Healthpeak Properties (DOC) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		539,557,153
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate:
Buildings and improvements	$ 12,368,124	$ 12,025,271
Development costs and construction in progress	739,451	877,423
Land	2,706,909	2,603,964
Accumulated depreciation and amortization	(2,975,337)	(2,839,229)
Net real estate	12,839,147	12,667,429
Net investment in direct financing leases	0	44,706
Loans receivable, net of reserves of $1,944 and $1,813	409,753	415,811
Investments in and advances to unconsolidated joint ventures	403,159	403,634
Accounts receivable, net of allowance of $2,068 and $1,870	54,106	48,691
Cash and cash equivalents	89,066	158,287
Restricted cash	52,103	53,454
Intangible assets, net	497,104	519,760
Assets held for sale and discontinued operations, net	33,812	37,190
Right-of-use asset, net	232,457	233,942
Other assets, net	676,543	674,615
Total assets	15,287,250	15,257,519
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	1,330,813	1,165,975
Senior unsecured notes	4,654,056	4,651,933
Mortgage debt	350,713	352,081
Intangible liabilities, net	175,355	177,232
Liabilities related to assets held for sale and discontinued operations, net	14,318	15,056
Lease liability	203,988	204,547
Accounts payable, accrued liabilities, and other liabilities	695,373	755,384
Deferred revenue	817,022	789,207
Total liabilities	8,241,638	8,111,415
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	97,890	87,344
Common stock, $1.00 par value: 750,000,000 shares authorized; 539,523,537 and 539,096,879 shares issued and outstanding	539,524	539,097
Additional paid-in capital	10,084,687	10,100,294
Cumulative dividends in excess of earnings	(4,212,941)	(4,120,774)
Accumulated other comprehensive income (loss)	(3,047)	(3,147)
Total stockholders’ equity	6,408,223	6,515,470
Joint venture partners	338,443	342,234
Non-managing member unitholders	201,056	201,056
Total noncontrolling interests	539,499	543,290
Total equity	6,947,722	7,058,760
Total liabilities and equity	$ 15,287,250	$ 15,257,519

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 1,944	$ 1,813
Allowance for accounts receivable	$ 2,068	$ 1,870
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)	539,523,537	539,096,879
Common stock, shares outstanding (in shares)	539,523,537	539,096,879

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental and related revenues	$ 370,150	$ 327,972
Resident fees and services	121,560	116,128
Income from direct financing leases	1,168	2,163
Interest income	5,494	9,013
Total revenues	498,372	455,276
Costs and expenses:
Interest expense	37,586	46,843
Depreciation and amortization	177,733	157,538
Operating	207,247	181,761
General and administrative	23,831	24,902
Transaction costs	296	798
Impairments and loan loss reserves (recoveries), net	132	3,242
Total costs and expenses	446,825	415,084
Other income (expense):
Gain (loss) on sales of real estate, net	3,856	0
Gain (loss) on debt extinguishments	0	(164,292)
Other income (expense), net	18,316	2,200
Total other income (expense), net	22,172	(162,092)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	73,719	(121,900)
Income tax benefit (expense)	(777)	(8)
Equity income (loss) from unconsolidated joint ventures	2,084	1,323
Income (loss) from continuing operations	75,026	(120,585)
Income (loss) from discontinued operations	317	270,008
Net income (loss)	75,343	149,423
Noncontrolling interests’ share in continuing operations	(3,730)	(3,306)
Noncontrolling interests’ share in discontinued operations	0	(329)
Net income (loss) attributable to Healthpeak Properties, Inc.	71,613	145,788
Participating securities’ share in earnings	(1,976)	(2,451)
Net income (loss) applicable to common shares	$ 69,637	$ 143,337
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.13	$ (0.23)
Discontinued operations (in dollars per share)	0	0.50
Net income (loss) applicable to common shares (in dollars per share)	0.13	0.27
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.13	(0.23)
Discontinued operations (in dollars per share)	0	0.50
Net income (loss) applicable to common shares (in dollars per share)	$ 0.13	$ 0.27
Weighted average shares outstanding:
Basic (in shares)	539,352	538,679
Diluted (in shares)	539,586	538,679

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 75,343	$ 149,423
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	0	332
Change in Supplemental Executive Retirement Plan obligation and other	100	107
Reclassification adjustment realized in net income (loss)	0	(251)
Total other comprehensive income (loss)	100	188
Total comprehensive income (loss)	75,443	149,611
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	71,713	145,976
Continuing Operations
Total comprehensive (income) loss attributable to noncontrolling interests'	(3,730)	(3,306)
Discontinued Operations
Total comprehensive (income) loss attributable to noncontrolling interests'	$ 0	$ (329)

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
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)	149,423	145,788			145,788		3,635
Other comprehensive income (loss)	188	188				188
Issuance of common stock, net (in shares)			879
Issuance of common stock, net	1,087	1,087	$ 879	208
Repurchase of common stock (in shares)			(398)
Repurchase of common stock	(12,165)	(12,165)	$ (398)	(11,767)
Amortization of stock-based compensation	5,413	5,413		5,413
Common dividends	(164,118)	(164,118)			(164,118)
Distributions to noncontrolling interests	(7,718)						(7,718)
Adjustments to redemption value of redeemable noncontrolling interests	(20,921)	(20,921)		(20,921)
Balance (in shares) at Mar. 31, 2021			538,886
Balance at Mar. 31, 2021	7,241,139	6,688,995	$ 538,886	10,148,168	(3,994,562)	(3,497)	552,144
Beginning balance at Dec. 31, 2020	57,396
Increase (Decrease) in Redeemable Noncontrolling Interests
Distributions to noncontrolling interests	(52)
Contributions from noncontrolling interests	148
Adjustments to redemption value of redeemable noncontrolling interests	20,921
Ending balance at Mar. 31, 2021	78,413
Balance (in shares) at Dec. 31, 2021			539,097
Balance at Dec. 31, 2021	7,058,760	6,515,470	$ 539,097	10,100,294	(4,120,774)	(3,147)	543,290
Increase (Decrease) in Stockholders' Equity
Net income (loss)	75,331	71,613			71,613		3,718
Other comprehensive income (loss)	100	100				100
Issuance of common stock, net (in shares)			766
Issuance of common stock, net	329	329	$ 766	(437)
Repurchase of common stock (in shares)			(339)
Repurchase of common stock	(11,352)	(11,352)	$ (339)	(11,013)
Amortization of stock-based compensation	6,144	6,144		6,144
Common dividends	(163,780)	(163,780)			(163,780)
Distributions to noncontrolling interests	(7,509)						(7,509)
Adjustments to redemption value of redeemable noncontrolling interests	(10,301)	(10,301)		(10,301)
Balance (in shares) at Mar. 31, 2022			539,524
Balance at Mar. 31, 2022	6,947,722	$ 6,408,223	$ 539,524	$ 10,084,687	$ (4,212,941)	$ (3,047)	$ 539,499
Beginning balance at Dec. 31, 2021	87,344
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	12
Distributions to noncontrolling interests	0
Contributions from noncontrolling interests	233
Adjustments to redemption value of redeemable noncontrolling interests	10,301
Ending balance at Mar. 31, 2022	$ 97,890

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 75,343	$ 149,423
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	177,733	157,538
Amortization of stock-based compensation	4,721	4,364
Amortization of deferred financing costs	2,689	2,213
Straight-line rents	(11,158)	(9,135)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(24,725)	(23,764)
Equity loss (income) from unconsolidated joint ventures	(2,148)	(1,008)
Distributions of earnings from unconsolidated joint ventures	237	237
Loss (gain) on sale of real estate under direct financing leases	(22,693)	0
Deferred income tax expense (benefit)	(79)	(1,148)
Impairments and loan loss reserves (recoveries), net	132	3,242
Loss (gain) on debt extinguishments	0	164,292
Loss (gain) on sales of real estate, net	(3,785)	(259,662)
Loss (gain) upon change of control, net	0	(1,042)
Casualty-related loss (recoveries), net	0	859
Other non-cash items	(1,593)	(726)
Changes in:
Decrease (increase) in accounts receivable and other assets, net	(4,144)	11,567
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	3,653	(74,524)
Net cash provided by (used in) operating activities	194,183	122,726
Cash flows from investing activities:
Acquisitions of real estate	(134,067)	(14,914)
Development, redevelopment, and other major improvements of real estate	(178,285)	(135,339)
Leasing costs, tenant improvements, and recurring capital expenditures	(22,839)	(20,710)
Proceeds from sales of real estate, net	13,265	937,492
Contributions to unconsolidated joint ventures	(1,486)	(5,924)
Distributions in excess of earnings from unconsolidated joint ventures	3,875	10,825
Proceeds from sales/principal repayments on loans receivable and direct financing leases	75,435	0
Investments in loans receivable and other	(1,860)	(3,704)
Net cash provided by (used in) investing activities	(245,962)	767,726
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	3,732,668	3,437,200
Repayments under bank line of credit and commercial paper	(3,567,830)	(2,528,640)
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(1,270)	(1,491,754)
Payments for debt extinguishment and deferred financing costs	0	(158,011)
Issuance of common stock and exercise of options, net of offering costs	(4)	1,087
Repurchase of common stock	(11,352)	(12,165)
Dividends paid on common stock	(163,447)	(164,118)
Distributions to and purchase of noncontrolling interests	(7,509)	(7,718)
Contributions from and issuance of noncontrolling interests	233	0
Net cash provided by (used in) financing activities	(18,511)	(924,119)
Net increase (decrease) in cash, cash equivalents and restricted cash	(70,290)	(33,667)
Cash, cash equivalents and restricted cash, beginning of period	219,448	181,685
Cash, cash equivalents and restricted cash, end of period	$ 149,158	$ 148,018

Business

Business	3 Months Ended
	Mar. 31, 2022
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 California, Tennessee, and Massachusetts. Covid Update The coronavirus (“Covid”) 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 pandemic. The Company evaluated the impacts of Covid on its business thus far and incorporated information concerning the impact of Covid into its assessments of liquidity, impairments, and collectibility from tenants, residents, and borrowers as of March 31, 2022. The Company will continue to monitor such impacts and will adjust its estimates and assumptions based on the best available information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021 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 science segment. 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 Accounting Standards Codification (“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, these adjustments are reflected in this Quarterly Report on Form 10-Q for the three months ended March 31, 2021. These adjustments had no impact on the Consolidated Statements of Cash Flows, Consolidated Statements of Operations, or any per share amounts. 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 as of March 31, 2021 by $75,543 with a corresponding increase to redeemable noncontrolling interests of $78,413 and a decrease to accounts payable, accrued liabilities, and other liabilities as of March 31, 2021 of $2,870 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 months ended March 31, 2022 and 2021, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the Covid pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of March 31, 2022, 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. In the event of non-compliance, all such amounts received are subject to recapture. The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended 2022 2021 Government grant income recorded in other income (expense), net $ 6,552 $ 1,310 Government grant income recorded in equity income (loss) from unconsolidated joint ventures 648 426 Government grant income recorded in income (loss) from discontinued operations 206 3,232 Total government grants received $ 7,406 $ 4,968 Discontinued Operations 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 Property (“SHOP”) properties and concluded that the planned dispositions represented a strategic shift that 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 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 4 for further information. Recent Accounting Pronouncements Adopted Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which increases the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for assistance, and the effect of the assistance on an entity’s financial statements. The adoption of ASU 2021-10 on January 1, 2022 did not have a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures. 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 were effective immediately and may be applied through December 31, 2022. The Company is evaluating whether the optional relief provided by ASU 2020-04 or ASU 2021-01 will be adopted but does not expect the adoption of these standards to have a material impact on its consolidated financial position, results of operations, cash flows, or disclosures.

