Healthpeak Properties (DOC) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	DOC
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		699,291,414
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate:
Buildings and improvements	$ 16,448,690	$ 13,329,464
Development costs and construction in progress	739,318	643,217
Land and improvements	3,005,974	2,647,633
Accumulated depreciation and amortization	(3,796,108)	(3,591,951)
Net real estate	16,397,874	13,028,363
Loans receivable, net of reserves of $9,143 and $2,830	275,478	218,450
Investments in and advances to unconsolidated joint ventures	927,204	782,853
Accounts receivable, net of allowance of $2,751 and $2,282	59,658	55,820
Cash and cash equivalents	106,886	117,635
Restricted cash	52,409	51,388
Intangible assets, net	1,076,087	314,156
Assets held for sale, net	0	117,986
Right-of-use asset, net	440,558	240,155
Other assets, net	843,554	772,044
Total assets	20,179,708	15,698,850
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	25,000	720,000
Term loans	1,645,456	496,824
Senior unsecured notes	6,551,155	5,403,378
Mortgage debt	381,416	256,097
Intangible liabilities, net	227,370	127,380
Liabilities related to assets held for sale, net	0	729
Lease liability	313,469	206,743
Accounts payable, accrued liabilities, and other liabilities	709,219	657,196
Deferred revenue	907,852	905,633
Total liabilities	10,760,937	8,773,980
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests	1,433	48,828
Common stock, $1.00 par value: 1,500,000,000 and 750,000,000 shares authorized; 700,316,807 and 547,156,311 shares issued and outstanding	700,317	547,156
Additional paid-in capital	12,859,567	10,405,780
Cumulative dividends in excess of earnings	(4,844,683)	(4,621,861)
Accumulated other comprehensive income (loss)	42,297	19,371
Total stockholders’ equity	8,757,498	6,350,446
Joint venture partners	324,681	310,998
Non-managing member unitholders	335,159	214,598
Total noncontrolling interests	659,840	525,596
Total equity	9,417,338	6,876,042
Total liabilities and equity	$ 20,179,708	$ 15,698,850

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 9,143	$ 2,830
Allowance for accounts receivable	$ 2,751	$ 2,282
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,500,000,000	750,000,000
Common stock, shares issued (in shares)	700,316,807	547,156,311
Common stock, shares outstanding (in shares)	700,316,807	547,156,311

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental and related revenues	$ 546,781	$ 409,967	$ 1,008,814	$ 802,398
Resident fees and services	140,891	130,184	279,667	257,268
Interest income and other	7,832	5,279	13,583	11,442
Total revenues	695,504	545,430	1,302,064	1,071,108
Costs and expenses:
Interest expense	74,910	49,074	135,817	97,037
Depreciation and amortization	283,498	197,573	502,717	376,798
Operating	273,827	221,837	517,556	444,925
General and administrative	26,718	25,936	50,017	50,483
Transaction and merger-related costs	7,759	637	114,979	3,062
Impairments and loan loss reserves (recoveries), net	(553)	2,607	10,905	394
Total costs and expenses	666,159	497,664	1,331,991	972,699
Other income (expense):
Gain (loss) on sales of real estate, net	122,044	4,885	125,299	86,463
Other income (expense), net	4,004	1,955	82,520	2,727
Total other income (expense), net	126,048	6,840	207,819	89,190
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	155,393	54,606	177,892	187,599
Income tax benefit (expense)	(2,728)	(1,136)	(16,426)	(1,438)
Equity income (loss) from unconsolidated joint ventures	51	2,729	2,427	4,545
Net income (loss)	152,716	56,199	163,893	190,706
Noncontrolling interests’ share in earnings	(6,669)	(4,300)	(11,170)	(19,855)
Net income (loss) attributable to Healthpeak Properties, Inc.	146,047	51,899	152,723	170,851
Participating securities’ share in earnings	(214)	(149)	(414)	(1,402)
Net income (loss) applicable to common shares	$ 145,833	$ 51,750	$ 152,309	$ 169,449
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.21	$ 0.09	$ 0.23	$ 0.31
Diluted (in dollars per share)	$ 0.21	$ 0.09	$ 0.23	$ 0.31
Weighted average shares outstanding:
Basic (in shares)	702,382	547,026	651,642	546,936
Diluted (in shares)	703,268	547,294	652,113	547,204

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 152,716	$ 56,199	$ 163,893	$ 190,706
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	3,690	12,668	22,798	3,191
Change in Supplemental Executive Retirement Plan obligation and other	64	64	128	128
Total other comprehensive income (loss)	3,754	12,732	22,926	3,319
Total comprehensive income (loss)	156,470	68,931	186,819	194,025
Total comprehensive (income) loss attributable to noncontrolling interests	(6,669)	(4,300)	(11,170)	(19,855)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	$ 149,801	$ 64,631	$ 175,649	$ 174,170

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
Beginning balance (in shares) at Dec. 31, 2022			546,642
Beginning 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
Ending balance (in shares) at Jun. 30, 2023			547,053
Ending 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
Beginning balance (in shares) at Mar. 31, 2023			546,995
Beginning 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	(7)	(7)		(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
Ending balance (in shares) at Jun. 30, 2023			547,053
Ending 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
Beginning balance (in shares) at Dec. 31, 2023			547,156
Beginning balance at Dec. 31, 2023	6,876,042	6,350,446	$ 547,156	10,405,780	(4,621,861)	19,371	525,596
Increase (Decrease) in Stockholders' Equity
Net income (loss)	163,750	152,723			152,723		11,027
Other comprehensive income (loss)	22,926	22,926				22,926
Shares issued as part of the Mergers (in shares)			162,231
Shares issued as part of the Merger	2,774,147	2,774,147	$ 162,231	2,611,916
Issuance of common stock, net (in shares)			375
Issuance of common stock, net	576	576	$ 375	201
Conversion of DownREIT units to common stock (in shares)			96
Conversion of DownREIT units to common stock	0	2,372	$ 96	2,276			(2,372)
Repurchase of common stock (in shares)			(9,541)
Repurchase of common stock	(170,229)	(170,229)	$ (9,541)	(160,688)
Stock-based compensation	10,509	4,194		4,194			6,315
Common dividends	(375,545)	(375,545)			(375,545)
Distributions to noncontrolling interests	(17,453)						(17,453)
Noncontrolling interests acquired as part of the Merger	136,727						136,727
Adjustments to redemption value of redeemable noncontrolling interests	(4,112)	(4,112)		(4,112)
Ending balance (in shares) at Jun. 30, 2024			700,317
Ending balance at Jun. 30, 2024	9,417,338	8,757,498	$ 700,317	12,859,567	(4,844,683)	42,297	659,840
Beginning balance at Dec. 31, 2023	48,828
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	143
Distributions to noncontrolling interests	(312)
Contributions from noncontrolling interests	12
Purchase of noncontrolling interests	(52,886)
Noncontrolling interests acquired as part of the Merger	1,536
Adjustments to redemption value of redeemable noncontrolling interests	4,112
Ending balance at Jun. 30, 2024	1,433
Beginning balance (in shares) at Mar. 31, 2024			703,733
Beginning balance at Mar. 31, 2024	9,544,651	8,881,613	$ 703,733	12,918,936	(4,779,599)	38,543	663,038
Increase (Decrease) in Stockholders' Equity
Net income (loss)	152,756	146,047			146,047		6,709
Other comprehensive income (loss)	3,754	3,754				3,754
Issuance of common stock, net (in shares)			76
Issuance of common stock, net	268	268	$ 76	192
Conversion of DownREIT units to common stock (in shares)			96
Conversion of DownREIT units to common stock	0	2,372	$ 96	2,276			(2,372)
Repurchase of common stock (in shares)			(3,588)
Repurchase of common stock	(68,234)	(68,234)	$ (3,588)	(64,646)
Stock-based compensation	5,290	2,367		2,367			2,923
Common dividends	(211,131)	(211,131)			(211,131)
Distributions to noncontrolling interests	(10,458)						(10,458)
Adjustments to redemption value of redeemable noncontrolling interests	442	442		442
Ending balance (in shares) at Jun. 30, 2024			700,317
Ending balance at Jun. 30, 2024	9,417,338	$ 8,757,498	$ 700,317	$ 12,859,567	$ (4,844,683)	$ 42,297	$ 659,840
Beginning balance at Mar. 31, 2024	54,848
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	(40)
Distributions to noncontrolling interests	(49)
Contributions from noncontrolling interests	2
Purchase of noncontrolling interests	(52,886)
Adjustments to redemption value of redeemable noncontrolling interests	(442)
Ending balance at Jun. 30, 2024	$ 1,433

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 163,893	$ 190,706
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	502,717	376,798
Stock-based compensation amortization expense	8,180	7,532
Merger-related post-combination stock compensation expense	16,223	0
Amortization of deferred financing costs and debt discounts (premiums)	11,840	5,774
Straight-line rents	(22,545)	(5,431)
Amortization of nonrefundable entrance fees and above (below) market lease intangibles	(58,415)	(54,910)
Equity loss (income) from unconsolidated joint ventures	(2,427)	(4,545)
Distributions of earnings from unconsolidated joint ventures	7,761	352
Deferred income tax expense (benefit)	11,066	(901)
Impairments and loan loss reserves (recoveries), net	10,905	394
Loss (gain) on sales of real estate, net	(125,299)	(86,463)
Loss (gain) upon change of control, net	(77,978)	(234)
Casualty-related loss (recoveries), net	(1,257)	(266)
Other non-cash items	(841)	2,505
Changes in:
Decrease (increase) in accounts receivable and other assets, net	19,334	9,656
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	5,607	30,770
Net cash provided by (used in) operating activities	468,764	471,737
Cash flows from investing activities:
Acquisitions of real estate	0	(15,770)
Development, redevelopment, and other major improvements of real estate	(229,544)	(394,141)
Leasing costs, tenant improvements, and recurring capital expenditures	(53,235)	(42,233)
Proceeds from sales of real estate, net	369,475	141,651
Proceeds from the Callan Ridge JV transaction, net	125,662	0
Investments in unconsolidated joint ventures	(37,423)	(28,214)
Distributions in excess of earnings from unconsolidated joint ventures	15,757	6,420
Proceeds from insurance recovery	4,090	14,265
Proceeds from sales/principal repayments on loans receivable and marketable debt securities	86,210	184,299
Investments in loans receivable and other	(12,031)	(4,946)
Cash paid in connection with the Merger, net	(179,215)	0
Net cash provided by (used in) investing activities	89,746	(138,669)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	3,146,000	6,014,005
Repayments under bank line of credit and commercial paper	(3,841,000)	(6,680,611)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	750,000	743,778
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(1,963)	(2,619)
Payments for deferred financing costs	(5,438)	(7,322)
Issuance of common stock and exercise of options, net of offering costs	174	(298)
Repurchase of common stock	(170,229)	(6,474)
Dividends paid on common stock	(375,143)	(328,930)
Distributions to and purchase of noncontrolling interests	(70,651)	(31,126)
Contributions from and issuance of noncontrolling interests	12	220
Net cash provided by (used in) financing activities	(568,238)	(299,377)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(9,728)	33,691
Cash, cash equivalents, and restricted cash, beginning of period	169,023	126,834
Cash, cash equivalents, and restricted cash, end of period	$ 159,295	$ 160,525

Business

Business	6 Months Ended
	Jun. 30, 2024
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”) and that, together with its consolidated entities (collectively, “Healthpeak” or the “Company”), owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). Healthpeak® has a diverse portfolio comprised of investments in the following reportable healthcare segments: (i) outpatient medical; (ii) lab; and (iii) continuing care retirement community (“CCRC”). The Company’s corporate headquarters are in Denver, Colorado, and it has additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts, and property management offices in several locations throughout the U.S. On February 10, 2023, the Company completed its corporate reorganization (the “Reorganization”) into an umbrella partnership REIT (“UPREIT”). Substantially all of the Company’s business is conducted through Healthpeak OP, LLC (“Healthpeak OP”). The Company is the managing member of Healthpeak OP and does not have material assets or liabilities, other than through its investment in Healthpeak OP. For additional information on the UPREIT Reorganization, see the Company’s Current Report on Form 8-K12B filed with the U.S. Securities and Exchange Commission (“SEC”) on February 10, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 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, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenues 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, 2024, the amount of qualifying expenditures and lost revenues 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 2024 2023 2024 2023 Government grant income recorded in other income (expense), net $ — $ 47 $ — $ 184 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — — — 229 Total government grants received $ — $ 47 $ — $ 413 Recent Accounting Pronouncements Adopted Reference Rate Reform. From March 2020 to December 2022, the Financial Accounting Standards Board (“FASB”) issued a series of Accounting Standards Updates (“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. Not Yet Adopted Segment Reporting. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to improve reportable segment disclosure requirements so that investors can better understand an entity’s overall performance and assess potential future cash flows. The amendments in ASU 2023-07 include, but are not limited to: (i) disclosure of, on an annual basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (ii) disclosure of, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition (the other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss); (iii) disclosure of, on an interim basis, all currently required annual disclosures about a reportable segment’s profit (loss) and assets; (iv) clarification that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, an entity may report one or more of those additional measures of segment profit; and (v) disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact ASU 2023-07 will have on its disclosures. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation (using both percentages and reporting currency amounts) of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company is evaluating the impact ASU 2023-09 will have on its disclosures.

The Merger

The Merger	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
The Merger	The Merger On March 1, 2024 (the “Closing Date”), pursuant to the Agreement and Plan of Merger dated October 29, 2023 (the “Merger Agreement”), by and among the Company, DOC DR Holdco, LLC (formerly known as Alpine Sub, LLC), a wholly owned subsidiary of the Company (“DOC DR Holdco”), DOC DR, LLC (formerly known as Alpine OP Sub, LLC), a wholly owned subsidiary of Healthpeak OP (“DOC DR OP Sub”), Physicians Realty Trust, and Physicians Realty L.P. (the “Physicians Partnership”): (i) Physicians Realty Trust merged with and into DOC DR Holdco (the “Company Merger”), with DOC DR Holdco surviving as a wholly owned subsidiary of the Company (the “Company Surviving Entity”); (ii) immediately following the effectiveness of the Company Merger, the Company contributed all of the outstanding equity interests in the Company Surviving Entity to Healthpeak OP (the “Contribution”); and (iii) immediately following the Contribution, Physicians Partnership merged with and into DOC DR OP Sub (the “Partnership Merger” and, together with the Company Merger, the “Merger”), with DOC DR OP Sub surviving as a subsidiary of Healthpeak OP (the “Partnership Surviving Entity”). Subsequent to the Closing Date, the “Combined Company” means the Company and its subsidiaries. On the Closing Date and in connection with the Merger, (i) each outstanding common share of beneficial interest of Physicians Realty Trust (“Physicians Realty Trust common shares”) (other than Physicians Realty Trust common shares that were canceled in accordance with the Merger Agreement) was automatically converted into the right to receive 0.674 (the “Exchange Ratio”) shares of the Company’s common stock, and (ii) each outstanding common unit of the Physicians Partnership was converted into common units in the Partnership Surviving Entity equal to the Exchange Ratio. As a result of the Merger, the Company acquired 299 outpatient medical buildings. The primary reason for the Merger was to expand the Company’s size, scale, and diversification, in order to further enhance the Company’s competitive advantages and accelerate investment activities. The Merger was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), which requires, among other things, the assets acquired and the liabilities assumed to be recognized at their acquisition date fair value. For accounting purposes, the Company was treated as the accounting acquirer of Physicians Realty Trust. The Company was considered to be the accounting acquirer primarily because: (i) the Company is the entity that transferred consideration to consummate the Merger; (ii) the Company’s stockholders as a group retained the largest portion of the voting rights of the Combined Company and have the ability to elect, appoint, or remove a majority of the members of the Combined Company’s board of directors; and (iii) its senior management constitutes the majority of management of the Combined Company. The consideration transferred on the Closing Date is as follows (in thousands, except per share data): March 1, Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged (1) 240,699 Exchange Ratio 0.674 Shares of Healthpeak common stock issued 162,231 Closing price of Healthpeak common stock on March 1, 2024 (2) $ 17.10 Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs $ 2,774,147 Less: Fair value of preliminary share consideration attributable to the post-combination period (3) (16,223) Physicians Realty Trust revolving credit facility termination (4) $ 175,411 Settlement of Physicians Realty Trust’s transaction costs 23,913 Payments made in connection with share settlement (5) 11,315 Preliminary cash consideration $ 210,639 Consideration transferred $ 2,968,563 _______________________________________ (1) Includes 241 million Physicians Realty Trust common shares and Physicians Realty Trust restricted shares outstanding as of March 1, 2024, inclusive of: (i) 200 thousand Physicians Realty Trust restricted shares; (ii) 1 million Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust performance-based restricted stock unit (“PSUs”) (reflected at the maximum level of performance); and (iii) 300 thousand Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust restricted stock units (“RSUs”). (2) The fair value of Healthpeak common stock issued to former holders of Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs was based on the per share closing price of Healthpeak common stock on March 1, 2024. (3) Represents the fair value of unvested Physicians Realty Trust restricted shares, PSUs, and RSUs attributable to post-combination services that were converted into Healthpeak common stock on the Closing Date in accordance with the Merger Agreement. Although no future service after the Closing Date is required, the value attributable to post-combination services reflected the incremental fair value provided to the Physicians Realty Trust equity award holders and the accelerated vesting of such awards at the Closing Date in accordance with the Merger Agreement. This amount was recognized as transaction and merger-related costs on the Consolidated Statements of Operations. (4) Represents the Company’s cash repayment of all outstanding balances under Physicians Realty Trust’s revolving credit facility on the Closing Date in connection with the related termination. (5) Includes cash settlement of: (i) tax liability related to holdback elections made under the pre-existing terms and conditions of Physicians Realty Trust’s equity programs and (ii) fractional share consideration. Preliminary Purchase Price Allocation For the Company’s real estate acquisitions that are accounted for as business combinations, the Company allocates the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, and noncontrolling interests at fair value as of the acquisition date. Any excess of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill. Acquisition costs related to business combinations are expensed as incurred. The preliminary estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interests were based on information that was available at the Closing Date. The fair values were determined using standard valuation methodologies, such as the cost, market, and income approach. These methodologies require various assumptions, including those of a market participant. The following table summarizes the preliminary estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands): March 1, ASSETS Real estate: Buildings and improvements $ 3,199,884 Development costs and construction in progress 68,171 Land and improvements 435,353 Real estate 3,703,408 Loans receivable 118,908 Investments in and advances to unconsolidated joint ventures 58,636 Accounts receivable, net (1) 9,536 Cash and cash equivalents 30,417 Restricted cash 1,007 Intangible assets (2) 890,827 Right-of-use asset 191,415 Other assets 44,691 Total assets $ 5,048,845 LIABILITIES AND EQUITY Term loans $ 402,320 Senior unsecured notes 1,139,760 Mortgage debt 127,176 Intangible liabilities (3) 149,875 Lease liability 97,160 Accounts payable, accrued liabilities, and other liabilities 72,864 Total liabilities $ 1,989,155 Redeemable noncontrolling interests 1,536 Joint venture partners (4) 20,109 Non-managing member unitholders (5) 116,618 Total noncontrolling interests $ 136,727 Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests $ 2,921,427 Goodwill 47,136 Total purchase price $ 2,968,563 _______________________________________ (1) Includes $14 million of gross contractual accounts receivable. (2) The intangible assets acquired had a weighted average amortization period of 6 years (see Note 9). (3) The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 9). (4) Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7%. (5) In connection with the Merger, Physicians Partnership merged with and into DOC DR OP Sub with DOC DR OP Sub surviving as the Partnership Surviving Entity. The Company controls the Partnership Surviving Entity via its ownership of its managing member, and the Partnership Surviving Entity is consolidated by the Company. As of June 30, 2024, the Company had not finalized the determination of fair value of certain tangible and intangible assets acquired and liabilities assumed including, but not limited to, real estate assets, loans receivable, investments in and advances to unconsolidated joint ventures, intangible assets and liabilities, noncontrolling interests, and goodwill. As such, the assessment of fair value of assets acquired and liabilities assumed is preliminary and was based on information that was available at the time the Consolidated Financial Statements were prepared. The finalization of the purchase accounting assessment could result in material changes in the Company’s determination of the fair value of assets acquired and liabilities assumed, which will be recorded as measurement period adjustments in the period in which they are identified, up to one year from the Closing Date. A preliminary estimate of approximately $47 million has been allocated to goodwill. The recognized goodwill is attributable to expected synergies, cost savings, acquired workforce, and potential economies of scale benefits from outpatient medical property management and tenant and vendor relationships following the closing of the Merger. None of the goodwill recognized is expected to be deductible for tax purposes. Merger-Related Costs During the three months ended June 30, 2024, the Company incurred approximately $7 million of merger-related costs, including $5 million of legal, accounting, tax, and other costs of combining operations with Physicians Realty Trust and $3 million of severance expense related to legacy Healthpeak employees. During the six months ended June 30, 2024, the Company incurred approximately $114 million of merger-related costs, which primarily related to advisory, legal, accounting, tax, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust. Included in this amount is: (i) $38 million of fees paid to investment banks and advisors to help the Company negotiate the terms of the transactions contemplated by the Merger Agreement and to advise the Company on other merger-related matters, inclusive of $21 million of success-based fees incurred upon consummation of the Merger, (ii) $26 million of severance expense due to certain Physicians Realty Trust dual-trigger severance arrangements that are required to be recognized as post-combination expense in accordance with ASC 805, (iii) $16 million of post-combination stock compensation expense for the accelerated vesting of Physicians Realty Trust equity awards pursuant to the terms of the Merger Agreement, based on the fair value of Healthpeak common stock issued to holders of Physicians Realty Trust equity awards, (iv) $23 million of legal, accounting, tax, and other costs, and (v) $10 million of severance expense related to legacy Healthpeak employees. The Company expects to incur approximately $2 million of additional severance expense related to legacy Healthpeak employees through the end of 2024. These merger-related costs are included in transaction and merger-related costs on the Consolidated Statements of Operations. Unaudited Pro Forma Financial Information The Consolidated Statements of Operations for the three months ended June 30, 2024 include $146 million of revenues and $18 million of net loss applicable to common shares associated with the results of operations of legacy Physicians Realty Trust. The Consolidated Statements of Operations for the six months ended June 30, 2024 include $194 million of revenues and $38 million of net loss applicable to common shares associated with the results of operations of legacy Physicians Realty Trust from the Closing Date to June 30, 2024. The following unaudited pro forma information presents a summary of the results of operations for the Combined Company, as if the Merger had been consummated on January 1, 2023 (in thousands). The following unaudited pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the unaudited pro forma financial information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses. Three Months Ended Six Months Ended 2024 2023 2024 2023 Total revenues $ 688,293 $ 692,852 $ 1,386,995 $ 1,366,516 Net income (loss) applicable to common shares 154,577 7,484 242,286 (28,192) The unaudited pro forma financial information above includes nonrecurring significant adjustments made to account for certain costs incurred as if the Merger had been completed on January 1, 2023. Transaction and merger-related costs of $7 million and $114 million that were incurred during the three and six months ended June 30, 2024, respectively, were excluded from the unaudited pro forma financial information for the three and six months ended June 30, 2024, respectively, but included for the six months ended June 30, 2023. The six months ended June 30, 2023 also includes $11 million of transaction and merger-related costs that were recognized during the year ended December 31, 2023.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments 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 8). Concurrent with 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. Development Activities The Company’s commitments, which are primarily related to development and redevelopment projects and Company-owned tenant improvements, decreased by $10 million to $169 million at June 30, 2024, when compared to December 31, 2023, primarily as a result of additional construction spend on projects in development and redevelopment during the first half of 2024, thereby decreasing the remaining commitment, partially offset by: (i) additional commitments on projects placed into development and redevelopment during the period and (ii) commitments related to development projects acquired as part of the Merger.

