Healthpeak Properties (DOC) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	4600 South Syracuse Street
Entity Address, Address Line Two	Suite 500
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		547,054,288
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate:
Buildings and improvements	$ 13,039,278	$ 12,784,078
Development costs and construction in progress	775,836	760,355
Land	2,661,963	2,667,188
Accumulated depreciation and amortization	(3,379,874)	(3,188,138)
Net real estate	13,097,203	13,023,483
Loans receivable, net of reserves of $8,366 and $8,280	214,030	374,832
Investments in and advances to unconsolidated joint ventures	731,956	706,677
Accounts receivable, net of allowance of $2,387 and $2,399	53,467	53,436
Cash and cash equivalents	103,780	72,032
Restricted cash	56,745	54,802
Intangible assets, net	364,453	418,061
Assets held for sale, net	8,282	49,866
Right-of-use asset, net	234,050	237,318
Other assets, net	739,574	780,722
Total assets	15,603,540	15,771,229
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	329,000	995,606
Term loans	496,382	495,957
Senior unsecured notes	5,399,504	4,659,451
Mortgage debt	343,766	346,599
Intangible liabilities, net	140,060	156,193
Liabilities related to assets held for sale, net	52	4,070
Lease liability	204,489	208,515
Accounts payable, accrued liabilities, and other liabilities	682,764	772,485
Deferred revenue	881,870	844,076
Total liabilities	8,477,887	8,482,952
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	63,792	105,679
Common stock, $1.00 par value: 750,000,000 shares authorized; 547,052,994 and 546,641,973 shares issued and outstanding	547,053	546,642
Additional paid-in capital	10,384,982	10,349,614
Cumulative dividends in excess of earnings	(4,428,423)	(4,269,689)
Accumulated other comprehensive income (loss)	31,453	28,134
Total stockholders’ equity	6,535,065	6,654,701
Joint venture partners	316,247	327,721
Non-managing member unitholders	210,549	200,176
Total noncontrolling interests	526,796	527,897
Total equity	7,061,861	7,182,598
Total liabilities and equity	$ 15,603,540	$ 15,771,229

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 8,366	$ 8,280
Allowance for accounts receivable	$ 2,387	$ 2,399
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)	547,052,994	546,641,973
Common stock, shares outstanding (in shares)	547,052,994	546,641,973

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues [Abstract]
Rental and related revenues	$ 409,967	$ 387,079	$ 802,398	$ 757,229
Resident fees and services	130,184	125,360	257,268	246,920
Interest income	5,279	5,493	11,442	10,987
Income from direct financing leases	0	0	0	1,168
Total revenues	545,430	517,932	1,071,108	1,016,304
Costs and expenses:
Interest expense	49,074	41,867	97,037	79,453
Depreciation and amortization	197,573	180,489	376,798	358,222
Operating	221,837	215,044	444,925	422,291
General and administrative	25,936	24,781	50,483	48,612
Transaction costs	637	612	3,062	908
Impairments and loan loss reserves (recoveries), net	2,607	139	394	271
Total costs and expenses	497,664	462,932	972,699	909,757
Other income (expense):
Gain (loss) on sales of real estate, net	4,885	10,340	86,463	14,196
Other income (expense), net	1,955	2,861	2,727	21,177
Total other income (expense), net	6,840	13,201	89,190	35,373
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	54,606	68,201	187,599	141,920
Income tax benefit (expense)	(1,136)	718	(1,438)	(59)
Equity income (loss) from unconsolidated joint ventures	2,729	382	4,545	2,466
Income (loss) from continuing operations	56,199	69,301	190,706	144,327
Income (loss) from discontinued operations	0	2,992	0	3,309
Net income (loss)	56,199	72,293	190,706	147,636
Noncontrolling interests’ share in continuing operations	(4,300)	(3,955)	(19,855)	(7,685)
Net income (loss) attributable to Healthpeak Properties, Inc.	51,899	68,338	170,851	139,951
Participating securities’ share in earnings	(149)	(281)	(1,402)	(2,258)
Net income (loss) applicable to common shares	$ 51,750	$ 68,057	$ 169,449	$ 137,693
Earnings Per Share [Abstract]
Continuing operations (in dollars per share)	$ 0.09	$ 0.12	$ 0.31	$ 0.25
Discontinued operations (in dollars per share)	0	0.01	0	0.01
Net income (loss) applicable to common shares (in dollars per share)	0.09	0.13	0.31	0.26
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.09	0.12	0.31	0.25
Discontinued operations (in dollars per share)	0	0.01	0	0.01
Net income (loss) applicable to common shares (in dollars per share)	$ 0.09	$ 0.13	$ 0.31	$ 0.26
Weighted average shares outstanding:
Basic (in shares)	547,026	539,558	546,936	539,456
Diluted (in shares)	547,294	539,815	547,204	539,701

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 56,199	$ 72,293	$ 190,706	$ 147,636
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	12,668	1,629	3,191	1,629
Change in Supplemental Executive Retirement Plan obligation and other	64	100	128	200
Total other comprehensive income (loss)	12,732	1,729	3,319	1,829
Total comprehensive income (loss)	68,931	74,022	194,025	149,465
Total comprehensive (income) loss attributable to noncontrolling interests’ share in continuing operations	(4,300)	(3,955)	(19,855)	(7,685)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	$ 64,631	$ 70,067	$ 174,170	$ 141,780

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, 2021			539,097
Balance at Dec. 31, 2021	$ 7,058,760	$ 6,515,470	$ 539,097	$ 10,100,294	$ (4,120,774)	$ (3,147)	$ 543,290
Increase (Decrease) in Stockholders' Equity
Net income (loss)	147,611	139,951			139,951		7,660
Other comprehensive income (loss)	1,829	1,829				1,829
Issuance of common stock, net (in shares)			831
Issuance of common stock, net	656	656	$ 831	(175)
Repurchase of common stock (in shares)			(348)
Repurchase of common stock	(11,615)	(11,615)	$ (348)	(11,267)
Stock-based compensation	12,865	12,865		12,865
Common dividends	(325,939)	(325,939)			(325,939)
Distributions to noncontrolling interests	(15,774)						(15,774)
Adjustments to redemption value of redeemable noncontrolling interests	(28,005)	(28,005)		(28,005)
Balance (in shares) at Jun. 30, 2022			539,580
Balance at Jun. 30, 2022	6,840,388	6,305,212	$ 539,580	10,073,712	(4,306,762)	(1,318)	535,176
Beginning balance at Dec. 31, 2021	87,344
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	25
Distributions to noncontrolling interests	(85)
Contributions from noncontrolling interests	588
Adjustments to redemption value of redeemable noncontrolling interests	28,005
Ending balance at Jun. 30, 2022	115,877
Balance (in shares) at Mar. 31, 2022			539,524
Balance at Mar. 31, 2022	6,947,722	6,408,223	$ 539,524	10,084,687	(4,212,941)	(3,047)	539,499
Increase (Decrease) in Stockholders' Equity
Net income (loss)	72,280	68,338			68,338		3,942
Other comprehensive income (loss)	1,729	1,729				1,729
Issuance of common stock, net (in shares)			65
Issuance of common stock, net	327	327	$ 65	262
Repurchase of common stock (in shares)			(9)
Repurchase of common stock	(263)	(263)	$ (9)	(254)
Stock-based compensation	6,721	6,721		6,721
Common dividends	(162,159)	(162,159)			(162,159)
Distributions to noncontrolling interests	(8,265)						(8,265)
Adjustments to redemption value of redeemable noncontrolling interests	(17,704)	(17,704)		(17,704)
Balance (in shares) at Jun. 30, 2022			539,580
Balance at Jun. 30, 2022	6,840,388	6,305,212	$ 539,580	10,073,712	(4,306,762)	(1,318)	535,176
Beginning balance at Mar. 31, 2022	97,890
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	13
Distributions to noncontrolling interests	(85)
Contributions from noncontrolling interests	355
Adjustments to redemption value of redeemable noncontrolling interests	17,704
Ending balance at Jun. 30, 2022	115,877
Balance (in shares) at Dec. 31, 2022			546,642
Balance at Dec. 31, 2022	7,182,598	6,654,701	$ 546,642	10,349,614	(4,269,689)	28,134	527,897
Increase (Decrease) in Stockholders' Equity
Net income (loss)	190,393	170,851			170,851		19,542
Other comprehensive income (loss)	3,319	3,319				3,319
Issuance of common stock, net (in shares)			642
Issuance of common stock, net	357	357	$ 642	(285)
Conversion of DownREIT units to common stock (in shares)			7
Conversion of DownREIT units to common stock	0	223	$ 7	216			(223)
Repurchase of common stock (in shares)			(238)
Repurchase of common stock	(6,474)	(6,474)	$ (238)	(6,236)
Stock-based compensation	9,959	(621)		(621)			10,580
Common dividends	(329,585)	(329,585)			(329,585)
Distributions to noncontrolling interests	(31,000)						(31,000)
Adjustments to redemption value of redeemable noncontrolling interests	42,294	42,294		42,294
Balance (in shares) at Jun. 30, 2023			547,053
Balance at Jun. 30, 2023	7,061,861	6,535,065	$ 547,053	10,384,982	(4,428,423)	31,453	526,796
Beginning balance at Dec. 31, 2022	105,679
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	313
Distributions to noncontrolling interests	(126)
Contributions from noncontrolling interests	220
Adjustments to redemption value of redeemable noncontrolling interests	(42,294)
Ending balance at Jun. 30, 2023	63,792
Balance (in shares) at Mar. 31, 2023			546,995
Balance at Mar. 31, 2023	7,137,733	6,609,736	$ 546,995	10,360,058	(4,316,038)	18,721	527,997
Increase (Decrease) in Stockholders' Equity
Net income (loss)	56,052	51,899			51,899		4,153
Other comprehensive income (loss)	12,732	12,732				12,732
Issuance of common stock, net (in shares)			51
Issuance of common stock, net	183	183	$ 51	132
Conversion of DownREIT units to common stock (in shares)			7
Conversion of DownREIT units to common stock	0	223	$ 7	216			(223)
Repurchase of common stock (in shares)			0
Repurchase of common stock	(7)	(7)	$ 0	(7)
Stock-based compensation	5,394	2,256		2,256			3,138
Common dividends	(164,284)	(164,284)			(164,284)
Distributions to noncontrolling interests	(8,269)						(8,269)
Adjustments to redemption value of redeemable noncontrolling interests	22,327	22,327		22,327
Balance (in shares) at Jun. 30, 2023			547,053
Balance at Jun. 30, 2023	7,061,861	$ 6,535,065	$ 547,053	$ 10,384,982	$ (4,428,423)	$ 31,453	$ 526,796
Beginning balance at Mar. 31, 2023	85,902
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	147
Distributions to noncontrolling interests	(54)
Contributions from noncontrolling interests	124
Adjustments to redemption value of redeemable noncontrolling interests	(22,327)
Ending balance at Jun. 30, 2023	$ 63,792

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 190,706	$ 147,636
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	376,798	358,222
Stock-based compensation amortization expense	7,532	10,021
Amortization of deferred financing costs	5,774	5,377
Straight-line rents	(5,431)	(23,872)
Amortization of nonrefundable entrance fees and above (below) market lease intangibles	(54,910)	(50,054)
Equity loss (income) from unconsolidated joint ventures	(4,545)	(2,530)
Distributions of earnings from unconsolidated joint ventures	352	476
Loss (gain) on sale of real estate under direct financing leases	0	(22,693)
Deferred income tax expense (benefit)	(901)	(1,038)
Impairments and loan loss reserves (recoveries), net	394	271
Loss (gain) on sales of real estate, net	(86,463)	(16,688)
Loss (gain) upon change of control, net	(234)	0
Casualty-related loss (recoveries), net	(266)	78
Other non-cash items	2,505	(1,187)
Changes in:
Decrease (increase) in accounts receivable and other assets, net	9,656	10,714
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	30,770	34,935
Net cash provided by (used in) operating activities	471,737	449,668
Cash flows from investing activities:
Acquisitions of real estate	(15,770)	(159,206)
Development, redevelopment, and other major improvements of real estate	(394,141)	(366,404)
Leasing costs, tenant improvements, and recurring capital expenditures	(42,233)	(50,745)
Proceeds from sales of real estate, net	141,651	37,719
Investments in unconsolidated joint ventures	(28,214)	(1,971)
Distributions in excess of earnings from unconsolidated joint ventures	6,420	5,496
Proceeds from insurance recovery	14,265	0
Proceeds from sales/principal repayments on loans receivable, direct financing leases, and marketable debt securities	184,299	77,685
Investments in loans receivable and other	(4,946)	(3,710)
Net cash provided by (used in) investing activities	(138,669)	(461,136)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	6,014,005	8,242,327
Repayments under bank line of credit and commercial paper	(6,680,611)	(7,959,733)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	743,778	0
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(2,619)	(2,507)
Payments for deferred financing costs	(7,322)	0
Issuance of common stock and exercise of options, net of offering costs	(298)	(7)
Repurchase of common stock	(6,474)	(11,615)
Dividends paid on common stock	(328,930)	(325,276)
Distributions to and purchase of noncontrolling interests	(31,126)	(15,859)
Contributions from and issuance of noncontrolling interests	220	588
Net cash provided by (used in) financing activities	(299,377)	(72,082)
Net increase (decrease) in cash, cash equivalents, and restricted cash	33,691	(83,550)
Cash, cash equivalents, and restricted cash, beginning of period	126,834	219,448
Cash, cash equivalents, and restricted cash, end of period	$ 160,525	$ 135,898

