Healthpeak Properties (DOC) 10-K 4 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11.8
Entity Common Stock, Shares Outstanding		699,564,637
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2024, have been incorporated by reference into Part III of this Report.
Entity Central Index Key	0000765880
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	Costa Mesa, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate:
Buildings and improvements	$ 16,115,283	$ 13,329,464
Development costs and construction in progress	880,393	643,217
Land and improvements	2,918,758	2,647,633
Accumulated depreciation and amortization	(4,083,030)	(3,591,951)
Net real estate	15,831,404	13,028,363
Loans receivable, net of reserves of $10,499 and $2,830	717,190	218,450
Investments in and advances to unconsolidated joint ventures	936,814	782,853
Accounts receivable, net of allowance of $2,243 and $2,282	76,810	55,820
Cash and cash equivalents	119,818	117,635
Restricted cash	64,487	51,388
Intangible assets, net	817,254	314,156
Assets held for sale, net	7,840	117,986
Right-of-use asset, net	424,173	240,155
Other assets, net	942,465	772,044
Total assets	19,938,255	15,698,850
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	150,000	720,000
Term loans	1,646,043	496,824
Senior unsecured notes	6,563,256	5,403,378
Mortgage debt	356,750	256,097
Intangible liabilities, net	191,884	127,380
Liabilities related to assets held for sale, net	0	729
Lease liability	307,220	206,743
Accounts payable, accrued liabilities, and other liabilities	725,342	657,196
Deferred revenue	940,136	905,633
Total liabilities	10,880,631	8,773,980
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	2,610	48,828
Common stock, $1.00 par value: 1,500,000,000 and 750,000,000 shares authorized; 699,485,139 and 547,156,311 shares issued and outstanding	699,485	547,156
Additional paid-in capital	12,847,252	10,405,780
Cumulative dividends in excess of earnings	(5,174,279)	(4,621,861)
Accumulated other comprehensive income (loss)	28,818	19,371
Total stockholders’ equity	8,401,276	6,350,446
Joint venture partners	315,821	310,998
Non-managing member unitholders	337,917	214,598
Total noncontrolling interests	653,738	525,596
Total equity	9,055,014	6,876,042
Total liabilities and equity	$ 19,938,255	$ 15,698,850

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Reserve for loans receivable	$ 10,499	$ 2,830
Allowance for accounts receivable	$ 2,243	$ 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)	699,485,139	547,156,311
Common stock, shares outstanding (in shares)	699,485,139	547,156,311

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental and related revenues	$ 2,087,196	$ 1,631,805	$ 1,541,775
Resident fees and services	568,475	527,417	494,935
Interest income and other	44,778	21,781	23,300
Income from direct financing leases	0	0	1,168
Total revenues	2,700,449	2,181,003	2,061,178
Costs and expenses:
Interest expense	280,430	200,331	172,944
Depreciation and amortization	1,057,205	749,901	710,569
Operating	1,074,861	902,060	862,991
General and administrative	97,162	95,132	131,033
Transaction and merger-related costs	132,685	17,515	4,853
Impairments and loan loss reserves (recoveries), net	22,978	(5,601)	7,004
Total costs and expenses	2,665,321	1,959,338	1,889,394
Other income (expense):
Gain (loss) on sales of real estate, net	178,695	86,463	9,078
Other income (expense), net	59,345	6,808	326,268
Total other income (expense), net	238,040	93,271	335,346
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	273,168	314,936	507,130
Income tax benefit (expense)	(4,350)	9,617	4,425
Equity income (loss) from unconsolidated joint ventures	(1,515)	10,204	1,985
Income (loss) from continuing operations	267,303	334,757	513,540
Income (loss) from discontinued operations	0	0	2,884
Net income (loss)	267,303	334,757	516,424
Noncontrolling interests’ share in continuing operations	(24,161)	(28,748)	(15,975)
Net income (loss) attributable to Healthpeak Properties, Inc.	243,142	306,009	500,449
Participating securities’ share in earnings	(758)	(1,725)	(2,657)
Net income (loss) applicable to common shares	$ 242,384	$ 304,284	$ 497,792
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.36	$ 0.56	$ 0.92
Discontinued operations (in dollars per share)	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	0.36	0.56	0.92
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.36	0.56	0.92
Discontinued operations (in dollars per share)	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	$ 0.36	$ 0.56	$ 0.92
Weighted average shares outstanding:
Basic (in shares)	675,680	547,006	538,809
Diluted (in shares)	676,233	547,275	539,147

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 267,303	$ 334,757	$ 516,424
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	9,462	(8,900)	30,145
Change in Supplemental Executive Retirement Plan obligation and other	(15)	137	1,136
Total other comprehensive income (loss)	9,447	(8,763)	31,281
Total comprehensive income (loss)	276,750	325,994	547,705
Total comprehensive (income) loss attributable to noncontrolling interests’ share in continuing operations	(24,161)	(28,748)	(15,975)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	$ 252,589	$ 297,246	$ 531,730

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Noncontrolling Interests
Balance (in shares) at Dec. 31, 2021			539,097
Balance at Dec. 31, 2021	$ 7,058,760	$ 6,515,470	$ 539,097	$ 10,100,294	$ (4,120,774)	$ (3,147)	$ 543,290
Increase (Decrease) in Stockholders' Equity
Net income (loss)	516,325	500,449			500,449		15,876
Other comprehensive income (loss)	31,281	31,281				31,281
Issuance of common stock, net (in shares)			9,936
Issuance of common stock, net	309,417	309,417	$ 9,936	299,481
Conversion of DownREIT units to common stock (in shares)			27
Conversion of DownREIT units to common stock	0	880	$ 27	853			(880)
Repurchase of common stock (in shares)			(2,418)
Repurchase of common stock	(67,838)	(67,838)	$ (2,418)	(65,420)
Stock-based compensation	31,412	31,412		31,412
Common dividends	(649,364)	(649,364)			(649,364)
Distributions to noncontrolling interests	(30,389)						(30,389)
Adjustments to redemption value of redeemable noncontrolling interests	(17,006)	(17,006)		(17,006)
Balance (in shares) at Dec. 31, 2022			546,642
Balance at Dec. 31, 2022	7,182,598	6,654,701	$ 546,642	10,349,614	(4,269,689)	28,134	527,897
Beginning balance at Dec. 31, 2021	87,344
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	99
Distributions to noncontrolling interests	(160)
Contributions from noncontrolling interests	1,390
Adjustments to redemption value of redeemable noncontrolling interests	17,006
Ending balance at Dec. 31, 2022	105,679
Increase (Decrease) in Stockholders' Equity
Net income (loss)	334,120	306,009			306,009		28,111
Other comprehensive income (loss)	(8,763)	(8,763)				(8,763)
Issuance of common stock, net (in shares)			683
Issuance of common stock, net	1,438	1,438	$ 683	755
Conversion of DownREIT units to common stock (in shares)			72
Conversion of DownREIT units to common stock	0	1,272	$ 72	1,200			(1,272)
Repurchase of common stock (in shares)			(241)
Repurchase of common stock	(6,524)	(6,524)	$ (241)	(6,283)
Stock-based compensation	18,659	2,966		2,966			15,693
Common dividends	(658,181)	(658,181)			(658,181)
Distributions to noncontrolling interests	(44,848)						(44,848)
Purchase of noncontrolling interest	(158)						(158)
Contributions from noncontrolling interests	173						173
Adjustments to redemption value of redeemable noncontrolling interests	57,528	57,528		57,528
Balance (in shares) at Dec. 31, 2023			547,156
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 Redeemable Noncontrolling Interests
Net income (loss)	637
Distributions to noncontrolling interests	(276)
Contributions from noncontrolling interests	316
Adjustments to redemption value of redeemable noncontrolling interests	(57,528)
Ending balance at Dec. 31, 2023	48,828
Increase (Decrease) in Stockholders' Equity
Net income (loss)	267,253	243,142			243,142		24,111
Other comprehensive income (loss)	9,447	9,447				9,447
Shares issued as part of the Merger (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)			434
Issuance of common stock, net	1,094	1,094	$ 434	660
Conversion of DownREIT units to common stock (in shares)			256
Conversion of DownREIT units to common stock	0	5,224	$ 256	4,968			(5,224)
Repurchase of common stock (in shares)			(10,592)
Repurchase of common stock	(190,690)	(190,690)	$ (10,592)	(180,098)
Stock-based compensation	19,916	7,991		7,991			11,925
Common dividends	(795,560)	(795,560)			(795,560)
Distributions to noncontrolling interests	(36,354)						(36,354)
Purchase of noncontrolling interest	0
Contributions from noncontrolling interests	0
Noncontrolling interests acquired as part of the Merger	133,684						133,684
Adjustments to redemption value of redeemable noncontrolling interests	(3,965)	(3,965)		(3,965)
Balance (in shares) at Dec. 31, 2024			699,485
Balance at Dec. 31, 2024	9,055,014	$ 8,401,276	$ 699,485	$ 12,847,252	$ (5,174,279)	$ 28,818	$ 653,738
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	50
Distributions to noncontrolling interests	(468)
Purchase of noncontrolling interests	(52,886)
Contributions from noncontrolling interests	12
Noncontrolling interests acquired as part of the Merger	3,109
Adjustments to redemption value of redeemable noncontrolling interests	3,965
Ending balance at Dec. 31, 2024	$ 2,610

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 1.20	$ 1.20	$ 1.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 267,303	$ 334,757	$ 516,424
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	1,057,205	749,901	710,569
Stock-based compensation amortization expense	15,543	14,480	26,456
Merger-related post-combination stock compensation expense	16,223	0	0
Amortization of deferred financing costs and debt discounts (premiums)	28,974	11,916	10,881
Straight-line rents	(41,276)	(14,387)	(49,183)
Amortization of non-refundable entrance fees and above (below) market lease intangibles	(119,750)	(108,988)	(102,747)
Equity loss (income) from unconsolidated joint ventures	1,515	(10,204)	(2,049)
Distributions of earnings from unconsolidated joint ventures	12,000	910	943
Loss (gain) on sale of real estate under direct financing leases	0	0	(22,693)
Deferred income tax expense (benefit)	(1,693)	(14,605)	(6,001)
Impairments and loan loss reserves (recoveries), net	22,978	(5,601)	7,004
Loss (gain) on sales of real estate, net	(178,695)	(86,463)	(10,422)
Loss (gain) upon change of control, net	(77,548)	(234)	(311,438)
Casualty-related loss (recoveries), net	29,076	(3,085)	7,168
Other non-cash items	(6,133)	4,900	6,489
Changes in:
Decrease (increase) in accounts receivable and other assets, net	(40,860)	(21,566)	(17,433)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	85,635	104,511	136,293
Net cash provided by (used in) operating activities	1,070,497	956,242	900,261
Cash flows from investing activities:
Acquisitions of real estate	(6,787)	(15,847)	(178,133)
Development, redevelopment, and other major improvements of real estate	(597,494)	(731,206)	(861,636)
Leasing costs, tenant improvements, and recurring capital expenditures	(115,784)	(113,596)	(108,510)
Proceeds from sales of real estate, net	648,548	141,651	47,885
Proceeds from the South San Francisco JVs transaction, net	0	0	125,985
Proceeds from the Callan Ridge JV transaction, net	125,662	0	0
Investments in unconsolidated joint ventures	(61,602)	(88,391)	(21,143)
Distributions in excess of earnings from unconsolidated joint ventures	22,906	20,640	12,518
Proceeds from insurance recovery	8,711	24,980	1,450
Proceeds from sales/principal repayments on loans receivable and marketable debt securities	93,445	204,865	115,988
Investments in loans receivable and other	(52,189)	(19,850)	(10,747)
Cash paid in connection with the Merger, net	(179,215)	0	0
Net cash provided by (used in) investing activities	(113,799)	(576,754)	(876,343)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	3,741,250	10,344,705	15,882,153
Repayments under bank line of credit and commercial paper	(4,311,250)	(10,620,311)	(16,052,522)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	750,000	743,778	500,000
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(26,780)	(90,089)	(5,048)
Payments for deferred financing costs	(19,784)	(7,322)	(4,171)
Issuance of common stock and exercise of options, net of offering costs	317	278	308,100
Repurchase of common stock	(190,690)	(6,524)	(67,838)
Dividends paid on common stock	(794,783)	(657,021)	(648,047)
Distributions to and purchase of noncontrolling interests	(89,708)	(45,282)	(30,549)
Contributions from and issuance of noncontrolling interests	12	489	1,390
Net cash provided by (used in) financing activities	(941,416)	(337,299)	(116,532)
Net increase (decrease) in cash, cash equivalents, and restricted cash	15,282	42,189	(92,614)
Cash, cash equivalents, and restricted cash, beginning of year	169,023	126,834	219,448
Cash, cash equivalents, and restricted cash, end of year	$ 184,305	$ 169,023	$ 126,834