Dispositions of Real Estate

Dispositions of Real Estate	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate	Dispositions of Real Estate 2024 Dispositions of Real Estate During the three months ended March 31, 2024, the Company sold two outpatient medical buildings for $29 million, resulting in total gain on sales of $3 million. During the three months ended June 30, 2024, the Company sold a portfolio of seven lab buildings for $180 million, resulting in total gain on sales of $55 million. Also during the three months ended June 30, 2024, the Company sold 11 outpatient medical buildings for $179 million, resulting in total gain on sales of $67 million. In July 2024, the Company completed negotiations and subsequently closed the sale of a portfolio of 59 outpatient medical buildings for $674 million and provided the buyer with a mortgage loan secured by the real estate sold for $405 million (see Note 7). 2023 Dispositions of Real Estate During the three months ended March 31, 2023, the Company sold two lab buildings in Durham, North Carolina for $113 million, resulting in total gain on sales of $60 million. Also during the three months ended March 31, 2023, the Company sold two outpatient medical buildings for $32 million, resulting in total gain on sales of $21 million. Held for Sale As of June 30, 2024, no assets were classified as held for sale . As of December 31, 2023, two lab buildings and one outpatient medical building were classified as held for sale, with a carrying value of $118 million, primarily comprised of net real estate assets. As of December 31, 2023, liabilities related to the assets held for sale were $1 million. During the three months ended March 31, 2024, the Company sold the outpatient medical building and a 65% interest in the two lab buildings (see Note 8) held for sale as of December 31, 2023. Impairments of Real Estate During the three and six months ended June 30, 2024 and 2023, the Company did not recognize any impairment charges.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Fixed income from operating leases $ 404,225 $ 311,663 $ 747,639 $ 606,179 Variable income from operating leases 142,556 98,304 261,175 196,219 Initial Direct Costs Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs and consist of leasing commissions paid to external third party brokers. Initial direct costs include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. Initial direct costs are included in other assets, net in the Consolidated Balance Sheets and amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. At each of June 30, 2024 and December 31, 2023, net initial direct costs were $172 million. 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. At June 30, 2024 and December 31, 2023, straight-line rent receivable, net of allowance, was $319 million and $310 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. Tenant Updates 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. The Company has filed proofs of claims for damages related to its rejected leases, which include the development lease and three of the four operating leases. During the three months ended June 30, 2023, the Company received $2 million by drawing on Sorrento's letter of credit. 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. In April 2024, the U.S. Bankruptcy Court approved the assignment and assumption of the remaining operating lease by the buyer of Sorrento’s assets. Given the nature of bankruptcy proceedings, the probability, timing, and amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claims are uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with these claims as of June 30, 2024 or December 31, 2023. On October 26, 2023, the Company amended its lease with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024 (“Graphite Bio”), at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million, comprised of a $21 million termination fee and $16 million prepayment of Graphite Bio’s contractual rent through the amended term. The $37 million is being recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease. In July 2024, the Company executed an early lease renewal for approximately 2 million square feet leased by CommonSpirit Health (“CommonSpirit”). The renewal, which is subject to a master agreement, extends the weighted average lease term of existing leases from July 2027 to December 2035, amends the contractual rents to current market rates, and increases the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit is provided the right to reduce the amount of space leased by up to approximately 200,000 square feet at any time after the original lease maturity dates.
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Fixed income from operating leases $ 404,225 $ 311,663 $ 747,639 $ 606,179 Variable income from operating leases 142,556 98,304 261,175 196,219 Initial Direct Costs Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs and consist of leasing commissions paid to external third party brokers. Initial direct costs include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. Initial direct costs are included in other assets, net in the Consolidated Balance Sheets and amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. At each of June 30, 2024 and December 31, 2023, net initial direct costs were $172 million. 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. At June 30, 2024 and December 31, 2023, straight-line rent receivable, net of allowance, was $319 million and $310 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. Tenant Updates 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. The Company has filed proofs of claims for damages related to its rejected leases, which include the development lease and three of the four operating leases. During the three months ended June 30, 2023, the Company received $2 million by drawing on Sorrento's letter of credit. 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. In April 2024, the U.S. Bankruptcy Court approved the assignment and assumption of the remaining operating lease by the buyer of Sorrento’s assets. Given the nature of bankruptcy proceedings, the probability, timing, and amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claims are uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with these claims as of June 30, 2024 or December 31, 2023. On October 26, 2023, the Company amended its lease with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024 (“Graphite Bio”), at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million, comprised of a $21 million termination fee and $16 million prepayment of Graphite Bio’s contractual rent through the amended term. The $37 million is being recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease. In July 2024, the Company executed an early lease renewal for approximately 2 million square feet leased by CommonSpirit Health (“CommonSpirit”). The renewal, which is subject to a master agreement, extends the weighted average lease term of existing leases from July 2027 to December 2035, amends the contractual rents to current market rates, and increases the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit is provided the right to reduce the amount of space leased by up to approximately 200,000 square feet at any time after the original lease maturity dates.
Lessee	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Fixed income from operating leases $ 404,225 $ 311,663 $ 747,639 $ 606,179 Variable income from operating leases 142,556 98,304 261,175 196,219 Initial Direct Costs Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs and consist of leasing commissions paid to external third party brokers. Initial direct costs include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. Initial direct costs are included in other assets, net in the Consolidated Balance Sheets and amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. At each of June 30, 2024 and December 31, 2023, net initial direct costs were $172 million. 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. At June 30, 2024 and December 31, 2023, straight-line rent receivable, net of allowance, was $319 million and $310 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. Tenant Updates 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. The Company has filed proofs of claims for damages related to its rejected leases, which include the development lease and three of the four operating leases. During the three months ended June 30, 2023, the Company received $2 million by drawing on Sorrento's letter of credit. 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. In April 2024, the U.S. Bankruptcy Court approved the assignment and assumption of the remaining operating lease by the buyer of Sorrento’s assets. Given the nature of bankruptcy proceedings, the probability, timing, and amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claims are uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with these claims as of June 30, 2024 or December 31, 2023. On October 26, 2023, the Company amended its lease with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024 (“Graphite Bio”), at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million, comprised of a $21 million termination fee and $16 million prepayment of Graphite Bio’s contractual rent through the amended term. The $37 million is being recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease. In July 2024, the Company executed an early lease renewal for approximately 2 million square feet leased by CommonSpirit Health (“CommonSpirit”). The renewal, which is subject to a master agreement, extends the weighted average lease term of existing leases from July 2027 to December 2035, amends the contractual rents to current market rates, and increases the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit is provided the right to reduce the amount of space leased by up to approximately 200,000 square feet at any time after the original lease maturity dates.

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, December 31, Secured loans (1)(2) $ 200,583 $ 178,678 CCRC resident loans 53,346 42,733 Mezzanine loans (2) 35,820 — Unamortized discounts and fees (3) (5,128) (131) Reserve for loan losses (9,143) (2,830) Loans receivable, net $ 275,478 $ 218,450 _______________________________________ (1) At June 30, 2024, the Company had $69 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects. At December 31, 2023, the Company had $29 million of remaining commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. This $29 million commitment was reduced to zero in February 2024 in conjunction with the refinance of the Sunrise Senior Housing Portfolio Seller Financing as discussed below. (2) Includes secured loans and mezzanine loans acquired as part of the Merger (see Note 3). (3) As of June 30, 2024, includes net unamortized discounts of $5 million related to the loans receivable acquired as part of the Merger (see Note 3). The Merger On March 1, 2024, upon the consummation of the Merger, the Company acquired 9 secured loans with an aggregate outstanding principal balance of $89 million and 10 mezzanine loans with an aggregate outstanding principal balance of $36 million, for a total of $124 million. Typically, each secured loan is secured by a mortgage on a related outpatient medical building, each construction loan (included in secured loans above) is secured by a mortgage on the land and improvements as constructed, generally with guarantees from the borrowers, and each mezzanine loan is collateralized by an ownership interest in the respective borrower. As of the Closing Date, the secured loans had maturities ranging from June 2024 to July 2027 and stated fixed interest rates ranging from 7.00% to 10.00%. The mezzanine loans had maturities ranging from June 2024 to June 2027 and stated fixed interest rates ranging from 8.00% to 10.00%. As of June 30, 2024, unamortized net discounts on the secured loans and mezzanine loans acquired were $1 million and $3 million, respectively. These discounts are recognized in interest income and other on the Consolidated Statements of Operations using the effective interest rate method over the remaining term of the loans. As of June 30, 2024, six of the secured loans acquired had $69 million of remaining commitments to fund outpatient medical capital expenditure projects. Sunrise Senior Housing Portfolio Seller Financing In conjunction with the sale of 32 senior housing operating properties (“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 partial 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 $11 million had been funded as of December 31, 2023. In February 2024, this loan reached its maturity and was refinanced with the Company. In connection with the refinance, the Company received a partial principal repayment of $69 million and the maturity date was extended to August 2027. The interest rate on the loan remained as Term SOFR (plus a 10 basis point adjustment related to SOFR transition) plus 4.0% for the first two years of the extended term, but increases to 5.0% for the last 18 months of the extended term and is now subject to a fixed floor of 9%. In connection with the refinance, the additional financing was reduced to $1 million, all of which was funded in February 2024. Therefore, at June 30, 2024, the Company no longer has a commitment to provide the borrower with additional financing for capital expenditures. In May 2024, the Company received a partial principal repayment of $5 million in conjunction with the disposition of the underlying collateral. At June 30, 2024 and December 31, 2023, this secured loan had an outstanding principal balance of $58 million and $131 million, respectively. Other SHOP 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 was recognized in interest income through the maturity date of January 2024. In January 2024, the loan was refinanced with the Company. In connection with the refinance, the maturity date of the loan was extended to January 2025. The interest rate on the loan remained as Term SOFR (plus an 11 basis point adjustment related to SOFR transition) plus 7.0%, but is now subject to a fixed floor of 12%. 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. At each of June 30, 2024 and December 31, 2023, this secured loan had an outstanding principal balance of $48 million. Outpatient Medical Seller Financing In conjunction with the sale of 59 outpatient medical buildings for $674 million in July 2024 (see Note 5), the Company provided the buyer with a mortgage loan secured by the real estate sold for $405 million. The remainder of the sales price was received in cash at the time of sale. The seller financing has an initial term that matures in July 2026 and includes two 12-month extension options. The interest rate on the seller financing is fixed at 6.0% for the initial term and increases to 6.5% during the optional extension periods. 2024 Other Loans Receivable Transactions In May 2024, the Company extended the maturity date of one mezzanine loan with an outstanding balance of $2 million from May 2026 to May 2027. In June 2024, the Company extended the maturity date of one mezzanine loan with an outstanding balance of $1 million from June 2024 to June 2025 and one secured loan with an outstanding balance of $12 million from June 2024 to September 2024. 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 Company received full repayment of two outstanding secured loans with an aggregate balance of $12 million. Also 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). In October 2023, the Company received full repayment of the outstanding balance of this $21 million secured loan. CCRC Resident Loans For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the resident’s previous home. At June 30, 2024 and December 31, 2023, the Company held $53 million and $43 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, 2024 (in thousands): Investment Type Year of Origination (1) Total 2024 2023 2022 2021 2020 Prior Secured loans Risk rating: Performing loans $ 37,466 $ 26,854 $ 24,221 $ 101,984 $ — $ — $ 190,525 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 37,466 $ 26,854 $ 24,221 $ 101,984 $ — $ — $ 190,525 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — Mezzanine loans Risk rating: Performing loans $ — $ 4,924 $ 4,573 $ 8,034 $ 10,863 $ 3,213 $ 31,607 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine loans $ — $ 4,924 $ 4,573 $ 8,034 $ 10,863 $ 3,213 $ 31,607 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 36,219 $ 16,838 $ 289 $ — $ — $ — $ 53,346 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 36,219 $ 16,838 $ 289 $ — $ — $ — $ 53,346 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — _______________________________________ (1) Additional loans funded for capital expenditure projects (as discussed above) is included in the year of origination of the initial loan. 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 payment history and current credit status, industry conditions, current economic conditions, forecasted economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The determination of loan losses also considers concentration of credit risk associated with the senior housing and outpatient medical industries 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; the Company utilizes this financial information to calculate the debt service coverages in its assessment of internal ratings that it uses as a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its borrowers’ ability to service their obligations with the Company. The following table summarizes the Company’s reserve for loan losses (in thousands): June 30, 2024 December 31, 2023 Secured Loans Mezzanine Loans and Other (1) Total Secured Loans Mezzanine Loans and Other (1) Total Reserve for loan losses, beginning of period $ 2,830 $ — $ 2,830 $ 8,280 $ — $ 8,280 Provision for expected loan losses on funded loans receivable 5,209 1,104 6,313 2,088 — 2,088 Expected loan losses (recoveries) related to loans sold or repaid — — — (7,538) — (7,538) Reserve for loan losses, end of period $ 8,039 $ 1,104 $ 9,143 $ 2,830 $ — $ 2,830 _______________________________________ (1) Includes CCRC resident loans. Additionally, at June 30, 2024 and December 31, 2023, a liability of $5.3 million and $0.7 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, 2024 is primarily due to: (i) reserves recognized on senior loans and mezzanine loans receivable acquired as part of the Merger and (ii) reserves recognized on seller financing loans refinanced during the first quarter of 2024.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 South San Francisco JVs (3) Lab 7 70 $ 425,110 $ 393,374 SWF SH JV Other 19 54 324,999 332,693 Callan Ridge JV Lab 2 35 69,844 — PMAK JV (4) Outpatient medical 59 12 39,198 — Lab JV Lab 1 49 31,365 31,761 Needham Land Parcel JV (5) Lab — 38 17,192 17,084 Davis JV (4) Outpatient medical 15 49 12,156 — Outpatient Medical JVs (6) Outpatient medical 2 20 - 67 7,340 7,941 $ 927,204 $ 782,853 _______________________________________ (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, 2024. (3) Includes seven unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to these joint ventures when certain conditions are met. These joint ventures have been aggregated herein due to similarity of the investments and operations. (4) Includes unconsolidated joint ventures acquired as part of the Merger (see Note 3). The properties underlying the PMAK JV are excluded from the Company’s total property count. (5) Land held for development is excluded from the property count as of June 30, 2024. (6) Includes two unconsolidated outpatient medical joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). In April 2023, the Company acquired the remaining 80% interest in one of the two properties that were in the Ventures IV unconsolidated joint venture for $4 million (see Note 4). These joint ventures have been aggregated herein due to similarity of the investments and operations. Callan Ridge JV In January 2024, the Company sold a 65% interest in two lab buildings in San Diego, California (the “Callan Ridge JV”) to a third-party (the “JV Partner”) for net proceeds of $128 million. Following the transaction, the Company and the JV Partner share in key decisions of the assets through their voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 35% investment in the Callan Ridge JV at fair value, and accounting for its investment using the equity method. The fair value of the Company’s retained investment was based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. During the six months ended June 30, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2024
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, Gross intangible lease assets (1) $ 1,611,677 $ 739,228 Accumulated depreciation and amortization (2) (535,590) (425,072) Intangible assets, net $ 1,076,087 $ 314,156 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) As of June 30, 2024 and December 31, 2023, includes $1.56 billion and $725 million, respectively, of gross lease-up intangibles and $53 million and $14 million, respectively, of gross above market lease intangibles. (2) As of June 30, 2024 and December 31, 2023, includes $525 million and $418 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $11 million and $7 million, respectively, of accumulated depreciation and amortization on above market lease intangibles. 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 $ 374,084 $ 228,105 Accumulated depreciation and amortization (146,714) (100,725) Intangible liabilities, net $ 227,370 $ 127,380 Weighted average remaining amortization period in years 9 7 On the Closing Date of the Merger, the Company acquired intangible assets of $891 million, inclusive of $852 million of lease-up intangibles and $39 million of above market lease intangibles, and intangible liabilities of $150 million (see Note 3). The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 6 years and 9 years, respectively. During the year ended December 31, 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. Goodwill On the Closing Date of the Merger, the Company recognized goodwill of $47 million, which was allocated to the Company’s outpatient medical segment (see Note 3). Goodwill is included in other assets, net on the Consolidated Balance Sheets. At June 30, 2024 and December 31, 2023, goodwill was allocated to the Company’s segment assets as follows (in thousands): Segment June 30, December 31, Outpatient medical $ 61,314 $ 14,178 CCRC 1,998 1,998 Other non-reportable 1,851 1,851 $ 65,163 $ 18,027