Business

Business	6 Months Ended
	Jun. 30, 2023
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) lab; (ii) outpatient medical; and (iii) continuing care retirement community (“CCRC”). During the second quarter of 2023, the Company changed the name of its “life science” and “medical office” segments to “lab” and “outpatient medical,” respectively. The segment name changes did not result in any changes to the composition of the Company’s segments, and therefore, had no impact on the Company’s historical results of segment operations. The Company’s corporate headquarters are in Denver, Colorado, and it has additional offices in California, Tennessee, and Massachusetts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022 filed with the 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 six months ended June 30, 2023 and 2022, 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 June 30, 2023, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company believes it has complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts received are subject to recapture. The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Government grant income recorded in other income (expense), net $ 47 $ 209 $ 184 $ 6,762 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — — 229 648 Government grant income recorded in income (loss) from discontinued operations — — — 206 Total government grants received $ 47 $ 209 $ 413 $ 7,616 Discontinued Operations Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions In 2020, the Company concluded that the dispositions of its senior housing triple-net and Senior Housing Operating Property (“SHOP”) portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. See Note 4 for further information. Recent Accounting Pronouncements 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 increased 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. Reference Rate Reform. From March 2020 to December 2022, the FASB issued a series of ASUs that provide optional expedients that may be elected through December 31, 2024 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in these ASUs were effective immediately upon issuance. During the first quarter of 2023, the Company amended certain of its variable rate mortgage debt and the related interest rate swap agreements to change the interest rate benchmark from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) and accordingly, the Company elected to apply certain practical expedients provided by these ASUs related to cash flow hedges. These expedients and the effects of reference rate reform have not had a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate	Real Estate 2023 Real Estate Investment Acquisitions 60 Loomis Land Parcel In January 2023, the Company acquired a lab land parcel in Cambridge, Massachusetts for $9 million. Wylie Outpatient Medical Building In April 2023, the Company acquired the remaining 80% interest in one of the outpatient medical buildings in the Ventures IV unconsolidated joint venture for $4 million (see Note 7). Subsequent to the acquisition, the Company began consolidating the building and recognized a gain upon change of control of $0.2 million, which is recorded in other income (expense), net. 2022 Real Estate Investment Acquisitions 67 Smith Place In January 2022, the Company closed a lab acquisition in Cambridge, Massachusetts for $72 million. Vista Sorrento Phase II In January 2022, the Company closed a lab acquisition in San Diego, California for $24 million. Webster Outpatient Medical Portfolio In March 2022, the Company acquired a portfolio of two outpatient medical buildings in Houston, Texas for $43 million. Northwest Medical Plaza In May 2022, the Company acquired one outpatient medical building in Bentonville, Arkansas for $26 million. Concord Avenue Land Parcels In December 2022, the Company closed a lab acquisition in Cambridge, Massachusetts for $18 million. Development Activities The Company’s commitments, which are primarily related to development and redevelopment projects and Company-owned tenant improvements, decreased by $64 million, to $188 million at June 30, 2023, when compared to December 31, 2022, primarily as a result of construction spend on and completion of existing projects in the first half of 2023, thereby decreasing the remaining commitment.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate and Discontinued Operations	Dispositions of Real Estate and Discontinued Operations 2023 Dispositions of Real Estate In January 2023, the Company sold two lab buildings in Durham, North Carolina, which were classified as held for sale as of December 31, 2022, for $113 million, resulting in total gain on sales of $60 million. Additionally, in March 2023, the Company sold two outpatient medical buildings for $32 million, resulting in total gain on sales of $21 million. 2022 Dispositions of Real Estate During the three months ended March 31, 2022, the Company sold one lab building 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 outpatient medical buildings and one outpatient medical land parcel for $27 million, resulting in total gain on sales of $10 million. During the three months ended September 30, 2022, the Company sold two outpatient medical buildings for $9 million, resulting in total gain on sales of $1 million. Held for Sale and Discontinued Operations As of June 30, 2023, one outpatient medical building was classified as held for sale, with a carrying value of $8 million, primarily comprised of net real estate assets. As of June 30, 2023, liabilities related to the asset held for sale were de minimis. As of December 31, 2022, two lab buildings were classified as held for sale, with an aggregate carrying value of $50 million, primarily comprised of net real estate assets of $44 million. As of December 31, 2022, liabilities related to these assets held for sale were $4 million. These two lab buildings were sold in January 2023, as discussed above. In 2020, the Company concluded that the dispositions of its senior housing triple-net and SHOP portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. At each of June 30, 2023 and December 31, 2022, the total assets and total liabilities classified as discontinued operations were zero. The results of discontinued operations during the three and six months ended June 30, 2023 and 2022 are presented below (in thousands) and are included in the consolidated results of operations for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues: Resident fees and services $ — $ 2,825 $ — $ 5,480 Total revenues — 2,825 — 5,480 Costs and expenses: Operating — 2,442 — 5,116 Total costs and expenses — 2,442 — 5,116 Other income (expense): Gain (loss) on sales of real estate, net — 2,563 — 2,492 Other income (expense), net — 16 — 19 Total other income (expense), net — 2,579 — 2,511 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures — 2,962 — 2,875 Income tax benefit (expense) — 30 — 370 Equity income (loss) from unconsolidated joint ventures — — — 64 Income (loss) from discontinued operations $ — $ 2,992 $ — $ 3,309 Impairments of Real Estate During the three and six months ended June 30, 2023 and 2022, the Company did not recognize any impairment charges. Other Losses

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 311,663 $ 296,729 $ 606,179 $ 584,020 Variable income from operating leases 98,304 90,350 196,219 173,209 Interest income from direct financing leases — — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under 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. Therefore, at June 30, 2023 and December 31, 2022, the Company had no leases classified as a DFL. Straight-Line Rents For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant is recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the second quarter of 2023, the U.S. Bankruptcy Court approved Sorrento’s rejection of the development lease, resulting in termination of the lease. The Company filed a proof of claim for related damages, $2 million of which was received by the Company by drawing on Sorrento’s letter of credit during the three months ended June 30, 2023. These cash proceeds of $2 million were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations. Given the nature of bankruptcy proceedings, the probability, timing, or amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claim is uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with this claim as of June 30, 2023.
Leases	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 311,663 $ 296,729 $ 606,179 $ 584,020 Variable income from operating leases 98,304 90,350 196,219 173,209 Interest income from direct financing leases — — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under 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. Therefore, at June 30, 2023 and December 31, 2022, the Company had no leases classified as a DFL. Straight-Line Rents For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant is recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the second quarter of 2023, the U.S. Bankruptcy Court approved Sorrento’s rejection of the development lease, resulting in termination of the lease. The Company filed a proof of claim for related damages, $2 million of which was received by the Company by drawing on Sorrento’s letter of credit during the three months ended June 30, 2023. These cash proceeds of $2 million were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations. Given the nature of bankruptcy proceedings, the probability, timing, or amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claim is uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with this claim as of June 30, 2023.
Lessee	Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 311,663 $ 296,729 $ 606,179 $ 584,020 Variable income from operating leases 98,304 90,350 196,219 173,209 Interest income from direct financing leases — — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under 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. Therefore, at June 30, 2023 and December 31, 2022, the Company had no leases classified as a DFL. Straight-Line Rents For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant is recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the second quarter of 2023, the U.S. Bankruptcy Court approved Sorrento’s rejection of the development lease, resulting in termination of the lease. The Company filed a proof of claim for related damages, $2 million of which was received by the Company by drawing on Sorrento’s letter of credit during the three months ended June 30, 2023. These cash proceeds of $2 million were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations. Given the nature of bankruptcy proceedings, the probability, timing, or amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claim is uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with this claim as of June 30, 2023.

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, December 31, Secured loans (1) $ 188,319 $ 350,837 CCRC resident loans 35,034 33,083 Unamortized discounts, fees, and costs (957) (808) Reserve for loan losses (8,366) (8,280) Loans receivable, net $ 214,030 $ 374,832 _______________________________________ (1) At each of June 30, 2023 and December 31, 2022, the Company had $40 million remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. Sunrise Senior Housing Portfolio Seller Financing In conjunction with the sale of 32 SHOP facilities for $664 million in January 2021, 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 initial and additional financing is secured by the buyer’s equity ownership in each property. In June 2023, the interest rate on this secured loan was converted from a variable rate based on LIBOR to a variable rate based on Term SOFR (plus a 10 basis point adjustment related to SOFR transition). In June 2021, February 2022, July 2022, and December 2022, the Company received principal repayments of $246 million, $8 million, $27 million, and $10 million, respectively, in conjunction with the disposition of the underlying collateral. In connection with these principal repayments , the additional financing available was reduced to $40 million, of which $0.4 million had been funded as of June 30, 2023. At each of June 30, 2023 and December 31, 2022, this secured loan had an outstanding principal balance of $120 million. Other Seller Financing In conjunction with the sale of 16 additional SHOP facilities for $230 million in January 2021, 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. Upon maturity in January 2023, the borrower did not make the required principal repayment. In February 2023, the borrower made a partial principal repayment of $102 million and the remaining balance owed was refinanced with the Company. In connection with the refinance, the maturity date of the loan was extended to January 2024 and the interest rate on the loan was increased to a variable rate based on Term SOFR (plus an 11 basis point adjustment related to SOFR transition) plus 6.0% for the first six months of the extended term, increasing to 7.0% for the last six months of the extended term. The Company also received a $1 million extension fee in connection with the refinance, which is recognized in interest income over the remaining term of the loan. 2023 Other Loans Receivable Transactions In February 2023, the Company received full repayment of the outstanding balance of one $35 million secured loan. In April 2023, the Company received full repayment of the outstanding balance of one $14 million secured loan. In May 2023, the interest rate on one secured loan with an outstanding balance of $21 million was converted from a variable rate based on LIBOR to a variable rate based on Term SOFR (plus a 10 basis point adjustment related to SOFR transition). Also in May 2023, the Company received full repayment of two outstanding secured loans with an aggregate balance of $12 million. 2022 Other Loans Receivable Transactions In May 2022, the Company received full repayment of the outstanding balance of a $2 million secured loan. In November 2022, the Company received full repayment of the outstanding balance of a $1 million mezzanine loan. In December 2022, the Company extended the maturity dates of four secured loans with an aggregate outstanding balance of $61 million, originally scheduled to mature in December 2022, by one year to December 2023. In connection with the extensions, the interest rates on the loans were increased to a variable rate based on Term SOFR (plus an 11 basis point adjustment related to SOFR transition) with a floor of 8.5% for the first six months of the extended term, increasing to a floor of 10.5% for the last six months of the extended term. All four of these secured loans were repaid during 2023 as discussed above. 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 resident’s previous home. At June 30, 2023 and December 31, 2022, the Company held $35 million and $33 million, respectively, of such notes receivable. Loans Receivable Internal Ratings In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of June 30, 2023 (in thousands): Investment Type Year of Origination Total 2023 2022 2021 2020 2019 Prior Secured loans Risk rating: Performing loans $ — $ — $ 162,813 $ 16,183 $ — $ — $ 178,996 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ — $ 162,813 $ 16,183 $ — $ — $ 178,996 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 26,348 $ 8,686 $ — $ — $ — $ — $ 35,034 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 26,348 $ 8,686 $ — $ — $ — $ — $ 35,034 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — Reserve for Loan Losses The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The determination of loan losses also considers concentration of credit risk associated with the senior housing industry to which its loans receivable relate. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis, which the Company utilizes to calculate the debt service coverages used in its assessment of internal ratings, which is a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, NOI, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. In its assessment of current expected credit losses for loans receivable and unfunded loan commitments, the Company utilizes past payment history of its borrowers, current economic conditions, and forecasted economic conditions through the maturity date of each loan to estimate a probability of default and a resulting loss for each loan receivable. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The following table summarizes the Company’s reserve for loan losses (in thousands): June 30, 2023 December 31, 2022 Secured Loans Other (1) Total Secured Loans Other (1) Total Reserve for loan losses, beginning of period $ 8,280 $ — $ 8,280 $ 1,804 $ 9 $ 1,813 Provision for expected loan losses 2,882 — 2,882 6,527 7 6,534 Expected loan losses (recoveries) related to loans sold or repaid (2,796) — (2,796) (51) (16) (67) Reserve for loan losses, end of period $ 8,366 $ — $ 8,366 $ 8,280 $ — $ 8,280 _______________________________________ (1) Includes CCRC resident loans and other loan activity. Additionally, at June 30, 2023 and December 31, 2022, a liability of $1.1 million and $0.8 million, respectively, related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. The change in the reserve for expected loan losses during the six months ended June 30, 2023 is primarily due to macroeconomic conditions and increased interest rates on variable rate loans, partially offset by principal repayments on seller financing.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2023
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 (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2023 2022 SWF SH JV Other 19 54 $ 341,894 $ 345,978 South San Francisco JVs (3) Lab 7 70 337,450 309,969 Lab JV Lab 1 49 28,863 26,601 Needham Land Parcel JV (4) Lab — 38 15,697 15,391 Outpatient Medical JVs (5) Outpatient medical 2 20 - 67 8,052 8,738 $ 731,956 $ 706,677 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property counts and ownership percentages are as of June 30, 2023. (3) In August 2022, the Company sold a 30% interest in seven lab buildings in South San Francisco, California to a sovereign wealth fund. This transaction resulted in the recognition of seven unconsolidated lab joint ventures 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. (4) Land held for development is excluded from the property count as of June 30, 2023.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2023
Intangibles [Abstract]
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets June 30, December 31, 2022 (1) Gross intangible lease assets $ 758,282 $ 770,285 Accumulated depreciation and amortization (393,829) (352,224) Intangible assets, net $ 364,453 $ 418,061 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale of $2 million. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 231,659 $ 237,464 Accumulated depreciation and amortization (91,599) (81,271) Intangible liabilities, net $ 140,060 $ 156,193 Weighted average remaining amortization period in years 7 7 During the six months ended June 30, 2023, in conjunction with the Company’s acquisition of real estate, the Company acquired $0.5 million of intangible assets with a weighted average amortization period at acquisition of 5 years. During the year ended December 31, 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.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Subsequent to the Reorganization, Healthpeak OP, the Company’s consolidated operating subsidiary, is the borrower under, and the Company is the guarantor of, all of the unsecured debt discussed below, which includes the Revolving Facility, Term Loan Facilities, Commercial Paper Program (each as defined below), and senior unsecured notes. The Company’s guarantee of the senior unsecured notes is full and unconditional and applicable to existing and future senior unsecured notes. Bank Line of Credit and Term Loans 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. 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 applicable interest rate benchmark plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. On February 10, 2023, the Company executed an amendment to the Revolving Facility to convert the interest rate benchmark from LIBOR to SOFR. 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 June 30, 2023, and inclusive of achievement of a sustainability-linked metric, the margin on the Revolving Facility was 0.85% and the facility fee was 0.15%. 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. At each of June 30, 2023 and December 31, 2022, the Company had no balance outstanding under the Revolving Facility. On August 22, 2022, the Company executed a term loan agreement (the “Term Loan Agreement”) that provided for two senior unsecured delayed draw term loans in an aggregate principal amount of up to $500 million (the “Term Loan Facilities”). The Term Loan Facilities were available to be drawn from time to time during a 180-day period after closing, subject to customary borrowing conditions, and the Company drew the entirety of the $500 million under the Term Loan Facilities in October 2022. $250 million of the Term Loan Facilities has an initial stated maturity of 4.5 years, which may be extended for a one-year period subject to certain customary conditions. The other $250 million of the Term Loan Facilities has a stated maturity of 5 years with no option to extend. At each of June 30, 2023 and December 31, 2022, the Company had $500 million outstanding under the Term Loan Facilities. Loans outstanding under the Term Loan Facilities accrue interest at Term SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The Term Loan Agreement also includes a sustainability-linked pricing component whereby the applicable margin under the 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 June 30, 2023, and inclusive of achievement of a sustainability-linked metric, the margin on the Term Loan Facilities was 0.94%. The 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. 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 Term Loan Facilities associated with these interest rate swap instruments are reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on the Company’s credit ratings as of June 30, 2023, the Term Loan Facilities had a blended 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. The Revolving Facility and Term Loan Facilities are subject to 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 applicable agreement: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.7 billion. The Company believes it was in compliance with each of these covenants at June 30, 2023. 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, short-term unsecured notes with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. At each of June 30, 2023 and December 31, 2022, the maximum aggregate face or principal amount that can be outstanding at any one time was $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 short-term unsecured notes issued under the Commercial Paper Program. At June 30, 2023, the Company had $329 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately 21 days and a weighted average interest rate of 5.45%. At December 31, 2022, the Company had $996 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately two months and a weighted average interest rate of 4.90%. Senior Unsecured Notes At June 30, 2023 and December 31, 2022, the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.5 billion and $4.7 billion, respectively. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions, and other customary terms. The Company believes it was in compliance with these covenants at June 30, 2023. The following table summarizes the Company’s senior unsecured notes issuances during the six months ended June 30, 2023 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year January 17, 2023 $ 400,000 5.25 % 2032 May 10, 2023 (1) 350,000 5.25 % 2032 _______________________________________ (1) In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023. During the three and six months ended June 30, 2023, there were no repurchases or redemptions of senior unsecured notes. During the year ended December 31, 2022, there were no issuances, repurchases, or redemptions of senior unsecured notes. Mortgage Debt At June 30, 2023 and December 31, 2022, the Company had $343 million and $345 million, respectively, in aggregate principal of mortgage debt outstanding, which was secured by 15 outpatient medical buildings and 3 CCRCs, with an aggregate carrying value of $778 million and $793 million, respectively. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires insurance on the assets, and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. During each of the three months ended June 30, 2023 and 2022, the Company made aggregate principal repayments of mortgage debt of $1 million. During each of the six months ended June 30, 2023 and 2022, the Company made aggregate principal repayments of mortgage debt of $3 million. The Company has $142 million of mortgage debt secured by a portfolio of 13 outpatient medical buildings 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. In February 2023, the agreements associated with this variable rate mortgage debt were amended to change the interest rate benchmarks from LIBOR to SOFR, effective March 2023. Concurrently, the Company modified the related interest rate swap instruments to reflect the change in the interest rate benchmarks from LIBOR to SOFR (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 June 30, 2023 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line Commercial Paper (1) Term Loans Amount Interest Rate Amount Interest Rate Total 2023 $ — $ — $ — $ — — % $ 87,471 3.80 % $ 87,471 2024 — — — — — % 7,024 6.61 % 7,024 2025 — — — 800,000 3.92 % 3,209 3.82 % 803,209 2026 — 329,000 — 650,000 3.40 % 244,523 4.44 % 1,223,523 2027 — — 500,000 450,000 1.54 % 366 5.91 % 950,366 Thereafter — — — 3,550,000 3.92 % — — % 3,550,000 — 329,000 500,000 5,450,000 342,593 6,621,593 Premiums, (discounts), and debt issuance costs, net — — (3,618) (50,496) 1,173 (52,941) $ — $ 329,000 $ 496,382 $ 5,399,504 $ 343,766 $ 6,568,652 _______________________________________ (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 6.87% with a weighted average effective interest rate of 3.66% and a weighted average maturity of 6 years. (3) Effective interest rates on the mortgage debt range from 3.44% to 8.76% with a weighted average effective interest rate of 4.31% and a weighted average maturity of 2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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 Lab JV (see Note 7). If the property in the joint venture is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture.

