Healthpeak Properties (DOC) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	720
Local Phone Number	428-5050
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	PEAK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		538,930,065
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate:
Buildings and improvements	$ 11,149,249	$ 11,048,433
Development costs and construction in progress	642,879	613,182
Land	1,865,806	1,867,278
Accumulated depreciation and amortization	(2,508,986)	(2,409,135)
Net real estate	11,148,948	11,119,758
Net investment in direct financing leases	44,706	44,706
Loans receivable, net of reserves of $14,134 and $10,280	740,142	195,375
Investments in and advances to unconsolidated joint ventures	399,841	402,871
Accounts receivable, net of allowance of $3,884 and $3,994	38,879	42,269
Cash and cash equivalents	34,007	44,226
Restricted cash	68,033	67,206
Intangible assets, net	495,919	519,917
Assets held for sale and discontinued operations, net	1,374,507	2,626,306
Right-of-use asset, net	198,426	192,349
Other assets, net	650,518	665,106
Total assets	15,193,926	15,920,089
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	1,038,150	129,590
Term loan	249,243	249,182
Senior unsecured notes	4,255,697	5,697,586
Mortgage debt	219,959	221,621
Intangible liabilities, net	138,617	144,199
Liabilities related to assets held for sale and discontinued operations, net	328,167	415,737
Lease liability	184,425	179,895
Accounts payable, accrued liabilities, and other liabilities	697,040	763,391
Deferred revenue	765,946	774,316
Total liabilities	7,877,244	8,575,517
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 538,885,793 and 538,405,393 shares issued and outstanding	538,886	538,405
Additional paid-in capital	10,223,711	10,229,857
Cumulative dividends in excess of earnings	(3,994,562)	(3,976,232)
Accumulated other comprehensive income (loss)	(3,497)	(3,685)
Total stockholders’ equity	6,764,538	6,788,345
Joint venture partners	352,986	357,069
Non-managing member unitholders	199,158	199,158
Total noncontrolling interests	552,144	556,227
Total equity	7,316,682	7,344,572
Total liabilities and equity	$ 15,193,926	$ 15,920,089

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Balance Sheet Parenthetical Disclosures
Loans receivable, reserve (in dollars)	$ 14,134	$ 10,280
Accounts receivable, allowance (in dollars)	$ 3,884	$ 3,994
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	538,885,793	538,405,393
Common stock, shares outstanding (in shares)	538,885,793	538,405,393

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental and related revenues	$ 327,972	$ 282,317
Resident fees and services	116,128	91,780
Income from direct financing leases	2,163	3,269
Interest income	9,013	3,688
Total revenues	455,276	381,054
Costs and expenses:
Interest expense	46,843	55,691
Depreciation and amortization	157,538	125,112
Operating	181,761	237,377
General and administrative	24,902	22,349
Transaction costs	798	14,563
Impairments and loan loss reserves (recoveries), net	3,242	11,107
Total costs and expenses	415,084	466,199
Other income (expense):
Gain (loss) on sales of real estate, net	0	2,069
Gain (loss) on debt extinguishments	(164,292)	833
Other income (expense), net	2,200	210,653
Total other income (expense), net	(162,092)	213,555
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(121,900)	128,410
Income tax benefit (expense)	(8)	29,868
Equity income (loss) from unconsolidated joint ventures	1,323	(11,146)
Income (loss) from continuing operations	(120,585)	147,132
Income (loss) from discontinued operations	270,008	135,408
Net income (loss)	149,423	282,540
Noncontrolling interests’ share in continuing operations	(3,306)	(3,463)
Noncontrolling interests’ share in discontinued operations	(329)	3
Net income (loss) attributable to Healthpeak Properties, Inc.	145,788	279,080
Participating securities’ share in earnings	(2,451)	(1,616)
Net income (loss) applicable to common shares	$ 143,337	$ 277,464
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.23)	$ 0.28
Discontinued operations (in dollars per share)	0.50	0.27
Net income (loss) applicable to common shares (in dollars per share)	0.27	0.55
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	(0.23)	0.28
Discontinued operations (in dollars per share)	0.50	0.26
Net income (loss) applicable to common shares (in dollars per share)	$ 0.27	$ 0.54
Weighted average shares outstanding:
Basic (in shares)	538,679	506,476
Diluted (in shares)	538,679	515,045

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 149,423	$ 282,540
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	332	301
Change in Supplemental Executive Retirement Plan obligation and other	107	61
Reclassification adjustment realized in net income (loss)	(251)	0
Total other comprehensive income (loss)	188	362
Total comprehensive income (loss)	149,611	282,902
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	145,976	279,442
Continuing Operations
Other comprehensive income (loss):
Total comprehensive (income) loss attributable to noncontrolling interests'	(3,306)	(3,463)
Discontinued Operations
Other comprehensive income (loss):
Total comprehensive (income) loss attributable to noncontrolling interests'	$ (329)	$ 3

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Noncontrolling Interests	Cumulative Effect, Period of Adoption, Adjustment	[1]	Cumulative Effect, Period of Adoption, AdjustmentTotal Stockholders’ Equity	[1]	Cumulative Effect, Period of Adoption, AdjustmentCumulative Dividends In Excess Of Earnings	[1]	Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjusted BalanceTotal Stockholders’ Equity	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 Noncontrolling Interests
Balance (in shares) at Dec. 31, 2019			505,222													505,222
Balance at Dec. 31, 2019	$ 6,667,474	$ 6,085,058	$ 505,222	$ 9,183,892	$ (3,601,199)	$ (2,857)	$ 582,416	$ (1,524)		$ (1,524)		$ (1,524)		$ 6,665,950	$ 6,083,534	$ 505,222	$ 9,183,892	$ (3,602,723)	$ (2,857)	$ 582,416
Increase (Decrease) in Stockholders' Equity
Accounting standards update	us-gaap:AccountingStandardsUpdate201613Member
Net income (loss)	$ 282,540	279,080			279,080		3,460
Other comprehensive income (loss)	362	362				362
Issuance of common stock, net (in shares)			33,104
Issuance of common stock	1,064,622	1,064,622	$ 33,104	1,031,518
Conversion of DownREIT units to common stock (in shares)			23
Conversion of DownREIT units to common stock	0	509	$ 23	486			(509)
Repurchase of common stock (in shares)			(268)
Repurchase of common stock	(9,737)	(9,737)	$ (268)	(9,469)
Exercise of stock options (in shares)			54
Exercise of stock options	1,806	1,806	$ 54	1,752
Amortization of stock-based compensation	4,832	4,832		4,832
Common dividends	(188,500)	(188,500)			(188,500)
Distributions to noncontrolling interest	(8,432)						(8,432)
Balance (in shares) at Mar. 31, 2020			538,135
Balance at Mar. 31, 2020	7,813,443	7,236,508	$ 538,135	10,213,011	(3,512,143)	(2,495)	576,935
Balance (in shares) at Dec. 31, 2020			538,405
Balance at Dec. 31, 2020	7,344,572	6,788,345	$ 538,405	10,229,857	(3,976,232)	(3,685)	556,227
Increase (Decrease) in Stockholders' Equity
Net income (loss)	149,423	145,788			145,788		3,635
Other comprehensive income (loss)	188	188				188
Issuance of common stock, net (in shares)			879
Issuance of common stock	1,087	1,087	$ 879	208
Repurchase of common stock (in shares)			(398)
Repurchase of common stock	(12,165)	(12,165)	$ (398)	(11,767)
Amortization of stock-based compensation	5,413	5,413		5,413
Common dividends	(164,118)	(164,118)			(164,118)
Distributions to noncontrolling interest	(7,718)						(7,718)
Balance (in shares) at Mar. 31, 2021			538,886
Balance at Mar. 31, 2021	$ 7,316,682	$ 6,764,538	$ 538,886	$ 10,223,711	$ (3,994,562)	$ (3,497)	$ 552,144
[1]	On January 1, 2020, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.37

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 149,423	$ 282,540
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	157,538	189,276
Amortization of stock-based compensation	4,364	4,832
Amortization of deferred financing costs	2,213	2,582
Straight-line rents	(9,135)	(6,229)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(23,764)	(15,943)
Equity loss (income) from unconsolidated joint ventures	(1,008)	11,979
Distributions of earnings from unconsolidated joint ventures	237	9,513
Loss (gain) on sale of real estate under direct financing leases	0	(41,707)
Deferred income tax expense (benefit)	(1,148)	(24,911)
Impairments and loan loss reserves (recoveries), net	3,242	39,123
Loss (gain) on debt extinguishments	164,292	(833)
Loss (gain) on sales of real estate, net	(259,662)	(164,869)
Loss (gain) upon change of control, net	(1,042)	(167,434)
Casualty-related loss (recoveries), net	859	0
Other non-cash items	(726)	502
Decrease (increase) in accounts receivable and other assets, net	11,567	(5,036)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	(74,524)	(18,343)
Net cash provided by (used in) operating activities	122,726	95,042
Cash flows from investing activities:
Acquisitions of real estate	(14,914)	(20,018)
Development, redevelopment, and other major improvements of real estate	(135,339)	(209,418)
Leasing costs, tenant improvements, and recurring capital expenditures	(20,710)	(21,791)
Proceeds from sales of real estate, net	937,492	419,381
Acquisition of CCRC Portfolio	0	(396,352)
Contributions to unconsolidated joint ventures	(5,924)	(1,722)
Distributions in excess of earnings from unconsolidated joint ventures	10,825	2,639
Proceeds from sales/principal repayments on debt investments and direct financing leases	0	84,336
Investments in loans receivable and other	(3,704)	(8,066)
Net cash provided by (used in) investing activities	767,726	(151,011)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	3,437,200	2,025,600
Repayments under bank line of credit and commercial paper	(2,528,640)	(2,118,600)
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(1,491,754)	(5,338)
Payments for debt extinguishment and deferred financing costs	(158,011)	0
Issuance of common stock and exercise of options	1,087	1,066,428
Repurchase of common stock	(12,165)	(9,737)
Dividends paid on common stock	(164,118)	(188,500)
Distributions to and purchase of noncontrolling interests	(7,718)	(8,432)
Net cash provided by (used in) financing activities	(924,119)	761,421
Effect of foreign exchanges on cash, cash equivalents and restricted cash	0	(10)
Net increase (decrease) in cash, cash equivalents and restricted cash	(33,667)	705,442
Cash, cash equivalents and restricted cash, beginning of period	181,685	184,657
Cash, cash equivalents and restricted cash, end of period	$ 148,018	$ 890,099

Business

Business	3 Months Ended
	Mar. 31, 2021
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”). The Company’s corporate headquarters are in Denver, Colorado and it has additional offices in Irvine, California and Franklin, Tennessee. 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. As of December 31, 2020, the Company concluded the planned dispositions represented a strategic shift that has and will have a major effect on the Company’s operations and financial results. Therefore, assets meeting the held for sale criteria on or before March 31, 2021 are classified as discontinued operations in all periods presented herein. See Note 5 for further information. COVID-19 Update While the Coronavirus (“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 most 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 have faced 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 have been in place since the onset of the pandemic, 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 March 31, 2021. 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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”). Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three months ended March 31, 2021, 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 March 31, 2021, 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 received and recognized by the Company (in thousands): Three Months Ended 2021 2020 Government grant income recorded in other income (expense), net $ 1,310 $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 426 — Government grant income recorded in income (loss) from discontinued operations 3,232 — Total government grants received $ 4,968 $ — Recent Accounting Pronouncements Adopted 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 reassesses 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 6). No such rent deferrals were provided to tenants during the three months ended March 31, 2021 and 2020. As it relates to these deferrals, the Company elected to not assess them on a lease-by-lease basis and to continue recognizing rent revenue on a straight-line basis. While the Company’s election for rent deferrals will be applied consistently to future deferrals of a similar nature, if the Company grants future lease concessions of a different type (such as rent abatements), it will make an election related to those concessions at that time.

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Master Transactions and Cooperation Agreement with Brookdale	Master Transactions and Cooperation Agreement with Brookdale 2019 Master Transactions and Cooperation Agreement with Brookdale In October 2019, the Company and Brookdale Senior Living Inc. (“Brookdale”) entered into a Master Transactions and Cooperation Agreement (the “2019 MTCA”), which includes a series of transactions related to its previously jointly owned 15-campus CCRC portfolio (the “CCRC JV”) and the portfolio of senior housing properties Brookdale triple-net leased from the Company, which, at the time, included 43 properties. In connection with the 2019 MTCA, the Company and Brookdale, and certain of their respective subsidiaries, closed the following transactions related to the CCRC JV on January 31, 2020: • The Company, which owned a 49% interest in the CCRC JV, purchased Brookdale’s 51% interest in 13 of the 15 communities in the CCRC JV based on a valuation of $1.06 billion (the “CCRC Acquisition”); • The management agreements related to the CCRC Acquisition communities were terminated and management transitioned (under new management agreements) from Brookdale to Life Care Services LLC (“LCS”); and • The Company paid a $100 million management termination fee to Brookdale. In addition, pursuant to the 2019 MTCA, the Company and Brookdale closed the following transactions related to properties Brookdale triple-net leased from the Company on January 31, 2020: • Brookdale acquired 18 of the properties from the Company (the “Brookdale Acquisition Assets”) for cash proceeds of $385 million; • The remaining 24 properties (excludes one property to be transitioned or sold to a third party, as discussed below) were restructured into a single master lease with 2.4% annual rent escalators and a maturity date of December 31, 2027 (the “2019 Amended Master Lease”); • A portion of annual rent (amount in excess of 6.5% of sales proceeds) related to 14 of the 18 Brookdale Acquisition Assets was reallocated to the remaining properties under the 2019 Amended Master Lease; and • Brookdale paid down $20 million of future rent under the 2019 Amended Master Lease. 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 structure permitted by the Housing and Economic Recovery Act of 2008, and includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”). 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; and • The Company will provide up to $35 million of capital investment in the 2019 Amended Master Lease properties over a five-year term, which will increase rent by 7% of the amount spent, per annum. As of 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

