Healthpeak Properties (DOC) 10-Q2 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		537,540,144
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate:
Buildings and improvements	$ 12,633,935	$ 12,025,271
Development costs and construction in progress	744,711	877,423
Land	2,647,430	2,603,964
Accumulated depreciation and amortization	(3,148,019)	(2,839,229)
Net real estate	12,878,057	12,667,429
Net investment in direct financing leases	0	44,706
Loans receivable, net of reserves of $5,115 and $1,813	383,991	415,811
Investments in and advances to unconsolidated joint ventures	698,903	403,634
Accounts receivable, net of allowance of $2,521 and $1,870	53,964	48,691
Cash and cash equivalents	112,452	158,287
Restricted cash	54,500	53,454
Intangible assets, net	444,215	519,760
Assets held for sale and discontinued operations, net	51,495	37,190
Right-of-use asset, net	232,155	233,942
Other assets, net	752,224	674,615
Total assets	15,661,956	15,257,519
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	1,585,333	1,165,975
Senior unsecured notes	4,657,651	4,651,933
Mortgage debt	347,987	352,081
Intangible liabilities, net	162,874	177,232
Liabilities related to assets held for sale and discontinued operations, net	12,831	15,056
Lease liability	200,813	204,547
Accounts payable, accrued liabilities, and other liabilities	732,895	755,384
Deferred revenue	835,223	789,207
Total liabilities	8,535,607	8,111,415
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	127,583	87,344
Common stock, $1.00 par value: 750,000,000 shares authorized; 537,533,719 and 539,096,879 shares issued and outstanding	537,534	539,097
Additional paid-in capital	10,014,707	10,100,294
Cumulative dividends in excess of earnings	(4,114,806)	(4,120,774)
Accumulated other comprehensive income (loss)	29,526	(3,147)
Total stockholders’ equity	6,466,961	6,515,470
Joint venture partners	330,749	342,234
Non-managing member unitholders	201,056	201,056
Total noncontrolling interests	531,805	543,290
Total equity	6,998,766	7,058,760
Total liabilities and equity	$ 15,661,956	$ 15,257,519

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 5,115	$ 1,813
Allowance for accounts receivable	$ 2,521	$ 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)	537,533,719	539,096,879
Common stock, shares outstanding (in shares)	537,533,719	539,096,879

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental and related revenues	$ 392,301	$ 353,516	$ 1,149,530	$ 1,022,130
Resident fees and services	122,142	119,022	369,062	352,458
Income from direct financing leases	0	2,179	1,168	6,522
Interest income	5,963	6,748	16,950	31,869
Total revenues	520,406	481,465	1,536,710	1,412,979
Costs and expenses:
Interest expense	44,078	35,905	123,531	121,429
Depreciation and amortization	173,190	177,175	531,412	506,172
Operating	220,208	202,139	642,499	574,032
General and administrative	24,549	23,270	73,161	72,260
Transaction costs	728	0	1,636	1,417
Impairments and loan loss reserves (recoveries), net	3,407	285	3,678	4,458
Total costs and expenses	466,160	438,774	1,375,917	1,279,768
Other income (expense):
Gain (loss) on sales of real estate, net	(4,149)	14,635	10,047	189,873
Gain (loss) on debt extinguishments	0	(667)	0	(225,824)
Other income (expense), net	305,678	1,670	326,855	5,604
Total other income (expense), net	301,529	15,638	336,902	(30,347)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	355,775	58,329	497,695	102,864
Income tax benefit (expense)	3,834	649	3,775	1,404
Equity income (loss) from unconsolidated joint ventures	(325)	2,327	2,141	4,517
Income (loss) from continuing operations	359,284	61,305	503,611	108,785
Income (loss) from discontinued operations	(1,298)	601	2,011	384,569
Net income (loss)	357,986	61,906	505,622	493,354
Noncontrolling interests’ share in continuing operations	(4,016)	(7,195)	(11,701)	(14,036)
Noncontrolling interests’ share in discontinued operations	0	0	0	(2,539)
Net income (loss) attributable to Healthpeak Properties, Inc.	353,970	54,711	493,921	476,779
Participating securities’ share in earnings	(604)	(269)	(2,523)	(3,001)
Net income (loss) applicable to common shares	$ 353,366	$ 54,442	$ 491,398	$ 473,778
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.66	$ 0.10	$ 0.91	$ 0.17
Discontinued operations (in dollars per share)	0	0	0	0.71
Net income (loss) applicable to common shares (in dollars per share)	0.66	0.10	0.91	0.88
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.65	0.10	0.91	0.17
Discontinued operations (in dollars per share)	0	0	0	0.71
Net income (loss) applicable to common shares (in dollars per share)	$ 0.65	$ 0.10	$ 0.91	$ 0.88
Weighted average shares outstanding:
Basic (in shares)	538,417	539,021	539,105	538,879
Diluted (in shares)	546,015	539,388	544,852	539,159

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 357,986	$ 61,906	$ 505,622	$ 493,354
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	30,744	0	32,373	332
Change in Supplemental Executive Retirement Plan obligation and other	100	108	300	323
Reclassification adjustment realized in net income (loss)	0	0	0	(251)
Total other comprehensive income (loss)	30,844	108	32,673	404
Total comprehensive income (loss)	388,830	62,014	538,295	493,758
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	384,814	54,819	526,594	477,183
Continuing Operations
Total comprehensive (income) loss attributable to noncontrolling interests	(4,016)	(7,195)	(11,701)	(14,036)
Discontinued Operations
Total comprehensive (income) loss attributable to noncontrolling interests	$ 0	$ 0	$ 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)	493,331	476,779			476,779		16,552
Other comprehensive income (loss)	404	404				404
Issuance of common stock, net (in shares)			974
Issuance of common stock, net	1,422	1,422	$ 974	448
Repurchase of common stock (in shares)			(410)
Repurchase of common stock	(12,553)	(12,553)	$ (410)	(12,143)
Exercise of stock options (in shares)			97
Exercise of stock options	3,291	3,291	$ 97	3,194
Amortization of stock-based compensation	17,224	17,224		17,224
Common dividends	(488,084)	(488,084)			(488,084)
Distributions to noncontrolling interests	(24,277)						(24,277)
Purchase of noncontrolling interests	(70)	(5)		(5)			(65)
Adjustments to redemption value of redeemable noncontrolling interests	(61,841)	(61,841)		(61,841)
Balance (in shares) at Sep. 30, 2021			539,066
Balance at Sep. 30, 2021	7,218,797	6,670,360	$ 539,066	10,122,112	(3,987,537)	(3,281)	548,437
Beginning balance at Dec. 31, 2020	57,396
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	23
Distributions to noncontrolling interests	(95)
Contributions from noncontrolling interests	426
Adjustments to redemption value of redeemable noncontrolling interests	61,841
Ending balance at Sep. 30, 2021	119,591
Balance (in shares) at Jun. 30, 2021			538,955
Balance at Jun. 30, 2021	7,351,410	6,802,543	$ 538,955	10,147,230	(3,880,253)	(3,389)	548,867
Increase (Decrease) in Stockholders' Equity
Net income (loss)	61,883	54,711			54,711		7,172
Other comprehensive income (loss)	108	108				108
Issuance of common stock, net (in shares)			20
Issuance of common stock, net	378	378	$ 20	358
Repurchase of common stock (in shares)			(2)
Repurchase of common stock	(73)	(73)	$ (2)	(71)
Exercise of stock options (in shares)			93
Exercise of stock options	3,166	3,166	$ 93	3,073
Amortization of stock-based compensation	5,666	5,666		5,666
Common dividends	(161,995)	(161,995)			(161,995)
Distributions to noncontrolling interests	(7,602)						(7,602)
Adjustments to redemption value of redeemable noncontrolling interests	(34,144)	(34,144)		(34,144)
Balance (in shares) at Sep. 30, 2021			539,066
Balance at Sep. 30, 2021	7,218,797	6,670,360	$ 539,066	10,122,112	(3,987,537)	(3,281)	548,437
Beginning balance at Jun. 30, 2021	85,367
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	23
Distributions to noncontrolling interests	(43)
Contributions from noncontrolling interests	100
Adjustments to redemption value of redeemable noncontrolling interests	34,144
Ending balance at Sep. 30, 2021	119,591
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)	505,584	493,921			493,921		11,663
Other comprehensive income (loss)	32,673	32,673				32,673
Issuance of common stock, net (in shares)			847
Issuance of common stock, net	1,031	1,031	$ 847	184
Repurchase of common stock (in shares)			(2,410)
Repurchase of common stock	(67,642)	(67,642)	$ (2,410)	(65,232)
Amortization of stock-based compensation	18,895	18,895		18,895
Common dividends	(487,953)	(487,953)			(487,953)
Distributions to noncontrolling interests	(23,148)						(23,148)
Adjustments to redemption value of redeemable noncontrolling interests	(39,434)	(39,434)		(39,434)
Balance (in shares) at Sep. 30, 2022			537,534
Balance at Sep. 30, 2022	6,998,766	6,466,961	$ 537,534	10,014,707	(4,114,806)	29,526	531,805
Beginning balance at Dec. 31, 2021	87,344
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	38
Distributions to noncontrolling interests	(127)
Contributions from noncontrolling interests	894
Adjustments to redemption value of redeemable noncontrolling interests	39,434
Ending balance at Sep. 30, 2022	127,583
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	357,973	353,970			353,970		4,003
Other comprehensive income (loss)	30,844	30,844				30,844
Issuance of common stock, net (in shares)			16
Issuance of common stock, net	375	375	$ 16	359
Repurchase of common stock (in shares)			(2,062)
Repurchase of common stock	(56,028)	(56,028)	$ (2,062)	(53,966)
Amortization of stock-based compensation	6,030	6,030		6,030
Common dividends	(162,014)	(162,014)			(162,014)
Distributions to noncontrolling interests	(7,374)						(7,374)
Adjustments to redemption value of redeemable noncontrolling interests	(11,428)	(11,428)		(11,428)
Balance (in shares) at Sep. 30, 2022			537,534
Balance at Sep. 30, 2022	6,998,766	$ 6,466,961	$ 537,534	$ 10,014,707	$ (4,114,806)	$ 29,526	$ 531,805
Beginning balance at Jun. 30, 2022	115,877
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	13
Distributions to noncontrolling interests	(42)
Contributions from noncontrolling interests	307
Adjustments to redemption value of redeemable noncontrolling interests	11,428
Ending balance at Sep. 30, 2022	$ 127,583

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 505,622	$ 493,354
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	531,412	506,172
Stock-based compensation amortization expense	14,635	13,895
Amortization of deferred financing costs	8,069	6,677
Straight-line rents	(36,837)	(23,627)
Amortization of nonrefundable entrance fees and above/below market lease intangibles	(75,635)	(68,854)
Equity loss (income) from unconsolidated joint ventures	(2,205)	(9,508)
Distributions of earnings from unconsolidated joint ventures	708	4,731
Loss (gain) on sale of real estate under direct financing leases	(22,693)	0
Deferred income tax expense (benefit)	(5,199)	(3,999)
Impairments and loan loss reserves (recoveries), net	3,678	37,194
Loss (gain) on debt extinguishments	0	225,824
Loss (gain) on sales of real estate, net	(11,408)	(598,531)
Loss (gain) upon change of control, net	(311,438)	(1,042)
Casualty-related loss (recoveries), net	6,457	1,632
Other non-cash items	(1,029)	(8,640)
Changes in:
Decrease (increase) in accounts receivable and other assets, net	(2,751)	27,576
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	91,920	(31,519)
Net cash provided by (used in) operating activities	693,306	571,335
Cash flows from investing activities:
Acquisitions of real estate	(159,199)	(978,473)
Development, redevelopment, and other major improvements of real estate	(616,803)	(430,510)
Leasing costs, tenant improvements, and recurring capital expenditures	(75,103)	(72,112)
Proceeds from sales of real estate, net	47,797	2,383,017
Proceeds from the South San Francisco JVs transaction, net	125,985	0
Contributions to unconsolidated joint ventures	(9,259)	(12,828)
Distributions in excess of earnings from unconsolidated joint ventures	8,746	37,139
Proceeds from sales/principal repayments on loans receivable and direct financing leases	105,040	291,223
Investments in loans receivable and other	(5,317)	(13,781)
Net cash provided by (used in) investing activities	(578,113)	1,203,675
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	12,220,955	12,931,450
Repayments under bank line of credit and commercial paper	(11,801,597)	(12,037,040)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper	0	591,546
Repayments and repurchase of debt, excluding bank line of credit and commercial paper	(3,759)	(2,421,598)
Payments for debt extinguishment and deferred financing costs	(4,171)	(232,306)
Issuance of common stock and exercise of options, net of offering costs	38	4,713
Repurchase of common stock	(67,642)	(12,553)
Dividends paid on common stock	(486,960)	(488,084)
Distributions to and purchase of noncontrolling interests	(23,275)	(24,443)
Contributions from and issuance of noncontrolling interests	894	426
Net cash provided by (used in) financing activities	(165,517)	(1,687,889)
Net increase (decrease) in cash, cash equivalents and restricted cash	(50,324)	87,121
Cash, cash equivalents and restricted cash, beginning of period	219,448	181,685
Cash, cash equivalents and restricted cash, end of period	$ 169,124	$ 268,806

Business

Business	9 Months Ended
Business	Sep. 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 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 nine months ended September 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 On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and nine months ended September 30, 2022 and 2021, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the coronavirus pandemic. Grant income is recognized to the extent that qualifying expenses and lost revenues exceed grants received and the Company will comply with all conditions attached to the grant. As of September 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 Nine Months Ended 2022 2021 2022 2021 Government grant income recorded in other income (expense), net $ 4 $ 15 $ 6,765 $ 1,412 Government grant income recorded in equity income (loss) from unconsolidated joint ventures 183 — 831 1,010 Government grant income recorded in income (loss) from discontinued operations 10 — 216 3,660 Total government grants received $ 197 $ 15 $ 7,812 $ 6,082 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. During 2022, the Company elected to apply certain hedge accounting expedients provided by ASU 2020-04 and ASU 2021-01, which preserves the hedging relationship of derivatives. The expedients provided by ASU 2020-04 and ASU 2021-01 and the effects of reference rate reform have not had, and are not expected to have, a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures.

