Healthpeak Properties (DOC) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		539,072,223
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real estate:
Buildings and improvements	$ 11,759,664	$ 11,048,433
Development costs and construction in progress	845,382	613,182
Land	2,206,422	1,867,278
Accumulated depreciation and amortization	(2,734,832)	(2,409,135)
Net real estate	12,076,636	11,119,758
Net investment in direct financing leases	44,706	44,706
Loans receivable, net of reserves of $2,727 and $10,280	411,062	195,375
Investments in and advances to unconsolidated joint ventures	389,095	402,871
Accounts receivable, net of allowance of $3,690 and $3,994	44,699	42,269
Cash and cash equivalents	201,099	44,226
Restricted cash	53,699	67,206
Intangible assets, net	520,335	519,917
Assets held for sale and discontinued operations, net	105,009	2,626,306
Right-of-use asset, net	218,524	192,349
Other assets, net	678,638	665,106
Total assets	14,743,502	15,920,089
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	1,024,000	129,590
Term loan	0	249,182
Senior unsecured notes	4,157,834	5,697,586
Mortgage debt	356,570	221,621
Intangible liabilities, net	144,004	144,199
Liabilities related to assets held for sale and discontinued operations, net	18,910	415,737
Lease liability	191,444	179,895
Accounts payable, accrued liabilities, and other liabilities	729,939	760,617
Deferred revenue	782,413	774,316
Total liabilities	7,405,114	8,572,743
Commitments and contingencies
Redeemable noncontrolling interests	119,591	57,396
Common stock, $1.00 par value: 750,000,000 shares authorized; 539,066,131 and 538,405,393 shares issued and outstanding	539,066	538,405
Additional paid-in capital	10,122,112	10,175,235
Cumulative dividends in excess of earnings	(3,987,537)	(3,976,232)
Accumulated other comprehensive income (loss)	(3,281)	(3,685)
Total stockholders’ equity	6,670,360	6,733,723
Joint venture partners	347,180	357,069
Non-managing member unitholders	201,257	199,158
Total noncontrolling interests	548,437	556,227
Total equity	7,218,797	7,289,950
Total liabilities and equity	$ 14,743,502	$ 15,920,089

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 2,727	$ 10,280
Allowance for accounts receivable	$ 3,690	$ 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)	539,066,131	538,405,393
Common stock, shares outstanding (in shares)	539,066,131	538,405,393

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental and related revenues	$ 353,516	$ 301,941	$ 1,022,130	$ 872,511
Resident fees and services	119,022	115,031	352,458	320,737
Income from direct financing leases	2,179	2,150	6,522	7,569
Interest income	6,748	4,443	31,869	12,361
Total revenues	481,465	423,565	1,412,979	1,213,178
Costs and expenses:
Interest expense	35,905	53,734	121,429	164,248
Depreciation and amortization	177,175	141,971	506,172	406,774
Operating	202,139	183,141	574,032	598,326
General and administrative	23,270	21,661	72,260	67,730
Transaction costs	0	1,984	1,417	16,920
Impairments and loan loss reserves (recoveries), net	285	(1,777)	4,458	16,167
Total costs and expenses	438,774	400,714	1,279,768	1,270,165
Other income (expense):
Gain (loss) on sales of real estate, net	14,635	2,283	189,873	85,636
Gain (loss) on debt extinguishments	(667)	(17,921)	(225,824)	(42,912)
Other income (expense), net	1,670	6,744	5,604	234,812
Total other income (expense), net	15,638	(8,894)	(30,347)	277,536
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	58,329	13,957	102,864	220,549
Income tax benefit (expense)	649	(22,970)	1,404	6,792
Equity income (loss) from unconsolidated joint ventures	2,327	(18,749)	4,517	(47,630)
Income (loss) from continuing operations	61,305	(27,762)	108,785	179,711
Income (loss) from discontinued operations	601	(31,819)	384,569	98,297
Net income (loss)	61,906	(59,581)	493,354	278,008
Noncontrolling interests’ share in continuing operations	(7,195)	(3,616)	(14,036)	(10,565)
Noncontrolling interests’ share in discontinued operations	0	(220)	(2,539)	(274)
Net income (loss) attributable to Healthpeak Properties, Inc.	54,711	(63,417)	476,779	267,169
Participating securities’ share in earnings	(269)	(351)	(3,001)	(2,151)
Net income (loss) applicable to common shares	$ 54,442	$ (63,768)	$ 473,778	$ 265,018
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.10	$ (0.06)	$ 0.17	$ 0.32
Discontinued operations (in dollars per share)	0	(0.06)	0.71	0.18
Net income (loss) applicable to common shares (in dollars per share)	0.10	(0.12)	0.88	0.50
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.10	(0.06)	0.17	0.32
Discontinued operations (in dollars per share)	0	(0.06)	0.71	0.18
Net income (loss) applicable to common shares (in dollars per share)	$ 0.10	$ (0.12)	$ 0.88	$ 0.50
Weighted average shares outstanding:
Basic (in shares)	539,021	538,333	538,879	527,908
Diluted (in shares)	539,388	538,333	539,159	528,455

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income (loss)	$ 61,906	$ (59,581)	$ 493,354	$ 278,008
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	0	(942)	332	(651)
Change in Supplemental Executive Retirement Plan obligation and other	108	(108)	323	272
Reclassification adjustment realized in net income (loss)	0	0	(251)	0
Total other comprehensive income (loss)	108	(1,050)	404	(379)
Total comprehensive income (loss)	62,014	(60,631)	493,758	277,629
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	54,819	(64,467)	477,183	266,790
Continuing Operations
Other comprehensive income (loss):
Total comprehensive (income) loss attributable to noncontrolling interests'	(7,195)	(3,616)	(14,036)	(10,565)
Discontinued Operations
Other comprehensive income (loss):
Total comprehensive (income) loss attributable to noncontrolling interests'	$ 0	$ (220)	$ (2,539)	$ (274)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - 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	$ 6,658,859	$ 6,076,443	$ 505,222	$ 9,175,277	$ (3,601,199)	$ (2,857)	$ 582,416	$ (1,524)		$ (1,524)		$ (1,524)		$ 6,657,335	$ 6,074,919	$ 505,222	$ 9,175,277	$ (3,602,723)	$ (2,857)	$ 582,416
Increase (Decrease) in Stockholders' Equity
Net income (loss)	278,008	267,169			267,169		10,839
Other comprehensive income (loss)	(379)	(379)				(379)
Issuance of common stock, net (in shares)			33,248
Issuance of common stock, net	1,065,900	1,065,900	$ 33,248	1,032,652
Conversion of DownREIT units to common stock (in shares)			120
Conversion of DownREIT units to common stock	0	4,077	$ 120	3,957			(4,077)
Repurchase of common stock (in shares)			(289)
Repurchase of common stock	(10,273)	(10,273)	$ (289)	(9,984)
Exercise of stock options (in shares)			54
Exercise of stock options	1,806	1,806	$ 54	1,752
Amortization of stock-based compensation	15,817	15,817		15,817
Common dividends	(587,596)	(587,596)			(587,596)
Distributions to noncontrolling interests	(22,925)						(22,925)
Adjustments to redemption value of redeemable noncontrolling interests	(35,502)	(35,502)		(35,502)
Balance (in shares) at Sep. 30, 2020			538,355
Balance at Sep. 30, 2020	7,362,191	6,795,938	$ 538,355	10,183,969	(3,923,150)	(3,236)	566,253
Beginning balance at Dec. 31, 2019	11,106													$ 11,106
Increase (Decrease) in Redeemable Noncontrolling Interests
Distributions to noncontrolling interests	(32)
Contributions from noncontrolling interests	274
Adjustments to redemption value of redeemable noncontrolling interests	35,502
Ending balance at Sep. 30, 2020	46,850
Balance (in shares) at Jun. 30, 2020			538,318
Balance at Jun. 30, 2020	7,637,256	7,067,208	$ 538,318	10,191,263	(3,660,187)	(2,186)	570,048
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(59,581)	(63,417)			(63,417)		3,836
Other comprehensive income (loss)	(1,050)	(1,050)				(1,050)
Issuance of common stock, net (in shares)			47
Issuance of common stock, net	511	511	$ 47	464
Repurchase of common stock (in shares)			(10)
Repurchase of common stock	(275)	(275)	$ (10)	(265)
Amortization of stock-based compensation	5,159	5,159		5,159
Common dividends	(199,546)	(199,546)			(199,546)
Distributions to noncontrolling interests	(7,631)						(7,631)
Adjustments to redemption value of redeemable noncontrolling interests	(12,652)	(12,652)		(12,652)
Balance (in shares) at Sep. 30, 2020			538,355
Balance at Sep. 30, 2020	7,362,191	6,795,938	$ 538,355	10,183,969	(3,923,150)	(3,236)	566,253
Beginning balance at Jun. 30, 2020	34,054
Increase (Decrease) in Redeemable Noncontrolling Interests
Distributions to noncontrolling interests	(13)
Contributions from noncontrolling interests	157
Adjustments to redemption value of redeemable noncontrolling interests	12,652
Ending balance at Sep. 30, 2020	46,850
Balance (in shares) at Dec. 31, 2020			538,405
Balance at Dec. 31, 2020	7,289,950	6,733,723	$ 538,405	10,175,235	(3,976,232)	(3,685)	556,227
Increase (Decrease) in Stockholders' Equity
Net income (loss)	493,331	476,779			476,779		16,552
Other comprehensive income (loss)	404	404				404
Issuance of common stock, net (in shares)			974
Issuance of common stock, net	1,422	1,422	$ 974	448
Repurchase of common stock (in shares)			(410)
Repurchase of common stock	(12,553)	(12,553)	$ (410)	(12,143)
Exercise of stock options (in shares)			97
Exercise of stock options	3,291	3,291	$ 97	3,194
Amortization of stock-based compensation	17,224	17,224		17,224
Common dividends	(488,084)	(488,084)			(488,084)
Distributions to noncontrolling interests	(24,277)						(24,277)
Purchase of noncontrolling interests	(70)	(5)		(5)			(65)
Adjustments to redemption value of redeemable noncontrolling interests	(61,841)	(61,841)		(61,841)
Balance (in shares) at Sep. 30, 2021			539,066
Balance at Sep. 30, 2021	7,218,797	6,670,360	$ 539,066	10,122,112	(3,987,537)	(3,281)	548,437
Beginning balance at Dec. 31, 2020	57,396
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	23
Distributions to noncontrolling interests	(95)
Contributions from noncontrolling interests	426
Adjustments to redemption value of redeemable noncontrolling interests	61,841
Ending balance at Sep. 30, 2021	119,591
Balance (in shares) at Jun. 30, 2021			538,955
Balance at Jun. 30, 2021	7,351,410	6,802,543	$ 538,955	10,147,230	(3,880,253)	(3,389)	548,867
Increase (Decrease) in Stockholders' Equity
Net income (loss)	61,883	54,711			54,711		7,172
Other comprehensive income (loss)	108	108				108
Issuance of common stock, net (in shares)			20
Issuance of common stock, net	378	378	$ 20	358
Repurchase of common stock (in shares)			(2)
Repurchase of common stock	(73)	(73)	$ (2)	(71)
Exercise of stock options (in shares)			93
Exercise of stock options	3,166	3,166	$ 93	3,073
Amortization of stock-based compensation	5,666	5,666		5,666
Common dividends	(161,995)	(161,995)			(161,995)
Distributions to noncontrolling interests	(7,602)						(7,602)
Adjustments to redemption value of redeemable noncontrolling interests	(34,144)	(34,144)		(34,144)
Balance (in shares) at Sep. 30, 2021			539,066
Balance at Sep. 30, 2021	7,218,797	$ 6,670,360	$ 539,066	$ 10,122,112	$ (3,987,537)	$ (3,281)	$ 548,437
Beginning balance at Jun. 30, 2021	85,367
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	23
Distributions to noncontrolling interests	(43)
Contributions from noncontrolling interests	100
Adjustments to redemption value of redeemable noncontrolling interests	34,144
Ending balance at Sep. 30, 2021	$ 119,591
[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 AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.37	$ 0.90	$ 1.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 493,354	$ 278,008
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	506,172	541,394
Amortization of stock-based compensation	13,895	13,392
Amortization of deferred financing costs	6,677	7,670
Straight-line rents	(23,627)	(24,086)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(68,854)	(58,849)
Equity loss (income) from unconsolidated joint ventures	(9,508)	48,545
Distributions of earnings from unconsolidated joint ventures	4,731	11,928
Loss (gain) on sale of real estate under direct financing leases	0	(41,670)
Deferred income tax expense (benefit)	(3,999)	(8,245)
Impairments and loan loss reserves (recoveries), net	37,194	97,723
Loss (gain) on debt extinguishments	225,824	42,912
Loss (gain) on sales of real estate, net	(598,531)	(247,881)
Loss (gain) upon change of control, net	(1,042)	(173,222)
Casualty-related loss (recoveries), net	1,632	469
Other non-cash items	(8,640)	653
Changes in:
Decrease (increase) in accounts receivable and other assets, net	27,576	22,503
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	(31,519)	28,480
Net cash provided by (used in) operating activities	571,335	539,724
Cash flows from investing activities:
Acquisitions of real estate	(978,473)	(340,405)
Development, redevelopment, and other major improvements of real estate	(430,510)	(577,524)
Leasing costs, tenant improvements, and recurring capital expenditures	(72,112)	(61,329)
Proceeds from sales of real estate, net	2,383,017	568,828
Acquisition of CCRC Portfolio	0	(394,177)
Contributions to unconsolidated joint ventures	(12,828)	(9,792)
Distributions in excess of earnings from unconsolidated joint ventures	37,139	6,200
Proceeds from sales/principal repayments on loans receivable and direct financing leases	291,223	125,372
Investments in loans receivable and other	(13,781)	(83,651)
Net cash provided by (used in) investing activities	1,203,675	(766,478)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	12,931,450	2,025,600
Repayments under bank line of credit and commercial paper	(12,037,040)	(2,118,600)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper	591,546	594,750
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(2,421,598)	(559,725)
Payments for debt extinguishment and deferred financing costs	(232,306)	(47,149)
Issuance of common stock and exercise of options	4,713	1,067,706
Repurchase of common stock	(12,553)	(10,273)
Dividends paid on common stock	(488,084)	(587,596)
Distributions to and purchase of noncontrolling interests	(24,443)	(22,925)
Contributions from and issuance of noncontrolling interests	426	0
Net cash provided by (used in) financing activities	(1,687,889)	341,788
Effect of foreign exchanges on cash, cash equivalents and restricted cash	0	(153)
Net increase (decrease) in cash, cash equivalents and restricted cash	87,121	114,881
Cash, cash equivalents and restricted cash, beginning of period	181,685	184,657
Cash, cash equivalents and restricted cash, end of period	$ 268,806	$ 299,538

Business

Business	9 Months Ended
	Sep. 30, 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”) that, 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® 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 that the planned dispositions represented a strategic shift that has had and will have a major effect on the Company’s operations and financial results. Therefore, senior housing triple-net and SHOP assets meeting the held for sale criteria on or before September 30, 2021 are classified as discontinued operations in all periods presented herein. In September 2021, the Company successfully completed the disposition of the remaining senior housing triple-net and SHOP properties. See Note 5 for further information. COVID-19 Update The coronavirus (“COVID-19”) pandemic has caused significant disruption to individuals, governments, financial markets, and businesses, including the Company. The Company’s tenants, operators, and borrowers have experienced significant cost increases as a result of increased health and safety measures, staffing shortages, increased governmental regulation and compliance, vaccine mandates, and other operational changes necessitated either directly or indirectly by the COVID-19 pandemic. The Company evaluated the impacts of COVID-19 on its business thus far and incorporated information concerning the impact of COVID-19 into its assessments of liquidity, impairments, and collectibility from tenants, residents, and borrowers as of September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”). Revision to Additional Paid-In Capital and Redeemable Noncontrolling Interests During the third quarter of 2021, the Company identified and corrected immaterial errors in the classification and redemption value of redeemable noncontrolling interests of consolidated joint ventures in its Life Sciences segment. On the Consolidated Balance Sheet as of December 31, 2020, the Company corrected the classification of its redeemable noncontrolling interests and increased the balance to its estimated redemption value, with a corresponding decrease to additional paid-in capital (“APIC”) in accordance with ASC 480, Distinguishing Liabilities from Equity . The increase in the unrealized value of the redeemable noncontrolling interests was largely attributable to rapidly rising rents and compressing capitalization rates in the market in which the entities operate, and was identified and corrected by management. The Company determined the impact of the adjustments to be immaterial, individually and in the aggregate, based on consideration of quantitative and qualitative factors. As such, the Company made these adjustments in its Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2021. These adjustments had no impact on the Consolidated Statements of Cash Flows, Consolidated Statements of Operations, or any per share amounts. The following table provides the impact of the adjustment to the Company’s previously reported Consolidated Balance Sheet as of December 31, 2020 (in thousands): December 31, 2020 Previously Reported Adjustments As Corrected Consolidated Balance Sheet Accounts payable, accrued liabilities, and other liabilities $ 763,391 $ (2,774) $ 760,617 Total liabilities 8,575,517 (2,774) 8,572,743 Redeemable noncontrolling interests — 57,396 57,396 Additional paid-in capital 10,229,857 (54,622) 10,175,235 Total stockholders’ equity 6,788,345 (54,622) 6,733,723 Total equity 7,344,572 (54,622) 7,289,950 Total liabilities and equity 15,920,089 — 15,920,089 In addition to the changes made to reflect the impact of the correction described above, the Company made changes (all amounts in thousands) to the Consolidated Statements of Equity and Redeemable Noncontrolling Interests to decrease APIC, total stockholders’ equity, and total equity by $82,319, $44,117, and $31,465, as of July 1, 2021, September 30, 2020, and July 1, 2020, respectively, with a corresponding increase to redeemable noncontrolling interests of $85,367, $46,850, and $34,054, respectively, and a decrease to accounts payable, accrued liabilities, and other liabilities of $3,048, $2,733, and $2,589, respectively, on the Consolidated Balance Sheets. The Company also made changes (all amounts in thousands) to the Consolidated Statement of Equity and Redeemable Noncontrolling Interests to decrease APIC, total stockholders’ equity, and total equity as of December 31, 2019 by $8,615 with a corresponding increase to redeemable noncontrolling interests of $11,106 and a decrease to accounts payable, accrued liabilities, and other liabilities as of December 31, 2019 of $2,491 on the Consolidated Balance Sheet. Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and nine months ended September 30, 2021 and 2020, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of September 30, 2021, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company believes it has complied and 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 Nine Months Ended 2021 2020 2021 2020 Government grant income recorded in other income (expense), net $ 15 $ 1,761 $ 1,412 $ 13,632 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 295 1,010 1,099 Government grant income recorded in income (loss) from discontinued operations — 392 3,660 2,601 Total government grants received $ 15 $ 2,448 $ 6,082 $ 17,332 Recent Accounting Pronouncements Adopted Credit Losses. In June 2016, the Financial Accounting Standards Board (“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 Accounting Standards Codification (“ASC”) 842, Leases , the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three and nine months ended September 30, 2020, the Company provided rent deferrals (to be repaid before the end of 2020) to certain tenants in its life science and medical office segments that were impacted by COVID-19 (discussed in further detail in Note 6). No such rent deferrals were provided to tenants during the three and nine months ended September 30, 2021. The Company elected to not assess these rent deferrals 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 with similar characteristics and similar circumstances, 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. Not Yet Adopted Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which amends the scope of ASU 2020-04 to include derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in ASU 2020-04 and ASU 2021-01 are effective immediately and may be applied through December 31, 2022. The Company is evaluating: (i) how the transition away from LIBOR will impact the Company, (ii) whether the optional relief provided by these standards will be adopted, and (iii) the impact that adopting ASU 2020-04 or ASU 2021-01 will have on its consolidated financial position, results of operations, cash flows, or disclosures.