Real Estate Transactions

Real Estate Transactions	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions 2021 Real Estate Investments 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 paid a $10 million nonrefundable deposit upon completing due diligence in November 2020. The first phase, with a purchase price of $61 million, closed in April 2021. Westview Medical Plaza Acquisition In February 2021, the Company acquired one medical office building (“MOB”) in Nashville, Tennessee for $13 million. Pinnacle at Ridgegate Acquisition In April 2021, the Company acquired one MOB in Denver, Colorado for $38 million. MOB Portfolio Acquisition In April 2021, the Company acquired 14 MOBs for $371 million (the “MOB Portfolio”). In conjunction with the acquisition, the Company issued $142 million of secured mortgage debt. 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 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. 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 (see 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. 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. The property is classified as discontinued operations as of March 31, 2021. Other Real Estate Acquisitions In December 2020, the Company acquired one hospital in Dallas, Texas for $34 million. Development Activities The Company’s commitments related to development and redevelopment projects increased by $9 million, to $315 million at March 31, 2021, when compared to December 31, 2020, primarily as a result of increased commitments on existing projects and new projects started during the first quarter of 2021. In March 2021, management reviewed the estimated useful lives of certain Life Science properties in connection with future plans of densification and related demolition. These changes in the planned use of the properties resulted in the Company updating their estimated useful lives, which differ from the Company’s previous estimates. The estimated useful lives of these assets was reduced from a weighted average remaining useful life of 15 years to 6 years to reflect the timing of the planned demolitions. This change in estimate increased depreciation expense by $3 million in the current quarter, resulting in a corresponding decrease to income (loss) from continuing operations and net income (loss) as well as a decrease of approximately $0.01 to basic and diluted earnings per share for the three months ended March 31, 2021.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate and Discontinued Operations	Dispositions of Real Estate and Discontinued Operations 2021 Dispositions of Real Estate Sunrise Senior Housing Portfolio In January 2021, the Company sold a portfolio of 32 SHOP assets (the “Sunrise Senior Housing Portfolio”) for $664 million, resulting in an immaterial loss on sale, which is recognized in income (loss) from discontinued operations, and provided the buyer with: (i) financing of $410 million and (ii) a commitment to finance up to $92 million of additional debt for capital expenditures, none of which has been funded as of March 31, 2021 (see Note 7). Under the Company’s definitive agreement, there are two remaining senior housing triple-net assets that are expected to be sold during the remainder of 2021, upon completion of the license transfer process. Brookdale Triple-Net Portfolio In January 2021, the Company sold 24 senior housing assets in a triple-net lease with Brookdale for $510 million, resulting in total gain on sale of $169 million, which is recognized in income (loss) from discontinued operations. Additional SHOP Portfolio In January 2021, the Company sold a portfolio of 16 SHOP assets for $230 million, resulting in total gain on sale of $59 million, which is recognized in income (loss) from discontinued operations, and provided the buyer with financing of $150 million (see Note 7 ) . 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, resulting in total gain on sale of $33 million, which is recognized in income (loss) from discontinued operations. 2021 Other Dispositions In addition to the sales discussed above, during the three months ended March 31, 2021, the Company sold one SHOP asset for $5 million, resulting in an immaterial gain on sale, which is recognized in income (loss) from discontinued operations. 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 remainder of 2021. Oakmont SHOP Portfolio In April 2021, the Company sold a portfolio of 12 SHOP assets for $564 million. Discovery SHOP Portfolio In April 2021, the Company sold a portfolio of 10 SHOP assets for $334 million. Also included in this transaction was the sale of two mezzanine loans and two preferred equity investments for $21 million (collectively, “the Discovery SHOP Portfolio”). Sonata SHOP Portfolio In April 2021, the Compa ny sold a portfolio of five SHOP assets for $64 million. Other Subsequent Dispositions In April 2021, the Company sold two SHOP assets for $13 million, two senior housing triple-net assets for $7 million, and one MOB for $10 million. 2020 Dispositions of Real Estate During the three months ended March 31, 2020 , the Company sold 7 SHOP assets for $36 million and 18 senior housing triple-net assets for $385 million (representative of the 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3 ), resulting in total gain on sales of $165 million, which is recognized in income (loss) from discontinued operations. A egis 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 sale of $228 million, which is recognized in income (loss) from discontinued operations. Atria SHOP Portfolio In December 2020, the Company sold 12 SHOP assets (the “Atria SHOP Portfolio”) for $312 million, resulting in total gain on sale 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 7 ). 2020 Other Dispositions In addition to the sales discussed above, d uring 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) 2 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). Held for Sale and Discontinued Operations At March 31, 2021, 9 senior housing triple-net facilities, 8 MOBs, 48 SHOP facilities, and 1 SHOP joint venture were classified as held for sale and/or 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. During 2020, the Company established and began executing a plan to dispose of its senior housing triple-net and SHOP properties. As of December 31, 2020, the Company concluded the planned dispositions represented a strategic shift that has and will have a major effect on the Company’s operations and financial results. Therefore, assets meeting the held for sale criteria on or before March 31, 2021 are classified as discontinued operations in all periods presented herein. The following summarizes the assets and liabilities classified as discontinued operations at March 31, 2021 and December 31, 2020, 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): March 31, December 31, ASSETS Real estate: Buildings and improvements $ 1,174,263 $ 2,553,254 Development costs and construction in progress 11,136 21,509 Land 201,699 355,803 Accumulated depreciation and amortization (221,246) (615,708) Net real estate 1,165,852 2,314,858 Investments in and advances to unconsolidated joint ventures 5,776 5,842 Accounts receivable, net of allowance of $5,132 and $5,873 13,976 20,500 Cash and cash equivalents 40,161 53,085 Restricted cash 5,817 17,168 Intangible assets, net 8,539 24,541 Right-of-use asset, net 937 4,109 Other assets, net (1) 43,224 103,965 Total assets of discontinued operations, net 1,284,282 2,544,068 Total medical office assets held for sale, net (2) 90,225 82,238 Assets held for sale and discontinued operations, net $ 1,374,507 $ 2,626,306 LIABILITIES Mortgage debt 278,172 318,876 Lease liability 935 3,189 Accounts payable, accrued liabilities, and other liabilities 41,977 79,411 Deferred revenue 3,985 11,442 Total liabilities of discontinued operations, net 325,069 412,918 Total liabilities related to medical office assets held for sale, net (2) 3,098 2,819 Liabilities related to assets held for sale and discontinued operations, net $ 328,167 $ 415,737 _______________________________________ (1) Includes goodwill of $29 million as of March 31, 2021 and December 31, 2020. (2) Primarily comprised of eight MOBs with net real estate assets of $81 million and deferred revenue of $2 million as of March 31, 2021 and six MOBs with net estate assets of $73 million and deferred revenue of $2 million as of December 31, 2020. The results of discontinued operations through March 31, 2021, or the disposal date of each asset or portfolio of assets if they have been sold, are included in the consolidated results for the three months ended March 31, 2021 and 2020. Summarized financial information for discontinued operations for the three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 2020 Revenues: Rental and related revenues $ 5,228 $ 32,371 Resident fees and services 72,998 171,726 Total revenues 78,226 204,097 Costs and expenses: Interest expense 2,676 2,685 Depreciation and amortization — 64,164 Operating 71,519 138,637 Transaction costs 76 285 Impairments and loan loss reserves (recoveries), net — 28,016 Total costs and expenses 74,271 233,787 Other income (expense): Gain (loss) on sales of real estate, net 259,662 162,800 Other income (expense), net 5,885 (45) Total other income (expense), net 265,547 162,755 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 269,502 133,065 Income tax benefit (expense) 821 3,176 Equity income (loss) from unconsolidated joint ventures (315) (833) Income (loss) from discontinued operations $ 270,008 $ 135,408 Impairments of Real Estate 2021 During the three months ended March 31, 2021, the Company did not recognize any impairment charges. 2020 During the three months ended March 31, 2020, the Company recognized an aggregate impairment charge of $31 million ($28 million of which is reported in income (loss) from discontinued operations) related to 15 SHOP assets, 2 senior housing triple-net assets, and 2 MOBs as a result of being classified as held for sale and wrote down their aggregate carrying value of $200 million to their aggregate fair value, less estimated costs to sell, of $169 million. The fair value of the impaired assets was based on forecasted sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Forecasted sales prices were determined using 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 three months ended March 31, 2020, the Company estimated the fair value of each asset using either (i) market capitalization rates ranging from 7.16% to 9.92%, with a weighted average rate of 9.32% or (ii) prices per unit ranging from $38,000 to $95,000, with a weighted average price of $68,000. Deferred Tax Asset Valuation Allowance In conjunction with the Company establishing a plan during the year ended December 31, 2020 to dispose of all its SHOP assets and classifying such assets as discontinued operations, the Company concluded it was more likely than not that it would no longer realize the future value of certain deferred tax assets generated by the net operating losses of its taxable REIT subsidiary entities. Accordingly, the Company recognized a deferred tax asset valuation allowance of $33 million as of December 31, 2020. As of March 31, 2021, the Company had a deferred tax asset valuation allowance of $35 million.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended 2021 2020 Fixed income from operating leases $ 262,937 $ 226,226 Variable income from operating leases 65,035 56,091 Interest income from direct financing leases 2,163 3,269 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): March 31, December 31, Present value of minimum lease payments receivable $ 7,758 $ 9,804 Present value of estimated residual value 44,706 44,706 Less deferred selling profits (7,758) (9,804) Net investment in direct financing leases $ 44,706 $ 44,706 Properties subject to direct financing leases 1 1 Direct Financing Lease Internal Ratings At March 31, 2021, the Company had one hospital under a DFL with a carrying amount of $45 million and an internal rating of performing. 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. Lease Costs The following table provides supplemental cash flow information regarding the Company’s leases for which it is the lessee, such as ground leases (dollars in thousands): Three Months Ended Supplemental Cash Flow Information: 2021 2020 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 5,020 $ — 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, 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. No such deferrals were granted during the three months ended March 31, 2021 and 2020.
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended 2021 2020 Fixed income from operating leases $ 262,937 $ 226,226 Variable income from operating leases 65,035 56,091 Interest income from direct financing leases 2,163 3,269 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): March 31, December 31, Present value of minimum lease payments receivable $ 7,758 $ 9,804 Present value of estimated residual value 44,706 44,706 Less deferred selling profits (7,758) (9,804) Net investment in direct financing leases $ 44,706 $ 44,706 Properties subject to direct financing leases 1 1 Direct Financing Lease Internal Ratings At March 31, 2021, the Company had one hospital under a DFL with a carrying amount of $45 million and an internal rating of performing. 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. Lease Costs The following table provides supplemental cash flow information regarding the Company’s leases for which it is the lessee, such as ground leases (dollars in thousands): Three Months Ended Supplemental Cash Flow Information: 2021 2020 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 5,020 $ — 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, 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. No such deferrals were granted during the three months ended March 31, 2021 and 2020.

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): March 31, 2021 December 31, 2020 Secured loans (1) $ 724,389 $ 161,530 Mezzanine and other 44,513 44,347 Unamortized discounts, fees, and costs (14,626) (222) Reserve for loan losses (14,134) (10,280) Loans receivable, net $ 740,142 $ 195,375 _______________________________________ (1) At March 31, 2021, the Company had $100 million remaining of commitments to fund senior housing redevelopment and capital expenditure projects. At December 31, 2020, the Company had $11 million remaining of commitments to fund senior housing redevelopment and capital expenditure projects. 2021 Loans Receivable Transactions In April 2021, the Company sold two mezzanine loans for carrying value as part of the Discovery SHOP Portfolio disposition (see Note 5). 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 March 31, 2021 and December 31, 2020, the Company held $24 million and $23 million of such receivables, respectively, 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 recognized in impairments and loan loss reserves (recoveries), net. In December 2020, the Company sold one secured loan with a $115 million principal balance for $109 million, resulting in a $6 million loss recognized in impairments and loan loss reserves (recoveries), net. SHOP Seller Financing 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 initial financing of $410 million. The remainder of the sales price was received in cash at the time of sale. Additionally, the Company agreed to provide up to $92 million of additional financing for capital expenditures (up to 65% of the estimated cost of capital expenditures), none of which has been funded as of March 31, 2021. The initial and additional 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 2020, in conjunction with the sale of 4 of the 12 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. During the three months ended March 31, 2021, the Company reduced the consideration and reported gain on sales of real estate and recognized a mark-to-market discount of $16 million for certain transactions with seller financing. The Company’s discount is based on the difference between the stated interest rates (ranging from 3.50% to 4.50%) and corresponding prevailing market rates of approximately 5.25% as of the transaction dates. The discount is recognized as interest income over the term of the discounted loans (ranging from one 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 receivable, net of unamortized discounts, fees, and costs and reserves for loan losses, as of March 31, 2021 (dollars in thousands): Investment Type Year of Origination Total 2021 2020 2019 2018 2017 Prior Secured loans Risk rating: Performing loans $ 543,310 $ 96,665 $ 63,381 $ — $ — $ — $ 703,356 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 543,310 $ 96,665 $ 63,381 $ — $ — $ — $ 703,356 Mezzanine and other Risk rating: Performing loans $ 12,274 $ 12,113 $ 10,535 $ — $ — $ — $ 34,922 Watch list loans — — — — — 1,864 1,864 Workout loans — — — — — — — Total mezzanine and other $ 12,274 $ 12,113 $ 10,535 $ — $ — $ 1,864 $ 36,786 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 (in thousands): March 31, 2021 December 31, 2020 Secured Loans Mezzanine and Other Total Secured Loans Mezzanine and Other Total Reserve for loan losses, beginning of period $ 3,152 $ 7,128 $ 10,280 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings — — — 513 907 1,420 Provision for expected loan losses 2,740 1,114 3,854 2,639 6,221 8,860 Reserve for loan losses, end of period $ 5,892 $ 8,242 $ 14,134 $ 3,152 $ 7,128 $ 10,280 Additionally, at March 31, 2021 and December 31, 2020, a liability of $0.4 million and $1 million, respectively, related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. Credit loss expenses and recoveries are recorded in impairments and loan loss reserves (recoveries), net. During the three months ended March 31, 2021 and 2020, the net credit loss expense was $3 million and $8 million, respectively. The change in the provision for expected loan losses during the three months ended March 31, 2021 is primarily due to new seller financing.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
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 March 31, December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2021 2020 SWF SH JV (4) Other 19 54 $ 349,804 $ 357,581 Life Science JV (5) Life science 1 49 24,786 24,879 Medical Office JVs (6) Medical office 3 20 - 67 9,613 9,673 Other JVs (7) Other — 41 - 47 9,157 9,157 CCRC JV (8) CCRC 2 49 6,481 1,581 $ 399,841 $ 402,871 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Excludes the Otay Ranch JV (90% ownership percentage), which is classified as discontinued operations and had an aggregate carrying value of $6 million at March 31, 2021 and December 31, 2020 (see Note 5). In April 2021, the Company sold its share of the SHOP property in the Otay Ranch JV for $32 million. (3) Property count and ownership percentage are as of March 31, 2021. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund. (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) Includes two unconsolidated other joint ventures (and the Company’s ownership percentage): (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that have developed or 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 April 2021, the Company sold these two preferred equity investments for carrying value as part of the Discovery SHOP Portfolio disposition (see Note 5). (8) See Note 3 for discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2021
Intangibles [Abstract]
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets March 31, December 31, Gross intangible lease assets $ 758,424 $ 761,328 Accumulated depreciation and amortization (262,505) (241,411) Intangible assets, net (1) $ 495,919 $ 519,917 Weighted average remaining amortization period in years 6 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $9 million and $25 million as of March 31, 2021 and December 31, 2020, respectively. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities March 31, December 31, Gross intangible lease liabilities $ 193,140 $ 194,565 Accumulated depreciation and amortization (54,523) (50,366) Intangible liabilities, net $ 138,617 $ 144,199 Weighted average remaining amortization period in years 8 8 During the three months ended March 31, 2021, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $1 million and intangible liabilities of $0.2 million. The intangible assets and liabilities acquired each had a weighted average amortization period at acquisition of 4 years. During the year ended December 31, 2020, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $352 million and intangible liabilities of $83 million. The intangible assets and intangible liabilities acquired had a weighted average amortization period at acquisition of 7 years and 9 years, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Bank Line of Credit and Term Loan On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility (the “Revolving Facility”), which matures on May 23, 2023 and contains two six-month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on credit ratings of the Company’s senior unsecured long-term debt. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on those credit ratings at March 31, 2021, the margin on the Revolving Facility was 0.83% and the facility fee was 0.15%. At March 31, 2021, the Company had $110 million outstanding under the Revolving Facility, with a weighted average interest rate of 1.23%. 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 March 31, 2021, the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90%, with a weighted average effective interest rate of 1.10%. The Facilities include a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. The Facilities also contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.0 billion. At March 31, 2021, 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 uses its Revolving Facility as a liquidity backstop for the repayment of unsecured short-term debt securities issued under the Commercial Paper Program. At March 31, 2021, the Company had $928 million of securities outstanding under the Commercial Paper Program, with original maturities of one month and a weighted average interest rate of 0.26%. At December 31, 2020, the Company had $130 million of securities outstanding under the Commercial Paper Program, with original maturities of one month and a weighted average interest rate of 0.30%. In April 2021, the Company increased the maximum aggregate face or principal amount outstanding at any one time for the Commercial Paper Program from $1.0 billion to $1.25 billion. Senior Unsecured Notes At March 31, 2021, the Company had senior unsecured notes outstanding with an aggregate principal balance of $4.30 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at March 31, 2021. During the three months ended March 31, 2021, the Company had no senior unsecured note issuances. The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the three months ended March 31, 2021 (dollars in thousands): Payoff Date (1) Amount Coupon Rate Maturity Year January 28, 2021 $ 112,000 4.25 % 2023 January 28, 2021 $ 201,000 4.20 % 2024 January 28, 2021 $ 469,000 3.88 % 2024 February 26, 2021 $ 188,000 4.25 % 2023 February 26, 2021 $ 149,000 4.20 % 2024 February 26, 2021 $ 331,000 3.88 % 2024 _______________________________________ (1) Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due in 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment. On May 4, 2021, the Company announced the commencement of tender offers to purchase up to an aggregate principal amount of $550 million for cash, targeting (i) $250 million of the Company’s 3.40% senior unsecured notes due in 2025 and (ii) $300 million of the Company’s 4.00% senior unsecured notes due in 2025. The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2020 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year Year ended December 31, 2020: June 23, 2020 $ 600,000 2.88 % 2031 The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the year ended December 31, 2020 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Year Year ended December 31, 2020: July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 _______________________________________ (1) Upon completing the redemption of all outstanding 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. Mortgage Debt At March 31, 2021 and December 31, 2020, the Company had $215 million and $217 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 healthcare facilities, with an aggregate carrying value of $511 million and $517 million, respectively. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires insurance on the assets, and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. During the three months ended March 31, 2021 and 2020, the Company made aggregate principal repayments of mortgage debt of $42 million and $5 million, respectively. The amount of repayments during the three months ended March 31, 2021 includes the repayment of $39 million of variable rate secured debt on two SHOP assets classified as discontinued operations and $1 million of scheduled repayments on mortgage debt classified as discontinued operations. During the three months ended March 31, 2020, $4 million of the repayments were associated with mortgage debt classified as discontinued operations. In April 2021, in conjunction with the acquisition of the MOB Portfolio, the Company issued $142 million of secured mortgage debt (see Note 4). In conjunction with the sale of the Aegis NNN Portfolio (see Note 5) in December 2020, the Company repaid $6 million of variable rate secured mortgage debt on one SHOP asset classified as discontinued operations as of December 31, 2020. 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 (see Note 4). Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2021 (in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line of Commercial Paper (1) Term Loan Amount Interest Rate Amount Interest Rate Total 2021 (nine months) $ — $ — $ — $ — — % $ 11,572 4.86 % $ 11,572 2022 — — — — — % 4,843 3.80 % 4,843 2023 110,000 928,150 — — — % 89,874 3.80 % 1,128,024 2024 — — 250,000 — — % 3,050 3.80 % 253,050 2025 — — — 1,350,000 3.93 % 3,209 3.80 % 1,353,209 Thereafter — — — 2,950,000 3.68 % 102,789 3.54 % 3,052,789 110,000 928,150 250,000 4,300,000 215,337 5,803,487 (Discounts), premium and debt costs, net — — (757) (44,303) 4,622 (40,438) 110,000 928,150 249,243 4,255,697 219,959 5,763,049 Debt on assets held for sale and discontinued operations (4) — — — — 278,172 278,172 $ 110,000 $ 928,150 $ 249,243 $ 4,255,697 $ 498,131 $ 6,041,221 _______________________________________ (1) Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, we calculate the weighted average remaining term of our Commercial Paper Program borrowings using the maturity date of our Revolving Facility. (2) Effective interest rates on the senior notes range from 3.10% to 6.91% with a weighted average effective interest rate of 3.77% and a weighted average maturity of 8 years. (3) 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 4 years. (4) Represents mortgage debt on assets held for sale and discontinued operations with interest rates ranging from 3.45% to 5.88% that mature between 2025 and 2044.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 Plaintiffs’ motion. Co-Lead Plaintiffs 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 HCRMC. The Company was named as a nominal defendant. As both derivative actions contained substantially the same allegations, they were consolidated into a single action (the “ California derivative action ”). The consolidated action alleged 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 February 11, 2021, the Court dismissed the California derivative actions without prejudice. 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 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 demands are without merit, but cannot predict their outcome or reasonably estimate any potential loss at this time. Accordingly, no loss contingency has been recorded for these matters as of March 31, 2021, as the likelihood of loss is not considered probable or estimable. DownREIT LLCs