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Healthpeak OP, the Company’s consolidated operating subsidiary, is the borrower under, and the Company, DOC DR Holdco, and DOC DR OP Sub are the guarantors of, the Revolving Facility, 2027 Term Loans, 2029 Term Loan, Commercial Paper Program (each as defined below), and senior unsecured notes issued by the Company prior to the Merger. DOC DR OP Sub is the borrower under, and the Company, Healthpeak OP, and DOC DR Holdco are guarantors of, the 2028 Term Loan (as defined below) and senior unsecured notes issued by the Physicians Partnership prior to, and assumed by the Company as part of, the Merger. Guarantees of senior unsecured notes are full and unconditional and applicable to existing and future senior unsecured notes. The Merger On March 1, 2024, upon the consummation of the Merger, the Company assumed senior unsecured term loans in an aggregate principal amount of $400 million (the “2028 Term Loan”) that mature in May 2028 (see Note 3) pursuant to an amendment to a term loan agreement originally executed by the Physicians Partnership, as borrower, and the other parties thereto. DOC DR OP Sub is the borrower under, and the Company, Healthpeak OP, and DOC DR Holdco are guarantors of, the 2028 Term Loan. In connection with the assumption of the 2028 Term Loan, the Company acquired three related interest rate swap instruments that were redesignated as cash flow hedges as of the Closing Date. The 2028 Term Loan 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 instruments. Based on DOC DR OP Sub’s credit ratings as of June 30, 2024, the 2028 Term Loan had a blended fixed effective interest rate of 4.44% inclusive of the amortization of the related premium. See also Note 18 for a discussion of the impact of the related interest rate swap instruments. Loans outstanding under the 2028 Term Loan bear interest at an annual rate equal to (i) the applicable margin, plus (ii) Daily SOFR Additionally, on March 1, 2024, concurrently with the consummation of the Merger, DOC DR OP Sub assumed, and the Company and Healthpeak OP guaranteed, Physicians Partnership’s $1.25 billion aggregate principal of senior unsecured notes (see Note 3), including: (i) $400 million aggregate principal amount of 4.30% senior unsecured notes due 2027, (ii) $350 million aggregate principal amount of 3.95% senior unsecured notes due 2028, and (iii) $500 million aggregate principal amount of 2.63% senior unsecured notes due 2031. On the Closing Date, the Company capitalized $1 million of costs paid to the bondholders, which are being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related senior unsecured notes. The senior unsecured notes contain certain covenants that are consistent with the Healthpeak OP’s previously issued senior unsecured notes, as further described below. Lastly, on March 1, 2024, concurrently with the consummation of the Merger, the Company assumed $128 million aggregate principal of mortgage debt (see Note 3), which was secured by five outpatient medical buildings, with an aggregate carrying value of $259 million as of March 1, 2024. Of this $128 million, $59 million was fixed rate debt with a weighted average contractual interest rate of 3.77% and maturities ranging from November 2024 through December 2026 and $69 million was variable rate debt with a weighted average contractual interest rate of 7.25% and maturities ranging from December 2026 through November 2028. The Company recognized a net discount of $0.5 million on the $128 million aggregate principal of mortgage debt assumed on the Closing Date, which is being amortized into interest expense on the Consolidated Statements of Operations using the effective interest rate method. The Company acquired one related interest rate swap instrument with a notional amount of $36 million of variable rate mortgage debt that was redesignated as a cash flow hedge as of the Closing Date (see Note 18). As a result, $36 million of the variable rate mortgage debt associated with this interest rate swap instrument is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Bank Line of Credit and Term Loans Revolving Facility 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 At each of June 30, 2024 and December 31, 2023, the Company had no balance outstanding under the Revolving Facility. Term Loan Agreement On August 22, 2022, the Company executed a term loan agreement (as amended or modified as described herein, 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 “2027 Term Loans”). The 2027 Term Loans 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 2027 Term Loans in October 2022. $250 million of the 2027 Term Loans 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 2027 Term Loans has a stated maturity of five years with no option to extend. Loans outstanding under the 2027 Term Loans accrue interest at Term SOFR 0.94%. In August 2022, the Company entered into two forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 18). The 2027 Term Loans 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, 2024, the 2027 Term Loans 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. On March 1, 2024, concurrently with the consummation of the Merger, the Company executed an amendment to the Term Loan Agreement pursuant to which (i) the maximum incremental borrowing capacity under the Term Loan Agreement was increased from $1.0 billion to $1.5 billion, subject to securing additional commitments, (ii) the Company borrowed senior unsecured term loans in an aggregate principal amount of $750 million with a stated maturity of five years (the “2029 Term Loan”), and (iii) DOC DR Holdco and DOC DR OP Sub were joined as guarantors of Healthpeak OP’s obligations under the Term Loan Agreement. As of June 30, 2024, the unused borrowing capacity under the Term Loan Agreement was $250 million. Loans outstanding under the 2029 Term Loan accrue interest at Daily SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. Based on the Company’s credit ratings as of June 30, 2024, and inclusive of an adjustment related to SOFR transition, the margin on the 2029 Term Loan was 0.95%. In January 2024, the Company entered into forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 18). The 2029 Term Loan associated with these interest rate swaps is 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, 2024, the 2029 Term Loan had a blended fixed effective interest rate of 4.66%, inclusive of the impact of these interest rate swap instruments and amortization of the related debt issuance costs. At June 30, 2024 and December 31, 2023, the Company had $1.25 billion and $500 million, respectively, of loans outstanding under the Term Loan Agreement. The Revolving Facility, 2027 Term Loans, 2028 Term Loan, and 2029 Term Loan 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, 2024. 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, 2024 and December 31, 2023, the maximum aggregate face or principal amount that could 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, 2024, the Company had $25 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately 4 days and a weighted average interest rate of 5.52%. At December 31, 2023, the Company had $720 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately 37 days and a weighted average interest rate of 5.70%. Senior Unsecured Notes At June 30, 2024 and December 31, 2023, the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.7 billion and $5.5 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, 2024. During the six months ended June 30, 2024, there were no issuances, repurchases, or redemptions of senior unsecured notes; however, as described above, concurrently with the consummation of the Merger, the Company assumed $1.25 billion aggregate principal of senior unsecured notes. The following table summarizes the Company’s senior unsecured note issuances for the year ended December 31, 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 year ended December 31, 2023, there were no repurchases or redemptions of senior unsecured notes. Mortgage Debt At June 30, 2024 and December 31, 2023, the Company had $381 million and $255 million, respectively, in aggregate principal of mortgage debt outstanding. At June 30, 2024, this mortgage debt was secured by 20 outpatient medical buildings and 2 CCRCs, with an aggregate carrying value of $830 million. At December 31, 2023, this mortgage debt was secured by 15 outpatient medical buildings and 2 CCRCs, with an aggregate carrying value of $587 million. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically requires maintenance of the assets in good condition, includes conditions to obtain lender consent to enter into or terminate material leases, requires insurance on the assets, requires payment of real estate taxes, restricts transfer of the encumbered assets and repayment of the loan, and prohibits additional liens. 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, 2024 and 2023, the Company made aggregate principal repayments of mortgage debt of $1 million. During the six months ended June 30, 2024 and 2023, the Company made aggregate principal repayments of mortgage debt of $2 million and $3 million, respectively. 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 18). 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, 2024 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line Commercial Paper (1) Term Loans Amount Interest Rate (4) Amount Interest Rate (4) Total 2024 $ — $ — $ — $ — — % $ 28,564 7.22 % $ 28,564 2025 — — — 800,000 3.92 % 3,684 4.01 % 803,684 2026 — 25,000 — 650,000 3.40 % 344,999 4.90 % 1,019,999 2027 — — 500,000 850,000 3.23 % 842 5.57 % 1,350,842 2028 — — 400,000 850,000 3.53 % 2,775 5.30 % 1,252,775 Thereafter — — 750,000 3,550,000 4.35 % — — % 4,300,000 — 25,000 1,650,000 6,700,000 380,864 8,755,864 Premiums, (discounts), and debt issuance costs, net — — (4,544) (148,845) 552 (152,837) $ — $ 25,000 $ 1,645,456 $ 6,551,155 $ 381,416 $ 8,603,027 _______________________________________ (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 3.96% and a weighted average maturity of 5 years. (3) Effective interest rates on the mortgage debt range from 3.44% to 9.02% with a weighted average effective interest rate of 5.07% 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. (4) Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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. The Company has indemnification agreements on a total of 41 properties within its DownREITs. Additionally, the Company owns a 49% interest in the Lab JV (see Note 8). 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, 2024
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On July 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on August 16, 2024 to stockholders of record as of the close of business on August 5, 2024. During each of the three months ended June 30, 2024 and 2023, the Company declared and paid common stock cash dividends of $0.30 per share. During each of the six months ended June 30, 2024 and 2023, the Company declared and paid common stock cash dividends of $0.60 per share. Issuance of Common Stock in Connection with the Merger Pursuant to the terms set forth in the Merger Agreement, on the Closing Date, each outstanding share of Physicians Realty Trust (other than Physicians Realty Trust common shares that were canceled in accordance with the Merger Agreement) automatically converted into the right to receive 0.674 shares of the Company’s common stock. Based on the number of outstanding Physicians Realty Trust common shares as of the Closing Date, the Company issued 162 million shares of common stock. Refer to Note 3 for additional information regarding the Merger. 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 2023 ATM Program was amended in March 2024 to contemplate the sale of the remaining shares of common stock pursuant to the Company’s Registration Statement on Form S-3 filed with the SEC on February 8, 2024. 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, 2024, $1.5 billion of the Company’s common stock remained available for sale under the 2023 ATM Program. ATM Forward Contracts During each of the three and six months ended June 30, 2024 and 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, 2024 and 2023, there were no direct issuances of shares of common stock under the ATM Programs. Share Repurchase Programs On August 1, 2022, the Company’s Board of Directors approved a share repurchase program under which the Company could acquire shares of its common stock in the open market up to an aggregate purchase price of $500 million (the “2022 Share Repurchase Program”). Purchases of common stock under the 2022 Share Repurchase Program could 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. Under Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued. During the three months ended June 30, 2024, the Company repurchased 3.6 million shares of its common stock at a weighted average price of $19.00 per share for a total of $68 million. During the six months ended June 30, 2024, the Company repurchased 9.4 million shares of its common stock at a weighted average price of $17.83 per share for a total of $168 million. During the year ended December 31, 2023, there were no repurchases under the 2022 Share Repurchase Program. At June 30, 2024, $276 million of the Company’s common stock remained available for repurchase under the 2022 Share Repurchase Program, after considering $56 million of shares repurchased during the year ended December 31, 2022 and $168 million of shares repurchased during the six months ended June 30, 2024. In July 2024, the Company repurchased an additional 1 million shares of its common stock under the 2022 Share Repurchase Program at a weighted average price of $19.42 per share for a total of $20 million. On July 24, 2024, the Company’s Board of Directors approved a new share repurchase program (the “2024 Share Repurchase Program”) to supersede and replace the 2022 Share Repurchase Program. Upon adoption of the 2024 Share Repurchase Program, no further share repurchases may be made pursuant to the 2022 Share Repurchase Program. Under the 2024 Share Repurchase Program, the Company may acquire shares of its common stock in the open market or other similar purchase techniques (including in compliance with the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or pursuant to one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act), up to an aggregate purchase price of $500 million. Purchases of common stock under the 2024 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 2024 Share Repurchase Program expires in July 2026 and may be suspended or terminated at any time without prior notice. No shares have been repurchased under the 2024 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 $ 44,043 $ 21,245 Supplemental Executive Retirement Plan minimum liability (1,746) (1,874) Total accumulated other comprehensive income (loss) $ 42,297 $ 19,371 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 (the “Option Requirements”). Each put option is payable in cash and subject to changes 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. In addition to the rights of the redeemable noncontrolling interest holders, once the Option Requirements have been met, the Company has the ability to buy out the interests of the noncontrolling interest holders. The values of the redeemable noncontrolling interests are subject to change based on the assessment of redemption value at each redemption date. On March 1, 2024, concurrently with the consummation of the Merger, the Company assumed one redeemable noncontrolling interest, which had not yet met the conditions for redemption as of June 30, 2024. In April 2024, the Company exercised its option to buy out four redeemable noncontrolling interests that met the criteria for redemption. Accordingly, during the three months ended June 30, 2024, the Company made aggregate cash payments for the total redemption value of $53 million to the related noncontrolling interest holders and acquired the redeemable noncontrolling interests associated with the entities. Healthpeak OP Immediately following the Reorganization, Healthpeak Properties, Inc. was the initial sole member and 100% owner of Healthpeak OP. During the three months ended March 31, 2023, 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”), all of which were profits interests in Healthpeak OP (“LTIP Units”). During the three months ended March 31, 2024, OP Unitholders were issued approximately 2 million OP Units, all of which were LTIP 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. As of June 30, 2024, there were approximately 3 million OP Units outstanding and 65 thousand had met the criteria for redemption. As of December 31, 2023, there were approximately 2 million OP Units outstanding, none of which had met the criteria for redemption. 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, 2024, there were approximately 11 million DownREIT units (14 million shares of Healthpeak common stock are issuable upon conversion) outstanding in eight DownREIT LLCs, for all of which the Company holds a controlling interest and/or acts as the managing member. At June 30, 2024, the carrying value of the 11 million DownREIT units was $313 million. At December 31, 2023, there were approximately 5 million DownREIT units (7 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 December 31, 2023, the carrying value of the 5 million DownREIT units was $199 million.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2024
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, OP 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. The Company considers 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. Refer to Note 12 for a discussion of the sale of shares under and settlement of forward sales agreements, of which there were none during the three and six months ended June 30, 2024 and 2023. 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 2024 2023 2024 2023 Numerator - Basic Net income (loss) $ 152,716 $ 56,199 $ 163,893 $ 190,706 Noncontrolling interests’ share in earnings (6,669) (4,300) (11,170) (19,855) Net income (loss) attributable to Healthpeak Properties, Inc. 146,047 51,899 152,723 170,851 Less: Participating securities’ share in earnings (214) (149) (414) (1,402) Net income (loss) applicable to common shares $ 145,833 $ 51,750 $ 152,309 $ 169,449 Numerator - Dilutive Net income (loss) applicable to common shares $ 145,833 $ 51,750 $ 152,309 $ 169,449 Add: distributions on dilutive convertible units and other 71 — 36 — Dilutive net income (loss) available to common shares $ 145,904 $ 51,750 $ 152,345 $ 169,449 Denominator Basic weighted average shares outstanding 702,382 547,026 651,642 546,936 Dilutive potential common shares - equity awards (1) 135 268 157 268 Dilutive potential common shares - OP Units (2) 751 — 314 — Diluted weighted average common shares 703,268 547,294 652,113 547,204 Earnings (loss) per common share Basic $ 0.21 $ 0.09 $ 0.23 $ 0.31 Diluted $ 0.21 $ 0.09 $ 0.23 $ 0.31 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the three and six months ended June 30, 2024, represents the dilutive impact of 3 million outstanding OP Units. For the three and six months ended June 30, 2024 and 2023, all 14 million and 7 million shares issuable upon conversion of DownREIT units, respectively, were not included because they were anti-dilutive.

