Healthpeak Properties (DOC) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		539,581,438
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate:
Buildings and improvements	$ 12,590,403	$ 12,025,271
Development costs and construction in progress	675,713	877,423
Land	2,705,260	2,603,964
Accumulated depreciation and amortization	(3,097,748)	(2,839,229)
Net real estate	12,873,628	12,667,429
Net investment in direct financing leases	0	44,706
Loans receivable, net of reserves of $2,015 and $1,813	413,962	415,811
Investments in and advances to unconsolidated joint ventures	402,154	403,634
Accounts receivable, net of allowance of $2,122 and $1,870	47,340	48,691
Cash and cash equivalents	73,013	158,287
Restricted cash	54,815	53,454
Intangible assets, net	470,865	519,760
Assets held for sale and discontinued operations, net	66,647	37,190
Right-of-use asset, net	233,391	233,942
Other assets, net	682,388	674,615
Total assets	15,318,203	15,257,519
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	1,448,569	1,165,975
Senior unsecured notes	4,655,852	4,651,933
Mortgage debt	349,329	352,081
Intangible liabilities, net	169,622	177,232
Liabilities related to assets held for sale and discontinued operations, net	15,869	15,056
Lease liability	201,124	204,547
Accounts payable, accrued liabilities, and other liabilities	706,819	755,384
Deferred revenue	814,754	789,207
Total liabilities	8,361,938	8,111,415
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	115,877	87,344
Common stock, $1.00 par value: 750,000,000 shares authorized; 539,580,161 and 539,096,879 shares issued and outstanding	539,580	539,097
Additional paid-in capital	10,073,712	10,100,294
Cumulative dividends in excess of earnings	(4,306,762)	(4,120,774)
Accumulated other comprehensive income (loss)	(1,318)	(3,147)
Total stockholders’ equity	6,305,212	6,515,470
Joint venture partners	334,120	342,234
Non-managing member unitholders	201,056	201,056
Total noncontrolling interests	535,176	543,290
Total equity	6,840,388	7,058,760
Total liabilities and equity	$ 15,318,203	$ 15,257,519

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 2,015	$ 1,813
Allowance for accounts receivable	$ 2,122	$ 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)	539,580,161	539,096,879
Common stock, shares outstanding (in shares)	539,580,161	539,096,879

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental and related revenues	$ 387,079	$ 340,642	$ 757,229	$ 668,614
Resident fees and services	125,360	117,308	246,920	233,436
Income from direct financing leases	0	2,180	1,168	4,343
Interest income	5,493	16,108	10,987	25,121
Total revenues	517,932	476,238	1,016,304	931,514
Costs and expenses:
Interest expense	41,867	38,681	79,453	85,524
Depreciation and amortization	180,489	171,459	358,222	328,997
Operating	215,044	190,132	422,291	371,893
General and administrative	24,781	24,088	48,612	48,990
Transaction costs	612	619	908	1,417
Impairments and loan loss reserves (recoveries), net	139	931	271	4,173
Total costs and expenses	462,932	425,910	909,757	840,994
Other income (expense):
Gain (loss) on sales of real estate, net	10,340	175,238	14,196	175,238
Gain (loss) on debt extinguishments	0	(60,865)	0	(225,157)
Other income (expense), net	2,861	1,734	21,177	3,934
Total other income (expense), net	13,201	116,107	35,373	(45,985)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	68,201	166,435	141,920	44,535
Income tax benefit (expense)	718	763	(59)	755
Equity income (loss) from unconsolidated joint ventures	382	867	2,466	2,190
Income (loss) from continuing operations	69,301	168,065	144,327	47,480
Income (loss) from discontinued operations	2,992	113,960	3,309	383,968
Net income (loss)	72,293	282,025	147,636	431,448
Noncontrolling interests’ share in continuing operations	(3,955)	(3,535)	(7,685)	(6,841)
Noncontrolling interests’ share in discontinued operations	0	(2,210)	0	(2,539)
Net income (loss) attributable to Healthpeak Properties, Inc.	68,338	276,280	139,951	422,068
Participating securities’ share in earnings	(281)	(287)	(2,258)	(2,732)
Net income (loss) applicable to common shares	$ 68,057	$ 275,993	$ 137,693	$ 419,336
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.12	$ 0.30	$ 0.25	$ 0.07
Discontinued operations (in dollars per share)	0.01	0.21	0.01	0.71
Net income (loss) applicable to common shares (in dollars per share)	0.13	0.51	0.26	0.78
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.12	0.30	0.25	0.07
Discontinued operations (in dollars per share)	0.01	0.21	0.01	0.71
Net income (loss) applicable to common shares (in dollars per share)	$ 0.13	$ 0.51	$ 0.26	$ 0.78
Weighted average shares outstanding:
Basic (in shares)	539,558	538,929	539,456	538,805
Diluted (in shares)	539,815	544,694	539,701	539,081

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 72,293	$ 282,025	$ 147,636	$ 431,448
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	1,629	0	1,629	332
Change in Supplemental Executive Retirement Plan obligation and other	100	108	200	215
Reclassification adjustment realized in net income (loss)	0	0	0	(251)
Total other comprehensive income (loss)	1,729	108	1,829	296
Total comprehensive income (loss)	74,022	282,133	149,465	431,744
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	70,067	276,388	141,780	422,364
Continuing Operations
Total comprehensive (income) loss attributable to noncontrolling interests	(3,955)	(3,535)	(7,685)	(6,841)
Discontinued Operations
Total comprehensive (income) loss attributable to noncontrolling interests	$ 0	$ (2,210)	$ 0	$ (2,539)

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)	431,448	422,068			422,068		9,380
Other comprehensive income (loss)	296	296				296
Issuance of common stock, net (in shares)			954
Issuance of common stock, net	1,044	1,044	$ 954	90
Repurchase of common stock (in shares)			(408)
Repurchase of common stock	(12,480)	(12,480)	$ (408)	(12,072)
Exercise of stock options (in shares)			4
Exercise of stock options	126	126	$ 4	122
Amortization of stock-based compensation	11,557	11,557		11,557
Common dividends	(326,089)	(326,089)			(326,089)
Distributions to noncontrolling interests	(16,675)						(16,675)
Purchase of noncontrolling interests	(70)	(5)		(5)			(65)
Adjustments to redemption value of redeemable noncontrolling interests	(27,697)	(27,697)		(27,697)
Balance (in shares) at Jun. 30, 2021			538,955
Balance at Jun. 30, 2021	7,351,410	6,802,543	$ 538,955	10,147,230	(3,880,253)	(3,389)	548,867
Beginning balance at Dec. 31, 2020	57,396
Increase (Decrease) in Redeemable Noncontrolling Interests
Distributions to noncontrolling interests	(52)
Contributions from noncontrolling interests	326
Adjustments to redemption value of redeemable noncontrolling interests	27,697
Ending balance at Jun. 30, 2021	85,367
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	282,025	276,280			276,280		5,745
Other comprehensive income (loss)	108	108				108
Issuance of common stock, net (in shares)			75
Issuance of common stock, net	(43)	(43)	$ 75	(118)
Repurchase of common stock (in shares)			(10)
Repurchase of common stock	(315)	(315)	$ (10)	(305)
Exercise of stock options (in shares)			4
Exercise of stock options	126	126	$ 4	122
Amortization of stock-based compensation	6,144	6,144		6,144
Common dividends	(161,971)	(161,971)			(161,971)
Distributions to noncontrolling interests	(8,957)						(8,957)
Purchase of noncontrolling interests	(70)	(5)		(5)			(65)
Adjustments to redemption value of redeemable noncontrolling interests	(6,776)	(6,776)		(6,776)
Balance (in shares) at Jun. 30, 2021			538,955
Balance at Jun. 30, 2021	7,351,410	6,802,543	$ 538,955	10,147,230	(3,880,253)	(3,389)	548,867
Beginning balance at Mar. 31, 2021	78,413
Increase (Decrease) in Redeemable Noncontrolling Interests
Contributions from noncontrolling interests	178
Adjustments to redemption value of redeemable noncontrolling interests	6,776
Ending balance at Jun. 30, 2021	85,367
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)	147,611	139,951			139,951		7,660
Other comprehensive income (loss)	1,829	1,829				1,829
Issuance of common stock, net (in shares)			831
Issuance of common stock, net	656	656	$ 831	(175)
Repurchase of common stock (in shares)			(348)
Repurchase of common stock	(11,615)	(11,615)	$ (348)	(11,267)
Amortization of stock-based compensation	12,865	12,865		12,865
Common dividends	(325,939)	(325,939)			(325,939)
Distributions to noncontrolling interests	(15,774)						(15,774)
Adjustments to redemption value of redeemable noncontrolling interests	(28,005)	(28,005)		(28,005)
Balance (in shares) at Jun. 30, 2022			539,580
Balance at Jun. 30, 2022	6,840,388	6,305,212	$ 539,580	10,073,712	(4,306,762)	(1,318)	535,176
Beginning balance at Dec. 31, 2021	87,344
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	25
Distributions to noncontrolling interests	(85)
Contributions from noncontrolling interests	588
Adjustments to redemption value of redeemable noncontrolling interests	28,005
Ending balance at Jun. 30, 2022	115,877
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	72,280	68,338			68,338		3,942
Other comprehensive income (loss)	1,729	1,729				1,729
Issuance of common stock, net (in shares)			65
Issuance of common stock, net	327	327	$ 65	262
Repurchase of common stock (in shares)			(9)
Repurchase of common stock	(263)	(263)	$ (9)	(254)
Amortization of stock-based compensation	6,721	6,721		6,721
Common dividends	(162,159)	(162,159)			(162,159)
Distributions to noncontrolling interests	(8,265)						(8,265)
Adjustments to redemption value of redeemable noncontrolling interests	(17,704)	(17,704)		(17,704)
Balance (in shares) at Jun. 30, 2022			539,580
Balance at Jun. 30, 2022	6,840,388	$ 6,305,212	$ 539,580	$ 10,073,712	$ (4,306,762)	$ (1,318)	$ 535,176
Beginning balance at Mar. 31, 2022	97,890
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	13
Distributions to noncontrolling interests	(85)
Contributions from noncontrolling interests	355
Adjustments to redemption value of redeemable noncontrolling interests	17,704
Ending balance at Jun. 30, 2022	$ 115,877

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 147,636	$ 431,448
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	358,222	328,997
Amortization of stock-based compensation	10,021	9,459
Amortization of deferred financing costs	5,377	4,334
Straight-line rents	(23,872)	(15,336)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(50,054)	(45,842)
Equity loss (income) from unconsolidated joint ventures	(2,530)	(7,100)
Distributions of earnings from unconsolidated joint ventures	476	4,015
Loss (gain) on sale of real estate under direct financing leases	(22,693)	0
Deferred income tax expense (benefit)	(1,038)	(2,538)
Impairments and loan loss reserves (recoveries), net	271	15,168
Loss (gain) on debt extinguishments	0	225,157
Loss (gain) on sales of real estate, net	(16,688)	(557,138)
Loss (gain) upon change of control, net	0	(1,042)
Casualty-related loss (recoveries), net	78	1,061
Other non-cash items	(1,187)	(8,057)
Changes in:
Decrease (increase) in accounts receivable and other assets, net	10,714	32,928
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	34,935	(55,920)
Net cash provided by (used in) operating activities	449,668	359,594
Cash flows from investing activities:
Acquisitions of real estate	(159,206)	(498,142)
Development, redevelopment, and other major improvements of real estate	(366,404)	(281,829)
Leasing costs, tenant improvements, and recurring capital expenditures	(50,745)	(43,132)
Proceeds from sales of real estate, net	37,719	2,253,889
Contributions to unconsolidated joint ventures	(1,971)	(10,168)
Distributions in excess of earnings from unconsolidated joint ventures	5,496	34,586
Proceeds from sales/principal repayments on loans receivable and direct financing leases	77,685	265,934
Investments in loans receivable and other	(3,710)	(8,842)
Net cash provided by (used in) investing activities	(461,136)	1,712,296
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	8,242,327	8,177,450
Repayments under bank line of credit and commercial paper	(7,959,733)	(7,587,040)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper	0	142,100
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(2,507)	(2,170,170)
Payments for debt extinguishment and deferred financing costs	0	(217,468)
Issuance of common stock and exercise of options, net of offering costs	(7)	1,170
Repurchase of common stock	(11,615)	(12,480)
Dividends paid on common stock	(325,276)	(326,089)
Distributions to and purchase of noncontrolling interests	(15,859)	(16,745)
Contributions from and issuance of noncontrolling interests	588	0
Net cash provided by (used in) financing activities	(72,082)	(2,009,272)
Net increase (decrease) in cash, cash equivalents and restricted cash	(83,550)	62,618
Cash, cash equivalents and restricted cash, beginning of period	219,448	181,685
Cash, cash equivalents and restricted cash, end of period	$ 135,898	$ 244,303

