Healthpeak Properties (DOC) 10-K 10 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 08, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 12.5
Entity Common Stock, Shares Outstanding		538,686,262
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement for the registrant’s 2021 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
Entity Central Index Key	0000765880
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate:
Buildings and improvements	$ 11,048,433	$ 8,112,193
Development costs and construction in progress	613,182	654,792
Land	1,867,278	1,605,599
Accumulated depreciation and amortization	(2,409,135)	(2,141,960)
Net real estate	11,119,758	8,230,624
Net investment in direct financing leases	44,706	84,604
Loans receivable, net of reserves of $10,280 and $0	195,375	190,579
Investments in and advances to unconsolidated joint ventures	402,871	774,381
Accounts receivable, net of allowance of $3,994 and $387	42,269	44,842
Cash and cash equivalents	44,226	80,398
Restricted cash	67,206	13,385
Intangible assets, net	519,917	260,204
Assets held for sale and discontinued operations, net	2,626,306	3,648,265
Right-of-use asset, net	192,349	167,316
Other assets, net	665,106	538,293
Total assets	15,920,089	14,032,891
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	129,590	93,000
Term loan	249,182	248,942
Senior unsecured notes	5,697,586	5,647,993
Mortgage debt	221,621	12,317
Intangible liabilities, net	144,199	74,991
Liabilities related to assets held for sale and discontinued operations, net	415,737	403,688
Lease liability	179,895	152,400
Accounts payable, accrued liabilities, and other liabilities	763,391	457,532
Deferred revenue	774,316	274,554
Total liabilities	8,575,517	7,365,417
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 538,405,393 and 505,221,643 shares issued and outstanding	538,405	505,222
Additional paid-in capital	10,229,857	9,183,892
Cumulative dividends in excess of earnings	(3,976,232)	(3,601,199)
Accumulated other comprehensive income (loss)	(3,685)	(2,857)
Total stockholders' equity	6,788,345	6,085,058
Joint venture partners	357,069	378,061
Non-managing member unitholders	199,158	204,355
Total noncontrolling interests	556,227	582,416
Total equity	7,344,572	6,667,474
Total liabilities and equity	$ 15,920,089	$ 14,032,891

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Loans receivable, net of reserves	$ 10,280	$ 0
Accounts receivable, allowance for credit loss	$ 3,994	$ 387
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	538,405,393	505,221,643
Common stock, shares outstanding	538,405,393	505,221,643

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental and related revenues	$ 1,182,108	$ 1,069,502	$ 1,020,348
Resident fees and services	436,494	144,327	144,217
Income from direct financing leases	9,720	16,666	16,349
Interest income	16,553	9,844	10,406
Total revenues	1,644,875	1,240,339	1,191,320
Costs and expenses:
Interest expense	218,336	217,612	261,280
Depreciation and amortization	553,949	435,191	404,681
Operating	782,541	405,244	378,657
General and administrative	93,237	92,966	96,702
Transaction costs	18,342	1,963	1,137
Impairments and loan loss reserves (recoveries), net	42,909	17,708	10,917
Total costs and expenses	1,709,314	1,170,684	1,153,374
Other income (expense):
Gain (loss) on sales of real estate, net	90,350	(40)	831,368
Loss on debt extinguishments	(42,912)	(58,364)	(44,162)
Other income (expense), net	234,684	165,069	13,425
Total other income (expense), net	282,122	106,665	800,631
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	217,683	176,320	838,577
Income tax benefit (expense)	9,423	5,479	4,396
Equity income (loss) from unconsolidated joint ventures	(66,599)	(6,330)	(5,755)
Income from continuing operations	160,507	175,469	837,218
Income (loss) from discontinued operations	267,746	(115,408)	236,256
Net income (loss)	428,253	60,061	1,073,474
Noncontrolling interests' share in continuing operations	(14,394)	(14,558)	(12,294)
Noncontrolling interests' share in discontinued operations	(296)	27	(87)
Net income (loss) applicable to Healthpeak Properties, Inc.	413,563	45,530	1,061,093
Participating securities' share in earnings	(2,416)	(1,543)	(2,669)
Net income (loss) applicable to common shares	$ 411,147	$ 43,987	$ 1,058,424
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.27	$ 0.33	$ 1.75
Discontinued operations (in dollars per share)	0.50	(0.24)	0.50
Net income (loss) applicable to common shares (in dollars per share)	0.77	0.09	2.25
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.27	0.33	1.74
Discontinued operations (in dollars per share)	0.50	(0.24)	0.50
Net income (loss) applicable to common shares (in dollars per share)	$ 0.77	$ 0.09	$ 2.24
Weighted average shares outstanding:
Basic (in shares)	530,555	486,255	470,551
Diluted (in shares)	531,056	489,335	475,387

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income (loss)	$ 428,253	$ 60,061	$ 1,073,474
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	(583)	758	6,025
Reclassification adjustment realized in net income (loss)	13	1,023	18,088
Change in Supplemental Executive Retirement Plan obligation and other	(258)	(590)	561
Foreign currency translation adjustment	0	660	(5,358)
Total other comprehensive income (loss)	(828)	1,851	19,316
Total comprehensive income (loss)	427,425	61,912	1,092,790
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	412,735	47,381	1,080,409
Continuing Operations
Other comprehensive income (loss):
Total comprehensive (income) loss attributable to noncontrolling interests'	(14,394)	(14,558)	(12,294)
Discontinued Operations
Other comprehensive income (loss):
Total comprehensive (income) loss attributable to noncontrolling interests'	$ (296)	$ 27	$ (87)

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	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 BalanceNoncontrolling Interests
Balance at Dec. 31, 2017	$ 5,594,938	$ 469,436	$ 8,226,113	$ (3,370,520)	$ (24,024)	$ 5,301,005	$ 293,933	$ 79,144	[1]	$ 79,144	[1]	$ 79,144	[1]	$ 5,674,082	$ 469,436	$ 8,226,113	$ (3,291,376)	$ (24,024)	$ 5,380,149	$ 293,933
Balance (in shares) at Dec. 31, 2017		469,436													469,436
Increase (Decrease) in Stockholders' Equity
Net income (loss)	1,073,474			1,061,093		1,061,093	12,381
Other comprehensive income (loss)	19,316				19,316	19,316
Issuance of common stock, net	215,179	$ 8,078	207,101			215,179
Issuance of common stock, net (in shares)		8,078
Conversion of DownREIT units to common stock	0	$ 3	133			136	(136)
Conversion of DownREIT units to common stock (in shares)		3
Repurchase of common stock	(3,432)	$ (141)	(3,291)			(3,432)
Repurchase of common stock (in shares)		(141)
Exercise of stock options	2,477	$ 120	2,357			2,477
Exercise of stock options (in shares)		120
Amortization of deferred compensation	16,563		16,563			16,563
Common dividends	(696,913)			(696,913)		(696,913)
Distributions to noncontrolling interests	(18,415)						(18,415)
Issuances of noncontrolling interests	299,666						299,666
Purchase of noncontrolling interests	(69,406)		(50,129)			(50,129)	(19,277)
Balance at Dec. 31, 2018	$ 6,512,591	$ 477,496	8,398,847	(2,927,196)	(4,708)	5,944,439	568,152	590	[2]	590	[2]	590	[2]	6,513,181	$ 477,496	8,398,847	(2,926,606)	(4,708)	5,945,029	568,152
Balance (in shares) at Dec. 31, 2018		477,496													477,496
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Net income (loss)	$ 60,061			45,530		45,530	14,531
Other comprehensive income (loss)	1,851				1,851	1,851
Issuance of common stock, net	791,048	$ 27,523	763,525			791,048
Issuance of common stock, net (in shares)		27,523
Conversion of DownREIT units to common stock	0	$ 213	4,932			5,145	(5,145)
Conversion of DownREIT units to common stock (in shares)		213
Repurchase of common stock	(5,043)	$ (162)	(4,881)			(5,043)
Repurchase of common stock (in shares)		(162)
Exercise of stock options	4,538	$ 152	4,386			4,538
Exercise of stock options (in shares)		152
Amortization of deferred compensation	18,162		18,162			18,162
Common dividends	(720,123)			(720,123)		(720,123)
Distributions to noncontrolling interests	(28,301)						(28,301)
Issuances of noncontrolling interests	33,318						33,318
Purchase of noncontrolling interests	(1,218)		(1,079)			(1,079)	(139)
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)	[3]	$ (1,524)	[3]	$ (1,524)	[3]	$ 6,665,950	$ 505,222	$ 9,183,892	$ (3,602,723)	$ (2,857)	$ 6,083,534	$ 582,416
Balance (in shares) at Dec. 31, 2019		505,222													505,222
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net income (loss)	$ 428,253			413,563		413,563	14,690
Other comprehensive income (loss)	(828)				(828)	(828)
Issuance of common stock, net	1,067,071	$ 33,307	1,033,764			1,067,071
Issuance of common stock, net (in shares)		33,307
Conversion of DownREIT units to common stock	0	$ 120	3,957			4,077	$ (4,077)
Conversion of DownREIT units to common stock (in shares)		120					7,000
Repurchase of common stock	(10,529)	$ (298)	(10,231)			(10,529)
Repurchase of common stock (in shares)		(298)
Exercise of stock options	1,806	$ 54	1,752			1,806
Exercise of stock options (in shares)		54
Amortization of deferred compensation	20,534		20,534			20,534
Common dividends	(787,072)			(787,072)		(787,072)
Distributions to noncontrolling interests	(36,994)						$ (36,994)
Purchase of noncontrolling interests	(3,619)		(3,811)			(3,811)	192
Balance at Dec. 31, 2020	$ 7,344,572	$ 538,405	$ 10,229,857	$ (3,976,232)	$ (3,685)	$ 6,788,345	$ 556,227
Balance (in shares) at Dec. 31, 2020		538,405
[1]	On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), 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.
[3]	On January 1, 2020, the Company adopted a series of 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 1.48	$ 1.48	$ 1.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 428,253	$ 60,061	$ 1,073,474
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	697,143	659,989	549,499
Amortization of deferred compensation	17,368	18,162	16,563
Amortization of deferred financing costs	10,157	10,863	12,612
Straight-line rents	(24,532)	(22,479)	(23,138)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(81,914)	0	0
Equity loss (income) from unconsolidated joint ventures	67,787	8,625	2,594
Distributions of earnings from unconsolidated joint ventures	12,294	20,114	22,467
Loss (gain) on sale of real estate under direct financing leases	(41,670)	0	0
Deferred income tax expense (benefit)	(14,573)	(18,253)	(18,525)
Impairments and loan loss reserves (recoveries), net	244,253	225,937	55,260
Loss on debt extinguishments	42,912	58,364	44,162
Loss (gain) on sales of real estate, net	(550,494)	(22,900)	(925,985)
Loss (gain) upon change of control, net	(159,973)	(168,023)	(9,154)
Casualty-related loss (recoveries), net	469	(3,706)	0
Other non-cash items	2,175	(2,569)	2,569
Decrease (increase) in accounts receivable and other assets, net	15,281	(49,771)	5,686
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	93,495	71,659	40,625
Net cash provided by (used in) operating activities	758,431	846,073	848,709
Cash flows from investing activities:
Acquisitions of real estate	(1,170,651)	(1,604,285)	(426,080)
Development, redevelopment, and other major improvements of real estate	(791,566)	(626,904)	(503,643)
Leasing costs, tenant improvements, and recurring capital expenditures	(94,121)	(108,844)	(106,193)
Proceeds from sales of real estate, net	1,304,375	230,455	2,044,477
Acquisition of CCRC Portfolio	(394,177)	0	0
Contributions to unconsolidated joint ventures	(39,118)	(14,956)	(12,203)
Distributions in excess of earnings from unconsolidated joint ventures	18,555	27,072	26,472
Proceeds from insurance recovery	1,802	9,359	0
Proceeds from the RIDEA II transaction, net	0	0	335,709
Proceeds from the U.K. JV transaction, net	0	89,868	393,997
Proceeds from the Sovereign Wealth Fund Senior Housing JV transaction, net	0	354,774	0
Proceeds from sales/principal repayments on debt investments and direct financing leases	202,763	274,150	148,024
Investments in loans receivable, direct financing leases, and other	(45,562)	(79,467)	(71,281)
Net cash provided by (used in) investing activities	(1,007,700)	(1,448,778)	1,829,279
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	4,742,600	7,607,788	1,823,000
Repayments under bank line of credit and commercial paper	(4,706,010)	(7,597,047)	(2,755,668)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper	594,750	2,047,069	223,587
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(568,343)	(1,654,142)	(1,604,026)
Borrowings under term loan	0	250,000	0
Payments for debt extinguishment and deferred financing costs	(47,210)	(80,616)	(41,552)
Issuance of common stock and exercise of options	1,068,877	795,586	217,656
Repurchase of common stock	(10,529)	(5,043)	(3,432)
Dividends paid on common stock	(787,072)	(720,123)	(696,913)
Issuance of noncontrolling interests	0	33,318	299,666
Distributions to and purchase of noncontrolling interests	(40,613)	(29,519)	(82,854)
Net cash provided by (used in) financing activities	246,450	647,271	(2,620,536)
Effect of foreign exchanges on cash, cash equivalents and restricted cash	(153)	245	191
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,972)	44,811	57,643
Cash, cash equivalents and restricted cash, beginning of year	184,657	139,846	82,203
Cash, cash equivalents and restricted cash, end of year	181,685	184,657	139,846
Less: cash, cash equivalents and restricted cash of discontinued operations	(70,253)	(90,874)	(78,701)
Cash, cash equivalents and restricted cash of continuing operations, end of year	$ 111,432	$ 93,783	$ 61,145

Business

Business	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Overview Healthpeak Properties, Inc., a Standard & Poor’s 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, together with its consolidated entities (collectively, “Healthpeak” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). Healthpeak TM 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) life science; (ii) medical office; and (iii) continuing care retirement community (“CCRC”). 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. Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions During 2020, the Company established and began executing a plan to dispose of its senior housing triple-net and Senior Housing Operating (“SHOP”) properties. The held for sale criteria for all such assets were met either on or before December 31, 2020. As of December 31, 2020, the Company concluded the planned dispositions represented a strategic shift and therefore, the assets are classified as discontinued operations in all periods presented herein. See Note 5 for further information. 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 or have been re-imposed 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 December 31, 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	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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. Principles of Consolidation The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, and joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed. Revenue Recognition Lease Classification At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. For leases entered into prior to January 1, 2019, a lease arrangement was classified as an operating lease if none of the following criteria were met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee had a bargain purchase option during or at the end of the lease term, (iii) the lease term was equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) was equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria was met and the minimum lease payments were determined to be reasonably predictable and collectible, the lease arrangement was generally accounted for as a direct financing lease (“DFL”). Concurrent with the Company's adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases (“ASU 2016-02”) on January 1, 2019, the Company began classifying a lease entered into subsequent to adoption as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. Rental and Related Revenues The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility of future minimum lease payments is probable. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. Resident Fees and Services Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements for SHOP and continuing care retirement community ("CCRC") facilities are generally for a term of 30 days to one year, with resident fees billed monthly, in advance. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Certain of the Company's CCRCs are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a nonrefundable entrance fee, it is recorded in deferred revenue in the consolidated balance sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. At December 31, 2020 and 2019, unamortized nonrefundable entrance fee liabilities were $484 million and $68 million, respectively. Income from Direct Financing Leases The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. Interest Income Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Gain (loss) on sales of real estate, net The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale. 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 year ended December 31, 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 December 31, 2020, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company had complied or will continue to comply with all grant conditions. The following table summarizes information related to government grant income: Year Ended December 31, 2020 2019 2018 Government grant income recorded in other income (expense), net $ 16,198 $ — $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 1,279 — — Government grant income recorded in income (loss) from discontinued operations 15,436 — — Total government grants received $ 32,913 $ — $ — From January 1, 2021 through February 8, 2021, the Company received $3 million in government grants under the CARES Act, which will be recognized during the first quarter of 2021. Credit Losses The Company evaluates the liquidity and creditworthiness of its tenants, operators, and borrowers on a monthly and 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 tenants, operators, and borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’, and borrowers’ ability to service their obligations with the Company. If it is no longer probable that substantially all future minimum lease payments under operating leases will be received, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “finance receivables”), are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Finance receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List finance receivables are defined as finance receivables that do not meet the definition of Performing or Workout. Workout finance receivables are defined as finance receivables 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 tenant, operator, or 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. Finance receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s, and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for finance receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the finance receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired finance receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a finance receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Prior to the adoption of ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) on January 1, 2020, allowances were established for finance receivables on an individual basis utilizing an estimate of probable losses, if they were determined to be impaired. Finance receivables were impaired when it was deemed probable that the Company would be unable to collect all amounts due in accordance with the contractual terms of the finance receivable. An allowance was based upon the Company’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates considered all available evidence, including the expected future cash flows discounted at the finance receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. If a finance receivable was deemed partially or wholly uncollectible, the uncollectible balance was charged off against the allowance in the period in which the uncollectible determination was made. Subsequent to adopting ASU 2016-13 on January 1, 2020, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical U.S. GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of a finance receivable at inception of that instrument. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and to rely on counter-party specific information to ensure the most accurate estimate is recognized. Real Estate The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any. Concurrent with the Company's adoption of ASU 2016-02 on January 1, 2019, the Company elected to recognize expense associated with short-term leases (those with a noncancellable lease term of 12 months or less) under which the Company is the lessee on a straight-line basis and not recognize those leases on its consolidated balance sheets. For leases other than short-term operating leases under which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on its consolidated balance sheet at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows reflect external market factors and are probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value. Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (lease revenue rates, expense rates, growth rates, etc.). When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Assets Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value. A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift may include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. Investments in Unconsolidated Joint Ventures Investments in entities the Company does not consolidate, but over which the Company has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in equity income (loss) from unconsolidated joint ventures within the Company’s consolidated statements of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based on a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in fair value below carrying value of an investment in an unconsolidated joint venture is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates, and credit spreads utilized in these valuation models are based on assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments. Share-Based Compensation Compensation expense for share-based awards granted to employees with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions. Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities to the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, t

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Master Transaction 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. As agreed to by the Company and Brookdale under the 2019 MTCA, in December 2020, the Company terminated the triple-net lease related to one property and converted it to a RIDEA structure. The 24 assets under the 2019 Amended Master Lease were sold in January 2021 (see Note 5). Additionally, under the 2019 MTCA, the Company and Brookdale agreed to the following transactions which have not yet been completed: • The CCRC JV will sell the remaining two CCRCs, which are being marketed for sale to third parties; • 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 December 31, 2020, the Company had funded $5 million of this capital investment. Upon selling the 24 assets under the 2019 Amended Master Lease in January 2021, the remaining capital investment obligation was transferred to the buyer. 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 senior housing triple-net assets to Brookdale, the Company recognized an aggregate gain on sales of real estate of $164 million, which is recorded within income (loss) from discontinued operations. 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 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	12 Months Ended
	Dec. 31, 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 October 2020, the Company acquired a portfolio of seven MOBs located in Indiana, Missouri, and Illinois for $169 million. Cambridge Discovery Park Acquisition In December 2020, the Company acquired three life science facilities in Cambridge, Massachusetts for $610 million and a 49% unconsolidated joint venture interest in a fourth property on the same campus for $54 million. If the fourth property is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture. 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 in 2021. Waldwick JV Interest Purchase In October 2020, the Company acquired the remaining 15% equity interest of a senior housing joint venture structure (which owned one senior housing facility), in which the Company previously held an unconsolidated equity investment, for $4 million. Subsequent to acquisition, the Company owned 100% of the equity, began consolidating the facility, and recognized a gain upon change of control of $6 million, which is recorded in other income (expense), net within income (loss) from discontinued operations. In December 2020, the Company sold the property as part of the Atria SHOP Portfolio disposition discussed in Note 5. MBK JV Dissolution In November 2020, as part of the dissolution of a senior housing joint venture, the Company was distributed one property, one land parcel, and $11 million in cash. Upon consolidating the property and land parcel at the time of distribution, the Company recognized a loss upon change of control of $16 million, which is recorded in other income (expense), net within income (loss) from discontinued operations. The property is classified as held-for-sale as of December 31, 2020. In conjunction with the distribution of the property, the Company assumed $36 million of secured mortgage debt which was recorded at its fair value through asset acquisition accounting. Other Real Estate Acquisitions In December 2020, the Company acquired one hospital in Dallas, Texas for $34 million. 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. Construction, Tenant, and Other Capital Improvements The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements, excluding expenditures related to properties classified as discontinued operations (in thousands): Year Ended December 31, Segment 2020 2019 2018 Life science $ 573,999 $ 499,956 $ 396,431 Medical office 173,672 146,466 146,087 CCRC 41,224 — — Other — 30,852 18,357 $ 788,895 $ 677,274 $ 560,875

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate and Discontinued Operations	Dispositions of Real Estate and Discontinued Operations 2020 Dispositions of Real Estate Aegis NNN Portfolio In December 2020, the Company sold 10 senior housing triple-net assets (the “Aegis NNN Portfolio”) for $358 million, resulting in total gain on sales of $228 million, which is recognized in income (loss) from discontinued operations . Atria SHOP Portfolio In November 2020, the Company entered into definitive agreements to sell a portfolio of 13 SHOP assets (the “Atria SHOP Portfolio”) for $334 million. In December 2020, the Company sold 12 of those assets for $312 million, resulting in total gain on sales of $39 million, which is recognized in income (loss) from discontinued operations. The Company provided the buyer with financing of $61 million on four of the assets sold (see Note 8). The final asset is expected to be sold during the first half of 2021, upon completion of the license transfer process. Sunrise Senior Housing Portfolio In November 2020, the Company entered into a definitive agreement to sell 32 SHOP and 2 senior housing triple-net assets for $744 million (the “Sunrise Senior Housing Portfolio”). The Company received a $35 million nonrefundable deposit upon completion of due diligence in December 2020, sold the 32 SHOP assets in January 2021 for $664 million, and provided the buyer with financing of $410 million (see Note 8) . The two remaining senior housing triple-net assets are expected to be sold during the first half of 2021, upon completion of the license transfer process. SLC SHOP Portfolio 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 and expects to close the transaction during the first half of 2021. Brookdale Triple-Net Portfolio In January 2021, the Company sold 24 senior housing assets in a triple-net lease with Brookdale for $510 million. Additional SHOP Portfolio In January 2021, the Company sold a portfolio of 16 SHOP assets for $230 million and provided the buyer with financing of $150 million (see Note 8) . HRA Triple-Net Portfolio In February 2021, the Company sold eight senior housing assets in a triple-net lease with Harbor Retirement Associates for $132 million. 2020 Other Dispositions In addition to the sales discussed above, during the year ended December 31, 2020, the Company sold the following: (i) 23 SHOP assets for $190 million, (ii) 21 senior housing triple-net assets for $428 million ( inclusive of the 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3) , (iii) 11 MOBs for $136 million (inclusive of the exercise of a purchase option by a tenant to acquire 3 MOBs in San Diego, California), (iv) two MOB land parcels for $3 million, and (v) 1 asset from other non-reportable segments for $1 million, resulting in total gain on sales of $283 million ($193 million of which is reported in income (loss) from discontinued operations). 2019 Dispositions of Real Estate During the year ended December 31, 2019, the Company sold the following: (i) 18 SHOP assets for $181 million, (ii) 2 senior housing triple-net assets for $26 million, (iii) 11 MOBs for $28 million, (vi) 1 life science asset for $7 million, (v) 1 undeveloped life science land parcel for $35 million, and (vi) 1 facility from the other non-reportable segment for $15 million, resulting in total gain on sales of $30 million ($23 million of which is reported in income (loss) from discontinued operations). 2018 Dispositions of Real Estate Shoreline Technology Center In November 2018, the Company sold its Shoreline Technology Center life science campus located in Mountain View, California for $1.0 billion and recognized a gain on sale of $726 million. Brookdale MTCA Dispositions As discussed in Note 3, during the fourth quarter of 2018, the Company sold 19 assets (11 senior housing triple-net assets and 8 SHOP assets) to a third-party for $377 million and recognized a gain on sale of $40 million, which is reported in income (loss) from discontinued operations. Refer to Note 3 for further detail on the Brookdale transactions. RIDEA II Sale Transaction In January 2017, the Company completed the contribution of its ownership interest in RIDEA II to an unconsolidated joint venture owned by Healthpeak and an investor group led by Columbia Pacific Advisors, LLC (“CPA”) (the “Healthpeak/CPA JV”). Also in January 2017, RIDEA II was recapitalized with $602 million of debt, of which $360 million was provided by a third-party and $242 million was provided by the Company. In return for both transaction elements, the Company received combined proceeds of $480 million from the Healthpeak/CPA JV and $242 million in loans receivable and retained an approximately 40% ownership interest in RIDEA II. This transaction resulted in the Company deconsolidating the net assets of RIDEA II and recognizing a net gain on sale of $99 million. Refer to Note 2 for the impact of adopting the Revenue ASUs on January 1, 2018 to the Company’s partial sale of RIDEA II in the first quarter of 2017. In June 2018, the Company sold its remaining 40% ownership interest in RIDEA II to an investor group led by CPA for $91 million. Additionally, CPA refinanced the Company’s $242 million of loans receivable from RIDEA II, resulting in total proceeds of $332 million. The Company no longer holds an economic interest in RIDEA II. U.K. Portfolio In June 2018, the Company entered into a joint venture with an institutional investor (the “U.K. JV”) through which the Company sold a 51% interest in substantially all United Kingdom (“U.K.”) assets previously owned by the Company (the “U.K. Portfolio”) based on a total value of £382 million ($507 million). The Company retained a 49% noncontrolling interest in the U.K. JV and received gross proceeds of $402 million, including proceeds from the refinancing of the Company’s previously held intercompany loans. Upon closing the U.K. JV, the Company deconsolidated the U.K. Portfolio, recognized its retained noncontrolling interest investment at fair value ($105 million) and recognized a gain on sale of $11 million, net of $17 million of cumulative foreign currency translation reclassified from other comprehensive income recorded in gain (loss) on sales of real estate, net (see Note 22 for the reclassification impact of the Company’s hedge of its net investment in the U.K.). The U.K. JV provides numerous mechanisms by which the joint venture partner can acquire the Company’s remaining interest in the U.K. JV. The fair value of the Company’s retained noncontrolling interest investment was based on Level 2 measurements within the fair value hierarchy. Additionally, in August 2018, the Company sold its remaining £11 million U.K. development loan at par. In December 2019, the Company sold its remaining 49% interest in the U.K. JV (see Note 9). 2018 Other Dispositions Additionally, during the year ended December 31, 2018, the Company sold the following: (i) 4 life science assets for $269 million, (ii) 1 undeveloped land parcel for $3 million, (iii) 2 senior housing triple-net assets for $35 million, (iv) 23 SHOP facilities for $394 million, and (v) 4 MOBs for $25 million, resulting in total gain on sales of $141 million ($55 million of which is reported in income (loss) from discontinued operations). Held for Sale and Discontinued Operations At December 31, 2020, 41 senior housing triple-net facilities, 6 MOBs, 97 SHOP facilities, and 1 SHOP joint venture were classified as held for sale and/or discontinued operations. At December 31, 2019, 90 senior housing triple-net facilities (inclusive of 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3), 115 SHOP facilities, 2 MOBs, and 4 SHOP joint ventures were classified as held for sale and/or discontinued operations. During 2020, the Company established and began executing a plan to dispose of all the assets in its senior housing triple-net and SHOP portfolios. The held for sale criteria for all such assets were met either on or before December 31, 2020 and the Company concluded the dispositions met the requirements to be classified as discontinued operations. The following summarizes the assets and liabilities classified as discontinued operations at December 31, 2020 and 2019, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the consolidated balance sheets (in thousands): December 31, 2020 2019 ASSETS Real estate: Buildings and improvements $ 2,553,254 $ 3,626,665 Development costs and construction in progress 21,509 38,728 Land 355,803 467,956 Accumulated depreciation and amortization (615,708) (861,557) Net real estate 2,314,858 3,271,792 Investments in and advances to unconsolidated joint ventures 5,842 51,134 Accounts receivable, net of allowance of $5,873 and $4,178 20,500 14,575 Cash and cash equivalents 53,085 63,834 Restricted cash 17,168 27,040 Intangible assets, net 24,541 82,071 Right-of-use asset, net 4,109 5,701 Other assets, net (1) 103,965 125,502 Total assets of discontinued operations, net 2,544,068 3,641,649 Total medical office assets held for sale, net (2) 82,238 6,616 Assets held for sale and discontinued operations, net $ 2,626,306 $ 3,648,265 LIABILITIES Mortgage debt 318,876 296,879 Lease liability 3,189 4,871 Accounts payable, accrued liabilities, and other liabilities 79,411 83,392 Deferred revenue 11,442 18,520 Total liabilities of discontinued operations, net 412,918 403,662 Total liabilities related to medical office assets held for sale, net 2,819 26 Liabilities related to assets held for sale and discontinued operations, net $ 415,737 $ 403,688 _______________________________________ (1) Includes goodwill of $29 million and $30 million as of December 31, 2020 and 2019, respectively. (2) Primarily comprised of six MOBs with net real estate assets of $73 million and two MOBs with net real estate assets of $7 million as of December 31, 2020 and 2019, respectively. The results of discontinued operations through December 31, 2020, or the disposal date of each asset or portfolio of assets if they have been sold, are included in the consolidated results for the years ended December 31, 2020, 2019, and 2018. Summarized financial information for discontinued operations for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Revenues: Rental and related revenues $ 97,877 $ 152,576 $ 216,887 Resident fees and services 621,253 583,653 400,557 Income from direct financing leases — 20,815 37,926 Total revenues 719,130 757,044 655,370 Costs and expenses: Interest expense 10,538 8,007 5,062 Depreciation and amortization 143,194 224,798 144,819 Operating 550,226 474,126 326,381 Transaction costs 20,426 6,780 9,635 Impairments and loan loss reserves (recoveries), net 201,344 208,229 44,343 Total costs and expenses 925,728 921,940 530,240 Other income (expense): Gain (loss) on sales of real estate, net 460,144 22,940 94,618 Other income (expense), net 5,475 17,060 (110) Total other income (expense), net 465,619 40,000 94,508 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 259,021 (124,896) 219,638 Income tax benefit (expense) 9,913 11,783 13,459 Equity income (loss) from unconsolidated joint ventures (1,188) (2,295) 3,159 Income (loss) from discontinued operations $ 267,746 $ (115,408) $ 236,256

Impairments

Impairments	12 Months Ended
	Dec. 31, 2020
Asset Impairment Charges [Abstract]
Impairments	Impairments Real Estate During the year ended December 31, 2020, the Company recognized an aggregate impairment charge of $210 million ($201 million of which is reported in income (loss) from discontinued operations) related to 42 SHOP assets, 5 senior housing triple-net assets, 5 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 $960 million to their aggregate fair value, less estimated costs to sell, of $750 million. Additionally, during the year ended December 31, 2020, the Company recognized an impairment charge of $15 million related to one life science facility that it intends to demolish for a future development project. 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 an income approach 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 year ended December 31, 2020, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $13,000 to $300,000, with a weighted average price per unit of $164,000. When utilizing the income approach, assumptions include, but are not limited to, terminal capitalization rates ranging from 5.5% to 7.5% and discount rates ranging from 8.0% to 9.5%. During the year ended December 31, 2019, the Company recognized an aggregate impairment charge of $194 million ($189 million of which is reported in income (loss) from discontinued operations) related to 8 senior housing triple-net assets, 27 SHOP assets, 3 MOBs, and 1 other non-reportable asset as a result of being classified as held for sale and wrote down their aggregate carrying value of $416 million to their aggregate fair value, less estimated costs to sell, of $223 million. During the year ended December 31, 2019, the Company also recognized an impairment charge of $4 million related to one MOB that it intends to demolish for a future development project. 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 and as of the year ended December 31, 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 6.22% or (ii) prices per unit ranging from $24,000 to $125,000, with a weighted average price of $73,000. Additionally, during the year ended December 31, 2019, the Company determined the carrying value of two MOBs and one SHOP asset 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 three assets to their respective fair value, which resulted in an aggregate impairment charge of $18 million ($9 million of which is reported in income (loss) from discontinued operations). The fair value of the assets are considered to be Level 2 measurements within the fair value hierarchy. During the year ended December 31, 2018, in conjunction with classifying the assets as held for sale, the Company determined that 17 underperforming SHOP assets and one undeveloped life science land parcel were impaired. Additionally, the Company determined that three additional underperforming SHOP assets that were candidates for potential future sale were impaired under the held-for-use impairment model. Accordingly, the Company recognized total impairment charges of $52 million ($44 million of which is reported in income (loss) from discontinued operations), during the year ended December 31, 2018 to write-down the carrying value of the assets to their respective fair values (less estimated costs to sell for assets classified as held for sale). The fair value of the assets was based on contracted or forecasted sales prices and expected future cash flows, which are considered to be Level 2 measurements within the fair value hierarchy. Casualty-Related During the year ended December 31, 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. Of the total $5 million, $2 million is recorded in other income (expense), net, and $3 million is recorded in income (loss) from discontinued operations. Other See Note 7 for information on the impairment charge related to the write-down of a DFL portfolio to its fair value. See Note 8 for information related to the Company's reserve for loan losses.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (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 December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 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 (recognized in income (loss) from discontinued operations) 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 years ended December 31, 2019 and 2018, income from DFLs was $17 million and $24 million (recognized in income (loss) from discontinued operations), respectively, and cash payments received were $16 million and $20 million, respectively. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. During the fourth quarter of 2019, one of the Company's tenants exercised its option to acquire from the Company an acute care hospital and adjacent land parcel located in Irvine, California for $226 million. The sale is scheduled to close during the first half of 2021. The annualized base rent associated with the assets covered by this purchase option is included in the table above for 2021. Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of December 31, 2020 and December 31, 2019 is $6 million and $4 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2020, 2019, and 2018 is $2 million, $2 million and $4 million, respectively, of depreciation expense related to corporate assets. 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 December 31, 2020, approximately $6 million of rent was deferred for the medical office segment, substantially all of which had been collected as of December 31, 2020. Additionally, through December 31, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, all of which had been collected as of December 31, 2020. The rent deferrals granted do not impact the pattern of revenue recognition or amount of revenue recognized (refer to Note 2 for additional information).
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (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 December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 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 (recognized in income (loss) from discontinued operations) 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 years ended December 31, 2019 and 2018, income from DFLs was $17 million and $24 million (recognized in income (loss) from discontinued operations), respectively, and cash payments received were $16 million and $20 million, respectively. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. During the fourth quarter of 2019, one of the Company's tenants exercised its option to acquire from the Company an acute care hospital and adjacent land parcel located in Irvine, California for $226 million. The sale is scheduled to close during the first half of 2021. The annualized base rent associated with the assets covered by this purchase option is included in the table above for 2021. Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of December 31, 2020 and December 31, 2019 is $6 million and $4 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2020, 2019, and 2018 is $2 million, $2 million and $4 million, respectively, of depreciation expense related to corporate assets. 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 December 31, 2020, approximately $6 million of rent was deferred for the medical office segment, substantially all of which had been collected as of December 31, 2020. Additionally, through December 31, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, all of which had been collected as of December 31, 2020. The rent deferrals granted do not impact the pattern of revenue recognition or amount of revenue recognized (refer to Note 2 for additional information).
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (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 December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 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 (recognized in income (loss) from discontinued operations) 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 years ended December 31, 2019 and 2018, income from DFLs was $17 million and $24 million (recognized in income (loss) from discontinued operations), respectively, and cash payments received were $16 million and $20 million, respectively. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. During the fourth quarter of 2019, one of the Company's tenants exercised its option to acquire from the Company an acute care hospital and adjacent land parcel located in Irvine, California for $226 million. The sale is scheduled to close during the first half of 2021. The annualized base rent associated with the assets covered by this purchase option is included in the table above for 2021. Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of December 31, 2020 and December 31, 2019 is $6 million and $4 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2020, 2019, and 2018 is $2 million, $2 million and $4 million, respectively, of depreciation expense related to corporate assets. 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 December 31, 2020, approximately $6 million of rent was deferred for the medical office segment, substantially all of which had been collected as of December 31, 2020. Additionally, through December 31, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, all of which had been collected as of December 31, 2020. The rent deferrals granted do not impact the pattern of revenue recognition or amount of revenue recognized (refer to Note 2 for additional information).

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2020 2019 Secured mortgage loans (1) $ 161,530 $ 161,964 Mezzanine and other 44,347 27,752 Unamortized discounts, fees, and costs (222) 863 Reserve for loan losses (10,280) — Loans receivable, net $ 195,375 $ 190,579 _______________________________________ (1) At December 31, 2020, the Company had $11 million remaining of commitments to fund $81 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. 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 December 31, 2020, the Company held $23 million of such receivables, which are included in mezzanine and other in the table above. In November 2020, the Company sold one mezzanine loan with a $10 million principal balance for $8 million, resulting in a $2 million loss. In December 2020, the Company sold one secured mortgage loan with a $115 million principal balance for $109 million, resulting in a $6 million loss. SHOP Seller Financing In December 2020, in conjunction with the sale of four SHOP facilities in the Atria SHOP Portfolio for $94 million (see Note 5), the Company provided the buyer with financing of $61 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in the four properties. In conjunction with the sale of 32 SHOP facilities in the Sunrise Senior Housing Portfolio for $664 million in January 2021 (see Note 5), the Company provided the buyer with financing of $410 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in each property. In conjunction with the sale of 16 additional SHOP facilities for $230 million in January 2021 (see Note 5), the Company provided the buyer with financing of $150 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in each property. In December 2019, the Company sold two SHOP facilities in Florida for $56 million and provided the buyer with initial financing of $45 million. The remainder of the sales price was received in cash at the time of sale. Additionally, the Company agreed to provide up to $10 million of redevelopment funding (80% of the estimated cost of redevelopment), $7 million of which has been funded as of December 31, 2020. The initial and redevelopment financings are secured by the buyer's equity ownership in the property. 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 December 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Mezzanine and other Risk rating: Performing loans $ 23,263 $ 12,252 $ — $ — $ — $ 35,515 Watch list loans — — — — 2,288 2,288 Workout loans — — — — — — Total mezzanine and other $ 23,263 $ 12,252 $ — $ — $ 2,288 $ 37,803 Real Estate Secured Loans The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2020 (dollars in thousands): Final Number Payment Terms Principal Amount (1) Carrying 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Texas $ 2,250 $ 2,250 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Florida 8,289 8,289 2021 4 Monthly interest-only payments, accrues interest at 3.5% and secured by senior housing facilities in Florida and California 61,018 57,861 2022 1 Monthly interest-only payments, accrues interest at 5.5% and secured by equity interests in 11 senior housing facilities in California 25,000 24,462 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in Florida 51,716 51,233 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in California 13,257 13,477 9 $ 161,530 $ 157,572 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. During the years ended December 31, 2020, 2019, and 2018, the Company recognized $13 million, $6 million, and $5 million, respectively, of interest income related to loans secured by real estate. 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 December 31, 2020 (in thousands): December 31, 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 2,639 6,221 8,860 Reserve for loan losses, December 31, 2020 $ 3,152 $ 7,128 $ 10,280 Additionally, at December 31, 2020, a liability of $1 million related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. Credit loss expenses and recoveries are recorded in impairments and loan loss reserves (recoveries), net. During the year ended December 31, 2020, the net credit loss expense was $18 million. The change in the provision for expected loan losses during the year ended December 31, 2020 is primarily due to the current and anticipated economic impact of COVID-19. Other Secured Loans Tandem Health Care Loan From July 2012 through May 2015, the Company funded, in aggregate, $257 million under a collateralized mezzanine loan facility (the “Mezzanine Loan”) to certain affiliates of Tandem Health Care (together with is affiliates, “Tandem”). In March 2018, the Company sold the Mezzanine Loan to a third party for approximately $112 million, which resulted in an impairment recovery, net of transaction costs and fees, of $3 million included in other income (expense), net. The Company holds no further economic interest in the operations of Tandem. U.K. Bridge Loan In 2016, the Company provided a £105 million ($131 million at closing) bridge loan (the “U.K. Bridge Loan”) to Maria Mallaband Care Group Ltd. ("MMCG") to fund the acquisition of a portfolio of seven care homes in the U.K. Under the U.K. Bridge Loan, the Company retained a three-year call option to acquire those seven care homes at a future date for £105 million, subject to certain conditions precedent being met. In March 2018, upon resolution of all conditions precedent, the Company began the process of exercising its call option to acquire the seven care homes and concluded that it should consolidate the real estate. As a result, the Company derecognized the outstanding loan receivable of £105 million and recognized a £29 million ($41 million) loss on consolidation. Refer to Note 19 for further discussion regarding impact of consolidating the seven care homes during the first quarter of 2018. In June 2018, the Company completed the process of exercising the above-mentioned call option. The seven care homes acquired through the call option were included in the U.K. JV transaction (see Note 5).

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2020 2019 SWF SH JV (4) Other 19 54 $ 357,581 $ 428,258 Life Science JV (5) LS 1 49 24,879 — Medical Office JVs (6) MOB 3 20 - 67 9,673 9,845 Other JVs (7) Other — 41 - 47 9,157 10,372 CCRC JV (8) CCRC 2 49 1,581 325,830 Advances to unconsolidated joint ventures, net — 76 $ 402,871 $ 774,381 _______________________________________ (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 December 31, 2020 excludes the Otay Ranch JV, which is classified as discontinued operations and has an aggregate carrying value of $6 million at December 31, 2020. The carrying amount at December 31, 2019 excludes the Otay Ranch JV, Waldwick JV, MBK JV, and MBK Development JV, which are classified as discontinued operations and had an aggregate carrying value of $51 million at December 31, 2019. The Otay Ranch JV (90% ownership percentage) is the only one of these joint ventures that remains outstanding at December 31, 2020. (3) Property count and ownership percentage are as of December 31, 2020. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4). (5) In December 2020, the Company acquired a joint venture interest in a life science facility in Cambridge, Massachusetts (see Note 4). (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) Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, 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. (8) See Note 3 for a 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. At December 31, 2020 and 2019, the aggregate unamortized basis difference of the Company's investments in unconsolidated joint ventures of $33 million and $(63) million, respectively, is primarily attributable to the difference between the amount for which the Company purchased its interest in the entity and the historical carrying value of the net assets of the entity. The difference is being amortized over the remaining useful life of the related assets and is included in equity income (loss) from unconsolidated joint ventures. CCRC JV. In January 2020, the Company, which owned a 49% interest in the CCRC JV, purchased Brookdale’s 51% interest in and began consolidating 13 of the 15 communities in the CCRC JV. Refer to Note 3 for a detailed discussion of the 2019 MTCA with Brookdale. During 2019, the CCRC JV recognized an impairment charge of $12 million. Accordingly, the Company recognized its 49% share of the impairment charge ($6 million) through equity income (loss) from unconsolidated joint ventures during the year ended December 31, 2019. U.K. JV. In December 2019, the Company sold its remaining 49% interest in the U.K. JV for proceeds of £70 million ($91 million) and recognized a loss on sale of $7 million (based on exchange rates at the time the transaction was completed), including $1 million of loss in accumulated other comprehensive income (loss) that was reclassified to gain (loss) on sales of real estate. As of December 31, 2019, the Company no longer owned real estate in the U.K.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2020
Intangibles
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): December 31, Intangible lease assets 2020 2019 Gross intangible lease assets $ 761,328 $ 426,967 Accumulated depreciation and amortization (241,411) (166,763) Intangible assets, net (1) $ 519,917 $ 260,204 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $25 million and $82 million as of December 31, 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): December 31, Intangible lease liabilities 2020 2019 Gross intangible lease liabilities $ 194,565 $ 113,213 Accumulated depreciation and amortization (50,366) (38,222) Intangible liabilities, net $ 144,199 $ 74,991 Weighted average remaining amortization period in years 8 7 The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization expense related to amortization of lease-up intangibles (1) $ 89,301 $ 46,828 $ 43,933 Rental and related revenues related to amortization of net below market lease liabilities (1) 11,717 6,319 5,341 _______________________________________ (1) Excludes amortization related to assets classified as discontinued operations. During the year ended December 31, 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 $352 million and intangible liabilities of $83 million. The intangible assets and intangible liabilities acquired have a weighted average amortization period of 7 years and 9 years, respectively. On January 1, 2019, in conjunction with the adoption of ASU 2016-02 (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. The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter, excluding assets classified as discontinued operations (in thousands): Rental and Related Revenues (1)(3) Depreciation and Amortization (2)(3) 2021 $ 18,093 $ 96,094 2022 17,841 89,217 2023 17,119 85,484 2024 16,159 82,647 2025 15,370 72,373 Thereafter 50,514 84,999 $ 135,096 $ 510,814 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues. (2) The amortization of lease-up intangibles is recorded to depreciation and amortization expense. (3) Excludes estimated annual amortization from assets classified as discontinued operations.