Equity and Redeemable Noncontro

Equity and Redeemable Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On July 27, 2023, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on August 18, 2023 to stockholders of record as of the close of business on August 7, 2023. During each of the three months ended June 30, 2023 and 2022, the Company declared and paid common stock cash dividends of $0.30 per share. During each of the six months ended June 30, 2023 and 2022, the Company declared and paid common stock cash dividends of $0.60 per share. At-The-Market Equity Offering Program In February 2023, in connection with the Reorganization, the Company terminated the previous at-the-market equity offering program (as amended from time to time, the “2020 ATM Program”) and established a new at-the-market equity offering program (the “2023 ATM Program” and, together with the 2020 ATM Program, the “ATM Programs”). The ATM Programs allow for the sale of shares of common stock having an aggregate gross sales price of up to $1.5 billion (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 becomes effective, but defer receiving the proceeds from the sale of shares until a later date. ATM forward contracts generally have a one At June 30, 2023, $1.5 billion of the Company’s common stock remained available for sale under the 2023 ATM Program. ATM Forward Contracts During the year ended December 31, 2021, the Company utilized the forward provisions under the 2020 ATM Program to allow for the sale of an aggregate of 9.1 million shares of its common stock at an initial weighted average net price of $35.25 per share, after commissions. The Company did not enter into any forward contracts under the 2020 ATM Program during the year ended December 31, 2022. In December 2022, the Company settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of $34.01 per share, after commissions, resulting in net proceeds of $308 million. During the three and six months ended June 30, 2023, the Company did not utilize the forward provisions under the ATM Programs. ATM Direct Issuances During each of the three and six months ended June 30, 2023 and June 30, 2022, there were no direct issuances of shares of common stock under the ATM Programs. 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. Under Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued. In August 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. During the three and six months ended June 30, 2023, there were no repurchases under the Share Repurchase Program. Therefore, at June 30, 2023, $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): June 30, December 31, Unrealized gains (losses) on derivatives, net $ 33,336 $ 30,145 Supplemental Executive Retirement Plan minimum liability (1,883) (2,011) Total accumulated other comprehensive income (loss) $ 31,453 $ 28,134 The Company has a defined benefit pension plan, known as the Supplemental Executive Retirement Plan, with one plan participant, a former Chief Executive Officer (“CEO”) of the Company who departed in 2003. Changes to the Supplemental Executive Retirement Plan minimum liability are reflected in other comprehensive income (loss). Noncontrolling Interests 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, 2022, one of the redeemable noncontrolling interests met the conditions for redemption, but was not yet exercised as of June 30, 2023. The three remaining redeemable noncontrolling interests had not yet met the conditions for redemption as of June 30, 2023. Two of the interests will become redeemable following the passage of a predetermined amount of time. The third interest will become redeemable at the earlier of a predetermined passage of time or stabilization of the underlying development property. The Company expects the redemption conditions for all three interests to be met in 2023 and 2024. The values of the redeemable noncontrolling interests are subject to change based on the assessment of redemption value at each redemption date. Healthpeak OP Immediately following the Reorganization, Healthpeak Properties, Inc. was the initial sole member and 100% owner of Healthpeak OP. Subsequent to the Reorganization, certain employees of the Company (“OP Unitholders”) were issued approximately 2 million noncontrolling, non-managing member units in Healthpeak OP (“OP Units”). When certain conditions are met, the OP Unitholders have the right to require redemption of part or all of their OP Units for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP. The per unit redemption amount is equal to either one share of the Company’s common stock or cash equal to the fair value of a share of common stock at the time of redemption. The Company classifies the OP Units in permanent equity because it may elect, in its sole discretion, to issue shares of its common stock to OP Unitholders who choose to redeem their OP Units rather than using cash. None of the outstanding OP Units met the criteria for redemption as of June 30, 2023. DownREITs The non-managing member units of the Company’s DownREITs are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. At June 30, 2023, there were five million DownREIT units (seven million shares of Healthpeak common stock are issuable upon conversion) outstanding in seven DownREIT LLCs, for all of which the Company acts as the managing member. At June 30, 2023, the carrying and market values of the five million DownREIT units were $200 million and $146 million, respectively. At December 31, 2022, the carrying and market values of the five million DownREIT units were $200 million and $183 million, respectively.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
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, 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. Certain 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 forward agreements under its ATM Programs to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. The aggregate effect on the Company’s diluted weighted-average common shares for each of the three and six months ended June 30, 2023 and 2022 was zero weighted-average incremental shares from forward equity sales agreements. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator Income (loss) from continuing operations $ 56,199 $ 69,301 $ 190,706 $ 144,327 Noncontrolling interests' share in continuing operations (4,300) (3,955) (19,855) (7,685) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 51,899 65,346 170,851 136,642 Less: Participating securities' share in continuing operations (149) (281) (1,402) (2,258) Income (loss) from continuing operations applicable to common shares 51,750 65,065 169,449 134,384 Income (loss) from discontinued operations — 2,992 — 3,309 Net income (loss) applicable to common shares - basic and diluted $ 51,750 $ 68,057 $ 169,449 $ 137,693 Denominator Basic weighted average shares outstanding 547,026 539,558 546,936 539,456 Dilutive potential common shares - equity awards (1) 268 257 268 245 Diluted weighted average common shares 547,294 539,815 547,204 539,701 Basic earnings (loss) per common share Continuing operations $ 0.09 $ 0.12 $ 0.31 $ 0.25 Discontinued operations — 0.01 — 0.01 Net income (loss) applicable to common shares $ 0.09 $ 0.13 $ 0.31 $ 0.26 Diluted earnings (loss) per common share Continuing operations $ 0.09 $ 0.12 $ 0.31 $ 0.25 Discontinued operations — 0.01 — 0.01 Net income (loss) applicable to common shares $ 0.09 $ 0.13 $ 0.31 $ 0.26 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). For the three and six months ended June 30, 2023, forward equity sales agreements had no dilutive impact as no shares were outstanding under ATM forward contracts during the period. For the three and six months ended June 30, 2022, the 9.1 million shares under forward equity sales agreements that had not been settled during the three and six months then ended were anti-dilutive. For the three and six months ended June 30, 2023 and 2022, all 7 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive.