Real Estate

Real Estate	9 Months Ended
Real Estate	Sep. 30, 2022
Real Estate [Abstract]
Real Estate	Real Estate 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 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 $49 million, to $421 million at September 30, 2022, when compared to December 31, 2021, primarily as a result of construction spend on existing projects in the first three quarters of 2022 thereby decreasing the remaining commitment.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	9 Months Ended
Dispositions of Real Estate and Discontinued Operations	Sep. 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 sold two MOBs for $9 million, resulting in total gain on sales of $1 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 September 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 T he Company sold the following during the three months ended September 30, 2021: (i) eight SHOP assets for $120 million, (ii) four senior housing triple-net assets for $12 million, and (iii) three MOBs for $36 million, resulting in total gain on sales of $42 million ($27 million of which is recognized in income (loss) from discontinued operations). In conjunction with one of the SHOP asset sales, mortgage debt held on the property with a carrying value of $36 million was assumed by the buyer. In addition to the portfolio and individual sales discussed above, the Company sold the following during the nine months ended September 30, 2021: (i) 15 SHOP assets for $169 million, (ii) 7 senior housing triple-net assets for $24 million, and (iii) 7 MOBs for $57 million, resulting in total gain on sales of $52 million ($34 million of which is recognized in income (loss) from discontinued operations). During the fourth quarter of 2021, the Company sold three MOBs and a portion of one MOB land parcel for $11 million, resulting in total gain on sales of $1 million. 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 September 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): September 30, December 31, ASSETS Accounts receivable, net of allowance of $260 and $4,138 $ 367 $ 2,446 Cash and cash equivalents 2,172 7,707 Right-of-use asset, net — 26 Other assets, net 285 3,237 Total assets of discontinued operations, net 2,824 13,416 Assets held for sale, net (1) 48,671 23,774 Assets held for sale and discontinued operations, net $ 51,495 $ 37,190 LIABILITIES Lease liability $ — $ 26 Accounts payable, accrued liabilities, and other liabilities 8,668 14,843 Deferred revenue — 92 Total liabilities of discontinued operations, net 8,668 14,961 Liabilities related to assets held for sale, net (1) 4,163 95 Liabilities related to assets held for sale and discontinued operations, net $ 12,831 $ 15,056 _______________________________________ (1) As of September 30, 2022, included two life science assets primarily comprised of net real estate assets of $43 million. As of December 31, 2021, included 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 nine months ended September 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 presented below (in thousands) and are included in the consolidated results of operations for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Revenues: Rental and related revenues $ — $ 694 $ — $ 7,535 Resident fees and services 1,284 8,507 6,765 111,777 Total revenues 1,284 9,201 6,765 119,312 Costs and expenses: Interest expense — 47 — 3,900 Operating 1,334 13,010 6,451 118,175 Transaction costs — — — 76 Impairments and loan loss reserves (recoveries), net — 21,740 — 32,736 Total costs and expenses 1,334 34,797 6,451 154,887 Other income (expense): Gain (loss) on sales of real estate, net (1,131) 26,758 1,361 408,658 Other income (expense), net (7) (863) 12 5,150 Total other income (expense), net (1,138) 25,895 1,373 413,808 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures (1,188) 299 1,687 378,233 Income tax benefit (expense) (110) 221 260 1,345 Equity income (loss) from unconsolidated joint ventures — 81 64 4,991 Income (loss) from discontinued operations $ (1,298) $ 601 $ 2,011 $ 384,569 Impairments of Real Estate 2022 During the three and nine months ended September 30, 2022, the Company did not recognize any impairment charges. 2021 During the three and nine months ended September 30, 2021, the Company recognized an aggregate impairment charge of $2 million, which is reported in impairments and loan loss reserves (recoveries), net, related to two MOBs classified as held for sale. The Company wrote down the two properties’ aggregate carrying value of $13 million to their aggregate fair value, less estimated costs to sell, of $11 million. Additionally, during the nine months ended September 30, 2021, the Company recognized an impairment charge of $4 million related to one SHOP asset classified as held for sale, which is reported in income (loss) from discontinued operations. Following a reduction in the expected sales price of the asset occurring in the second quarter of 2021, the Company wrote down its carrying value of $20 million to its fair value, less estimated costs to sell, of $16 million. The fair values of the impaired assets were based on the forecasted sales prices, which are 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 calculations during the three and nine months ended September 30, 2021, the Company’s fair value estimates primarily relied on a market approach and utilized comparable market transactions and negotiations with prospective buyers. 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 disposition of the Company’s remaining senior housing triple-net and SHOP assets in September 2021, the Company performed an impairment assessment to evaluate the fair value of its reporting units as of September 30, 2021. During the three months ended September 30, 2021, the Company recognized a $22 million goodwill impairment charge reported in income (loss) from discontinued operations to reduce the associated goodwill balance to zero as no assets remained in the reporting units associated with the senior housing triple-net and SHOP portfolios as of the assessment date. During the nine months ended September 30, 2021, the Company recognized a $29 million goodwill impairment charge reported in income (loss) from discontinued operations, $7 million of which was recognized during the second quarter of 2021, as the fair value of the remaining senior housing triple-net assets (based on forecasted sales prices) was less than the carrying value of the assets, including the related goodwill as of the assessment date. During the three and nine months ended September 30, 2021, the fair value of the assets within each of the Company’s other reporting units was greater than the respective carrying value of the assets and related goodwill, and as a result, no impairment loss was recognized with respect to the other reporting units. 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. Other Losses During the first quarter of 2022, the Company recognized $14 million of expenses for tenant relocation and other costs associated with the demolition of an MOB. These expenses are included in other income (expense), net on the Consolidated Statements of Operations for the nine months ended September 30, 2022.

Leases

Leases	9 Months Ended
Leases	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Fixed income from operating leases $ 298,680 $ 276,430 $ 882,700 $ 807,677 Variable income from operating leases 93,621 77,086 266,830 214,453 Interest income from direct financing leases — 2,179 1,168 6,522 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): September 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 Nine Months Ended 2022 2021 2022 2021 Fixed income from operating leases $ 298,680 $ 276,430 $ 882,700 $ 807,677 Variable income from operating leases 93,621 77,086 266,830 214,453 Interest income from direct financing leases — 2,179 1,168 6,522 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): September 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	9 Months Ended
Loans Receivable	Sep. 30, 2022
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): September 30, December 31, Secured loans (1) $ 360,092 $ 396,281 Mezzanine and other 30,579 25,529 Unamortized discounts, fees, and costs (1,565) (4,186) Reserve for loan losses (5,115) (1,813) Loans receivable, net $ 383,991 $ 415,811 _______________________________________ (1) At September 30, 2022, the Company had $41 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 September 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 and July 2022 , the Company received principal repayments of $8 million and $27 million, respectively, in conjunction with the disposition of the underlying collateral. As of September 30, 2022 and December 31, 2021, this secured loan had an outstanding balance of $130 million and $165 million, respectively. In conjunction with the sale of 16 additional SHOP facilities for $230 million in January 2021 (see Note 4), the Company provided the buyer with financing of $150 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in each property. During the first quarter of 2021, the Company reduced the consideration and reported gain on sales of real estate and recognized a mark-to-market discount of $16 million for certain transactions with seller financing. The Company’s discount is based on the difference between the stated interest rates (ranging from 3.50% to 4.50%) and corresponding prevailing market rates of approximately 5.25% as of the transaction dates. The discount is recognized as interest income over the term of the discounted loans (ranging from one $1 million and $3 million, respectively, of non-cash interest income related to the amortization of its mark-to-market discounts. During the three and nine months ended September 30, 2021, the Company recognized $1 million and $12 million, respectively, of non-cash interest income related to the amortization of its mark-to-market discounts, of which $7 million was recognized during the nine months ended September 30, 2021 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 nine months ended September 30, 2021. In September 2021, the Company sold one of the loans receivable previously classified as held for sale for its carrying value of $2 million. In November 2021, the Company sold the other loan receivable previously classified as held for sale for its carrying value of $51 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 September 30, 2022 and December 31, 2021, the Company held $29 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 September 30, 2022 (in thousands): Investment Type Year of Origination Total 2022 2021 2020 2019 2018 Prior Secured loans Risk rating: Performing loans $ — $ 275,634 $ 77,794 $ — $ — $ — $ 353,428 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ 275,634 $ 77,794 $ — $ — $ — $ 353,428 Mezzanine and other Risk rating: Performing loans $ 25,846 $ 3,493 $ 1,224 $ — $ — $ — $ 30,563 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 25,846 $ 3,493 $ 1,224 $ — $ — $ — $ 30,563 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): September 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 3,346 7 3,353 793 896 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 $ 5,099 $ 16 $ 5,115 $ 1,804 $ 9 $ 1,813 _______________________________________ (1) Includes one loan repaid during the nine months ended September 30, 2022 and six loans sold or repaid during the year ended December 31, 2021. Additionally, at September 30, 2022 and December 31, 2021, a liability of $0.7 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	9 Months Ended
	Sep. 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 September 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2022 2021 SWF SH JV Other 19 54 $ 348,906 $ 355,394 South San Francisco JVs (3) Life science 7 70 298,806 — Life Science JV Life science 1 49 27,009 25,605 Needham Land Parcel JV (4) Life science — 38 15,342 13,566 Medical Office JVs (5) Medical office 3 20 - 67 8,840 9,069 $ 698,903 $ 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 September 30, 2022. (3) Includes seven unconsolidated life science joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. See “South San Francisco Joint Ventures” below for further information. (4) 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 September 30, 2022. (5) 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. These joint ventures have been aggregated herein due to similarity of the investments and operations. 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 joint venture 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 sold a 30% interest in seven life science assets in South San Francisco, California to a sovereign wealth fund (“SWF Partner”) for cash of $126 million. Following this transaction, the Company and the SWF Partner share in key decisions of the assets through their voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 70% investment in the South San Francisco joint ventures (the “South San Francisco JVs”) at fair value, and accounting for its investment using the equity method. The fair values of the Company’s retained investment were based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. The Company recognized a gain upon change of control of $311 million, which is recorded in other income (expense), net. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to the South San Francisco JVs when certain conditions are met.