Real Estate Transactions

Real Estate Transactions	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions 2022 Real Estate Investment Acquisitions 67 Smith Place In January 2022, the Company closed a life science acquisition in Cambridge, Massachusetts for $72 million. Vista Sorrento Phase II In January 2022, the Company closed a life science acquisition in San Diego, California for $24 million. Webster MOB Portfolio In March 2022, the Company acquired a portfolio of two medical office buildings (“MOBs”) in Houston, Texas for $43 million. 2021 Real Estate Investment Acquisitions In 2021, the Company closed the following life science acquisitions: (i) eight acquisitions in Cambridge, Massachusetts for $498 million, (ii) one life science acquisition in San Diego, California for $20 million, and (iii) 12 acres of land for $128 million in South San Francisco, California. Also during 2021, the Company closed the following MOB acquisitions: (i) one MOB in Nashville, Tennessee for $13 million, (ii) one MOB in Denver, Colorado for $38 million, (iii) a portfolio of 14 MOBs for $371 million (the “MOB Portfolio”), (iv) one MOB in Fort Lauderdale, Florida for $16 million; (v) one MOB in Wichita, Kansas for $50 million, (vi) three MOBs in Morristown, New Jersey for $155 million, (vii) two MOBs in Dallas, Texas for $60 million, (viii) one MOB in Seattle, Washington for $43 million, (ix) one MOB in New Orleans, Louisiana for $34 million, and (x) one MOB in Cambridge, Massachusetts for $55 million. In conjunction with the acquisition of the MOB Portfolio, the Company originated $142 million of secured mortgage debt. Development Activities The Company’s commitments, which are primarily related to development and redevelopment projects and tenant improvements, decreased by $52 million, to $418 million at March 31, 2022, when compared to December 31, 2021, primarily as a result of actual spend on existing projects in the first quarter of 2022.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate and Discontinued Operations	Dispositions of Real Estate and Discontinued Operations 2022 Dispositions of Real Estate In January 2022, the Company sold one life science facility in Salt Lake City, Utah for $14 million, resulting in a gain on sale of $4 million. In April 2022, the Company sold one MOB in San Antonio, Texas for $13 million. 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 6) 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 in June 2021 and $47 million in February 2022, $0.4 million of which had been funded as of March 31, 2022 (see Note 6). 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 Senior Living Inc. 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 6 ) . 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 In addition to the portfolio and individual sales discussed above, during the year ended December 31, 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) 10 MOBs and a portion of 1 MOB land parcel for $68 million, resulting in total gain on sales of $58 million ($39 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. Of these sales, one SHOP asset was sold during the three months ended March 31, 2021 for $5 million resulting in an immaterial gain on sale, 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 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 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 held for sale or as discontinued operations at March 31, 2022 and December 31, 2021, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the Consolidated Balance Sheets (in thousands): March 31, December 31, ASSETS Accounts receivable, net of allowance of $4,146 and $4,138 $ 2,764 $ 2,446 Cash and cash equivalents 7,989 7,707 Right-of-use asset, net 23 26 Other assets, net 1,976 3,237 Total assets of discontinued operations, net 12,752 13,416 Assets held for sale, net (1) 21,060 23,774 Assets held for sale and discontinued operations, net $ 33,812 $ 37,190 LIABILITIES Lease liability $ 23 $ 26 Accounts payable, accrued liabilities, and other liabilities 14,072 14,843 Deferred revenue 139 92 Total liabilities of discontinued operations, net 14,234 14,961 Liabilities related to assets held for sale, net (1) 84 95 Liabilities related to assets held for sale and discontinued operations, net $ 14,318 $ 15,056 _______________________________________ (1) As of March 31, 2022, primarily comprised of five MOBs with net real estate assets of $20 million and right-of-use asset, net of $1 million. As of December 31, 2021, primarily comprised of four MOBs and one life science facility with net real estate assets of $23 million and right-of-use asset, net of $1 million. The results of discontinued operations during the three months ended March 31, 2022 and 2021, or through the disposal date of each asset or portfolio of assets if they have been sold during such periods, as applicable, are included in the consolidated results of operations for the three months ended March 31, 2022 and 2021. Summarized financial information for discontinued operations for the three months ended March 31, 2022 and 2021 are as follows (in thousands): Three Months Ended 2022 2021 Revenues: Rental and related revenues $ — $ 5,228 Resident fees and services 2,655 72,998 Total revenues 2,655 78,226 Costs and expenses: Interest expense — 2,676 Operating 2,674 71,519 Transaction costs — 76 Total costs and expenses 2,674 74,271 Other income (expense): Gain (loss) on sales of real estate, net (71) 259,662 Other income (expense), net 3 5,885 Total other income (expense), net (68) 265,547 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures (87) 269,502 Income tax benefit (expense) 340 821 Equity income (loss) from unconsolidated joint ventures 64 (315) Income (loss) from discontinued operations $ 317 $ 270,008 Impairments of Real Estate During the three months ended March 31, 2022 and 2021, the Company did not recognize any impairment charges. Other Losses

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended 2022 2021 Fixed income from operating leases $ 287,292 $ 262,937 Variable income from operating leases 82,858 65,035 Interest income from direct financing leases 1,168 2,163 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital classified as a direct financing lease (“DFL”) for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net. Net investment in DFLs consists of the following (in thousands): March 31, December 31, Present value of minimum lease payments receivable $ — $ 1,220 Present value of estimated residual value — 44,706 Less deferred selling profits — (1,220) Net investment in direct financing leases $ — $ 44,706 Direct Financing Lease Internal Ratings
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended 2022 2021 Fixed income from operating leases $ 287,292 $ 262,937 Variable income from operating leases 82,858 65,035 Interest income from direct financing leases 1,168 2,163 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital classified as a direct financing lease (“DFL”) for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net. Net investment in DFLs consists of the following (in thousands): March 31, December 31, Present value of minimum lease payments receivable $ — $ 1,220 Present value of estimated residual value — 44,706 Less deferred selling profits — (1,220) Net investment in direct financing leases $ — $ 44,706 Direct Financing Lease Internal Ratings

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): March 31, December 31, 2021 Secured loans (1) $ 388,746 $ 396,281 Mezzanine and other 26,252 25,529 Unamortized discounts, fees, and costs (3,301) (4,186) Reserve for loan losses (1,944) (1,813) Loans receivable, net $ 409,753 $ 415,811 _______________________________________ (1) At March 31, 2022, the Company had $49 million remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. At December 31, 2021, the Company had $58 million remaining of commitments to fund additional loans for 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 4), 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 June 2021 and $47 million in February 2022 in conjunction with the principal repayments discussed below. Through March 31, 2022, $0.4 million of the additional financing had been funded. 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. Additionally, in February 2022, the Company received principal repayments of $8 million in conjunction with the disposition of the underlying collateral. As of March 31, 2022 and December 31, 2021, this secured loan had an outstanding balance of $157 million and $165 million, respectively. In conjunction with the sale of 16 additional SHOP facilities for $230 million in January 2021 (see Note 4), 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. 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 and $2 million, respectively, of non-cash interest income related to the amortization of its mark-to-market discounts. 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. In 2021, the Company sold these two loans receivable previously classified as held for sale for their aggregate carrying value of $53 million. 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. Additionally, in April 2021, the Company sold two mezzanine loans as part of the Discovery SHOP Portfolio disposition (see Note 4), 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. CCRC Resident Loans 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. At March 31, 2022 and December 31, 2021, the Company held $25 million and $24 million, respectively, of such notes receivable, which are included in mezzanine and other in the table above. Loans Receivable Internal Ratings In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of March 31, 2022 (in thousands): Investment Type Year of Origination Total 2022 2021 2020 2019 2018 Prior Secured loans Risk rating: Performing loans $ — $ 301,796 $ 79,512 $ 2,199 $ — $ — $ 383,507 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ 301,796 $ 79,512 $ 2,199 $ — $ — $ 383,507 Mezzanine and other Risk rating: Performing loans $ 12,521 $ 12,284 $ 1,441 $ — $ — $ — $ 26,246 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 12,521 $ 12,284 $ 1,441 $ — $ — $ — $ 26,246 Reserve for Loan Losses The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The determination of loan losses also considers concentration of credit risk associated with the senior housing industry to which its loans receivable relate. 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): March 31, 2022 December 31, 2021 Secured Loans Mezzanine and Other Total Secured Loans Mezzanine and Other Total Reserve for loan losses, beginning of period $ 1,804 $ 9 $ 1,813 $ 3,152 $ 7,128 $ 10,280 Provision for expected loan losses 134 (3) 131 793 896 1,689 Expected loan losses related to loans sold or repaid (1) — — — (2,141) (8,015) (10,156) Reserve for loan losses, end of period $ 1,938 $ 6 $ 1,944 $ 1,804 $ 9 $ 1,813 _______________________________________ (1) Includes six loans sold or repaid during the year ended December 31, 2021 . Additionally, at each of March 31, 2022 and December 31, 2021, a liability of $0.3 million related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount March 31, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2022 2021 SWF SH JV Other 19 54 $ 353,268 $ 355,394 Life Science JV Life science 1 49 26,572 25,605 Needham Land Parcel JV (3) Life science — 38 14,346 13,566 Medical Office JVs (4) Medical office 3 20 - 67 8,973 9,069 $ 403,159 $ 403,634 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property counts and ownership percentages are as of March 31, 2022. (3) In December 2021, the Company acquired a 38% interest in a life science development joint venture in Needham, Massachusetts for $13 million. Land held for development is excluded from the property count as of March 31, 2022. (4) Includes two unconsolidated medical office joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). During 2021, the Company also held a 30% interest in Ventures III, which issued its final distribution and was dissolved. 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 4). Prior to the sale, the Company’s ownership percentage in these two unconsolidated joint ventures was as follows: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). In May 2021, the two remaining CCRCs in the CCRC JV 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 during the year ended December 31, 2021.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2022
Intangibles [Abstract]
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets March 31, December 31, Gross intangible lease assets $ 802,078 $ 797,675 Accumulated depreciation and amortization (304,974) (277,915) Intangible assets, net $ 497,104 $ 519,760 Weighted average remaining amortization period in years 6 6 Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities March 31, December 31, Gross intangible lease liabilities $ 239,677 $ 234,917 Accumulated depreciation and amortization (64,322) (57,685) Intangible liabilities, net $ 175,355 $ 177,232 Weighted average remaining amortization period in years 8 8 During the three months ended March 31, 2022, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $4 million and intangible liabilities of $5 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 9 years and 12 years, respectively. During the year ended December 31, 2021, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $109 million and intangible liabilities of $57 million. The intangible assets and intangible liabilities acquired had a weighted average amortization period at acquisition of 9 years.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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. 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 LIBOR 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 March 31, 2022, the margin on the Revolving Facility was 0.78% and the facility fee was 0.15% . At March 31, 2022 and December 31, 2021, 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 March 31, 2022. 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 March 31, 2022, the Company had $1.33 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately 45 days and a weighted average interest rate of 0.93%. At December 31, 2021, the Company had $1.17 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately two months and a weighted average interest rate of 0.32%. Senior Unsecured Notes At each of March 31, 2022 and December 31, 2021, the Company had senior unsecured notes outstanding with an aggregate principal balance of $4.7 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at March 31, 2022. During the three months ended March 31, 2022, the Company did not repurchase or redeem any senior unsecured notes. The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the year ended December 31, 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 year ended December 31, 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 three months ended March 31, 2021. During the three months ended March 31, 2022, the Company did not issue any senior unsecured notes. In 2021, the Company completed two green bond offerings. The net proceeds from both green bonds are or will be allocated to eligible green projects, and the Company may choose to allocate or re-allocate net proceeds from such offerings to one more other eligible green projects. The following table summarizes these senior unsecured note issuances for the year ended December 31, 2021 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year November 24, 2021 $ 500,000 2.13 % 2028 July 12, 2021 450,000 1.35 % 2027 Mortgage Debt At March 31, 2022 and December 31, 2021, the Company had $349 million and $350 million, respectively, in aggregate principal of mortgage debt outstanding, which was secured by 18 healthcare facilities, with an aggregate carrying value of $803 million and $811 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 each of the three months ended March 31, 2022 and March 31, 2021, the Company made aggregate principal repayments of mortgage debt of $1 million (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 3) that matures in May 2026. In April 2022, the Company terminated its existing interest rate cap agreements associated with this variable rate mortgage debt and entered into two interest rate swap contracts that are designated as cash flow hedges and mature in May 2026 (see Note 17). Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2022 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line of Commercial Paper (1) Amount Interest Rate Amount Interest Rate Total 2022 $ — $ — $ — — % $ 3,778 3.80 % $ 3,778 2023 — — — — % 90,089 3.80 % 90,089 2024 — — — — % 7,024 3.81 % 7,024 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 2026 — 1,330,813 650,000 3.39 % 244,523 3.11 % 2,225,336 Thereafter — — 3,250,000 3.24 % 366 5.91 % 3,250,366 — 1,330,813 4,700,000 348,989 6,379,802 (Discounts), premium and debt costs, net — — (45,944) 1,724 (44,220) $ — $ 1,330,813 $ 4,654,056 $ 350,713 $ 6,335,582 _______________________________________ (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 3.39% and a weighted average maturity of 7 years. (3) Effective interest rates on the mortgage debt range from 2.72% to 5.91% with a weighted average effective interest rate of 3.36% and a weighted average maturity of 4 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 and Other Partnerships In connection with the formation of certain limited liability companies (“DownREITs”), members may contribute appreciated real estate to a DownREIT in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Internal Revenue Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expirations terms that range through 2039 on a total of 29 properties. Additionally, the Company owns a 49% interest in the Life Science JV (see Note 7). If the property in the joint venture 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.