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale	9 Months Ended
	Sep. 30, 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 transitioned and 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, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”). During the quarter ended September 30, 2021, the Company sold this property (see Note 5). The Company and Brookdale also agreed that the Company would provide up to $35 million of capital investment in the 2019 Amended Master Lease properties over a five-year term, which would 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 the Company’s sale of the 24 properties under the 2019 Amended Master Lease in January 2021 (see Note 5), 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 Brookdale Acquisition Assets in January 2020, the Company recognized an aggregate gain on sales of real estate of $164 million, which is recorded within income (loss) from discontinued operations. In May 2021, the CCRC JV sold the two remaining CCRCs subject to the 2019 MTCA for $38 million, $19 million of which represents the Company’s 49% interest in the CCRC JV, resulting in an immaterial gain on sale recorded within equity income (loss) from unconsolidated joint ventures (see Note 8). Fair Value Measurement Techniques and Quantitative Information

Real Estate Transactions

Real Estate Transactions	9 Months Ended
	Sep. 30, 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 of the acquisition, with a purchase price of $61 million, closed in April 2021. The second phase of the acquisition, with a purchase price of $24 million, closed in September 2021. The final phase of the acquisition, with a purchase price of $43 million, closed in October 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 originated $142 million of secured mortgage debt. Westside Medical Plaza Acquisition In June 2021, the Company acquired one MOB in Fort Lauderdale, Florida for $16 million. Wesley Woodlawn Acquisition In July 2021, the Company acquired one MOB in Wichita, Kansas for $50 million. Atlantic Health Acquisition In July 2021, the Company acquired three MOBs in Morristown, New Jersey for $155 million. Baylor Centennial Acquisition In September 2021, the Company acquired two MOBs in Dallas, Texas for $60 million. Concord Avenue Campus Acquisition In September 2021, the Company acquired a life science campus, comprised of three buildings, in Cambridge, Massachusetts for $180 million. 10 Fawcett Acquisition In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $73 million. Vista Sorrento Phase 1 Acquisition In October 2021, the Company closed a life science acquisition in San Diego, California for $20 million. Swedish Medical Acquisition In October 2021, the Company acquired one MOB in Seattle, Washington for $43 million. Lakeview Medical Pavilion In October 2021, the Company acquired one MOB in New Orleans, Louisiana for $34 million. Mooney Street Parcels In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $123 million. 725 Concord In October 2021, the Company acquired an MOB and adjacent land parcel in Cambridge, Massachusetts for $80 million. 25 Spinelli In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $34 million. 68 Moulton In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $18 million. 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 the 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 (classified as liabilities related to assets held for sale and discontinued operations, net) maturing in 2025, which was recorded at its fair value through asset acquisition accounting. During the quarter ended September 30, 2021, the Company sold the property and the related secured mortgage debt was assumed by the buyer (see Note 5). Other Real Estate Acquisitions In December 2020, the Company acquired one hospital in Dallas, Texas for $34 million. Development Activities The Company’s commitments, which are primarily related to development and redevelopment projects and tenant improvements, increased by $89 million, to $395 million at September 30, 2021, when compared to December 31, 2020, primarily as a result of increased commitments on existing projects and new projects started during 2021. During the nine months ended September 30, 2021, management reviewed the estimated useful lives of certain life science properties in connection with future plans of densification on campuses where the Company has densification opportunities. These changes in the planned use of the properties resulted in the Company updating the estimated useful lives of the properties, which differ from the Company’s previous estimates. The estimated useful lives of these properties was reduced from a weighted average remaining useful life of 15 years to 11 years to reflect the timing of the planned densification projects. For the three and nine months ended September 30, 2021, these changes in estimate increased depreciation expense by $9 million and $22 million, respectively, resulting in a corresponding decrease to income (loss) from continuing operations and net income (loss), as well as a decrease to both basic and diluted earnings per share of approximately $0.02 and $0.04, respectively.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	9 Months Ended
	Sep. 30, 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 (see Note 7) and (ii) a commitment to finance up to $92 million of additional debt for capital expenditures. The commitment to finance additional debt for capital expenditures was subsequently reduced to $56 million during June 2021, $0.4 million of which had been funded as of September 30, 2021 (see Note 7). Upon completion of the license transfer process in June 2021, the Company sold the two remaining Sunrise senior housing triple-net assets for $80 million, resulting in a gain on sale of $22 million, which is recognized in income (loss) from discontinued operations. 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. The Company 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. Oakmont SHOP Portfolio In April 2021, the Company sold a portfolio of 12 SHOP assets for $564 million. In conjunction with the sale, mortgage debt held on two properties with a carrying value of $64 million was repaid and the remaining mortgage debt held on four properties with a carrying value of $107 million was assumed by the buyer. The transaction resulted in total gain on sale of $80 million, which is recognized in income (loss) from discontinued operations. Discovery SHOP Portfolio In April 2021, the Company sold a portfolio of 10 SHOP assets for $334 million, resulting in total gain on sale of $9 million, which is recognized in income (loss) from discontinued operations. Also included in this transaction was the sale of two mezzanine loans and two preferred equity investments for $21 million, resulting in no gain or loss on sale of the investments (collectively, the “Discovery SHOP Portfolio”). Sonata SHOP Portfolio In April 2021, the Compa ny sold a portfolio of five SHOP assets for $64 million, resulting in total gain on sale of $3 million, which is recognized in income (loss) from discontinued operations. SLC SHOP Portfolio In May 2021, the Company sold seven SHOP assets for $113 million and repaid $70 million of mortgage debt that was held on six of the assets, resulting in total gain on sale of $1 million, which is recognized in income (loss) from discontinued operations. Hoag Hospital In May 2021, the Company sold one hospital for $226 million through the exercise of a purchase option by a tenant, resulting in gain on sale of $172 million. 2021 Other Dispositions During the three months ended September 30, 2021 , the Company sold the following: (i) eight SHOP assets for $120 million, (ii) four senior housing triple-net assets for $12 million, and (iii) three MOBs for $36 million, resulting in total gain on sales of $42 million ($27 million of which is recognized in income (loss) from discontinued operations). In conjunction with one of the SHOP asset sales, mortgage debt held on the property with a carrying value of $36 million was assumed by the buyer. In addition to the portfolio and individual sales discussed above, during the nine months ended September 30, 2021, the Company sold the following: (i) 15 SHOP assets for $169 million, (ii) 7 senior housing triple-net assets for $24 million, and (iii) 7 MOBs for $57 million, resulting in total gain on sales of $52 million ($34 million of which is recognized in income (loss) from discontinued operations). 2020 Dispositions of Real Estate During the three months ended September 30, 2020, the Company sold the following: (i) four MOBs for $14 million, (ii) one undeveloped MOB land parcel for $2 million and (iii) one asset from other non-reportable segments for $1 million, resulting in total gain on sales of $2 million recognized in income (loss) from continuing operations. Additionally, d uring the three months ended September 30, 2020, the Company sold four SHOP assets for $12 million, resulting in total loss on sales of $2 million recognized in income (loss) from discontinued operations. During the nine months ended September 30, 2020 , the Company sold the following: (i) 13 SHOP assets for $76 million, (ii) 18 senior housing triple-net assets for $385 million (representative of the 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3 ), (iii) 7 MOBs for $120 million (inclusive of the exercise of a purchase option by a tenant to acquire 3 MOBs in San Diego, California), (iv) one undeveloped MOB land parcel for $2 million and (v) one asset from other non-reportable segments for $1 million, resulting in total gain on sales of $248 million ($162 million of 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 and repaid $6 million of variable rate secured mortgage debt held on one asset, 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 portfolio 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 recognized in income (loss) from discontinued operations). Held for Sale and 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 that the planned dispositions represented a strategic shift that has had and will have a major effect on the Company’s operations and financial results. Therefore, senior housing triple-net and SHOP assets meeting the held for sale criteria on or before September 30, 2021 are classified as discontinued operations in all periods presented herein. In September 2021, the Company successfully completed the disposition of the remaining senior housing triple-net and SHOP properties. The following summarizes the assets and liabilities classified as discontinued operations at September 30, 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): September 30, December 31, ASSETS Real estate: Buildings and improvements $ 98 $ 2,553,254 Development costs and construction in progress 54 21,509 Land — 355,803 Accumulated depreciation and amortization — (615,708) Net real estate 152 2,314,858 Investments in and advances to unconsolidated joint ventures — 5,842 Accounts receivable, net of allowance of $4,583 and $5,873 4,826 20,500 Cash and cash equivalents 14,005 53,085 Restricted cash 3 17,168 Intangible assets, net — 24,541 Right-of-use asset, net 30 4,109 Other assets, net (1) 3,243 103,965 Total assets of discontinued operations, net (2) 22,259 2,544,068 Assets held for sale, net (3) 82,750 82,238 Assets held for sale and discontinued operations, net $ 105,009 $ 2,626,306 LIABILITIES Mortgage debt (4) $ — $ 318,876 Lease liability 30 3,189 Accounts payable, accrued liabilities, and other liabilities 18,442 79,411 Deferred revenue 84 11,442 Total liabilities of discontinued operations, net (2) 18,556 412,918 Liabilities related to assets held for sale, net (3) 354 2,819 Liabilities related to assets held for sale and discontinued operations, net $ 18,910 $ 415,737 _______________________________________ (1) Includes goodwill of zero and $29 million as of September 30, 2021 and December 31, 2020, respectively. (2) At September 30, 2021, there were no senior housing triple-net or SHOP facilities classified as held for sale and discontinued operations. At December 31, 2020, 41 senior housing triple-net facilities, 97 SHOP facilities, and 1 SHOP joint venture were classified as held for sale and discontinued operations. (3) As of September 30, 2021, primarily comprised of the following: (i) five MOBs and one life science facility with net real estate assets of $30 million and right-of-use asset, net of $0.6 million and (ii) one loan receivable with a total carrying value of $51 million. As of December 31, 2020, primarily comprised of six MOBs with net real estate assets of $73 million and deferred revenue of $2 million. (4) During the three months ended September 30, 2021 and 2020, the Company made full and partial repayments of mortgage debt classified as discontinued operations of $37 million and $1 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company made full and partial repayments of mortgage debt classified as discontinued operations of $318 million and $7 million, respectively. The results of discontinued operations through September 30, 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 and nine months ended September 30, 2021 and 2020. Summarized financial information for discontinued operations for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenues: Rental and related revenues $ 694 $ 24,589 $ 7,535 $ 81,070 Resident fees and services 8,507 149,585 111,777 477,081 Total revenues 9,201 174,174 119,312 558,151 Costs and expenses: Interest expense 47 2,501 3,900 7,913 Depreciation and amortization — 31,659 — 134,620 Operating 13,010 131,151 118,175 407,820 Transaction costs — 602 76 1,141 Impairments and loan loss reserves (recoveries), net 21,740 36,327 32,736 81,556 Total costs and expenses 34,797 202,240 154,887 633,050 Other income (expense): Gain (loss) on sales of real estate, net 26,758 (2,134) 408,658 162,245 Other income (expense), net (863) 316 5,150 2,442 Total other income (expense), net 25,895 (1,818) 413,808 164,687 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 299 (29,884) 378,233 89,788 Income tax benefit (expense) 221 (1,204) 1,345 9,424 Equity income (loss) from unconsolidated joint ventures 81 (731) 4,991 (915) Income (loss) from discontinued operations $ 601 $ (31,819) $ 384,569 $ 98,297 Impairments of Real Estate 2021 During the three and nine months ended September 30, 2021, the Company recognized an aggregate impairment charge of $2 million, which is reported in impairments and loan loss reserves (recoveries), net, related to two MOBs classified as held for sale. The Company wrote down the two properties’ aggregate carrying value of $13 million to their aggregate fair value, less estimated costs to sell, of $11 million. Additionally, during the nine months ended September 30, 2021, the Company recognized an impairment charge of $4 million related to one SHOP asset classified as held for sale, which is reported in income (loss) from discontinued operations. Following a reduction in the expected sales price of the SHOP asset occurring in the second quarter of 2021, the Company wrote down its carrying value of $20 million to its fair value, less estimated costs to sell, of $16 million. The fair values of the impaired assets were based on forecasted sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. The Company’s forecasted sales prices are typically 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 calculation as of September 30, 2021, the Company’s fair value estimates primarily relied on a market approach and utilized comparable market transactions and negotiations with prospective buyers. 2020 During the three months ended September 30, 2020, the Company recognized an aggregate impairment charge of $37 million ($36 million of which is reported in income (loss) from discontinued operations) related to nine SHOP assets, one senior housing triple-net asset and one MOB 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 $163 million. During the nine months ended September 30, 2020, the Company recognized an aggregate impairment charge of $87 million ($82 million of which is reported in income (loss) from discontinued operations) related to 28 SHOP assets, 5 senior housing triple-net assets, 2 MOBs, and 1 undeveloped MOB land parcel as a result of being classified as held for sale and wrote down their aggregate carrying value of $424 million to their aggregate fair value, less estimated costs to sell, of $337 million. For the Company’s impairment calculations during the nine months ended and as of September 30, 2020, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $33,000 to $300,000, with a weighted average price based on relative fair value of $136,000. Goodwill Impairment When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Following the disposition of the Company’s remaining senior housing triple-net and SHOP assets in September 2021, the Company performed an impairment assessment to evaluate the fair value of its reporting units as of September 30, 2021. During the three months ended September 30, 2021, the Company recognized a $22 million goodwill impairment charge reported in income (loss) from discontinued operations to reduce the associated goodwill balance to zero as no assets remained in the reporting units associated with the senior housing triple-net and SHOP portfolios as of the assessment date. During the nine months ended September 30, 2021, the Company recognized a $29 million goodwill impairment charge reported in income (loss) from discontinued operations, $7 million of which was recognized during the second quarter of 2021, as the fair value of the remaining assets based on forecasted sales prices was less than the carrying value of the assets, including the related goodwill as of the assessment date. During the three and nine months ended September 30, 2021, the fair value of the assets within each of the Company’s other reporting units was greater than the respective carrying value of the assets and related goodwill, and as a result, no impairment loss was recognized with respect to the other reporting units. During the three and nine months ended September 30, 2020, no goodwill impairment loss was recognized. These fair value estimates primarily relied on a market approach, utilizing comparable market transactions, forecasted sales prices, and negotiations with prospective buyers. These estimates are considered to be a Level 3 measurement within the fair value hierarchy, and are subject to inherent uncertainties. Deferred Tax Asset Valuation Allowance In conjunction with the Company establishing a plan during the year ended December 31, 2020 to dispose of all of its SHOP assets and classifying such assets as discontinued operations, 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 September 30, 2021, the Company had a deferred tax asset valuation allowance of $36 million.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Fixed income from operating leases $ 276,430 $ 239,715 $ 807,677 $ 697,510 Variable income from operating leases 77,086 62,226 214,453 175,001 Interest income from direct financing leases 2,179 2,150 6,522 7,569 Direct Financing Leases Net investment in DFLs consists of the following (in thousands): September 30, December 31, Present value of minimum lease payments receivable $ 3,399 $ 9,804 Present value of estimated residual value 44,706 44,706 Less deferred selling profits (3,399) (9,804) Net investment in direct financing leases $ 44,706 $ 44,706 Direct Financing Lease Internal Ratings At September 30, 2021 and December 31, 2020, 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. 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 that were impacted by COVID-19, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through September 30, 2020, approximately $6 million of rent was deferred for the medical office segment, all of which had been collected as of December 31, 2020. Additionally, through September 30, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment that were impacted by COVID-19, all of which had been collected as of December 31, 2020. No such deferrals were granted during the three and nine months ended September 30, 2021.
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Fixed income from operating leases $ 276,430 $ 239,715 $ 807,677 $ 697,510 Variable income from operating leases 77,086 62,226 214,453 175,001 Interest income from direct financing leases 2,179 2,150 6,522 7,569 Direct Financing Leases Net investment in DFLs consists of the following (in thousands): September 30, December 31, Present value of minimum lease payments receivable $ 3,399 $ 9,804 Present value of estimated residual value 44,706 44,706 Less deferred selling profits (3,399) (9,804) Net investment in direct financing leases $ 44,706 $ 44,706 Direct Financing Lease Internal Ratings At September 30, 2021 and December 31, 2020, 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. 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 that were impacted by COVID-19, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through September 30, 2020, approximately $6 million of rent was deferred for the medical office segment, all of which had been collected as of December 31, 2020. Additionally, through September 30, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment that were impacted by COVID-19, all of which had been collected as of December 31, 2020. No such deferrals were granted during the three and nine months ended September 30, 2021.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): September 30, 2021 December 31, 2020 Secured loans (1) $ 395,303 $ 161,530 Mezzanine and other 23,701 44,347 Unamortized discounts, fees, and costs (5,215) (222) Reserve for loan losses (2,727) (10,280) Loans receivable, net $ 411,062 $ 195,375 _______________________________________ (1) At September 30, 2021, the Company had $59 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. 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). The additional financing was subsequently reduced to $56 million in conjunction with the principal repayments discussed below, $0.4 million of which had been funded as of September 30, 2021. The initial and additional financing is secured by the buyer's equity ownership in each property. In June 2021, the Company received principal repayments of $246 million on the initial financing provided in conjunction with the sale of the Sunrise Senior Housing Portfolio in January 2021. The Company accelerated recognition of $7 million of the related mark-to-market discount, which is included in interest income in the Consolidated Statements of Operations for the nine months ended September 30, 2021 . 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 each of the four properties. During the first quarter of 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 2021 Other Loans Receivable Transactions The Company classifies a loan receivable as held for sale when management no longer has the intent or ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, previously recorded reserves for loan losses are reversed and the loan is reported at the lower of amortized cost or fair value. During the second quarter of 2021, two loans receivable with a total amortized cost of $64 million were classified as held for sale. Upon the transfer of these two loans to held for sale, the carrying value was decreased by $11 million to an estimated fair value of $53 million, $8 million of which was previously recognized as a reserve for loan losses. As a result, a $3 million net loss was recognized in impairments and loan loss reserves (recoveries), net during the nine months ended September 30, 2021. These fair value estimates were made for each individual loan classified as held for sale and primarily relied on a market approach, utilizing comparable market transactions, forecasted sales prices, and negotiations with prospective buyers. These estimates are considered to be a Level 3 measurement within the fair value hierarchy, and are subject to inherent uncertainties. In April 2021, the Company sold two mezzanine loans as part of the Discovery SHOP Portfolio disposition (see Note 5), resulting in no gain or loss on sale of the mezzanine loans . In May 2021, the Company received a $10 million principal repayment related to one of its secured loans. In September 2021, the Company received repayment of the remaining $15 million balance. In July 2021, the Company received full repayment of the outstanding balance of an $8 million secured loan. In September 2021, the Company sold one of the loans previously classified as held for sale for its carrying value of $2 million. As of September 30, 2021, the Company had one loan receivable classified as held for sale with a carrying value of $51 million. 2020 Other Loans Receivable Transactions For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the previous residence. Upon completing the CCRC Acquisition (see Note 3) in January 2020, the Company began consolidating 13 CCRCs, which held approximately $30 million of such notes receivable from various community residents at the time of acquisition. At September 30, 2021 and December 31, 2020, the Company held $23 million of such notes receivable, 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. 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 September 30, 2021 (in thousands): Investment Type Year of Origination Total 2021 2020 2019 2018 2017 Prior Secured loans Risk rating: Performing loans $ 308,504 $ 76,749 $ 2,122 $ — $ — $ — $ 387,375 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 308,504 $ 76,749 $ 2,122 $ — $ — $ — $ 387,375 Mezzanine and other Risk rating: Performing loans $ 21,808 $ 1,777 $ 102 $ — $ — $ — $ 23,687 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 21,808 $ 1,777 $ 102 $ — $ — $ — $ 23,687 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, NOI, 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): September 30, 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 Expected loan losses related to loans sold or repaid (1) (1,643) (8,015) (9,658) (259) (8,135) (8,394) Expected loan losses related to loans transferred to held for sale (2) (498) — (498) — — — Provision for expected loan losses 1,702 901 2,603 2,898 14,356 17,254 Reserve for loan losses, end of period $ 2,713 $ 14 $ 2,727 $ 3,152 $ 7,128 $ 10,280 _______________________________________ (1) Includes five loans sold or repaid during the nine months ended September 30, 2021 and three loans sold or repaid during the year ended December 31, 2020 . (2) Includes one loan held for sale at September 30, 2021. Additionally, at September 30, 2021 and December 31, 2020, a liability of $0.3 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 September 30, 2021 and 2020, the net credit loss recovery was $2 million and $3 million, respectively. During the nine months ended September 30, 2021 and 2020, the net credit loss expense was $3 million

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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 September 30, December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2021 2020 SWF SH JV Other 19 54 $ 354,534 $ 357,581 Life Science JV Life science 1 49 25,135 24,879 Medical Office JVs (4) Medical office 3 20 - 67 9,426 9,673 Other JVs (5) Other — — — 9,157 CCRC JV (6) CCRC — — — 1,581 $ 389,095 $ 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 was classified as discontinued operations and had an aggregate carrying value of $6 million at December 31, 2020 (see Note 5). In April 2021, the SHOP property in the Otay Ranch JV was sold, resulting in the Company’s share of proceeds of $32 million and a gain on sale of $5 million recognized in equity income (loss) from unconsolidated joint ventures within income (loss) from discontinued operations for the nine months ended September 30, 2021. (3) Property count and ownership percentage are as of September 30, 2021. (4) Includes three unconsolidated medical office joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%); (ii) Ventures III (30%); and (iii) Suburban Properties, LLC (67%). (5) In April 2021, the Company sold its two preferred equity investments for their carrying value as part of the Discovery SHOP Portfolio disposition (see Note 5). At December 31, 2020, includes two unconsolidated other joint ventures in which the Company’s ownership percentage is as follows: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). (6) See Note 3 for a discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020. In May 2021, the two remaining CCRCs were sold for $38 million, $19 million of which represents the Company’s 49% interest, resulting in an immaterial gain on sale recorded within equity income (loss) from unconsolidated joint ventures for the nine months ended September 30, 2021.