Business

Business	6 Months Ended
	Jun. 30, 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, owns, leases, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2021 by $82,319 with a corresponding increase to redeemable noncontrolling interests of $85,367 and a decrease to accounts payable, accrued liabilities, and other liabilities as of June 30, 2021 of $3,048 on the Consolidated Balance Sheet. Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and six months ended June 30, 2022 and 2021, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the coronavirus (“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 June 30, 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 Six Months Ended 2022 2021 2022 2021 Government grant income recorded in other income (expense), net $ 209 $ 87 $ 6,762 $ 1,397 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 584 648 1,010 Government grant income recorded in income (loss) from discontinued operations — 428 206 3,660 Total government grants received $ 209 $ 1,099 $ 7,616 $ 6,067 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	6 Months Ended
	Jun. 30, 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. Northwest Medical Plaza In May 2022, the Company acquired one MOB in Bentonville, Arkansas for $26 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 $16 million, to $454 million at June 30, 2022, when compared to December 31, 2021, primarily as a result of construction spend on existing projects in the first half of 2022 thereby decreasing the remaining commitment.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	6 Months Ended
	Jun. 30, 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. During the three months ended June 30, 2022, the Company sold three MOBs and one MOB land parcel for $27 million, resulting in total gain on sales of $10 million. In July 2022, the Company completed two MOB sales for aggregate proceeds of $9 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, $47 million in February 2022, and $40 million in July 2022 (see Note 6) . As of June 30, 2022, $0.4 million of the additional financing has been funded . 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, the Company sold the following during the three months ended June 30, 2021: (i) six SHOP assets for $44 million, (ii) three senior housing triple-net assets for $12 million, and (iii) four MOBs for $21 million, resulting in total gain on sales of $10 million ($7 million of which is recognized in income (loss) from discontinued operations). Additionally, during the three months ended March 31, 2021 , the Company sold one SHOP asset for $5 million resulting in an immaterial gain on sale, which is recognized in income (loss) from discontinued operations. During the second half of 2021, the Company sold the following: (i) eight SHOP assets for $120 million, (ii) four senior housing triple-net assets for $12 million, and (iii) six MOBs and a portion of one MOB land parcel for $47 million, resulting in total gain on sales of $48 million ($32 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. 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 June 30, 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): June 30, December 31, ASSETS Accounts receivable, net of allowance of $990 and $4,138 $ 761 $ 2,446 Cash and cash equivalents 8,070 7,707 Right-of-use asset, net 19 26 Other assets, net 1,400 3,237 Total assets of discontinued operations, net 10,250 13,416 Assets held for sale, net (1) 56,397 23,774 Assets held for sale and discontinued operations, net $ 66,647 $ 37,190 LIABILITIES Lease liability $ 19 $ 26 Accounts payable, accrued liabilities, and other liabilities 11,479 14,843 Deferred revenue 102 92 Total liabilities of discontinued operations, net 11,600 14,961 Liabilities related to assets held for sale, net (1) 4,269 95 Liabilities related to assets held for sale and discontinued operations, net $ 15,869 $ 15,056 _______________________________________ (1) As of June 30, 2022, includes two life science assets and two MOBs primarily comprised of net real estate assets of $51 million. As of December 31, 2021, includes four MOBs and one life science facility primarily comprised of net real estate assets of $23 million. The results of discontinued operations during the three and six months ended June 30, 2022 and 2021, or through the disposal date of each asset or portfolio of assets held within discontinued operations if sold during such periods, as applicable, are included in the consolidated results of operations for the three and six months ended June 30, 2022 and 2021. Summarized financial information for discontinued operations for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenues: Rental and related revenues $ — $ 1,613 $ — $ 6,841 Resident fees and services 2,825 30,273 5,480 103,270 Total revenues 2,825 31,886 5,480 110,111 Costs and expenses: Interest expense — 1,177 — 3,853 Operating 2,442 33,647 5,116 105,165 Transaction costs — — — 76 Impairments and loan loss reserves (recoveries), net — 10,995 — 10,995 Total costs and expenses 2,442 45,819 5,116 120,089 Other income (expense): Gain (loss) on sales of real estate, net 2,563 122,238 2,492 381,900 Other income (expense), net 16 128 19 6,012 Total other income (expense), net 2,579 122,366 2,511 387,912 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 2,962 108,433 2,875 377,934 Income tax benefit (expense) 30 302 370 1,124 Equity income (loss) from unconsolidated joint ventures — 5,225 64 4,910 Income (loss) from discontinued operations $ 2,992 $ 113,960 $ 3,309 $ 383,968 Impairments of Real Estate 2022 During the three and six months ended June 30, 2022, the Company did not recognize any impairment charges. 2021 During the three and six months ended June 30, 2021, the Company recognized an impairment charge of $4 million related to one SHOP asset classified as held for sale, which is reported in income (loss) from discontinued operations. Following a reduction in the expected sales price of the asset occurring in the second quarter of 2021, the Company wrote down its carrying value of $20 million to its fair value, less estimated costs to sell, of $16 million. The fair value of the impaired asset was based on a forecasted sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. The Company’s forecasted sales prices are typically determined using an income approach and/or a market approach (comparable sales model), which rely on certain assumptions by management, including: (i) market capitalization rates, (ii) comparable market transactions, (iii) estimated prices per unit, (iv) negotiations with prospective buyers, and (v) forecasted cash flow streams (lease revenue rates, expense rates, growth rates, etc.). There are inherent uncertainties in making these assumptions. For the Company’s impairment calculation as of June 30, 2021, the Company’s fair value estimate primarily relied on a market approach and utilized comparable market transactions and negotiations with prospective buyers. Goodwill Impairment When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment charge for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Following the senior housing triple-net and SHOP dispositions, the Company performed an impairment assessment to evaluate the fair value of its reporting units as of June 30, 2021. These fair value estimates primarily relied on a market approach, utilizing comparable market transactions, forecasted sales prices, and negotiations with prospective buyers. These estimates are considered to be a Level 3 measurement within the fair value hierarchy, and are subject to inherent uncertainties. As a result of this assessment, during the three and six months ended June 30, 2021, the Company recognized a $7 million goodwill impairment charge reported in income (loss) from discontinued operations as the fair value of the remaining assets based on forecasted sales prices was less than the carrying value of the assets, including the related goodwill. The fair value was greater than the carrying value of the assets and related goodwill of all other reporting units, and as a result, no impairment charge was recognized. Other Losses During the first quarter of 2022, the Company recognized $14 million of expenses for tenant relocation and other costs associated with a planned MOB demolition. These expenses are included in other income (expense), net on the Consolidated Statements of Operations for the six months ended June 30, 2022.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Fixed income from operating leases $ 296,729 $ 268,290 $ 584,020 $ 531,246 Variable income from operating leases 90,350 72,352 173,209 137,368 Interest income from direct financing leases — 2,180 1,168 4,343 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): June 30, 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 Six Months Ended 2022 2021 2022 2021 Fixed income from operating leases $ 296,729 $ 268,290 $ 584,020 $ 531,246 Variable income from operating leases 90,350 72,352 173,209 137,368 Interest income from direct financing leases — 2,180 1,168 4,343 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): June 30, 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	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, December 31, Secured loans (1) $ 387,447 $ 396,281 Mezzanine and other 31,098 25,529 Unamortized discounts, fees, and costs (2,568) (4,186) Reserve for loan losses (2,015) (1,813) Loans receivable, net $ 413,962 $ 415,811 _______________________________________ (1) At June 30, 2022, the Company had $48 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, $47 million in February 2022, and $40 million in July 2022 in conjunction with the principal repayments discussed below. Through June 30, 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. In connection with the June 2021 principal repayment, the Company accelerated recognition of $7 million of the related mark-to-market discount, which is included in interest income in the Consolidated Statements of Operations. Additionally, in February 2022, the Company received principal repayments of $8 million in conjunction with the disposition of the underlying collateral. As of June 30, 2022 and December 31, 2021, this secured loan had an outstanding balance of $157 million and $165 million, respectively. In July 2022, the Company received principal repayments of $27 million in conjunction with the disposition of the underlying collateral, resulting in a $7 million reduction in the Company’s remaining commitment to provide additional financing for capital expenditures. 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 $9 million and $10 million, respectively, of non-cash interest income related to the amortization of its mark-to-market discounts, of which $7 million was recognized as a result of the accelerated recognition discussed above related to the Sunrise Senior Housing Portfolio. 2022 Other Loans Receivable Transactions In May 2022, the Company received full repayment of the outstanding balance of a $2 million secured loan. 2021 Other Loans Receivable Transactions The Company classifies a loan receivable as held for sale when management no longer has the intent or ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, previously recorded reserves for loan losses are reversed and the loan is reported at the lower of amortized cost or fair value. During the second quarter of 2021, two loans receivable with a total amortized cost of $64 million were classified as held for sale. Upon the transfer of these two loans to held for sale, the carrying value was decreased by $11 million to an estimated fair value of $53 million, $8 million of which was previously recognized as a reserve for loan losses. As a result, a $3 million net loss was recognized in impairments and loan loss reserves (recoveries), net during the three and six months ended June 30, 2021. In the second half of 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 June 30, 2022 and December 31, 2021, the Company held $30 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 June 30, 2022 (in thousands): Investment Type Year of Origination Total 2022 2021 2020 2019 2018 Prior Secured loans Risk rating: Performing loans $ — $ 302,665 $ 80,205 $ — $ — $ — $ 382,870 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ 302,665 $ 80,205 $ — $ — $ — $ 382,870 Mezzanine and other Risk rating: Performing loans $ 23,239 $ 6,635 $ 1,218 $ — $ — $ — $ 31,092 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 23,239 $ 6,635 $ 1,218 $ — $ — $ — $ 31,092 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): June 30, 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 256 (3) 253 793 896 1,689 Expected loan losses related to loans sold or repaid (1) (51) — (51) (2,141) (8,015) (10,156) Reserve for loan losses, end of period $ 2,009 $ 6 $ 2,015 $ 1,804 $ 9 $ 1,813 _______________________________________ (1) Includes one loan repaid during the six months ended June 30, 2022 and six loans sold or repaid during the year ended December 31, 2021. Additionally, at June 30, 2022 and December 31, 2021, a liability of $0.4 million and $0.3 million, respectively, 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	6 Months Ended
	Jun. 30, 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 June 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2022 2021 SWF SH JV Other 19 54 $ 351,686 $ 355,394 Life Science JV Life science 1 49 26,719 25,605 Needham Land Parcel JV (3) Life science — 38 14,831 13,566 Medical Office JVs (4) Medical office 3 20 - 67 8,918 9,069 $ 402,154 $ 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 June 30, 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 June 30, 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. South San Francisco Joint Ventures On August 1, 2022, the Company entered into a master equity transaction agreement with a sovereign wealth fund (“SWF Partner”) that provides the Company the opportunity to sell up to 30% interests in certain redevelopment and future development projects owned by the Company. Concurrently, the Company executed definitive agreements with the SWF Partner to sell a 30% interest in seven life science assets in South San Francisco, California for gross proceeds of $126 million. The Company and the SWF Partner will share in key decisions related to the planned redevelopment and operation of the assets, resulting in the Company deconsolidating the previously wholly-owned assets and recognizing its 70% share as an equity method investment.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 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 June 30, December 31, Gross intangible lease assets $ 802,180 $ 797,675 Accumulated depreciation and amortization (331,315) (277,915) Intangible assets, net (1) $ 470,865 $ 519,760 Weighted average remaining amortization period in years 6 6 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $2 million and zero as of June 30, 2022 and December 31, 2021, respectively. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 240,733 $ 234,917 Accumulated depreciation and amortization (71,111) (57,685) Intangible liabilities, net $ 169,622 $ 177,232 Weighted average remaining amortization period in years 8 8 During the six months ended June 30, 2022, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $7 million and intangible liabilities of $6 million . The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 7 years and 11 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 each had a weighted average amortization period at acquisition of 9 years.