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Bank Line of Credit and Term Loans On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility (the “Revolving Facility”), which matures on May 23, 2023 and contains two six month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on credit ratings of the Company's senior unsecured long-term debt. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on those credit ratings at December 31, 2020, the margin on the Revolving Facility was 0.83% and the facility fee was 0.15%. In May 2019, the Company also entered into a $250 million unsecured term loan facility, which the Company fully drew down during the second quarter of 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 December 31, 2020, the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90%, with a weighted average effective interest rate of 1.14%. 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 December 31, 2020, the Company believes it was in compliance with each of these restrictions and requirements of the Facilities. Commercial Paper Program In September 2019, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured short-term debt securities with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time, with the maximum aggregate face or principal amount outstanding at any one time not exceeding $1.0 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company intends to use its Revolving Facility as a liquidity backstop for the repayment of unsecured short term debt securities issued under the Commercial Paper Program. At December 31, 2020, the Company had $130 million of notes outstanding under the Commercial Paper Program, with original maturities of one month and a weighted average interest rate of 0.30%. At December 31, 2019, the Company had $93 million of notes outstanding under the Commercial Paper Program, with original maturities of one month and a weighted average interest rate of 2.04%. Senior Unsecured Notes At December 31, 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 December 31, 2020. The following table summarizes the Company’s senior unsecured notes issuances for the periods presented (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: June 23, 2020 $ 600,000 2.88 % 2031 Year ended December 31, 2019: November 21, 2019 $ 750,000 3.00 % 2030 July 5, 2019 $ 650,000 3.25 % 2026 July 5, 2019 $ 650,000 3.50 % 2029 There were no senior unsecured notes issuances for the year ended December 31, 2018. The following table summarizes the Company’s senior unsecured notes payoffs and repurchases for the periods presented (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 Year ended December 31, 2019: November 21, 2019 (3) $ 350,000 4.00 % 2022 July 22, 2019 (4) $ 800,000 2.63 % 2020 July 8, 2019 (4) $ 250,000 4.00 % 2022 July 8, 2019 (4) $ 250,000 4.25 % 2023 Year ended December 31, 2018: November 8, 2018 $ 450,000 3.75 % 2019 July 16, 2018 (5) $ 700,000 5.38 % 2021 _______________________________________ (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. (3) Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment. (4) 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. (5) Upon repurchasing the 5.38% senior unsecured notes due in 2021, the Company recognized a $44 million loss on debt extinguishment. From January 1, 2021 through February 8, 2021, the Company repurchased $112 million aggregate principal amount of its 4.25% senior unsecured notes due in 2023, $201 million aggregate principal amount of its 4.20% senior unsecured notes due in 2024, and $469 million aggregate principal amount of its 3.88% senior unsecured notes due in 2024. Upon completing that repayment, the Company will recognize a $90 million loss on debt extinguishment during the first quarter of 2021. Mortgage Debt At December 31, 2020 and 2019, the Company had $217 million and $12 million, respectively, in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale and discontinued operations), which is secured by six and four healthcare facilities, respectively, with an aggregate carrying value of $517 million and $38 million, respectively. During the year ended December 31, 2020, 2019, and 2018 the Company made aggregate principal repayments of mortgage debt of $18 million, $4 million, and $5 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 the 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 November 2020, upon consolidating one property as part of a joint venture dissolution, the Company assumed $36 million of secured mortgage debt (classified as liabilities related to assets held for sale and discontinued operations, net) maturing in 2025 and having a weighted averaged interest rate of 3.87% (see Note 4). In May 2019, upon acquiring three senior housing assets from Oakmont, the Company assumed $50 million of secured mortgage debt (classified as liabilities related to assets held for sale and discontinued operations, net) 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 December 31, 2020 (in thousands): Senior Unsecured Notes (1) Mortgage Debt (2) Year Bank Line of Credit Commercial Paper Term Loan Amount Interest Rate Amount Interest Rate Total 2021 $ — $ 129,590 $ — $ — — % $ 13,015 5.26 % $ 142,605 2022 — — — — — % 4,843 — % 4,843 2023 — — — 300,000 4.37 % 89,874 3.80 % 389,874 2024 — — 250,000 1,150,000 4.17 % 3,050 — % 1,403,050 2025 — — — 1,350,000 3.93 % 3,209 — % 1,353,209 Thereafter — — — 2,950,000 3.67 % 102,789 3.57 % 3,052,789 — 129,590 250,000 5,750,000 216,780 6,346,370 (Discounts), premium and debt costs, net — — (818) (52,414) 4,841 (48,391) — 129,590 249,182 5,697,586 221,621 6,297,979 Debt on assets held for sale and discontinued operations (3) — — — — 318,876 318,876 $ — $ 129,590 $ 249,182 $ 5,697,586 $ 540,497 $ 6,616,855 _______________________________________ (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 classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 3.42% to 5.91% with a weighted average effective interest rate of 3.73% and a weighted average maturity of 5 years. (3) Represents mortgage debt on assets held for sale and discontinued operations with interest rates of 1.34% to 5.13% that mature between 2025 and 2044.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to, or has a significant relationship to, legal proceedings, lawsuits, and other claims. Except as described below, the Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company’s policy is to expense legal costs as they are incurred. Class Action. On May 9, 2016, a purported stockholder of the Company filed a putative class action complaint, Boynton Beach Firefighters’ Pension Fund v. HCP, Inc., et al. , Case No. 3:16-cv-01106-JJH, in the U.S. District Court for the Northern District of Ohio against the Company, certain of its officers, HCR ManorCare, Inc. (“HCRMC”), and certain of its officers, asserting violations of the federal securities laws. The suit asserted claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and alleged 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. On November 22, 2019, the Court granted the class action motion to dismiss. On December 20, 2019, Co-Lead Plaintiffs filed a motion to amend the Court's judgment to permit amendment of the complaint, and on November 30, 2020, the Court denied Co-Lead Plantiff’s motion. Co-Lead Plantiffs have not appealed the dismissal and denial of leave to amend their compliant. 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 HCC. The Company is named as a nominal defendant. As both derivative actions contained substantially the same allegations, were 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. As of February 8, 2021, the California derivative action remained outstanding. 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 was named as a nominal defendant. The Weldon complaint asserted similar claims to those asserted in the California derivative action. In addition, the complaint asserted 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 January 5, 2021, the Court dismissed the Weldon case without prejudice. 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 was named as a nominal defendant. The Kelley complaint asserted similar claims to those asserted in Weldon and in the California derivative action. Like Weldon , the Kelley complaint also additionally alleged that the Company made false statements in its 2016 proxy statement, and asserted 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). On January 5, 2021, the Court dismissed the Kelley case with prejudice. 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. In February 2021, the Board of Directors reaffirmed its rejection of the demand letters. 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 December 31, 2020, as the likelihood of loss is not considered probable or estimable. DownREIT LLCs In connection with the formation of certain DownREIT LLCs, members may contribute appreciated real estate to a DownREIT LLC in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT LLC, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT LLC. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT LLC in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expirations terms that range through 2039 on a total of 24 properties. Commitments The following table summarizes the Company’s material commitments, excluding debt service obligations (see Note 11), obligations as the lessee under operating leases (see Note 7), and commitments related to assets classified as discontinued operations, at December 31, 2020 (in thousands): Amount Construction loan commitments (1) $ 11,137 Lease and other contractual commitments (2) 109,126 Development commitments (3) 196,749 Total $ 317,012 _______________________________________ (1) Represents loan commitments to finance development and redevelopment projects. (2) Represents the Company's commitments, as lessor, under signed leases and contracts for operating properties and includes allowances for tenant improvements and leasing commissions. Excludes allowances for tenant improvements related to developments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development commitments” line). (3) Represents construction and other commitments for developments in progress and includes allowances for tenant improvements of $28 million that the Company has provided as a lessor. Excludes $4 million of commitments related to assets classified as discontinued operations. Credit Enhancement Guarantee Prior to December 31, 2020, certain of the Company’s senior housing facilities served as collateral for debt that was owed by a previous owner of the facilities. This indebtedness was guaranteed by the previous owner who has an investment grade credit rating. 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 was recognized as a transaction cost expense and reported in income (loss) from discontinued operations. Environmental Costs Various environmental laws govern certain aspects of the ongoing management and operation of our facilities, including those related to presence of asbestos-containing materials. The presence of, or the failure to manage and/or remediate, such materials may adversely affect the occupancy and performance of the Company's facilities. The Company monitors its properties for the presence of such hazardous or toxic substances and is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition, or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations, and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage, and current industry practice. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, workers’ compensation, flood, windstorm, earthquake, environmental, cyber, and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood, and windstorm occurrences for which the related insurances carry high deductibles and have limits.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	Equity Dividends On February 9, 2021, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on March 5, 2021 to stockholders of record as of the close of business on February 22, 2021. During the years ended December 31, 2020, 2019, and 2018, the Company declared and paid common stock cash dividends of $1.48 per share. 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 year ended December 31, 2020, the Company did not utilize the forward provisions under the 2020 ATM Program. During the year ended December 31, 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 year ended December 31, 2019, the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an aggregate of 20.3 million shares of its common stock at an initial weighted average net price of $31.44 per share, after commissions. 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 subsequent to March 31, 2020 and therefore, at December 31, 2020, no shares remained outstanding under ATM forward contracts. During the year ended December 31, 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. At December 31, 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 year ended December 31, 2020, no shares of common stock were issued under the 2019 ATM Program or 2020 ATM Program. During the year ended December 31, 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. During the year ended December 31, 2018, the Company issued 5.4 million shares of common stock under a previous ATM Program at a weighted average net price of $28.27 per share, after commissions, resulting in net proceeds of $154 million. 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 December 31, 2020, no shares remained outstanding under the 2019 forward equity sales agreement. December 2018 Offering. In December 2018, the Company entered into a forward equity sales agreement (the “2018 forward equity sales agreement”) to sell an aggregate of 15.3 million shares of its common stock (including shares sold through the exercise of underwriters’ options) at an initial net price of $28.60 per share, after underwriting discounts and commissions. The 2018 forward equity sales agreement had a one year term that expired on December 13, 2019 during which time the Company could settle the forward sales agreement by delivery of physical shares of common stock to the forward seller or, at the Company’s election, settle in cash or net shares. During the 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. During the year ended December 31, 2018, contemporaneous with the forward equity offering discussed above, the Company completed an offering of 2.0 million shares of common stock at a net price of $28.60 per share, resulting in net proceeds of $57 million. The following table summarizes the Company’s other common stock activities (in thousands): Year Ended December 31, 2020 2019 2018 Dividend Reinvestment and Stock Purchase Plan 181 336 237 Conversion of DownREIT units 120 213 3 Exercise of stock options 54 152 120 Vesting of restricted stock units 668 468 401 Repurchase of common stock 298 162 141 Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive Income (loss) (in thousands): December 31, 2020 2019 Cumulative foreign currency translation adjustment (1) $ — $ (1,023) Unrealized gains (losses) on derivatives, net (81) 1,314 Supplemental Executive Retirement Plan minimum liability and other (3,604) (3,148) Total accumulated other comprehensive income (loss) $ (3,685) $ (2,857) _______________________________________ (1) See Notes 5, 9, and 22 for a discussion of the U.K. JV transactions. Noncontrolling Interests The non-managing member units of the Company’s DownREITs are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. At December 31, 2020, there were five million DownREIT units (seven million shares of Healthpeak common stock are issuable upon conversion) outstanding in seven DownREIT LLCs, all of which the Company is the managing member of. At December 31, 2020, the carrying and market values of the five million DownREIT units were $199 million and $221 million, respectively. See Notes 3, 4, and 5 for transactions involving noncontrolling interests.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method and common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented. Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share. Refer to Note 13 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 year ended December 31, 2020 and 2019 was 0.2 million and 2.8 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): Year Ended December 31, 2020 2019 2018 Numerator Income from continuing operations $ 160,507 $ 175,469 $ 837,218 Noncontrolling interests' share in continuing operations (14,394) (14,558) (12,294) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 146,113 160,911 824,924 Less: Participating securities' share in continuing operations (2,416) (1,543) (2,669) Income (loss) from continuing operations applicable to common shares 143,697 159,368 822,255 Income (loss) from discontinued operations 267,746 (115,408) 236,256 Noncontrolling interests' share in discontinued operations (296) 27 (87) Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Numerator - Dilutive Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Add: distributions on dilutive convertible units and other — — 6,919 Dilutive net income (loss) available to common shares $ 411,147 $ 43,987 $ 1,065,343 Denominator Basic weighted average shares outstanding 530,555 486,255 470,551 Dilutive potential common shares - equity awards (1) 300 309 168 Dilutive potential common shares - forward equity agreements (2) 201 2,771 — Dilutive potential common shares - DownREIT conversions — — 4,668 Diluted weighted average common shares 531,056 489,335 475,387 Earnings (loss) per common share Continuing operations $ 0.27 $ 0.33 $ 1.75 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.25 Diluted earnings per common share: Continuing operations $ 0.27 $ 0.33 $ 1.74 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.24 (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the year ended December 31, 2020, represents the dilutive impact of 32 million shares that were settled during the year then ended. For the year ended December 31, 2019, represents the dilutive impact of 21 million shares that were settled during the year then ended and 30 million shares of common stock under forward sales agreements that had not been settled as of December 31, 2019. For the years ended December 31, 2020, 2019, and 2018,

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Compensation Plans	Compensation Plans Stock Based Compensation On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (“the 2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan (“the 2014 Plan”) (collectively, the “Plans”). Following the adoption of the 2014 Plan, no new awards will be issued under the 2006 Plan. The Plans provide for the granting of stock-based compensation, including stock options, restricted stock, and restricted stock units to officers, employees, and directors in connection with their employment with or services provided to the Company. The maximum number of shares reserved for awards under the 2014 Plan is 33 million shares, and, as of December 31, 2020, 27 million of the reserved shares under the 2014 Plan are available for future awards, of which 18 million shares may be issued as restricted stock or restricted stock units. Total share-based compensation expense recognized during the years ended December 31, 2020, 2019, and 2018 was $21 million, $18 million, and $15 million, respectively. The year ended December 31, 2019 includes a $1 million charge recognized in general and administrative expenses primarily resulting from accelerated vesting of restricted stock units related to the departure of the Company's former Executive Vice President – Senior Housing. The year ended December 31, 2018 includes a $2 million charge recognized in general and administrative expenses primarily resulting from accelerated vesting of restricted stock units related to the departure of the Company's Executive Chairman. As of December 31, 2020, there was $29 million of future expense related to unvested share-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of two years associated with future employee service. Stock Options There have been no grants of stock options since 2014. Stock options outstanding and exercisable were 0.5 million at December 31, 2020 and 0.6 million at December 31, 2019. Proceeds received from stock options exercised under the Plans for the years ended December 31, 2020, 2019, and 2018 were $2 million, $5 million, and $2 million, respectively. Compensation expense related to stock options was immaterial for all periods presented. Restricted Stock Awards Under the Plans, restricted stock awards, including restricted stock units and performance stock units are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. The fair market value of restricted stock awards, both time vesting and those subject to specific performance criteria, are expensed over the period of vesting. Restricted stock units, which vest based solely upon passage of time generally vest over a period of three Upon vesting of restricted stock awards, the participant is required to pay the related tax withholding obligation. Participants can generally elect to have the Company reduce the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During the years ended December 31, 2020, 2019, and 2018, the Company withheld 298,000, 162,000, and 141,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the restricted stock and performance restricted stock unit awards. Holders of restricted stock awards, including restricted stock units and performance stock units, are generally entitled to receive dividends equal to the amount that would be paid on an equivalent number of shares of common stock. The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2020 (units in thousands): Restricted Weighted Unvested at January 1, 2020 1,700 $ 28.56 Granted 693 39.79 Vested (668) 31.30 Forfeited (42) 31.55 Unvested at December 31, 2020 1,683 32.02 At December 31, 2020, the weighted average remaining vesting period of restricted stock and performance based units was two years. The total fair value (at vesting) of restricted stock and performance based units which vested for the years ended December 31, 2020, 2019, and 2018 was $20 million, $14 million, and $10 million, respectively.

Segment Disclosures

Segment Disclosures	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) life science, (ii) medical office, and (iii) CCRC . The Company has non-reportable segments that are comprised primarily of the Company’s interests in an unconsolidated senior housing joint venture and debt investments. The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note 2). 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. All prior period segment information has been recast to conform to the current period presentation. In conjunction with establishing and beginning execution of a plan to dispose of the Company’s senior housing triple-net and SHOP portfolios during 2020, both of these previously reportable segments are now classified as discontinued operations in all periods presented herein. See Note 5 for further information. In December 2020, as a result of a change in how operating results are reported to the Company's CODMs, the Company’s hospitals were reclassified from other non-reportable segments to the medical office segment and the Company’s one remaining unconsolidated investment in a senior housing joint venture was reclassified from the SHOP segment to other non-reportable segments. 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. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. 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, loans receivable, marketable equity securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 569,296 $ 622,398 $ 436,494 $ 16,687 $ — $ 1,644,875 Government grant income (1) — — 16,198 — — 16,198 Less: Interest income — — — (16,553) — (16,553) Healthpeak's share of unconsolidated joint venture total revenues 448 2,772 35,392 74,023 — 112,635 Healthpeak's share of unconsolidated joint venture government grant income — — 920 359 — 1,279 Noncontrolling interests' share of consolidated joint venture total revenues (239) (34,597) — — — (34,836) Operating expenses (138,005) (204,008) (440,528) — — (782,541) Healthpeak's share of unconsolidated joint venture operating expenses (137) (1,129) (32,125) (53,779) — (87,170) Noncontrolling interests' share of consolidated joint venture operating expenses 72 10,282 — — — 10,354 Adjustments to NOI (2) (20,133) (5,544) 97,072 433 — 71,828 Adjusted NOI 411,302 390,174 113,423 21,170 — 936,069 Plus: Adjustments to NOI (2) 20,133 5,544 (97,072) (433) — (71,828) Interest income — — — 16,553 — 16,553 Interest expense (234) (400) (7,227) — (210,475) (218,336) Depreciation and amortization (217,921) (222,165) (113,851) (12) — (553,949) General and administrative — — — — (93,237) (93,237) Transaction costs (236) — (17,994) (112) — (18,342) Impairments and loan loss reserves (recoveries), net (14,671) (10,208) — (18,030) — (42,909) Gain (loss) on sales of real estate, net — 90,390 — (40) — 90,350 Loss on debt extinguishments — — — — (42,912) (42,912) Other income (expense), net — — 187,844 41,707 5,133 234,684 Less: Government grant income — — (16,198) — — (16,198) Less: Healthpeak's share of unconsolidated joint venture NOI (311) (1,643) (4,187) (20,603) — (26,744) Plus: Noncontrolling interests' share of consolidated joint venture NOI 167 24,315 — — — 24,482 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 198,229 276,007 44,738 40,200 (341,491) 217,683 Income tax benefit (expense) (3) — — — — 9,423 9,423 Equity income (loss) from unconsolidated joint ventures (40) 798 (1,547) (65,810) — (66,599) Income (loss) from continuing operations 198,189 276,805 43,191 (25,610) (332,068) 160,507 Income (loss) from discontinued operations — — — — 267,746 267,746 Net income (loss) $ 198,189 $ 276,805 $ 43,191 $ (25,610) $ (64,322) $ 428,253 _______________________________________ (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 year ended December 31, 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 $33 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 17), and (iii) a $3.7 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 year ended December 31, 2019: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 440,784 $ 621,171 $ 3,010 $ 175,374 $ — $ 1,240,339 Less: Interest income — — — (9,844) — (9,844) Healthpeak's share of unconsolidated joint venture total revenues — 2,810 211,377 23,834 — 238,021 Noncontrolling interests' share of consolidated joint venture total revenues (187) (33,998) — 2,355 — (31,830) Operating expenses (107,472) (201,620) (2,215) (93,937) — (405,244) Healthpeak's share of unconsolidated joint venture operating expenses — (1,107) (170,473) (1,996) — (173,576) Noncontrolling interests' share of consolidated joint venture operating expenses 59 10,109 — (1,536) — 8,632 Adjustments to NOI (1) (22,103) (4,602) 16,985 (5,449) — (15,169) Adjusted NOI 311,081 392,763 58,684 88,801 — 851,329 Plus: Adjustments to NOI (1) 22,103 4,602 (16,985) 5,449 — 15,169 Interest income — — — 9,844 — 9,844 Interest expense (277) (434) — — (216,901) (217,612) Depreciation and amortization (168,339) (221,175) — (45,677) — (435,191) General and administrative — — — — (92,966) (92,966) Transaction costs — — — — (1,963) (1,963) Impairments and loan loss reserves (recoveries), net — (17,332) — (376) — (17,708) Gain (loss) on sales of real estate, net 3,651 3,139 — (6,830) — (40) Loss on debt extinguishments — — — — (58,364) (58,364) Other income (expense), net — — (5,665) 161,886 8,848 165,069 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,703) (40,904) (21,838) — (64,445) Plus: Noncontrolling interests' share of consolidated joint venture NOI 128 23,889 — (819) — 23,198 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 168,347 183,749 (4,870) 190,440 (361,346) 176,320 Income tax benefit (expense) — — — — 5,479 5,479 Equity income (loss) from unconsolidated joint ventures — 858 (16,313) 9,125 — (6,330) Income (loss) from continuing operations 168,347 184,607 (21,183) 199,565 (355,867) 175,469 Income (loss) from discontinued operations — — — — (115,408) (115,408) Net income (loss) $ 168,347 $ 184,607 $ (21,183) $ 199,565 $ (471,275) $ 60,061 _______________________________________ (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 year ended December 31, 2018: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 395,064 $ 596,399 $ — $ 199,857 $ — $ 1,191,320 Less: Interest income — — — (10,406) — (10,406) Healthpeak's share of unconsolidated joint venture total revenues 4,328 2,695 206,221 11,812 — 225,056 Noncontrolling interests' share of consolidated joint venture total revenues (117) (18,042) — 3,927 — (14,232) Operating expenses (91,742) (195,362) — (91,553) — (378,657) Healthpeak's share of unconsolidated joint venture operating expenses (1,131) (1,053) (166,414) (77) — (168,675) Noncontrolling interests' share of consolidated joint venture operating expenses 44 4,591 — (3,020) — 1,615 Adjustments to NOI (1) (9,718) (5,953) 15,504 (5,458) — (5,625) Adjusted NOI 296,728 383,275 55,311 105,082 — 840,396 Plus: Adjustments to NOI (1) 9,718 5,953 (15,504) 5,458 — 5,625 Interest income — — — 10,406 — 10,406 Interest expense (316) (474) — — (260,490) (261,280) Depreciation and amortization (140,480) (206,731) — (57,464) (6) (404,681) General and administrative — — — — (96,702) (96,702) Transaction costs — — — — (1,137) (1,137) Impairments and loan loss reserves (recoveries), net (7,639) (553) — (2,725) — (10,917) Gain (loss) on sales of real estate, net 806,184 4,428 — 20,756 — 831,368 Loss on debt extinguishments — — — — (44,162) (44,162) Other income (expense), net — — — 9,604 3,821 13,425 Less: Healthpeak's share of unconsolidated joint venture NOI (3,197) (1,642) (39,807) (11,735) — (56,381) Plus: Noncontrolling interests' share of consolidated joint venture NOI 73 13,451 — (907) — 12,617 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 961,071 197,707 — 78,475 (398,676) 838,577 Income tax benefit (expense) — — — — 4,396 4,396 Equity income (loss) from unconsolidated joint ventures 575 824 (10,847) 3,693 — (5,755) Income (loss) from continuing operations 961,646 198,531 (10,847) 82,168 (394,280) 837,218 Income (loss) from discontinued operations — — — — 236,256 236,256 Net income (loss) $ 961,646 $ 198,531 $ (10,847) $ 82,168 $ (158,024) $ 1,073,474 _______________________________________ (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): Year Ended December 31, Segments 2020 2019 2018 Life science $ 569,296 $ 440,784 $ 395,064 Medical office 622,398 621,171 596,399 CCRC 436,494 3,010 — Other Non-reportable 16,687 175,374 199,857 Total revenues $ 1,644,875 $ 1,240,339 $ 1,191,320 The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segment 2020 2019 Life science $ 7,205,949 $ 5,688,659 Medical office 5,197,777 5,061,351 CCRC 2,179,294 652,114 Reportable segment assets 14,583,020 11,402,124 Accumulated depreciation and amortization (2,658,890) (2,316,724) Net reportable segment assets 11,924,130 9,085,400 Other non-reportable segment assets 584,432 653,746 Assets held for sale and discontinued operations, net 2,626,306 3,648,265 Other non-segment assets 785,221 645,480 Total assets $ 15,920,089 $ 14,032,891 See Notes 3, 4, 5, 6, 7 and 8 for significant transactions impacting the Company's segment assets during the periods presented. The Company completed the required annual goodwill impairment test during the fourth quarter of 2020, 2019, and 2018, and no impairment was recognized. At December 31, 2019, goodwill of $17 million was allocated as follows: (i) medical office—$13 million and (ii) other—$4 million. During the year ended December 31, 2020, as a result of reporting CCRCs as a separate segment, the Company reallocated $2 million of goodwill from other non-reportable segments to the CCRC segment. Additionally, during the year ended December 31, 2020, as a result of reporting hospitals in the medical office segment and reporting a senior housing joint venture in other non-reportable segments, the Company reallocated $1 million of goodwill from other non-reportable segments to the medical office segment and $1 million of goodwill from senior housing properties to other non-reportable segments.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company has elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as TRSs (the “TRS entities”) which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 17. Certain REIT entities are also subject to state, local and foreign income taxes. Distributions with respect to the Company’s common stock can be characterized for federal income tax purposes as ordinary dividends, capital gains, nondividend distributions or a combination thereof. The following table shows the characterization of the Company’s annual common stock distributions per share: Year Ended December 31, 2020 2019 2018 Ordinary dividends (1) $ 0.7139 $ 0.7633 $ 0.9578 Capital gains (2) 0.5298 0.2714 0.5222 Nondividend distributions 0.2363 0.4453 — $ 1.4800 $ 1.4800 $ 1.4800 _______________________________________ (1) For the year ended December 31, 2020 all $0.7139 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11). (2) Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Internal Revenue Code (IRC). IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gains relate to IRC Section 1231 gains. The Company’s pretax income (loss) from continuing operations was $151 million, $170 million, and $833 million for the years ended December 31, 2020, 2019, and 2018, respectively, of which $80 million, $200 million, and $852 million was attributable to the REIT entities for the years then ended. The TRS entities subject to tax reported income (losses) before income taxes from continuing operations of $71 million, $(30) million, and $(8) million for the years ended December 31, 2020, 2019, and 2018, respectively. The REIT’s loss from continuing operations before income taxes from the U.K. prior to deconsolidation in June 2018 was $11 million for the year ended December 31, 2018. The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2020 2019 2018 Current Federal $ (9,164) $ 104 $ 973 State 1,431 445 3,883 Foreign — — 84 Total current $ (7,733) $ 549 $ 4,940 Deferred Federal $ (2,849) $ (5,920) $ (2,681) State 1,159 (108) (1,776) Foreign — — (4,879) Total deferred $ (1,690) $ (6,028) $ (9,336) Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396) The Company’s income tax benefit from discontinued operations was $10 million, $12 million, and $13 million for the years ended December 31, 2020, 2019, and 2018, respectively (see Note 5). The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense (benefit) recorded (in thousands): Year Ended December 31, 2020 2019 2018 Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax $ 15,016 $ (6,169) $ (7,027) State income tax expense (benefit), net of federal tax 4,211 (1,830) 1,209 Gross receipts and margin taxes 980 1,108 1,173 Foreign rate differential — — 301 Effect of permanent differences — 20 (55) Return to provision adjustments 707 54 258 Valuation allowance for deferred tax assets 24,051 22 (255) Tax rate differential ─ NOL carryback under the CARES Act (3,732) — — Change in tax status of TRS (50,656) 1,316 — Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396) Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2020 2019 2018 Gross deferred tax assets: Investment in unconsolidated joint ventures $ 2,333 $ 40,466 $ 31,034 Real estate 3,895 — — Net operating loss carryforward 68,444 33,771 20,559 Expense accruals 15,478 3,258 2,424 Deferred revenue 103,713 — — Total gross deferred tax assets 193,863 77,495 54,017 Valuation allowance (33,519) (4,878) (295) Gross deferred tax assets, net of valuation allowance $ 160,344 $ 72,617 $ 53,722 Gross deferred tax liabilities: Real estate $ 72,059 $ — $ — Other 1,094 — — Gross deferred tax liabilities $ 73,153 $ — $ — Net deferred tax assets $ 87,191 $ 72,617 $ 53,722 Net deferred tax assets are included in other assets. The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it cannot sustain a conclusion that it is more likely than not that it can realize the deferred tax assets during the periods in which these temporary differences become deductible. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized. In conjunction with the Company establishing a plan during the year ended December 31, 2020 to dispose of all of its SHOP assets and classifying such assets as discontinued operations (see Note 5), 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 TRS entities. Accordingly, the Company recognized a deferred tax asset valuation allowance and corresponding income tax expense of $33 million during the year ended December 31, 2020. At December 31, 2020, the Company had a net operating loss (“NOL”) carryforward of $283 million related to the TRS entities. This amount can be used to offset future taxable income, if any. If unused, $22 million will begin to expire in 2035. The remainder, totaling $261 million, may be carried forward indefinitely. The following table summarizes the Company’s unrecognized tax benefits (in thousands): December 31, 2020 2019 2018 Total unrecognized tax benefits at January 1 $ 469 $ — $ — Gross amount of increases for prior years' tax positions — 469 — Total unrecognized tax benefits at December 31 $ 469 $ 469 $ — The Company had unrecognized tax benefits of $0.5 million at December 31, 2020 and 2019, that, if recognized, would reduce the annual effective tax rate. As of December 31, 2020, the Company accrued interest of $70 thousand related to the unrecognized tax benefits. The Company files numerous U.S. federal, state and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years prior to 2017. For the years ended December 31, 2020, 2019, and 2018 the tax basis of the Company’s net assets was less than the reported amounts by $1.5 billion, $1.2 billion, and $1.4 billion, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information: Interest paid, net of capitalized interest $ 209,843 $ 201,784 $ 275,690 Income taxes paid (refunded) (786) 1,426 4,480 Capitalized interest 27,041 30,459 21,056 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 95,293 126,006 88,826 Retained equity method investment from U.K. JV transaction — — 104,922 Derecognition of U.K. Bridge Loan receivable — — 147,474 Consolidation of net assets related to U.K. Bridge Loan — — 106,457 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,746 5,614 537 Net noncash impact from the consolidation of previously unconsolidated joint ventures 369,223 17,850 68,293 Mortgages assumed with real estate acquisitions 251,280 172,565 8,457 Refundable entrance fees assumed with real estate acquisitions 307,954 — — Conversion of DFLs to real estate — 350,540 — Retained investment in connection with SWF SH JV — 427,328 — Seller financing provided on disposition of real estate asset 73,498 44,812 — See discussions related to: (i) the impact of the 2019 MTCA with Brookdale on the Company’s consolidated balance sheets and statements of operations in Note 3, (ii) the U.K. JV transaction in Notes 5 and 9, (iii) the U.K. Bridge Loan in Notes 8 and 19, (iv) the conversion of DFLs to real estate in Note 7, and (v) the consolidation of previously unconsolidated joint ventures in Note 4. The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization of real estate, in-place lease, and other intangibles $ 143,194 $ 224,798 $ 144,819 Development, redevelopment, and other major improvements of real estate 30,769 74,919 62,995 Leasing costs, tenant improvements, and recurring capital expenditures 12,695 22,617 1,705 The following table summarizes cash, cash equivalents, and restricted cash (in thousands): December 31, 2020 2019 Cash and cash equivalents $ 44,226 $ 80,398 Restricted cash 67,206 13,385 Cash, cash equivalents and restricted cash $ 111,432 $ 93,783

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At December 31, 2020, the Company had investments in: (i) two properties leased to a VIE tenant, (ii) four 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, 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) of CCRC OpCo may only be used to settle its contractual obligations (primarily from debt service payments, capital expenditures, and rental costs and operating expenses incurred to manage such facilities). Refer to Note 3 for additional discussion related to transactions impacting CCRC OpCo. 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 December 31, 2020 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: Unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures $ 22,113 Loan - Seller Financing Loans receivable, net 2,288 CMBS and LLC investment Marketable debt and LLC investment 35,453 Discontinued operations: VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ 186 _______________________________________ (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 December 31, 2020, the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including under circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 3, 4, 5, 6, 7, 8, and 9 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 December 31, 2020 and December 31, 2019 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to the Company. Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 2,988,599 $ 2,498,524 Development costs and construction in progress 85,595 67,244 Land 433,574 410,903 Accumulated depreciation and amortization (602,491) (534,339) Net real estate 2,905,277 2,442,332 Accounts receivable, net 12,009 9,508 Cash and cash equivalents 16,550 35,726 Restricted cash 7,977 9,895 Intangible assets, net 179,027 167,022 Assets held for sale and discontinued operations, net 704,966 880,362 Right-of-use asset, net 95,407 92,664 Other assets, net 59,063 48,119 Total assets $ 3,980,276 $ 3,685,628 Liabilities Mortgage debt $ 39,085 $ 44,199 Intangible liabilities, net 56,467 39,545 Liabilities related to assets held for sale and discontinued operations, net 190,919 187,544 Lease liability 97,605 90,875 Accounts payable, accrued liabilities, and other liabilities 102,391 112,301 Deferred revenue 90,183 94,538 Total liabilities $ 576,650 $ 569,002 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 639,759 $ 737,581 Development costs and construction in progress 68 41 Land 106,209 115,673 Accumulated depreciation and amortization (57,235) (34,235) Net real estate 688,801 819,060 Accounts receivable, net 1,700 2,478 Cash and cash equivalents 6,306 11,301 Restricted cash 3,124 3,700 Intangible assets, net — 39,817 Right-of-use asset, net 1,391 — Other assets, net 3,644 4,006 Total assets $ 704,966 $ 880,362 Liabilities Mortgage debt $ 176,702 $ 174,567 Lease liability 1,392 — Accounts payable, accrued liabilities, and other liabilities 11,003 10,531 Deferred revenue 1,822 2,446 Total liabilities $ 190,919 $ 187,544 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). 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 seven senior housing properties to lessee entities under cash flow leases through which the Company receives monthly rent equal to the residual cash flows of the properties. The lessee entities are classified as VIEs as they are "thinly capitalized" entities. The Company consolidates the lessee entities as it has the ability to control the activities that most significantly impact the economic performance of the lessee entities. The lessee entities’ assets primarily consist of leasehold interests in senior housing facilities (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 facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) may only be used to settle contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facility and debt costs). DownREITs . The Company holds a controlling ownership interest in and is the managing member of seven 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). Exchange Accommodation Titleholder . During the year ended December 31, 2020, the Company acquired seven MOBs, one hospital, and three life science facilities (the "acquired properties") using reverse like-kind exchange structures pursuant to Section 1031 of the Code (a "reverse 1031 exchange"). As of December 31, 2020, the Company had not completed the reverse 1031 exchanges and as such, the acquired properties remained in the possession of Exchange Accommodation Titleholders ("EATs"). The EATs are classified as VIEs as they are “thinly capitalized” entities. The Company consolidates the EATs because it has the ability to control the activities that most significantly impact the economic performance of the EATs and is, therefore, the primary beneficiary of the EATs. The properties held by the EATs are reflected as real estate with a carrying value of $813 million as of December 31, 2020. The assets of the EATs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of capital expenditures for the properties. Assets generated by the EATs may only be used to settle their contractual obligations (primarily from capital expenditures). U.K. Bridge Loan . In 2016, the Company provided a £105 million ($131 million at closing) bridge loan to MMCG to fund the acquisition of a portfolio of seven care homes in the U.K. MMCG created a special purpose entity to acquire the portfolio and funded it entirely using the Company’s bridge loan. As such, the special purpose entity had historically been identified as a VIE because it was “thinly capitalized.” The Company retained a three-year call option to acquire all the shares of the special purpose entity, which it could only exercise upon the occurrence of certain events. During the quarter ended March 31, 2018, the Company concluded that the conditions required to exercise the call option had been met and initiated the call option process to acquire the special purpose entity. In conjunction with initiating the process to legally exercise its call option and the satisfaction of required contingencies, the Company concluded that it was the primary beneficiary of the special purpose entity and therefore, should consolidate the entity. As such, during the quarter ended March 31, 2018, the Company derecognized the previously outstanding loan receivable, recognized the special purpose entity’s assets and liabilities at their respective fair values, and recognized a £29 million ($41 million) loss on consolidation, net of a tax benefit of £2 million ($3 million), to account for the difference between the carrying value of the loan receivable and the fair value of net assets and liabilities assumed. The loss on consolidation was recognized within other income (expense), net and the tax benefit was recognized within income tax benefit (expense). The fair value of net assets and liabilities consolidated during the first quarter of 2018 consisted of £81 million ($114 million) of net real estate, £4 million ($5 million) of intangible assets, and £9 million ($13 million) of net deferred tax liabilities.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of credit risks. The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues, excluding assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 30 31 21 22 22 Florida 10 2 14 2 2 The following table provides information regarding the Company’s concentrations with respect to certain states from assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 4 6 6 6 4 Florida 4 6 6 7 7

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets are immaterial at December 31, 2020. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2020 (3) 2019 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 195,375 $ 201,228 $ 190,579 $ 190,579 Marketable debt securities (2) 20,355 20,355 19,756 19,756 Bank line of credit and commercial paper (2) 129,590 129,590 93,000 93,000 Term loan (2) 249,182 249,182 248,942 248,942 Senior unsecured notes (1) 5,697,586 6,517,650 5,647,993 6,076,150 Mortgage debt (2)(4) 221,621 221,181 12,317 12,201 Interest-rate swap liabilities (2) 81 81 553 553 _______________________________________ (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 years ended December 31, 2020 and 2019, there were no material transfers of financial assets or liabilities within the fair value hierarchy. (4) For the years ended December 31, 2020 and 2019, excludes mortgage debt on assets held for sale and discontinued operations of $319 million and $297 million, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the Company’s outstanding swap contracts as of December 31, 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 $ 35,627 0.33% USD-SIFMA Municipal Swap Index $ (81) _____________________________ (1) Derivative liabilities are recorded in liabilities related to assets held for sale and discontinued operations, net on the consolidated balance sheets. (2) Represents two interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. Assuming a one percentage point shift in the underlying interest rate curve, the estimated change in fair value of each of the underlying derivative instruments would not exceed $1 million. In conjunction with the sale of the Aegis NNN Portfolio (see Note 5) in December 2020, the Company paid off $6 million of variable rate secured debt and terminated the related interest-rate swap contract. On June 29, 2018, concurrent with closing the U.K. JV transaction, the Company terminated a cross currency swap contract, which was designated as a hedge of the Company’s net investment in the U.K. As such, upon deconsolidation of the U.K. Portfolio, the Company reclassified the $6 million loss in other comprehensive income related to the cross currency swap through gain (loss) on sales of real estate, net. Concurrent with the sale of its remaining interest in the U.K. JV in December 2019 (see Note 9), the Company paid-off the remainder of its GBP-denominated borrowings under the Revolving Facility and terminated its previously-designated net investment hedge.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities	Accounts Payable, Accrued Liabilities, and Other Liabilities The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities, excluding accounts payable, accrued liabilities, and other liabilities related to assets classified as discontinued operations (in thousands): December 31, 2020 2019 Accrued interest $ 78,735 $ 69,960 Construction related accrued liabilities 95,293 117,048 Refundable entrance fees 317,444 — Other accounts payable and accrued liabilities 271,919 270,524 Accounts payable, accrued liabilities, and other liabilities $ 763,391 $ 457,532

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following table summarizes selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended 2020 March 31 June 30 September 30 December 31 Total revenues $ 381,054 $ 408,559 $ 423,565 $ 431,697 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 128,410 78,182 13,957 (2,866) Income (loss) from continuing operations 147,132 60,341 (27,762) (19,204) Income (loss) from discontinued operations 135,408 (5,292) (31,819) 169,449 Net income (loss) 282,540 55,049 (59,581) 150,245 Net income (loss) applicable to Healthpeak Properties, Inc. 279,080 51,506 (63,417) 146,394 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.27 (0.01) (0.06) 0.31 Diluted earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.26 (0.01) (0.06) 0.31 Three Months Ended 2019 March 31 June 30 September 30 December 31 Total revenues $ 293,303 $ 307,037 $ 321,079 $ 318,920 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 20,345 25,708 (19,062) 149,329 Income (loss) from continuing operations 22,517 24,052 (24,420) 153,320 Income (loss) from discontinued operations 42,473 (34,032) (17,888) (105,961) Net income (loss) 64,990 (9,980) (42,308) 47,359 Net income (loss) applicable to Healthpeak Properties, Inc. 61,470 (13,597) (45,863) 43,520 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21) Diluted earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21)

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II: Valuation and Qualifying Accounts	Schedule II: Valuation and Qualifying Accounts (Dollars in thousands) Allowance Accounts (1) Additions Deductions Year Ended Balance at Amounts Acquired Uncollectible Dispositions Balance at Continuing operations: 2020 $ 387 $ 76 $ 3,531 $ — $ — $ 3,994 2019 (2) 146 (146) 387 — — 387 2018 142,940 3,366 — (1,887) (143,795) 624 Discontinued operations: 2020 $ 4,178 $ 1,026 $ 175 $ — $ 494 $ 5,873 2019 (2) 2,255 1,695 928 — (700) 4,178 2018 26,434 739 — — — 27,173 _______________________________________ (1) Includes allowance for doubtful accounts and straight-line rent reserves. Excludes reserves for loan losses which are disclosed in Note 8 to the Consolidated Financial Statements. (2) In conjunction with adopting ASU 2016-02 (see Note 2 to the Consolidated Financial Statements) on January 1, 2019, the Company wrote-off certain previously reserved tenant receivables (accounts receivable and straight-line rent receivable). These amounts are included in the end of year balance for 2018, but removed from the beginning of the year balance for 2019.