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 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 September 30, December 31, Gross intangible lease assets $ 823,362 $ 761,328 Accumulated depreciation and amortization (303,027) (241,411) Intangible assets, net (1) $ 520,335 $ 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 $25 million as of December 31, 2020. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 208,031 $ 194,565 Accumulated depreciation and amortization (64,027) (50,366) Intangible liabilities, net $ 144,004 $ 144,199 Weighted average remaining amortization period in years 8 8 During the nine months ended September 30, 2021, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $81 million and intangible liabilities of $17 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 9 years and 8 years, respectively. 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	9 Months Ended
	Sep. 30, 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, with a maturity date of May 23, 2023 and two six-month extension options, subject to certain customary conditions. Also in May 2019, the Company entered into a $250 million unsecured term loan facility, with a maturity date of May 23, 2024 (the “2019 Term Loan”). In July 2021, the Company repaid the $250 million 2019 Term Loan; therefore, at September 30, 2021, there was no outstanding balance. The outstanding balance on the 2019 Term Loan at December 31, 2020 was $250 million. In September 2021, the Company executed an amended and restated unsecured revolving line of credit (the “Revolving Facility”) to increase total revolving commitments from $2.5 billion to $3.0 billion and extend the maturity date to January 20, 2026. This maturity date may be further extended pursuant to two six-month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at the base rate or LIBOR (or other applicable rate with respect to non-dollar borrowings) plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The Company also pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at September 30, 2021, the margin on the Revolving Facility was 0.78% and the facility fee was 0.15%. At September 30, 2021 and December 31, 2020, the Company had no balance outstanding under the Revolving Facility. The Revolving Facility includes 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. Further, the Revolving Facility includes customary LIBOR replacement language, including, but not limited to, the use of rates based on the secured overnight financing rate administered by the Federal Reserve Bank of New York. The Revolving Facility also includes a sustainability-linked pricing component whereby the applicable margin may be reduced by up to 0.025% based on the Company’s achievement of specified sustainability-linked metrics, subject to certain conditions. The Revolving Facility also contains certain financial restrictions and other customary requirements, including financial covenants and cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreement: (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 $7.7 billion. The Company believes it was in compliance with each of these covenants at September 30, 2021. 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. During 2021, the Company increased the maximum aggregate face or principal amount that can be outstanding at any one time from $1.0 billion to $1.5 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 September 30, 2021, the Company had $1.02 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately one month and a weighted average interest rate of 0.22%. At December 31, 2020, the Company had $130 million of securities outstanding under the Commercial Paper Program, with original maturities of approximately one month and a weighted average interest rate of 0.30%. Senior Unsecured Notes At September 30, 2021, the Company had senior unsecured notes outstanding with an aggregate principal balance of $4.2 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at September 30, 2021. The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the nine months ended September 30, 2021 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Year May 19, 2021 (1) $ 251,806 3.40 % 2025 May 19, 2021 (1) 298,194 4.00 % 2025 February 26, 2021 (2) 188,000 4.25 % 2023 February 26, 2021 (2) 149,000 4.20 % 2024 February 26, 2021 (2) 331,000 3.88 % 2024 January 28, 2021 (2) 112,000 4.25 % 2023 January 28, 2021 (2) 201,000 4.20 % 2024 January 28, 2021 (2) 469,000 3.88 % 2024 _______________________________________ (1) Upon repurchasing a portion of the 3.40% and 4.00% senior unsecured notes due 2025, the Company recognized a $61 million loss on debt extinguishment during the nine months ended September 30, 2021. (2) Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment during the nine months ended September 30, 2021. In July 2021, the Company completed its inaugural green bond offering. The net proceeds from the offering were allocated to the Company’s previous acquisition of Cambridge Discovery Park, completed in December 2020 (see Note 4), which has received LEED Gold certification and qualifies as an eligible green project. However, the Company may choose to allocate or re-allocate net proceeds to one more other eligible green projects. The senior unsecured notes were issued and the proceeds were received on July 12, 2021 as follows (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year July 12, 2021 $ 450,000 1.35 % 2027 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 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 2022, the Company recognized an $18 million loss on debt extinguishment during the three and nine months ended September 30, 2020. (2) Upon repurchasing a portion of the 4.25% senior unsecured notes due 2023, the Company recognized a $26 million loss on debt extinguishment during the nine months ended September 30, 2020. 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 June 23, 2020 $ 600,000 2.88 % 2031 Mortgage Debt At September 30, 2021 and December 31, 2020, the Company had $355 million and $217 million, respectively, in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale and discontinued operations), which was secured by 19 and 6 healthcare facilities, respectively, with an aggregate carrying value of $835 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 and nine months ended September 30, 2021, the Company made aggregate principal repayments of mortgage debt of $1 million and $4 million, respectively (excluding mortgage debt on assets held for sale and discontinued operations). During the three and nine months ended September 30, 2020, the Company made aggregate principal repayments of mortgage debt of $1 million and $4 million, respectively (excluding mortgage debt on assets held for sale and discontinued operations). In April 2021, in conjunction with the acquisition of the MOB Portfolio, the Company originated $142 million of secured mortgage debt (see Note 4) that matures in May 2026 and has a weighted average effective interest rate of 2.68% as of September 30, 2021. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2021 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line of Commercial Paper (1) Amount Interest Rate Amount Interest Rate Total 2021 $ — $ — $ — — % $ 8,731 4.86 % $ 8,731 2022 — — — — % 4,843 3.80 % 4,843 2023 — — — — % 89,874 3.80 % 89,874 2024 — — — — % 3,050 3.80 % 3,050 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 Thereafter — 1,024,000 3,400,000 3.39 % 244,889 3.12 % 4,668,889 — 1,024,000 4,200,000 354,596 5,578,596 (Discounts), premium and debt costs, net — — (42,166) 1,974 (40,192) $ — $ 1,024,000 $ 4,157,834 $ 356,570 $ 5,538,404 _______________________________________ (1) Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility. (2) Effective interest rates on the senior unsecured notes range from 1.54% to 6.91% with a weighted average effective interest rate of 3.51% and a weighted average maturity of 7 years. (3) Effective interest rates on the mortgage debt range from 2.50% to 5.91% with a weighted average effective interest rate of 3.31% and a weighted average maturity of 4 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of the Company’s business. 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. DownREITs

Equity and Redeemable Noncontro

Equity and Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On October 27, 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 November 19, 2021 to stockholders of record as of the close of business on November 8, 2021. During the three months ended September 30, 2021 and 2020, the Company declared and paid common stock cash dividends of $0.30 per share and $0.37 per share, respectively. During the nine months ended September 30, 2021 and 2020, the Company declared and paid common stock cash dividends of $0.90 and $1.11 per share, respectively. At-The-Market Equity Offering Program The Company previously established an at-the-market equity offering program (“ATM Program”), which was most recently amended in May 2021 (as amended, the “2020 ATM Program”) to increase the size of the program from $1.25 billion to $1.5 billion, pursuant to which shares of common stock having an aggregate gross sales price of up to $1.5 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 (each, an “ATM forward contract”). The use of ATM forward contracts allows the Company to lock in a share price on the sale of shares at the time the ATM forward contract is effective, but defer receiving the proceeds from the sale of shares until a later date. ATM forward contracts generally have a one At September 30, 2021, $1.18 billion of the Company’s common stock remained available for sale under the 2020 ATM Program. ATM Forward Contracts During the three and nine months ended September 30, 2021, the Company utilized the forward provisions under the 2020 ATM Program to allow for the sale of an aggregate of 9.1 million shares of its common stock at an initial weighted average net price of $35.25 per share, after commissions. During the three and nine months ended September 30, 2021, no shares were settled under ATM forward contracts. Therefore, at September 30, 2021, 9.1 million shares remained outstanding under ATM forward contracts. During the three months ended September 30, 2020, the Company did not utilize the forward provisions under any previous ATM Program. During the nine months ended September 30, 2020, the Company utilized the forward provisions under a previous ATM Program established in 2019 to allow for the sale of an aggregate of 2.0 million shares of its common stock at an initial weighted average net price of $35.23 per share, after commissions. During the three 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. At September 30, 2020, no shares remained outstanding under these prior ATM forward contracts. ATM Direct Issuances During the three and nine months ended September 30, 2021 and September 30, 2020, no shares of common stock were issued under any 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 September 30, 2021 and September 30, 2020, 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): September 30, December 31, Unrealized gains (losses) on derivatives, net $ — $ (81) Supplemental Executive Retirement Plan minimum liability (3,281) (3,604) Total accumulated other comprehensive income (loss) $ (3,281) $ (3,685) Redeemable Noncontrolling Interests Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Certain of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company upon specified events or after the passage of a predetermined period of time. Each put option is payable in cash and subject to increases in redemption value in the event that the underlying property generates specified returns for the Company and meets certain promote thresholds pursuant to the respective agreements. Accordingly, the Company records redeemable noncontrolling interests outside of permanent equity and presents the redeemable noncontrolling interests at the greater of their carrying amount or redemption value at the end of each reporting period. As of September 30, 2021, the put option related to $54 million of the redeemable noncontrolling interests balance was currently exercisable. The remaining redeemable noncontrolling interests had not yet met the conditions for redemption. Three of the interests will become redeemable following the passage of a predetermined amount of time, which will occur in 2022, 2023, and 2024. The fourth interest will become redeemable at the earlier of a predetermined passage of time or stabilization, which is expected to occur in 2023. The redemption values are subject to change based on the assessment of value at each redemption date. As of December 31, 2020, none of the redeemable noncontrolling interests were exercisable.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 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 September 30, 2021 and 2020 was zero weighted-average incremental shares from the forward equity sales agreements. The aggregate effect on the Company’s diluted weighted-average common shares for the nine months ended September 30, 2021 and 2020 was zero and 0.3 million weighted-average incremental shares, respectively, from the forward equity sales agreements. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator Income (loss) from continuing operations $ 61,305 $ (27,762) $ 108,785 $ 179,711 Noncontrolling interests' share in continuing operations (7,195) (3,616) (14,036) (10,565) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 54,110 (31,378) 94,749 169,146 Less: Participating securities' share in continuing operations (269) (351) (3,001) (2,151) Income (loss) from continuing operations applicable to common shares 53,841 (31,729) 91,748 166,995 Income (loss) from discontinued operations 601 (31,819) 384,569 98,297 Noncontrolling interests' share in discontinued operations — (220) (2,539) (274) Net income (loss) applicable to common shares $ 54,442 $ (63,768) $ 473,778 $ 265,018 Denominator Basic weighted average shares outstanding 539,021 538,333 538,879 527,908 Dilutive potential common shares - equity awards (1) 367 — 280 279 Dilutive potential common shares - forward equity agreements (2) — — — 268 Diluted weighted average common shares 539,388 538,333 539,159 528,455 Basic earnings (loss) per common share Continuing operations $ 0.10 $ (0.06) $ 0.17 $ 0.32 Discontinued operations 0.00 (0.06) 0.71 0.18 Net income (loss) applicable to common shares $ 0.10 $ (0.12) $ 0.88 $ 0.50 Diluted earnings (loss) per common share Continuing operations $ 0.10 $ (0.06) $ 0.17 $ 0.32 Discontinued operations 0.00 (0.06) 0.71 0.18 Net income (loss) applicable to common shares $ 0.10 $ (0.12) $ 0.88 $ 0.50 _______________________________________ (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 and nine months ended September 30, 2021, all 9 million shares that have not been settled as of September 30, 2021 were anti-dilutive. For the nine months ended September 30, 2020, represents the dilutive impact of 32 million shares that were settled during the nine months then ended. For the three months ended September 30, 2020, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period.

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2020 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 that 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 September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 184,213 $ 171,482 $ 119,022 $ 6,748 $ — $ 481,465 Government grant income (1) — — 15 — — 15 Less: Interest income — — — (6,748) — (6,748) Healthpeak’s share of unconsolidated joint venture total revenues 1,521 737 — 17,109 — 19,367 Healthpeak’s share of unconsolidated joint venture government grant income — — — — — — Noncontrolling interests’ share of consolidated joint venture total revenues (82) (8,954) — — — (9,036) Operating expenses (44,923) (58,430) (98,799) 13 — (202,139) Healthpeak’s share of unconsolidated joint venture operating expenses (463) (305) (32) (13,450) — (14,250) Noncontrolling interests’ share of consolidated joint venture operating expenses 25 2,659 — — — 2,684 Adjustments to NOI (2) (11,021) (3,626) 724 (100) — (14,023) Adjusted NOI 129,270 103,563 20,930 3,572 — 257,335 Plus: Adjustments to NOI (2) 11,021 3,626 (724) 100 — 14,023 Interest income — — — 6,748 — 6,748 Interest expense (46) (1,104) (1,936) — (32,819) (35,905) Depreciation and amortization (79,570) (66,189) (31,416) — — (177,175) General and administrative — — — — (23,270) (23,270) Transaction costs — — — — — — Impairments and loan loss reserves — (1,952) — 1,667 — (285) Gain (loss) on sales of real estate, net — 14,635 — — — 14,635 Gain (loss) on debt extinguishments — — — — (667) (667) Other income (expense), net 22 (30) 114 1 1,563 1,670 Less: Government grant income — — (15) — — (15) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,058) (432) 32 (3,659) — (5,117) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 57 6,295 — — — 6,352 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,696 58,412 (13,015) 8,429 (55,193) 58,329 Income tax benefit (expense) — — — — 649 649 Equity income (loss) from unconsolidated joint ventures 630 220 845 632 — 2,327 Income (loss) from continuing operations 60,326 58,632 (12,170) 9,061 (54,544) 61,305 Income (loss) from discontinued operations — — — — 601 601 Net income (loss) $ 60,326 $ 58,632 $ (12,170) $ 9,061 $ (53,943) $ 61,906 _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (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 September 30, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 148,702 $ 155,381 $ 115,031 $ 4,451 $ — $ 423,565 Government grant income (1) — — 1,761 — — 1,761 Less: Interest income — — — (4,443) — (4,443) Healthpeak’s share of unconsolidated joint venture total revenues — 699 4,295 17,853 — 22,847 Healthpeak’s share of unconsolidated joint venture government grant income — — 246 49 — 295 Noncontrolling interests’ share of consolidated joint venture total revenues (66) (8,788) — — — (8,854) Operating expenses (36,714) (51,435) (94,992) — — (183,141) Healthpeak’s share of unconsolidated joint venture operating expenses — (296) (4,797) (13,485) — (18,578) Noncontrolling interests’ share of consolidated joint venture operating expenses 18 2,630 — — — 2,648 Adjustments to NOI (2) (8,330) (1,729) 1,684 63 — (8,312) Adjusted NOI 103,610 96,462 23,228 4,488 — 227,788 Plus: Adjustments to NOI (2) 8,330 1,729 (1,684) (63) — 8,312 Interest income — — — 4,443 — 4,443 Interest expense (57) (100) (1,983) — (51,594) (53,734) Depreciation and amortization (57,170) (54,693) (30,106) (2) — (141,971) General and administrative — — — — (21,661) (21,661) Transaction costs (79) — (1,897) (8) — (1,984) Impairments and loan loss reserves — (1,208) — 2,985 — 1,777 Gain (loss) on sales of real estate, net — 2,283 — — — 2,283 Gain (loss) on debt extinguishments — — — — (17,921) (17,921) Other income (expense), net — — 3,903 — 2,841 6,744 Less: Government grant income — — (1,761) — — (1,761) Less: Healthpeak’s share of unconsolidated joint venture NOI — (403) 256 (4,417) — (4,564) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 48 6,158 — — — 6,206 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 54,682 50,228 (10,044) 7,426 (88,335) 13,957 Income tax benefit (expense) (3) — — — — (22,970) (22,970) Equity income (loss) from unconsolidated joint ventures — 198 (322) (18,625) — (18,749) Income (loss) from continuing operations 54,682 50,426 (10,366) (11,199) (111,305) (27,762) Income (loss) from discontinued operations — — — — (31,819) (31,819) Net income (loss) $ 54,682 $ 50,426 $ (10,366) $ (11,199) $ (143,124) $ (59,581) ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (3) Income tax benefit (expense) for the three months ended September 30, 2020 includes a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 5). For the nine months ended September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 531,674 $ 496,978 $ 352,458 $ 31,869 $ — $ 1,412,979 Government grant income (1) — — 1,412 — — 1,412 Less: Interest income — — — (31,869) — (31,869) Healthpeak’s share of unconsolidated joint venture total revenues 4,270 2,162 6,903 50,602 — 63,937 Healthpeak’s share of unconsolidated joint venture government grant income — — 200 810 — 1,010 Noncontrolling interests’ share of consolidated joint venture total revenues (222) (26,704) — — — (26,926) Operating expenses (125,108) (164,198) (284,739) 13 — (574,032) Healthpeak’s share of unconsolidated joint venture operating expenses (1,316) (915) (6,985) (38,496) — (47,712) Noncontrolling interests’ share of consolidated joint venture operating expenses 66 7,714 — — — 7,780 Adjustments to NOI (2) (35,197) (7,553) 1,971 (15) — (40,794) Adjusted NOI 374,167 307,484 71,220 12,914 — 765,785 Plus: Adjustments to NOI (2) 35,197 7,553 (1,971) 15 — 40,794 Interest income — — — 31,869 — 31,869 Interest expense (196) (1,985) (5,778) — (113,470) (121,429) Depreciation and amortization (224,958) (187,512) (93,702) — — (506,172) General and administrative — — — — (72,260) (72,260) Transaction costs (11) (295) (1,090) (21) — (1,417) Impairments and loan loss reserves — (1,952) — (2,506) — (4,458) Gain (loss) on sales of real estate, net — 189,873 — — — 189,873 Gain (loss) on debt extinguishments — — — — (225,824) (225,824) Other income (expense), net 54 (2,483) 2,456 482 5,095 5,604 Less: Government grant income — — (1,412) — — (1,412) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,954) (1,247) (118) (12,916) — (17,235) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 156 18,990 — — — 19,146 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 181,455 328,426 (30,395) 29,837 (406,459) 102,864 Income tax benefit (expense) — — — — 1,404 1,404 Equity income (loss) from unconsolidated joint ventures 648 549 1,484 1,836 — 4,517 Income (loss) from continuing operations 182,103 328,975 (28,911) 31,673 (405,055) 108,785 Income (loss) from discontinued operations — — — — 384,569 384,569 Net income (loss) $ 182,103 $ 328,975 $ (28,911) $ 31,673 $ (20,486) $ 493,354 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (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 nine months ended September 30, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 416,081 $ 463,866 $ 320,737 $ 12,494 $ — $ 1,213,178 Government grant income (1) — — 13,632 — — 13,632 Less: Interest income — — — (12,361) — (12,361) Healthpeak’s share of unconsolidated joint venture total revenues — 2,085 30,723 56,729 — 89,537 Healthpeak’s share of unconsolidated joint venture government grant income — — 780 319 — 1,099 Noncontrolling interests’ share of consolidated joint venture total revenues (175) (25,775) — — — (25,950) Operating expenses (101,120) (151,484) (345,722) — — (598,326) Healthpeak’s share of unconsolidated joint venture operating expenses — (846) (27,660) (40,444) — (68,950) Noncontrolling interests’ share of consolidated joint venture operating expenses 53 7,737 — — — 7,790 Adjustments to NOI (2) (15,389) (3,188) 93,263 114 — 74,800 Adjusted NOI 299,450 292,395 85,753 16,851 — 694,449 Plus: Adjustments to NOI (2) 15,389 3,188 (93,263) (114) — (74,800) Interest income — — — 12,361 — 12,361 Interest expense (180) (302) (5,256) — (158,510) (164,248) Depreciation and amortization (159,737) (165,265) (81,760) (12) — (406,774) General and administrative — — — — (67,730) (67,730) Transaction costs (80) — (16,739) (101) — (16,920) Impairments and loan loss reserves — (6,033) — (10,134) — (16,167) Gain (loss) on sales of real estate, net — 85,676 — (40) — 85,636 Gain (loss) on debt extinguishments — — — — (42,912) (42,912) Other income (expense), net — — 188,377 41,707 4,728 234,812 Less: Government grant income — — (13,632) — — (13,632) Less: Healthpeak’s share of unconsolidated joint venture NOI — (1,239) (3,843) (16,604) — (21,686) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 122 18,038 — — — 18,160 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 154,964 226,458 59,637 43,914 (264,424) 220,549 Income tax benefit (expense) (3) — — — — 6,792 6,792 Equity income (loss) from unconsolidated joint ventures — 604 (1,801) (46,433) — (47,630) Income (loss) from continuing operations 154,964 227,062 57,836 (2,519) (257,632) 179,711 Income (loss) from discontinued operations — — — — 98,297 98,297 Net income (loss) $ 154,964 $ 227,062 $ 57,836 $ (2,519) $ (159,335) $ 278,008 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (3) Income tax benefit (expense) for the nine months ended September 30, 2020 includes: (i) a $51 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3), (ii) a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 5), and (iii) a $3.6 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Nine Months Ended Segment 2021 2020 2021 2020 Life science $ 184,213 $ 148,702 $ 531,674 $ 416,081 Medical office 171,482 155,381 496,978 463,866 CCRC 119,022 115,031 352,458 320,737 Other non-reportable 6,748 4,451 31,869 12,494 Total revenues $ 481,465 $ 423,565 $ 1,412,979 $ 1,213,178 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	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2021 2020 Supplemental cash flow information: Interest paid, net of capitalized interest $ 167,062 $ 187,569 Income taxes paid (refunded) 4,258 261 Capitalized interest 17,022 20,570 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 150,204 114,979 Vesting of restricted stock units and conversion of non-managing member units into common stock 907 4,729 Net noncash impact from the consolidation of previously unconsolidated joint ventures — 323,138 Mortgages assumed with real estate acquisitions — 215,335 Carrying value of mortgages assumed by buyer in real estate dispositions 143,676 — Refundable entrance fees assumed with real estate acquisitions — 307,954 Seller financing provided on disposition of real estate asset 559,745 12,480 Increase in ROU asset in exchange for new lease liability related to operating leases 15,329 24,984 Decrease in ROU asset with corresponding change in lease liability related to operating leases 8,410 — 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): Nine Months Ended September 30, 2021 2020 Depreciation and amortization of real estate, in-place lease, and other intangibles $ — $ 134,620 Development, redevelopment, and other major improvements of real estate 5,361 26,879 Leasing costs, tenant improvements, and recurring capital expenditures 2,609 9,137 The following table summarizes cash, cash equivalents and restricted cash (in thousands): Nine Months Ended September 30, 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 $ 201,099 $ 139,797 $ 14,005 $ 57,322 $ 215,104 $ 197,119 Restricted cash 53,699 83,156 3 19,263 53,702 102,419 Cash, cash equivalents and restricted cash $ 254,798 $ 222,953 $ 14,008 $ 76,585 $ 268,806 $ 299,538