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company’s reportable segments, based on how its CODM evaluates the business and allocates resources, are as follows: (i) outpatient medical, (ii) lab, and (iii) CCRC. The Company has non-reportable segments that are comprised primarily of: (i) an interest in an unconsolidated joint venture that owns 19 senior housing assets (the “SWF SH JV”) and (ii) loans receivable. 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, 2023 filed with the SEC, as updated by Note 2 herein. The Company evaluates performance based on property Adjusted NOI. Adjusted NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, and government grant income and exclusive of interest income), less property level operating expenses; Adjusted NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI eliminates the effects of straight-line rents, 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. Adjusted NOI is a non-GAAP supplemental measures that is calculated as Adjusted NOI from consolidated properties, plus the Company’s share of Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of 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 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 Adjusted NOI. Adjusted NOI should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does 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, loans receivable, other assets, real estate assets held for sale, 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, 2024: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 332,515 $ 214,266 $ 140,891 $ 6,878 $ 954 $ 695,504 Less: Interest income and other — — — (6,878) (954) (7,832) Healthpeak’s share of unconsolidated joint venture total revenues 6,903 4,301 — 21,378 — 32,582 Noncontrolling interests’ share of consolidated joint venture total revenues (9,341) (33) — — — (9,374) Operating expenses (111,702) (56,656) (105,469) — — (273,827) Healthpeak’s share of unconsolidated joint venture operating expenses (2,464) (1,528) — (15,790) — (19,782) Noncontrolling interests’ share of consolidated joint venture operating expenses 2,609 9 — — — 2,618 Adjustments to NOI (1) (10,430) (13,289) (1,739) 226 — (25,232) Adjusted NOI 208,090 147,070 33,683 5,814 — 394,657 Plus: Adjustments to NOI (1) 10,430 13,289 1,739 (226) — 25,232 Interest income and other — — — 6,878 954 7,832 Interest expense (4,070) — (984) — (69,856) (74,910) Depreciation and amortization (173,408) (75,947) (34,143) — — (283,498) General and administrative — — — — (26,718) (26,718) Transaction and merger-related costs (41) (478) 24 — (7,264) (7,759) Impairments and loan loss reserves, net — — — 553 — 553 Gain (loss) on sales of real estate, net 66,831 55,213 — — — 122,044 Other income (expense), net 1,383 185 (479) 38 2,877 4,004 Less: Healthpeak’s share of unconsolidated joint venture NOI (4,439) (2,773) — (5,588) — (12,800) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 6,732 24 — — — 6,756 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 111,508 136,583 (160) 7,469 (100,007) 155,393 Income tax benefit (expense) — — — — (2,728) (2,728) Equity income (loss) from unconsolidated joint ventures (2,922) 2,247 — 726 — 51 Net income (loss) $ 108,586 $ 138,830 $ (160) $ 8,195 $ (102,735) $ 152,716 _______________________________________ (1) 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, 2023: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 186,661 $ 223,306 $ 130,184 $ 5,279 $ — $ 545,430 Government grant income (1) — — 47 — — 47 Less: Interest income and other — — — (5,279) — (5,279) Healthpeak’s share of unconsolidated joint venture total revenues 754 1,928 — 20,261 — 22,943 Noncontrolling interests’ share of consolidated joint venture total revenues (8,665) (151) — — — (8,816) Operating expenses (65,350) (54,832) (101,655) — — (221,837) Healthpeak’s share of unconsolidated joint venture operating expenses (288) (848) — (14,618) — (15,754) Noncontrolling interests’ share of consolidated joint venture operating expenses 2,409 35 — — — 2,444 Adjustments to NOI (2) (4,008) (14,943) (728) (9) — (19,688) Adjusted NOI 111,513 154,495 27,848 5,634 — 299,490 Plus: Adjustments to NOI (2) 4,008 14,943 728 9 — 19,688 Interest income and other — — — 5,279 — 5,279 Interest expense (1,924) — (1,823) — (45,327) (49,074) Depreciation and amortization (71,722) (93,235) (32,616) — — (197,573) General and administrative — — — — (25,936) (25,936) Transaction and merger-related 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 235 (2) 674 (19) 1,067 1,955 Less: Government grant income — — (47) — — (47) Less: Healthpeak’s share of unconsolidated joint venture NOI (466) (1,080) — (5,643) — (7,189) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 6,256 116 — — — 6,372 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 47,884 75,237 (5,514) 7,538 (70,539) 54,606 Income tax benefit (expense) — — — — (1,136) (1,136) Equity income (loss) from unconsolidated joint ventures 184 1,314 — 1,231 — 2,729 Net income (loss) $ 48,068 $ 76,551 $ (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 six months ended June 30, 2024: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 570,787 $ 438,027 $ 279,667 $ 11,937 $ 1,646 $ 1,302,064 Less: Interest income and other — — — (11,937) (1,646) (13,583) Healthpeak’s share of unconsolidated joint venture total revenues 9,642 9,162 — 42,911 — 61,715 Noncontrolling interests’ share of consolidated joint venture total revenues (18,217) (196) — — — (18,413) Operating expenses (192,970) (113,496) (211,090) — — (517,556) Healthpeak’s share of unconsolidated joint venture operating expenses (3,547) (2,852) — (31,889) — (38,288) Noncontrolling interests’ share of consolidated joint venture operating expenses 5,039 52 — — — 5,091 Adjustments to NOI (1) (16,556) (34,724) (1,739) 179 — (52,840) Adjusted NOI 354,178 295,973 66,838 11,201 — 728,190 Plus: Adjustments to NOI (1) 16,556 34,724 1,739 (179) — 52,840 Interest income and other — — — 11,937 1,646 13,583 Interest expense (26,775) — (1,979) — (107,063) (135,817) Depreciation and amortization (279,699) (154,855) (68,163) — — (502,717) General and administrative — — — — (50,017) (50,017) Transaction and merger-related costs (154) (486) (49) — (114,290) (114,979) Impairments and loan loss reserves, net — — — (10,905) — (10,905) Gain (loss) on sales of real estate, net 70,086 55,213 — — — 125,299 Other income (expense), net 1,454 79,168 (718) 38 2,578 82,520 Less: Healthpeak’s share of unconsolidated joint venture NOI (6,095) (6,310) — (11,022) — (23,427) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 13,178 144 — — — 13,322 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 142,729 303,571 (2,332) 1,070 (267,146) 177,892 Income tax benefit (expense) — — — — (16,426) (16,426) Equity income (loss) from unconsolidated joint ventures (4,032) 5,059 — 1,400 — 2,427 Net income (loss) $ 138,697 $ 308,630 $ (2,332) $ 2,470 $ (283,572) $ 163,893 ______________________________________________________________________________ (1) 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 six months ended June 30, 2023: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 373,628 $ 428,770 $ 257,268 $ 11,442 $ — $ 1,071,108 Government grant income (1) — — 184 — — 184 Less: Interest income and other — — — (11,442) — (11,442) Healthpeak’s share of unconsolidated joint venture total revenues 1,498 4,093 — 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 (17,628) (294) — — — (17,922) Operating expenses (129,749) (112,397) (202,779) — — (444,925) Healthpeak’s share of unconsolidated joint venture operating expenses (595) (2,030) — (29,624) — (32,249) Noncontrolling interests’ share of consolidated joint venture operating expenses 5,004 75 — — — 5,079 Adjustments to NOI (2) (7,825) (15,776) (678) (31) — (24,310) Adjusted NOI 224,333 302,441 53,995 11,181 — 591,950 Plus: Adjustments to NOI (2) 7,825 15,776 678 31 — 24,310 Interest income and other — — — 11,442 — 11,442 Interest expense (3,845) — (3,639) — (89,553) (97,037) Depreciation and amortization (142,881) (168,817) (65,100) — — (376,798) General and administrative — — — — (50,483) (50,483) Transaction and merger-related costs (148) (158) (497) — (2,259) (3,062) Impairments and loan loss reserves, net — — — (394) — (394) Gain (loss) on sales of real estate, net 21,312 60,498 — 4,653 — 86,463 Other income (expense), net 439 2 7 (19) 2,298 2,727 Less: Government grant income — — (184) — — (184) Less: Healthpeak’s share of unconsolidated joint venture NOI (903) (2,063) — (11,212) — (14,178) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 12,624 219 — — — 12,843 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 118,756 207,898 (14,740) 15,682 (139,997) 187,599 Income tax benefit (expense) — — — — (1,438) (1,438) Equity income (loss) from unconsolidated joint ventures 374 1,911 — 2,260 — 4,545 Net income (loss) $ 119,130 $ 209,809 $ (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, 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 Note 3 for impacts to segment assets as a result of the Merger. See these Notes to the Consolidated Financial Statements for other 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, 2024
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, 2024 2023 Supplemental cash flow information: Interest paid, net of capitalized interest $ 120,887 $ 90,911 Income taxes paid (refunded) 4,794 2,855 Capitalized interest 31,908 28,182 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 15,312 121 Accrued construction costs 120,437 142,826 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture — 993 Retained investment in connection with Callan Ridge JV (see Note 8) 69,255 — Non-cash assets and liabilities assumed in connection with the Merger (see Note 3) 2,927,611 — The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Six Months Ended June 30, 2024 2023 Beginning of period: Cash and cash equivalents $ 117,635 $ 72,032 Restricted cash 51,388 54,802 Cash, cash equivalents, and restricted cash $ 169,023 $ 126,834 End of period: Cash and cash equivalents $ 106,886 $ 103,780 Restricted cash 52,409 56,745 Cash, cash equivalents, and restricted cash $ 159,295 $ 160,525 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, 2024 and December 31, 2023, the account balances at certain institutions exceeded the FDIC insurance coverage.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Operating Subsidiary 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, including the consolidated and unconsolidated entities discussed in this Note 16, income (losses), and cash flows of the Company. Unconsolidated Variable Interest Entities At each of June 30, 2024 and December 31, 2023, the Company had investments in two unconsolidated VIE joint ventures. 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. 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 8 for additional descriptions of the nature, purpose, and operating activities of this unconsolidated VIE and interests therein. 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. At each of June 30, 2024 and December 31, 2023, there was no balance remaining for these securities. 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, 2024 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 17,192 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments. As of June 30, 2024, 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, 2024 and December 31, 2023 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. 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 . As of June 30, 2024 and December 31, 2023, the Company held a controlling ownership interest in and was the managing member of eight and seven DownREITs, respectively. In connection with the Merger, during the three months ended March 31, 2024, Physicians Partnership merged with and into DOC DR OP Sub with DOC DR OP Sub surviving as the Partnership Surviving Entity (see Note 3), which resulted in an increase in VIE assets and liabilities when comparing June 30, 2024 to December 31, 2023. 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 capital expenditures for the properties, debt service payments, and with respect to DOC DR OP Sub, certain guarantees. Assets generated by the DownREITs (primarily from tenant 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 tenant rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Lab JVs. At December 31, 2023, the Company held a 98% or greater ownership interest in multiple joint venture entities that owned and leased lab buildings (the “Lab JVs”). The Lab JVs were VIEs as the members shared in certain decisions of the entities, but substantially all of the activities were performed on behalf of the Company. The Company consolidated the Lab JVs as the primary beneficiary because it had the ability to control the activities that most significantly impacted these VIEs’ economic performance. The assets of the Lab JVs primarily consisted of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consisted of capital expenditures for the properties. Assets generated by the Lab JVs were only used to settle their contractual obligations. In April 2024, the Company acquired the noncontrolling interests associated with these entities (see Note 12) and these entities are no longer included in the VIE assets and liabilities as of June 30, 2024. 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 $ 5,083,571 $ 2,392,375 Development costs and construction in progress 96,695 47,481 Land and improvements 556,817 307,166 Accumulated depreciation and amortization (688,068) (665,791) Net real estate 5,049,015 2,081,231 Loans receivable, net 120,149 — Investments in and advances to unconsolidated joint ventures 51,354 — Accounts receivable, net 13,426 5,906 Cash and cash equivalents 27,808 18,410 Restricted cash 1,865 613 Intangible assets, net 846,787 56,975 Right-of-use asset, net 286,454 97,575 Other assets, net 138,445 79,248 Total assets $ 6,535,303 $ 2,339,958 Liabilities Term loans $ 402,153 $ — Senior unsecured notes 1,143,773 — Mortgage debt 270,427 144,874 Intangible liabilities, net 119,822 11,884 Lease liability 198,104 99,725 Accounts payable, accrued liabilities, and other liabilities 130,912 54,975 Deferred revenue 58,506 48,316 Total liabilities $ 2,323,697 $ 359,774

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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, 2024 (3) December 31, 2023 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 275,478 $ 287,395 $ 218,450 $ 218,450 Interest rate swap instruments (2) 50,304 50,304 21,359 21,359 Bank line of credit and commercial paper (2) 25,000 25,000 720,000 720,000 Term loans (2) 1,645,456 1,645,456 496,824 496,824 Senior unsecured notes (1) 6,551,155 6,074,052 5,403,378 5,144,667 Mortgage debt (2) 381,416 379,742 256,097 244,135 _______________________________________ (1) Level 1: Fair value is calculated based on quoted prices in active markets. (2) Level 2: For loans receivable, net, interest rate swap instruments, and mortgage debt, fair value is based on 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, 2024 and year ended December 31, 2023, 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, 2024
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, 2024, 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 up to $60 million . In April 2022, the Company entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026 on $142 million of variable rate mortgage debt secured by a portfolio of outpatient medical buildings (see Note 10). 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 10). 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 2027 Term Loans (see Note 10). The interest rate swap instruments are designated as cash flow hedges. In January 2024, the Company entered into forward-starting interest rate swap instruments on the $750 million aggregate principal amount of the 2029 Term Loan (see Note 10). The interest rate swap instruments are designated as cash flow hedges. Additionally, on March 1, 2024, concurrently with the consummation of the Merger, the Company acquired: (i) three interest rate swap instruments on the $400 million aggregate principal amount of the 2028 Term Loan that are designated as cash flow hedges and (ii) one interest rate swap instrument on $36 million of variable rate mortgage debt that is designated as a cash flow hedge (see Note 10). The following table summarizes the Company’s interest rate swap instruments (in thousands): Fair Value (2) Date Entered (1) Maturity Date Hedge Designation Notional Amount Pay Rate Receive Rate June 30, December 31, October 2019 (3) October 2024 Cash flow $ 36,050 1.37 % 1 mo. USD-SOFR CME Term $ 470 $ — April 2022 May 2026 Cash flow 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% 1,874 1,602 April 2022 May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 3,337 2,851 August 2022 February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 10,741 7,933 August 2022 August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 12,338 8,973 May 2023 (3)(4) May 2028 Cash flow 400,000 3.59 % USD-SOFR w/ -5 Day Lookback 7,414 — January 2024 (5) February 2029 Cash flow 750,000 3.59 % USD-SOFR w/ -5 Day Lookback 14,130 — $ 50,304 $ 21,359 _____________________________ (1) Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. (2) At each of June 30, 2024 and December 31, 2023, 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. (3) Includes interest rate swap instruments acquired as part of the Merger (see Note 3). These interest rate swap instruments were redesignated as cash flow hedges on the Closing Date. As a result of the Merger, the aggregate fair value of these interest rate swap instruments was determined to be $7 million on March 1, 2024, which was recognized within other assets, net on the Consolidated Balance Sheets on the Closing Date. These fair values are being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related interest rate swap instruments. (4) Includes two interest rate swap instruments each with notional amounts of $110 million and one interest rate swap instrument with a notional amount of $180 million. (5)

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	6 Months Ended
	Jun. 30, 2024
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 $ 244,759 $ 251,874 Accrued construction costs 120,437 105,572 Accrued interest 76,034 59,492 Other accounts payable and accrued liabilities (1) 267,989 240,258 Accounts payable, accrued liabilities, and other liabilities $ 709,219 $ 657,196 _______________________________________ (1) As of June 30, 2024 and December 31, 2023, includes $6 million and $8 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, 2024
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) $ 581,530 $ 562,026 Other deferred revenue (2) 326,322 343,607 Deferred revenue $ 907,852 $ 905,633 _______________________________________ (1) During the three and six months ended June 30, 2024, the Company collected nonrefundable entrance fees of $34 million and $62 million, respectively, and recognized amortization of $21 million and $43 million, respectively. 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. 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, 2024, the Company recognized amortization related to other deferred revenue of $13 million and $27 million, respectively. 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. 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 146,047	$ 51,899	$ 152,723	$ 170,851

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
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, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenues 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, 2024, the amount of qualifying expenditures and lost revenues 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Reference Rate Reform. From March 2020 to December 2022, the Financial Accounting Standards Board (“FASB”) issued a series of Accounting Standards Updates (“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. Not Yet Adopted Segment Reporting. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to improve reportable segment disclosure requirements so that investors can better understand an entity’s overall performance and assess potential future cash flows. The amendments in ASU 2023-07 include, but are not limited to: (i) disclosure of, on an annual basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (ii) disclosure of, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition (the other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss); (iii) disclosure of, on an interim basis, all currently required annual disclosures about a reportable segment’s profit (loss) and assets; (iv) clarification that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, an entity may report one or more of those additional measures of segment profit; and (v) disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact ASU 2023-07 will have on its disclosures. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation (using both percentages and reporting currency amounts) of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company is evaluating the impact ASU 2023-09 will have on its 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, 2024 and December 31, 2023, 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, 2024
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 2024 2023 2024 2023 Government grant income recorded in other income (expense), net $ — $ 47 $ — $ 184 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — — — 229 Total government grants received $ — $ 47 $ — $ 413

The Merger (Tables)