Intangibles

Intangibles	9 Months Ended
Intangibles	Sep. 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 September 30, December 31, Gross intangible lease assets $ 802,180 $ 797,675 Accumulated depreciation and amortization (357,965) (277,915) Intangible assets, net (1) $ 444,215 $ 519,760 Weighted average remaining amortization period in years 5 6 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $2 million and zero as of September 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 September 30, December 31, Gross intangible lease liabilities $ 240,733 $ 234,917 Accumulated depreciation and amortization (77,859) (57,685) Intangible liabilities, net $ 162,874 $ 177,232 Weighted average remaining amortization period in years 8 8 During the nine months ended September 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	9 Months Ended
Debt	Sep. 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 the London Interbank Offered Rate (“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. Additionally, the Revolving Facility 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. Based on the Company’s credit ratings at September 30, 2022, and inclusive of achievement of a sustainability-linked metric during the three months ended September 30, 2022, the margin on the Revolving Facility was 0.75% and the facility fee was 0.15%. At September 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 (“SOFR”) administered by the Federal Reserve Bank of New York. The Revolving Facility also contains certain financial restrictions and other customary requirements, including financial covenants and cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreement: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.7 billion. The Company believes it was in compliance with each of these covenants at September 30, 2022. On August 22, 2022, the Company executed a term loan agreement (the “2022 Term Loan Agreement”) that provides for two senior unsecured delayed draw term loans in an aggregate principal amount of up to $500 million (the “2022 Term Loan Facilities”). The 2022 Term Loan Facilities were available to be drawn from time to time during a 180-day period after closing, subject to customary borrowing conditions. $250 million of the 2022 Term Loan Facilities has an initial stated maturity of 4.5 years, which may be extended for a one Loans outstanding under the 2022 Term Loan Facilities accrue interest at adjusted SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The 2022 Term Loan Agreement also includes a sustainability-linked pricing component whereby the applicable margin under the 2022 Term Loan Facilities may be reduced by 0.01% based on the Company’s achievement of specified sustainability-linked metrics. Based on the Company’s credit ratings as of September 30, 2022, the margin on the 2022 Term Loan Facilities was 0.85%. Commencing on October 21, 2022, 60 days after closing, the Company became obligated to pay a fee on the daily amount of undrawn commitments under the 2022 Term Loan Facilities at a rate per annum equal to 0.15%. The 2022 Term Loan Agreement includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to an additional $500 million, subject to securing additional commitments. The 2022 Term Loan Agreement also contains certain financial restrictions and other customary requirements, including financial covenants and cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreement: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.7 billion. The Company believes it was in compliance with each of these covenants at September 30, 2022. As of September 30, 2022, the Company had no borrowings outstanding under the 2022 Term Loan Facilities. In October 2022, the entirety of the $500 million under the 2022 Term Loan Facilities was drawn. In August 2022, the Company entered into two forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 17). The 2022 Term Loan Facilities associated with these interest rate swap instruments will be reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. As of October 31, 2022, the 2022 Term Loan Facilities had a fixed effective interest rate of 3.76%, inclusive of the impact of these interest rate swap instruments and amortization of the related debt issuance costs. 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 December 31, 2021, the maximum aggregate face or principal amount that could be outstanding at any one time was $1.5 billion. In July 2022, the Company increased the maximum aggregate face or principal amount that can be outstanding at any one time to $2.0 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company uses its Revolving Facility as a liquidity backstop for the repayment of unsecured short-term debt securities issued under the Commercial Paper Program. At September 30, 2022, the Company had $1.59 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately 42 days and a weighted average interest rate of 3.41%. At December 31, 2021, the Company had $1.17 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately two months and a weighted average interest rate of 0.32%. Senior Unsecured Notes At each of September 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 September 30, 2022. During the three and nine months ended September 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 (1) Amount Coupon Rate Maturity Year May 19, 2021 $ 251,806 3.40 % 2025 May 19, 2021 298,194 4.00 % 2025 February 26, 2021 188,000 4.25 % 2023 February 26, 2021 149,000 4.20 % 2024 February 26, 2021 331,000 3.88 % 2024 January 28, 2021 112,000 4.25 % 2023 January 28, 2021 201,000 4.20 % 2024 January 28, 2021 469,000 3.88 % 2024 _______________________________________ (1) As a result of the repurchases and redemptions of these senior unsecured notes, the Company recognized an aggregate $225 million loss on debt extinguishment during the nine months ended September 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 September 30, 2022 and December 31, 2021, the Company had $347 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 $796 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 September 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 nine months ended September 30, 2022 and 2021, the Company made aggregate principal repayments of mortgage debt of $4 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 mortgage 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 September 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 $ — $ — $ — — % $ 1,289 3.80 % $ 1,289 2023 — — — — % 90,089 3.80 % 90,089 2024 — — — — % 7,024 5.49 % 7,024 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 2026 — 1,585,333 650,000 3.39 % 244,523 4.48 % 2,479,856 Thereafter — — 3,250,000 3.24 % 366 5.91 % 3,250,366 — 1,585,333 4,700,000 346,500 6,631,833 (Discounts), premium and debt costs, net — — (42,349) 1,487 (40,862) $ — $ 1,585,333 $ 4,657,651 $ 347,987 $ 6,590,971 _______________________________________ (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 6 years. (3) Effective interest rates on the mortgage debt range from 3.57% to 6.70% with a weighted average effective interest rate of 4.35% 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	9 Months Ended
Commitments and Contingencies	Sep. 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	9 Months Ended
Equity and Redeemable Noncontrolling Interests	Sep. 30, 2022
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On October 27, 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 November 18, 2022 to stockholders of record as of the close of business on November 7, 2022. During each of the three months ended September 30, 2022 and 2021, the Company declared and paid common stock cash dividends of $0.30 per share. During each of the nine months ended September 30, 2022 and 2021, the Company declared and paid common stock cash dividends of $0.90 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 September 30, 2022, $1.18 billion of the Company’s common stock remained available for sale under the ATM Program. ATM Forward Contracts During the three and nine months ended September 30, 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. The Company did not utilize the forward provisions under the ATM program during the three and nine months ended September 30, 2022. During the three and nine months ended September 30, 2022 and 2021, no shares were settled under ATM forward contracts. Therefore, at September 30, 2022 and 2021, 9.1 million shares remained outstanding under ATM forward contracts. These ATM forward contracts mature in the first quarter of 2023. ATM Direct Issuances During the three and nine months ended September 30, 2022 and September 30, 2021, there were no direct issuances of shares of common stock 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. During the three and nine months ended September 30, 2022, the Company repurchased 2.1 million shares of its common stock at a weighted average price of $27.16 per share for a total of $56 million. Therefore, at September 30, 2022, $444 million of the Company’s common stock remained available for repurchase under the Share Repurchase Program. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Unrealized gains (losses) on derivatives, net $ 32,373 $ — Supplemental Executive Retirement Plan minimum liability (2,847) (3,147) Total accumulated other comprehensive income (loss) $ 29,526 $ (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 September 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 the fourth quarter of 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 redemption value at each redemption date.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
Earnings Per Common Share	Sep. 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 nine months ended September 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 Nine Months Ended 2022 2021 2022 2021 Numerator Income (loss) from continuing operations $ 359,284 $ 61,305 $ 503,611 $ 108,785 Noncontrolling interests' share in continuing operations (4,016) (7,195) (11,701) (14,036) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 355,268 54,110 491,910 94,749 Less: Participating securities' share in continuing operations (604) (269) (2,523) (3,001) Income (loss) from continuing operations applicable to common shares 354,664 53,841 489,387 91,748 Income (loss) from discontinued operations (1,298) 601 2,011 384,569 Noncontrolling interests' share in discontinued operations — — — (2,539) Net income (loss) applicable to common shares $ 353,366 $ 54,442 $ 491,398 $ 473,778 Numerator - Dilutive Net income (loss) applicable to common shares $ 353,366 $ 54,442 $ 491,398 $ 473,778 Add: distributions on dilutive convertible units and other 2,355 — 4,943 — Dilutive net income (loss) available to common shares $ 355,721 $ 54,442 $ 496,341 $ 473,778 Denominator Basic weighted average shares outstanding 538,417 539,021 539,105 538,879 Dilutive potential common shares - equity awards (1) 281 367 255 280 Dilutive potential common shares - DownREIT conversions 7,317 — 5,492 — Diluted weighted average common shares 546,015 539,388 544,852 539,159 Basic earnings (loss) per common share Continuing operations $ 0.66 $ 0.10 $ 0.91 $ 0.17 Discontinued operations 0.00 0.00 0.00 0.71 Net income (loss) applicable to common shares $ 0.66 $ 0.10 $ 0.91 $ 0.88 Diluted earnings (loss) per common share Continuing operations $ 0.65 $ 0.10 $ 0.91 $ 0.17 Discontinued operations 0.00 0.00 0.00 0.71 Net income (loss) applicable to common shares $ 0.65 $ 0.10 $ 0.91 $ 0.88 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). For all periods presented in the table above, the 9.1 million shares under forward sales agreements that have not been settled as of September 30, 2022 and 2021 were anti-dilutive.

Segment Disclosures

Segment Disclosures	9 Months Ended
Segment Disclosures	Sep. 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”), loans receivable, and marketable debt securities. 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 are non-GAAP supplemental measures that are calculated as NOI and Adjusted NOI from consolidated properties, plus the Company’s share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance. The Company does not control its unconsolidated joint ventures, and the Company’s share of amounts from unconsolidated joint ventures do not represent the Company’s legal claim to such items. The Company’s share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Management believes that Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, loans receivable, marketable equity securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the three months ended September 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,795 $ 184,506 $ 122,142 $ 5,963 $ — $ 520,406 Government grant income (1) — — 4 — — 4 Less: Interest income — — — (5,963) — (5,963) Healthpeak’s share of unconsolidated joint venture total revenues 2,938 756 — 18,656 — 22,350 Healthpeak’s share of unconsolidated joint venture government grant income — — — 183 — 183 Noncontrolling interests’ share of consolidated joint venture total revenues (55) (8,968) — — — (9,023) Operating expenses (55,162) (64,782) (100,264) — — (220,208) Healthpeak’s share of unconsolidated joint venture operating expenses (777) (313) — (14,599) — (15,689) Noncontrolling interests’ share of consolidated joint venture operating expenses 21 2,558 — — — 2,579 Adjustments to NOI (2) (15,221) (4,079) — 76 — (19,224) Adjusted NOI 139,539 109,678 21,882 4,316 — 275,415 Plus: Adjustments to NOI (2) 15,221 4,079 — (76) — 19,224 Interest income — — — 5,963 — 5,963 Interest expense — (1,964) (1,887) — (40,227) (44,078) Depreciation and amortization (70,141) (70,917) (32,132) — — (173,190) General and administrative — — — — (24,549) (24,549) Transaction costs (40) (94) (594) — — (728) Impairments and loan loss reserves — — — (3,407) — (3,407) Gain (loss) on sales of real estate, net — 554 — (4,703) — (4,149) Other income (expense), net 311,912 154 (7,086) — 698 305,678 Less: Government grant income — — (4) — — (4) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,161) (443) — (4,240) — (6,844) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 34 6,410 — — — 6,444 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 394,364 47,457 (19,821) (2,147) (64,078) 355,775 Income tax benefit (expense) — — — — 3,834 3,834 Equity income (loss) from unconsolidated joint ventures (877) 206 — 346 — (325) Income (loss) from continuing operations 393,487 47,663 (19,821) (1,801) (60,244) 359,284 Income (loss) from discontinued operations — — — — (1,298) (1,298) Net income (loss) $ 393,487 $ 47,663 $ (19,821) $ (1,801) $ (61,542) $ 357,986 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the three months ended September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 184,213 $ 171,482 $ 119,022 $ 6,748 $ — $ 481,465 Government grant income (1) — — 15 — — 15 Less: Interest income — — — (6,748) — (6,748) Healthpeak’s share of unconsolidated joint venture total revenues 1,521 737 — 17,109 — 19,367 Noncontrolling interests’ share of consolidated joint venture total revenues (82) (8,954) — — — (9,036) Operating expenses (44,923) (58,430) (98,799) 13 — (202,139) Healthpeak’s share of unconsolidated joint venture operating expenses (463) (305) (32) (13,450) — (14,250) Noncontrolling interests’ share of consolidated joint venture operating expenses 25 2,659 — — — 2,684 Adjustments to NOI (2) (11,021) (3,626) 724 (100) — (14,023) Adjusted NOI 129,270 103,563 20,930 3,572 — 257,335 Plus: Adjustments to NOI (2) 11,021 3,626 (724) 100 — 14,023 Interest income — — — 6,748 — 6,748 Interest expense (46) (1,104) (1,936) — (32,819) (35,905) Depreciation and amortization (79,570) (66,189) (31,416) — — (177,175) General and administrative — — — — (23,270) (23,270) Impairments and loan loss reserves — (1,952) — 1,667 — (285) Gain (loss) on sales of real estate, net — 14,635 — — — 14,635 Gain (loss) on debt extinguishments — — — — (667) (667) Other income (expense), net 22 (30) 114 1 1,563 1,670 Less: Government grant income — — (15) — — (15) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,058) (432) 32 (3,659) — (5,117) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 57 6,295 — — — 6,352 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,696 58,412 (13,015) 8,429 (55,193) 58,329 Income tax benefit (expense) — — — — 649 649 Equity income (loss) from unconsolidated joint ventures 630 220 845 632 — 2,327 Income (loss) from continuing operations 60,326 58,632 (12,170) 9,061 (54,544) 61,305 Income (loss) from discontinued operations — — — — 601 601 Net income (loss) $ 60,326 $ 58,632 $ (12,170) $ 9,061 $ (53,943) $ 61,906 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 609,620 $ 541,078 $ 369,062 $ 16,950 $ — $ 1,536,710 Government grant income (1) — — 6,765 — — 6,765 Less: Interest income — — — (16,950) — (16,950) Healthpeak’s share of unconsolidated joint venture total revenues 5,637 2,249 — 54,918 — 62,804 Healthpeak’s share of unconsolidated joint venture government grant income — — 334 497 — 831 Noncontrolling interests’ share of consolidated joint venture total revenues (174) (26,732) — — — (26,906) Operating expenses (152,796) (189,274) (300,429) — — (642,499) Healthpeak’s share of unconsolidated joint venture operating expenses (1,744) (912) — (42,804) — (45,460) Noncontrolling interests’ share of consolidated joint venture operating expenses 59 7,886 — — — 7,945 Adjustments to NOI (2) (50,977) (10,574) — 120 — (61,431) Adjusted NOI 409,625 323,721 75,732 12,731 — 821,809 Plus: Adjustments to NOI (2) 50,977 10,574 — (120) — 61,431 Interest income — — — 16,950 — 16,950 Interest expense — (4,931) (5,629) — (112,971) (123,531) Depreciation and amortization (227,952) (207,563) (95,897) — — (531,412) General and administrative — — — — (73,161) (73,161) Transaction costs (367) (168) (658) — (443) (1,636) Impairments and loan loss reserves — — — (3,678) — (3,678) Gain (loss) on sales of real estate, net 3,856 10,894 — (4,703) — 10,047 Other income (expense), net 311,932 12,354 55 (13) 2,527 326,855 Less: Government grant income — — (6,765) — — (6,765) Less: Healthpeak’s share of unconsolidated joint venture NOI (3,893) (1,337) (334) (12,611) — (18,175) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 115 18,846 — — — 18,961 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 544,293 162,390 (33,496) 8,556 (184,048) 497,695 Income tax benefit (expense) — — — — 3,775 3,775 Equity income (loss) from unconsolidated joint ventures 237 617 539 748 — 2,141 Income (loss) from continuing operations 544,530 163,007 (32,957) 9,304 (180,273) 503,611 Income (loss) from discontinued operations — — — — 2,011 2,011 Net income (loss) $ 544,530 $ 163,007 $ (32,957) $ 9,304 $ (178,262) $ 505,622 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 531,674 $ 496,978 $ 352,458 $ 31,869 $ — $ 1,412,979 Government grant income (1) — — 1,412 — — 1,412 Less: Interest income — — — (31,869) — (31,869) Healthpeak’s share of unconsolidated joint venture total revenues 4,270 2,162 6,903 50,602 — 63,937 Healthpeak’s share of unconsolidated joint venture government grant income — — 200 810 — 1,010 Noncontrolling interests’ share of consolidated joint venture total revenues (222) (26,704) — — — (26,926) Operating expenses (125,108) (164,198) (284,739) 13 — (574,032) Healthpeak’s share of unconsolidated joint venture operating expenses (1,316) (915) (6,985) (38,496) — (47,712) Noncontrolling interests’ share of consolidated joint venture operating expenses 66 7,714 — — — 7,780 Adjustments to NOI (2) (35,197) (7,553) 1,971 (15) — (40,794) Adjusted NOI 374,167 307,484 71,220 12,914 — 765,785 Plus: Adjustments to NOI (2) 35,197 7,553 (1,971) 15 — 40,794 Interest income — — — 31,869 — 31,869 Interest expense (196) (1,985) (5,778) — (113,470) (121,429) Depreciation and amortization (224,958) (187,512) (93,702) — — (506,172) General and administrative — — — — (72,260) (72,260) Transaction costs (11) (295) (1,090) (21) — (1,417) Impairments and loan loss reserves — (1,952) — (2,506) — (4,458) Gain (loss) on sales of real estate, net — 189,873 — — — 189,873 Gain (loss) on debt extinguishments — — — — (225,824) (225,824) Other income (expense), net 54 (2,483) 2,456 482 5,095 5,604 Less: Government grant income — — (1,412) — — (1,412) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,954) (1,247) (118) (12,916) — (17,235) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 156 18,990 — — — 19,146 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 181,455 328,426 (30,395) 29,837 (406,459) 102,864 Income tax benefit (expense) — — — — 1,404 1,404 Equity income (loss) from unconsolidated joint ventures 648 549 1,484 1,836 — 4,517 Income (loss) from continuing operations 182,103 328,975 (28,911) 31,673 (405,055) 108,785 Income (loss) from discontinued operations — — — — 384,569 384,569 Net income (loss) $ 182,103 $ 328,975 $ (28,911) $ 31,673 $ (20,486) $ 493,354 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. See Notes 3, 4, 5, and 7 for significant transactions impacting the Company’s segment assets during the periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 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): Nine Months Ended September 30, 2022 2021 Supplemental cash flow information: Interest paid, net of capitalized interest $ 138,972 $ 167,062 Income taxes paid (refunded) (2,003) 4,258 Capitalized interest 26,970 17,022 Supplemental schedule of non-cash investing and financing activities: Retained investment in connection with South San Francisco JVs transaction 293,265 — Increase in ROU asset in exchange for new lease liability related to operating leases 954 15,329 Decrease in ROU asset with corresponding change in lease liability related to operating leases — 8,410 Seller financing provided on disposition of real estate asset — 559,745 Accrued construction costs 160,937 150,204 Vesting of restricted stock units and conversion of non-managing member units into common stock 803 907 Carrying value of mortgages assumed by buyer in real estate dispositions — 143,676 The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Nine Months Ended September 30, 2022 2021 Leasing costs, tenant improvements, and recurring capital expenditures $ 21 $ 2,609 Development, redevelopment, and other major improvements of real estate 18 5,361 Depreciation and amortization of real estate, in-place lease, and other intangibles — — The following table summarizes cash, cash equivalents and restricted cash (in thousands): Nine Months Ended September 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 $ 112,452 $ 201,099 $ 2,172 $ 14,005 $ 114,624 $ 215,104 Restricted cash 54,500 53,699 — 3 54,500 53,702 Cash, cash equivalents and restricted cash $ 166,952 $ 254,798 $ 2,172 $ 14,008 $ 169,124 $ 268,806

