses		(18,280)		(3,816)	(54,922)	(12,407)
Noncontrolling interests' share of consolidated joint venture operating expenses		361		388	1,149	1,058
Adjustments to NOI		(1,228)		739	(579)	2,819
Adjusted NOI		23,521		47,813	90,819	121,323
Plus: Adjustments to NOI		1,228		(739)	579	(2,819)
Interest income		0		0	0	0
Interest expense		(2,649)		(2,637)	(8,341)	(4,626)
Depreciation and amortization		(24,966)		(58,152)	(113,591)	(134,481)
General and administrative		0		0	0	0
Transaction costs		0		0	0	0
Impairments and loan loss reserves (recoveries), net		(24,229)		(24,721)	(63,672)	(77,685)
Gain (loss) on sales of real estate, net		(2,134)		(734)	(1,798)	8,844
Loss on debt extinguishments		0		0	0	0
Other income (expense), net		392		0	2,601	12,817
Income tax benefit (expense)(3)		0		0	0	0
Less: Government grant income		(392)			(2,601)
Less: Healthpeak's share of unconsolidated joint venture NOI		(5,569)		(1,127)	(19,646)	(4,107)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		98		127	352	452
Equity income (loss) from unconsolidated joint ventures		(19,432)		(392)	(55,360)	(1,473)
Net income (loss)		(54,132)		(40,562)	(170,658)	(81,755)
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		115,031		0	320,737	0
Government grant income		1,761			13,632
Less: Interest income		0		0	0	0
Healthpeak's share of unconsolidated joint venture total revenues		4,295		52,671	30,723	157,744
Healthpeak's share of unconsolidated joint venture government grant income		246			780
Noncontrolling interests' share of consolidated joint venture total revenues		0		0	0	0
Operating expenses		(94,992)		0	(345,722)	0
Healthpeak's share of unconsolidated joint venture operating expenses		(4,797)		(43,193)	(27,660)	(127,026)
Noncontrolling interests' share of consolidated joint venture operating expenses		0		0	0	0
Adjustments to NOI		1,684		5,635	93,263	13,832
Adjusted NOI		23,228		15,113	85,753	44,550
Plus: Adjustments to NOI		(1,684)		(5,635)	(93,263)	(13,832)
Interest income		0		0	0	0
Interest expense		(1,983)		0	(5,256)	0
Depreciation and amortization		(30,106)		0	(81,760)	0
General and administrative		0		0	0	0
Transaction costs		0		0	0	0
Impairments and loan loss reserves (recoveries), net		0		0	0	0
Gain (loss) on sales of real estate, net		0		0	0	0
Loss on debt extinguishments		0		0	0	0
Other income (expense), net		3,903		0	188,377	0
Income tax benefit (expense)(3)		0		0	0	0
Less: Government grant income		(1,761)			(13,632)
Less: Healthpeak's share of unconsolidated joint venture NOI		256		(9,478)	(3,843)	(30,718)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0		0	0	0
Equity income (loss) from unconsolidated joint ventures		(322)		(9,194)	(1,801)	(13,858)
Net income (loss)		(8,469)		(9,194)	74,575	(13,858)
Life Science | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		148,702		118,561	416,081	320,630
Government grant income		0			0
Less: Interest income		0		0	0	0
Healthpeak's share of unconsolidated joint venture total revenues		0		0	0	0
Healthpeak's share of unconsolidated joint venture government grant income		0			0
Noncontrolling interests' share of consolidated joint venture total revenues		(66)		(52)	(175)	(134)
Operating expenses		(36,714)		(29,520)	(101,120)	(76,992)
Healthpeak's share of unconsolidated joint venture operating expenses		0		0	0	0
Noncontrolling interests' share of consolidated joint venture operating expenses		18		16	53	42
Adjustments to NOI		(8,330)		(7,062)	(15,389)	(17,146)
Adjusted NOI		103,610		81,943	299,450	226,400
Plus: Adjustments to NOI		8,330		7,062	15,389	17,146
Interest income		0		0	0	0
Interest expense		(57)		(68)	(180)	(211)
Depreciation and amortization		(57,170)		(45,028)	(159,737)	(122,705)
General and administrative		0		0	0	0
Transaction costs		0		0	0	0
Impairments and loan loss reserves (recoveries), net		0		0	0	0
Gain (loss) on sales of real estate, net		0		(87)	0	3,651
Loss on debt extinguishments		0		0	0	0
Other income (expense), net		0		0	0	0
Income tax benefit (expense)(3)		0		0	0	0