Equity and Redeemable Noncontro

Equity and Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On April 28, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on May 20, 2022 to stockholders of record as of the close of business on May 9, 2022. During the three months ended March 31, 2022 and 2021, the Company declared and paid common stock cash dividends of $0.30 per share. At-The-Market Equity Offering Program In February 2020, the Company established an at-the-market equity offering program (as amended from time to time, the “ATM Program”), which was most recently amended in May 2021 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 March 31, 2022, $1.18 billion of the Company’s common stock remained available for sale under the ATM Program. ATM Forward Contracts During the year ended December 31, 2021, the Company utilized the forward provisions under the 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 months ended March 31, 2022, no shares were settled under ATM forward contracts. Therefore, at March 31, 2022, 9.1 million shares remained outstanding under ATM forward contracts. During the three months ended March 31, 2021, the Company did not utilize the forward provisions under the ATM Program. ATM Direct Issuances During the three months ended March 31, 2022 and March 31, 2021, no shares of common stock were issued under the ATM Program. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, December 31, Supplemental Executive Retirement Plan minimum liability $ (3,047) $ (3,147) Total accumulated other comprehensive income (loss) $ (3,047) $ (3,147) 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.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method and common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented. Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share. Refer to Note 11 for a discussion of the sale of shares under and settlement of forward sales agreements during the periods presented. The Company considered the potential dilution resulting from the forward agreements to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. The aggregate effect on the Company’s diluted weighted-average common shares for the three months ended March 31, 2022 and 2021 was zero weighted-average incremental shares 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 2022 2021 Numerator Income (loss) from continuing operations $ 75,026 $ (120,585) Noncontrolling interests' share in continuing operations (3,730) (3,306) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 71,296 (123,891) Less: Participating securities' share in continuing operations (1,976) (2,451) Income (loss) from continuing operations applicable to common shares 69,320 (126,342) Income (loss) from discontinued operations 317 270,008 Noncontrolling interests' share in discontinued operations — (329) Net income (loss) applicable to common shares $ 69,637 $ 143,337 Denominator Basic weighted average shares outstanding 539,352 538,679 Dilutive potential common shares - equity awards (1) 234 — Diluted weighted average common shares 539,586 538,679 Basic earnings (loss) per common share Continuing operations $ 0.13 $ (0.23) Discontinued operations 0.00 0.50 Net income (loss) applicable to common shares $ 0.13 $ 0.27 Diluted earnings (loss) per common share Continuing operations $ 0.13 $ (0.23) Discontinued operations 0.00 0.50 Net income (loss) applicable to common shares $ 0.13 $ 0.27 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company’s reportable segments, based on how its chief operating decision makers (“CODMs”) evaluate the business and allocate 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 JV that owns 19 senior housing assets (the “SWF SH JV”) and debt investments. The accounting policies of the segments are the same as those described 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, 2021 filed with the SEC, as updated by Note 2 herein. 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; 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 March 31, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 194,055 $ 177,263 $ 121,560 $ 5,494 $ — $ 498,372 Government grant income (1) — — 6,552 — — 6,552 Less: Interest income — — — (5,494) — (5,494) Healthpeak’s share of unconsolidated joint venture total revenues 1,431 732 — 18,045 — 20,208 Healthpeak’s share of unconsolidated joint venture government grant income — — 333 315 — 648 Noncontrolling interests’ share of consolidated joint venture total revenues (57) (8,820) — — — (8,877) Operating expenses (48,189) (61,170) (97,888) — — (207,247) Healthpeak’s share of unconsolidated joint venture operating expenses (483) (299) — (14,055) — (14,837) Noncontrolling interests’ share of consolidated joint venture operating expenses 19 2,602 — — — 2,621 Adjustments to NOI (2) (14,112) (3,546) — (8) — (17,666) Adjusted NOI 132,664 106,762 30,557 4,297 — 274,280 Plus: Adjustments to NOI (2) 14,112 3,546 — 8 — 17,666 Interest income — — — 5,494 — 5,494 Interest expense — (1,036) (1,865) — (34,685) (37,586) Depreciation and amortization (78,138) (67,773) (31,822) — — (177,733) General and administrative — — — — (23,831) (23,831) Transaction costs (292) (4) — — — (296) Impairments and loan loss reserves — — — (132) — (132) Gain (loss) on sales of real estate, net 3,856 — — — — 3,856 Other income (expense), net (9) 10,937 6,511 (32) 909 18,316 Less: Government grant income — — (6,552) — — (6,552) Less: Healthpeak’s share of unconsolidated joint venture NOI (948) (433) (333) (4,305) — (6,019) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 38 6,218 — — — 6,256 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 71,283 58,217 (3,504) 5,330 (57,607) 73,719 Income tax benefit (expense) — — — — (777) (777) Equity income (loss) from unconsolidated joint ventures 966 200 539 379 — 2,084 Income (loss) from continuing operations 72,249 58,417 (2,965) 5,709 (58,384) 75,026 Income (loss) from discontinued operations — — — — 317 317 Net income (loss) $ 72,249 $ 58,417 $ (2,965) $ 5,709 $ (58,067) $ 75,343 _______________________________________ (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 March 31, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 169,934 $ 160,201 $ 116,128 $ 9,013 $ — $ 455,276 Government grant income (1) — — 1,310 — — 1,310 Less: Interest income — — — (9,013) — (9,013) Healthpeak’s share of unconsolidated joint venture total revenues 1,337 715 4,488 16,753 — 23,293 Healthpeak’s share of unconsolidated joint venture government grant income — — 199 227 — 426 Noncontrolling interests’ share of consolidated joint venture total revenues (65) (8,926) — — — (8,991) Operating expenses (39,461) (51,121) (91,179) — — (181,761) Healthpeak’s share of unconsolidated joint venture operating expenses (425) (294) (4,745) (12,595) — (18,059) Noncontrolling interests’ share of consolidated joint venture operating expenses 20 2,504 — — — 2,524 Adjustments to NOI (2) (11,810) (1,923) 20 112 — (13,601) Adjusted NOI 119,530 101,156 26,221 4,497 — 251,404 Plus: Adjustments to NOI (2) 11,810 1,923 (20) (112) — 13,601 Interest income — — — 9,013 — 9,013 Interest expense (102) (95) (1,918) — (44,728) (46,843) Depreciation and amortization (68,434) (57,954) (31,150) — — (157,538) General and administrative — — — — (24,902) (24,902) Transaction costs (32) (330) (432) (4) — (798) Impairments and loan loss reserves — — — (3,242) — (3,242) Gain (loss) on debt extinguishments — — — — (164,292) (164,292) Other income (expense), net 4 (2,279) 2,176 482 1,817 2,200 Less: Government grant income — — (1,310) — — (1,310) Less: Healthpeak’s share of unconsolidated joint venture NOI (912) (421) 58 (4,385) — (5,660) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 45 6,422 — — — 6,467 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 61,909 48,422 (6,375) 6,249 (232,105) (121,900) Income tax benefit (expense) — — — — (8) (8) Equity income (loss) from unconsolidated joint ventures (93) 192 — 1,224 — 1,323 Income (loss) from continuing operations 61,816 48,614 (6,375) 7,473 (232,113) (120,585) Income (loss) from discontinued operations — — — — 270,008 270,008 Net income (loss) $ 61,816 $ 48,614 $ (6,375) $ 7,473 $ 37,895 $ 149,423 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (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. See Notes 3, 4, and 5 for significant transactions impacting the Company’s segment assets during the periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2022 2021 Supplemental cash flow information: Interest paid, net of capitalized interest $ 58,487 $ 90,032 Income taxes paid (refunded) (1,947) 2,521 Capitalized interest 8,305 5,453 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 179 5,020 Seller financing provided on disposition of real estate asset — 559,745 Accrued construction costs 163,277 107,798 Vesting of restricted stock units and conversion of non-managing member units into common stock 752 838 The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Three Months Ended March 31, 2022 2021 Leasing costs, tenant improvements, and recurring capital expenditures $ 18 $ 1,873 Development, redevelopment, and other major improvements of real estate — 3,861 Depreciation and amortization of real estate, in-place lease, and other intangibles — — The following table summarizes cash, cash equivalents and restricted cash (in thousands): Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 158,287 $ 44,226 $ 7,707 $ 53,085 $ 165,994 $ 97,311 Restricted cash 53,454 67,206 — 17,168 53,454 84,374 Cash, cash equivalents and restricted cash $ 211,741 $ 111,432 $ 7,707 $ 70,253 $ 219,448 $ 181,685 End of period: Cash and cash equivalents $ 89,066 $ 34,007 $ 7,989 $ 40,161 $ 97,055 $ 74,168 Restricted cash 52,103 68,033 — 5,817 52,103 73,850 Cash, cash equivalents and restricted cash $ 141,169 $ 102,040 $ 7,989 $ 45,978 $ 149,158 $ 148,018

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At March 31, 2022 and December 31, 2021, the Company had investments in: (i) two unconsolidated VIE joint ventures and (ii) marketable debt securities of one VIE. 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 and Needham Land Parcel JV discussed below), it has no formal involvement in these VIEs beyond its investments. 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. 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). Needham Land Parcel JV. In December 2021, the Company acquired a 38% interest in a life science development joint venture in Needham, Massachusetts for $13 million. Current equity at risk is not sufficient to finance the joint venture’s activities. The assets and liabilities of the entity primarily consist of real estate and debt service obligations. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development expenses and debt service payments). The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2022 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 $ 36,492 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 14,346 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). As of March 31, 2022, the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including under circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 3, 4, and 7 for additional descriptions of the nature, purpose, and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities The Company’s consolidated total assets and total liabilities at March 31, 2022 and December 31, 2021 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 11 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). 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 three months ended March 31, 2022, the Company acquired two MOBs (the “acquired properties”) using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”). As of March 31, 2022, the Company had not completed the reverse 1031 exchange and as such, the acquired properties remained in the possession of the Exchange Accommodation Titleholder (“EAT”). The EAT was classified as a VIE as it was a “thinly capitalized” entity. The Company consolidated the EAT because it had the ability to control the activities that most significantly impacted the economic performance of the EAT and was, therefore, the primary beneficiary of the EAT. The properties held by the EAT had a carrying value of $43 million as of March 31, 2022. The assets of the EAT primarily consisted of leased properties (net real estate, including intangibles), rents receivable, and cash and cash equivalents; their obligations primarily consisted of capital expenditures for the properties. Assets generated by the EAT may only be used to settle its contractual obligations (primarily from capital expenditures). Additionally, during the year ended December 31, 2021, the Company acquired two MOBs using reverse 1031 exchanges. As of December 31, 2021, the Company had not completed the reverse 1031 exchanges and as such, the acquired properties remained in the possession of the EAT. These properties held by the EAT had a carrying value of $77 million as of December 31, 2021. These reverse 1031 exchanges were completed in February 2022. Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Buildings and improvements $ 2,303,407 $ 2,303,920 Development costs and construction in progress 107,066 82,303 Land 509,678 548,168 Accumulated depreciation and amortization (569,437) (551,097) Net real estate 2,350,714 2,383,294 Accounts receivable, net 4,854 5,455 Cash and cash equivalents 37,080 22,295 Restricted cash 162 114 Intangible assets, net 109,993 117,180 Assets held for sale and discontinued operations, net 288 754 Right-of-use asset, net 106,600 107,993 Other assets, net 65,201 62,886 Total assets $ 2,674,892 $ 2,699,971 Liabilities Mortgage debt $ 144,425 $ 144,350 Intangible liabilities, net 27,549 23,909 Liabilities related to assets held for sale and discontinued operations, net 1,677 1,677 Lease liability 98,474 99,213 Accounts payable, accrued liabilities, and other liabilities 56,712 58,440 Deferred revenue 24,405 21,546 Total liabilities $ 353,242 $ 349,135 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Accounts receivable, net $ 62 $ 62 Cash and cash equivalents 225 59 Other assets, net 1 633 Total assets $ 288 $ 754 Liabilities Accounts payable, accrued liabilities, and other liabilities $ 1,677 $ 1,677 Total liabilities $ 1,677 $ 1,677