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company’s reportable segments, based on how its chief operating decision maker (“CODM”) evaluates the business and allocates resources, are as follows: (i) lab, (ii) outpatient medical, 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. These non-reportable segments have been presented on an aggregate basis within the Notes to the Consolidated Financial Statements herein. 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, 2022 filed with the SEC, as updated by Note 2 herein. During the second quarter of 2023, the Company changed the name of its “life science” and “medical office” segments to “lab” and “outpatient medical,” respectively. The segment name changes did not result in any changes to the composition of the Company’s segments or information reviewed by its CODM, and therefore, had no impact on the Company’s historical results of segment operations. 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 debt securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 223,306 $ 186,661 $ 130,184 $ 5,279 $ — $ 545,430 Government grant income (1) — — 47 — — 47 Less: Interest income — — — (5,279) — (5,279) Healthpeak’s share of unconsolidated joint venture total revenues 1,928 754 — 20,261 — 22,943 Noncontrolling interests’ share of consolidated joint venture total revenues (151) (8,665) — — — (8,816) Operating expenses (54,832) (65,350) (101,655) — — (221,837) Healthpeak’s share of unconsolidated joint venture operating expenses (848) (288) — (14,618) — (15,754) Noncontrolling interests’ share of consolidated joint venture operating expenses 35 2,409 — — — 2,444 Adjustments to NOI (2) (14,943) (4,008) (728) (9) — (19,688) Adjusted NOI 154,495 111,513 27,848 5,634 — 299,490 Plus: Adjustments to NOI (2) 14,943 4,008 728 9 — 19,688 Interest income — — — 5,279 — 5,279 Interest expense — (1,924) (1,823) — (45,327) (49,074) Depreciation and amortization (93,235) (71,722) (32,616) — — (197,573) General and administrative — — — — (25,936) (25,936) Transaction costs — (16) (278) — (343) (637) Impairments and loan loss reserves, net — — — (2,607) — (2,607) Gain (loss) on sales of real estate, net — — — 4,885 — 4,885 Other income (expense), net (2) 235 674 (19) 1,067 1,955 Less: Government grant income — — (47) — — (47) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,080) (466) — (5,643) — (7,189) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 116 6,256 — — — 6,372 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 75,237 47,884 (5,514) 7,538 (70,539) 54,606 Income tax benefit (expense) — — — — (1,136) (1,136) Equity income (loss) from unconsolidated joint ventures 1,314 184 — 1,231 — 2,729 Income (loss) from continuing operations 76,551 48,068 (5,514) 8,769 (71,675) 56,199 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 76,551 $ 48,068 $ (5,514) $ 8,769 $ (71,675) $ 56,199 ______________________________________________________________________________ (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, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the three months ended June 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,771 $ 179,308 $ 125,360 $ 5,493 $ — $ 517,932 Government grant income (1) — — 209 — — 209 Less: Interest income — — — (5,493) — (5,493) Healthpeak’s share of unconsolidated joint venture total revenues 1,267 761 — 18,215 — 20,243 Noncontrolling interests’ share of consolidated joint venture total revenues (62) (8,943) — — — (9,005) Operating expenses (49,446) (63,321) (102,277) — — (215,044) Healthpeak’s share of unconsolidated joint venture operating expenses (483) (301) — (14,150) — (14,934) Noncontrolling interests’ share of consolidated joint venture operating expenses 19 2,726 — — — 2,745 Adjustments to NOI (2) (21,644) (2,949) — 54 — (24,539) Adjusted NOI 137,422 107,281 23,292 4,119 — 272,114 Plus: Adjustments to NOI (2) 21,644 2,949 — (54) — 24,539 Interest income — — — 5,493 — 5,493 Interest expense — (1,930) (1,876) — (38,061) (41,867) Depreciation and amortization (79,673) (68,873) (31,943) — — (180,489) General and administrative — — — — (24,781) (24,781) Transaction costs (35) (70) (64) — (443) (612) Impairments and loan loss reserves, net — — — (139) — (139) Gain (loss) on sales of real estate, net — 10,340 — — — 10,340 Other income (expense), net 29 1,264 630 18 920 2,861 Less: Government grant income — — (209) — — (209) Less: Healthpeak’s share of unconsolidated joint venture NOI (784) (460) — (4,065) — (5,309) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 43 6,217 — — — 6,260 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 78,646 56,718 (10,170) 5,372 (62,365) 68,201 Income tax benefit (expense) — — — — 718 718 Equity income (loss) from unconsolidated joint ventures 148 211 — 23 — 382 Income (loss) from continuing operations 78,794 56,929 (10,170) 5,395 (61,647) 69,301 Income (loss) from discontinued operations — — — — 2,992 2,992 Net income (loss) $ 78,794 $ 56,929 $ (10,170) $ 5,395 $ (58,655) $ 72,293 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the six months ended June 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 428,770 $ 373,628 $ 257,268 $ 11,442 $ — $ 1,071,108 Government grant income (1) — — 184 — — 184 Less: Interest income — — — (11,442) — (11,442) Healthpeak’s share of unconsolidated joint venture total revenues 4,093 1,498 — 40,607 — 46,198 Healthpeak’s share of unconsolidated joint venture government grant income — — — 229 — 229 Noncontrolling interests’ share of consolidated joint venture total revenues (294) (17,628) — — — (17,922) Operating expenses (112,397) (129,749) (202,779) — — (444,925) Healthpeak’s share of unconsolidated joint venture operating expenses (2,030) (595) — (29,624) — (32,249) Noncontrolling interests’ share of consolidated joint venture operating expenses 75 5,004 — — — 5,079 Adjustments to NOI (2) (15,776) (7,825) (678) (31) — (24,310) Adjusted NOI 302,441 224,333 53,995 11,181 — 591,950 Plus: Adjustments to NOI (2) 15,776 7,825 678 31 — 24,310 Interest income — — — 11,442 — 11,442 Interest expense — (3,845) (3,639) — (89,553) (97,037) Depreciation and amortization (168,817) (142,881) (65,100) — — (376,798) General and administrative — — — — (50,483) (50,483) Transaction costs (158) (148) (497) — (2,259) (3,062) Impairments and loan loss reserves, net — — — (394) — (394) Gain (loss) on sales of real estate, net 60,498 21,312 — 4,653 — 86,463 Other income (expense), net 2 439 7 (19) 2,298 2,727 Less: Government grant income — — (184) — — (184) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,063) (903) — (11,212) — (14,178) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 219 12,624 — — — 12,843 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 207,898 118,756 (14,740) 15,682 (139,997) 187,599 Income tax benefit (expense) — — — — (1,438) (1,438) Equity income (loss) from unconsolidated joint ventures 1,911 374 — 2,260 — 4,545 Income (loss) from continuing operations 209,809 119,130 (14,740) 17,942 (141,435) 190,706 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 209,809 $ 119,130 $ (14,740) $ 17,942 $ (141,435) $ 190,706 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the six months ended June 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 401,826 $ 356,571 $ 246,920 $ 10,987 $ — $ 1,016,304 Government grant income (1) — — 6,762 — — 6,762 Less: Interest income — — — (10,987) — (10,987) Healthpeak’s share of unconsolidated joint venture total revenues 2,698 1,493 — 36,260 — 40,451 Healthpeak’s share of unconsolidated joint venture government grant income — — 333 315 — 648 Noncontrolling interests’ share of consolidated joint venture total revenues (119) (17,763) — — — (17,882) Operating expenses (97,635) (124,491) (200,165) — — (422,291) Healthpeak’s share of unconsolidated joint venture operating expenses (966) (600) — (28,205) — (29,771) Noncontrolling interests’ share of consolidated joint venture operating expenses 38 5,328 — — — 5,366 Adjustments to NOI (2) (35,756) (6,495) — 45 — (42,206) Adjusted NOI 270,086 214,043 53,850 8,415 — 546,394 Plus: Adjustments to NOI (2) 35,756 6,495 — (45) — 42,206 Interest income — — — 10,987 — 10,987 Interest expense — (2,966) (3,741) — (72,746) (79,453) Depreciation and amortization (157,811) (136,646) (63,765) — — (358,222) General and administrative — — — — (48,612) (48,612) Transaction costs (327) (74) (64) — (443) (908) Impairments and loan loss reserves, net — — — (271) — (271) Gain (loss) on sales of real estate, net 3,856 10,340 — — — 14,196 Other income (expense), net 20 12,201 7,141 (13) 1,828 21,177 Less: Government grant income — — (6,762) — — (6,762) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,732) (893) (333) (8,370) — (11,328) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 81 12,435 — — — 12,516 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 149,929 114,935 (13,674) 10,703 (119,973) 141,920 Income tax benefit (expense) — — — — (59) (59) Equity income (loss) from unconsolidated joint ventures 1,114 411 539 402 — 2,466 Income (loss) from continuing operations 151,043 115,346 (13,135) 11,105 (120,032) 144,327 Income (loss) from discontinued operations — — — — 3,309 3,309 Net income (loss) $ 151,043 $ 115,346 $ (13,135) $ 11,105 $ (116,723) $ 147,636 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. See Notes 3, 4, 5, 6, 7, and 15 for significant transactions impacting the Company’s segment assets during the periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2023 2022 Supplemental cash flow information: Interest paid, net of capitalized interest $ 90,911 $ 74,327 Income taxes paid (refunded) 2,855 (612) Capitalized interest 28,182 16,320 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 121 508 Accrued construction costs 142,826 163,391 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture 993 — Operating, investing, and financing cash flows in the Consolidated Statements of Cash Flows are reported inclusive of both cash flows from continuing operations and cash flows from discontinued operations. The following table summarizes certain cash flow information related to discontinued operations (in thousands): Six Months Ended June 30, 2023 2022 Leasing costs, tenant improvements, and recurring capital expenditures $ — $ 21 Development, redevelopment, and other major improvements of real estate — 18 Depreciation and amortization of real estate, in-place lease, and other intangibles — — The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 72,032 $ 158,287 $ — $ 7,707 $ 72,032 $ 165,994 Restricted cash 54,802 53,454 — — 54,802 53,454 Cash, cash equivalents, and restricted cash $ 126,834 $ 211,741 $ — $ 7,707 $ 126,834 $ 219,448 End of period: Cash and cash equivalents $ 103,780 $ 73,013 $ — $ 8,070 $ 103,780 $ 81,083 Restricted cash 56,745 54,815 — — 56,745 54,815 Cash, cash equivalents, and restricted cash $ 160,525 $ 127,828 $ — $ 8,070 $ 160,525 $ 135,898 Cash and Cash Equivalents The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of June 30, 2023 and December 31, 2022, the account balances at certain institutions exceeded the FDIC insurance coverage.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Operating Subsidiary Subsequent to the Reorganization, Healthpeak OP is the Company’s operating subsidiary and a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds a membership interest in Healthpeak OP, acts as the managing member of Healthpeak OP, and exercises full responsibility, discretion, and control over the day-to-day management of Healthpeak OP. Because the noncontrolling interests in Healthpeak OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights, the Company has determined that Healthpeak OP is a VIE. The Company, as managing member, has the power to direct the core activities of Healthpeak OP that most significantly affect Healthpeak OP’s performance, and through its interest in Healthpeak OP, has both the right to receive benefits from and the obligation to absorb losses of Healthpeak OP. Accordingly, the Company is the primary beneficiary of Healthpeak OP and consolidates Healthpeak OP. As the Company conducts its business and holds its assets and liabilities through Healthpeak OP, the total consolidated assets and liabilities, income (losses), and cash flows of Healthpeak OP represent substantially all of the total consolidated assets and liabilities, income (losses), and cash flows of the Company. Unconsolidated Variable Interest Entities At June 30, 2023, the Company had investments in two unconsolidated VIE joint ventures. At December 31, 2022, 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. At December 31, 2022, the Company held $22 million of commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as Freddie Mac) through a special purpose entity that had been identified as a VIE because it was “thinly capitalized.” The CMBS issued by the VIE were backed by mortgage debt obligations on real estate assets. These securities were classified as held-to-maturity because the Company had the intent and ability to hold the securities until maturity. These securities matured on December 31, 2022, and the Company received the related proceeds in January 2023. LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC (“LLC Investment”) 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 three hospitals as well as 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 lab 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). See Note 7 for additional descriptions of the nature, purpose, and operating activities of this unconsolidated VIE and interests therein. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2023 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) LLC Investment Other assets, net $ 14,985 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 15,697 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments. As of June 30, 2023, 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). Consolidated Variable Interest Entities The Company’s consolidated total assets and total liabilities at June 30, 2023 and December 31, 2022 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 outpatient medical buildings (“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. Lab JVs. The Company holds a 98% or greater ownership interest in multiple joint venture entities that own and lease lab buildings (the “Lab JVs”). The Lab 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 Lab 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 Lab JVs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of capital expenditures for the properties. Assets generated by the Lab JVs may only be used to settle their contractual obligations. Refer to Note 11 for a discussion of certain put options associated with the Lab JVs. MSREI 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 outpatient medical buildings (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. 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). Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): June 30, December 31, Assets Buildings and improvements $ 2,361,693 $ 2,356,905 Development costs and construction in progress 53,917 58,499 Land 314,865 324,714 Accumulated depreciation and amortization (633,506) (623,244) Net real estate 2,096,969 2,116,874 Accounts receivable, net 4,322 6,893 Cash and cash equivalents 22,243 20,586 Restricted cash 489 354 Intangible assets, net 65,227 73,860 Assets held for sale, net — 30,355 Right-of-use asset, net 98,451 99,376 Other assets, net 76,603 73,690 Total assets $ 2,364,304 $ 2,421,988 Liabilities Mortgage debt $ 144,736 $ 144,604 Intangible liabilities, net 13,462 15,066 Liabilities related to assets held for sale, net — 401 Lease liability 99,372 99,039 Accounts payable, accrued liabilities, and other liabilities 59,709 68,979 Deferred revenue 48,907 39,661 Total liabilities $ 366,186 $ 367,750 Total assets and total liabilities related to assets held for sale include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): June 30, December 31, Assets Buildings and improvements $ — $ 39,934 Land — 1,926 Accumulated depreciation and amortization — (15,612) Net real estate — 26,248 Intangible assets, net — 215 Other assets, net — 3,892 Total assets $ — $ 30,355 Liabilities Deferred revenue $ — $ 401 Total liabilities $ — $ 401

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands): June 30, 2023 (3) December 31, 2022 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 214,030 $ 218,864 $ 374,832 $ 369,425 Marketable debt securities (2) — — 21,702 21,702 Interest rate swap instruments (2) 33,450 33,450 30,259 30,259 Bank line of credit and commercial paper (2) 329,000 329,000 995,606 995,606 Term loans (2) 496,382 496,382 495,957 495,957 Senior unsecured notes (1) 5,399,504 4,981,027 4,659,451 4,238,124 Mortgage debt (2) 343,766 320,866 346,599 330,867 _______________________________________ (1) Level 1: Fair value is calculated based on quoted prices in active markets. (2) Level 2: Fair value is 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, interest rate swap instruments, and mortgage debt, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the six months ended June 30, 2023 and year ended December 31, 2022, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 $20 million. In April 2021, the Company executed two interest rate cap instruments on $142 million of variable rate mortgage debt secured by a portfolio of outpatient medical buildings (see Note 9). During the three and six months ended June 30, 2022, the Company recognized a $0.1 million and $2 million increase, respectively, in the fair value of the interest rate cap instruments within other income (expense), net. 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 February 2023, the Company modified these two interest rate swap instruments to reflect the change in the related variable rate mortgage debt’s interest rate benchmarks from LIBOR to SOFR (see Note 9). The Company applied certain practical expedients provided by the reference rate reform ASUs in connection with the modifications to these cash flow hedges (see Note 2). In August 2022, the Company entered into two forward-starting interest rate swap instruments on the $500 million aggregate principal amount of the Term Loan Facilities (see Note 9). The interest rate swap instruments are designated as cash flow hedges. The following table summarizes the Company’s interest rate swap instruments (in thousands): Fair Value (2) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate (1) Receive Rate (1) June 30, December 31, April 2022 (3) May 2026 Cash flow $ 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% $ 2,525 $ 2,300 April 2022 (3) May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 4,496 4,096 August 2022 (3) February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 12,659 11,299 August 2022 (3) August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 13,770 12,564 _____________________________ (1) Pay rates and receive rates are as of June 30, 2023. As of December 31, 2022, the interest rate swap instrument with a $51 million notional amount had a pay rate of 5.08% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.50%. As of December 31, 2022, the interest rate swap instrument with a $91 million notional amount had a pay rate of 4.63% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.05%. (2) At each of June 30, 2023 and December 31, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded at fair value in other assets, net on the Consolidated Balance Sheets.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	6 Months Ended
	Jun. 30, 2023
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 (in thousands): June 30, December 31, Refundable entrance fees $ 257,624 $ 268,972 Accrued construction costs 142,826 178,626 Accrued interest 59,641 59,291 Other accounts payable and accrued liabilities (1) 222,673 265,596 Accounts payable, accrued liabilities, and other liabilities $ 682,764 $ 772,485 _______________________________________ (1) As of June 30, 2023 and December 31, 2022, includes $11 million and $15 million, respectively, of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid.

Deferred Revenue

Deferred Revenue	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Deferred Revenue	Deferred Revenue The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands): June 30, December 31, Nonrefundable entrance fees (1) $ 537,821 $ 518,573 Other deferred revenue (2) 344,049 325,503 Deferred revenue $ 881,870 $ 844,076 _______________________________________ (1) During the three and six months ended June 30, 2023, the Company collected nonrefundable entrance fees of $31 million and $60 million, respectively, and recognized amortization of $20 million and $40 million, respectively. During the three and six months ended June 30, 2022, the Company collected nonrefundable entrance fees of $29 million and $50 million, respectively, and recognized amortization of $19 million and $38 million, respectively. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations. (2) Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three and six months ended June 30, 2023, the Company recognized amortization related to other deferred revenue of $18 million and $31 million, respectively. During the three and six months ended June 30, 2022, the Company recognized amortization related to other deferred revenue of $11 million and $20 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 51,899	$ 68,338	$ 170,851	$ 139,951

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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.
Government Grant Income	Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the three and six months ended June 30, 2023 and 2022, 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 June 30, 2023, 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 In 2020, the Company concluded that the dispositions of its senior housing triple-net and Senior Housing Operating Property (“SHOP”) portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. See Note 4 for further information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 increased 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. Reference Rate Reform. From March 2020 to December 2022, the FASB issued a series of ASUs that provide optional expedients that may be elected through December 31, 2024 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in these ASUs were effective immediately upon issuance. During the first quarter of 2023, the Company amended certain of its variable rate mortgage debt and the related interest rate swap agreements to change the interest rate benchmark from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) and accordingly, the Company elected to apply certain practical expedients provided by these ASUs related to cash flow hedges. These expedients and the effects of reference rate reform have not had a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of June 30, 2023 and December 31, 2022, the account balances at certain institutions exceeded the FDIC insurance coverage.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Government Grant Receivables, CARES Act	The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Government grant income recorded in other income (expense), net $ 47 $ 209 $ 184 $ 6,762 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — — 229 648 Government grant income recorded in income (loss) from discontinued operations — — — 206 Total government grants received $ 47 $ 209 $ 413 $ 7,616

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Results of Discontinued Operations	The results of discontinued operations during the three and six months ended June 30, 2023 and 2022 are presented below (in thousands) and are included in the consolidated results of operations for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues: Resident fees and services $ — $ 2,825 $ — $ 5,480 Total revenues — 2,825 — 5,480 Costs and expenses: Operating — 2,442 — 5,116 Total costs and expenses — 2,442 — 5,116 Other income (expense): Gain (loss) on sales of real estate, net — 2,563 — 2,492 Other income (expense), net — 16 — 19 Total other income (expense), net — 2,579 — 2,511 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures — 2,962 — 2,875 Income tax benefit (expense) — 30 — 370 Equity income (loss) from unconsolidated joint ventures — — — 64 Income (loss) from discontinued operations $ — $ 2,992 $ — $ 3,309

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 311,663 $ 296,729 $ 606,179 $ 584,020 Variable income from operating leases 98,304 90,350 196,219 173,209 Interest income from direct financing leases — — — 1,168

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): June 30, December 31, Secured loans (1) $ 188,319 $ 350,837 CCRC resident loans 35,034 33,083 Unamortized discounts, fees, and costs (957) (808) Reserve for loan losses (8,366) (8,280) Loans receivable, net $ 214,030 $ 374,832 _______________________________________ (1) At each of June 30, 2023 and December 31, 2022, the Company had $40 million remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects.
Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination	The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of June 30, 2023 (in thousands): Investment Type Year of Origination Total 2023 2022 2021 2020 2019 Prior Secured loans Risk rating: Performing loans $ — $ — $ 162,813 $ 16,183 $ — $ — $ 178,996 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ — $ 162,813 $ 16,183 $ — $ — $ 178,996 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 26,348 $ 8,686 $ — $ — $ — $ — $ 35,034 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 26,348 $ 8,686 $ — $ — $ — $ — $ 35,034 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ —
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): June 30, 2023 December 31, 2022 Secured Loans Other (1) Total Secured Loans Other (1) Total Reserve for loan losses, beginning of period $ 8,280 $ — $ 8,280 $ 1,804 $ 9 $ 1,813 Provision for expected loan losses 2,882 — 2,882 6,527 7 6,534 Expected loan losses (recoveries) related to loans sold or repaid (2,796) — (2,796) (51) (16) (67) Reserve for loan losses, end of period $ 8,366 $ — $ 8,366 $ 8,280 $ — $ 8,280 _______________________________________

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2023
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 (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2023 2022 SWF SH JV Other 19 54 $ 341,894 $ 345,978 South San Francisco JVs (3) Lab 7 70 337,450 309,969 Lab JV Lab 1 49 28,863 26,601 Needham Land Parcel JV (4) Lab — 38 15,697 15,391 Outpatient Medical JVs (5) Outpatient medical 2 20 - 67 8,052 8,738 $ 731,956 $ 706,677 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property counts and ownership percentages are as of June 30, 2023. (3) In August 2022, the Company sold a 30% interest in seven lab buildings in South San Francisco, California to a sovereign wealth fund. This transaction resulted in the recognition of seven unconsolidated lab joint ventures 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. (4) Land held for development is excluded from the property count as of June 30, 2023.