Business

Business	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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. Basis of Presentation 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. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed. Revenue Recognition Lease Classification The Company classifies a lease as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. Rental and Related Revenues The Company recognizes rental revenue from its outpatient medical and lab buildings in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the building’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. Rental and related revenues from other variable payments are recognized when the associated contingencies are removed. In accordance with ASC 842, the Company accounts for lease and nonlease components as a single lease component for the purpose of revenue recognition and disclosure. 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. Recognizing rental income on a straight-line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the accounts receivable and 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 December 31, 2024 and 2023, straight-line rent receivable, net of allowance, was $338 million and $310 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. The Company’s operating leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notice and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Resident Fees and Services The Company recognizes resident fee and service revenue from its Senior Housing Operating Property (“SHOP”) portfolios and CCRC properties in accordance with ASC 606, Revenue from Contracts with Customers . Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees, and other resident charges. Residency agreements for SHOP and CCRC facilities are generally for a term of 30 days to one year, with resident fees billed monthly, in advance. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. The Company’s CCRCs are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a non-refundable entrance fee, it is recorded in deferred revenue in the Consolidated Balance Sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. Income from Direct Financing Leases The Company utilizes the direct finance method of accounting to record direct financing lease (“DFL”) income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. During the first quarter of 2022, the Company sold its remaining hospital under a DFL. Interest Income Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. When collectibility of the future payments is reasonably assured, the Company utilizes the interest method on a loan-by-loan basis to recognize interest income on its loans, which includes the amortization of discounts and premiums as well as loan fees paid and received. Management Fee Income The Company provides various services to certain of its unconsolidated joint ventures in exchange for fees and reimbursement. These services are considered related party transactions under ASC 850, Related Party Disclosures . Management fee income is recognized in interest income and other on the Consolidated Statements of Operations. Gain (Loss) on Sales of Real Estate, Net The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale. 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 years ended December 31, 2023 and 2022, 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 December 31, 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): Year Ended December 31, 2024 2023 2022 Government grant income recorded in other income (expense), net $ — $ 184 $ 6,765 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 229 878 Government grant income recorded in income (loss) from discontinued operations — — 217 Total government grants received $ — $ 413 $ 7,860 Credit Losses The Company evaluates the liquidity and creditworthiness of its occupants, operators, and borrowers on a monthly and 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 occupants, operators, and 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 lease or debt service coverages in its assessment of internal ratings that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, 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 occupants’, operators’, and borrowers’ ability to service their obligations with the Company. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “finance receivables”), are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Finance receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List finance receivables are defined as finance receivables that do not meet the definition of Performing or Workout. Workout finance receivables are defined as finance receivables 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 tenant, operator, or 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. Finance receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s, and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for finance receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the finance receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired finance receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a finance receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. At inception of a finance receivable, the Company recognizes an allowance for credit losses expected to be incurred over the life of the instrument. The model utilized by the Company to determine such losses emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model is applied on an individual basis and relies on counter-party specific information to ensure the most accurate estimate is recognized. The Company also performs a quarterly review process (or upon the occurrence of a significant event) to evaluate its borrowers’ creditworthiness and liquidity to determine the amount of credit losses to recognize during the period. If a finance receivable is deemed partially or wholly uncollectible, the uncollectible balance is deducted from the allowance in the period in which such determination is made. Credit loss expenses and recoveries are recorded in impairments and loan loss reserves (recoveries), net. Real Estate The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. During the holding or development period, certain real estate assets generate incidental income that is not associated with the future profit or return from the intended use of the property. Such income is recognized as a reduction of the associated project costs. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s Consolidated Statements of Cash Flows. Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs and classified as investing activities in the Consolidated Statements of Cash Flows. 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 consist of leasing commissions paid to employees and external third party brokers and lease incentives. Initial direct costs are included in other assets, net in the Consolidated Balance Sheets. At December 31, 2024 and 2023, the balance of net initial direct costs were $204 million and $172 million, respectively. Initial direct costs are amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. These useful lives are reassessed following changes in the remaining period that the asset is expected to be held and used, and depreciation is discontinued when a property meets the criteria to be classified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 50 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any. Business Combinations For the Company’s real estate acquisitions that are accounted for as business combinations, such as the Merger, 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 fair values are determined using standard valuation methodologies, such as the cost, market, and income approach. These methodologies require various assumptions, including those of a market participant. Other Assets, Net Other assets, net consist primarily of straight-line rent receivable (as discussed above), initial direct costs (as discussed above), deferred income taxes (see Note 17), goodwill (see Note 10), corporate assets (see Note 7), derivative assets (see Note 22), other equity investments (as discussed below and see Note 19), and prepaid expenses. Other Equity Investments The Company has certain investments recognized in accordance with ASC 321, Investments–Equity Securities , within other assets, net on the Consolidated Balance Sheets. These investments do not have readily determinable fair values and the practical expedient to estimate fair value using net asset value per share has not been elected. Accordingly, the investments are measured at cost, less any impairments, and are adjusted for any observable price changes, with such changes included in earnings. An observable price results from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes may result from equity transactions of the same issuer, including subsequent equity offerings. To determine whether transactions are indicative of an observable price change, the Company evaluates, among other factors, whether the transactions have similar rights and obligations, which include voting rights, distribution rights and preferences, and conversion features. Lessee Accounting For leases greater than 12 months for which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on the Consolidated Balance Sheets at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if they are considered reasonably certain of exercise. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company. Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s Consolidated Statements of Operations. For leases with a noncancellable lease term of 12 months or less for which the Company is the lessee, the Company recognizes expenses on a straight-line basis and does not recognize such leases on the Consolidated Balance Sheets. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows reflect external market factors and the expected use and eventual disposition of the asset, and based on the specific facts and circumstances, may be probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value. Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (primarily lease revenue rates, expense rates, and growth rates). When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Assets Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value. A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift may include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions In 2020, the Company concluded that the dispositions of its senior housing triple-net and SHOP portfolios represented a strategic shift that had a majo

The Merger

The Merger	12 Months Ended
	Dec. 31, 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, a wholly owned subsidiary of the Company (“DOC DR Holdco”), DOC DR, 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 ASC 805, Business Combinations , 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 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 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. Purchase Price Allocation For the Company’s real estate acquisitions that are accounted for as business combinations, such as the Merger, 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 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 estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands): Preliminary Amounts Recognized on the Closing Date Measurement Period Adjustments Amounts Recognized on the Closing Date (As Adjusted) ASSETS Real estate: Buildings and improvements $ 3,199,884 $ (6,889) $ 3,192,995 Development costs and construction in progress 68,171 — 68,171 Land and improvements 435,353 — 435,353 Real estate 3,703,408 (6,889) 3,696,519 Loans receivable 118,908 — 118,908 Investments in and advances to unconsolidated joint ventures 58,636 — 58,636 Accounts receivable, net (1) 9,536 (254) 9,282 Cash and cash equivalents 30,417 — 30,417 Restricted cash 1,007 — 1,007 Intangible assets (2) 890,827 — 890,827 Right-of-use asset 191,415 (113) 191,302 Other assets 44,691 (668) 44,023 Total assets $ 5,048,845 $ (7,924) $ 5,040,921 LIABILITIES AND EQUITY Term loans $ 402,320 $ — $ 402,320 Senior unsecured notes 1,139,760 — 1,139,760 Mortgage debt 127,176 — 127,176 Intangible liabilities (3) 149,875 — 149,875 Lease liability 97,160 (113) 97,047 Accounts payable, accrued liabilities, and other liabilities 72,864 (2,976) 69,888 Total liabilities $ 1,989,155 $ (3,089) $ 1,986,066 Redeemable noncontrolling interests 1,536 1,573 3,109 Joint venture partners (4) 20,109 (3,043) 17,066 Non-managing member unitholders (5) 116,618 — 116,618 Total noncontrolling interests $ 136,727 $ (3,043) $ 133,684 Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests $ 2,921,427 $ (3,365) $ 2,918,062 Goodwill 47,136 3,365 50,501 Total purchase price $ 2,968,563 $ — $ 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 10). (3) The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 10). (4) Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7% on the Closing Date. (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. The measurement period adjustments recorded through December 31, 2024 are final and were primarily the result of additional information obtained during the measurement period by the Company related to certain assets acquired and liabilities assumed and updated valuations of noncontrolling interests, resulting in an increase to goodwill of $3 million. Based on the final purchase price allocation of fair value, approximately $51 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 year ended December 31, 2024, the Company incurred approximately $129 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) $35 million of legal, accounting, tax, and other costs, and (v) $13 million of severance expense related to legacy Healthpeak employees. During the year ended December 31, 2023, the Company incurred approximately $11 million of merger-related costs, which primarily related to advisory, legal, accounting, tax, and other costs. 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 year ended December 31, 2024 include $473 million of revenues and $6 million of net loss applicable to common shares associated with the results of operations of legacy Physicians Realty Trust from the Closing Date to December 31, 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. Year Ended 2024 2023 Total revenues $ 2,765,670 $ 2,771,468 Net income (loss) applicable to common shares 353,347 24,630 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 $129 million that were incurred during the year ended December 31, 2024, were excluded from the unaudited pro forma financial information for the year ended December 31, 2024, but included for the year ended December 31, 2023. The year ended December 31, 2023 also includes $11 million of transaction and merger-related costs that were recognized during the year then ended.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments 2024 Real Estate Investment Acquisitions The Merger As a result of the Merger, the Company acquired 299 outpatient medical buildings (see Note 3). 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 9). 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 during the year ended December 31, 2023. 2022 Real Estate Investment Acquisitions 67 Smith Place In January 2022, the Company closed a lab acquisition in Cambridge, Massachusetts for $72 million. Vista Sorrento Phase II In January 2022, the Company closed a lab acquisition in San Diego, California for $24 million. Webster Outpatient Medical Portfolio In March 2022, the Company acquired a portfolio of two outpatient medical buildings in Houston, Texas for $43 million. Northwest Medical Plaza In May 2022, the Company acquired one outpatient medical building in Bentonville, Arkansas for $26 million. Concord Avenue Land Parcels In December 2022, the Company closed a lab acquisition in Cambridge, Massachusetts for $18 million. Development Activities Construction, Tenant, and Other Capital Improvements The following table summarizes the Company’s expenditures for construction, tenant improvements, and other capital improvements for its consolidated property investments, excluding expenditures related to properties classified as discontinued operations (in thousands): Year Ended December 31, Segment 2024 2023 2022 Outpatient medical $ 356,273 $ 236,135 $ 237,761 Lab 313,749 428,961 658,542 CCRC 66,741 109,465 65,691 $ 736,763 $ 774,561 $ 961,994

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate and Discontinued Operations	Dispositions of Real Estate and Discontinued Operations 2024 Dispositions of Real Estate During the year ended December 31, 2024, the Company sold: (i) 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 8), (ii) 14 outpatient medical buildings for $220 million, (iii) a portfolio of seven lab buildings for $180 million, (iv) a portfolio of two outpatient medical buildings for $23 million and provided the buyer with a mortgage loan secured by the real estate sold for $14 million (see Note 8), and (v) a portfolio comprised of a land parcel and various vacant buildings on certain of the Company’s CCRC campuses for $12 million, resulting in total net gain on sales of $179 million. 2023 Dispositions of Real Estate During the year ended December 31, 2023, the Company sold two lab buildings in Durham, North Carolina, for $113 million and two outpatient medical buildings for $32 million, resulting in total gain on sales of $81 million. 2022 Dispositions of Real Estate During the year ended December 31, 2022, the Company sold one lab building in Salt Lake City, Utah for $14 million and five outpatient medical buildings and one outpatient medical land parcel for $36 million, resulting in total gain on sales of $15 million. Held for Sale and Discontinued Operations As of December 31, 2024, one outpatient medical building was classified as held for sale, with a carrying value of $8 million, primarily comprised of net real estate assets. As of December 31, 2024, liabilities related to the asset held for sale were zero. 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 9) that were classified as held for sale as of December 31, 2023. In 2020, the Company concluded that the dispositions of its senior housing triple-net and SHOP portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, the results of senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. The Company has successfully completed the disposition of its senior housing triple-net and SHOP properties. At each of December 31, 2024 and 2023, the total assets and total liabilities classified as discontinued operations were zero. The results of discontinued operations during the years ended December 31, 2024, 2023, and 2022 are presented below (in thousands) and are included in the consolidated results of operations for the years ended December 31, 2024, 2023, and 2022: Year Ended December 31, 2024 2023 2022 Revenues: Resident fees and services $ — $ — $ 7,489 Total revenues — — 7,489 Costs and expenses: Operating — — 6,452 Total costs and expenses — — 6,452 Other income (expense): Gain (loss) on sales of real estate, net — — 1,344 Other income (expense), net — — 169 Total other income (expense), net — — 1,513 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures — — 2,550 Income tax benefit (expense) — — 270 Equity income (loss) from unconsolidated joint ventures — — 64 Income (loss) from discontinued operations $ — $ — $ 2,884