Debt

Debt	6 Months Ended
	Jun. 30, 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 June 30, 2022, the margin on the Revolving Facility was 0.78% and the facility fee was 0.15%. At June 30, 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 June 30, 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. At June 30, 2022 and December 31, 2021, the maximum aggregate face or principal amount that can be outstanding at any one time was $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 June 30, 2022, the Company had $1.45 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately 45 days and a weighted average interest rate of 1.95%. 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%. In July 2022, the Company increased the maximum aggregate face or principal amount that can be outstanding at any one time from $1.5 billion to $2.0 billion. Senior Unsecured Notes At each of June 30, 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 June 30, 2022. During the three and six months ended June 30, 2022, the Company did not issue, 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 three and six months ended June 30, 2021. (2) Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment during the six months ended June 30, 2021. In 2021, the Company completed two green bond offerings. The net proceeds from both green bonds have been allocated to eligible green projects, and the Company may choose to re-allocate net proceeds from such offerings to one or 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 June 30, 2022 and December 31, 2021, the Company had $348 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 $799 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 June 30, 2022 and 2021, the Company made aggregate principal repayments of mortgage debt of $1 million (excluding mortgage debt on assets held for sale and discontinued operations). During each of the six months ended June 30, 2022 and 2021, the Company made aggregate principal repayments of mortgage debt of $3 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 instruments associated with this variable rate mortgage debt and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026 (see Note 17). The variable rate debt associated with these interest rate swap instruments is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 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 $ — $ — $ — — % $ 2,541 3.80 % $ 2,541 2023 — — — — % 90,089 3.80 % 90,089 2024 — — — — % 7,024 4.28 % 7,024 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 2026 — 1,448,569 650,000 3.39 % 244,523 4.48 % 2,343,092 Thereafter — — 3,250,000 3.24 % 366 5.91 % 3,250,366 — 1,448,569 4,700,000 347,752 6,496,321 (Discounts), premium and debt costs, net — — (44,148) 1,577 (42,571) $ — $ 1,448,569 $ 4,655,852 $ 349,329 $ 6,453,750 _______________________________________ (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 3.42% to 5.91% with a weighted average effective interest rate of 4.28% and a weighted average maturity of 3 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On July 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 August 19, 2022 to stockholders of record as of the close of business on August 8, 2022. During each of the three months ended June 30, 2022 and 2021, the Company declared and paid common stock cash dividends of $0.30 per share. During each of the six months ended June 30, 2022 and 2021, the Company declared and paid common stock cash dividends of $0.60 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 June 30, 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 and six months ended June 30, 2022, no shares were settled under ATM forward contracts. Therefore, at June 30, 2022, 9.1 million shares remained outstanding under ATM forward contracts. These ATM forward contracts mature in the first quarter of 2023. During the three and six months ended June 30, 2021, the Company did not utilize the forward provisions under the ATM Program. ATM Direct Issuances During the three and six months ended June 30, 2022 and June 30, 2021, no shares of common stock were issued under the ATM Program. Share Repurchase Program On August 1, 2022, the Company’s Board of Directors approved a share repurchase program under which the Company may acquire shares of its common stock in the open market up to an aggregate purchase price of $500 million (the “Share Repurchase Program”). Purchases of common stock under the Share Repurchase Program may be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. The Share Repurchase Program expires in August 2024 and may be suspended or terminated at any time without prior notice. There have been no stock repurchases under the Share Repurchase Program through the date on which this Quarterly Report on Form 10-Q was filed. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Unrealized gains (losses) on derivatives, net $ 1,629 $ — Supplemental Executive Retirement Plan minimum liability (2,947) (3,147) Total accumulated other comprehensive income (loss) $ (1,318) $ (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. During the year ended December 31, 2021, one of the redeemable noncontrolling interests met the conditions for redemption and the related put option was exercised during the year then ended. Accordingly, the Company made a cash payment for the redemption value of $60 million to the related noncontrolling interest holder during the year ended December 31, 2021 and acquired the redeemable noncontrolling interest associated with this entity. The remaining redeemable noncontrolling interests had not yet met the conditions for redemption as of June 30, 2022 or December 31, 2021. Three of the interests will become redeemable following the passage of a predetermined amount of time, one of which will occur in late 2022, and the remaining two in 2023 and 2024. The fourth interest will become redeemable at the earlier of a predetermined passage of time or stabilization of the underlying development property, which is expected to occur in 2023. The redemption values are subject to change based on the assessment of value at each redemption date.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 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 each of the three and six months ended June 30, 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 Six Months Ended 2022 2021 2022 2021 Numerator Income (loss) from continuing operations $ 69,301 $ 168,065 $ 144,327 $ 47,480 Noncontrolling interests' share in continuing operations (3,955) (3,535) (7,685) (6,841) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 65,346 164,530 136,642 40,639 Less: Participating securities' share in continuing operations (281) (287) (2,258) (2,732) Income (loss) from continuing operations applicable to common shares 65,065 164,243 134,384 37,907 Income (loss) from discontinued operations 2,992 113,960 3,309 383,968 Noncontrolling interests' share in discontinued operations — (2,210) — (2,539) Net income (loss) applicable to common shares $ 68,057 $ 275,993 $ 137,693 $ 419,336 Numerator - Dilutive Net income (loss) applicable to common shares $ 68,057 $ 275,993 $ 137,693 $ 419,336 Add: distributions on dilutive convertible units and other — 1,540 — — Dilutive net income (loss) available to common shares $ 68,057 $ 277,533 $ 137,693 $ 419,336 Denominator Basic weighted average shares outstanding 539,558 538,929 539,456 538,805 Dilutive potential common shares - equity awards (1) 257 264 245 276 Dilutive potential common shares - DownREIT conversions — 5,501 — — Diluted weighted average common shares 539,815 544,694 539,701 539,081 Basic earnings (loss) per common share Continuing operations $ 0.12 $ 0.30 $ 0.25 $ 0.07 Discontinued operations 0.01 0.21 0.01 0.71 Net income (loss) applicable to common shares $ 0.13 $ 0.51 $ 0.26 $ 0.78 Diluted earnings (loss) per common share Continuing operations $ 0.12 $ 0.30 $ 0.25 $ 0.07 Discontinued operations 0.01 0.21 0.01 0.71 Net income (loss) applicable to common shares $ 0.13 $ 0.51 $ 0.26 $ 0.78 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). For the three and six months ended June 30, 2022, the 9.1 million shares under forward sales agreements that have not been settled as of June 30, 2022 were anti-dilutive. For the three and six months ended June 30, 2021, forward sales agreements had no dilutive impact as no shares remained outstanding under ATM forward contracts during the period.

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 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 June 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,771 $ 179,308 $ 125,360 $ 5,493 $ — $ 517,932 Government grant income (1) — — 209 — — 209 Less: Interest income — — — (5,493) — (5,493) Healthpeak’s share of unconsolidated joint venture total revenues 1,267 761 — 18,215 — 20,243 Noncontrolling interests’ share of consolidated joint venture total revenues (62) (8,943) — — — (9,005) Operating expenses (49,446) (63,321) (102,277) — — (215,044) Healthpeak’s share of unconsolidated joint venture operating expenses (483) (301) — (14,150) — (14,934) Noncontrolling interests’ share of consolidated joint venture operating expenses 19 2,726 — — — 2,745 Adjustments to NOI (2) (21,644) (2,949) — 54 — (24,539) Adjusted NOI 137,422 107,281 23,292 4,119 — 272,114 Plus: Adjustments to NOI (2) 21,644 2,949 — (54) — 24,539 Interest income — — — 5,493 — 5,493 Interest expense — (1,930) (1,876) — (38,061) (41,867) Depreciation and amortization (79,673) (68,873) (31,943) — — (180,489) General and administrative — — — — (24,781) (24,781) Transaction costs (35) (70) (64) — (443) (612) Impairments and loan loss reserves — — — (139) — (139) Gain (loss) on sales of real estate, net — 10,340 — — — 10,340 Other income (expense), net 29 1,264 630 18 920 2,861 Less: Government grant income — — (209) — — (209) Less: Healthpeak’s share of unconsolidated joint venture NOI (784) (460) — (4,065) — (5,309) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 43 6,217 — — — 6,260 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 78,646 56,718 (10,170) 5,372 (62,365) 68,201 Income tax benefit (expense) — — — — 718 718 Equity income (loss) from unconsolidated joint ventures 148 211 — 23 — 382 Income (loss) from continuing operations 78,794 56,929 (10,170) 5,395 (61,647) 69,301 Income (loss) from discontinued operations — — — — 2,992 2,992 Net income (loss) $ 78,794 $ 56,929 $ (10,170) $ 5,395 $ (58,655) $ 72,293 ______________________________________________________________________________ (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 June 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 177,527 $ 165,295 $ 117,308 $ 16,108 $ — $ 476,238 Government grant income (1) — — 87 — — 87 Less: Interest income — — — (16,108) — (16,108) Healthpeak’s share of unconsolidated joint venture total revenues 1,412 710 2,415 16,740 — 21,277 Healthpeak’s share of unconsolidated joint venture government grant income — — — 583 — 583 Noncontrolling interests’ share of consolidated joint venture total revenues (75) (8,825) — — — (8,900) Operating expenses (40,724) (54,648) (94,760) — — (190,132) Healthpeak’s share of unconsolidated joint venture operating expenses (428) (317) (2,208) (12,451) — (15,404) Noncontrolling interests’ share of consolidated joint venture operating expenses 21 2,552 — — — 2,573 Adjustments to NOI (2) (12,366) (2,003) 1,226 (27) — (13,170) Adjusted NOI 125,367 102,764 24,068 4,845 — 257,044 Plus: Adjustments to NOI (2) 12,366 2,003 (1,226) 27 — 13,170 Interest income — — — 16,108 — 16,108 Interest expense (48) (786) (1,924) — (35,923) (38,681) Depreciation and amortization (76,955) (63,371) (31,133) — — (171,459) General and administrative — — — — (24,088) (24,088) Transaction costs 21 35 (657) (18) — (619) Impairments and loan loss reserves — — — (931) — (931) Gain (loss) on sales of real estate, net — 175,238 — — — 175,238 Gain (loss) on debt extinguishments — — — — (60,865) (60,865) Other income (expense), net 28 (175) 165 — 1,716 1,734 Less: Government grant income — — (87) — — (87) Less: Healthpeak’s share of unconsolidated joint venture NOI (984) (393) (207) (4,872) — (6,456) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 54 6,273 — — — 6,327 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,849 221,588 (11,001) 15,159 (119,160) 166,435 Income tax benefit (expense) — — — — 763 763 Equity income (loss) from unconsolidated joint ventures 111 137 639 (20) — 867 Income (loss) from continuing operations 59,960 221,725 (10,362) 15,139 (118,397) 168,065 Income (loss) from discontinued operations — — — — 113,960 113,960 Net income (loss) $ 59,960 $ 221,725 $ (10,362) $ 15,139 $ (4,437) $ 282,025 ______________________________________________________________________________ (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 six months ended June 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 401,826 $ 356,571 $ 246,920 $ 10,987 $ — $ 1,016,304 Government grant income (1) — — 6,762 — — 6,762 Less: Interest income — — — (10,987) — (10,987) Healthpeak’s share of unconsolidated joint venture total revenues 2,698 1,493 — 36,260 — 40,451 Healthpeak’s share of unconsolidated joint venture government grant income — — 333 315 — 648 Noncontrolling interests’ share of consolidated joint venture total revenues (119) (17,763) — — — (17,882) Operating expenses (97,635) (124,491) (200,165) — — (422,291) Healthpeak’s share of unconsolidated joint venture operating expenses (966) (600) — (28,205) — (29,771) Noncontrolling interests’ share of consolidated joint venture operating expenses 38 5,328 — — — 5,366 Adjustments to NOI (2) (35,756) (6,495) — 45 — (42,206) Adjusted NOI 270,086 214,043 53,850 8,415 — 546,394 Plus: Adjustments to NOI (2) 35,756 6,495 — (45) — 42,206 Interest income — — — 10,987 — 10,987 Interest expense — (2,966) (3,741) — (72,746) (79,453) Depreciation and amortization (157,811) (136,646) (63,765) — — (358,222) General and administrative — — — — (48,612) (48,612) Transaction costs (327) (74) (64) — (443) (908) Impairments and loan loss reserves — — — (271) — (271) Gain (loss) on sales of real estate, net 3,856 10,340 — — — 14,196 Other income (expense), net 20 12,201 7,141 (13) 1,828 21,177 Less: Government grant income — — (6,762) — — (6,762) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,732) (893) (333) (8,370) — (11,328) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 81 12,435 — — — 12,516 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 149,929 114,935 (13,674) 10,703 (119,973) 141,920 Income tax benefit (expense) — — — — (59) (59) Equity income (loss) from unconsolidated joint ventures 1,114 411 539 402 — 2,466 Income (loss) from continuing operations 151,043 115,346 (13,135) 11,105 (120,032) 144,327 Income (loss) from discontinued operations — — — — 3,309 3,309 Net income (loss) $ 151,043 $ 115,346 $ (13,135) $ 11,105 $ (116,723) $ 147,636 ______________________________________________________________________________ (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 six months ended June 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 347,461 $ 325,496 $ 233,436 $ 25,121 $ — $ 931,514 Government grant income (1) — — 1,397 — — 1,397 Less: Interest income — — — (25,121) — (25,121) Healthpeak’s share of unconsolidated joint venture total revenues 2,749 1,425 6,903 33,493 — 44,570 Healthpeak’s share of unconsolidated joint venture government grant income — — 199 810 — 1,009 Noncontrolling interests’ share of consolidated joint venture total revenues (140) (17,751) — — — (17,891) Operating expenses (80,185) (105,769) (185,939) — — (371,893) Healthpeak’s share of unconsolidated joint venture operating expenses (853) (611) (6,953) (25,046) — (33,463) Noncontrolling interests’ share of consolidated joint venture operating expenses 41 5,056 — — — 5,097 Adjustments to NOI (2) (24,176) (3,926) 1,246 85 — (26,771) Adjusted NOI 244,897 203,920 50,289 9,342 — 508,448 Plus: Adjustments to NOI (2) 24,176 3,926 (1,246) (85) — 26,771 Interest income — — — 25,121 — 25,121 Interest expense (150) (881) (3,842) — (80,651) (85,524) Depreciation and amortization (145,388) (121,326) (62,283) — — (328,997) General and administrative — — — — (48,990) (48,990) Transaction costs (11) (295) (1,090) (21) — (1,417) Impairments and loan loss reserves — — — (4,173) — (4,173) Gain (loss) on sales of real estate, net — 175,238 — — — 175,238 Gain (loss) on debt extinguishments — — — — (225,157) (225,157) Other income (expense), net 33 (2,454) 2,341 482 3,532 3,934 Less: Government grant income — — (1,397) — — (1,397) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,896) (814) (149) (9,257) — (12,116) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 99 12,695 — — — 12,794 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 121,760 270,009 (17,377) 21,409 (351,266) 44,535 Income tax benefit (expense) — — — — 755 755 Equity income (loss) from unconsolidated joint ventures 18 328 639 1,205 — 2,190 Income (loss) from continuing operations 121,778 270,337 (16,738) 22,614 (350,511) 47,480 Income (loss) from discontinued operations — — — — 383,968 383,968 Net income (loss) $ 121,778 $ 270,337 $ (16,738) $ 22,614 $ 33,457 $ 431,448 ______________________________________________________________________________ (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	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2022 2021 Supplemental cash flow information: Interest paid, net of capitalized interest $ 74,327 $ 109,277 Income taxes paid (refunded) (612) 4,026 Capitalized interest 16,320 10,867 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 508 13,157 Seller financing provided on disposition of real estate asset — 559,745 Accrued construction costs 163,391 113,221 Vesting of restricted stock units and conversion of non-managing member units into common stock 803 900 Carrying value of mortgages assumed by buyer in real estate dispositions — 106,632 The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Six Months Ended June 30, 2022 2021 Leasing costs, tenant improvements, and recurring capital expenditures $ 21 $ 2,349 Development, redevelopment, and other major improvements of real estate 18 4,569 Depreciation and amortization of real estate, in-place lease, and other intangibles — — The following table summarizes cash, cash equivalents and restricted cash (in thousands): Six Months Ended June 30, 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 $ 73,013 $ 96,923 $ 8,070 $ 17,354 $ 81,083 $ 114,277 Restricted cash 54,815 129,052 — 974 54,815 130,026 Cash, cash equivalents and restricted cash $ 127,828 $ 225,975 $ 8,070 $ 18,328 $ 135,898 $ 244,303