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III: Real Estate and Accumulated Depreciation	Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Continuing operations: Life science 1483 Brisbane CA $ — $ 8,498 $ 500 $ 34,889 $ 8,498 $ 35,389 $ 43,887 $ — 2007 1484 Brisbane CA — 11,331 689 186,573 11,331 187,262 198,593 — 2007 1485 Brisbane CA — 11,331 600 12,287 11,331 12,886 24,217 — 2007 1486 Brisbane CA — 11,331 — 135,563 11,331 135,563 146,894 (5,144) 2020 1487 Brisbane CA — 8,498 — 76,313 8,498 76,313 84,811 — 2020 2874 Brisbane CA — 64,186 62,318 7,746 64,186 69,954 134,140 (4,177) 2019 2875 Brisbane CA — 58,410 56,623 2,320 58,410 58,933 117,343 (4,102) 2019 1401 Hayward CA — 900 7,100 2,054 1,244 7,957 9,201 (2,652) 2007 1402 Hayward CA — 1,500 6,400 4,305 1,719 6,812 8,531 (2,151) 2007 1403 Hayward CA — 1,900 7,100 10,343 1,900 15,738 17,638 (4,208) 2007 1404 Hayward CA — 2,200 17,200 3,872 2,200 21,072 23,272 (6,281) 2007 1405 Hayward CA — 1,000 3,200 8,110 1,000 3,837 4,837 (1,093) 2007 1549 Hayward CA — 1,006 4,259 4,494 1,055 6,463 7,518 (2,909) 2007 1550 Hayward CA — 677 2,761 5,837 710 3,057 3,767 (1,825) 2007 1551 Hayward CA — 661 1,995 4,632 693 2,408 3,101 (1,246) 2007 1552 Hayward CA — 1,187 7,139 2,543 1,222 8,539 9,761 (3,978) 2007 1553 Hayward CA — 1,189 9,465 7,361 1,225 16,229 17,454 (8,783) 2007 1554 Hayward CA — 1,246 5,179 3,560 1,283 6,942 8,225 (3,180) 2007 1555 Hayward CA — 1,521 13,546 6,982 1,566 20,423 21,989 (10,537) 2007 1556 Hayward CA — 1,212 5,120 4,666 1,249 6,797 8,046 (3,209) 2007 1424 La Jolla CA — 9,600 25,283 15,758 9,719 36,698 46,417 (10,356) 2007 1425 La Jolla CA — 6,200 19,883 1,661 6,276 21,376 27,652 (7,245) 2007 1426 La Jolla CA — 7,200 12,412 14,237 7,287 23,209 30,496 (9,536) 2007 1427 La Jolla CA — 8,700 16,983 8,261 8,767 22,714 31,481 (9,812) 2007 1949 La Jolla CA — 2,686 11,045 12,349 2,686 22,956 25,642 (3,873) 2011 2229 La Jolla CA — 8,753 32,528 10,295 8,777 42,351 51,128 (8,871) 2014 1470 Poway CA — 5,826 12,200 6,048 5,826 12,542 18,368 (4,146) 2007 1471 Poway CA — 5,978 14,200 4,253 5,978 14,200 20,178 (4,763) 2007 1472 Poway CA — 8,654 — 11,906 8,654 11,906 20,560 (2,504) 2007 1473 Poway CA — 11,024 2,405 26,607 11,024 29,013 40,037 (4,830) 2019 1474 Poway CA — 5,051 — 19,939 5,051 19,939 24,990 (866) 2019 1475 Poway CA — 5,655 — 10,302 5,655 10,302 15,957 (64) 2020 1478 Poway CA — 6,700 14,400 6,145 6,700 14,400 21,100 (4,830) 2007 1499 Redwood City CA — 3,400 5,500 2,326 3,407 6,200 9,607 (2,819) 2007 1500 Redwood City CA — 2,500 4,100 1,220 2,506 4,558 7,064 (1,949) 2007 1501 Redwood City CA — 3,600 4,600 1,783 3,607 5,940 9,547 (2,259) 2007 1502 Redwood City CA — 3,100 5,100 1,202 3,107 5,931 9,038 (2,464) 2007 1503 Redwood City CA — 4,800 17,300 4,341 4,818 19,908 24,726 (6,323) 2007 1504 Redwood City CA — 5,400 15,500 9,393 5,418 24,858 30,276 (7,213) 2007 1505 Redwood City CA — 3,000 3,500 1,318 3,006 4,410 7,416 (2,033) 2007 1506 Redwood City CA — 6,000 14,300 14,666 6,018 28,323 34,341 (10,101) 2007 1507 Redwood City CA — 1,900 12,800 17,586 1,912 26,081 27,993 (7,265) 2007 1508 Redwood City CA — 2,700 11,300 21,873 2,712 27,599 30,311 (4,771) 2007 1509 Redwood City CA — 2,700 10,900 10,476 2,712 16,114 18,826 (6,722) 2007 1510 Redwood City CA — 2,200 12,000 10,584 2,212 18,660 20,872 (5,030) 2007 1511 Redwood City CA — 2,600 9,300 21,480 2,612 30,156 32,768 (4,430) 2007 1512 Redwood City CA — 3,300 18,000 12,434 3,300 30,406 33,706 (13,158) 2007 1513 Redwood City CA — 3,300 17,900 15,663 3,326 29,671 32,997 (11,980) 2007 678 San Diego CA — 2,603 11,051 3,166 2,603 14,217 16,820 (5,740) 2002 679 San Diego CA — 5,269 23,566 29,989 5,669 49,855 55,524 (16,747) 2002 837 San Diego CA — 4,630 2,028 9,120 4,630 5,213 9,843 (1,809) 2006 838 San Diego CA — 2,040 903 5,253 2,040 4,203 6,243 (982) 2006 839 San Diego CA — 3,940 3,184 6,849 4,047 5,499 9,546 (1,645) 2006 840 San Diego CA — 5,690 4,579 789 5,830 4,802 10,632 (2,084) 2006 1418 San Diego CA — 11,700 31,243 23,331 11,700 48,212 59,912 (9,190) 2007 1419 San Diego CA — 2,324 — 13,394 2,324 13,394 15,718 — 2007 1420 San Diego CA — 4,200 — 19,143 4,200 19,143 23,343 — 2007 1421 San Diego CA — 7,000 33,779 1,209 7,000 34,988 41,988 (12,176) 2007 1422 San Diego CA — 7,179 3,687 5,090 7,336 8,581 15,917 (4,194) 2007 1423 San Diego CA — 8,400 33,144 31,897 8,400 65,033 73,433 (11,140) 2007 1514 San Diego CA — 5,200 — — 5,200 — 5,200 — 2007 1558 San Diego CA — 7,740 22,654 5,742 7,888 12,308 20,196 (9,197) 2007 1947 San Diego CA — 2,581 10,534 4,231 2,581 14,765 17,346 (5,461) 2011 1948 San Diego CA — 5,879 25,305 8,843 5,879 31,843 37,722 (8,548) 2011 2197 San Diego CA — 7,621 3,913 8,711 7,626 11,328 18,954 (4,360) 2007 2476 San Diego CA — 7,661 9,918 13,740 7,661 23,659 31,320 (221) 2016 2477 San Diego CA — 9,207 14,613 6,558 9,207 21,171 30,378 (4,054) 2016 2478 San Diego CA — 6,000 — 2,738 6,000 2,738 8,738 — 2016 2617 San Diego CA — 2,734 5,195 16,693 2,734 21,889 24,623 (1,594) 2017 2618 San Diego CA — 4,100 12,395 22,736 4,100 35,131 39,231 (3,286) 2017 2622 San Diego (3) CA — — — 17,012 — 17,012 17,012 (359) 2020 2872 San Diego CA — 10,120 38,351 1,044 10,120 39,996 50,116 (3,835) 2018 2873 San Diego CA — 6,052 14,122 1,069 6,052 15,406 21,458 (1,405) 2018 3069 San Diego CA — 7,054 7,794 13,477 7,054 21,035 28,089 (305) 2019 1407 South San Francisco CA — 7,182 12,140 10,608 7,186 13,990 21,176 (4,990) 2007 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1408 South San Francisco CA — 9,000 17,800 1,498 9,000 18,275 27,275 (6,241) 2007 1409 South San Francisco CA — 18,000 38,043 4,703 18,000 42,746 60,746 (15,096) 2007 1410 South San Francisco CA — 4,900 18,100 12,945 4,900 30,956 35,856 (8,433) 2007 1411 South San Francisco CA — 8,000 27,700 34,398 8,000 62,014 70,014 (11,551) 2007 1412 South San Francisco CA — 10,100 22,521 4,128 10,100 26,409 36,509 (8,962) 2007 1413 South San Francisco CA — 8,000 28,299 8,561 8,000 36,860 44,860 (11,742) 2007 1414 South San Francisco CA — 3,700 20,800 2,248 3,700 22,845 26,545 (8,714) 2007 1430 South San Francisco CA — 10,700 23,621 23,711 10,700 44,738 55,438 (7,870) 2007 1431 South San Francisco CA — 7,000 15,500 10,057 7,000 25,497 32,497 (6,667) 2007 1435 South San Francisco CA — 13,800 42,500 37,058 13,800 79,558 93,358 (28,093) 2008 1436 South San Francisco CA — 14,500 45,300 36,935 14,500 82,235 96,735 (28,489) 2008 1437 South San Francisco CA — 9,400 24,800 50,146 9,400 73,376 82,776 (26,463) 2008 1439 South San Francisco CA — 11,900 68,848 444 11,900 69,291 81,191 (23,126) 2007 1440 South San Francisco CA — 10,000 57,954 400 10,000 58,354 68,354 (19,474) 2007 1441 South San Francisco CA — 9,300 43,549 8 9,300 43,557 52,857 (14,611) 2007 1442 South San Francisco CA — 11,000 47,289 91 11,000 47,380 58,380 (15,940) 2007 1443 South San Francisco CA — 13,200 60,932 2,642 13,200 63,574 76,774 (21,733) 2007 1444 South San Francisco CA — 10,500 33,776 923 10,500 34,699 45,199 (11,675) 2007 1445 South San Francisco CA — 10,600 34,083 9 10,600 34,092 44,692 (11,436) 2007 1458 South San Francisco CA — 10,900 20,900 8,917 10,909 21,689 32,598 (7,305) 2007 1459 South San Francisco CA — 3,600 100 5,533 3,600 5,633 9,233 (94) 2007 1460 South San Francisco CA — 2,300 100 440 2,300 539 2,839 (100) 2007 1461 South San Francisco CA — 3,900 200 745 3,900 945 4,845 (200) 2007 1462 South San Francisco CA — 7,117 600 5,877 7,117 4,692 11,809 (1,286) 2007 1463 South San Francisco CA — 10,381 2,300 20,929 10,381 20,881 31,262 (5,922) 2007 1464 South San Francisco CA — 7,403 700 11,638 7,403 7,987 15,390 (2,053) 2007 1468 South San Francisco CA — 10,100 24,013 15,570 10,100 35,828 45,928 (9,801) 2007 1480 South San Francisco CA — 32,210 3,110 28,414 32,210 31,523 63,733 — 2007 1559 South San Francisco CA — 5,666 5,773 12,970 5,695 18,645 24,340 (15,958) 2007 1560 South San Francisco CA — 1,204 1,293 2,888 1,210 3,970 5,180 (1,868) 2007 1983 South San Francisco CA — 8,648 — 96,095 8,648 96,095 104,743 (20,291) 2016 1984 South San Francisco CA — 7,845 — 90,445 7,844 90,069 97,913 (16,677) 2017 1985 South San Francisco CA — 6,708 — 122,721 6,708 122,721 129,429 (19,127) 2017 1986 South San Francisco CA — 6,708 — 108,425 6,708 108,425 115,133 (13,457) 2018 1987 South San Francisco CA — 8,544 — 100,645 8,544 100,645 109,189 (8,701) 2019 1988 South San Francisco CA — 10,120 — 119,965 10,120 119,965 130,085 (10,610) 2019 1989 South San Francisco CA — 9,169 — 99,636 9,169 99,636 108,805 (3,904) 2020 2553 South San Francisco CA — 2,897 8,691 4,663 2,897 13,354 16,251 (2,511) 2015 2554 South San Francisco CA — 995 2,754 2,209 995 4,963 5,958 (1,040) 2015 2555 South San Francisco CA — 2,202 10,776 895 2,202 11,604 13,806 (1,735) 2015 2556 South San Francisco CA — 2,962 15,108 1,009 2,962 16,117 19,079 (2,371) 2015 2557 South San Francisco CA — 2,453 13,063 3,616 2,453 16,679 19,132 (3,187) 2015 2558 South San Francisco CA — 1,163 5,925 338 1,163 6,263 7,426 (881) 2015 2614 South San Francisco CA — 5,079 8,584 1,731 5,083 9,662 14,745 (3,763) 2007 2615 South San Francisco CA — 7,984 13,495 3,243 7,988 14,809 22,797 (6,010) 2007 2616 South San Francisco CA — 8,355 14,121 2,368 8,358 15,057 23,415 (5,642) 2007 2624 South San Francisco CA — 25,502 42,910 12,736 25,502 55,517 81,019 (6,378) 2017 2870 South San Francisco CA — 23,297 41,797 29,221 23,297 71,019 94,316 (4,879) 2018 2871 South San Francisco CA — 20,293 41,262 21,431 20,293 62,693 82,986 (7,051) 2018 9999 Denton TX — 100 — — 100 — 100 — 2016 2705 Cambridge MA — 24,389 128,586 — 24,389 128,586 152,975 (359) 2020 2706 Cambridge MA — 15,381 148,307 — 15,381 148,307 163,688 (454) 2020 2707 Cambridge MA — 25,664 230,509 — 25,664 230,509 256,173 (642) 2020 2708 Cambridge MA — — 17,764 — — 17,764 17,764 (37) 2020 2709 Cambridge MA — — 15,459 — — 15,459 15,459 (32) 2020 2928 Cambridge MA — 44,215 24,120 — 44,215 24,120 68,335 (2,263) 2019 2929 Cambridge MA — 20,517 — 18,209 20,517 18,209 38,726 — 2019 3074 Cambridge MA — 78,762 252,153 8,945 78,762 261,098 339,860 (8,142) 2019 2630 Lexington MA — 16,411 49,681 484 16,411 50,165 66,576 (7,144) 2017 2631 Lexington MA — 7,759 142,081 22,777 7,759 163,137 170,896 (14,152) 2017 2632 Lexington MA — — 21,390 111,746 — 133,136 133,136 (379) 2020 3070 Lexington MA — 14,013 17,083 — 14,013 17,083 31,096 (938) 2019 3071 Lexington MA — 14,930 16,677 — 14,930 16,677 31,607 (1,190) 2019 3072 Lexington MA — 35,469 43,903 — 35,469 43,903 79,372 (2,685) 2019 3073 Lexington MA — 37,050 44,647 — 37,050 44,647 81,697 (2,578) 2019 3093 Waltham MA — 47,791 275,556 16,204 47,791 291,760 339,551 (6,212) 2020 2011 Durham NC 3,777 448 6,152 22,643 448 23,136 23,584 (5,112) 2011 2030 Durham NC — 1,920 5,661 34,804 1,920 40,465 42,385 (12,823) 2012 464 Salt Lake City UT — 630 6,921 2,562 630 9,484 10,114 (4,468) 2001 465 Salt Lake City UT — 125 6,368 68 125 6,436 6,561 (2,823) 2001 466 Salt Lake City UT — — 14,614 73 — 14,688 14,688 (5,855) 2001 799 Salt Lake City UT — — 14,600 90 — 14,690 14,690 (5,078) 2005 1593 Salt Lake City UT — — 23,998 — — 23,998 23,998 (7,575) 2010 $ 3,777 $ 1,321,296 $ 3,313,951 $ 2,505,811 $ 1,323,724 $ 5,639,944 $ 6,963,668 $ (899,069) Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Medical office 638 Anchorage AK $ — $ 1,456 $ 10,650 $ 12,635 $ 1,456 $ 22,369 $ 23,825 $ (9,319) 2006 126 Sherwood AR — 709 9,604 — 709 9,599 10,308 (6,284) 1989 2572 Springdale AR — — 27,714 — — 27,714 27,714 (3,665) 2016 520 Chandler AZ — 3,669 13,503 7,404 3,799 19,499 23,298 (7,178) 2002 113 Glendale AZ — 1,565 7,050 20 1,565 7,225 8,790 (4,795) 1988 2040 Mesa AZ — — 17,314 1,728 — 18,425 18,425 (3,842) 2012 1066 Scottsdale AZ — 5,115 14,064 5,245 4,839 17,731 22,570 (6,795) 2006 2021 Scottsdale AZ — — 12,312 5,116 — 16,679 16,679 (6,441) 2012 2022 Scottsdale AZ — — 9,179 2,487 — 11,462 11,462 (5,038) 2012 2023 Scottsdale AZ — — 6,398 2,195 — 8,336 8,336 (3,448) 2012 2024 Scottsdale AZ — — 9,522 1,048 32 10,473 10,505 (3,929) 2012 2025 Scottsdale AZ — — 4,102 2,355 — 6,193 6,193 (2,815) 2012 2026 Scottsdale AZ — — 3,655 2,213 — 5,614 5,614 (1,922) 2012 2027 Scottsdale AZ — — 7,168 2,960 — 9,758 9,758 (3,647) 2012 2028 Scottsdale AZ — — 6,659 4,834 — 11,084 11,084 (3,392) 2012 2696 Scottsdale AZ — 10,151 14,925 567 10,151 15,492 25,643 (553) 2020 1041 Brentwood CA — — 30,864 3,135 310 32,826 33,136 (12,367) 2006 1200 Encino CA — 6,151 10,438 6,933 6,757 14,895 21,652 (6,286) 2006 1038 Fresno CA — 3,652 29,113 21,935 3,652 51,048 54,700 (19,960) 2006 423 Irvine CA — 18,000 70,800 — 18,001 70,800 88,801 (41,643) 1999 436 Murrieta CA — 400 9,266 5,089 749 12,116 12,865 (7,182) 1999 239 Poway CA — 2,700 10,839 5,485 3,013 13,421 16,434 (8,020) 1997 2654 Riverside CA — 2,758 9,908 448 2,758 10,319 13,077 (1,373) 2017 318 Sacramento CA — 2,860 37,566 27,514 2,911 63,537 66,448 (18,888) 1998 2404 Sacramento CA — 1,268 5,109 1,067 1,299 6,005 7,304 (1,592) 2015 421 San Diego CA — 2,910 19,984 16,414 2,964 35,025 37,989 (13,073) 1999 564 San Jose CA — 1,935 1,728 3,248 1,935 3,255 5,190 (1,448) 2003 565 San Jose CA — 1,460 7,672 1,046 1,460 8,207 9,667 (3,677) 2003 659 Los Gatos CA — 1,718 3,124 693 1,758 3,363 5,121 (1,471) 2000 439 Valencia CA — 2,300 6,967 4,278 2,404 9,029 11,433 (5,022) 1999 1211 Valencia CA — 1,344 7,507 940 1,384 6,124 7,508 (2,878) 2006 440 West Hills CA — 2,100 11,595 5,355 2,259 12,506 14,765 (7,017) 1999 728 Aurora CO — — 8,764 3,913 — 9,480 9,480 (4,048) 2005 1196 Aurora CO — 210 12,362 7,836 210 19,185 19,395 (6,296) 2006 1197 Aurora CO — 200 8,414 6,651 285 14,229 14,514 (5,141) 2006 127 Colorado Springs CO — 690 8,338 — 690 8,415 9,105 (5,502) 1989 882 Colorado Springs CO — — 12,933 11,426 — 20,122 20,122 (7,719) 2006 1199 Denver CO — 493 7,897 2,705 622 9,497 10,119 (3,959) 2006 808 Englewood CO — — 8,616 9,877 11 16,236 16,247 (8,467) 2005 809 Englewood CO — — 8,449 6,786 — 13,041 13,041 (5,225) 2005 810 Englewood CO — — 8,040 13,800 — 19,134 19,134 (7,689) 2005 811 Englewood CO — — 8,472 13,212 — 19,841 19,841 (6,893) 2005 2658 Highlands Ranch CO — 1,637 10,063 — 1,637 10,063 11,700 (1,161) 2017 812 Littleton CO — — 4,562 3,236 257 6,045 6,302 (2,645) 2005 813 Littleton CO — — 4,926 2,696 106 6,395 6,501 (2,611) 2005 570 Lone Tree (3) CO — — — 21,686 — 20,401 20,401 (8,334) 2003 666 Lone Tree CO — — 23,274 5,098 17 25,916 25,933 (9,728) 2000 2233 Lone Tree CO — — 6,734 31,910 — 38,533 38,533 (8,962) 2014 1076 Parker CO — — 13,388 1,534 8 14,548 14,556 (5,657) 2006 510 Thornton CO — 236 10,206 4,656 463 13,101 13,564 (6,096) 2002 434 Atlantis FL — — 2,027 512 5 2,314 2,319 (1,328) 1999 435 Atlantis FL — — 2,000 1,206 — 2,539 2,539 (1,440) 1999 602 Atlantis FL — 455 2,231 1,024 455 2,828 3,283 (1,345) 2000 2963 Brooksville (3) FL — — — 10,300 — 10,300 10,300 (4) 2019 604 Englewood FL — 170 1,134 840 226 1,578 1,804 (567) 2000 2962 Jacksonville (3) FL — — — 964 — 964 964 — 2019 609 Kissimmee FL — 788 174 1,242 788 1,250 2,038 (373) 2000 610 Kissimmee FL — 481 347 790 494 752 1,246 (469) 2000 671 Kissimmee FL — — 7,574 2,690 — 8,367 8,367 (3,495) 2000 603 Lake Worth FL — 1,507 2,894 1,807 1,507 4,529 6,036 (2,686) 2000 612 Margate FL — 1,553 6,898 2,527 1,553 8,675 10,228 (3,423) 2000 613 Miami FL — 4,392 11,841 13,457 4,392 22,161 26,553 (6,122) 2000 2202 Miami FL — — 13,123 10,093 — 22,766 22,766 (5,882) 2014 2203 Miami FL — — 8,877 4,126 — 12,813 12,813 (3,562) 2014 1067 Milton FL — — 8,566 1,044 — 9,533 9,533 (3,204) 2006 2577 Naples FL — — 29,186 1,504 — 30,691 30,691 (3,763) 2016 2578 Naples FL — — 18,819 766 — 19,585 19,585 (2,035) 2016 2964 Okeechobee (3) FL — — — 3,483 — 3,483 3,483 — 2019 563 Orlando FL — 2,144 5,136 16,334 12,268 7,980 20,248 (4,936) 2003 833 Pace FL — — 10,309 3,938 54 11,900 11,954 (4,131) 2006 834 Pensacola FL — — 11,166 669 — 11,369 11,369 (3,712) 2006 673 Plantation FL — 1,091 7,176 2,352 1,091 8,915 10,006 (3,608) 2002 2579 Punta Gorda FL — — 9,379 — — 9,379 9,379 (1,118) 2016 2833 St. Petersburg FL — — 13,754 14,054 — 24,373 24,373 (8,319) 2006 2836 Tampa FL — 1,967 6,618 8,213 2,709 10,644 13,353 (5,996) 2006 887 Atlanta GA — 4,300 13,690 — 4,300 11,890 16,190 (8,224) 2007 1058 Blue Ridge GA — — 3,231 260 — 3,094 3,094 (1,262) 2006 2576 Statesboro GA — — 10,234 439 — 10,673 10,673 (1,680) 2016 2702 Bolingbrook IL — — 21,237 — — 21,237 21,237 (145) 2020 1065 Marion IL — 99 11,538 2,192 100 13,255 13,355 (4,673) 2006 2697 Indianapolis IN — — 61,893 — — 61,893 61,893 (313) 2020 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 2699 Indianapolis IN — — 23,211 — — 23,211 23,211 (117) 2020 2701 Indianapolis IN — 478 1,637 — 478 1,637 2,115 (18) 2020 2698 Mooresville IN — — 20,646 — — 20,646 20,646 (105) 2020 1057 Newburgh IN — — 14,019 5,295 — 19,301 19,301 (7,603) 2006 2700 Zionsville IN — 2,969 7,707 — 2,969 7,707 10,676 (60) 2020 2039 Kansas City KS — 440 2,173 17 448 2,137 2,585 (522) 2012 112 Overland Park KS — 2,316 10,681 24 2,316 10,797 13,113 (7,421) 1988 2043 Overland Park KS — — 7,668 1,392 — 8,796 8,796 (2,204) 2012 3062 Overland Park KS — 872 11,813 197 978 11,887 12,865 (994) 2019 483 Wichita KS — 530 3,341 713 530 3,617 4,147 (1,543) 2001 1064 Lexington KY — — 12,726 2,244 — 14,092 14,092 (5,171) 2006 735 Louisville KY — 936 8,426 18,432 936 24,069 25,005 (11,809) 2005 737 Louisville KY — 835 27,627 10,632 878 35,531 36,409 (14,236) 2005 738 Louisville KY — 780 8,582 6,843 851 12,736 13,587 (9,506) 2005 739 Louisville KY — 826 13,814 3,079 832 15,330 16,162 (6,054) 2005 2834 Louisville KY — 2,983 13,171 8,108 2,991 19,655 22,646 (9,483) 2005 1945 Louisville KY — 3,255 28,644 2,010 3,291 30,119 33,410 (10,166) 2010 1946 Louisville KY — 430 6,125 276 430 6,401 6,831 (2,131) 2010 2237 Louisville KY — 1,519 15,386 4,010 1,648 19,262 20,910 (5,288) 2014 2238 Louisville KY — 1,334 12,172 2,411 1,511 14,162 15,673 (4,064) 2014 2239 Louisville KY — 1,644 10,832 5,865 2,041 16,207 18,248 (5,149) 2014 1324 Haverhill MA — 800 8,537 2,386 870 7,028 7,898 (3,130) 2007 1213 Ellicott City MD — 1,115 3,206 3,563 1,336 5,104 6,440 (2,341) 2006 1052 Towson MD — — 14,233 4,619 — 13,549 13,549 (4,645) 2006 2650 Biddeford ME — 1,949 12,244 — 1,949 12,244 14,193 (1,375) 2017 240 Minneapolis MN — 117 13,213 5,824 117 17,714 17,831 (9,917) 1997 300 Minneapolis MN — 160 10,131 5,392 214 12,898 13,112 (7,400) 1997 2703 Columbia MO — 4,141 20,364 — 4,141 20,364 24,505 (142) 2020 2032 Independence MO — — 48,025 2,982 — 49,902 49,902 (9,751) 2012 2863 Lee's Summit (3) MO — — — 15,878 — 15,878 15,878 (372) 2019 1078 Flowood MS — — 8,413 1,284 — 9,029 9,029 (3,061) 2006 1059 Jackson MS — — 8,868 299 — 9,159 9,159 (3,243) 2006 1060 Jackson MS — — 7,187 2,764 — 8,872 8,872 (2,936) 2006 1068 Omaha NE — — 16,243 1,725 33 17,350 17,383 (6,551) 2006 2651 Charlotte NC — 1,032 6,196 130 1,032 6,222 7,254 (582) 2017 2695 Charlotte NC — 844 5,021 18 844 5,001 5,845 (463) 2017 2655 Wilmington NC — 1,341 17,376 — 1,341 17,376 18,717 (2,112) 2017 2656 Wilmington NC — 2,071 11,592 — 2,071 11,592 13,663 (1,288) 2017 2657 Shallotte NC — 918 3,609 — 918 3,609 4,527 (553) 2017 2647 Concord NH — 1,961 23,516 240 1,961 23,541 25,502 (2,444) 2017 2648 Concord NH — 815 8,902 423 815 9,325 10,140 (1,235) 2017 2649 Epsom NH — 919 5,868 49 919 5,910 6,829 (958) 2017 729 Albuquerque NM — — 5,380 896 — 5,738 5,738 (2,105) 2005 571 Las Vegas (3) NV — — — 20,823 — 18,666 18,666 (7,656) 2003 660 Las Vegas NV — 1,121 4,363 9,852 1,328 10,258 11,586 (3,364) 2000 661 Las Vegas NV — 2,305 4,829 6,276 2,447 4,892 7,339 (4,980) 2000 662 Las Vegas NV — 3,480 12,305 6,755 3,480 15,180 18,660 (6,542) 2000 663 Las Vegas NV — 1,717 3,597 12,595 1,724 13,621 15,345 (4,427) 2000 664 Las Vegas NV — 1,172 — 633 1,805 — 1,805 (243) 2000 691 Las Vegas NV — 3,244 18,339 8,598 3,338 25,273 28,611 (12,874) 2004 2037 Mesquite NV — — 5,559 942 34 6,347 6,381 (1,398) 2012 400 Harrison OH — — 4,561 300 — 4,861 4,861 (3,058) 1999 1054 Durant OK — 619 9,256 2,415 659 11,525 12,184 (4,084) 2006 817 Owasso OK — — 6,582 1,703 — 5,761 5,761 (2,097) 2005 404 Roseburg OR — — 5,707 763 — 5,770 5,770 (3,396) 1999 2570 Limerick PA — 925 20,072 51 925 19,953 20,878 (2,899) 2016 2234 Philadelphia PA — 24,264 99,904 45,229 24,288 144,972 169,260 (23,702) 2014 2403 Philadelphia PA — 26,063 97,646 31,903 26,134 129,479 155,613 (26,925) 2015 2571 Wilkes-Barre PA — — 9,138 — — 9,138 9,138 (1,457) 2016 2694 Anderson SC — 405 1,211 — 405 1,212 1,617 (50) 2020 2573 Florence SC — — 12,090 91 — 12,181 12,181 (1,546) 2016 2574 Florence SC — — 12,190 88 — 12,278 12,278 (1,556) 2016 2575 Florence SC — — 11,243 56 — 11,299 11,299 (1,755) 2016 2841 Greenville SC — 634 38,386 1,008 647 39,380 40,027 (4,502) 2018 2842 Greenville SC — 794 41,293 445 794 41,737 42,531 (4,769) 2018 2843 Greenville SC — 626 22,210 — 626 22,210 22,836 (2,640) 2018 2844 Greenville SC — 806 18,889 377 806 19,266 20,072 (2,370) 2018 2845 Greenville SC — 932 40,879 — 932 40,879 41,811 (4,296) 2018 2846 Greenville SC — 896 38,486 — 896 38,485 39,381 (4,101) 2018 2847 Greenville SC — 600 26,472 1,076 600 27,548 28,148 (3,737) 2018 2848 Greenville SC — 318 5,816 — 318 5,816 6,134 (675) 2018 2849 Greenville SC — 319 5,836 — 319 5,836 6,155 (751) 2018 2850 Greenville SC — 211 6,503 15 211 6,518 6,729 (848) 2018 2853 Greenville SC — 534 6,430 180 534 6,609 7,143 (1,355) 2018 2854 Greenville SC — 824 13,645 109 824 13,755 14,579 (2,076) 2018 2851 Travelers Rest SC — 498 1,015 — 498 1,015 1,513 (381) 2018 2862 Myrtle Beach (3) SC — — — 24,830 — 24,830 24,830 (1,400) 2018 2865 Brentwood (3) TN — — — 28,094 — 28,094 28,094 (177) 2019 624 Hendersonville TN — 256 1,530 2,822 256 3,403 3,659 (1,523) 2000 559 Hermitage TN — 830 5,036 13,187 851 16,033 16,884 (5,090) 2003 561 Hermitage TN — 596 9,698 7,868 596 15,066 15,662 (7,303) 2003 562 Hermitage TN — 317 6,528 4,265 317 8,802 9,119 (4,064) 2003 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 154 Knoxville TN — 700 4,559 5,088 730 8,778 9,508 (5,491) 1994 625 Nashville TN — 955 14,289 6,424 955 18,249 19,204 (7,257) 2000 626 Nashville TN — 2,050 5,211 5,415 2,055 8,896 10,951 (4,145) 2000 627 Nashville TN — 1,007 181 1,443 1,113 1,241 2,354 (460) 2000 628 Nashville TN — 2,980 7,164 4,523 2,980 10,601 13,581 (5,071) 2000 630 Nashville TN — 515 848 450 528 1,057 1,585 (466) 2000 631 Nashville TN — 266 1,305 2,009 266 2,645 2,911 (1,205) 2000 632 Nashville TN — 827 7,642 5,728 827 10,856 11,683 (4,677) 2000 633 Nashville TN — 5,425 12,577 9,010 5,425 18,192 23,617 (7,879) 2000 634 Nashville TN — 3,818 15,185 11,751 3,818 23,621 27,439 (11,772) 2000 636 Nashville TN — 583 450 420 604 756 1,360 (347) 2000 2967 Nashville (3) TN — — — 14,058 — 14,058 14,058 — 2019 2611 Allen TX — 1,330 5,960 778 1,374 6,694 8,068 (999) 2016 2612 Allen TX — 1,310 4,165 810 1,310 4,953 6,263 (864) 2016 573 Arlington TX — 769 12,355 5,018 769 15,438 16,207 (7,008) 2003 2621 Cedar Park TX — 1,617 11,640 308 1,617 11,948 13,565 (1,006) 2017 576 Conroe TX — 324 4,842 3,990 324 7,307 7,631 (2,922) 2000 577 Conroe TX — 397 7,966 3,868 397 10,584 10,981 (4,221) 2000 578 Conroe TX — 388 7,975 4,669 388 10,613 11,001 (4,562) 2006 579 Conroe TX — 188 3,618 1,469 188 4,477 4,665 (1,925) 2000 581 Corpus Christi TX — 717 8,181 6,501 717 12,086 12,803 (5,884) 2000 600 Corpus Christi TX — 328 3,210 4,579 328 5,733 6,061 (2,810) 2000 601 Corpus Christi TX — 313 1,771 2,127 325 3,059 3,384 (1,505) 2000 2839 Cypress (3) TX — — — 36,830 11 36,819 36,830 (7,977) 2015 582 Dallas TX — 1,664 6,785 5,685 1,747 10,251 11,998 (4,505) 2000 886 Dallas TX — 1,820 8,508 26 1,820 7,454 9,274 (2,578) 2007 1314 Dallas TX — 15,230 162,970 46,250 24,102 195,017 219,119 (73,745) 2006 1319 Dallas TX — 18,840 155,659 5,873 18,840 161,208 180,048 (62,128) 2007 2721 Dallas TX — 31,707 2,000 — 31,707 2,000 33,707 — 2020 583 Fort Worth TX — 898 4,866 4,482 898 8,086 8,984 (3,163) 2000 805 Fort Worth TX — — 2,481 1,785 45 3,518 3,563 (1,987) 2005 806 Fort Worth TX — — 6,070 1,934 5 7,586 7,591 (2,747) 2005 2231 Fort Worth TX — 902 — 44 946 — 946 (26) 2014 2619 Fort Worth TX — 1,180 13,432 47 1,180 13,479 14,659 (1,073) 2017 2620 Fort Worth TX — 1,961 14,155 177 1,961 14,332 16,293 (1,189) 2017 2982 Fort Worth TX — 2,720 6,225 3,097 2,720 9,316 12,036 (573) 2019 1061 Granbury TX — — 6,863 1,125 — 7,848 7,848 (2,850) 2006 430 Houston TX — 1,927 33,140 19,966 2,200 50,090 52,290 (25,389) 1999 446 Houston TX — 2,200 19,585 23,004 2,945 33,322 36,267 (22,145) 1999 589 Houston TX — 1,676 12,602 8,235 1,706 17,124 18,830 (7,357) 2000 670 Houston TX — 257 2,884 1,656 318 3,404 3,722 (1,469) 2000 702 Houston TX — — 7,414 3,794 7 9,980 9,987 (4,137) 2004 1044 Houston TX — — 4,838 5,260 1,320 6,896 8,216 (2,346) 2006 2542 Houston TX — 304 17,764 — 304 17,764 18,068 (3,000) 2015 2543 Houston TX — 116 6,555 — 116 6,555 6,671 (1,308) 2015 2544 Houston TX — 312 12,094 — 312 12,094 12,406 (2,432) 2015 2545 Houston TX — 316 13,931 — 316 13,931 14,247 (2,133) 2015 2546 Houston TX — 408 18,332 — 408 18,332 18,740 (4,407) 2015 2547 Houston TX — 470 18,197 — 470 18,197 18,667 (3,705) 2015 2548 Houston TX — 313 7,036 — 313 7,036 7,349 (1,835) 2015 2549 Houston TX — 530 22,711 — 530 22,711 23,241 (3,067) 2015 2966 Houston (3) TX — — — 7,741 — 7,741 7,741 — 2020 590 Irving TX — 828 6,160 3,911 828 9,070 9,898 (4,215) 2000 700 Irving TX — — 8,550 4,566 8 9,672 9,680 (3,923) 2006 1207 Irving TX — 1,955 12,793 2,455 1,986 14,537 16,523 (5,576) 2006 2840 Kingwood TX — 3,035 28,373 1,585 3,422 29,570 32,992 (4,569) 2016 591 Lewisville TX — 561 8,043 2,470 561 9,554 10,115 (4,343) 2000 144 Longview TX — 102 7,998 1,168 102 8,716 8,818 (4,917) 1992 143 Lufkin TX — 338 2,383 299 338 2,602 2,940 (1,423) 1992 568 McKinney TX — 541 6,217 4,057 541 9,067 9,608 (3,972) 2003 569 McKinney TX — — 636 9,391 — 9,123 9,123 (3,622) 2003 1079 Nassau Bay TX — — 8,942 1,818 — 9,842 9,842 (3,768) 2006 596 N Richland Hills TX — 812 8,883 3,656 812 11,208 12,020 (4,816) 2000 2048 North Richland Hills TX — 1,385 10,213 2,290 1,400 12,204 13,604 (4,237) 2012 2835 Pearland TX — — 4,014 4,917 — 7,450 7,450 (2,747) 2006 2838 Pearland (3) TX — — — 19,949 — 19,756 19,756 (3,567) 2014 447 Plano TX — 1,700 7,810 6,859 1,792 12,884 14,676 (7,562) 1999 597 Plano TX — 1,210 9,588 7,069 1,225 14,902 16,127 (6,131) 2000 672 Plano TX — 1,389 12,768 4,365 1,389 14,871 16,260 (5,749) 2002 1284 Plano TX — 2,049 18,793 2,465 2,163 13,481 15,644 (7,527) 2006 1384 Plano TX — 6,290 22,686 5,707 6,290 28,203 34,493 (18,910) 2007 2653 Rockwall TX — 788 9,020 — 788 9,020 9,808 (945) 2017 815 San Antonio TX — — 9,193 3,290 87 11,352 11,439 (4,958) 2006 816 San Antonio TX 2,544 — 8,699 4,165 175 11,677 11,852 (5,190) 2006 1591 San Antonio TX — — 7,309 864 43 7,810 7,853 (2,857) 2010 2837 San Antonio TX — — 26,191 3,315 — 28,952 28,952 (10,009) 2011 2852 Shenandoah (3) TX — — — 29,870 — 29,870 29,870 (3,953) 2016 598 Sugarland TX — 1,078 5,158 3,877 1,170 7,408 8,578 (3,299) 2000 599 Texas City TX — — 9,519 1,128 — 10,490 10,490 (3,925) 2000 152 Victoria TX — 125 8,977 519 125 9,102 9,227 (5,200) 1994 2198 Webster TX — 2,220 9,602 462 2,220 9,744 11,964 (2,708) 2013 2550 The Woodlands TX — 115 5,141 — 115 5,141 5,256 (887) 2015 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 2551 The Woodlands TX — 296 18,282 — 296 18,282 18,578 (2,717) 2015 2552 The Woodlands TX — 374 25,125 — 374 25,125 25,499 (3,328) 2015 1592 Bountiful UT — 999 7,426 1,195 1,019 8,431 9,450 (2,993) 2010 169 Bountiful UT — 276 5,237 2,565 487 6,769 7,256 (3,401) 1995 346 Castle Dale UT — 50 1,818 163 50 1,918 1,968 (1,162) 1998 347 Centerville UT — 300 1,288 274 300 1,392 1,692 (866) 1999 2035 Draper UT 4,583 — 10,803 781 — 11,447 11,447 (2,465) 2012 469 Kaysville UT — 530 4,493 226 530 4,639 5,169 (2,076) 2001 456 Layton UT — 371 7,073 1,540 389 8,091 8,480 (4,604) 2001 2042 Layton UT — — 10,975 963 27 11,677 11,704 (2,334) 2012 2864 Ogden (3) UT — — — 17,582 — 17,582 17,582 (229) 2019 357 Orem UT — 337 8,744 3,364 306 9,329 9,635 (5,364) 1999 353 Salt Lake City UT — 190 779 251 273 886 1,159 (582) 1999 354 Salt Lake City UT — 220 10,732 3,534 220 13,172 13,392 (7,764) 1999 355 Salt Lake City UT — 180 14,792 3,092 180 16,799 16,979 (10,426) 1999 467 Salt Lake City UT — 3,000 7,541 3,014 3,145 9,854 12,999 (4,920) 2001 566 Salt Lake City UT — 509 4,044 3,925 509 7,011 7,520 (3,196) 2003 2041 Salt Lake City UT — — 12,326 1,000 — 13,031 13,031 (2,578) 2012 2033 Sandy UT — 867 3,513 1,861 1,343 4,752 6,095 (2,053) 2012 482 Stansbury UT — 450 3,201 1,210 529 3,922 4,451 (1,697) 2001 351 Washington Terrace UT — — 4,573 3,048 17 5,818 5,835 (3,373) 1999 352 Washington Terrace UT — — 2,692 1,774 15 3,685 3,700 (2,160) 1999 2034 West Jordan UT — — 12,021 323 — 12,142 12,142 (2,441) 2012 2036 West Jordan UT — — 1,383 1,654 — 2,880 2,880 (1,176) 2012 495 West Valley City UT — 410 8,266 1,002 410 8,255 8,665 (4,363) 2002 1208 Fairfax VA — 8,396 16,710 14,570 8,840 29,326 38,166 (13,080) 2006 2230 Fredericksburg VA — 1,101 8,570 — 1,101 8,570 9,671 (1,571) 2014 572 Reston VA — — 11,902 1,287 — 12,225 12,225 (5,623) 2003 448 Renton WA — — 18,724 4,967 — 21,859 21,859 (13,233) 1999 781 Seattle WA — — 52,703 18,839 — 65,797 65,797 (30,230) 2004 782 Seattle WA — — 24,382 14,226 126 34,266 34,392 (18,085) 2004 783 Seattle WA — — 5,625 2,113 183 6,867 7,050 (6,234) 2004 785 Seattle WA — — 7,293 6,153 — 11,505 11,505 (7,342) 2004 1385 Seattle WA — — 45,027 11,123 — 55,172 55,172 (21,409) 2007 2038 Evanston WY — — 4,601 1,023 — 5,548 5,548 (1,247) 2012 $ 7,127 $ 370,205 $ 3,453,072 $ 1,304,180 $ 401,228 $ 4,457,929 $ 4,859,157 $ (1,428,797) Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Continuing care retirement community 3089 Birmingham AL $ — $ 6,218 $ 32,146 $ 875 $ 6,369 $ 32,870 $ 39,239 $ (1,594) 2020 3090 Bradenton FL — 5,496 95,671 4,378 5,766 99,779 105,545 (4,488) 2020 2997 Clearwater FL 72,137 6,680 132,521 3,416 6,707 135,910 142,617 (4,588) 2020 3086 Jacksonville FL — 19,660 167,860 4,416 20,002 171,935 191,937 (6,512) 2020 2996 Leesburg FL — 8,941 65,698 3,908 9,556 68,991 78,547 (3,046) 2020 2995 Port Charlotte FL — 5,344 159,612 2,902 5,503 162,354 167,857 (5,269) 2020 2998 Seminole FL 47,141 14,080 77,485 2,068 14,584 79,049 93,633 (2,350) 2020 3085 Seminole FL — 13,915 125,796 4,428 14,162 129,978 144,140 (5,016) 2020 3092 Sun City Center FL 91,439 25,254 175,535 4,434 25,512 179,711 205,223 (7,994) 2020 3087 The Villages FL — 7,091 120,493 4,238 7,101 124,721 131,822 (4,562) 2020 3084 Holland MI — 1,572 88,960 2,435 1,630 91,336 92,966 (3,313) 2020 2991 Coatesville PA — 16,443 126,243 3,216 16,547 129,357 145,904 (4,407) 2020 3080 Haverford PA — 16,461 108,816 21,643 16,461 122,831 139,292 (44,723) 1989 3088 Spring TX — 3,210 30,085 1,085 3,245 31,135 34,380 (1,177) 2020 3081 Ft Belvoir VA — 11,594 99,528 19,155 11,594 114,152 125,746 (42,423) 1998 $ 210,717 $ 161,959 $ 1,606,449 $ 82,597 $ 164,739 $ 1,674,109 $ 1,838,848 $ (141,462) Total medical office assets held for sale — (22,193) (117,810) (7,870) (22,413) (110,367) (132,780) 60,193 Total continuing operations, excluding held for sale $ 221,621 $ 1,831,267 $ 8,255,662 $ 3,884,718 $ 1,867,278 $ 11,661,615 $ 13,528,893 $ (2,409,135) Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to A

Schedule IV_ Mortgage Loans on

Schedule IV: Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV: Mortgage Loans on Real Estate	Schedule IV: Mortgage Loans on Real Estate (Dollars in thousands) Location Segment Interest Rate Fixed / Variable Maturity Date Prior Liens Monthly Debt Service Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount Subject to Delinquent Principal or Interest First mortgages relating to one property located in: Texas Other 7.5 % Fixed 04/01/2021 $ — $ 15 $ 2,250 $ 2,250 $ — Florida Other 7.5 % Fixed 04/01/2021 — 54 8,289 8,289 — Florida Other > of 2% or Libor + 4.25% Variable 01/01/2026 — 276 51,716 51,233 — California Other > of 2% or Libor + 4.25% Variable 05/07/2026 — 70 13,257 13,477 — Florida Other 3.5 % Fixed 12/17/2021 — 23 7,798 6,397 — Florida Other 3.5 % Fixed 12/17/2021 — 11 3,912 3,137 — Florida Other 3.5 % Fixed 12/17/2021 — 41 14,208 13,968 — California Other 3.5 % Fixed 12/16/2021 — 102 35,100 34,359 — First mortgage relating to 11 properties located in: California Other 5.5 % Fixed 04/06/2022 — 118 25,000 24,462 — $ — $ 710 $ 161,530 $ 157,572 $ — Year Ended December 31, 2020 2019 2018 Reconciliation of mortgage loans Balance at beginning of year $ 161,964 $ 42,037 $ 188,418 Additions: New mortgage loans 98,469 59,552 — Draws on existing mortgage loans 19,182 60,375 42,398 Total additions 117,651 119,927 42,398 Deductions: Principal repayments and conversions to equity ownership (1) (113,200) — (188,779) Reserve for loan losses (2) (8,843) — — Total deductions (122,043) — (188,779) Balance at end of year $ 157,572 $ 161,964 $ 42,037 _______________________________________ (1) Includes the conversion of loans into equity ownership in real estate. (2) The year ended 2020 includes current expected credit loss reserves recognized under ASU 2016-13, which was adopted on January 1, 2020 (see Note 2 to the Consolidated Financial Statements). The year ended 2020 also includes an immaterial amount related to the cumulative-effect of adoption of ASU 2016-13. Refer to Note 7 for additional information on the Company’s reserve for loan losses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, and joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed.
Revenue Recognition	Revenue Recognition Lease Classification At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. For leases entered into prior to January 1, 2019, a lease arrangement was classified as an operating lease if none of the following criteria were met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee had a bargain purchase option during or at the end of the lease term, (iii) the lease term was equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) was equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria was met and the minimum lease payments were determined to be reasonably predictable and collectible, the lease arrangement was generally accounted for as a direct financing lease (“DFL”). Concurrent with the Company's adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases (“ASU 2016-02”) on January 1, 2019, the Company began classifying a lease entered into subsequent to adoption as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. Rental and Related Revenues The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility of future minimum lease payments is probable. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. Resident Fees and Services Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements for SHOP and continuing care retirement community ("CCRC") facilities are generally for a term of 30 days to one year, with resident fees billed monthly, in advance. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Certain of the Company's CCRCs are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a nonrefundable entrance fee, it is recorded in deferred revenue in the consolidated balance sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. At December 31, 2020 and 2019, unamortized nonrefundable entrance fee liabilities were $484 million and $68 million, respectively. Income from Direct Financing Leases The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. Interest Income Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Gain (loss) on sales of real estate, net The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale.
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 year ended December 31, 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 December 31, 2020, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company had complied or will continue to comply with all grant conditions.
Credit Losses	Credit Losses The Company evaluates the liquidity and creditworthiness of its tenants, operators, and borrowers on a monthly and 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 tenants, operators, and borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’, and borrowers’ ability to service their obligations with the Company. If it is no longer probable that substantially all future minimum lease payments under operating leases will be received, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “finance receivables”), are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Finance receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List finance receivables are defined as finance receivables that do not meet the definition of Performing or Workout. Workout finance receivables are defined as finance receivables 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 tenant, operator, or 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. Finance receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s, and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for finance receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the finance receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired finance receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a finance receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Prior to the adoption of ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) on January 1, 2020, allowances were established for finance receivables on an individual basis utilizing an estimate of probable losses, if they were determined to be impaired. Finance receivables were impaired when it was deemed probable that the Company would be unable to collect all amounts due in accordance with the contractual terms of the finance receivable. An allowance was based upon the Company’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates considered all available evidence, including the expected future cash flows discounted at the finance receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. If a finance receivable was deemed partially or wholly uncollectible, the uncollectible balance was charged off against the allowance in the period in which the uncollectible determination was made. Subsequent to adopting ASU 2016-13 on January 1, 2020, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical U.S. GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of a finance receivable at inception of that instrument. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and to rely on counter-party specific information to ensure the most accurate estimate is recognized.
Real Estate	Real Estate The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any. Concurrent with the Company's adoption of ASU 2016-02 on January 1, 2019, the Company elected to recognize expense associated with short-term leases (those with a noncancellable lease term of 12 months or less) under which the Company is the lessee on a straight-line basis and not recognize those leases on its consolidated balance sheets. For leases other than short-term operating leases under which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on its consolidated balance sheet at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company.
Impairment of Long-Lived Assets and Goodwill	Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows reflect external market factors and are probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value. Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (lease revenue rates, expense rates, growth rates, etc.). When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value.
Assets Held-for-Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value. A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift may include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures Investments in entities the Company does not consolidate, but over which the Company has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in equity income (loss) from unconsolidated joint ventures within the Company’s consolidated statements of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based on a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in fair value below carrying value of an investment in an unconsolidated joint venture is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale.
Share-Based Compensation	Share-Based Compensation Compensation expense for share-based awards granted to employees with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur.
Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions.
Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions.
Derivatives and Hedging	Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities to the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings.
Income Taxes	Income Taxes Healthpeak Properties, Inc. has elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, Healthpeak Properties, Inc. will generally not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries that have elected REIT status. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are subject to state, local, and/or foreign income taxes in some jurisdictions. In certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities that have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to federal, state, and local income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.
Advertising Cost	Advertising Costs All advertising costs are expensed as incurred and reported within operating expenses. During the years ended December 31, 2020, 2019, and 2018, total advertising expense was $18 million, $13 million, and $9 million, respectively ($12 million, $13 million, and $9 million, respectively, of which is reported in income (loss) from discontinued operations).
Capital Raising Issuance Costs	Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments, excluding line of credit arrangements and commercial paper, are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the effective interest method. Debt issuance costs related to line of credit arrangements and commercial paper are deferred, included in other assets, and amortized to interest expense on a straight-line basis over the remaining term of the related line of credit arrangement. Commercial paper are unsecured short-term debt securities with varying maturities. A line of credit serves as a liquidity backstop for repayment of commercial paper borrowings. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts, and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment.
Segment Reporting	Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) life science, (ii) medical office, and (iii) CCRC. In conjunction with establishing and beginning execution of a plan to dispose of the Company’s senior housing triple-net and SHOP portfolios during 2020, both of these previously reportable segments are now classified as discontinued operations in all periods presented herein. See Notes 1 and 5 for further information. In December 2020, as a result of a change in how operating results are reported to the Company's chief operating decision makers (“CODMs”) for the purpose of evaluating performance and allocating resources, the Company’s hospitals were reclassified from other non-reportable segments to the medical office segment and the Company’s one remaining unconsolidated investment in a senior housing joint venture was reclassified from the SHOP segment to other non-reportable segments. Additionally, 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 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. All prior period segment information has been recast to conform to the current period presentation.
Noncontrolling Interests	Noncontrolling Interests Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Net income (loss) attributable to a noncontrolling interest is included in net income (loss) on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income (expense), net in the consolidated statements of operations.
Fair Value Measurement	Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1—quoted prices for identical instruments in active markets; • Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities that are required to be measured at fair value. When available, the Company utilizes quoted market prices to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based on valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value.
Earnings per Share	Earnings per ShareBasic earnings per common share is computed by dividing net income (loss) applicable to common shares by the weighted average number of shares of common stock outstanding during the period. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share is calculated by including the effect of dilutive securities, such as 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Revenue Recognition. Between May 2014 and February 2017, the Financial Accounting Standards Board (“FASB”) issued four ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. ASU 2017-05 clarifies the scope of the FASB’s guidance on nonfinancial asset derecognition and aligns the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets with the guidance in ASU 2014-09. The Company adopted the Revenue ASUs effective January 1, 2018 and utilized a modified retrospective adoption approach, resulting in a cumulative-effect adjustment to equity of $79 million as of January 1, 2018. Under the Revenue ASUs, the Company also elected to utilize a practical expedient which allowed the Company to only reassess contracts that were not completed as of the adoption date, rather than all historical contracts. As the timing and recognition of the majority of the Company's revenue is the same whether accounted for under the Revenue ASUs or lease accounting guidance (see discussion below), the impact of the Revenue ASUs, upon and subsequent to adoption, is generally limited to the following: • Prior to the adoption of the Revenue ASUs, the Company recognized a gain on sale of real estate using the full accrual method when collectibility of the sales price was reasonably assured, the Company was not obligated to perform additional activities that may be considered significant, the initial investment from the buyer was sufficient, and other profit recognition criteria had been satisfied. The Company deferred all or a portion of a gain on sale of real estate if the requirements for gain recognition were not met at the time of sale. Subsequent to adopting the Revenue ASUs on January 1, 2018, the Company began recognizing a gain on sale of real estate upon transferring control of the asset to the purchaser, which is generally satisfied at the time of sale. In conjunction with its adoption of the Revenue ASUs, the Company reassessed its historical partial sale of real estate transactions to determine which transactions, if any, were not completed contracts (i.e., the transaction did not qualify for sale treatment under previous guidance). The Company concluded that it had one such material transaction, its partial sale of RIDEA II in the first quarter of 2017 (which was not a completed sale under historical guidance as of the Company's adoption date due to a minor obligation related to the interest sold). In accordance with the Revenue ASUs, the Company recorded its retained 40% equity investment at fair value as of the sale date. As a result, the Company recorded an adjustment to equity as of January 1, 2018 (under the modified retrospective transition approach) representing a step-up in the fair value of its equity investment in RIDEA II of $107 million (to a carrying value of $121 million as of January 1, 2018) and a $30 million impairment charge to decrease the carrying value to the sales price of the investment (see Note 5). The Company completed the sale of its equity investment in June 2018 and no longer holds an economic interest in RIDEA II. • The Company generally expects that the Revenue ASUs will result in certain transactions qualifying as sales of real estate at an earlier date than under historical accounting guidance. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842, Leases ) amends the previous accounting for leases to: (i) require lessees to put most leases on their balance sheets (not required for short-term leases with lease terms of 12 months or less), but continue recognizing expenses on their income statements in a manner similar to requirements under prior accounting guidance, (ii) eliminate real estate specific lease provisions, and (iii) modify the classification criteria and accounting for sales-type leases for lessors. Additionally, ASU 2016-02 provides a practical expedient, which the Company elected, that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. As a result of adopting ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $1 million as of January 1, 2019. Under ASU 2016-02, the Company began capitalizing fewer costs related to the drafting and negotiation of its lease agreements. Additionally, the Company began recognizing all of its significant operating leases for which it is the lessee, including corporate office leases, equipment leases, and ground leases, on its consolidated balance sheets as a lease liability and corresponding right-of-use asset. As such, the Company recognized a lease liability of $153 million and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability 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. Under ASU 2016-02, a practical expedient was offered to lessees to make a policy election, which the Company elected, to not separate lease and nonlease components, but rather account for the combined components as a single lease component under ASC 842. In July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with a similar option to elect a practical expedient allowing them to not separate lease and nonlease components in a contract for the purpose of revenue recognition and disclosure. This practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the nonlease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease or service based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease-based would be accounted for under ASU 2016-02 and predominantly service-based would be accounted for under the Revenue ASUs). The Company elected this practical expedient as well and, as a result, beginning January 1, 2019, the Company recognizes revenue from its senior housing triple-net, medical office, and life science properties under ASC 842 and revenue from its SHOP and CCRC properties under the Revenue ASUs (codified under ASC 606, Revenue from Contracts with Customers ). In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors (“ASU 2018-20”), which requires that a lessor: (i) exclude certain lessor costs paid directly by a lessee to third parties on behalf of the lessor from a lessor's measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs,) and (ii) include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense (i.e., gross up revenue and expense for these costs). This is consistent with the Company’s historical presentation and did not require a change on January 1, 2019. 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 on January 1, 2020 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $2 million as of January 1, 2020. Under ASU 2016-13, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of its finance receivables, including loans receivable, direct financing leases (“DFLs”), and certain accounts receivable, at inception of those instruments. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and rely on counter-party specific information to ensure the most accurate estimate is recognized. The Company will reassess its reserves on finance receivables at each balance sheet date to determine if an adjustment to the previous reserve is necessary. 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 year ended December 31, 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 7). 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)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Government Grant Receivables Cares Act	The following table summarizes information related to government grant income: Year Ended December 31, 2020 2019 2018 Government grant income recorded in other income (expense), net $ 16,198 $ — $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 1,279 — — Government grant income recorded in income (loss) from discontinued operations 15,436 — — Total government grants received $ 32,913 $ — $ — From January 1, 2021 through February 8, 2021, the Company received $3 million in government grants under the CARES Act, which will be recognized during the first quarter of 2021.

Real Estate Transactions (Table

Real Estate Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Capital Improvements	The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements, excluding expenditures related to properties classified as discontinued operations (in thousands): Year Ended December 31, Segment 2020 2019 2018 Life science $ 573,999 $ 499,956 $ 396,431 Medical office 173,672 146,466 146,087 CCRC 41,224 — — Other — 30,852 18,357 $ 788,895 $ 677,274 $ 560,875

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Transferred to Qcp at the Spin-off Date	The following summarizes the assets and liabilities classified as discontinued operations at December 31, 2020 and 2019, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the consolidated balance sheets (in thousands): December 31, 2020 2019 ASSETS Real estate: Buildings and improvements $ 2,553,254 $ 3,626,665 Development costs and construction in progress 21,509 38,728 Land 355,803 467,956 Accumulated depreciation and amortization (615,708) (861,557) Net real estate 2,314,858 3,271,792 Investments in and advances to unconsolidated joint ventures 5,842 51,134 Accounts receivable, net of allowance of $5,873 and $4,178 20,500 14,575 Cash and cash equivalents 53,085 63,834 Restricted cash 17,168 27,040 Intangible assets, net 24,541 82,071 Right-of-use asset, net 4,109 5,701 Other assets, net (1) 103,965 125,502 Total assets of discontinued operations, net 2,544,068 3,641,649 Total medical office assets held for sale, net (2) 82,238 6,616 Assets held for sale and discontinued operations, net $ 2,626,306 $ 3,648,265 LIABILITIES Mortgage debt 318,876 296,879 Lease liability 3,189 4,871 Accounts payable, accrued liabilities, and other liabilities 79,411 83,392 Deferred revenue 11,442 18,520 Total liabilities of discontinued operations, net 412,918 403,662 Total liabilities related to medical office assets held for sale, net 2,819 26 Liabilities related to assets held for sale and discontinued operations, net $ 415,737 $ 403,688 _______________________________________ (1) Includes goodwill of $29 million and $30 million as of December 31, 2020 and 2019, respectively. (2) Primarily comprised of six MOBs with net real estate assets of $73 million and two MOBs with net real estate assets of $7 million as of December 31, 2020 and 2019, respectively. Year Ended December 31, 2020 2019 2018 Revenues: Rental and related revenues $ 97,877 $ 152,576 $ 216,887 Resident fees and services 621,253 583,653 400,557 Income from direct financing leases — 20,815 37,926 Total revenues 719,130 757,044 655,370 Costs and expenses: Interest expense 10,538 8,007 5,062 Depreciation and amortization 143,194 224,798 144,819 Operating 550,226 474,126 326,381 Transaction costs 20,426 6,780 9,635 Impairments and loan loss reserves (recoveries), net 201,344 208,229 44,343 Total costs and expenses 925,728 921,940 530,240 Other income (expense): Gain (loss) on sales of real estate, net 460,144 22,940 94,618 Other income (expense), net 5,475 17,060 (110) Total other income (expense), net 465,619 40,000 94,508 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 259,021 (124,896) 219,638 Income tax benefit (expense) 9,913 11,783 13,459 Equity income (loss) from unconsolidated joint ventures (1,188) (2,295) 3,159 Income (loss) from discontinued operations $ 267,746 $ (115,408) $ 236,256

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Company's Lease Income, Excluding Discontinued Operation	The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349
Schedule of Components of Net Investment in Dfls	Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (19,138) Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2
Schedule of the Company's Internal Ratings for Dfls	The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 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 December 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Mezzanine and other Risk rating: Performing loans $ 23,263 $ 12,252 $ — $ — $ — $ 35,515 Watch list loans — — — — 2,288 2,288 Workout loans — — — — — — Total mezzanine and other $ 23,263 $ 12,252 $ — $ — $ 2,288 $ 37,803
Schedule of Future Minimum Lease Payments Contractually Due Under Dfls	The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804
Schedule of Future Minimum Lease Payments Due Under Operating Leases	The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations.
Schedule of Tenant Purchase Options	Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations.
Schedule of Other Lease Information	The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 %
Schedule of Future Minimum Lease Obligations, 842	The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations.

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): December 31, 2020 2019 Secured mortgage loans (1) $ 161,530 $ 161,964 Mezzanine and other 44,347 27,752 Unamortized discounts, fees, and costs (222) 863 Reserve for loan losses (10,280) — Loans receivable, net $ 195,375 $ 190,579 _______________________________________
Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses	The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 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 December 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Mezzanine and other Risk rating: Performing loans $ 23,263 $ 12,252 $ — $ — $ — $ 35,515 Watch list loans — — — — 2,288 2,288 Workout loans — — — — — — Total mezzanine and other $ 23,263 $ 12,252 $ — $ — $ 2,288 $ 37,803
Schedule of Loans Receivable Secured by Real Estate	The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2020 (dollars in thousands): Final Number Payment Terms Principal Amount (1) Carrying 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Texas $ 2,250 $ 2,250 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Florida 8,289 8,289 2021 4 Monthly interest-only payments, accrues interest at 3.5% and secured by senior housing facilities in Florida and California 61,018 57,861 2022 1 Monthly interest-only payments, accrues interest at 5.5% and secured by equity interests in 11 senior housing facilities in California 25,000 24,462 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in Florida 51,716 51,233 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in California 13,257 13,477 9 $ 161,530 $ 157,572 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate.
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses at December 31, 2020 (in thousands): December 31, 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 2,639 6,221 8,860 Reserve for loan losses, December 31, 2020 $ 3,152 $ 7,128 $ 10,280

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Company Owned Interests in Entities, Accounted Under Equity Method	The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2020 2019 SWF SH JV (4) Other 19 54 $ 357,581 $ 428,258 Life Science JV (5) LS 1 49 24,879 — Medical Office JVs (6) MOB 3 20 - 67 9,673 9,845 Other JVs (7) Other — 41 - 47 9,157 10,372 CCRC JV (8) CCRC 2 49 1,581 325,830 Advances to unconsolidated joint ventures, net — 76 $ 402,871 $ 774,381 _______________________________________ (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 December 31, 2020 excludes the Otay Ranch JV, which is classified as discontinued operations and has an aggregate carrying value of $6 million at December 31, 2020. The carrying amount at December 31, 2019 excludes the Otay Ranch JV, Waldwick JV, MBK JV, and MBK Development JV, which are classified as discontinued operations and had an aggregate carrying value of $51 million at December 31, 2019. The Otay Ranch JV (90% ownership percentage) is the only one of these joint ventures that remains outstanding at December 31, 2020. (3) Property count and ownership percentage are as of December 31, 2020. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4). (5) In December 2020, the Company acquired a joint venture interest in a life science facility in Cambridge, Massachusetts (see Note 4). (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) Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, 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. (8) See Note 3 for a discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020.