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	Equity Dividends On April 29, 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 May 21, 2021 to stockholders of record as of the close of business on May 10, 2021. During the three months ended March 31, 2021 and 2020, the Company declared and paid common stock cash dividends of $0.30 per share and $0.37 per share, respectively. At-The-Market Equity Offering Program In June 2015, the Company established an at-the-market equity offering program (“ATM Program”) to sell shares of its common stock from time to time through a consortium of banks acting as sales agents or directly to the banks acting as principals. In February 2020, the Company terminated its previous ATM Program (the “2019 ATM Program”) and established a new ATM Program (the “2020 ATM Program”) pursuant to which shares of common stock having an aggregate gross sales price of up to approximately $1.25 billion may be sold (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement allows the Company to lock in a share price on the sale of shares at the time the forward sales agreement is effective, but defer receiving the proceeds from the sale of shares until a later date. ATM forward sale agreements generally have a one year term. At any time during the term, the Company may settle a forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price the Company expects to receive upon settlement of outstanding forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the forward sale agreement. ATM Forward Contracts During the three months ended March 31, 2021, the Company did not utilize the forward provisions under the 2020 ATM Program. During the three months ended March 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 million shares of its common stock at an initial weighted average net price of $35.23 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 March 31, 2021, no shares remained outstanding under ATM forward contracts. At March 31, 2021, approximately $1.25 billion of the Company’s common stock remained available for sale under the 2020 ATM Program. ATM Direct Issuances During the three months ended March 31, 2021 and 2020, no shares of common stock were issued under the 2019 ATM Program or 2020 ATM Program. 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 three months ended March 31, 2020, the Company settled all 15.6 million shares under the 2019 forward equity sales agreement at a weighted average net price of $34.18 per share, resulting in net proceeds of $534 million (total net proceeds of $1.06 billion, when aggregated with the net proceeds from settling ATM forward contracts, as discussed above). Therefore, at March 31, 2021, no shares remained outstanding under the 2019 forward equity sales agreement. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, December 31, Unrealized gains (losses) on derivatives, net $ — $ (81) Supplemental Executive Retirement Plan minimum liability (3,497) (3,604) Total accumulated other comprehensive income (loss) $ (3,497) $ (3,685)

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2021
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 12 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 three months ended March 31, 2021 and 2020 was zero and 0.8 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): Three Months Ended 2021 2020 Numerator Income (loss) from continuing operations $ (120,585) $ 147,132 Noncontrolling interests' share in continuing operations (3,306) (3,463) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. (123,891) 143,669 Less: Participating securities' share in continuing operations (2,451) (1,616) Income (loss) from continuing operations applicable to common shares (126,342) 142,053 Income (loss) from discontinued operations 270,008 135,408 Noncontrolling interests' share in discontinued operations (329) 3 Net income (loss) applicable to common shares $ 143,337 $ 277,464 Numerator - Dilutive Net income (loss) applicable to common shares $ 143,337 $ 277,464 Add: distributions on dilutive convertible units and other — 2,515 Dilutive net income (loss) available to common shares $ 143,337 $ 279,979 Denominator Basic weighted average shares outstanding 538,679 506,476 Dilutive potential common shares - equity awards (1) — 318 Dilutive potential common shares - forward equity agreements (2) — 808 Dilutive potential common shares - DownREIT conversions — 7,443 Diluted weighted average common shares 538,679 515,045 Basic earnings (loss) per common share Continuing operations $ (0.23) $ 0.28 Discontinued operations 0.50 0.27 Net income (loss) applicable to common shares $ 0.27 $ 0.55 Diluted earnings (loss) per common share Continuing operations $ (0.23) $ 0.28 Discontinued operations 0.50 0.26 Net income (loss) applicable to common shares $ 0.27 $ 0.54 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the three months ended March 31, 2021, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period. For the three months ended March 31, 2020, represents the dilutive impact of 32 million shares that were settled during the three months then ended. For the three months ended March 31, 2021, diluted loss per common share is calculated using the weighted average common shares outstanding as a result of the Company generating a loss from continuing operations for the period. For the three months ended March 31, 2021, all 7 million shares issuable upon conversion of DownREIT units were not included because they are anti-dilutive. For the three months ended March 31, 2020, all 7 million DownREIT shares were dilutive.

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company’s reportable segments, based on how its chief operating decision makers (“CODMs”) evaluates its business and allocates resources, are as follows: (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 in Note 2 to the Consolidated Financial Statements in the Company’s 2020 Annual Report on Form 10-K filed with the SEC, as updated by Note 2 herein. In December 2020, the Company’s senior housing triple-net and SHOP portfolios were classified as discontinued operations and are no longer reportable segments. 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 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. All prior period segment information has been recast to conform to the current period presentation. 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 three months ended March 31, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 169,934 $ 160,201 $ 116,128 $ 9,013 $ — $ 455,276 Government grant income (1) — — 1,310 — — 1,310 Less: Interest income — — — (9,013) — (9,013) Healthpeak's share of unconsolidated joint venture total revenues 1,337 715 4,488 16,753 — 23,293 Healthpeak's share of unconsolidated joint venture government grant income — — 199 227 — 426 Noncontrolling interests' share of consolidated joint venture total revenues (65) (8,926) — — — (8,991) Operating expenses (39,461) (51,121) (91,179) — — (181,761) Healthpeak's share of unconsolidated joint venture operating expenses (425) (294) (4,745) (12,595) — (18,059) Noncontrolling interests' share of consolidated joint venture operating expenses 20 2,504 — — — 2,524 Adjustments to NOI (2) (11,810) (1,923) 20 112 — (13,601) Adjusted NOI 119,530 101,156 26,221 4,497 — 251,404 Plus: Adjustments to NOI (2) 11,810 1,923 (20) (112) — 13,601 Interest income — — — 9,013 — 9,013 Interest expense (102) (95) (1,918) — (44,728) (46,843) Depreciation and amortization (68,434) (57,954) (31,150) — — (157,538) General and administrative — — — — (24,902) (24,902) Transaction costs (32) (330) (432) (4) — (798) Impairments and loan loss reserves — — — (3,242) — (3,242) Gain (loss) on debt extinguishments — — — — (164,292) (164,292) Other income (expense), net 4 (2,279) 2,176 482 1,817 2,200 Less: Government grant income — — (1,310) — — (1,310) Less: Healthpeak's share of unconsolidated joint venture NOI (912) (421) 58 (4,385) — (5,660) Plus: Noncontrolling interests' share of consolidated joint venture NOI 45 6,422 — — — 6,467 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 61,909 48,422 (6,375) 6,249 (232,105) (121,900) Income tax benefit (expense) — — — — (8) (8) Equity income (loss) from unconsolidated joint ventures (93) 192 — 1,224 — 1,323 Income (loss) from continuing operations 61,816 48,614 (6,375) 7,473 (232,113) (120,585) Income (loss) from discontinued operations — — — — 270,008 270,008 Net income (loss) $ 61,816 $ 48,614 $ (6,375) $ 7,473 $ 37,895 $ 149,423 _______________________________________ (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. For the three months ended March 31, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 128,883 $ 156,641 $ 91,780 $ 3,750 $ — $ 381,054 Less: Interest income — — — (3,688) — (3,688) Healthpeak's share of unconsolidated joint venture total revenues — 695 21,647 20,194 — 42,536 Noncontrolling interests' share of consolidated joint venture total revenues (52) (8,640) — — — (8,692) Operating expenses (30,201) (50,694) (156,482) — — (237,377) Healthpeak's share of unconsolidated joint venture operating expenses — (275) (18,037) (13,278) — (31,590) Noncontrolling interests' share of consolidated joint venture operating expenses 17 2,600 — — — 2,617 Adjustments to NOI (1) (4,280) (994) 91,561 (48) — 86,239 Adjusted NOI 94,367 99,333 30,469 6,930 — 231,099 Plus: Adjustments to NOI (1) 4,280 994 (91,561) 48 — (86,239) Interest income — — — 3,688 — 3,688 Interest expense (63) (102) (1,304) — (54,222) (55,691) Depreciation and amortization (50,211) (54,667) (20,229) (5) — (125,112) General and administrative — — — — (22,349) (22,349) Transaction costs — — (14,474) (89) — (14,563) Impairments and loan loss reserves — (2,706) — (8,401) — (11,107) Gain (loss) on sales of real estate, net — 2,109 — (40) — 2,069 Gain (loss) on debt extinguishments — — — — 833 833 Other income (expense), net — — 170,332 41,707 (1,386) 210,653 Less: Healthpeak's share of unconsolidated joint venture NOI — (420) (3,610) (6,916) — (10,946) Plus: Noncontrolling interests' share of consolidated joint venture NOI 35 6,040 — — — 6,075 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 48,408 50,581 69,623 36,922 (77,124) 128,410 Income tax benefit (expense) (2) — — — — 29,868 29,868 Equity income (loss) from unconsolidated joint ventures — 197 (1,880) (9,463) — (11,146) Income (loss) from continuing operations 48,408 50,778 67,743 27,459 (47,256) 147,132 Income (loss) from discontinued operations — — — — 135,408 135,408 Net income (loss) $ 48,408 $ 50,778 $ 67,743 $ 27,459 $ 88,152 $ 282,540 ______________________________________________________________________________ (1) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (2) Income tax benefit (expense) for the quarter ended March 31, 2020 includes: (i) a $52 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3) and (ii) a $2.9 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Segment 2021 2020 Life science $ 169,934 $ 128,883 Medical office 160,201 156,641 CCRC 116,128 91,780 Other non-reportable 9,013 3,750 Total revenues $ 455,276 $ 381,054 See Notes 3, 4, and 5 for significant transactions impacting the Company’s segment assets during the periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2021 2020 Supplemental cash flow information: Interest paid, net of capitalized interest $ 90,032 $ 71,621 Income taxes paid (refunded) 2,521 (1,673) Capitalized interest 5,453 6,970 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 107,798 126,185 Vesting of restricted stock units and conversion of non-managing member units into common stock 838 1,077 Net noncash impact from the consolidation of previously unconsolidated joint ventures — 323,138 Mortgages assumed with real estate acquisitions — 215,335 Refundable entrance fees assumed with real estate acquisitions — 307,954 Seller financing provided on disposition of real estate asset 559,745 — See Note 3 for a discussion of the impact of the 2019 MTCA with Brookdale on the Company’s consolidated balance sheets and statements of operations. The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Three Months Ended March 31, 2021 2020 Depreciation and amortization of real estate, in-place lease, and other intangibles $ — $ 64,164 Development, redevelopment, and other major improvements of real estate 3,861 11,252 Leasing costs, tenant improvements, and recurring capital expenditures 1,873 3,427 The following table summarizes cash, cash equivalents and restricted cash (in thousands): Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 44,226 $ 80,398 $ 53,085 $ 63,834 $ 97,311 $ 144,232 Restricted cash 67,206 13,385 17,168 27,040 84,374 40,425 Cash, cash equivalents and restricted cash $ 111,432 $ 93,783 $ 70,253 $ 90,874 $ 181,685 $ 184,657 End of period: Cash and cash equivalents $ 34,007 $ 716,750 $ 40,161 $ 66,791 $ 74,168 $ 783,541 Restricted cash 68,033 84,982 5,817 21,576 73,850 106,558 Cash, cash equivalents and restricted cash $ 102,040 $ 801,732 $ 45,978 $ 88,367 $ 148,018 $ 890,099