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At June 30, 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. Any assets generated by the entity may only be used to settle its contractual obligations (primarily capital expenditures 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 June 30, 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 $ 36,599 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 14,831 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). As of June 30, 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 June 30, 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 certain decisions 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 June 30, 2022, the Company acquired one MOB using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”). Additionally, during the three months ended March 31, 2022, the Company acquired two MOBs using a reverse 1031 exchange. As of June 30, 2022, the Company had not completed these reverse 1031 exchanges 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 $66 million as of June 30, 2022. The assets of the EAT primarily consisted of leased properties (net real estate, including intangibles) and rents receivable; 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). 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): June 30, December 31, Assets Buildings and improvements $ 2,331,975 $ 2,303,920 Development costs and construction in progress 138,655 82,303 Land 510,096 548,168 Accumulated depreciation and amortization (592,488) (551,097) Net real estate 2,388,238 2,383,294 Accounts receivable, net 3,933 5,455 Cash and cash equivalents 37,274 22,295 Restricted cash 211 114 Intangible assets, net 106,855 117,180 Assets held for sale and discontinued operations, net 216 754 Right-of-use asset, net 108,390 107,993 Other assets, net 66,610 62,886 Total assets $ 2,711,727 $ 2,699,971 Liabilities Mortgage debt $ 144,451 $ 144,350 Intangible liabilities, net 27,410 23,909 Liabilities related to assets held for sale and discontinued operations, net 1,668 1,677 Lease liability 98,666 99,213 Accounts payable, accrued liabilities, and other liabilities 69,143 58,440 Deferred revenue 25,431 21,546 Total liabilities $ 366,769 $ 349,135 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): June 30, December 31, Assets Accounts receivable, net $ — $ 62 Cash and cash equivalents 153 59 Other assets, net 63 633 Total assets $ 216 $ 754 Liabilities Accounts payable, accrued liabilities, and other liabilities $ 1,668 $ 1,677 Total liabilities $ 1,668 $ 1,677

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [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 June 30, 2022 and December 31, 2021. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2022 (3) December 31, 2021 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 413,962 $ 432,914 $ 415,811 $ 437,607 Marketable debt securities (2) 21,345 21,345 21,003 21,003 Interest rate swap instruments (2) 1,629 1,629 — — Interest rate cap instruments (2) — — 397 397 Bank line of credit and commercial paper (2) 1,448,569 1,448,569 1,165,975 1,165,975 Senior unsecured notes (1) 4,655,852 4,360,241 4,651,933 5,054,747 Mortgage debt (2) 349,329 339,356 352,081 352,800 _______________________________________ (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, interest rate swap instruments, and interest rate cap instruments, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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. At June 30, 2022, a one percentage point increase or decrease in the underlying interest rate curve would result in a corresponding increase or decrease in the fair value of the derivative instruments by approximately $5 million . In March 2021, the Company repaid $39 million of variable rate secured debt on two SHOP assets and terminated the two associated interest rate swap instruments. Therefore, at December 31, 2021, the Company had no interest rate swap instruments. In April 2021, the Company executed two interest rate cap instruments on its $142 million of variable rate mortgage debt issued in conjunction with the acquisition of the MOB Portfolio (see Note 3). In April 2022, the Company terminated these interest rate cap instruments and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026. The following table summarizes the Company’s interest rate swap instruments as of June 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate Receive Rate June 30, December 31, April 2022 (2) May 2026 Cash flow $ 51,100 5.08 % 1 mo. USD-LIBOR-BBA + 2.50% $ 586 $ — April 2022 (2) May 2026 Cash flow 91,000 4.63 % 1 mo. USD-LIBOR-BBA + 2.05% 1,043 — _____________________________ (1) At June 30, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded in other assets, net on the Consolidated Balance Sheets. (2) Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate secured debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The following table summarizes the Company’s interest rate cap instruments as of June 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Strike Rate Index June 30, December 31, April 2021 (2) May 2024 Non-designated $ 142,100 2.00 % 1 mo. USD-LIBOR-BBA $ — $ 397 _____________________________ (1) At December 31, 2021, the interest rate cap instruments were in an asset position. Derivative assets are recorded in other assets, net on the Consolidated Balance Sheets. (2) Represents two interest rate cap instruments that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates. These interest rate cap instruments were terminated in April 2022. During the three and six months ended June 30, 2022, the Company recognized a $0.1 million and $2 million increase, respectively, in the fair value of the interest rate cap instruments within other income (expense), net.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	6 Months Ended
	Jun. 30, 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): June 30, December 31, Refundable entrance fees (1) $ 275,152 $ 288,409 Accrued construction costs 163,391 179,995 Accrued interest 59,092 59,342 Other accounts payable and accrued liabilities 209,184 227,638 Accounts payable, accrued liabilities, and other liabilities $ 706,819 $ 755,384 _______________________________________ (1) At June 30, 2022 and December 31, 2021, unamortized nonrefundable entrance fee liabilities were $508 million and $496 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets. During the three and six months ended June 30, 2022, the Company collected nonrefundable entrance fees of $29 million and $50 million, respectively, and recognized amortization of $19 million and $38 million, respectively. During the three and six months ended June 30, 2021, the Company collected nonrefundable entrance fees of $24 million and $38 million, respectively, and recognized amortization of $18 million and $38 million, respectively. 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2022 and 2021, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the coronavirus (“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 June 30, 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Government grant income recorded in other income (expense), net $ 209 $ 87 $ 6,762 $ 1,397 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 584 648 1,010 Government grant income recorded in income (loss) from discontinued operations — 428 206 3,660 Total government grants received $ 209 $ 1,099 $ 7,616 $ 6,067

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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): June 30, December 31, ASSETS Accounts receivable, net of allowance of $990 and $4,138 $ 761 $ 2,446 Cash and cash equivalents 8,070 7,707 Right-of-use asset, net 19 26 Other assets, net 1,400 3,237 Total assets of discontinued operations, net 10,250 13,416 Assets held for sale, net (1) 56,397 23,774 Assets held for sale and discontinued operations, net $ 66,647 $ 37,190 LIABILITIES Lease liability $ 19 $ 26 Accounts payable, accrued liabilities, and other liabilities 11,479 14,843 Deferred revenue 102 92 Total liabilities of discontinued operations, net 11,600 14,961 Liabilities related to assets held for sale, net (1) 4,269 95 Liabilities related to assets held for sale and discontinued operations, net $ 15,869 $ 15,056 _______________________________________ (1) As of June 30, 2022, includes two life science assets and two MOBs primarily comprised of net real estate assets of $51 million. As of December 31, 2021, includes four MOBs and one life science facility primarily comprised of net real estate assets of $23 million. The results of discontinued operations during the three and six months ended June 30, 2022 and 2021, or through the disposal date of each asset or portfolio of assets held within discontinued operations if sold during such periods, as applicable, are included in the consolidated results of operations for the three and six months ended June 30, 2022 and 2021. Summarized financial information for discontinued operations for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenues: Rental and related revenues $ — $ 1,613 $ — $ 6,841 Resident fees and services 2,825 30,273 5,480 103,270 Total revenues 2,825 31,886 5,480 110,111 Costs and expenses: Interest expense — 1,177 — 3,853 Operating 2,442 33,647 5,116 105,165 Transaction costs — — — 76 Impairments and loan loss reserves (recoveries), net — 10,995 — 10,995 Total costs and expenses 2,442 45,819 5,116 120,089 Other income (expense): Gain (loss) on sales of real estate, net 2,563 122,238 2,492 381,900 Other income (expense), net 16 128 19 6,012 Total other income (expense), net 2,579 122,366 2,511 387,912 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 2,962 108,433 2,875 377,934 Income tax benefit (expense) 30 302 370 1,124 Equity income (loss) from unconsolidated joint ventures — 5,225 64 4,910 Income (loss) from discontinued operations $ 2,992 $ 113,960 $ 3,309 $ 383,968

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Fixed income from operating leases $ 296,729 $ 268,290 $ 584,020 $ 531,246 Variable income from operating leases 90,350 72,352 173,209 137,368 Interest income from direct financing leases — 2,180 1,168 4,343
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (in thousands): June 30, 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)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): June 30, December 31, Secured loans (1) $ 387,447 $ 396,281 Mezzanine and other 31,098 25,529 Unamortized discounts, fees, and costs (2,568) (4,186) Reserve for loan losses (2,015) (1,813) Loans receivable, net $ 413,962 $ 415,811 _______________________________________ (1) At June 30, 2022, the Company had $48 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 June 30, 2022 (in thousands): Investment Type Year of Origination Total 2022 2021 2020 2019 2018 Prior Secured loans Risk rating: Performing loans $ — $ 302,665 $ 80,205 $ — $ — $ — $ 382,870 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ 302,665 $ 80,205 $ — $ — $ — $ 382,870 Mezzanine and other Risk rating: Performing loans $ 23,239 $ 6,635 $ 1,218 $ — $ — $ — $ 31,092 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 23,239 $ 6,635 $ 1,218 $ — $ — $ — $ 31,092
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): June 30, 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 256 (3) 253 793 896 1,689 Expected loan losses related to loans sold or repaid (1) (51) — (51) (2,141) (8,015) (10,156) Reserve for loan losses, end of period $ 2,009 $ 6 $ 2,015 $ 1,804 $ 9 $ 1,813 _______________________________________ (1) Includes one loan repaid during the six months ended June 30, 2022 and 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)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2022 2021 SWF SH JV Other 19 54 $ 351,686 $ 355,394 Life Science JV Life science 1 49 26,719 25,605 Needham Land Parcel JV (3) Life science — 38 14,831 13,566 Medical Office JVs (4) Medical office 3 20 - 67 8,918 9,069 $ 402,154 $ 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 June 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Gross intangible lease assets $ 802,180 $ 797,675 Accumulated depreciation and amortization (331,315) (277,915) Intangible assets, net (1) $ 470,865 $ 519,760 Weighted average remaining amortization period in years 6 6 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $2 million and zero as of June 30, 2022 and December 31, 2021, respectively.
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 240,733 $ 234,917 Accumulated depreciation and amortization (71,111) (57,685) Intangible liabilities, net $ 169,622 $ 177,232 Weighted average remaining amortization period in years 8 8