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Intangibles
Schedule of Intangible Lease Assets	The following table summarizes the Company’s intangible lease assets (dollars in thousands): December 31, Intangible lease assets 2020 2019 Gross intangible lease assets $ 761,328 $ 426,967 Accumulated depreciation and amortization (241,411) (166,763) Intangible assets, net (1) $ 519,917 $ 260,204 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $25 million and $82 million as of December 31, 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): December 31, Intangible lease liabilities 2020 2019 Gross intangible lease liabilities $ 194,565 $ 113,213 Accumulated depreciation and amortization (50,366) (38,222) Intangible liabilities, net $ 144,199 $ 74,991 Weighted average remaining amortization period in years 8 7
Schedule of Amortization of Deferred Lease Costs and Acquisition Related Intangibles	The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization expense related to amortization of lease-up intangibles (1) $ 89,301 $ 46,828 $ 43,933 Rental and related revenues related to amortization of net below market lease liabilities (1) 11,717 6,319 5,341 _______________________________________ (1) Excludes amortization related to assets classified as discontinued operations.
Schedule of Estimated Aggregate Amortization of Intangible Assets and Liabilities for Each of the Five Succeeding Fiscal Years and Thereafter	The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter, excluding assets classified as discontinued operations (in thousands): Rental and Related Revenues (1)(3) Depreciation and Amortization (2)(3) 2021 $ 18,093 $ 96,094 2022 17,841 89,217 2023 17,119 85,484 2024 16,159 82,647 2025 15,370 72,373 Thereafter 50,514 84,999 $ 135,096 $ 510,814 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues. (2) The amortization of lease-up intangibles is recorded to depreciation and amortization expense. (3) Excludes estimated annual amortization from assets classified as discontinued operations.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Senior Unsecured Notes	The following table summarizes the Company’s senior unsecured notes issuances for the periods presented (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: June 23, 2020 $ 600,000 2.88 % 2031 Year ended December 31, 2019: November 21, 2019 $ 750,000 3.00 % 2030 July 5, 2019 $ 650,000 3.25 % 2026 July 5, 2019 $ 650,000 3.50 % 2029 There were no senior unsecured notes issuances for the year ended December 31, 2018.
Summary of Senior Unsecured Notes Payoffs	The following table summarizes the Company’s senior unsecured notes payoffs and repurchases for the periods presented (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 Year ended December 31, 2019: November 21, 2019 (3) $ 350,000 4.00 % 2022 July 22, 2019 (4) $ 800,000 2.63 % 2020 July 8, 2019 (4) $ 250,000 4.00 % 2022 July 8, 2019 (4) $ 250,000 4.25 % 2023 Year ended December 31, 2018: November 8, 2018 $ 450,000 3.75 % 2019 July 16, 2018 (5) $ 700,000 5.38 % 2021 _______________________________________ (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. (3) Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment. (4) 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. (5) Upon repurchasing the 5.38% senior unsecured notes due in 2021, the Company recognized a $44 million loss on debt extinguishment.
Summary of Stated Debt Maturities and Scheduled Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2020 (in thousands): Senior Unsecured Notes (1) Mortgage Debt (2) Year Bank Line of Credit Commercial Paper Term Loan Amount Interest Rate Amount Interest Rate Total 2021 $ — $ 129,590 $ — $ — — % $ 13,015 5.26 % $ 142,605 2022 — — — — — % 4,843 — % 4,843 2023 — — — 300,000 4.37 % 89,874 3.80 % 389,874 2024 — — 250,000 1,150,000 4.17 % 3,050 — % 1,403,050 2025 — — — 1,350,000 3.93 % 3,209 — % 1,353,209 Thereafter — — — 2,950,000 3.67 % 102,789 3.57 % 3,052,789 — 129,590 250,000 5,750,000 216,780 6,346,370 (Discounts), premium and debt costs, net — — (818) (52,414) 4,841 (48,391) — 129,590 249,182 5,697,586 221,621 6,297,979 Debt on assets held for sale and discontinued operations (3) — — — — 318,876 318,876 $ — $ 129,590 $ 249,182 $ 5,697,586 $ 540,497 $ 6,616,855 _______________________________________ (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 classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 3.42% to 5.91% with a weighted average effective interest rate of 3.73% and a weighted average maturity of 5 years. (3) Represents mortgage debt on assets held for sale and discontinued operations with interest rates of 1.34% to 5.13% that mature between 2025 and 2044.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Material Commitments	The following table summarizes the Company’s material commitments, excluding debt service obligations (see Note 11), obligations as the lessee under operating leases (see Note 7), and commitments related to assets classified as discontinued operations, at December 31, 2020 (in thousands): Amount Construction loan commitments (1) $ 11,137 Lease and other contractual commitments (2) 109,126 Development commitments (3) 196,749 Total $ 317,012 _______________________________________ (1) Represents loan commitments to finance development and redevelopment projects. (2) Represents the Company's commitments, as lessor, under signed leases and contracts for operating properties and includes allowances for tenant improvements and leasing commissions. Excludes allowances for tenant improvements related to developments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development commitments” line). (3) Represents construction and other commitments for developments in progress and includes allowances for tenant improvements of $28 million that the Company has provided as a lessor. Excludes $4 million of commitments related to assets classified as discontinued operations.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Company's Other Common Stock Activities	The following table summarizes the Company’s other common stock activities (in thousands): Year Ended December 31, 2020 2019 2018 Dividend Reinvestment and Stock Purchase Plan 181 336 237 Conversion of DownREIT units 120 213 3 Exercise of stock options 54 152 120 Vesting of restricted stock units 668 468 401 Repurchase of common stock 298 162 141
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the Company’s accumulated other comprehensive Income (loss) (in thousands): December 31, 2020 2019 Cumulative foreign currency translation adjustment (1) $ — $ (1,023) Unrealized gains (losses) on derivatives, net (81) 1,314 Supplemental Executive Retirement Plan minimum liability and other (3,604) (3,148) Total accumulated other comprehensive income (loss) $ (3,685) $ (2,857) _______________________________________ (1) See Notes 5, 9, and 22 for a discussion of the U.K. JV transactions.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2020 2019 2018 Numerator Income from continuing operations $ 160,507 $ 175,469 $ 837,218 Noncontrolling interests' share in continuing operations (14,394) (14,558) (12,294) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 146,113 160,911 824,924 Less: Participating securities' share in continuing operations (2,416) (1,543) (2,669) Income (loss) from continuing operations applicable to common shares 143,697 159,368 822,255 Income (loss) from discontinued operations 267,746 (115,408) 236,256 Noncontrolling interests' share in discontinued operations (296) 27 (87) Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Numerator - Dilutive Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Add: distributions on dilutive convertible units and other — — 6,919 Dilutive net income (loss) available to common shares $ 411,147 $ 43,987 $ 1,065,343 Denominator Basic weighted average shares outstanding 530,555 486,255 470,551 Dilutive potential common shares - equity awards (1) 300 309 168 Dilutive potential common shares - forward equity agreements (2) 201 2,771 — Dilutive potential common shares - DownREIT conversions — — 4,668 Diluted weighted average common shares 531,056 489,335 475,387 Earnings (loss) per common share Continuing operations $ 0.27 $ 0.33 $ 1.75 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.25 Diluted earnings per common share: Continuing operations $ 0.27 $ 0.33 $ 1.74 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.24 (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Additional Information Concerning Restricted Stock and Restricted Stock Units	The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2020 (units in thousands): Restricted Weighted Unvested at January 1, 2020 1,700 $ 28.56 Granted 693 39.79 Vested (668) 31.30 Forfeited (42) 31.55 Unvested at December 31, 2020 1,683 32.02

Segment Disclosures (Tables)

Segment Disclosures (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summary Financial Information of Reportable Segment	The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 569,296 $ 622,398 $ 436,494 $ 16,687 $ — $ 1,644,875 Government grant income (1) — — 16,198 — — 16,198 Less: Interest income — — — (16,553) — (16,553) Healthpeak's share of unconsolidated joint venture total revenues 448 2,772 35,392 74,023 — 112,635 Healthpeak's share of unconsolidated joint venture government grant income — — 920 359 — 1,279 Noncontrolling interests' share of consolidated joint venture total revenues (239) (34,597) — — — (34,836) Operating expenses (138,005) (204,008) (440,528) — — (782,541) Healthpeak's share of unconsolidated joint venture operating expenses (137) (1,129) (32,125) (53,779) — (87,170) Noncontrolling interests' share of consolidated joint venture operating expenses 72 10,282 — — — 10,354 Adjustments to NOI (2) (20,133) (5,544) 97,072 433 — 71,828 Adjusted NOI 411,302 390,174 113,423 21,170 — 936,069 Plus: Adjustments to NOI (2) 20,133 5,544 (97,072) (433) — (71,828) Interest income — — — 16,553 — 16,553 Interest expense (234) (400) (7,227) — (210,475) (218,336) Depreciation and amortization (217,921) (222,165) (113,851) (12) — (553,949) General and administrative — — — — (93,237) (93,237) Transaction costs (236) — (17,994) (112) — (18,342) Impairments and loan loss reserves (recoveries), net (14,671) (10,208) — (18,030) — (42,909) Gain (loss) on sales of real estate, net — 90,390 — (40) — 90,350 Loss on debt extinguishments — — — — (42,912) (42,912) Other income (expense), net — — 187,844 41,707 5,133 234,684 Less: Government grant income — — (16,198) — — (16,198) Less: Healthpeak's share of unconsolidated joint venture NOI (311) (1,643) (4,187) (20,603) — (26,744) Plus: Noncontrolling interests' share of consolidated joint venture NOI 167 24,315 — — — 24,482 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 198,229 276,007 44,738 40,200 (341,491) 217,683 Income tax benefit (expense) (3) — — — — 9,423 9,423 Equity income (loss) from unconsolidated joint ventures (40) 798 (1,547) (65,810) — (66,599) Income (loss) from continuing operations 198,189 276,805 43,191 (25,610) (332,068) 160,507 Income (loss) from discontinued operations — — — — 267,746 267,746 Net income (loss) $ 198,189 $ 276,805 $ 43,191 $ (25,610) $ (64,322) $ 428,253 _______________________________________ (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 year ended December 31, 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 $33 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 17), and (iii) a $3.7 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 year ended December 31, 2019: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 440,784 $ 621,171 $ 3,010 $ 175,374 $ — $ 1,240,339 Less: Interest income — — — (9,844) — (9,844) Healthpeak's share of unconsolidated joint venture total revenues — 2,810 211,377 23,834 — 238,021 Noncontrolling interests' share of consolidated joint venture total revenues (187) (33,998) — 2,355 — (31,830) Operating expenses (107,472) (201,620) (2,215) (93,937) — (405,244) Healthpeak's share of unconsolidated joint venture operating expenses — (1,107) (170,473) (1,996) — (173,576) Noncontrolling interests' share of consolidated joint venture operating expenses 59 10,109 — (1,536) — 8,632 Adjustments to NOI (1) (22,103) (4,602) 16,985 (5,449) — (15,169) Adjusted NOI 311,081 392,763 58,684 88,801 — 851,329 Plus: Adjustments to NOI (1) 22,103 4,602 (16,985) 5,449 — 15,169 Interest income — — — 9,844 — 9,844 Interest expense (277) (434) — — (216,901) (217,612) Depreciation and amortization (168,339) (221,175) — (45,677) — (435,191) General and administrative — — — — (92,966) (92,966) Transaction costs — — — — (1,963) (1,963) Impairments and loan loss reserves (recoveries), net — (17,332) — (376) — (17,708) Gain (loss) on sales of real estate, net 3,651 3,139 — (6,830) — (40) Loss on debt extinguishments — — — — (58,364) (58,364) Other income (expense), net — — (5,665) 161,886 8,848 165,069 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,703) (40,904) (21,838) — (64,445) Plus: Noncontrolling interests' share of consolidated joint venture NOI 128 23,889 — (819) — 23,198 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 168,347 183,749 (4,870) 190,440 (361,346) 176,320 Income tax benefit (expense) — — — — 5,479 5,479 Equity income (loss) from unconsolidated joint ventures — 858 (16,313) 9,125 — (6,330) Income (loss) from continuing operations 168,347 184,607 (21,183) 199,565 (355,867) 175,469 Income (loss) from discontinued operations — — — — (115,408) (115,408) Net income (loss) $ 168,347 $ 184,607 $ (21,183) $ 199,565 $ (471,275) $ 60,061 _______________________________________ (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 year ended December 31, 2018: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 395,064 $ 596,399 $ — $ 199,857 $ — $ 1,191,320 Less: Interest income — — — (10,406) — (10,406) Healthpeak's share of unconsolidated joint venture total revenues 4,328 2,695 206,221 11,812 — 225,056 Noncontrolling interests' share of consolidated joint venture total revenues (117) (18,042) — 3,927 — (14,232) Operating expenses (91,742) (195,362) — (91,553) — (378,657) Healthpeak's share of unconsolidated joint venture operating expenses (1,131) (1,053) (166,414) (77) — (168,675) Noncontrolling interests' share of consolidated joint venture operating expenses 44 4,591 — (3,020) — 1,615 Adjustments to NOI (1) (9,718) (5,953) 15,504 (5,458) — (5,625) Adjusted NOI 296,728 383,275 55,311 105,082 — 840,396 Plus: Adjustments to NOI (1) 9,718 5,953 (15,504) 5,458 — 5,625 Interest income — — — 10,406 — 10,406 Interest expense (316) (474) — — (260,490) (261,280) Depreciation and amortization (140,480) (206,731) — (57,464) (6) (404,681) General and administrative — — — — (96,702) (96,702) Transaction costs — — — — (1,137) (1,137) Impairments and loan loss reserves (recoveries), net (7,639) (553) — (2,725) — (10,917) Gain (loss) on sales of real estate, net 806,184 4,428 — 20,756 — 831,368 Loss on debt extinguishments — — — — (44,162) (44,162) Other income (expense), net — — — 9,604 3,821 13,425 Less: Healthpeak's share of unconsolidated joint venture NOI (3,197) (1,642) (39,807) (11,735) — (56,381) Plus: Noncontrolling interests' share of consolidated joint venture NOI 73 13,451 — (907) — 12,617 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 961,071 197,707 — 78,475 (398,676) 838,577 Income tax benefit (expense) — — — — 4,396 4,396 Equity income (loss) from unconsolidated joint ventures 575 824 (10,847) 3,693 — (5,755) Income (loss) from continuing operations 961,646 198,531 (10,847) 82,168 (394,280) 837,218 Income (loss) from discontinued operations — — — — 236,256 236,256 Net income (loss) $ 961,646 $ 198,531 $ (10,847) $ 82,168 $ (158,024) $ 1,073,474 _______________________________________ (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.
Summary of Reconciliation of Company's Revenues to Total Revenues	The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2020 2019 2018 Life science $ 569,296 $ 440,784 $ 395,064 Medical office 622,398 621,171 596,399 CCRC 436,494 3,010 — Other Non-reportable 16,687 175,374 199,857 Total revenues $ 1,644,875 $ 1,240,339 $ 1,191,320
Summary of Reconciliation of Company's Assets to Total Assets	The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segment 2020 2019 Life science $ 7,205,949 $ 5,688,659 Medical office 5,197,777 5,061,351 CCRC 2,179,294 652,114 Reportable segment assets 14,583,020 11,402,124 Accumulated depreciation and amortization (2,658,890) (2,316,724) Net reportable segment assets 11,924,130 9,085,400 Other non-reportable segment assets 584,432 653,746 Assets held for sale and discontinued operations, net 2,626,306 3,648,265 Other non-segment assets 785,221 645,480 Total assets $ 15,920,089 $ 14,032,891

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Common Stock Distributions	The following table shows the characterization of the Company’s annual common stock distributions per share: Year Ended December 31, 2020 2019 2018 Ordinary dividends (1) $ 0.7139 $ 0.7633 $ 0.9578 Capital gains (2) 0.5298 0.2714 0.5222 Nondividend distributions 0.2363 0.4453 — $ 1.4800 $ 1.4800 $ 1.4800 _______________________________________ (1) For the year ended December 31, 2020 all $0.7139 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11). (2) Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Internal Revenue Code (IRC). IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gains relate to IRC Section 1231 gains.
Schedule of Income Tax Expense (Benefit) From Continuing Operations	The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2020 2019 2018 Current Federal $ (9,164) $ 104 $ 973 State 1,431 445 3,883 Foreign — — 84 Total current $ (7,733) $ 549 $ 4,940 Deferred Federal $ (2,849) $ (5,920) $ (2,681) State 1,159 (108) (1,776) Foreign — — (4,879) Total deferred $ (1,690) $ (6,028) $ (9,336) Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396)
Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded	The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense (benefit) recorded (in thousands): Year Ended December 31, 2020 2019 2018 Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax $ 15,016 $ (6,169) $ (7,027) State income tax expense (benefit), net of federal tax 4,211 (1,830) 1,209 Gross receipts and margin taxes 980 1,108 1,173 Foreign rate differential — — 301 Effect of permanent differences — 20 (55) Return to provision adjustments 707 54 258 Valuation allowance for deferred tax assets 24,051 22 (255) Tax rate differential ─ NOL carryback under the CARES Act (3,732) — — Change in tax status of TRS (50,656) 1,316 — Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396)
Schedule of Significant Components of the Company's Deferred Tax Asset and Liabilities	The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2020 2019 2018 Gross deferred tax assets: Investment in unconsolidated joint ventures $ 2,333 $ 40,466 $ 31,034 Real estate 3,895 — — Net operating loss carryforward 68,444 33,771 20,559 Expense accruals 15,478 3,258 2,424 Deferred revenue 103,713 — — Total gross deferred tax assets 193,863 77,495 54,017 Valuation allowance (33,519) (4,878) (295) Gross deferred tax assets, net of valuation allowance $ 160,344 $ 72,617 $ 53,722 Gross deferred tax liabilities: Real estate $ 72,059 $ — $ — Other 1,094 — — Gross deferred tax liabilities $ 73,153 $ — $ — Net deferred tax assets $ 87,191 $ 72,617 $ 53,722
Schedule of Income Tax Contingencies	The following table summarizes the Company’s unrecognized tax benefits (in thousands): December 31, 2020 2019 2018 Total unrecognized tax benefits at January 1 $ 469 $ — $ — Gross amount of increases for prior years' tax positions — 469 — Total unrecognized tax benefits at December 31 $ 469 $ 469 $ —

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information: Interest paid, net of capitalized interest $ 209,843 $ 201,784 $ 275,690 Income taxes paid (refunded) (786) 1,426 4,480 Capitalized interest 27,041 30,459 21,056 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 95,293 126,006 88,826 Retained equity method investment from U.K. JV transaction — — 104,922 Derecognition of U.K. Bridge Loan receivable — — 147,474 Consolidation of net assets related to U.K. Bridge Loan — — 106,457 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,746 5,614 537 Net noncash impact from the consolidation of previously unconsolidated joint ventures 369,223 17,850 68,293 Mortgages assumed with real estate acquisitions 251,280 172,565 8,457 Refundable entrance fees assumed with real estate acquisitions 307,954 — — Conversion of DFLs to real estate — 350,540 — Retained investment in connection with SWF SH JV — 427,328 — Seller financing provided on disposition of real estate asset 73,498 44,812 — The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization of real estate, in-place lease, and other intangibles $ 143,194 $ 224,798 $ 144,819 Development, redevelopment, and other major improvements of real estate 30,769 74,919 62,995 Leasing costs, tenant improvements, and recurring capital expenditures 12,695 22,617 1,705
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents, and restricted cash (in thousands): December 31, 2020 2019 Cash and cash equivalents $ 44,226 $ 80,398 Restricted cash 67,206 13,385 Cash, cash equivalents and restricted cash $ 111,432 $ 93,783

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Variable Interest Entities
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 December 31, 2020 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: Unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures $ 22,113 Loan - Seller Financing Loans receivable, net 2,288 CMBS and LLC investment Marketable debt and LLC investment 35,453 Discontinued operations: VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ 186 _______________________________________ (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.
Schedule of Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 2,988,599 $ 2,498,524 Development costs and construction in progress 85,595 67,244 Land 433,574 410,903 Accumulated depreciation and amortization (602,491) (534,339) Net real estate 2,905,277 2,442,332 Accounts receivable, net 12,009 9,508 Cash and cash equivalents 16,550 35,726 Restricted cash 7,977 9,895 Intangible assets, net 179,027 167,022 Assets held for sale and discontinued operations, net 704,966 880,362 Right-of-use asset, net 95,407 92,664 Other assets, net 59,063 48,119 Total assets $ 3,980,276 $ 3,685,628 Liabilities Mortgage debt $ 39,085 $ 44,199 Intangible liabilities, net 56,467 39,545 Liabilities related to assets held for sale and discontinued operations, net 190,919 187,544 Lease liability 97,605 90,875 Accounts payable, accrued liabilities, and other liabilities 102,391 112,301 Deferred revenue 90,183 94,538 Total liabilities $ 576,650 $ 569,002 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 639,759 $ 737,581 Development costs and construction in progress 68 41 Land 106,209 115,673 Accumulated depreciation and amortization (57,235) (34,235) Net real estate 688,801 819,060 Accounts receivable, net 1,700 2,478 Cash and cash equivalents 6,306 11,301 Restricted cash 3,124 3,700 Intangible assets, net — 39,817 Right-of-use asset, net 1,391 — Other assets, net 3,644 4,006 Total assets $ 704,966 $ 880,362 Liabilities Mortgage debt $ 176,702 $ 174,567 Lease liability 1,392 — Accounts payable, accrued liabilities, and other liabilities 11,003 10,531 Deferred revenue 1,822 2,446 Total liabilities $ 190,919 $ 187,544

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Schedule of Concentration of Credit Risk	The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues, excluding assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 30 31 21 22 22 Florida 10 2 14 2 2 The following table provides information regarding the Company’s concentrations with respect to certain states from assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 4 6 6 6 4 Florida 4 6 6 7 7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of the Carrying Values and Fair Values of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2020 (3) 2019 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 195,375 $ 201,228 $ 190,579 $ 190,579 Marketable debt securities (2) 20,355 20,355 19,756 19,756 Bank line of credit and commercial paper (2) 129,590 129,590 93,000 93,000 Term loan (2) 249,182 249,182 248,942 248,942 Senior unsecured notes (1) 5,697,586 6,517,650 5,647,993 6,076,150 Mortgage debt (2)(4) 221,621 221,181 12,317 12,201 Interest-rate swap liabilities (2) 81 81 553 553 _______________________________________ (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 years ended December 31, 2020 and 2019, there were no material transfers of financial assets or liabilities within the fair value hierarchy. (4) For the years ended December 31, 2020 and 2019, excludes mortgage debt on assets held for sale and discontinued operations of $319 million and $297 million, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding swap contracts as of December 31, 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 $ 35,627 0.33% USD-SIFMA Municipal Swap Index $ (81) _____________________________ (1) Derivative liabilities are recorded in liabilities related to assets held for sale and discontinued operations, net on the consolidated balance sheets. (2) Represents two interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities, excluding accounts payable, accrued liabilities, and other liabilities related to assets classified as discontinued operations (in thousands): December 31, 2020 2019 Accrued interest $ 78,735 $ 69,960 Construction related accrued liabilities 95,293 117,048 Refundable entrance fees 317,444 — Other accounts payable and accrued liabilities 271,919 270,524 Accounts payable, accrued liabilities, and other liabilities $ 763,391 $ 457,532

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Selected Quarterly Information	The following table summarizes selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended 2020 March 31 June 30 September 30 December 31 Total revenues $ 381,054 $ 408,559 $ 423,565 $ 431,697 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 128,410 78,182 13,957 (2,866) Income (loss) from continuing operations 147,132 60,341 (27,762) (19,204) Income (loss) from discontinued operations 135,408 (5,292) (31,819) 169,449 Net income (loss) 282,540 55,049 (59,581) 150,245 Net income (loss) applicable to Healthpeak Properties, Inc. 279,080 51,506 (63,417) 146,394 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.27 (0.01) (0.06) 0.31 Diluted earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.26 (0.01) (0.06) 0.31 Three Months Ended 2019 March 31 June 30 September 30 December 31 Total revenues $ 293,303 $ 307,037 $ 321,079 $ 318,920 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 20,345 25,708 (19,062) 149,329 Income (loss) from continuing operations 22,517 24,052 (24,420) 153,320 Income (loss) from discontinued operations 42,473 (34,032) (17,888) (105,961) Net income (loss) 64,990 (9,980) (42,308) 47,359 Net income (loss) applicable to Healthpeak Properties, Inc. 61,470 (13,597) (45,863) 43,520 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21) Diluted earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)

Jan. 31, 2020USD ($)facilityproperty

Jan. 01, 2018USD ($)

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)facility

Dec. 31, 2018USD ($)

Mar. 31, 2020property

Jan. 01, 2020USD ($)

Oct. 31, 2019property

Jan. 01, 2019USD ($)

Dec. 31, 2017USD ($)

Jan. 31, 2017

Schedule of Equity Method Investments [Line Items]

Residency agreement term, minimum

30 days

Residency agreement term, maximum

1 year

Maximum period available for occupancy from cessation of significant construction activity

1 year

Maximum useful life of building and improvements

60 years

Advertising expense

$ 18,000,000

$ 13,000,000

$ 9,000,000

Property count | property

15

HCP’s capital

6,788,345,000

6,085,058,000

Cumulative effect of new accounting principle

7,344,572,000

6,667,474,000

6,512,591,000

$ 5,594,938,000

Present value of lease liability

179,895,000

152,400,000

Right-of-use asset, net

192,349,000

167,316,000

Intangible assets, net

519,917,000

$ 260,204,000

Other Non-Reporting Segment

Schedule of Equity Method Investments [Line Items]

Number of deconsolidating assets | facility

19

Assets leased to others | Other Non-Reporting Segment

Schedule of Equity Method Investments [Line Items]

Property count | property

1

CCRC JV Investment | CCRC

Schedule of Equity Method Investments [Line Items]

Property count | facility

15

CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment

Schedule of Equity Method Investments [Line Items]

Property count | property

15

15

Brookedale MTCA | Assets leased to others | Other Non-Reporting Segment

Schedule of Equity Method Investments [Line Items]

Property count | property

13

Brookedale MTCA | CCRC JV Investment

Schedule of Equity Method Investments [Line Items]

Non refundable entrance fee liabilities

$ 436,000,000

$ 484,000,000

$ 68,000,000

Property count | property

15

Equity method investments

$ 323,000,000

Brookedale MTCA | CCRC JV Investment | CCRC

Schedule of Equity Method Investments [Line Items]

Property count | facility

13

Brookedale MTCA | CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment

Schedule of Equity Method Investments [Line Items]

Property count | property

13

13

13

Discontinued Operations

Schedule of Equity Method Investments [Line Items]

Advertising expense

$ 12,000,000

13,000,000

9,000,000

RIDEA II

Schedule of Equity Method Investments [Line Items]

Investment ownership percentage

40.00%

Equity method investments

$ 121,000,000

ASU 2016-02

Schedule of Equity Method Investments [Line Items]

Present value of lease liability

$ 153,000,000

Right-of-use asset, net

166,000,000

Accrued Rent

20,000,000

Intangible assets, net

33,000,000

Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09

Schedule of Equity Method Investments [Line Items]

HCP’s capital

79,000,000

Cumulative effect of change on beginning retained earnings

30,000,000

Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | RIDEA II

Schedule of Equity Method Investments [Line Items]

Fair value of equity investment

$ 107,000,000

Cumulative Dividends In Excess Of Earnings

Schedule of Equity Method Investments [Line Items]

Cumulative effect of new accounting principle

$ (3,976,232,000)

(3,601,199,000)

(2,927,196,000)

(3,370,520,000)

Cumulative Effect, Period of Adoption, Adjustment

Schedule of Equity Method Investments [Line Items]

Cumulative effect of new accounting principle

(1,524,000)

[1]

590,000

[2]

$ 2

79,144,000

[3]

Cumulative Effect, Period of Adoption, Adjustment | Cumulative Dividends In Excess Of Earnings

Schedule of Equity Method Investments [Line Items]

Cumulative effect of new accounting principle

$ (1,524,000)

[1]

$ 590,000

[2]

$ 79,144,000

[3]

Cumulative Effect, Period of Adoption, Adjustment | Cumulative Dividends In Excess Of Earnings | ASU 2016-02

Schedule of Equity Method Investments [Line Items]

Cumulative effect of new accounting principle

$ 1,000,000

[1]

On January 1, 2020, the Company adopted a series of 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.

[3]

On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Government Grant Income	$ 3,000
Government Assistance C A R E S Act
Schedule of Equity Method Investments [Line Items]
Government Grant Income		$ 32,913	$ 0	$ 0
Government Assistance C A R E S Act | Other nonoperating income (expense)
Schedule of Equity Method Investments [Line Items]
Government Grant Income		16,198	0	0
Government Assistance C A R E S Act | Equity income (loss) from unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Government Grant Income		1,279	0	0
Government Assistance C A R E S Act | Income (loss) From Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Government Grant Income		$ 15,436	$ 0	$ 0

Master Transactions and Coope_2

Master Transactions and Cooperation Agreement with Brookdale (Details)

Jan. 31, 2020USD ($)bblleaseproperty

Dec. 31, 2020USD ($)leaseproperty

Nov. 30, 2020USD ($)

Nov. 30, 2019property

Mar. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Nov. 30, 2017USD ($)propertyfacility

Mar. 31, 2021property

Dec. 31, 2018USD ($)property

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)property

Mar. 31, 2020property

Oct. 31, 2019property

Jan. 01, 2018USD ($)property

Real Estate Properties [Line Items]

Property count

15

Capital investment | $

$ 5,000,000

$ 5,000,000

Loss (gain) upon change of control, net | $

$ 16,000,000

159,973,000

$ 168,023,000

$ 9,154,000

Long-term debt | $

$ 6,616,855,000

6,616,855,000

Gain (loss) on sales of real estate, net | $

$ 90,350,000

$ (40,000)

$ 831,368,000

Payments to acquire additional interest in subsidiaries | $

$ 63,000,000

$ 32,000,000

Brookedale MTCA

Real Estate Properties [Line Items]

Number of assets to be sold

19

RIDEA Facilities

Real Estate Properties [Line Items]

Ownership percentage

90.00%

Assets leased to others

Real Estate Properties [Line Items]

Number of assets sold or transitioned

37

Assets leased to others | Brookedale MTCA

Real Estate Properties [Line Items]

Gain (loss) on sales of real estate, net | $

$ 40,000,000

Assets leased to others | RIDEA Facilities

Real Estate Properties [Line Items]

Property count | facility

58

Other Non-Reporting Segment

Real Estate Properties [Line Items]

Number of assets to be sold

1

Other Non-Reporting Segment | Assets leased to others

Real Estate Properties [Line Items]

Property count

1

Other Non-Reporting Segment | Assets leased to others | CCRC JV Investment

Real Estate Properties [Line Items]

Property count

15

15

Senior Housing Triple Net

Real Estate Properties [Line Items]

Number of assets to be sold

2

2

Senior Housing Triple Net | Assets leased to others

Real Estate Properties [Line Items]

Property count

78

43

Right to sell, or transition, number of properties (in properties)

32

Rent concessions | $

$ 5,000,000

Number of properties with rent concessions (in properties)

3

Number of assets to be sold

2

Total consideration for disposition of real estate | $

$ 35,000,000

Number of assets sold or transitioned

17

Senior Housing Triple Net | Assets leased to others | Brookedale MTCA

Real Estate Properties [Line Items]

Number of assets to be sold

11

Senior Housing Operating Portfolio

Real Estate Properties [Line Items]

Number of assets to be sold

23

18

23

Senior Housing Operating Portfolio | Brookedale MTCA

Real Estate Properties [Line Items]

Number of assets to be sold

8

Senior Housing Operating Portfolio | Assets leased to others

Real Estate Properties [Line Items]

Number of assets sold or transitioned

20

Senior Housing Operating Portfolio | Assets leased to others | Brookedale MTCA

Real Estate Properties [Line Items]

Number of assets to be sold

4

Senior Housing Operating Portfolio | Assets leased to others | RIDEA Facilities

Real Estate Properties [Line Items]

Property count | facility

36

Total consideration for disposition of real estate | $

$ 240,000,000

Discount rate | Minimum

Real Estate Properties [Line Items]

Real estate capitalization rate | bbl

0.10

Discount rate | Maximum

Real Estate Properties [Line Items]

Real estate capitalization rate | bbl

0.12

Cap rate | Minimum

Real Estate Properties [Line Items]

Real estate capitalization rate | bbl

0.07

Cap rate | Maximum

Real Estate Properties [Line Items]

Real estate capitalization rate | bbl

0.09

Measurement Input Annual Rent Escalators | Minimum

Real Estate Properties [Line Items]

Real estate capitalization rate | bbl

0.02

Measurement Input Annual Rent Escalators | Maximum

Real Estate Properties [Line Items]

Real estate capitalization rate | bbl

0.03

CCRC JV Investment

Real Estate Properties [Line Items]

Investment ownership percentage

49.00%

49.00%

49.00%

49.00%

Equity method investments | $

$ 1,581,000

$ 1,581,000

$ 325,830,000

RIDEA Facilities

Real Estate Properties [Line Items]

Percent of noncontrolling interest acquired

10.00%

Brookedale MTCA

Real Estate Properties [Line Items]

Number of properties disposed

18

18

18

Cash proceeds | $

$ 385,000,000

Gain (loss) on sales of real estate, net | $

$ 164,000,000

Brookedale MTCA | CCRC JV Investment

Real Estate Properties [Line Items]

Property count

15

Number of properties acquired

13

Equity method investments | $

$ 323,000,000

Real estate and intangible assets | $

1,800,000,000

Refundable entrance fee liabilities | $

308,000,000

Non refundable entrance fee liabilities | $

436,000,000

$ 484,000,000

$ 68,000,000

Long-term debt | $

215,000,000

Working capital | $

48,000,000

Payments to acquire equity method investments | $

396,000,000

Brookedale MTCA | CCRC JV Investment | Other nonoperating income (expense)

Real Estate Properties [Line Items]

Loss (gain) upon change of control, net | $

$ 170,000,000

Brookedale MTCA | 2019 Amended Master Lease

Real Estate Properties [Line Items]

Annual rent escalator

2.40%

Brookedale MTCA | Assets leased to others | 2019 Amended Master Lease

Real Estate Properties [Line Items]

Number of properties to be restructured

24

Number of leases to be terminated (in properties) | lease

1

1

Percent of sales proceeds

6.50%

Number of properties to be reallocated

14

Amount of future rent to be paid | $

$ 20,000,000

Brookedale MTCA | Assets leased to others | 2019 Amended Master Lease | Forecast

Real Estate Properties [Line Items]

Capital investment | $

$ 35,000,000

Capital investment term

5 years

Annual percentage increase

7.00%

Brookedale MTCA | Other Non-Reporting Segment | Assets leased to others

Real Estate Properties [Line Items]

Property count

13

Brookedale MTCA | Other Non-Reporting Segment | Assets leased to others | CCRC JV Investment

Real Estate Properties [Line Items]

Property count

13

13

13

13

Brookedale MTCA | CCRC JV Investment

Real Estate Properties [Line Items]

Interest acquired

51.00%

Purchase cost | $

$ 1,060,000,000

Non-cash lease and management fee termination loss (income), net | $

$ 100,000,000

Brookedale MTCA | CCRC JV Investment | Forecast

Real Estate Properties [Line Items]

Number of assets to be sold

2

Real Estate Transactions - 2020

Real Estate Transactions - 2020 Real Estate Investments (Details) $ in Thousands	Nov. 03, 2020USD ($)	Dec. 31, 2020USD ($)property	Nov. 30, 2020USD ($)property	Oct. 31, 2020USD ($)aproperty	Jul. 31, 2020USD ($)property	Apr. 30, 2020USD ($)	Jun. 30, 2019USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)asset	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Proceeds from divestiture of interest in joint venture									$ 0	$ 89,868	$ 393,997
Loss (gain) upon change of control, net			$ 16,000						159,973	$ 168,023	$ 9,154
Long-term debt, gross		$ 6,346,370							$ 6,346,370
Land
Real Estate [Line Items]
Number of properties acquired | property			1
Life Science JVs
Real Estate [Line Items]
Investment ownership percentage		49.00%							49.00%
Waldwick
Real Estate [Line Items]
Number of properties acquired | property				1
Investment ownership percentage				100.00%
Additional ownership percentage acquired				15.00%
Payments to acquire real estate joint ventures				$ 4,000
Gain on consolidation				$ 6,000
MBK JV
Real Estate [Line Items]
Proceeds from divestiture of interest in joint venture			$ 11,000
Long-term debt, gross			$ 36,000
Massachusetts
Real Estate [Line Items]
Payments to acquire real estate		$ 54,000
Massachusetts | Life Science JVs
Real Estate [Line Items]
Investment ownership percentage		49.00%							49.00%
San Francisco, California
Real Estate [Line Items]
Area of Land | a				12
Payments to acquire land				$ 128,000
Number of adjacent sites currently held | property				2
Payments for deposits on real estate acquisitions	$ 10,000
Life Science
Real Estate [Line Items]
Number of properties acquired | asset									3
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		$ 610,000				$ 320,000
Number of properties acquired | property		3
Medical Office
Real Estate [Line Items]
Number of properties acquired					1				7
Medical Office | ARIZONA
Real Estate [Line Items]
Payments to acquire real estate					$ 27,000
Medical Office | Indiana, Missouri, Illinois
Real Estate [Line Items]
Payments to acquire real estate				$ 169,000
Number of properties acquired | property				7
Medical Office | Texas
Real Estate [Line Items]
Payments to acquire real estate		$ 34,000
Number of properties acquired | property		1
Senior Housing
Real Estate [Line Items]
Number of properties acquired | property							1
Investment ownership percentage							100.00%
Gain on consolidation							$ 12,000
Land parcel
Real Estate [Line Items]
Number of properties acquired | property			1

Real Estate Transactions - 2019

Real Estate Transactions - 2019 Real Estate Investments (Details) $ in Thousands	1 Months Ended							3 Months Ended	12 Months Ended
	Nov. 30, 2020USD ($)property	Jul. 31, 2020property	Dec. 31, 2019USD ($)propertyasset	Jul. 31, 2019USD ($)facilityproperty	Jun. 30, 2019USD ($)property	May 31, 2019USD ($)property	Apr. 30, 2019USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)asset	Dec. 31, 2019USD ($)propertyasset
Real Estate [Line Items]
Long-term debt, gross									$ 6,346,370
Sierra Point Towers
Real Estate [Line Items]
Payments to acquire real estate					$ 245,000
Number of properties acquired | property					2
Life Science
Real Estate [Line Items]
Number of properties acquired | asset									3
Senior Housing
Real Estate [Line Items]
Number of properties acquired | property					1
Payments to acquire outstanding equity interests					$ 24,000
Investment ownership percentage					100.00%
Gain on consolidation					$ 12,000
Gain on consolidation, tax					$ 1,000
Medical Office
Real Estate [Line Items]
Number of properties acquired		1							7
Life Science facility | Life Science
Real Estate [Line Items]
Payments to acquire real estate								$ 71,000
Land
Real Estate [Line Items]
Number of properties acquired | property	1
Land | Life Science
Real Estate [Line Items]
Payments to acquire real estate								$ 27,000
Senior Housing
Real Estate [Line Items]
Number of properties acquired | property	1
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
Mortgage Debt
Real Estate [Line Items]
Long-term debt, gross	$ 36,000		$ 12,000	$ 112,000		$ 50,000			$ 216,780	$ 12,000
Boston | Life Science facility | Life Science
Real Estate [Line Items]
Payments to acquire real estate				$ 228,000
Number of properties acquired | facility				4
Cambridge, Massachusetts | Life Science facility | Life Science
Real Estate [Line Items]
Payments to acquire real estate			$ 333,000
Number of properties acquired | asset			1
Kansas | Medical Office
Real Estate [Line Items]
Payments to acquire real estate										$ 15,000
Number of properties acquired | asset										1
Texas | Medical Office
Real Estate [Line Items]
Payments to acquire real estate										$ 9,000
Number of properties acquired | property										1
San Diego | Life Science
Real Estate [Line Items]
Number of properties acquired | property										1
San Diego | Life Science facility | Life Science
Real Estate [Line Items]
Payments to acquire real estate										$ 16,000
Assets leased to others
Real Estate [Line Items]
Number of assets sold or transitioned | property										37
Assets leased to others | Senior Housing Operating Portfolio
Real Estate [Line Items]
Number of assets sold or transitioned | property										20
SHOP JV
Real Estate [Line Items]
Investment ownership percentage									54.00%
Purchase cost			$ 367,000							$ 367,000
Partner's ownership percentage			46.50%							46.50%
SHOP JV | Other Non-Reporting Segment
Real Estate [Line Items]
Investment ownership percentage			53.50%							53.50%
Purchase cost			$ 790,000							$ 790,000
SHOP JV | Assets leased to others | Other Non-Reporting Segment
Real Estate [Line Items]
Number of assets sold or transitioned | property			19
SHOP JV
Real Estate [Line Items]
Gain (loss) on deconsolidation			$ 161,000

Real Estate Transactions - Cons

Real Estate Transactions - Construction, Tenant, and Other Capital Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	$ 788,895	$ 677,274	$ 560,875
Life Science
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	573,999	499,956	396,431
Medical Office
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	173,672	146,466	146,087
CCRC
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	41,224	0	0
Other
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	$ 0	$ 30,852	$ 18,357

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - 2020 Dispositions of Real Estate (Details)	Jan. 31, 2020USD ($)property	Feb. 28, 2021USD ($)property	Jan. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Nov. 30, 2020USD ($)property	Oct. 31, 2020USD ($)property	Dec. 31, 2018property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings								$ 0	$ 0	$ 335,709,000
Gain (loss) on sales of real estate, net								90,350,000	(40,000)	831,368,000
Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net								193,000,000	23,000,000	55,000,000
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net								$ 283,000,000	$ 30,000,000	141,000,000
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net	$ 164,000,000
Number of properties disposed | property	18							18	18
Senior Housing Triple Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property								21
Proceeds from sale of buildings								$ 428,000,000	$ 26,000,000	35,000,000
Senior Housing Triple Net | Aegis NNN Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings				$ 358,000,000
Gain (loss) on sales of real estate, net				$ 228,000,000
Senior Housing Triple Net | Brookdale Triple Net Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings			$ 510,000,000
Senior Housing Triple Net | HRA Triple Net Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		$ 132,000,000
Atria SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property					13
Proceeds from sale of buildings					$ 334,000,000
Senior Housing Operating Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings								190,000,000	181,000,000	394,000,000
Senior Housing Operating Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings			$ 230,000,000
Senior Housing Operating Portfolio | Atria SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property				12
Proceeds from sale of buildings				$ 312,000,000
Gain (loss) on sales of real estate, net				$ 39,000,000
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property							19
Medical Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings								136,000,000	$ 28,000,000	$ 25,000,000
MOB Land Parcels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings								$ 3,000,000
Senior Housing Triple Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property									2	2
Senior Housing Triple Net | Aegis NNN Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property				10
Senior Housing Triple Net | Sunrise Senior Housing Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property					2
Senior Housing Triple Net | Sunrise Senior Housing Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property			2
Senior Housing Triple Net | Brookdale Triple Net Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property			24
Senior Housing Triple Net | HRA Triple Net Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property		8
Medical Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property								11	11	4
Medical Office | San Diego
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property								3
Senior Housing Operating Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property								23	18	23
Senior Housing Operating Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property			16
Senior Housing Operating Portfolio | Sunrise Senior Housing Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property			32
Proceeds from sale of buildings			$ 664,000,000
Senior Housing Operating Portfolio | Sunrise Senior Housing Portfolio | Definitive Agreement Four
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings					$ 744,000,000
Proceeds from deposits on real estate sales					$ 35,000,000
Senior Housing Operating Portfolio | SLC SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property						7
Senior Housing Operating Portfolio | SLC SHOP Portfolio | Definitive Agreement Four
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings						$ 115,000,000
Proceeds from deposits on real estate sales						$ 3,000,000
Senior Housing Operating Portfolio | Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property							8
Other Non-Reporting Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property								1
Proceeds from sale of buildings								$ 1,000,000
MOB Land Parcels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property								2

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - property	Jan. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed	18	18	18
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		41	90
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		6	2
Held-for-sale | Senior Housing Operating Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale		97	115
Held-for-sale | Senior Housing Operating Portfolio Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale		1	4

Dispositions of Real Estate a_5

Dispositions of Real Estate and Discontinued Operations - Assets and Liabilities for Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate:
Intangible assets, net	$ 25,000	$ 82,000
Total assets of discontinued operations, net	2,626,306	3,648,265
LIABILITIES
Total liabilities of discontinued operations, net	415,737	403,688
Allowance for doubtful accounts receivable	5,873	4,178
Goodwill	18,000	17,000
Held-for-sale
Real estate:
Buildings and improvements	2,553,254	3,626,665
Development costs and construction in progress	21,509	38,728
Land	355,803	467,956
Accumulated depreciation and amortization	(615,708)	(861,557)
Net real estate	2,314,858	3,271,792
Investments in and advances to unconsolidated joint ventures	5,842	51,134
Accounts receivable, net of allowance of $5,873 and $4,178	20,500	14,575
Cash and cash equivalents	53,085	63,834
Restricted cash	17,168	27,040
Intangible assets, net	24,541	82,071
Right-of-use asset, net	4,109	5,701
Other assets, net(1)	103,965	125,502
Total assets of discontinued operations, net	2,544,068	3,641,649
Total medical office assets held for sale, net	82,238	6,616
Assets held for sale and discontinued operations, net	2,626,306	3,648,265
LIABILITIES
Mortgage debt	318,876	296,879
Lease liability	3,189	4,871
Accounts payable, accrued liabilities, and other liabilities	79,411	83,392
Deferred revenue	11,442	18,520
Total liabilities of discontinued operations, net	412,918	403,662
Total liabilities related to medical office assets held for sale, net	2,819	26
Liabilities related to assets held for sale and discontinued operations, net	415,737	403,688
Goodwill	29,000	30,000
Net Real Estate Assets	$ 73,000	$ 7,000

Dispositions of Real Estate a_6

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax benefit (expense)	$ 10,000	$ 12,000	$ 13,000
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues	97,877	152,576	216,887
Resident fees and services	621,253	583,653	400,557
Income from direct financing leases	0	20,815	37,926
Total revenues	719,130	757,044	655,370
Interest expense	10,538	8,007	5,062
Depreciation and amortization	143,194	224,798	144,819
Operating	550,226	474,126	326,381
Transaction costs	20,426	6,780	9,635
Impairments and loan loss reserves (recoveries), net	201,344	208,229	44,343
Total costs and expenses	925,728	921,940	530,240
Gain (loss) on sales of real estate, net	460,144	22,940	94,618
Other income (expense), net			(110)
Other income (expense), net	5,475	17,060
Total other income (expense), net	465,619	40,000	94,508
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	259,021	(124,896)	219,638
Income tax benefit (expense)	9,913	11,783	13,459
Equity income (loss) from unconsolidated joint ventures	(1,188)	(2,295)	3,159
Income (loss) from discontinued operations	$ 267,746	$ (115,408)	$ 236,256

Dispositions of Real Estate a_7

Dispositions of Real Estate and Discontinued Operations - Dispositions of Real Estate (Details) £ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2019USD ($)

Nov. 30, 2019property

Nov. 30, 2018USD ($)

Aug. 31, 2018GBP (£)

Jun. 30, 2018USD ($)

Nov. 30, 2017property

Jan. 31, 2017USD ($)

Dec. 31, 2018USD ($)property

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)property

Jun. 30, 2018GBP (£)

Real Estate [Line Items]

Proceeds from sale of buildings

$ 0

$ 0

$ 335,709,000

Gain (loss) on sales of real estate, net

90,350,000

(40,000)

831,368,000

Fair value of net assets

$ 14,032,891,000

15,920,089,000

14,032,891,000

U.K. Portfolio

Real Estate [Line Items]

Noncontrolling interest (as a percent)

49.00%

49.00%

U.K. Portfolio

Real Estate [Line Items]

Gain (loss) on sales of real estate, net

$ 11,000,000

Interest sold

49.00%

51.00%

Fair value of net assets

$ 507,000,000

£ 382

Gross proceeds

402,000,000

Foreign currency translation reclassified from OCI

$ 17,000,000

RIDEA II

Real Estate [Line Items]

Gain (loss) on sales of real estate, net

$ 99,000,000

Investment ownership percentage

40.00%

40.00%

40.00%

HCP/CPA/Brookdale JV

Real Estate [Line Items]

Debt provided

$ 602,000,000

Debt provided by third-party

360,000,000

Debt provided by entity

242,000,000

Net proceeds from the RIDEA II transaction

$ 480,000,000

HCP/CPA/Brookdale JV | RIDEA II

Real Estate [Line Items]

Debt provided by entity

$ 242,000,000

Consideration receivable from sale of ownership interest

91,000,000

Proceeds from sale of asset

$ 332,000,000

Shoreline Technology Center

Real Estate [Line Items]

Proceeds from sale of buildings

$ 1,000,000,000

Gain (loss) on sale of assets

$ 726,000,000

U.K. Portfolio

Real Estate [Line Items]

Investments

$ 105,000,000

105,000,000

Maria Mallaband Care Group loan

Real Estate [Line Items]

Proceeds from sale of receivables | £

£ 11

Senior Housing Operating Portfolio

Real Estate [Line Items]

Proceeds from sale of buildings

$ 190,000,000

181,000,000

394,000,000

Senior Housing Triple Net

Real Estate [Line Items]

Number of assets to be sold | property

21

Proceeds from sale of buildings

$ 428,000,000

26,000,000

35,000,000

Medical Office

Real Estate [Line Items]

Proceeds from sale of buildings

$ 136,000,000

28,000,000

25,000,000

Life Science

Real Estate [Line Items]

Proceeds from sale of buildings

7,000,000

269,000,000

Undeveloped Life Science

Real Estate [Line Items]

Proceeds from sale of buildings

$ 35,000,000

$ 3

Brookedale MTCA

Real Estate [Line Items]

Number of assets to be sold | property

19

Brookedale MTCA | Assets leased to others

Real Estate [Line Items]

Proceeds from sale of buildings

$ 377,000,000

Gain (loss) on sales of real estate, net

$ 40,000,000

Senior Housing Operating Portfolio

Real Estate [Line Items]

Number of assets to be sold | property

23

18

23

Senior Housing Operating Portfolio | Brookedale MTCA

Real Estate [Line Items]

Number of assets to be sold | property

8

Senior Housing Operating Portfolio | Brookedale MTCA | Assets leased to others

Real Estate [Line Items]

Number of assets to be sold | property

4

Senior Housing Triple Net

Real Estate [Line Items]

Number of assets to be sold | property

2

2

Senior Housing Triple Net | Assets leased to others

Real Estate [Line Items]

Number of assets to be sold | property

2

Senior Housing Triple Net | Brookedale MTCA | Assets leased to others

Real Estate [Line Items]

Number of assets to be sold | property

11

Medical Office

Real Estate [Line Items]

Number of assets to be sold | property

11

11

4

Life Science

Real Estate [Line Items]

Number of assets to be sold | property

1

4

Undeveloped Life Science

Real Estate [Line Items]

Number of assets to be sold | property

1

1

Non-Reportable Segment

Real Estate [Line Items]

Proceeds from sale of buildings

$ 15,000,000

Number of properties disposed | property

1

Impairments (Details)

Impairments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net		$ 42,909	$ 17,708	$ 10,917
Number of real estate properties impaired | property			3
Asset impairment charge			$ 18,000
Casualty related gain			5,000
Other Operating Income (Expense) [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Casualty related gain			2,000
Discontinued Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net		201,000
Asset impairment charge			9,000
Casualty related gain			$ 3,000
Senior Housing Triple Net, SHOP, And MOB [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net		$ 210,000
Senior Housing Operating Portfolio
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net	$ 10,000
Number of real estate properties impaired | property		42	27	17
Number of real estate properties impaired, candidates for potential sale | property			1
Senior Housing Operating Portfolio | Held-for-sale
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties classified as held for sale | property		97	115
Senior Housing Operating Portfolio | Underperformed assets
Impaired Long-Lived Assets Held and Used [Line Items]
Number of real estate properties impaired | property				3
Senior Housing Triple Net
Impaired Long-Lived Assets Held and Used [Line Items]
Number of real estate properties impaired | property		5	8
Senior Housing Triple Net | Held-for-sale
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties classified as held for sale | property		41	90
Medical Office
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net			$ 4,000
Number of real estate properties impaired | property		5	3
Number of properties intended to be demolished | property			1
Number of real estate properties impaired, candidates for potential sale | property			2
Medical Office | Held-for-sale
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties classified as held for sale | property		6	2
MOB Land Parcels
Impaired Long-Lived Assets Held and Used [Line Items]
Number of real estate properties impaired | property		1
Life Science
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net		$ 15,000
Number of properties intended to be demolished | property		1
Life Science | Held-for-sale
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties classified as held for sale | property				1
Senior Housing Triple Net, SHOP, MOB, and Other Non-Reportable
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net			$ 194,000
Senior Housing Triple Net, SHOP, MOB, and Other Non-Reportable | Discontinued Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net			$ 189,000
Other Non-Reporting Segment
Impaired Long-Lived Assets Held and Used [Line Items]
Number of real estate properties impaired | property			1
Senior Housing Operating Portfolio And Undeveloped Life Science
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net				$ 52,000
Senior Housing Operating Portfolio And Undeveloped Life Science | Discontinued Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments and loan loss reserves (recoveries), net				$ 44,000
Shop Assets, Senior Housing Triple-net Assets, MOBs, and Other Non-Reportable Asset
Impaired Long-Lived Assets Held and Used [Line Items]
Aggregate carrying value before impairment		$ 960,000	$ 416,000
Real estate held-for-sale		750,000	223,000
Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment calculation price range		$ 13	$ 24
Market capitalization rate			4.97%
Terminal capitalization rate		5.50%
Discount rates		8.00%
Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment calculation price range		$ 300	$ 125
Market capitalization rate			8.27%
Terminal capitalization rate		7.50%
Discount rates		9.50%
Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment calculation price range		$ 164	$ 73
Market capitalization rate			6.22%

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Fixed income from operating leases	$ 943,638	$ 853,545	$ 829,774
Variable income from operating leases	238,470	215,957	190,574
Interest income from direct financing leases	$ 9,720	$ 16,666	$ 16,349

Leases - Components of Net Inve

Leases - Components of Net Investment in DFLs (Details) $ in Thousands	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Leases [Abstract]
Present value of minimum lease payments receivable	$ 9,804	$ 19,138
Present value of estimated residual value	44,706	84,604
Less deferred selling profits	$ (9,804)	$ (19,138)
Properties subject to direct financing leases | property	1	2
Net investment in direct financing leases before allowance	$ 44,706	$ 84,604