Less: Government grant income		0			0
Less: Healthpeak's share of unconsolidated joint venture NOI		0		0	0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI		48		36	122	92
Equity income (loss) from unconsolidated joint ventures		0		0	0	0
Net income (loss)		54,761		43,858	155,044	124,373
Medical Office | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		145,153		143,639	431,935	427,761
Government grant income		0			0
Less: Interest income		0		0	0	0
Healthpeak's share of unconsolidated joint venture total revenues		699		701	2,085	2,115
Healthpeak's share of unconsolidated joint venture government grant income		0			0
Noncontrolling interests' share of consolidated joint venture total revenues		(8,788)		(8,605)	(25,775)	(25,289)
Operating expenses		(51,430)		(51,472)	(151,467)	(150,635)
Healthpeak's share of unconsolidated joint venture operating expenses		(296)		(279)	(846)	(837)
Noncontrolling interests' share of consolidated joint venture operating expenses		2,630		2,593	7,737	7,513
Adjustments to NOI		(2,287)		(1,609)	(4,695)	(4,569)
Adjusted NOI		85,681		84,968	258,974	256,059
Plus: Adjustments to NOI		2,287		1,609	4,695	4,569
Interest income		0		0	0	0
Interest expense		(100)		(108)	(302)	(328)
Depreciation and amortization		(53,688)		(54,152)	(161,408)	(161,350)
General and administrative		0		0	0	0
Transaction costs		0		0	0	0
Impairments and loan loss reserves (recoveries), net		(1,208)		(5,729)	(6,033)	(14,677)
Gain (loss) on sales of real estate, net		2,283		(7)	85,676	2,876
Loss on debt extinguishments		0		0	0	0
Other income (expense), net		0		0	0	0
Income tax benefit (expense)(3)		0		0	0	0
Less: Government grant income		0			0
Less: Healthpeak's share of unconsolidated joint venture NOI		(403)		(422)	(1,239)	(1,278)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		6,158		6,012	18,038	17,776
Equity income (loss) from unconsolidated joint ventures		198		216	604	643
Net income (loss)		41,208		32,387	199,005	104,290
Other non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		14,680		15,540	44,425	45,252
Government grant income		0			0
Less: Interest income		(4,443)		(2,741)	(12,361)	(6,868)
Healthpeak's share of unconsolidated joint venture total revenues		0		5,227	86	16,241
Healthpeak's share of unconsolidated joint venture government grant income		0			0
Noncontrolling interests' share of consolidated joint venture total revenues		0		0	0	0
Operating expenses		(6)		(11)	(18)	(29)
Healthpeak's share of unconsolidated joint venture operating expenses		0		(23)	1	(51)
Noncontrolling interests' share of consolidated joint venture operating expenses		0		0	0	0
Adjustments to NOI		558		79	1,504	(413)
Adjusted NOI		10,789		18,071	33,637	54,132
Plus: Adjustments to NOI		(558)		(79)	(1,504)	413
Interest income		4,443		2,741	12,361	6,868
Interest expense		0		0	0	0
Depreciation and amortization		(1,006)		(1,839)	(3,867)	(5,517)
General and administrative		0		0	0	0
Transaction costs		0		0	0	0
Impairments and loan loss reserves (recoveries), net		2,984		(377)	(10,244)	(377)
Gain (loss) on sales of real estate, net		0		44	(40)	(220)
Loss on debt extinguishments		0		0	0	0
Other income (expense), net		0		980	41,707	980
Income tax benefit (expense)(3)		0		0	0	0
Less: Government grant income		0			0
Less: Healthpeak's share of unconsolidated joint venture NOI		0		(5,204)	(87)	(16,190)
Plus: Noncontrolling interests' share of consolidated joint venture NOI		0		0	0	0
Equity income (loss) from unconsolidated joint ventures		76		1,727	8,012	4,676
Net income (loss)		$ 16,728		$ 16,064	$ 79,975	$ 44,765
Assets Leased to Others | Senior Housing Triple-Net
Segment Disclosure
Property count | property									43	78
CCRC JV | Assets Leased to Others | Other non-reportable
Segment Disclosure
Property count	15						15		15
Brookedale MTCA
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
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
Segment Disclosure
Ownership interest acquired		100.00%			100.00%
Property count	13	13			13		13