Impairments of Real Estate

Impairments of Real Estate	12 Months Ended
	Dec. 31, 2024
Asset Impairment Charges [Abstract]
Impairments of Real Estate	Impairments of Real Estate Impairment Charges During the year ended December 31, 2024, the Company recognized an impairment charge of $13 million, which is reported in impairments and loan loss reserves (recoveries), net, on the Consolidated Statements of Operations related to one outpatient medical building that met the held for sale criteria. Upon classifying the asset as held for sale, the Company recognized an impairment charge to write down the building’s carrying value of $21 million to its fair value, less estimated costs to sell, of $8 million. The fair value of the impaired asset was based on the forecasted sales price which is considered to be a Level 3 measurement within the fair value hierarchy. The Company’s fair value estimates primarily relied on a market approach, which utilized comparable market transactions and negotiations with prospective buyers. During the years ended December 31, 2023 and 2022, the Company did not recognize any impairment charges. Casualty-Related Charges During the years ended December 31, 2024, 2023, and 2022, the Company recognized $30 million, $(3) million, and $6 million, respectively, of net casualty-related charges (recoveries). During the year ended December 31, 2024, such charges were primarily related to damages as a result of Hurricane Milton, partially offset by recoveries from proceeds received for water damage at an outpatient medical building during the year then ended. During the year ended December 31, 2023, such recoveries were primarily attributable to proceeds received for water damage at an outpatient medical building. During the year ended December 31, 2022, such charges were primarily attributable to damages as a result of Hurricane Ian. Casualty-related charges are recognized in other income (expense), net and equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. Also during the years ended December 31, 2024, 2023, and 2022, the Company collected business interruption proceeds of $0.7 million, $4 million, and $3 million, respectively, which are recognized in rental and related revenues and resident fees and services on the Consolidated Statements of Operations. Other Losses During the year ended December 31, 2022, the Company recognized $14 million of expenses within other income (expense), net on the Consolidated Statements of Operations for tenant relocation and other costs associated with the demolition of an outpatient medical building. See Note 8 for information related to the Company’s reserve for loan losses.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Year Ended December 31, 2024 2023 2022 Fixed income from operating leases $ 1,530,493 $ 1,236,502 $ 1,182,463 Variable income from operating leases 556,703 395,303 359,312 Interest income from direct financing leases — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under a DFL for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net on the Consolidated Statements of Operations. Therefore, at December 31, 2024 and 2023, the Company had no leases classified as a DFL. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2024 (in thousands): Year Amount 2025 $ 1,427,402 2026 1,339,275 2027 1,246,068 2028 1,138,062 2029 1,003,394 Thereafter 3,681,731 $ 9,835,932 Tenant Purchase Options Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of 2025 $ 16,109 12 2026 19,071 8 2027 8,415 4 2028 16,209 5 2029 6,053 7 Thereafter 22,364 9 $ 88,221 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues). Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2024 2023 2022 Total lease expense $ 22,768 $ 17,010 $ 16,689 Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases (1) 48 51 Weighted average discount rate: Operating leases 4.79 % 4.23 % _______________________________________ (1) As of December 31, 2024 and 2023, the weighted average remaining lease term including the Company’s options to extend its operating leases was 66 years and 67 years, respectively. The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2024 (in thousands): Year Amount 2025 $ 21,514 2026 18,423 2027 18,434 2028 18,489 2029 18,687 Thereafter 738,666 Undiscounted minimum lease payments included in the lease liability 834,213 Less: imputed interest (526,993) Present value of lease liability $ 307,220 Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s Consolidated Balance Sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s Consolidated Statements of Operations. As of December 31, 2024 and 2023, the Company had $38 million and $39 million of corporate assets, respectively. Also included within other assets, net as of December 31, 2024 and 2023 is $8 million and $10 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2024, 2023, and 2022 is $2 million, $3 million, and $3 million, respectively, of depreciation expense related to corporate assets. Denver Corporate Headquarters During the year ended December 31, 2022, the Company recognized $7 million of charges in connection with the downsizing of the Company’s corporate headquarters in Denver, Colorado which are included in general and administrative expenses on the Consolidated Statements of Operations. 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. The Company filed proofs of claim for related damages during the year ended December 31, 2023, $4 million of which was received by the Company by drawing on Sorrento’s letters of credit and security deposits. These cash proceeds 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 December 31, 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 was 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, extended the weighted average lease term of existing leases from July 2027 to December 2035, amended the contractual rents to current market rates, and increased the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit was 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. These termination rights were evaluated for likelihood of exercise in accordance with ASC 842 in the determination of the lease term. During the year ended December 31, 2024, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues.
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Year Ended December 31, 2024 2023 2022 Fixed income from operating leases $ 1,530,493 $ 1,236,502 $ 1,182,463 Variable income from operating leases 556,703 395,303 359,312 Interest income from direct financing leases — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under a DFL for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net on the Consolidated Statements of Operations. Therefore, at December 31, 2024 and 2023, the Company had no leases classified as a DFL. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2024 (in thousands): Year Amount 2025 $ 1,427,402 2026 1,339,275 2027 1,246,068 2028 1,138,062 2029 1,003,394 Thereafter 3,681,731 $ 9,835,932 Tenant Purchase Options Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of 2025 $ 16,109 12 2026 19,071 8 2027 8,415 4 2028 16,209 5 2029 6,053 7 Thereafter 22,364 9 $ 88,221 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues). Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2024 2023 2022 Total lease expense $ 22,768 $ 17,010 $ 16,689 Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases (1) 48 51 Weighted average discount rate: Operating leases 4.79 % 4.23 % _______________________________________ (1) As of December 31, 2024 and 2023, the weighted average remaining lease term including the Company’s options to extend its operating leases was 66 years and 67 years, respectively. The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2024 (in thousands): Year Amount 2025 $ 21,514 2026 18,423 2027 18,434 2028 18,489 2029 18,687 Thereafter 738,666 Undiscounted minimum lease payments included in the lease liability 834,213 Less: imputed interest (526,993) Present value of lease liability $ 307,220 Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s Consolidated Balance Sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s Consolidated Statements of Operations. As of December 31, 2024 and 2023, the Company had $38 million and $39 million of corporate assets, respectively. Also included within other assets, net as of December 31, 2024 and 2023 is $8 million and $10 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2024, 2023, and 2022 is $2 million, $3 million, and $3 million, respectively, of depreciation expense related to corporate assets. Denver Corporate Headquarters During the year ended December 31, 2022, the Company recognized $7 million of charges in connection with the downsizing of the Company’s corporate headquarters in Denver, Colorado which are included in general and administrative expenses on the Consolidated Statements of Operations. 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. The Company filed proofs of claim for related damages during the year ended December 31, 2023, $4 million of which was received by the Company by drawing on Sorrento’s letters of credit and security deposits. These cash proceeds 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 December 31, 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 was 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, extended the weighted average lease term of existing leases from July 2027 to December 2035, amended the contractual rents to current market rates, and increased the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit was 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. These termination rights were evaluated for likelihood of exercise in accordance with ASC 842 in the determination of the lease term. During the year ended December 31, 2024, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues.
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Year Ended December 31, 2024 2023 2022 Fixed income from operating leases $ 1,530,493 $ 1,236,502 $ 1,182,463 Variable income from operating leases 556,703 395,303 359,312 Interest income from direct financing leases — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under a DFL for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net on the Consolidated Statements of Operations. Therefore, at December 31, 2024 and 2023, the Company had no leases classified as a DFL. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2024 (in thousands): Year Amount 2025 $ 1,427,402 2026 1,339,275 2027 1,246,068 2028 1,138,062 2029 1,003,394 Thereafter 3,681,731 $ 9,835,932 Tenant Purchase Options Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of 2025 $ 16,109 12 2026 19,071 8 2027 8,415 4 2028 16,209 5 2029 6,053 7 Thereafter 22,364 9 $ 88,221 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues). Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2024 2023 2022 Total lease expense $ 22,768 $ 17,010 $ 16,689 Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases (1) 48 51 Weighted average discount rate: Operating leases 4.79 % 4.23 % _______________________________________ (1) As of December 31, 2024 and 2023, the weighted average remaining lease term including the Company’s options to extend its operating leases was 66 years and 67 years, respectively. The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2024 (in thousands): Year Amount 2025 $ 21,514 2026 18,423 2027 18,434 2028 18,489 2029 18,687 Thereafter 738,666 Undiscounted minimum lease payments included in the lease liability 834,213 Less: imputed interest (526,993) Present value of lease liability $ 307,220 Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s Consolidated Balance Sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s Consolidated Statements of Operations. As of December 31, 2024 and 2023, the Company had $38 million and $39 million of corporate assets, respectively. Also included within other assets, net as of December 31, 2024 and 2023 is $8 million and $10 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2024, 2023, and 2022 is $2 million, $3 million, and $3 million, respectively, of depreciation expense related to corporate assets. Denver Corporate Headquarters During the year ended December 31, 2022, the Company recognized $7 million of charges in connection with the downsizing of the Company’s corporate headquarters in Denver, Colorado which are included in general and administrative expenses on the Consolidated Statements of Operations. 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. The Company filed proofs of claim for related damages during the year ended December 31, 2023, $4 million of which was received by the Company by drawing on Sorrento’s letters of credit and security deposits. These cash proceeds 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 December 31, 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 was 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, extended the weighted average lease term of existing leases from July 2027 to December 2035, amended the contractual rents to current market rates, and increased the annual contractual lease escalations from 2.5% to 3.0%. In connection with this extension, CommonSpirit was 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. These termination rights were evaluated for likelihood of exercise in accordance with ASC 842 in the determination of the lease term. During the year ended December 31, 2024, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2024 2023 Secured loans (1)(2) $ 638,482 $ 178,678 CCRC resident loans 61,273 42,733 Mezzanine loans (2) 50,314 — Unamortized discounts and fees (3) (22,380) (131) Reserve for loan losses (10,499) (2,830) Loans receivable, net $ 717,190 $ 218,450 _______________________________________ (1) At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects, of which $49 million related to loans acquired as part of the Merger. 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 December 31, 2024, includes net unamortized discounts of $3 million related to the loans receivable acquired as part of the Merger (see Note 3) and an $18 million unamortized mark-to-market discount related to the Outpatient Medical Seller Financing as discussed below. During the years ended December 31, 2024, 2023, and 2022, the Company recognized $40 million, $22 million, and $22 million, respectively, of interest income related to loans receivable in interest income and other on the Consolidated Statements of Operations. 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 December 31, 2024, unamortized net discounts on the secured loans and mezzanine loans acquired were $1 million and $2 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. Sunrise Senior Housing Portfolio Seller Financing In conjunction with the sale of 32 SHOP facilities for $664 million in January 2021, the Company provided the buyer with initial financing of $410 million. The remainder of the sales price was received in cash at the time of sale. Additionally, the Company agreed to provide up to $92 million of additional financing for capital expenditures (up to 65% of the estimated cost of capital expenditures). The initial and additional financing is secured by the buyer’s equity ownership in each property. In June 2023, the interest rate on this secured loan was converted from a variable rate based on the London Interbank Offered Rate (“LIBOR”) to a variable rate based on Term Secured Overnight Financing Rate (“SOFR”) (plus a 10 basis point adjustment related to SOFR transition). The Company received partial principal repayments of $246 million during the year ended December 31, 2021 and $45 million during the year ended December 31, 2022 in conjunction with dispositions 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 December 31, 2024, the Company had no 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 December 31, 2024 and 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 and the maturity date was extended to January 2025. The interest rate on the loan remained as Term SOFR Outpatient Medical Seller Financing In conjunction with the sale of 59 outpatient medical buildings for $674 million in July 2024 and the 2 outpatient medical buildings for $23 million in November 2024 (see Note 5), the Company provided the buyer with a mortgage loan secured by the real estate sold for $405 million and $14 million, respectively. The remainder of the sales price was received in cash at the time of sales. 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. The Company also received a $1 million loan origination fee in connection with the loan, which is being recognized in interest income over the remaining term of the loan. In connection with this seller financing, the Company reduced the gain on sales of real estate and recognized a mark-to-market discount of $21 million during the year ended December 31, 2024. This discount is based on the difference between the stated interest rate and the corresponding prevailing market rate as of the transaction date. The discount is recognized as interest income over the term of the discounted loan using the effective interest rate method. During the year ended December 31, 2024, the Company recognized $3 million of non-cash interest income related to the amortization of this mark-to-market discount. 2025 Other Loans Receivable Transactions In January 2025, the Company entered into a secured loan to provide up to $75 million to fund a portion of the acquisition and redevelopment of a lab building on a campus in San Diego, California. The initial term of this secured loan matures in January 2029 and includes one 12-month extension option. The stated fixed interest rate of this secured loan is 8%. Through January 2025, $28 million has been funded under this agreement. In January 2025, the Company received full repayment of the outstanding balance of one $15 million secured loan with an original maturity of July 2027. As a result of this repayment, the $85 million of remaining commitments as of December 31, 2024 to fund additional loans for outpatient medical capital expenditure projects was reduced to $67 million. 2024 Other Loans Receivable Transactions During the year ended December 31, 2024, the Company entered into and funded a $15 million mezzanine loan with a fixed interest rate of 11.00% and extended the maturity dates of the following: (i) one secured loan with an outstanding balance of $12 million from June 2024 to June 2025; (ii) one mezzanine loan with an outstanding balance of $2 million from May 2026 to May 2027; (iii) one mezzanine loan with an outstanding balance of $2 million from October 2024 to April 2026; and (iv) one mezzanine loan with an outstanding balance of $1 million from June 2024 to June 2025. Additionally, during the year ended December 31, 2024, the Company entered into a construction loan agreement to provide up to $36 million to fund a portion of the construction of an outpatient medical building. This secured loan matures in December 2028 and has a stated fixed interest rate of 8.00%. As of December 31, 2024, there were no fundings under this agreement. 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 2022 Other Loans Receivable Transactions In May 2022, the Company received full repayment of the outstanding balance of one $2 million secured loan. In November 2022, the Company received full repayment of the outstanding balance of one $1 million mezzanine loan. In December 2022, the Company extended the maturity dates of four secured loans with an aggregate outstanding balance of $61 million, originally scheduled to mature in December 2022, by one year to December 2023. In connection with the extensions, the interest rates on the loans were increased to a variable rate based on Term SOFR (plus a 10 basis point adjustment related to SOFR transition) with a floor of 8.5% for the first six months of the extended term, increasing to a floor of 10.5% for the last six months of the extended term. All four of these secured loans were repaid during 2023 as discussed above. CCRC Resident Loans For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the resident’s previous home. At December 31, 2024 and 2023, the Company held $61 million and $43 million, respectively, of such notes receivable. Loans Receivable Internal Ratings Refer to Note 2 for a discussion of the Company’s quarterly review process over its loans receivable and the related internal ratings process. 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 December 31, 2024 (in thousands): Investment Type Year of Origination (1) Total 2024 2023 2022 2021 2020 Prior Secured loans Risk rating: Performing loans $ 433,801 $ 48,663 $ 25,232 $ 105,088 $ — $ — $ 612,784 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 433,801 $ 48,663 $ 25,232 $ 105,088 $ — $ — $ 612,784 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — Mezzanine loans Risk rating: Performing loans $ 13,653 $ 5,284 $ 4,446 $ 6,572 $ 10,094 $ 3,084 $ 43,133 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine loans $ 13,653 $ 5,284 $ 4,446 $ 6,572 $ 10,094 $ 3,084 $ 43,133 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 59,321 $ 1,790 $ 162 $ — $ — $ — $ 61,273 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 59,321 $ 1,790 $ 162 $ — $ — $ — $ 61,273 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — _______________________________________ (1) Additional fundings under existing loans are included in the year of origination of the initial loan. Reserve for Loan Losses Refer to Note 2 for a discussion of the Company’s assessment of current expected credit losses for loans receivable and unfunded loan commitments. The following table summarizes the Company’s reserve for loan losses (in thousands): December 31, 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 2,744 4,925 7,669 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 $ 5,574 $ 4,925 $ 10,499 $ 2,830 $ — $ 2,830 _______________________________________ (1) Includes CCRC resident loans. Additionally, at December 31, 2024 and 2023, a liability of $2.9 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 year ended December 31, 2024 is primarily due to reserves recognized on secured loans and mezzanine loans receivable acquired as part of the Merger.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 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 December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2024 2023 South San Francisco JVs (3) Lab 7 70 $ 446,145 $ 393,374 SWF SH JV Other 19 54 322,551 332,693 Callan Ridge JV Lab 2 35 69,709 — PMAK JV (4) Outpatient medical 59 12 32,511 — Lab JV Lab 1 49 29,916 31,761 Needham Land Parcel JV (5) Lab — 38 21,348 17,084 Davis JV (4) Outpatient medical 15 49 7,435 — Outpatient Medical JVs (6) Outpatient medical 2 20 - 67 7,199 7,941 $ 936,814 $ 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 December 31, 2024. (3) Includes multiple unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. (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 December 31, 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. At December 31, 2024 and 2023, the aggregate unamortized basis difference of the Company’s investments in unconsolidated joint ventures of $42 million and $49 million, respectively, is primarily attributable to the difference between the amount for which the Company purchased its interest in certain joint ventures and the historical carrying value of the net assets of the related joint ventures and capitalized interest related to the redevelopment activities at the South San Francisco JVs. The differences are amortized over the remaining useful lives of the related assets and are included in equity income (loss) from unconsolidated joint ventures. South San Francisco JVs On August 1, 2022, the Company sold a 30% interest in seven lab buildings in South San Francisco, California to a sovereign wealth fund (“SWF Partner”) for cash of $126 million. Following this transaction, the Company and the SWF Partner share in key decisions of the assets through their voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 70% investment in the South San Francisco joint ventures (the “South San Francisco JVs”) at fair value, and accounting for its investment using the equity method. The fair values of the Company’s retained investment were based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. During the year ended December 31, 2022, the Company recognized a gain upon change of control of $311 million, which is recorded in other income (expense), net. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to the South San Francisco JVs when certain conditions are met. 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 year ended December 31, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 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): December 31, Intangible lease assets 2024 2023 Gross intangible lease assets (1) $ 1,468,985 $ 739,228 Accumulated depreciation and amortization (2) (651,731) (425,072) Intangible assets, net $ 817,254 $ 314,156 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) As of December 31, 2024 and 2023, includes $1.42 billion and $725 million, respectively, of gross lease-up intangibles and $45 million and $14 million, respectively, of gross above market lease intangibles. (2) As of December 31, 2024 and 2023, includes $640 million and $418 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $12 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): December 31, Intangible lease liabilities 2024 2023 Gross intangible lease liabilities $ 351,602 $ 228,105 Accumulated depreciation and amortization (159,718) (100,725) Intangible liabilities, net $ 191,884 $ 127,380 Weighted average remaining amortization period in years 9 7 The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands): Year Ended December 31, 2024 2023 2022 Depreciation and amortization expense related to amortization of lease-up intangibles $ 273,146 $ 102,249 $ 104,885 Rental and related revenues related to amortization of net below market lease liabilities 62,894 27,012 24,640 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. Also on the Closing Date of the Merger, the Company assumed 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. The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands): Rental and Related Revenues Depreciation and Amortization 2025 $ 32,618 $ 256,925 2026 29,231 171,520 2027 23,304 107,925 2028 17,899 77,072 2029 13,168 53,829 Thereafter 42,816 117,135 $ 159,036 $ 784,406 Goodwill On the Closing Date of the Merger, inclusive of measurement period adjustments, the Company recognized goodwill of $51 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 December 31, 2024 and 2023, goodwill was allocated to the Company’s segment assets as follows (in thousands): Segment December 31, December 31, Outpatient medical $ 64,680 $ 14,178 CCRC 1,998 1,998 Other non-reportable 1,851 1,851 $ 68,529 $ 18,027 During the years ended December 31, 2024, 2023, and 2022, the fair value of the assets within each of the Company’s reporting units was greater than the respective carrying value of the assets and related goodwill, and as a result, no impairment charges were recognized.