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At March 31, 2021, 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. These securities are classified as held-to-maturity because the Company has the intent and ability to hold the securities until maturity. Seller Financing Loan. The Company provided seller financing related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five–year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2021 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: Loans receivable and unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures $ 21,970 Loan - seller financing Loans receivable, net 1,865 CMBS and LLC investment Marketable debt and LLC investment 35,610 Discontinued operations: VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ — _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. As of March 31, 2021, 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 and 8 for additional descriptions of the nature, purpose, and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities The Company’s consolidated total assets and total liabilities at March 31, 2021 and December 31, 2020 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. 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 four 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 one life science facility (the "acquired property") using a reverse like-kind exchange structure pursuant to Section 1031 of the Code (a "reverse 1031 exchange") and as of March 31, 2021, the Company had not completed the reverse 1031 exchange. As such, the acquired property remained in the possession of an Exchange Accommodation Titleholder ("EAT") as of March 31, 2021. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it has the ability to control the activities that most significantly impact the economic performance of the EAT and is, therefore, the primary beneficiary of the EAT. The property held by the EAT is reflected as real estate with a carrying value of $417 million as of March 31, 2021. The assets of the EAT 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 EAT may only be used to settle its contractual obligations (primarily from capital expenditures). Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Buildings and improvements $ 2,487,025 $ 2,988,599 Development costs and construction in progress 48,600 85,595 Land 341,842 433,574 Accumulated depreciation and amortization (533,328) (602,491) Net real estate 2,344,139 2,905,277 Accounts receivable, net 5,095 12,009 Cash and cash equivalents 16,464 16,550 Restricted cash 6 7,977 Intangible assets, net 89,692 179,027 Assets held for sale and discontinued operations, net 698,318 704,966 Right-of-use asset, net 89,017 95,407 Other assets, net 61,470 59,063 Total assets $ 3,304,201 $ 3,980,276 Liabilities Mortgage debt 4,537 39,085 Intangible liabilities, net 33,714 56,467 Liabilities related to assets held for sale and discontinued operations, net 186,562 190,919 Lease liability 90,397 97,605 Accounts payable, accrued liabilities, and other liabilities 53,438 102,391 Deferred revenue 31,279 90,183 Total liabilities $ 399,927 $ 576,650 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Buildings and improvements $ 633,243 $ 639,759 Development costs and construction in progress 103 68 Land 105,769 106,209 Accumulated depreciation and amortization (55,021) (57,235) Net real estate 684,094 688,801 Accounts receivable, net 1,885 1,700 Cash and cash equivalents 6,516 6,306 Restricted cash 1,388 3,124 Right-of-use asset, net 1,387 1,391 Other assets, net 3,048 3,644 Total assets $ 698,318 $ 704,966 Liabilities Mortgage debt $ 171,085 $ 176,702 Lease liability 1,387 1,392 Accounts payable, accrued liabilities, and other liabilities 12,119 11,003 Deferred revenue 1,971 1,822 Total liabilities $ 186,562 $ 190,919

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets are immaterial at March 31, 2021 and December 31, 2020. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): March 31, 2021 (3) December 31, 2020 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 740,142 $ 743,465 $ 195,375 $ 201,228 Marketable debt securities (2) 20,512 20,512 20,355 20,355 Bank line of credit and commercial paper (2) 1,038,150 1,038,150 129,590 129,590 Term loan (2) 249,243 249,243 249,182 249,182 Senior unsecured notes (1) 4,255,697 4,664,075 5,697,586 6,517,650 Mortgage debt (2)(4) 219,959 219,510 221,621 221,181 Interest-rate swap liabilities (2) — — 81 81 _______________________________________ (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 loan, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the three months ended March 31, 2021 and year ended December 31, 2020, there were no material transfers of financial assets or liabilities within the fair value hierarchy. (4) For the three months ended March 31, 2021 and year ended December 31, 2020, excludes mortgage debt on assets held for sale and discontinued operations of $278 million and $319 million, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial InstrumentsThe 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.In March 2021, the Company repaid $39 million of variable rate secured debt on two SHOP assets classified as discontinued operations as of March 31, 2021 and terminated the two remaining related interest-rate swap contracts. Therefore, at March 31, 2021, the Company had no remaining interest-rate swap contracts.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	3 Months Ended
	Mar. 31, 2021
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): March 31, December 31, Refundable entrance fees $ 311,410 $ 317,444 Construction related accrued liabilities 107,798 95,293 Accrued interest 36,013 78,735 Other accounts payable and accrued liabilities 241,819 271,919 Accounts payable, accrued liabilities, and other liabilities $ 697,040 $ 763,391

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
Government Grant Income	Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three months ended March 31, 2021, 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 March 31, 2021, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted 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 reassesses 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 6). No such rent deferrals were provided to tenants during the three months ended March 31, 2021 and 2020. 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)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Government Grant Receivables, CARES Act	The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended 2021 2020 Government grant income recorded in other income (expense), net $ 1,310 $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 426 — Government grant income recorded in income (loss) from discontinued operations 3,232 — Total government grants received $ 4,968 $ —

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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): March 31, December 31, ASSETS Real estate: Buildings and improvements $ 1,174,263 $ 2,553,254 Development costs and construction in progress 11,136 21,509 Land 201,699 355,803 Accumulated depreciation and amortization (221,246) (615,708) Net real estate 1,165,852 2,314,858 Investments in and advances to unconsolidated joint ventures 5,776 5,842 Accounts receivable, net of allowance of $5,132 and $5,873 13,976 20,500 Cash and cash equivalents 40,161 53,085 Restricted cash 5,817 17,168 Intangible assets, net 8,539 24,541 Right-of-use asset, net 937 4,109 Other assets, net (1) 43,224 103,965 Total assets of discontinued operations, net 1,284,282 2,544,068 Total medical office assets held for sale, net (2) 90,225 82,238 Assets held for sale and discontinued operations, net $ 1,374,507 $ 2,626,306 LIABILITIES Mortgage debt 278,172 318,876 Lease liability 935 3,189 Accounts payable, accrued liabilities, and other liabilities 41,977 79,411 Deferred revenue 3,985 11,442 Total liabilities of discontinued operations, net 325,069 412,918 Total liabilities related to medical office assets held for sale, net (2) 3,098 2,819 Liabilities related to assets held for sale and discontinued operations, net $ 328,167 $ 415,737 _______________________________________ (1) Includes goodwill of $29 million as of March 31, 2021 and December 31, 2020. (2) Primarily comprised of eight MOBs with net real estate assets of $81 million and deferred revenue of $2 million as of March 31, 2021 and six MOBs with net estate assets of $73 million and deferred revenue of $2 million as of December 31, 2020. The results of discontinued operations through March 31, 2021, or the disposal date of each asset or portfolio of assets if they have been sold, are included in the consolidated results for the three months ended March 31, 2021 and 2020. Summarized financial information for discontinued operations for the three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 2020 Revenues: Rental and related revenues $ 5,228 $ 32,371 Resident fees and services 72,998 171,726 Total revenues 78,226 204,097 Costs and expenses: Interest expense 2,676 2,685 Depreciation and amortization — 64,164 Operating 71,519 138,637 Transaction costs 76 285 Impairments and loan loss reserves (recoveries), net — 28,016 Total costs and expenses 74,271 233,787 Other income (expense): Gain (loss) on sales of real estate, net 259,662 162,800 Other income (expense), net 5,885 (45) Total other income (expense), net 265,547 162,755 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 269,502 133,065 Income tax benefit (expense) 821 3,176 Equity income (loss) from unconsolidated joint ventures (315) (833) Income (loss) from discontinued operations $ 270,008 $ 135,408

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended 2021 2020 Fixed income from operating leases $ 262,937 $ 226,226 Variable income from operating leases 65,035 56,091 Interest income from direct financing leases 2,163 3,269
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (dollars in thousands): March 31, December 31, Present value of minimum lease payments receivable $ 7,758 $ 9,804 Present value of estimated residual value 44,706 44,706 Less deferred selling profits (7,758) (9,804) Net investment in direct financing leases $ 44,706 $ 44,706 Properties subject to direct financing leases 1 1
Schedule of Other Lease Information	The following table provides supplemental cash flow information regarding the Company’s leases for which it is the lessee, such as ground leases (dollars in thousands): Three Months Ended Supplemental Cash Flow Information: 2021 2020 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 5,020 $ —

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): March 31, 2021 December 31, 2020 Secured loans (1) $ 724,389 $ 161,530 Mezzanine and other 44,513 44,347 Unamortized discounts, fees, and costs (14,626) (222) Reserve for loan losses (14,134) (10,280) Loans receivable, net $ 740,142 $ 195,375 _______________________________________
Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination	The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and costs and reserves for loan losses, as of March 31, 2021 (dollars in thousands): Investment Type Year of Origination Total 2021 2020 2019 2018 2017 Prior Secured loans Risk rating: Performing loans $ 543,310 $ 96,665 $ 63,381 $ — $ — $ — $ 703,356 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 543,310 $ 96,665 $ 63,381 $ — $ — $ — $ 703,356 Mezzanine and other Risk rating: Performing loans $ 12,274 $ 12,113 $ 10,535 $ — $ — $ — $ 34,922 Watch list loans — — — — — 1,864 1,864 Workout loans — — — — — — — Total mezzanine and other $ 12,274 $ 12,113 $ 10,535 $ — $ — $ 1,864 $ 36,786
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): March 31, 2021 December 31, 2020 Secured Loans Mezzanine and Other Total Secured Loans Mezzanine and Other Total Reserve for loan losses, beginning of period $ 3,152 $ 7,128 $ 10,280 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings — — — 513 907 1,420 Provision for expected loan losses 2,740 1,114 3,854 2,639 6,221 8,860 Reserve for loan losses, end of period $ 5,892 $ 8,242 $ 14,134 $ 3,152 $ 7,128 $ 10,280

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount March 31, December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2021 2020 SWF SH JV (4) Other 19 54 $ 349,804 $ 357,581 Life Science JV (5) Life science 1 49 24,786 24,879 Medical Office JVs (6) Medical office 3 20 - 67 9,613 9,673 Other JVs (7) Other — 41 - 47 9,157 9,157 CCRC JV (8) CCRC 2 49 6,481 1,581 $ 399,841 $ 402,871 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Excludes the Otay Ranch JV (90% ownership percentage), which is classified as discontinued operations and had an aggregate carrying value of $6 million at March 31, 2021 and December 31, 2020 (see Note 5). In April 2021, the Company sold its share of the SHOP property in the Otay Ranch JV for $32 million. (3) Property count and ownership percentage are as of March 31, 2021. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund. (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) Includes two unconsolidated other joint ventures (and the Company’s ownership percentage): (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that have developed or 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 April 2021, the Company sold these two preferred equity investments for carrying value as part of the Discovery SHOP Portfolio disposition (see Note 5). (8) See Note 3 for discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Intangibles [Abstract]
Schedule of Intangible Lease Assets	Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets March 31, December 31, Gross intangible lease assets $ 758,424 $ 761,328 Accumulated depreciation and amortization (262,505) (241,411) Intangible assets, net (1) $ 495,919 $ 519,917 Weighted average remaining amortization period in years 6 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $9 million and $25 million as of March 31, 2021 and December 31, 2020, respectively.
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities March 31, December 31, Gross intangible lease liabilities $ 193,140 $ 194,565 Accumulated depreciation and amortization (54,523) (50,366) Intangible liabilities, net $ 138,617 $ 144,199 Weighted average remaining amortization period in years 8 8