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At September 30, 2021, the Company had investments in: (i) one unconsolidated VIE joint venture and (ii) marketable debt securities of one VIE. At December 31, 2020, the Company had investments in: (i) two properties leased to a VIE tenant, (ii) four unconsolidated VIE joint ventures, (iii) marketable debt securities of one VIE, and (iv) one loan to a VIE borrower. The Company determined it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures (the LLC investment discussed below), it has no formal involvement in these VIEs beyond its investments. VIE Tenant. As of December 31, 2020, the Company leased two properties to one tenant that was identified as a VIE (the “VIE tenant”). The VIE tenant was a “thinly capitalized” entity that relied on the operating cash flows generated from the senior housing facilities to pay operating expenses, including the rent obligations under its leases. In June 2021, the Company sold these two properties as part of the Sunrise Senior Housing Portfolio (see Note 5). CCRC OpCo. As of December 31, 2020, the Company held a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operated senior housing properties and had been identified as a VIE. The equity members of CCRC OpCo “lacked power” because they shared certain operating rights with Brookdale, as manager of the CCRCs. The assets of CCRC OpCo primarily consisted of the CCRCs that it owned and leased, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consisted 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. In May 2021, the CCRC JV sold the two remaining CCRCs. 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. As of December 31, 2020, the Company held investments (consisting of mezzanine debt and/or preferred equity) in two senior housing development joint ventures. The joint ventures were also capitalized by senior loans from a third party and equity from the third party managing-member, but were considered to be “thinly capitalized” as there was insufficient equity investment at risk. In April 2021, the Company sold two mezzanine loans and two preferred equity investments as part of the Discovery SHOP Portfolio disposition (see Note 5). 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. Loan Receivable. 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. In September 2021, the Company sold this loan receivable (see Note 7). The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at September 30, 2021 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: CMBS and LLC investment Other assets, net $ 36,088 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). As of September 30, 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, 7, 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 September 30, 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). Refer to Note 12 for a discussion of certain put options associated with the Life Science JVs. 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. As of December 31, 2020, the Company leased seven senior housing properties to lessee entities under cash flow leases through which the Company received monthly rent equal to the residual cash flows of the properties. The lessee entities were classified as VIEs as they were "thinly capitalized" entities. The Company consolidated the lessee entities as it had the ability to control the activities that most significantly impacted the economic performance of the lessee entities. The lessee entities’ assets primarily consisted of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consisted 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) could only be used to settle contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facility and debt costs). During the nine months ended September 30, 2021, the Company sold these seven senior housing properties. DownREITs . The Company holds a controlling ownership interest in and is the managing member of seven DownREITs. The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships. The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). The Company classifies the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Exchange Accommodation Titleholder . During the year ended December 31, 2020, the Company acquired seven MOBs, one hospital, and three life science facilities (the “acquired properties”) using reverse like-kind exchange structures pursuant to Section 1031 of the Code (a “reverse 1031 exchange”). As of December 31, 2020, the Company had not completed the reverse 1031 exchanges and as such, the acquired properties remained in the possession of Exchange Accommodation Titleholders (“EATs”). The EATs were classified as VIEs as they were “thinly capitalized” entities. The Company consolidated the EATs because it had the ability to control the activities that most significantly impacted the economic performance of the EATs and was, therefore, the primary beneficiary of the EATs. The properties held by the EATs were reflected as real estate with a carrying value of $813 million as of December 31, 2020. The assets of the EATs primarily consisted of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consisted of capital expenditures for the properties. Assets generated by the EATs may only be used to settle its contractual obligations (primarily from capital expenditures). The reverse 1031 exchanges described above were completed during the three months ended June 30, 2021. Therefore, as of September 30, 2021, no properties remained in possession of an EAT. In October 2021, the Company acquired two MOBs in reverse 1031 exchange structures. As of November 1, 2021, the Company had not completed the reverse 1031 exchanges and as such, the acquired properties remain in the possession of EATs and are classified as VIEs. Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 2,419,928 $ 2,988,599 Development costs and construction in progress 62,400 85,595 Land 459,425 433,574 Accumulated depreciation and amortization (541,890) (602,491) Net real estate 2,399,863 2,905,277 Accounts receivable, net 7,950 12,009 Cash and cash equivalents 31,670 16,550 Restricted cash 86 7,977 Intangible assets, net 117,073 179,027 Assets held for sale and discontinued operations, net 3,480 704,966 Right-of-use asset, net 107,492 95,407 Other assets, net 67,268 59,063 Total assets $ 2,734,882 $ 3,980,276 Liabilities Mortgage debt $ 144,333 $ 39,085 Intangible liabilities, net 24,863 56,467 Liabilities related to assets held for sale and discontinued operations, net 3,032 190,919 Lease liability 98,042 97,605 Accounts payable, accrued liabilities, and other liabilities 58,025 102,391 Deferred revenue 33,474 90,183 Total liabilities $ 361,769 $ 576,650 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ — $ 639,759 Development costs and construction in progress — 68 Land — 106,209 Accumulated depreciation and amortization — (57,235) Net real estate — 688,801 Accounts receivable, net 1,298 1,700 Cash and cash equivalents 1,419 6,306 Restricted cash — 3,124 Right-of-use asset, net — 1,391 Other assets, net 763 3,644 Total assets $ 3,480 $ 704,966 Liabilities Mortgage debt $ — $ 176,702 Lease liability — 1,392 Accounts payable, accrued liabilities, and other liabilities 3,032 11,003 Deferred revenue — 1,822 Total liabilities $ 3,032 $ 190,919

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 were immaterial at September 30, 2021 and December 31, 2020. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): September 30, 2021 (3) December 31, 2020 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 411,062 $ 411,082 $ 195,375 $ 201,228 Marketable debt securities (2) 20,836 20,836 20,355 20,355 Interest rate cap assets (2) 196 196 — — Bank line of credit and commercial paper (2) 1,024,000 1,024,000 129,590 129,590 Term loan (2) — — 249,182 249,182 Senior unsecured notes (1) 4,157,834 4,606,692 5,697,586 6,517,650 Mortgage debt (2)(4) 356,570 359,274 221,621 221,181 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, swaps, and caps, 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 nine months ended September 30, 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 year ended December 31, 2020, excludes mortgage debt on assets held for sale and discontinued operations of $319 million.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. In March 2021, the Company repaid $39 million of variable rate secured debt on two SHOP assets and terminated the two remaining related interest rate swap contracts. Therefore, at September 30, 2021, the Company had no remaining interest rate swap contracts. In April 2021, the Company executed two interest rate cap agreements on its mortgage debt issued in conjunction with the acquisition of the MOB Portfolio (see Note 4). The following table summarizes the Company’s outstanding interest rate cap agreements as of September 30, 2021 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Strike Rate Index Fair Value (1) Interest rate: April 2021 (2) May 2024 Non-designated $ 142,100 2.00 % 1 mo. USD-LIBOR-BBA $ 196 _____________________________ (1) Derivative assets are recorded in other assets, net in the Consolidated Balance Sheets. (2) Represents two interest rate cap agreements that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	9 Months Ended
	Sep. 30, 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): September 30, December 31, Refundable entrance fees (1) $ 296,278 $ 317,444 Accrued construction costs 150,204 95,293 Accrued interest 31,313 78,735 Other accounts payable and accrued liabilities 252,144 269,145 Accounts payable, accrued liabilities, and other liabilities $ 729,939 $ 760,617 _______________________________________ (1) At September 30, 2021 and December 31, 2020, unamortized nonrefundable entrance fee liabilities were $491 million and $484 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three and nine months ended September 30, 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 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”).
Government Grant Income	Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and nine months ended September 30, 2021 and 2020, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of September 30, 2021, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company believes it has complied and will continue to comply with all grant conditions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Credit Losses. In June 2016, the Financial Accounting Standards Board (“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 Accounting Standards Codification (“ASC”) 842, Leases , the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three and nine months ended September 30, 2020, the Company provided rent deferrals (to be repaid before the end of 2020) to certain tenants in its life science and medical office segments that were impacted by COVID-19 (discussed in further detail in Note 6). No such rent deferrals were provided to tenants during the three and nine months ended September 30, 2021. The Company elected to not assess these rent deferrals 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 with similar characteristics and similar circumstances, 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. Not Yet Adopted Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which amends the scope of ASU 2020-04 to include derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in ASU 2020-04 and ASU 2021-01 are effective immediately and may be applied through December 31, 2022. The Company is evaluating: (i) how the transition away from LIBOR will impact the Company, (ii) whether the optional relief provided by these standards will be adopted, and (iii) the impact that adopting ASU 2020-04 or ASU 2021-01 will have on its consolidated financial position, results of operations, cash flows, or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table provides the impact of the adjustment to the Company’s previously reported Consolidated Balance Sheet as of December 31, 2020 (in thousands): December 31, 2020 Previously Reported Adjustments As Corrected Consolidated Balance Sheet Accounts payable, accrued liabilities, and other liabilities $ 763,391 $ (2,774) $ 760,617 Total liabilities 8,575,517 (2,774) 8,572,743 Redeemable noncontrolling interests — 57,396 57,396 Additional paid-in capital 10,229,857 (54,622) 10,175,235 Total stockholders’ equity 6,788,345 (54,622) 6,733,723 Total equity 7,344,572 (54,622) 7,289,950 Total liabilities and equity 15,920,089 — 15,920,089
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 Nine Months Ended 2021 2020 2021 2020 Government grant income recorded in other income (expense), net $ 15 $ 1,761 $ 1,412 $ 13,632 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 295 1,010 1,099 Government grant income recorded in income (loss) from discontinued operations — 392 3,660 2,601 Total government grants received $ 15 $ 2,448 $ 6,082 $ 17,332

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities	The following summarizes the assets and liabilities classified as discontinued operations at September 30, 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): September 30, December 31, ASSETS Real estate: Buildings and improvements $ 98 $ 2,553,254 Development costs and construction in progress 54 21,509 Land — 355,803 Accumulated depreciation and amortization — (615,708) Net real estate 152 2,314,858 Investments in and advances to unconsolidated joint ventures — 5,842 Accounts receivable, net of allowance of $4,583 and $5,873 4,826 20,500 Cash and cash equivalents 14,005 53,085 Restricted cash 3 17,168 Intangible assets, net — 24,541 Right-of-use asset, net 30 4,109 Other assets, net (1) 3,243 103,965 Total assets of discontinued operations, net (2) 22,259 2,544,068 Assets held for sale, net (3) 82,750 82,238 Assets held for sale and discontinued operations, net $ 105,009 $ 2,626,306 LIABILITIES Mortgage debt (4) $ — $ 318,876 Lease liability 30 3,189 Accounts payable, accrued liabilities, and other liabilities 18,442 79,411 Deferred revenue 84 11,442 Total liabilities of discontinued operations, net (2) 18,556 412,918 Liabilities related to assets held for sale, net (3) 354 2,819 Liabilities related to assets held for sale and discontinued operations, net $ 18,910 $ 415,737 _______________________________________ (1) Includes goodwill of zero and $29 million as of September 30, 2021 and December 31, 2020, respectively. (2) At September 30, 2021, there were no senior housing triple-net or SHOP facilities classified as held for sale and discontinued operations. At December 31, 2020, 41 senior housing triple-net facilities, 97 SHOP facilities, and 1 SHOP joint venture were classified as held for sale and discontinued operations. (3) As of September 30, 2021, primarily comprised of the following: (i) five MOBs and one life science facility with net real estate assets of $30 million and right-of-use asset, net of $0.6 million and (ii) one loan receivable with a total carrying value of $51 million. As of December 31, 2020, primarily comprised of six MOBs with net real estate assets of $73 million and deferred revenue of $2 million. (4) During the three months ended September 30, 2021 and 2020, the Company made full and partial repayments of mortgage debt classified as discontinued operations of $37 million and $1 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company made full and partial repayments of mortgage debt classified as discontinued operations of $318 million and $7 million, respectively. The results of discontinued operations through September 30, 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 and nine months ended September 30, 2021 and 2020. Summarized financial information for discontinued operations for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenues: Rental and related revenues $ 694 $ 24,589 $ 7,535 $ 81,070 Resident fees and services 8,507 149,585 111,777 477,081 Total revenues 9,201 174,174 119,312 558,151 Costs and expenses: Interest expense 47 2,501 3,900 7,913 Depreciation and amortization — 31,659 — 134,620 Operating 13,010 131,151 118,175 407,820 Transaction costs — 602 76 1,141 Impairments and loan loss reserves (recoveries), net 21,740 36,327 32,736 81,556 Total costs and expenses 34,797 202,240 154,887 633,050 Other income (expense): Gain (loss) on sales of real estate, net 26,758 (2,134) 408,658 162,245 Other income (expense), net (863) 316 5,150 2,442 Total other income (expense), net 25,895 (1,818) 413,808 164,687 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 299 (29,884) 378,233 89,788 Income tax benefit (expense) 221 (1,204) 1,345 9,424 Equity income (loss) from unconsolidated joint ventures 81 (731) 4,991 (915) Income (loss) from discontinued operations $ 601 $ (31,819) $ 384,569 $ 98,297

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Fixed income from operating leases $ 276,430 $ 239,715 $ 807,677 $ 697,510 Variable income from operating leases 77,086 62,226 214,453 175,001 Interest income from direct financing leases 2,179 2,150 6,522 7,569
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (in thousands): September 30, December 31, Present value of minimum lease payments receivable $ 3,399 $ 9,804 Present value of estimated residual value 44,706 44,706 Less deferred selling profits (3,399) (9,804) Net investment in direct financing leases $ 44,706 $ 44,706

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): September 30, 2021 December 31, 2020 Secured loans (1) $ 395,303 $ 161,530 Mezzanine and other 23,701 44,347 Unamortized discounts, fees, and costs (5,215) (222) Reserve for loan losses (2,727) (10,280) Loans receivable, net $ 411,062 $ 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 September 30, 2021 (in thousands): Investment Type Year of Origination Total 2021 2020 2019 2018 2017 Prior Secured loans Risk rating: Performing loans $ 308,504 $ 76,749 $ 2,122 $ — $ — $ — $ 387,375 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 308,504 $ 76,749 $ 2,122 $ — $ — $ — $ 387,375 Mezzanine and other Risk rating: Performing loans $ 21,808 $ 1,777 $ 102 $ — $ — $ — $ 23,687 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 21,808 $ 1,777 $ 102 $ — $ — $ — $ 23,687
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): September 30, 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 Expected loan losses related to loans sold or repaid (1) (1,643) (8,015) (9,658) (259) (8,135) (8,394) Expected loan losses related to loans transferred to held for sale (2) (498) — (498) — — — Provision for expected loan losses 1,702 901 2,603 2,898 14,356 17,254 Reserve for loan losses, end of period $ 2,713 $ 14 $ 2,727 $ 3,152 $ 7,128 $ 10,280 _______________________________________ (1) Includes five loans sold or repaid during the nine months ended September 30, 2021 and three loans sold or repaid during the year ended December 31, 2020 . (2) Includes one loan held for sale at September 30, 2021.