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 three and six months ended June 30, 2021. (2) Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment during the six months ended June 30, 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 June 30, 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 $ — $ — $ — — % $ 2,541 3.80 % $ 2,541 2023 — — — — % 90,089 3.80 % 90,089 2024 — — — — % 7,024 4.28 % 7,024 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 2026 — 1,448,569 650,000 3.39 % 244,523 4.48 % 2,343,092 Thereafter — — 3,250,000 3.24 % 366 5.91 % 3,250,366 — 1,448,569 4,700,000 347,752 6,496,321 (Discounts), premium and debt costs, net — — (44,148) 1,577 (42,571) $ — $ 1,448,569 $ 4,655,852 $ 349,329 $ 6,453,750 _______________________________________ (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 3.42% to 5.91% with a weighted average effective interest rate of 4.28% and a weighted average maturity of 3 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Unrealized gains (losses) on derivatives, net $ 1,629 $ — Supplemental Executive Retirement Plan minimum liability (2,947) (3,147) Total accumulated other comprehensive income (loss) $ (1,318) $ (3,147)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Numerator Income (loss) from continuing operations $ 69,301 $ 168,065 $ 144,327 $ 47,480 Noncontrolling interests' share in continuing operations (3,955) (3,535) (7,685) (6,841) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 65,346 164,530 136,642 40,639 Less: Participating securities' share in continuing operations (281) (287) (2,258) (2,732) Income (loss) from continuing operations applicable to common shares 65,065 164,243 134,384 37,907 Income (loss) from discontinued operations 2,992 113,960 3,309 383,968 Noncontrolling interests' share in discontinued operations — (2,210) — (2,539) Net income (loss) applicable to common shares $ 68,057 $ 275,993 $ 137,693 $ 419,336 Numerator - Dilutive Net income (loss) applicable to common shares $ 68,057 $ 275,993 $ 137,693 $ 419,336 Add: distributions on dilutive convertible units and other — 1,540 — — Dilutive net income (loss) available to common shares $ 68,057 $ 277,533 $ 137,693 $ 419,336 Denominator Basic weighted average shares outstanding 539,558 538,929 539,456 538,805 Dilutive potential common shares - equity awards (1) 257 264 245 276 Dilutive potential common shares - DownREIT conversions — 5,501 — — Diluted weighted average common shares 539,815 544,694 539,701 539,081 Basic earnings (loss) per common share Continuing operations $ 0.12 $ 0.30 $ 0.25 $ 0.07 Discontinued operations 0.01 0.21 0.01 0.71 Net income (loss) applicable to common shares $ 0.13 $ 0.51 $ 0.26 $ 0.78 Diluted earnings (loss) per common share Continuing operations $ 0.12 $ 0.30 $ 0.25 $ 0.07 Discontinued operations 0.01 0.21 0.01 0.71 Net income (loss) applicable to common shares $ 0.13 $ 0.51 $ 0.26 $ 0.78 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). For the three and six months ended June 30, 2022, the 9.1 million shares under forward sales agreements that have not been settled as of June 30, 2022 were anti-dilutive. For the three and six months ended June 30, 2021, forward sales agreements had no dilutive impact as no shares remained outstanding under ATM forward contracts during the period.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,771 $ 179,308 $ 125,360 $ 5,493 $ — $ 517,932 Government grant income (1) — — 209 — — 209 Less: Interest income — — — (5,493) — (5,493) Healthpeak’s share of unconsolidated joint venture total revenues 1,267 761 — 18,215 — 20,243 Noncontrolling interests’ share of consolidated joint venture total revenues (62) (8,943) — — — (9,005) Operating expenses (49,446) (63,321) (102,277) — — (215,044) Healthpeak’s share of unconsolidated joint venture operating expenses (483) (301) — (14,150) — (14,934) Noncontrolling interests’ share of consolidated joint venture operating expenses 19 2,726 — — — 2,745 Adjustments to NOI (2) (21,644) (2,949) — 54 — (24,539) Adjusted NOI 137,422 107,281 23,292 4,119 — 272,114 Plus: Adjustments to NOI (2) 21,644 2,949 — (54) — 24,539 Interest income — — — 5,493 — 5,493 Interest expense — (1,930) (1,876) — (38,061) (41,867) Depreciation and amortization (79,673) (68,873) (31,943) — — (180,489) General and administrative — — — — (24,781) (24,781) Transaction costs (35) (70) (64) — (443) (612) Impairments and loan loss reserves — — — (139) — (139) Gain (loss) on sales of real estate, net — 10,340 — — — 10,340 Other income (expense), net 29 1,264 630 18 920 2,861 Less: Government grant income — — (209) — — (209) Less: Healthpeak’s share of unconsolidated joint venture NOI (784) (460) — (4,065) — (5,309) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 43 6,217 — — — 6,260 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 78,646 56,718 (10,170) 5,372 (62,365) 68,201 Income tax benefit (expense) — — — — 718 718 Equity income (loss) from unconsolidated joint ventures 148 211 — 23 — 382 Income (loss) from continuing operations 78,794 56,929 (10,170) 5,395 (61,647) 69,301 Income (loss) from discontinued operations — — — — 2,992 2,992 Net income (loss) $ 78,794 $ 56,929 $ (10,170) $ 5,395 $ (58,655) $ 72,293 ______________________________________________________________________________ (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 June 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 177,527 $ 165,295 $ 117,308 $ 16,108 $ — $ 476,238 Government grant income (1) — — 87 — — 87 Less: Interest income — — — (16,108) — (16,108) Healthpeak’s share of unconsolidated joint venture total revenues 1,412 710 2,415 16,740 — 21,277 Healthpeak’s share of unconsolidated joint venture government grant income — — — 583 — 583 Noncontrolling interests’ share of consolidated joint venture total revenues (75) (8,825) — — — (8,900) Operating expenses (40,724) (54,648) (94,760) — — (190,132) Healthpeak’s share of unconsolidated joint venture operating expenses (428) (317) (2,208) (12,451) — (15,404) Noncontrolling interests’ share of consolidated joint venture operating expenses 21 2,552 — — — 2,573 Adjustments to NOI (2) (12,366) (2,003) 1,226 (27) — (13,170) Adjusted NOI 125,367 102,764 24,068 4,845 — 257,044 Plus: Adjustments to NOI (2) 12,366 2,003 (1,226) 27 — 13,170 Interest income — — — 16,108 — 16,108 Interest expense (48) (786) (1,924) — (35,923) (38,681) Depreciation and amortization (76,955) (63,371) (31,133) — — (171,459) General and administrative — — — — (24,088) (24,088) Transaction costs 21 35 (657) (18) — (619) Impairments and loan loss reserves — — — (931) — (931) Gain (loss) on sales of real estate, net — 175,238 — — — 175,238 Gain (loss) on debt extinguishments — — — — (60,865) (60,865) Other income (expense), net 28 (175) 165 — 1,716 1,734 Less: Government grant income — — (87) — — (87) Less: Healthpeak’s share of unconsolidated joint venture NOI (984) (393) (207) (4,872) — (6,456) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 54 6,273 — — — 6,327 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,849 221,588 (11,001) 15,159 (119,160) 166,435 Income tax benefit (expense) — — — — 763 763 Equity income (loss) from unconsolidated joint ventures 111 137 639 (20) — 867 Income (loss) from continuing operations 59,960 221,725 (10,362) 15,139 (118,397) 168,065 Income (loss) from discontinued operations — — — — 113,960 113,960 Net income (loss) $ 59,960 $ 221,725 $ (10,362) $ 15,139 $ (4,437) $ 282,025 ______________________________________________________________________________ (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 six months ended June 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 401,826 $ 356,571 $ 246,920 $ 10,987 $ — $ 1,016,304 Government grant income (1) — — 6,762 — — 6,762 Less: Interest income — — — (10,987) — (10,987) Healthpeak’s share of unconsolidated joint venture total revenues 2,698 1,493 — 36,260 — 40,451 Healthpeak’s share of unconsolidated joint venture government grant income — — 333 315 — 648 Noncontrolling interests’ share of consolidated joint venture total revenues (119) (17,763) — — — (17,882) Operating expenses (97,635) (124,491) (200,165) — — (422,291) Healthpeak’s share of unconsolidated joint venture operating expenses (966) (600) — (28,205) — (29,771) Noncontrolling interests’ share of consolidated joint venture operating expenses 38 5,328 — — — 5,366 Adjustments to NOI (2) (35,756) (6,495) — 45 — (42,206) Adjusted NOI 270,086 214,043 53,850 8,415 — 546,394 Plus: Adjustments to NOI (2) 35,756 6,495 — (45) — 42,206 Interest income — — — 10,987 — 10,987 Interest expense — (2,966) (3,741) — (72,746) (79,453) Depreciation and amortization (157,811) (136,646) (63,765) — — (358,222) General and administrative — — — — (48,612) (48,612) Transaction costs (327) (74) (64) — (443) (908) Impairments and loan loss reserves — — — (271) — (271) Gain (loss) on sales of real estate, net 3,856 10,340 — — — 14,196 Other income (expense), net 20 12,201 7,141 (13) 1,828 21,177 Less: Government grant income — — (6,762) — — (6,762) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,732) (893) (333) (8,370) — (11,328) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 81 12,435 — — — 12,516 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 149,929 114,935 (13,674) 10,703 (119,973) 141,920 Income tax benefit (expense) — — — — (59) (59) Equity income (loss) from unconsolidated joint ventures 1,114 411 539 402 — 2,466 Income (loss) from continuing operations 151,043 115,346 (13,135) 11,105 (120,032) 144,327 Income (loss) from discontinued operations — — — — 3,309 3,309 Net income (loss) $ 151,043 $ 115,346 $ (13,135) $ 11,105 $ (116,723) $ 147,636 ______________________________________________________________________________ (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 six months ended June 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 347,461 $ 325,496 $ 233,436 $ 25,121 $ — $ 931,514 Government grant income (1) — — 1,397 — — 1,397 Less: Interest income — — — (25,121) — (25,121) Healthpeak’s share of unconsolidated joint venture total revenues 2,749 1,425 6,903 33,493 — 44,570 Healthpeak’s share of unconsolidated joint venture government grant income — — 199 810 — 1,009 Noncontrolling interests’ share of consolidated joint venture total revenues (140) (17,751) — — — (17,891) Operating expenses (80,185) (105,769) (185,939) — — (371,893) Healthpeak’s share of unconsolidated joint venture operating expenses (853) (611) (6,953) (25,046) — (33,463) Noncontrolling interests’ share of consolidated joint venture operating expenses 41 5,056 — — — 5,097 Adjustments to NOI (2) (24,176) (3,926) 1,246 85 — (26,771) Adjusted NOI 244,897 203,920 50,289 9,342 — 508,448 Plus: Adjustments to NOI (2) 24,176 3,926 (1,246) (85) — 26,771 Interest income — — — 25,121 — 25,121 Interest expense (150) (881) (3,842) — (80,651) (85,524) Depreciation and amortization (145,388) (121,326) (62,283) — — (328,997) General and administrative — — — — (48,990) (48,990) Transaction costs (11) (295) (1,090) (21) — (1,417) Impairments and loan loss reserves — — — (4,173) — (4,173) Gain (loss) on sales of real estate, net — 175,238 — — — 175,238 Gain (loss) on debt extinguishments — — — — (225,157) (225,157) Other income (expense), net 33 (2,454) 2,341 482 3,532 3,934 Less: Government grant income — — (1,397) — — (1,397) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,896) (814) (149) (9,257) — (12,116) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 99 12,695 — — — 12,794 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 121,760 270,009 (17,377) 21,409 (351,266) 44,535 Income tax benefit (expense) — — — — 755 755 Equity income (loss) from unconsolidated joint ventures 18 328 639 1,205 — 2,190 Income (loss) from continuing operations 121,778 270,337 (16,738) 22,614 (350,511) 47,480 Income (loss) from discontinued operations — — — — 383,968 383,968 Net income (loss) $ 121,778 $ 270,337 $ (16,738) $ 22,614 $ 33,457 $ 431,448 ______________________________________________________________________________ (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 Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2022 2021 Supplemental cash flow information: Interest paid, net of capitalized interest $ 74,327 $ 109,277 Income taxes paid (refunded) (612) 4,026 Capitalized interest 16,320 10,867 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 508 13,157 Seller financing provided on disposition of real estate asset — 559,745 Accrued construction costs 163,391 113,221 Vesting of restricted stock units and conversion of non-managing member units into common stock 803 900 Carrying value of mortgages assumed by buyer in real estate dispositions — 106,632 The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Six Months Ended June 30, 2022 2021 Leasing costs, tenant improvements, and recurring capital expenditures $ 21 $ 2,349 Development, redevelopment, and other major improvements of real estate 18 4,569 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): Six Months Ended June 30, 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 $ 73,013 $ 96,923 $ 8,070 $ 17,354 $ 81,083 $ 114,277 Restricted cash 54,815 129,052 — 974 54,815 130,026 Cash, cash equivalents and restricted cash $ 127,828 $ 225,975 $ 8,070 $ 18,328 $ 135,898 $ 244,303

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 36,599 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 14,831 _______________________________________ (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): June 30, December 31, Assets Buildings and improvements $ 2,331,975 $ 2,303,920 Development costs and construction in progress 138,655 82,303 Land 510,096 548,168 Accumulated depreciation and amortization (592,488) (551,097) Net real estate 2,388,238 2,383,294 Accounts receivable, net 3,933 5,455 Cash and cash equivalents 37,274 22,295 Restricted cash 211 114 Intangible assets, net 106,855 117,180 Assets held for sale and discontinued operations, net 216 754 Right-of-use asset, net 108,390 107,993 Other assets, net 66,610 62,886 Total assets $ 2,711,727 $ 2,699,971 Liabilities Mortgage debt $ 144,451 $ 144,350 Intangible liabilities, net 27,410 23,909 Liabilities related to assets held for sale and discontinued operations, net 1,668 1,677 Lease liability 98,666 99,213 Accounts payable, accrued liabilities, and other liabilities 69,143 58,440 Deferred revenue 25,431 21,546 Total liabilities $ 366,769 $ 349,135 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): June 30, December 31, Assets Accounts receivable, net $ — $ 62 Cash and cash equivalents 153 59 Other assets, net 63 633 Total assets $ 216 $ 754 Liabilities Accounts payable, accrued liabilities, and other liabilities $ 1,668 $ 1,677 Total liabilities $ 1,668 $ 1,677

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [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): June 30, 2022 (3) December 31, 2021 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 413,962 $ 432,914 $ 415,811 $ 437,607 Marketable debt securities (2) 21,345 21,345 21,003 21,003 Interest rate swap instruments (2) 1,629 1,629 — — Interest rate cap instruments (2) — — 397 397 Bank line of credit and commercial paper (2) 1,448,569 1,448,569 1,165,975 1,165,975 Senior unsecured notes (1) 4,655,852 4,360,241 4,651,933 5,054,747 Mortgage debt (2) 349,329 339,356 352,081 352,800 _______________________________________ (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, interest rate swap instruments, and interest rate cap instruments, 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 six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s interest rate swap instruments as of June 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate Receive Rate June 30, December 31, April 2022 (2) May 2026 Cash flow $ 51,100 5.08 % 1 mo. USD-LIBOR-BBA + 2.50% $ 586 $ — April 2022 (2) May 2026 Cash flow 91,000 4.63 % 1 mo. USD-LIBOR-BBA + 2.05% 1,043 — _____________________________ (1) At June 30, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded in other assets, net on the Consolidated Balance Sheets. (2) Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate secured debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The following table summarizes the Company’s interest rate cap instruments as of June 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Strike Rate Index June 30, December 31, April 2021 (2) May 2024 Non-designated $ 142,100 2.00 % 1 mo. USD-LIBOR-BBA $ — $ 397 _____________________________ (1) At December 31, 2021, the interest rate cap instruments were in an asset position. Derivative assets are recorded in other assets, net on the Consolidated Balance Sheets. (2) Represents two interest rate cap instruments that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates. These interest rate cap instruments were terminated in April 2022.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, Refundable entrance fees (1) $ 275,152 $ 288,409 Accrued construction costs 163,391 179,995 Accrued interest 59,092 59,342 Other accounts payable and accrued liabilities 209,184 227,638 Accounts payable, accrued liabilities, and other liabilities $ 706,819 $ 755,384 _______________________________________ (1) At June 30, 2022 and December 31, 2021, unamortized nonrefundable entrance fee liabilities were $508 million and $496 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets. During the three and six months ended June 30, 2022, the Company collected nonrefundable entrance fees of $29 million and $50 million, respectively, and recognized amortization of $19 million and $38 million, respectively. During the three and six months ended June 30, 2021, the Company collected nonrefundable entrance fees of $24 million and $38 million, respectively, and recognized amortization of $18 million and $38 million, respectively. 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	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	$ (6,840,388)	$ (6,947,722)	$ (7,058,760)	$ (7,351,410)	$ (7,241,139)	$ (7,289,950)
Redeemable noncontrolling interests	115,877		87,344
Accounts payable, accrued liabilities, and other liabilities	$ (706,819)		$ (755,384)
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment				82,319
Redeemable noncontrolling interests				85,367
Accounts payable, accrued liabilities, and other liabilities				$ 3,048

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 209	$ 1,099	$ 7,616	$ 6,067
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	209	87	6,762	1,397
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	0	584	648	1,010
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 0	$ 428	$ 206	$ 3,660