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2023
Intangibles [Abstract]
Schedule of Intangible Lease Assets	Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets June 30, December 31, 2022 (1) Gross intangible lease assets $ 758,282 $ 770,285 Accumulated depreciation and amortization (393,829) (352,224) Intangible assets, net $ 364,453 $ 418,061 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale of $2 million.
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 231,659 $ 237,464 Accumulated depreciation and amortization (91,599) (81,271) Intangible liabilities, net $ 140,060 $ 156,193 Weighted average remaining amortization period in years 7 7

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes issuances during the six months ended June 30, 2023 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year January 17, 2023 $ 400,000 5.25 % 2032 May 10, 2023 (1) 350,000 5.25 % 2032 _______________________________________ (1) In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2023 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line Commercial Paper (1) Term Loans Amount Interest Rate Amount Interest Rate Total 2023 $ — $ — $ — $ — — % $ 87,471 3.80 % $ 87,471 2024 — — — — — % 7,024 6.61 % 7,024 2025 — — — 800,000 3.92 % 3,209 3.82 % 803,209 2026 — 329,000 — 650,000 3.40 % 244,523 4.44 % 1,223,523 2027 — — 500,000 450,000 1.54 % 366 5.91 % 950,366 Thereafter — — — 3,550,000 3.92 % — — % 3,550,000 — 329,000 500,000 5,450,000 342,593 6,621,593 Premiums, (discounts), and debt issuance costs, net — — (3,618) (50,496) 1,173 (52,941) $ — $ 329,000 $ 496,382 $ 5,399,504 $ 343,766 $ 6,568,652 _______________________________________ (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 6.87% with a weighted average effective interest rate of 3.66% and a weighted average maturity of 6 years. (3) Effective interest rates on the mortgage debt range from 3.44% to 8.76% with a weighted average effective interest rate of 4.31% and a weighted average maturity of 2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Unrealized gains (losses) on derivatives, net $ 33,336 $ 30,145 Supplemental Executive Retirement Plan minimum liability (1,883) (2,011) Total accumulated other comprehensive income (loss) $ 31,453 $ 28,134

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator Income (loss) from continuing operations $ 56,199 $ 69,301 $ 190,706 $ 144,327 Noncontrolling interests' share in continuing operations (4,300) (3,955) (19,855) (7,685) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 51,899 65,346 170,851 136,642 Less: Participating securities' share in continuing operations (149) (281) (1,402) (2,258) Income (loss) from continuing operations applicable to common shares 51,750 65,065 169,449 134,384 Income (loss) from discontinued operations — 2,992 — 3,309 Net income (loss) applicable to common shares - basic and diluted $ 51,750 $ 68,057 $ 169,449 $ 137,693 Denominator Basic weighted average shares outstanding 547,026 539,558 546,936 539,456 Dilutive potential common shares - equity awards (1) 268 257 268 245 Diluted weighted average common shares 547,294 539,815 547,204 539,701 Basic earnings (loss) per common share Continuing operations $ 0.09 $ 0.12 $ 0.31 $ 0.25 Discontinued operations — 0.01 — 0.01 Net income (loss) applicable to common shares $ 0.09 $ 0.13 $ 0.31 $ 0.26 Diluted earnings (loss) per common share Continuing operations $ 0.09 $ 0.12 $ 0.31 $ 0.25 Discontinued operations — 0.01 — 0.01 Net income (loss) applicable to common shares $ 0.09 $ 0.13 $ 0.31 $ 0.26 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 223,306 $ 186,661 $ 130,184 $ 5,279 $ — $ 545,430 Government grant income (1) — — 47 — — 47 Less: Interest income — — — (5,279) — (5,279) Healthpeak’s share of unconsolidated joint venture total revenues 1,928 754 — 20,261 — 22,943 Noncontrolling interests’ share of consolidated joint venture total revenues (151) (8,665) — — — (8,816) Operating expenses (54,832) (65,350) (101,655) — — (221,837) Healthpeak’s share of unconsolidated joint venture operating expenses (848) (288) — (14,618) — (15,754) Noncontrolling interests’ share of consolidated joint venture operating expenses 35 2,409 — — — 2,444 Adjustments to NOI (2) (14,943) (4,008) (728) (9) — (19,688) Adjusted NOI 154,495 111,513 27,848 5,634 — 299,490 Plus: Adjustments to NOI (2) 14,943 4,008 728 9 — 19,688 Interest income — — — 5,279 — 5,279 Interest expense — (1,924) (1,823) — (45,327) (49,074) Depreciation and amortization (93,235) (71,722) (32,616) — — (197,573) General and administrative — — — — (25,936) (25,936) Transaction costs — (16) (278) — (343) (637) Impairments and loan loss reserves, net — — — (2,607) — (2,607) Gain (loss) on sales of real estate, net — — — 4,885 — 4,885 Other income (expense), net (2) 235 674 (19) 1,067 1,955 Less: Government grant income — — (47) — — (47) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,080) (466) — (5,643) — (7,189) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 116 6,256 — — — 6,372 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 75,237 47,884 (5,514) 7,538 (70,539) 54,606 Income tax benefit (expense) — — — — (1,136) (1,136) Equity income (loss) from unconsolidated joint ventures 1,314 184 — 1,231 — 2,729 Income (loss) from continuing operations 76,551 48,068 (5,514) 8,769 (71,675) 56,199 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 76,551 $ 48,068 $ (5,514) $ 8,769 $ (71,675) $ 56,199 ______________________________________________________________________________ (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, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the three months ended June 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,771 $ 179,308 $ 125,360 $ 5,493 $ — $ 517,932 Government grant income (1) — — 209 — — 209 Less: Interest income — — — (5,493) — (5,493) Healthpeak’s share of unconsolidated joint venture total revenues 1,267 761 — 18,215 — 20,243 Noncontrolling interests’ share of consolidated joint venture total revenues (62) (8,943) — — — (9,005) Operating expenses (49,446) (63,321) (102,277) — — (215,044) Healthpeak’s share of unconsolidated joint venture operating expenses (483) (301) — (14,150) — (14,934) Noncontrolling interests’ share of consolidated joint venture operating expenses 19 2,726 — — — 2,745 Adjustments to NOI (2) (21,644) (2,949) — 54 — (24,539) Adjusted NOI 137,422 107,281 23,292 4,119 — 272,114 Plus: Adjustments to NOI (2) 21,644 2,949 — (54) — 24,539 Interest income — — — 5,493 — 5,493 Interest expense — (1,930) (1,876) — (38,061) (41,867) Depreciation and amortization (79,673) (68,873) (31,943) — — (180,489) General and administrative — — — — (24,781) (24,781) Transaction costs (35) (70) (64) — (443) (612) Impairments and loan loss reserves, net — — — (139) — (139) Gain (loss) on sales of real estate, net — 10,340 — — — 10,340 Other income (expense), net 29 1,264 630 18 920 2,861 Less: Government grant income — — (209) — — (209) Less: Healthpeak’s share of unconsolidated joint venture NOI (784) (460) — (4,065) — (5,309) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 43 6,217 — — — 6,260 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 78,646 56,718 (10,170) 5,372 (62,365) 68,201 Income tax benefit (expense) — — — — 718 718 Equity income (loss) from unconsolidated joint ventures 148 211 — 23 — 382 Income (loss) from continuing operations 78,794 56,929 (10,170) 5,395 (61,647) 69,301 Income (loss) from discontinued operations — — — — 2,992 2,992 Net income (loss) $ 78,794 $ 56,929 $ (10,170) $ 5,395 $ (58,655) $ 72,293 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the six months ended June 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 428,770 $ 373,628 $ 257,268 $ 11,442 $ — $ 1,071,108 Government grant income (1) — — 184 — — 184 Less: Interest income — — — (11,442) — (11,442) Healthpeak’s share of unconsolidated joint venture total revenues 4,093 1,498 — 40,607 — 46,198 Healthpeak’s share of unconsolidated joint venture government grant income — — — 229 — 229 Noncontrolling interests’ share of consolidated joint venture total revenues (294) (17,628) — — — (17,922) Operating expenses (112,397) (129,749) (202,779) — — (444,925) Healthpeak’s share of unconsolidated joint venture operating expenses (2,030) (595) — (29,624) — (32,249) Noncontrolling interests’ share of consolidated joint venture operating expenses 75 5,004 — — — 5,079 Adjustments to NOI (2) (15,776) (7,825) (678) (31) — (24,310) Adjusted NOI 302,441 224,333 53,995 11,181 — 591,950 Plus: Adjustments to NOI (2) 15,776 7,825 678 31 — 24,310 Interest income — — — 11,442 — 11,442 Interest expense — (3,845) (3,639) — (89,553) (97,037) Depreciation and amortization (168,817) (142,881) (65,100) — — (376,798) General and administrative — — — — (50,483) (50,483) Transaction costs (158) (148) (497) — (2,259) (3,062) Impairments and loan loss reserves, net — — — (394) — (394) Gain (loss) on sales of real estate, net 60,498 21,312 — 4,653 — 86,463 Other income (expense), net 2 439 7 (19) 2,298 2,727 Less: Government grant income — — (184) — — (184) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,063) (903) — (11,212) — (14,178) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 219 12,624 — — — 12,843 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 207,898 118,756 (14,740) 15,682 (139,997) 187,599 Income tax benefit (expense) — — — — (1,438) (1,438) Equity income (loss) from unconsolidated joint ventures 1,911 374 — 2,260 — 4,545 Income (loss) from continuing operations 209,809 119,130 (14,740) 17,942 (141,435) 190,706 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 209,809 $ 119,130 $ (14,740) $ 17,942 $ (141,435) $ 190,706 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the six months ended June 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 401,826 $ 356,571 $ 246,920 $ 10,987 $ — $ 1,016,304 Government grant income (1) — — 6,762 — — 6,762 Less: Interest income — — — (10,987) — (10,987) Healthpeak’s share of unconsolidated joint venture total revenues 2,698 1,493 — 36,260 — 40,451 Healthpeak’s share of unconsolidated joint venture government grant income — — 333 315 — 648 Noncontrolling interests’ share of consolidated joint venture total revenues (119) (17,763) — — — (17,882) Operating expenses (97,635) (124,491) (200,165) — — (422,291) Healthpeak’s share of unconsolidated joint venture operating expenses (966) (600) — (28,205) — (29,771) Noncontrolling interests’ share of consolidated joint venture operating expenses 38 5,328 — — — 5,366 Adjustments to NOI (2) (35,756) (6,495) — 45 — (42,206) Adjusted NOI 270,086 214,043 53,850 8,415 — 546,394 Plus: Adjustments to NOI (2) 35,756 6,495 — (45) — 42,206 Interest income — — — 10,987 — 10,987 Interest expense — (2,966) (3,741) — (72,746) (79,453) Depreciation and amortization (157,811) (136,646) (63,765) — — (358,222) General and administrative — — — — (48,612) (48,612) Transaction costs (327) (74) (64) — (443) (908) Impairments and loan loss reserves, net — — — (271) — (271) Gain (loss) on sales of real estate, net 3,856 10,340 — — — 14,196 Other income (expense), net 20 12,201 7,141 (13) 1,828 21,177 Less: Government grant income — — (6,762) — — (6,762) Less: Healthpeak’s share of unconsolidated joint venture NOI (1,732) (893) (333) (8,370) — (11,328) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 81 12,435 — — — 12,516 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 149,929 114,935 (13,674) 10,703 (119,973) 141,920 Income tax benefit (expense) — — — — (59) (59) Equity income (loss) from unconsolidated joint ventures 1,114 411 539 402 — 2,466 Income (loss) from continuing operations 151,043 115,346 (13,135) 11,105 (120,032) 144,327 Income (loss) from discontinued operations — — — — 3,309 3,309 Net income (loss) $ 151,043 $ 115,346 $ (13,135) $ 11,105 $ (116,723) $ 147,636 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2023 2022 Supplemental cash flow information: Interest paid, net of capitalized interest $ 90,911 $ 74,327 Income taxes paid (refunded) 2,855 (612) Capitalized interest 28,182 16,320 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 121 508 Accrued construction costs 142,826 163,391 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture 993 — Six Months Ended June 30, 2023 2022 Leasing costs, tenant improvements, and recurring capital expenditures $ — $ 21 Development, redevelopment, and other major improvements of real estate — 18 Depreciation and amortization of real estate, in-place lease, and other intangibles — —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 72,032 $ 158,287 $ — $ 7,707 $ 72,032 $ 165,994 Restricted cash 54,802 53,454 — — 54,802 53,454 Cash, cash equivalents, and restricted cash $ 126,834 $ 211,741 $ — $ 7,707 $ 126,834 $ 219,448 End of period: Cash and cash equivalents $ 103,780 $ 73,013 $ — $ 8,070 $ 103,780 $ 81,083 Restricted cash 56,745 54,815 — — 56,745 54,815 Cash, cash equivalents, and restricted cash $ 160,525 $ 127,828 $ — $ 8,070 $ 160,525 $ 135,898