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the three months ended March 31, 2021 (dollars in thousands): Payoff Date (1) Amount Coupon Rate Maturity Year January 28, 2021 $ 112,000 4.25 % 2023 January 28, 2021 $ 201,000 4.20 % 2024 January 28, 2021 $ 469,000 3.88 % 2024 February 26, 2021 $ 188,000 4.25 % 2023 February 26, 2021 $ 149,000 4.20 % 2024 February 26, 2021 $ 331,000 3.88 % 2024 _______________________________________ (1) Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due in 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment. The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2020 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year Year ended December 31, 2020: June 23, 2020 $ 600,000 2.88 % 2031 The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the year ended December 31, 2020 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Year Year ended December 31, 2020: July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 _______________________________________ (1) Upon completing the redemption of all outstanding 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.
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2021 (in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line of Commercial Paper (1) Term Loan Amount Interest Rate Amount Interest Rate Total 2021 (nine months) $ — $ — $ — $ — — % $ 11,572 4.86 % $ 11,572 2022 — — — — — % 4,843 3.80 % 4,843 2023 110,000 928,150 — — — % 89,874 3.80 % 1,128,024 2024 — — 250,000 — — % 3,050 3.80 % 253,050 2025 — — — 1,350,000 3.93 % 3,209 3.80 % 1,353,209 Thereafter — — — 2,950,000 3.68 % 102,789 3.54 % 3,052,789 110,000 928,150 250,000 4,300,000 215,337 5,803,487 (Discounts), premium and debt costs, net — — (757) (44,303) 4,622 (40,438) 110,000 928,150 249,243 4,255,697 219,959 5,763,049 Debt on assets held for sale and discontinued operations (4) — — — — 278,172 278,172 $ 110,000 $ 928,150 $ 249,243 $ 4,255,697 $ 498,131 $ 6,041,221 _______________________________________ (1) Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, we calculate the weighted average remaining term of our Commercial Paper Program borrowings using the maturity date of our Revolving Facility. (2) Effective interest rates on the senior notes range from 3.10% to 6.91% with a weighted average effective interest rate of 3.77% and a weighted average maturity of 8 years. (3) 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 4 years. (4) Represents mortgage debt on assets held for sale and discontinued operations with interest rates ranging from 3.45% to 5.88% that mature between 2025 and 2044.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, December 31, Unrealized gains (losses) on derivatives, net $ — $ (81) Supplemental Executive Retirement Plan minimum liability (3,497) (3,604) Total accumulated other comprehensive income (loss) $ (3,497) $ (3,685)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended 2021 2020 Numerator Income (loss) from continuing operations $ (120,585) $ 147,132 Noncontrolling interests' share in continuing operations (3,306) (3,463) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. (123,891) 143,669 Less: Participating securities' share in continuing operations (2,451) (1,616) Income (loss) from continuing operations applicable to common shares (126,342) 142,053 Income (loss) from discontinued operations 270,008 135,408 Noncontrolling interests' share in discontinued operations (329) 3 Net income (loss) applicable to common shares $ 143,337 $ 277,464 Numerator - Dilutive Net income (loss) applicable to common shares $ 143,337 $ 277,464 Add: distributions on dilutive convertible units and other — 2,515 Dilutive net income (loss) available to common shares $ 143,337 $ 279,979 Denominator Basic weighted average shares outstanding 538,679 506,476 Dilutive potential common shares - equity awards (1) — 318 Dilutive potential common shares - forward equity agreements (2) — 808 Dilutive potential common shares - DownREIT conversions — 7,443 Diluted weighted average common shares 538,679 515,045 Basic earnings (loss) per common share Continuing operations $ (0.23) $ 0.28 Discontinued operations 0.50 0.27 Net income (loss) applicable to common shares $ 0.27 $ 0.55 Diluted earnings (loss) per common share Continuing operations $ (0.23) $ 0.28 Discontinued operations 0.50 0.26 Net income (loss) applicable to common shares $ 0.27 $ 0.54 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the three months ended March 31, 2021, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended March 31, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 169,934 $ 160,201 $ 116,128 $ 9,013 $ — $ 455,276 Government grant income (1) — — 1,310 — — 1,310 Less: Interest income — — — (9,013) — (9,013) Healthpeak's share of unconsolidated joint venture total revenues 1,337 715 4,488 16,753 — 23,293 Healthpeak's share of unconsolidated joint venture government grant income — — 199 227 — 426 Noncontrolling interests' share of consolidated joint venture total revenues (65) (8,926) — — — (8,991) Operating expenses (39,461) (51,121) (91,179) — — (181,761) Healthpeak's share of unconsolidated joint venture operating expenses (425) (294) (4,745) (12,595) — (18,059) Noncontrolling interests' share of consolidated joint venture operating expenses 20 2,504 — — — 2,524 Adjustments to NOI (2) (11,810) (1,923) 20 112 — (13,601) Adjusted NOI 119,530 101,156 26,221 4,497 — 251,404 Plus: Adjustments to NOI (2) 11,810 1,923 (20) (112) — 13,601 Interest income — — — 9,013 — 9,013 Interest expense (102) (95) (1,918) — (44,728) (46,843) Depreciation and amortization (68,434) (57,954) (31,150) — — (157,538) General and administrative — — — — (24,902) (24,902) Transaction costs (32) (330) (432) (4) — (798) Impairments and loan loss reserves — — — (3,242) — (3,242) Gain (loss) on debt extinguishments — — — — (164,292) (164,292) Other income (expense), net 4 (2,279) 2,176 482 1,817 2,200 Less: Government grant income — — (1,310) — — (1,310) Less: Healthpeak's share of unconsolidated joint venture NOI (912) (421) 58 (4,385) — (5,660) Plus: Noncontrolling interests' share of consolidated joint venture NOI 45 6,422 — — — 6,467 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 61,909 48,422 (6,375) 6,249 (232,105) (121,900) Income tax benefit (expense) — — — — (8) (8) Equity income (loss) from unconsolidated joint ventures (93) 192 — 1,224 — 1,323 Income (loss) from continuing operations 61,816 48,614 (6,375) 7,473 (232,113) (120,585) Income (loss) from discontinued operations — — — — 270,008 270,008 Net income (loss) $ 61,816 $ 48,614 $ (6,375) $ 7,473 $ 37,895 $ 149,423 _______________________________________ (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. For the three months ended March 31, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 128,883 $ 156,641 $ 91,780 $ 3,750 $ — $ 381,054 Less: Interest income — — — (3,688) — (3,688) Healthpeak's share of unconsolidated joint venture total revenues — 695 21,647 20,194 — 42,536 Noncontrolling interests' share of consolidated joint venture total revenues (52) (8,640) — — — (8,692) Operating expenses (30,201) (50,694) (156,482) — — (237,377) Healthpeak's share of unconsolidated joint venture operating expenses — (275) (18,037) (13,278) — (31,590) Noncontrolling interests' share of consolidated joint venture operating expenses 17 2,600 — — — 2,617 Adjustments to NOI (1) (4,280) (994) 91,561 (48) — 86,239 Adjusted NOI 94,367 99,333 30,469 6,930 — 231,099 Plus: Adjustments to NOI (1) 4,280 994 (91,561) 48 — (86,239) Interest income — — — 3,688 — 3,688 Interest expense (63) (102) (1,304) — (54,222) (55,691) Depreciation and amortization (50,211) (54,667) (20,229) (5) — (125,112) General and administrative — — — — (22,349) (22,349) Transaction costs — — (14,474) (89) — (14,563) Impairments and loan loss reserves — (2,706) — (8,401) — (11,107) Gain (loss) on sales of real estate, net — 2,109 — (40) — 2,069 Gain (loss) on debt extinguishments — — — — 833 833 Other income (expense), net — — 170,332 41,707 (1,386) 210,653 Less: Healthpeak's share of unconsolidated joint venture NOI — (420) (3,610) (6,916) — (10,946) Plus: Noncontrolling interests' share of consolidated joint venture NOI 35 6,040 — — — 6,075 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 48,408 50,581 69,623 36,922 (77,124) 128,410 Income tax benefit (expense) (2) — — — — 29,868 29,868 Equity income (loss) from unconsolidated joint ventures — 197 (1,880) (9,463) — (11,146) Income (loss) from continuing operations 48,408 50,778 67,743 27,459 (47,256) 147,132 Income (loss) from discontinued operations — — — — 135,408 135,408 Net income (loss) $ 48,408 $ 50,778 $ 67,743 $ 27,459 $ 88,152 $ 282,540 ______________________________________________________________________________ (1) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (2) Income tax benefit (expense) for the quarter ended March 31, 2020 includes: (i) a $52 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3) and (ii) a $2.9 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available.
Schedule of Reconciliation of Company's Revenues by Segment	The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Segment 2021 2020 Life science $ 169,934 $ 128,883 Medical office 160,201 156,641 CCRC 116,128 91,780 Other non-reportable 9,013 3,750 Total revenues $ 455,276 $ 381,054

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2021 2020 Supplemental cash flow information: Interest paid, net of capitalized interest $ 90,032 $ 71,621 Income taxes paid (refunded) 2,521 (1,673) Capitalized interest 5,453 6,970 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 107,798 126,185 Vesting of restricted stock units and conversion of non-managing member units into common stock 838 1,077 Net noncash impact from the consolidation of previously unconsolidated joint ventures — 323,138 Mortgages assumed with real estate acquisitions — 215,335 Refundable entrance fees assumed with real estate acquisitions — 307,954 Seller financing provided on disposition of real estate asset 559,745 — The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Three Months Ended March 31, 2021 2020 Depreciation and amortization of real estate, in-place lease, and other intangibles $ — $ 64,164 Development, redevelopment, and other major improvements of real estate 3,861 11,252 Leasing costs, tenant improvements, and recurring capital expenditures 1,873 3,427
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 44,226 $ 80,398 $ 53,085 $ 63,834 $ 97,311 $ 144,232 Restricted cash 67,206 13,385 17,168 27,040 84,374 40,425 Cash, cash equivalents and restricted cash $ 111,432 $ 93,783 $ 70,253 $ 90,874 $ 181,685 $ 184,657 End of period: Cash and cash equivalents $ 34,007 $ 716,750 $ 40,161 $ 66,791 $ 74,168 $ 783,541 Restricted cash 68,033 84,982 5,817 21,576 73,850 106,558 Cash, cash equivalents and restricted cash $ 102,040 $ 801,732 $ 45,978 $ 88,367 $ 148,018 $ 890,099

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2021 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: Loans receivable and unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures $ 21,970 Loan - seller financing Loans receivable, net 1,865 CMBS and LLC investment Marketable debt and LLC investment 35,610 Discontinued operations: VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ — _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Buildings and improvements $ 2,487,025 $ 2,988,599 Development costs and construction in progress 48,600 85,595 Land 341,842 433,574 Accumulated depreciation and amortization (533,328) (602,491) Net real estate 2,344,139 2,905,277 Accounts receivable, net 5,095 12,009 Cash and cash equivalents 16,464 16,550 Restricted cash 6 7,977 Intangible assets, net 89,692 179,027 Assets held for sale and discontinued operations, net 698,318 704,966 Right-of-use asset, net 89,017 95,407 Other assets, net 61,470 59,063 Total assets $ 3,304,201 $ 3,980,276 Liabilities Mortgage debt 4,537 39,085 Intangible liabilities, net 33,714 56,467 Liabilities related to assets held for sale and discontinued operations, net 186,562 190,919 Lease liability 90,397 97,605 Accounts payable, accrued liabilities, and other liabilities 53,438 102,391 Deferred revenue 31,279 90,183 Total liabilities $ 399,927 $ 576,650 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Buildings and improvements $ 633,243 $ 639,759 Development costs and construction in progress 103 68 Land 105,769 106,209 Accumulated depreciation and amortization (55,021) (57,235) Net real estate 684,094 688,801 Accounts receivable, net 1,885 1,700 Cash and cash equivalents 6,516 6,306 Restricted cash 1,388 3,124 Right-of-use asset, net 1,387 1,391 Other assets, net 3,048 3,644 Total assets $ 698,318 $ 704,966 Liabilities Mortgage debt $ 171,085 $ 176,702 Lease liability 1,387 1,392 Accounts payable, accrued liabilities, and other liabilities 12,119 11,003 Deferred revenue 1,971 1,822 Total liabilities $ 186,562 $ 190,919

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): March 31, 2021 (3) December 31, 2020 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 740,142 $ 743,465 $ 195,375 $ 201,228 Marketable debt securities (2) 20,512 20,512 20,355 20,355 Bank line of credit and commercial paper (2) 1,038,150 1,038,150 129,590 129,590 Term loan (2) 249,243 249,243 249,182 249,182 Senior unsecured notes (1) 4,255,697 4,664,075 5,697,586 6,517,650 Mortgage debt (2)(4) 219,959 219,510 221,621 221,181 Interest-rate swap liabilities (2) — — 81 81 _______________________________________ (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 loan, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the three months ended March 31, 2021 and year ended December 31, 2020, there were no material transfers of financial assets or liabilities within the fair value hierarchy. (4) For the three months ended March 31, 2021 and year ended December 31, 2020, excludes mortgage debt on assets held for sale and discontinued operations of $278 million and $319 million, respectively.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, December 31, Refundable entrance fees $ 311,410 $ 317,444 Construction related accrued liabilities 107,798 95,293 Accrued interest 36,013 78,735 Other accounts payable and accrued liabilities 241,819 271,919 Accounts payable, accrued liabilities, and other liabilities $ 697,040 $ 763,391

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Unusual or Infrequent Item, or Both [Line Items]
Government grant income	$ 4,968	$ 0
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income	1,310	0
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income	426	0
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income	$ 3,232	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	$ 7,316,682	$ 7,344,572	$ 7,813,443		$ 6,667,474
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment				$ 2,000	$ (1,524)	[1]
[1]	On January 1, 2020, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.

Master Transactions and Coope_2

Master Transactions and Cooperation Agreement with Brookdale (Details)	Jan. 31, 2020USD ($)propertylease	Dec. 31, 2020USD ($)property	Oct. 31, 2019USD ($)property	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)property	Dec. 31, 2020USD ($)property	Jan. 31, 2021property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property	15
Number of properties disposed | property					18
Capital investment		$ 5,000,000				$ 5,000,000
Gain upon change of control, net				$ 1,042,000	$ 167,434,000
Long-term debt				6,041,221,000
Gain on sales of real estate, net				$ 0	$ 2,069,000
Measurement Input, Discount Rate | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.10
Measurement Input, Discount Rate | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.12
Measurement Input, Annual Rent Escalators | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.02
Measurement Input, Annual Rent Escalators | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.03
Measurement Input, Cap Rate | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.07
Measurement Input, Cap Rate | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Measurement input	0.09
Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties disposed | property	18					18
Cash proceeds	$ 385,000,000
Gain on sales of real estate, net	$ 164,000,000
CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property				2
Investment ownership percentage	49.00%			49.00%
Equity method investments		$ 1,581,000		$ 6,481,000		$ 1,581,000
CCRC JV | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest acquired	51.00%
Purchase cost	$ 1,060,000,000
Management termination fee	$ 100,000,000
Number of assets to be sold | property			2
CCRC JV | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property	15
Number of properties acquired | property	13				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
Long-term debt					215,000,000
Working capital					48,000,000
Cash paid					$ 396,000,000
CCRC JV | Brookedale MTCA | Government grant income recorded in other income (expense), net
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gain upon change of control, net	$ 170,000,000
Senior Housing Triple-Net
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property						21
2019 Amended Master Lease | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual rent escalator	2.40%
Assets Leased to Others | 2019 Amended Master Lease | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties to be restructured | property	24						24
Number of leases to be terminated	1	1
Percent of sales proceeds	6.50%
Number of properties to be reallocated | property	14
Future rent	$ 20,000,000
Capital investment			$ 35,000,000
Capital investment term			5 years
Annual percent increase			7.00%
Other Non-reportable Segments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property						1
Other Non-reportable Segments | Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property		1				1
Other Non-reportable Segments | Assets Leased to Others | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property	13
Other Non-reportable Segments | Assets Leased to Others | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property			15
Other Non-reportable Segments | Assets Leased to Others | CCRC JV | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property	13
Senior Housing Triple-Net
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of assets to be sold | property					18
Senior Housing Triple-Net | Assets Leased to Others
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property			43

Real Estate Transactions - Real

Real Estate Transactions - Real Estate Investments (Details)	1 Months Ended							3 Months Ended		12 Months Ended
	Apr. 30, 2021USD ($)property	Feb. 28, 2021USD ($)property	Dec. 31, 2020USD ($)property	Nov. 30, 2020USD ($)property	Oct. 31, 2020USD ($)aproperty	Jul. 31, 2020USD ($)property	Apr. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020asset
Real Estate [Line Items]
Loss from change of control								$ (1,042,000)	$ (167,434,000)
Debt assumed								$ 5,803,487,000
Life science joint ventures
Real Estate [Line Items]
Investment ownership percentage								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					$ 4,000,000
Gain from change of control, net					$ 6,000,000
Mbk Jv
Real Estate [Line Items]
Number of properties acquired | property				1
Proceeds from divestiture of interest in joint venture				$ 11,000,000
Loss from change of control				16,000,000
Debt assumed				36,000,000
San Francisco, California
Real Estate [Line Items]
Area of land | a					12
Payments to acquire land					$ 128,000,000
Number of adjacent sites currently held | property					2
Payments for deposits on real estate acquisitions				$ 10,000,000
San Francisco, California | Subsequent Event | First Tranche
Real Estate [Line Items]
Payments to acquire land	$ 61,000,000
Massachusetts
Real Estate [Line Items]
Payments to acquire real estate			$ 54,000,000
Massachusetts | Life science joint ventures
Real Estate [Line Items]
Investment ownership percentage			49.00%							49.00%
Medical office | Subsequent Event | Mortgage Debt
Real Estate [Line Items]
Amount	$ 142,000,000
Medical office | TENNESSEE
Real Estate [Line Items]
Number of properties acquired | property		1
Payments to acquire real estate		$ 13,000,000
Medical office | COLORADO | Subsequent Event
Real Estate [Line Items]
Number of properties acquired | property	1
Payments to acquire real estate	$ 38,000,000
Medical office | UNITED STATES | Subsequent Event
Real Estate [Line Items]
Number of properties acquired | property	14
Payments to acquire real estate	$ 371,000,000
Medical office | ARIZONA
Real Estate [Line Items]
Number of properties acquired | property						1
Payments to acquire real estate						$ 27,000,000
Medical office | Indiana, Missouri, Illinois
Real Estate [Line Items]
Number of properties acquired | property					7
Payments to acquire real estate					$ 169,000,000
Medical office | T X
Real Estate [Line Items]
Number of properties acquired | property			1
Payments to acquire real estate			$ 34,000,000
Life science
Real Estate [Line Items]
Number of properties acquired | asset										1
Life science | Massachusetts
Real Estate [Line Items]
Number of properties acquired | property			3
Payments to acquire real estate			$ 610,000,000				$ 320,000,000
Land parcel | Mbk Jv
Real Estate [Line Items]
Number of properties acquired | property				1