Real Estate Transactions - Real

Real Estate Transactions - Real Estate Investments (Details) $ in Millions	1 Months Ended			3 Months Ended		12 Months Ended
	May 31, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Jan. 31, 2022 USD ($)	Jun. 30, 2022 property	Mar. 31, 2022 property	Dec. 31, 2021 USD ($) a property	Apr. 30, 2021 USD ($)
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				1	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 | ARKANSAS
Real Estate [Line Items]
Payments to acquire real estate	$ 26
Number of properties acquired | property	1
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	6 Months Ended
	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
Development and redevelopment projects, amount decrease	$ 16
Development commitments	$ 454

Dispositions of Real Estate a_3

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

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

18 Months Ended

Jul. 31, 2022 USD ($) property

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($) property

Jun. 30, 2021 USD ($) property

May 31, 2021 USD ($) property

Apr. 30, 2021 USD ($) property

Mar. 31, 2021 USD ($) property

Feb. 28, 2021 USD ($) property

Jan. 31, 2021 USD ($) property

Jun. 30, 2022 USD ($) property

Mar. 31, 2022 USD ($)

Jun. 30, 2021 USD ($) property

Mar. 31, 2021 USD ($) property

Jun. 30, 2022 USD ($) loan

Dec. 31, 2021 loan

Jun. 30, 2021 USD ($) property

Dec. 31, 2021 loan

Jun. 30, 2022 USD ($)

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

Gain (loss) on sales of real estate, net

$ 10,340,000

$ 175,238,000

$ 14,196,000

$ 175,238,000

Carrying value of mortgages assumed by buyer in real estate dispositions

$ 0

106,632,000

Number of loans sold | loan

1

2

6

Impairment of real estate

$ 0

$ 0

Goodwill, impairment loss

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

7,000,000

32,000,000

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

10,000,000

48,000,000

Held-for-sale

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

Goodwill, impairment loss

7,000,000

7,000,000

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

Sunrise Senior Housing Portfolio | SHOP | Subsequent Event

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

Capital expenditure funding, amount committed

$ 40,000,000

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]

Number of properties sold | property

1

Proceeds from sale of buildings

$ 5,000,000

SHOP | Oakmont SHOP Portfolio

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

Proceeds from sale of buildings

$ 564,000,000

Gain (loss) on sales of real estate, net

80,000,000

SHOP | Discovery SHOP Portfolio

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

Proceeds from sale of buildings

334,000,000

Gain (loss) on sales of real estate, net

9,000,000

Proceeds from sale of loans and preferred equity method investments

21,000,000

SHOP | Sonata SHOP Portfolio

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

Proceeds from sale of buildings

64,000,000

Gain (loss) on sales of real estate, net

$ 3,000,000

SHOP | Other Dispositions

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

Proceeds from sale of buildings

44,000,000

$ 120,000,000

Senior Housing Triple Net

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

Proceeds from sale of buildings

$ 12,000,000

$ 12,000,000

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]

Number of properties sold | property

3

4

6

Proceeds from sale of buildings

$ 27,000,000

$ 21,000,000

$ 47,000,000

Gain (loss) on sales of real estate, net

$ 10,000,000

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

2

Proceeds from sale of buildings

$ 9,000,000

MOB Land Parcels

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

Number of properties sold | property

1

1

SHOP

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

Number of properties sold | property

16

6

8

Impairment of real estate

$ 4,000,000

$ 4,000,000

Number of real estate properties impaired | property

1

1

Real estate investment property, aggregate carrying value before impairment

20,000,000

$ 20,000,000

$ 20,000,000

Real estate held-for-sale

16,000,000

$ 16,000,000

$ 16,000,000

SHOP | Sunrise Senior Housing Portfolio

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

Number of properties sold | property

32

Proceeds from sale of buildings

$ 664,000,000

Gain (loss) on sales of real estate, net

$ 7,000,000

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 properties sold | property

12

SHOP | Discovery SHOP Portfolio

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

Number of properties sold | property

10

Gain (loss) on sales of real estate, net

$ 0

Number of preferred equity method investments sold | property

2

SHOP | Discovery SHOP Portfolio | Mezzanine and Other

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

Number of loans sold | property

2

SHOP | Sonata SHOP Portfolio

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

Number of properties sold | property

5

SHOP | SLC SHOP Portfolio

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

Number of properties 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 properties sold | property

3

4

Senior Housing Triple Net | Sunrise Senior Housing Portfolio

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

Number of properties sold | property

2

Proceeds from sale of buildings

$ 80,000,000

Gain (loss) on sales of real estate, net

$ 22,000,000

Senior Housing Triple Net | Brookdale Triple Net Portfolio

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

Number of properties 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 properties sold | property

8

Medical Office, Hospital

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

$ 226,000,000

Gain (loss) on sales of real estate, net

$ 172,000,000

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Assets and Liabilities for Discontinued Operations (Details) $ in Thousands	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
ASSETS
Cash and cash equivalents	$ 8,070	$ 7,707	$ 17,354	$ 53,085
Total assets of discontinued operations, net	66,647	37,190
LIABILITIES
Total liabilities of discontinued operations, net	15,869	15,056
Allowance for doubtful accounts receivable	990	4,138
Held-for-sale
ASSETS
Accounts receivable, net of allowance of $990 and $4,138	761	2,446
Cash and cash equivalents	8,070	7,707
Right-of-use asset, net	19	26
Other assets, net	1,400	3,237
Total assets of discontinued operations, net	10,250	13,416
Assets held for sale, net	56,397	23,774
Assets held for sale and discontinued operations, net	66,647	37,190
LIABILITIES
Lease liability	19	26
Accounts payable, accrued liabilities, and other liabilities	11,479	14,843
Deferred revenue	102	92
Total liabilities of discontinued operations, net	11,600	14,961
Liabilities related to assets held for sale, net	4,269	95
Liabilities related to assets held for sale and discontinued operations, net	$ 15,869	15,056
Net real estate assets		$ 23,000
Held-for-sale | Life Science
LIABILITIES
Number of properties classified as held for sale | property	2	1
Held-for-sale | Medical Office Buildings
LIABILITIES
Number of properties classified as held for sale | property	2	4
Held-for-sale | Life Science and Medical Office
LIABILITIES
Net real estate assets	$ 51,000

Dispositions of Real Estate a_5

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - Held-for-sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues	$ 0	$ 1,613	$ 0	$ 6,841
Resident fees and services	2,825	30,273	5,480	103,270
Total revenues	2,825	31,886	5,480	110,111
Interest expense	0	1,177	0	3,853
Operating	2,442	33,647	5,116	105,165
Transaction costs	0	0	0	76
Impairments and loan loss reserves (recoveries), net	0	10,995	0	10,995
Total costs and expenses	2,442	45,819	5,116	120,089
Gain (loss) on sales of real estate, net	2,563	122,238	2,492	381,900
Other income (expense), net	16	128	19	6,012
Total other income (expense), net	2,579	122,366	2,511	387,912
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	2,962	108,433	2,875	377,934
Income tax benefit (expense)	30	302	370	1,124
Equity income (loss) from unconsolidated joint ventures	0	5,225	64	4,910
Income (loss) from discontinued operations	$ 2,992	$ 113,960	$ 3,309	$ 383,968

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 296,729	$ 268,290	$ 584,020	$ 531,246
Variable income from operating leases	90,350	72,352	173,209	137,368
Interest income from direct financing leases	$ 0	$ 2,180	$ 1,168	$ 4,343

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
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	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) 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
Number of properties classified as DFL | property	0	1

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (2,568)	$ (4,186)
Reserve for loan losses	(2,015)	(1,813)	$ (10,280)
Loans receivable, net	413,962	415,811
Remaining loans receivable commitments	48,000	58,000
Secured mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	387,447	396,281
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 31,098	$ 25,529

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	1 Months Ended									3 Months Ended				6 Months Ended			12 Months Ended	18 Months Ended
	Jul. 31, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) loan	May 31, 2021 USD ($) loan	Apr. 30, 2021 USD ($) loan property	Jan. 31, 2021 USD ($) facility	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) loan	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Jun. 30, 2021 USD ($) loan	Dec. 31, 2021 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)
Loans Receivable:
Net cash provided by financing activities														$ (72,082,000)		$ (2,009,272,000)
Gain (loss) on sales of real estate, net										$ 10,340,000		$ 175,238,000		14,196,000		175,238,000
Financing receivable, after allowance for credit loss										413,962,000				413,962,000	$ 415,811,000		$ 415,811,000	$ 413,962,000
Reserves for loans receivable										2,015,000				$ 2,015,000	$ 1,813,000		$ 1,813,000	2,015,000	$ 10,280,000
Gain (loss) on sale of financing receivable											$ 23,000,000
Number of loans sold | loan														1	2		6
Proceeds from sale of receivables															$ 53,000,000
Credit loss reserve on unfunded loan commitments										400,000				$ 400,000	300,000		$ 300,000	400,000
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%
Capital expenditure funding, amount funded																		400,000
Sunrise Senior Housing Portfolio | SHOP | Subsequent Event
Loans Receivable:
Capital expenditure funding, amount committed	$ 40,000,000
Secured mortgage loans
Loans Receivable:
Financing receivable, gross										387,447,000				387,447,000	396,281,000		396,281,000	387,447,000
Mezzanine and Other
Loans Receivable:
Reserves for loans receivable										6,000				6,000	9,000		9,000	6,000	$ 7,128,000
SHOP
Loans Receivable:
Number of assets to be sold | facility									16
SHOP | Sunrise Senior Housing Portfolio
Loans Receivable:
Number of assets to be sold | facility									32
Proceeds from sale of property									$ 664,000,000
Proceeds from the collection of loans receivable			$ 8,000,000			246,000,000
Gain (loss) on sales of real estate, net						7,000,000
Financing receivable, after allowance for credit loss										157,000,000				157,000,000	165,000,000		165,000,000	157,000,000
SHOP | Sunrise Senior Housing Portfolio | Subsequent Event
Loans Receivable:
Proceeds from the collection of loans receivable	27,000,000
Capital expenditure funding, decrease in amount	$ 7,000,000
SHOP | Discovery SHOP Portfolio
Loans Receivable:
Gain (loss) on sales of real estate, net								$ 0
SHOP | Mezzanine and Other | Discovery SHOP Portfolio
Loans Receivable:
Number of loans held for sale | loan								2
Gain (loss) on sale of financing receivable								$ 0
Number of loans sold | property								2
Secured mortgage loans
Loans Receivable:
Financing receivable, after allowance for credit loss						$ 53,000,000						$ 53,000,000				$ 53,000,000
Principal repayments received		$ 2,000,000		$ 15,000,000	$ 8,000,000		$ 10,000,000
Number of loans held for sale | loan						2						2				2
Financing receivable, gross						$ 64,000,000						$ 64,000,000				$ 64,000,000
Decrease in financing receivable												11,000,000
Reserves for loans receivable						$ 8,000,000						8,000,000				8,000,000
Gain (loss) on sale of financing receivable												(3,000,000)				(3,000,000)
Number of loans receivable | loan							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		9,000,000		2,000,000		10,000,000
Noncash interest income, acceleration recognition												$ 7,000,000				$ 7,000,000
SHOP | Minimum
Loans Receivable:
Loans receivable, stated interest rate													3.50%
Interest income, amortization period (in years)													1 year
SHOP | Maximum
Loans Receivable:
Loans receivable, stated interest rate													4.50%
Interest income, amortization period (in years)													3 years
SHOP | 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 | Brookedale MTCA | Other Non-Reporting Segment | Lessor Asset Under Operating Lease
Loans Receivable:
Financing receivable, after allowance for credit loss										$ 30,000,000				$ 30,000,000	$ 24,000,000		$ 24,000,000	$ 30,000,000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Secured Mortgage Loans
Loans receivable
2022	$ 0
2021	302,665
2020	80,205
2019	0
2018	0
Prior	0
Total	382,870
Mezzanine and other
Loans receivable
2022	23,239
2021	6,635
2020	1,218
2019	0
2018	0
Prior	0
Total	31,092
Performing loans | Secured Mortgage Loans
Loans receivable
2022	0
2021	302,665
2020	80,205
2019	0
2018	0
Prior	0
Total	382,870
Performing loans | Mezzanine and other
Loans receivable
2022	23,239
2021	6,635
2020	1,218
2019	0
2018	0
Prior	0
Total	31,092
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	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	$ 1,813		$ 10,280
Provision for expected loan losses	253		1,689
Expected loan losses related to loans sold and repaid	(51)		(10,156)
Reserve for loan losses, end of period	$ 2,015	$ 1,813	$ 1,813
Number of loans sold | loan	1	2	6
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	256		793
Expected loan losses related to loans sold and repaid	(51)		(2,141)
Reserve for loan losses, end of period	2,009	$ 1,804	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	$ 9

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended						3 Months Ended		6 Months Ended
	Aug. 31, 2022 USD ($) property	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2021 USD ($) property	Jan. 31, 2021 facility	Jun. 30, 2022 USD ($) property joint_venture	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 30, 2021 property	Mar. 31, 2021 joint_venture
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures				$ 403,634			$ 402,154
Discovery Naples JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage											41%
Discovery Sarasota JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage											47%
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%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							67%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				30%
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%
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%
Equity method investments				$ 355,394			$ 351,686
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%
Equity method investments				$ 25,605			$ 26,719
Life Science | Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count | property							0
Investment ownership percentage				38%			38%
Equity method investments				$ 13,566			$ 14,831
Payments to acquire equity method investment				13,000
Life Science | Life Science JV in San Francisco, California | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Property count | property	7
Investment ownership percentage	70%
Life Science | Life Science JV in San Francisco, California | Life Science JV in San Francisco, California | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	30%
Cash proceeds	$ 126,000
Medical Office
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of property							$ 27,000	$ 21,000	$ 47,000
Medical Office | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of property		$ 9,000
Medical Office | Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property							3
Equity method investments				$ 9,069			$ 8,918
Medical Office | Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							20%
Medical Office | Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							67%
SHOP
Schedule of Equity Method Investments [Line Items]
Number of assets to be sold | facility						16
SHOP | Discovery SHOP Portfolio
Schedule of Equity Method Investments [Line Items]
Number of preferred equity method investments sold | property										2