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At September 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 costs 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 September 30, 2022 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) CMBS and LLC investment Other assets, net $ 36,775 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 15,342 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). As of September 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 September 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 September 30, 2022, the acquired properties were no longer identified as a reverse 1031 exchange and were therefore released from possession of the Exchange Accommodation Titleholder (“EAT”). 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. 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. These properties held by the EAT had a carrying value of $77 million as of December 31, 2021. 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). These reverse 1031 exchanges were completed in February 2022. Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 2,204,074 $ 2,303,920 Development costs and construction in progress 162,658 82,303 Land 324,444 548,168 Accumulated depreciation and amortization (598,285) (551,097) Net real estate 2,092,891 2,383,294 Accounts receivable, net 8,211 5,455 Cash and cash equivalents 38,152 22,295 Restricted cash 260 114 Intangible assets, net 78,458 117,180 Assets held for sale and discontinued operations, net 30,398 754 Right-of-use asset, net 99,824 107,993 Other assets, net 66,904 62,886 Total assets $ 2,415,098 $ 2,699,971 Liabilities Mortgage debt $ 144,533 $ 144,350 Intangible liabilities, net 15,926 23,909 Liabilities related to assets held for sale and discontinued operations, net 2,020 1,677 Lease liability 98,855 99,213 Accounts payable, accrued liabilities, and other liabilities 76,685 58,440 Deferred revenue 26,872 21,546 Total liabilities $ 364,891 $ 349,135 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 39,934 $ — Development costs and construction in progress 6 — Land 1,920 — Accumulated depreciation and amortization (15,612) — Net real estate 26,248 — Accounts receivable, net — 62 Cash and cash equivalents 82 59 Intangible assets, net 215 — Other assets, net 3,853 633 Total assets $ 30,398 $ 754 Liabilities Accounts payable, accrued liabilities, and other liabilities $ 1,619 $ 1,677 Deferred revenue 401 — Total liabilities $ 2,020 $ 1,677

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 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 September 30, 2022 and December 31, 2021. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): September 30, 2022 (3) December 31, 2021 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 383,991 $ 378,525 $ 415,811 $ 437,607 Marketable debt securities (2) 21,522 21,522 21,003 21,003 Interest rate swap instruments (2) 32,487 32,487 — — Interest rate cap instruments (2) — — 397 397 Bank line of credit and commercial paper (2) 1,585,333 1,585,333 1,165,975 1,165,975 Senior unsecured notes (1) 4,657,651 4,163,646 4,651,933 5,054,747 Mortgage debt (2) 347,987 331,832 352,081 352,800 _______________________________________ (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 nine months ended September 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	9 Months Ended
Derivative Financial Instruments	Sep. 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 and their related potential impact on future earnings and cash flows. The Company does not use derivative instruments for speculative or trading purposes. At September 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 $24 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. In August 2022, the Company entered into two forward-starting interest rate swap instruments on the $500 million aggregate principal amount of the 2022 Term Loan Facilities (see Note 9). The forward-starting interest rate swap instruments are designated as cash flow hedges. The following table summarizes the Company’s interest rate swap instruments as of September 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate Receive Rate September 30, December 31, April 2022 (2) May 2026 Cash flow $ 51,100 5.08 % 1 mo. USD-LIBOR-BBA + 2.50% $ 2,444 $ — April 2022 (2) May 2026 Cash flow 91,000 4.63 % 1 mo. USD-LIBOR-BBA + 2.05% 4,352 — August 2022 (2) February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 12,173 — August 2022 (2) August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 13,518 — _____________________________ (1) At September 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 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 September 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Strike Rate Index September 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 nine months ended September 30, 2022, the Company recognized a zero 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	9 Months Ended
	Sep. 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): September 30, December 31, Refundable entrance fees (1) $ 271,675 $ 288,409 Accrued construction costs 160,937 179,995 Accrued interest 35,832 59,342 Other accounts payable and accrued liabilities 264,451 227,638 Accounts payable, accrued liabilities, and other liabilities $ 732,895 $ 755,384 _______________________________________ (1) At September 30, 2022 and December 31, 2021, unamortized nonrefundable entrance fee liabilities were $512 million and $496 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets. During the three and nine months ended September 30, 2022, the Company collected nonrefundable entrance fees of $24 million and $74 million, respectively, and recognized amortization of $20 million and $58 million, respectively. During the three and nine months ended September 30, 2021, the Company collected nonrefundable entrance fees of $25 million and $63 million, respectively, and recognized amortization of $19 million and $57 million, respectively. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations. Departure of Executives On October 6, 2022, the Company and Thomas M. Herzog mutually agreed that Mr. Herzog would step down from his position as Chief Executive Officer and from the board of directors of the Company, effective immediately. On November 1, 2022, the Company and Troy E. McHenry mutually agreed that Mr. McHenry would step down from his position as Chief Legal Officer and General Counsel, effective immediately. In connection with these departures and the related release agreements, the Company expects to recognize total severance-related charges of approximately $30 million in the fourth quarter of 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 nine months ended September 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 nine months ended September 30, 2022 and 2021, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the coronavirus pandemic. Grant income is recognized to the extent that qualifying expenses and lost revenues exceed grants received and the Company will comply with all conditions attached to the grant. As of September 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. During 2022, the Company elected to apply certain hedge accounting expedients provided by ASU 2020-04 and ASU 2021-01, which preserves the hedging relationship of derivatives. The expedients provided by ASU 2020-04 and ASU 2021-01 and the effects of reference rate reform have not had, and are not expected to have, a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Government grant income recorded in other income (expense), net $ 4 $ 15 $ 6,765 $ 1,412 Government grant income recorded in equity income (loss) from unconsolidated joint ventures 183 — 831 1,010 Government grant income recorded in income (loss) from discontinued operations 10 — 216 3,660 Total government grants received $ 197 $ 15 $ 7,812 $ 6,082

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	9 Months Ended
	Sep. 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 September 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): September 30, December 31, ASSETS Accounts receivable, net of allowance of $260 and $4,138 $ 367 $ 2,446 Cash and cash equivalents 2,172 7,707 Right-of-use asset, net — 26 Other assets, net 285 3,237 Total assets of discontinued operations, net 2,824 13,416 Assets held for sale, net (1) 48,671 23,774 Assets held for sale and discontinued operations, net $ 51,495 $ 37,190 LIABILITIES Lease liability $ — $ 26 Accounts payable, accrued liabilities, and other liabilities 8,668 14,843 Deferred revenue — 92 Total liabilities of discontinued operations, net 8,668 14,961 Liabilities related to assets held for sale, net (1) 4,163 95 Liabilities related to assets held for sale and discontinued operations, net $ 12,831 $ 15,056 _______________________________________ (1) As of September 30, 2022, included two life science assets primarily comprised of net real estate assets of $43 million. As of December 31, 2021, included 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 nine months ended September 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 presented below (in thousands) and are included in the consolidated results of operations for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Revenues: Rental and related revenues $ — $ 694 $ — $ 7,535 Resident fees and services 1,284 8,507 6,765 111,777 Total revenues 1,284 9,201 6,765 119,312 Costs and expenses: Interest expense — 47 — 3,900 Operating 1,334 13,010 6,451 118,175 Transaction costs — — — 76 Impairments and loan loss reserves (recoveries), net — 21,740 — 32,736 Total costs and expenses 1,334 34,797 6,451 154,887 Other income (expense): Gain (loss) on sales of real estate, net (1,131) 26,758 1,361 408,658 Other income (expense), net (7) (863) 12 5,150 Total other income (expense), net (1,138) 25,895 1,373 413,808 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures (1,188) 299 1,687 378,233 Income tax benefit (expense) (110) 221 260 1,345 Equity income (loss) from unconsolidated joint ventures — 81 64 4,991 Income (loss) from discontinued operations $ (1,298) $ 601 $ 2,011 $ 384,569

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Fixed income from operating leases $ 298,680 $ 276,430 $ 882,700 $ 807,677 Variable income from operating leases 93,621 77,086 266,830 214,453 Interest income from direct financing leases — 2,179 1,168 6,522
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (in thousands): September 30, December 31, Present value of minimum lease payments receivable $ — $ 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)	9 Months Ended
Loans Receivable (Tables)	Sep. 30, 2022
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): September 30, December 31, Secured loans (1) $ 360,092 $ 396,281 Mezzanine and other 30,579 25,529 Unamortized discounts, fees, and costs (1,565) (4,186) Reserve for loan losses (5,115) (1,813) Loans receivable, net $ 383,991 $ 415,811 _______________________________________ (1) At September 30, 2022, the Company had $41 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 September 30, 2022 (in thousands): Investment Type Year of Origination Total 2022 2021 2020 2019 2018 Prior Secured loans Risk rating: Performing loans $ — $ 275,634 $ 77,794 $ — $ — $ — $ 353,428 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ 275,634 $ 77,794 $ — $ — $ — $ 353,428 Mezzanine and other Risk rating: Performing loans $ 25,846 $ 3,493 $ 1,224 $ — $ — $ — $ 30,563 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine and other $ 25,846 $ 3,493 $ 1,224 $ — $ — $ — $ 30,563
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): September 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 3,346 7 3,353 793 896 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 $ 5,099 $ 16 $ 5,115 $ 1,804 $ 9 $ 1,813 _______________________________________ (1) Includes one loan repaid during the nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2022 2021 SWF SH JV Other 19 54 $ 348,906 $ 355,394 South San Francisco JVs (3) Life science 7 70 298,806 — Life Science JV Life science 1 49 27,009 25,605 Needham Land Parcel JV (4) Life science — 38 15,342 13,566 Medical Office JVs (5) Medical office 3 20 - 67 8,840 9,069 $ 698,903 $ 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 September 30, 2022. (3) Includes seven unconsolidated life science joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. See “South San Francisco Joint Ventures” below for further information. (4) 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 September 30, 2022.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
Intangibles (Tables)	Sep. 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 September 30, December 31, Gross intangible lease assets $ 802,180 $ 797,675 Accumulated depreciation and amortization (357,965) (277,915) Intangible assets, net (1) $ 444,215 $ 519,760 Weighted average remaining amortization period in years 5 6 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $2 million and zero as of September 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 September 30, December 31, Gross intangible lease liabilities $ 240,733 $ 234,917 Accumulated depreciation and amortization (77,859) (57,685) Intangible liabilities, net $ 162,874 $ 177,232 Weighted average remaining amortization period in years 8 8