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, 2024, the 2028 Term Loan had a blended fixed effective interest rate of 4.44%, inclusive of the impact of these interest rate swap instruments and amortization of the related premium. See also Note 22 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 1.00%. 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 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 22), which matured in October 2024. 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 with two six-month extension options, subject to certain customary conditions. On February 10, 2023, the Company executed an amendment to the Revolving Facility to convert the interest rate benchmark from LIBOR to SOFR. On March 1, 2024, concurrently with the consummation of the Merger, the Company executed an amendment to the Revolving Facility to, among other things, join DOC DR Holdco and DOC DR OP Sub as guarantors of Healthpeak OP’s obligations under the Revolving Facility. In December 2024, the Company amended and restated its Revolving Facility to extend the maturity date to January 19, 2029. 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. The Company also pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at December 31, 2024, and inclusive of a 10 basis point adjustment related to SOFR 0.88% and the facility fee was 0.15%. The Revolving Facility includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. At each of December 31, 2024 and 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 have 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 In August 2022, the Company entered into two forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 22). 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 December 31, 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 December 31, 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 0.95%. In January 2024, the Company entered into forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 22). 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 December 31, 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 December 31, 2024 and 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 December 31, 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 December 31, 2024 and 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. During each of the years ended December 31, 2024, 2023, and 2022, the Company recognized $9 million of interest expense related to fees and amortization of debt issuance costs related to its Commercial Paper Program and Revolving Facility. At December 31, 2024, the Company had $150 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately 25 days and a weighted average interest rate of 4.65%. 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 December 31, 2024 and 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 December 31, 2024. During the year ended December 31, 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. During the year ended December 31, 2022, there were no issuances, repurchases, or redemptions of senior unsecured notes. In February 2025, the Company repaid $348 million aggregate principal amount of 3.40% senior unsecured notes at maturity. Mortgage Debt At December 31, 2024 and 2023, the Company had $356 million and $255 million, respectively, in aggregate principal of mortgage debt outstanding. At December 31, 2024, this mortgage debt was secured by 19 outpatient medical buildings and 2 CCRCs, with an aggregate carrying value of $770 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 the years ended December 31, 2024, 2023, and 2022, the Company made aggregate principal repayments of mortgage debt of $27 million, $90 million, and $5 million, respectively (excluding mortgage debt on assets held for sale and discontinued operations). Included in the $27 million of aggregate principal payments of mortgage debt for the year ended December 31, 2024 was a $23 million full principal repayment of mortgage debt secured by one outpatient medical building acquired as part of the Merger that matured in November 2024. Included in the $90 million of aggregate principal repayments of mortgage debt for the year ended December 31, 2023 was an $85 million full principal repayment of mortgage debt secured by one CCRC that matured in December 2023. 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 22). 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 December 31, 2024 (dollars in thousands): Senior Unsecured Notes (3) Mortgage Debt (4) Year Bank Line of Credit (1) Commercial Paper (1)(2) Term Loans Amount Interest Rate (5) Amount Interest Rate (5) Total 2025 $ — $ — $ — $ 800,000 3.92 % $ 7,432 6.28 % $ 807,432 2026 — — — 650,000 3.40 % 344,999 5.13 % 994,999 2027 — — 500,000 850,000 3.23 % 842 5.59 % 1,350,842 2028 — — 400,000 850,000 3.53 % 2,775 5.34 % 1,252,775 2029 — 150,000 750,000 650,000 3.65 % — — % 1,550,000 Thereafter — — — 2,900,000 4.51 % — — % 2,900,000 — 150,000 1,650,000 6,700,000 356,048 8,856,048 Premiums, (discounts), and debt issuance costs, net — — (3,957) (136,744) 702 (139,999) $ — $ 150,000 $ 1,646,043 $ 6,563,256 $ 356,750 $ 8,716,049 _______________________________________ (1) As of December 31, 2024, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $18 million, which are recorded in other assets, net on the Consolidated Balance Sheets. (2) Commercial Paper Program borrowings are backstopped by the availability under 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. (3) 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 approximately 5 years. (4) Effective interest rates on the mortgage debt range from 3.44% to 8.50% with a weighted average effective interest rate of 5.16% and a weighted average maturity of approximately 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. (5) 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	12 Months Ended
	Dec. 31, 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 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. As of December 31, 2024, the Company had indemnification agreements on a total of 41 properties within its DownREITs. In January 2025, indemnification agreements on 13 properties expired. Additionally, the Company owns a 49% interest in the Lab JV (see Note 9). 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. Commitments The following table summarizes the Company’s material commitments, excluding obligations as the lessee under operating leases (see Note 7), commitments to fund additional loans for outpatient medical capital expenditure projects (see Note 8), debt service obligations (see Note 11), and potential future obligations related to redeemable noncontrolling interests (see Note 13) at December 31, 2024 (in thousands): Amount Development and redevelopment commitments (1) $ 199,139 Lease and other contractual commitments (2) 84,654 Letters of credit (3) 11,929 $ 295,722 _______________________________________ (1) Represents construction and other commitments as of December 31, 2024 for developments and redevelopments in progress and includes allowances for Company-owned tenant improvements that the Company has provided as a lessor. (2) Represents the Company’s commitments, as lessor, under signed leases and contracts for operating properties as of December 31, 2024 and includes allowances for Company-owned tenant improvements and leasing commissions. Excludes allowances for Company-owned tenant improvements related to developments and redevelopments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development and redevelopment commitments” line). (3) Represents 15 outstanding letter of credit obligations expiring in 2025 and one outstanding letter of credit obligation expiring in 2026. Environmental Costs Various environmental laws govern certain aspects of the ongoing management and operation of our facilities, including those related to presence of asbestos-containing materials. The presence of, or the failure to manage and/or remediate, such materials may adversely affect the occupancy and performance of the Company’s facilities. The Company monitors its properties for the presence of such hazardous or toxic substances and is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition, or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations, and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage, and current industry practice. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, workers’ compensation, flood, windstorm, earthquake, environmental, cyber, and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood, and windstorm occurrences for which the related insurances carry high deductibles and have limits.