Real Estate Transactions - Deve

Real Estate Transactions - Development Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Line Items]
Development and redevelopment projects, amount increase			$ 9,000
Development commitments	$ 315,000		315,000
Depreciation and amortization of real estate, in-place lease, and other intangibles			157,538	$ 125,112
Decrease to income (loss) from continuing operations			$ 120,585	$ (147,132)
Continuing operations basic earnings per share (in dollars per share)			$ (0.23)	$ 0.28
Continuing operations diluted earnings per share (in dollars per share)			$ (0.23)	$ 0.28
Life science
Real Estate [Line Items]
Weighted average remaining useful life	6 years	15 years
Depreciation and amortization of real estate, in-place lease, and other intangibles			$ 3,000
Decrease to income (loss) from continuing operations			$ 3,000
Continuing operations basic earnings per share (in dollars per share)			$ 0.01
Continuing operations diluted earnings per share (in dollars per share)			$ 0.01

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - Dispositions of Real Estate (Details)	Jan. 31, 2020USD ($)property	Apr. 30, 2021USD ($)property	Feb. 28, 2021USD ($)property	Jan. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Oct. 31, 2020USD ($)property	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by financing activities							$ (924,119,000)	$ 761,421,000
Gain on sales of real estate, net							0	$ 2,069,000
Number of properties disposed | property								18
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate, net										$ 283,000,000
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate, net										$ 193,000,000
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate, net	$ 164,000,000
Number of properties disposed | property	18									18
Sunrise Senior Housing Portfolio | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by financing activities				$ 410,000,000
Capital expenditure funding, amount committed				92,000,000
Capital expenditure funding, amount funded							0
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings				230,000,000			5,000,000	$ 36,000,000		$ 190,000,000
Net cash provided by financing activities				150,000,000
Gain on sales of real estate, net				59,000,000			$ (16,000,000)
SHOP | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		$ 13,000,000
SHOP | 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 on sales of real estate, net					39,000,000
SHOP | Oakmont SHOP Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		564,000,000
SHOP | Discovery SHOP Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		334,000,000
Proceeds from sale of loans and preferred equity method investments		21,000,000
SHOP | Sonata SHOP Portfolio | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		64,000,000
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										21
Proceeds from sale of buildings								385,000,000		$ 428,000,000
Senior housing triple-net | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		$ 7,000,000
Senior housing triple-net | Brookdale Triple Net Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings				510,000,000
Gain on sales of real estate, net				$ 169,000,000
Senior housing triple-net | HRA Triple Net Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings			$ 132,000,000
Gain on sales of real estate, net			$ 33,000,000
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 on sales of real estate, net					$ 228,000,000
Senior Housing Operating Portfolio and Senior Housing Triple-Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate, net								$ 165,000,000
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
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
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property				16			1	7		23
SHOP | 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
SHOP | 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					4
Proceeds from sale of buildings					$ 94,000,000
Net cash provided by financing activities					$ 61,000,000
SHOP | 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				32
Proceeds from sale of buildings				$ 664,000,000
Net cash provided by financing activities				$ 410,000,000
SHOP | 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
SHOP | 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
SHOP | 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
SHOP | SLC SHOP Portfolio | Definitive Agreement Four | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from deposits on real estate sales									$ 3,000,000
SHOP | Oakmont SHOP 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		12
SHOP | Discovery SHOP 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		10
Number of preferred equity method investments sold | property		2
SHOP | Discovery SHOP Portfolio | Subsequent Event | Secured Loans
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of loan receivables | property		2
SHOP | Sonata SHOP 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		5
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								18
Senior housing triple-net | 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
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
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property			8
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
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
Medical office | Subsequent Event
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		$ 10,000,000
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
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
Other Non-reportable Segments
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

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - property	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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			18
Medical office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold				11
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold	16	1	7	23
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		9		41
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		8		6
Held-for-sale | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale		48		97
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		1

Dispositions of Real Estate a_5

Dispositions of Real Estate and Discontinued Operations - Assets and Liabilities for Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Real estate:
Cash and cash equivalents	$ 40,161	$ 53,085	$ 66,791	$ 63,834
Restricted cash	5,817	17,168	$ 21,576	$ 27,040
Intangible assets, net	9,000	25,000
Total assets of discontinued operations, net	1,374,507	2,626,306
LIABILITIES
Total liabilities of discontinued operations, net	328,167	415,737
Allowance for doubtful accounts receivable	5,132	5,873
Deferred revenue	765,946	774,316
Held-for-sale
Real estate:
Buildings and improvements	1,174,263	2,553,254
Development costs and construction in progress	11,136	21,509
Land	201,699	355,803
Accumulated depreciation and amortization	(221,246)	(615,708)
Net real estate	1,165,852	2,314,858
Investments in and advances to unconsolidated joint ventures	5,776	5,842
Accounts receivable, net of allowance of $5,132 and $5,873	13,976	20,500
Cash and cash equivalents	40,161	53,085
Restricted cash	5,817	17,168
Intangible assets, net	8,539	24,541
Right-of-use asset, net	937	4,109
Other assets, net(1)	43,224	103,965
Total assets of discontinued operations, net	1,284,282	2,544,068
Total medical office assets held for sale, net	90,225	82,238
Assets held for sale and discontinued operations, net	1,374,507	2,626,306
LIABILITIES
Mortgage debt	278,172	318,876
Lease liability	935	3,189
Accounts payable, accrued liabilities, and other liabilities	41,977	79,411
Deferred revenue	3,985	11,442
Total liabilities of discontinued operations, net	325,069	412,918
Total liabilities related to medical office assets held for sale, net	3,098	2,819
Liabilities related to assets held for sale and discontinued operations, net	328,167	415,737
Goodwill	29,000	29,000
Net real estate assets	81,000	73,000
Deferred revenue	$ 2,000	$ 2,000

Dispositions of Real Estate a_6

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - Held-for-sale - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues	$ 5,228	$ 32,371
Resident fees and services	72,998	171,726
Total revenues	78,226	204,097
Interest expense	2,676	2,685
Depreciation and amortization	0	64,164
Operating	71,519	138,637
Transaction costs	76	285
Impairments and loan loss reserves (recoveries), net	0	28,016
Total costs and expenses	74,271	233,787
Gain (loss) on sales of real estate, net	259,662	162,800
Other income (expense), net	5,885
Other income (expense), net		(45)
Total other income (expense), net	265,547	162,755
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	269,502	133,065
Income tax benefit (expense)	821	3,176
Equity income (loss) from unconsolidated joint ventures	(315)	(833)
Income (loss) from discontinued operations	$ 270,008	$ 135,408

Dispositions of Real Estate a_7

Dispositions of Real Estate and Discontinued Operations - Dispositions of Real Estate (Details) $ / item in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / itemproperty	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Impairment of real estate	$ 31
Deferred tax assets, valuation allowance		$ 35	$ 33
Minimum
Real Estate [Line Items]
Impairment test, market capitalization rate	7.16%
Impairment calculation, price per unit | $ / item	38
Maximum
Real Estate [Line Items]
Impairment test, market capitalization rate	9.92%
Impairment calculation, price per unit | $ / item	95
Weighted Average
Real Estate [Line Items]
Impairment test, market capitalization rate	9.32%
Impairment calculation, price per unit | $ / item	68
Discontinued Operations
Real Estate [Line Items]
Impairment of real estate	$ 28
Impairments 2020
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment	200
Real estate held-for-sale	$ 169
SHOP
Real Estate [Line Items]
Number of real estate properties impaired | property	15
Senior housing triple-net
Real Estate [Line Items]
Number of real estate properties impaired | property	2
Medical office
Real Estate [Line Items]
Number of real estate properties impaired | property	2

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 262,937	$ 226,226
Variable income from operating leases	65,035	56,091
Interest income from direct financing leases	$ 2,163	$ 3,269

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Lessor, Lease, Description [Line Items]
Present value of minimum lease payments receivable	$ 7,758	$ 9,804
Present value of estimated residual value	44,706	44,706
Less deferred selling profits	(7,758)	(9,804)
Net investment in direct financing leases	$ 44,706	$ 44,706
Properties subject to direct financing leases | property	1	1
Medical office
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases	$ 45,000

Leases - Direct Financing Lea_2

Leases - Direct Financing Lease Sale and Conversion (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Proceeds from sale of lease receivable	$ 82
Gain on sale of direct financing lease	$ 42

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating leases	$ 5,020	$ 0

Leases - Rent Deferrals (Detail

Leases - Rent Deferrals (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Rent deferred during the period	$ 0	$ 0
Medical Office
Lessor, Lease, Description [Line Items]
Rent deferred during the period			$ 6,000,000
Life Science
Lessor, Lease, Description [Line Items]
Rent deferred during the period			$ 1,000,000

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (14,626)	$ (222)
Reserve for loan losses	(14,134)	(10,280)	$ 0
Loans receivable, net	740,142	195,375
Remaining loans receivable commitments	100,000	11,000
Secured mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	724,389	161,530
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 44,513	$ 44,347

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	Jan. 31, 2020USD ($)property	Apr. 30, 2021USD ($)property	Jan. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Nov. 30, 2020USD ($)property	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)property	Dec. 31, 2021property	Dec. 31, 2020USD ($)property	Oct. 31, 2019property
Loans Receivable:
Property count | property	15
Financing receivable, after allowance for credit loss				$ 195,375,000		$ 740,142,000			$ 195,375,000
Loss on sale of financing receivable							$ (42,000,000)
Net cash provided by financing activities						(924,119,000)	761,421,000
Reduction of gain on sale of real estate						0	(2,069,000)
Credit loss reserve on unfunded loan commitments				1,000,000		400,000			1,000,000
Credit loss expenses						3,000,000	$ 8,000,000
Sunrise Senior Housing Portfolio | SHOP
Loans Receivable:
Net cash provided by financing activities			$ 410,000,000
Capital expenditure funding, amount committed			$ 92,000,000
Capital expenditure funding, amount funded						0
Capital expenditure funding, cost of capital, percent committed			65.00%
Secured mortgage loans
Loans Receivable:
Financing receivable, gross				$ 161,530,000		$ 724,389,000			$ 161,530,000
SHOP
Loans Receivable:
Number of assets to be sold | property			16			1	7		23
SHOP | Subsequent Event
Loans Receivable:
Number of assets to be sold | property		2
SHOP | Discovery SHOP Portfolio | Subsequent Event
Loans Receivable:
Number of assets to be sold | property		10
SHOP | Sunrise Senior Housing Portfolio
Loans Receivable:
Number of assets to be sold | property			32
Proceeds from sale of buildings			$ 664,000,000
Net cash provided by financing activities			410,000,000
SHOP | Sunrise Senior Housing Portfolio | Subsequent Event
Loans Receivable:
Number of assets to be sold | property								2
SHOP | 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 financing activities				$ 61,000,000
SHOP | Secured Loans | Discovery SHOP Portfolio | Subsequent Event
Loans Receivable:
Number of loan receivables | property		2
Other non-reportable
Loans Receivable:
Number of assets to be sold | property									1
Proceeds from sale of buildings									$ 1,000,000
Secured Loans
Loans Receivable:
Number of loan receivables | property					1
Financing receivable, gross					$ 10,000,000
Proceeds from sale of receivables					8,000,000
Loss on sale of financing receivable					$ 2,000,000
Secured mortgage loans
Loans Receivable:
Number of loan receivables | property				1					1
Financing receivable, gross				$ 115,000,000					$ 115,000,000
Proceeds from sale of receivables				109,000,000
Loss on sale of financing receivable				$ 6,000,000
Brookedale MTCA
Loans Receivable:
Reduction of gain on sale of real estate	$ (164,000,000)
Assets Leased to Others | Other non-reportable
Loans Receivable:
Property count | property				1					1
Assets Leased to Others | Brookedale MTCA | Other non-reportable
Loans Receivable:
Property count | property	13
CCRC JV | Brookedale MTCA
Loans Receivable:
Property count | property	15
CCRC JV | Assets Leased to Others | Other non-reportable
Loans Receivable:
Property count | property										15
CCRC JV | Assets Leased to Others | Brookedale MTCA | Other non-reportable
Loans Receivable:
Property count | property	13
Financing receivable, after allowance for credit loss	$ 30,000,000			$ 23,000,000		$ 24,000,000			$ 23,000,000
SHOP
Loans Receivable:
Proceeds from sale of buildings			230,000,000			5,000,000	$ 36,000,000		$ 190,000,000
Net cash provided by financing activities			150,000,000
Reduction of gain on sale of real estate			$ (59,000,000)			$ 16,000,000
Loans receivable, market rate						5.25%
Non-cash interest income						$ 2,000,000	$ 0
SHOP | Subsequent Event
Loans Receivable:
Proceeds from sale of buildings		$ 13,000,000
SHOP | Minimum
Loans Receivable:
Loans receivable, stated interest rate						3.50%
Interest income, amortization period						1 year
SHOP | Maximum
Loans Receivable:
Loans receivable, stated interest rate						4.50%
Interest income, amortization period						3 years
SHOP | Discovery SHOP Portfolio | Subsequent Event
Loans Receivable:
Proceeds from sale of buildings		$ 334,000,000
SHOP | Atria SHOP Portfolio
Loans Receivable:
Number of assets to be sold | property				12
Proceeds from sale of buildings				$ 312,000,000
Reduction of gain on sale of real estate				$ (39,000,000)

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Mar. 31, 2021USD ($)
Secured loans
Loans Receivable:
2021	$ 543,310
2020	96,665
2019	63,381
2018	0
2017	0
Prior	0
Total	703,356
Mezzanine and other
Loans Receivable:
2021	12,274
2020	12,113
2019	10,535
2018	0
2017	0
Prior	1,864
Total	36,786
Performing loans | Secured loans
Loans Receivable:
2021	543,310
2020	96,665
2019	63,381
2018	0
2017	0
Prior	0
Total	703,356
Performing loans | Mezzanine and other
Loans Receivable:
2021	12,274
2020	12,113
2019	10,535
2018	0
2017	0
Prior	0
Total	34,922
Watch list loans | Secured loans
Loans Receivable:
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	0
Total	0
Watch list loans | Mezzanine and other
Loans Receivable:
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	1,864
Total	1,864
Workout loans | Secured loans
Loans Receivable:
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	0
Total	0
Workout loans | Mezzanine and other
Loans Receivable:
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	0
Total	$ 0

Loans Receivable - Schedule o_3

Loans Receivable - Schedule of Reserve for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	$ 10,280	$ 0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	0	1,420
Provision for expected loan losses	3,854	8,860
Reserve for loan losses, end of period	14,134	10,280
Secured Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	3,152	0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	0	513
Provision for expected loan losses	2,740	2,639
Reserve for loan losses, end of period	5,892	3,152
Mezzanine and Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	7,128	0
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	0	907
Provision for expected loan losses	1,114	6,221
Reserve for loan losses, end of period	$ 8,242	$ 7,128

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2021USD ($)property	Mar. 31, 2021USD ($)joint_ventureproperty	Dec. 31, 2020USD ($)property	Jan. 31, 2020property
Schedule of Equity Method Investments [Line Items]
Property count				15
Investments in and advances to unconsolidated joint ventures | $		$ 399,841	$ 402,871
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Investment return percentage		10.00%
Discovery Naples JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		41.00%
Discovery Sarasota JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		47.00%
SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count		19
Investment ownership percentage		54.00%
Equity method investments | $		$ 349,804	357,581
Life science joint ventures
Schedule of Equity Method Investments [Line Items]
Property count		1
Investment ownership percentage		49.00%
Equity method investments | $		$ 24,786	24,879
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count		3
Equity method investments | $		$ 9,613	9,673
Number of unconsolidated joint ventures (in joint ventures) | joint_venture		3
Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		20.00%
Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		67.00%
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		20.00%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		30.00%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		67.00%
Other JVs
Schedule of Equity Method Investments [Line Items]
Property count		0
Equity method investments | $		$ 9,157	9,157
Other JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		41.00%
Other JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		47.00%
CCRC JV
Schedule of Equity Method Investments [Line Items]
Property count		2
Investment ownership percentage		49.00%		49.00%
Equity method investments | $		$ 6,481	1,581
Otay Ranch | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments | $	$ 32,000
Otay Ranch | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		90.00%
Equity method investments | $		$ 6,000	$ 6,000
Discovery Naples JV and Discovery Sarasota JV
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures (in joint ventures) | joint_venture		2
SHOP | Subsequent Event | Discovery SHOP Portfolio
Schedule of Equity Method Investments [Line Items]
Number of preferred equity method investments sold	2
Other non-reportable | Assets Leased to Others
Schedule of Equity Method Investments [Line Items]
Property count			1
Other non-reportable | Brookedale MTCA | Assets Leased to Others
Schedule of Equity Method Investments [Line Items]
Property count				13