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): March 31, 2022 (3) December 31, 2021 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 409,753 $ 424,346 $ 415,811 $ 437,607 Marketable debt securities (2) 21,172 21,172 21,003 21,003 Interest rate cap assets (2) 2,391 2,391 397 397 Bank line of credit and commercial paper (2) 1,330,813 1,330,813 1,165,975 1,165,975 Senior unsecured notes (1) 4,654,056 4,669,414 4,651,933 5,054,747 Mortgage debt (2) 350,713 344,995 352,081 352,800 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, and caps, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit and commercial paper, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the three months ended March 31, 2022 and year ended December 31, 2021, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 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 3). The following table summarizes the Company’s outstanding interest rate cap agreements as of March 31, 2022 (in thousands): Date Entered Maturity Date Hedge Designation Notional Strike Rate Index Fair Value (1) April 2021 (2) May 2024 Non-designated $ 142,100 2.00 % 1 mo. USD-LIBOR-BBA $ 2,391 _____________________________ (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. During the three months ended March 31, 2022, the Company recognized a $2 million increase in the fair value of the interest rate cap agreements within other income (expense), net.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities	Accounts Payable, Accrued Liabilities, and Other Liabilities The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities, excluding accounts payable, accrued liabilities, and other liabilities related to assets classified as discontinued operations (in thousands): March 31, December 31, Refundable entrance fees (1) $ 281,242 $ 288,409 Accrued construction costs 163,277 179,995 Accrued interest 35,753 59,342 Other accounts payable and accrued liabilities 215,101 227,638 Accounts payable, accrued liabilities, and other liabilities $ 695,373 $ 755,384 _______________________________________ (1) At March 31, 2022 and December 31, 2021, unamortized nonrefundable entrance fee liabilities were $498 million and $496 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets. During the three months ended March 31, 2022, the Company collected nonrefundable entrance fees of $21 million and recognized amortization of $19 million. During the three months ended March 31, 2021, the Company collected nonrefundable entrance fees of $15 million and recognized amortization of $20 million. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021 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 months ended March 31, 2022 and 2021, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the Covid pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of March 31, 2022, 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. In the event of non-compliance, all such amounts received are subject to recapture.
Discontinued Operations	Discontinued Operations 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 Property (“SHOP”) properties and concluded that the planned dispositions represented a strategic shift that 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 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 4 for further information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which increases the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for assistance, and the effect of the assistance on an entity’s financial statements. The adoption of ASU 2021-10 on January 1, 2022 did not have a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures. 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 were effective immediately and may be applied through December 31, 2022. The Company is evaluating whether the optional relief provided by ASU 2020-04 or ASU 2021-01 will be adopted but does not expect the adoption of these standards to have a material impact on its consolidated financial position, results of operations, cash flows, or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Government Grant Receivables, CARES Act	The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended 2022 2021 Government grant income recorded in other income (expense), net $ 6,552 $ 1,310 Government grant income recorded in equity income (loss) from unconsolidated joint ventures 648 426 Government grant income recorded in income (loss) from discontinued operations 206 3,232 Total government grants received $ 7,406 $ 4,968

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities	The following summarizes the assets and liabilities classified as held for sale or as discontinued operations at March 31, 2022 and December 31, 2021, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the Consolidated Balance Sheets (in thousands): March 31, December 31, ASSETS Accounts receivable, net of allowance of $4,146 and $4,138 $ 2,764 $ 2,446 Cash and cash equivalents 7,989 7,707 Right-of-use asset, net 23 26 Other assets, net 1,976 3,237 Total assets of discontinued operations, net 12,752 13,416 Assets held for sale, net (1) 21,060 23,774 Assets held for sale and discontinued operations, net $ 33,812 $ 37,190 LIABILITIES Lease liability $ 23 $ 26 Accounts payable, accrued liabilities, and other liabilities 14,072 14,843 Deferred revenue 139 92 Total liabilities of discontinued operations, net 14,234 14,961 Liabilities related to assets held for sale, net (1) 84 95 Liabilities related to assets held for sale and discontinued operations, net $ 14,318 $ 15,056 _______________________________________ (1) As of March 31, 2022, primarily comprised of five MOBs with net real estate assets of $20 million and right-of-use asset, net of $1 million. As of December 31, 2021, primarily comprised of four MOBs and one life science facility with net real estate assets of $23 million and right-of-use asset, net of $1 million. The results of discontinued operations during the three months ended March 31, 2022 and 2021, or through the disposal date of each asset or portfolio of assets if they have been sold during such periods, as applicable, are included in the consolidated results of operations for the three months ended March 31, 2022 and 2021. Summarized financial information for discontinued operations for the three months ended March 31, 2022 and 2021 are as follows (in thousands): Three Months Ended 2022 2021 Revenues: Rental and related revenues $ — $ 5,228 Resident fees and services 2,655 72,998 Total revenues 2,655 78,226 Costs and expenses: Interest expense — 2,676 Operating 2,674 71,519 Transaction costs — 76 Total costs and expenses 2,674 74,271 Other income (expense): Gain (loss) on sales of real estate, net (71) 259,662 Other income (expense), net 3 5,885 Total other income (expense), net (68) 265,547 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures (87) 269,502 Income tax benefit (expense) 340 821 Equity income (loss) from unconsolidated joint ventures 64 (315) Income (loss) from discontinued operations $ 317 $ 270,008

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Fixed income from operating leases $ 287,292 $ 262,937 Variable income from operating leases 82,858 65,035 Interest income from direct financing leases 1,168 2,163
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (in thousands): March 31, December 31, Present value of minimum lease payments receivable $ — $ 1,220 Present value of estimated residual value — 44,706 Less deferred selling profits — (1,220) Net investment in direct financing leases $ — $ 44,706

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): March 31, December 31, 2021 Secured loans (1) $ 388,746 $ 396,281 Mezzanine and other 26,252 25,529 Unamortized discounts, fees, and costs (3,301) (4,186) Reserve for loan losses (1,944) (1,813) Loans receivable, net $ 409,753 $ 415,811 _______________________________________ (1) At March 31, 2022, the Company had $49 million remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. At December 31, 2021, the Company had $58 million remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects.
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 reserves for loan losses, as of March 31, 2022 (in thousands): Investment Type Year of Origination Total 2022 2021 2020 2019 2018 Prior Secured loans Risk rating: Performing loans $ — $ 301,796 $ 79,512 $ 2,199 $ — $ — $ 383,507 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ 301,796 $ 79,512 $ 2,199 $ — $ — $ 383,507 Mezzanine and other Risk rating: Performing loans $ 12,521 $ 12,284 $ 1,441 $ — $ — $ — $ 26,246 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 12,521 $ 12,284 $ 1,441 $ — $ — $ — $ 26,246
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): March 31, 2022 December 31, 2021 Secured Loans Mezzanine and Other Total Secured Loans Mezzanine and Other Total Reserve for loan losses, beginning of period $ 1,804 $ 9 $ 1,813 $ 3,152 $ 7,128 $ 10,280 Provision for expected loan losses 134 (3) 131 793 896 1,689 Expected loan losses related to loans sold or repaid (1) — — — (2,141) (8,015) (10,156) Reserve for loan losses, end of period $ 1,938 $ 6 $ 1,944 $ 1,804 $ 9 $ 1,813 _______________________________________ (1) Includes six loans sold or repaid during the year ended December 31, 2021 .

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount March 31, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2022 2021 SWF SH JV Other 19 54 $ 353,268 $ 355,394 Life Science JV Life science 1 49 26,572 25,605 Needham Land Parcel JV (3) Life science — 38 14,346 13,566 Medical Office JVs (4) Medical office 3 20 - 67 8,973 9,069 $ 403,159 $ 403,634 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property counts and ownership percentages are as of March 31, 2022. (3) In December 2021, the Company acquired a 38% interest in a life science development joint venture in Needham, Massachusetts for $13 million. Land held for development is excluded from the property count as of March 31, 2022. (4) Includes two unconsolidated medical office joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). During 2021, the Company also held a 30% interest in Ventures III, which issued its final distribution and was dissolved.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
Intangibles [Abstract]
Schedule of Intangible Lease Assets	Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets March 31, December 31, Gross intangible lease assets $ 802,078 $ 797,675 Accumulated depreciation and amortization (304,974) (277,915) Intangible assets, net $ 497,104 $ 519,760 Weighted average remaining amortization period in years 6 6
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities March 31, December 31, Gross intangible lease liabilities $ 239,677 $ 234,917 Accumulated depreciation and amortization (64,322) (57,685) Intangible liabilities, net $ 175,355 $ 177,232 Weighted average remaining amortization period in years 8 8