The Merger (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Consideration Transferred	The consideration transferred on the Closing Date is as follows (in thousands, except per share data): March 1, Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged (1) 240,699 Exchange Ratio 0.674 Shares of Healthpeak common stock issued 162,231 Closing price of Healthpeak common stock on March 1, 2024 (2) $ 17.10 Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs $ 2,774,147 Less: Fair value of preliminary share consideration attributable to the post-combination period (3) (16,223) Physicians Realty Trust revolving credit facility termination (4) $ 175,411 Settlement of Physicians Realty Trust’s transaction costs 23,913 Payments made in connection with share settlement (5) 11,315 Preliminary cash consideration $ 210,639 Consideration transferred $ 2,968,563 _______________________________________ (1) Includes 241 million Physicians Realty Trust common shares and Physicians Realty Trust restricted shares outstanding as of March 1, 2024, inclusive of: (i) 200 thousand Physicians Realty Trust restricted shares; (ii) 1 million Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust performance-based restricted stock unit (“PSUs”) (reflected at the maximum level of performance); and (iii) 300 thousand Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust restricted stock units (“RSUs”). (2) The fair value of Healthpeak common stock issued to former holders of Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs was based on the per share closing price of Healthpeak common stock on March 1, 2024. (3) Represents the fair value of unvested Physicians Realty Trust restricted shares, PSUs, and RSUs attributable to post-combination services that were converted into Healthpeak common stock on the Closing Date in accordance with the Merger Agreement. Although no future service after the Closing Date is required, the value attributable to post-combination services reflected the incremental fair value provided to the Physicians Realty Trust equity award holders and the accelerated vesting of such awards at the Closing Date in accordance with the Merger Agreement. This amount was recognized as transaction and merger-related costs on the Consolidated Statements of Operations. (4) Represents the Company’s cash repayment of all outstanding balances under Physicians Realty Trust’s revolving credit facility on the Closing Date in connection with the related termination. (5) Includes cash settlement of: (i) tax liability related to holdback elections made under the pre-existing terms and conditions of Physicians Realty Trust’s equity programs and (ii) fractional share consideration.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands): March 1, ASSETS Real estate: Buildings and improvements $ 3,199,884 Development costs and construction in progress 68,171 Land and improvements 435,353 Real estate 3,703,408 Loans receivable 118,908 Investments in and advances to unconsolidated joint ventures 58,636 Accounts receivable, net (1) 9,536 Cash and cash equivalents 30,417 Restricted cash 1,007 Intangible assets (2) 890,827 Right-of-use asset 191,415 Other assets 44,691 Total assets $ 5,048,845 LIABILITIES AND EQUITY Term loans $ 402,320 Senior unsecured notes 1,139,760 Mortgage debt 127,176 Intangible liabilities (3) 149,875 Lease liability 97,160 Accounts payable, accrued liabilities, and other liabilities 72,864 Total liabilities $ 1,989,155 Redeemable noncontrolling interests 1,536 Joint venture partners (4) 20,109 Non-managing member unitholders (5) 116,618 Total noncontrolling interests $ 136,727 Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests $ 2,921,427 Goodwill 47,136 Total purchase price $ 2,968,563 _______________________________________ (1) Includes $14 million of gross contractual accounts receivable. (2) The intangible assets acquired had a weighted average amortization period of 6 years (see Note 9). (3) The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 9). (4) Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7%. (5) In connection with the Merger, Physicians Partnership merged with and into DOC DR OP Sub with DOC DR OP Sub surviving as the Partnership Surviving Entity. The Company controls the Partnership Surviving Entity via its ownership of its managing member, and the Partnership Surviving Entity is consolidated by the Company.
Schedule of Proforma Financial Information	The following unaudited pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the unaudited pro forma financial information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses. Three Months Ended Six Months Ended 2024 2023 2024 2023 Total revenues $ 688,293 $ 692,852 $ 1,386,995 $ 1,366,516 Net income (loss) applicable to common shares 154,577 7,484 242,286 (28,192)

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Fixed income from operating leases $ 404,225 $ 311,663 $ 747,639 $ 606,179 Variable income from operating leases 142,556 98,304 261,175 196,219

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): June 30, December 31, Secured loans (1)(2) $ 200,583 $ 178,678 CCRC resident loans 53,346 42,733 Mezzanine loans (2) 35,820 — Unamortized discounts and fees (3) (5,128) (131) Reserve for loan losses (9,143) (2,830) Loans receivable, net $ 275,478 $ 218,450 _______________________________________ (1) At June 30, 2024, the Company had $69 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects. At December 31, 2023, the Company had $29 million of remaining commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. This $29 million commitment was reduced to zero in February 2024 in conjunction with the refinance of the Sunrise Senior Housing Portfolio Seller Financing as discussed below. (2) Includes secured loans and mezzanine loans acquired as part of the Merger (see Note 3). (3) As of June 30, 2024, includes net unamortized discounts of $5 million related to the loans receivable acquired as part of the Merger (see Note 3).
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, 2024 (in thousands): Investment Type Year of Origination (1) Total 2024 2023 2022 2021 2020 Prior Secured loans Risk rating: Performing loans $ 37,466 $ 26,854 $ 24,221 $ 101,984 $ — $ — $ 190,525 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 37,466 $ 26,854 $ 24,221 $ 101,984 $ — $ — $ 190,525 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — Mezzanine loans Risk rating: Performing loans $ — $ 4,924 $ 4,573 $ 8,034 $ 10,863 $ 3,213 $ 31,607 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine loans $ — $ 4,924 $ 4,573 $ 8,034 $ 10,863 $ 3,213 $ 31,607 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 36,219 $ 16,838 $ 289 $ — $ — $ — $ 53,346 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 36,219 $ 16,838 $ 289 $ — $ — $ — $ 53,346 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — _______________________________________ (1) Additional loans funded for capital expenditure projects (as discussed above) is included in the year of origination of the initial loan.
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): June 30, 2024 December 31, 2023 Secured Loans Mezzanine Loans and Other (1) Total Secured Loans Mezzanine Loans and Other (1) Total Reserve for loan losses, beginning of period $ 2,830 $ — $ 2,830 $ 8,280 $ — $ 8,280 Provision for expected loan losses on funded loans receivable 5,209 1,104 6,313 2,088 — 2,088 Expected loan losses (recoveries) related to loans sold or repaid — — — (7,538) — (7,538) Reserve for loan losses, end of period $ 8,039 $ 1,104 $ 9,143 $ 2,830 $ — $ 2,830 _______________________________________ (1) Includes CCRC resident loans.

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 South San Francisco JVs (3) Lab 7 70 $ 425,110 $ 393,374 SWF SH JV Other 19 54 324,999 332,693 Callan Ridge JV Lab 2 35 69,844 — PMAK JV (4) Outpatient medical 59 12 39,198 — Lab JV Lab 1 49 31,365 31,761 Needham Land Parcel JV (5) Lab — 38 17,192 17,084 Davis JV (4) Outpatient medical 15 49 12,156 — Outpatient Medical JVs (6) Outpatient medical 2 20 - 67 7,340 7,941 $ 927,204 $ 782,853 _______________________________________ (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, 2024. (3) Includes seven unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to these joint ventures when certain conditions are met. These joint ventures have been aggregated herein due to similarity of the investments and operations. (4) Includes unconsolidated joint ventures acquired as part of the Merger (see Note 3). The properties underlying the PMAK JV are excluded from the Company’s total property count. (5) Land held for development is excluded from the property count as of June 30, 2024. (6) Includes two unconsolidated outpatient medical joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). In April 2023, the Company acquired the remaining 80% interest in one of the two properties that were in the Ventures IV unconsolidated joint venture for $4 million (see Note 4). These joint ventures have been aggregated herein due to similarity of the investments and operations.

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
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, Gross intangible lease assets (1) $ 1,611,677 $ 739,228 Accumulated depreciation and amortization (2) (535,590) (425,072) Intangible assets, net $ 1,076,087 $ 314,156 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) As of June 30, 2024 and December 31, 2023, includes $1.56 billion and $725 million, respectively, of gross lease-up intangibles and $53 million and $14 million, respectively, of gross above market lease intangibles. (2) As of June 30, 2024 and December 31, 2023, includes $525 million and $418 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $11 million and $7 million, respectively, of accumulated depreciation and amortization on above market lease intangibles.
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 $ 374,084 $ 228,105 Accumulated depreciation and amortization (146,714) (100,725) Intangible liabilities, net $ 227,370 $ 127,380 Weighted average remaining amortization period in years 9 7
Schedule of Goodwill Segments	At June 30, 2024 and December 31, 2023, goodwill was allocated to the Company’s segment assets as follows (in thousands): Segment June 30, December 31, Outpatient medical $ 61,314 $ 14,178 CCRC 1,998 1,998 Other non-reportable 1,851 1,851 $ 65,163 $ 18,027

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured note issuances for the year ended December 31, 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, 2024 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line Commercial Paper (1) Term Loans Amount Interest Rate (4) Amount Interest Rate (4) Total 2024 $ — $ — $ — $ — — % $ 28,564 7.22 % $ 28,564 2025 — — — 800,000 3.92 % 3,684 4.01 % 803,684 2026 — 25,000 — 650,000 3.40 % 344,999 4.90 % 1,019,999 2027 — — 500,000 850,000 3.23 % 842 5.57 % 1,350,842 2028 — — 400,000 850,000 3.53 % 2,775 5.30 % 1,252,775 Thereafter — — 750,000 3,550,000 4.35 % — — % 4,300,000 — 25,000 1,650,000 6,700,000 380,864 8,755,864 Premiums, (discounts), and debt issuance costs, net — — (4,544) (148,845) 552 (152,837) $ — $ 25,000 $ 1,645,456 $ 6,551,155 $ 381,416 $ 8,603,027 _______________________________________ (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 3.96% and a weighted average maturity of 5 years. (3) Effective interest rates on the mortgage debt range from 3.44% to 9.02% with a weighted average effective interest rate of 5.07% 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. (4) Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 44,043 $ 21,245 Supplemental Executive Retirement Plan minimum liability (1,746) (1,874) Total accumulated other comprehensive income (loss) $ 42,297 $ 19,371

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Numerator - Basic Net income (loss) $ 152,716 $ 56,199 $ 163,893 $ 190,706 Noncontrolling interests’ share in earnings (6,669) (4,300) (11,170) (19,855) Net income (loss) attributable to Healthpeak Properties, Inc. 146,047 51,899 152,723 170,851 Less: Participating securities’ share in earnings (214) (149) (414) (1,402) Net income (loss) applicable to common shares $ 145,833 $ 51,750 $ 152,309 $ 169,449 Numerator - Dilutive Net income (loss) applicable to common shares $ 145,833 $ 51,750 $ 152,309 $ 169,449 Add: distributions on dilutive convertible units and other 71 — 36 — Dilutive net income (loss) available to common shares $ 145,904 $ 51,750 $ 152,345 $ 169,449 Denominator Basic weighted average shares outstanding 702,382 547,026 651,642 546,936 Dilutive potential common shares - equity awards (1) 135 268 157 268 Dilutive potential common shares - OP Units (2) 751 — 314 — Diluted weighted average common shares 703,268 547,294 652,113 547,204 Earnings (loss) per common share Basic $ 0.21 $ 0.09 $ 0.23 $ 0.31 Diluted $ 0.21 $ 0.09 $ 0.23 $ 0.31 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the three and six months ended June 30, 2024, represents the dilutive impact of

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 332,515 $ 214,266 $ 140,891 $ 6,878 $ 954 $ 695,504 Less: Interest income and other — — — (6,878) (954) (7,832) Healthpeak’s share of unconsolidated joint venture total revenues 6,903 4,301 — 21,378 — 32,582 Noncontrolling interests’ share of consolidated joint venture total revenues (9,341) (33) — — — (9,374) Operating expenses (111,702) (56,656) (105,469) — — (273,827) Healthpeak’s share of unconsolidated joint venture operating expenses (2,464) (1,528) — (15,790) — (19,782) Noncontrolling interests’ share of consolidated joint venture operating expenses 2,609 9 — — — 2,618 Adjustments to NOI (1) (10,430) (13,289) (1,739) 226 — (25,232) Adjusted NOI 208,090 147,070 33,683 5,814 — 394,657 Plus: Adjustments to NOI (1) 10,430 13,289 1,739 (226) — 25,232 Interest income and other — — — 6,878 954 7,832 Interest expense (4,070) — (984) — (69,856) (74,910) Depreciation and amortization (173,408) (75,947) (34,143) — — (283,498) General and administrative — — — — (26,718) (26,718) Transaction and merger-related costs (41) (478) 24 — (7,264) (7,759) Impairments and loan loss reserves, net — — — 553 — 553 Gain (loss) on sales of real estate, net 66,831 55,213 — — — 122,044 Other income (expense), net 1,383 185 (479) 38 2,877 4,004 Less: Healthpeak’s share of unconsolidated joint venture NOI (4,439) (2,773) — (5,588) — (12,800) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 6,732 24 — — — 6,756 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 111,508 136,583 (160) 7,469 (100,007) 155,393 Income tax benefit (expense) — — — — (2,728) (2,728) Equity income (loss) from unconsolidated joint ventures (2,922) 2,247 — 726 — 51 Net income (loss) $ 108,586 $ 138,830 $ (160) $ 8,195 $ (102,735) $ 152,716 _______________________________________ (1) 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, 2023: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 186,661 $ 223,306 $ 130,184 $ 5,279 $ — $ 545,430 Government grant income (1) — — 47 — — 47 Less: Interest income and other — — — (5,279) — (5,279) Healthpeak’s share of unconsolidated joint venture total revenues 754 1,928 — 20,261 — 22,943 Noncontrolling interests’ share of consolidated joint venture total revenues (8,665) (151) — — — (8,816) Operating expenses (65,350) (54,832) (101,655) — — (221,837) Healthpeak’s share of unconsolidated joint venture operating expenses (288) (848) — (14,618) — (15,754) Noncontrolling interests’ share of consolidated joint venture operating expenses 2,409 35 — — — 2,444 Adjustments to NOI (2) (4,008) (14,943) (728) (9) — (19,688) Adjusted NOI 111,513 154,495 27,848 5,634 — 299,490 Plus: Adjustments to NOI (2) 4,008 14,943 728 9 — 19,688 Interest income and other — — — 5,279 — 5,279 Interest expense (1,924) — (1,823) — (45,327) (49,074) Depreciation and amortization (71,722) (93,235) (32,616) — — (197,573) General and administrative — — — — (25,936) (25,936) Transaction and merger-related 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 235 (2) 674 (19) 1,067 1,955 Less: Government grant income — — (47) — — (47) Less: Healthpeak’s share of unconsolidated joint venture NOI (466) (1,080) — (5,643) — (7,189) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 6,256 116 — — — 6,372 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 47,884 75,237 (5,514) 7,538 (70,539) 54,606 Income tax benefit (expense) — — — — (1,136) (1,136) Equity income (loss) from unconsolidated joint ventures 184 1,314 — 1,231 — 2,729 Net income (loss) $ 48,068 $ 76,551 $ (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 six months ended June 30, 2024: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 570,787 $ 438,027 $ 279,667 $ 11,937 $ 1,646 $ 1,302,064 Less: Interest income and other — — — (11,937) (1,646) (13,583) Healthpeak’s share of unconsolidated joint venture total revenues 9,642 9,162 — 42,911 — 61,715 Noncontrolling interests’ share of consolidated joint venture total revenues (18,217) (196) — — — (18,413) Operating expenses (192,970) (113,496) (211,090) — — (517,556) Healthpeak’s share of unconsolidated joint venture operating expenses (3,547) (2,852) — (31,889) — (38,288) Noncontrolling interests’ share of consolidated joint venture operating expenses 5,039 52 — — — 5,091 Adjustments to NOI (1) (16,556) (34,724) (1,739) 179 — (52,840) Adjusted NOI 354,178 295,973 66,838 11,201 — 728,190 Plus: Adjustments to NOI (1) 16,556 34,724 1,739 (179) — 52,840 Interest income and other — — — 11,937 1,646 13,583 Interest expense (26,775) — (1,979) — (107,063) (135,817) Depreciation and amortization (279,699) (154,855) (68,163) — — (502,717) General and administrative — — — — (50,017) (50,017) Transaction and merger-related costs (154) (486) (49) — (114,290) (114,979) Impairments and loan loss reserves, net — — — (10,905) — (10,905) Gain (loss) on sales of real estate, net 70,086 55,213 — — — 125,299 Other income (expense), net 1,454 79,168 (718) 38 2,578 82,520 Less: Healthpeak’s share of unconsolidated joint venture NOI (6,095) (6,310) — (11,022) — (23,427) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 13,178 144 — — — 13,322 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 142,729 303,571 (2,332) 1,070 (267,146) 177,892 Income tax benefit (expense) — — — — (16,426) (16,426) Equity income (loss) from unconsolidated joint ventures (4,032) 5,059 — 1,400 — 2,427 Net income (loss) $ 138,697 $ 308,630 $ (2,332) $ 2,470 $ (283,572) $ 163,893 ______________________________________________________________________________ (1) 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 six months ended June 30, 2023: Outpatient Medical Lab CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 373,628 $ 428,770 $ 257,268 $ 11,442 $ — $ 1,071,108 Government grant income (1) — — 184 — — 184 Less: Interest income and other — — — (11,442) — (11,442) Healthpeak’s share of unconsolidated joint venture total revenues 1,498 4,093 — 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 (17,628) (294) — — — (17,922) Operating expenses (129,749) (112,397) (202,779) — — (444,925) Healthpeak’s share of unconsolidated joint venture operating expenses (595) (2,030) — (29,624) — (32,249) Noncontrolling interests’ share of consolidated joint venture operating expenses 5,004 75 — — — 5,079 Adjustments to NOI (2) (7,825) (15,776) (678) (31) — (24,310) Adjusted NOI 224,333 302,441 53,995 11,181 — 591,950 Plus: Adjustments to NOI (2) 7,825 15,776 678 31 — 24,310 Interest income and other — — — 11,442 — 11,442 Interest expense (3,845) — (3,639) — (89,553) (97,037) Depreciation and amortization (142,881) (168,817) (65,100) — — (376,798) General and administrative — — — — (50,483) (50,483) Transaction and merger-related costs (148) (158) (497) — (2,259) (3,062) Impairments and loan loss reserves, net — — — (394) — (394) Gain (loss) on sales of real estate, net 21,312 60,498 — 4,653 — 86,463 Other income (expense), net 439 2 7 (19) 2,298 2,727 Less: Government grant income — — (184) — — (184) Less: Healthpeak’s share of unconsolidated joint venture NOI (903) (2,063) — (11,212) — (14,178) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 12,624 219 — — — 12,843 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 118,756 207,898 (14,740) 15,682 (139,997) 187,599 Income tax benefit (expense) — — — — (1,438) (1,438) Equity income (loss) from unconsolidated joint ventures 374 1,911 — 2,260 — 4,545 Net income (loss) $ 119,130 $ 209,809 $ (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)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 Supplemental cash flow information: Interest paid, net of capitalized interest $ 120,887 $ 90,911 Income taxes paid (refunded) 4,794 2,855 Capitalized interest 31,908 28,182 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 15,312 121 Accrued construction costs 120,437 142,826 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture — 993 Retained investment in connection with Callan Ridge JV (see Note 8) 69,255 — Non-cash assets and liabilities assumed in connection with the Merger (see Note 3) 2,927,611 —
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, 2024 2023 Beginning of period: Cash and cash equivalents $ 117,635 $ 72,032 Restricted cash 51,388 54,802 Cash, cash equivalents, and restricted cash $ 169,023 $ 126,834 End of period: Cash and cash equivalents $ 106,886 $ 103,780 Restricted cash 52,409 56,745 Cash, cash equivalents, and restricted cash $ 159,295 $ 160,525

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 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 17,192 _______________________________________ (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 $ 5,083,571 $ 2,392,375 Development costs and construction in progress 96,695 47,481 Land and improvements 556,817 307,166 Accumulated depreciation and amortization (688,068) (665,791) Net real estate 5,049,015 2,081,231 Loans receivable, net 120,149 — Investments in and advances to unconsolidated joint ventures 51,354 — Accounts receivable, net 13,426 5,906 Cash and cash equivalents 27,808 18,410 Restricted cash 1,865 613 Intangible assets, net 846,787 56,975 Right-of-use asset, net 286,454 97,575 Other assets, net 138,445 79,248 Total assets $ 6,535,303 $ 2,339,958 Liabilities Term loans $ 402,153 $ — Senior unsecured notes 1,143,773 — Mortgage debt 270,427 144,874 Intangible liabilities, net 119,822 11,884 Lease liability 198,104 99,725 Accounts payable, accrued liabilities, and other liabilities 130,912 54,975 Deferred revenue 58,506 48,316 Total liabilities $ 2,323,697 $ 359,774