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Intangibles [Abstract]
Gross intangible lease assets	$ 758,424	$ 761,328
Accumulated depreciation and amortization	(262,505)	(241,411)
Intangible assets, net	$ 495,919	$ 519,917
Weighted average remaining amortization period in years	6 years	5 years

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Intangibles [Abstract]
Gross intangible lease liabilities	$ 193,140	$ 194,565
Accumulated depreciation and amortization	(54,523)	(50,366)
Intangible liabilities, net	$ 138,617	$ 144,199
Weighted average remaining amortization period in years	8 years	8 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 9	$ 25
Weighted average remaining amortization period in years	6 years	5 years
Weighted average remaining amortization period in years	8 years	8 years
Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 1	$ 352
Intangible liabilities acquired	$ 0.2	$ 83
Weighted average remaining amortization period in years	4 years	7 years
Weighted average remaining amortization period in years	4 years	9 years

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details)	May 23, 2019USD ($)renewal_option	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	May 31, 2019USD ($)
Debt Instrument
Balance outstanding		$ 1,038,150,000	$ 129,590,000
Weighted-average interest rate (as a percent)		0.26%	0.30%
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)		60.00%
Debt instrument, covenant secured debt to assets (as a percent)		40.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)		60.00%
Debt instrument, covenant minimum fixed charge coverage ratio		1.5
Debt instrument, covenant net worth		$ 7,000,000,000
Bank Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000
Number of extensions | renewal_option	2
Length of debt instrument extension period	6 months
Debt instrument, facility fee (as a percent)		0.15%
Balance outstanding		$ 110,000,000
Weighted-average interest rate (as a percent)		1.23%
Line of credit facility additional aggregate amount, maximum		$ 750,000,000
Bank Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)		0.83%
Bank Line of Credit | 2019 Term Loan
Debt Instrument
Weighted-average interest rate (as a percent)		1.10%
Amount				$ 250,000,000
Bank Line of Credit | 2019 Term Loan | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)		0.90%

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Apr. 30, 2021	Dec. 31, 2020	Sep. 30, 2019
Debt Instrument
Weighted-average interest rate (as a percent)	0.26%			0.30%
Debt instrument, term	1 month	1 month
Commercial Paper Program
Debt Instrument
Maximum outstanding amount capacity					$ 1,000,000,000
Borrowings	$ 928,000,000			$ 130,000,000
Commercial Paper Program | Subsequent Event
Debt Instrument
Maximum outstanding amount capacity			$ 1,250,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	May 04, 2021	Feb. 26, 2021	Jul. 09, 2020	Jun. 24, 2020	Mar. 31, 2021	Mar. 31, 2020	Jan. 28, 2021	Dec. 31, 2020	Jun. 23, 2020
Debt Instrument
Principal balance on debt					$ 5,803,487,000
Senior unsecured note issuances					4,255,697,000			$ 5,697,586,000
Loss on extinguishment of debt					164,292,000	$ (833,000)
Senior Unsecured Note
Debt Instrument
Principal balance on debt					4,300,000,000
Senior unsecured note issuances					$ 0
Senior Unsecured Note | Subsequent Event
Debt Instrument
Repayments of unsecured debt	$ 550,000,000
Senior Unsecured Note | Unsecured Note 4.250 Percent
Debt Instrument
Amount		$ 188,000,000		$ 250,000,000			$ 112,000,000
Coupon Rate		4.25%		4.25%			4.25%
Loss on extinguishment of debt				$ 26,000,000
Senior Unsecured Note | Unsecured Note 4.200 Percent
Debt Instrument
Amount		$ 149,000,000					$ 201,000,000
Coupon Rate		4.20%					4.20%
Senior Unsecured Note | Unsecured Note 3.880 Percent
Debt Instrument
Amount		$ 331,000,000					$ 469,000,000
Coupon Rate		3.88%					3.88%
Senior Unsecured Note | Senior Notes Due 2023 and 2024
Debt Instrument
Loss on extinguishment of debt		$ 164,000,000
Senior Unsecured Note | 2031 Notes
Debt Instrument
Amount									$ 600,000,000
Coupon Rate									2.88%
Senior Unsecured Note | Unsecured note 3.150 percent
Debt Instrument
Amount			$ 300,000,000
Coupon Rate			3.15%
Loss on extinguishment of debt			$ 18,000,000
Senior Unsecured Note | Unsecured Note 3.40 Percent | Subsequent Event
Debt Instrument
Coupon Rate	3.40%
Repayments of unsecured debt	$ 250,000,000
Senior Unsecured Note | Unsecured Note 4.00 Percent | Subsequent Event
Debt Instrument
Coupon Rate	4.00%
Repayments of unsecured debt	$ 300,000,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Dec. 31, 2020USD ($)propertyfacility	Nov. 30, 2020USD ($)property	Mar. 31, 2021USD ($)propertyfacility	Mar. 31, 2020USD ($)
Debt Instrument
Principal balance on debt			$ 5,803,487
Repayments of secured debt	$ 6,000
Senior Housing
Debt Instrument
Number of properties acquired | property		1
Mortgage Debt
Debt Instrument
Principal balance on debt	$ 217,000	$ 36,000	$ 215,337
Number of healthcare facilities used to secure debt (in facilities) | facility	6		6
Debt instrument, collateral, healthcare facilities carrying value	$ 517,000		$ 511,000
Debt instrument, periodic payment			42,000	$ 5,000
Repayments of secured debt			$ 39,000
Number of assets classified as discontinued operations | property	1		2
Repayments of secured debt classified as discontinued operations			$ 1,000	$ 4,000

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
Debt Instrument
2021 (nine months)	$ 11,572
2022	4,843
2023	1,128,024
2024	253,050
2025	1,353,209
Thereafter	3,052,789
Total debt before discount, net	5,803,487
(Discounts), premium and debt costs, net	(40,438)
Long-term debt, net assets held for sale	5,763,049
Long-term debt	$ 6,041,221
Weighted-average interest rate (as a percent)	0.26%	0.30%
Held-for-sale
Debt Instrument
Debt on assets held for sale and discontinued operations	$ 278,172
Bank Line of Credit
Debt Instrument
2021 (nine months)	0
2022	0
2023	110,000
2024	0
2025	0
Thereafter	0
Total debt before discount, net	110,000
(Discounts), premium and debt costs, net	0
Long-term debt, net assets held for sale	110,000
Long-term debt	110,000
Bank Line of Credit | Held-for-sale
Debt Instrument
Debt on assets held for sale and discontinued operations	0
Commercial Paper(1)
Debt Instrument
2021 (nine months)	0
2022	0
2023	928,150
2024	0
2025	0
Thereafter	0
Total debt before discount, net	928,150
(Discounts), premium and debt costs, net	0
Long-term debt, net assets held for sale	928,150
Long-term debt	928,150
Commercial Paper(1) | Held-for-sale
Debt Instrument
Debt on assets held for sale and discontinued operations	0
Term Loan
Debt Instrument
2021 (nine months)	0
2022	0
2023	0
2024	250,000
2025	0
Thereafter	0
Total debt before discount, net	250,000
(Discounts), premium and debt costs, net	(757)
Long-term debt, net assets held for sale	249,243
Long-term debt	249,243
Term Loan | Held-for-sale
Debt Instrument
Debt on assets held for sale and discontinued operations	0
Senior Unsecured Note
Debt Instrument
2021 (nine months)	0
2022	0
2023	0
2024	0
2025	1,350,000
Thereafter	2,950,000
Total debt before discount, net	4,300,000
(Discounts), premium and debt costs, net	(44,303)
Long-term debt, net assets held for sale	4,255,697
Long-term debt	$ 4,255,697
Weighted-average maturity	8 years
Weighted-average interest rate (as a percent)	3.77%
Senior Unsecured Note | Interest Rate 2021 (nine months)
Debt Instrument
Coupon Rate	0.00%
Senior Unsecured Note | Interest Rate 2022
Debt Instrument
Coupon Rate	0.00%
Senior Unsecured Note | Interest Rate 2023
Debt Instrument
Coupon Rate	0.00%
Senior Unsecured Note | Interest Rate 2024
Debt Instrument
Coupon Rate	0.00%
Senior Unsecured Note | Interest Rate 2025
Debt Instrument
Coupon Rate	3.93%
Senior Unsecured Note | Interest Rate Thereafter
Debt Instrument
Coupon Rate	3.68%
Senior Unsecured Note | Held-for-sale
Debt Instrument
Debt on assets held for sale and discontinued operations	$ 0
Senior Unsecured Note | Minimum
Debt Instrument
Coupon Rate	3.10%
Senior Unsecured Note | Maximum
Debt Instrument
Coupon Rate	6.91%
Mortgage Debt
Debt Instrument
2021 (nine months)	$ 11,572
2022	4,843
2023	89,874
2024	3,050
2025	3,209
Thereafter	102,789
Total debt before discount, net	215,337	$ 217,000	$ 36,000
(Discounts), premium and debt costs, net	4,622
Long-term debt, net assets held for sale	219,959
Long-term debt	$ 498,131
Weighted-average maturity	4 years
Weighted-average interest rate (as a percent)	3.73%
Mortgage Debt | Interest Rate 2021 (nine months)
Debt Instrument
Coupon Rate	4.86%
Mortgage Debt | Interest Rate 2022
Debt Instrument
Coupon Rate	3.80%
Mortgage Debt | Interest Rate 2023
Debt Instrument
Coupon Rate	3.80%
Mortgage Debt | Interest Rate 2024
Debt Instrument
Coupon Rate	3.80%
Mortgage Debt | Interest Rate 2025
Debt Instrument
Coupon Rate	3.80%
Mortgage Debt | Interest Rate Thereafter
Debt Instrument
Coupon Rate	3.54%
Mortgage Debt | Held-for-sale
Debt Instrument
Debt on assets held for sale and discontinued operations	$ 278,172
Mortgage Debt | Held-for-sale | Debt Maturing In 2027
Debt Instrument
Weighted-average interest rate (as a percent)	3.45%
Mortgage Debt | Held-for-sale | Debt Maturing In 2044
Debt Instrument
Weighted-average interest rate (as a percent)	5.88%
Mortgage Debt | Minimum
Debt Instrument
Coupon Rate	3.42%
Mortgage Debt | Maximum
Debt Instrument
Coupon Rate	5.91%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2021USD ($)property
Loss Contingencies [Line Items]
Loss contingency accrual | $	$ 0
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement | property	23

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 29, 2021	Feb. 29, 2020	Nov. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Dividends declared (in dollars per share)				$ 0.30	$ 0.37
Dividends paid (in dollars per share)				$ 0.30	$ 0.37
Issuance of common stock				$ 1,087	$ 1,064,622
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.30
2020 ATM Program
Class of Stock [Line Items]
ATM aggregate amount authorized		$ 1,250,000
ATM aggregate amount remaining				$ 1,250,000
At-The-Market Program
Class of Stock [Line Items]
Option indexed to issuers equity, term				1 year
2019 ATM Program
Class of Stock [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)					2,000,000
Forward equity sales agreement, initial net price (in usd per share)					$ 35.23
2019 ATM Program, Settled
Class of Stock [Line Items]
Share settlement (in shares)					16,800,000
Weighted average settlement price (in usd per share)					$ 31.38
Issuance of common stock					$ 528,000
Issuance of common stock, net (in shares)					0
Remainder outstanding (in shares)				0
ATM Direct Issuances | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)				0	0
2019 Forward Equity Offering
Class of Stock [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)			15,600,000
Forward equity sales agreement, initial net price (in usd per share)			$ 34.46
Share settlement (in shares)					15,600,000
Issuance of common stock					$ 534,000
Issuance of common stock, net (in shares)				0
Weighted average net price (in usd per share)					$ 34.18

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 0	$ (81)
Supplemental Executive Retirement Plan minimum liability	(3,497)	(3,604)
Total accumulated other comprehensive income (loss)	$ (3,497)	$ (3,685)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)	0	808,000
Dilutive potential common shares - DownREIT conversions (in shares)	0	7,443,000
Down REIT
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	7,000,000