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2023 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) LLC Investment Other assets, net $ 14,985 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 15,697 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): June 30, December 31, Assets Buildings and improvements $ 2,361,693 $ 2,356,905 Development costs and construction in progress 53,917 58,499 Land 314,865 324,714 Accumulated depreciation and amortization (633,506) (623,244) Net real estate 2,096,969 2,116,874 Accounts receivable, net 4,322 6,893 Cash and cash equivalents 22,243 20,586 Restricted cash 489 354 Intangible assets, net 65,227 73,860 Assets held for sale, net — 30,355 Right-of-use asset, net 98,451 99,376 Other assets, net 76,603 73,690 Total assets $ 2,364,304 $ 2,421,988 Liabilities Mortgage debt $ 144,736 $ 144,604 Intangible liabilities, net 13,462 15,066 Liabilities related to assets held for sale, net — 401 Lease liability 99,372 99,039 Accounts payable, accrued liabilities, and other liabilities 59,709 68,979 Deferred revenue 48,907 39,661 Total liabilities $ 366,186 $ 367,750 Total assets and total liabilities related to assets held for sale include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): June 30, December 31, Assets Buildings and improvements $ — $ 39,934 Land — 1,926 Accumulated depreciation and amortization — (15,612) Net real estate — 26,248 Intangible assets, net — 215 Other assets, net — 3,892 Total assets $ — $ 30,355 Liabilities Deferred revenue $ — $ 401 Total liabilities $ — $ 401

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 either recorded or disclosed on a recurring basis (in thousands): June 30, 2023 (3) December 31, 2022 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 214,030 $ 218,864 $ 374,832 $ 369,425 Marketable debt securities (2) — — 21,702 21,702 Interest rate swap instruments (2) 33,450 33,450 30,259 30,259 Bank line of credit and commercial paper (2) 329,000 329,000 995,606 995,606 Term loans (2) 496,382 496,382 495,957 495,957 Senior unsecured notes (1) 5,399,504 4,981,027 4,659,451 4,238,124 Mortgage debt (2) 343,766 320,866 346,599 330,867 _______________________________________ (1) Level 1: Fair value is calculated based on quoted prices in active markets. (2) Level 2: Fair value is 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, interest rate swap instruments, and mortgage debt, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the six months ended June 30, 2023 and year ended December 31, 2022, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s interest rate swap instruments (in thousands): Fair Value (2) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate (1) Receive Rate (1) June 30, December 31, April 2022 (3) May 2026 Cash flow $ 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% $ 2,525 $ 2,300 April 2022 (3) May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 4,496 4,096 August 2022 (3) February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 12,659 11,299 August 2022 (3) August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 13,770 12,564 _____________________________ (1) Pay rates and receive rates are as of June 30, 2023. As of December 31, 2022, the interest rate swap instrument with a $51 million notional amount had a pay rate of 5.08% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.50%. As of December 31, 2022, the interest rate swap instrument with a $91 million notional amount had a pay rate of 4.63% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.05%. (2) At each of June 30, 2023 and December 31, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded at fair value in other assets, net on the Consolidated Balance Sheets.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
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 (in thousands): June 30, December 31, Refundable entrance fees $ 257,624 $ 268,972 Accrued construction costs 142,826 178,626 Accrued interest 59,641 59,291 Other accounts payable and accrued liabilities (1) 222,673 265,596 Accounts payable, accrued liabilities, and other liabilities $ 682,764 $ 772,485 _______________________________________ (1) As of June 30, 2023 and December 31, 2022, includes $11 million and $15 million, respectively, of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid.

Deferred Revenue (Tables)

Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Schedule of Deferred Revenue	The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands): June 30, December 31, Nonrefundable entrance fees (1) $ 537,821 $ 518,573 Other deferred revenue (2) 344,049 325,503 Deferred revenue $ 881,870 $ 844,076 _______________________________________ (1) During the three and six months ended June 30, 2023, the Company collected nonrefundable entrance fees of $31 million and $60 million, respectively, and recognized amortization of $20 million and $40 million, respectively. During the three and six months ended June 30, 2022, the Company collected nonrefundable entrance fees of $29 million and $50 million, respectively, and recognized amortization of $19 million and $38 million, respectively. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations. (2) Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three and six months ended June 30, 2023, the Company recognized amortization related to other deferred revenue of $18 million and $31 million, respectively. During the three and six months ended June 30, 2022, the Company recognized amortization related to other deferred revenue of $11 million and $20 million, respectively. The amortization of other deferred revenue is included in rental and related revenues 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 47	$ 209	$ 413	$ 7,616
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	47	209	184	6,762
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	0	0	229	648
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 0	$ 0	$ 0	$ 206

Real Estate - Real Estate Inves

Real Estate - Real Estate Investments (Details) $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property	May 31, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Jan. 31, 2022 USD ($)	Jun. 30, 2023
HCP Ventures IV, LLC
Real Estate [Line Items]
Investment ownership percentage	80%	80%						20%
Property count | property	1	1
Cash paid	$ 4	$ 4
Gain on investments	$ 0.2
Lab | MASSACHUSETTS
Real Estate [Line Items]
Payments to acquire real estate			$ 9	$ 18			$ 72
Lab | CALIFORNIA
Real Estate [Line Items]
Payments to acquire real estate							$ 24
Outpatient Medical Buildings
Real Estate [Line Items]
Property count | property				3
Outpatient Medical Buildings | TEXAS
Real Estate [Line Items]
Payments to acquire real estate						$ 43
Number of properties acquired | property						2
Outpatient Medical Buildings | ARKANSAS
Real Estate [Line Items]
Payments to acquire real estate					$ 26
Number of properties acquired | property					1

Real Estate - Development Activ

Real Estate - Development Activities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Real Estate [Line Items]
Development and redevelopment projects, amount decrease	$ (64)
Development commitments	$ 188

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - Narrative (Details)	1 Months Ended		3 Months Ended				6 Months Ended
	Mar. 31, 2023 USD ($) property	Jan. 31, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net			$ 4,885,000		$ 10,340,000		$ 86,463,000	$ 14,196,000
Assets held for sale, net			8,282,000				8,282,000		$ 49,866,000
Impairment of real estate			0		$ 0		0	0
Planned MOB Demolition, Tenant Relocation and Other Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Expense on other								$ 14,000,000
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net			8,000,000				8,000,000		50,000,000
Liabilities related to assets held for sale, net									4,000,000
Total asset of discontinued operation									$ 0
Total liabilities of discontinued operation			$ 0				$ 0
Lab
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		2				1
Proceeds from sale of buildings		$ 113,000,000				$ 14,000,000
Gain (loss) on sales of real estate, net		$ 60,000,000				$ 4,000,000
Lab | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property			1				1		2
Net real estate assets									$ 44,000,000
Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	2			2	3
Proceeds from sale of buildings	$ 32,000,000			$ 9,000,000	$ 27,000,000
Gain (loss) on sales of real estate, net	$ 21,000,000			$ 1,000,000	$ 10,000,000
Outpatient Medical Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property					1

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - Held-for-sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues [Abstract]
Resident fees and services	$ 0	$ 2,825	$ 0	$ 5,480
Total revenues	0	2,825	0	5,480
Costs and expenses:
Operating	0	2,442	0	5,116
Total costs and expenses	0	2,442	0	5,116
Other income (expense):
Gain (loss) on sales of real estate, net	0	2,563	0	2,492
Other income (expense), net	0	16	0	19
Total other income (expense), net	0	2,579	0	2,511
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	0	2,962	0	2,875
Income tax benefit (expense)	0	30	0	370
Equity income (loss) from unconsolidated joint ventures	0	0	0	64
Income (loss) from discontinued operations	$ 0	$ 2,992	$ 0	$ 3,309

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 311,663	$ 296,729	$ 606,179	$ 584,020
Variable income from operating leases	98,304	90,350	196,219	173,209
Interest income from direct financing leases	$ 0	$ 0	$ 0	$ 1,168

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($) lease	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 property
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivable			$ 68,000
Gain on sale of direct financing lease			$ 23,000
Number of properties classified as DFL | property	0			0		0
Straight-line rent receivable				$ 5,431	$ 23,872
Litigation settlement, amount awarded from other party	$ 2,000
Proceeds from legal settlements	$ 2,000
Sorrento Therapeutics, Inc.
Lessor, Lease, Description [Line Items]
Number of leases | lease		4
Straight-line rent receivable		$ 9,000

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts, fees, and costs	$ (957)	$ (808)
Reserve for loan losses	(8,366)	(8,280)	$ (1,813)
Loans receivable, net	214,030	374,832
Loans and Leases Receivable, Remaining Commitments	40,000	40,000
Secured Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	188,319	350,837
Reserve for loan losses	(8,366)	(8,280)	$ (1,804)
CCRC resident loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 35,034	$ 33,083

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands

1 Months Ended

5 Months Ended

6 Months Ended

Jun. 30, 2023 USD ($)

May 31, 2023 USD ($) loan

Apr. 30, 2023 USD ($) loan

Feb. 28, 2023 USD ($) loan

Dec. 31, 2022 USD ($) loan

Nov. 30, 2022 USD ($)

Jul. 31, 2022 USD ($)

May 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Jun. 30, 2021 USD ($)

Jan. 31, 2021 USD ($) facility

May 31, 2023 loan

Jun. 30, 2023 USD ($)

Jun. 30, 2022 USD ($)

Loans Receivable:

Net cash provided by financing activities

$ (299,377)

$ (72,082)

Financing receivable, after allowance for credit loss

$ 214,030

$ 374,832

214,030

Loans receivable, extension fee

$ 1,000

Credit loss reserve on unfunded loan commitments

1,100

$ 800

1,100

SHOP

Loans Receivable:

Proceeds from sale of property

$ 230,000

Net cash provided by financing activities

$ 150,000

SHOP

Loans Receivable:

Number of assets to be sold | facility

16

Secured Mortgage Loans

Loans Receivable:

Proceeds from the collection of loans receivable

102,000

Secured Mortgage Loans | Other

Loans Receivable:

Proceeds from the collection of loans receivable

$ 21,000

$ 14,000

$ 35,000

$ 2,000

Number of secured loans | loan

1

1

1

4

4

Loans receivable, outstanding balance

$ 61,000

Loans receivable, term

1 year

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR)

Loans Receivable:

Loans receivable, basis spread on variable rate

0.11%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR) | Other

Loans Receivable:

Loans receivable, conversion of basis spread on variable rate

0.10%

Loans receivable, basis spread on variable rate

0.11%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), First Six Months

Loans Receivable:

Loans receivable, basis spread on variable rate

6%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), First Six Months | Other

Loans Receivable:

Loans receivable, basis spread on variable rate

8.50%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), Last Six Months

Loans Receivable:

Loans receivable, basis spread on variable rate

7%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), Last Six Months | Other

Loans Receivable:

Loans receivable, basis spread on variable rate

10.50%

Secured Mortgage Loans | Other

Loans Receivable:

Proceeds from the collection of loans receivable

$ 12,000

Number of secured loans | loan

2

Mezzanine | Other

Loans Receivable:

Proceeds from the collection of loans receivable

$ 1,000

Other Non-Reporting Segment | CCRC JV | Brookedale MTCA | Lessor Asset Under Operating Lease

Loans Receivable:

Financing receivable, after allowance for credit loss

35,000

$ 33,000

35,000

Sunrise Senior Housing Portfolio | SHOP

Loans Receivable:

Net cash provided by financing activities

$ 410,000

Capital expenditure funding, amount committed

$ 92,000

40,000

Capital expenditure funding, cost of capital, percent committed

65%

Capital expenditure funding, amount funded

400

Sunrise Senior Housing Portfolio | SHOP

Loans Receivable:

Number of assets to be sold | facility

32

Proceeds from sale of property

$ 664,000

Proceeds from the collection of loans receivable

10,000

$ 27,000

$ 8,000

$ 246,000

Financing receivable, after allowance for credit loss

$ 120,000

$ 120,000

$ 120,000

Sunrise Senior Housing Portfolio | SHOP | Secured Overnight Financing Rate (SOFR)

Loans Receivable:

Loans receivable, conversion of basis spread on variable rate

0.10%

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Secured Mortgage Loans
Loans receivable
2023	$ 0
2022	0
2021	162,813
2020	16,183
2019	0
Prior	0
Total	178,996
CCRC resident loans
Loans receivable
2023	26,348
2022	8,686
2021	0
2020	0
2019	0
Prior	0
Total	35,034
Performing loans | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	162,813
2020	16,183
2019	0
Prior	0
Total	178,996
Performing loans | CCRC resident loans
Loans receivable
2023	26,348
2022	8,686
2021	0
2020	0
2019	0
Prior	0
Total	35,034
Watch list loans | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Watch list loans | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Workout loans | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Workout loans | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period gross write-offs | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period gross write-offs | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period recoveries | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period recoveries | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period net write-offs | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period net write-offs | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	$ 0

Loans Receivable - Schedule o_3

Loans Receivable - Schedule of Reserve for Loan Losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	$ 8,280	$ 1,813
Provision for expected loan losses	2,882	6,534
Expected loan losses (recoveries) related to loans sold or repaid	(2,796)	(67)
Reserve for loan losses, end of period	8,366	8,280
Secured Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	8,280	1,804
Provision for expected loan losses	2,882	6,527
Expected loan losses (recoveries) related to loans sold or repaid	(2,796)	(51)
Reserve for loan losses, end of period	8,366	8,280
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	0	9
Provision for expected loan losses	0	7
Expected loan losses (recoveries) related to loans sold or repaid	0	(16)
Reserve for loan losses, end of period	$ 0	$ 0

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($) property joint_venture	Dec. 31, 2022 USD ($) property	Aug. 31, 2022 joint_venture property
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures | $				$ 731,956	$ 706,677
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count	2
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				2
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Property count	1	1
Investment ownership percentage	80%	80%		20%
Cash paid | $	$ 4,000	$ 4,000
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				67%
Other Non-Reporting Segment | SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count				19
Investment ownership percentage				54%
Equity method investments | $				$ 341,894	345,978
Lab | South San Francisco JVs
Schedule of Equity Method Investments [Line Items]
Property count				7
Investment ownership percentage				70%		70%
Equity method investments | $				$ 337,450	309,969
Number of unconsolidated joint ventures (in joint ventures) | joint_venture						7
Lab | Lab JV
Schedule of Equity Method Investments [Line Items]
Property count				1
Investment ownership percentage				49%
Equity method investments | $				$ 28,863	26,601
Lab | Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count				0
Investment ownership percentage			38%	38%
Equity method investments | $				$ 15,697	$ 15,391
Cash paid | $			$ 13,000
Lab | Life Science JV in San Francisco, California
Schedule of Equity Method Investments [Line Items]
Property count						7
Lab | 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%
Outpatient Medical
Schedule of Equity Method Investments [Line Items]
Property count					3
Outpatient Medical | Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count				2
Equity method investments | $				$ 8,052	$ 8,738
Outpatient Medical | Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				20%
Outpatient Medical | Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				67%