Leases - Internal Ratings For N

Leases - Internal Ratings For Net Investment, DFLs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 44,706	$ 84,604
Percentage of DFL Portfolio	100.00%
Medical Office
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 44,706
Percentage of DFL Portfolio	100.00%
Performing DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 44,706
Performing DFLs | Medical Office
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	44,706
Watch List DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0
Watch List DFLs | Medical Office
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0
Workout DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0
Workout DFLs | Medical Office
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)property	Jun. 30, 2019USD ($)facility	Mar. 31, 2019USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Capital Leased Assets [Line Items]
Proceeds from sale of lease receivables	$ 82,000
Gain on sale of direct financing lease	$ 42,000
Conversion of DFLs to real estate					$ 0	$ 350,540	$ 0
Intangible assets, net		$ 260,204			$ 519,917	$ 260,204
Properties subject to direct financing leases (in properties) | property		2			1	2
Impairments and loan loss reserves (recoveries), net					$ 42,909	$ 17,708	$ 10,917
Number Of Tenant Exercise Option To Purchase | property		1
Purchase options land		$ 226,000				$ 226,000
Senior Housing Operating Portfolio
Capital Leased Assets [Line Items]
Proceeds from sale of lease receivables			$ 274,000
Number of leases disposed of (in facilities) | facility			13
Impairments and loan loss reserves (recoveries), net			$ 10,000
DFL Portfolio | Watch List DFLs | Senior housing triple-net
Capital Leased Assets [Line Items]
Properties with derecognized carrying value during the period (in properties) | property				14
Conversion of DFLs to real estate				$ 351,000
DFL Portfolio | Watch List DFLs | Senior Housing Operating Portfolio
Capital Leased Assets [Line Items]
Properties subject to direct financing leases (in properties) | property				14
DFL Portfolio | Real Estate Investment | Watch List DFLs | Senior Housing Operating Portfolio
Capital Leased Assets [Line Items]
Real estate investment property, at cost				$ 331,000
DFL Portfolio | Finite-Lived Intangible Assets | Watch List DFLs | Senior Housing Operating Portfolio
Capital Leased Assets [Line Items]
Intangible assets, net				$ 20,000

Leases - Direct Financing Lease

Leases - Direct Financing Lease Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Direct financing lease, lease income	$ 17,000	$ 24,000
Proceeds from lease payment, operating activity	$ 16,000	$ 20,000

Leases - Future Minimum Rents,

Leases - Future Minimum Rents, DFLs (Details) $ in Thousands	Dec. 31, 2020USD ($)
DFL, 842
2021	$ 8,601
2022	1,203
2023	0
2024	0
2025	0
Thereafter	0
Undiscounted minimum lease payments receivable	9,804
Less: imputed interest	0
Present value of minimum lease payments receivable	$ 9,804

Leases - Future Minimum Rents (

Leases - Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2020USD ($)
Operating Lease, 842
2021	$ 969,519
2022	929,437
2023	869,628
2024	774,641
2025	669,289
Thereafter	2,431,032
Total	$ 6,643,546

Leases - Tenant Purchase Option

Leases - Tenant Purchase Options (Details) $ in Thousands	Dec. 31, 2020USD ($)property
Leases [Abstract]
2021 | $	$ 29,394
2022 | $	11,187
2023 | $	0
2024 | $	3,190
2025 | $	9,065
Thereafter | $	5,815
Total | $	$ 58,651
Number of Properties
2021 | property	12
2022 | property	3
2023 | property	0
2024 | property	1
2025 | property	13
Thereafter | property	2
Total | property	31

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Total lease expense	$ 13,601	$ 11,852	$ 10,569
Operating cash flows for operating leases	9,940	8,158	7,326
ROU asset obtained in exchange for new lease liability, operating leases	$ 32,208	$ 5,733	$ 0
Weighted average remaining lease term, operating leases	57 years	51 years
Weighted average discount rate, operating leases	4.26%	4.36%

Leases - Future Lease Obligatio

Leases - Future Lease Obligations (Details) $ in Thousands	Dec. 31, 2020USD ($)
Operating Lease, 842
2021	$ 11,106
2022	11,262
2023	11,445
2024	10,246
2025	8,886
Thereafter	469,453
Undiscounted minimum lease payments included in the lease liability	522,398
Less: imputed interest	(342,503)
Present value of lease liability	$ 179,895

Leases - Depreciation Expense (

Leases - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
General and Administrative Expense
Lessor, Lease, Description [Line Items]
Depreciation expense related to corporate assets	$ 2	$ 2	$ 4
Other Assets
Lessor, Lease, Description [Line Items]
Accumulated depreciation related to corporate assets	$ 6	$ 4

Leases - Rent Deferrals (Detail

Leases - Rent Deferrals (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Medical Office
Lessor, Lease, Description [Line Items]
Rent deferred amount	$ 6
Life Science
Lessor, Lease, Description [Line Items]
Rent deferred amount	$ 1

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (222)	$ 863
Reserve for loan losses	(10,280)	0
Loans receivable including loans receivable held for sale	195,375	190,579
Remaining loans receivable commitments	11,000	25,000
Loans receivable commitments	81,000	174,000
Secured Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	161,530	161,964
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 44,347	$ 27,752

Loans Receivable - 2020 Loans R

Loans Receivable - 2020 Loans Receivable Transactions (Details)	Nov. 03, 2020USD ($)	Dec. 31, 2020USD ($)property	Nov. 30, 2020USD ($)property	Mar. 31, 2020USD ($)property	Jan. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Oct. 31, 2019property
Financing Receivable, Allowance for Credit Loss [Line Items]
Property count | property					15
Loans receivable including loans receivable held for sale		$ 195,375,000				$ 190,579,000
Loss on sale of direct financing lease				$ (42,000,000)
Mezzanine
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loan receivables | property			1
Total			$ 10,000,000
Proceeds from sale of receivables			$ 8,000,000
Loss on sale of direct financing lease	$ 2,000,000
Secured Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loan receivables | property		1
Total		$ 115,000,000
Proceeds from sale of receivables		109,000,000
Loss on sale of direct financing lease		$ 6,000,000
Assets leased to others | Other Non-Reporting Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Property count | property				1
CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Property count | property				15			15
Brookedale MTCA | Assets leased to others | Other Non-Reporting Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Property count | property					13
Brookedale MTCA | CCRC JV Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Property count | property					15
Brookedale MTCA | CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Property count | property		13		13	13
Loans receivable including loans receivable held for sale		$ 23,000,000			$ 30,000,000

Loans Receivable - SHOP Seller

Loans Receivable - SHOP Seller Financing (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2021USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Loans receivable
Proceeds from sale of buildings			$ 0	$ 0	$ 335,709,000
Net cash provided by (used in) financing activities			246,450,000	647,271,000	(2,620,536,000)
Senior Housing Operating Portfolio
Loans receivable
Proceeds from sale of buildings			$ 190,000,000	$ 181,000,000	$ 394,000,000
Subsequent Event | Senior Housing Operating Portfolio
Loans receivable
Proceeds from sale of buildings	$ 230,000,000
Net cash provided by (used in) financing activities	150,000,000
Senior Housing Operating Portfolio | Subsequent Event
Loans receivable
Net cash provided by (used in) financing activities	$ 410,000,000
Senior Housing Operating Portfolio
Loans receivable
Number of assets to be sold | property			23	18	23
Redevelopment funding			$ 7,000,000
Senior Housing Operating Portfolio | Atria SHOP Portfolio
Loans receivable
Number of assets to be sold | property			4
Proceeds from sale of buildings			$ 94,000,000
Net cash provided by (used in) financing activities			$ 61,000,000
Senior Housing Operating Portfolio | Subsequent Event
Loans receivable
Number of assets to be sold | property	16
Senior Housing Operating Portfolio | Florida
Loans receivable
Number of assets to be sold | property				2
Proceeds from sale of buildings		$ 56,000,000
Net cash provided by (used in) financing activities		$ 45,000,000
Redevelopment funding				$ 10,000,000
Percent of estimated cost of redevelopment		80.00%

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Dec. 31, 2020USD ($)
Secured Mortgage Loans
Loans receivable
2020	$ 95,800
2019	61,772
2018	0
2017	0
2016	0
Total	157,572
Mezzanine And Other
Loans receivable
2020	23,263
2019	12,252
2018	0
2017	0
2016	2,288
Total	37,803
Performing loans | Secured Mortgage Loans
Loans receivable
2020	95,800
2019	61,772
2018	0
2017	0
2016	0
Total	157,572
Performing loans | Mezzanine And Other
Loans receivable
2020	23,263
2019	12,252
2018	0
2017	0
2016	0
Total	35,515
Watch List DFLs | Secured Mortgage Loans
Loans receivable
2020	0
2019	0
2018	0
2017	0
2016	0
Total	0
Watch List DFLs | Mezzanine And Other
Loans receivable
2020	0
2019	0
2018	0
2017	0
2016	2,288
Total	2,288
Workout DFLs | Secured Mortgage Loans
Loans receivable
2020	0
2019	0
2018	0
2017	0
2016	0
Total	0
Workout DFLs | Mezzanine And Other
Loans receivable
2020	0
2019	0
2018	0
2017	0
2016	0
Total	$ 0

Loans Receivable - Loans Receiv

Loans Receivable - Loans Receivable Secured by Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loanproperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Loans receivable
Number of Loans (in loans) | loan	9
Face Amount of Mortgages	$ 161,530
Carrying Amount	157,572	$ 161,964	$ 42,037	$ 188,418
Interest income	16,553	9,844	10,406
Secured Mortgage Loans
Loans receivable
Interest income	$ 13,000	$ 6,000	$ 5,000
Mortgage loan on real estate, Texas due 2021
Loans receivable
Number of Loans (in loans) | loan	1
Face Amount of Mortgages	$ 2,250
Carrying Amount	$ 2,250
Interest Rate	7.50%
Mortgage Loans On Real Estate Interest Senior Housing Facility Only Florida Due 2021
Loans receivable
Number of Loans (in loans) | loan	1
Face Amount of Mortgages	$ 8,289
Carrying Amount	$ 8,289
Interest Rate	7.50%
Mortgage loan on real estate, Florida and California due 2021
Loans receivable
Number of Loans (in loans) | loan	4
Face Amount of Mortgages	$ 61,018
Carrying Amount	$ 57,861
Interest Rate	3.50%
Mortgage loan on real estate, California due 2022
Loans receivable
Number of Loans (in loans) | loan	1
Face Amount of Mortgages	$ 25,000
Carrying Amount	$ 24,462
Interest Rate	5.50%
Number of properties acquired | property	11
Mortgage loan on real estate, Florida due 2026
Loans receivable
Number of Loans (in loans) | loan	1
Face Amount of Mortgages	$ 51,716
Carrying Amount	$ 51,233
Interest Rate	2.00%
Mortgage loan on real estate, Florida due 2026 | LIBOR
Loans receivable
Interest Rate	4.25%
Mortgage loan on real estate, California due 2026
Loans receivable
Number of Loans (in loans) | loan	1
Face Amount of Mortgages	$ 13,257
Carrying Amount	$ 13,477
Interest Rate	2.00%
Mortgage loan on real estate, California due 2026 | LIBOR
Loans receivable
Interest Rate	4.25%

Loans Receivable - Loan Losses

Loans Receivable - Loan Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	8,860
Reserve for loan losses, December 31, 2020	10,280
Credit loss reserve on unfunded loan commitments	1,000
Credit loss expenses (recovery)	18,000
Mezzanine
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	2,639
Reserve for loan losses, December 31, 2020	3,152
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	6,221
Reserve for loan losses, December 31, 2020	$ 7,128

Loans Receivable - Tandem Healt

Loans Receivable - Tandem Health Care Loan (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	May 31, 2015
Loans receivable
Interest income related to loans	$ 3
Tandem Health Care Loan
Loans receivable
Loans receivable, other		$ 257
Write down of loans receivable	$ 112

Loans Receivable - U.K. Bridge

Loans Receivable - U.K. Bridge Loan (Details) $ in Thousands, £ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2018property	Mar. 31, 2018USD ($)property	Mar. 31, 2018GBP (£)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2016GBP (£)property
Loans receivable
Loans receivable including loans receivable held for sale | $				$ 195,375	$ 190,579
Derecognition of U.K. Bridge Loan receivable | $				$ 0	$ 0	$ 147,474
Bridge Loan | MMCG
Loans receivable
Loans receivable including loans receivable held for sale							$ 131,000	£ 105
Number of properties | property		7	7				7	7
Period of call-option retained							3 years
Derecognition of U.K. Bridge Loan receivable | £			£ 105
Loss on consolidation		$ 41,000	£ 29
Number of properties acquired (in properties) | property	7	7	7

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2020USD ($)	Oct. 31, 2019USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property			3
Advances to unconsolidated joint ventures, net			$ 0	$ 76
Investments in and advances to unconsolidated joint ventures			402,871	774,381
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 6,000	51,000
Preferred equity method 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%
SHOP JV
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property			19
Investment ownership percentage			54.00%
Equity method investments			$ 357,581	428,258
Life Science JVs
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property			1
Investment ownership percentage			49.00%
Equity method investments			$ 24,879	0
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property			3
Equity method investments			$ 9,673	9,845
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%
Other SHOP JVs
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property			0
Equity method investments			$ 9,157	$ 10,372
Other SHOP JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage			41.00%
Other SHOP JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage			47.00%
CCRC JV Investment
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property			2
Investment ownership percentage	49.00%		49.00%	49.00%
Equity method investments			$ 1,581	$ 325,830
Otay Ranch
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage			90.00%
Number of joint ventures | property			1
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage			20.00%
H C P 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%
K&Y JVs
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | property		1		1
Investment ownership percentage				80.00%
Proceeds from sale of equity method investments	$ 12,000	$ 4,000

Investments in and Advances t_4

Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, £ in Millions	Jan. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2020property	Oct. 31, 2019property
Schedule of Equity Method Investments [Line Items]
Difference between carrying amount and underlying equity		$ (63,000)		$ 33,000	$ (63,000)
Impairment charge					6,000
Property count | property	15
Losses on sales of investment real estate				$ (90,350)	40	$ (831,368)
CCRC JV Investment
Schedule of Equity Method Investments [Line Items]
Impairment charge					$ 12,000
Investment ownership percentage	49.00%	49.00%		49.00%	49.00%
U.K. JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		49.00%			49.00%
Proceeds from sale of equity method investments		$ 91,000	£ 70
Loss on sale of properties		7,000
Losses on sales of investment real estate		$ 1,000
Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Losses on sales of investment real estate	$ (164,000)
Brookedale MTCA | CCRC JV Investment
Schedule of Equity Method Investments [Line Items]
Interest acquired	51.00%
CCRC JV Investment | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property	15
Assets leased to others | Other Non-Reporting Segment
Schedule of Equity Method Investments [Line Items]
Property count | property							1
Assets leased to others | Other Non-Reporting Segment | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property	13
Assets leased to others | Other Non-Reporting Segment | CCRC JV Investment
Schedule of Equity Method Investments [Line Items]
Property count | property							15	15
Assets leased to others | Other Non-Reporting Segment | CCRC JV Investment | Brookedale MTCA
Schedule of Equity Method Investments [Line Items]
Property count | property	13			13			13

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangibles Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangibles
Gross intangible lease assets	$ 761,328	$ 426,967
Accumulated depreciation and amortization	(241,411)	(166,763)
Intangible assets, net	$ 519,917	$ 260,204
Weighted average remaining amortization period in years	5 years	5 years
Intangible assets, net	$ 25,000	$ 82,000

Intangibles - Schedule of Int_2

Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangibles [Abstract]
Gross intangible lease liabilities	$ 194,565	$ 113,213
Accumulated depreciation and amortization	(50,366)	(38,222)
Intangible liabilities, net	$ 144,199	$ 74,991
Weighted average remaining amortization period in years	8 years	7 years

Intangibles - Amortization of D

Intangibles - Amortization of Deferred Leasing Costs and Acquisition Related Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangibles
Depreciation and amortization expense related to amortization of lease-up intangibles	$ 89,301	$ 46,828	$ 43,933
Rental and related revenues related to amortization of net below market lease liabilities	$ 11,717	$ 6,319	$ 5,341

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Mar. 31, 2020property	Jan. 31, 2020property	Oct. 31, 2019property	Jan. 01, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Property count | property				15
Weighted average remaining amortization period in years	5 years	5 years
Weighted average remaining amortization period in years	8 years	7 years
Finite-lived intangible assets, net | $	$ 519,917	$ 260,204
Reclassification of intangible liabilities | $	144,199	$ 74,991
Accounting Standards Update 2016-12
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net | $						$ 39,000
Reclassification of intangible liabilities | $						$ 6,000
Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired | $	352,000
Intangible liabilities acquired | $	$ 83,000
Weighted average remaining amortization period in years	7 years
Weighted average remaining amortization period in years	9 years
CCRC JV Investment | Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Property count | property				15
Other Non-Reporting Segment | Assets leased to others
Finite-Lived Intangible Assets [Line Items]
Property count | property			1
Other Non-Reporting Segment | Assets leased to others | Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Property count | property				13
Other Non-Reporting Segment | CCRC JV Investment | Assets leased to others
Finite-Lived Intangible Assets [Line Items]
Property count | property			15		15
Other Non-Reporting Segment | CCRC JV Investment | Assets leased to others | Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Property count | property	13		13	13

Intangibles - Estimated Aggrega

Intangibles - Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Estimated aggregate amortization of Intangible Assets
Intangible assets, net	$ 519,917	$ 260,204
Rental and Related Revenues
Estimated aggregate amortization of Intangible Assets
2021	18,093
2022	17,841
2023	17,119
2024	16,159
2025	15,370
Thereafter	50,514
Intangible assets, net	135,096
Depreciation and Amortization
Estimated aggregate amortization of Intangible Assets
2021	96,094
2022	89,217
2023	85,484
2024	82,647
2025	72,373
Thereafter	84,999
Intangible assets, net	$ 510,814

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details)	May 23, 2019USD ($)renewal_option	Dec. 31, 2020USD ($)	Dec. 31, 2019	May 31, 2019USD ($)
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)		0.30%	2.04%
Line of Credit and Term Loan
Debt Instrument [Line Items]
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
Revolving Credit Facility | Bank Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000
Number of extensions (in renewal options) | renewal_option	2
Length of debt instrument extension period	6 months
Debt instrument, facility fee (as a percent)		0.15%
Line of credit facility additional aggregate amount, maximum		$ 750,000,000
Revolving Credit Facility | Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Loan, basis spread on variable rate		0.83%
2019 Term Loan | Bank Line of Credit
Debt Instrument [Line Items]
Face amount				$ 250,000,000
Weighted-average interest rate (as a percent)		1.14%
2019 Term Loan | Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Loan, basis spread on variable rate		0.90%

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Term of facility	1 month	1 month
Weighted-average interest rate (as a percent)	0.30%	2.04%
Commercial Paper Program
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,000,000,000
Short-term debt	$ 130,000,000	$ 93,000,000

Debt - Senior Unsecured Notes (

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

Jul. 09, 2020

Jun. 24, 2020

Nov. 21, 2019

Jul. 22, 2019

Jul. 16, 2018

Jan. 31, 2021

Mar. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Jun. 23, 2020

Jul. 08, 2019

Jul. 05, 2019

Nov. 08, 2018

Debt Instrument [Line Items]

Long-term debt, gross

$ 6,346,370,000

Senior unsecured notes

5,697,586,000

$ 5,647,993,000

Loss on debt extinguishments

42,912,000

$ 58,364,000

$ 44,162,000

Unsecured Note 4.250 Percent

Debt Instrument [Line Items]

Face amount

$ 250,000,000

Interest rate (as a percent)

4.25%

Unsecured Note 4.000%

Debt Instrument [Line Items]

Face amount

$ 350,000,000

$ 250,000,000

Interest rate (as a percent)

4.00%

4.00%

Loss on debt extinguishments

$ 22,000,000

$ 35,000,000

Senior Unsecured Debt 2.63%

Debt Instrument [Line Items]

Face amount

$ 800,000,000

Interest rate (as a percent)

2.63%

Unsecured Note 3.750 Percent

Debt Instrument [Line Items]

Face amount

$ 450,000,000

Interest rate (as a percent)

3.75%

Unsecured Note 5.375 Percent

Debt Instrument [Line Items]

Face amount

$ 700,000,000

Interest rate (as a percent)

5.38%

Loss on debt extinguishments

$ 44,000,000

Senior Unsecured Notes

Debt Instrument [Line Items]

Long-term debt, gross

$ 5,750,000,000

Senior unsecured notes

$ 0

Senior Unsecured Notes | Subsequent Event

Debt Instrument [Line Items]

Loss on debt extinguishments

$ 90,000,000

Senior Unsecured Notes | Senior Unsecured Notes Due 2031

Debt Instrument [Line Items]

Face amount

$ 600,000,000

Interest rate (as a percent)

2.88%

Senior Unsecured Notes | Senior Unsecured Notes Due 2030

Debt Instrument [Line Items]

Face amount

$ 750,000,000

Interest rate (as a percent)

3.00%

Senior Unsecured Notes | Senior Unsecured Notes Due 2026

Debt Instrument [Line Items]

Face amount

$ 650,000,000

Interest rate (as a percent)

3.25%

Senior Unsecured Notes | Senior Unsecured Notes Due 2029

Debt Instrument [Line Items]

Face amount

$ 650,000,000

Interest rate (as a percent)

3.50%

Senior Unsecured Notes | Unsecured Note 3.15 Percent

Debt Instrument [Line Items]

Face amount

$ 300,000,000

Interest rate (as a percent)

3.15%

Loss on debt extinguishments

$ 18,000,000

Senior Unsecured Notes | Unsecured Note 4.250 Percent

Debt Instrument [Line Items]

Face amount

$ 250,000,000

Interest rate (as a percent)

4.25%

4.25%

Loss on debt extinguishments

$ 26,000,000

Senior Unsecured Notes | Unsecured Note 4.000%

Debt Instrument [Line Items]

Interest rate (as a percent)

4.00%

4.00%

Senior Unsecured Notes | Senior Unsecured Debt 2.63%

Debt Instrument [Line Items]

Interest rate (as a percent)

2.63%

Senior Unsecured Notes | Unsecured Note 5.375 Percent

Debt Instrument [Line Items]

Interest rate (as a percent)

5.38%

Senior Unsecured Notes | Senior Notes Due 2023 | Subsequent Event

Debt Instrument [Line Items]

Interest rate (as a percent)

4.25%

Repayment of senior unsecured notes

$ 112,000,000

Senior Unsecured Notes | Senior Unsecured Notes Due 2024 | Subsequent Event

Debt Instrument [Line Items]

Interest rate (as a percent)

4.20%

Repayment of senior unsecured notes

$ 201,000,000

Senior Unsecured Notes | 3.88% Senior Unsecured Notes Due 2024 | Subsequent Event

Debt Instrument [Line Items]

Interest rate (as a percent)

3.88%

Repayment of senior unsecured notes

$ 469,000,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Nov. 30, 2020USD ($)property	Jul. 31, 2019USD ($)property	Jun. 30, 2019property	May 31, 2019USD ($)property	Apr. 30, 2019property	Dec. 31, 2020USD ($)facility	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Long-term debt, gross						$ 6,346,370
Weighted-average interest rate (as a percent)						0.30%	2.04%
Senior Housing
Debt Instrument [Line Items]
Number of properties acquired | property			1
Senior Housing
Debt Instrument [Line Items]
Number of properties acquired | property	1
Senior Housing | Senior Housing
Debt Instrument [Line Items]
Number of properties acquired | property		5		3	9
Mortgage Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 36,000	$ 112,000		$ 50,000		$ 216,780	$ 12,000
Number of healthcare facilities used to secure debt (in facilities) | facility						6	4
Debt instrument, collateral, healthcare facilities carrying value						$ 517,000	$ 38,000
Debt instrument, periodic payment, principal						$ 18,000	$ 4,000	$ 5,000
Weighted-average interest rate (as a percent)	3.87%	4.89%		4.83%		3.73%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Nov. 30, 2020	Dec. 31, 2019	Jul. 31, 2019	May 31, 2019
Debt Instrument [Line Items]
2021	$ 142,605
2022	4,843
2023	389,874
2024	1,403,050
2025	1,353,209
Thereafter	3,052,789
Long-term debt, gross	6,346,370
(Discounts), premiums and debt costs, net	(48,391)
Long-term debt, excluding disposal group	6,297,979
Long-term debt	$ 6,616,855
Weighted-average interest rate (as a percent)	0.30%		2.04%
Held-for-sale
Debt Instrument [Line Items]
Debt on assets held for sale	$ 318,876
Bank Line of Credit
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Long-term debt, gross	0
(Discounts), premiums and debt costs, net	0
Long-term debt, excluding disposal group	0
Long-term debt	0
Bank Line of Credit | Held-for-sale
Debt Instrument [Line Items]
Debt on assets held for sale	0
Commercial Paper
Debt Instrument [Line Items]
2021	129,590
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Long-term debt, gross	129,590
(Discounts), premiums and debt costs, net	0
Long-term debt, excluding disposal group	129,590
Long-term debt	129,590
Commercial Paper | Held-for-sale
Debt Instrument [Line Items]
Debt on assets held for sale	0
Term Loan
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	250,000
2025	0
Thereafter	0
Long-term debt, gross	250,000
(Discounts), premiums and debt costs, net	(818)
Long-term debt, excluding disposal group	249,182
Long-term debt	249,182
Term Loan | Held-for-sale
Debt Instrument [Line Items]
Debt on assets held for sale	0
Senior Unsecured Notes
Debt Instrument [Line Items]
2021	0
2022	0
2023	300,000
2024	1,150,000
2025	1,350,000
Thereafter	2,950,000
Long-term debt, gross	5,750,000
(Discounts), premiums and debt costs, net	(52,414)
Long-term debt, excluding disposal group	5,697,586
Long-term debt	$ 5,697,586
Weighted-average interest rate (as a percent)	3.86%
Weighted-average maturity	7 years
Senior Unsecured Notes | Debt Instrument 2021
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Senior Unsecured Notes | Debt Instrument 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Senior Unsecured Notes | Debt Instrument 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	4.37%
Senior Unsecured Notes | Debt Instrument 2024
Debt Instrument [Line Items]
Interest rate (as a percent)	4.17%
Senior Unsecured Notes | Debt Instrument 2025
Debt Instrument [Line Items]
Interest rate (as a percent)	3.93%
Senior Unsecured Notes | Thereafter
Debt Instrument [Line Items]
Interest rate (as a percent)	3.67%
Senior Unsecured Notes | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.08%
Senior Unsecured Notes | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.87%
Senior Unsecured Notes | Held-for-sale
Debt Instrument [Line Items]
Debt on assets held for sale	$ 0
Mortgage Debt
Debt Instrument [Line Items]
2021	13,015
2022	4,843
2023	89,874
2024	3,050
2025	3,209
Thereafter	102,789
Long-term debt, gross	216,780	$ 36,000	$ 12,000	$ 112,000	$ 50,000
(Discounts), premiums and debt costs, net	4,841
Long-term debt, excluding disposal group	221,621
Long-term debt	$ 540,497
Weighted-average interest rate (as a percent)	3.73%	3.87%		4.89%	4.83%
Weighted-average maturity	5 years
Mortgage Debt | Debt Instrument 2021
Debt Instrument [Line Items]
Interest rate (as a percent)	5.26%
Mortgage Debt | Debt Instrument 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Mortgage Debt | Debt Instrument 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	3.80%
Mortgage Debt | Debt Instrument 2024
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Mortgage Debt | Debt Instrument 2025
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Mortgage Debt | Thereafter
Debt Instrument [Line Items]
Interest rate (as a percent)	3.57%
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.42%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	5.91%
Mortgage Debt | Held-for-sale
Debt Instrument [Line Items]
Debt on assets held for sale	$ 318,876
Mortgage Debt | Held-for-sale | Debt Maturing In 2027
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)	1.34%
Mortgage Debt | Held-for-sale | Debt Maturing In 2044
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)	5.13%

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceedings (Details)	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation loss contingency accrued	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - DownREIT LLCs (Details)	Dec. 31, 2020property
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement	24

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Contractual Obligation (Details) $ in Thousands	Dec. 31, 2020USD ($)
Other Commitments [Line Items]
Commitments	$ 317,012
Commitments related to assets classified as discontinued operations	4,000
Construction Loan Commitments
Other Commitments [Line Items]
Commitments	11,137
Lease and other contractual commitments
Other Commitments [Line Items]
Commitments	109,126
Development Commitments
Other Commitments [Line Items]
Commitments	196,749
Allowance for Tenant Improvement
Other Commitments [Line Items]
Commitments	$ 28,000

Commitments and Contingencies_4

Commitments and Contingencies - Credit Enhancement Guarantee (Details) $ in Millions	1 Months Ended
	Oct. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Transaction cost	$ 11

Equity - Dividends (Details)

Equity - Dividends (Details) - $ / shares	Feb. 09, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 1.48	$ 1.48	$ 1.48
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.30

Equity - ATM Program (Details)

Equity - ATM Program (Details) - USD ($)	1 Months Ended			3 Months Ended	4 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)								2,000,000
Forward rate per share (in usd per share)								$ 28.60
Issuance of common stock, net					$ 1,060,000,000	$ 1,067,071,000	$ 791,048,000	$ 215,179,000
At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
Aggregate amount authorized	$ 1,250,000,000
Settlement alternatives, fair value (in shares)		5,500,000		16,800,000	16,800,000		5,500,000
Issuance of common stock, net				$ 528,000,000			$ 171,000,000
Forward Equity Offering
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term			1 year			1 year
Maximum shares issuable under forward equity sales agreement (in shares)			15,300,000				15,300,000
Forward rate per share (in usd per share)			$ 28.60	$ 31.38			$ 30.91
Issuance of common stock, net		$ 422,000,000
Issuance of common stock, net (in shares)		0
Aggregate amount remaining						$ 1,250,000,000
2019 ATM Program
Subsidiary or Equity Method Investee [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)						2,000,000	20,300,000
Forward rate per share (in usd per share)						$ 35.23	$ 31.44
2019 ATM Program, Settled
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net (in shares)				0
Forward contract, outstanding (in shares)						0
A T M Direct Issuances
Subsidiary or Equity Method Investee [Line Items]
Sale of stock (in usd per share)		$ 31.84	$ 28.27				$ 31.84	$ 28.27
A T M Direct Issuances | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net							$ 189,000,000	$ 154,000,000
Issuance of common stock, net (in shares)						0	5,900,000	5,400,000

Equity - Forward Equity Offerin

Equity - Forward Equity Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	4 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)								2,000,000
Forward rate per share (in usd per share)								$ 28.60
Issuance of common stock, net					$ 1,060,000	$ 1,067,071	$ 791,048	$ 215,179
Proceeds from issuance of common stock								$ 57,000
2019 Forward Equity Offering
Noncontrolling Interest [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)		15,600,000
Forward rate per share (in usd per share)		$ 34.46
Issuance of common stock, net (in shares)						0	0
Settlement alternatives, fair value (in shares)				15,600,000	15,600,000
Issuance of common stock, net				$ 534,000
2019 Forward Equity Offering | Maximum
Noncontrolling Interest [Line Items]
Sale of stock (in usd per share)				$ 34.18	$ 34.18
Forward Equity Offering
Noncontrolling Interest [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)			15,300,000				15,300,000
Forward rate per share (in usd per share)			$ 28.60	$ 31.38			$ 30.91
Issuance of common stock, net (in shares)	0
Issuance of common stock, net	$ 422,000
Option indexed to issuers equity, term			1 year			1 year
Forward Equity Offering | Maximum
Noncontrolling Interest [Line Items]
Sale of stock (in usd per share)	$ 27.66						$ 27.66

Equity - Schedule of Other Comm

Equity - Schedule of Other Common Stock Activities (Details) - Common Stock - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Dividend Reinvestment and Stock Purchase Plan (in shares)	181	336	237
Conversion of DownREIT units (in shares)	120	213	3
Exercise of stock options (in shares)	54	152	120
Vesting of restricted stock units (in shares)	668	468	401
Repurchase of common stock (in shares)	298	162	141

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Cumulative foreign currency translation adjustment	$ 0	$ (1,023)
Unrealized gains (losses) on derivatives, net	(81)	1,314
Supplemental Executive Retirement Plan minimum liability and other	(3,604)	(3,148)
Total accumulated other comprehensive income (loss)	$ (3,685)	$ (2,857)

Equity - Noncontrolling Interes

Equity - Noncontrolling Interests Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)entityshares	Dec. 31, 2019USD ($)
Noncontrolling Interest [Line Items]
Non-managing member unitholders	$ 199,158	$ 204,355
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Non-managing members DownREIT units outstanding (in shares) | shares	5,000,000
Conversion of DownREIT units (in shares) | shares	7,000,000
Number of DownREIT LLCs (in entities) | entity	7
Non-managing member unitholders	$ 199,000
DownREIT unit, fair value	$ 221,000

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average incremental shares from forward equity sales agreements (in shares)	201	2,771	0
Down R E I T
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,000	7,000	2,000

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator
Income from continuing operations	$ (19,204)	$ (27,762)	$ 60,341	$ 147,132	$ 153,320	$ (24,420)	$ 24,052	$ 22,517	$ 160,507	$ 175,469	$ 837,218
Noncontrolling interests' share in continuing operations									(14,394)	(14,558)	(12,294)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.									146,113	160,911	824,924
Participating securities' share in earnings									(2,416)	(1,543)	(2,669)
Income (loss) from continuing operations applicable to common shares									143,697	159,368	822,255
Income (loss) from discontinued operations	$ 169,449	$ (31,819)	$ (5,292)	$ 135,408	$ (105,961)	$ (17,888)	$ (34,032)	$ 42,473	267,746	(115,408)	236,256
Noncontrolling interests' share in discontinued operations									(296)	27	(87)
Net income (loss) applicable to common shares									411,147	43,987	1,058,424
Add: distributions on dilutive convertible units and other									0	0	6,919
Dilutive net income (loss) available to common shares									$ 411,147	$ 43,987	$ 1,065,343
Denominator
Basic weighted average shares outstanding (in shares)									530,555	486,255	470,551
Dilutive potential common shares - equity awards (in shares)									300	309	168
Weighted-average incremental shares from forward equity sales agreements (in shares)									201	2,771	0
Dilutive potential common shares - DownREIT conversions (in shares)									0	0	4,668
Diluted weighted average common shares (in shares)									531,056	489,335	475,387
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.04)	$ (0.06)	$ 0.10	$ 0.28	$ 0.30	$ (0.06)	$ 0.04	$ 0.04	$ 0.27	$ 0.33	$ 1.75
Discontinued operations (in dollars per share)	0.31	(0.06)	(0.01)	0.27	(0.21)	(0.03)	(0.07)	0.09	0.50	(0.24)	0.50
Net income (loss) applicable to common shares (in dollars per share)									0.77	0.09	2.25
Diluted earnings per common share
Continuing operations (in dollars per share)	(0.04)	(0.06)	0.10	0.28	0.30	(0.06)	0.04	0.04	0.27	0.33	1.74
Discontinued operations (in dollars per share)	$ 0.31	$ (0.06)	$ (0.01)	$ 0.26	$ (0.21)	$ (0.03)	$ (0.07)	$ 0.09	0.50	(0.24)	0.50
Net income (loss) applicable to common shares (in dollars per share)									$ 0.77	$ 0.09	$ 2.24
Outstanding equity awards (in shares)									1,000
Forward sales agreements that have been settled (in shares)									32,000	21,000
Forward sales agreements that have not been settled (in shares)										30,000

Compensation Plans - Stock Base

Compensation Plans - Stock Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 01, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense recognized	$ 21	$ 18	$ 15
Deferred compensation cost	$ 29
Total unrecognized compensation cost, period of recognition	2 years
Executive Vice President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense recognized		$ 1
Former Chairman, Chief Executive Officer and President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense recognized			$ 2
2006 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)				0
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)	27,000,000
Maximum number of shares reserved for awards (in shares)				33,000,000
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit (in shares)	18,000,000

Compensation Plans - Stock Opti

Compensation Plans - Stock Options (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options shares exercisable (in shares)	0.5	0.6
Common Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options shares outstanding (in shares)	0.5	0.6
Proceeds received from options exercised	$ 2	$ 5	$ 2

Compensation Plans - Restricted

Compensation Plans - Restricted Stock Awards Narrative (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Restricted Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Percentage of performance metrics during performance period	0.00%
Restricted Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	6 years
Percentage of performance metrics during performance period	200.00%
Restricted Stock and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld to offset tax withholding obligations (in shares)	298	162	141
Weighted-average remaining vesting period of restricted stock and restricted stock units	2 years
Total fair values (at vesting) of restricted stock and restricted stock units vested	$ 20	$ 14	$ 10

Compensation Plans - Schedule o

Compensation Plans - Schedule of Restricted Stock and RSUs Activity (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares) | shares	1,700
Granted (in shares) | shares	693
Vested (in shares) | shares	(668)
Forfeited (in shares) | shares	(42)
Unvested at the end of the period (in shares) | shares	1,683
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 28.56
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	39.79
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	31.30
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	31.55
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 32.02

Segment Disclosures - Narrative

Segment Disclosures - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)	Mar. 31, 2020property	Jan. 31, 2020facilityproperty	Oct. 31, 2019property	Nov. 30, 2017property
Segment Reporting Information [Line Items]
Property count | property					15
Goodwill, impairment loss	$ 0	$ 0	$ 0
Goodwill	18,000,000	$ 17,000,000
Other Non-Reporting Segment
Segment Reporting Information [Line Items]
Number of deconsolidating assets | facility		19
Other Non-Reporting Segment | Operating segment
Segment Reporting Information [Line Items]
Goodwill	2,000,000	$ 4,000,000
Goodwill, transfers	(2,000,000)
Senior Housing Operating Portfolio
Segment Reporting Information [Line Items]
Number of deconsolidating assets | property				19
Senior Housing Operating Portfolio | Operating segment
Segment Reporting Information [Line Items]
Goodwill, transfers	(1,000,000)
Senior Housing Triple Net | Operating segment
Segment Reporting Information [Line Items]
Goodwill, transfers	1,000,000
Medical Office | Operating segment
Segment Reporting Information [Line Items]
Goodwill	14,000,000	$ 13,000,000
CCRC | Operating segment
Segment Reporting Information [Line Items]
Goodwill	2,000,000
Goodwill, transfers	$ 2,000,000
Assets leased to others | Other Non-Reporting Segment
Segment Reporting Information [Line Items]
Property count | property				1
Assets leased to others | Senior Housing Triple Net
Segment Reporting Information [Line Items]
Property count | property						43	78
CCRC JV Investment | CCRC
Segment Reporting Information [Line Items]
Property count | facility					15
CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment
Segment Reporting Information [Line Items]
Property count | property				15		15
Brookedale MTCA | Assets leased to others | Other Non-Reporting Segment
Segment Reporting Information [Line Items]
Property count | property					13
Brookedale MTCA | CCRC JV Investment
Segment Reporting Information [Line Items]
Property count | property					15
Brookedale MTCA | CCRC JV Investment | CCRC
Segment Reporting Information [Line Items]
Property count | facility					13
Brookedale MTCA | CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment
Segment Reporting Information [Line Items]
Ownership interest acquired				100.00%
Property count | property	13			13	13

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	$ 431,697	$ 423,565	$ 408,559	$ 381,054	$ 318,920	$ 321,079	$ 307,037	$ 293,303	$ 1,644,875	$ 1,240,339	$ 1,191,320
Government grant income									16,198
Less: Interest income									(16,553)	(9,844)	(10,406)
Healthpeak's share of unconsolidated joint venture total revenues									112,635	238,021	225,056
Healthpeak's share of unconsolidated joint venture government grant income									1,279
Noncontrolling interests' share of consolidated joint venture total revenues									(34,836)	(31,830)	(14,232)
Operating expenses									(782,541)	(405,244)	(378,657)
Healthpeak's share of unconsolidated joint venture operating expenses									(87,170)	(173,576)	(168,675)
Noncontrolling interests' share of consolidated joint venture operating expenses									10,354	8,632	1,615
Adjustments to NOI									71,828	(15,169)	(5,625)
Adjusted NOI									936,069	851,329	840,396
Plus: Adjustments to NOI									(71,828)	15,169	5,625
Interest income									16,553	9,844	10,406
Interest expense									(218,336)	(217,612)	(261,280)
Depreciation and amortization									(553,949)	(435,191)	(404,681)
General and administrative									(93,237)	(92,966)	(96,702)
Transaction costs									(18,342)	(1,963)	(1,137)
Impairments and loan loss reserves (recoveries), net									(42,909)	(17,708)	(10,917)
Gain (loss) on sales of real estate, net									90,350	(40)	831,368
Loss on debt extinguishments									(42,912)	(58,364)	(44,162)
Other income (expense), net									234,684	165,069	13,425
Less: Government grant income									(16,198)
Less: Healthpeak's share of unconsolidated joint venture NOI									(26,744)	(64,445)	(56,381)
Plus: Noncontrolling interests' share of consolidated joint venture NOI									24,482	23,198	12,617
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(2,866)	13,957	78,182	128,410	149,329	(19,062)	25,708	20,345	217,683	176,320	838,577
Income tax benefit (expense)									9,423	5,479	4,396
Equity income (loss) from unconsolidated joint ventures									(66,599)	(6,330)	(5,755)
Income from continuing operations	(19,204)	(27,762)	60,341	147,132	153,320	(24,420)	24,052	22,517	160,507	175,469	837,218
Income (loss) from discontinued operations	169,449	(31,819)	(5,292)	135,408	(105,961)	(17,888)	(34,032)	42,473	267,746	(115,408)	236,256
Net income (loss)	$ 150,245	$ (59,581)	$ 55,049	$ 282,540	$ 47,359	$ (42,308)	$ (9,980)	$ 64,990	428,253	60,061	1,073,474
Tax benefit recognized in conjunction with internal restructuring activities									51,000
Deferred income tax expense (benefit)									(14,573)	(18,253)	(18,525)
Tax benefit recognized from CARES Act									3,700
TRS
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures									71,000	(30,000)	(8,000)
Deferred income tax expense (benefit)									33,000
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues									0	0	0
Government grant income									0
Less: Interest income									0	0	0
Healthpeak's share of unconsolidated joint venture total revenues									0	0	0
Healthpeak's share of unconsolidated joint venture government grant income									0
Noncontrolling interests' share of consolidated joint venture total revenues									0	0	0
Operating expenses									0	0	0
Healthpeak's share of unconsolidated joint venture operating expenses									0	0	0
Noncontrolling interests' share of consolidated joint venture operating expenses									0	0	0
Adjustments to NOI									0	0	0
Adjusted NOI									0	0	0
Plus: Adjustments to NOI									0	0	0
Interest income									0	0	0
Interest expense									(210,475)	(216,901)	(260,490)
Depreciation and amortization									0	0	(6)
General and administrative									(93,237)	(92,966)	(96,702)
Transaction costs									0	(1,963)	(1,137)
Impairments and loan loss reserves (recoveries), net									0	0	0
Gain (loss) on sales of real estate, net									0	0	0
Loss on debt extinguishments									(42,912)	(58,364)	(44,162)
Other income (expense), net									5,133	8,848	3,821
Less: Government grant income									0
Less: Healthpeak's share of unconsolidated joint venture NOI									0	0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI									0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures									(341,491)	(361,346)	(398,676)
Income tax benefit (expense)									9,423	5,479	4,396
Equity income (loss) from unconsolidated joint ventures									0	0	0
Income from continuing operations									(332,068)	(355,867)	(394,280)
Income (loss) from discontinued operations									267,746	(115,408)	236,256
Net income (loss)									(64,322)	(471,275)	(158,024)
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues									436,494	3,010	0
Government grant income									16,198
Less: Interest income									0	0	0
Healthpeak's share of unconsolidated joint venture total revenues									35,392	211,377	206,221
Healthpeak's share of unconsolidated joint venture government grant income									920
Noncontrolling interests' share of consolidated joint venture total revenues									0	0	0
Operating expenses									(440,528)	(2,215)	0
Healthpeak's share of unconsolidated joint venture operating expenses									(32,125)	(170,473)	(166,414)
Noncontrolling interests' share of consolidated joint venture operating expenses									0	0	0
Adjustments to NOI									97,072	16,985	15,504
Adjusted NOI									113,423	58,684	55,311
Plus: Adjustments to NOI									(97,072)	(16,985)	(15,504)
Interest income									0	0	0
Interest expense									(7,227)	0	0
Depreciation and amortization									(113,851)	0	0
General and administrative									0	0	0
Transaction costs									(17,994)	0	0
Impairments and loan loss reserves (recoveries), net									0	0	0
Gain (loss) on sales of real estate, net									0	0	0
Loss on debt extinguishments									0	0	0
Other income (expense), net									187,844	(5,665)	0
Less: Government grant income									(16,198)
Less: Healthpeak's share of unconsolidated joint venture NOI									(4,187)	(40,904)	(39,807)
Plus: Noncontrolling interests' share of consolidated joint venture NOI									0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures									44,738	(4,870)	0
Income tax benefit (expense)									0	0	0
Equity income (loss) from unconsolidated joint ventures									(1,547)	(16,313)	(10,847)
Income from continuing operations									43,191	(21,183)	(10,847)
Income (loss) from discontinued operations									0	0	0
Net income (loss)									43,191	(21,183)	(10,847)
Life Science | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues									569,296	440,784	395,064
Government grant income									0
Less: Interest income									0	0	0
Healthpeak's share of unconsolidated joint venture total revenues									448	0	4,328
Healthpeak's share of unconsolidated joint venture government grant income									0
Noncontrolling interests' share of consolidated joint venture total revenues									(239)	(187)	(117)
Operating expenses									(138,005)	(107,472)	(91,742)
Healthpeak's share of unconsolidated joint venture operating expenses									(137)	0	(1,131)
Noncontrolling interests' share of consolidated joint venture operating expenses									72	59	44
Adjustments to NOI									(20,133)	(22,103)	(9,718)
Adjusted NOI									411,302	311,081	296,728
Plus: Adjustments to NOI									20,133	22,103	9,718
Interest income									0	0	0
Interest expense									(234)	(277)	(316)
Depreciation and amortization									(217,921)	(168,339)	(140,480)
General and administrative									0	0	0
Transaction costs									(236)	0	0
Impairments and loan loss reserves (recoveries), net									(14,671)	0	(7,639)
Gain (loss) on sales of real estate, net									0	3,651	806,184
Loss on debt extinguishments									0	0	0
Other income (expense), net									0	0	0
Less: Government grant income									0
Less: Healthpeak's share of unconsolidated joint venture NOI									(311)	0	(3,197)
Plus: Noncontrolling interests' share of consolidated joint venture NOI									167	128	73
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures									198,229	168,347	961,071
Income tax benefit (expense)									0	0	0
Equity income (loss) from unconsolidated joint ventures									(40)	0	575
Income from continuing operations									198,189	168,347	961,646
Income (loss) from discontinued operations									0	0	0
Net income (loss)									198,189	168,347	961,646
Medical Office | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues									622,398	621,171	596,399
Government grant income									0
Less: Interest income									0	0	0
Healthpeak's share of unconsolidated joint venture total revenues									2,772	2,810	2,695
Healthpeak's share of unconsolidated joint venture government grant income									0
Noncontrolling interests' share of consolidated joint venture total revenues									(34,597)	(33,998)	(18,042)
Operating expenses									(204,008)	(201,620)	(195,362)
Healthpeak's share of unconsolidated joint venture operating expenses									(1,129)	(1,107)	(1,053)
Noncontrolling interests' share of consolidated joint venture operating expenses									10,282	10,109	4,591
Adjustments to NOI									(5,544)	(4,602)	(5,953)
Adjusted NOI									390,174	392,763	383,275
Plus: Adjustments to NOI									5,544	4,602	5,953
Interest income									0	0	0
Interest expense									(400)	(434)	(474)
Depreciation and amortization									(222,165)	(221,175)	(206,731)
General and administrative									0	0	0
Transaction costs									0	0	0
Impairments and loan loss reserves (recoveries), net									(10,208)	(17,332)	(553)
Gain (loss) on sales of real estate, net									90,390	3,139	4,428
Loss on debt extinguishments									0	0	0
Other income (expense), net									0	0	0
Less: Government grant income									0
Less: Healthpeak's share of unconsolidated joint venture NOI									(1,643)	(1,703)	(1,642)
Plus: Noncontrolling interests' share of consolidated joint venture NOI									24,315	23,889	13,451
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures									276,007	183,749	197,707
Income tax benefit (expense)									0	0	0
Equity income (loss) from unconsolidated joint ventures									798	858	824
Income from continuing operations									276,805	184,607	198,531
Income (loss) from discontinued operations									0	0	0
Net income (loss)									276,805	184,607	198,531
Other Non-Reporting Segment | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues									16,687	175,374	199,857
Government grant income									0
Less: Interest income									(16,553)	(9,844)	(10,406)
Healthpeak's share of unconsolidated joint venture total revenues									74,023	23,834	11,812
Healthpeak's share of unconsolidated joint venture government grant income									359
Noncontrolling interests' share of consolidated joint venture total revenues									0	2,355	3,927
Operating expenses									0	(93,937)	(91,553)
Healthpeak's share of unconsolidated joint venture operating expenses									(53,779)	(1,996)	(77)
Noncontrolling interests' share of consolidated joint venture operating expenses									0	(1,536)	(3,020)
Adjustments to NOI									433	(5,449)	(5,458)
Adjusted NOI									21,170	88,801	105,082
Plus: Adjustments to NOI									(433)	5,449	5,458
Interest income									16,553	9,844	10,406
Interest expense									0	0	0
Depreciation and amortization									(12)	(45,677)	(57,464)
General and administrative									0	0	0
Transaction costs									(112)	0	0
Impairments and loan loss reserves (recoveries), net									(18,030)	(376)	(2,725)
Gain (loss) on sales of real estate, net									(40)	(6,830)	20,756
Loss on debt extinguishments									0	0	0
Other income (expense), net									41,707	161,886	9,604
Less: Government grant income									0
Less: Healthpeak's share of unconsolidated joint venture NOI									(20,603)	(21,838)	(11,735)
Plus: Noncontrolling interests' share of consolidated joint venture NOI									0	(819)	(907)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures									40,200	190,440	78,475
Income tax benefit (expense)									0	0	0
Equity income (loss) from unconsolidated joint ventures									(65,810)	9,125	3,693
Income from continuing operations									(25,610)	199,565	82,168
Income (loss) from discontinued operations									0	0	0
Net income (loss)									$ (25,610)	$ 199,565	$ 82,168

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Disclosure
Total revenues	$ 431,697	$ 423,565	$ 408,559	$ 381,054	$ 318,920	$ 321,079	$ 307,037	$ 293,303	$ 1,644,875	$ 1,240,339	$ 1,191,320
Total assets	15,920,089				14,032,891				15,920,089	14,032,891
Assets held for sale and discontinued operations, net	2,626,306				3,648,265				2,626,306	3,648,265
Operating segment
Segment Disclosure
Gross assets	14,583,020				11,402,124				14,583,020	11,402,124
Accumulated depreciation and amortization	(2,658,890)				(2,316,724)				(2,658,890)	(2,316,724)
Total assets	11,924,130				9,085,400				11,924,130	9,085,400
Operating segment | Life Science
Segment Disclosure
Total revenues									569,296	440,784	395,064
Gross assets	7,205,949				5,688,659				7,205,949	5,688,659
Operating segment | Medical Office
Segment Disclosure
Total revenues									622,398	621,171	596,399
Gross assets	5,197,777				5,061,351				5,197,777	5,061,351
Operating segment | CCRC
Segment Disclosure
Total revenues									436,494	3,010	0
Gross assets	2,179,294				652,114				2,179,294	652,114
Operating segment | Other Non-reportable
Segment Disclosure
Total revenues									16,687	175,374	$ 199,857
Total assets	584,432				653,746				584,432	653,746
Other non-segment
Segment Disclosure
Total assets	$ 785,221				$ 645,480				$ 785,221	$ 645,480