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 (3) December 31, 2023 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 275,478 $ 287,395 $ 218,450 $ 218,450 Interest rate swap instruments (2) 50,304 50,304 21,359 21,359 Bank line of credit and commercial paper (2) 25,000 25,000 720,000 720,000 Term loans (2) 1,645,456 1,645,456 496,824 496,824 Senior unsecured notes (1) 6,551,155 6,074,052 5,403,378 5,144,667 Mortgage debt (2) 381,416 379,742 256,097 244,135 _______________________________________ (1) Level 1: Fair value is calculated based on quoted prices in active markets. (2) Level 2: For loans receivable, net, interest rate swap instruments, and mortgage debt, fair value is based on 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, 2024 and year ended December 31, 2023, 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, 2024
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 (1) Maturity Date Hedge Designation Notional Amount Pay Rate Receive Rate June 30, December 31, October 2019 (3) October 2024 Cash flow $ 36,050 1.37 % 1 mo. USD-SOFR CME Term $ 470 $ — April 2022 May 2026 Cash flow 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% 1,874 1,602 April 2022 May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 3,337 2,851 August 2022 February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 10,741 7,933 August 2022 August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 12,338 8,973 May 2023 (3)(4) May 2028 Cash flow 400,000 3.59 % USD-SOFR w/ -5 Day Lookback 7,414 — January 2024 (5) February 2029 Cash flow 750,000 3.59 % USD-SOFR w/ -5 Day Lookback 14,130 — $ 50,304 $ 21,359 _____________________________ (1) Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. (2) At each of June 30, 2024 and December 31, 2023, 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. (3) Includes interest rate swap instruments acquired as part of the Merger (see Note 3). These interest rate swap instruments were redesignated as cash flow hedges on the Closing Date. As a result of the Merger, the aggregate fair value of these interest rate swap instruments was determined to be $7 million on March 1, 2024, which was recognized within other assets, net on the Consolidated Balance Sheets on the Closing Date. These fair values are being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related interest rate swap instruments. (4) Includes two interest rate swap instruments each with notional amounts of $110 million and one interest rate swap instrument with a notional amount of $180 million. (5)

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 244,759 $ 251,874 Accrued construction costs 120,437 105,572 Accrued interest 76,034 59,492 Other accounts payable and accrued liabilities (1) 267,989 240,258 Accounts payable, accrued liabilities, and other liabilities $ 709,219 $ 657,196 _______________________________________ (1) As of June 30, 2024 and December 31, 2023, includes $6 million and $8 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, 2024
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) $ 581,530 $ 562,026 Other deferred revenue (2) 326,322 343,607 Deferred revenue $ 907,852 $ 905,633 _______________________________________ (1) During the three and six months ended June 30, 2024, the Company collected nonrefundable entrance fees of $34 million and $62 million, respectively, and recognized amortization of $21 million and $43 million, respectively. 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. 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, 2024, the Company recognized amortization related to other deferred revenue of $13 million and $27 million, respectively. 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. 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unusual or Infrequent Item, or Both [Line Items]
Total government grants received	$ 0	$ 47	$ 0	$ 413
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Total government grants received	0	47	0	184
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Total government grants received	$ 0	$ 0	$ 0	$ 229

The Merger - Narrative (Details

The Merger - Narrative (Details)		3 Months Ended		6 Months Ended
	Mar. 01, 2024 USD ($) property	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 47,000,000	$ 65,163,000		$ 65,163,000		$ 18,027,000
Transaction and merger-related costs		7,759,000	$ 637,000	114,979,000	$ 3,062,000
Physicians Realty Trust
Business Acquisition [Line Items]
Exchange Ratio	0.674
Goodwill	$ 47,136,000
Expected tax deductible amount of goodwill	0
Transaction and merger-related costs		7,000,000		114,000,000
Revenue of acquiree since acquisition date, actual		146,000,000		194,000,000
Earnings (loss) of acquiree since acquisition date, actual		(18,000,000)		(38,000,000)
Transaction costs			$ 11,000,000		$ 11,000,000
Physicians Realty Trust | Legal, Accounting, Tax, and Other Costs
Business Acquisition [Line Items]
Transaction and merger-related costs		5,000,000		23,000,000
Physicians Realty Trust | Severance Expense Related to Elimination of Certain Positions
Business Acquisition [Line Items]
Transaction and merger-related costs		$ 3,000,000		10,000,000
Physicians Realty Trust | Fees Paid to Investment Banks and Advisors
Business Acquisition [Line Items]
Transaction and merger-related costs	$ 38,000,000
Physicians Realty Trust | Success-Based Payments Related to Service Providers
Business Acquisition [Line Items]
Transaction and merger-related costs				21,000,000
Physicians Realty Trust | Severance Expense Due to Dual-Trigger Severance Arrangements
Business Acquisition [Line Items]
Transaction and merger-related costs				26,000,000
Physicians Realty Trust | Post-Combination Expense, Accelerated Vesting of Acquiree Equity Awards
Business Acquisition [Line Items]
Transaction and merger-related costs				16,000,000
Physicians Realty Trust | Additional Severance Expense Related To Elimination Of Certain Positions
Business Acquisition [Line Items]
Transaction and merger-related costs				$ 2,000,000
Physicians Realty Trust | Outpatient Medical Buildings
Business Acquisition [Line Items]
Number of properties acquired | property	299

The Merger- Schedule of Conside

The Merger- Schedule of Consideration Transferred (Details) - Physicians Realty Trust $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 01, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Physicians Realty Trust common shares and Physicians Realty Trust Restricted Shares, PSUs and RSUs to be exchanged (in shares) | shares	240,699
Exchange Ratio	0.674
Shares of Healthpeak common stock issued (in shares) | shares	162,231
Closing Price of Healthpeak Properties common stock on March 1, 2024 (in dollars per share) | $ / shares	$ 17.10
Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs	$ 2,774,147
Less: Fair value of preliminary share consideration attributable to the post-combination period	(16,223)
Physicians Realty Trust revolving credit facility termination	175,411
Settlement of Physicians Realty Trust’s transaction costs	23,913
Payments made in connection with share settlement	11,315
Preliminary cash consideration	210,639
Consideration transferred	$ 2,968,563
Restricted Shares
Business Acquisition [Line Items]
Shares of Healthpeak common stock issued (in shares) | shares	200
Common Stock
Business Acquisition [Line Items]
Shares of Healthpeak common stock issued (in shares) | shares	1,000
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Shares of Healthpeak common stock issued (in shares) | shares	300

The Merger - Schedule of Recogn

The Merger - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Mar. 01, 2024 USD ($) joint_venture	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
LIABILITIES AND EQUITY
Goodwill	$ 47,000	$ 65,163	$ 18,027
Intangible assets, weighted average amortization, useful life		5 years	5 years
Intangible liabilities, weighted average amortization, useful life	9 years
Physicians Realty Trust
Real estate:
Buildings and improvements	$ 3,199,884
Development costs and construction in progress	68,171
Land and improvements	435,353
Real estate	3,703,408
Loans receivable	118,908
Investments in and advances to unconsolidated joint ventures	58,636
Accounts receivable, net	9,536
Cash and cash equivalents	30,417
Restricted cash	1,007
Intangible assets, net	890,827
Right-of-use asset	191,415
Other assets	44,691
Total assets	5,048,845
LIABILITIES AND EQUITY
Term loans	402,320
Senior unsecured notes	1,139,760
Mortgage debt	127,176
Intangible liabilities	149,875
Lease liability	97,160
Accounts payable, accrued liabilities, and other liabilities	72,864
Total liabilities	1,989,155
Redeemable noncontrolling interests	1,536
Joint venture partners	20,109
Non-managing member unitholders	116,618
Total noncontrolling interests	136,727
Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests	2,921,427
Goodwill	47,136
Total purchase price	2,968,563
Gross contractual account receivables	$ 14,000
Intangible assets, weighted average amortization, useful life	6 years
Intangible liabilities, weighted average amortization, useful life	9 years
Number of joint ventures | joint_venture	6
Physicians Realty Trust | Minimum
LIABILITIES AND EQUITY
VIE ownership percentage	56.70%
Physicians Realty Trust | Maximum
LIABILITIES AND EQUITY
VIE ownership percentage	99.70%

The Merger - Schedule of Profor

The Merger - Schedule of Proforma Financial Information (Details) - Physicians Realty Trust - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Total revenues	$ 688,293	$ 692,852	$ 1,386,995	$ 1,366,516
Net income (loss) applicable to common shares	$ 154,577	$ 7,484	$ 242,286	$ (28,192)

Real Estate Investments - Real

Real Estate Investments - Real Estate Investments (Details) $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Jan. 31, 2023 USD ($)	Jun. 30, 2024
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
MASSACHUSETTS | Lab Buildings
Real Estate [Line Items]
Payments to acquire real estate			$ 9

Real Estate Investments - Devel

Real Estate Investments - Development Activities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Real Estate [Abstract]
Development and redevelopment projects, increase (decrease)	$ (10)
Development and redevelopment projects	$ 169

Dispositions of Real Estate (De

Dispositions of Real Estate (Details)	1 Months Ended	3 Months Ended				6 Months Ended
	Jul. 31, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net		$ 122,044,000		$ 4,885,000		$ 125,299,000	$ 86,463,000
Number of properties classified as held for sale | property		0				0
Assets held for sale, net		$ 0				$ 0		$ 117,986,000
Impairment of real estate		$ 0		$ 0		$ 0	$ 0
Outpatient Medical Buildings | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property					2
Proceeds from sale of property					$ 32,000,000
Gain (loss) on sales of real estate, net					$ 21,000,000
Lab Buildings | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property					2
Proceeds from sale of property					$ 113,000,000
Gain (loss) on sales of real estate, net					$ 60,000,000
Discontinued Operations, Disposed of by Sale | Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property			2
Proceeds from sale of property			$ 29,000,000
Gain (loss) on sales of real estate, net			$ 3,000,000
Discontinued Operations, Disposed of by Sale | Outpatient Medical Buildings | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	59
Proceeds from sale of property	$ 674,000,000
Gain (loss) on sales of real estate, net	$ 405,000,000
Discontinued Operations, Disposed of by Sale | Lab Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		7
Proceeds from sale of property		$ 180,000,000
Gain (loss) on sales of real estate, net		$ 55,000,000
Number of properties classified as held for sale | property			2
Discontinued Operations, Disposed of by Sale | Lab Buildings | Lab Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment ownership percentage			65%
Discontinued Operations, Disposed of by Sale | Seven Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		11
Proceeds from sale of property		$ 179,000,000
Discontinued Operations, Disposed of by Sale | Two Outpatient Medical Buildings One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net		67,000,000
Discontinued Operations, Disposed of by Sale | Two Outpatient Medical Buildings Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net		$ 67,000,000
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net								118,000,000
Liabilities related to assets held for sale, net								$ 1,000,000
Held-for-sale | Outpatient Medical Buildings
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
Held-for-sale | Lab Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property								2

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 404,225	$ 311,663	$ 747,639	$ 606,179
Variable income from operating leases	$ 142,556	$ 98,304	$ 261,175	$ 196,219

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands, squareFeet in Millions		1 Months Ended	3 Months Ended			6 Months Ended
	Oct. 26, 2023 USD ($) property	Jul. 31, 2024 ft² squareFeet	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) lease	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Initial direct costs			$ 172,000			$ 172,000		$ 172,000
Straight line rent receivable, net of allowances			319,000			319,000		$ 310,000
Straight-line rent receivable						22,545	$ 5,431
Litigation settlement, amount awarded from other party				$ 2,000
Proceeds from insurance recovery				2,000
Rental and related revenues			546,781	409,967		1,008,814	802,398
Fixed income from operating leases			$ 404,225	$ 311,663		$ 747,639	$ 606,179
Operating lease, percentage of annual lease escalations			0.025			0.025
Subsequent Event
Lessor, Lease, Description [Line Items]
Operating lease, area of square feet renewed | squareFeet		2
Operating lease, percentage of annual lease escalations		0.030
Area of square feet with early termination right | ft²		200,000
Sorrento Therapeutics, Inc.
Lessor, Lease, Description [Line Items]
Straight-line rent receivable					$ 9,000
Number of leases | lease					4	4
Number of leases approved | lease			3
Graphite Bio, Inc.
Lessor, Lease, Description [Line Items]
Property count | property	1
Rental and related revenues	$ 37,000
Termination fees	21,000
Fixed income from operating leases	$ 16,000

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($)	Jun. 30, 2024	Mar. 01, 2024	Feb. 29, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts and fees	$ (5,128,000)			$ (131,000)
Reserve for loan losses	(9,143,000)			(2,830,000)	$ (8,280,000)
Loans receivable, net	275,478,000			218,450,000
Loans and leases receivable, remaining commitments	69,000,000
Unamortized discount		$ 5,000,000
Sunrise Senior Housing Portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable, net	58,000,000			131,000,000
Loans and leases receivable, remaining commitments			$ 0	29,000,000
Secured Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	200,583,000			178,678,000
Reserve for loan losses	(8,039,000)			(2,830,000)	$ (8,280,000)
CCRC resident loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	53,346,000			42,733,000
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 35,820,000			$ 0

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)			1 Months Ended															3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 01, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) extension_option property	Jun. 30, 2024 USD ($) loan	May 31, 2024 USD ($) loan	Feb. 29, 2024 USD ($)	Jan. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jun. 30, 2023	May 31, 2023 USD ($) loan	Apr. 30, 2023 USD ($) loan	Feb. 28, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jan. 31, 2021 USD ($) facility	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans Receivable:
Number of loans | loan																					6
Loans receivables, acquired	$ 124,000,000
Loans and leases receivable, remaining commitments				$ 69,000,000														$ 69,000,000			$ 69,000,000
Loans receivable, net of reserves of $9,143 and $2,830		$ 218,450,000		275,478,000														275,478,000			275,478,000
Gain (loss) on sales of real estate, net																		122,044,000		$ 4,885,000	125,299,000	$ 86,463,000
Credit loss reserve on unfunded loan commitments		700,000		5,300,000														5,300,000			5,300,000
Sunrise Senior Housing Portfolio
Loans Receivable:
Loans and leases receivable, remaining commitments		29,000,000				$ 0
Number of assets to be sold | facility																	32
Proceeds from sale of property																	$ 664,000,000
Investments in loans receivable																	410,000,000
Capital expenditure funding, amount committed						1,000,000											$ 92,000,000						$ 40,000,000
Capital expenditure funding, cost of capital, percent committed																	65%
Proceeds from the collection of loans receivable					$ 5,000,000	$ 69,000,000							$ 10,000,000	$ 27,000,000	$ 8,000,000	$ 246,000,000
Capital expenditure funding, amount funded		11,000,000
Loans receivable, net of reserves of $9,143 and $2,830		131,000,000		58,000,000														58,000,000			58,000,000
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR)
Loans Receivable:
Loans receivable, conversion of basis spread on variable rate						0.10%			0.10%
Loans receivable, floor rate						9%
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR), First Two Years
Loans Receivable:
Loans receivable, basis spread on variable rate						4%
Loan receivable, extended maturity term						2 years
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR), Last Eighteen Months
Loans Receivable:
Loans receivable, basis spread on variable rate						5%
Loan receivable, extended maturity term						18 months
SHOP
Loans Receivable:
Number of assets to be sold | facility																	16
Proceeds from sale of property																	$ 230,000,000
Investments in loans receivable																	$ 150,000,000
Loans receivable, extension fee												$ 1,000,000
Outpatient Medical Buildings | Discontinued Operations, Disposed of by Sale
Loans Receivable:
Proceeds from sale of property																			$ 29,000,000
Number of properties sold | property																			2
Gain (loss) on sales of real estate, net																			$ 3,000,000
Outpatient Medical Buildings | Discontinued Operations, Disposed of by Sale | Subsequent Event
Loans Receivable:
Proceeds from sale of property			$ 674,000,000
Number of properties sold | property			59
Gain (loss) on sales of real estate, net			$ 405,000,000
Loans receivable, number of extensions | extension_option			2
Loan receivable, period of extensions			12 months
Other Non-Reporting Segment | Brookedale MTCA | Lessor Asset Under Operating Lease | CCRC JV
Loans Receivable:
Loans receivable, net of reserves of $9,143 and $2,830		43,000,000		53,000,000														53,000,000			53,000,000
Minimum | Outpatient Medical Buildings | Discontinued Operations, Disposed of by Sale | Subsequent Event
Loans Receivable:
Loans receivable, interest rate			0.060
Maximum | Outpatient Medical Buildings | Discontinued Operations, Disposed of by Sale | Subsequent Event
Loans Receivable:
Loans receivable, interest rate			0.065
Secured Mortgage Loans
Loans Receivable:
Number of loans | loan	9
Loans receivable, outstanding balance	$ 89,000,000
Receivable with imputed interest				1,000,000														1,000,000			1,000,000
Secured Mortgage Loans | Other
Loans Receivable:
Proceeds from the collection of loans receivable								$ 21,000,000		$ 12,000,000	$ 14,000,000	$ 35,000,000
Number of secured loans | loan										2	1	1
Secured Mortgage Loans | Other | During June 2024 to Septmeber 2024
Loans Receivable:
Loans receivable, outstanding balance				$ 12,000,000
Number of secured loans | loan				1
Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR) | Other
Loans Receivable:
Loans receivable, conversion of basis spread on variable rate										0.10%
Secured Mortgage Loans | LIBOR | Other
Loans Receivable:
Loans receivable, outstanding balance										$ 21,000,000
Number of secured loans | loan										1
Secured Mortgage Loans | SHOP
Loans Receivable:
Proceeds from the collection of loans receivable												$ 102,000,000
Loans receivable, floor rate							12%
Loans receivable, net of reserves of $9,143 and $2,830		$ 48,000,000		$ 48,000,000														48,000,000			48,000,000
Loans receivable, extension fee							$ 1,000,000
Secured Mortgage Loans | SHOP | Secured Overnight Financing Rate (SOFR)
Loans Receivable:
Loans receivable, conversion of basis spread on variable rate							0.11%
Loans receivable, basis spread on variable rate												0.11%
Loans receivable, floor rate							7%
Secured Mortgage Loans | SHOP | Secured Overnight Financing Rate (SOFR), First Six Months
Loans Receivable:
Loans receivable, basis spread on variable rate												6%
Secured Mortgage Loans | SHOP | Secured Overnight Financing Rate (SOFR), Last Six Months
Loans Receivable:
Loans receivable, basis spread on variable rate												7%
Secured Mortgage Loans | Minimum
Loans Receivable:
Loans receivable, interest rate	0.0700
Secured Mortgage Loans | Maximum
Loans Receivable:
Loans receivable, interest rate	0.1000
Mezzanine Loans
Loans Receivable:
Number of loans | loan	10
Loans receivable, outstanding balance	$ 36,000,000
Receivable with imputed interest				3,000,000														$ 3,000,000			$ 3,000,000
Mezzanine Loans | Other | During May 2026 to May 2027
Loans Receivable:
Loans receivable, outstanding balance					$ 2,000,000
Number of secured loans | loan					1
Mezzanine Loans | Other | During June 2024 to June 2025
Loans Receivable:
Loans receivable, outstanding balance				$ 1,000,000
Number of secured loans | loan				1
Mezzanine Loans | Minimum
Loans Receivable:
Loans receivable, interest rate	0.0800
Mezzanine Loans | Maximum
Loans Receivable:
Loans receivable, interest rate	0.1000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Secured Mortgage Loans
Loans receivable
2024	$ 37,466
2023	26,854
2022	24,221
2021	101,984
2020	0
Prior	0
Total	190,525
Mezzanine Loans
Loans receivable
2024	0
2023	4,924
2022	4,573
2021	8,034
2020	10,863
Prior	3,213
Total	31,607
CCRC resident loans
Loans receivable
2024	36,219
2023	16,838
2022	289
2021	0
2020	0
Prior	0
Total	53,346
Performing loans | Secured Mortgage Loans
Loans receivable
2024	37,466
2023	26,854
2022	24,221
2021	101,984
2020	0
Prior	0
Total	190,525
Performing loans | Mezzanine Loans
Loans receivable
2024	0
2023	4,924
2022	4,573
2021	8,034
2020	10,863
Prior	3,213
Total	31,607
Performing loans | CCRC resident loans
Loans receivable
2024	36,219
2023	16,838
2022	289
2021	0
2020	0
Prior	0
Total	53,346
Watch list loans | Secured Mortgage Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Watch list loans | Mezzanine Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Watch list loans | CCRC resident loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Workout loans | Secured Mortgage Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Workout loans | Mezzanine Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Workout loans | CCRC resident loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period gross write-offs | Secured Mortgage Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period gross write-offs | Mezzanine Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period gross write-offs | CCRC resident loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period recoveries | Secured Mortgage Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period recoveries | Mezzanine Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period recoveries | CCRC resident loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period net write-offs | Secured Mortgage Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period net write-offs | Mezzanine Loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Current period net write-offs | CCRC resident loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	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, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	$ 2,830	$ 8,280
Provision for expected loan losses on funded loans receivable	6,313	2,088
Expected loan losses (recoveries) related to loans sold or repaid	0	(7,538)
Reserve for loan losses, end of period	9,143	2,830
Secured Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	2,830	8,280
Provision for expected loan losses on funded loans receivable	5,209	2,088
Expected loan losses (recoveries) related to loans sold or repaid	0	(7,538)
Reserve for loan losses, end of period	8,039	2,830
Mezzanine Loans and Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	0	0
Provision for expected loan losses on funded loans receivable	1,104	0
Expected loan losses (recoveries) related to loans sold or repaid	0	0
Reserve for loan losses, end of period	$ 1,104	$ 0