Equity and Redeemable Noncontro

Equity and Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On February 3, 2025, the Company’s Board of Directors declared a quarterly common stock cash dividend of $0.305 per share, reflecting an increase from $0.30 to $0.305 per share. The common stock cash dividend will be paid on February 26, 2025 to stockholders of record as of the close of business on February 14, 2025. During each of the years ended December 31, 2024, 2023, and 2022, the Company declared and paid common stock cash dividends of $1.20. 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 December 31, 2024, $1.5 billion of the Company’s common stock remained available for sale under the 2023 ATM Program. ATM Forward Contracts During the year ended December 31, 2021, the Company utilized the forward provisions under the 2020 ATM Program to allow for the sale of an aggregate of 9.1 million shares of its common stock at an initial weighted average net price of $35.25 per share, after commissions. In December 2022, the Company settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of $34.01 per share, after commissions, resulting in net proceeds of $308 million. During the years ended December 31, 2024, 2023, and 2022 the Company did not utilize the forward provisions under the ATM Programs. ATM Direct Issuances During each of the years ended December 31, 2024, 2023, and 2022, 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 year ended December 31, 2022, the Company repurchased 2.1 million shares of its common stock under the 2022 Share Repurchase Program at a weighted average price of $27.16 per share for a total of $56 million. During the year ended December 31, 2023, there were no repurchases under the 2022 Share Repurchase Program. During the year ended December 31, 2024, the Company repurchased 10.5 million shares of its common stock under the 2022 Share Repurchase Program at a weighted average price of $17.98 per share for a total of $188 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. As of December 31, 2024, no shares have been repurchased under the 2024 Share Repurchase Program. Therefore, at December 31, 2024, $500 million of the Company’s common stock remained available for repurchase under the 2024 Share Repurchase Program. Other Common Stock Activities The following table summarizes the Company’s other common stock activities (in thousands): Year Ended December 31, 2024 2023 2022 Dividend reinvestment and stock purchase plan $ 57 $ 70 $ 59 Conversion of DownREIT units 256 72 27 Vesting of restricted stock units 377 613 820 Repurchase of common stock 10,592 241 2,418 Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): December 31, 2024 2023 Unrealized gains (losses) on derivatives, net $ 30,707 $ 21,245 Supplemental Executive Retirement Plan minimum liability (1,889) (1,874) Total accumulated other comprehensive income (loss) $ 28,818 $ 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 December 31, 2024. This interest will become redeemable in September 2025. In April 2024, the Company exercised its option to buy out four redeemable noncontrolling interests that met the criteria for redemption. Accordingly, during the year ended December 31, 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. Subsequent to the Reorganization, OP Unitholders were issued approximately 2 million OP Units during the year ended December 31, 2023, all of which were LTIP Units (as defined in Note 15). During the year ended December 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 December 31, 2024, there were approximately 3 million OP Units outstanding and 76 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 December 31, 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 December 31, 2024, the carrying value of the 11 million DownREIT units was $310 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	12 Months Ended
	Dec. 31, 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 13 for a discussion of the sale of shares under and settlement of forward sales agreements during the periods presented. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended December 31, 2024 2023 2022 Numerator - Basic Income (loss) from continuing operations $ 267,303 $ 334,757 $ 513,540 Noncontrolling interests’ share in continuing operations (24,161) (28,748) (15,975) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 243,142 306,009 497,565 Less: Participating securities’ share in continuing operations (758) (1,725) (2,657) Income (loss) from continuing operations applicable to common shares 242,384 304,284 494,908 Income (loss) from discontinued operations — — 2,884 Net income (loss) applicable to common shares $ 242,384 $ 304,284 $ 497,792 Numerator - Dilutive Net income (loss) applicable to common shares $ 242,384 $ 304,284 $ 497,792 Add: distributions on dilutive convertible units and other 107 — — Dilutive net income (loss) available to common shares $ 242,491 $ 304,284 $ 497,792 Denominator Basic weighted average shares outstanding 675,680 547,006 538,809 Dilutive potential common shares - equity awards (1) 148 269 338 Dilutive potential common shares - OP Units (2) 405 — — Diluted weighted average common shares 676,233 547,275 539,147 Basic earnings (loss) per common share Continuing operations $ 0.36 $ 0.56 $ 0.92 Discontinued operations — — 0.00 Net income (loss) applicable to common shares $ 0.36 $ 0.56 $ 0.92 Diluted earnings (loss) per common share Continuing operations $ 0.36 $ 0.56 $ 0.92 Discontinued operations — — 0.00 Net income (loss) applicable to common shares $ 0.36 $ 0.56 $ 0.92 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the year ended December 31, 2024, represents the dilutive impact of 3 million outstanding OP Units.

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (the “2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan, which was amended and restated in 2019 and further amended in 2023 (the “2014 Plan”). Following the adoption of the 2014 Plan, no new awards were issued under the 2006 Plan. On April 27, 2023, the Company’s stockholders approved the 2023 Performance Plan (the “2023 Plan” and collectively with the 2006 Plan and the 2014 Plan, the “Plans”). Following the adoption of the 2023 Plan, no new awards may be issued under the 2014 Plan. The Plans provide for the granting of stock-based compensation to officers, employees, and directors, including stock options, restricted stock, restricted stock units, and with respect to the 2014 and 2023 Plans, profits interests in Healthpeak OP (“LTIP Units”). The maximum number of shares reserved for awards under the 2023 Plan is 31 million shares, and, as of December 31, 2024, 28 million of the reserved shares under the 2023 Plan are available for future awards, of which 19 million shares may be issued as restricted stock, restricted stock units, or LTIP Units. Restricted Stock Units Under the Plans, time-based restricted stock units and market-based restricted stock units (collectively, “Restricted Stock Units”) are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control, or other specified events. The fair market value of Restricted Stock Units is expensed over the period of vesting. Time-based restricted stock units, which vest based solely upon passage of time, generally vest on a graded schedule over a period of one 0% to 200% of target depending on the level of achievement of the performance criteria. The fair value of market-based restricted stock units is determined based on the Monte Carlo valuation model primarily using the following assumptions for awards granted during the years ended December 31, 2024, 2023, and 2022, respectively: (i) expected term of 3 years, 3 years, and 3 years (equal to the remaining performance period at the grant date), (ii) historical volatility of 26.0%, 33.0%, and 38.9%, (iii) dividend yield of 5.2%, 4.4%, and 3.5%, (iv) risk-free rate of 4.5%, 4.4%, and 1.8%, and (v) post-vesting restrictions discount of 10.0%, 10.0%, and 5.8%. The total grant date fair value of time-based restricted stock units and market-based restricted stock units granted during the years ended December 31, 2024, 2023, and 2022 was $11 million, $9 million, and $27 million, respectively. The total fair value (at vesting) of time-based restricted stock units and market-based restricted stock units that vested during the years ended December 31, 2024, 2023, and 2022 was $7 million, $16 million, and $27 million, respectively. Upon vesting of Restricted Stock Units, the participant is required to pay the related tax withholding obligation, as applicable. The Company reduces the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During the years ended December 31, 2024, 2023, and 2022, the Company withheld 123,000, 241,000, and 356,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the Restricted Stock Units. LTIP Units During each of the years ended December 31, 2024 and 2023, approximately 2 million LTIP Units were issued to officers of the Company. These awards are designed to qualify as “profits interests” in Healthpeak OP for federal income tax purposes. Such interests are initially not economically equivalent in value to a share of common stock until reaching one-for-one parity with the Company’s common stock, subject to any vesting conditions applicable to the award. When certain conditions are met, LTIP Units are converted to common units, which may then be redeemed for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP (see also Note 13). Under the Plans, time-based LTIP Units and market-based LTIP Units (collectively, “LTIP Units”), are granted subject to certain restrictions. Time-based LTIP Units, which vest solely upon passage of time, generally vest over a period of three Dividends and Distributions Holders of time-based restricted stock units and time-based LTIP Units are generally entitled to receive dividends and distributions, respectively, equal to the amount that would be paid on an equivalent number of shares of common stock. Market-based restricted stock units receive cumulative cash dividends upon vesting for the entirety of the performance period based on the level of achievement of the performance criteria. The market-based LTIP Units receive cash distributions equal to 10% of the quarterly dividends paid on the Company’s common stock during the performance period. Based on the level of achievement of the performance criteria at the end of the performance period, the market-based LTIP Units receive distributions in the form of additional LTIP Units for amounts ultimately vested during the performance period, less cash distributions already paid. Stock Options There have been no grants of stock options since 2014. Stock options outstanding and exercisable were zero at December 31, 2024 and 0.2 million at December 31, 2023. There were no stock options exercised under the Plans for the years ended December 31, 2024, 2023, and 2022. No compensation cost related to stock options was incurred during the years ended December 31, 2024, 2023, and 2022. The following table summarizes Restricted Stock Unit and LTIP Unit activity for the year ended December 31, 2024 (units in thousands): Restricted Stock Units LTIP Units Number of Units Weighted Number of Units Weighted Unvested at January 1, 2024 879 $ 29.91 1,894 $ 14.26 Granted 597 17.69 1,511 8.75 Vested (377) 28.88 (199) 17.43 Forfeited (224) 27.20 (304) 12.70 Unvested at December 31, 2024 875 $ 22.70 2,902 $ 10.88 Total stock-based compensation cost was $20 million, $19 million, and $32 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was recognized in general and administrative expenses. The year ended December 31, 2022 included $10 million of severance-related charges resulting from a decrease in the requisite service period of restricted stock units associated with the Company's former CEO, as further described below. Of the total stock-based compensation cost, $4 million was capitalized as part of real estate for each of the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024, there was $22 million of future expenses related to unvested stock-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of 1.6 years associated with future employee service. Compensation cost recognized for all Restricted Stock Units and LTIP Units is net of actual forfeitures. Departure of Executives On October 6, 2022, the Company and Thomas M. Herzog mutually agreed that Mr. Herzog would step down from his position as CEO and from the board of directors of the Company, effective immediately. On November 1, 2022, the Company and Troy E. McHenry mutually agreed that Mr. McHenry would step down from his position as Chief Legal Officer and General Counsel, effective immediately. During the fourth quarter of 2022, the Company recognized total severance-related charges of $33 million in general and administrative expenses on the Consolidated Statements of Operations, $10 million of which related to a decrease in the requisite service period of Restricted Stock Units as discussed above. These Restricted Stock Units continue to vest in accordance with the original terms of the grants. As of December 31, 2024 and 2023, $4 million and $8 million of these severance-related charges have not yet been paid and were included in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.