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangibles [Abstract]
Gross intangible lease assets	$ 802,180,000	$ 797,675,000
Accumulated depreciation and amortization	(331,315,000)	(277,915,000)
Intangible assets, net	$ 470,865,000	$ 519,760,000
Weighted average remaining amortization period in years	6 years	6 years
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 470,865,000	$ 519,760,000
Discontinued Operations, Held-for-sale or Disposed of by Sale
Intangibles [Abstract]
Intangible assets, net	2,000,000	0
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 2,000,000	$ 0

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangibles [Abstract]
Gross intangible lease liabilities	$ 240,733	$ 234,917
Accumulated depreciation and amortization	(71,111)	(57,685)
Intangible liabilities, net	$ 169,622	$ 177,232
Weighted average remaining amortization period in years	8 years	8 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 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
Other Property
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 7	$ 109
Intangible liabilities acquired	$ 6	$ 57
Weighted average remaining amortization period in years	7 years	9 years
Weighted average remaining amortization period, liabilities	11 years	9 years

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details)		1 Months Ended		6 Months Ended
	May 23, 2019 USD ($) renewal_option	Sep. 30, 2021 USD ($) renewal_option	Jul. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2019 USD ($)
Debt Instrument
Balance outstanding				$ 1,448,569,000	$ 1,165,975,000
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)		60%
Debt instrument, covenant secured debt to assets (as a percent)		40%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)		60%
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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jul. 31, 2022
Debt Instrument
Debt instrument, term (in months)	45 days	2 months
Weighted-average interest rate (as a percent)	1.95%	0.32%
Commercial Paper Program
Debt Instrument
Maximum outstanding amount capacity	$ 1,500,000,000	$ 1,500,000,000
Borrowings	$ 1,450,000,000	$ 1,170,000,000
Commercial Paper Program | Subsequent Event
Debt Instrument
Maximum outstanding amount capacity			$ 2,000,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) bond	Nov. 24, 2021 USD ($)	Jul. 12, 2021 USD ($)	May 19, 2021 USD ($)	Feb. 26, 2021 USD ($)	Jan. 28, 2021 USD ($)
Debt Instrument
Principal balance on debt	$ 6,496,321,000		$ 6,496,321,000
Loss on extinguishment of debt	0	$ 60,865,000	0	$ 225,157,000
Number of bond offerings | bond					2
Senior Unsecured Note
Debt Instrument
Principal balance on debt	$ 4,700,000,000		$ 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%
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		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		6 Months Ended
	Jun. 30, 2022 USD ($) facility	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) facility	Jun. 30, 2021 USD ($)	Apr. 30, 2022 derivativeHeld	Dec. 31, 2021 USD ($) derivativeHeld facility	Apr. 30, 2021 USD ($)
Debt Instrument
Principal balance on debt	$ 6,496,321		$ 6,496,321
Interest rate swap instruments
Debt Instrument
Number of interest-rate contracts held | derivativeHeld						0
Interest rate swap instruments | 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	$ 347,752		$ 347,752			$ 350,000
Number of healthcare facilities used to secure debt (in facilities) | facility	18		18			18
Debt instrument, collateral, healthcare facilities carrying value	$ 799,000		$ 799,000			$ 811,000
Debt instrument, periodic payment	$ 1,000	$ 1,000	$ 3,000	$ 3,000

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
2022	$ 2,541
2023	90,089
2024	7,024
2025	803,209
2026	2,343,092
Thereafter	3,250,366
Total debt before discount, net	6,496,321
(Discounts), premium and debt costs, net	(42,571)
Long-term debt	$ 6,453,750
Weighted-average interest rate (as a percent)	1.95%	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	1,448,569
Thereafter	0
Total debt before discount, net	1,448,569
(Discounts), premium and debt costs, net	0
Long-term debt	1,448,569
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	(44,148)
Long-term debt	$ 4,655,852
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%
Senior Unsecured Note | Interest Rate 2023
Debt Instrument
Interest Rate	0%
Senior Unsecured Note | Interest Rate 2024
Debt Instrument
Interest Rate	0%
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	$ 2,541
2023	90,089
2024	7,024
2025	3,209
2026	244,523
Thereafter	366
Total debt before discount, net	347,752	$ 350,000
(Discounts), premium and debt costs, net	1,577
Long-term debt	$ 349,329
Weighted-average interest rate (as a percent)	4.28%
Weighted-average maturity (in years)	3 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	4.28%
Mortgage Debt | Interest Rate 2025
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | Interest Rate 2026
Debt Instrument
Interest Rate	4.48%
Mortgage Debt | Interest Rate Thereafter
Debt Instrument
Interest Rate	5.91%
Mortgage Debt | Minimum
Debt Instrument
Interest Rate	3.42%
Mortgage Debt | Maximum
Debt Instrument
Interest Rate	5.91%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2022 property
Life Science JV | Life Science
Loss Contingencies [Line Items]
Investment ownership percentage	49%
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)			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended		24 Months Ended
	Jul. 28, 2022 $ / shares	Apr. 30, 2021 USD ($)	May 31, 2021 USD ($)	Jun. 30, 2022 $ / shares shares	Jun. 30, 2021 $ / shares shares	Jun. 30, 2022 USD ($) interest $ / shares shares	Jun. 30, 2021 $ / shares shares	Dec. 31, 2022 interest	Dec. 31, 2021 USD ($) interest $ / shares shares	Dec. 31, 2024 interest	Aug. 01, 2022 USD ($)
Class of Stock [Line Items]
Dividends declared (in dollars per share) | $ / shares				$ 0.30	$ 0.30	$ 0.60	$ 0.60
Dividends paid (in dollars per share) | $ / shares				$ 0.30	$ 0.30	$ 0.60	$ 0.60
Number of redeemable noncontrolling interest redemptions | interest									1
Payments for repurchase of redeemable noncontrolling interest | $									$ 60,000,000
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
Stock repurchase program, authorized amount | $											$ 500,000,000
2020 ATM Program
Class of Stock [Line Items]
ATM aggregate amount authorized | $		$ 1,250,000,000	$ 1,500,000,000
ATM aggregate amount remaining | $						$ 1,180,000,000
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		0
Remainder outstanding (in shares) | shares				9,100,000		9,100,000
ATM Direct Issuances | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares) | shares				0	0	0	0

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - AOCI (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 1,629	$ 0
Supplemental Executive Retirement Plan minimum liability	(2,947)	(3,147)
Total accumulated other comprehensive income (loss)	$ (1,318)	$ (3,147)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)	0	0	0	0
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	9,100,000		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	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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Income (loss) from continuing operations	$ 69,301	$ 168,065	$ 144,327	$ 47,480
Noncontrolling interests' share in continuing operations	(3,955)	(3,535)	(7,685)	(6,841)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	65,346	164,530	136,642	40,639
Less: Participating securities' share in continuing operations	(281)	(287)	(2,258)	(2,732)
Income (loss) from continuing operations applicable to common shares	65,065	164,243	134,384	37,907
Income (loss) from discontinued operations	2,992	113,960	3,309	383,968
Noncontrolling interests' share in discontinued operations	0	(2,210)	0	(2,539)
Net income (loss) applicable to common shares	68,057	275,993	137,693	419,336
Add: distributions on dilutive convertible units and other	0	1,540	0	0
Dilutive net income (loss) available to common shares	$ 68,057	$ 277,533	$ 137,693	$ 419,336
Denominator
Basic weighted average shares outstanding (in shares)	539,558,000	538,929,000	539,456,000	538,805,000
Dilutive potential common shares - equity awards (in shares)	257,000	264,000	245,000	276,000
Dilutive potential common shares - DownREIT conversions (in shares)	0	5,501,000	0	0
Diluted weighted average common shares (in shares)	539,815,000	544,694,000	539,701,000	539,081,000
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.12	$ 0.30	$ 0.25	$ 0.07
Discontinued operations (in dollars per share)	0.01	0.21	0.01	0.71
Net income (loss) applicable to common shares (in dollars per share)	0.13	0.51	0.26	0.78
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.12	0.30	0.25	0.07
Discontinued operations (in dollars per share)	0.01	0.21	0.01	0.71
Net income (loss) applicable to common shares (in dollars per share)	$ 0.13	$ 0.51	$ 0.26	$ 0.78
Outstanding equity awards (in shares)	1,000,000	1,000,000	1,000,000	1,000,000
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	9,100,000		9,100,000
Forward sales agreements that have been settled (in shares)		0		0
Total common shares attributable to REIT conversions		7,000,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)
Segment Disclosure
Number of facilities owned by unconsolidated joint venture | property		19		19
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		$ 517,932	$ 476,238	$ 1,016,304	$ 931,514
Government grant income		209	87	6,762	1,397
Less: Interest income		(5,493)	(16,108)	(10,987)	(25,121)
Healthpeak’s share of unconsolidated joint venture total revenues		20,243	21,277	40,451	44,570
Healthpeak’s share of unconsolidated joint venture government grant income			583	648	1,009
Noncontrolling interests’ share of consolidated joint venture total revenues		(9,005)	(8,900)	(17,882)	(17,891)
Operating expenses		(215,044)	(190,132)	(422,291)	(371,893)
Healthpeak’s share of unconsolidated joint venture operating expenses		(14,934)	(15,404)	(29,771)	(33,463)
Noncontrolling interests’ share of consolidated joint venture operating expenses		2,745	2,573	5,366	5,097
Adjustments to NOI		(24,539)	(13,170)	(42,206)	(26,771)
Adjusted NOI		272,114	257,044	546,394	508,448
Plus: Adjustments to NOI		24,539	13,170	42,206	26,771
Interest income		5,493	16,108	10,987	25,121
Interest expense		(41,867)	(38,681)	(79,453)	(85,524)
Depreciation and amortization		(180,489)	(171,459)	(358,222)	(328,997)
General and administrative		(24,781)	(24,088)	(48,612)	(48,990)
Transaction costs		(612)	(619)	(908)	(1,417)
Impairments and loan loss reserves		(139)	(931)	(271)	(4,173)
Gain (loss) on sales of real estate, net		10,340	175,238	14,196	175,238
Gain (loss) on debt extinguishments		0	(60,865)	0	(225,157)
Other income (expense), net		2,861	1,734	21,177	3,934
Less: Government grant income		(209)	(87)	(6,762)	(1,397)
Less: Healthpeak’s share of unconsolidated joint venture NOI		(5,309)	(6,456)	(11,328)	(12,116)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		6,260	6,327	12,516	12,794
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		68,201	166,435	141,920	44,535
Income tax benefit (expense)		718	763	(59)	755
Equity income (loss) from unconsolidated joint ventures		382	867	2,466	2,190
Income (loss) from continuing operations		69,301	168,065	144,327	47,480
Income (loss) from discontinued operations		2,992	113,960	3,309	383,968
Net income (loss)		72,293	282,025	147,636	431,448
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		0	0	0	0
Government grant income		0	0	0	0
Less: Interest income		0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues		0	0	0	0
Healthpeak’s share of unconsolidated joint venture government grant income			0	0	0
Noncontrolling interests’ share of consolidated joint venture total revenues		0	0	0	0
Operating expenses		0	0	0	0
Healthpeak’s share of unconsolidated joint venture operating expenses		0	0	0	0
Noncontrolling interests’ share of consolidated joint venture operating expenses		0	0	0	0
Adjustments to NOI		0	0	0	0
Adjusted NOI		0	0	0	0
Plus: Adjustments to NOI		0	0	0	0
Interest income		0	0	0	0
Interest expense		(38,061)	(35,923)	(72,746)	(80,651)
Depreciation and amortization		0	0	0	0
General and administrative		(24,781)	(24,088)	(48,612)	(48,990)
Transaction costs		(443)	0	(443)	0
Impairments and loan loss reserves		0	0	0	0
Gain (loss) on sales of real estate, net		0	0	0	0
Gain (loss) on debt extinguishments			(60,865)		(225,157)
Other income (expense), net		920	1,716	1,828	3,532
Less: Government grant income		0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		0	0	0	0
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		0	0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		(62,365)	(119,160)	(119,973)	(351,266)
Income tax benefit (expense)		718	763	(59)	755
Equity income (loss) from unconsolidated joint ventures		0	0	0	0
Income (loss) from continuing operations		(61,647)	(118,397)	(120,032)	(350,511)
Income (loss) from discontinued operations		2,992	113,960	3,309	383,968
Net income (loss)		(58,655)	(4,437)	(116,723)	33,457
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		207,771	177,527	401,826	347,461
Government grant income		0	0	0	0
Less: Interest income		0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues		1,267	1,412	2,698	2,749
Healthpeak’s share of unconsolidated joint venture government grant income			0	0	0
Noncontrolling interests’ share of consolidated joint venture total revenues		(62)	(75)	(119)	(140)
Operating expenses		(49,446)	(40,724)	(97,635)	(80,185)
Healthpeak’s share of unconsolidated joint venture operating expenses		(483)	(428)	(966)	(853)
Noncontrolling interests’ share of consolidated joint venture operating expenses		19	21	38	41
Adjustments to NOI		(21,644)	(12,366)	(35,756)	(24,176)
Adjusted NOI		137,422	125,367	270,086	244,897
Plus: Adjustments to NOI		21,644	12,366	35,756	24,176
Interest income		0	0	0	0
Interest expense		0	(48)	0	(150)
Depreciation and amortization		(79,673)	(76,955)	(157,811)	(145,388)
General and administrative		0	0	0	0
Transaction costs		(35)	21	(327)	(11)
Impairments and loan loss reserves		0	0	0	0
Gain (loss) on sales of real estate, net		0	0	3,856	0
Gain (loss) on debt extinguishments			0		0
Other income (expense), net		29	28	20	33
Less: Government grant income		0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		(784)	(984)	(1,732)	(1,896)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		43	54	81	99
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		78,646	59,849	149,929	121,760
Income tax benefit (expense)		0	0	0	0
Equity income (loss) from unconsolidated joint ventures		148	111	1,114	18
Income (loss) from continuing operations		78,794	59,960	151,043	121,778
Income (loss) from discontinued operations		0	0	0	0
Net income (loss)		78,794	59,960	151,043	121,778
Medical Office
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net		10,000
Medical Office | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		179,308	165,295	356,571	325,496
Government grant income		0	0	0	0
Less: Interest income		0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues		761	710	1,493	1,425
Healthpeak’s share of unconsolidated joint venture government grant income			0	0	0
Noncontrolling interests’ share of consolidated joint venture total revenues		(8,943)	(8,825)	(17,763)	(17,751)
Operating expenses		(63,321)	(54,648)	(124,491)	(105,769)
Healthpeak’s share of unconsolidated joint venture operating expenses		(301)	(317)	(600)	(611)
Noncontrolling interests’ share of consolidated joint venture operating expenses		2,726	2,552	5,328	5,056
Adjustments to NOI		(2,949)	(2,003)	(6,495)	(3,926)
Adjusted NOI		107,281	102,764	214,043	203,920
Plus: Adjustments to NOI		2,949	2,003	6,495	3,926
Interest income		0	0	0	0
Interest expense		(1,930)	(786)	(2,966)	(881)
Depreciation and amortization		(68,873)	(63,371)	(136,646)	(121,326)
General and administrative		0	0	0	0
Transaction costs		(70)	35	(74)	(295)
Impairments and loan loss reserves		0	0	0	0
Gain (loss) on sales of real estate, net		10,340	175,238	10,340	175,238
Gain (loss) on debt extinguishments			0		0
Other income (expense), net		1,264	(175)	12,201	(2,454)
Less: Government grant income		0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		(460)	(393)	(893)	(814)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		6,217	6,273	12,435	12,695
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		56,718	221,588	114,935	270,009
Income tax benefit (expense)		0	0	0	0
Equity income (loss) from unconsolidated joint ventures		211	137	411	328
Income (loss) from continuing operations		56,929	221,725	115,346	270,337
Income (loss) from discontinued operations		0	0	0	0
Net income (loss)		56,929	221,725	115,346	270,337
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		125,360	117,308	246,920	233,436
Government grant income		209	87	6,762	1,397
Less: Interest income		0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues		0	2,415	0	6,903
Healthpeak’s share of unconsolidated joint venture government grant income			0	333	199
Noncontrolling interests’ share of consolidated joint venture total revenues		0	0	0	0
Operating expenses		(102,277)	(94,760)	(200,165)	(185,939)
Healthpeak’s share of unconsolidated joint venture operating expenses		0	(2,208)	0	(6,953)
Noncontrolling interests’ share of consolidated joint venture operating expenses		0	0	0	0
Adjustments to NOI		0	1,226	0	1,246
Adjusted NOI		23,292	24,068	53,850	50,289
Plus: Adjustments to NOI		0	(1,226)	0	(1,246)
Interest income		0	0	0	0
Interest expense		(1,876)	(1,924)	(3,741)	(3,842)
Depreciation and amortization		(31,943)	(31,133)	(63,765)	(62,283)
General and administrative		0	0	0	0
Transaction costs		(64)	(657)	(64)	(1,090)
Impairments and loan loss reserves		0	0	0	0
Gain (loss) on sales of real estate, net		0	0	0	0
Gain (loss) on debt extinguishments			0		0
Other income (expense), net		630	165	7,141	2,341
Less: Government grant income		(209)	(87)	(6,762)	(1,397)
Less: Healthpeak’s share of unconsolidated joint venture NOI		0	(207)	(333)	(149)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		0	0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		(10,170)	(11,001)	(13,674)	(17,377)
Income tax benefit (expense)		0	0	0	0
Equity income (loss) from unconsolidated joint ventures		0	639	539	639
Income (loss) from continuing operations		(10,170)	(10,362)	(13,135)	(16,738)
Income (loss) from discontinued operations		0	0	0	0
Net income (loss)		(10,170)	(10,362)	(13,135)	(16,738)
Other Non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues		5,493	16,108	10,987	25,121
Government grant income		0	0	0	0
Less: Interest income		(5,493)	(16,108)	(10,987)	(25,121)
Healthpeak’s share of unconsolidated joint venture total revenues		18,215	16,740	36,260	33,493
Healthpeak’s share of unconsolidated joint venture government grant income			583	315	810
Noncontrolling interests’ share of consolidated joint venture total revenues		0	0	0	0
Operating expenses		0	0	0	0
Healthpeak’s share of unconsolidated joint venture operating expenses		(14,150)	(12,451)	(28,205)	(25,046)
Noncontrolling interests’ share of consolidated joint venture operating expenses		0	0	0	0
Adjustments to NOI		54	(27)	45	85
Adjusted NOI		4,119	4,845	8,415	9,342
Plus: Adjustments to NOI		(54)	27	(45)	(85)
Interest income		5,493	16,108	10,987	25,121
Interest expense		0	0	0	0
Depreciation and amortization		0	0	0	0
General and administrative		0	0	0	0
Transaction costs		0	(18)	0	(21)
Impairments and loan loss reserves		(139)	(931)	(271)	(4,173)
Gain (loss) on sales of real estate, net		0	0	0	0
Gain (loss) on debt extinguishments			0		0
Other income (expense), net		18	0	(13)	482
Less: Government grant income		0	0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI		(4,065)	(4,872)	(8,370)	(9,257)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI		0	0	0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures		5,372	15,159	10,703	21,409
Income tax benefit (expense)		0	0	0	0
Equity income (loss) from unconsolidated joint ventures		23	(20)	402	1,205
Income (loss) from continuing operations		5,395	15,139	11,105	22,614
Income (loss) from discontinued operations		0	0	0	0
Net income (loss)		$ 5,395	$ 15,139	$ 11,105	$ 22,614