Segment Disclosures - Revenues

Segment Disclosures - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Disclosure
Total revenues	$ 597,739	$ 537,971	$ 1,771,329	$ 1,465,692
Operating segment
Segment Disclosure
Total revenues	597,739	537,971	1,771,329	1,465,692
Operating segment | Senior housing triple-net
Segment Disclosure
Total revenues	24,558	47,956	82,282	156,592
Operating segment | SHOP
Segment Disclosure
Total revenues	149,615	212,275	475,869	515,457
Operating segment | CCRC
Segment Disclosure
Total revenues	115,031	0	320,737	0
Operating segment | Life science
Segment Disclosure
Total revenues	148,702	118,561	416,081	320,630
Operating segment | Medical office
Segment Disclosure
Total revenues	145,153	143,639	431,935	427,761
Operating segment | Other non-reportable
Segment Disclosure
Total revenues	$ 14,680	$ 15,540	$ 44,425	$ 45,252

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 187,569	$ 164,761
Income taxes paid (refunded)	261	1,314
Capitalized interest	20,570	22,768
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	114,979	113,936
Vesting of restricted stock units and conversion of non-managing member units into common stock	4,729	4,534
Liabilities assumed with real estate acquisitions	523,289	172,565
Conversion of DFLs to real estate	0	350,540
Net noncash impact from the consolidation of previously unconsolidated joint ventures	323,138	17,850
Seller financing provided on disposition of real estate asset	$ 12,480	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 197,119	$ 144,232	$ 124,990
Restricted cash	102,419	40,425	30,114
Cash, cash equivalents and restricted cash	$ 299,538	$ 184,657	$ 155,104	$ 139,846

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2020property	Sep. 30, 2020USD ($)tenantpropertyjoint_ventureinvestmentloanfacility
Variable Interest Entity [Line Items]
Number of investments in senior housing development joint ventures | investment		2
Number of properties disposed | property	18
VIE Tenant - 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) | joint_venture		5
Number of VIE borrowers with marketable debt securities (in joint ventures) | joint_venture		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%
Seller Financing Loan | Senior Housing Triple-Net
Variable Interest Entity [Line Items]
Secured mortgage loans | $		$ 10
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 JVs
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 | joint_venture		7

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2020USD ($)
VIE tenant - operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 1,950
Unconsolidated joint ventures
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	28,879
Loan - seller financing
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	8,453
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 35,302

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
ASSETS
Buildings and improvements	$ 10,967,446	$ 11,120,039
Development costs and construction in progress	684,979	692,336
Land	1,889,643	1,992,602
Accumulated depreciation and amortization	(2,507,881)	(2,771,922)
Net real estate	11,034,187	11,033,055
Accounts receivable, net	63,216	59,417
Cash and cash equivalents	197,119	144,232	$ 124,990
Restricted cash	102,419	40,425	$ 30,114
Intangible assets, net	501,583	331,693
Right-of-use asset, net	190,875	172,486
Other assets, net	737,098	646,491
Total assets	15,751,821	14,032,891
Liabilities
Mortgage debt	435,206	276,907
Intangible liabilities, net	108,031	74,991
Lease liability	175,002	156,611
Accounts payable, accrued liabilities, and other liabilities	834,518	540,924
Deferred revenue	755,021	289,680
Total liabilities	8,345,513	7,365,417
VIEs
ASSETS
Buildings and improvements	2,977,513	3,236,105
Development costs and construction in progress	114,929	67,285
Land	445,578	526,576
Accumulated depreciation and amortization	(634,028)	(568,574)
Net real estate	2,903,992	3,261,392
Accounts receivable, net	8,397	11,986
Cash and cash equivalents	51,532	47,027
Restricted cash	14,894	13,596
Intangible assets, net	134,147	206,840
Right-of-use asset, net	91,444	92,664
Other assets, net	55,342	52,124
Total assets	3,259,748	3,685,629
Liabilities
Mortgage debt	216,594	218,767
Intangible liabilities, net	17,361	39,545
Lease liability	91,582	90,875
Accounts payable, accrued liabilities, and other liabilities	115,514	122,832
Deferred revenue	89,587	96,985
Total liabilities	$ 530,638	$ 569,004

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Summary of financial instruments
Bank line of credit and commercial paper	$ 0	$ 93,000
Senior unsecured notes	5,695,567	5,647,993
Mortgage debt	435,206	276,907
Carrying Value
Summary of financial instruments
Loans receivable, net	231,162	190,579
Marketable debt securities	20,201	19,756
Bank line of credit and commercial paper	0	93,000
Term loan	249,122	248,942
Senior unsecured notes	5,695,567	5,647,993
Mortgage debt	435,206	276,907
Interest-rate swap liabilities	162	553
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	6,438,400	6,076,150
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	238,100	190,579
Marketable debt securities	20,201	19,756
Bank line of credit and commercial paper	0	93,000
Term loan	249,122	248,942
Mortgage debt	430,669	280,373
Interest-rate swap liabilities	$ 162	$ 553

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Cash Flow - Interest-rate Swap Contracts	Sep. 30, 2020USD ($)derivative
Derivative [Line Items]
Notional	$ 41,305,000
Pay Rate	0.33%
Fair value of interest rate hedge, liabilities	$ (162,000)
Number of interest-rate contracts held | derivative	3

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 2