Segment Disclosures

Segment Disclosures	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company’s operating segments, based on how its CODM, the President and Chief Executive Officer, evaluates the business and allocates resources, are as follows: (i) outpatient medical, (ii) lab, (iii) CCRC, (iv) an interest in an unconsolidated joint venture that owns 19 senior housing assets (the “SWF SH JV”), and (v) loans receivable. The Company’s reportable segments, as determined in accordance with ASC 280, Segment Reporting , are as follows: (i) outpatient medical, (ii) lab, and (iii) CCRC. The SWF SH JV and loans receivable are non-reportable segments that have been presented on a combined basis within the Notes to the Consolidated Financial Statements herein. The accounting policies of the segments are the same as those described in the Company’s Summary of Significant Accounting Policies (see Note 2). The CODM evaluates performance based on property Adjusted NOI. Adjusted NOI is used to evaluate performance 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. Adjusted NOI represents 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 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. Segment assets consist of real estate assets, intangible assets, and right-of-use assets. 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, other assets, and real estate assets held for sale. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources. The following tables summarize information for the reportable segments for the year ended December 31, 2024 (in thousands): Outpatient Medical Lab CCRC Total Total revenues $ 1,205,744 $ 881,452 $ 568,475 $ 2,655,671 Healthpeak’s share of unconsolidated joint venture total revenues 24,041 19,733 — 43,774 Noncontrolling interests’ share of consolidated joint venture total revenues (37,643) (196) — (37,839) Operating expenses (1) (405,993) (239,620) (429,248) (1,074,861) Healthpeak’s share of unconsolidated joint venture operating expenses (9,034) (6,366) — (15,400) Noncontrolling interests’ share of consolidated joint venture operating expenses 10,582 52 — 10,634 Adjustments to NOI (2) (38,967) (64,449) (3,123) (106,539) Adjusted NOI for reportable segments $ 748,730 $ 590,606 $ 136,104 $ 1,475,440 Plus: Adjustments to NOI (2) 106,539 Interest income and other 44,778 Interest expense (280,430) Depreciation and amortization (1,057,205) General and administrative (97,162) Transaction and merger-related costs (132,685) Impairments and loan loss reserves, net (22,978) Gain (loss) on sales of real estate, net 178,695 Other income (expense), net 59,345 Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (28,374) Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 27,205 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures $ 273,168 _______________________________________ (1) See reconciliation of significant expense categories below. (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. The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2024 (in thousands): Outpatient Medical Lab CCRC Compensation and property management $ 56,066 $ 33,058 $ 277,686 Food — — 26,513 Real estate taxes 95,286 78,488 15,472 Repairs and maintenance 61,409 30,555 18,373 Utilities 69,690 50,793 22,309 Other segment items (1) 123,542 46,726 68,895 Operating expenses $ 405,993 $ 239,620 $ 429,248 _______________________________________ (1) Other segment items for each segment include: • Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. • CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following tables summarize information for the reportable segments for the year ended December 31, 2023 (in thousands): Outpatient Medical Lab CCRC Total Total revenues $ 753,479 $ 878,326 $ 527,417 $ 2,159,222 Government grant income (1) — — 184 184 Healthpeak’s share of unconsolidated joint venture total revenues 3,033 9,924 — 12,957 Noncontrolling interests’ share of consolidated joint venture total revenues (35,073) (619) — (35,692) Operating expenses (2) (263,132) (229,630) (413,472) (906,234) Healthpeak’s share of unconsolidated joint venture operating expenses (1,189) (4,092) — (5,281) Noncontrolling interests’ share of consolidated joint venture operating expenses 9,921 156 — 10,077 Adjustments to NOI (3) (14,314) (36,524) (1,618) (52,456) Adjusted NOI for reportable segments $ 452,725 $ 617,541 $ 112,511 $ 1,182,777 Plus: Adjustments to NOI (3) 52,456 Interest income and other 21,781 Interest expense (200,331) Depreciation and amortization (749,901) Corporate non-segment operating expenses 4,174 General and administrative (95,132) Transaction and merger-related costs (17,515) Impairments and loan loss reserves, net 5,601 Gain (loss) on sales of real estate, net 86,463 Other income (expense), net 6,808 Less: Government grant income (184) Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (7,676) Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 25,615 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures $ 314,936 _______________________________________ (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) See reconciliation of significant expense categories below. (3) 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. The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2023 (in thousands): Outpatient Medical Lab CCRC Compensation and property management $ 29,752 $ 18,096 $ 260,624 Food — — 25,076 Real estate taxes 59,255 77,690 15,851 Repairs and maintenance 38,277 30,554 17,295 Utilities 43,348 45,490 22,787 Other segment items (1) 92,500 57,800 71,839 Operating expenses $ 263,132 $ 229,630 $ 413,472 _______________________________________ (1) Other segment items for each segment include: • Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. • CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following tables summarize information for the reportable segments for the year ended December 31, 2022 (in thousands): Outpatient Medical Lab CCRC Total Total revenues $ 725,370 $ 817,573 $ 494,935 $ 2,037,878 Government grant income (1) — — 6,765 6,765 Healthpeak’s share of unconsolidated joint venture total revenues 2,999 9,921 — 12,920 Healthpeak’s share of unconsolidated joint venture government grant income — — 380 380 Noncontrolling interests’ share of consolidated joint venture total revenues (35,717) (268) — (35,985) Operating expenses (2) (253,309) (209,143) (400,539) (862,991) Healthpeak’s share of unconsolidated joint venture operating expenses (1,178) (2,883) — (4,061) Noncontrolling interests’ share of consolidated joint venture operating expenses 10,317 87 — 10,404 Adjustments to NOI (3) (15,513) (62,754) 2,300 (75,967) Adjusted NOI for reportable segments $ 432,969 $ 552,533 $ 103,841 $ 1,089,343 Plus: Adjustments to NOI (3) 75,967 Interest income and other 23,300 Interest expense (172,944) Depreciation and amortization (710,569) General and administrative (131,033) Transaction and merger-related costs (4,853) Impairments and loan loss reserves, net (7,004) Gain (loss) on sales of real estate, net 9,078 Other income (expense), net 326,268 Less: Government grant income (6,765) Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (9,239) Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 25,581 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures $ 507,130 _______________________________________ (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) See reconciliation of significant expense categories below. (3) 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. The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2022 (in thousands): Outpatient Medical Lab CCRC Compensation and property management $ 27,807 $ 16,817 $ 251,804 Food — — 23,641 Real estate taxes 59,992 75,459 14,090 Repairs and maintenance 36,439 26,884 16,522 Utilities 43,329 41,087 21,219 Other segment items (1) 85,742 48,896 73,263 Operating expenses $ 253,309 $ 209,143 $ 400,539 _______________________________________ (1) Other segment items for each segment include: • Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. • CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following table summarizes the Company’s revenues by reportable segment (in thousands): December 31, Segment 2024 2023 2022 Outpatient medical $ 1,205,744 $ 753,479 $ 725,370 Lab 881,452 878,326 817,573 CCRC 568,475 527,417 494,935 Total revenues for reportable segments 2,655,671 2,159,222 2,037,878 Interest income and other 44,778 21,781 23,300 Total revenues $ 2,700,449 $ 2,181,003 $ 2,061,178 At December 31, 2024, goodwill of $69 million was allocated to the Company’s segment assets as follows: (i) $65 million for outpatient medical, (ii) $2 million for CCRC, and (iii) $2 million for other non-reportable. At December 31, 2023, goodwill of $18 million was allocated to the Company’s segment assets as follows: (i) $14 million for outpatient medical, (ii) $2 million for CCRC, and (iii) $2 million for other non-reportable.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Code beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as TRSs (the “TRS entities”), which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 17. Certain REIT entities are also subject to state and local income taxes. Distributions with respect to the Company’s common stock can be characterized for federal income tax purposes as ordinary dividends, capital gains, nondividend distributions, or a combination thereof. The following table shows the characterization of the Company’s annual common stock distributions per share: Year Ended December 31, 2024 2023 2022 Ordinary dividends (1) $ 0.720440 $ 0.909692 $ 0.872948 Capital gains (2)(3) 0.295060 0.116992 0.183208 Nondividend distributions 0.184500 0.173316 0.143844 $ 1.200000 $ 1.200000 $ 1.200000 _______________________________________ (1) For the year ended December 31, 2024, all $0.720440 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2023, the amount includes $0.882312 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.027380 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2022, all $0.872948 of ordinary dividends qualified as business income for purposes of Code Section 199A. (2) For the years ended December 31, 2024, 2023, and 2022, the amount includes $0.215960, $0.036256, and $0.017760, respectively, of unrecaptured Code Section 1250 gain. Pursuant to Treasury Regulation Section 1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Code. Code Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” For the years ended December 31, 2024 and 2023, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains. For the year ended December 31, 2022, the “One Year Amounts” and “Three Year Amounts” are each 89.6708% of the total capital gain distributions and the remaining capital gain distributions are attributable to Code Section 1231 gains, which are not subject to Code Section 1061. (3) For the years ended December 31, 2024, 2023, and 2022, 100%, 100%, and 10.3292%, respectively, of the capital gain distributions represent gains from dispositions of U.S. real property interests pursuant to Code Section 897 for foreign shareholders. The Company’s pretax income (loss) from continuing operations for the years ended December 31, 2024, 2023, and 2022 was $272 million, $325 million, and $509 million, respectively, of which $217 million, $318 million, and $527 million was attributable to the REIT entities for the years then ended. The TRS entities subject to tax reported income (losses) before income taxes from continuing operations of $55 million, $7 million, and $(18) million for the years ended December 31, 2024, 2023, and 2022, respectively. The total income tax benefit (expense) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2024 2023 2022 Current Federal $ (2,389) $ (1,663) $ (632) State (3,654) (3,325) (689) Total current $ (6,043) $ (4,988) $ (1,321) Deferred Federal $ (3,429) $ 11,682 $ 3,157 State 5,122 2,923 2,589 Total deferred $ 1,693 $ 14,605 $ 5,746 Total income tax benefit (expense) from continuing operations $ (4,350) $ 9,617 $ 4,425 The Company’s income tax benefit from discontinued operations was zero, zero, and $0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively (see Note 5). The following table reconciles income tax benefit (expense) from continuing operations at statutory rates to actual income tax benefit (expense) recorded (in thousands): Year Ended December 31, 2024 2023 2022 Tax benefit (expense) at U.S. federal statutory income tax rate on income or loss subject to tax $ (11,601) $ (1,404) $ 3,698 State income tax benefit (expense), net of federal tax (1,389) (1,035) 911 Gross receipts and margin taxes (1,774) (1,647) (956) Return to provision adjustments (287) (90) 1,260 Change in valuation allowance for deferred tax assets 10,698 13,797 194 Change in tax status of TRS 3 (4) (682) Total income tax benefit (expense) from continuing operations $ (4,350) $ 9,617 $ 4,425 Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2024 2023 2022 Deferred tax assets: Deferred revenue $ 103,470 $ 103,530 $ 102,504 Net operating loss carryforward 50,041 54,136 62,280 Expense accruals 11,787 12,324 12,399 Real estate 195 850 150 Other 49 58 689 Total deferred tax assets 165,542 170,898 178,022 Valuation allowance (2,306) (13,004) (26,098) Deferred tax assets, net of valuation allowance $ 163,236 $ 157,894 $ 151,924 Deferred tax liabilities: Real estate $ 47,268 $ 43,488 $ 52,266 Other 876 818 674 Deferred tax liabilities $ 48,144 $ 44,306 $ 52,940 Net deferred tax assets $ 115,092 $ 113,588 $ 98,984 Net deferred tax assets are included in other assets, net on the Consolidated Balance Sheets. The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it is not more likely than not that it can realize the related deferred tax assets. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized. As of December 31, 2022, the Company recorded a valuation allowance against certain SHOP deferred tax assets generated by net operating losses (“NOLs”) of its TRS entities. During the years ended December 31, 2024 and 2023, the Company concluded that it was more likely than not that certain deferred tax assets (primarily NOL carryforwards) would be realized. During the year ended December 31, 2023, this conclusion was based on estimates of future taxable income for certain TRS entities in connection with the Callan Ridge JV transaction (see also Notes 5 and 9). Accordingly, the Company reversed a portion of the deferred tax asset valuation allowance and recognized an income tax benefit of $14 million during the year ended December 31, 2023. During the year ended December 31, 2024, the Company recognized an income tax expense of $12 million in conjunction with the closing of the Callan Ridge JV transaction. Additionally, during the year ended December 31, 2024, the Company completed a merger of certain TRS entities and as a result, reversed a portion of the deferred tax asset valuation allowance and recognized an income tax benefit of $11 million. As of December 31, 2024, 2023, and 2022, the Company had a deferred tax asset valuation allowance of $2 million, $13 million, and $26 million, respectively. At December 31, 2024, the Company had a NOL carryforward of $193 million related to the TRS entities. If unused, $2 million will begin to expire in 2035. The remainder, totaling $191 million, may be carried forward indefinitely. The following table summarizes the Company’s unrecognized tax benefits (in thousands): December 31, 2024 2023 2022 Total unrecognized tax benefits at January 1 $ — $ — $ 469 Gross amount of decreases for prior years’ tax positions — — (469) Total unrecognized tax benefits at December 31 $ — $ — $ — For the years ended December 31, 2024, 2023, and 2022 the Company had no unrecognized tax benefits. The Company files numerous U.S. federal, state, and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years prior to 2021.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2024 2023 2022 Supplemental cash flow information: Interest paid, net of capitalized interest $ 249,471 $ 188,213 $ 162,115 Income taxes paid (refunded) 7,862 1,923 (1,903) Capitalized interest 69,256 56,849 41,046 Cash paid for amounts included in the measurement of lease liability for operating leases 21,277 21,488 12,594 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 15,457 3,951 9,454 Accrued construction costs 136,767 105,572 178,626 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture — 993 — Retained investment in connection with South San Francisco JVs transaction (see Note 9) — — 293,265 Retained investment in connection with Callan Ridge JV (see Note 9) 69,255 — — Non-cash assets and liabilities assumed in connection with the Merger (see Note 3) 2,926,141 — — Seller financing provided on disposition of real estate assets (see Note 8) 418,389 — — Operating, investing, and financing cash flows in the Consolidated Statements of Cash Flows are reported inclusive of both cash flows from continuing operations and cash flows from discontinued operations. The following table summarizes certain cash flow information related to discontinued operations (in thousands): Year Ended December 31, 2024 2023 2022 Leasing costs, tenant improvements, and recurring capital expenditures $ — $ — $ 21 Development, redevelopment, and other major improvements of real estate — — 18 Depreciation and amortization of real estate, in-place lease, and other intangibles — — — The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Year Ended December 31, 2024 2023 2022 2024 2023 2022 2024 2023 2022 Continuing operations Discontinued operations Total Beginning of year: Cash and cash equivalents $ 117,635 $ 72,032 $ 158,287 $ — $ — $ 7,707 $ 117,635 $ 72,032 $ 165,994 Restricted cash 51,388 54,802 53,454 — — — 51,388 54,802 53,454 Cash, cash equivalents, and restricted cash $ 169,023 $ 126,834 $ 211,741 $ — $ — $ 7,707 $ 169,023 $ 126,834 $ 219,448 End of year: Cash and cash equivalents $ 119,818 $ 117,635 $ 72,032 $ — $ — $ — $ 119,818 $ 117,635 $ 72,032 Restricted cash 64,487 51,388 54,802 — — — 64,487 51,388 54,802 Cash, cash equivalents, and restricted cash $ 184,305 $ 169,023 $ 126,834 $ — $ — $ — $ 184,305 $ 169,023 $ 126,834