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($) property joint_venture	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures				$ 927,204	$ 782,853
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property	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 | property	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%
Lab Buildings | South San Francisco JVs
Schedule of Equity Method Investments [Line Items]
Property count | property				7
Investment ownership percentage				70%
Equity method investments				$ 425,110	393,374
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				7
Lab Buildings | Callan Ridge JV
Schedule of Equity Method Investments [Line Items]
Property count | property				2
Investment ownership percentage				35%
Equity method investments				$ 69,844	0
Lab Buildings | Lab JV
Schedule of Equity Method Investments [Line Items]
Property count | property				1
Investment ownership percentage				49%
Equity method investments				$ 31,365	31,761
Lab Buildings | Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count | property				0
Investment ownership percentage			38%	38%
Equity method investments				$ 17,192	17,084
Cash paid			$ 13,000
Other Non-Reporting Segment | SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count | property				19
Investment ownership percentage				54%
Equity method investments				$ 324,999	332,693
Outpatient Medical | PMAK JV
Schedule of Equity Method Investments [Line Items]
Property count | property				59
Investment ownership percentage				12%
Equity method investments				$ 39,198	0
Outpatient Medical | Davis JV
Schedule of Equity Method Investments [Line Items]
Property count | property				15
Investment ownership percentage				49%
Equity method investments				$ 12,156	0
Outpatient Medical | Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property				2
Equity method investments				$ 7,340	$ 7,941
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%

Investments in and Advances t_4

Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2024 USD ($) property	Jun. 30, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on deconsolidation		$ 78
Callan Ridge Joint Venture | Lab Buildings
Schedule of Equity Method Investments [Line Items]
Property count | property	2
Callan Ridge Joint Venture | Callan Ridge Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	35%
Callan Ridge Joint Venture | Callan Ridge Joint Venture | Lab Buildings
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	65%
Cash proceeds	$ 128

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Intangibles [Abstract]
Gross intangible lease assets	$ 1,611,677	$ 739,228
Accumulated depreciation and amortization	(535,590)	(425,072)
Intangible assets, net	$ 1,076,087	$ 314,156
Weighted average remaining amortization period in years	5 years	5 years
Gross lease-up intangibles	$ 1,560,000	$ 725,000
Gross above market lease intangibles	53,000	14,000
Depreciation and amortization of lease-up intangibles	525,000	418,000
Depreciation and amortization of above market lease intangibles	$ 11,000	$ 7,000

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Intangibles [Abstract]
Gross intangible lease liabilities	$ 374,084	$ 228,105
Accumulated depreciation and amortization	(146,714)	(100,725)
Intangible liabilities, net	$ 227,370	$ 127,380
Weighted average remaining amortization period in years	9 years	7 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Mar. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 891,000		$ 500
Lease-up intangibles	852,000
Above market lease, intangibles	39,000
Intangible liabilities acquired	$ 150,000
Intangible assets, weighted average amortization, useful life	6 years
Intangible liabilities, weighted average amortization, useful life	9 years
Weighted average remaining amortization period in years		5 years	5 years
Goodwill	$ 47,000	$ 65,163	$ 18,027
Other Property
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years			5 years

Intangibles - Schedule of Goodw

Intangibles - Schedule of Goodwill Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 01, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 65,163	$ 47,000	$ 18,027
Outpatient Medical
Finite-Lived Intangible Assets [Line Items]
Goodwill	61,314		14,178
CCRC
Finite-Lived Intangible Assets [Line Items]
Goodwill	1,998		1,998
Other Non-Reporting Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,851		$ 1,851

Debt - The Merger (Details)

Debt - The Merger (Details) $ in Thousands		6 Months Ended
	Mar. 01, 2024 USD ($) derivative_held	Jun. 30, 2024 USD ($) derivative_held	Dec. 31, 2023 building	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Debt Instrument
Number of interest-rate contracts held | derivative_held		1
Capitalized costs	$ 1,000
Net discount on mortgage debt		$ 152,837
Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held		2
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
2028 Term Loan | Senior Unsecured Term Loan
Debt Instrument
Aggregate principal amount	$ 400,000
Interest rate, effective percentage	4.44%
2028 Term Loan | Senior Unsecured Term Loan | Variable Rate Component One
Debt Instrument
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Debt Instrument, basis spread on variable rate	0.10%	1%
2028 Term Loan | Senior Unsecured Term Loan | Minimum | Variable Rate Component One
Debt Instrument
Debt Instrument, basis spread on variable rate	0.85%
2028 Term Loan | Senior Unsecured Term Loan | Maximum | Variable Rate Component One
Debt Instrument
Debt Instrument, basis spread on variable rate	1.65%
2028 Term Loan | Senior Unsecured Term Loan | Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held	3
Senior Unsecured Term Loan
Debt Instrument
Aggregate principal amount	$ 1,250,000
Senior Unsecured Notes Due 2027
Debt Instrument
Aggregate principal amount	$ 400,000
Coupon Rate	4.30%
Senior Unsecured Notes Due 2028
Debt Instrument
Aggregate principal amount	$ 350,000
Coupon Rate	3.95%
Senior Unsecured Notes Due 2031
Debt Instrument
Aggregate principal amount	$ 500,000
Coupon Rate	2.63%
Mortgage Debt
Debt Instrument
Aggregate principal amount	$ 128,000
Interest payment	$ 59,000
Bearing fixed interest rate (as a percent)	3.77%
Variable interest, amount	$ 69,000
Bearing variable interest rate (as a percent)	7.25%
Net discount on mortgage debt	$ 500
Mortgage Debt | Outpatient Medical Buildings
Debt Instrument
Property count | building			5
Debt assumed	259,000
Mortgage Debt | Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Aggregate principal amount	$ 36,000	$ 36,000
Number of interest-rate contracts held | derivative_held	1

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loan (Details)					1 Months Ended	6 Months Ended
	Mar. 01, 2024 USD ($)	Feb. 10, 2023	Aug. 22, 2022 USD ($) loan	May 23, 2019 USD ($) renewal_option	Sep. 30, 2021 USD ($) renewal_option	Jun. 30, 2024 USD ($) derivative_held loan	Feb. 29, 2024 USD ($)	Jan. 31, 2024	Dec. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 derivative_held
Debt Instrument
Balance outstanding						$ 25,000,000			$ 720,000,000
Number of loans | loan						6
Number of interest-rate contracts held | derivative_held						1
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held											2
Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000						$ 1,000,000,000
Balance outstanding						$ 1,250,000,000			500,000,000
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
Interest rate						3.76%
Unsecured Term Loan
Debt Instrument
Aggregate principal amount	$ 750,000,000
Debt instrument, term (in months)	5 years
Unused borrowing capacity, amount						$ 250,000,000
Unsecured Term Loan | 2029 Term Loan
Debt Instrument
Interest rate, effective percentage								4.66%
Unsecured Term Loan | 2029 Term Loan | Variable Rate Component One
Debt Instrument
Debt Instrument, basis spread on variable rate						0.95%
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, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Debt Instrument, interest rate, reduction available for sustainability metrics						0.00025
Line of credit facility additional aggregate amount, maximum					$ 750,000,000
Balance outstanding						$ 0			$ 0
Revolving Credit Facility | Bank Line  of Credit | Variable Rate Component One
Debt Instrument
Debt Instrument, basis spread on variable rate						0.85%
Debt instrument, facility fee (as a percent)						0.15%
2027 Term Loan Facilities | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Length of debt instrument extension period (in months)			1 year
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR)
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
2027 Term Loan Facilities | Bank Line  of Credit | Term Loan Agreement | Variable Rate Component One
Debt Instrument
Debt Instrument, basis spread on variable rate						0.94%
2027 Term Loan Facilities One | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity			$ 250,000,000
2027 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, 2024	Dec. 31, 2023
Debt Instrument
Maximum outstanding amount capacity	$ 2,000,000,000	$ 2,000,000,000
Borrowings		$ 720,000,000
Debt instrument, term (in months)	4 days	37 days
Weighted-average interest rate (as a percent)	5.52%	5.70%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Jun. 30, 2024	Mar. 01, 2024	Dec. 31, 2023	May 10, 2023	Jan. 17, 2023
Debt Instrument
Principal balance on debt	$ 8,755,864,000
Senior Unsecured Note
Debt Instrument
Principal balance on debt	$ 6,700,000,000		$ 5,500,000,000
Aggregate principal amount		$ 1,250,000,000
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%
Senior Unsecured Note | Senior Unsecured Notes 5.25%
Debt Instrument
Aggregate principal amount				$ 350,000,000	$ 400,000,000
Coupon Rate				5.25%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) facility derivative_held	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) facility derivative_held	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) facility	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Debt Instrument
Principal balance on debt	$ 8,755,864		$ 8,755,864
Number of interest-rate contracts held | derivative_held	1		1
Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held	2		2
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 | Mortgage Debt
Debt Instrument
Property count | facility	13		13
Aggregate principal amount	$ 142,000		$ 142,000
Mortgage Debt
Debt Instrument
Principal balance on debt	380,864		380,864		$ 255,000
Debt instrument, collateral, healthcare facilities carrying value	830,000		830,000		$ 587,000
Debt instrument, periodic payment	$ 1,000	$ 1,000	$ 2,000	$ 3,000
Mortgage Debt | Outpatient Medical Buildings
Debt Instrument
Property count | facility	20		20		15
Mortgage Debt | CCRC
Debt Instrument
Property count | facility	2		2		2

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument
2024	$ 28,564
2025	803,684
2026	1,019,999
2027	1,350,842
2028	1,252,775
Thereafter	4,300,000
Total debt before discount, net	8,755,864
Premiums, (discounts), and debt issuance costs, net	(152,837)
Long-term debt	8,603,027
Bank Line  of Credit
Debt Instrument
2024	0
2025	0
2026	0
2027	0
2028	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
2024	0
2025	0
2026	25,000
2027	0
2028	0
Thereafter	0
Total debt before discount, net	25,000
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	25,000
Term Loans
Debt Instrument
2024	0
2025	0
2026	0
2027	500,000
2028	400,000
Thereafter	750,000
Total debt before discount, net	1,650,000
Premiums, (discounts), and debt issuance costs, net	(4,544)
Long-term debt	1,645,456
Senior Unsecured Note
Debt Instrument
2024	0
2025	800,000
2026	650,000
2027	850,000
2028	850,000
Thereafter	3,550,000
Total debt before discount, net	6,700,000	$ 5,500,000
Premiums, (discounts), and debt issuance costs, net	(148,845)
Long-term debt	$ 6,551,155
Weighted-average interest rate (as a percent)	3.96%
Weighted-average maturity (in years)	5 years
Senior Unsecured Note | 2024
Debt Instrument
Interest Rate(4)	0%
Senior Unsecured Note | 2025
Debt Instrument
Interest Rate(4)	3.92%
Senior Unsecured Note | 2026
Debt Instrument
Interest Rate(4)	3.40%
Senior Unsecured Note | 2027
Debt Instrument
Interest Rate(4)	3.23%
Senior Unsecured Note | 2028
Debt Instrument
Interest Rate(4)	3.53%
Senior Unsecured Note | Thereafter
Debt Instrument
Interest Rate(4)	4.35%
Senior Unsecured Note | Minimum
Debt Instrument
Interest Rate(4)	1.54%
Senior Unsecured Note | Maximum
Debt Instrument
Interest Rate(4)	6.87%
Mortgage Debt
Debt Instrument
2024	$ 28,564
2025	3,684
2026	344,999
2027	842
2028	2,775
Thereafter	0
Total debt before discount, net	380,864	$ 255,000
Premiums, (discounts), and debt issuance costs, net	552
Long-term debt	$ 381,416
Weighted-average interest rate (as a percent)	5.07%
Weighted-average maturity (in years)	2 years
Mortgage Debt | 2024
Debt Instrument
Interest Rate(4)	7.22%
Mortgage Debt | 2025
Debt Instrument
Interest Rate(4)	4.01%
Mortgage Debt | 2026
Debt Instrument
Interest Rate(4)	4.90%
Mortgage Debt | 2027
Debt Instrument
Interest Rate(4)	5.57%
Mortgage Debt | 2028
Debt Instrument
Interest Rate(4)	5.30%
Mortgage Debt | Thereafter
Debt Instrument
Interest Rate(4)	0%
Mortgage Debt | Minimum
Debt Instrument
Interest Rate(4)	3.44%
Mortgage Debt | Maximum
Debt Instrument
Interest Rate(4)	9.02%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2024 property
Lab JV | Lab Buildings
Loss Contingencies [Line Items]
Investment ownership percentage	49%
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement	41

Equity and Redeemable Noncont_3

Equity and Redeemable Noncontrolling Interests - Dividends and Issuance of Common Stock in Connection with the Mergers (Details) shares in Thousands			3 Months Ended		6 Months Ended
	Jul. 24, 2024 $ / shares	Mar. 01, 2024 shares	Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 $ / shares
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
Common Stock
Subsequent Event [Line Items]
Conversion ratio		0.674
Merger shares (in shares) | shares		162,000			162,231
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net	$ 268,000	$ 183,000	$ 576,000	$ 357,000
At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
ATM aggregate amount authorized			1,500,000,000
Issuance of common stock, net	0	0	$ 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
ATM Direct Issuances | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net	$ 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	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 24, 2024	Aug. 01, 2022
Subsidiary or Equity Method Investee [Line Items]
Stock repurchase program, authorized amount							$ 500,000,000
Common stock repurchased (in shares)		3.6	9.4
Average cost per share (in dollars per share)		$ 19	$ 17.83
Stock repurchase program, total value		$ 68,000,000	$ 168,000,000	$ 0	$ 56,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 276,000,000	$ 276,000,000
Subsequent Event
Subsidiary or Equity Method Investee [Line Items]
Stock repurchase program, authorized amount						$ 500,000,000
Common stock repurchased (in shares)	1
Average cost per share (in dollars per share)	$ 19.42
Stock repurchase program, total value	$ 20,000,000

Equity and Redeemable Noncont_6

Equity and Redeemable Noncontrolling Interests - AOCI (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) plan_participant	Dec. 31, 2023 USD ($)
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 44,043	$ 21,245
Supplemental Executive Retirement Plan minimum liability	(1,746)	(1,874)
Total accumulated other comprehensive income (loss)	$ 42,297	$ 19,371
Number of participants | plan_participant	1

Equity and Redeemable Noncont_7

Equity and Redeemable Noncontrolling Interests - Healthpeak OP (Details) unit in Thousands, $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2024 unit	Mar. 31, 2023 unit	Jun. 30, 2024 unit shares	Dec. 31, 2023 unit	Apr. 30, 2024 USD ($) property	Mar. 01, 2024 interest	Feb. 10, 2023
Noncontrolling Interest [Line Items]
Number of redeemable noncontrolling interests | interest						1
Number of redeemable noncontrolling interests with redemption conditions | property					4
Redemption value | $					$ 53
Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
Issuance of OP units (in units)			3,000	2,000
Issuance of OP units criteria redemption (in units)			65
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)	2,000	2,000
Common stock, unit redemption share amount | shares			1

Equity and Redeemable Noncont_8

Equity and Redeemable Noncontrolling Interests - DownREITs (Details) $ in Thousands, shares in Millions	Jun. 30, 2024 USD ($) entity shares	Dec. 31, 2023 USD ($) entity shares
Noncontrolling Interest [Line Items]
Non-managing member unitholders | $	$ 335,159	$ 214,598
Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
DownREIT units outstanding (in shares) | shares	11	5
Common stock issuable (in shares) | shares	14	7
Number of DownREIT LLCs | entity	8	7
Non-managing member unitholders | $	$ 313,000	$ 199,000