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2021 2020 SWF SH JV Other 19 54 $ 354,534 $ 357,581 Life Science JV Life science 1 49 25,135 24,879 Medical Office JVs (4) Medical office 3 20 - 67 9,426 9,673 Other JVs (5) Other — — — 9,157 CCRC JV (6) CCRC — — — 1,581 $ 389,095 $ 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 was classified as discontinued operations and had an aggregate carrying value of $6 million at December 31, 2020 (see Note 5). In April 2021, the SHOP property in the Otay Ranch JV was sold, resulting in the Company’s share of proceeds of $32 million and a gain on sale of $5 million recognized in equity income (loss) from unconsolidated joint ventures within income (loss) from discontinued operations for the nine months ended September 30, 2021. (3) Property count and ownership percentage are as of September 30, 2021. (4) Includes three unconsolidated medical office joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%); (ii) Ventures III (30%); and (iii) Suburban Properties, LLC (67%). (5) In April 2021, the Company sold its two preferred equity investments for their carrying value as part of the Discovery SHOP Portfolio disposition (see Note 5). At December 31, 2020, includes two unconsolidated other joint ventures in which the Company’s ownership percentage is as follows: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). (6) See Note 3 for a discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020. In May 2021, the two remaining CCRCs were sold for $38 million, $19 million of which represents the Company’s 49% interest, resulting in an immaterial gain on sale recorded within equity income (loss) from unconsolidated joint ventures for the nine months ended September 30, 2021.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Gross intangible lease assets $ 823,362 $ 761,328 Accumulated depreciation and amortization (303,027) (241,411) Intangible assets, net (1) $ 520,335 $ 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 $25 million as of December 31, 2020.
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 208,031 $ 194,565 Accumulated depreciation and amortization (64,027) (50,366) Intangible liabilities, net $ 144,004 $ 144,199 Weighted average remaining amortization period in years 8 8

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the nine months ended September 30, 2021 (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Year May 19, 2021 (1) $ 251,806 3.40 % 2025 May 19, 2021 (1) 298,194 4.00 % 2025 February 26, 2021 (2) 188,000 4.25 % 2023 February 26, 2021 (2) 149,000 4.20 % 2024 February 26, 2021 (2) 331,000 3.88 % 2024 January 28, 2021 (2) 112,000 4.25 % 2023 January 28, 2021 (2) 201,000 4.20 % 2024 January 28, 2021 (2) 469,000 3.88 % 2024 _______________________________________ (1) Upon repurchasing a portion of the 3.40% and 4.00% senior unsecured notes due 2025, the Company recognized a $61 million loss on debt extinguishment during the nine months ended September 30, 2021. (2) Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment during the nine months ended September 30, 2021. Issue Date Amount Coupon Rate Maturity Year July 12, 2021 $ 450,000 1.35 % 2027 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 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 2022, the Company recognized an $18 million loss on debt extinguishment during the three and nine months ended September 30, 2020. (2) Upon repurchasing a portion of the 4.25% senior unsecured notes due 2023, the Company recognized a $26 million loss on debt extinguishment during the nine months ended September 30, 2020. 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 June 23, 2020 $ 600,000 2.88 % 2031
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2021 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line of Commercial Paper (1) Amount Interest Rate Amount Interest Rate Total 2021 $ — $ — $ — — % $ 8,731 4.86 % $ 8,731 2022 — — — — % 4,843 3.80 % 4,843 2023 — — — — % 89,874 3.80 % 89,874 2024 — — — — % 3,050 3.80 % 3,050 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 Thereafter — 1,024,000 3,400,000 3.39 % 244,889 3.12 % 4,668,889 — 1,024,000 4,200,000 354,596 5,578,596 (Discounts), premium and debt costs, net — — (42,166) 1,974 (40,192) $ — $ 1,024,000 $ 4,157,834 $ 356,570 $ 5,538,404 _______________________________________ (1) Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility. (2) Effective interest rates on the senior unsecured notes range from 1.54% to 6.91% with a weighted average effective interest rate of 3.51% and a weighted average maturity of 7 years. (3) Effective interest rates on the mortgage debt range from 2.50% to 5.91% with a weighted average effective interest rate of 3.31% and a weighted average maturity of 4 years.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Unrealized gains (losses) on derivatives, net $ — $ (81) Supplemental Executive Retirement Plan minimum liability (3,281) (3,604) Total accumulated other comprehensive income (loss) $ (3,281) $ (3,685)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Numerator Income (loss) from continuing operations $ 61,305 $ (27,762) $ 108,785 $ 179,711 Noncontrolling interests' share in continuing operations (7,195) (3,616) (14,036) (10,565) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 54,110 (31,378) 94,749 169,146 Less: Participating securities' share in continuing operations (269) (351) (3,001) (2,151) Income (loss) from continuing operations applicable to common shares 53,841 (31,729) 91,748 166,995 Income (loss) from discontinued operations 601 (31,819) 384,569 98,297 Noncontrolling interests' share in discontinued operations — (220) (2,539) (274) Net income (loss) applicable to common shares $ 54,442 $ (63,768) $ 473,778 $ 265,018 Denominator Basic weighted average shares outstanding 539,021 538,333 538,879 527,908 Dilutive potential common shares - equity awards (1) 367 — 280 279 Dilutive potential common shares - forward equity agreements (2) — — — 268 Diluted weighted average common shares 539,388 538,333 539,159 528,455 Basic earnings (loss) per common share Continuing operations $ 0.10 $ (0.06) $ 0.17 $ 0.32 Discontinued operations 0.00 (0.06) 0.71 0.18 Net income (loss) applicable to common shares $ 0.10 $ (0.12) $ 0.88 $ 0.50 Diluted earnings (loss) per common share Continuing operations $ 0.10 $ (0.06) $ 0.17 $ 0.32 Discontinued operations 0.00 (0.06) 0.71 0.18 Net income (loss) applicable to common shares $ 0.10 $ (0.12) $ 0.88 $ 0.50 _______________________________________ (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 and nine months ended September 30, 2021, all 9 million shares that have not been settled as of September 30, 2021 were anti-dilutive. For the nine months ended September 30, 2020, represents the dilutive impact of 32 million shares that were settled during the nine months then ended. For the three months ended September 30, 2020, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 184,213 $ 171,482 $ 119,022 $ 6,748 $ — $ 481,465 Government grant income (1) — — 15 — — 15 Less: Interest income — — — (6,748) — (6,748) Healthpeak’s share of unconsolidated joint venture total revenues 1,521 737 — 17,109 — 19,367 Healthpeak’s share of unconsolidated joint venture government grant income — — — — — — Noncontrolling interests’ share of consolidated joint venture total revenues (82) (8,954) — — — (9,036) Operating expenses (44,923) (58,430) (98,799) 13 — (202,139) Healthpeak’s share of unconsolidated joint venture operating expenses (463) (305) (32) (13,450) — (14,250) Noncontrolling interests’ share of consolidated joint venture operating expenses 25 2,659 — — — 2,684 Adjustments to NOI (2) (11,021) (3,626) 724 (100) — (14,023) Adjusted NOI 129,270 103,563 20,930 3,572 — 257,335 Plus: Adjustments to NOI (2) 11,021 3,626 (724) 100 — 14,023 Interest income — — — 6,748 — 6,748 Interest expense (46) (1,104) (1,936) — (32,819) (35,905) Depreciation and amortization (79,570) (66,189) (31,416) — — (177,175) General and administrative — — — — (23,270) (23,270) Transaction costs — — — — — — Impairments and loan loss reserves — (1,952) — 1,667 — (285) Gain (loss) on sales of real estate, net — 14,635 — — — 14,635 Gain (loss) on debt extinguishments — — — — (667) (667) Other income (expense), net 22 (30) 114 1 1,563 1,670 Less: Government grant income — — (15) — — (15) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,058) (432) 32 (3,659) — (5,117) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 57 6,295 — — — 6,352 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,696 58,412 (13,015) 8,429 (55,193) 58,329 Income tax benefit (expense) — — — — 649 649 Equity income (loss) from unconsolidated joint ventures 630 220 845 632 — 2,327 Income (loss) from continuing operations 60,326 58,632 (12,170) 9,061 (54,544) 61,305 Income (loss) from discontinued operations — — — — 601 601 Net income (loss) $ 60,326 $ 58,632 $ (12,170) $ 9,061 $ (53,943) $ 61,906 _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (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 September 30, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 148,702 $ 155,381 $ 115,031 $ 4,451 $ — $ 423,565 Government grant income (1) — — 1,761 — — 1,761 Less: Interest income — — — (4,443) — (4,443) Healthpeak’s share of unconsolidated joint venture total revenues — 699 4,295 17,853 — 22,847 Healthpeak’s share of unconsolidated joint venture government grant income — — 246 49 — 295 Noncontrolling interests’ share of consolidated joint venture total revenues (66) (8,788) — — — (8,854) Operating expenses (36,714) (51,435) (94,992) — — (183,141) Healthpeak’s share of unconsolidated joint venture operating expenses — (296) (4,797) (13,485) — (18,578) Noncontrolling interests’ share of consolidated joint venture operating expenses 18 2,630 — — — 2,648 Adjustments to NOI (2) (8,330) (1,729) 1,684 63 — (8,312) Adjusted NOI 103,610 96,462 23,228 4,488 — 227,788 Plus: Adjustments to NOI (2) 8,330 1,729 (1,684) (63) — 8,312 Interest income — — — 4,443 — 4,443 Interest expense (57) (100) (1,983) — (51,594) (53,734) Depreciation and amortization (57,170) (54,693) (30,106) (2) — (141,971) General and administrative — — — — (21,661) (21,661) Transaction costs (79) — (1,897) (8) — (1,984) Impairments and loan loss reserves — (1,208) — 2,985 — 1,777 Gain (loss) on sales of real estate, net — 2,283 — — — 2,283 Gain (loss) on debt extinguishments — — — — (17,921) (17,921) Other income (expense), net — — 3,903 — 2,841 6,744 Less: Government grant income — — (1,761) — — (1,761) Less: Healthpeak’s share of unconsolidated joint venture NOI — (403) 256 (4,417) — (4,564) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 48 6,158 — — — 6,206 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 54,682 50,228 (10,044) 7,426 (88,335) 13,957 Income tax benefit (expense) (3) — — — — (22,970) (22,970) Equity income (loss) from unconsolidated joint ventures — 198 (322) (18,625) — (18,749) Income (loss) from continuing operations 54,682 50,426 (10,366) (11,199) (111,305) (27,762) Income (loss) from discontinued operations — — — — (31,819) (31,819) Net income (loss) $ 54,682 $ 50,426 $ (10,366) $ (11,199) $ (143,124) $ (59,581) ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (3) Income tax benefit (expense) for the three months ended September 30, 2020 includes a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 5). For the nine months ended September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 531,674 $ 496,978 $ 352,458 $ 31,869 $ — $ 1,412,979 Government grant income (1) — — 1,412 — — 1,412 Less: Interest income — — — (31,869) — (31,869) Healthpeak’s share of unconsolidated joint venture total revenues 4,270 2,162 6,903 50,602 — 63,937 Healthpeak’s share of unconsolidated joint venture government grant income — — 200 810 — 1,010 Noncontrolling interests’ share of consolidated joint venture total revenues (222) (26,704) — — — (26,926) Operating expenses (125,108) (164,198) (284,739) 13 — (574,032) Healthpeak’s share of unconsolidated joint venture operating expenses (1,316) (915) (6,985) (38,496) — (47,712) Noncontrolling interests’ share of consolidated joint venture operating expenses 66 7,714 — — — 7,780 Adjustments to NOI (2) (35,197) (7,553) 1,971 (15) — (40,794) Adjusted NOI 374,167 307,484 71,220 12,914 — 765,785 Plus: Adjustments to NOI (2) 35,197 7,553 (1,971) 15 — 40,794 Interest income — — — 31,869 — 31,869 Interest expense (196) (1,985) (5,778) — (113,470) (121,429) Depreciation and amortization (224,958) (187,512) (93,702) — — (506,172) General and administrative — — — — (72,260) (72,260) Transaction costs (11) (295) (1,090) (21) — (1,417) Impairments and loan loss reserves — (1,952) — (2,506) — (4,458) Gain (loss) on sales of real estate, net — 189,873 — — — 189,873 Gain (loss) on debt extinguishments — — — — (225,824) (225,824) Other income (expense), net 54 (2,483) 2,456 482 5,095 5,604 Less: Government grant income — — (1,412) — — (1,412) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,954) (1,247) (118) (12,916) — (17,235) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 156 18,990 — — — 19,146 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 181,455 328,426 (30,395) 29,837 (406,459) 102,864 Income tax benefit (expense) — — — — 1,404 1,404 Equity income (loss) from unconsolidated joint ventures 648 549 1,484 1,836 — 4,517 Income (loss) from continuing operations 182,103 328,975 (28,911) 31,673 (405,055) 108,785 Income (loss) from discontinued operations — — — — 384,569 384,569 Net income (loss) $ 182,103 $ 328,975 $ (28,911) $ 31,673 $ (20,486) $ 493,354 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (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 nine months ended September 30, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 416,081 $ 463,866 $ 320,737 $ 12,494 $ — $ 1,213,178 Government grant income (1) — — 13,632 — — 13,632 Less: Interest income — — — (12,361) — (12,361) Healthpeak’s share of unconsolidated joint venture total revenues — 2,085 30,723 56,729 — 89,537 Healthpeak’s share of unconsolidated joint venture government grant income — — 780 319 — 1,099 Noncontrolling interests’ share of consolidated joint venture total revenues (175) (25,775) — — — (25,950) Operating expenses (101,120) (151,484) (345,722) — — (598,326) Healthpeak’s share of unconsolidated joint venture operating expenses — (846) (27,660) (40,444) — (68,950) Noncontrolling interests’ share of consolidated joint venture operating expenses 53 7,737 — — — 7,790 Adjustments to NOI (2) (15,389) (3,188) 93,263 114 — 74,800 Adjusted NOI 299,450 292,395 85,753 16,851 — 694,449 Plus: Adjustments to NOI (2) 15,389 3,188 (93,263) (114) — (74,800) Interest income — — — 12,361 — 12,361 Interest expense (180) (302) (5,256) — (158,510) (164,248) Depreciation and amortization (159,737) (165,265) (81,760) (12) — (406,774) General and administrative — — — — (67,730) (67,730) Transaction costs (80) — (16,739) (101) — (16,920) Impairments and loan loss reserves — (6,033) — (10,134) — (16,167) Gain (loss) on sales of real estate, net — 85,676 — (40) — 85,636 Gain (loss) on debt extinguishments — — — — (42,912) (42,912) Other income (expense), net — — 188,377 41,707 4,728 234,812 Less: Government grant income — — (13,632) — — (13,632) Less: Healthpeak’s share of unconsolidated joint venture NOI — (1,239) (3,843) (16,604) — (21,686) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 122 18,038 — — — 18,160 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 154,964 226,458 59,637 43,914 (264,424) 220,549 Income tax benefit (expense) (3) — — — — 6,792 6,792 Equity income (loss) from unconsolidated joint ventures — 604 (1,801) (46,433) — (47,630) Income (loss) from continuing operations 154,964 227,062 57,836 (2,519) (257,632) 179,711 Income (loss) from discontinued operations — — — — 98,297 98,297 Net income (loss) $ 154,964 $ 227,062 $ 57,836 $ (2,519) $ (159,335) $ 278,008 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (3) Income tax benefit (expense) for the nine months ended September 30, 2020 includes: (i) a $51 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3), (ii) a $31 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 5), and (iii) a $3.6 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available.
Schedule of Reconciliation of Company's Revenues by Segment	The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Nine Months Ended Segment 2021 2020 2021 2020 Life science $ 184,213 $ 148,702 $ 531,674 $ 416,081 Medical office 171,482 155,381 496,978 463,866 CCRC 119,022 115,031 352,458 320,737 Other non-reportable 6,748 4,451 31,869 12,494 Total revenues $ 481,465 $ 423,565 $ 1,412,979 $ 1,213,178

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2021 2020 Supplemental cash flow information: Interest paid, net of capitalized interest $ 167,062 $ 187,569 Income taxes paid (refunded) 4,258 261 Capitalized interest 17,022 20,570 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 150,204 114,979 Vesting of restricted stock units and conversion of non-managing member units into common stock 907 4,729 Net noncash impact from the consolidation of previously unconsolidated joint ventures — 323,138 Mortgages assumed with real estate acquisitions — 215,335 Carrying value of mortgages assumed by buyer in real estate dispositions 143,676 — Refundable entrance fees assumed with real estate acquisitions — 307,954 Seller financing provided on disposition of real estate asset 559,745 12,480 Increase in ROU asset in exchange for new lease liability related to operating leases 15,329 24,984 Decrease in ROU asset with corresponding change in lease liability related to operating leases 8,410 — The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Nine Months Ended September 30, 2021 2020 Depreciation and amortization of real estate, in-place lease, and other intangibles $ — $ 134,620 Development, redevelopment, and other major improvements of real estate 5,361 26,879 Leasing costs, tenant improvements, and recurring capital expenditures 2,609 9,137
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): Nine Months Ended September 30, 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 $ 201,099 $ 139,797 $ 14,005 $ 57,322 $ 215,104 $ 197,119 Restricted cash 53,699 83,156 3 19,263 53,702 102,419 Cash, cash equivalents and restricted cash $ 254,798 $ 222,953 $ 14,008 $ 76,585 $ 268,806 $ 299,538

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: CMBS and LLC investment Other assets, net $ 36,088 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest).
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 2,419,928 $ 2,988,599 Development costs and construction in progress 62,400 85,595 Land 459,425 433,574 Accumulated depreciation and amortization (541,890) (602,491) Net real estate 2,399,863 2,905,277 Accounts receivable, net 7,950 12,009 Cash and cash equivalents 31,670 16,550 Restricted cash 86 7,977 Intangible assets, net 117,073 179,027 Assets held for sale and discontinued operations, net 3,480 704,966 Right-of-use asset, net 107,492 95,407 Other assets, net 67,268 59,063 Total assets $ 2,734,882 $ 3,980,276 Liabilities Mortgage debt $ 144,333 $ 39,085 Intangible liabilities, net 24,863 56,467 Liabilities related to assets held for sale and discontinued operations, net 3,032 190,919 Lease liability 98,042 97,605 Accounts payable, accrued liabilities, and other liabilities 58,025 102,391 Deferred revenue 33,474 90,183 Total liabilities $ 361,769 $ 576,650 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ — $ 639,759 Development costs and construction in progress — 68 Land — 106,209 Accumulated depreciation and amortization — (57,235) Net real estate — 688,801 Accounts receivable, net 1,298 1,700 Cash and cash equivalents 1,419 6,306 Restricted cash — 3,124 Right-of-use asset, net — 1,391 Other assets, net 763 3,644 Total assets $ 3,480 $ 704,966 Liabilities Mortgage debt $ — $ 176,702 Lease liability — 1,392 Accounts payable, accrued liabilities, and other liabilities 3,032 11,003 Deferred revenue — 1,822 Total liabilities $ 3,032 $ 190,919

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 (3) December 31, 2020 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 411,062 $ 411,082 $ 195,375 $ 201,228 Marketable debt securities (2) 20,836 20,836 20,355 20,355 Interest rate cap assets (2) 196 196 — — Bank line of credit and commercial paper (2) 1,024,000 1,024,000 129,590 129,590 Term loan (2) — — 249,182 249,182 Senior unsecured notes (1) 4,157,834 4,606,692 5,697,586 6,517,650 Mortgage debt (2)(4) 356,570 359,274 221,621 221,181 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, swaps, and caps, 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 nine months ended September 30, 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 year ended December 31, 2020, excludes mortgage debt on assets held for sale and discontinued operations of $319 million.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	In April 2021, the Company executed two interest rate cap agreements on its mortgage debt issued in conjunction with the acquisition of the MOB Portfolio (see Note 4). The following table summarizes the Company’s outstanding interest rate cap agreements as of September 30, 2021 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Strike Rate Index Fair Value (1) Interest rate: April 2021 (2) May 2024 Non-designated $ 142,100 2.00 % 1 mo. USD-LIBOR-BBA $ 196 _____________________________ (1) Derivative assets are recorded in other assets, net in the Consolidated Balance Sheets. (2) Represents two interest rate cap agreements that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, December 31, Refundable entrance fees (1) $ 296,278 $ 317,444 Accrued construction costs 150,204 95,293 Accrued interest 31,313 78,735 Other accounts payable and accrued liabilities 252,144 269,145 Accounts payable, accrued liabilities, and other liabilities $ 729,939 $ 760,617 _______________________________________ (1) At September 30, 2021 and December 31, 2020, unamortized nonrefundable entrance fee liabilities were $491 million and $484 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 01, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment		$ (7,218,797)		$ (7,351,410)	$ (7,289,950)	$ (7,362,191)		$ (7,637,256)		$ (6,658,859)
Redeemable noncontrolling interests		119,591			57,396
Accounts payable, accrued liabilities, and other liabilities		$ (729,939)			(760,617)
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment			$ 82,319		54,622	44,117	$ 31,465			8,615
Redeemable noncontrolling interests			85,367		57,396	46,850	34,054			11,106
Accounts payable, accrued liabilities, and other liabilities			$ 3,048		$ 2,774	$ 2,733	$ 2,589			2,491
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	[1]									$ 1,524
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment									$ (2,000)
[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.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Adjustment to Additional Paid-In Capital and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable, accrued liabilities, and other liabilities	$ 729,939			$ 760,617
Total liabilities	7,405,114			8,572,743
Redeemable noncontrolling interests	119,591			57,396
Additional paid-in capital	10,122,112			10,175,235
Total stockholders’ equity	6,670,360			6,733,723
Total equity	7,218,797		$ 7,351,410	7,289,950	$ 7,362,191		$ 7,637,256	$ 6,658,859
Total liabilities and equity	$ 14,743,502			15,920,089
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable, accrued liabilities, and other liabilities				763,391
Total liabilities				8,575,517
Redeemable noncontrolling interests				0
Additional paid-in capital				10,229,857
Total stockholders’ equity				6,788,345
Total equity				7,344,572
Total liabilities and equity				15,920,089
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable, accrued liabilities, and other liabilities		$ (3,048)		(2,774)	(2,733)	$ (2,589)		(2,491)
Total liabilities				(2,774)
Redeemable noncontrolling interests		85,367		57,396	46,850	34,054		11,106
Additional paid-in capital				(54,622)
Total stockholders’ equity				(54,622)
Total equity		$ (82,319)		(54,622)	$ (44,117)	$ (31,465)		$ (8,615)
Total liabilities and equity				$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 15	$ 2,448	$ 6,082	$ 17,332
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	15	1,761	1,412	13,632
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	0	295	1,010	1,099
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 0	$ 392	$ 3,660	$ 2,601