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 74,327	$ 109,277
Income taxes paid (refunded)	(612)	4,026
Capitalized interest	16,320	10,867
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases	508	13,157
Seller financing provided on disposition of real estate asset	0	559,745
Accrued construction costs	163,391	113,221
Vesting of restricted stock units and conversion of non-managing member units into common stock	803	900
Carrying value of mortgages assumed by buyer in real estate dispositions	$ 0	$ 106,632

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures			$ 50,745	$ 43,132
Development, redevelopment, and other major improvements of real estate			366,404	281,829
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 180,489	$ 171,459	358,222	328,997
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			21	2,349
Development, redevelopment, and other major improvements of real estate			18	4,569
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	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Continuing operations
Cash and cash equivalents	$ 73,013	$ 158,287	$ 96,923	$ 44,226
Restricted cash	54,815	53,454	129,052	67,206
Cash, cash equivalents and restricted cash	127,828	211,741	225,975	111,432
Discontinued operations
Cash and cash equivalents	8,070	7,707	17,354	53,085
Restricted cash	0	0	974	17,168
Cash, cash equivalents and restricted cash	8,070	7,707	18,328	70,253
Cash and cash equivalents, total	81,083	165,994	114,277	97,311
Restricted cash, total	54,815	53,454	130,026	84,374
Cash, cash equivalents and restricted cash, total	$ 135,898	$ 219,448	$ 244,303	$ 181,685

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) joint_venture	Jun. 30, 2022 USD ($) joint_venture property	Mar. 31, 2022 property	Jun. 30, 2022 USD ($) joint_venture	Dec. 31, 2021 USD ($) joint_venture property
Variable Interest Entity [Line Items]
Exchange accommodation titleholder, real estate, carrying value | $	$ 77	$ 66		$ 66	$ 77
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures)	2	2		2	2
Number of VIE borrowers with marketable debt securities (in joint ventures)	1	1		1	1
Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage				51%
Life Science JV
Variable Interest Entity [Line Items]
VIE ownership percentage				99%
MSREI JV
Variable Interest Entity [Line Items]
VIE ownership percentage				51%
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%	38%		38%	38%
Payments to acquire equity method investment | $	$ 13
Medical Office Buildings
Variable Interest Entity [Line Items]
Number of properties acquired | property		1	2		2

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 36,599
Needham Land Parcel JV
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 14,831

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 12,590,403	$ 12,025,271
Development costs and construction in progress	675,713	877,423
Land	2,705,260	2,603,964
Accumulated depreciation and amortization	(3,097,748)	(2,839,229)
Net real estate	12,873,628	12,667,429
Accounts receivable, net	47,340	48,691
Cash and cash equivalents	73,013	158,287	$ 96,923	$ 44,226
Intangible assets, net	470,865	519,760
Assets held for sale and discontinued operations, net	66,647	37,190
Right-of-use asset, net	233,391	233,942
Other assets, net	682,388	674,615
Total assets	15,318,203	15,257,519
Liabilities
Mortgage debt	349,329	352,081
Intangible liabilities, net	169,622	177,232
Liabilities related to assets held for sale and discontinued operations, net	15,869	15,056
Lease liability	201,124	204,547
Accounts payable, accrued liabilities, and other liabilities	706,819	755,384
Deferred revenue	814,754	789,207
Total liabilities	8,361,938	8,111,415
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,331,975	2,303,920
Development costs and construction in progress	138,655	82,303
Land	510,096	548,168
Accumulated depreciation and amortization	(592,488)	(551,097)
Net real estate	2,388,238	2,383,294
Accounts receivable, net	3,933	5,455
Cash and cash equivalents	37,274	22,295
Restricted cash	211	114
Intangible assets, net	106,855	117,180
Assets held for sale and discontinued operations, net	216	754
Right-of-use asset, net	108,390	107,993
Other assets, net	66,610	62,886
Total assets	2,711,727	2,699,971
Liabilities
Mortgage debt	144,451	144,350
Intangible liabilities, net	27,410	23,909
Liabilities related to assets held for sale and discontinued operations, net	1,668	1,677
Lease liability	98,666	99,213
Accounts payable, accrued liabilities, and other liabilities	69,143	58,440
Deferred revenue	25,431	21,546
Total liabilities	366,769	349,135
Consolidated Lessees VIE | Discontinued Operations
ASSETS
Accounts receivable, net	0	62
Cash and cash equivalents	153	59
Other assets, net	63	633
Total assets	216	754
Liabilities
Liabilities related to assets held for sale and discontinued operations, net	1,668	1,677
Total liabilities	$ 1,668	$ 1,677

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Summary of financial instruments
Bank line of credit and commercial paper	$ 1,448,569	$ 1,165,975
Senior unsecured notes	4,655,852	4,651,933
Mortgage debt	349,329	352,081
Carrying Value
Summary of financial instruments
Loans receivable, net	413,962	415,811
Marketable debt securities	21,345	21,003
Bank line of credit and commercial paper	1,448,569	1,165,975
Senior unsecured notes	4,655,852	4,651,933
Mortgage debt	349,329	352,081
Carrying Value | Interest rate swap instruments
Summary of financial instruments
Interest rate cap assets	1,629	0
Carrying Value | Interest rate cap instruments
Summary of financial instruments
Interest rate cap assets	0	397
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	4,360,241	5,054,747
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	432,914	437,607
Marketable debt securities	21,345	21,003
Bank line of credit and commercial paper	1,448,569	1,165,975
Mortgage debt	339,356	352,800
Fair Value | Level 2 | Interest rate swap instruments
Summary of financial instruments
Interest rate cap assets	1,629	0
Fair Value | Level 2 | Interest rate cap instruments
Summary of financial instruments
Interest rate cap assets	$ 0	$ 397

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2021 USD ($) property	Mar. 31, 2021 USD ($) derivativeHeld property	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2022 derivativeHeld	Dec. 31, 2021 derivativeHeld	May 31, 2021 property	Apr. 30, 2021 USD ($)	Apr. 30, 2021 derivativeHeld	Apr. 30, 2021 instrument
Derivative [Line Items]
Asset at fair value, changes in fair value resulting from changes in assumptions				$ 5
Interest rate swap instruments
Derivative [Line Items]
Number of interest-rate contracts held | derivativeHeld						0
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held | derivativeHeld					2
Interest rate cap instruments | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held									2	2
Increase in the fair value of the interest rate cap agreements			$ 0.1	$ 2
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 instruments
Derivative [Line Items]
Number of interest rate derivatives terminated | derivativeHeld		2

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details)	Jun. 30, 2022 USD ($)	Apr. 30, 2022 derivativeHeld	Dec. 31, 2021 USD ($) derivativeHeld	Apr. 30, 2021 derivativeHeld	Apr. 30, 2021 instrument
Interest rate swap instruments
Derivative [Line Items]
Number of interest-rate contracts held | derivativeHeld			0
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held | derivativeHeld		2
Interest Rate Swap, 5.08% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 51,100,000
Pay Rate	5.08%
Receive Rate	2.50%
Fair Value	$ 586,000		$ 0
Interest Rate Swap, 4.63% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 91,000,000
Pay Rate	4.63%
Receive Rate	2.05%
Fair Value	$ 1,043,000		0
Interest rate cap instruments | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount			$ 142,100,000
Pay Rate			2%
Fair Value	$ 0		$ 397,000
Number of interest-rate contracts held				2	2

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Payables and Accruals [Abstract]
Refundable entrance fees	$ 275,152		$ 275,152		$ 288,409
Accrued construction costs	163,391		163,391		179,995
Accrued interest	59,092		59,092		59,342
Other accounts payable and accrued liabilities	209,184		209,184		227,638
Accounts payable, accrued liabilities, and other liabilities	706,819		706,819		755,384
Unamortized nonrefundable entrance fee	508,000		508,000		$ 496,000
Proceeds from collection of nonrefundable entrance fees	29,000	$ 24,000	50,000	$ 38,000
Amortization of nonrefundable entrance fee	$ 19,000	$ 18,000	$ 38,000	$ 38,000