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator - Basic
Income (loss) from continuing operations	$ 152,716	$ 56,199	$ 163,893	$ 190,706
Noncontrolling interests’ share in earnings	(6,669)	(4,300)	(11,170)	(19,855)
Net income (loss) attributable to Healthpeak Properties, Inc.	146,047	51,899	152,723	170,851
Less: Participating securities’ share in earnings	(214)	(149)	(414)	(1,402)
Net income (loss) applicable to common shares	145,833	51,750	152,309	169,449
Numerator - Dilutive
Net income (loss) applicable to common shares	145,833	51,750	152,309	169,449
Add: distributions on dilutive convertible units and other	71	0	36	0
Dilutive net income (loss) available to common shares	$ 145,904	$ 51,750	$ 152,345	$ 169,449
Denominator
Basic weighted average shares outstanding (in shares)	702,382	547,026	651,642	546,936
Dilutive potential common shares - equity awards (in shares)	135	268	157	268
Dilutive potential common shares - OP Units (in shares)	751	0	314	0
Diluted weighted average common shares (in shares)	703,268	547,294	652,113	547,204
Earnings (loss) per common share
Basic (in dollars per share)	$ 0.21	$ 0.09	$ 0.23	$ 0.31
Diluted (in dollars per share)	$ 0.21	$ 0.09	$ 0.23	$ 0.31
Outstanding equity awards (in shares)	1,000	1,000	1,000	1,000
Dilutive potential common shares - OP Units (in shares)	3,000		3,000

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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)	14	7	14	7

Segment Disclosures - Narrative

Segment Disclosures - Narrative (Details)	Jun. 30, 2024 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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	$ 695,504	$ 545,430	$ 1,302,064	$ 1,071,108
Government grant income		47		184
Less: Interest income and other	(7,832)	(5,279)	(13,583)	(11,442)
Healthpeak’s share of unconsolidated joint venture total revenues	32,582	22,943	61,715	46,198
Healthpeak’s share of unconsolidated joint venture government grant income				229
Noncontrolling interests’ share of consolidated joint venture total revenues	(9,374)	(8,816)	(18,413)	(17,922)
Operating expenses	(273,827)	(221,837)	(517,556)	(444,925)
Healthpeak’s share of unconsolidated joint venture operating expenses	(19,782)	(15,754)	(38,288)	(32,249)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,618	2,444	5,091	5,079
Adjustments to NOI	(25,232)	(19,688)	(52,840)	(24,310)
Adjusted NOI	394,657	299,490	728,190	591,950
Plus: Adjustments to NOI	25,232	19,688	52,840	24,310
Interest income and other	7,832	5,279	13,583	11,442
Interest expense	(74,910)	(49,074)	(135,817)	(97,037)
Depreciation and amortization	(283,498)	(197,573)	(502,717)	(376,798)
General and administrative	(26,718)	(25,936)	(50,017)	(50,483)
Transaction and merger-related costs	(7,759)	(637)	(114,979)	(3,062)
Impairments and loan loss reserves, net	553	(2,607)	(10,905)	(394)
Gain (loss) on sales of real estate, net	122,044	4,885	125,299	86,463
Other income (expense), net	4,004	1,955	82,520	2,727
Less: Government grant income		(47)		(184)
Less: Healthpeak’s share of unconsolidated joint venture NOI	(12,800)	(7,189)	(23,427)	(14,178)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,756	6,372	13,322	12,843
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	155,393	54,606	177,892	187,599
Income tax benefit (expense)	(2,728)	(1,136)	(16,426)	(1,438)
Equity income (loss) from unconsolidated joint ventures	51	2,729	2,427	4,545
Net income (loss)	152,716	56,199	163,893	190,706
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	954	0	1,646	0
Government grant income		0		0
Less: Interest income and other	(954)	0	(1,646)	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
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 and other	954	0	1,646	0
Interest expense	(69,856)	(45,327)	(107,063)	(89,553)
Depreciation and amortization	0	0	0	0
General and administrative	(26,718)	(25,936)	(50,017)	(50,483)
Transaction and merger-related costs	(7,264)	(343)	(114,290)	(2,259)
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	2,877	1,067	2,578	2,298
Less: Government grant income		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	(100,007)	(70,539)	(267,146)	(139,997)
Income tax benefit (expense)	(2,728)	(1,136)	(16,426)	(1,438)
Equity income (loss) from unconsolidated joint ventures	0	0	0	0
Net income (loss)	(102,735)	(71,675)	(283,572)	(141,435)
Outpatient Medical | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	332,515	186,661	570,787	373,628
Government grant income		0		0
Less: Interest income and other	0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues	6,903	754	9,642	1,498
Healthpeak’s share of unconsolidated joint venture government grant income				0
Noncontrolling interests’ share of consolidated joint venture total revenues	(9,341)	(8,665)	(18,217)	(17,628)
Operating expenses	(111,702)	(65,350)	(192,970)	(129,749)
Healthpeak’s share of unconsolidated joint venture operating expenses	(2,464)	(288)	(3,547)	(595)
Noncontrolling interests’ share of consolidated joint venture operating expenses	2,609	2,409	5,039	5,004
Adjustments to NOI	(10,430)	(4,008)	(16,556)	(7,825)
Adjusted NOI	208,090	111,513	354,178	224,333
Plus: Adjustments to NOI	10,430	4,008	16,556	7,825
Interest income and other	0	0	0	0
Interest expense	(4,070)	(1,924)	(26,775)	(3,845)
Depreciation and amortization	(173,408)	(71,722)	(279,699)	(142,881)
General and administrative	0	0	0	0
Transaction and merger-related costs	(41)	(16)	(154)	(148)
Impairments and loan loss reserves, net	0	0	0	0
Gain (loss) on sales of real estate, net	66,831	0	70,086	21,312
Other income (expense), net	1,383	235	1,454	439
Less: Government grant income		0		0
Less: Healthpeak’s share of unconsolidated joint venture NOI	(4,439)	(466)	(6,095)	(903)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	6,732	6,256	13,178	12,624
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	111,508	47,884	142,729	118,756
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	(2,922)	184	(4,032)	374
Net income (loss)	108,586	48,068	138,697	119,130
Lab | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	214,266	223,306	438,027	428,770
Government grant income		0		0
Less: Interest income and other	0	0	0	0
Healthpeak’s share of unconsolidated joint venture total revenues	4,301	1,928	9,162	4,093
Healthpeak’s share of unconsolidated joint venture government grant income				0
Noncontrolling interests’ share of consolidated joint venture total revenues	(33)	(151)	(196)	(294)
Operating expenses	(56,656)	(54,832)	(113,496)	(112,397)
Healthpeak’s share of unconsolidated joint venture operating expenses	(1,528)	(848)	(2,852)	(2,030)
Noncontrolling interests’ share of consolidated joint venture operating expenses	9	35	52	75
Adjustments to NOI	(13,289)	(14,943)	(34,724)	(15,776)
Adjusted NOI	147,070	154,495	295,973	302,441
Plus: Adjustments to NOI	13,289	14,943	34,724	15,776
Interest income and other	0	0	0	0
Interest expense	0	0	0	0
Depreciation and amortization	(75,947)	(93,235)	(154,855)	(168,817)
General and administrative	0	0	0	0
Transaction and merger-related costs	(478)	0	(486)	(158)
Impairments and loan loss reserves, net	0	0	0	0
Gain (loss) on sales of real estate, net	55,213	0	55,213	60,498
Other income (expense), net	185	(2)	79,168	2
Less: Government grant income		0		0
Less: Healthpeak’s share of unconsolidated joint venture NOI	(2,773)	(1,080)	(6,310)	(2,063)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI	24	116	144	219
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	136,583	75,237	303,571	207,898
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	2,247	1,314	5,059	1,911
Net income (loss)	138,830	76,551	308,630	209,809
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	140,891	130,184	279,667	257,268
Government grant income		47		184
Less: Interest income and other	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
Noncontrolling interests’ share of consolidated joint venture total revenues	0	0	0	0
Operating expenses	(105,469)	(101,655)	(211,090)	(202,779)
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	(1,739)	(728)	(1,739)	(678)
Adjusted NOI	33,683	27,848	66,838	53,995
Plus: Adjustments to NOI	1,739	728	1,739	678
Interest income and other	0	0	0	0
Interest expense	(984)	(1,823)	(1,979)	(3,639)
Depreciation and amortization	(34,143)	(32,616)	(68,163)	(65,100)
General and administrative	0	0	0	0
Transaction and merger-related costs	24	(278)	(49)	(497)
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	(479)	674	(718)	7
Less: Government grant income		(47)		(184)
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	(160)	(5,514)	(2,332)	(14,740)
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	0	0	0	0
Net income (loss)	(160)	(5,514)	(2,332)	(14,740)
Other Non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	6,878	5,279	11,937	11,442
Government grant income		0		0
Less: Interest income and other	(6,878)	(5,279)	(11,937)	(11,442)
Healthpeak’s share of unconsolidated joint venture total revenues	21,378	20,261	42,911	40,607
Healthpeak’s share of unconsolidated joint venture government grant income				229
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	(15,790)	(14,618)	(31,889)	(29,624)
Noncontrolling interests’ share of consolidated joint venture operating expenses	0	0	0	0
Adjustments to NOI	226	(9)	179	(31)
Adjusted NOI	5,814	5,634	11,201	11,181
Plus: Adjustments to NOI	(226)	9	(179)	31
Interest income and other	6,878	5,279	11,937	11,442
Interest expense	0	0	0	0
Depreciation and amortization	0	0	0	0
General and administrative	0	0	0	0
Transaction and merger-related costs	0	0	0	0
Impairments and loan loss reserves, net	553	(2,607)	(10,905)	(394)
Gain (loss) on sales of real estate, net	0	4,885	0	4,653
Other income (expense), net	38	(19)	38	(19)
Less: Government grant income		0		0
Less: Healthpeak’s share of unconsolidated joint venture NOI	(5,588)	(5,643)	(11,022)	(11,212)
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	7,469	7,538	1,070	15,682
Income tax benefit (expense)	0	0	0	0
Equity income (loss) from unconsolidated joint ventures	726	1,231	1,400	2,260
Net income (loss)	$ 8,195	$ 8,769	$ 2,470	$ 17,942

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 120,887	$ 90,911
Income taxes paid (refunded)	4,794	2,855
Capitalized interest	31,908	28,182
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases	15,312	121
Accrued construction costs	120,437	142,826
Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture	0	993
Retained investment in connection with Callan Ridge JV (see Note 8)	69,255	0
Non-cash assets and liabilities assumed in connection with the Merger (see Note 3)	$ 2,927,611	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Continuing operations
Cash and cash equivalents	$ 106,886	$ 117,635	$ 103,780	$ 72,032
Restricted cash	52,409	51,388	56,745	54,802
Cash, cash equivalents, and restricted cash	$ 159,295	$ 169,023	$ 160,525	$ 126,834

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2021 USD ($)	Jun. 30, 2024 joint_venture hospital	Dec. 31, 2023 joint_venture	Dec. 31, 2022 USD ($)
Needham Land Parcel JV | Lab Buildings
Variable Interest Entity [Line Items]
Investment ownership percentage	38%	38%
Cash paid | $	$ 13
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures) | joint_venture		2	2
Unconsolidated Variable Interest Entities | Commercial Mortgage-Backed Securities
Variable Interest Entity [Line Items]
Number of hospitals | hospital		3
Debt securities | $				$ 22
Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage		51%
MSREI JV
Variable Interest Entity [Line Items]
VIE ownership percentage		51%
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of DownREIT LLCs | joint_venture		8	7
Lab JV
Variable Interest Entity [Line Items]
VIE ownership percentage		98%

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2024 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	$ 17,192

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets
Buildings and improvements	$ 16,448,690	$ 13,329,464
Development costs and construction in progress	739,318	643,217
Land and improvements	3,005,974	2,647,633
Accumulated depreciation and amortization	(3,796,108)	(3,591,951)
Net real estate	16,397,874	13,028,363
Loans receivable, net	275,478	218,450
Investments in and advances to unconsolidated joint ventures	927,204	782,853
Accounts receivable, net	59,658	55,820
Cash and cash equivalents	106,886	117,635	$ 103,780	$ 72,032
Intangible assets, net	1,076,087	314,156
Right-of-use asset	440,558	240,155
Other assets, net	843,554	772,044
Total assets	20,179,708	15,698,850
Liabilities
Term loans	1,645,456	496,824
Senior unsecured notes	6,551,155	5,403,378
Mortgage debt	381,416	256,097
Intangible liabilities, net	227,370	127,380
Lease liability	313,469	206,743
Accounts payable, accrued liabilities, and other liabilities	709,219	657,196
Deferred revenue	907,852	905,633
Total liabilities	10,760,937	8,773,980
Consolidated Lessees VIE
Assets
Buildings and improvements	5,083,571	2,392,375
Development costs and construction in progress	96,695	47,481
Land and improvements	556,817	307,166
Accumulated depreciation and amortization	(688,068)	(665,791)
Net real estate	5,049,015	2,081,231
Loans receivable, net	120,149	0
Investments in and advances to unconsolidated joint ventures	51,354	0
Accounts receivable, net	13,426	5,906
Cash and cash equivalents	27,808	18,410
Restricted cash	1,865	613
Intangible assets, net	846,787	56,975
Right-of-use asset	286,454	97,575
Other assets, net	138,445	79,248
Total assets	6,535,303	2,339,958
Liabilities
Term loans	402,153	0
Senior unsecured notes	1,143,773	0
Mortgage debt	270,427	144,874
Intangible liabilities, net	119,822	11,884
Lease liability	198,104	99,725
Accounts payable, accrued liabilities, and other liabilities	130,912	54,975
Deferred revenue	58,506	48,316
Total liabilities	$ 2,323,697	$ 359,774

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Summary of financial instruments
Bank line of credit and commercial paper	$ 25,000	$ 720,000
Senior unsecured notes	6,551,155	5,403,378
Mortgage debt	381,416	256,097
Carrying Value
Summary of financial instruments
Loans receivable, net	275,478	218,450
Bank line of credit and commercial paper	25,000	720,000
Term loans	1,645,456	496,824
Senior unsecured notes	6,551,155	5,403,378
Mortgage debt	381,416	256,097
Carrying Value | Interest rate swap instruments
Summary of financial instruments
Interest rate swap instruments	50,304	21,359
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	287,395	218,450
Bank line of credit and commercial paper	25,000	720,000
Term loans	1,645,456	496,824
Mortgage debt	379,742	244,135
Fair Value | Level 2 | Interest rate swap instruments
Summary of financial instruments
Interest rate swap instruments	50,304	21,359
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	$ 6,074,052	$ 5,144,667

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) derivative_held	Mar. 01, 2024 USD ($) derivative_held	Jan. 31, 2024 USD ($)	Feb. 28, 2023 derivative_held	Aug. 31, 2022 USD ($) derivative_held	Apr. 30, 2022 USD ($) derivative_held
Derivative [Line Items]
Asset at fair value, changes in fair value resulting from changes in assumptions	$ 60
Number of interest-rate contracts held | derivative_held	1
Notional Amount	$ 180
Mortgage Debt
Derivative [Line Items]
Aggregate principal amount		$ 128
Senior Unsecured Term Loan | 2028 Term Loan
Derivative [Line Items]
Aggregate principal amount		$ 400
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held	2
Notional Amount	$ 110
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			$ 750		$ 500
Interest rate swap instruments | Designated as Hedging Instrument | Mortgage Debt
Derivative [Line Items]
Derivative, notional amount						$ 142
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held						2
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument | Mortgage Debt
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held		1
Aggregate principal amount	$ 36	$ 36
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument | Senior Unsecured Term Loan | 2028 Term Loan
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held		3
Notional Amount		$ 400

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) $ in Thousands	Jun. 30, 2024 USD ($) derivative_held	Mar. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Notional Amount	$ 180,000
Number of interest-rate contracts held | derivative_held	1
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 110,000
Fair Value	$ 50,304		$ 21,359
Number of interest-rate contracts held | derivative_held	2
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 1.37% Pay Rate
Derivative [Line Items]
Notional Amount	$ 36,050
Interest rate	1.37%
Fair Value	$ 470	$ 7,000	0
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 4.99% Pay Rate
Derivative [Line Items]
Notional Amount	$ 51,100
Interest rate	4.99%
Receive Rate	2.50%
Fair Value	$ 1,874		1,602
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 4.54% Pay Rate
Derivative [Line Items]
Notional Amount	$ 91,000
Interest rate	4.54%
Receive Rate	2.05%
Fair Value	$ 3,337		2,851
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 2.60% Pay Rate
Derivative [Line Items]
Notional Amount	$ 250,000
Interest rate	2.60%
Fair Value	$ 10,741		7,933
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 2.54% Pay Rate
Derivative [Line Items]
Notional Amount	$ 250,000
Interest rate	2.54%
Fair Value	$ 12,338		8,973
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.59% Pay Rate
Derivative [Line Items]
Notional Amount	$ 400,000
Interest rate	3.59%
Fair Value	$ 7,414		0
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.59% Pay Rate, Two
Derivative [Line Items]
Notional Amount	$ 750,000
Interest rate	3.59%
Fair Value	$ 14,130		$ 0
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.56% Pay Rate
Derivative [Line Items]
Notional Amount	$ 50,000
Interest rate	3.56%
Number of interest-rate contracts held | derivative_held	2
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.57% Pay Rate
Derivative [Line Items]
Notional Amount	$ 50,000
Interest rate	3.57%
Number of interest-rate contracts held | derivative_held	3
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.58% Pay Rate
Derivative [Line Items]
Notional Amount	$ 100,000
Interest rate	3.58%
Number of interest-rate contracts held | derivative_held	1
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.60% Pay Rate
Derivative [Line Items]
Notional Amount	$ 50,000
Interest rate	3.60%
Number of interest-rate contracts held | derivative_held	5
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, 3.61% Pay Rate
Derivative [Line Items]
Notional Amount	$ 50,000
Interest rate	3.61%
Number of interest-rate contracts held | derivative_held	3

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Refundable entrance fees	$ 244,759	$ 251,874
Accrued construction costs	120,437	105,572
Accrued interest	76,034	59,492
Other accounts payable and accrued liabilities	267,989	240,258
Accounts payable, accrued liabilities, and other liabilities	709,219	657,196
Severance-related charges	$ 6,000	$ 8,000

Deferred Revenue (Details)

Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues [Abstract]
Nonrefundable entrance fees	$ 581,530		$ 581,530		$ 562,026
Other deferred revenue	326,322		326,322		343,607
Deferred revenue	907,852		907,852		$ 905,633
Proceeds from nonrefundable entrance fees	34,000	$ 31,000	62,000	$ 60,000
Amortization of nonrefundable entrance fee	21,000	20,000	43,000	40,000
Amortization of other deferred charges	$ 13,000	$ 18,000	$ 27,000	$ 31,000