Master Transactions and Coope_2

Master Transactions and Cooperation Agreement with Brookdale (Details)	Jan. 31, 2020USD ($)propertylease	May 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Oct. 31, 2019USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Mar. 31, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 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 acquired | property								0
Number of properties disposed | property									18
Capital investment			$ 5,000,000							$ 5,000,000
Gain upon change of control, net								$ 1,042,000	$ 173,222,000
Long-term debt					$ 5,538,404,000			5,538,404,000
Gain on sales of real estate, net					$ 14,635,000	$ 2,283,000		$ 189,873,000	85,636,000
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					0			0
Investment ownership percentage	49.00%	49.00%	49.00%							49.00%
Equity method investments			$ 1,581,000		$ 0			$ 0		$ 1,581,000
Proceeds from sale of buildings		$ 19,000,000
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
Proceeds from sale of buildings		$ 38,000,000
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
Proceeds from sale of buildings					$ 12,000,000			$ 24,000,000	$ 385,000,000	$ 428,000,000
2019 Amended Master Lease | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual rent escalator percentage	2.40%
Lessor Asset Under Operating Lease | 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			1	1
Proceeds from sale of buildings						$ 1,000,000			$ 1,000,000	$ 1,000,000
Other Non-reportable Segments | Lessor Asset Under Operating Lease
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property			1							1
Other Non-reportable Segments | Lessor Asset Under Operating Lease | Brookedale MTCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property	13
Other Non-reportable Segments | Lessor Asset Under Operating Lease | CCRC JV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property count | property				15
Other Non-reportable Segments | Lessor Asset Under Operating Lease | 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					4			7	18
Senior Housing Triple-Net | Lessor Asset Under Operating Lease
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

9 Months Ended

12 Months Ended

Oct. 31, 2021USD ($)property

Sep. 30, 2021USD ($)property

Jul. 31, 2021USD ($)property

Jun. 30, 2021USD ($)property

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 ($)

Sep. 30, 2021USD ($)property

Sep. 30, 2020USD ($)

Dec. 31, 2020property

Real Estate [Line Items]

Number of properties acquired | property

0

Loss from change of control

$ (1,042,000)

$ (173,222,000)

Debt assumed

$ 5,578,596,000

$ 5,578,596,000

Life science joint ventures

Real Estate [Line Items]

Investment ownership percentage

49.00%

49.00%

Waldwick

Real Estate [Line Items]

Number of properties acquired | property

1

Investment ownership percentage

100.00%

Additional ownership percentage acquired

15.00%

Payments to acquire real estate joint ventures

$ 4,000,000

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

CALIFORNIA

Real Estate [Line Items]

Area of land (in acres) | 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

CALIFORNIA | First Tranche

Real Estate [Line Items]

Payments to acquire land

$ 61,000,000

CALIFORNIA | Second Tranche

Real Estate [Line Items]

Payments to acquire land

$ 24,000,000

CALIFORNIA | Third Tranche | Subsequent Event

Real Estate [Line Items]

Payments to acquire land

$ 43,000,000

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

Real Estate [Line Items]

Number of properties acquired | property

7

Medical office | Subsequent Event

Real Estate [Line Items]

Number of properties acquired | property

2

Medical office | 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

Real Estate [Line Items]

Number of properties acquired | property

1

Payments to acquire real estate

$ 38,000,000

Medical office | UNITED STATES

Real Estate [Line Items]

Number of properties acquired | property

14

Payments to acquire real estate

$ 371,000,000

Medical office | FLORIDA

Real Estate [Line Items]

Number of properties acquired | property

1

Payments to acquire real estate

$ 16,000,000

Medical office | Kansas

Real Estate [Line Items]

Number of properties acquired | property

1

Payments to acquire real estate

$ 50,000,000

Medical office | NEW JERSEY

Real Estate [Line Items]

Number of properties acquired | property

3

Payments to acquire real estate

$ 155,000,000

Medical office | Texas

Real Estate [Line Items]

Number of properties acquired | property

2

1

Payments to acquire real estate

$ 60,000,000

$ 34,000,000

Medical office | Massachusetts | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

$ 80,000,000

Medical office | Washington | Subsequent Event

Real Estate [Line Items]

Number of properties acquired | property

1

Payments to acquire real estate

$ 43,000,000

Medical office | LOUISIANA | Subsequent Event

Real Estate [Line Items]

Number of properties acquired | property

1

Payments to acquire real estate

$ 34,000,000

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

Life science

Real Estate [Line Items]

Number of properties acquired | property

3

Life science | CALIFORNIA | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

20,000,000

Life science | Massachusetts

Real Estate [Line Items]

Number of properties acquired | property

3

3

Payments to acquire real estate

$ 180,000,000

$ 610,000,000

$ 320,000,000

Life science | Massachusetts | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

73,000,000

Life science | Massachusetts | 25 Spinelli | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

34,000,000

Life science | Massachusetts | 68 Moulton | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

18,000,000

Life science | Massachusetts | Mooney Street Parcels | Subsequent Event

Real Estate [Line Items]

Payments to acquire real estate

$ 123,000,000

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				3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Apr. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate [Line Items]
Development and redevelopment projects, amount increase							$ 89,000
Development commitments		$ 395,000			$ 395,000		395,000
Depreciation and amortization of real estate, in-place lease, and other intangibles					177,175	$ 141,971	506,172	$ 406,774
Decrease to income (loss) from continuing operations					$ (61,305)	$ 27,762	$ (108,785)	$ (179,711)
Continuing operations basic earnings per share (in dollars per share)					$ (0.10)	$ 0.06	$ (0.17)	$ (0.32)
Continuing operations diluted earnings per share (in dollars per share)					$ (0.10)	$ 0.06	$ (0.17)	$ (0.32)
Massachusetts
Real Estate [Line Items]
Payments to acquire real estate			$ 54,000
Life science
Real Estate [Line Items]
Weighted average remaining useful life (in years)							11 years		15 years
Depreciation and amortization of real estate, in-place lease, and other intangibles					$ 9,000		$ 22,000
Decrease to income (loss) from continuing operations					$ 9,000		$ 22,000
Continuing operations basic earnings per share (in dollars per share)					$ 0.02		$ 0.04
Continuing operations diluted earnings per share (in dollars per share)					$ 0.02		$ 0.04
Life science | Massachusetts
Real Estate [Line Items]
Payments to acquire real estate		$ 180,000	$ 610,000	$ 320,000
Life science | Massachusetts | Subsequent Event
Real Estate [Line Items]
Payments to acquire real estate	$ 73,000

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - Dispositions of Real Estate (Details)	Jan. 31, 2020USD ($)property	Sep. 30, 2021loan	Jun. 30, 2021USD ($)property	May 31, 2021USD ($)property	Apr. 30, 2021USD ($)property	Mar. 31, 2021USD ($)property	Feb. 28, 2021USD ($)property	Jan. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Sep. 30, 2021USD ($)property	Mar. 31, 2021USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net										$ 14,635,000		$ 2,283,000	$ 189,873,000	$ 85,636,000
Repayments of secured debt									$ 6,000,000
Number of properties disposed | property														18
Carrying value of mortgages assumed by buyer in real estate dispositions													$ 143,676,000	$ 0
Number of loans sold		1											5		3
Mortgage Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets classified as discontinued operations | property				6	2	2			1		2				1
Repayments of secured debt					$ 64,000,000	$ 39,000,000
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 (loss) on sales of real estate, net										42,000,000		2,000,000	$ 52,000,000	248,000,000	$ 283,000,000
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net										$ 27,000,000		(2,000,000)	34,000,000	162,000,000	$ 193,000,000
Brookedale MTCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net	$ 164,000,000
Number of properties disposed | property	18														18
Sunrise Senior Housing Portfolio | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital expenditure funding, amount committed			$ 56,000,000					$ 92,000,000
Capital expenditure funding, amount funded													400,000
Oakmont SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of mortgages assumed by buyer in real estate dispositions					$ 107,000,000
Oakmont SHOP Portfolio | Mortgage Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property					4
Other Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of mortgages assumed by buyer in real estate dispositions					$ 36,000,000
Other Dispositions | Mortgage Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property										1
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										$ 12,000,000			24,000,000	385,000,000	$ 428,000,000
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 (loss) 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 (loss) 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 (loss) on sales of real estate, net									$ 228,000,000
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings								230,000,000		$ 120,000,000		$ 12,000,000		$ 76,000,000	190,000,000
Payments to acquire finance receivables								150,000,000
Gain (loss) on sales of real estate, net								$ 59,000,000			$ 16,000,000
SHOP | Oakmont SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings					564,000,000
Gain (loss) on sales of real estate, net					80,000,000
SHOP | Discovery SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings					334,000,000
Gain (loss) on sales of real estate, net					9,000,000
Proceeds from sale of loans and preferred equity method investments					21,000,000
SHOP | Sonata SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings					64,000,000
Gain (loss) on sales of real estate, net					$ 3,000,000
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 (loss) on sales of real estate, net									$ 39,000,000
SHOP | Other Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings													$ 169,000,000
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		8		4	15	13	23
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			2					32
Proceeds from sale of buildings								$ 664,000,000
Payments to acquire finance receivables								$ 410,000,000
Gain (loss) on sales of real estate, net													$ 7,000,000
SHOP | Oakmont 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
SHOP | Discovery SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property					10
Gain (loss) on sales of real estate, net					$ 0
Number of preferred equity method investments sold | property					2
SHOP | Discovery SHOP Portfolio | Secured Loans
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of loans sold | property					2
SHOP | Sonata SHOP Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property					5
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
Repayments of secured debt				$ 70,000,000
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				113,000,000
Gain (loss) on sales of real estate, net				$ 1,000,000
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									4
Payments to acquire finance receivables									$ 61,000,000
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										4			7	18
Senior housing triple-net | Sunrise Senior Housing Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property			2
Proceeds from sale of buildings			$ 80,000,000
Gain (loss) on sales of real estate, net			$ 22,000,000
Senior housing triple-net | Brookdale Triple Net Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
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, Hospital
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				$ 226,000,000
Gain (loss) on sales of real estate, net				$ 172,000,000
Medical office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets to be sold | property										3		4	7	7	11
Proceeds from sale of buildings										$ 36,000,000		$ 14,000,000	$ 57,000,000	$ 120,000,000
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	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												1		1	2
Proceeds from sale of buildings												$ 2,000,000		$ 2,000,000
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		1	1
Proceeds from sale of buildings												$ 1,000,000		$ 1,000,000	$ 1,000,000

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Assets and Liabilities for Discontinued Operations (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)propertyloan	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Real estate:
Cash and cash equivalents	$ 14,005	$ 57,322	$ 14,005	$ 57,322	$ 53,085	$ 63,834
Restricted cash	3	19,263	3	19,263	17,168	$ 27,040
Intangible assets, net					25,000
Total assets of discontinued operations, net	105,009		105,009		2,626,306
LIABILITIES
Total liabilities of discontinued operations, net	18,910		18,910		415,737
Allowance for doubtful accounts receivable	4,583		4,583		5,873
Goodwill	0		0
Right-of-use asset	218,524		218,524		192,349
Financing receivable, after allowance for credit loss	411,062		411,062		195,375
Deferred revenue	782,413		782,413		774,316
Mortgage Debt
LIABILITIES
Debt instrument, periodic payment	1,000	1,000	4,000	4,000
Held-for-sale
Real estate:
Buildings and improvements	98		98		2,553,254
Development costs and construction in progress	54		54		21,509
Land	0		0		355,803
Accumulated depreciation and amortization	0		0		(615,708)
Net real estate	152		152		2,314,858
Investments in and advances to unconsolidated joint ventures	0		0		5,842
Accounts receivable, net of allowance of $4,583 and $5,873	4,826		4,826		20,500
Cash and cash equivalents	14,005		14,005		53,085
Restricted cash	3		3		17,168
Intangible assets, net	0		0		24,541
Right-of-use asset, net	30		30		4,109
Other assets, net	3,243		3,243		103,965
Total assets of discontinued operations, net	22,259		22,259		2,544,068
Assets held for sale, net	82,750		82,750		82,238
Assets held for sale and discontinued operations, net	105,009		105,009		2,626,306
LIABILITIES
Mortgage debt(4)	0		0		318,876
Lease liability	30		30		3,189
Accounts payable, accrued liabilities, and other liabilities	18,442		18,442		79,411
Deferred revenue	84		84		11,442
Total liabilities of discontinued operations, net	18,556		18,556		412,918
Liabilities related to assets held for sale, net	354		354		2,819
Liabilities related to assets held for sale and discontinued operations, net	18,910		18,910		415,737
Goodwill	0		0		29,000
Net real estate assets	30,000		30,000		73,000
Right-of-use asset	600		$ 600
Number of loans receivable | loan			1
Financing receivable, after allowance for credit loss	$ 51,000		$ 51,000
Deferred revenue					$ 2,000
Held-for-sale | Senior housing triple-net
LIABILITIES
Number of properties classified as held for sale | property	0		0		41
Held-for-sale | SHOP
LIABILITIES
Number of properties classified as held for sale | property	0		0		97
Held-for-sale | Senior Housing Operating Portfolio Joint Venture
LIABILITIES
Number of properties classified as held for sale | property					1
Held-for-sale | Medical office
LIABILITIES
Number of properties classified as held for sale | property	5		5		6
Held-for-sale | Life science
LIABILITIES
Number of properties classified as held for sale | property	1		1
Discontinued Operations | Mortgage Debt
LIABILITIES
Debt instrument, periodic payment	$ 37,000	$ 1,000	$ 318,000	$ 7,000

Dispositions of Real Estate a_5

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - Held-for-sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues	$ 694	$ 24,589	$ 7,535	$ 81,070
Resident fees and services	8,507	149,585	111,777	477,081
Total revenues	9,201	174,174	119,312	558,151
Interest expense	47	2,501	3,900	7,913
Depreciation and amortization	0	31,659	0	134,620
Operating	13,010	131,151	118,175	407,820
Transaction costs	0	602	76	1,141
Impairments and loan loss reserves (recoveries), net	21,740	36,327	32,736	81,556
Total costs and expenses	34,797	202,240	154,887	633,050
Gain (loss) on sales of real estate, net	26,758	(2,134)	408,658	162,245
Other income (expense), net	(863)	316	5,150	2,442
Total other income (expense), net	25,895	(1,818)	413,808	164,687
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	299	(29,884)	378,233	89,788
Income tax benefit (expense)	221	(1,204)	1,345	9,424
Equity income (loss) from unconsolidated joint ventures	81	(731)	4,991	(915)
Income (loss) from discontinued operations	$ 601	$ (31,819)	$ 384,569	$ 98,297

Dispositions of Real Estate a_6

Dispositions of Real Estate and Discontinued Operations - Impairments of Real Estate (Details) $ / item in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)property	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)$ / itemproperty	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Impairment of real estate			$ 37,000,000		$ 87,000,000
Goodwill, impairment loss	$ 0		0	$ 0	$ 0
Goodwill	0			0
Deferred tax assets, valuation allowance	$ 36,000,000			$ 36,000,000		$ 33,000,000
Number of properties impaired | property	2			2
Minimum
Real Estate [Line Items]
Impairment calculation, price per unit | $ / item					33
Maximum
Real Estate [Line Items]
Impairment calculation, price per unit | $ / item					300
Weighted Average
Real Estate [Line Items]
Impairment calculation, price per unit | $ / item					136
Discontinued Operations
Real Estate [Line Items]
Impairment of real estate			36,000,000		$ 82,000,000
Held-for-sale
Real Estate [Line Items]
Goodwill, impairment loss	$ 22,000,000	$ 7,000,000		$ 29,000,000
Goodwill	0			0		$ 29,000,000
Impairments 2020, Group One
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment			200,000,000		200,000,000
Real estate held-for-sale			163,000,000		163,000,000
Impairments 2020, Group Two
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment			424,000,000		424,000,000
Real estate held-for-sale			$ 337,000,000		$ 337,000,000
SHOP
Real Estate [Line Items]
Impairment of real estate				$ 4,000,000
Number of real estate properties impaired | property			9	1	28
SHOP | Impairments 2021
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment	20,000,000			$ 20,000,000
Real estate held-for-sale	16,000,000			16,000,000
Senior housing triple-net
Real Estate [Line Items]
Number of real estate properties impaired | property			1		5
Medical office
Real Estate [Line Items]
Impairment of real estate	$ 2,000,000			$ 2,000,000
Number of real estate properties impaired | property	2		1	2	2
Medical office | Impairments 2021
Real Estate [Line Items]
Real estate investment property, aggregate carrying value before impairment	$ 13,000,000			$ 13,000,000
Real estate held-for-sale	$ 11,000,000			$ 11,000,000
Undeveloped MOB land parcel
Real Estate [Line Items]
Number of real estate properties impaired | property					1

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 276,430	$ 239,715	$ 807,677	$ 697,510
Variable income from operating leases	77,086	62,226	214,453	175,001
Interest income from direct financing leases	$ 2,179	$ 2,150	$ 6,522	$ 7,569

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)property
Lessor, Lease, Description [Line Items]
Present value of minimum lease payments receivable	$ 3,399	$ 9,804
Present value of estimated residual value	44,706	44,706
Less deferred selling profits	(3,399)	(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	$ 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 (loss) on sale of direct financing lease	$ 42

Leases - Rent Deferrals (Detail

Leases - Rent Deferrals (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 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	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (5,215)	$ (222)
Reserve for loan losses	(2,727)	(10,280)	$ 0
Loans receivable, net	411,062	195,375
Remaining loans receivable commitments	59,000	11,000
Secured loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	395,303	161,530
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 23,701	$ 44,347