Income Taxes - Schedule of Comm

Income Taxes - Schedule of Common Stock Distribution (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Dividends (in dollars per share)	$ 1.4800	$ 1.4800	$ 1.4800
Qualified business income for purpose of Code Section 199A (in dollars per share)	0.7139	0.7633	0.9414
Qualified dividend income for purposes of Code Section 1(h)(11) (in dollars per share)			0.0164
Ordinary dividends
Dividends Payable [Line Items]
Dividends (in dollars per share)	0.7139	0.7633	0.9578
Capital Gain Dividends
Dividends Payable [Line Items]
Dividends (in dollars per share)	0.5298	0.2714	0.5222
Nondividend distributions
Dividends Payable [Line Items]
Dividends (in dollars per share)	$ 0.2363	$ 0.4453	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Section 1231 gain (loss)									$ 0
Income (loss) from continuing operations before income taxes									151,000,000	$ 170,000,000	$ 833,000,000
Income (loss) before income taxes	$ (2,866,000)	$ 13,957,000	$ 78,182,000	$ 128,410,000	$ 149,329,000	$ (19,062,000)	$ 25,708,000	$ 20,345,000	217,683,000	176,320,000	838,577,000
Income tax benefit (expense)									10,000,000	12,000,000	13,000,000
Deferred income tax expense (benefit)									(14,573,000)	(18,253,000)	(18,525,000)
Net operating loss carryforward	68,444,000				33,771,000				68,444,000	33,771,000	20,559,000
Unrecognized Tax Benefits	469,000				469,000				469,000	469,000	0	$ 0
Accrued interest	70,000								70,000
Amount that tax basis of net assets is less than reported amounts	1,500,000,000				$ 1,200,000,000				1,500,000,000	1,200,000,000	1,400,000,000
UK
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes											(11,000,000)
Down R E I T
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes									80,000,000	200,000,000	852,000,000
TRS
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes									71,000,000	$ (30,000,000)	$ (8,000,000)
Deferred income tax expense (benefit)									33,000,000
Net operating loss carryforward	283,000,000								283,000,000
Net operating loss carryforwards subject to expiration	22,000,000								22,000,000
Net operating loss carryforwards not subject to expiration	$ 261,000,000								$ 261,000,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal	$ (9,164)	$ 104	$ 973
State	1,431	445	3,883
Foreign	0	0	84
Total current	(7,733)	549	4,940
Federal	(2,849)	(5,920)	(2,681)
State	1,159	(108)	(1,776)
Foreign	0	0	(4,879)
Total deferred	(1,690)	(6,028)	(9,336)
Total income tax expense (benefit) from continuing operations	$ (9,423)	$ (5,479)	$ (4,396)

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax	$ 15,016	$ (6,169)	$ (7,027)
State income tax expense (benefit), net of federal tax	4,211	(1,830)	1,209
Gross receipts and margin taxes	980	1,108	1,173
Foreign rate differential	0	0	301
Effect of permanent differences	0	20	(55)
Return to provision adjustments	707	54	258
Valuation allowance for deferred tax assets	24,051	22	(255)
Tax rate differential ─ NOL carryback under the CARES Act	(3,732)	0	0
Change in tax status of TRS	(50,656)	1,316	0
Total income tax expense (benefit) from continuing operations	$ (9,423)	$ (5,479)	$ (4,396)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Investment in unconsolidated joint ventures	$ 2,333	$ 40,466	$ 31,034
Real estate	3,895	0	0
Net operating loss carryforward	68,444	33,771	20,559
Expense accruals	15,478	3,258	2,424
Deferred revenue	103,713	0	0
Total gross deferred tax assets	193,863	77,495	54,017
Valuation allowance	(33,519)	(4,878)	(295)
Gross deferred tax assets, net of valuation allowance	160,344	72,617	53,722
Real estate	72,059	0	0
Other	1,094	0	0
Gross deferred tax liabilities	73,153	0	0
Net deferred tax assets	$ 87,191	$ 72,617	$ 53,722

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Total unrecognized tax benefits at January 1	$ 469	$ 0	$ 0
Gross amount of increases for prior years' tax positions	0	469	0
Total unrecognized tax benefits at December 31	$ 469	$ 469	$ 0

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 209,843	$ 201,784	$ 275,690
Income taxes paid (refunded)	(786)	1,426	4,480
Capitalized interest	27,041	30,459	21,056
Accrued construction costs	95,293	126,006	88,826
Retained equity method investment from U.K. JV transaction	0	0	104,922
Derecognition of U.K. Bridge Loan receivable	0	0	147,474
Consolidation of net assets related to U.K. Bridge Loan	0	0	106,457
Vesting of restricted stock units and conversion of non-managing member units into common stock	4,746	5,614	537
Net noncash impact from the consolidation of previously unconsolidated joint ventures	369,223	17,850	68,293
Mortgages assumed with real estate acquisitions	251,280	172,565	8,457
Noncash or Part Noncash Acquisition, Other Liabilities Assumed	307,954	0	0
Conversion of DFLs to real estate	0	350,540	0
Retained investment in connection with SWF SH JV	0	427,328	0
Seller financing provided on disposition of real estate asset	$ 73,498	$ 44,812	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of cash flow information discontinued operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 553,949	$ 435,191	$ 404,681
Development, redevelopment, and other major improvements of real estate	791,566	626,904	503,643
Leasing costs, tenant improvements, and recurring capital expenditures	94,121	108,844	106,193
Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Depreciation and amortization of real estate, in-place lease, and other intangibles	143,194	224,798	144,819
Development, redevelopment, and other major improvements of real estate	30,769	74,919	62,995
Leasing costs, tenant improvements, and recurring capital expenditures	$ 12,695	$ 22,617	$ 1,705

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Summary of cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 44,226	$ 80,398
Restricted cash	67,206	13,385
Cash, cash equivalents and restricted cash	$ 111,432	$ 93,783	$ 61,145

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands, £ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2020property	Mar. 31, 2018USD ($)	Mar. 31, 2018GBP (£)	Dec. 31, 2020USD ($)joint_venturetenantassetentityproperty	Dec. 31, 2019USD ($)	Dec. 31, 2016USD ($)property	Jan. 31, 2020property	Mar. 31, 2018GBP (£)	Dec. 31, 2016GBP (£)property
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures				3
Term of facility				1 month	1 month
Carrying value of exchange accommodation titleholder, carrying value | $				$ 813,000
Loans receivable including loans receivable held for sale | $				195,375	$ 190,579
Fair value of net assets | $				15,920,089	14,032,891
Net deferred tax liabilities | $				$ 8,575,517	$ 7,365,417
Property count							15
VIE Tenants-Operating Leases
Variable Interest Entity [Line Items]
Number of properties leased				2
Number of unconsolidated joint ventures | joint_venture				4
Number of VIE borrowers with marketable debt securities | joint_venture				1
Number of VIE borrowers with debt securities and loan | joint_venture				1
Number of VIE tenants | tenant				1
Unconsolidated joint ventures
Variable Interest Entity [Line Items]
Ownership percentage				49.00%
HCP Ventures V
Variable Interest Entity [Line Items]
Ownership percentage				51.00%
Life Science JVs
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures				1
Ownership percentage				99.00%
MSREI MOB JV
Variable Interest Entity [Line Items]
Ownership percentage				51.00%
DownREIT Partnerships
Variable Interest Entity [Line Items]
Controlling interest entity controlling ownership interest | entity				7
Consolidated Lessees
Variable Interest Entity [Line Items]
Number of properties leased				7
MMCG
Variable Interest Entity [Line Items]
Loans receivable including loans receivable held for sale						$ 131,000			£ 105
Number of properties						7			7
Period of call-option retained						3 years
Loss on consolidation		$ 41,000	£ 29
Tax benefit		3,000	£ 2
Fair value of net assets		5,000						£ 4
Net deferred tax liabilities		13,000						9
Property, Plant and Equipment | MMCG
Variable Interest Entity [Line Items]
Fair value of net assets		$ 114,000						£ 81
Other Non-Reporting Segment | Development Investment
Variable Interest Entity [Line Items]
Property count				2
Senior Housing Triple Net | Loan-seller Financing
Variable Interest Entity [Line Items]
Number of VIE tenants | tenant				7
Loans receivable | $				$ 10,000
Term of facility				5 years
Medical Office
Variable Interest Entity [Line Items]
Number of properties acquired	1			7
Hospital
Variable Interest Entity [Line Items]
Number of properties acquired | asset				1
Life Science
Variable Interest Entity [Line Items]
Number of properties acquired | asset				3

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Unconsolidated joint ventures
Variable Interest Entity [Line Items]
Maximum loss exposure and carrying amount	$ 22,113
Loan - Seller Financing
Variable Interest Entity [Line Items]
Maximum loss exposure and carrying amount	2,288
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum loss exposure and carrying amount	35,453
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum loss exposure and carrying amount	$ 186

Variable Interest Entities - Ba

Variable Interest Entities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Buildings and improvements	$ 11,048,433	$ 8,112,193
Development costs and construction in progress	613,182	654,792
Land	1,867,278	1,605,599
Accumulated depreciation and amortization	(2,409,135)	(2,141,960)
Net real estate	11,119,758	8,230,624
Accounts receivable, net	42,269	44,842
Cash and cash equivalents	44,226	80,398
Intangible assets, net	519,917	260,204
Assets held for sale and discontinued operations, net	2,626,306	3,648,265
Right-of-use asset, net	192,349	167,316
Other assets, net	665,106	538,293
Total assets	15,920,089	14,032,891
Mortgage debt	221,621	12,317
Intangible liabilities, net	144,199	74,991
Liabilities related to assets held for sale and discontinued operations, net	415,737	403,688
Lease liability	179,895	152,400
Accounts payable, accrued liabilities, and other liabilities	763,391	457,532
Deferred revenue	774,316	274,554
Total liabilities	8,575,517	7,365,417
Variable Interest Entity
Variable Interest Entity [Line Items]
Buildings and improvements	2,988,599	2,498,524
Development costs and construction in progress	85,595	67,244
Land	433,574	410,903
Accumulated depreciation and amortization	(602,491)	(534,339)
Net real estate	2,905,277	2,442,332
Accounts receivable, net	12,009	9,508
Cash and cash equivalents	16,550	35,726
Restricted cash	7,977	9,895
Intangible assets, net	179,027	167,022
Assets held for sale and discontinued operations, net	704,966	880,362
Right-of-use asset, net	95,407	92,664
Other assets, net	59,063	48,119
Total assets	3,980,276	3,685,628
Mortgage debt	39,085	44,199
Intangible liabilities, net	56,467	39,545
Liabilities related to assets held for sale and discontinued operations, net	190,919	187,544
Lease liability	97,605	90,875
Accounts payable, accrued liabilities, and other liabilities	102,391	112,301
Deferred revenue	90,183	94,538
Total liabilities	576,650	569,002
Discontinued Operations | Variable Interest Entity
Variable Interest Entity [Line Items]
Buildings and improvements	639,759	737,581
Development costs and construction in progress	68	41
Land	106,209	115,673
Accumulated depreciation and amortization	(57,235)	(34,235)
Net real estate	688,801	819,060
Accounts receivable, net	1,700	2,478
Cash and cash equivalents	6,306	11,301
Restricted cash	3,124	3,700
Intangible assets, net	0	39,817
Right-of-use asset, net	1,391	0
Other assets, net	3,644	4,006
Total assets	704,966	880,362
Mortgage debt	176,702	174,567
Liabilities related to assets held for sale and discontinued operations, net	11,003	10,531
Lease liability	1,392	0
Deferred revenue	1,822	2,446
Total liabilities	$ 190,919	$ 187,544

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Geographical Concentration of Credit Risk (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
California | Assets, Total | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	30.00%	31.00%
California | Assets, Total | Discontinued Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	4.00%	6.00%
California | Sales Revenues | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	21.00%	22.00%	22.00%
California | Sales Revenues | Discontinued Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	6.00%	6.00%	4.00%
Florida | Assets, Total | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	10.00%	2.00%
Florida | Assets, Total | Discontinued Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	4.00%	6.00%
Florida | Sales Revenues | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	14.00%	2.00%	2.00%
Florida | Sales Revenues | Discontinued Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	6.00%	7.00%	7.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of financial instruments
Bank line of credit and commercial paper	$ 129,590	$ 93,000
Senior unsecured notes	5,697,586	5,647,993
Mortgage debt	221,621	12,317
Carrying Value
Summary of financial instruments
Loans receivable, net	195,375	190,579
Marketable debt securities	20,355	19,756
Bank line of credit and commercial paper	129,590	93,000
Term loan	249,182	248,942
Senior unsecured notes	5,697,586	5,647,993
Mortgage debt	221,621	12,317
Interest-rate swap liabilities	81	553
Carrying Value | Discontinued Operations
Summary of financial instruments
Mortgage debt	319,000	297,000
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	6,517,650	6,076,150
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	201,228	190,579
Marketable debt securities	20,355	19,756
Bank line of credit and commercial paper	129,590	93,000
Term loan	249,182	248,942
Mortgage debt	221,181	12,201
Interest-rate swap liabilities	$ 81	$ 553

Derivative Financial Instrume_3

Derivative Financial Instruments - Financial Instruments (Details) - Cash Flow	Dec. 31, 2020USD ($)derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest-rate swap contracts (in derivatives) | derivative	2
Interest-rate Swap Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 35,627,000
Pay Rate	0.33%
Fair Value	$ (81,000)

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 29, 2018	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Repayments of secured debt		$ 6,000
Reclassification adjustment realized in net income (loss)			$ 13	$ 1,023	$ 18,088
Cross Currency Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification adjustment realized in net income (loss)	$ 6,000
Maximum | Interest-rate Swap Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate			$ 1,000

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued interest	$ 78,735	$ 69,960
Construction related accrued liabilities	95,293	117,048
Refundable entrance fees	317,444	0
Other accounts payable and accrued liabilities	271,919	270,524
Accounts payable, accrued liabilities, and other liabilities	$ 763,391	$ 457,532

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 431,697	$ 423,565	$ 408,559	$ 381,054	$ 318,920	$ 321,079	$ 307,037	$ 293,303	$ 1,644,875	$ 1,240,339	$ 1,191,320
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(2,866)	13,957	78,182	128,410	149,329	(19,062)	25,708	20,345	217,683	176,320	838,577
Income (loss) from continuing operations	(19,204)	(27,762)	60,341	147,132	153,320	(24,420)	24,052	22,517	160,507	175,469	837,218
Income (loss) from discontinued operations	169,449	(31,819)	(5,292)	135,408	(105,961)	(17,888)	(34,032)	42,473	267,746	(115,408)	236,256
Net income (loss)	150,245	(59,581)	55,049	282,540	47,359	(42,308)	(9,980)	64,990	428,253	60,061	1,073,474
Net income (loss) applicable to Healthpeak Properties, Inc.	$ 146,394	$ (63,417)	$ 51,506	$ 279,080	$ 43,520	$ (45,863)	$ (13,597)	$ 61,470	$ 413,563	$ 45,530	$ 1,061,093
Dividends paid per common share (in dollars per share)	$ 0.37	$ 0.37	$ 0.37	$ 0.37	$ 0.37	$ 0.37	$ 0.37	$ 0.37
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	(0.04)	(0.06)	0.10	0.28	0.30	(0.06)	0.04	0.04	$ 0.27	$ 0.33	$ 1.75
Discontinued operations (in dollars per share)	0.31	(0.06)	(0.01)	0.27	(0.21)	(0.03)	(0.07)	0.09	0.50	(0.24)	0.50
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	(0.04)	(0.06)	0.10	0.28	0.30	(0.06)	0.04	0.04	0.27	0.33	1.74
Discontinued operations (in dollars per share)	$ 0.31	$ (0.06)	$ (0.01)	$ 0.26	$ (0.21)	$ (0.03)	$ (0.07)	$ 0.09	$ 0.50	$ (0.24)	$ 0.50

Schedule II_ Valuation and Qu_2

Schedule II: Valuation and Qualifying Accounts (Details) - Allowance Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Continuing Operations
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 387	$ 624	$ 142,940
Additions
Amounts Charged Against Operations, net	76	(146)	3,366
Acquired Properties	3,531	387	0
Deductions
Uncollectible Accounts Written-off	0	0	(1,887)
Dispositions	0	0	(143,795)
Balance at End of Year	3,994	387	624
Discontinued Operations
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	4,178	27,173	26,434
Additions
Amounts Charged Against Operations, net	1,026	1,695	739
Acquired Properties	175	928	0
Deductions
Uncollectible Accounts Written-off	0	0	0
Dispositions	494	(700)	0
Balance at End of Year	$ 5,873	4,178	27,173
ASU 2016-02 | Continuing Operations
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year		146
Deductions
Balance at End of Year			146
ASU 2016-02 | Discontinued Operations
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year		$ 2,255
Deductions
Balance at End of Year			$ 2,255