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Intangibles [Abstract]
Gross intangible lease assets	$ 758,282	$ 770,285
Accumulated depreciation and amortization	(393,829)	(352,224)
Intangible assets, net	$ 364,453	$ 418,061
Weighted average remaining amortization period in years	5 years	5 years
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 364,453	$ 418,061
Discontinued Operations, Held-for-sale or Disposed of by Sale
Intangibles [Abstract]
Intangible assets, net		2,000
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net		$ 2,000

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Intangibles [Abstract]
Gross intangible lease liabilities	$ 231,659	$ 237,464
Accumulated depreciation and amortization	(91,599)	(81,271)
Intangible liabilities, net	$ 140,060	$ 156,193
Weighted average remaining amortization period in years	7 years	7 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.5	$ 7
Weighted average remaining amortization period in years	5 years	5 years
Intangible liabilities acquired		$ 6
Weighted average remaining amortization period, liabilities	7 years	7 years
Other Property
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years	5 years	7 years
Weighted average remaining amortization period, liabilities		11 years

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loan (Details)			1 Months Ended	6 Months Ended
	Aug. 22, 2022 USD ($) loan	May 23, 2019 USD ($) renewal_option	Sep. 30, 2021 USD ($) renewal_option	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 derivative_held
Debt Instrument
Bank line of credit and commercial paper				$ 329,000,000	$ 995,606,000
Long-term Debt				$ 6,568,652,000
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held							2
Term Loan Agreement
Debt Instrument
Number of loans | loan	2
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
Term Loan Agreement | Interest rate swap instruments
Debt Instrument
Pay Rate				3.76%
Bank Line  of Credit
Debt Instrument
Long-term Debt				$ 0
Revolving Credit Facility | Bank Line  of Credit
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
Line of credit facility additional aggregate amount, maximum			$ 750,000,000
Bank line of credit and commercial paper				$ 0	0
Revolving Credit Facility | Bank Line  of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt Instrument, basis spread on variable rate				0.85%
Debt instrument, facility fee (as a percent)				0.15%
Term Loan Facilities | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Length of debt instrument extension period (in months)	1 year
Debt Instrument, interest rate, reduction available for sustainability metrics	0.0001
Aggregate principal amount	$ 500,000,000					$ 500,000,000
Debt instrument, period after closing	180 days
Debt instrument, term (in months)	4 years 6 months
Long-term Debt				$ 500,000,000	$ 500,000,000
Debt instrument, margin rate				0.94%
Line of credit facility, loan feature, higher borrowing capacity option				$ 500,000,000
Term Loan Facilities One | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 250,000,000
Term Loan Facilities Two | Bank Line  of Credit | 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) - Commercial Paper Program - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument
Maximum outstanding amount capacity	$ 2,000,000,000	$ 2,000,000,000
Borrowings	$ 329,000,000	$ 996,000,000
Debt instrument, term (in months)	21 days	2 months
Weighted-average interest rate (as a percent)	5.45%	4.90%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Jun. 30, 2023	May 10, 2023	Jan. 17, 2023	Dec. 31, 2022
Debt Instrument
Principal balance on debt	$ 6,621,593,000
Senior Unsecured Note
Debt Instrument
Principal balance on debt	$ 5,450,000,000			$ 4,700,000,000
Senior Unsecured Note | Unsecured Note 5.25 Percent
Debt Instrument
Aggregate principal amount		$ 350,000,000	$ 400,000,000
Coupon Rate		5.25%	5.25%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) facility	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) facility	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property facility	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Debt Instrument
Principal balance on debt	$ 6,621,593		$ 6,621,593
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held						2
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held							2
Outpatient Medical Buildings
Debt Instrument
Property count | property					3
Outpatient Medical Buildings | Mortgage Debt
Debt Instrument
Property count | facility	13		13
Aggregate principal amount	$ 142,000		$ 142,000
Mortgage Debt
Debt Instrument
Principal balance on debt	342,593		342,593		$ 345,000
Debt instrument, collateral, healthcare facilities carrying value	778,000		778,000		$ 793,000
Debt instrument, periodic payment	$ 1,000	$ 1,000	$ 3,000	$ 3,000
Mortgage Debt | Outpatient Medical Buildings
Debt Instrument
Property count | facility	15		15		15
Mortgage Debt | CCRC
Debt Instrument
Property count | facility	3		3		3

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument
2023	$ 87,471
2024	7,024
2025	803,209
2026	1,223,523
2027	950,366
Thereafter	3,550,000
Total debt before discount, net	6,621,593
Premiums, (discounts), and debt issuance costs, net	(52,941)
Long-term debt	6,568,652
Bank Line  of Credit
Debt Instrument
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total debt before discount, net	0
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	0
Commercial Paper
Debt Instrument
2023	0
2024	0
2025	0
2026	329,000
2027	0
Thereafter	0
Total debt before discount, net	329,000
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	329,000
Term Loans
Debt Instrument
2023	0
2024	0
2025	0
2026	0
2027	500,000
Thereafter	0
Total debt before discount, net	500,000
Premiums, (discounts), and debt issuance costs, net	(3,618)
Long-term debt	496,382
Senior Unsecured Note
Debt Instrument
2023	0
2024	0
2025	800,000
2026	650,000
2027	450,000
Thereafter	3,550,000
Total debt before discount, net	5,450,000	$ 4,700,000
Premiums, (discounts), and debt issuance costs, net	(50,496)
Long-term debt	$ 5,399,504
Weighted-average interest rate (as a percent)	3.66%
Weighted-average maturity (in years)	6 years
Senior Unsecured Note | 2023
Debt Instrument
Interest Rate	0%
Senior Unsecured Note | 2024
Debt Instrument
Interest Rate	0%
Senior Unsecured Note | 2025
Debt Instrument
Interest Rate	3.92%
Senior Unsecured Note | 2026
Debt Instrument
Interest Rate	3.40%
Senior Unsecured Note | 2027
Debt Instrument
Interest Rate	1.54%
Senior Unsecured Note | Thereafter
Debt Instrument
Interest Rate	3.92%
Senior Unsecured Note | Minimum
Debt Instrument
Interest Rate	1.54%
Senior Unsecured Note | Maximum
Debt Instrument
Interest Rate	6.87%
Mortgage Debt
Debt Instrument
2023	$ 87,471
2024	7,024
2025	3,209
2026	244,523
2027	366
Thereafter	0
Total debt before discount, net	342,593	$ 345,000
Premiums, (discounts), and debt issuance costs, net	1,173
Long-term debt	$ 343,766
Weighted-average interest rate (as a percent)	4.31%
Weighted-average maturity (in years)	2 years
Mortgage Debt | 2023
Debt Instrument
Interest Rate	3.80%
Mortgage Debt | 2024
Debt Instrument
Interest Rate	6.61%
Mortgage Debt | 2025
Debt Instrument
Interest Rate	3.82%
Mortgage Debt | 2026
Debt Instrument
Interest Rate	4.44%
Mortgage Debt | 2027
Debt Instrument
Interest Rate	5.91%
Mortgage Debt | Thereafter
Debt Instrument
Interest Rate	0%
Mortgage Debt | Minimum
Debt Instrument
Interest Rate	3.44%
Mortgage Debt | Maximum
Debt Instrument
Interest Rate	8.76%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2023 property
Lab JV | Lab
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 - Dividends (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jul. 27, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.30	$ 0.30	$ 0.60	$ 0.60
Dividends paid (in dollars per share)		$ 0.30	$ 0.30	$ 0.60	$ 0.60
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.30

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - ATM Program (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net		$ 183,000	$ 327,000	$ 357,000	$ 656,000
At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
ATM aggregate amount authorized				1,500,000,000
Maximum shares issuable under forward equity sales agreement (in shares)	9,100,000
Forward equity sales agreement, initial net price (in dollars per share)	$ 34.01
Issuance of common stock, net	$ 308,000,000	$ 0		$ 0
At-The-Market Program | Minimum
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term (in years)				1 year
At-The-Market Program | Maximum
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term (in years)				2 years
2023 At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
ATM aggregate amount remaining				$ 1,500,000,000
2020 ATM Program
Subsidiary or Equity Method Investee [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)						9,100,000
Forward equity sales agreement, initial net price (in dollars per share)						$ 35.25
ATM Direct Issuances | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net (in shares)		0	0	0	0

Equity and Redeemable Noncont_5

Equity and Redeemable Noncontrolling Interests - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Aug. 01, 2022
Equity [Abstract]
Stock repurchase program, authorized amount			$ 500,000,000
Common stock repurchased (in shares)	2.1
Average cost per share (in dollars per share)	$ 27.16
Stock repurchase program, total value	$ 56,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 444,000,000

Equity and Redeemable Noncont_6

Equity and Redeemable Noncontrolling Interests - AOCI (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) plan_participant	Dec. 31, 2022 USD ($)
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 33,336	$ 30,145
Supplemental Executive Retirement Plan minimum liability	(1,883)	(2,011)
Total accumulated other comprehensive income (loss)	$ 31,453	$ 28,134
Number of participants | plan_participant	1

Equity and Redeemable Noncont_7

Equity and Redeemable Noncontrolling Interests - Healthpeak OP (Details) unit in Millions	5 Months Ended	6 Months Ended	12 Months Ended	24 Months Ended
	Jun. 30, 2023 unit	Jun. 30, 2023 interest	Dec. 31, 2022 interest	Dec. 31, 2024 interest	Feb. 10, 2023
Noncontrolling Interest [Line Items]
Number of redeemable noncontrolling interest redemptions			1
Number of interests redeemable over time		3
Healthpeak OP
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent					100%
Healthpeak OP | Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
Issuance of OP units (in units) | unit	2
Forecast
Noncontrolling Interest [Line Items]
Number of interests redeemable over time				2

Equity and Redeemable Noncont_8

Equity and Redeemable Noncontrolling Interests - DownREITs (Details) $ in Thousands, shares in Millions	Jun. 30, 2023 USD ($) entity shares	Dec. 31, 2022 USD ($) shares
Noncontrolling Interest [Line Items]
Non-managing member unitholders	$ 210,549	$ 200,176
Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
DownREIT units outstanding (in shares) | shares	5	5
Common stock issuable (in shares) | shares	7
Number of DownREIT LLCs | entity	7
Non-managing member unitholders	$ 200,000	$ 200,000
Minority interest in preferred unit holders, fair value	$ 146,000	$ 183,000

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)	0	0	0	0
Forward Equity Sales Agreements
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	0	9,100,000	0	9,100,000
Down REIT
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	7,000,000	7,000,000	7,000,000	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Income (loss) from continuing operations	$ 56,199	$ 69,301	$ 190,706	$ 144,327
Noncontrolling interests' share in continuing operations	(4,300)	(3,955)	(19,855)	(7,685)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	51,899	65,346	170,851	136,642
Less: Participating securities' share in continuing operations	(149)	(281)	(1,402)	(2,258)
Income (loss) from continuing operations applicable to common shares	51,750	65,065	169,449	134,384
Income (loss) from discontinued operations	0	2,992	0	3,309
Net income (loss) applicable to common shares	51,750	68,057	$ 169,449	$ 137,693
Net income (loss) applicable to common shares	$ 51,750	$ 68,057
Denominator
Basic weighted average shares outstanding (in shares)	547,026	539,558	546,936	539,456
Dilutive potential common shares - equity awards (in shares)	268	257	268	245
Diluted weighted average common shares (in shares)	547,294	539,815	547,204	539,701
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.09	$ 0.12	$ 0.31	$ 0.25
Discontinued operations (in dollars per share)	0	0.01	0	0.01
Net income (loss) applicable to common shares (in dollars per share)	0.09	0.13	0.31	0.26
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.09	0.12	0.31	0.25
Discontinued operations (in dollars per share)	0	0.01	0	0.01
Net income (loss) applicable to common shares (in dollars per share)	$ 0.09	$ 0.13	$ 0.31	$ 0.26
Outstanding equity awards (in shares)	1,000	1,000	1,000	1,000

Segment Disclosures - Narrative

Segment Disclosures - Narrative (Details)	Jun. 30, 2023 property
Segment Reporting [Abstract]
Number of facilities owned by unconsolidated joint venture	19