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	Jan. 31, 2020USD ($)property	Sep. 30, 2021USD ($)propertyloan	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)property	May 31, 2021USD ($)property	Apr. 30, 2021USD ($)property	Jan. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Nov. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Jun. 30, 2021USD ($)property	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)property	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Oct. 31, 2019property
Loans Receivable:
Net cash provided by financing activities																$ (1,687,889,000)	$ 341,788,000
Gain (loss) on sales of real estate, net										$ 14,635,000			$ 2,283,000			$ 189,873,000	85,636,000
Number of loans held for sale | property		1								1						1
Financing receivable, after allowance for credit loss		$ 411,062,000						$ 195,375,000		$ 411,062,000						$ 411,062,000		$ 195,375,000
Reserves for loans receivable		$ 2,727,000						10,280,000		2,727,000						$ 2,727,000		$ 10,280,000	$ 0
Loss on sale of financing receivable														$ (42,000,000)
Number of loans sold		1														5		3
Financing receivable, held-for-sale		$ 51,000,000								51,000,000						$ 51,000,000
Property count | property	15
Proceeds from sale of receivables		2,000,000
Credit loss reserve on unfunded loan commitments		300,000						1,000,000		300,000						300,000		$ 1,000,000
Credit loss expenses										2,000,000			$ 3,000,000			(3,000,000)	$ (10,000,000)
Sunrise Senior Housing Portfolio | SHOP
Loans Receivable:
Net cash provided by financing activities							$ 410,000,000
Capital expenditure funding, amount committed				$ 56,000,000			$ 92,000,000
Capital expenditure funding, cost of capital, percent committed							65.00%
Capital expenditure funding, amount funded																400,000
Secured Loans
Loans Receivable:
Reserves for loans receivable		2,713,000						3,152,000		2,713,000						2,713,000		3,152,000	$ 0
Secured mortgage loans
Loans Receivable:
Financing receivable, gross		395,303,000						$ 161,530,000		$ 395,303,000						$ 395,303,000		$ 161,530,000
SHOP
Loans Receivable:
Number of assets to be sold | property							16			8			4			15	13	23
SHOP | Sunrise Senior Housing Portfolio
Loans Receivable:
Number of assets to be sold | property				2			32
Proceeds from sale of buildings							$ 664,000,000
Proceeds from the collection of loans receivable				$ 246,000,000
Gain (loss) on sales of real estate, net																$ 7,000,000
SHOP | Atria SHOP Portfolio
Loans Receivable:
Number of assets to be sold | property								4
SHOP | Discovery SHOP Portfolio
Loans Receivable:
Number of assets to be sold | property						10
Gain (loss) on sales of real estate, net						$ 0
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
Loans Receivable:
Number of loans held for sale | property						2
Loss on sale of financing receivable						$ 0
Number of loans sold | property						2
Other non-reportable
Loans Receivable:
Number of assets to be sold | property													1				1	1
Proceeds from sale of buildings													$ 1,000,000				$ 1,000,000	$ 1,000,000
Secured Loans
Loans Receivable:
Number of loans held for sale | property									1
Financing receivable, gross									$ 10,000,000
Loss on sale of financing receivable									2,000,000
Proceeds from sale of receivables									$ 8,000,000
Secured mortgage loans
Loans Receivable:
Number of loans held for sale | property				2				1			2				2			1
Financing receivable, gross				$ 64,000,000				$ 115,000,000			$ 64,000,000				$ 64,000,000			$ 115,000,000
Decrease in financing receivable															11,000,000
Financing receivable, after allowance for credit loss				53,000,000							53,000,000				53,000,000
Reserves for loans receivable				$ 8,000,000							8,000,000				$ 8,000,000
Loss on sale of financing receivable								6,000,000			$ 3,000,000					3,000,000
Principal repayments received		15,000,000	$ 8,000,000		$ 10,000,000
Number of loans receivable | property					1
Proceeds from sale of receivables								$ 109,000,000
Brookedale MTCA
Loans Receivable:
Gain (loss) on sales of real estate, net	$ 164,000,000
Lessor Asset Under Operating Lease | Other non-reportable
Loans Receivable:
Property count | property								1										1
Lessor Asset Under Operating Lease | Brookedale MTCA | Other non-reportable
Loans Receivable:
Property count | property	13
SHOP
Loans Receivable:
Proceeds from sale of buildings							230,000,000			$ 120,000,000			12,000,000				76,000,000	$ 190,000,000
Net cash provided by financing activities							150,000,000
Gain (loss) on sales of real estate, net							$ 59,000,000					$ 16,000,000
Loans receivable, market rate												5.25%
Non-cash interest income										1,000,000			$ 0			12,000,000	$ 0
Noncash interest income, acceleration recognition																7,000,000
SHOP | Minimum
Loans Receivable:
Loans receivable, stated interest rate												3.50%
Interest income, amortization period (in years)												1 year
SHOP | Maximum
Loans Receivable:
Loans receivable, stated interest rate												4.50%
Interest income, amortization period (in years)												3 years
SHOP | Atria SHOP Portfolio
Loans Receivable:
Number of assets to be sold | property								12
Proceeds from sale of buildings								$ 312,000,000
Gain (loss) on sales of real estate, net								39,000,000
SHOP | Discovery SHOP Portfolio
Loans Receivable:
Proceeds from sale of buildings						$ 334,000,000
Gain (loss) on sales of real estate, net						$ 9,000,000
CCRC JV | Brookedale MTCA
Loans Receivable:
Property count | property	15
CCRC JV | Lessor Asset Under Operating Lease | Other non-reportable
Loans Receivable:
Property count | property																				15
CCRC JV | Lessor Asset Under Operating Lease | Brookedale MTCA | Other non-reportable
Loans Receivable:
Financing receivable, after allowance for credit loss	$ 30,000,000	$ 23,000,000						$ 23,000,000		$ 23,000,000						$ 23,000,000		$ 23,000,000
Property count | property	13

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Sep. 30, 2021USD ($)
Secured loans
Loans Receivable:
2021	$ 308,504
2020	76,749
2019	2,122
2018	0
2017	0
Prior	0
Total	387,375
Mezzanine and other
Loans Receivable:
2021	21,808
2020	1,777
2019	102
2018	0
2017	0
Prior	0
Total	23,687
Performing loans | Secured loans
Loans Receivable:
2021	308,504
2020	76,749
2019	2,122
2018	0
2017	0
Prior	0
Total	387,375
Performing loans | Mezzanine and other
Loans Receivable:
2021	21,808
2020	1,777
2019	102
2018	0
2017	0
Prior	0
Total	23,687
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	0
Total	0
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) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
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
Expected loan losses related to loans sold and repaid	(9,658)	(8,394)
Expected loan losses related to loans transferred to held for sale	(498)	0
Provision for expected loan losses	2,603	17,254
Reserve for loan losses, end of period	$ 2,727	10,280
Number of loans held for sale | property	1
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
Expected loan losses related to loans sold and repaid	(1,643)	(259)
Expected loan losses related to loans transferred to held for sale	(498)	0
Provision for expected loan losses	1,702	2,898
Reserve for loan losses, end of period	2,713	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
Expected loan losses related to loans sold and repaid	(8,015)	(8,135)
Expected loan losses related to loans transferred to held for sale	0	0
Provision for expected loan losses	901	14,356
Reserve for loan losses, end of period	$ 14	$ 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		9 Months Ended		12 Months Ended
	May 31, 2021USD ($)property	Apr. 30, 2021USD ($)property	Jan. 31, 2021property	Sep. 30, 2021USD ($)joint_ventureproperty	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)propertyjoint_venture	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)propertyjoint_venture	Jan. 31, 2020property
Schedule of Equity Method Investments [Line Items]
Property count									15
Investments in and advances to unconsolidated joint ventures | $				$ 389,095		$ 389,095		$ 402,871
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		19
Investment ownership percentage				54.00%		54.00%
Equity method investments | $				$ 354,534		$ 354,534		$ 357,581
Life science joint ventures
Schedule of Equity Method Investments [Line Items]
Property count				1		1
Investment ownership percentage				49.00%		49.00%
Equity method investments | $				$ 25,135		$ 25,135		24,879
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count				3		3
Equity method investments | $				$ 9,426		$ 9,426		9,673
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				3		3
Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				20.00%		20.00%
Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				67.00%		67.00%
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				20.00%		20.00%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				30.00%		30.00%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				67.00%		67.00%
Other JVs
Schedule of Equity Method Investments [Line Items]
Property count				0		0
Equity method investments | $				$ 0		$ 0		$ 9,157
CCRC JV
Schedule of Equity Method Investments [Line Items]
Property count				0		0
Investment ownership percentage	49.00%							49.00%	49.00%
Equity method investments | $				$ 0		$ 0		$ 1,581
Proceeds from sale of buildings | $	$ 19,000
Otay Ranch
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments | $		$ 32,000
Otay Ranch | Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Gain on sale of unconsolidated joint venture | $		$ 5,000
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
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
Brookedale MTCA | CCRC JV
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold	2
Proceeds from sale of buildings | $	$ 38,000
Other non-reportable
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold					1		1	1
Proceeds from sale of buildings | $					$ 1,000		$ 1,000	$ 1,000
Other non-reportable | Lessor Asset Under Operating Lease
Schedule of Equity Method Investments [Line Items]
Property count								1
Other non-reportable | Brookedale MTCA | Lessor Asset Under Operating Lease
Schedule of Equity Method Investments [Line Items]
Property count									13
SHOP
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold			16	8	4	15	13	23
SHOP | Discovery SHOP Portfolio
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold		10
Number of preferred equity method investments sold		2

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Intangibles [Abstract]
Gross intangible lease assets	$ 823,362	$ 761,328
Accumulated depreciation and amortization	(303,027)	(241,411)
Intangible assets, net	$ 520,335	$ 519,917
Weighted average remaining amortization period in years	6 years	5 years
Intangible assets, net		$ 25,000

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Intangibles [Abstract]
Gross intangible lease liabilities	$ 208,031	$ 194,565
Accumulated depreciation and amortization	(64,027)	(50,366)
Intangible liabilities, net	$ 144,004	$ 144,199
Weighted average remaining amortization period in years	8 years	8 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years	6 years	5 years
Weighted average remaining amortization period in years	8 years	8 years
Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 81	$ 352
Intangible liabilities acquired	$ 17	$ 83
Weighted average remaining amortization period in years	9 years	7 years
Weighted average remaining amortization period in years	8 years	9 years

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details)	May 23, 2019USD ($)renewal_option	Sep. 30, 2021USD ($)renewal_option	Jul. 31, 2021USD ($)	Sep. 30, 2021USD ($)renewal_option	Dec. 31, 2020USD ($)	May 31, 2019USD ($)
Debt Instrument
Balance outstanding		$ 1,024,000,000		$ 1,024,000,000	$ 129,590,000
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)		60.00%		60.00%
Debt instrument, covenant secured debt to assets (as a percent)		40.00%		40.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)		60.00%		60.00%
Debt instrument, covenant minimum fixed charge coverage ratio		1.5		1.5
Debt instrument, covenant net worth		$ 7,700,000,000		$ 7,700,000,000
Bank Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000	$ 3,000,000,000		$ 3,000,000,000
Number of extensions | renewal_option	2	2		2
Length of debt instrument extension period (in months)	6 months	6 months
Balance outstanding		$ 0		$ 0	0
Debt instrument, facility fee (as a percent)				0.15%
Line of credit facility additional aggregate amount, maximum				$ 750,000,000
Debt Instrument, interest rate, reduction available for sustainability metrics				0.00025
Bank Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)				0.78%
Bank Line of Credit | 2019 Term Loan
Debt Instrument
Amount						$ 250,000,000
Repayment of 2019 term loan			$ 250,000,000
Balance outstanding		$ 0		$ 0	$ 250,000,000

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument
Debt instrument, term (in months)	1 month	1 month
Weighted-average interest rate (as a percent)	0.22%	0.30%
Commercial Paper Program
Debt Instrument
Maximum outstanding amount capacity	$ 1,500,000,000	$ 1,000,000,000
Borrowings	$ 1,020,000,000	$ 130,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 12, 2021	May 19, 2021	Feb. 26, 2021	Jan. 28, 2021	Jul. 09, 2020	Jun. 24, 2020	Jun. 23, 2020
Debt Instrument
Principal balance on debt	$ 5,578,596,000		$ 5,578,596,000
Loss on extinguishment of debt	667,000	$ 17,921,000	225,824,000	$ 42,912,000
Senior Unsecured Note
Debt Instrument
Principal balance on debt	$ 4,200,000,000		4,200,000,000
Senior Unsecured Note | Unsecured Note 3.400 Percent
Debt Instrument
Amount						$ 251,806,000
Coupon Rate						3.40%
Senior Unsecured Note | Unsecured Note 4.000 Percent
Debt Instrument
Amount						$ 298,194,000
Coupon Rate						4.00%
Senior Unsecured Note | Unsecured Note 4.250 Percent
Debt Instrument
Amount							$ 188,000,000	$ 112,000,000		$ 250,000,000
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 2025
Debt Instrument
Loss on extinguishment of debt			61,000,000
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					$ 450,000,000				$ 300,000,000
Coupon Rate					1.35%				3.15%
Loss on extinguishment of debt		$ 18,000,000		$ 18,000,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)facility	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)facility	Sep. 30, 2020USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2020USD ($)facility
Debt Instrument
Principal balance on debt	$ 5,578,596,000		$ 5,578,596,000
Weighted-average interest rate (as a percent)	0.22%		0.22%			0.30%
Medical office | Mortgage Debt
Debt Instrument
Amount					$ 142,000,000
Weighted-average interest rate (as a percent)					2.68%
Mortgage Debt
Debt Instrument
Principal balance on debt	$ 354,596,000		$ 354,596,000			$ 217,000,000
Number of healthcare facilities used to secure debt (in facilities) | facility	19		19			6
Debt instrument, collateral, healthcare facilities carrying value	$ 835,000,000		$ 835,000,000			$ 517,000,000
Debt instrument, periodic payment	$ 1,000,000	$ 1,000,000	$ 4,000,000	$ 4,000,000
Weighted-average interest rate (as a percent)	3.31%		3.31%

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument
2021	$ 8,731
2022	4,843
2023	89,874
2024	3,050
2025	803,209
Thereafter	4,668,889
Total debt before discount, net	5,578,596
(Discounts), premium and debt costs, net	(40,192)
Long-term debt	$ 5,538,404
Weighted-average interest rate (as a percent)	0.22%	0.30%
Bank Line of Credit
Debt Instrument
2021	$ 0
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total debt before discount, net	0
(Discounts), premium and debt costs, net	0
Long-term debt	0
Commercial Paper
Debt Instrument
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	1,024,000
Total debt before discount, net	1,024,000
(Discounts), premium and debt costs, net	0
Long-term debt	1,024,000
Senior Unsecured Note
Debt Instrument
2021	0
2022	0
2023	0
2024	0
2025	800,000
Thereafter	3,400,000
Total debt before discount, net	4,200,000
(Discounts), premium and debt costs, net	(42,166)
Long-term debt	$ 4,157,834
Weighted-average interest rate (as a percent)	3.51%
Weighted-average maturity (in years)	7 years
Senior Unsecured Note | Interest Rate 2021
Debt Instrument
Interest Rate	0.00%
Senior Unsecured Note | Interest Rate 2022
Debt Instrument
Interest Rate	0.00%
Senior Unsecured Note | Interest Rate 2023
Debt Instrument
Interest Rate	0.00%
Senior Unsecured Note | Interest Rate 2024
Debt Instrument
Interest Rate	0.00%
Senior Unsecured Note | Interest Rate 2025
Debt Instrument
Interest Rate	3.93%
Senior Unsecured Note | Interest Rate Thereafter
Debt Instrument
Interest Rate	3.39%
Senior Unsecured Note | Minimum
Debt Instrument
Interest Rate	1.54%
Senior Unsecured Note | Maximum
Debt Instrument
Interest Rate	6.91%
Mortgage Debt
Debt Instrument
2021	$ 8,731
2022	4,843
2023	89,874
2024	3,050
2025	3,209
Thereafter	244,889
Total debt before discount, net	354,596	$ 217,000
(Discounts), premium and debt costs, net	1,974
Long-term debt	$ 356,570
Weighted-average interest rate (as a percent)	3.31%
Weighted-average maturity (in years)	4 years
Mortgage Debt | Interest Rate 2021
Debt Instrument
Interest Rate	4.86%
Mortgage Debt | Interest Rate 2022
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | Interest Rate 2023
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | Interest Rate 2024
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | Interest Rate 2025
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | Interest Rate Thereafter
Debt Instrument
Interest Rate	3.12%
Mortgage Debt | Minimum
Debt Instrument
Interest Rate	2.50%
Mortgage Debt | Maximum
Debt Instrument
Interest Rate	5.91%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2021property
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement	29

Equity and Redeemable Noncont_3

Equity and Redeemable Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	Oct. 27, 2021$ / shares	Apr. 30, 2021USD ($)	May 31, 2021USD ($)	Nov. 30, 2019$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020shares	Mar. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)interest$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)
Class of Stock [Line Items]
Dividends declared (in dollars per share) | $ / shares					$ 0.30	$ 0.37			$ 0.90	$ 1.11
Dividends paid (in dollars per share) | $ / shares					$ 0.30	$ 0.37			$ 0.90	$ 1.11
Issuance of common stock, net | $					$ 378	$ 511		$ 1,060,000	$ 1,422	$ 1,065,900
Exercisable redeemable noncontrolling interest | $					$ 54,000				$ 54,000		$ 0
Number of interests redeemable over time | interest									3
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share) | $ / shares	$ 0.30
2020 ATM Program
Class of Stock [Line Items]
ATM aggregate amount authorized | $		$ 1,250,000	$ 1,500,000
ATM aggregate amount remaining | $									$ 1,180,000
Maximum shares issuable under forward equity sales agreement (in shares)					9,100,000				9,100,000
Forward equity sales agreement, initial net price (in usd per share) | $ / shares					$ 35.25				$ 35.25
2020 ATM Program, Settled
Class of Stock [Line Items]
Share settlement (in shares)					0				0
Remainder outstanding (in shares)					9,100,000				9,100,000
At-The-Market Program | Minimum
Class of Stock [Line Items]
Option indexed to issuers equity, term (in years)									1 year
At-The-Market Program | Maximum
Class of Stock [Line Items]
Option indexed to issuers equity, term (in years)									2 years
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) | $ / shares										$ 35.23
2019 ATM Program, Settled
Class of Stock [Line Items]
Share settlement (in shares)								16,800,000
Remainder outstanding (in shares)						0				0
Weighted average settlement price (in usd per share) | $ / shares								$ 31.38
Issuance of common stock, net | $								$ 528,000
Issuance of common stock, net (in shares)							0
ATM Direct Issuances | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)					0	0			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) | $ / shares				$ 34.46
Share settlement (in shares)								15,600,000
Issuance of common stock, net | $								$ 534,000
Issuance of common stock, net (in shares)									0	0
Weighted average net price (in usd per share) | $ / shares								$ 34.18