Schedule III_ Real Estate and_2

Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gross Amount at Which Carried As of Year End
Useful life of buildings and improvements	60 years
Held-for-sale
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	22,193
Building and Improvements	117,810
Costs Capitalized Subsequent to Acquisition	7,870
Gross Amount at Which Carried As of Year End
Land	22,413
Buildings and Improvements	110,367
Total	(132,780)
Accumulated Depreciation	60,193
Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	318,876
Initial Cost to Company
Land	355,602
Building and Improvements	2,731,087
Costs Capitalized Subsequent to Acquisition	186,281
Gross Amount at Which Carried As of Year End
Land	355,803
Buildings and Improvements	2,574,763
Total	(2,930,566)	$ (4,133,349)	$ (3,440,706)	$ (4,257,599)
Accumulated Depreciation	615,708	$ 861,557	$ 817,931	$ 863,602
Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	221,621
Initial Cost to Company
Land	1,831,267
Building and Improvements	8,255,662
Costs Capitalized Subsequent to Acquisition	3,884,718
Gross Amount at Which Carried As of Year End
Land	1,867,278
Buildings and Improvements	11,661,615
Total	(13,528,893)
Accumulated Depreciation	2,409,135
Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	3,777
Initial Cost to Company
Land	1,321,296
Building and Improvements	3,313,951
Costs Capitalized Subsequent to Acquisition	2,505,811
Gross Amount at Which Carried As of Year End
Land	1,323,724
Buildings and Improvements	5,639,944
Total	(6,963,668)
Accumulated Depreciation	899,069
Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	7,127
Initial Cost to Company
Land	370,205
Building and Improvements	3,453,072
Costs Capitalized Subsequent to Acquisition	1,304,180
Gross Amount at Which Carried As of Year End
Land	401,228
Buildings and Improvements	4,457,929
Total	(4,859,157)
Accumulated Depreciation	1,428,797
Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	210,717
Initial Cost to Company
Land	161,959
Building and Improvements	1,606,449
Costs Capitalized Subsequent to Acquisition	82,597
Gross Amount at Which Carried As of Year End
Land	164,739
Buildings and Improvements	1,674,109
Total	(1,838,848)
Accumulated Depreciation	141,462
Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	56,650
Building and Improvements	571,516
Costs Capitalized Subsequent to Acquisition	34,212
Gross Amount at Which Carried As of Year End
Land	56,761
Buildings and Improvements	583,387
Total	(640,148)
Accumulated Depreciation	208,050
Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	318,876
Initial Cost to Company
Land	298,952
Building and Improvements	2,159,571
Costs Capitalized Subsequent to Acquisition	152,069
Gross Amount at Which Carried As of Year End
Land	299,042
Buildings and Improvements	1,991,376
Total	(2,290,418)
Accumulated Depreciation	407,658
1483 Brisbane CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,498
Building and Improvements	500
Costs Capitalized Subsequent to Acquisition	34,889
Gross Amount at Which Carried As of Year End
Land	8,498
Buildings and Improvements	35,389
Total	(43,887)
Accumulated Depreciation	0
1484 Brisbane CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,331
Building and Improvements	689
Costs Capitalized Subsequent to Acquisition	186,573
Gross Amount at Which Carried As of Year End
Land	11,331
Buildings and Improvements	187,262
Total	(198,593)
Accumulated Depreciation	0
1485 Brisbane CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,331
Building and Improvements	600
Costs Capitalized Subsequent to Acquisition	12,287
Gross Amount at Which Carried As of Year End
Land	11,331
Buildings and Improvements	12,886
Total	(24,217)
Accumulated Depreciation	0
1486 Brisbane, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,331
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	135,563
Gross Amount at Which Carried As of Year End
Land	11,331
Buildings and Improvements	135,563
Total	(146,894)
Accumulated Depreciation	5,144
1487 Brisbane, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,498
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	76,313
Gross Amount at Which Carried As of Year End
Land	8,498
Buildings and Improvements	76,313
Total	(84,811)
Accumulated Depreciation	0
2874 Brisbane CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	64,186
Building and Improvements	62,318
Costs Capitalized Subsequent to Acquisition	7,746
Gross Amount at Which Carried As of Year End
Land	64,186
Buildings and Improvements	69,954
Total	(134,140)
Accumulated Depreciation	4,177
2875 Brisbane CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	58,410
Building and Improvements	56,623
Costs Capitalized Subsequent to Acquisition	2,320
Gross Amount at Which Carried As of Year End
Land	58,410
Buildings and Improvements	58,933
Total	(117,343)
Accumulated Depreciation	4,102
1401 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	900
Building and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	2,054
Gross Amount at Which Carried As of Year End
Land	1,244
Buildings and Improvements	7,957
Total	(9,201)
Accumulated Depreciation	2,652
1402 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,500
Building and Improvements	6,400
Costs Capitalized Subsequent to Acquisition	4,305
Gross Amount at Which Carried As of Year End
Land	1,719
Buildings and Improvements	6,812
Total	(8,531)
Accumulated Depreciation	2,151
1403 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,900
Building and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	10,343
Gross Amount at Which Carried As of Year End
Land	1,900
Buildings and Improvements	15,738
Total	(17,638)
Accumulated Depreciation	4,208
1404 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Building and Improvements	17,200
Costs Capitalized Subsequent to Acquisition	3,872
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	21,072
Total	(23,272)
Accumulated Depreciation	6,281
1405 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,000
Building and Improvements	3,200
Costs Capitalized Subsequent to Acquisition	8,110
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	3,837
Total	(4,837)
Accumulated Depreciation	1,093
1549 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,006
Building and Improvements	4,259
Costs Capitalized Subsequent to Acquisition	4,494
Gross Amount at Which Carried As of Year End
Land	1,055
Buildings and Improvements	6,463
Total	(7,518)
Accumulated Depreciation	2,909
1550 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	677
Building and Improvements	2,761
Costs Capitalized Subsequent to Acquisition	5,837
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	3,057
Total	(3,767)
Accumulated Depreciation	1,825
1551 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	661
Building and Improvements	1,995
Costs Capitalized Subsequent to Acquisition	4,632
Gross Amount at Which Carried As of Year End
Land	693
Buildings and Improvements	2,408
Total	(3,101)
Accumulated Depreciation	1,246
1552 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,187
Building and Improvements	7,139
Costs Capitalized Subsequent to Acquisition	2,543
Gross Amount at Which Carried As of Year End
Land	1,222
Buildings and Improvements	8,539
Total	(9,761)
Accumulated Depreciation	3,978
1553 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,189
Building and Improvements	9,465
Costs Capitalized Subsequent to Acquisition	7,361
Gross Amount at Which Carried As of Year End
Land	1,225
Buildings and Improvements	16,229
Total	(17,454)
Accumulated Depreciation	8,783
1554 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,246
Building and Improvements	5,179
Costs Capitalized Subsequent to Acquisition	3,560
Gross Amount at Which Carried As of Year End
Land	1,283
Buildings and Improvements	6,942
Total	(8,225)
Accumulated Depreciation	3,180
1555 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,521
Building and Improvements	13,546
Costs Capitalized Subsequent to Acquisition	6,982
Gross Amount at Which Carried As of Year End
Land	1,566
Buildings and Improvements	20,423
Total	(21,989)
Accumulated Depreciation	10,537
1556 Hayward CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,212
Building and Improvements	5,120
Costs Capitalized Subsequent to Acquisition	4,666
Gross Amount at Which Carried As of Year End
Land	1,249
Buildings and Improvements	6,797
Total	(8,046)
Accumulated Depreciation	3,209
1424 La Jolla CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,600
Building and Improvements	25,283
Costs Capitalized Subsequent to Acquisition	15,758
Gross Amount at Which Carried As of Year End
Land	9,719
Buildings and Improvements	36,698
Total	(46,417)
Accumulated Depreciation	10,356
1425 La Jolla CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,200
Building and Improvements	19,883
Costs Capitalized Subsequent to Acquisition	1,661
Gross Amount at Which Carried As of Year End
Land	6,276
Buildings and Improvements	21,376
Total	(27,652)
Accumulated Depreciation	7,245
1426 La Jolla CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,200
Building and Improvements	12,412
Costs Capitalized Subsequent to Acquisition	14,237
Gross Amount at Which Carried As of Year End
Land	7,287
Buildings and Improvements	23,209
Total	(30,496)
Accumulated Depreciation	9,536
1427 La Jolla CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,700
Building and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	8,261
Gross Amount at Which Carried As of Year End
Land	8,767
Buildings and Improvements	22,714
Total	(31,481)
Accumulated Depreciation	9,812
1949 La Jolla CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,686
Building and Improvements	11,045
Costs Capitalized Subsequent to Acquisition	12,349
Gross Amount at Which Carried As of Year End
Land	2,686
Buildings and Improvements	22,956
Total	(25,642)
Accumulated Depreciation	3,873
2229 La Jolla CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,753
Building and Improvements	32,528
Costs Capitalized Subsequent to Acquisition	10,295
Gross Amount at Which Carried As of Year End
Land	8,777
Buildings and Improvements	42,351
Total	(51,128)
Accumulated Depreciation	8,871
1470 Poway CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,826
Building and Improvements	12,200
Costs Capitalized Subsequent to Acquisition	6,048
Gross Amount at Which Carried As of Year End
Land	5,826
Buildings and Improvements	12,542
Total	(18,368)
Accumulated Depreciation	4,146
1471 Poway CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,978
Building and Improvements	14,200
Costs Capitalized Subsequent to Acquisition	4,253
Gross Amount at Which Carried As of Year End
Land	5,978
Buildings and Improvements	14,200
Total	(20,178)
Accumulated Depreciation	4,763
1472 Poway CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,654
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	11,906
Gross Amount at Which Carried As of Year End
Land	8,654
Buildings and Improvements	11,906
Total	(20,560)
Accumulated Depreciation	2,504
1473 Poway, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,024
Building and Improvements	2,405
Costs Capitalized Subsequent to Acquisition	26,607
Gross Amount at Which Carried As of Year End
Land	11,024
Buildings and Improvements	29,013
Total	(40,037)
Accumulated Depreciation	4,830
1474 Poway, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,051
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	19,939
Gross Amount at Which Carried As of Year End
Land	5,051
Buildings and Improvements	19,939
Total	(24,990)
Accumulated Depreciation	866
1475 Poway, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,655
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	10,302
Gross Amount at Which Carried As of Year End
Land	5,655
Buildings and Improvements	10,302
Total	(15,957)
Accumulated Depreciation	64
1478 Poway CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,700
Building and Improvements	14,400
Costs Capitalized Subsequent to Acquisition	6,145
Gross Amount at Which Carried As of Year End
Land	6,700
Buildings and Improvements	14,400
Total	(21,100)
Accumulated Depreciation	4,830
1499 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,400
Building and Improvements	5,500
Costs Capitalized Subsequent to Acquisition	2,326
Gross Amount at Which Carried As of Year End
Land	3,407
Buildings and Improvements	6,200
Total	(9,607)
Accumulated Depreciation	2,819
1500 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,500
Building and Improvements	4,100
Costs Capitalized Subsequent to Acquisition	1,220
Gross Amount at Which Carried As of Year End
Land	2,506
Buildings and Improvements	4,558
Total	(7,064)
Accumulated Depreciation	1,949
1501 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,600
Building and Improvements	4,600
Costs Capitalized Subsequent to Acquisition	1,783
Gross Amount at Which Carried As of Year End
Land	3,607
Buildings and Improvements	5,940
Total	(9,547)
Accumulated Depreciation	2,259
1502 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,100
Building and Improvements	5,100
Costs Capitalized Subsequent to Acquisition	1,202
Gross Amount at Which Carried As of Year End
Land	3,107
Buildings and Improvements	5,931
Total	(9,038)
Accumulated Depreciation	2,464
1503 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,800
Building and Improvements	17,300
Costs Capitalized Subsequent to Acquisition	4,341
Gross Amount at Which Carried As of Year End
Land	4,818
Buildings and Improvements	19,908
Total	(24,726)
Accumulated Depreciation	6,323
1504 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,400
Building and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	9,393
Gross Amount at Which Carried As of Year End
Land	5,418
Buildings and Improvements	24,858
Total	(30,276)
Accumulated Depreciation	7,213
1505 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,000
Building and Improvements	3,500
Costs Capitalized Subsequent to Acquisition	1,318
Gross Amount at Which Carried As of Year End
Land	3,006
Buildings and Improvements	4,410
Total	(7,416)
Accumulated Depreciation	2,033
1506 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,000
Building and Improvements	14,300
Costs Capitalized Subsequent to Acquisition	14,666
Gross Amount at Which Carried As of Year End
Land	6,018
Buildings and Improvements	28,323
Total	(34,341)
Accumulated Depreciation	10,101
1507 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,900
Building and Improvements	12,800
Costs Capitalized Subsequent to Acquisition	17,586
Gross Amount at Which Carried As of Year End
Land	1,912
Buildings and Improvements	26,081
Total	(27,993)
Accumulated Depreciation	7,265
1508 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,700
Building and Improvements	11,300
Costs Capitalized Subsequent to Acquisition	21,873
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	27,599
Total	(30,311)
Accumulated Depreciation	4,771
1509 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,700
Building and Improvements	10,900
Costs Capitalized Subsequent to Acquisition	10,476
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	16,114
Total	(18,826)
Accumulated Depreciation	6,722
1510 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Building and Improvements	12,000
Costs Capitalized Subsequent to Acquisition	10,584
Gross Amount at Which Carried As of Year End
Land	2,212
Buildings and Improvements	18,660
Total	(20,872)
Accumulated Depreciation	5,030
1511 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,600
Building and Improvements	9,300
Costs Capitalized Subsequent to Acquisition	21,480
Gross Amount at Which Carried As of Year End
Land	2,612
Buildings and Improvements	30,156
Total	(32,768)
Accumulated Depreciation	4,430
1512 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,300
Building and Improvements	18,000
Costs Capitalized Subsequent to Acquisition	12,434
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	30,406
Total	(33,706)
Accumulated Depreciation	13,158
1513 Redwood City CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,300
Building and Improvements	17,900
Costs Capitalized Subsequent to Acquisition	15,663
Gross Amount at Which Carried As of Year End
Land	3,326
Buildings and Improvements	29,671
Total	(32,997)
Accumulated Depreciation	11,980
678 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,603
Building and Improvements	11,051
Costs Capitalized Subsequent to Acquisition	3,166
Gross Amount at Which Carried As of Year End
Land	2,603
Buildings and Improvements	14,217
Total	(16,820)
Accumulated Depreciation	5,740
679 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,269
Building and Improvements	23,566
Costs Capitalized Subsequent to Acquisition	29,989
Gross Amount at Which Carried As of Year End
Land	5,669
Buildings and Improvements	49,855
Total	(55,524)
Accumulated Depreciation	16,747
837 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,630
Building and Improvements	2,028
Costs Capitalized Subsequent to Acquisition	9,120
Gross Amount at Which Carried As of Year End
Land	4,630
Buildings and Improvements	5,213
Total	(9,843)
Accumulated Depreciation	1,809
838 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,040
Building and Improvements	903
Costs Capitalized Subsequent to Acquisition	5,253
Gross Amount at Which Carried As of Year End
Land	2,040
Buildings and Improvements	4,203
Total	(6,243)
Accumulated Depreciation	982
839 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,940
Building and Improvements	3,184
Costs Capitalized Subsequent to Acquisition	6,849
Gross Amount at Which Carried As of Year End
Land	4,047
Buildings and Improvements	5,499
Total	(9,546)
Accumulated Depreciation	1,645
840 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,690
Building and Improvements	4,579
Costs Capitalized Subsequent to Acquisition	789
Gross Amount at Which Carried As of Year End
Land	5,830
Buildings and Improvements	4,802
Total	(10,632)
Accumulated Depreciation	2,084
1418 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,700
Building and Improvements	31,243
Costs Capitalized Subsequent to Acquisition	23,331
Gross Amount at Which Carried As of Year End
Land	11,700
Buildings and Improvements	48,212
Total	(59,912)
Accumulated Depreciation	9,190
1419 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,324
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	13,394
Gross Amount at Which Carried As of Year End
Land	2,324
Buildings and Improvements	13,394
Total	(15,718)
Accumulated Depreciation	0
1420 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,200
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	19,143
Gross Amount at Which Carried As of Year End
Land	4,200
Buildings and Improvements	19,143
Total	(23,343)
Accumulated Depreciation	0
1421 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,000
Building and Improvements	33,779
Costs Capitalized Subsequent to Acquisition	1,209
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	34,988
Total	(41,988)
Accumulated Depreciation	12,176
1422 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,179
Building and Improvements	3,687
Costs Capitalized Subsequent to Acquisition	5,090
Gross Amount at Which Carried As of Year End
Land	7,336
Buildings and Improvements	8,581
Total	(15,917)
Accumulated Depreciation	4,194
1423 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,400
Building and Improvements	33,144
Costs Capitalized Subsequent to Acquisition	31,897
Gross Amount at Which Carried As of Year End
Land	8,400
Buildings and Improvements	65,033
Total	(73,433)
Accumulated Depreciation	11,140
1514 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,200
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	5,200
Buildings and Improvements	0
Total	(5,200)
Accumulated Depreciation	0
1558 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,740
Building and Improvements	22,654
Costs Capitalized Subsequent to Acquisition	5,742
Gross Amount at Which Carried As of Year End
Land	7,888
Buildings and Improvements	12,308
Total	(20,196)
Accumulated Depreciation	9,197
1947 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,581
Building and Improvements	10,534
Costs Capitalized Subsequent to Acquisition	4,231
Gross Amount at Which Carried As of Year End
Land	2,581
Buildings and Improvements	14,765
Total	(17,346)
Accumulated Depreciation	5,461
1948 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,879
Building and Improvements	25,305
Costs Capitalized Subsequent to Acquisition	8,843
Gross Amount at Which Carried As of Year End
Land	5,879
Buildings and Improvements	31,843
Total	(37,722)
Accumulated Depreciation	8,548
2197 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,621
Building and Improvements	3,913
Costs Capitalized Subsequent to Acquisition	8,711
Gross Amount at Which Carried As of Year End
Land	7,626
Buildings and Improvements	11,328
Total	(18,954)
Accumulated Depreciation	4,360
2476 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,661
Building and Improvements	9,918
Costs Capitalized Subsequent to Acquisition	13,740
Gross Amount at Which Carried As of Year End
Land	7,661
Buildings and Improvements	23,659
Total	(31,320)
Accumulated Depreciation	221
2477 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,207
Building and Improvements	14,613
Costs Capitalized Subsequent to Acquisition	6,558
Gross Amount at Which Carried As of Year End
Land	9,207
Buildings and Improvements	21,171
Total	(30,378)
Accumulated Depreciation	4,054
2478 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,000
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	2,738
Gross Amount at Which Carried As of Year End
Land	6,000
Buildings and Improvements	2,738
Total	(8,738)
Accumulated Depreciation	0
2617 San Diego, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,734
Building and Improvements	5,195
Costs Capitalized Subsequent to Acquisition	16,693
Gross Amount at Which Carried As of Year End
Land	2,734
Buildings and Improvements	21,889
Total	(24,623)
Accumulated Depreciation	1,594
2618 San Diego, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,100
Building and Improvements	12,395
Costs Capitalized Subsequent to Acquisition	22,736
Gross Amount at Which Carried As of Year End
Land	4,100
Buildings and Improvements	35,131
Total	(39,231)
Accumulated Depreciation	3,286
2622 San Diego, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	17,012
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	17,012
Total	(17,012)
Accumulated Depreciation	359
2872 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,120
Building and Improvements	38,351
Costs Capitalized Subsequent to Acquisition	1,044
Gross Amount at Which Carried As of Year End
Land	10,120
Buildings and Improvements	39,996
Total	(50,116)
Accumulated Depreciation	3,835
2873 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,052
Building and Improvements	14,122
Costs Capitalized Subsequent to Acquisition	1,069
Gross Amount at Which Carried As of Year End
Land	6,052
Buildings and Improvements	15,406
Total	(21,458)
Accumulated Depreciation	1,405
3069 San Diego CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,054
Building and Improvements	7,794
Costs Capitalized Subsequent to Acquisition	13,477
Gross Amount at Which Carried As of Year End
Land	7,054
Buildings and Improvements	21,035
Total	(28,089)
Accumulated Depreciation	305
1407 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,182
Building and Improvements	12,140
Costs Capitalized Subsequent to Acquisition	10,608
Gross Amount at Which Carried As of Year End
Land	7,186
Buildings and Improvements	13,990
Total	(21,176)
Accumulated Depreciation	4,990
1408 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,000
Building and Improvements	17,800
Costs Capitalized Subsequent to Acquisition	1,498
Gross Amount at Which Carried As of Year End
Land	9,000
Buildings and Improvements	18,275
Total	(27,275)
Accumulated Depreciation	6,241
1409 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	18,000
Building and Improvements	38,043
Costs Capitalized Subsequent to Acquisition	4,703
Gross Amount at Which Carried As of Year End
Land	18,000
Buildings and Improvements	42,746
Total	(60,746)
Accumulated Depreciation	15,096
1410 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,900
Building and Improvements	18,100
Costs Capitalized Subsequent to Acquisition	12,945
Gross Amount at Which Carried As of Year End
Land	4,900
Buildings and Improvements	30,956
Total	(35,856)
Accumulated Depreciation	8,433
1411 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,000
Building and Improvements	27,700
Costs Capitalized Subsequent to Acquisition	34,398
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	62,014
Total	(70,014)
Accumulated Depreciation	11,551
1412 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,100
Building and Improvements	22,521
Costs Capitalized Subsequent to Acquisition	4,128
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	26,409
Total	(36,509)
Accumulated Depreciation	8,962
1413 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,000
Building and Improvements	28,299
Costs Capitalized Subsequent to Acquisition	8,561
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	36,860
Total	(44,860)
Accumulated Depreciation	11,742
1414 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,700
Building and Improvements	20,800
Costs Capitalized Subsequent to Acquisition	2,248
Gross Amount at Which Carried As of Year End
Land	3,700
Buildings and Improvements	22,845
Total	(26,545)
Accumulated Depreciation	8,714
1430 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,700
Building and Improvements	23,621
Costs Capitalized Subsequent to Acquisition	23,711
Gross Amount at Which Carried As of Year End
Land	10,700
Buildings and Improvements	44,738
Total	(55,438)
Accumulated Depreciation	7,870
1431 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,000
Building and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	10,057
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	25,497
Total	(32,497)
Accumulated Depreciation	6,667
1435 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	13,800
Building and Improvements	42,500
Costs Capitalized Subsequent to Acquisition	37,058
Gross Amount at Which Carried As of Year End
Land	13,800
Buildings and Improvements	79,558
Total	(93,358)
Accumulated Depreciation	28,093
1436 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	14,500
Building and Improvements	45,300
Costs Capitalized Subsequent to Acquisition	36,935
Gross Amount at Which Carried As of Year End
Land	14,500
Buildings and Improvements	82,235
Total	(96,735)
Accumulated Depreciation	28,489
1437 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,400
Building and Improvements	24,800
Costs Capitalized Subsequent to Acquisition	50,146
Gross Amount at Which Carried As of Year End
Land	9,400
Buildings and Improvements	73,376
Total	(82,776)
Accumulated Depreciation	26,463
1439 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,900
Building and Improvements	68,848
Costs Capitalized Subsequent to Acquisition	444
Gross Amount at Which Carried As of Year End
Land	11,900
Buildings and Improvements	69,291
Total	(81,191)
Accumulated Depreciation	23,126
1440 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,000
Building and Improvements	57,954
Costs Capitalized Subsequent to Acquisition	400
Gross Amount at Which Carried As of Year End
Land	10,000
Buildings and Improvements	58,354
Total	(68,354)
Accumulated Depreciation	19,474
1441 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,300
Building and Improvements	43,549
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried As of Year End
Land	9,300
Buildings and Improvements	43,557
Total	(52,857)
Accumulated Depreciation	14,611
1442 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,000
Building and Improvements	47,289
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried As of Year End
Land	11,000
Buildings and Improvements	47,380
Total	(58,380)
Accumulated Depreciation	15,940
1443 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	13,200
Building and Improvements	60,932
Costs Capitalized Subsequent to Acquisition	2,642
Gross Amount at Which Carried As of Year End
Land	13,200
Buildings and Improvements	63,574
Total	(76,774)
Accumulated Depreciation	21,733
1444 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,500
Building and Improvements	33,776
Costs Capitalized Subsequent to Acquisition	923
Gross Amount at Which Carried As of Year End
Land	10,500
Buildings and Improvements	34,699
Total	(45,199)
Accumulated Depreciation	11,675
1445 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,600
Building and Improvements	34,083
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land	10,600
Buildings and Improvements	34,092
Total	(44,692)
Accumulated Depreciation	11,436
1458 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,900
Building and Improvements	20,900
Costs Capitalized Subsequent to Acquisition	8,917
Gross Amount at Which Carried As of Year End
Land	10,909
Buildings and Improvements	21,689
Total	(32,598)
Accumulated Depreciation	7,305
1459 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,600
Building and Improvements	100
Costs Capitalized Subsequent to Acquisition	5,533
Gross Amount at Which Carried As of Year End
Land	3,600
Buildings and Improvements	5,633
Total	(9,233)
Accumulated Depreciation	94
1460 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,300
Building and Improvements	100
Costs Capitalized Subsequent to Acquisition	440
Gross Amount at Which Carried As of Year End
Land	2,300
Buildings and Improvements	539
Total	(2,839)
Accumulated Depreciation	100
1461 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,900
Building and Improvements	200
Costs Capitalized Subsequent to Acquisition	745
Gross Amount at Which Carried As of Year End
Land	3,900
Buildings and Improvements	945
Total	(4,845)
Accumulated Depreciation	200
1462 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,117
Building and Improvements	600
Costs Capitalized Subsequent to Acquisition	5,877
Gross Amount at Which Carried As of Year End
Land	7,117
Buildings and Improvements	4,692
Total	(11,809)
Accumulated Depreciation	1,286
1463 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,381
Building and Improvements	2,300
Costs Capitalized Subsequent to Acquisition	20,929
Gross Amount at Which Carried As of Year End
Land	10,381
Buildings and Improvements	20,881
Total	(31,262)
Accumulated Depreciation	5,922
1464 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,403
Building and Improvements	700
Costs Capitalized Subsequent to Acquisition	11,638
Gross Amount at Which Carried As of Year End
Land	7,403
Buildings and Improvements	7,987
Total	(15,390)
Accumulated Depreciation	2,053
1468 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,100
Building and Improvements	24,013
Costs Capitalized Subsequent to Acquisition	15,570
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	35,828
Total	(45,928)
Accumulated Depreciation	9,801
1480 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	32,210
Building and Improvements	3,110
Costs Capitalized Subsequent to Acquisition	28,414
Gross Amount at Which Carried As of Year End
Land	32,210
Buildings and Improvements	31,523
Total	(63,733)
Accumulated Depreciation	0
1559 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,666
Building and Improvements	5,773
Costs Capitalized Subsequent to Acquisition	12,970
Gross Amount at Which Carried As of Year End
Land	5,695
Buildings and Improvements	18,645
Total	(24,340)
Accumulated Depreciation	15,958
1560 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,204
Building and Improvements	1,293
Costs Capitalized Subsequent to Acquisition	2,888
Gross Amount at Which Carried As of Year End
Land	1,210
Buildings and Improvements	3,970
Total	(5,180)
Accumulated Depreciation	1,868
1983 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,648
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	96,095
Gross Amount at Which Carried As of Year End
Land	8,648
Buildings and Improvements	96,095
Total	(104,743)
Accumulated Depreciation	20,291
1984 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,845
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	90,445
Gross Amount at Which Carried As of Year End
Land	7,844
Buildings and Improvements	90,069
Total	(97,913)
Accumulated Depreciation	16,677
1985 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,708
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	122,721
Gross Amount at Which Carried As of Year End
Land	6,708
Buildings and Improvements	122,721
Total	(129,429)
Accumulated Depreciation	19,127
1986 South San Francisco, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,708
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	108,425
Gross Amount at Which Carried As of Year End
Land	6,708
Buildings and Improvements	108,425
Total	(115,133)
Accumulated Depreciation	13,457
1987 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,544
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	100,645
Gross Amount at Which Carried As of Year End
Land	8,544
Buildings and Improvements	100,645
Total	(109,189)
Accumulated Depreciation	8,701
1988 South San Francisco, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,120
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	119,965
Gross Amount at Which Carried As of Year End
Land	10,120
Buildings and Improvements	119,965
Total	(130,085)
Accumulated Depreciation	10,610
1989 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,169
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	99,636
Gross Amount at Which Carried As of Year End
Land	9,169
Buildings and Improvements	99,636
Total	(108,805)
Accumulated Depreciation	3,904
2553 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,897
Building and Improvements	8,691
Costs Capitalized Subsequent to Acquisition	4,663
Gross Amount at Which Carried As of Year End
Land	2,897
Buildings and Improvements	13,354
Total	(16,251)
Accumulated Depreciation	2,511
2554 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	995
Building and Improvements	2,754
Costs Capitalized Subsequent to Acquisition	2,209
Gross Amount at Which Carried As of Year End
Land	995
Buildings and Improvements	4,963
Total	(5,958)
Accumulated Depreciation	1,040
2555 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,202
Building and Improvements	10,776
Costs Capitalized Subsequent to Acquisition	895
Gross Amount at Which Carried As of Year End
Land	2,202
Buildings and Improvements	11,604
Total	(13,806)
Accumulated Depreciation	1,735
2556 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,962
Building and Improvements	15,108
Costs Capitalized Subsequent to Acquisition	1,009
Gross Amount at Which Carried As of Year End
Land	2,962
Buildings and Improvements	16,117
Total	(19,079)
Accumulated Depreciation	2,371
2557 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,453
Building and Improvements	13,063
Costs Capitalized Subsequent to Acquisition	3,616
Gross Amount at Which Carried As of Year End
Land	2,453
Buildings and Improvements	16,679
Total	(19,132)
Accumulated Depreciation	3,187
2558 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,163
Building and Improvements	5,925
Costs Capitalized Subsequent to Acquisition	338
Gross Amount at Which Carried As of Year End
Land	1,163
Buildings and Improvements	6,263
Total	(7,426)
Accumulated Depreciation	881
2614 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,079
Building and Improvements	8,584
Costs Capitalized Subsequent to Acquisition	1,731
Gross Amount at Which Carried As of Year End
Land	5,083
Buildings and Improvements	9,662
Total	(14,745)
Accumulated Depreciation	3,763
2615 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,984
Building and Improvements	13,495
Costs Capitalized Subsequent to Acquisition	3,243
Gross Amount at Which Carried As of Year End
Land	7,988
Buildings and Improvements	14,809
Total	(22,797)
Accumulated Depreciation	6,010
2616 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,355
Building and Improvements	14,121
Costs Capitalized Subsequent to Acquisition	2,368
Gross Amount at Which Carried As of Year End
Land	8,358
Buildings and Improvements	15,057
Total	(23,415)
Accumulated Depreciation	5,642
2624 South San Francisco, CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	25,502
Building and Improvements	42,910
Costs Capitalized Subsequent to Acquisition	12,736
Gross Amount at Which Carried As of Year End
Land	25,502
Buildings and Improvements	55,517
Total	(81,019)
Accumulated Depreciation	6,378
2870 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	23,297
Building and Improvements	41,797
Costs Capitalized Subsequent to Acquisition	29,221
Gross Amount at Which Carried As of Year End
Land	23,297
Buildings and Improvements	71,019
Total	(94,316)
Accumulated Depreciation	4,879
2871 South San Francisco CA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	20,293
Building and Improvements	41,262
Costs Capitalized Subsequent to Acquisition	21,431
Gross Amount at Which Carried As of Year End
Land	20,293
Buildings and Improvements	62,693
Total	(82,986)
Accumulated Depreciation	7,051
9999 Denton TX | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	100
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	0
Total	(100)
Accumulated Depreciation	0
2705 Cambridge, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	24,389
Building and Improvements	128,586
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	24,389
Buildings and Improvements	128,586
Total	(152,975)
Accumulated Depreciation	359
2706 Cambridge, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	15,381
Building and Improvements	148,307
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	15,381
Buildings and Improvements	148,307
Total	(163,688)
Accumulated Depreciation	454
2707 Cambridge, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	25,664
Building and Improvements	230,509
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	25,664
Buildings and Improvements	230,509
Total	(256,173)
Accumulated Depreciation	642
2708 Cambridge, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	17,764
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	17,764
Total	(17,764)
Accumulated Depreciation	37
2709 Cambridge, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	15,459
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	15,459
Total	(15,459)
Accumulated Depreciation	32
2928 Cambridge MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	44,215
Building and Improvements	24,120
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	44,215
Buildings and Improvements	24,120
Total	(68,335)
Accumulated Depreciation	2,263
2929 Cambridge MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	20,517
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	18,209
Gross Amount at Which Carried As of Year End
Land	20,517
Buildings and Improvements	18,209
Total	(38,726)
Accumulated Depreciation	0
3074 Cambridge MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	78,762
Building and Improvements	252,153
Costs Capitalized Subsequent to Acquisition	8,945
Gross Amount at Which Carried As of Year End
Land	78,762
Buildings and Improvements	261,098
Total	(339,860)
Accumulated Depreciation	8,142
2630 Lexington, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	16,411
Building and Improvements	49,681
Costs Capitalized Subsequent to Acquisition	484
Gross Amount at Which Carried As of Year End
Land	16,411
Buildings and Improvements	50,165
Total	(66,576)
Accumulated Depreciation	7,144
2631 Lexington, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,759
Building and Improvements	142,081
Costs Capitalized Subsequent to Acquisition	22,777
Gross Amount at Which Carried As of Year End
Land	7,759
Buildings and Improvements	163,137
Total	(170,896)
Accumulated Depreciation	14,152
2632 Lexington MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	21,390
Costs Capitalized Subsequent to Acquisition	111,746
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	133,136
Total	(133,136)
Accumulated Depreciation	379
3070 Lexington MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	14,013
Building and Improvements	17,083
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	14,013
Buildings and Improvements	17,083
Total	(31,096)
Accumulated Depreciation	938
3071 Lexington MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	14,930
Building and Improvements	16,677
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	14,930
Buildings and Improvements	16,677
Total	(31,607)
Accumulated Depreciation	1,190
3072 Lexington MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	35,469
Building and Improvements	43,903
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	35,469
Buildings and Improvements	43,903
Total	(79,372)
Accumulated Depreciation	2,685
3073 Lexington MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	37,050
Building and Improvements	44,647
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	37,050
Buildings and Improvements	44,647
Total	(81,697)
Accumulated Depreciation	2,578
3093 Waltham, MA | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	47,791
Building and Improvements	275,556
Costs Capitalized Subsequent to Acquisition	16,204
Gross Amount at Which Carried As of Year End
Land	47,791
Buildings and Improvements	291,760
Total	(339,551)
Accumulated Depreciation	6,212
2011 Durham NC | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	3,777
Initial Cost to Company
Land	448
Building and Improvements	6,152
Costs Capitalized Subsequent to Acquisition	22,643
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	23,136
Total	(23,584)
Accumulated Depreciation	5,112
2030 Durham NC | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,920
Building and Improvements	5,661
Costs Capitalized Subsequent to Acquisition	34,804
Gross Amount at Which Carried As of Year End
Land	1,920
Buildings and Improvements	40,465
Total	(42,385)
Accumulated Depreciation	12,823
464 Salt Lake City UT | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	630
Building and Improvements	6,921
Costs Capitalized Subsequent to Acquisition	2,562
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	9,484
Total	(10,114)
Accumulated Depreciation	4,468
465 Salt Lake City UT | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	125
Building and Improvements	6,368
Costs Capitalized Subsequent to Acquisition	68
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	6,436
Total	(6,561)
Accumulated Depreciation	2,823
466 Salt Lake City UT | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	14,614
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,688
Total	(14,688)
Accumulated Depreciation	5,855
799 Salt Lake City UT | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	14,600
Costs Capitalized Subsequent to Acquisition	90
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,690
Total	(14,690)
Accumulated Depreciation	5,078
1593 Salt Lake City UT | Life Science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	23,998
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	23,998
Total	(23,998)
Accumulated Depreciation	7,575
638 Anchorage AK | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,456
Building and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	12,635
Gross Amount at Which Carried As of Year End
Land	1,456
Buildings and Improvements	22,369
Total	(23,825)
Accumulated Depreciation	9,319
0126 Sherwood, AR | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	709
Building and Improvements	9,604
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	709
Buildings and Improvements	9,599
Total	(10,308)
Accumulated Depreciation	6,284
2572 Springdale AR | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	27,714
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	27,714
Total	(27,714)
Accumulated Depreciation	3,665
520 Chandler AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,669
Building and Improvements	13,503
Costs Capitalized Subsequent to Acquisition	7,404
Gross Amount at Which Carried As of Year End
Land	3,799
Buildings and Improvements	19,499
Total	(23,298)
Accumulated Depreciation	7,178
0113 Glendale, AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,565
Building and Improvements	7,050
Costs Capitalized Subsequent to Acquisition	20
Gross Amount at Which Carried As of Year End
Land	1,565
Buildings and Improvements	7,225
Total	(8,790)
Accumulated Depreciation	4,795
2040 Mesa AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	17,314
Costs Capitalized Subsequent to Acquisition	1,728
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	18,425
Total	(18,425)
Accumulated Depreciation	3,842
1066 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,115
Building and Improvements	14,064
Costs Capitalized Subsequent to Acquisition	5,245
Gross Amount at Which Carried As of Year End
Land	4,839
Buildings and Improvements	17,731
Total	(22,570)
Accumulated Depreciation	6,795
2021 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,312
Costs Capitalized Subsequent to Acquisition	5,116
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	16,679
Total	(16,679)
Accumulated Depreciation	6,441
2022 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	9,179
Costs Capitalized Subsequent to Acquisition	2,487
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,462
Total	(11,462)
Accumulated Depreciation	5,038
2023 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,398
Costs Capitalized Subsequent to Acquisition	2,195
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,336
Total	(8,336)
Accumulated Depreciation	3,448
2024 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	9,522
Costs Capitalized Subsequent to Acquisition	1,048
Gross Amount at Which Carried As of Year End
Land	32
Buildings and Improvements	10,473
Total	(10,505)
Accumulated Depreciation	3,929
2025 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,102
Costs Capitalized Subsequent to Acquisition	2,355
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	6,193
Total	(6,193)
Accumulated Depreciation	2,815
2026 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	3,655
Costs Capitalized Subsequent to Acquisition	2,213
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,614
Total	(5,614)
Accumulated Depreciation	1,922
2027 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,168
Costs Capitalized Subsequent to Acquisition	2,960
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,758
Total	(9,758)
Accumulated Depreciation	3,647
2028 Scottsdale AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,659
Costs Capitalized Subsequent to Acquisition	4,834
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,084
Total	(11,084)
Accumulated Depreciation	3,392
2696 Scottsdale, AZ | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,151
Building and Improvements	14,925
Costs Capitalized Subsequent to Acquisition	567
Gross Amount at Which Carried As of Year End
Land	10,151
Buildings and Improvements	15,492
Total	(25,643)
Accumulated Depreciation	553
1041 Brentwood CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	30,864
Costs Capitalized Subsequent to Acquisition	3,135
Gross Amount at Which Carried As of Year End
Land	310
Buildings and Improvements	32,826
Total	(33,136)
Accumulated Depreciation	12,367
1200 Encino CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,151
Building and Improvements	10,438
Costs Capitalized Subsequent to Acquisition	6,933
Gross Amount at Which Carried As of Year End
Land	6,757
Buildings and Improvements	14,895
Total	(21,652)
Accumulated Depreciation	6,286
1038 Fresno CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,652
Building and Improvements	29,113
Costs Capitalized Subsequent to Acquisition	21,935
Gross Amount at Which Carried As of Year End
Land	3,652
Buildings and Improvements	51,048
Total	(54,700)
Accumulated Depreciation	19,960
423 Irvine, CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	18,000
Building and Improvements	70,800
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	18,001
Buildings and Improvements	70,800
Total	(88,801)
Accumulated Depreciation	41,643
436 Murietta CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	400
Building and Improvements	9,266
Costs Capitalized Subsequent to Acquisition	5,089
Gross Amount at Which Carried As of Year End
Land	749
Buildings and Improvements	12,116
Total	(12,865)
Accumulated Depreciation	7,182
239 Poway CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,700
Building and Improvements	10,839
Costs Capitalized Subsequent to Acquisition	5,485
Gross Amount at Which Carried As of Year End
Land	3,013
Buildings and Improvements	13,421
Total	(16,434)
Accumulated Depreciation	8,020
2654 Riverside, CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,758
Building and Improvements	9,908
Costs Capitalized Subsequent to Acquisition	448
Gross Amount at Which Carried As of Year End
Land	2,758
Buildings and Improvements	10,319
Total	(13,077)
Accumulated Depreciation	1,373
318 Sacramento CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,860
Building and Improvements	37,566
Costs Capitalized Subsequent to Acquisition	27,514
Gross Amount at Which Carried As of Year End
Land	2,911
Buildings and Improvements	63,537
Total	(66,448)
Accumulated Depreciation	18,888
2404 Sacramento CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,268
Building and Improvements	5,109
Costs Capitalized Subsequent to Acquisition	1,067
Gross Amount at Which Carried As of Year End
Land	1,299
Buildings and Improvements	6,005
Total	(7,304)
Accumulated Depreciation	1,592
421 San Diego CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,910
Building and Improvements	19,984
Costs Capitalized Subsequent to Acquisition	16,414
Gross Amount at Which Carried As of Year End
Land	2,964
Buildings and Improvements	35,025
Total	(37,989)
Accumulated Depreciation	13,073
564 San Jose CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,935
Building and Improvements	1,728
Costs Capitalized Subsequent to Acquisition	3,248
Gross Amount at Which Carried As of Year End
Land	1,935
Buildings and Improvements	3,255
Total	(5,190)
Accumulated Depreciation	1,448
565 San Jose CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,460
Building and Improvements	7,672
Costs Capitalized Subsequent to Acquisition	1,046
Gross Amount at Which Carried As of Year End
Land	1,460
Buildings and Improvements	8,207
Total	(9,667)
Accumulated Depreciation	3,677
659 Los Gatos CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,718
Building and Improvements	3,124
Costs Capitalized Subsequent to Acquisition	693
Gross Amount at Which Carried As of Year End
Land	1,758
Buildings and Improvements	3,363
Total	(5,121)
Accumulated Depreciation	1,471
439 Valencia CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,300
Building and Improvements	6,967
Costs Capitalized Subsequent to Acquisition	4,278
Gross Amount at Which Carried As of Year End
Land	2,404
Buildings and Improvements	9,029
Total	(11,433)
Accumulated Depreciation	5,022
1211 Valencia CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,344
Building and Improvements	7,507
Costs Capitalized Subsequent to Acquisition	940
Gross Amount at Which Carried As of Year End
Land	1,384
Buildings and Improvements	6,124
Total	(7,508)
Accumulated Depreciation	2,878
440 West Hills CA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,100
Building and Improvements	11,595
Costs Capitalized Subsequent to Acquisition	5,355
Gross Amount at Which Carried As of Year End
Land	2,259
Buildings and Improvements	12,506
Total	(14,765)
Accumulated Depreciation	7,017
728 Aurora CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,764
Costs Capitalized Subsequent to Acquisition	3,913
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,480
Total	(9,480)
Accumulated Depreciation	4,048
1196 Aurora CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	210
Building and Improvements	12,362
Costs Capitalized Subsequent to Acquisition	7,836
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	19,185
Total	(19,395)
Accumulated Depreciation	6,296
1197 Aurora CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	200
Building and Improvements	8,414
Costs Capitalized Subsequent to Acquisition	6,651
Gross Amount at Which Carried As of Year End
Land	285
Buildings and Improvements	14,229
Total	(14,514)
Accumulated Depreciation	5,141
127 Colorado Springs, CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	690
Building and Improvements	8,338
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	8,415
Total	(9,105)
Accumulated Depreciation	5,502
882 Colorado Springs CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,933
Costs Capitalized Subsequent to Acquisition	11,426
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	20,122
Total	(20,122)
Accumulated Depreciation	7,719
1199 Denver CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	493
Building and Improvements	7,897
Costs Capitalized Subsequent to Acquisition	2,705
Gross Amount at Which Carried As of Year End
Land	622
Buildings and Improvements	9,497
Total	(10,119)
Accumulated Depreciation	3,959
808 Englewood CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,616
Costs Capitalized Subsequent to Acquisition	9,877
Gross Amount at Which Carried As of Year End
Land	11
Buildings and Improvements	16,236
Total	(16,247)
Accumulated Depreciation	8,467
809 Englewood CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,449
Costs Capitalized Subsequent to Acquisition	6,786
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	13,041
Total	(13,041)
Accumulated Depreciation	5,225
810 Englewood CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,040
Costs Capitalized Subsequent to Acquisition	13,800
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	19,134
Total	(19,134)
Accumulated Depreciation	7,689
811 Englewood CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,472
Costs Capitalized Subsequent to Acquisition	13,212
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	19,841
Total	(19,841)
Accumulated Depreciation	6,893
2658 Highlands Ranch CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,637
Building and Improvements	10,063
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,637
Buildings and Improvements	10,063
Total	(11,700)
Accumulated Depreciation	1,161
812 Littleton CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,562
Costs Capitalized Subsequent to Acquisition	3,236
Gross Amount at Which Carried As of Year End
Land	257
Buildings and Improvements	6,045
Total	(6,302)
Accumulated Depreciation	2,645
813 Littleton CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,926
Costs Capitalized Subsequent to Acquisition	2,696
Gross Amount at Which Carried As of Year End
Land	106
Buildings and Improvements	6,395
Total	(6,501)
Accumulated Depreciation	2,611
570 Lone Tree CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	21,686
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	20,401
Total	(20,401)
Accumulated Depreciation	8,334
666 Lone Tree CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	23,274
Costs Capitalized Subsequent to Acquisition	5,098
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	25,916
Total	(25,933)
Accumulated Depreciation	9,728
2233 Lone Tree CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,734
Costs Capitalized Subsequent to Acquisition	31,910
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	38,533
Total	(38,533)
Accumulated Depreciation	8,962
1076 Parker CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	13,388
Costs Capitalized Subsequent to Acquisition	1,534
Gross Amount at Which Carried As of Year End
Land	8
Buildings and Improvements	14,548
Total	(14,556)
Accumulated Depreciation	5,657
510 Thornton CO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	236
Building and Improvements	10,206
Costs Capitalized Subsequent to Acquisition	4,656
Gross Amount at Which Carried As of Year End
Land	463
Buildings and Improvements	13,101
Total	(13,564)
Accumulated Depreciation	6,096
434 Atlantis FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	2,027
Costs Capitalized Subsequent to Acquisition	512
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	2,314
Total	(2,319)
Accumulated Depreciation	1,328
435 Atlantis FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	2,000
Costs Capitalized Subsequent to Acquisition	1,206
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	2,539
Total	(2,539)
Accumulated Depreciation	1,440
602 Atlantis FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	455
Building and Improvements	2,231
Costs Capitalized Subsequent to Acquisition	1,024
Gross Amount at Which Carried As of Year End
Land	455
Buildings and Improvements	2,828
Total	(3,283)
Accumulated Depreciation	1,345
2963 Brooksville FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	10,300
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,300
Total	(10,300)
Accumulated Depreciation	4
604 Englewood FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	170
Building and Improvements	1,134
Costs Capitalized Subsequent to Acquisition	840
Gross Amount at Which Carried As of Year End
Land	226
Buildings and Improvements	1,578
Total	(1,804)
Accumulated Depreciation	567
2962 Jacksonville FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	964
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	964
Total	(964)
Accumulated Depreciation	0
609 Kissimmee FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	788
Building and Improvements	174
Costs Capitalized Subsequent to Acquisition	1,242
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	1,250
Total	(2,038)
Accumulated Depreciation	373
610 Kissimmee FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	481
Building and Improvements	347
Costs Capitalized Subsequent to Acquisition	790
Gross Amount at Which Carried As of Year End
Land	494
Buildings and Improvements	752
Total	(1,246)
Accumulated Depreciation	469
671 Kissimmee FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,574
Costs Capitalized Subsequent to Acquisition	2,690
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,367
Total	(8,367)
Accumulated Depreciation	3,495
603 Lake Worth FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,507
Building and Improvements	2,894
Costs Capitalized Subsequent to Acquisition	1,807
Gross Amount at Which Carried As of Year End
Land	1,507
Buildings and Improvements	4,529
Total	(6,036)
Accumulated Depreciation	2,686
612 Margate FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,553
Building and Improvements	6,898
Costs Capitalized Subsequent to Acquisition	2,527
Gross Amount at Which Carried As of Year End
Land	1,553
Buildings and Improvements	8,675
Total	(10,228)
Accumulated Depreciation	3,423
613 Miami FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,392
Building and Improvements	11,841
Costs Capitalized Subsequent to Acquisition	13,457
Gross Amount at Which Carried As of Year End
Land	4,392
Buildings and Improvements	22,161
Total	(26,553)
Accumulated Depreciation	6,122
2202 Miami FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	13,123
Costs Capitalized Subsequent to Acquisition	10,093
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	22,766
Total	(22,766)
Accumulated Depreciation	5,882
2203 Miami FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,877
Costs Capitalized Subsequent to Acquisition	4,126
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,813
Total	(12,813)
Accumulated Depreciation	3,562
1067 Milton FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,566
Costs Capitalized Subsequent to Acquisition	1,044
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,533
Total	(9,533)
Accumulated Depreciation	3,204
2577 Naples FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	29,186
Costs Capitalized Subsequent to Acquisition	1,504
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	30,691
Total	(30,691)
Accumulated Depreciation	3,763
2578 Naples FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	18,819
Costs Capitalized Subsequent to Acquisition	766
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	19,585
Total	(19,585)
Accumulated Depreciation	2,035
2964 Okeechobee FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	3,483
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	3,483
Total	(3,483)
Accumulated Depreciation	0
563 Orlando FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,144
Building and Improvements	5,136
Costs Capitalized Subsequent to Acquisition	16,334
Gross Amount at Which Carried As of Year End
Land	12,268
Buildings and Improvements	7,980
Total	(20,248)
Accumulated Depreciation	4,936
833 Pace FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	10,309
Costs Capitalized Subsequent to Acquisition	3,938
Gross Amount at Which Carried As of Year End
Land	54
Buildings and Improvements	11,900
Total	(11,954)
Accumulated Depreciation	4,131
834 Pensacola FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	11,166
Costs Capitalized Subsequent to Acquisition	669
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,369
Total	(11,369)
Accumulated Depreciation	3,712
673 Plantation FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,091
Building and Improvements	7,176
Costs Capitalized Subsequent to Acquisition	2,352
Gross Amount at Which Carried As of Year End
Land	1,091
Buildings and Improvements	8,915
Total	(10,006)
Accumulated Depreciation	3,608
2579 Punta Gorda FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	9,379
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,379
Total	(9,379)
Accumulated Depreciation	1,118
2833 St. Petersburg FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	13,754
Costs Capitalized Subsequent to Acquisition	14,054
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	24,373
Total	(24,373)
Accumulated Depreciation	8,319
2836 Tampa FL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,967
Building and Improvements	6,618
Costs Capitalized Subsequent to Acquisition	8,213
Gross Amount at Which Carried As of Year End
Land	2,709
Buildings and Improvements	10,644
Total	(13,353)
Accumulated Depreciation	5,996
887 Atlanta, GA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,300
Building and Improvements	13,690
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	4,300
Buildings and Improvements	11,890
Total	(16,190)
Accumulated Depreciation	8,224
1058 Blue Ridge, GA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	3,231
Costs Capitalized Subsequent to Acquisition	260
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	3,094
Total	(3,094)
Accumulated Depreciation	1,262
2576 Statesboro GA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	10,234
Costs Capitalized Subsequent to Acquisition	439
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,673
Total	(10,673)
Accumulated Depreciation	1,680
2702 Bolingbrook, IL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	21,237
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	21,237
Total	(21,237)
Accumulated Depreciation	145
1065 Marion IL | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	99
Building and Improvements	11,538
Costs Capitalized Subsequent to Acquisition	2,192
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	13,255
Total	(13,355)
Accumulated Depreciation	4,673
2696 Indianapolis, IN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	61,893
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	61,893
Total	(61,893)
Accumulated Depreciation	313
2699 Indianapolis, IN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	23,211
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	23,211
Total	(23,211)
Accumulated Depreciation	117
2701 Indianapolis, IN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	478
Building and Improvements	1,637
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	478
Buildings and Improvements	1,637
Total	(2,115)
Accumulated Depreciation	18
2698 Mooresville, IN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	20,646
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	20,646
Total	(20,646)
Accumulated Depreciation	105
1057 Newburgh IN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	14,019
Costs Capitalized Subsequent to Acquisition	5,295
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	19,301
Total	(19,301)
Accumulated Depreciation	7,603
2700 Zionsville, IN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,969
Building and Improvements	7,707
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,969
Buildings and Improvements	7,707
Total	(10,676)
Accumulated Depreciation	60
2039 Kansas City KS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	440
Building and Improvements	2,173
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	2,137
Total	(2,585)
Accumulated Depreciation	522
112 Overland Park, KS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,316
Building and Improvements	10,681
Costs Capitalized Subsequent to Acquisition	24
Gross Amount at Which Carried As of Year End
Land	2,316
Buildings and Improvements	10,797
Total	(13,113)
Accumulated Depreciation	7,421
2043 Overland Park KS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,668
Costs Capitalized Subsequent to Acquisition	1,392
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,796
Total	(8,796)
Accumulated Depreciation	2,204
3062 Overland Park KS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	872
Building and Improvements	11,813
Costs Capitalized Subsequent to Acquisition	197
Gross Amount at Which Carried As of Year End
Land	978
Buildings and Improvements	11,887
Total	(12,865)
Accumulated Depreciation	994
483 Wichita KS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	530
Building and Improvements	3,341
Costs Capitalized Subsequent to Acquisition	713
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	3,617
Total	(4,147)
Accumulated Depreciation	1,543
1064 Lexington KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,726
Costs Capitalized Subsequent to Acquisition	2,244
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,092
Total	(14,092)
Accumulated Depreciation	5,171
735 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	936
Building and Improvements	8,426
Costs Capitalized Subsequent to Acquisition	18,432
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	24,069
Total	(25,005)
Accumulated Depreciation	11,809
737 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	835
Building and Improvements	27,627
Costs Capitalized Subsequent to Acquisition	10,632
Gross Amount at Which Carried As of Year End
Land	878
Buildings and Improvements	35,531
Total	(36,409)
Accumulated Depreciation	14,236
738 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	780
Building and Improvements	8,582
Costs Capitalized Subsequent to Acquisition	6,843
Gross Amount at Which Carried As of Year End
Land	851
Buildings and Improvements	12,736
Total	(13,587)
Accumulated Depreciation	9,506
739 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	826
Building and Improvements	13,814
Costs Capitalized Subsequent to Acquisition	3,079
Gross Amount at Which Carried As of Year End
Land	832
Buildings and Improvements	15,330
Total	(16,162)
Accumulated Depreciation	6,054
2834 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,983
Building and Improvements	13,171
Costs Capitalized Subsequent to Acquisition	8,108
Gross Amount at Which Carried As of Year End
Land	2,991
Buildings and Improvements	19,655
Total	(22,646)
Accumulated Depreciation	9,483
1945 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,255
Building and Improvements	28,644
Costs Capitalized Subsequent to Acquisition	2,010
Gross Amount at Which Carried As of Year End
Land	3,291
Buildings and Improvements	30,119
Total	(33,410)
Accumulated Depreciation	10,166
1946 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	430
Building and Improvements	6,125
Costs Capitalized Subsequent to Acquisition	276
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	6,401
Total	(6,831)
Accumulated Depreciation	2,131
2237 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,519
Building and Improvements	15,386
Costs Capitalized Subsequent to Acquisition	4,010
Gross Amount at Which Carried As of Year End
Land	1,648
Buildings and Improvements	19,262
Total	(20,910)
Accumulated Depreciation	5,288
2238 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,334
Building and Improvements	12,172
Costs Capitalized Subsequent to Acquisition	2,411
Gross Amount at Which Carried As of Year End
Land	1,511
Buildings and Improvements	14,162
Total	(15,673)
Accumulated Depreciation	4,064
2239 Louisville KY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,644
Building and Improvements	10,832
Costs Capitalized Subsequent to Acquisition	5,865
Gross Amount at Which Carried As of Year End
Land	2,041
Buildings and Improvements	16,207
Total	(18,248)
Accumulated Depreciation	5,149
1324 Haverhill MA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	800
Building and Improvements	8,537
Costs Capitalized Subsequent to Acquisition	2,386
Gross Amount at Which Carried As of Year End
Land	870
Buildings and Improvements	7,028
Total	(7,898)
Accumulated Depreciation	3,130
1213 Ellicott City MD | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,115
Building and Improvements	3,206
Costs Capitalized Subsequent to Acquisition	3,563
Gross Amount at Which Carried As of Year End
Land	1,336
Buildings and Improvements	5,104
Total	(6,440)
Accumulated Depreciation	2,341
1052 Towson MD | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	14,233
Costs Capitalized Subsequent to Acquisition	4,619
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	13,549
Total	(13,549)
Accumulated Depreciation	4,645
2650 Biddeford, ME | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,949
Building and Improvements	12,244
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,949
Buildings and Improvements	12,244
Total	(14,193)
Accumulated Depreciation	1,375
240 Minneapolis MN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	117
Building and Improvements	13,213
Costs Capitalized Subsequent to Acquisition	5,824
Gross Amount at Which Carried As of Year End
Land	117
Buildings and Improvements	17,714
Total	(17,831)
Accumulated Depreciation	9,917
300 Minneapolis MN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	160
Building and Improvements	10,131
Costs Capitalized Subsequent to Acquisition	5,392
Gross Amount at Which Carried As of Year End
Land	214
Buildings and Improvements	12,898
Total	(13,112)
Accumulated Depreciation	7,400
2701 Columbia, MO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,141
Building and Improvements	20,364
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	4,141
Buildings and Improvements	20,364
Total	(24,505)
Accumulated Depreciation	142
2032 Independence MO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	48,025
Costs Capitalized Subsequent to Acquisition	2,982
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	49,902
Total	(49,902)
Accumulated Depreciation	9,751
2863 Lee's Summitt MO | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	15,878
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	15,878
Total	(15,878)
Accumulated Depreciation	372
1078 Flowood MS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,413
Costs Capitalized Subsequent to Acquisition	1,284
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,029
Total	(9,029)
Accumulated Depreciation	3,061
1059 Jackson MS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,868
Costs Capitalized Subsequent to Acquisition	299
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,159
Total	(9,159)
Accumulated Depreciation	3,243
1060 Jackson MS | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,187
Costs Capitalized Subsequent to Acquisition	2,764
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,872
Total	(8,872)
Accumulated Depreciation	2,936
1068 Omaha NE | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	16,243
Costs Capitalized Subsequent to Acquisition	1,725
Gross Amount at Which Carried As of Year End
Land	33
Buildings and Improvements	17,350
Total	(17,383)
Accumulated Depreciation	6,551
2651 Charlotte NC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,032
Building and Improvements	6,196
Costs Capitalized Subsequent to Acquisition	130
Gross Amount at Which Carried As of Year End
Land	1,032
Buildings and Improvements	6,222
Total	(7,254)
Accumulated Depreciation	582
2695 Charlotte, NC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	844
Building and Improvements	5,021
Costs Capitalized Subsequent to Acquisition	18
Gross Amount at Which Carried As of Year End
Land	844
Buildings and Improvements	5,001
Total	(5,845)
Accumulated Depreciation	463
2655 Wilmington NC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,341
Building and Improvements	17,376
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,341
Buildings and Improvements	17,376
Total	(18,717)
Accumulated Depreciation	2,112
2656 Wilmington NC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,071
Building and Improvements	11,592
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,071
Buildings and Improvements	11,592
Total	(13,663)
Accumulated Depreciation	1,288
2657 Shallotte NC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	918
Building and Improvements	3,609
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	918
Buildings and Improvements	3,609
Total	(4,527)
Accumulated Depreciation	553
2647 Concord NH | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,961
Building and Improvements	23,516
Costs Capitalized Subsequent to Acquisition	240
Gross Amount at Which Carried As of Year End
Land	1,961
Buildings and Improvements	23,541
Total	(25,502)
Accumulated Depreciation	2,444
2648 Concord NH | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	815
Building and Improvements	8,902
Costs Capitalized Subsequent to Acquisition	423
Gross Amount at Which Carried As of Year End
Land	815
Buildings and Improvements	9,325
Total	(10,140)
Accumulated Depreciation	1,235
2649 Epsom NH | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	919
Building and Improvements	5,868
Costs Capitalized Subsequent to Acquisition	49
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	5,910
Total	(6,829)
Accumulated Depreciation	958
729 Albuquerque NM | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	5,380
Costs Capitalized Subsequent to Acquisition	896
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,738
Total	(5,738)
Accumulated Depreciation	2,105
571 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	20,823
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	18,666
Total	(18,666)
Accumulated Depreciation	7,656
660 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,121
Building and Improvements	4,363
Costs Capitalized Subsequent to Acquisition	9,852
Gross Amount at Which Carried As of Year End
Land	1,328
Buildings and Improvements	10,258
Total	(11,586)
Accumulated Depreciation	3,364
661 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,305
Building and Improvements	4,829
Costs Capitalized Subsequent to Acquisition	6,276
Gross Amount at Which Carried As of Year End
Land	2,447
Buildings and Improvements	4,892
Total	(7,339)
Accumulated Depreciation	4,980
662 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,480
Building and Improvements	12,305
Costs Capitalized Subsequent to Acquisition	6,755
Gross Amount at Which Carried As of Year End
Land	3,480
Buildings and Improvements	15,180
Total	(18,660)
Accumulated Depreciation	6,542
663 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,717
Building and Improvements	3,597
Costs Capitalized Subsequent to Acquisition	12,595
Gross Amount at Which Carried As of Year End
Land	1,724
Buildings and Improvements	13,621
Total	(15,345)
Accumulated Depreciation	4,427
664 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,172
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	633
Gross Amount at Which Carried As of Year End
Land	1,805
Buildings and Improvements	0
Total	(1,805)
Accumulated Depreciation	243
691 Las Vegas NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,244
Building and Improvements	18,339
Costs Capitalized Subsequent to Acquisition	8,598
Gross Amount at Which Carried As of Year End
Land	3,338
Buildings and Improvements	25,273
Total	(28,611)
Accumulated Depreciation	12,874
2037 Mesquite NV | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	5,559
Costs Capitalized Subsequent to Acquisition	942
Gross Amount at Which Carried As of Year End
Land	34
Buildings and Improvements	6,347
Total	(6,381)
Accumulated Depreciation	1,398
400 Harrison OH | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,561
Costs Capitalized Subsequent to Acquisition	300
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	4,861
Total	(4,861)
Accumulated Depreciation	3,058
1054 Durant OK | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	619
Building and Improvements	9,256
Costs Capitalized Subsequent to Acquisition	2,415
Gross Amount at Which Carried As of Year End
Land	659
Buildings and Improvements	11,525
Total	(12,184)
Accumulated Depreciation	4,084
817 Owasso OK | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,582
Costs Capitalized Subsequent to Acquisition	1,703
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,761
Total	(5,761)
Accumulated Depreciation	2,097
404 Roseburg OR | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	5,707
Costs Capitalized Subsequent to Acquisition	763
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,770
Total	(5,770)
Accumulated Depreciation	3,396
2570 Limerick PA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	925
Building and Improvements	20,072
Costs Capitalized Subsequent to Acquisition	51
Gross Amount at Which Carried As of Year End
Land	925
Buildings and Improvements	19,953
Total	(20,878)
Accumulated Depreciation	2,899
2234 Philadelphia PA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	24,264
Building and Improvements	99,904
Costs Capitalized Subsequent to Acquisition	45,229
Gross Amount at Which Carried As of Year End
Land	24,288
Buildings and Improvements	144,972
Total	(169,260)
Accumulated Depreciation	23,702
2403 Philadelphia PA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	26,063
Building and Improvements	97,646
Costs Capitalized Subsequent to Acquisition	31,903
Gross Amount at Which Carried As of Year End
Land	26,134
Buildings and Improvements	129,479
Total	(155,613)
Accumulated Depreciation	26,925
2571 Wilkes-Barre PA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	9,138
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,138
Total	(9,138)
Accumulated Depreciation	1,457
2694 Anderson, SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	405
Building and Improvements	1,211
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	405
Buildings and Improvements	1,212
Total	(1,617)
Accumulated Depreciation	50
2573 Florence SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,181
Total	(12,181)
Accumulated Depreciation	1,546
2574 Florence SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,190
Costs Capitalized Subsequent to Acquisition	88
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,278
Total	(12,278)
Accumulated Depreciation	1,556
2575 Florence SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	11,243
Costs Capitalized Subsequent to Acquisition	56
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,299
Total	(11,299)
Accumulated Depreciation	1,755
2841 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	634
Building and Improvements	38,386
Costs Capitalized Subsequent to Acquisition	1,008
Gross Amount at Which Carried As of Year End
Land	647
Buildings and Improvements	39,380
Total	(40,027)
Accumulated Depreciation	4,502
2842 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	794
Building and Improvements	41,293
Costs Capitalized Subsequent to Acquisition	445
Gross Amount at Which Carried As of Year End
Land	794
Buildings and Improvements	41,737
Total	(42,531)
Accumulated Depreciation	4,769
2843 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	626
Building and Improvements	22,210
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	626
Buildings and Improvements	22,210
Total	(22,836)
Accumulated Depreciation	2,640
2844 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	806
Building and Improvements	18,889
Costs Capitalized Subsequent to Acquisition	377
Gross Amount at Which Carried As of Year End
Land	806
Buildings and Improvements	19,266
Total	(20,072)
Accumulated Depreciation	2,370
2845 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	932
Building and Improvements	40,879
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	932
Buildings and Improvements	40,879
Total	(41,811)
Accumulated Depreciation	4,296
2846 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	896
Building and Improvements	38,486
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	38,485
Total	(39,381)
Accumulated Depreciation	4,101
2847 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	600
Building and Improvements	26,472
Costs Capitalized Subsequent to Acquisition	1,076
Gross Amount at Which Carried As of Year End
Land	600
Buildings and Improvements	27,548
Total	(28,148)
Accumulated Depreciation	3,737
2848 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	318
Building and Improvements	5,816
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	318
Buildings and Improvements	5,816
Total	(6,134)
Accumulated Depreciation	675
2849 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	319
Building and Improvements	5,836
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	319
Buildings and Improvements	5,836
Total	(6,155)
Accumulated Depreciation	751
2850 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	211
Building and Improvements	6,503
Costs Capitalized Subsequent to Acquisition	15
Gross Amount at Which Carried As of Year End
Land	211
Buildings and Improvements	6,518
Total	(6,729)
Accumulated Depreciation	848
2853 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	534
Building and Improvements	6,430
Costs Capitalized Subsequent to Acquisition	180
Gross Amount at Which Carried As of Year End
Land	534
Buildings and Improvements	6,609
Total	(7,143)
Accumulated Depreciation	1,355
2854 Greenville SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	824
Building and Improvements	13,645
Costs Capitalized Subsequent to Acquisition	109
Gross Amount at Which Carried As of Year End
Land	824
Buildings and Improvements	13,755
Total	(14,579)
Accumulated Depreciation	2,076
2851 Travelers Rest SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	498
Building and Improvements	1,015
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	498
Buildings and Improvements	1,015
Total	(1,513)
Accumulated Depreciation	381
2862 Myrtle Beach SC | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	24,830
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	24,830
Total	(24,830)
Accumulated Depreciation	1,400
2865 Brentwood TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	28,094
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	28,094
Total	(28,094)
Accumulated Depreciation	177
624 Hendersonville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	256
Building and Improvements	1,530
Costs Capitalized Subsequent to Acquisition	2,822
Gross Amount at Which Carried As of Year End
Land	256
Buildings and Improvements	3,403
Total	(3,659)
Accumulated Depreciation	1,523
559 Hermitage TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	830
Building and Improvements	5,036
Costs Capitalized Subsequent to Acquisition	13,187
Gross Amount at Which Carried As of Year End
Land	851
Buildings and Improvements	16,033
Total	(16,884)
Accumulated Depreciation	5,090
561 Hermitage TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	596
Building and Improvements	9,698
Costs Capitalized Subsequent to Acquisition	7,868
Gross Amount at Which Carried As of Year End
Land	596
Buildings and Improvements	15,066
Total	(15,662)
Accumulated Depreciation	7,303
562 Hermitage TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	317
Building and Improvements	6,528
Costs Capitalized Subsequent to Acquisition	4,265
Gross Amount at Which Carried As of Year End
Land	317
Buildings and Improvements	8,802
Total	(9,119)
Accumulated Depreciation	4,064
154 Knoxville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	700
Building and Improvements	4,559
Costs Capitalized Subsequent to Acquisition	5,088
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	8,778
Total	(9,508)
Accumulated Depreciation	5,491
625 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	955
Building and Improvements	14,289
Costs Capitalized Subsequent to Acquisition	6,424
Gross Amount at Which Carried As of Year End
Land	955
Buildings and Improvements	18,249
Total	(19,204)
Accumulated Depreciation	7,257
626 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,050
Building and Improvements	5,211
Costs Capitalized Subsequent to Acquisition	5,415
Gross Amount at Which Carried As of Year End
Land	2,055
Buildings and Improvements	8,896
Total	(10,951)
Accumulated Depreciation	4,145
627 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,007
Building and Improvements	181
Costs Capitalized Subsequent to Acquisition	1,443
Gross Amount at Which Carried As of Year End
Land	1,113
Buildings and Improvements	1,241
Total	(2,354)
Accumulated Depreciation	460
628 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,980
Building and Improvements	7,164
Costs Capitalized Subsequent to Acquisition	4,523
Gross Amount at Which Carried As of Year End
Land	2,980
Buildings and Improvements	10,601
Total	(13,581)
Accumulated Depreciation	5,071
630 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	515
Building and Improvements	848
Costs Capitalized Subsequent to Acquisition	450
Gross Amount at Which Carried As of Year End
Land	528
Buildings and Improvements	1,057
Total	(1,585)
Accumulated Depreciation	466
631 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	266
Building and Improvements	1,305
Costs Capitalized Subsequent to Acquisition	2,009
Gross Amount at Which Carried As of Year End
Land	266
Buildings and Improvements	2,645
Total	(2,911)
Accumulated Depreciation	1,205
632 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	827
Building and Improvements	7,642
Costs Capitalized Subsequent to Acquisition	5,728
Gross Amount at Which Carried As of Year End
Land	827
Buildings and Improvements	10,856
Total	(11,683)
Accumulated Depreciation	4,677
633 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,425
Building and Improvements	12,577
Costs Capitalized Subsequent to Acquisition	9,010
Gross Amount at Which Carried As of Year End
Land	5,425
Buildings and Improvements	18,192
Total	(23,617)
Accumulated Depreciation	7,879
634 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,818
Building and Improvements	15,185
Costs Capitalized Subsequent to Acquisition	11,751
Gross Amount at Which Carried As of Year End
Land	3,818
Buildings and Improvements	23,621
Total	(27,439)
Accumulated Depreciation	11,772
636 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	583
Building and Improvements	450
Costs Capitalized Subsequent to Acquisition	420
Gross Amount at Which Carried As of Year End
Land	604
Buildings and Improvements	756
Total	(1,360)
Accumulated Depreciation	347
2967 Nashville TN | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	14,058
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,058
Total	(14,058)
Accumulated Depreciation	0
2611 Allen TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,330
Building and Improvements	5,960
Costs Capitalized Subsequent to Acquisition	778
Gross Amount at Which Carried As of Year End
Land	1,374
Buildings and Improvements	6,694
Total	(8,068)
Accumulated Depreciation	999
2612 Allen TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,310
Building and Improvements	4,165
Costs Capitalized Subsequent to Acquisition	810
Gross Amount at Which Carried As of Year End
Land	1,310
Buildings and Improvements	4,953
Total	(6,263)
Accumulated Depreciation	864
573 Arlington TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	769
Building and Improvements	12,355
Costs Capitalized Subsequent to Acquisition	5,018
Gross Amount at Which Carried As of Year End
Land	769
Buildings and Improvements	15,438
Total	(16,207)
Accumulated Depreciation	7,008
2621 Cedar Park, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,617
Building and Improvements	11,640
Costs Capitalized Subsequent to Acquisition	308
Gross Amount at Which Carried As of Year End
Land	1,617
Buildings and Improvements	11,948
Total	(13,565)
Accumulated Depreciation	1,006
576 Conroe TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	324
Building and Improvements	4,842
Costs Capitalized Subsequent to Acquisition	3,990
Gross Amount at Which Carried As of Year End
Land	324
Buildings and Improvements	7,307
Total	(7,631)
Accumulated Depreciation	2,922
577 Conroe TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	397
Building and Improvements	7,966
Costs Capitalized Subsequent to Acquisition	3,868
Gross Amount at Which Carried As of Year End
Land	397
Buildings and Improvements	10,584
Total	(10,981)
Accumulated Depreciation	4,221
578 Conroe TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	388
Building and Improvements	7,975
Costs Capitalized Subsequent to Acquisition	4,669
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	10,613
Total	(11,001)
Accumulated Depreciation	4,562
579 Conroe TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	188
Building and Improvements	3,618
Costs Capitalized Subsequent to Acquisition	1,469
Gross Amount at Which Carried As of Year End
Land	188
Buildings and Improvements	4,477
Total	(4,665)
Accumulated Depreciation	1,925
581 Corpus Christi TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	717
Building and Improvements	8,181
Costs Capitalized Subsequent to Acquisition	6,501
Gross Amount at Which Carried As of Year End
Land	717
Buildings and Improvements	12,086
Total	(12,803)
Accumulated Depreciation	5,884
600 Corpus Christi TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	328
Building and Improvements	3,210
Costs Capitalized Subsequent to Acquisition	4,579
Gross Amount at Which Carried As of Year End
Land	328
Buildings and Improvements	5,733
Total	(6,061)
Accumulated Depreciation	2,810
601 Corpus Christi TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	313
Building and Improvements	1,771
Costs Capitalized Subsequent to Acquisition	2,127
Gross Amount at Which Carried As of Year End
Land	325
Buildings and Improvements	3,059
Total	(3,384)
Accumulated Depreciation	1,505
2839 Cypress TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	36,830
Gross Amount at Which Carried As of Year End
Land	11
Buildings and Improvements	36,819
Total	(36,830)
Accumulated Depreciation	7,977
582 Dallas TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,664
Building and Improvements	6,785
Costs Capitalized Subsequent to Acquisition	5,685
Gross Amount at Which Carried As of Year End
Land	1,747
Buildings and Improvements	10,251
Total	(11,998)
Accumulated Depreciation	4,505
886 Dallas, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,820
Building and Improvements	8,508
Costs Capitalized Subsequent to Acquisition	26
Gross Amount at Which Carried As of Year End
Land	1,820
Buildings and Improvements	7,454
Total	(9,274)
Accumulated Depreciation	2,578
1314 Dallas TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	15,230
Building and Improvements	162,970
Costs Capitalized Subsequent to Acquisition	46,250
Gross Amount at Which Carried As of Year End
Land	24,102
Buildings and Improvements	195,017
Total	(219,119)
Accumulated Depreciation	73,745
1319 Dallas TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	18,840
Building and Improvements	155,659
Costs Capitalized Subsequent to Acquisition	5,873
Gross Amount at Which Carried As of Year End
Land	18,840
Buildings and Improvements	161,208
Total	(180,048)
Accumulated Depreciation	62,128
2721 Dallas, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	31,707
Building and Improvements	2,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	31,707
Buildings and Improvements	2,000
Total	(33,707)
Accumulated Depreciation	0
583 Fort Worth TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	898
Building and Improvements	4,866
Costs Capitalized Subsequent to Acquisition	4,482
Gross Amount at Which Carried As of Year End
Land	898
Buildings and Improvements	8,086
Total	(8,984)
Accumulated Depreciation	3,163
805 Fort Worth TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	2,481
Costs Capitalized Subsequent to Acquisition	1,785
Gross Amount at Which Carried As of Year End
Land	45
Buildings and Improvements	3,518
Total	(3,563)
Accumulated Depreciation	1,987
806 Fort Worth TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,070
Costs Capitalized Subsequent to Acquisition	1,934
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	7,586
Total	(7,591)
Accumulated Depreciation	2,747
2231 Fort Worth TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	902
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried As of Year End
Land	946
Buildings and Improvements	0
Total	(946)
Accumulated Depreciation	26
2619 Fort Worth, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,180
Building and Improvements	13,432
Costs Capitalized Subsequent to Acquisition	47
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	13,479
Total	(14,659)
Accumulated Depreciation	1,073
2620 Fort Worth, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,961
Building and Improvements	14,155
Costs Capitalized Subsequent to Acquisition	177
Gross Amount at Which Carried As of Year End
Land	1,961
Buildings and Improvements	14,332
Total	(16,293)
Accumulated Depreciation	1,189
2982 Fort Worth TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,720
Building and Improvements	6,225
Costs Capitalized Subsequent to Acquisition	3,097
Gross Amount at Which Carried As of Year End
Land	2,720
Buildings and Improvements	9,316
Total	(12,036)
Accumulated Depreciation	573
1061 Granbury TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,863
Costs Capitalized Subsequent to Acquisition	1,125
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,848
Total	(7,848)
Accumulated Depreciation	2,850
430 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,927
Building and Improvements	33,140
Costs Capitalized Subsequent to Acquisition	19,966
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	50,090
Total	(52,290)
Accumulated Depreciation	25,389
446 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Building and Improvements	19,585
Costs Capitalized Subsequent to Acquisition	23,004
Gross Amount at Which Carried As of Year End
Land	2,945
Buildings and Improvements	33,322
Total	(36,267)
Accumulated Depreciation	22,145
589 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,676
Building and Improvements	12,602
Costs Capitalized Subsequent to Acquisition	8,235
Gross Amount at Which Carried As of Year End
Land	1,706
Buildings and Improvements	17,124
Total	(18,830)
Accumulated Depreciation	7,357
670 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	257
Building and Improvements	2,884
Costs Capitalized Subsequent to Acquisition	1,656
Gross Amount at Which Carried As of Year End
Land	318
Buildings and Improvements	3,404
Total	(3,722)
Accumulated Depreciation	1,469
702 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,414
Costs Capitalized Subsequent to Acquisition	3,794
Gross Amount at Which Carried As of Year End
Land	7
Buildings and Improvements	9,980
Total	(9,987)
Accumulated Depreciation	4,137
1044 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,838
Costs Capitalized Subsequent to Acquisition	5,260
Gross Amount at Which Carried As of Year End
Land	1,320
Buildings and Improvements	6,896
Total	(8,216)
Accumulated Depreciation	2,346
2542 Houston TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	304
Building and Improvements	17,764
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	304
Buildings and Improvements	17,764
Total	(18,068)
Accumulated Depreciation	3,000
2543 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	116
Building and Improvements	6,555
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	116
Buildings and Improvements	6,555
Total	(6,671)
Accumulated Depreciation	1,308
2544 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	312
Building and Improvements	12,094
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	312
Buildings and Improvements	12,094
Total	(12,406)
Accumulated Depreciation	2,432
2545 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	316
Building and Improvements	13,931
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	316
Buildings and Improvements	13,931
Total	(14,247)
Accumulated Depreciation	2,133
2546 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	408
Building and Improvements	18,332
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	408
Buildings and Improvements	18,332
Total	(18,740)
Accumulated Depreciation	4,407
2547 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	470
Building and Improvements	18,197
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	18,197
Total	(18,667)
Accumulated Depreciation	3,705
2548 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	313
Building and Improvements	7,036
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	313
Buildings and Improvements	7,036
Total	(7,349)
Accumulated Depreciation	1,835
2549 Houston Tx | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	530
Building and Improvements	22,711
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	22,711
Total	(23,241)
Accumulated Depreciation	3,067
2966 Houston, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	7,741
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,741
Total	(7,741)
Accumulated Depreciation	0
590 Irving TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	828
Building and Improvements	6,160
Costs Capitalized Subsequent to Acquisition	3,911
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	9,070
Total	(9,898)
Accumulated Depreciation	4,215
700 Irving TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,550
Costs Capitalized Subsequent to Acquisition	4,566
Gross Amount at Which Carried As of Year End
Land	8
Buildings and Improvements	9,672
Total	(9,680)
Accumulated Depreciation	3,923
1207 Irving TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,955
Building and Improvements	12,793
Costs Capitalized Subsequent to Acquisition	2,455
Gross Amount at Which Carried As of Year End
Land	1,986
Buildings and Improvements	14,537
Total	(16,523)
Accumulated Depreciation	5,576
2840 Kingwood TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,035
Building and Improvements	28,373
Costs Capitalized Subsequent to Acquisition	1,585
Gross Amount at Which Carried As of Year End
Land	3,422
Buildings and Improvements	29,570
Total	(32,992)
Accumulated Depreciation	4,569
591 Lewisville TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	561
Building and Improvements	8,043
Costs Capitalized Subsequent to Acquisition	2,470
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	9,554
Total	(10,115)
Accumulated Depreciation	4,343
144 Longview TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	102
Building and Improvements	7,998
Costs Capitalized Subsequent to Acquisition	1,168
Gross Amount at Which Carried As of Year End
Land	102
Buildings and Improvements	8,716
Total	(8,818)
Accumulated Depreciation	4,917
143 Lufkin TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	338
Building and Improvements	2,383
Costs Capitalized Subsequent to Acquisition	299
Gross Amount at Which Carried As of Year End
Land	338
Buildings and Improvements	2,602
Total	(2,940)
Accumulated Depreciation	1,423
568 McKinney TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	541
Building and Improvements	6,217
Costs Capitalized Subsequent to Acquisition	4,057
Gross Amount at Which Carried As of Year End
Land	541
Buildings and Improvements	9,067
Total	(9,608)
Accumulated Depreciation	3,972
569 McKinney TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	636
Costs Capitalized Subsequent to Acquisition	9,391
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,123
Total	(9,123)
Accumulated Depreciation	3,622
1079 Nassau Bay TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	8,942
Costs Capitalized Subsequent to Acquisition	1,818
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,842
Total	(9,842)
Accumulated Depreciation	3,768
596 N Richland Hills TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	812
Building and Improvements	8,883
Costs Capitalized Subsequent to Acquisition	3,656
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	11,208
Total	(12,020)
Accumulated Depreciation	4,816
2048 North Richland Hills TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,385
Building and Improvements	10,213
Costs Capitalized Subsequent to Acquisition	2,290
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	12,204
Total	(13,604)
Accumulated Depreciation	4,237
2835 Pearland TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,014
Costs Capitalized Subsequent to Acquisition	4,917
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,450
Total	(7,450)
Accumulated Depreciation	2,747
2838 Pearland TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	19,949
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	19,756
Total	(19,756)
Accumulated Depreciation	3,567
447 Plano TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,700
Building and Improvements	7,810
Costs Capitalized Subsequent to Acquisition	6,859
Gross Amount at Which Carried As of Year End
Land	1,792
Buildings and Improvements	12,884
Total	(14,676)
Accumulated Depreciation	7,562
597 Plano TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,210
Building and Improvements	9,588
Costs Capitalized Subsequent to Acquisition	7,069
Gross Amount at Which Carried As of Year End
Land	1,225
Buildings and Improvements	14,902
Total	(16,127)
Accumulated Depreciation	6,131
672 Plano TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,389
Building and Improvements	12,768
Costs Capitalized Subsequent to Acquisition	4,365
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	14,871
Total	(16,260)
Accumulated Depreciation	5,749
1284 Plano TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,049
Building and Improvements	18,793
Costs Capitalized Subsequent to Acquisition	2,465
Gross Amount at Which Carried As of Year End
Land	2,163
Buildings and Improvements	13,481
Total	(15,644)
Accumulated Depreciation	7,527
1384 Plano, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,290
Building and Improvements	22,686
Costs Capitalized Subsequent to Acquisition	5,707
Gross Amount at Which Carried As of Year End
Land	6,290
Buildings and Improvements	28,203
Total	(34,493)
Accumulated Depreciation	18,910
2653 Rockwall, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	788
Building and Improvements	9,020
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	9,020
Total	(9,808)
Accumulated Depreciation	945
815 San Antonio TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	9,193
Costs Capitalized Subsequent to Acquisition	3,290
Gross Amount at Which Carried As of Year End
Land	87
Buildings and Improvements	11,352
Total	(11,439)
Accumulated Depreciation	4,958
816 San Antonio TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	2,544
Initial Cost to Company
Land	0
Building and Improvements	8,699
Costs Capitalized Subsequent to Acquisition	4,165
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	11,677
Total	(11,852)
Accumulated Depreciation	5,190
1591 San Antonio TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,309
Costs Capitalized Subsequent to Acquisition	864
Gross Amount at Which Carried As of Year End
Land	43
Buildings and Improvements	7,810
Total	(7,853)
Accumulated Depreciation	2,857
2837 San Antonio TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	26,191
Costs Capitalized Subsequent to Acquisition	3,315
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	28,952
Total	(28,952)
Accumulated Depreciation	10,009
2852 Shenandoah TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	29,870
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	29,870
Total	(29,870)
Accumulated Depreciation	3,953
598 Sugarland TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,078
Building and Improvements	5,158
Costs Capitalized Subsequent to Acquisition	3,877
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	7,408
Total	(8,578)
Accumulated Depreciation	3,299
599 Texas City TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	9,519
Costs Capitalized Subsequent to Acquisition	1,128
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,490
Total	(10,490)
Accumulated Depreciation	3,925
152 Victoria TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	125
Building and Improvements	8,977
Costs Capitalized Subsequent to Acquisition	519
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	9,102
Total	(9,227)
Accumulated Depreciation	5,200
2198 Webster, TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,220
Building and Improvements	9,602
Costs Capitalized Subsequent to Acquisition	462
Gross Amount at Which Carried As of Year End
Land	2,220
Buildings and Improvements	9,744
Total	(11,964)
Accumulated Depreciation	2,708
2550 The Woodlands TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	115
Building and Improvements	5,141
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	115
Buildings and Improvements	5,141
Total	(5,256)
Accumulated Depreciation	887
2551 The Woodlands TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	296
Building and Improvements	18,282
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	296
Buildings and Improvements	18,282
Total	(18,578)
Accumulated Depreciation	2,717
2552 The Woodlands TX | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	374
Building and Improvements	25,125
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	374
Buildings and Improvements	25,125
Total	(25,499)
Accumulated Depreciation	3,328
1592 Bountiful UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	999
Building and Improvements	7,426
Costs Capitalized Subsequent to Acquisition	1,195
Gross Amount at Which Carried As of Year End
Land	1,019
Buildings and Improvements	8,431
Total	(9,450)
Accumulated Depreciation	2,993
169 Bountiful UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	276
Building and Improvements	5,237
Costs Capitalized Subsequent to Acquisition	2,565
Gross Amount at Which Carried As of Year End
Land	487
Buildings and Improvements	6,769
Total	(7,256)
Accumulated Depreciation	3,401
346 Castle Dale UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	50
Building and Improvements	1,818
Costs Capitalized Subsequent to Acquisition	163
Gross Amount at Which Carried As of Year End
Land	50
Buildings and Improvements	1,918
Total	(1,968)
Accumulated Depreciation	1,162
347 Centerville UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	300
Building and Improvements	1,288
Costs Capitalized Subsequent to Acquisition	274
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	1,392
Total	(1,692)
Accumulated Depreciation	866
2035 Draper UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	4,583
Initial Cost to Company
Land	0
Building and Improvements	10,803
Costs Capitalized Subsequent to Acquisition	781
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,447
Total	(11,447)
Accumulated Depreciation	2,465
469 Kaysville UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	530
Building and Improvements	4,493
Costs Capitalized Subsequent to Acquisition	226
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	4,639
Total	(5,169)
Accumulated Depreciation	2,076
456 Layton UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	371
Building and Improvements	7,073
Costs Capitalized Subsequent to Acquisition	1,540
Gross Amount at Which Carried As of Year End
Land	389
Buildings and Improvements	8,091
Total	(8,480)
Accumulated Depreciation	4,604
2042 Layton UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	10,975
Costs Capitalized Subsequent to Acquisition	963
Gross Amount at Which Carried As of Year End
Land	27
Buildings and Improvements	11,677
Total	(11,704)
Accumulated Depreciation	2,334
2864 Ogden UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	17,582
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	17,582
Total	(17,582)
Accumulated Depreciation	229
357 Orem UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	337
Building and Improvements	8,744
Costs Capitalized Subsequent to Acquisition	3,364
Gross Amount at Which Carried As of Year End
Land	306
Buildings and Improvements	9,329
Total	(9,635)
Accumulated Depreciation	5,364
353 Salt Lake City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	190
Building and Improvements	779
Costs Capitalized Subsequent to Acquisition	251
Gross Amount at Which Carried As of Year End
Land	273
Buildings and Improvements	886
Total	(1,159)
Accumulated Depreciation	582
354 Salt Lake City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	220
Building and Improvements	10,732
Costs Capitalized Subsequent to Acquisition	3,534
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	13,172
Total	(13,392)
Accumulated Depreciation	7,764
355 Salt Lake City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	180
Building and Improvements	14,792
Costs Capitalized Subsequent to Acquisition	3,092
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	16,799
Total	(16,979)
Accumulated Depreciation	10,426
467 Salt Lake City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,000
Building and Improvements	7,541
Costs Capitalized Subsequent to Acquisition	3,014
Gross Amount at Which Carried As of Year End
Land	3,145
Buildings and Improvements	9,854
Total	(12,999)
Accumulated Depreciation	4,920
566 Salt Lake City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	509
Building and Improvements	4,044
Costs Capitalized Subsequent to Acquisition	3,925
Gross Amount at Which Carried As of Year End
Land	509
Buildings and Improvements	7,011
Total	(7,520)
Accumulated Depreciation	3,196
2041 Salt Lake City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,326
Costs Capitalized Subsequent to Acquisition	1,000
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	13,031
Total	(13,031)
Accumulated Depreciation	2,578
2033 Sandy UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	867
Building and Improvements	3,513
Costs Capitalized Subsequent to Acquisition	1,861
Gross Amount at Which Carried As of Year End
Land	1,343
Buildings and Improvements	4,752
Total	(6,095)
Accumulated Depreciation	2,053
482 Stansbury UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	450
Building and Improvements	3,201
Costs Capitalized Subsequent to Acquisition	1,210
Gross Amount at Which Carried As of Year End
Land	529
Buildings and Improvements	3,922
Total	(4,451)
Accumulated Depreciation	1,697
351 Washington Terrace UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,573
Costs Capitalized Subsequent to Acquisition	3,048
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	5,818
Total	(5,835)
Accumulated Depreciation	3,373
352 Washington Terrace UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	2,692
Costs Capitalized Subsequent to Acquisition	1,774
Gross Amount at Which Carried As of Year End
Land	15
Buildings and Improvements	3,685
Total	(3,700)
Accumulated Depreciation	2,160
2034 West Jordan UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	12,021
Costs Capitalized Subsequent to Acquisition	323
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,142
Total	(12,142)
Accumulated Depreciation	2,441
2036 West Jordan UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	1,383
Costs Capitalized Subsequent to Acquisition	1,654
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	2,880
Total	(2,880)
Accumulated Depreciation	1,176
495 West Valley City UT | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	410
Building and Improvements	8,266
Costs Capitalized Subsequent to Acquisition	1,002
Gross Amount at Which Carried As of Year End
Land	410
Buildings and Improvements	8,255
Total	(8,665)
Accumulated Depreciation	4,363
1208 Fairfax VA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,396
Building and Improvements	16,710
Costs Capitalized Subsequent to Acquisition	14,570
Gross Amount at Which Carried As of Year End
Land	8,840
Buildings and Improvements	29,326
Total	(38,166)
Accumulated Depreciation	13,080
2230 Fredericksburg VA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,101
Building and Improvements	8,570
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,101
Buildings and Improvements	8,570
Total	(9,671)
Accumulated Depreciation	1,571
572 Reston VA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	11,902
Costs Capitalized Subsequent to Acquisition	1,287
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,225
Total	(12,225)
Accumulated Depreciation	5,623
448 Renton WA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	18,724
Costs Capitalized Subsequent to Acquisition	4,967
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	21,859
Total	(21,859)
Accumulated Depreciation	13,233
781 Seattle WA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	52,703
Costs Capitalized Subsequent to Acquisition	18,839
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	65,797
Total	(65,797)
Accumulated Depreciation	30,230
782 Seattle WA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	24,382
Costs Capitalized Subsequent to Acquisition	14,226
Gross Amount at Which Carried As of Year End
Land	126
Buildings and Improvements	34,266
Total	(34,392)
Accumulated Depreciation	18,085
783 Seattle WA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	5,625
Costs Capitalized Subsequent to Acquisition	2,113
Gross Amount at Which Carried As of Year End
Land	183
Buildings and Improvements	6,867
Total	(7,050)
Accumulated Depreciation	6,234
785 Seattle WA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	7,293
Costs Capitalized Subsequent to Acquisition	6,153
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,505
Total	(11,505)
Accumulated Depreciation	7,342
1385 Seattle WA | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	45,027
Costs Capitalized Subsequent to Acquisition	11,123
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	55,172
Total	(55,172)
Accumulated Depreciation	21,409
2038 Evanston WY | Medical Office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	4,601
Costs Capitalized Subsequent to Acquisition	1,023
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,548
Total	(5,548)
Accumulated Depreciation	1,247
3089 Birmingham AL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,218
Building and Improvements	32,146
Costs Capitalized Subsequent to Acquisition	875
Gross Amount at Which Carried As of Year End
Land	6,369
Buildings and Improvements	32,870
Total	(39,239)
Accumulated Depreciation	1,594
3090 Bradenton FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,496
Building and Improvements	95,671
Costs Capitalized Subsequent to Acquisition	4,378
Gross Amount at Which Carried As of Year End
Land	5,766
Buildings and Improvements	99,779
Total	(105,545)
Accumulated Depreciation	4,488
2997 Clearwater FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	72,137
Initial Cost to Company
Land	6,680
Building and Improvements	132,521
Costs Capitalized Subsequent to Acquisition	3,416
Gross Amount at Which Carried As of Year End
Land	6,707
Buildings and Improvements	135,910
Total	(142,617)
Accumulated Depreciation	4,588
3086 Jacksonville FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	19,660
Building and Improvements	167,860
Costs Capitalized Subsequent to Acquisition	4,416
Gross Amount at Which Carried As of Year End
Land	20,002
Buildings and Improvements	171,935
Total	(191,937)
Accumulated Depreciation	6,512
2996 Leesburg FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,941
Building and Improvements	65,698
Costs Capitalized Subsequent to Acquisition	3,908
Gross Amount at Which Carried As of Year End
Land	9,556
Buildings and Improvements	68,991
Total	(78,547)
Accumulated Depreciation	3,046
2995 Port Charlotte FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,344
Building and Improvements	159,612
Costs Capitalized Subsequent to Acquisition	2,902
Gross Amount at Which Carried As of Year End
Land	5,503
Buildings and Improvements	162,354
Total	(167,857)
Accumulated Depreciation	5,269
2998 Seminole FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	47,141
Initial Cost to Company
Land	14,080
Building and Improvements	77,485
Costs Capitalized Subsequent to Acquisition	2,068
Gross Amount at Which Carried As of Year End
Land	14,584
Buildings and Improvements	79,049
Total	(93,633)
Accumulated Depreciation	2,350
3085 Seminole FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	13,915
Building and Improvements	125,796
Costs Capitalized Subsequent to Acquisition	4,428
Gross Amount at Which Carried As of Year End
Land	14,162
Buildings and Improvements	129,978
Total	(144,140)
Accumulated Depreciation	5,016
3092 Sun City Center FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	91,439
Initial Cost to Company
Land	25,254
Building and Improvements	175,535
Costs Capitalized Subsequent to Acquisition	4,434
Gross Amount at Which Carried As of Year End
Land	25,512
Buildings and Improvements	179,711
Total	(205,223)
Accumulated Depreciation	7,994
3087 The Villages FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,091
Building and Improvements	120,493
Costs Capitalized Subsequent to Acquisition	4,238
Gross Amount at Which Carried As of Year End
Land	7,101
Buildings and Improvements	124,721
Total	(131,822)
Accumulated Depreciation	4,562
3084 Holland MI | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,572
Building and Improvements	88,960
Costs Capitalized Subsequent to Acquisition	2,435
Gross Amount at Which Carried As of Year End
Land	1,630
Buildings and Improvements	91,336
Total	(92,966)
Accumulated Depreciation	3,313
2991 Coatesville PA | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	16,443
Building and Improvements	126,243
Costs Capitalized Subsequent to Acquisition	3,216
Gross Amount at Which Carried As of Year End
Land	16,547
Buildings and Improvements	129,357
Total	(145,904)
Accumulated Depreciation	4,407
3080 Haverford PA | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	16,461
Building and Improvements	108,816
Costs Capitalized Subsequent to Acquisition	21,643
Gross Amount at Which Carried As of Year End
Land	16,461
Buildings and Improvements	122,831
Total	(139,292)
Accumulated Depreciation	44,723
3088 Spring TX | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,210
Building and Improvements	30,085
Costs Capitalized Subsequent to Acquisition	1,085
Gross Amount at Which Carried As of Year End
Land	3,245
Buildings and Improvements	31,135
Total	(34,380)
Accumulated Depreciation	1,177
3081 Ft Belvoir VA | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,594
Building and Improvements	99,528
Costs Capitalized Subsequent to Acquisition	19,155
Gross Amount at Which Carried As of Year End
Land	11,594
Buildings and Improvements	114,152
Total	(125,746)
Accumulated Depreciation	42,423
1107 Huntsville AL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	307
Building and Improvements	5,813
Costs Capitalized Subsequent to Acquisition	574
Gross Amount at Which Carried As of Year End
Land	307
Buildings and Improvements	6,027
Total	(6,334)
Accumulated Depreciation	1,956
518 Tucson AZ | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,350
Building and Improvements	24,037
Costs Capitalized Subsequent to Acquisition	280
Gross Amount at Which Carried As of Year End
Land	2,350
Buildings and Improvements	24,318
Total	(26,668)
Accumulated Depreciation	13,837
226 Murietta CA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	435
Building and Improvements	5,729
Costs Capitalized Subsequent to Acquisition	36
Gross Amount at Which Carried As of Year End
Land	435
Buildings and Improvements	5,765
Total	(6,200)
Accumulated Depreciation	3,586
2467 Ft Myers FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,782
Building and Improvements	21,827
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,782
Buildings and Improvements	9,730
Total	(12,512)
Accumulated Depreciation	3,840
1095 Gainesville FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,221
Building and Improvements	12,226
Costs Capitalized Subsequent to Acquisition	300
Gross Amount at Which Carried As of Year End
Land	1,221
Buildings and Improvements	12,301
Total	(13,522)
Accumulated Depreciation	4,221
490 Jacksonville FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,250
Building and Improvements	25,936
Costs Capitalized Subsequent to Acquisition	7,117
Gross Amount at Which Carried As of Year End
Land	3,250
Buildings and Improvements	33,053
Total	(36,303)
Accumulated Depreciation	15,873
1096 Jacksonville FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,587
Building and Improvements	15,616
Costs Capitalized Subsequent to Acquisition	359
Gross Amount at Which Carried As of Year End
Land	1,587
Buildings and Improvements	15,657
Total	(17,244)
Accumulated Depreciation	5,377
1017 Palm Harbor FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,462
Building and Improvements	16,774
Costs Capitalized Subsequent to Acquisition	1,127
Gross Amount at Which Carried As of Year End
Land	1,462
Buildings and Improvements	17,515
Total	(18,977)
Accumulated Depreciation	6,089
1097 Tallahassee FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,331
Building and Improvements	19,039
Costs Capitalized Subsequent to Acquisition	570
Gross Amount at Which Carried As of Year End
Land	1,331
Buildings and Improvements	19,265
Total	(20,596)
Accumulated Depreciation	6,578
1605 Vero Beach FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	700
Building and Improvements	16,234
Costs Capitalized Subsequent to Acquisition	206
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	15,691
Total	(16,391)
Accumulated Depreciation	4,323
1257 Vero Beach FL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,035
Building and Improvements	34,993
Costs Capitalized Subsequent to Acquisition	1,877
Gross Amount at Which Carried As of Year End
Land	2,035
Buildings and Improvements	35,310
Total	(37,345)
Accumulated Depreciation	11,867
1162 Orland Park IL | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,623
Building and Improvements	23,154
Costs Capitalized Subsequent to Acquisition	2,180
Gross Amount at Which Carried As of Year End
Land	2,623
Buildings and Improvements	24,559
Total	(27,182)
Accumulated Depreciation	9,204
546 Cape Elizabeth ME | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	630
Building and Improvements	3,524
Costs Capitalized Subsequent to Acquisition	433
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	3,617
Total	(4,247)
Accumulated Depreciation	1,564
545 Saco ME | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	80
Building and Improvements	2,363
Costs Capitalized Subsequent to Acquisition	325
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	2,518
Total	(2,598)
Accumulated Depreciation	1,086
734 Hillsborough NJ | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,042
Building and Improvements	10,042
Costs Capitalized Subsequent to Acquisition	926
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	10,502
Total	(11,544)
Accumulated Depreciation	4,262
1252 Brooklyn NY | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,117
Building and Improvements	23,627
Costs Capitalized Subsequent to Acquisition	1,474
Gross Amount at Which Carried As of Year End
Land	8,117
Buildings and Improvements	23,774
Total	(31,891)
Accumulated Depreciation	8,342
1256 Brooklyn NY | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,215
Building and Improvements	39,052
Costs Capitalized Subsequent to Acquisition	1,709
Gross Amount at Which Carried As of Year End
Land	5,215
Buildings and Improvements	39,227
Total	(44,442)
Accumulated Depreciation	13,760
2089 Newberg OR | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,889
Building and Improvements	16,855
Costs Capitalized Subsequent to Acquisition	936
Gross Amount at Which Carried As of Year End
Land	1,889
Buildings and Improvements	17,791
Total	(19,680)
Accumulated Depreciation	4,230
2050 Redmond OR | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,229
Building and Improvements	21,921
Costs Capitalized Subsequent to Acquisition	980
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	22,900
Total	(24,129)
Accumulated Depreciation	4,931
2084 Roseburg OR | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,042
Building and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	287
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	12,376
Total	(13,418)
Accumulated Depreciation	3,089
2134 Scappoose OR | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	353
Building and Improvements	1,258
Costs Capitalized Subsequent to Acquisition	30
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	1,288
Total	(1,641)
Accumulated Depreciation	424
2153 Scappoose OR | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	971
Building and Improvements	7,116
Costs Capitalized Subsequent to Acquisition	240
Gross Amount at Which Carried As of Year End
Land	971
Buildings and Improvements	6,888
Total	(7,859)
Accumulated Depreciation	1,659
2088 Tualatin OR | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	6,326
Costs Capitalized Subsequent to Acquisition	786
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,112
Total	(7,112)
Accumulated Depreciation	2,325
2063 Selinsgrove PA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	529
Building and Improvements	9,111
Costs Capitalized Subsequent to Acquisition	285
Gross Amount at Which Carried As of Year End
Land	529
Buildings and Improvements	9,396
Total	(9,925)
Accumulated Depreciation	2,671
306 Georgetown SC | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	239
Building and Improvements	3,008
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	239
Buildings and Improvements	3,008
Total	(3,247)
Accumulated Depreciation	1,436
305 Lancaster SC | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	84
Building and Improvements	2,982
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	2,982
Total	(3,066)
Accumulated Depreciation	1,340
312 Rock Hill SC | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	203
Building and Improvements	2,671
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	203
Buildings and Improvements	2,671
Total	(2,874)
Accumulated Depreciation	1,254
1113 Rock Hill SC | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	695
Building and Improvements	4,119
Costs Capitalized Subsequent to Acquisition	481
Gross Amount at Which Carried As of Year End
Land	795
Buildings and Improvements	4,233
Total	(5,028)
Accumulated Depreciation	1,668
313 Sumter SC | Senior Housing Triple Net | Discontinued Operations
Gross Amount at Which Carried As of Year End
Buildings and Improvements	2,623
313 Sumter SC | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	196
Building and Improvements	2,623
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	196
Total	(2,819)
Accumulated Depreciation	1,252
2073 Kingsport TN | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,113
Building and Improvements	8,625
Costs Capitalized Subsequent to Acquisition	397
Gross Amount at Which Carried As of Year End
Land	1,113
Buildings and Improvements	9,022
Total	(10,135)
Accumulated Depreciation	2,367
2107 Amarillo TX | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,315
Building and Improvements	26,838
Costs Capitalized Subsequent to Acquisition	1,034
Gross Amount at Which Carried As of Year End
Land	1,315
Buildings and Improvements	27,873
Total	(29,188)
Accumulated Depreciation	6,395
511 Austin TX | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,960
Building and Improvements	41,645
Costs Capitalized Subsequent to Acquisition	391
Gross Amount at Which Carried As of Year End
Land	2,959
Buildings and Improvements	42,035
Total	(44,994)
Accumulated Depreciation	23,967
2075 Bedford TX | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,204
Building and Improvements	26,845
Costs Capitalized Subsequent to Acquisition	1,991
Gross Amount at Which Carried As of Year End
Land	1,204
Buildings and Improvements	28,837
Total	(30,041)
Accumulated Depreciation	7,133
1106 Houston TX | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,008
Building and Improvements	15,333
Costs Capitalized Subsequent to Acquisition	258
Gross Amount at Which Carried As of Year End
Land	1,020
Buildings and Improvements	15,030
Total	(16,050)
Accumulated Depreciation	5,360
2162 Portland TX | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,233
Building and Improvements	14,001
Costs Capitalized Subsequent to Acquisition	3,187
Gross Amount at Which Carried As of Year End
Land	1,233
Buildings and Improvements	17,188
Total	(18,421)
Accumulated Depreciation	5,497
2116 Sherman TX | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	209
Building and Improvements	3,492
Costs Capitalized Subsequent to Acquisition	298
Gross Amount at Which Carried As of Year End
Land	209
Buildings and Improvements	3,790
Total	(3,999)
Accumulated Depreciation	1,089
225 Woodbridge VA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	950
Building and Improvements	6,983
Costs Capitalized Subsequent to Acquisition	1,895
Gross Amount at Which Carried As of Year End
Land	950
Buildings and Improvements	8,702
Total	(9,652)
Accumulated Depreciation	4,731
2096 Poulsbo WA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,801
Building and Improvements	18,068
Costs Capitalized Subsequent to Acquisition	278
Gross Amount at Which Carried As of Year End
Land	1,801
Buildings and Improvements	18,346
Total	(20,147)
Accumulated Depreciation	4,403
2102 Richland WA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	249
Building and Improvements	5,067
Costs Capitalized Subsequent to Acquisition	192
Gross Amount at Which Carried As of Year End
Land	249
Buildings and Improvements	5,259
Total	(5,508)
Accumulated Depreciation	1,254
2061 Vancouver WA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	513
Building and Improvements	4,556
Costs Capitalized Subsequent to Acquisition	346
Gross Amount at Which Carried As of Year End
Land	513
Buildings and Improvements	4,784
Total	(5,297)
Accumulated Depreciation	1,388
2062 Vancouver WA | Senior Housing Triple Net | Operating segment | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,498
Building and Improvements	9,997
Costs Capitalized Subsequent to Acquisition	427
Gross Amount at Which Carried As of Year End
Land	1,498
Buildings and Improvements	10,424
Total	(11,922)
Accumulated Depreciation	2,422
2935 Alameda CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	19,578
Initial Cost to Company
Land	6,225
Building and Improvements	20,194
Costs Capitalized Subsequent to Acquisition	(10)
Gross Amount at Which Carried As of Year End
Land	6,225
Buildings and Improvements	20,184
Total	(26,409)
Accumulated Depreciation	1,211
2911 Beverly Hills CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,872
Building and Improvements	32,590
Costs Capitalized Subsequent to Acquisition	12,464
Gross Amount at Which Carried As of Year End
Land	9,872
Buildings and Improvements	42,066
Total	(51,938)
Accumulated Depreciation	15,306
2933 Chino Hills CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,720
Building and Improvements	41,183
Costs Capitalized Subsequent to Acquisition	790
Gross Amount at Which Carried As of Year End
Land	3,720
Buildings and Improvements	40,743
Total	(44,463)
Accumulated Depreciation	7,595
2953 Concord CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	31,332
Initial Cost to Company
Land	5,386
Building and Improvements	45,883
Costs Capitalized Subsequent to Acquisition	140
Gross Amount at Which Carried As of Year End
Land	5,386
Buildings and Improvements	46,023
Total	(51,409)
Accumulated Depreciation	2,409
2931 Concord CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	25,000
Initial Cost to Company
Land	6,010
Building and Improvements	39,615
Costs Capitalized Subsequent to Acquisition	701
Gross Amount at Which Carried As of Year End
Land	6,010
Buildings and Improvements	39,016
Total	(45,026)
Accumulated Depreciation	14,851
2932 Escondido CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	14,340
Initial Cost to Company
Land	5,090
Building and Improvements	24,253
Costs Capitalized Subsequent to Acquisition	524
Gross Amount at Which Carried As of Year End
Land	5,090
Buildings and Improvements	23,877
Total	(28,967)
Accumulated Depreciation	9,071
2937 Fair Oaks CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	33,381
Initial Cost to Company
Land	3,972
Building and Improvements	51,073
Costs Capitalized Subsequent to Acquisition	(94)
Gross Amount at Which Carried As of Year End
Land	3,972
Buildings and Improvements	50,979
Total	(54,951)
Accumulated Depreciation	3,154
2959 Huntington Beach CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	12,365
Building and Improvements	36,517
Costs Capitalized Subsequent to Acquisition	36
Gross Amount at Which Carried As of Year End
Land	12,365
Buildings and Improvements	36,553
Total	(48,918)
Accumulated Depreciation	2,308
2723 Northridge, CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,718
Building and Improvements	26,309
Costs Capitalized Subsequent to Acquisition	2,826
Gross Amount at Which Carried As of Year End
Land	6,752
Buildings and Improvements	27,898
Total	(34,650)
Accumulated Depreciation	11,086
2934 Roseville CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,844
Building and Improvements	33,527
Costs Capitalized Subsequent to Acquisition	126
Gross Amount at Which Carried As of Year End
Land	3,844
Buildings and Improvements	33,382
Total	(37,226)
Accumulated Depreciation	6,987
2952 San Jose CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	28,159
Initial Cost to Company
Land	10,658
Building and Improvements	34,669
Costs Capitalized Subsequent to Acquisition	135
Gross Amount at Which Carried As of Year End
Land	10,658
Buildings and Improvements	34,804
Total	(45,462)
Accumulated Depreciation	1,791
2951 Santa Clarita CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	33,512
Initial Cost to Company
Land	16,896
Building and Improvements	38,559
Costs Capitalized Subsequent to Acquisition	154
Gross Amount at Which Carried As of Year End
Land	16,896
Buildings and Improvements	38,713
Total	(55,609)
Accumulated Depreciation	2,198
3998 Santa Rosa, CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,871
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,871
Buildings and Improvements	0
Total	(2,871)
Accumulated Depreciation	0
3999 Santa Rosa, CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	37,223
Initial Cost to Company
Land	7,529
Building and Improvements	32,772
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	7,529
Buildings and Improvements	32,361
Total	(39,890)
Accumulated Depreciation	0
2958 Valencia CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	25,903
Initial Cost to Company
Land	12,699
Building and Improvements	49,996
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land	12,699
Buildings and Improvements	50,005
Total	(62,704)
Accumulated Depreciation	3,292
2936 Whittier CA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,355
Building and Improvements	24,639
Costs Capitalized Subsequent to Acquisition	36
Gross Amount at Which Carried As of Year End
Land	3,355
Buildings and Improvements	24,675
Total	(28,030)
Accumulated Depreciation	1,486
2603 Boca Raton FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,415
Building and Improvements	17,923
Costs Capitalized Subsequent to Acquisition	2,407
Gross Amount at Which Carried As of Year End
Land	2,415
Buildings and Improvements	17,437
Total	(19,852)
Accumulated Depreciation	6,391
3064 Boca Raton, FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,730
Building and Improvements	17,532
Costs Capitalized Subsequent to Acquisition	5,934
Gross Amount at Which Carried As of Year End
Land	4,730
Buildings and Improvements	20,230
Total	(24,960)
Accumulated Depreciation	9,806
2602 Boynton Beach FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,270
Building and Improvements	4,773
Costs Capitalized Subsequent to Acquisition	4,448
Gross Amount at Which Carried As of Year End
Land	1,270
Buildings and Improvements	7,447
Total	(8,717)
Accumulated Depreciation	2,596
3042 Bradenton FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,720
Building and Improvements	30,799
Costs Capitalized Subsequent to Acquisition	167
Gross Amount at Which Carried As of Year End
Land	1,720
Buildings and Improvements	26,400
Total	(28,120)
Accumulated Depreciation	1,754
2604 Coconut Creek, FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,461
Building and Improvements	16,006
Costs Capitalized Subsequent to Acquisition	3,521
Gross Amount at Which Carried As of Year End
Land	2,461
Buildings and Improvements	17,370
Total	(19,831)
Accumulated Depreciation	6,003
2601 Delray Beach FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	850
Building and Improvements	6,637
Costs Capitalized Subsequent to Acquisition	3,588
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	9,311
Total	(10,161)
Accumulated Depreciation	3,493
3043 Fort Myers FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,806
Building and Improvements	37,392
Costs Capitalized Subsequent to Acquisition	268
Gross Amount at Which Carried As of Year End
Land	1,806
Buildings and Improvements	32,141
Total	(33,947)
Accumulated Depreciation	2,081
3044 Fort Myers FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,177
Building and Improvements	55,693
Costs Capitalized Subsequent to Acquisition	191
Gross Amount at Which Carried As of Year End
Land	3,173
Buildings and Improvements	47,632
Total	(50,805)
Accumulated Depreciation	3,153
2517 Ft Lauderdale FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,867
Building and Improvements	43,126
Costs Capitalized Subsequent to Acquisition	17,295
Gross Amount at Which Carried As of Year End
Land	2,867
Buildings and Improvements	22,435
Total	(25,302)
Accumulated Depreciation	9,217
3039 Melbourne FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,212
Building and Improvements	54,716
Costs Capitalized Subsequent to Acquisition	374
Gross Amount at Which Carried As of Year End
Land	2,212
Buildings and Improvements	47,127
Total	(49,339)
Accumulated Depreciation	3,194
3040 Naples FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,444
Building and Improvements	33,728
Costs Capitalized Subsequent to Acquisition	228
Gross Amount at Which Carried As of Year End
Land	7,444
Buildings and Improvements	28,148
Total	(35,592)
Accumulated Depreciation	2,051
3041 Palm Beach Gardens FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,249
Building and Improvements	33,732
Costs Capitalized Subsequent to Acquisition	181
Gross Amount at Which Carried As of Year End
Land	4,249
Buildings and Improvements	28,562
Total	(32,811)
Accumulated Depreciation	1,910
2904 Tampa FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,994
Building and Improvements	24,493
Costs Capitalized Subsequent to Acquisition	881
Gross Amount at Which Carried As of Year End
Land	1,994
Buildings and Improvements	7,414
Total	(9,408)
Accumulated Depreciation	1,381
3045 Tampa FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,419
Building and Improvements	25,622
Costs Capitalized Subsequent to Acquisition	100
Gross Amount at Which Carried As of Year End
Land	1,419
Buildings and Improvements	21,937
Total	(23,356)
Accumulated Depreciation	1,497
2527 Vero Beach FL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,048
Building and Improvements	17,392
Costs Capitalized Subsequent to Acquisition	3,633
Gross Amount at Which Carried As of Year End
Land	1,048
Buildings and Improvements	19,130
Total	(20,178)
Accumulated Depreciation	3,600
2896 Atlanta GA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,957
Building and Improvements	5,378
Costs Capitalized Subsequent to Acquisition	262
Gross Amount at Which Carried As of Year End
Land	3,957
Buildings and Improvements	5,639
Total	(9,596)
Accumulated Depreciation	477
2914 Lilburn GA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	907
Building and Improvements	17,340
Costs Capitalized Subsequent to Acquisition	654
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	17,306
Total	(18,213)
Accumulated Depreciation	6,048
3046 Suwanee GA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,708
Building and Improvements	35,864
Costs Capitalized Subsequent to Acquisition	252
Gross Amount at Which Carried As of Year End
Land	3,708
Buildings and Improvements	30,532
Total	(34,240)
Accumulated Depreciation	1,994
1961 Olympia Fields IL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,120
Building and Improvements	29,400
Costs Capitalized Subsequent to Acquisition	5,443
Gross Amount at Which Carried As of Year End
Land	4,120
Buildings and Improvements	33,580
Total	(37,700)
Accumulated Depreciation	11,992
2903 St. Charles IL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,000
Building and Improvements	22,747
Costs Capitalized Subsequent to Acquisition	606
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	23,353
Total	(24,353)
Accumulated Depreciation	1,132
2906 Wheaton IL | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,599
Building and Improvements	13,268
Costs Capitalized Subsequent to Acquisition	522
Gross Amount at Which Carried As of Year End
Land	1,599
Buildings and Improvements	13,790
Total	(15,389)
Accumulated Depreciation	807
2899 Praire Village KS | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,554
Building and Improvements	6,994
Costs Capitalized Subsequent to Acquisition	331
Gross Amount at Which Carried As of Year End
Land	2,554
Buildings and Improvements	2,413
Total	(4,967)
Accumulated Depreciation	643
2787 Plymouth MA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,434
Building and Improvements	9,027
Costs Capitalized Subsequent to Acquisition	2,539
Gross Amount at Which Carried As of Year End
Land	2,438
Buildings and Improvements	10,765
Total	(13,203)
Accumulated Depreciation	3,341
2894 Columbia MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,947
Building and Improvements	29,201
Costs Capitalized Subsequent to Acquisition	545
Gross Amount at Which Carried As of Year End
Land	1,947
Buildings and Improvements	29,746
Total	(31,693)
Accumulated Depreciation	1,345
2583 Ellicott City MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	17,983
Initial Cost to Company
Land	3,607
Building and Improvements	31,720
Costs Capitalized Subsequent to Acquisition	2,003
Gross Amount at Which Carried As of Year End
Land	3,607
Buildings and Improvements	23,606
Total	(27,213)
Accumulated Depreciation	4,560
2921 Frederick MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	609
Building and Improvements	9,158
Costs Capitalized Subsequent to Acquisition	1,502
Gross Amount at Which Carried As of Year End
Land	609
Buildings and Improvements	10,026
Total	(10,635)
Accumulated Depreciation	3,609
2584 Hanover MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	8,373
Initial Cost to Company
Land	4,513
Building and Improvements	25,625
Costs Capitalized Subsequent to Acquisition	1,646
Gross Amount at Which Carried As of Year End
Land	4,513
Buildings and Improvements	26,100
Total	(30,613)
Accumulated Depreciation	3,636
2585 Laurel MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	5,431
Initial Cost to Company
Land	3,895
Building and Improvements	13,331
Costs Capitalized Subsequent to Acquisition	1,668
Gross Amount at Which Carried As of Year End
Land	3,895
Buildings and Improvements	10,876
Total	(14,771)
Accumulated Depreciation	2,720
2902 North Bethesda MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,798
Building and Improvements	21,430
Costs Capitalized Subsequent to Acquisition	437
Gross Amount at Which Carried As of Year End
Land	3,798
Buildings and Improvements	21,867
Total	(25,665)
Accumulated Depreciation	1,219
2586 Parkville, MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	19,405
Initial Cost to Company
Land	3,854
Building and Improvements	29,061
Costs Capitalized Subsequent to Acquisition	1,413
Gross Amount at Which Carried As of Year End
Land	3,854
Buildings and Improvements	9,878
Total	(13,732)
Accumulated Depreciation	3,375
2587 Waldorf, MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	7,852
Initial Cost to Company
Land	392
Building and Improvements	20,514
Costs Capitalized Subsequent to Acquisition	1,044
Gross Amount at Which Carried As of Year End
Land	392
Buildings and Improvements	6,228
Total	(6,620)
Accumulated Depreciation	1,983
2788 Westminster, MD | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	768
Building and Improvements	5,251
Costs Capitalized Subsequent to Acquisition	2,309
Gross Amount at Which Carried As of Year End
Land	768
Buildings and Improvements	4,503
Total	(5,271)
Accumulated Depreciation	3,177
2920 Farmington Hills MI | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,013
Building and Improvements	12,119
Costs Capitalized Subsequent to Acquisition	1,145
Gross Amount at Which Carried As of Year End
Land	1,013
Buildings and Improvements	12,463
Total	(13,476)
Accumulated Depreciation	4,499
2900 Plymoth Township MI | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,494
Building and Improvements	16,060
Costs Capitalized Subsequent to Acquisition	768
Gross Amount at Which Carried As of Year End
Land	1,494
Buildings and Improvements	16,828
Total	(18,322)
Accumulated Depreciation	921
2908 Dos Peres MO | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,361
Building and Improvements	20,664
Costs Capitalized Subsequent to Acquisition	2,708
Gross Amount at Which Carried As of Year End
Land	4,361
Buildings and Improvements	21,420
Total	(25,781)
Accumulated Depreciation	7,481
2909 Richmond Heights MO | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,744
Building and Improvements	24,232
Costs Capitalized Subsequent to Acquisition	1,512
Gross Amount at Which Carried As of Year End
Land	1,744
Buildings and Improvements	17,891
Total	(19,635)
Accumulated Depreciation	8,312
3130 Charlotte, NC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	710
Building and Improvements	9,559
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	9,159
Total	(9,869)
Accumulated Depreciation	2,997
2776 Mooresville NC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,538
Building and Improvements	37,617
Costs Capitalized Subsequent to Acquisition	2,598
Gross Amount at Which Carried As of Year End
Land	2,538
Buildings and Improvements	40,216
Total	(42,754)
Accumulated Depreciation	9,039
2898 Greensboro NC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,272
Building and Improvements	29,249
Costs Capitalized Subsequent to Acquisition	586
Gross Amount at Which Carried As of Year End
Land	1,272
Buildings and Improvements	29,835
Total	(31,107)
Accumulated Depreciation	1,401
2926 Raleigh NC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,191
Building and Improvements	11,532
Costs Capitalized Subsequent to Acquisition	1,415
Gross Amount at Which Carried As of Year End
Land	1,191
Buildings and Improvements	12,297
Total	(13,488)
Accumulated Depreciation	4,307
2901 Omaha NE | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,864
Building and Improvements	30,793
Costs Capitalized Subsequent to Acquisition	414
Gross Amount at Which Carried As of Year End
Land	2,864
Buildings and Improvements	31,207
Total	(34,071)
Accumulated Depreciation	1,587
2912 Cresskill NJ | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,684
Building and Improvements	53,927
Costs Capitalized Subsequent to Acquisition	2,728
Gross Amount at Which Carried As of Year End
Land	4,684
Buildings and Improvements	55,445
Total	(60,129)
Accumulated Depreciation	18,949
2897 Florham Park NJ | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,587
Building and Improvements	30,666
Costs Capitalized Subsequent to Acquisition	1,396
Gross Amount at Which Carried As of Year End
Land	8,587
Buildings and Improvements	32,062
Total	(40,649)
Accumulated Depreciation	1,563
2915 Madison NJ | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,157
Building and Improvements	19,909
Costs Capitalized Subsequent to Acquisition	1,180
Gross Amount at Which Carried As of Year End
Land	3,157
Buildings and Improvements	20,436
Total	(23,593)
Accumulated Depreciation	6,924
2907 Saddle River NJ | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,784
Building and Improvements	15,625
Costs Capitalized Subsequent to Acquisition	1,539
Gross Amount at Which Carried As of Year End
Land	1,784
Buildings and Improvements	16,382
Total	(18,166)
Accumulated Depreciation	5,601
2905 West Orange NJ | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,231
Building and Improvements	33,395
Costs Capitalized Subsequent to Acquisition	1,245
Gross Amount at Which Carried As of Year End
Land	5,231
Buildings and Improvements	34,640
Total	(39,871)
Accumulated Depreciation	1,627
2589 Albuquerque NM | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	767
Building and Improvements	9,324
Costs Capitalized Subsequent to Acquisition	1,830
Gross Amount at Which Carried As of Year End
Land	767
Buildings and Improvements	10,656
Total	(11,423)
Accumulated Depreciation	4,984
2895 Dayton OH | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	848
Building and Improvements	15,095
Costs Capitalized Subsequent to Acquisition	289
Gross Amount at Which Carried As of Year End
Land	848
Buildings and Improvements	15,384
Total	(16,232)
Accumulated Depreciation	809
2893 Westlake OH | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,908
Building and Improvements	13,039
Costs Capitalized Subsequent to Acquisition	253
Gross Amount at Which Carried As of Year End
Land	1,908
Buildings and Improvements	13,291
Total	(15,199)
Accumulated Depreciation	752
2789 Portland, OR | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Building and Improvements	16,087
Costs Capitalized Subsequent to Acquisition	771
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,587
Total	(9,587)
Accumulated Depreciation	2,983
1962 Warwick, RI | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,050
Building and Improvements	17,388
Costs Capitalized Subsequent to Acquisition	6,699
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	8,805
Total	(9,855)
Accumulated Depreciation	8,092
2755 Aiken, SC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	357
Building and Improvements	14,832
Costs Capitalized Subsequent to Acquisition	178
Gross Amount at Which Carried As of Year End
Land	363
Buildings and Improvements	5,858
Total	(6,221)
Accumulated Depreciation	4,630
2756 Columbia, SC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	408
Building and Improvements	7,527
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried As of Year End
Land	412
Buildings and Improvements	3,104
Total	(3,516)
Accumulated Depreciation	2,407
3131 Greenville, SC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,090
Building and Improvements	12,558
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	5,323
Total	(6,413)
Accumulated Depreciation	3,944
3132 Myrtle Beach, SC | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	900
Building and Improvements	10,913
Costs Capitalized Subsequent to Acquisition	5
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	4,487
Total	(5,387)
Accumulated Depreciation	3,438
3063 Abilene, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	300
Building and Improvements	2,830
Costs Capitalized Subsequent to Acquisition	35
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	2,388
Total	(2,688)
Accumulated Depreciation	955
2784 Arlington TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,494
Building and Improvements	12,192
Costs Capitalized Subsequent to Acquisition	1,371
Gross Amount at Which Carried As of Year End
Land	2,540
Buildings and Improvements	12,807
Total	(15,347)
Accumulated Depreciation	4,347
3054 Burleson, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,050
Building and Improvements	5,242
Costs Capitalized Subsequent to Acquisition	42
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	3,229
Total	(4,279)
Accumulated Depreciation	1,727
3068 Cedar Hill, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,070
Building and Improvements	11,554
Costs Capitalized Subsequent to Acquisition	127
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	11,231
Total	(12,301)
Accumulated Depreciation	3,911
3135 Cedar Hill, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	440
Building and Improvements	7,494
Costs Capitalized Subsequent to Acquisition	13
Gross Amount at Which Carried As of Year End
Land	440
Buildings and Improvements	6,987
Total	(7,427)
Accumulated Depreciation	2,223
2786 Friendswood TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	400
Building and Improvements	7,354
Costs Capitalized Subsequent to Acquisition	1,222
Gross Amount at Which Carried As of Year End
Land	400
Buildings and Improvements	8,255
Total	(8,655)
Accumulated Depreciation	3,215
2529 Grand Prairie TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	865
Building and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	1,737
Gross Amount at Which Carried As of Year End
Land	865
Buildings and Improvements	12,386
Total	(13,251)
Accumulated Depreciation	2,783
2785 Houston TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	835
Building and Improvements	7,195
Costs Capitalized Subsequent to Acquisition	1,133
Gross Amount at Which Carried As of Year End
Land	835
Buildings and Improvements	8,328
Total	(9,163)
Accumulated Depreciation	4,110
3047 Lewisville TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,228
Building and Improvements	35,818
Costs Capitalized Subsequent to Acquisition	982
Gross Amount at Which Carried As of Year End
Land	4,228
Buildings and Improvements	31,065
Total	(35,293)
Accumulated Depreciation	2,176
3065 North Richland Hills, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	520
Building and Improvements	5,117
Costs Capitalized Subsequent to Acquisition	79
Gross Amount at Which Carried As of Year End
Land	520
Buildings and Improvements	3,702
Total	(4,222)
Accumulated Depreciation	1,694
3066 North Richland Hills, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	870
Building and Improvements	9,259
Costs Capitalized Subsequent to Acquisition	46
Gross Amount at Which Carried As of Year End
Land	870
Buildings and Improvements	8,864
Total	(9,734)
Accumulated Depreciation	3,549
2510 Temple TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,354
Building and Improvements	52,859
Costs Capitalized Subsequent to Acquisition	2,143
Gross Amount at Which Carried As of Year End
Land	2,354
Buildings and Improvements	53,799
Total	(56,153)
Accumulated Depreciation	6,850
2400 Victoria, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,032
Building and Improvements	7,743
Costs Capitalized Subsequent to Acquisition	2,109
Gross Amount at Which Carried As of Year End
Land	1,032
Buildings and Improvements	8,525
Total	(9,557)
Accumulated Depreciation	2,584
2605 Victoria, TX | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	175
Building and Improvements	4,290
Costs Capitalized Subsequent to Acquisition	4,898
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	7,733
Total	(7,908)
Accumulated Depreciation	4,450
3067 Waxahachie, VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	390
Building and Improvements	3,879
Costs Capitalized Subsequent to Acquisition	74
Gross Amount at Which Carried As of Year End
Land	390
Buildings and Improvements	2,650
Total	(3,040)
Accumulated Depreciation	1,290
2916 Arlington, VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,833
Building and Improvements	7,076
Costs Capitalized Subsequent to Acquisition	1,027
Gross Amount at Which Carried As of Year End
Land	3,833
Buildings and Improvements	3,336
Total	(7,169)
Accumulated Depreciation	2,743
2917 Arlington VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,278
Building and Improvements	37,407
Costs Capitalized Subsequent to Acquisition	4,252
Gross Amount at Which Carried As of Year End
Land	7,278
Buildings and Improvements	40,266
Total	(47,544)
Accumulated Depreciation	14,902
3133 Chesapeake, VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,090
Building and Improvements	12,444
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	11,944
Total	(13,034)
Accumulated Depreciation	4,056
2919 Falls Church VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,228
Building and Improvements	8,887
Costs Capitalized Subsequent to Acquisition	1,268
Gross Amount at Which Carried As of Year End
Land	2,228
Buildings and Improvements	9,430
Total	(11,658)
Accumulated Depreciation	3,306
2582 Fredericksburg VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,370
Building and Improvements	19,725
Costs Capitalized Subsequent to Acquisition	555
Gross Amount at Which Carried As of Year End
Land	2,370
Buildings and Improvements	19,103
Total	(21,473)
Accumulated Depreciation	2,331
2581 Leesburg VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	11,404
Initial Cost to Company
Land	1,340
Building and Improvements	17,605
Costs Capitalized Subsequent to Acquisition	1,701
Gross Amount at Which Carried As of Year End
Land	1,340
Buildings and Improvements	18,158
Total	(19,498)
Accumulated Depreciation	2,595
2514 Richmond VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,981
Building and Improvements	54,203
Costs Capitalized Subsequent to Acquisition	7,276
Gross Amount at Which Carried As of Year End
Land	2,981
Buildings and Improvements	61,479
Total	(64,460)
Accumulated Depreciation	8,399
2777 Sterling, VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,046
Building and Improvements	15,788
Costs Capitalized Subsequent to Acquisition	966
Gross Amount at Which Carried As of Year End
Land	1,046
Buildings and Improvements	5,278
Total	(6,324)
Accumulated Depreciation	3,246
2918 Sterling, VA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,360
Building and Improvements	22,932
Costs Capitalized Subsequent to Acquisition	1,495
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	13,438
Total	(15,798)
Accumulated Depreciation	7,821
2913 Edmonds WA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,418
Building and Improvements	16,502
Costs Capitalized Subsequent to Acquisition	1,528
Gross Amount at Which Carried As of Year End
Land	1,418
Buildings and Improvements	17,481
Total	(18,899)
Accumulated Depreciation	5,745
2791 Kenmore, WA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,284
Building and Improvements	16,641
Costs Capitalized Subsequent to Acquisition	1,456
Gross Amount at Which Carried As of Year End
Land	3,284
Buildings and Improvements	4,350
Total	(7,634)
Accumulated Depreciation	3,627
2923 Mercer Island, WA | Senior Housing Operating Portfolio | Discontinued Operations
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,209
Building and Improvements	8,123
Costs Capitalized Subsequent to Acquisition	889
Gross Amount at Which Carried As of Year End
Land	4,209
Buildings and Improvements	4,180
Total	(8,389)
Accumulated Depreciation	$ 2,846

