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 |