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - AOCI (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 0	$ (81)
Supplemental Executive Retirement Plan minimum liability	(3,281)	(3,604)
Total accumulated other comprehensive income (loss)	$ (3,281)	$ (3,685)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)	0	0	0	268,000
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	7,000,000	7,000,000	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Income (loss) from continuing operations	$ 61,305	$ (27,762)	$ 108,785	$ 179,711
Noncontrolling interests' share in continuing operations	(7,195)	(3,616)	(14,036)	(10,565)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	54,110	(31,378)	94,749	169,146
Less: Participating securities' share in continuing operations	(269)	(351)	(3,001)	(2,151)
Income (loss) from continuing operations applicable to common shares	53,841	(31,729)	91,748	166,995
Income (loss) from discontinued operations	601	(31,819)	384,569	98,297
Noncontrolling interests' share in discontinued operations	0	(220)	(2,539)	(274)
Net income (loss) applicable to common shares	$ 54,442	$ (63,768)	$ 473,778	$ 265,018
Denominator
Basic weighted average shares outstanding (in shares)	539,021,000	538,333,000	538,879,000	527,908,000
Dilutive potential common shares - equity awards (in shares)	367,000	0	280,000	279,000
Dilutive potential common shares - forward equity agreements (in shares)	0	0	0	268,000
Diluted weighted average common shares (in shares)	539,388,000	538,333,000	539,159,000	528,455,000
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.10	$ (0.06)	$ 0.17	$ 0.32
Discontinued operations (in dollars per share)	0	(0.06)	0.71	0.18
Net income (loss) applicable to common shares (in dollars per share)	0.10	(0.12)	0.88	0.50
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.10	(0.06)	0.17	0.32
Discontinued operations (in dollars per share)	0	(0.06)	0.71	0.18
Net income (loss) applicable to common shares (in dollars per share)	$ 0.10	$ (0.12)	$ 0.88	$ 0.50
Outstanding equity awards (in shares)	1,000,000	1,000,000	1,000,000	1,000,000
Forward sales agreements that have not been settled (in shares)	9,000,000		9,000,000
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		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020property	Jan. 31, 2020property
Segment Disclosure
Property count | property						15
Tax benefit recognized in conjunction with internal restructuring activities				$ 51,000
Tax benefit recognized from CARES Act				3,600
Tax expense related to a change in the deferred tax valuation allowance		$ 31,000		31,000
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	$ 481,465	423,565	$ 1,412,979	1,213,178
Government grant income	15	1,761	1,412	13,632
Less: Interest income	(6,748)	(4,443)	(31,869)	(12,361)
Healthpeak’s share of unconsolidated joint venture total revenues	19,367	22,847	63,937	89,537
Healthpeak’s share of unconsolidated joint venture government grant income	0	295	1,010	1,099
Noncontrolling interests’ share of consolidated joint venture total revenues	(9,036)	(8,854)	(26,926)	(25,950)
Operating expenses	(202,139)	(183,141)	(574,032)	(598,326)
Healthpeak’s share of unconsolidated joint venture operating expenses	(14,250)	(18,578)	(47,712)	(68,950)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,684	2,648	7,780	7,790
Adjustments to NOI	(14,023)	(8,312)	(40,794)	74,800
Adjusted NOI	257,335	227,788	765,785	694,449
Plus: Adjustments to NOI	14,023	8,312	40,794	(74,800)
Interest income	6,748	4,443	31,869	12,361
Interest expense	(35,905)	(53,734)	(121,429)	(164,248)
Depreciation and amortization	(177,175)	(141,971)	(506,172)	(406,774)
General and administrative	(23,270)	(21,661)	(72,260)	(67,730)
Transaction costs	0	(1,984)	(1,417)	(16,920)
Impairments and loan loss reserves	(285)	1,777	(4,458)	(16,167)
Gain (loss) on sales of real estate, net	14,635	2,283	189,873	85,636
Gain (loss) on debt extinguishments	(667)	(17,921)	(225,824)	(42,912)
Other income (expense), net	1,670	6,744	5,604	234,812
Less: Government grant income	(15)	(1,761)	(1,412)	(13,632)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(5,117)	(4,564)	(17,235)	(21,686)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,352	6,206	19,146	18,160
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	58,329	13,957	102,864	220,549
Income tax benefit (expense)	649	(22,970)	1,404	6,792
Equity income (loss) from unconsolidated joint ventures	2,327	(18,749)	4,517	(47,630)
Income (loss) from continuing operations	61,305	(27,762)	108,785	179,711
Income (loss) from discontinued operations	601	(31,819)	384,569	98,297
Net income (loss)	61,906	(59,581)	493,354	278,008
Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	481,465	423,565	1,412,979	1,213,178
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	0	0	0	0
Government grant income	0	0	0	0
Less: Interest income	0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues	0	0	0	0
Healthpeak’s share of unconsolidated joint venture government grant income	0	0	0	0
Noncontrolling interests’ share of consolidated joint venture total revenues	0	0	0	0
Operating expenses	0	0	0	0
Healthpeak’s share of unconsolidated joint venture operating expenses	0	0	0	0
Noncontrolling interests’ share of consolidated joint venture operating expenses	0	0	0	0
Adjustments to NOI	0	0	0	0
Adjusted NOI	0	0	0	0
Plus: Adjustments to NOI	0	0	0	0
Interest income	0	0	0	0
Interest expense	(32,819)	(51,594)	(113,470)	(158,510)
Depreciation and amortization	0	0	0	0
General and administrative	(23,270)	(21,661)	(72,260)	(67,730)
Transaction costs	0	0	0	0
Impairments and loan loss reserves	0	0	0	0
Gain (loss) on sales of real estate, net	0	0	0	0
Gain (loss) on debt extinguishments	(667)	(17,921)	(225,824)	(42,912)
Other income (expense), net	1,563	2,841	5,095	4,728
Less: Government grant income	0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI	0	0	0	0
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	0	0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(55,193)	(88,335)	(406,459)	(264,424)
Income tax benefit (expense)	649	(22,970)	1,404	6,792
Equity income (loss) from unconsolidated joint ventures	0	0	0	0
Income (loss) from continuing operations	(54,544)	(111,305)	(405,055)	(257,632)
Income (loss) from discontinued operations	601	(31,819)	384,569	98,297
Net income (loss)	(53,943)	(143,124)	(20,486)	(159,335)
Life Science
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Depreciation and amortization	(9,000)		(22,000)
Income (loss) from continuing operations	(9,000)		(22,000)
Life Science | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	184,213	148,702	531,674	416,081
Government grant income	0	0	0	0
Less: Interest income	0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues	1,521	0	4,270	0
Healthpeak’s share of unconsolidated joint venture government grant income	0	0	0	0
Noncontrolling interests’ share of consolidated joint venture total revenues	(82)	(66)	(222)	(175)
Operating expenses	(44,923)	(36,714)	(125,108)	(101,120)
Healthpeak’s share of unconsolidated joint venture operating expenses	(463)	0	(1,316)	0
Noncontrolling interests’ share of consolidated joint venture operating expenses	25	18	66	53
Adjustments to NOI	(11,021)	(8,330)	(35,197)	(15,389)
Adjusted NOI	129,270	103,610	374,167	299,450
Plus: Adjustments to NOI	11,021	8,330	35,197	15,389
Interest income	0	0	0	0
Interest expense	(46)	(57)	(196)	(180)
Depreciation and amortization	(79,570)	(57,170)	(224,958)	(159,737)
General and administrative	0	0	0	0
Transaction costs	0	(79)	(11)	(80)
Impairments and loan loss reserves	0	0	0	0
Gain (loss) on sales of real estate, net	0	0	0	0
Gain (loss) on debt extinguishments	0	0	0	0
Other income (expense), net	22	0	54	0
Less: Government grant income	0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI	(1,058)	0	(2,954)	0
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	57	48	156	122
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	59,696	54,682	181,455	154,964
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	630	0	648	0
Income (loss) from continuing operations	60,326	54,682	182,103	154,964
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	60,326	54,682	182,103	154,964
Medical Office | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	171,482	155,381	496,978	463,866
Government grant income	0	0	0	0
Less: Interest income	0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues	737	699	2,162	2,085
Healthpeak’s share of unconsolidated joint venture government grant income	0	0	0	0
Noncontrolling interests’ share of consolidated joint venture total revenues	(8,954)	(8,788)	(26,704)	(25,775)
Operating expenses	(58,430)	(51,435)	(164,198)	(151,484)
Healthpeak’s share of unconsolidated joint venture operating expenses	(305)	(296)	(915)	(846)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,659	2,630	7,714	7,737
Adjustments to NOI	(3,626)	(1,729)	(7,553)	(3,188)
Adjusted NOI	103,563	96,462	307,484	292,395
Plus: Adjustments to NOI	3,626	1,729	7,553	3,188
Interest income	0	0	0	0
Interest expense	(1,104)	(100)	(1,985)	(302)
Depreciation and amortization	(66,189)	(54,693)	(187,512)	(165,265)
General and administrative	0	0	0	0
Transaction costs	0	0	(295)	0
Impairments and loan loss reserves	(1,952)	(1,208)	(1,952)	(6,033)
Gain (loss) on sales of real estate, net	14,635	2,283	189,873	85,676
Gain (loss) on debt extinguishments	0	0	0	0
Other income (expense), net	(30)	0	(2,483)	0
Less: Government grant income	0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI	(432)	(403)	(1,247)	(1,239)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,295	6,158	18,990	18,038
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	58,412	50,228	328,426	226,458
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	220	198	549	604
Income (loss) from continuing operations	58,632	50,426	328,975	227,062
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	58,632	50,426	328,975	227,062
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	119,022	115,031	352,458	320,737
Government grant income	15	1,761	1,412	13,632
Less: Interest income	0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues	0	4,295	6,903	30,723
Healthpeak’s share of unconsolidated joint venture government grant income	0	246	200	780
Noncontrolling interests’ share of consolidated joint venture total revenues	0	0	0	0
Operating expenses	(98,799)	(94,992)	(284,739)	(345,722)
Healthpeak’s share of unconsolidated joint venture operating expenses	(32)	(4,797)	(6,985)	(27,660)
Noncontrolling interests’ share of consolidated joint venture operating expenses	0	0	0	0
Adjustments to NOI	724	1,684	1,971	93,263
Adjusted NOI	20,930	23,228	71,220	85,753
Plus: Adjustments to NOI	(724)	(1,684)	(1,971)	(93,263)
Interest income	0	0	0	0
Interest expense	(1,936)	(1,983)	(5,778)	(5,256)
Depreciation and amortization	(31,416)	(30,106)	(93,702)	(81,760)
General and administrative	0	0	0	0
Transaction costs	0	(1,897)	(1,090)	(16,739)
Impairments and loan loss reserves	0	0	0	0
Gain (loss) on sales of real estate, net	0	0	0	0
Gain (loss) on debt extinguishments	0	0	0	0
Other income (expense), net	114	3,903	2,456	188,377
Less: Government grant income	(15)	(1,761)	(1,412)	(13,632)
Less: Healthpeak’s share of unconsolidated joint venture NOI	32	256	(118)	(3,843)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	0	0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(13,015)	(10,044)	(30,395)	59,637
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	845	(322)	1,484	(1,801)
Income (loss) from continuing operations	(12,170)	(10,366)	(28,911)	57,836
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	(12,170)	(10,366)	(28,911)	57,836
Other non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	6,748	4,451	31,869	12,494
Government grant income	0	0	0	0
Less: Interest income	(6,748)	(4,443)	(31,869)	(12,361)
Healthpeak’s share of unconsolidated joint venture total revenues	17,109	17,853	50,602	56,729
Healthpeak’s share of unconsolidated joint venture government grant income	0	49	810	319
Noncontrolling interests’ share of consolidated joint venture total revenues	0	0	0	0
Operating expenses	13	0	13	0
Healthpeak’s share of unconsolidated joint venture operating expenses	(13,450)	(13,485)	(38,496)	(40,444)
Noncontrolling interests’ share of consolidated joint venture operating expenses	0	0	0	0
Adjustments to NOI	(100)	63	(15)	114
Adjusted NOI	3,572	4,488	12,914	16,851
Plus: Adjustments to NOI	100	(63)	15	(114)
Interest income	6,748	4,443	31,869	12,361
Interest expense	0	0	0	0
Depreciation and amortization	0	(2)	0	(12)
General and administrative	0	0	0	0
Transaction costs	0	(8)	(21)	(101)
Impairments and loan loss reserves	1,667	2,985	(2,506)	(10,134)
Gain (loss) on sales of real estate, net	0	0	0	(40)
Gain (loss) on debt extinguishments	0	0	0	0
Other income (expense), net	1	0	482	41,707
Less: Government grant income	0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI	(3,659)	(4,417)	(12,916)	(16,604)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	0	0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	8,429	7,426	29,837	43,914
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	632	(18,625)	1,836	(46,433)
Income (loss) from continuing operations	9,061	(11,199)	31,673	(2,519)
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	$ 9,061	$ (11,199)	$ 31,673	$ (2,519)
Lessor Asset Under Operating Lease | Other non-reportable
Segment Disclosure
Property count | property					1

Segment Disclosures - Revenues

Segment Disclosures - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Disclosure
Total revenues	$ 481,465	$ 423,565	$ 1,412,979	$ 1,213,178
Operating segment
Segment Disclosure
Total revenues	481,465	423,565	1,412,979	1,213,178
Operating segment | Life science
Segment Disclosure
Total revenues	184,213	148,702	531,674	416,081
Operating segment | Medical office
Segment Disclosure
Total revenues	171,482	155,381	496,978	463,866
Operating segment | CCRC
Segment Disclosure
Total revenues	119,022	115,031	352,458	320,737
Operating segment | Other non-reportable
Segment Disclosure
Total revenues	$ 6,748	$ 4,451	$ 31,869	$ 12,494

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 167,062	$ 187,569
Income taxes paid (refunded)	4,258	261
Capitalized interest	17,022	20,570
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	150,204	114,979
Vesting of restricted stock units and conversion of non-managing member units into common stock	907	4,729
Net noncash impact from the consolidation of previously unconsolidated joint ventures	0	323,138
Mortgages assumed with real estate acquisitions	0	215,335
Carrying value of mortgages assumed by buyer in real estate dispositions	143,676	0
Refundable entrance fees assumed with real estate acquisitions	0	307,954
Seller financing provided on disposition of real estate asset	559,745	12,480
Increase in ROU asset in exchange for new lease liability related to operating leases	15,329	24,984
Decrease in ROU asset with corresponding change in lease liability related to operating leases	$ 8,410	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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	$ 177,175	$ 141,971	$ 506,172	$ 406,774
Development, redevelopment, and other major improvements of real estate			430,510	577,524
Leasing costs, tenant improvements, and recurring capital expenditures			72,112	61,329
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	134,620
Development, redevelopment, and other major improvements of real estate			5,361	26,879
Leasing costs, tenant improvements, and recurring capital expenditures			$ 2,609	$ 9,137

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Continuing operations
Cash and cash equivalents	$ 201,099	$ 44,226	$ 139,797	$ 80,398
Restricted cash	53,699	67,206	83,156	13,385
Cash, cash equivalents and restricted cash	254,798	111,432	222,953	93,783
Discontinued operations
Cash and cash equivalents	14,005	53,085	57,322	63,834
Restricted cash	3	17,168	19,263	27,040
Cash, cash equivalents and restricted cash	14,008	70,253	76,585	90,874
Cash and cash equivalents, total	215,104	97,311	197,119	144,232
Restricted cash, total	53,702	84,374	102,419	40,425
Cash, cash equivalents and restricted cash, total	$ 268,806	$ 181,685	$ 299,538	$ 184,657

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	Dec. 31, 2020USD ($)loanpropertyjoint_venturetenantinvestment	Jan. 31, 2020property	Oct. 31, 2021property	Sep. 30, 2021joint_ventureloan	Jun. 30, 2021property	May 31, 2021property	Apr. 30, 2021property	Jan. 31, 2021property	Sep. 30, 2021propertyjoint_venture	Sep. 30, 2020property	Sep. 30, 2021propertyjoint_venturefacility	Sep. 30, 2020property	Dec. 31, 2020USD ($)loanpropertyjoint_venturetenant
Variable Interest Entity [Line Items]
Number of investments in senior housing development joint ventures | investment	2
Number of loans sold				1							5		3
Number of properties disposed												18
Term of facility (in years)											1 month		1 month
Number of properties acquired											0
Exchange accommodation titleholder, real estate, carrying value | $	$ 813												$ 813
Brookedale MTCA
Variable Interest Entity [Line Items]
Number of properties disposed		18											18
CCRC JV
Variable Interest Entity [Line Items]
Investment ownership percentage	49.00%	49.00%				49.00%							49.00%
CCRC JV | Brookedale MTCA
Variable Interest Entity [Line Items]
Number of assets to be sold						2
VIE tenant - operating leases
Variable Interest Entity [Line Items]
Number of properties leased (in properties)	2												2
Number of VIE tenants (in tenants) | tenant	1												1
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures) | joint_venture	4			1					1		1		4
Number of VIE borrowers with marketable debt securities (in joint ventures) | joint_venture	1			1					1		1		1
Number of properties leased (in properties)	2												2
Number of loans to VIE borrowers (in loans) | loan	1												1
Hcp Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage											51.00%
Life science joint ventures
Variable Interest Entity [Line Items]
VIE ownership percentage											99.00%
MSREI JV
Variable Interest Entity [Line Items]
VIE ownership percentage											51.00%
Consolidated Lessees VIE
Variable Interest Entity [Line Items]
Number of properties leased (in properties)	7												7
Number of assets to be sold											7
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member | joint_venture											7
SHOP
Variable Interest Entity [Line Items]
Number of assets to be sold								16	8	4	15	13	23
SHOP | Sunrise Senior Housing Portfolio
Variable Interest Entity [Line Items]
Number of assets to be sold					2			32
SHOP | Discovery SHOP Portfolio
Variable Interest Entity [Line Items]
Number of assets to be sold							10
Number of preferred equity method investments sold							2
SHOP | Discovery SHOP Portfolio | Secured Loans
Variable Interest Entity [Line Items]
Number of loans sold							2
Senior Housing Triple-Net
Variable Interest Entity [Line Items]
Number of assets to be sold									4		7	18
Senior Housing Triple-Net | Sunrise Senior Housing Portfolio
Variable Interest Entity [Line Items]
Number of assets to be sold					2
Senior Housing Triple-Net | Loans receivable
Variable Interest Entity [Line Items]
Number of properties disposed | facility											7
Term of facility (in years)											5 years
Medical office
Variable Interest Entity [Line Items]
Number of assets to be sold									3	4	7	7	11
Number of properties acquired													7
Medical office | Subsequent Event
Variable Interest Entity [Line Items]
Number of properties acquired			2
Medical Office, Hospital
Variable Interest Entity [Line Items]
Number of assets to be sold						1
Number of properties acquired													1
Life science
Variable Interest Entity [Line Items]
Number of properties acquired													3

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2021USD ($)
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 36,088

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Buildings and improvements	$ 11,759,664	$ 11,048,433
Development costs and construction in progress	845,382	613,182
Land	2,206,422	1,867,278
Accumulated depreciation and amortization	(2,734,832)	(2,409,135)
Net real estate	12,076,636	11,119,758
Accounts receivable, net	44,699	42,269
Cash and cash equivalents	201,099	44,226	$ 139,797	$ 80,398
Intangible assets, net	520,335	519,917
Assets held for sale and discontinued operations, net	105,009	2,626,306
Right-of-use asset, net	218,524	192,349
Other assets, net	678,638	665,106
Total assets	14,743,502	15,920,089
Liabilities
Mortgage debt	356,570	221,621
Intangible liabilities, net	144,004	144,199
Liabilities related to assets held for sale and discontinued operations, net	18,910	415,737
Lease liability	191,444	179,895
Accounts payable, accrued liabilities, and other liabilities	729,939	760,617
Deferred revenue	782,413	774,316
Total liabilities	7,405,114	8,572,743
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,419,928	2,988,599
Development costs and construction in progress	62,400	85,595
Land	459,425	433,574
Accumulated depreciation and amortization	(541,890)	(602,491)
Net real estate	2,399,863	2,905,277
Accounts receivable, net	7,950	12,009
Cash and cash equivalents	31,670	16,550
Restricted cash	86	7,977
Intangible assets, net	117,073	179,027
Assets held for sale and discontinued operations, net	3,480	704,966
Right-of-use asset, net	107,492	95,407
Other assets, net	67,268	59,063
Total assets	2,734,882	3,980,276
Liabilities
Mortgage debt	144,333	39,085
Intangible liabilities, net	24,863	56,467
Liabilities related to assets held for sale and discontinued operations, net	3,032	190,919
Lease liability	98,042	97,605
Accounts payable, accrued liabilities, and other liabilities	58,025	102,391
Deferred revenue	33,474	90,183
Total liabilities	361,769	576,650
Consolidated Lessees VIE | Discontinued Operations
ASSETS
Buildings and improvements	0	639,759
Development costs and construction in progress	0	68
Land	0	106,209
Accumulated depreciation and amortization	0	(57,235)
Net real estate	0	688,801
Accounts receivable, net	1,298	1,700
Cash and cash equivalents	1,419	6,306
Restricted cash	0	3,124
Right-of-use asset, net	0	1,391
Other assets, net	763	3,644
Total assets	3,480	704,966
Liabilities
Mortgage debt	0	176,702
Liabilities related to assets held for sale and discontinued operations, net	3,032	11,003
Lease liability	0	1,392
Deferred revenue	0	1,822
Total liabilities	$ 3,032	$ 190,919

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Summary of financial instruments
Bank line of credit and commercial paper	$ 1,024,000	$ 129,590
Senior unsecured notes	4,157,834	5,697,586
Mortgage debt	356,570	221,621
Carrying Value
Summary of financial instruments
Loans receivable, net	411,062	195,375
Marketable debt securities	20,836	20,355
Interest rate cap assets	196	0
Bank line of credit and commercial paper	1,024,000	129,590
Term loan	0	249,182
Senior unsecured notes	4,157,834	5,697,586
Mortgage debt	356,570	221,621
Interest rate swap liabilities	0	81
Carrying Value | Discontinued Operations
Summary of financial instruments
Mortgage debt		319,000
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	4,606,692	6,517,650
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	411,082	201,228
Marketable debt securities	20,836	20,355
Interest rate cap assets	196	0
Bank line of credit and commercial paper	1,024,000	129,590
Term loan	0	249,182
Mortgage debt	359,274	221,181
Interest rate swap liabilities	$ 0	$ 81

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	1 Months Ended
	Apr. 30, 2021USD ($)property	Mar. 31, 2021USD ($)propertyderivativeHeld	Dec. 31, 2020USD ($)property	Sep. 30, 2021derivativeHeld	May 31, 2021property
Derivative [Line Items]
Repayments of secured debt | $			$ 6
Number of interest rate derivatives | derivativeHeld				0
Mortgage Debt
Derivative [Line Items]
Repayments of secured debt | $	$ 64	$ 39
Number of assets classified as discontinued operations | property	2	2	1		6
Number of interest rate derivatives terminated | derivativeHeld		2

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument	Sep. 30, 2021USD ($)	Apr. 30, 2021derivativeHeld
Derivative [Line Items]
Number of interest-rate contracts held | derivativeHeld		2
Interest Rate Cap
Derivative [Line Items]
Notional	$ 142,100,000
Strike Rate	2.00%
Fair Value	$ 196,000

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Refundable entrance fees	$ 296,278	$ 317,444
Accrued construction costs	150,204	95,293
Accrued interest	31,313	78,735
Other accounts payable and accrued liabilities	252,144	269,145
Accounts payable, accrued liabilities, and other liabilities	729,939	760,617
Unamortized nonrefundable entrance fee	$ 491,000	$ 484,000

Uncategorized Items - peak-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]