Schedule III_ Real Estate and_3

Schedule III: Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Amount that the tax basis of the Company's net real estate is less than the reported amounts	$ 844
Life on Which Depreciation in Latest Income Statement is Computed	60 years

Schedule III_ Real Estate and_4

Schedule III: Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Continuing Operations
Real estate:
Balances at beginning of year	$ 10,372,584	$ 9,707,488	$ 9,460,973
Acquisition of real estate and development and improvements	3,460,556	1,621,739	1,047,312
Sales and/or transfers to assets held for sale	(203,687)	(852,480)	(386,770)
Deconsolidation of real estate	0	0	(325,580)
Impairments	(23,991)	(19,067)	(5,609)
Other	(76,569)	(85,096)	(82,838)
Balances at end of year	13,528,893	10,372,584	9,707,488
Accumulated depreciation:
Balances at beginning of year	2,141,960	2,054,888	1,912,628
Depreciation expense	438,735	365,319	340,600
Sales and/or transfers to assets held for sale	(93,220)	(190,877)	(82,139)
Real estate held for sale	0	0	(43,525)
Other	(78,340)	(87,370)	(72,676)
Balances at end of year	2,409,135	2,141,960	2,054,888
Discontinued Operations
Real estate:
Balances at beginning of year	4,133,349	3,440,706	4,257,599
Acquisition of real estate and development and improvements	119,333	812,827	46,591
Sales and/or transfers to assets held for sale	(1,114,792)	(245,291)	(814,577)
Impairments	(198,048)	(200,546)	(44,120)
Other	(9,276)	325,653	(4,787)
Balances at end of year	2,930,566	4,133,349	3,440,706
Accumulated depreciation:
Balances at beginning of year	861,557	817,931	863,602
Depreciation expense	91,726	122,792	121,064
Sales and/or transfers to assets held for sale	(333,654)	(68,391)	(161,755)
Other	(3,921)	(10,775)	(4,980)
Balances at end of year	$ 615,708	$ 861,557	$ 817,931

Schedule IV_ Mortgage Loans o_2

Schedule IV: Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Monthly Debt Service	710
Face Amount of Mortgages	161,530
Carrying Amount	157,572	$ 161,964	$ 42,037	$ 188,418
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	11
Texas, Florida And California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	1
Mortgage loan on real estate, Texas due 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Face Amount of Mortgages	$ 2,250
Carrying Amount	$ 2,250
Mortgage loan on real estate, Texas due 2021 | Other Non-reportable | Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Prior Liens	$ 0
Monthly Debt Service	15
Face Amount of Mortgages	2,250
Carrying Amount	2,250
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loans On Real Estate Interest Only Florida Due 2021, Principal $8289 | Other Non-reportable | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Prior Liens	$ 0
Monthly Debt Service	54
Face Amount of Mortgages	8,289
Carrying Amount	8,289
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, Florida due 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Face Amount of Mortgages	$ 51,716
Carrying Amount	$ 51,233
Mortgage loan on real estate, Florida due 2026 | Other Non-reportable | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Prior Liens	$ 0
Monthly Debt Service	276
Face Amount of Mortgages	51,716
Carrying Amount	51,233
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, Florida due 2026 | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Mortgage loan on real estate, Florida due 2026 | LIBOR | Other Non-reportable | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.0425%
Mortgage loan on real estate, California due 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Face Amount of Mortgages	$ 13,257
Carrying Amount	$ 13,477
Mortgage loan on real estate, California due 2026 | Other Non-reportable | California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Prior Liens	$ 0
Monthly Debt Service	70
Face Amount of Mortgages	13,257
Carrying Amount	13,477
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, California due 2026 | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Mortgage loan on real estate, California due 2026 | LIBOR | Other Non-reportable | California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.0425%
Mortgage loan on real estate, Florida and California due 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Face Amount of Mortgages	$ 61,018
Carrying Amount	$ 57,861
Mortgage loan on real estate, Florida and California due 2021 | Other Non-reportable | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Monthly Debt Service	23
Face Amount of Mortgages	7,798
Carrying Amount	6,397
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loans On Real Estate Interest Only Florida Due 2021, Principal $3912 | Other Non-reportable | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Monthly Debt Service	11
Face Amount of Mortgages	3,912
Carrying Amount	3,137
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loans On Real Estate Interest Only Florida Due 2021, Principal $14208 | Other Non-reportable | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Monthly Debt Service	41
Face Amount of Mortgages	14,208
Carrying Amount	13,968
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, California due 2021 | Other Non-reportable | California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Monthly Debt Service	102
Face Amount of Mortgages	35,100
Carrying Amount	34,359
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, California due 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Face Amount of Mortgages	$ 25,000
Carrying Amount	$ 24,462
Mortgage loan on real estate, California due 2022 | Other Non-reportable | California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Prior Liens	$ 0
Monthly Debt Service	118
Face Amount of Mortgages	25,000
Carrying Amount	24,462
Principal Amount Subject to Delinquent Principal or Interest	$ 0

Schedule IV_ Mortgage Loans o_3

Schedule IV: Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 42,037	$ 161,964	$ 42,037	$ 188,418
New mortgage loans	0	98,469	59,552
Draws on existing mortgage loans	42,398	19,182	60,375
Total additions	42,398	117,651	119,927
Principal repayments and conversions to equity ownership	(188,779)	(113,200)	0
Reserve for loan losses(2)		(8,843)	0	0
Total deductions	$ (188,779)	(122,043)	0
Balance at end of year		$ 157,572	$ 161,964	$ 42,037

Uncategorized Items - peak-2020

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201705Member