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 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 (1) Amount Coupon Rate Maturity Year May 19, 2021 $ 251,806 3.40 % 2025 May 19, 2021 298,194 4.00 % 2025 February 26, 2021 188,000 4.25 % 2023 February 26, 2021 149,000 4.20 % 2024 February 26, 2021 331,000 3.88 % 2024 January 28, 2021 112,000 4.25 % 2023 January 28, 2021 201,000 4.20 % 2024 January 28, 2021 469,000 3.88 % 2024 _______________________________________ (1) As a result of the repurchases and redemptions of these senior unsecured notes, the Company recognized an aggregate $225 million loss on debt extinguishment during the nine months ended September 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 September 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 $ — $ — $ — — % $ 1,289 3.80 % $ 1,289 2023 — — — — % 90,089 3.80 % 90,089 2024 — — — — % 7,024 5.49 % 7,024 2025 — — 800,000 3.93 % 3,209 3.80 % 803,209 2026 — 1,585,333 650,000 3.39 % 244,523 4.48 % 2,479,856 Thereafter — — 3,250,000 3.24 % 366 5.91 % 3,250,366 — 1,585,333 4,700,000 346,500 6,631,833 (Discounts), premium and debt costs, net — — (42,349) 1,487 (40,862) $ — $ 1,585,333 $ 4,657,651 $ 347,987 $ 6,590,971 _______________________________________ (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 6 years. (3) Effective interest rates on the mortgage debt range from 3.57% to 6.70% with a weighted average effective interest rate of 4.35% 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)	9 Months Ended
Equity and Redeemable Noncontrolling Interests (Tables)	Sep. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Unrealized gains (losses) on derivatives, net $ 32,373 $ — Supplemental Executive Retirement Plan minimum liability (2,847) (3,147) Total accumulated other comprehensive income (loss) $ 29,526 $ (3,147)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
Earnings Per Common Share (Tables)	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Numerator Income (loss) from continuing operations $ 359,284 $ 61,305 $ 503,611 $ 108,785 Noncontrolling interests' share in continuing operations (4,016) (7,195) (11,701) (14,036) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 355,268 54,110 491,910 94,749 Less: Participating securities' share in continuing operations (604) (269) (2,523) (3,001) Income (loss) from continuing operations applicable to common shares 354,664 53,841 489,387 91,748 Income (loss) from discontinued operations (1,298) 601 2,011 384,569 Noncontrolling interests' share in discontinued operations — — — (2,539) Net income (loss) applicable to common shares $ 353,366 $ 54,442 $ 491,398 $ 473,778 Numerator - Dilutive Net income (loss) applicable to common shares $ 353,366 $ 54,442 $ 491,398 $ 473,778 Add: distributions on dilutive convertible units and other 2,355 — 4,943 — Dilutive net income (loss) available to common shares $ 355,721 $ 54,442 $ 496,341 $ 473,778 Denominator Basic weighted average shares outstanding 538,417 539,021 539,105 538,879 Dilutive potential common shares - equity awards (1) 281 367 255 280 Dilutive potential common shares - DownREIT conversions 7,317 — 5,492 — Diluted weighted average common shares 546,015 539,388 544,852 539,159 Basic earnings (loss) per common share Continuing operations $ 0.66 $ 0.10 $ 0.91 $ 0.17 Discontinued operations 0.00 0.00 0.00 0.71 Net income (loss) applicable to common shares $ 0.66 $ 0.10 $ 0.91 $ 0.88 Diluted earnings (loss) per common share Continuing operations $ 0.65 $ 0.10 $ 0.91 $ 0.17 Discontinued operations 0.00 0.00 0.00 0.71 Net income (loss) applicable to common shares $ 0.65 $ 0.10 $ 0.91 $ 0.88 _______________________________________

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
Segment Disclosures (Tables)	Sep. 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 September 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,795 $ 184,506 $ 122,142 $ 5,963 $ — $ 520,406 Government grant income (1) — — 4 — — 4 Less: Interest income — — — (5,963) — (5,963) Healthpeak’s share of unconsolidated joint venture total revenues 2,938 756 — 18,656 — 22,350 Healthpeak’s share of unconsolidated joint venture government grant income — — — 183 — 183 Noncontrolling interests’ share of consolidated joint venture total revenues (55) (8,968) — — — (9,023) Operating expenses (55,162) (64,782) (100,264) — — (220,208) Healthpeak’s share of unconsolidated joint venture operating expenses (777) (313) — (14,599) — (15,689) Noncontrolling interests’ share of consolidated joint venture operating expenses 21 2,558 — — — 2,579 Adjustments to NOI (2) (15,221) (4,079) — 76 — (19,224) Adjusted NOI 139,539 109,678 21,882 4,316 — 275,415 Plus: Adjustments to NOI (2) 15,221 4,079 — (76) — 19,224 Interest income — — — 5,963 — 5,963 Interest expense — (1,964) (1,887) — (40,227) (44,078) Depreciation and amortization (70,141) (70,917) (32,132) — — (173,190) General and administrative — — — — (24,549) (24,549) Transaction costs (40) (94) (594) — — (728) Impairments and loan loss reserves — — — (3,407) — (3,407) Gain (loss) on sales of real estate, net — 554 — (4,703) — (4,149) Other income (expense), net 311,912 154 (7,086) — 698 305,678 Less: Government grant income — — (4) — — (4) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,161) (443) — (4,240) — (6,844) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 34 6,410 — — — 6,444 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 394,364 47,457 (19,821) (2,147) (64,078) 355,775 Income tax benefit (expense) — — — — 3,834 3,834 Equity income (loss) from unconsolidated joint ventures (877) 206 — 346 — (325) Income (loss) from continuing operations 393,487 47,663 (19,821) (1,801) (60,244) 359,284 Income (loss) from discontinued operations — — — — (1,298) (1,298) Net income (loss) $ 393,487 $ 47,663 $ (19,821) $ (1,801) $ (61,542) $ 357,986 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the three months ended September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 184,213 $ 171,482 $ 119,022 $ 6,748 $ — $ 481,465 Government grant income (1) — — 15 — — 15 Less: Interest income — — — (6,748) — (6,748) Healthpeak’s share of unconsolidated joint venture total revenues 1,521 737 — 17,109 — 19,367 Noncontrolling interests’ share of consolidated joint venture total revenues (82) (8,954) — — — (9,036) Operating expenses (44,923) (58,430) (98,799) 13 — (202,139) Healthpeak’s share of unconsolidated joint venture operating expenses (463) (305) (32) (13,450) — (14,250) Noncontrolling interests’ share of consolidated joint venture operating expenses 25 2,659 — — — 2,684 Adjustments to NOI (2) (11,021) (3,626) 724 (100) — (14,023) Adjusted NOI 129,270 103,563 20,930 3,572 — 257,335 Plus: Adjustments to NOI (2) 11,021 3,626 (724) 100 — 14,023 Interest income — — — 6,748 — 6,748 Interest expense (46) (1,104) (1,936) — (32,819) (35,905) Depreciation and amortization (79,570) (66,189) (31,416) — — (177,175) General and administrative — — — — (23,270) (23,270) Impairments and loan loss reserves — (1,952) — 1,667 — (285) Gain (loss) on sales of real estate, net — 14,635 — — — 14,635 Gain (loss) on debt extinguishments — — — — (667) (667) Other income (expense), net 22 (30) 114 1 1,563 1,670 Less: Government grant income — — (15) — — (15) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,058) (432) 32 (3,659) — (5,117) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 57 6,295 — — — 6,352 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 59,696 58,412 (13,015) 8,429 (55,193) 58,329 Income tax benefit (expense) — — — — 649 649 Equity income (loss) from unconsolidated joint ventures 630 220 845 632 — 2,327 Income (loss) from continuing operations 60,326 58,632 (12,170) 9,061 (54,544) 61,305 Income (loss) from discontinued operations — — — — 601 601 Net income (loss) $ 60,326 $ 58,632 $ (12,170) $ 9,061 $ (53,943) $ 61,906 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2022: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 609,620 $ 541,078 $ 369,062 $ 16,950 $ — $ 1,536,710 Government grant income (1) — — 6,765 — — 6,765 Less: Interest income — — — (16,950) — (16,950) Healthpeak’s share of unconsolidated joint venture total revenues 5,637 2,249 — 54,918 — 62,804 Healthpeak’s share of unconsolidated joint venture government grant income — — 334 497 — 831 Noncontrolling interests’ share of consolidated joint venture total revenues (174) (26,732) — — — (26,906) Operating expenses (152,796) (189,274) (300,429) — — (642,499) Healthpeak’s share of unconsolidated joint venture operating expenses (1,744) (912) — (42,804) — (45,460) Noncontrolling interests’ share of consolidated joint venture operating expenses 59 7,886 — — — 7,945 Adjustments to NOI (2) (50,977) (10,574) — 120 — (61,431) Adjusted NOI 409,625 323,721 75,732 12,731 — 821,809 Plus: Adjustments to NOI (2) 50,977 10,574 — (120) — 61,431 Interest income — — — 16,950 — 16,950 Interest expense — (4,931) (5,629) — (112,971) (123,531) Depreciation and amortization (227,952) (207,563) (95,897) — — (531,412) General and administrative — — — — (73,161) (73,161) Transaction costs (367) (168) (658) — (443) (1,636) Impairments and loan loss reserves — — — (3,678) — (3,678) Gain (loss) on sales of real estate, net 3,856 10,894 — (4,703) — 10,047 Other income (expense), net 311,932 12,354 55 (13) 2,527 326,855 Less: Government grant income — — (6,765) — — (6,765) Less: Healthpeak’s share of unconsolidated joint venture NOI (3,893) (1,337) (334) (12,611) — (18,175) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 115 18,846 — — — 18,961 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 544,293 162,390 (33,496) 8,556 (184,048) 497,695 Income tax benefit (expense) — — — — 3,775 3,775 Equity income (loss) from unconsolidated joint ventures 237 617 539 748 — 2,141 Income (loss) from continuing operations 544,530 163,007 (32,957) 9,304 (180,273) 503,611 Income (loss) from discontinued operations — — — — 2,011 2,011 Net income (loss) $ 544,530 $ 163,007 $ (32,957) $ 9,304 $ (178,262) $ 505,622 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2021: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 531,674 $ 496,978 $ 352,458 $ 31,869 $ — $ 1,412,979 Government grant income (1) — — 1,412 — — 1,412 Less: Interest income — — — (31,869) — (31,869) Healthpeak’s share of unconsolidated joint venture total revenues 4,270 2,162 6,903 50,602 — 63,937 Healthpeak’s share of unconsolidated joint venture government grant income — — 200 810 — 1,010 Noncontrolling interests’ share of consolidated joint venture total revenues (222) (26,704) — — — (26,926) Operating expenses (125,108) (164,198) (284,739) 13 — (574,032) Healthpeak’s share of unconsolidated joint venture operating expenses (1,316) (915) (6,985) (38,496) — (47,712) Noncontrolling interests’ share of consolidated joint venture operating expenses 66 7,714 — — — 7,780 Adjustments to NOI (2) (35,197) (7,553) 1,971 (15) — (40,794) Adjusted NOI 374,167 307,484 71,220 12,914 — 765,785 Plus: Adjustments to NOI (2) 35,197 7,553 (1,971) 15 — 40,794 Interest income — — — 31,869 — 31,869 Interest expense (196) (1,985) (5,778) — (113,470) (121,429) Depreciation and amortization (224,958) (187,512) (93,702) — — (506,172) General and administrative — — — — (72,260) (72,260) Transaction costs (11) (295) (1,090) (21) — (1,417) Impairments and loan loss reserves — (1,952) — (2,506) — (4,458) Gain (loss) on sales of real estate, net — 189,873 — — — 189,873 Gain (loss) on debt extinguishments — — — — (225,824) (225,824) Other income (expense), net 54 (2,483) 2,456 482 5,095 5,604 Less: Government grant income — — (1,412) — — (1,412) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,954) (1,247) (118) (12,916) — (17,235) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 156 18,990 — — — 19,146 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 181,455 328,426 (30,395) 29,837 (406,459) 102,864 Income tax benefit (expense) — — — — 1,404 1,404 Equity income (loss) from unconsolidated joint ventures 648 549 1,484 1,836 — 4,517 Income (loss) from continuing operations 182,103 328,975 (28,911) 31,673 (405,055) 108,785 Income (loss) from discontinued operations — — — — 384,569 384,569 Net income (loss) $ 182,103 $ 328,975 $ (28,911) $ 31,673 $ (20,486) $ 493,354 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2).

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2022 2021 Supplemental cash flow information: Interest paid, net of capitalized interest $ 138,972 $ 167,062 Income taxes paid (refunded) (2,003) 4,258 Capitalized interest 26,970 17,022 Supplemental schedule of non-cash investing and financing activities: Retained investment in connection with South San Francisco JVs transaction 293,265 — Increase in ROU asset in exchange for new lease liability related to operating leases 954 15,329 Decrease in ROU asset with corresponding change in lease liability related to operating leases — 8,410 Seller financing provided on disposition of real estate asset — 559,745 Accrued construction costs 160,937 150,204 Vesting of restricted stock units and conversion of non-managing member units into common stock 803 907 Carrying value of mortgages assumed by buyer in real estate dispositions — 143,676 The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Nine Months Ended September 30, 2022 2021 Leasing costs, tenant improvements, and recurring capital expenditures $ 21 $ 2,609 Development, redevelopment, and other major improvements of real estate 18 5,361 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): Nine Months Ended September 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 $ 112,452 $ 201,099 $ 2,172 $ 14,005 $ 114,624 $ 215,104 Restricted cash 54,500 53,699 — 3 54,500 53,702 Cash, cash equivalents and restricted cash $ 166,952 $ 254,798 $ 2,172 $ 14,008 $ 169,124 $ 268,806

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 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 September 30, 2022 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) CMBS and LLC investment Other assets, net $ 36,775 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 15,342 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest).
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 2,204,074 $ 2,303,920 Development costs and construction in progress 162,658 82,303 Land 324,444 548,168 Accumulated depreciation and amortization (598,285) (551,097) Net real estate 2,092,891 2,383,294 Accounts receivable, net 8,211 5,455 Cash and cash equivalents 38,152 22,295 Restricted cash 260 114 Intangible assets, net 78,458 117,180 Assets held for sale and discontinued operations, net 30,398 754 Right-of-use asset, net 99,824 107,993 Other assets, net 66,904 62,886 Total assets $ 2,415,098 $ 2,699,971 Liabilities Mortgage debt $ 144,533 $ 144,350 Intangible liabilities, net 15,926 23,909 Liabilities related to assets held for sale and discontinued operations, net 2,020 1,677 Lease liability 98,855 99,213 Accounts payable, accrued liabilities, and other liabilities 76,685 58,440 Deferred revenue 26,872 21,546 Total liabilities $ 364,891 $ 349,135 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 39,934 $ — Development costs and construction in progress 6 — Land 1,920 — Accumulated depreciation and amortization (15,612) — Net real estate 26,248 — Accounts receivable, net — 62 Cash and cash equivalents 82 59 Intangible assets, net 215 — Other assets, net 3,853 633 Total assets $ 30,398 $ 754 Liabilities Accounts payable, accrued liabilities, and other liabilities $ 1,619 $ 1,677 Deferred revenue 401 — Total liabilities $ 2,020 $ 1,677