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 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 19, income (losses), and cash flows of the Company. Unconsolidated Variable Interest Entities At December 31, 2024, the Company had investments in (i) two unconsolidated VIE joint ventures and (ii) the PropTech Investment, an unconsolidated VIE investment in a limited partnership. At 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) and the PropTech Investment, 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). PropTech Investment . During the year ended December 31, 2024, the Company made an initial investment of $1 million in a property technology (“PropTech”) fund that makes venture capital investments in early-stage real estate and construction-related companies (the “PropTech Investment”). The Company has an aggregate commitment of $10 million, or approximately 5% of total fund commitments, which is expected to be funded over the next five years. The PropTech Investment 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 and given its rights and ownership percentage, the Company has virtually no influence or control. The assets and liabilities of the entity primarily consist of investments in certain PropTech real estate and construction companies. All future investments will be funded with capital contributions from the Company and other limited partners in accordance with their respective commitments. 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 9 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 December 31, 2024 and 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 December 31, 2024 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) LLC Investment and PropTech Investment Other assets, net $ 15,815 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 21,348 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments. As of December 31, 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 December 31, 2024 and 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 December 31, 2024 and 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 December 31, 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 13) and these entities are no longer included in the VIE assets and liabilities as of December 31, 2024. Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): December 31, 2024 2023 Assets Buildings and improvements $ 4,669,914 $ 2,392,375 Development costs and construction in progress 92,710 47,481 Land and improvements 472,232 307,166 Accumulated depreciation and amortization (761,759) (665,791) Net real estate 4,473,097 2,081,231 Loans receivable, net 550,829 — Investments in and advances to unconsolidated joint ventures 39,946 — Accounts receivable, net 17,357 5,906 Cash and cash equivalents 32,421 18,410 Restricted cash 1,029 613 Intangible assets, net 629,802 56,975 Right-of-use asset, net 270,918 97,575 Other assets, net 173,435 79,248 Total assets $ 6,188,834 $ 2,339,958 Liabilities Term loans $ 401,895 $ — Senior unsecured notes 1,151,801 — Mortgage debt 247,776 144,874 Intangible liabilities, net 95,315 11,884 Lease liability 193,421 99,725 Accounts payable, accrued liabilities, and other liabilities 125,688 54,975 Deferred revenue 65,358 48,316 Total liabilities $ 2,281,254 $ 359,774

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of credit risks. The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of the Company’s total assets and revenues, excluding discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2024 2023 2024 2023 2022 California 31 38 25 31 31 Florida 10 10 17 18 18 Texas 11 10 12 11 11 Massachusetts 15 17 9 11 10

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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): December 31, 2024 (3) 2023 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 717,190 $ 729,637 $ 218,450 $ 218,450 Interest rate swap assets (2) 35,120 35,120 21,359 21,359 Bank line of credit and commercial paper (2) 150,000 150,000 720,000 720,000 Term loans (2) 1,646,043 1,646,043 496,824 496,824 Senior unsecured notes (1) 6,563,256 6,373,528 5,403,378 5,144,667 Mortgage debt (2) 356,750 350,292 256,097 244,135 _______________________________________ (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 years ended December 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 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 $53 million. During the year ended December 31, 2022, the Company recognized a $2 million increase in the fair value of its interest rate cap instruments within other income (expense), net. In April 2022, the Company terminated these interest rate cap instruments and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026 on $142 million of variable rate mortgage debt secured by a portfolio of outpatient medical buildings (see Note 11). 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 11). 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 11). 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 11). 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 was designated as a cash flow hedge (see Note 11) prior to its maturity in October 2024. 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 December 31, December 31, April 2022 May 2026 Cash flow $ 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% $ 1,050 $ 1,602 April 2022 May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 1,870 2,851 August 2022 February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 7,224 7,933 August 2022 August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 9,122 8,973 May 2023 (3)(4) May 2028 Cash flow 400,000 3.59 % USD-SOFR w/ -5 Day Lookback 4,887 — January 2024 (5) February 2029 Cash flow 750,000 3.59 % USD-SOFR w/ -5 Day Lookback 10,967 — $ 35,120 $ 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) 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). The interest rate swap instrument on $36 million of mortgage debt that was acquired as part of the Merger matured in October 2024 and has been excluded herein. 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. The aggregate fair value as of the Closing Date is being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related interest rate swap instruments. During the year ended December 31, 2024, the Company recognized $2 million of related amortization into interest expense. (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) Includes the following: (i) two interest rate swap instruments each with a pay rate of 3.56% and $50 million notional amount; (ii) three interest rate swap instruments each with a pay rate of 3.57% and $50 million notional amount; (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount; (iv) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount; and (v) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	12 Months Ended
	Dec. 31, 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): December 31, 2024 2023 Refundable entrance fees $ 236,563 $ 251,874 Accrued construction costs 136,767 105,572 Accrued interest 76,040 59,492 Other accounts payable and accrued liabilities 275,972 240,258 Accounts payable, accrued liabilities, and other liabilities $ 725,342 $ 657,196

Deferred Revenue

Deferred Revenue	12 Months Ended
	Dec. 31, 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): December 31, 2024 2023 Non-refundable entrance fees (1) $ 615,723 $ 562,026 Other deferred revenue (2) 324,413 343,607 Deferred revenue $ 940,136 $ 905,633 _______________________________________ (1) During the years ended December 31, 2024 and 2023, the Company collected non-refundable entrance fees of $143 million and $127 million, respectively. During the years ended December 31, 2024, 2023, and 2022, the Company recognized amortization of $89 million, $83 million, and $79 million, respectively, which 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 years ended December 31, 2024, 2023, and 2022, the Company recognized amortization related to other deferred revenue of $53 million, $68 million, and $44 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II: Valuation and Qualifying Accounts	Schedule II: Valuation and Qualifying Accounts (In thousands) Allowance Accounts (1) Additions Year Ended Balance at Amounts Acquired Deductions (2) Balance at Continuing operations: 2024 $ 2,282 $ — $ — $ (39) $ 2,243 2023 2,399 — — (117) 2,282 2022 1,870 529 — — 2,399 Discontinued operations: 2024 $ — $ — $ — $ — $ — 2023 — — — — — 2022 4,138 — — (4,138) — _______________________________________ (1) Includes allowance for doubtful accounts. Excludes reserves for loan losses which are disclosed in Note 8 to the Consolidated Financial Statements. (2) Primarily includes the write-off of uncollectible accounts, dispositions, and other net reductions in the reserves.