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended				6 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			$ 545,430		$ 517,932		$ 1,071,108	$ 1,016,304
Government grant income			47		209		184	6,762
Less: Interest income			(5,279)		(5,493)		(11,442)	(10,987)
Healthpeak’s share of unconsolidated joint venture total revenues			22,943		20,243		46,198	40,451
Healthpeak’s share of unconsolidated joint venture government grant income							229	648
Noncontrolling interests’ share of consolidated joint venture total revenues			(8,816)		(9,005)		(17,922)	(17,882)
Operating expenses			(221,837)		(215,044)		(444,925)	(422,291)
Healthpeak’s share of unconsolidated joint venture operating expenses			(15,754)		(14,934)		(32,249)	(29,771)
Noncontrolling interests’ share of consolidated joint venture operating expenses			2,444		2,745		5,079	5,366
Adjustments to NOI			(19,688)		(24,539)		(24,310)	(42,206)
Adjusted NOI			299,490		272,114		591,950	546,394
Plus: Adjustments to NOI			19,688		24,539		24,310	42,206
Interest income			5,279		5,493		11,442	10,987
Interest expense			(49,074)		(41,867)		(97,037)	(79,453)
Depreciation and amortization			(197,573)		(180,489)		(376,798)	(358,222)
General and administrative			(25,936)		(24,781)		(50,483)	(48,612)
Transaction costs			(637)		(612)		(3,062)	(908)
Impairments and loan loss reserves, net			(2,607)		(139)		(394)	(271)
Gain (loss) on sales of real estate, net			4,885		10,340		86,463	14,196
Other income (expense), net			1,955		2,861		2,727	21,177
Less: Government grant income			(47)		(209)		(184)	(6,762)
Less: Healthpeak’s share of unconsolidated joint venture NOI			(7,189)		(5,309)		(14,178)	(11,328)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			6,372		6,260		12,843	12,516
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			54,606		68,201		187,599	141,920
Income tax benefit (expense)			(1,136)		718		(1,438)	(59)
Equity income (loss) from unconsolidated joint ventures			2,729		382		4,545	2,466
Income (loss) from continuing operations			56,199		69,301		190,706	144,327
Income (loss) from discontinued operations			0		2,992		0	3,309
Net income (loss)			56,199		72,293		190,706	147,636
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
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			(45,327)		(38,061)		(89,553)	(72,746)
Depreciation and amortization			0		0		0	0
General and administrative			(25,936)		(24,781)		(50,483)	(48,612)
Transaction costs			(343)		(443)		(2,259)	(443)
Impairments and loan loss reserves, net			0		0		0	0
Gain (loss) on sales of real estate, net			0		0		0	0
Other income (expense), net			1,067		920		2,298	1,828
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			(70,539)		(62,365)		(139,997)	(119,973)
Income tax benefit (expense)			(1,136)		718		(1,438)	(59)
Equity income (loss) from unconsolidated joint ventures			0		0		0	0
Income (loss) from continuing operations			(71,675)		(61,647)		(141,435)	(120,032)
Income (loss) from discontinued operations			0		2,992		0	3,309
Net income (loss)			(71,675)		(58,655)		(141,435)	(116,723)
Lab
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net		$ 60,000				$ 4,000
Lab | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			223,306		207,771		428,770	401,826
Government grant income			0		0		0	0
Less: Interest income			0		0		0	0
Healthpeak’s share of unconsolidated joint venture total revenues			1,928		1,267		4,093	2,698
Healthpeak’s share of unconsolidated joint venture government grant income							0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			(151)		(62)		(294)	(119)
Operating expenses			(54,832)		(49,446)		(112,397)	(97,635)
Healthpeak’s share of unconsolidated joint venture operating expenses			(848)		(483)		(2,030)	(966)
Noncontrolling interests’ share of consolidated joint venture operating expenses			35		19		75	38
Adjustments to NOI			(14,943)		(21,644)		(15,776)	(35,756)
Adjusted NOI			154,495		137,422		302,441	270,086
Plus: Adjustments to NOI			14,943		21,644		15,776	35,756
Interest income			0		0		0	0
Interest expense			0		0		0	0
Depreciation and amortization			(93,235)		(79,673)		(168,817)	(157,811)
General and administrative			0		0		0	0
Transaction costs			0		(35)		(158)	(327)
Impairments and loan loss reserves, net			0		0		0	0
Gain (loss) on sales of real estate, net			0		0		60,498	3,856
Other income (expense), net			(2)		29		2	20
Less: Government grant income			0		0		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(1,080)		(784)		(2,063)	(1,732)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			116		43		219	81
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			75,237		78,646		207,898	149,929
Income tax benefit (expense)			0		0		0	0
Equity income (loss) from unconsolidated joint ventures			1,314		148		1,911	1,114
Income (loss) from continuing operations			76,551		78,794		209,809	151,043
Income (loss) from discontinued operations			0		0		0	0
Net income (loss)			76,551		78,794		209,809	151,043
Outpatient Medical
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net	$ 21,000			$ 1,000	10,000
Outpatient Medical | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			186,661		179,308		373,628	356,571
Government grant income			0		0		0	0
Less: Interest income			0		0		0	0
Healthpeak’s share of unconsolidated joint venture total revenues			754		761		1,498	1,493
Healthpeak’s share of unconsolidated joint venture government grant income							0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			(8,665)		(8,943)		(17,628)	(17,763)
Operating expenses			(65,350)		(63,321)		(129,749)	(124,491)
Healthpeak’s share of unconsolidated joint venture operating expenses			(288)		(301)		(595)	(600)
Noncontrolling interests’ share of consolidated joint venture operating expenses			2,409		2,726		5,004	5,328
Adjustments to NOI			(4,008)		(2,949)		(7,825)	(6,495)
Adjusted NOI			111,513		107,281		224,333	214,043
Plus: Adjustments to NOI			4,008		2,949		7,825	6,495
Interest income			0		0		0	0
Interest expense			(1,924)		(1,930)		(3,845)	(2,966)
Depreciation and amortization			(71,722)		(68,873)		(142,881)	(136,646)
General and administrative			0		0		0	0
Transaction costs			(16)		(70)		(148)	(74)
Impairments and loan loss reserves, net			0		0		0	0
Gain (loss) on sales of real estate, net			0		10,340		21,312	10,340
Other income (expense), net			235		1,264		439	12,201
Less: Government grant income			0		0		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(466)		(460)		(903)	(893)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			6,256		6,217		12,624	12,435
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			47,884		56,718		118,756	114,935
Income tax benefit (expense)			0		0		0	0
Equity income (loss) from unconsolidated joint ventures			184		211		374	411
Income (loss) from continuing operations			48,068		56,929		119,130	115,346
Income (loss) from discontinued operations			0		0		0	0
Net income (loss)			48,068		56,929		119,130	115,346
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			130,184		125,360		257,268	246,920
Government grant income			47		209		184	6,762
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	333
Noncontrolling interests’ share of consolidated joint venture total revenues			0		0		0	0
Operating expenses			(101,655)		(102,277)		(202,779)	(200,165)
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			(728)		0		(678)	0
Adjusted NOI			27,848		23,292		53,995	53,850
Plus: Adjustments to NOI			728		0		678	0
Interest income			0		0		0	0
Interest expense			(1,823)		(1,876)		(3,639)	(3,741)
Depreciation and amortization			(32,616)		(31,943)		(65,100)	(63,765)
General and administrative			0		0		0	0
Transaction costs			(278)		(64)		(497)	(64)
Impairments and loan loss reserves, net			0		0		0	0
Gain (loss) on sales of real estate, net			0		0		0	0
Other income (expense), net			674		630		7	7,141
Less: Government grant income			(47)		(209)		(184)	(6,762)
Less: Healthpeak’s share of unconsolidated joint venture NOI			0		0		0	(333)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			0		0		0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			(5,514)		(10,170)		(14,740)	(13,674)
Income tax benefit (expense)			0		0		0	0
Equity income (loss) from unconsolidated joint ventures			0		0		0	539
Income (loss) from continuing operations			(5,514)		(10,170)		(14,740)	(13,135)
Income (loss) from discontinued operations			0		0		0	0
Net income (loss)			(5,514)		(10,170)		(14,740)	(13,135)
Other Non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			5,279		5,493		11,442	10,987
Government grant income			0		0		0	0
Less: Interest income			(5,279)		(5,493)		(11,442)	(10,987)
Healthpeak’s share of unconsolidated joint venture total revenues			20,261		18,215		40,607	36,260
Healthpeak’s share of unconsolidated joint venture government grant income							229	315
Noncontrolling interests’ share of consolidated joint venture total revenues			0		0		0	0
Operating expenses			0		0		0	0
Healthpeak’s share of unconsolidated joint venture operating expenses			(14,618)		(14,150)		(29,624)	(28,205)
Noncontrolling interests’ share of consolidated joint venture operating expenses			0		0		0	0
Adjustments to NOI			(9)		54		(31)	45
Adjusted NOI			5,634		4,119		11,181	8,415
Plus: Adjustments to NOI			9		(54)		31	(45)
Interest income			5,279		5,493		11,442	10,987
Interest expense			0		0		0	0
Depreciation and amortization			0		0		0	0
General and administrative			0		0		0	0
Transaction costs			0		0		0	0
Impairments and loan loss reserves, net			(2,607)		(139)		(394)	(271)
Gain (loss) on sales of real estate, net			4,885		0		4,653	0
Other income (expense), net			(19)		18		(19)	(13)
Less: Government grant income			0		0		0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(5,643)		(4,065)		(11,212)	(8,370)
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			7,538		5,372		15,682	10,703
Income tax benefit (expense)			0		0		0	0
Equity income (loss) from unconsolidated joint ventures			1,231		23		2,260	402
Income (loss) from continuing operations			8,769		5,395		17,942	11,105
Income (loss) from discontinued operations			0		0		0	0
Net income (loss)			$ 8,769		$ 5,395		$ 17,942	$ 11,105

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 90,911	$ 74,327
Income taxes paid (refunded)	2,855	(612)
Capitalized interest	28,182	16,320
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases	121	508
Accrued construction costs	142,826	163,391
Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture	$ 993	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures			$ 42,233	$ 50,745
Development, redevelopment, and other major improvements of real estate			394,141	366,404
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 197,573	$ 180,489	376,798	358,222
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			0	21
Development, redevelopment, and other major improvements of real estate			0	18
Depreciation and amortization of real estate, in-place lease, and other intangibles			$ 0	$ 0

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Continuing operations
Cash and cash equivalents	$ 103,780	$ 72,032	$ 73,013	$ 158,287
Restricted cash	56,745	54,802	54,815	53,454
Cash, cash equivalents, and restricted cash	160,525	126,834	127,828	211,741
Discontinued operations
Cash and cash equivalents	0	0	8,070	7,707
Restricted cash	0	0	0	0
Cash, cash equivalents, and restricted cash	0	0	8,070	7,707
Cash and cash equivalents, total	103,780	72,032	81,083	165,994
Restricted cash, total	56,745	54,802	54,815	53,454
Cash, cash equivalents and restricted cash, total	$ 160,525	$ 126,834	$ 135,898	$ 219,448

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2021 USD ($)	Jun. 30, 2023 hospital joint_venture	Dec. 31, 2022 USD ($) joint_venture
Lab | Needham Land Parcel JV
Variable Interest Entity [Line Items]
Investment ownership percentage	38%	38%
Payments to acquire equity method investment | $	$ 13
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures)		2	2
Number of VIE borrowers with marketable debt securities (in joint ventures)			1
Unconsolidated Variable Interest Entities | Commercial Mortgage-Backed Securities
Variable Interest Entity [Line Items]
Debt securities | $			$ 22
Number of hospitals | hospital		3
Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage		51%
Lab JV
Variable Interest Entity [Line Items]
VIE ownership percentage		98%
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	Jun. 30, 2023 USD ($)
LLC Investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 14,985
Needham Land Parcel JV
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 15,697

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 13,039,278	$ 12,784,078
Development costs and construction in progress	775,836	760,355
Land	2,661,963	2,667,188
Accumulated depreciation and amortization	(3,379,874)	(3,188,138)
Net real estate	13,097,203	13,023,483
Accounts receivable, net	53,467	53,436
Cash and cash equivalents	103,780	72,032	$ 73,013	$ 158,287
Intangible assets, net	364,453	418,061
Right-of-use asset	234,050	237,318
Other assets, net	739,574	780,722
Total assets	15,603,540	15,771,229
Liabilities
Mortgage debt	343,766	346,599
Intangible liabilities, net	140,060	156,193
Lease liability	204,489	208,515
Accounts payable, accrued liabilities, and other liabilities	682,764	772,485
Deferred revenue	881,870	844,076
Total liabilities	8,477,887	8,482,952
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,361,693	2,356,905
Development costs and construction in progress	53,917	58,499
Land	314,865	324,714
Accumulated depreciation and amortization	(633,506)	(623,244)
Net real estate	2,096,969	2,116,874
Accounts receivable, net	4,322	6,893
Cash and cash equivalents	22,243	20,586
Restricted cash	489	354
Intangible assets, net	65,227	73,860
Assets held for sale, net	0	30,355
Right-of-use asset	98,451	99,376
Other assets, net	76,603	73,690
Total assets	2,364,304	2,421,988
Liabilities
Mortgage debt	144,736	144,604
Intangible liabilities, net	13,462	15,066
Liabilities related to assets held for sale, net	0	401
Lease liability	99,372	99,039
Accounts payable, accrued liabilities, and other liabilities	59,709	68,979
Deferred revenue	48,907	39,661
Total liabilities	366,186	367,750
Consolidated Lessees VIE | Discontinued Operations
ASSETS
Buildings and improvements	0	39,934
Land	0	1,926
Accumulated depreciation and amortization	0	(15,612)
Net real estate	0	26,248
Intangible assets, net	0	215
Other assets, net	0	3,892
Total assets	0	30,355
Liabilities
Deferred revenue	0	401
Total liabilities	$ 0	$ 401

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Summary of financial instruments
Bank line of credit and commercial paper	$ 329,000	$ 995,606
Senior unsecured notes	5,399,504	4,659,451
Mortgage debt	343,766	346,599
Carrying Value
Summary of financial instruments
Loans receivable, net	214,030	374,832
Marketable debt securities	0	21,702
Bank line of credit and commercial paper	329,000	995,606
Term loans	496,382	495,957
Senior unsecured notes	5,399,504	4,659,451
Mortgage debt	343,766	346,599
Carrying Value | Interest rate swap instruments
Summary of financial instruments
Interest rate swap instruments	33,450	30,259
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	4,981,027	4,238,124
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	218,864	369,425
Marketable debt securities	0	21,702
Bank line of credit and commercial paper	329,000	995,606
Term loans	496,382	495,957
Mortgage debt	320,866	330,867
Fair Value | Level 2 | Interest rate swap instruments
Summary of financial instruments
Interest rate swap instruments	$ 33,450	$ 30,259

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Feb. 28, 2023 derivative_held	Aug. 31, 2022 USD ($) derivative_held	Apr. 30, 2022 derivative_held	Apr. 30, 2021 USD ($) derivative_held
Derivative [Line Items]
Asset at fair value, changes in fair value resulting from changes in assumptions | $		$ 20
Interest rate cap instruments | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held							2
Derivative amount terminated | $							$ 142
Increase in the fair value of the interest rate cap agreements | $	$ 0.1		$ 2
Interest rate swap instruments | Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held				2
Interest rate swap instruments | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held					2
Notional amount | $					$ 500
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held						2

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Aug. 31, 2022
Interest rate swap instruments
Derivative [Line Items]
Notional Amount			$ 500,000
Interest Rate Swap, 4.99% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 51,100
Pay Rate	4.99%
Receive Rate	2.50%
Fair Value	$ 2,525	$ 2,300
Interest Rate Swap, 4.54% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 91,000
Pay Rate	4.54%
Receive Rate	2.05%
Fair Value	$ 4,496	4,096
Interest Rate Swap, 2.60% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250,000
Pay Rate	2.60%
Fair Value	$ 12,659	11,299
Interest Rate Swap, 2.54% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250,000
Pay Rate	2.54%
Fair Value	$ 13,770	12,564
Interest Rate Swap, 5.08% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 51,000
Pay Rate		5.08%
Receive Rate		2.50%
Interest Rate Swap, 4.63% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 91,000
Pay Rate		4.63%
Receive Rate		2.05%

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Refundable entrance fees	$ 257,624	$ 268,972
Accrued construction costs	142,826	178,626
Accrued interest	59,641	59,291
Other accounts payable and accrued liabilities	222,673	265,596
Accounts payable, accrued liabilities, and other liabilities	682,764	772,485
Severance-related charges	$ 11,000	$ 15,000

Deferred Revenue - Schedule of

Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues [Abstract]
Nonrefundable entrance fees	$ 537,821		$ 537,821		$ 518,573
Other deferred revenue	344,049		344,049		325,503
Deferred revenue	881,870		881,870		$ 844,076
Proceeds from nonrefundable entrance fees	31,000	$ 29,000	60,000	$ 50,000
Amortization of nonrefundable entrance fee	20,000	19,000	40,000	38,000
Amortization of other deferred charges	$ 18,000	$ 11,000	$ 31,000	$ 20,000