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the year ended December 31, 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 year ended December 31, 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 three months ended March 31, 2021. Issue Date Amount Coupon Rate Maturity Year November 24, 2021 $ 500,000 2.13 % 2028 July 12, 2021 450,000 1.35 % 2027
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2022 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line of Commercial Paper (1) Amount Interest Rate Amount Interest Rate Total 2022 $ — $ — $ — — % $ 3,778 3.80 % $ 3,778 2023 — — — — % 90,089 3.80 % 90,089 2024 — — — — % 7,024 3.81 % 7,024 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 2026 — 1,330,813 650,000 3.39 % 244,523 3.11 % 2,225,336 Thereafter — — 3,250,000 3.24 % 366 5.91 % 3,250,366 — 1,330,813 4,700,000 348,989 6,379,802 (Discounts), premium and debt costs, net — — (45,944) 1,724 (44,220) $ — $ 1,330,813 $ 4,654,056 $ 350,713 $ 6,335,582 _______________________________________ (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 3.39% and a weighted average maturity of 7 years. (3) Effective interest rates on the mortgage debt range from 2.72% to 5.91% with a weighted average effective interest rate of 3.36% and a weighted average maturity of 4 years.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, December 31, Supplemental Executive Retirement Plan minimum liability $ (3,047) $ (3,147) Total accumulated other comprehensive income (loss) $ (3,047) $ (3,147)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Numerator Income (loss) from continuing operations $ 75,026 $ (120,585) Noncontrolling interests' share in continuing operations (3,730) (3,306) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 71,296 (123,891) Less: Participating securities' share in continuing operations (1,976) (2,451) Income (loss) from continuing operations applicable to common shares 69,320 (126,342) Income (loss) from discontinued operations 317 270,008 Noncontrolling interests' share in discontinued operations — (329) Net income (loss) applicable to common shares $ 69,637 $ 143,337 Denominator Basic weighted average shares outstanding 539,352 538,679 Dilutive potential common shares - equity awards (1) 234 — Diluted weighted average common shares 539,586 538,679 Basic earnings (loss) per common share Continuing operations $ 0.13 $ (0.23) Discontinued operations 0.00 0.50 Net income (loss) applicable to common shares $ 0.13 $ 0.27 Diluted earnings (loss) per common share Continuing operations $ 0.13 $ (0.23) Discontinued operations 0.00 0.50 Net income (loss) applicable to common shares $ 0.13 $ 0.27 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended March 31, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 194,055 $ 177,263 $ 121,560 $ 5,494 $ — $ 498,372 Government grant income (1) — — 6,552 — — 6,552 Less: Interest income — — — (5,494) — (5,494) Healthpeak’s share of unconsolidated joint venture total revenues 1,431 732 — 18,045 — 20,208 Healthpeak’s share of unconsolidated joint venture government grant income — — 333 315 — 648 Noncontrolling interests’ share of consolidated joint venture total revenues (57) (8,820) — — — (8,877) Operating expenses (48,189) (61,170) (97,888) — — (207,247) Healthpeak’s share of unconsolidated joint venture operating expenses (483) (299) — (14,055) — (14,837) Noncontrolling interests’ share of consolidated joint venture operating expenses 19 2,602 — — — 2,621 Adjustments to NOI (2) (14,112) (3,546) — (8) — (17,666) Adjusted NOI 132,664 106,762 30,557 4,297 — 274,280 Plus: Adjustments to NOI (2) 14,112 3,546 — 8 — 17,666 Interest income — — — 5,494 — 5,494 Interest expense — (1,036) (1,865) — (34,685) (37,586) Depreciation and amortization (78,138) (67,773) (31,822) — — (177,733) General and administrative — — — — (23,831) (23,831) Transaction costs (292) (4) — — — (296) Impairments and loan loss reserves — — — (132) — (132) Gain (loss) on sales of real estate, net 3,856 — — — — 3,856 Other income (expense), net (9) 10,937 6,511 (32) 909 18,316 Less: Government grant income — — (6,552) — — (6,552) Less: Healthpeak’s share of unconsolidated joint venture NOI (948) (433) (333) (4,305) — (6,019) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 38 6,218 — — — 6,256 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 71,283 58,217 (3,504) 5,330 (57,607) 73,719 Income tax benefit (expense) — — — — (777) (777) Equity income (loss) from unconsolidated joint ventures 966 200 539 379 — 2,084 Income (loss) from continuing operations 72,249 58,417 (2,965) 5,709 (58,384) 75,026 Income (loss) from discontinued operations — — — — 317 317 Net income (loss) $ 72,249 $ 58,417 $ (2,965) $ 5,709 $ (58,067) $ 75,343 _______________________________________ (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 March 31, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 169,934 $ 160,201 $ 116,128 $ 9,013 $ — $ 455,276 Government grant income (1) — — 1,310 — — 1,310 Less: Interest income — — — (9,013) — (9,013) Healthpeak’s share of unconsolidated joint venture total revenues 1,337 715 4,488 16,753 — 23,293 Healthpeak’s share of unconsolidated joint venture government grant income — — 199 227 — 426 Noncontrolling interests’ share of consolidated joint venture total revenues (65) (8,926) — — — (8,991) Operating expenses (39,461) (51,121) (91,179) — — (181,761) Healthpeak’s share of unconsolidated joint venture operating expenses (425) (294) (4,745) (12,595) — (18,059) Noncontrolling interests’ share of consolidated joint venture operating expenses 20 2,504 — — — 2,524 Adjustments to NOI (2) (11,810) (1,923) 20 112 — (13,601) Adjusted NOI 119,530 101,156 26,221 4,497 — 251,404 Plus: Adjustments to NOI (2) 11,810 1,923 (20) (112) — 13,601 Interest income — — — 9,013 — 9,013 Interest expense (102) (95) (1,918) — (44,728) (46,843) Depreciation and amortization (68,434) (57,954) (31,150) — — (157,538) General and administrative — — — — (24,902) (24,902) Transaction costs (32) (330) (432) (4) — (798) Impairments and loan loss reserves — — — (3,242) — (3,242) Gain (loss) on debt extinguishments — — — — (164,292) (164,292) Other income (expense), net 4 (2,279) 2,176 482 1,817 2,200 Less: Government grant income — — (1,310) — — (1,310) Less: Healthpeak’s share of unconsolidated joint venture NOI (912) (421) 58 (4,385) — (5,660) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 45 6,422 — — — 6,467 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 61,909 48,422 (6,375) 6,249 (232,105) (121,900) Income tax benefit (expense) — — — — (8) (8) Equity income (loss) from unconsolidated joint ventures (93) 192 — 1,224 — 1,323 Income (loss) from continuing operations 61,816 48,614 (6,375) 7,473 (232,113) (120,585) Income (loss) from discontinued operations — — — — 270,008 270,008 Net income (loss) $ 61,816 $ 48,614 $ (6,375) $ 7,473 $ 37,895 $ 149,423 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2022 2021 Supplemental cash flow information: Interest paid, net of capitalized interest $ 58,487 $ 90,032 Income taxes paid (refunded) (1,947) 2,521 Capitalized interest 8,305 5,453 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 179 5,020 Seller financing provided on disposition of real estate asset — 559,745 Accrued construction costs 163,277 107,798 Vesting of restricted stock units and conversion of non-managing member units into common stock 752 838 The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Three Months Ended March 31, 2022 2021 Leasing costs, tenant improvements, and recurring capital expenditures $ 18 $ 1,873 Development, redevelopment, and other major improvements of real estate — 3,861 Depreciation and amortization of real estate, in-place lease, and other intangibles — —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 158,287 $ 44,226 $ 7,707 $ 53,085 $ 165,994 $ 97,311 Restricted cash 53,454 67,206 — 17,168 53,454 84,374 Cash, cash equivalents and restricted cash $ 211,741 $ 111,432 $ 7,707 $ 70,253 $ 219,448 $ 181,685 End of period: Cash and cash equivalents $ 89,066 $ 34,007 $ 7,989 $ 40,161 $ 97,055 $ 74,168 Restricted cash 52,103 68,033 — 5,817 52,103 73,850 Cash, cash equivalents and restricted cash $ 141,169 $ 102,040 $ 7,989 $ 45,978 $ 149,158 $ 148,018

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2022 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 $ 36,492 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 14,346 _______________________________________ (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): March 31, December 31, Assets Buildings and improvements $ 2,303,407 $ 2,303,920 Development costs and construction in progress 107,066 82,303 Land 509,678 548,168 Accumulated depreciation and amortization (569,437) (551,097) Net real estate 2,350,714 2,383,294 Accounts receivable, net 4,854 5,455 Cash and cash equivalents 37,080 22,295 Restricted cash 162 114 Intangible assets, net 109,993 117,180 Assets held for sale and discontinued operations, net 288 754 Right-of-use asset, net 106,600 107,993 Other assets, net 65,201 62,886 Total assets $ 2,674,892 $ 2,699,971 Liabilities Mortgage debt $ 144,425 $ 144,350 Intangible liabilities, net 27,549 23,909 Liabilities related to assets held for sale and discontinued operations, net 1,677 1,677 Lease liability 98,474 99,213 Accounts payable, accrued liabilities, and other liabilities 56,712 58,440 Deferred revenue 24,405 21,546 Total liabilities $ 353,242 $ 349,135 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets Accounts receivable, net $ 62 $ 62 Cash and cash equivalents 225 59 Other assets, net 1 633 Total assets $ 288 $ 754 Liabilities Accounts payable, accrued liabilities, and other liabilities $ 1,677 $ 1,677 Total liabilities $ 1,677 $ 1,677

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): March 31, 2022 (3) December 31, 2021 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 409,753 $ 424,346 $ 415,811 $ 437,607 Marketable debt securities (2) 21,172 21,172 21,003 21,003 Interest rate cap assets (2) 2,391 2,391 397 397 Bank line of credit and commercial paper (2) 1,330,813 1,330,813 1,165,975 1,165,975 Senior unsecured notes (1) 4,654,056 4,669,414 4,651,933 5,054,747 Mortgage debt (2) 350,713 344,995 352,081 352,800 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, and caps, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit and commercial paper, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the three months ended March 31, 2022 and year ended December 31, 2021, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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 3). The following table summarizes the Company’s outstanding interest rate cap agreements as of March 31, 2022 (in thousands): Date Entered Maturity Date Hedge Designation Notional Strike Rate Index Fair Value (1) April 2021 (2) May 2024 Non-designated $ 142,100 2.00 % 1 mo. USD-LIBOR-BBA $ 2,391 _____________________________ (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)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities, excluding accounts payable, accrued liabilities, and other liabilities related to assets classified as discontinued operations (in thousands): March 31, December 31, Refundable entrance fees (1) $ 281,242 $ 288,409 Accrued construction costs 163,277 179,995 Accrued interest 35,753 59,342 Other accounts payable and accrued liabilities 215,101 227,638 Accounts payable, accrued liabilities, and other liabilities $ 695,373 $ 755,384 _______________________________________ (1) At March 31, 2022 and December 31, 2021, unamortized nonrefundable entrance fee liabilities were $498 million and $496 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets. During the three months ended March 31, 2022, the Company collected nonrefundable entrance fees of $21 million and recognized amortization of $19 million. During the three months ended March 31, 2021, the Company collected nonrefundable entrance fees of $15 million and recognized amortization of $20 million. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	$ (6,947,722)	$ (7,058,760)	$ (7,241,139)	$ (7,289,950)
Redeemable noncontrolling interests	97,890	87,344
Accounts payable, accrued liabilities, and other liabilities	$ (695,373)	$ (755,384)
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment			75,543
Redeemable noncontrolling interests			78,413
Accounts payable, accrued liabilities, and other liabilities			$ 2,870

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 7,406	$ 4,968
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	6,552	1,310
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	648	426
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 206	$ 3,232

Real Estate Transactions - Real

Real Estate Transactions - Real Estate Investments (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)property	Jan. 31, 2022USD ($)	Mar. 31, 2021property	Dec. 31, 2021USD ($)aproperty	Apr. 30, 2021USD ($)
MASSACHUSETTS
Real Estate [Line Items]
Payments to acquire real estate				$ 498
Number of properties acquired | property				8
CALIFORNIA
Real Estate [Line Items]
Area of land (in acres) | a				12
Payments to acquire land				$ 128
Life Science | MASSACHUSETTS
Real Estate [Line Items]
Payments to acquire real estate		$ 72
Life Science | CALIFORNIA
Real Estate [Line Items]
Payments to acquire real estate		$ 24		$ 20
Number of properties acquired | property				1
Medical Office Buildings
Real Estate [Line Items]
Number of properties acquired | property			2	2
Medical Office Buildings | Mortgage Debt
Real Estate [Line Items]
Debt instrument, face amount				$ 142	$ 142
Medical Office Buildings | MASSACHUSETTS
Real Estate [Line Items]
Payments to acquire real estate				$ 55
Number of properties acquired | property				1
Medical Office Buildings | TEXAS
Real Estate [Line Items]
Payments to acquire real estate	$ 43			$ 60
Number of properties acquired | property	2			2
Medical Office Buildings | TENNESSEE
Real Estate [Line Items]
Payments to acquire real estate				$ 13
Number of properties acquired | property				1
Medical Office Buildings | COLORADO
Real Estate [Line Items]
Payments to acquire real estate				$ 38
Number of properties acquired | property				1
Medical Office Buildings | UNITED STATES
Real Estate [Line Items]
Payments to acquire real estate				$ 371
Number of properties acquired | property				14
Medical Office Buildings | FLORIDA
Real Estate [Line Items]
Payments to acquire real estate				$ 16
Number of properties acquired | property				1
Medical Office Buildings | KANSAS
Real Estate [Line Items]
Payments to acquire real estate				$ 50
Number of properties acquired | property				1
Medical Office Buildings | NEW JERSEY
Real Estate [Line Items]
Payments to acquire real estate				$ 155
Number of properties acquired | property				3
Medical Office Buildings | WASHINGTON
Real Estate [Line Items]
Payments to acquire real estate				$ 43
Number of properties acquired | property				1
Medical Office Buildings | LOUISIANA
Real Estate [Line Items]
Payments to acquire real estate				$ 34
Number of properties acquired | property				1

Real Estate Transactions - Deve

Real Estate Transactions - Development Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Real Estate [Abstract]
Development and redevelopment projects, amount decrease	$ 52
Development commitments	$ 418

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

15 Months Ended

Apr. 30, 2022USD ($)property

Feb. 28, 2022USD ($)