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 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): September 30, 2022 (3) December 31, 2021 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 383,991 $ 378,525 $ 415,811 $ 437,607 Marketable debt securities (2) 21,522 21,522 21,003 21,003 Interest rate swap instruments (2) 32,487 32,487 — — Interest rate cap instruments (2) — — 397 397 Bank line of credit and commercial paper (2) 1,585,333 1,585,333 1,165,975 1,165,975 Senior unsecured notes (1) 4,657,651 4,163,646 4,651,933 5,054,747 Mortgage debt (2) 347,987 331,832 352,081 352,800 _______________________________________ (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 nine months ended September 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)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 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 September 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate Receive Rate September 30, December 31, April 2022 (2) May 2026 Cash flow $ 51,100 5.08 % 1 mo. USD-LIBOR-BBA + 2.50% $ 2,444 $ — April 2022 (2) May 2026 Cash flow 91,000 4.63 % 1 mo. USD-LIBOR-BBA + 2.05% 4,352 — August 2022 (2) February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 12,173 — August 2022 (2) August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 13,518 — _____________________________ (1) At September 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 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 September 30, 2022 (in thousands): Fair Value (1) Date Entered Maturity Date Hedge Designation Notional Amount Strike Rate Index September 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)	9 Months Ended
	Sep. 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): September 30, December 31, Refundable entrance fees (1) $ 271,675 $ 288,409 Accrued construction costs 160,937 179,995 Accrued interest 35,832 59,342 Other accounts payable and accrued liabilities 264,451 227,638 Accounts payable, accrued liabilities, and other liabilities $ 732,895 $ 755,384 _______________________________________ (1) At September 30, 2022 and December 31, 2021, unamortized nonrefundable entrance fee liabilities were $512 million and $496 million, respectively, which are recorded within deferred revenue on the Consolidated Balance Sheets. During the three and nine months ended September 30, 2022, the Company collected nonrefundable entrance fees of $24 million and $74 million, respectively, and recognized amortization of $20 million and $58 million, respectively. During the three and nine months ended September 30, 2021, the Company collected nonrefundable entrance fees of $25 million and $63 million, respectively, and recognized amortization of $19 million and $57 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 - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 197	$ 15	$ 7,812	$ 6,082
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	4	15	6,765	1,412
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	183	0	831	1,010
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 10	$ 0	$ 216	$ 3,660

Real Estate - Real Estate Inves

Real Estate - 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 ($)
Life Science \| MASSACHUSETTS
Real Estate [Line Items]
Payments to acquire real estate			$ 72			$ 498
Number of properties acquired \| property						8
Life Science \| CALIFORNIA
Real Estate [Line Items]
Payments to acquire real estate			$ 24			$ 20
Number of properties acquired \| property						1
Area of land (in acres) \| a						12
Payments to acquire land						$ 128
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 - Development Activ

Real Estate - Development Activities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Real Estate [Abstract]
Development and redevelopment projects, amount decrease	$ 49
Development commitments	$ 421

Dispositions of Real Estate a_3

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

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

21 Months Ended

Jul. 31, 2022 USD ($) property

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($) property

Sep. 30, 2021 USD ($) loan

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

Sep. 30, 2022 USD ($)

Jun. 30, 2022 USD ($) property

Mar. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) property

Sep. 30, 2021 USD ($) property

Jun. 30, 2021 USD ($)

Mar. 31, 2021 USD ($) property

Sep. 30, 2022 USD ($) loan

Sep. 30, 2021 USD ($) property

Dec. 31, 2021 loan

Sep. 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

$ (4,149,000)

$ 14,635,000

$ 10,047,000

$ 189,873,000

Carrying value of mortgages assumed by buyer in real estate dispositions

$ 0

$ 143,676,000

Number of loans sold | loan

Impairment of real estate

$ 0

Number of properties impaired | property

Goodwill, impairment loss

$ 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

Repayments of secured debt

$ 64,000,000

$ 39,000,000

Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment

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

Gain (loss) on sales of real estate, net

$ 1,000,000

Held-for-sale

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

Goodwill, impairment loss

22,000,000

$ 7,000,000

29,000,000

Goodwill

$ 0

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

$ 40,000,000

$ 47,000,000

$ 56,000,000

$ 92,000,000

Capital expenditure funding, amount funded

$ 400,000

Oakmont SHOP Portfolio

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

Carrying value of mortgages assumed by buyer in real estate dispositions

$ 107,000,000

Oakmont SHOP Portfolio | Mortgage Debt

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

Number of properties disposed | property

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

Other Dispositions | Discontinued Operations

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

Gain (loss) on sales of real estate, net

27,000,000

$ 34,000,000

Other Dispositions | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment

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

Gain (loss) on sales of real estate, net

42,000,000

52,000,000

SHOP

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

Proceeds from sale of buildings

230,000,000

Gain (loss) on sales of real estate, net

59,000,000

$ 16,000,000

Payments to acquire finance receivables

150,000,000

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

120,000,000

169,000,000

Senior Housing Triple Net

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

Proceeds from sale of buildings

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

Senior Housing Triple Net | Other Dispositions

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

Proceeds from sale of buildings

24,000,000

Life Science

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

Number of properties sold | property

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

Proceeds from sale of buildings

$ 9,000,000

$ 27,000,000

$ 11,000,000

Gain (loss) on sales of real estate, net

$ 1,000,000

$ 10,000,000

Impairment of real estate

$ 2,000,000

Number of real estate properties impaired | property

Medical Office Buildings | Other Dispositions

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

Number of properties sold | property

Proceeds from sale of buildings

$ 36,000,000

$ 57,000,000

Medical Office Buildings | Impairments 2021

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

Real estate investment property, aggregate carrying value before impairment

$ 13,000,000

13,000,000

Real estate held-for-sale

$ 11,000,000

11,000,000

MOB Land Parcels

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

Number of properties sold | property

SHOP

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

Number of properties sold | property

Impairment of real estate

$ 4,000,000

Number of real estate properties impaired | property

Real estate investment property, aggregate carrying value before impairment

20,000,000

Real estate held-for-sale

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

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

SHOP | Discovery SHOP Portfolio

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

Number of properties sold | property

Gain (loss) on sales of real estate, net

$ 0

Number of preferred equity method investments sold | property

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

SHOP | Sonata SHOP Portfolio

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

Number of properties sold | property

SHOP | SLC SHOP Portfolio

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

Number of properties sold | property

Repayments of secured debt

$ 70,000,000

SHOP | SLC SHOP Portfolio | Definitive Agreement Four

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

Proceeds from sale of buildings

113,000,000

Gain (loss) on sales of real estate, net

$ 1,000,000

SHOP | Other Dispositions

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

Number of properties sold | property

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

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

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

Senior Housing Triple Net | Other Dispositions

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

Number of properties sold | property

Medical Office, Hospital

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

Number of properties sold | property

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	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
ASSETS
Cash and cash equivalents	$ 2,172	$ 7,707	$ 14,005	$ 53,085
Total assets of discontinued operations, net	51,495	37,190
LIABILITIES
Total liabilities of discontinued operations, net	12,831	15,056
Allowance for doubtful accounts receivable	260	4,138
Held-for-sale
ASSETS
Accounts receivable, net of allowance of $260 and $4,138	367	2,446
Cash and cash equivalents	2,172	7,707
Right-of-use asset, net	0	26
Other assets, net	285	3,237
Total assets of discontinued operations, net	2,824	13,416
Assets held for sale, net	48,671	23,774
Assets held for sale and discontinued operations, net	51,495	37,190
LIABILITIES
Lease liability	0	26
Accounts payable, accrued liabilities, and other liabilities	8,668	14,843
Deferred revenue	0	92
Total liabilities of discontinued operations, net	8,668	14,961
Liabilities related to assets held for sale, net	4,163	95
Liabilities related to assets held for sale and discontinued operations, net	$ 12,831	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		4
Held-for-sale \| Life Science and Medical Office
LIABILITIES
Net real estate assets	$ 43,000

Dispositions of Real Estate a_5

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - Held-for-sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues	$ 0	$ 694	$ 0	$ 7,535
Resident fees and services	1,284	8,507	6,765	111,777
Total revenues	1,284	9,201	6,765	119,312
Interest expense	0	47	0	3,900
Operating	1,334	13,010	6,451	118,175
Transaction costs	0	0	0	76
Impairments and loan loss reserves (recoveries), net	0	21,740	0	32,736
Total costs and expenses	1,334	34,797	6,451	154,887
Gain (loss) on sales of real estate, net	(1,131)	26,758	1,361	408,658
Other income (expense), net	(7)	(863)	12	5,150
Total other income (expense), net	(1,138)	25,895	1,373	413,808
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(1,188)	299	1,687	378,233
Income tax benefit (expense)	(110)	221	260	1,345
Equity income (loss) from unconsolidated joint ventures	0	81	64	4,991
Income (loss) from discontinued operations	$ (1,298)	$ 601	$ 2,011	$ 384,569

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Income (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 298,680	$ 276,430	$ 882,700	$ 807,677
Variable income from operating leases	93,621	77,086	266,830	214,453
Interest income from direct financing leases	$ 0	$ 2,179	$ 1,168	$ 6,522

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Jun. 30, 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	Sep. 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	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (1,565)	$ (4,186)
Reserve for loan losses	(5,115)	(1,813)	$ (10,280)
Loans receivable, net	383,991	415,811
Remaining loans receivable commitments	41,000	58,000
Secured mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	360,092	396,281
Mezzanine and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 30,579	$ 25,529

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	1 Months Ended										3 Months Ended					9 Months Ended		12 Months Ended	21 Months Ended
Loans Receivable - Narrative (Details)	Jul. 31, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) loan	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) loan	May 31, 2021 USD ($) loan	Apr. 30, 2021 USD ($) loan property	Jan. 31, 2021 USD ($) facility	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) loan	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) loan	Sep. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)
Loans Receivable:
Net cash provided by financing activities																$ (165,517,000)	$ (1,687,889,000)
Gain (loss) on sales of real estate, net											$ (4,149,000)		$ 14,635,000			10,047,000	189,873,000
Financing receivable, after allowance for credit loss											383,991,000					383,991,000		$ 415,811,000	$ 383,991,000
Reserves for loans receivable											5,115,000					$ 5,115,000		$ 1,813,000	5,115,000	$ 10,280,000
Gain (loss) on sale of financing receivable												$ 23,000,000
Number of loans sold \| loan					1											1		6
Proceeds from sale of receivables				$ 51,000,000	$ 2,000,000
Credit loss reserve on unfunded loan commitments											700,000					$ 700,000		$ 300,000	700,000
Sunrise Senior Housing Portfolio \| SHOP
Loans Receivable:
Net cash provided by financing activities										$ 410,000,000
Capital expenditure funding, amount committed	$ 40,000,000		$ 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
Mezzanine and Other
Loans Receivable:
Reserves for loans receivable											16,000					16,000		9,000	16,000	$ 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	$ 27,000,000		$ 8,000,000				246,000,000
Gain (loss) on sales of real estate, net							7,000,000
Financing receivable, after allowance for credit loss											130,000,000					130,000,000		165,000,000	130,000,000
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
Principal repayments received		$ 2,000,000			$ 15,000,000	$ 8,000,000		$ 10,000,000
Number of loans held for sale \| loan							2							2
Financing receivable, gross							$ 64,000,000							$ 64,000,000
Decrease in financing receivable														11,000,000
Reserves for loans receivable							$ 8,000,000							$ 8,000,000
Gain (loss) on sale of financing receivable																	(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		$ 1,000,000			3,000,000	12,000,000
Noncash interest income, acceleration recognition																	$ 7,000,000
SHOP \| Minimum
Loans Receivable:
Loans receivable, stated interest rate															3.50%
Interest income, amortization period (in years)															1 year
SHOP \| Maximum
Loans Receivable:
Loans receivable, stated interest rate															4.50%
Interest income, amortization period (in years)															3 years
SHOP \| 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											$ 29,000,000					$ 29,000,000		$ 24,000,000	$ 29,000,000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Secured Mortgage Loans
Loans receivable
2022	$ 0
2021	275,634
2020	77,794
2019	0
2018	0
Prior	0
Total	353,428
Mezzanine and other
Loans receivable
2022	25,846
2021	3,493
2020	1,224
2019	0
2018	0
Prior	0
Total	30,563
Performing loans \| Secured Mortgage Loans
Loans receivable
2022	0
2021	275,634
2020	77,794
2019	0
2018	0
Prior	0
Total	353,428
Performing loans \| Mezzanine and other
Loans receivable
2022	25,846
2021	3,493
2020	1,224
2019	0
2018	0
Prior	0
Total	30,563
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	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021 loan	Sep. 30, 2022 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		3,353	1,689
Expected loan losses related to loans sold and repaid		(51)	(10,156)
Reserve for loan losses, end of period		$ 5,115	$ 1,813
Number of loans sold \| loan	1	1	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		3,346	793
Expected loan losses related to loans sold and repaid		(51)	(2,141)
Reserve for loan losses, end of period		5,099	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		7	896
Expected loan losses related to loans sold and repaid		0	(8,015)
Reserve for loan losses, end of period		$ 16	$ 9