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Income (loss) from continuing operations	$ (120,585)	$ 147,132
Noncontrolling interests' share in continuing operations	(3,306)	(3,463)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	(123,891)	143,669
Less: Participating securities' share in continuing operations	(2,451)	(1,616)
Income (loss) from continuing operations applicable to common shares	(126,342)	142,053
Income (loss) from discontinued operations	270,008	135,408
Noncontrolling interests' share in discontinued operations	(329)	3
Net income (loss) applicable to common shares	143,337	277,464
Add: distributions on dilutive convertible units and other	0	2,515
Dilutive net income (loss) available to common shares	$ 143,337	$ 279,979
Denominator
Basic weighted average shares outstanding (in shares)	538,679,000	506,476,000
Dilutive potential common shares - equity awards (in shares)	0	318,000
Dilutive potential common shares - forward equity agreements (in shares)	0	808,000
Dilutive potential common shares - DownREIT conversions (in shares)	0	7,443,000
Diluted weighted average common shares (in shares)	538,679,000	515,045,000
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ (0.23)	$ 0.28
Discontinued operations (in dollars per share)	0.50	0.27
Net income (loss) applicable to common shares (in dollars per share)	0.27	0.55
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	(0.23)	0.28
Discontinued operations (in dollars per share)	0.50	0.26
Net income (loss) applicable to common shares (in dollars per share)	$ 0.27	$ 0.54
Outstanding equity awards (in shares)	1,000,000	1,000,000
Forward sales agreements that have been settled (in shares)	0	32,000,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020property	Jan. 31, 2020property
Segment Disclosure
Property count | property				15
Tax benefit recognized in conjunction with internal restructuring activities		$ 52,000
Tax benefit recognized from CARES Act		2,900
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	$ 455,276	381,054
Government grant income	1,310
Less: Interest income	(9,013)	(3,688)
Healthpeak's share of unconsolidated joint venture total revenues	23,293	42,536
Healthpeak's share of unconsolidated joint venture government grant income	426
Noncontrolling interests' share of consolidated joint venture total revenues	(8,991)	(8,692)
Operating expenses	(181,761)	(237,377)
Healthpeak's share of unconsolidated joint venture operating expenses	(18,059)	(31,590)
Noncontrolling interests' share of consolidated joint venture operating expenses	2,524	2,617
Adjustments to NOI	(13,601)	86,239
Adjusted NOI	251,404	231,099
Plus: Adjustments to NOI	13,601	(86,239)
Interest income	9,013	3,688
Interest expense	(46,843)	(55,691)
Depreciation and amortization	(157,538)	(125,112)
General and administrative	(24,902)	(22,349)
Transaction costs	(798)	(14,563)
Impairments and loan loss reserves	(3,242)	(11,107)
Gain (loss) on sales of real estate, net	0	2,069
Gain (loss) on debt extinguishments	(164,292)	833
Other income (expense), net	2,200	210,653
Less: Government grant income	(1,310)
Less: Healthpeak's share of unconsolidated joint venture NOI	(5,660)	(10,946)
Plus: Noncontrolling interests' share of consolidated joint venture NOI	6,467	6,075
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(121,900)	128,410
Income tax benefit (expense)	(8)	29,868
Equity income (loss) from unconsolidated joint ventures	1,323	(11,146)
Income (loss) from continuing operations	(120,585)	147,132
Income (loss) from discontinued operations	270,008	135,408
Net income (loss)	149,423	282,540
Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	455,276	381,054
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	0	0
Government grant income	0
Less: Interest income	0	0
Healthpeak's share of unconsolidated joint venture total revenues	0	0
Healthpeak's share of unconsolidated joint venture government grant income	0
Noncontrolling interests' share of consolidated joint venture total revenues	0	0
Operating expenses	0	0
Healthpeak's share of unconsolidated joint venture operating expenses	0	0
Noncontrolling interests' share of consolidated joint venture operating expenses	0	0
Adjustments to NOI	0	0
Adjusted NOI	0	0
Plus: Adjustments to NOI	0	0
Interest income	0	0
Interest expense	(44,728)	(54,222)
Depreciation and amortization	0	0
General and administrative	(24,902)	(22,349)
Transaction costs	0	0
Impairments and loan loss reserves	0	0
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments	(164,292)	833
Other income (expense), net	1,817	(1,386)
Less: Government grant income	0
Less: Healthpeak's share of unconsolidated joint venture NOI	0	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(232,105)	(77,124)
Income tax benefit (expense)	(8)	29,868
Equity income (loss) from unconsolidated joint ventures	0	0
Income (loss) from continuing operations	(232,113)	(47,256)
Income (loss) from discontinued operations	270,008	135,408
Net income (loss)	37,895	88,152
Life Science
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Depreciation and amortization	(3,000)
Income (loss) from continuing operations	(3,000)
Life Science | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	169,934	128,883
Government grant income	0
Less: Interest income	0	0
Healthpeak's share of unconsolidated joint venture total revenues	1,337	0
Healthpeak's share of unconsolidated joint venture government grant income	0
Noncontrolling interests' share of consolidated joint venture total revenues	(65)	(52)
Operating expenses	(39,461)	(30,201)
Healthpeak's share of unconsolidated joint venture operating expenses	(425)	0
Noncontrolling interests' share of consolidated joint venture operating expenses	20	17
Adjustments to NOI	(11,810)	(4,280)
Adjusted NOI	119,530	94,367
Plus: Adjustments to NOI	11,810	4,280
Interest income	0	0
Interest expense	(102)	(63)
Depreciation and amortization	(68,434)	(50,211)
General and administrative	0	0
Transaction costs	(32)	0
Impairments and loan loss reserves	0	0
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments	0	0
Other income (expense), net	4	0
Less: Government grant income	0
Less: Healthpeak's share of unconsolidated joint venture NOI	(912)	0
Plus: Noncontrolling interests' share of consolidated joint venture NOI	45	35
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	61,909	48,408
Income tax benefit (expense)	0	0
Equity income (loss) from unconsolidated joint ventures	(93)	0
Income (loss) from continuing operations	61,816	48,408
Income (loss) from discontinued operations	0	0
Net income (loss)	61,816	48,408
Medical Office | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	160,201	156,641
Government grant income	0
Less: Interest income	0	0
Healthpeak's share of unconsolidated joint venture total revenues	715	695
Healthpeak's share of unconsolidated joint venture government grant income	0
Noncontrolling interests' share of consolidated joint venture total revenues	(8,926)	(8,640)
Operating expenses	(51,121)	(50,694)
Healthpeak's share of unconsolidated joint venture operating expenses	(294)	(275)
Noncontrolling interests' share of consolidated joint venture operating expenses	2,504	2,600
Adjustments to NOI	(1,923)	(994)
Adjusted NOI	101,156	99,333
Plus: Adjustments to NOI	1,923	994
Interest income	0	0
Interest expense	(95)	(102)
Depreciation and amortization	(57,954)	(54,667)
General and administrative	0	0
Transaction costs	(330)	0
Impairments and loan loss reserves	0	(2,706)
Gain (loss) on sales of real estate, net		2,109
Gain (loss) on debt extinguishments	0	0
Other income (expense), net	(2,279)	0
Less: Government grant income	0
Less: Healthpeak's share of unconsolidated joint venture NOI	(421)	(420)
Plus: Noncontrolling interests' share of consolidated joint venture NOI	6,422	6,040
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	48,422	50,581
Income tax benefit (expense)	0	0
Equity income (loss) from unconsolidated joint ventures	192	197
Income (loss) from continuing operations	48,614	50,778
Income (loss) from discontinued operations	0	0
Net income (loss)	48,614	50,778
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	116,128	91,780
Government grant income	1,310
Less: Interest income	0	0
Healthpeak's share of unconsolidated joint venture total revenues	4,488	21,647
Healthpeak's share of unconsolidated joint venture government grant income	199
Noncontrolling interests' share of consolidated joint venture total revenues	0	0
Operating expenses	(91,179)	(156,482)
Healthpeak's share of unconsolidated joint venture operating expenses	(4,745)	(18,037)
Noncontrolling interests' share of consolidated joint venture operating expenses	0	0
Adjustments to NOI	20	91,561
Adjusted NOI	26,221	30,469
Plus: Adjustments to NOI	(20)	(91,561)
Interest income	0	0
Interest expense	(1,918)	(1,304)
Depreciation and amortization	(31,150)	(20,229)
General and administrative	0	0
Transaction costs	(432)	(14,474)
Impairments and loan loss reserves	0	0
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments	0	0
Other income (expense), net	2,176	170,332
Less: Government grant income	(1,310)
Less: Healthpeak's share of unconsolidated joint venture NOI	58	(3,610)
Plus: Noncontrolling interests' share of consolidated joint venture NOI	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(6,375)	69,623
Income tax benefit (expense)	0	0
Equity income (loss) from unconsolidated joint ventures	0	(1,880)
Income (loss) from continuing operations	(6,375)	67,743
Income (loss) from discontinued operations	0	0
Net income (loss)	(6,375)	67,743
Other non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	9,013	3,750
Government grant income	0
Less: Interest income	(9,013)	(3,688)
Healthpeak's share of unconsolidated joint venture total revenues	16,753	20,194
Healthpeak's share of unconsolidated joint venture government grant income	227
Noncontrolling interests' share of consolidated joint venture total revenues	0	0
Operating expenses	0	0
Healthpeak's share of unconsolidated joint venture operating expenses	(12,595)	(13,278)
Noncontrolling interests' share of consolidated joint venture operating expenses	0	0
Adjustments to NOI	112	(48)
Adjusted NOI	4,497	6,930
Plus: Adjustments to NOI	(112)	48
Interest income	9,013	3,688
Interest expense	0	0
Depreciation and amortization	0	(5)
General and administrative	0	0
Transaction costs	(4)	(89)
Impairments and loan loss reserves	(3,242)	(8,401)
Gain (loss) on sales of real estate, net		(40)
Gain (loss) on debt extinguishments	0	0
Other income (expense), net	482	41,707
Less: Government grant income	0
Less: Healthpeak's share of unconsolidated joint venture NOI	(4,385)	(6,916)
Plus: Noncontrolling interests' share of consolidated joint venture NOI	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	6,249	36,922
Income tax benefit (expense)	0	0
Equity income (loss) from unconsolidated joint ventures	1,224	(9,463)
Income (loss) from continuing operations	7,473	27,459
Income (loss) from discontinued operations	0	0
Net income (loss)	$ 7,473	$ 27,459
Assets Leased to Others | Other non-reportable
Segment Disclosure
Property count | property			1

Segment Disclosures - Revenues

Segment Disclosures - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Disclosure
Total revenues	$ 455,276	$ 381,054
Operating segment
Segment Disclosure
Total revenues	455,276	381,054
Operating segment | Life science
Segment Disclosure
Total revenues	169,934	128,883
Operating segment | Medical office
Segment Disclosure
Total revenues	160,201	156,641
Operating segment | CCRC
Segment Disclosure
Total revenues	116,128	91,780
Operating segment | Other non-reportable
Segment Disclosure
Total revenues	$ 9,013	$ 3,750

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 90,032	$ 71,621
Income taxes paid (refunded)	2,521	(1,673)
Capitalized interest	5,453	6,970
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	107,798	126,185
Vesting of restricted stock units and conversion of non-managing member units into common stock	838	1,077
Net noncash impact from the consolidation of previously unconsolidated joint ventures	0	323,138
Mortgages assumed with real estate acquisitions	0	215,335
Refundable entrance fees assumed with real estate acquisitions	0	307,954
Seller financing provided on disposition of real estate asset	$ 559,745	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 157,538	$ 125,112
Development, redevelopment, and other major improvements of real estate	135,339	209,418
Leasing costs, tenant improvements, and recurring capital expenditures	20,710	21,791
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization of real estate, in-place lease, and other intangibles	0	64,164
Development, redevelopment, and other major improvements of real estate	3,861	11,252
Leasing costs, tenant improvements, and recurring capital expenditures	$ 1,873	$ 3,427

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Continuing operations
Cash and cash equivalents	$ 34,007	$ 44,226	$ 716,750	$ 80,398
Restricted cash	68,033	67,206	84,982	13,385
Cash, cash equivalents and restricted cash	102,040	111,432	801,732	93,783
Discontinued operations
Cash and cash equivalents	40,161	53,085	66,791	63,834
Restricted cash	5,817	17,168	21,576	27,040
Cash, cash equivalents and restricted cash	45,978	70,253	88,367	90,874
Cash and cash equivalents, total	74,168	97,311	783,541	144,232
Restricted cash, total	73,850	84,374	106,558	40,425
Cash, cash equivalents and restricted cash, total	$ 148,018	$ 181,685	$ 890,099	$ 184,657

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)joint_venturepropertyinvestmenttenantloanfacility	Mar. 31, 2020property	Dec. 31, 2020asset
Variable Interest Entity [Line Items]
Number of investments in senior housing development joint ventures | investment	2
Number of properties disposed | property		18
Term of facility	1 month	1 month
Exchange accommodation titleholder, real estate, carrying value | $	$ 417
VIE tenant - operating leases
Variable Interest Entity [Line Items]
Number of properties leased (in properties) | property	2
Number of VIE tenants (in tenants) | tenant	1
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures) | joint_venture	4
Number of VIE borrowers with marketable debt securities (in joint ventures) | joint_venture	1
Number of loans to VIE borrowers (in loans) | loan	1
CCRC OpCo
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	49.00%
Hcp Ventures V
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	51.00%
Life science joint ventures
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	99.00%
MSREI JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	51.00%
Consolidated Lessees VIE
Variable Interest Entity [Line Items]
Number of properties leased (in properties) | property	4
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member | joint_venture	7
Senior Housing Triple-Net | Loan - seller financing
Variable Interest Entity [Line Items]
Number of properties disposed | facility	7
Term of facility	5 years
Life science
Variable Interest Entity [Line Items]
Number of properties acquired | asset			1

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Loans receivable and unconsolidated joint ventures
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 21,970
Loan - seller financing
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	1,865
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	35,610
VIE tenant - operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 0

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Buildings and improvements	$ 11,149,249	$ 11,048,433
Development costs and construction in progress	642,879	613,182
Land	1,865,806	1,867,278
Accumulated depreciation and amortization	(2,508,986)	(2,409,135)
Net real estate	11,148,948	11,119,758
Accounts receivable, net	38,879	42,269
Cash and cash equivalents	34,007	44,226	$ 716,750	$ 80,398
Intangible assets, net	495,919	519,917
Assets held for sale and discontinued operations, net	1,374,507	2,626,306
Right-of-use asset, net	198,426	192,349
Other assets, net	650,518	665,106
Total assets	15,193,926	15,920,089
Liabilities
Mortgage debt	219,959	221,621
Intangible liabilities, net	138,617	144,199
Liabilities related to assets held for sale and discontinued operations, net	328,167	415,737
Lease liability	184,425	179,895
Accounts payable, accrued liabilities, and other liabilities	697,040	763,391
Deferred revenue	765,946	774,316
Total liabilities	7,877,244	8,575,517
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,487,025	2,988,599
Development costs and construction in progress	48,600	85,595
Land	341,842	433,574
Accumulated depreciation and amortization	(533,328)	(602,491)
Net real estate	2,344,139	2,905,277
Accounts receivable, net	5,095	12,009
Cash and cash equivalents	16,464	16,550
Restricted cash	6	7,977
Intangible assets, net	89,692	179,027
Assets held for sale and discontinued operations, net	698,318	704,966
Right-of-use asset, net	89,017	95,407
Other assets, net	61,470	59,063
Total assets	3,304,201	3,980,276
Liabilities
Mortgage debt	4,537	39,085
Intangible liabilities, net	33,714	56,467
Liabilities related to assets held for sale and discontinued operations, net	186,562	190,919
Lease liability	90,397	97,605
Accounts payable, accrued liabilities, and other liabilities	53,438	102,391
Deferred revenue	31,279	90,183
Total liabilities	399,927	576,650
Consolidated Lessees VIE | Discontinued Operations
ASSETS
Buildings and improvements	633,243	639,759
Development costs and construction in progress	103	68
Land	105,769	106,209
Accumulated depreciation and amortization	(55,021)	(57,235)
Net real estate	684,094	688,801
Accounts receivable, net	1,885	1,700
Cash and cash equivalents	6,516	6,306
Restricted cash	1,388	3,124
Right-of-use asset, net	1,387	1,391
Other assets, net	3,048	3,644
Total assets	698,318	704,966
Liabilities
Mortgage debt	171,085	176,702
Liabilities related to assets held for sale and discontinued operations, net	12,119	11,003
Lease liability	1,387	1,392
Deferred revenue	1,971	1,822
Total liabilities	$ 186,562	$ 190,919

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Summary of financial instruments
Bank line of credit and commercial paper	$ 1,038,150	$ 129,590
Senior unsecured notes	4,255,697	5,697,586
Mortgage debt	219,959	221,621
Carrying Value
Summary of financial instruments
Loans receivable, net	740,142	195,375
Marketable debt securities	20,512	20,355
Bank line of credit and commercial paper	1,038,150	129,590
Term loan	249,243	249,182
Senior unsecured notes	4,255,697	5,697,586
Mortgage debt	219,959	221,621
Interest-rate swap liabilities	0	81
Carrying Value | Discontinued Operations
Summary of financial instruments
Mortgage debt	278,000	319,000
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	4,664,075	6,517,650
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	743,465	201,228
Marketable debt securities	20,512	20,355
Bank line of credit and commercial paper	1,038,150	129,590
Term loan	249,243	249,182
Mortgage debt	219,510	221,181
Interest-rate swap liabilities	$ 0	$ 81

Derivative Financial Instrume_2

Derivative Financial Instruments - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2020USD ($)property	Mar. 31, 2021USD ($)propertyderivative_held
Derivative [Line Items]
Repayments of secured debt | $	$ 6
Number of interest rate derivatives | derivative_held		0
Mortgage Debt
Derivative [Line Items]
Repayments of secured debt | $		$ 39
Number of assets classified as discontinued operations | property	1	2
Number of interest rate derivatives terminated | derivative_held		2

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Refundable entrance fees	$ 311,410	$ 317,444
Construction related accrued liabilities	107,798	95,293
Accrued interest	36,013	78,735
Other accounts payable and accrued liabilities	241,819	271,919
Accounts payable, accrued liabilities, and other liabilities	$ 697,040	$ 763,391