Jan. 31, 2022USD ($)property

Jun. 30, 2021USD ($)property

May 31, 2021USD ($)property

Apr. 30, 2021USD ($)property

Mar. 31, 2021USD ($)property

Feb. 28, 2021USD ($)property

Jan. 31, 2021USD ($)property

Mar. 31, 2022USD ($)

Mar. 31, 2021USD ($)property

Dec. 31, 2021USD ($)property

Mar. 31, 2022USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sales of real estate, net

$ 3,856,000

$ 0

Impairment of real estate

0

$ 0

Planned MOB Demolition, Tenant Relocation and Other Costs

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Expense on other

$ 14,000,000

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

2

Repayments of secured debt

$ 64,000,000

$ 39,000,000

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

$ 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

58,000,000

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

$ 47,000,000

$ 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

SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

230,000,000

Gain (loss) on sales of real estate, net

59,000,000

$ 16,000,000

Payments to acquire finance receivables

150,000,000

SHOP | Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

$ 5,000,000

Number of assets to be sold | property

1

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 | 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

Senior Housing Triple Net

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

24,000,000

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

Life Science

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties sold | property

1

Proceeds from sale of buildings

$ 14,000,000

Gain (loss) on sales of real estate, net

$ 4,000,000

Medical Office Buildings

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

$ 68,000,000

Number of assets to be sold | property

10

Medical Office Buildings | Subsequent Event

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties sold | property

1

Proceeds from sale of buildings

$ 13,000,000

SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of assets to be sold | property

16

15

SHOP | Sunrise Senior Housing Portfolio

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

$ 664,000,000

Number of assets to be sold | property

32

Payments to acquire finance receivables

$ 410,000,000

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]

Gain (loss) on sales of real estate, net

$ 0

Number of assets to be sold | property

10

Number of preferred equity method investments 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

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

7

Senior Housing Triple Net | Sunrise Senior Housing Portfolio

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

80,000,000

Gain (loss) on sales of real estate, net

$ 22,000,000

Number of assets to be sold | property

2

Senior Housing Triple Net | Brookdale Triple Net Portfolio

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of assets to be sold | property

24

Senior Housing Triple Net | HRA Triple Net Portfolio

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of assets to be sold | property

8

Medical Office, Hospital

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from sale of buildings

226,000,000

Gain (loss) on sales of real estate, net

$ 172,000,000

Number of assets to be sold | property

1

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Assets and Liabilities for Discontinued Operations (Details) $ in Thousands	Mar. 31, 2022USD ($)property	Dec. 31, 2021USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
ASSETS
Cash and cash equivalents	$ 7,989	$ 7,707	$ 40,161	$ 53,085
Total assets of discontinued operations, net	33,812	37,190
LIABILITIES
Total liabilities of discontinued operations, net	14,318	15,056
Allowance for doubtful accounts receivable	4,146	4,138
Right-of-use asset	232,457	233,942
Deferred revenue	817,022	789,207
Held-for-sale
ASSETS
Accounts receivable, net of allowance of $4,146 and $4,138	2,764	2,446
Cash and cash equivalents	7,989	7,707
Right-of-use asset, net	23	26
Other assets, net	1,976	3,237
Total assets of discontinued operations, net	12,752	13,416
Assets held for sale, net	21,060	23,774
Assets held for sale and discontinued operations, net	33,812	37,190
LIABILITIES
Lease liability	23	26
Accounts payable, accrued liabilities, and other liabilities	14,072	14,843
Deferred revenue	139	92
Total liabilities of discontinued operations, net	14,234	14,961
Liabilities related to assets held for sale, net	84	95
Liabilities related to assets held for sale and discontinued operations, net	14,318	15,056
Net real estate assets	20,000	23,000
Right-of-use asset	$ 1,000	$ 1,000
Held-for-sale | Medical Office Buildings
LIABILITIES
Number of properties classified as held for sale | property	5	4
Held-for-sale | Life Science
LIABILITIES
Number of properties classified as held for sale | property		1

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
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues	$ 0	$ 5,228
Resident fees and services	2,655	72,998
Total revenues	2,655	78,226
Interest expense	0	2,676
Operating	2,674	71,519
Transaction costs	0	76
Total costs and expenses	2,674	74,271
Gain (loss) on sales of real estate, net	(71)	259,662
Other income (expense), net	3	5,885
Total other income (expense), net	(68)	265,547
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(87)	269,502
Income tax benefit (expense)	340	821
Equity income (loss) from unconsolidated joint ventures	64	(315)
Income (loss) from discontinued operations	$ 317	$ 270,008

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 287,292	$ 262,937
Variable income from operating leases	82,858	65,035
Interest income from direct financing leases	$ 1,168	$ 2,163

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Leases [Abstract]
Proceeds from sale of lease receivable	$ 68
Gain on sale of direct financing lease	$ 23

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)property	Dec. 31, 2021USD ($)property
Leases [Abstract]
Present value of minimum lease payments receivable	$ 0	$ 1,220
Present value of estimated residual value	0	44,706
Less deferred selling profits	0	(1,220)
Net investment in direct financing leases	$ 0	$ 44,706
Properties subject to direct financing leases | property	0	1

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (3,301)	$ (4,186)
Reserve for loan losses	(1,944)	(1,813)	$ (10,280)
Loans receivable, net	409,753	415,811
Remaining loans receivable commitments	49,000	58,000
Secured mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	388,746	396,281
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 26,252	$ 25,529

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	1 Months Ended							3 Months Ended			12 Months Ended			15 Months Ended
	Feb. 28, 2022USD ($)	Sep. 30, 2021USD ($)	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)property	May 31, 2021USD ($)property	Apr. 30, 2021USD ($)property	Jan. 31, 2021USD ($)property	Mar. 31, 2022USD ($)	Jun. 30, 2021USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2021USD ($)loan	Mar. 31, 2022USD ($)	Dec. 31, 2020USD ($)
Loans Receivable:
Net cash provided by financing activities								$ (18,511,000)		$ (924,119,000)
Gain (loss) on sales of real estate, net								3,856,000		0
Financing receivable, after allowance for credit loss								409,753,000			$ 415,811,000	$ 415,811,000	$ 415,811,000	$ 409,753,000
Reserves for loans receivable								1,944,000			1,813,000	$ 1,813,000	$ 1,813,000	1,944,000	$ 10,280,000
Number of loans sold												6	2
Proceeds from sale of receivables											53,000,000
Gain (loss) on sale of financing receivable								23,000,000
Credit loss reserve on unfunded loan commitments								300,000			300,000	$ 300,000	$ 300,000	300,000
Sunrise Senior Housing Portfolio | SHOP
Loans Receivable:
Net cash provided by financing activities							$ 410,000,000
Capital expenditure funding, amount committed	$ 47,000,000			$ 56,000,000			$ 92,000,000
Capital expenditure funding, cost of capital, percent committed							65.00%
Capital expenditure funding, amount funded														400,000
Secured mortgage loans
Loans Receivable:
Financing receivable, gross								388,746,000			396,281,000	396,281,000	396,281,000	388,746,000
Secured Loans
Loans Receivable:
Reserves for loans receivable								1,938,000			1,804,000	$ 1,804,000	1,804,000	1,938,000	$ 3,152,000
SHOP
Loans Receivable:
Number of assets to be sold | property							16					15
SHOP | Sunrise Senior Housing Portfolio
Loans Receivable:
Number of assets to be sold | property							32
Proceeds from sale of property							$ 664,000,000
Proceeds from the collection of loans receivable	$ 8,000,000			$ 246,000,000
Financing receivable, after allowance for credit loss								157,000,000			165,000,000	$ 165,000,000	165,000,000	157,000,000
SHOP | Discovery SHOP Portfolio
Loans Receivable:
Number of assets to be sold | property						10
Gain (loss) on sales of real estate, net						$ 0
SHOP | Secured Loans | Discovery SHOP Portfolio
Loans Receivable:
Number of loans held for sale | property						2
Number of loans sold | property						2
Gain (loss) on sale of financing receivable						$ 0
Secured mortgage loans
Loans Receivable:
Number of loans held for sale | property				2					2
Financing receivable, gross				$ 64,000,000					$ 64,000,000
Decrease in financing receivable									11,000,000
Financing receivable, after allowance for credit loss				53,000,000					53,000,000
Reserves for loans receivable				$ 8,000,000					$ 8,000,000
Principal repayments received		$ 15,000,000	$ 8,000,000		$ 10,000,000
Number of loans receivable | property					1
SHOP
Loans Receivable:
Proceeds from sale of property							230,000,000
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		$ 2,000,000
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 | Discovery SHOP Portfolio
Loans Receivable:
Proceeds from sale of property						334,000,000
Gain (loss) on sales of real estate, net						$ 9,000,000
CCRC JV | Lessor Asset Under Operating Lease | Brookedale MTCA | Other Non-Reporting Segment
Loans Receivable:
Financing receivable, after allowance for credit loss								$ 25,000,000			$ 24,000,000	$ 24,000,000	$ 24,000,000	$ 25,000,000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Mar. 31, 2022USD ($)
Secured Mortgage Loans
Loans receivable
2022	$ 0
2021	301,796
2020	79,512
2019	2,199
2018	0
Prior	0
Total	383,507
Mezzanine and other
Loans receivable
2022	12,521
2021	12,284
2020	1,441
2019	0
2018	0
Prior	0
Total	26,246
Performing loans | Secured Mortgage Loans
Loans receivable
2022	0
2021	301,796
2020	79,512
2019	2,199
2018	0
Prior	0
Total	383,507
Performing loans | Mezzanine and other
Loans receivable
2022	12,521
2021	12,284
2020	1,441
2019	0
2018	0
Prior	0
Total	26,246
Watch list loans | Secured Mortgage Loans
Loans receivable
2022	0
2021	0
2020	0
2019	0
2018	0
Prior	0
Total	0
Watch list loans | Mezzanine and other
Loans receivable
2022	0
2021	0
2020	0
2019	0
2018	0
Prior	0
Total	0
Workout loans | Secured Mortgage Loans
Loans receivable
2022	0
2021	0
2020	0
2019	0
2018	0
Prior	0
Total	0
Workout loans | Mezzanine and other
Loans receivable
2022	0
2021	0
2020	0
2019	0
2018	0
Prior	0
Total	$ 0

Loans Receivable - Schedule o_3

Loans Receivable - Schedule of Reserve for Loan Losses (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)	Dec. 31, 2021property	Dec. 31, 2021USD ($)	Dec. 31, 2021loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	$ 1,813		$ 10,280
Provision for expected loan losses	131		1,689
Expected loan losses related to loans sold and repaid	0		(10,156)
Reserve for loan losses, end of period	1,944		1,813
Number of loans sold		6		2
Secured Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	1,804		3,152
Provision for expected loan losses	134		793
Expected loan losses related to loans sold and repaid	0		(2,141)
Reserve for loan losses, end of period	1,938		1,804
Mezzanine and Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	9		7,128
Provision for expected loan losses	(3)		896
Expected loan losses related to loans sold and repaid	0		(8,015)
Reserve for loan losses, end of period	$ 6		$ 9

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Jan. 31, 2022USD ($)	Dec. 31, 2021USD ($)	May 31, 2021USD ($)property	Apr. 30, 2021property	Jan. 31, 2021property	Dec. 31, 2021USD ($)property	Mar. 31, 2022USD ($)joint_ventureproperty	Mar. 31, 2021joint_venture
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures		$ 403,634				$ 403,634	$ 403,159
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%
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures (in joint ventures) | joint_venture							2
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							20.00%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							67.00%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		30.00%				30.00%
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
CCRC JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage			49.00%
Proceeds from sale of property			$ 19,000
Brookedale MTCA | CCRC JV
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold | property			2
Proceeds from sale of property			$ 38,000
Other Non-Reporting Segment | SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count | property							19
Investment ownership percentage							54.00%
Equity method investments		$ 355,394				$ 355,394	$ 353,268
Life Science
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of property	$ 14,000
Life Science | Life Science JV
Schedule of Equity Method Investments [Line Items]
Property count | property							1
Investment ownership percentage							49.00%
Equity method investments		$ 25,605				$ 25,605	$ 26,572
Life Science | Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count | property							0
Investment ownership percentage		38.00%				38.00%	38.00%
Equity method investments		$ 13,566				$ 13,566	$ 14,346
Payments to acquire equity method investment		13,000
Medical Office
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold | property						10
Proceeds from sale of property						$ 68,000
Medical Office | Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property							3
Equity method investments		$ 9,069				$ 9,069	$ 8,973
Medical Office | Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							20.00%
Medical Office | Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							67.00%
SHOP
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold | property					16	15
SHOP | Discovery SHOP Portfolio
Schedule of Equity Method Investments [Line Items]
Number of preferred equity method investments sold | property				2
Number of assets to be sold | property				10