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands		1 Months Ended					3 Months Ended			9 Months Ended
	Aug. 01, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2021 USD ($) property	Jan. 31, 2021 facility	Sep. 30, 2022 USD ($) property joint_venture	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) property joint_venture	Aug. 31, 2022 property	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			$ 698,903		$ 403,634	$ 698,903
Gain on deconsolidation							$ 311,000			$ 311,000
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures (in joint ventures) \| joint_venture							2			2
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							20%			20%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							67%			67%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				30%					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
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%
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			19
Investment ownership percentage							54%			54%
Equity method investments				$ 355,394			$ 348,906		$ 355,394	$ 348,906
Life Science
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of property			$ 14,000
Life Science \| South San Francisco JVs
Schedule of Equity Method Investments [Line Items]
Property count \| property							7			7
Investment ownership percentage							70%			70%
Equity method investments				0			$ 298,806		0	$ 298,806
Number of unconsolidated joint ventures (in joint ventures) \| joint_venture							7			7
Life Science \| Life Science JV
Schedule of Equity Method Investments [Line Items]
Property count \| property							1			1
Investment ownership percentage							49%			49%
Equity method investments				$ 25,605			$ 27,009		$ 25,605	$ 27,009
Life Science \| Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count \| property							0			0
Investment ownership percentage				38%			38%		38%	38%
Equity method investments				$ 13,566			$ 15,342		$ 13,566	$ 15,342
Payments to acquire equity method investment				13,000
Life Science \| Life Science JV in San Francisco, California
Schedule of Equity Method Investments [Line Items]
Property count \| property											7
Investment ownership percentage							70%			70%
Life Science \| Life Science JV in San Francisco, California \| Life Science JV in San Francisco, California
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		$ 9,000						$ 27,000	11,000
Medical Office \| Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count \| property							3			3
Equity method investments				$ 9,069			$ 8,840		$ 9,069	$ 8,840
Medical Office \| Medical Office JVs \| Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							20%			20%
Medical Office \| Medical Office JVs \| Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage							67%			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 ($)	9 Months Ended	12 Months Ended
Intangibles - Intangibles Lease Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Intangibles [Abstract]
Gross intangible lease assets	$ 802,180,000	$ 797,675,000
Accumulated depreciation and amortization	(357,965,000)	(277,915,000)
Intangible assets, net	$ 444,215,000	$ 519,760,000
Weighted average remaining amortization period in years	5 years	6 years
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 444,215,000	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangibles [Abstract]
Gross intangible lease liabilities	$ 240,733	$ 234,917
Accumulated depreciation and amortization	(77,859)	(57,685)
Intangible liabilities, net	$ 162,874	$ 177,232
Weighted average remaining amortization period in years	8 years	8 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years	5 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 Loan (Details)				1 Months Ended			9 Months Ended	12 Months Ended
Debt - Bank Line of Credit and Term Loan (Details)	Oct. 21, 2022	Aug. 22, 2022 USD ($) loan	May 23, 2019 USD ($) renewal_option	Oct. 31, 2022 USD ($)	Sep. 30, 2021 USD ($) renewal_option	Jul. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) derivativeHeld	Aug. 31, 2022 derivativeHeld	May 31, 2019 USD ($)
Debt Instrument
Balance outstanding							$ 1,585,333,000	$ 1,165,975,000
Debt instrument, term (in months)							42 days	2 months
Interest rate swap instruments
Debt Instrument
Number of interest-rate contracts held \| derivativeHeld								0
Interest rate swap instruments \| Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held \| derivativeHeld									2
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, minimum					$ 7,700,000,000
2022 Term Loan Agreement
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, minimum							$ 7,700,000,000
Number of loans \| loan		2
2022 Term Loan Agreement \| Subsequent Event
Debt Instrument
Proceeds from long-term lines of credit				$ 500,000,000
2022 Term Loan Agreement \| Subsequent Event \| Interest rate swap instruments
Debt Instrument
Fixed interest rate				3.76%
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, interest rate, reduction available for sustainability metrics					0.00025
Debt instrument, facility fee (as a percent)							0.15%
Balance outstanding							$ 0	$ 0
Line of credit facility additional aggregate amount, maximum					$ 750,000,000
Bank Line of Credit \| Revolving Credit Facility \| LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)							0.75%
Bank Line of Credit \| 2019 Term Loan
Debt Instrument
Amount										$ 250,000,000
Repayment of 2019 term loan						$ 250,000,000
Bank Line of Credit \| Term Loan Facilities \| 2022 Term Loan Agreement
Debt Instrument
Length of debt instrument extension period (in months)		1 year
Amount		$ 500,000,000
Debt Instrument, interest rate, reduction available for sustainability metrics		0.0001
Balance outstanding							$ 0
Debt instrument, period after closing		180 days
Debt instrument, term (in months)		4 years 6 months
Interest rate during period							0.85%
Debt instrument, number of days after closing for commencement		60 days
Line of credit facility, loan feature, higher borrowing capacity option		$ 500,000,000
Bank Line of Credit \| Term Loan Facilities \| 2022 Term Loan Agreement \| Subsequent Event
Debt Instrument
Commitment fee percentage	0.15%
Bank Line of Credit \| Term Loan Facilities One \| 2022 Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity		250,000,000
Bank Line of Credit \| Term Loan Facilities Two \| 2022 Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity		$ 250,000,000
Debt instrument, term (in months)		5 years

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - USD ($)	9 Months Ended	12 Months Ended
Debt - Commercial Paper Program (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Jul. 31, 2022
Debt Instrument
Debt instrument, term (in months)	42 days	2 months
Weighted-average interest rate (as a percent)	3.41%	0.32%
Commercial Paper Program
Debt Instrument
Maximum outstanding amount capacity		$ 1,500,000,000	$ 2,000,000,000
Borrowings	$ 1,590,000,000	$ 1,170,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details)	3 Months Ended			9 Months Ended
Debt - Senior Unsecured Notes (Details)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 bond	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 24, 2021 USD ($)	Jul. 12, 2021 USD ($)	May 19, 2021 USD ($)	Feb. 26, 2021 USD ($)	Jan. 28, 2021 USD ($)
Debt Instrument
Principal balance on debt	$ 6,631,833,000			$ 6,631,833,000
Loss on extinguishment of debt	0		$ 667,000	0	$ 225,824,000
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 2023 and 2024
Debt Instrument
Loss on extinguishment of debt					$ 225,000,000
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		9 Months Ended
Debt - Mortgage Debt (Details) $ in Thousands	Sep. 30, 2022 USD ($) facility	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) facility	Sep. 30, 2021 USD ($)	Aug. 31, 2022 derivativeHeld	Apr. 30, 2022 derivativeHeld	Dec. 31, 2021 USD ($) facility derivativeHeld	Apr. 30, 2021 USD ($)
Debt Instrument
Principal balance on debt	$ 6,631,833		$ 6,631,833
Interest rate swap instruments
Debt Instrument
Number of interest-rate contracts held \| derivativeHeld							0
Interest rate swap instruments \| Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held \| derivativeHeld					2
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	$ 346,500		$ 346,500				$ 350,000
Number of healthcare facilities used to secure debt (in facilities) \| facility	18		18				18
Debt instrument, collateral, healthcare facilities carrying value	$ 796,000		$ 796,000				$ 811,000
Debt instrument, periodic payment	$ 1,000	$ 1,000	$ 4,000	$ 4,000

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument
2022	$ 1,289
2023	90,089
2024	7,024
2025	803,209
2026	2,479,856
Thereafter	3,250,366
Total debt before discount, net	6,631,833
(Discounts), premium and debt costs, net	(40,862)
Long-term debt	$ 6,590,971
Weighted-average interest rate (as a percent)	3.41%	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	1,585,333
Thereafter	0
Total debt before discount, net	1,585,333
(Discounts), premium and debt costs, net	0
Long-term debt	1,585,333
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	(42,349)
Long-term debt	$ 4,657,651
Weighted-average interest rate (as a percent)	3.39%
Weighted-average maturity (in years)	6 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	$ 1,289
2023	90,089
2024	7,024
2025	3,209
2026	244,523
Thereafter	366
Total debt before discount, net	346,500	$ 350,000
(Discounts), premium and debt costs, net	1,487
Long-term debt	$ 347,987
Weighted-average interest rate (as a percent)	4.35%
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	5.49%
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	3.57%
Mortgage Debt \| Maximum
Debt Instrument
Interest Rate	6.70%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 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			9 Months Ended		12 Months Ended	24 Months Ended
	Oct. 27, 2022 $ / shares	Apr. 30, 2021 USD ($)	May 31, 2021 USD ($)	Dec. 31, 2022 interest	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 $ / shares shares	Sep. 30, 2022 USD ($) interest $ / shares shares	Sep. 30, 2021 $ / shares shares	Dec. 31, 2021 USD ($) interest	Dec. 31, 2024 interest	Aug. 01, 2022 USD ($)
Class of Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares					$ 0.30	$ 0.30	$ 0.90	$ 0.90
Dividends paid (in dollars per share) \| $ / shares					$ 0.30	$ 0.30	$ 0.90	$ 0.90
Stock repurchase program, authorized amount											$ 500,000,000
Common stock repurchased (in shares) \| shares					2,100,000		2,100,000
Average cost per share (in dollars per share) \| $ / shares					$ 27.16		$ 27.16
Stock repurchase program, total value					$ 56,000,000		$ 56,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 444,000,000		$ 444,000,000
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
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares	$ 0.30
Number of interests redeemable over time \| interest				1
Forecast
Class of Stock [Line Items]
Number of interests redeemable over time \| interest										2
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		9,100,000
Forward equity sales agreement, initial net price (in dollars per share) \| $ / shares						$ 35.25		$ 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	0	0
Remainder outstanding (in shares) \| shares					9,100,000	9,100,000	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	Sep. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 32,373	$ 0
Supplemental Executive Retirement Plan minimum liability	(2,847)	(3,147)
Total accumulated other comprehensive income (loss)	$ 29,526	$ (3,147)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Common Share - Narrative (Details) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	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	5,000,000	7,000,000

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Income (loss) from continuing operations	$ 359,284	$ 61,305	$ 503,611	$ 108,785
Noncontrolling interests' share in continuing operations	(4,016)	(7,195)	(11,701)	(14,036)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	355,268	54,110	491,910	94,749
Less: Participating securities' share in continuing operations	(604)	(269)	(2,523)	(3,001)
Income (loss) from continuing operations applicable to common shares	354,664	53,841	489,387	91,748
Income (loss) from discontinued operations	(1,298)	601	2,011	384,569
Noncontrolling interests' share in discontinued operations	0	0	0	(2,539)
Net income (loss) applicable to common shares	353,366	54,442	491,398	473,778
Add: distributions on dilutive convertible units and other	2,355	0	4,943	0
Dilutive net income (loss) available to common shares	$ 355,721	$ 54,442	$ 496,341	$ 473,778
Denominator
Basic weighted average shares outstanding (in shares)	538,417	539,021	539,105	538,879
Dilutive potential common shares - equity awards (in shares)	281	367	255	280
Dilutive potential common shares - DownREIT conversions (in shares)	7,317	0	5,492	0
Diluted weighted average common shares (in shares)	546,015	539,388	544,852	539,159
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.66	$ 0.10	$ 0.91	$ 0.17
Discontinued operations (in dollars per share)	0	0	0	0.71
Net income (loss) applicable to common shares (in dollars per share)	0.66	0.10	0.91	0.88
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.65	0.10	0.91	0.17
Discontinued operations (in dollars per share)	0	0	0	0.71
Net income (loss) applicable to common shares (in dollars per share)	$ 0.65	$ 0.10	$ 0.91	$ 0.88
Outstanding equity awards (in shares)	1,000	1,000	1,000	1,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 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			$ 520,406		$ 481,465	$ 1,536,710	$ 1,412,979
Government grant income			4		15	6,765	1,412
Less: Interest income			(5,963)		(6,748)	(16,950)	(31,869)
Healthpeak’s share of unconsolidated joint venture total revenues			22,350		19,367	62,804	63,937
Healthpeak’s share of unconsolidated joint venture government grant income			183			831	1,010
Noncontrolling interests’ share of consolidated joint venture total revenues			(9,023)		(9,036)	(26,906)	(26,926)
Operating expenses			(220,208)		(202,139)	(642,499)	(574,032)
Healthpeak’s share of unconsolidated joint venture operating expenses			(15,689)		(14,250)	(45,460)	(47,712)
Noncontrolling interests’ share of consolidated joint venture operating expenses			2,579		2,684	7,945	7,780
Adjustments to NOI			(19,224)		(14,023)	(61,431)	(40,794)
Adjusted NOI			275,415		257,335	821,809	765,785
Plus: Adjustments to NOI			19,224		14,023	61,431	40,794
Interest income			5,963		6,748	16,950	31,869
Interest expense			(44,078)		(35,905)	(123,531)	(121,429)
Depreciation and amortization			(173,190)		(177,175)	(531,412)	(506,172)
General and administrative			(24,549)		(23,270)	(73,161)	(72,260)
Transaction costs			(728)		0	(1,636)	(1,417)
Impairments and loan loss reserves			(3,407)		(285)	(3,678)	(4,458)
Gain (loss) on sales of real estate, net			(4,149)		14,635	10,047	189,873
Gain (loss) on debt extinguishments			0		(667)	0	(225,824)
Other income (expense), net			305,678		1,670	326,855	5,604
Less: Government grant income			(4)		(15)	(6,765)	(1,412)
Less: Healthpeak’s share of unconsolidated joint venture NOI			(6,844)		(5,117)	(18,175)	(17,235)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			6,444		6,352	18,961	19,146
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			355,775		58,329	497,695	102,864
Income tax benefit (expense)			3,834		649	3,775	1,404
Equity income (loss) from unconsolidated joint ventures			(325)		2,327	2,141	4,517
Income (loss) from continuing operations			359,284		61,305	503,611	108,785
Income (loss) from discontinued operations			(1,298)		601	2,011	384,569
Net income (loss)			357,986		61,906	505,622	493,354
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			(40,227)		(32,819)	(112,971)	(113,470)
Depreciation and amortization			0		0	0	0
General and administrative			(24,549)		(23,270)	(73,161)	(72,260)
Transaction costs			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					(667)		(225,824)
Other income (expense), net			698		1,563	2,527	5,095
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			(64,078)		(55,193)	(184,048)	(406,459)
Income tax benefit (expense)			3,834		649	3,775	1,404
Equity income (loss) from unconsolidated joint ventures			0		0	0	0
Income (loss) from continuing operations			(60,244)		(54,544)	(180,273)	(405,055)
Income (loss) from discontinued operations			(1,298)		601	2,011	384,569
Net income (loss)			(61,542)		(53,943)	(178,262)	(20,486)
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			207,795		184,213	609,620	531,674
Government grant income			0		0	0	0
Less: Interest income			0		0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues			2,938		1,521	5,637	4,270
Healthpeak’s share of unconsolidated joint venture government grant income			0			0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			(55)		(82)	(174)	(222)
Operating expenses			(55,162)		(44,923)	(152,796)	(125,108)
Healthpeak’s share of unconsolidated joint venture operating expenses			(777)		(463)	(1,744)	(1,316)
Noncontrolling interests’ share of consolidated joint venture operating expenses			21		25	59	66
Adjustments to NOI			(15,221)		(11,021)	(50,977)	(35,197)
Adjusted NOI			139,539		129,270	409,625	374,167
Plus: Adjustments to NOI			15,221		11,021	50,977	35,197
Interest income			0		0	0	0
Interest expense			0		(46)	0	(196)
Depreciation and amortization			(70,141)		(79,570)	(227,952)	(224,958)
General and administrative			0		0	0	0
Transaction costs			(40)			(367)	(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			311,912		22	311,932	54
Less: Government grant income			0		0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(2,161)		(1,058)	(3,893)	(2,954)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			34		57	115	156
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			394,364		59,696	544,293	181,455
Income tax benefit (expense)			0		0	0	0
Equity income (loss) from unconsolidated joint ventures			(877)		630	237	648
Income (loss) from continuing operations			393,487		60,326	544,530	182,103
Income (loss) from discontinued operations			0		0	0	0
Net income (loss)			393,487		60,326	544,530	182,103
Medical Office
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net	$ 1,000			$ 10,000
Medical Office \| Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			184,506		171,482	541,078	496,978
Government grant income			0		0	0	0
Less: Interest income			0		0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues			756		737	2,249	2,162
Healthpeak’s share of unconsolidated joint venture government grant income			0			0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			(8,968)		(8,954)	(26,732)	(26,704)
Operating expenses			(64,782)		(58,430)	(189,274)	(164,198)
Healthpeak’s share of unconsolidated joint venture operating expenses			(313)		(305)	(912)	(915)
Noncontrolling interests’ share of consolidated joint venture operating expenses			2,558		2,659	7,886	7,714
Adjustments to NOI			(4,079)		(3,626)	(10,574)	(7,553)
Adjusted NOI			109,678		103,563	323,721	307,484
Plus: Adjustments to NOI			4,079		3,626	10,574	7,553
Interest income			0		0	0	0
Interest expense			(1,964)		(1,104)	(4,931)	(1,985)
Depreciation and amortization			(70,917)		(66,189)	(207,563)	(187,512)
General and administrative			0		0	0	0
Transaction costs			(94)			(168)	(295)
Impairments and loan loss reserves			0		(1,952)	0	(1,952)
Gain (loss) on sales of real estate, net			554		14,635	10,894	189,873
Gain (loss) on debt extinguishments					0		0
Other income (expense), net			154		(30)	12,354	(2,483)
Less: Government grant income			0		0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(443)		(432)	(1,337)	(1,247)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			6,410		6,295	18,846	18,990
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			47,457		58,412	162,390	328,426
Income tax benefit (expense)			0		0	0	0
Equity income (loss) from unconsolidated joint ventures			206		220	617	549
Income (loss) from continuing operations			47,663		58,632	163,007	328,975
Income (loss) from discontinued operations			0		0	0	0
Net income (loss)			47,663		58,632	163,007	328,975
CCRC \| Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			122,142		119,022	369,062	352,458
Government grant income			4		15	6,765	1,412
Less: Interest income			0		0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues			0		0	0	6,903
Healthpeak’s share of unconsolidated joint venture government grant income			0			334	200
Noncontrolling interests’ share of consolidated joint venture total revenues			0		0	0	0
Operating expenses			(100,264)		(98,799)	(300,429)	(284,739)
Healthpeak’s share of unconsolidated joint venture operating expenses			0		(32)	0	(6,985)
Noncontrolling interests’ share of consolidated joint venture operating expenses			0		0	0	0
Adjustments to NOI			0		724	0	1,971
Adjusted NOI			21,882		20,930	75,732	71,220
Plus: Adjustments to NOI			0		(724)	0	(1,971)
Interest income			0		0	0	0
Interest expense			(1,887)		(1,936)	(5,629)	(5,778)
Depreciation and amortization			(32,132)		(31,416)	(95,897)	(93,702)
General and administrative			0		0	0	0
Transaction costs			(594)			(658)	(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			(7,086)		114	55	2,456
Less: Government grant income			(4)		(15)	(6,765)	(1,412)
Less: Healthpeak’s share of unconsolidated joint venture NOI			0		32	(334)	(118)
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			(19,821)		(13,015)	(33,496)	(30,395)
Income tax benefit (expense)			0		0	0	0
Equity income (loss) from unconsolidated joint ventures			0		845	539	1,484
Income (loss) from continuing operations			(19,821)		(12,170)	(32,957)	(28,911)
Income (loss) from discontinued operations			0		0	0	0
Net income (loss)			(19,821)		(12,170)	(32,957)	(28,911)
Other Non-reportable \| Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			5,963		6,748	16,950	31,869
Government grant income			0		0	0	0
Less: Interest income			(5,963)		(6,748)	(16,950)	(31,869)
Healthpeak’s share of unconsolidated joint venture total revenues			18,656		17,109	54,918	50,602
Healthpeak’s share of unconsolidated joint venture government grant income			183			497	810
Noncontrolling interests’ share of consolidated joint venture total revenues			0		0	0	0
Operating expenses			0		13	0	13
Healthpeak’s share of unconsolidated joint venture operating expenses			(14,599)		(13,450)	(42,804)	(38,496)
Noncontrolling interests’ share of consolidated joint venture operating expenses			0		0	0	0
Adjustments to NOI			76		(100)	120	(15)
Adjusted NOI			4,316		3,572	12,731	12,914
Plus: Adjustments to NOI			(76)		100	(120)	15
Interest income			5,963		6,748	16,950	31,869
Interest expense			0		0	0	0
Depreciation and amortization			0		0	0	0
General and administrative			0		0	0	0
Transaction costs			0			0	(21)
Impairments and loan loss reserves			(3,407)		1,667	(3,678)	(2,506)
Gain (loss) on sales of real estate, net			(4,703)		0	(4,703)	0
Gain (loss) on debt extinguishments					0		0
Other income (expense), net			0		1	(13)	482
Less: Government grant income			0		0	0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(4,240)		(3,659)	(12,611)	(12,916)
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			(2,147)		8,429	8,556	29,837
Income tax benefit (expense)			0		0	0	0
Equity income (loss) from unconsolidated joint ventures			346		632	748	1,836
Income (loss) from continuing operations			(1,801)		9,061	9,304	31,673
Income (loss) from discontinued operations			0		0	0	0
Net income (loss)			$ (1,801)		$ 9,061	$ 9,304	$ 31,673

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 138,972	$ 167,062
Income taxes paid (refunded)	(2,003)	4,258
Capitalized interest	26,970	17,022
Supplemental schedule of non-cash investing and financing activities:
Retained investment in connection with South San Francisco JVs transaction	293,265	0
Increase in ROU asset in exchange for new lease liability related to operating leases	954	15,329
Decrease in ROU asset with corresponding change in lease liability related to operating leases	0	8,410
Seller financing provided on disposition of real estate asset	0	559,745
Accrued construction costs	160,937	150,204
Vesting of restricted stock units and conversion of non-managing member units into common stock	803	907
Carrying value of mortgages assumed by buyer in real estate dispositions	$ 0	$ 143,676

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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			$ 75,103	$ 72,112
Development, redevelopment, and other major improvements of real estate			616,803	430,510
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 173,190	$ 177,175	531,412	506,172
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	2,609
Development, redevelopment, and other major improvements of real estate			18	5,361
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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Continuing operations
Cash and cash equivalents	$ 112,452	$ 158,287	$ 201,099	$ 44,226
Restricted cash	54,500	53,454	53,699	67,206
Cash, cash equivalents and restricted cash	166,952	211,741	254,798	111,432
Discontinued operations
Cash and cash equivalents	2,172	7,707	14,005	53,085
Restricted cash	0	0	3	17,168
Cash, cash equivalents and restricted cash	2,172	7,707	14,008	70,253
Cash and cash equivalents, total	114,624	165,994	215,104	97,311
Restricted cash, total	54,500	53,454	53,702	84,374
Cash, cash equivalents and restricted cash, total	$ 169,124	$ 219,448	$ 268,806	$ 181,685

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) joint_venture	Jun. 30, 2022 property	Mar. 31, 2022 property	Sep. 30, 2022 joint_venture	Dec. 31, 2021 USD ($) joint_venture property
Variable Interest Entity [Line Items]
Exchange accommodation titleholder, real estate, carrying value \| $	$ 77				$ 77
Life Science \| Needham Land Parcel JV
Variable Interest Entity [Line Items]
Investment ownership percentage	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
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures)	2			2	2
Number of VIE borrowers with marketable debt securities (in joint ventures)	1			1	1
Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage				51%
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

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 36,775
Needham Land Parcel JV
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 15,342

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 12,633,935	$ 12,025,271
Development costs and construction in progress	744,711	877,423
Land	2,647,430	2,603,964
Accumulated depreciation and amortization	(3,148,019)	(2,839,229)
Net real estate	12,878,057	12,667,429
Accounts receivable, net	53,964	48,691
Cash and cash equivalents	112,452	158,287	$ 201,099	$ 44,226
Intangible assets, net	444,215	519,760
Assets held for sale and discontinued operations, net	51,495	37,190
Right-of-use asset	232,155	233,942
Other assets, net	752,224	674,615
Total assets	15,661,956	15,257,519
Liabilities
Mortgage debt	347,987	352,081
Intangible liabilities, net	162,874	177,232
Liabilities related to assets held for sale and discontinued operations, net	12,831	15,056
Lease liability	200,813	204,547
Accounts payable, accrued liabilities, and other liabilities	732,895	755,384
Deferred revenue	835,223	789,207
Total liabilities	8,535,607	8,111,415
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,204,074	2,303,920
Development costs and construction in progress	162,658	82,303
Land	324,444	548,168
Accumulated depreciation and amortization	(598,285)	(551,097)
Net real estate	2,092,891	2,383,294
Accounts receivable, net	8,211	5,455
Cash and cash equivalents	38,152	22,295
Restricted cash	260	114
Intangible assets, net	78,458	117,180
Assets held for sale and discontinued operations, net	30,398	754
Right-of-use asset	99,824	107,993
Other assets, net	66,904	62,886
Total assets	2,415,098	2,699,971
Liabilities
Mortgage debt	144,533	144,350
Intangible liabilities, net	15,926	23,909
Liabilities related to assets held for sale and discontinued operations, net	2,020	1,677
Lease liability	98,855	99,213
Accounts payable, accrued liabilities, and other liabilities	76,685	58,440
Deferred revenue	26,872	21,546
Total liabilities	364,891	349,135
Consolidated Lessees VIE \| Discontinued Operations
ASSETS
Buildings and improvements	39,934	0
Development costs and construction in progress	6	0
Land	1,920	0
Accumulated depreciation and amortization	(15,612)	0
Net real estate	26,248	0
Accounts receivable, net	0	62
Cash and cash equivalents	82	59
Intangible assets, net	215	0
Other assets, net	3,853	633
Total assets	30,398	754
Liabilities
Accounts payable, accrued liabilities, and other liabilities	1,619	1,677
Deferred revenue	401	0
Total liabilities	$ 2,020	$ 1,677

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Summary of financial instruments
Bank line of credit and commercial paper	$ 1,585,333	$ 1,165,975
Senior unsecured notes	4,657,651	4,651,933
Mortgage debt	347,987	352,081
Carrying Value
Summary of financial instruments
Loans receivable, net	383,991	415,811
Marketable debt securities	21,522	21,003
Bank line of credit and commercial paper	1,585,333	1,165,975
Senior unsecured notes	4,657,651	4,651,933
Mortgage debt	347,987	352,081
Carrying Value \| Interest rate swap instruments
Summary of financial instruments
Interest rate cap assets	32,487	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	4,163,646	5,054,747
Fair Value \| Level 2
Summary of financial instruments
Loans receivable, net	378,525	437,607
Marketable debt securities	21,522	21,003
Bank line of credit and commercial paper	1,585,333	1,165,975
Mortgage debt	331,832	352,800
Fair Value \| Level 2 \| Interest rate swap instruments
Summary of financial instruments
Interest rate cap assets	32,487	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)	1 Months Ended		3 Months Ended	9 Months Ended
Derivative Financial Instruments - Narrative (Details)	Apr. 30, 2021 USD ($) property	Mar. 31, 2021 USD ($) property derivativeHeld	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Aug. 31, 2022 USD ($) derivativeHeld	Apr. 30, 2022 derivativeHeld	Dec. 31, 2021 derivativeHeld	May 31, 2021 property	Apr. 30, 2021 USD ($)	Apr. 30, 2021 derivativeHeld	Apr. 30, 2021 instrument
Derivative [Line Items]
Asset at fair value, changes in fair value resulting from changes in assumptions				$ 24,000,000
Interest rate swap instruments
Derivative [Line Items]
Number of interest-rate contracts held \| derivativeHeld							0
Interest rate swap instruments \| Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held \| derivativeHeld					2
Derivative amount terminated					$ 500,000,000
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
Derivative amount terminated									$ 142,000,000
Increase in the fair value of the interest rate cap agreements			$ 0	$ 2,000,000
Mortgage Debt
Derivative [Line Items]
Repayments of secured debt	$ 64,000,000	$ 39,000,000
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)	Sep. 30, 2022 USD ($)	Aug. 31, 2022 derivativeHeld	Apr. 30, 2022 derivativeHeld	Dec. 31, 2021 USD ($) 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
Derivative [Line Items]
Number of interest-rate contracts held \| derivativeHeld		2
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	$ 2,444,000			$ 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	$ 4,352,000			0
Interest Rate Swap, 2.60% Pay Rate \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250,000,000
Pay Rate	2.60%
Fair Value	$ 12,173,000			0
Interest Rate Swap, 2.54% Pay Rate \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250,000,000
Pay Rate	2.54%
Fair Value	$ 13,518,000			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			9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Payables and Accruals [Abstract]
Refundable entrance fees		$ 271,675		$ 271,675		$ 288,409
Accrued construction costs		160,937		160,937		179,995
Accrued interest		35,832		35,832		59,342
Other accounts payable and accrued liabilities		264,451		264,451		227,638
Accounts payable, accrued liabilities, and other liabilities		732,895		732,895		755,384
Unamortized nonrefundable entrance fee		512,000		512,000		$ 496,000
Proceeds from collection of nonrefundable entrance fees		24,000	$ 25,000	74,000	$ 63,000
Amortization of nonrefundable entrance fee		$ 20,000	$ 19,000	$ 58,000	$ 57,000
Forecast
Other Commitments [Line Items]
Severance costs	$ 30,000