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Intangibles [Abstract]
Gross intangible lease assets	$ 802,078	$ 797,675
Accumulated depreciation and amortization	(304,974)	(277,915)
Intangible assets, net	$ 497,104	$ 519,760
Weighted average remaining amortization period in years	6 years	6 years

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Intangibles [Abstract]
Gross intangible lease liabilities	$ 239,677	$ 234,917
Accumulated depreciation and amortization	(64,322)	(57,685)
Intangible liabilities, net	$ 175,355	$ 177,232
Weighted average remaining amortization period in years	8 years	8 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years	6 years	6 years
Weighted average remaining amortization period, liabilities	8 years	8 years
Brookedale MTCA
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 4	$ 109
Intangible liabilities acquired	$ 5	$ 57
Weighted average remaining amortization period in years	9 years	9 years
Weighted average remaining amortization period, liabilities	12 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 ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	May 31, 2019USD ($)
Debt Instrument
Balance outstanding				$ 1,330,813,000	$ 1,165,975,000
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)		60.00%
Debt instrument, covenant secured debt to assets (as a percent)		40.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)		60.00%
Debt instrument, covenant minimum fixed charge coverage ratio		1.5
Debt instrument, covenant net worth		$ 7,700,000,000
Bank Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000	$ 3,000,000,000
Number of extensions | renewal_option	2	2
Length of debt instrument extension period (in months)	6 months	6 months
Debt instrument, facility fee (as a percent)				0.15%
Balance outstanding				$ 0	$ 0
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

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Debt instrument, term (in months)	45 days	2 months
Weighted-average interest rate (as a percent)	0.93%	0.32%
Commercial Paper Program
Debt Instrument
Maximum outstanding amount capacity		$ 1,500,000,000	$ 1,000,000,000
Borrowings	$ 1,330,000,000	$ 1,170,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)bond	Nov. 24, 2021USD ($)	Jul. 12, 2021USD ($)	May 19, 2021USD ($)	Feb. 26, 2021USD ($)	Jan. 28, 2021USD ($)
Debt Instrument
Principal balance on debt	$ 6,379,802,000
Loss on extinguishment of debt	0	$ 164,292,000
Number of bond offerings | bond			2
Senior Unsecured Note
Debt Instrument
Principal balance on debt	$ 4,700,000,000		$ 4,700,000,000
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
Coupon Rate							4.25%	4.25%
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 | Unsecured Note 2.13 Percent
Debt Instrument
Amount				$ 500,000,000
Coupon Rate				2.13%
Senior Unsecured Note | Unsecured Note 1.35 Percent
Debt Instrument
Amount					$ 450,000,000
Coupon Rate					1.35%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)derivativeHeldfacility	Mar. 31, 2021USD ($)	Apr. 30, 2022derivativeHeld	Dec. 31, 2021USD ($)facilityderivativeHeld	Apr. 30, 2021USD ($)
Debt Instrument
Principal balance on debt	$ 6,379,802
Interest-rate Swap Contracts
Debt Instrument
Number of interest-rate contracts held | derivativeHeld	0			0
Subsequent Event | Interest-rate Swap Contracts | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivativeHeld			2
Medical Office Buildings | Mortgage Debt
Debt Instrument
Amount				$ 142,000	$ 142,000
Mortgage Debt
Debt Instrument
Principal balance on debt	$ 348,989			$ 350,000
Number of healthcare facilities used to secure debt (in facilities) | facility	18			18
Debt instrument, collateral, healthcare facilities carrying value	$ 803,000			$ 811,000
Debt instrument, periodic payment	$ 1,000	$ 1,000

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument
2022	$ 3,778
2023	90,089
2024	7,024
2025	803,209
2026	2,225,336
Thereafter	3,250,366
Total debt before discount, net	6,379,802
(Discounts), premium and debt costs, net	(44,220)
Long-term debt	$ 6,335,582
Weighted-average interest rate (as a percent)	0.93%	0.32%
Bank Line of Credit
Debt Instrument
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total debt before discount, net	0
(Discounts), premium and debt costs, net	0
Long-term debt	0
Commercial Paper
Debt Instrument
2022	0
2023	0
2024	0
2025	0
2026	1,330,813
Thereafter	0
Total debt before discount, net	1,330,813
(Discounts), premium and debt costs, net	0
Long-term debt	1,330,813
Senior Unsecured Note
Debt Instrument
2022	0
2023	0
2024	0
2025	800,000
2026	650,000
Thereafter	3,250,000
Total debt before discount, net	4,700,000	$ 4,700,000
(Discounts), premium and debt costs, net	(45,944)
Long-term debt	$ 4,654,056
Weighted-average interest rate (as a percent)	3.39%
Weighted-average maturity (in years)	7 years
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 2026
Debt Instrument
Interest Rate	3.39%
Senior Unsecured Note | Interest Rate Thereafter
Debt Instrument
Interest Rate	3.24%
Senior Unsecured Note | Minimum
Debt Instrument
Interest Rate	1.54%
Senior Unsecured Note | Maximum
Debt Instrument
Interest Rate	6.91%
Mortgage Debt
Debt Instrument
2022	$ 3,778
2023	90,089
2024	7,024
2025	3,209
2026	244,523
Thereafter	366
Total debt before discount, net	348,989	$ 350,000
(Discounts), premium and debt costs, net	1,724
Long-term debt	$ 350,713
Weighted-average interest rate (as a percent)	3.36%
Weighted-average maturity (in years)	4 years
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	3.81%
Mortgage Debt | Interest Rate 2025
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | Interest Rate 2026
Debt Instrument
Interest Rate	3.11%
Mortgage Debt | Interest Rate Thereafter
Debt Instrument
Interest Rate	5.91%
Mortgage Debt | Minimum
Debt Instrument
Interest Rate	2.72%
Mortgage Debt | Maximum
Debt Instrument
Interest Rate	5.91%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2022property
Life Science JV | Life Science
Loss Contingencies [Line Items]
Investment ownership percentage	49.00%
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 Millions	Apr. 28, 2022$ / shares	Apr. 30, 2021USD ($)	May 31, 2021USD ($)	Mar. 31, 2022USD ($)interest$ / sharesshares	Mar. 31, 2021$ / sharesshares	Dec. 31, 2022interest	Dec. 31, 2021USD ($)interest$ / sharesshares	Dec. 31, 2024interest
Class of Stock [Line Items]
Dividends declared (in dollars per share) | $ / shares				$ 0.30	$ 0.30
Dividends paid (in dollars per share) | $ / shares				$ 0.30	$ 0.30
Number of redeemable noncontrolling interest redemptions | interest							1
Payments for repurchase of redeemable noncontrolling interest | $							$ 60
Number of interests redeemable over time | interest				3
Forecast
Class of Stock [Line Items]
Number of interests redeemable over time | interest						1		2
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	$ 1,500
ATM aggregate amount remaining | $				$ 1,180
Maximum shares issuable under forward equity sales agreement (in shares) | shares							9,100,000
Forward equity sales agreement, initial net price (in usd per share) | $ / shares							$ 35.25
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
2020 ATM Program, Settled
Class of Stock [Line Items]
Share settlement (in shares) | shares				0
Remainder outstanding (in shares) | shares				9,100,000
ATM Direct Issuances | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares) | shares				0	0

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - AOCI (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss
Supplemental Executive Retirement Plan minimum liability	$ (3,047)	$ (3,147)
Total accumulated other comprehensive income (loss)	$ (3,047)	$ (3,147)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)	0	0
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	9,100,000
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

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Income (loss) from continuing operations	$ 75,026	$ (120,585)
Noncontrolling interests' share in continuing operations	(3,730)	(3,306)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	71,296	(123,891)
Less: Participating securities' share in continuing operations	(1,976)	(2,451)
Income (loss) from continuing operations applicable to common shares	69,320	(126,342)
Income (loss) from discontinued operations	317	270,008
Noncontrolling interests' share in discontinued operations	0	(329)
Net income (loss) applicable to common shares	$ 69,637	$ 143,337
Denominator
Basic weighted average shares outstanding (in shares)	539,352,000	538,679,000
Dilutive potential common shares - equity awards (in shares)	234,000	0
Diluted weighted average common shares (in shares)	539,586,000	538,679,000
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.13	$ (0.23)
Discontinued operations (in dollars per share)	0	0.50
Net income (loss) applicable to common shares (in dollars per share)	0.13	0.27
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.13	(0.23)
Discontinued operations (in dollars per share)	0	0.50
Net income (loss) applicable to common shares (in dollars per share)	$ 0.13	$ 0.27
Outstanding equity awards (in shares)	1,000,000	1,000,000
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	9,100,000
Forward sales agreements that have been settled (in shares)		0

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2022USD ($)	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)
Segment Disclosure
Number of facilities owned by unconsolidated joint venture | property		19
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		$ 498,372	$ 455,276
Government grant income		6,552	1,310
Less: Interest income		(5,494)	(9,013)
Healthpeak’s share of unconsolidated joint venture total revenues		20,208	23,293
Healthpeak’s share of unconsolidated joint venture government grant income		648	426
Noncontrolling interests’ share of consolidated joint venture total revenues		(8,877)	(8,991)
Operating expenses		(207,247)	(181,761)
Healthpeak’s share of unconsolidated joint venture operating expenses		(14,837)	(18,059)
Noncontrolling interests’ share of consolidated joint venture operating expenses		2,621	2,524
Adjustments to NOI		(17,666)	(13,601)
Adjusted NOI		274,280	251,404
Plus: Adjustments to NOI		17,666	13,601
Interest income		5,494	9,013
Interest expense		(37,586)	(46,843)
Depreciation and amortization		(177,733)	(157,538)
General and administrative		(23,831)	(24,902)
Transaction costs		(296)	(798)
Impairments and loan loss reserves		(132)	(3,242)
Gain (loss) on sales of real estate, net		3,856	0
Gain (loss) on debt extinguishments		0	(164,292)
Other income (expense), net		18,316	2,200
Less: Government grant income		(6,552)	(1,310)
Less: Healthpeak’s share of unconsolidated joint venture NOI		(6,019)	(5,660)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		6,256	6,467
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		73,719	(121,900)
Income tax benefit (expense)		(777)	(8)
Equity income (loss) from unconsolidated joint ventures		2,084	1,323
Income (loss) from continuing operations		75,026	(120,585)
Income (loss) from discontinued operations		317	270,008
Net income (loss)		75,343	149,423
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		0	0
Government grant income		0	0
Less: Interest income		0	0
Healthpeak’s share of unconsolidated joint venture total revenues		0	0
Healthpeak’s share of unconsolidated joint venture government grant income		0	0
Noncontrolling interests’ share of consolidated joint venture total revenues		0	0
Operating expenses		0	0
Healthpeak’s share of unconsolidated joint venture operating expenses		0	0
Noncontrolling interests’ share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		0	0
Adjusted NOI		0	0
Plus: Adjustments to NOI		0	0
Interest income		0	0
Interest expense		(34,685)	(44,728)
Depreciation and amortization		0	0
General and administrative		(23,831)	(24,902)
Transaction costs		0	0
Impairments and loan loss reserves		0	0
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments			(164,292)
Other income (expense), net		909	1,817
Less: Government grant income		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		0	0
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		(57,607)	(232,105)
Income tax benefit (expense)		(777)	(8)
Equity income (loss) from unconsolidated joint ventures		0	0
Income (loss) from continuing operations		(58,384)	(232,113)
Income (loss) from discontinued operations		317	270,008
Net income (loss)		(58,067)	37,895
Life Science
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net	$ 4,000
Life Science | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		194,055	169,934
Government grant income		0	0
Less: Interest income		0	0
Healthpeak’s share of unconsolidated joint venture total revenues		1,431	1,337
Healthpeak’s share of unconsolidated joint venture government grant income		0	0
Noncontrolling interests’ share of consolidated joint venture total revenues		(57)	(65)
Operating expenses		(48,189)	(39,461)
Healthpeak’s share of unconsolidated joint venture operating expenses		(483)	(425)
Noncontrolling interests’ share of consolidated joint venture operating expenses		19	20
Adjustments to NOI		(14,112)	(11,810)
Adjusted NOI		132,664	119,530
Plus: Adjustments to NOI		14,112	11,810
Interest income		0	0
Interest expense		0	(102)
Depreciation and amortization		(78,138)	(68,434)
General and administrative		0	0
Transaction costs		(292)	(32)
Impairments and loan loss reserves		0	0
Gain (loss) on sales of real estate, net		3,856
Gain (loss) on debt extinguishments			0
Other income (expense), net		(9)	4
Less: Government grant income		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		(948)	(912)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		38	45
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		71,283	61,909
Income tax benefit (expense)		0	0
Equity income (loss) from unconsolidated joint ventures		966	(93)
Income (loss) from continuing operations		72,249	61,816
Income (loss) from discontinued operations		0	0
Net income (loss)		72,249	61,816
Medical Office | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		177,263	160,201
Government grant income		0	0
Less: Interest income		0	0
Healthpeak’s share of unconsolidated joint venture total revenues		732	715
Healthpeak’s share of unconsolidated joint venture government grant income		0	0
Noncontrolling interests’ share of consolidated joint venture total revenues		(8,820)	(8,926)
Operating expenses		(61,170)	(51,121)
Healthpeak’s share of unconsolidated joint venture operating expenses		(299)	(294)
Noncontrolling interests’ share of consolidated joint venture operating expenses		2,602	2,504
Adjustments to NOI		(3,546)	(1,923)
Adjusted NOI		106,762	101,156
Plus: Adjustments to NOI		3,546	1,923
Interest income		0	0
Interest expense		(1,036)	(95)
Depreciation and amortization		(67,773)	(57,954)
General and administrative		0	0
Transaction costs		(4)	(330)
Impairments and loan loss reserves		0	0
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments			0
Other income (expense), net		10,937	(2,279)
Less: Government grant income		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		(433)	(421)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		6,218	6,422
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		58,217	48,422
Income tax benefit (expense)		0	0
Equity income (loss) from unconsolidated joint ventures		200	192
Income (loss) from continuing operations		58,417	48,614
Income (loss) from discontinued operations		0	0
Net income (loss)		58,417	48,614
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		121,560	116,128
Government grant income		6,552	1,310
Less: Interest income		0	0
Healthpeak’s share of unconsolidated joint venture total revenues		0	4,488
Healthpeak’s share of unconsolidated joint venture government grant income		333	199
Noncontrolling interests’ share of consolidated joint venture total revenues		0	0
Operating expenses		(97,888)	(91,179)
Healthpeak’s share of unconsolidated joint venture operating expenses		0	(4,745)
Noncontrolling interests’ share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		0	20
Adjusted NOI		30,557	26,221
Plus: Adjustments to NOI		0	(20)
Interest income		0	0
Interest expense		(1,865)	(1,918)
Depreciation and amortization		(31,822)	(31,150)
General and administrative		0	0
Transaction costs		0	(432)
Impairments and loan loss reserves		0	0
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments			0
Other income (expense), net		6,511	2,176
Less: Government grant income		(6,552)	(1,310)
Less: Healthpeak’s share of unconsolidated joint venture NOI		(333)	58
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		(3,504)	(6,375)
Income tax benefit (expense)		0	0
Equity income (loss) from unconsolidated joint ventures		539	0
Income (loss) from continuing operations		(2,965)	(6,375)
Income (loss) from discontinued operations		0	0
Net income (loss)		(2,965)	(6,375)
Other Non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		5,494	9,013
Government grant income		0	0
Less: Interest income		(5,494)	(9,013)
Healthpeak’s share of unconsolidated joint venture total revenues		18,045	16,753
Healthpeak’s share of unconsolidated joint venture government grant income		315	227
Noncontrolling interests’ share of consolidated joint venture total revenues		0	0
Operating expenses		0	0
Healthpeak’s share of unconsolidated joint venture operating expenses		(14,055)	(12,595)
Noncontrolling interests’ share of consolidated joint venture operating expenses		0	0
Adjustments to NOI		(8)	112
Adjusted NOI		4,297	4,497
Plus: Adjustments to NOI		8	(112)
Interest income		5,494	9,013
Interest expense		0	0
Depreciation and amortization		0	0
General and administrative		0	0
Transaction costs		0	(4)
Impairments and loan loss reserves		(132)	(3,242)
Gain (loss) on sales of real estate, net		0
Gain (loss) on debt extinguishments			0
Other income (expense), net		(32)	482
Less: Government grant income		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		(4,305)	(4,385)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		5,330	6,249
Income tax benefit (expense)		0	0
Equity income (loss) from unconsolidated joint ventures		379	1,224
Income (loss) from continuing operations		5,709	7,473
Income (loss) from discontinued operations		0	0
Net income (loss)		$ 5,709	$ 7,473

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 58,487	$ 90,032
Income taxes paid (refunded)	(1,947)	2,521
Capitalized interest	8,305	5,453
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases	179	5,020
Seller financing provided on disposition of real estate asset	0	559,745
Accrued construction costs	163,277	107,798
Vesting of restricted stock units and conversion of non-managing member units into common stock	$ 752	$ 838

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures	$ 22,839	$ 20,710
Development, redevelopment, and other major improvements of real estate	178,285	135,339
Depreciation and amortization of real estate, in-place lease, and other intangibles	177,733	157,538
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures	18	1,873
Development, redevelopment, and other major improvements of real estate	0	3,861
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 0	$ 0

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Continuing operations
Cash and cash equivalents	$ 89,066	$ 158,287	$ 34,007	$ 44,226
Restricted cash	52,103	53,454	68,033	67,206
Cash, cash equivalents and restricted cash	141,169	211,741	102,040	111,432
Discontinued operations
Cash and cash equivalents	7,989	7,707	40,161	53,085
Restricted cash	0	0	5,817	17,168
Cash, cash equivalents and restricted cash	7,989	7,707	45,978	70,253
Cash and cash equivalents, total	97,055	165,994	74,168	97,311
Restricted cash, total	52,103	53,454	73,850	84,374
Cash, cash equivalents and restricted cash, total	$ 149,158	$ 219,448	$ 148,018	$ 181,685

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2021USD ($)joint_venture	Mar. 31, 2022USD ($)joint_venture	Mar. 31, 2021property	Dec. 31, 2021USD ($)joint_ventureproperty
Variable Interest Entity [Line Items]
Exchange accommodation titleholder, real estate, carrying value | $	$ 77	$ 43		$ 77
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures)	2	2		2
Number of VIE borrowers with marketable debt securities (in joint ventures)	1	1		1
Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage		51.00%
Life Science JV
Variable Interest Entity [Line Items]
VIE ownership percentage		99.00%
MSREI JV
Variable Interest Entity [Line Items]
VIE ownership percentage		51.00%
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member		7
Life Science | Needham Land Parcel JV
Variable Interest Entity [Line Items]
Investment ownership percentage	38.00%	38.00%		38.00%
Payments to acquire equity method investment | $	$ 13
Medical Office Buildings
Variable Interest Entity [Line Items]
Number of properties acquired | property			2	2

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2022USD ($)
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 36,492
Needham Land Parcel JV
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 14,346

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 12,368,124	$ 12,025,271
Development costs and construction in progress	739,451	877,423
Land	2,706,909	2,603,964
Accumulated depreciation and amortization	(2,975,337)	(2,839,229)
Net real estate	12,839,147	12,667,429
Accounts receivable, net	54,106	48,691
Cash and cash equivalents	89,066	158,287	$ 34,007	$ 44,226
Intangible assets, net	497,104	519,760
Assets held for sale and discontinued operations, net	33,812	37,190
Right-of-use asset, net	232,457	233,942
Other assets, net	676,543	674,615
Total assets	15,287,250	15,257,519
Liabilities
Mortgage debt	350,713	352,081
Intangible liabilities, net	175,355	177,232
Liabilities related to assets held for sale and discontinued operations, net	14,318	15,056
Lease liability	203,988	204,547
Accounts payable, accrued liabilities, and other liabilities	695,373	755,384
Deferred revenue	817,022	789,207
Total liabilities	8,241,638	8,111,415
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,303,407	2,303,920
Development costs and construction in progress	107,066	82,303
Land	509,678	548,168
Accumulated depreciation and amortization	(569,437)	(551,097)
Net real estate	2,350,714	2,383,294
Accounts receivable, net	4,854	5,455
Cash and cash equivalents	37,080	22,295
Restricted cash	162	114
Intangible assets, net	109,993	117,180
Assets held for sale and discontinued operations, net	288	754
Right-of-use asset, net	106,600	107,993
Other assets, net	65,201	62,886
Total assets	2,674,892	2,699,971
Liabilities
Mortgage debt	144,425	144,350
Intangible liabilities, net	27,549	23,909
Liabilities related to assets held for sale and discontinued operations, net	1,677	1,677
Lease liability	98,474	99,213
Accounts payable, accrued liabilities, and other liabilities	56,712	58,440
Deferred revenue	24,405	21,546
Total liabilities	353,242	349,135
Consolidated Lessees VIE | Discontinued Operations
ASSETS
Accounts receivable, net	62	62
Cash and cash equivalents	225	59
Other assets, net	1	633
Total assets	288	754
Liabilities
Liabilities related to assets held for sale and discontinued operations, net	1,677	1,677
Total liabilities	$ 1,677	$ 1,677

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Summary of financial instruments
Bank line of credit and commercial paper	$ 1,330,813	$ 1,165,975
Senior unsecured notes	4,654,056	4,651,933
Mortgage debt	350,713	352,081
Carrying Value
Summary of financial instruments
Loans receivable, net	409,753	415,811
Marketable debt securities	21,172	21,003
Interest rate cap assets	2,391	397
Bank line of credit and commercial paper	1,330,813	1,165,975
Senior unsecured notes	4,654,056	4,651,933
Mortgage debt	350,713	352,081
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	4,669,414	5,054,747
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	424,346	437,607
Marketable debt securities	21,172	21,003
Interest rate cap assets	2,391	397
Bank line of credit and commercial paper	1,330,813	1,165,975
Mortgage debt	$ 344,995	$ 352,800

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2021USD ($)propertyderivativeHeld	Mar. 31, 2021USD ($)propertyderivativeHeld	Mar. 31, 2022USD ($)derivativeHeld	Apr. 30, 2022USD ($)derivativeHeld	Dec. 31, 2021derivativeHeld	May 31, 2021property
Not Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held	2
Interest-rate Swap Contracts
Derivative [Line Items]
Number of interest-rate contracts held			0		0
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Increase in the fair value of the interest rate cap agreements | $			$ 2
Subsequent Event | Interest-rate Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held				2
Subsequent Event | Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative amount terminated | $				$ 142
Mortgage Debt
Derivative [Line Items]
Repayments of secured debt | $	$ 64	$ 39
Number of assets classified as discontinued operations | property	2	2				6
Mortgage Debt | Interest-rate Swap Contracts
Derivative [Line Items]
Number of interest rate derivatives terminated		2

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument	Mar. 31, 2022USD ($)	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	$ 2,391,000

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Payables and Accruals [Abstract]
Refundable entrance fees	$ 281,242		$ 288,409
Accrued construction costs	163,277		179,995
Accrued interest	35,753		59,342
Other accounts payable and accrued liabilities	215,101		227,638
Accounts payable, accrued liabilities, and other liabilities	695,373		755,384
Unamortized nonrefundable entrance fee	498,000		$ 496,000
Proceeds from collection of nonrefundable entrance fees	21,000	$ 15,000
Amortization of nonrefundable entrance fee	$ 19,000	$ 20,000