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III: Real Estate and Accumulated Depreciation	Encumbrances at December 31, 2024 Initial Cost to Company Costs Capitalized Subsequent to Acquisition (3) Gross Amount at Which Carried Accumulated Depreciation (5) Year Constructed (6) Year Acquired City State Land and improvements (1) Buildings and Improvements (2) Land and improvements Buildings and Improvements Total (4) Outpatient medical 638 Anchorage AK $ — $ 1,456 $ 10,650 $ 10,740 $ 1,456 $ 21,390 $ 22,846 $ (10,227) 1993/2014 2006 AL0006 Birmingham AL — 382 8,522 — 382 8,522 8,904 (376) 1975 2024 AL0010 Birmingham AL — 2,975 9,317 147 2,975 9,464 12,439 (590) 2005 2024 AL0012 Birmingham AL — 3,925 17,289 36 3,925 17,325 21,250 (747) 2012 2024 AL0003 Fairhope AL — 1,714 6,265 125 1,714 6,390 8,104 (305) 2005 2024 AL0005 Foley AL — 569 691 — 569 691 1,260 (49) 2002 2024 AL0011 Huntsville AL — 4,771 25,636 461 4,771 26,097 30,868 (1,155) 2006 2024 3026 Bentonville AR — 912 21,724 735 912 22,459 23,371 (2,768) 2003 2022 AR0005 Hot Springs AR — 108 8,819 — 108 8,819 8,927 (411) 1998 2024 AR0006 Hot Springs AR — 211 4,324 763 238 5,060 5,298 (240) 2001 2024 AR0007 Hot Springs AR — 464 9,076 745 464 9,821 10,285 (503) 2009 2024 AR0008 Hot Springs AR — 49 3,667 — 49 3,667 3,716 (171) 2001 2024 AR0004 Hot Springs Village AR — 656 3,238 384 656 3,622 4,278 (183) 1988 2024 AR0001 Little Rock AR — 822 7,018 — 822 7,018 7,840 (460) 2012 2024 AR0002 Little Rock AR — 780 3,323 — 780 3,323 4,103 (195) 1988 2024 126 Sherwood AR — 709 9,604 242 709 9,846 10,555 (7,236) 1990 1989 2572 Springdale AR — — 27,714 — — 27,714 27,714 (7,329) 1995 2016 AZ0002 Avondale AZ — 2,694 11,388 564 3,455 11,191 14,646 (657) 2006 2024 520 Chandler AZ — 3,669 13,503 6,076 4,041 19,207 23,248 (9,866) 2005 2002 113 Glendale AZ — 1,565 7,050 175 1,565 7,225 8,790 (5,491) 1989 1988 AZ0001 Glendale AZ — 640 2,473 (9) 640 2,464 3,104 (131) 2004 2024 AZ0008 Glendale AZ — 2,692 6,538 — 2,692 6,538 9,230 (329) 2015 2024 AZ0003 Goodyear AZ — 4,139 18,196 457 4,139 18,653 22,792 (974) 2006 2024 2040 Mesa AZ — — 17,314 3,895 — 21,209 21,209 (5,449) 2007 2012 AZ0012 Mesa AZ — 1,124 2,121 100 1,124 2,221 3,345 (131) 2013 2024 AZ0005 Phoenix AZ — 405 32,432 236 405 32,668 33,073 (1,277) 2008 2024 AZ0007 Phoenix AZ — 2,528 3,495 — 2,528 3,495 6,023 (164) 1988 2024 AZ0015 Phoenix AZ — 218 17,922 332 218 18,254 18,472 (668) 2020 2024 AZ00A7 Phoenix AZ — 2,526 694 624 2,526 1,318 3,844 (35) 1988 2024 2021 Scottsdale AZ — — 12,312 5,124 — 17,436 17,436 (7,674) 1984 2012 2022 Scottsdale AZ — — 9,179 3,733 — 12,912 12,912 (5,455) 1996 2012 2023 Scottsdale AZ — — 6,398 2,370 — 8,768 8,768 (3,694) 2000 2012 2024 Scottsdale AZ — — 9,522 1,700 32 11,190 11,222 (5,284) 2007 2012 2025 Scottsdale AZ — — 4,102 2,557 — 6,659 6,659 (2,901) 1981 2012 2026 Scottsdale AZ — — 3,655 2,087 — 5,742 5,742 (2,905) 1992 2012 2027 Scottsdale AZ — — 7,168 2,410 — 9,578 9,578 (4,722) 1995 2012 2028 Scottsdale AZ — — 6,659 5,237 — 11,896 11,896 (6,013) 1998 2012 2696 Scottsdale AZ — 10,151 14,925 20 9,234 15,862 25,096 (3,118) 1998 2020 AZ0009 Scottsdale AZ — 2,563 9,361 — 2,563 9,361 11,924 (449) 2000 2024 AZ0010 Scottsdale AZ — 1,096 19,515 — 1,096 19,515 20,611 (842) 2000 2024 AZ0011 Scottsdale AZ — 2,809 2,646 — 2,809 2,646 5,455 (217) 1991 2024 AZ0014 Scottsdale AZ — 506 43,211 3,451 506 46,662 47,168 (1,448) 2021 2024 1041 Brentwood CA — — 30,864 9,176 122 39,918 40,040 (16,525) 2004 2006 1200 Encino CA — 6,151 10,438 6,680 6,373 16,896 23,269 (8,545) 1973 2006 1038 Fresno CA — 3,652 29,113 21,935 3,652 51,048 54,700 (25,001) 1984 2006 659 Los Gatos CA — 1,718 3,124 1,393 1,796 4,439 6,235 (2,231) 1995 2006 421 San Diego CA — 2,910 19,984 15,149 2,964 35,079 38,043 (19,150) 1986/2013 1999 564 San Jose CA — 1,935 1,728 2,595 1,935 4,323 6,258 (1,905) 1968 2003 565 San Jose CA — 1,460 7,672 2,273 1,492 9,913 11,405 (5,460) 1995 2003 CA0001 Walnut Creek CA — 1,533 5,116 — 1,533 5,116 6,649 (255) 1984 2024 CA0002 Walnut Creek CA — 1,189 1,179 — 1,189 1,179 2,368 (74) 1984 2024 CA0003 Walnut Creek CA — 1,168 1,368 — 1,168 1,368 2,536 (81) 1984 2024 CA0004 Walnut Creek CA — 3,143 5,390 — 3,143 5,390 8,533 (299) 1984 2024 CA0005 Walnut Creek CA — 1,140 2,260 — 1,140 2,260 3,400 (118) 1984 2024 440 West Hills CA — 2,100 11,595 12,917 2,203 24,409 26,612 (9,359) 1992/2023 1999 3008 West Hills CA 12,137 5,795 13,933 3,872 5,823 17,777 23,600 (2,536) 1965 2021 728 Aurora CO — — 8,764 2,794 — 11,558 11,558 (4,589) 2005 2005 1196 Aurora CO — 210 12,362 5,923 210 18,285 18,495 (8,389) 1981/2018 2006 1197 Aurora CO — 200 8,414 6,235 285 14,564 14,849 (7,259) 1994/2018 2006 2965 Aurora CO — — — 39,026 — 39,026 39,026 — — 2023 127 Colorado Springs CO — 690 8,338 367 690 8,705 9,395 (6,267) 1990 1989 882 Colorado Springs CO — — 12,933 8,913 — 21,846 21,846 (11,516) 2007 2006 1199 Denver CO — 493 7,897 1,642 604 9,428 10,032 (4,874) 1993 2006 808 Englewood CO — — 8,616 6,221 — 14,837 14,837 (7,838) 1981 2005 809 Englewood CO — — 8,449 20,199 — 28,648 28,648 (7,329) 1990/2023 2005 810 Englewood CO — — 8,040 16,738 — 24,778 24,778 (10,816) 1989/2023 2005 811 Englewood CO — — 8,472 12,707 — 21,179 21,179 (8,346) 1993/2020 2005 CO0005 Englewood CO — 1,994 6,363 575 1,994 6,938 8,932 (638) 2002 2024 CO0002 Frisco CO — 370 3,235 — 370 3,235 3,605 (196) 2006 2024 Encumbrances at December 31, 2024 Initial Cost to Company Costs Capitalized Subsequent to Acquisition (3) Gross Amount at Which Carried Accumulated Depreciation (5) Year Constructed (6) Year Acquired City State Land and improvements (1) Buildings and Improvements (2) Land and improvements Buildings and Improvements Total (4) 2658 Highlands Ranch CO — 1,637 10,063 95 1,732 10,063 11,795 (2,730) 2015 2017 CO0001 Johnstown CO — 1,254 5,646 — 1,254 5,646 6,900 (271) 2013 2024 812 Littleton CO — — 4,562 2,383 — 6,945 6,945 (3,582) 1987 2005 813 Littleton CO — — 4,926 2,189 246 6,869 7,115 (3,058) 1990 2005 570 Lone Tree CO — — — 21,731 — 21,731 21,731 (10,737) 2004 2003 666 Lone Tree CO — — 23,274 3,959 17 27,216 27,233 (13,399) 2003 2006 2233 Lone Tree CO — — 6,734 34,699 — 41,433 41,433 (14,519) 2015 2014 3000 Lone Tree CO — 4,393 31,643 10,249 4,552 41,733 46,285 (5,919) 2020 2021 510 Thornton CO — 236 10,206 14,228 455 24,215 24,670 (9,530) 2001/2021 2002 CO0004 Thornton CO — 1,843 2,302 — 1,843 2,302 4,145 (158) 2014 2024 CT0002 Manchester CT — 2,159 4,828 62 2,164 4,885 7,049 (251) 2012 2024 CT0003 Manchester CT — 1,620 7,364 11 1,620 7,375 8,995 (346) 2017 2024 CT0001 Plainville CT — 3,515 15,515 113 3,520 15,623 19,143 (865) 2015 2024 CT0004 Plainville CT — 1,445 3,161 7 1,445 3,168 4,613 (216) 1998 2024 DE0001 Dover DE — 1,483 34,034 379 1,577 34,319 35,896 (1,555) 2008 2024 434 Atlantis FL — — 2,027 182 — 2,209 2,209 (1,530) 1997 1999 435 Atlantis FL — — 2,000 738 — 2,738 2,738 (1,723) 1997 1999 602 Atlantis FL — 455 2,231 729 455 2,960 3,415 (1,475) 1984 2006 FL0012 Atlantis FL — 100 8,120 305 100 8,425 8,525 (340) 2002 2024 FL0033 Brandon FL — 1,219 29,984 48 1,219 30,032 31,251 (1,321) 2017 2024 3217 Brandon FL — — — 10,057 — 10,057 10,057 — — 2024 2963 Brooksville FL — — — 13,292 — 13,292 13,292 (2,141) 2020 2019 604 Englewood FL — 170 1,134 1,118 230 2,192 2,422 (965) 1986 2006 FL0004 Englewood FL — 478 1,974 — 478 1,974 2,452 (125) 1992 2024 FL0032 Jacksonville FL 60,025 5,738 88,295 — 5,738 88,295 94,033 (3,747) 2015 2024 609 Kissimmee FL — 788 174 798 788 972 1,760 (364) 1978 2006 610 Kissimmee FL — 481 347 465 488 805 1,293 (378) 1978 2006 671 Kissimmee FL — — 7,574 1,052 — 8,626 8,626 (4,000) 1998 2006 FL0008 Lady Lake FL — 921 7,403 81 921 7,484 8,405 (217) 2011 2024 603 Lake Worth FL — 1,507 2,894 537 1,507 3,431 4,938 (1,609) 1997 2006 612 Margate FL — 1,553 6,898 4,180 1,553 11,078 12,631 (5,692) 1994 2006 613 Miami FL — 4,392 11,841 11,642 4,454 23,421 27,875 (9,527) 1995/2020 2006 2202 Miami FL — — 13,123 10,870 — 23,993 23,993 (11,737) 1973 2014 2203 Miami FL — — 8,877 5,310 — 14,187 14,187 (6,044) 1986 2014 1067 Milton FL — — 8,566 1,555 — 10,121 10,121 (4,470) 2003 2006 2577 Naples FL — — 29,186 1,805 — 30,991 30,991 (8,021) 1999 2016 2578 Naples FL — — 18,819 667 — 19,486 19,486 (4,270) 2007 2016 2964 Okeechobee FL — — — 17,797 — 17,797 17,797 (2,120) 2022 2019 2962 Orange Park FL — — — 18,302 — 18,302 18,302 (2,649) 2022 2019 563 Orlando FL — 2,144 5,136 13,014 12,830 7,464 20,294 (6,902) 1985 2003 FL0025 Orlando FL — 1,905 16,988 144 1,905 17,132 19,037 (669) 2006 2024 833 Pace FL — — 10,309 1,621 28 11,902 11,930 (4,886) 2005 2006 834 Pensacola FL — — 11,166 481 — 11,647 11,647 (4,786) 2005 2006 FL0030 Pensacola FL — 3,475 20,675 — 3,475 20,675 24,150 (864) 2020 2024 673 Plantation FL — 1,091 7,176 2,778 1,091 9,954 11,045 (4,894) 2001 2006 674 Plantation FL — — 8,273 1,354 — 9,627 9,627 (1,496) 2015 2021 FL0029 Port Charlotte FL — 2,244 6,801 285 2,244 7,086 9,330 (357) 2006 2024 2579 Punta Gorda FL — — 9,379 139 — 9,518 9,518 (2,250) 2006 2016 2833 St. Petersburg FL — — 13,754 12,662 — 26,416 26,416 (10,982) 1995/2019 2006 FL0022 Stuart FL — 869 4,496 100 869 4,596 5,465 (176) 2013 2024 FL0026 Stuart FL — 2,882 9,104 692 2,882 9,796 12,678 (470) 2003 2024 FL0003 Venice FL — 1,344 2,910 67 1,344 2,977 4,321 (185) 1987 2024 FL0031 Wesley Chapel FL — 313 29,074 44 313 29,118 29,431 (1,083) 2021 2024 FL0034 Yulee FL — 793 7,994 — 793 7,994 8,787 (406) 2020 2024 887 Atlanta GA — 4,300 13,690 (1,800) 4,300 11,890 16,190 (10,602) 1966/1996 2007 GA0010 Atlanta GA — 1,330 25,942 719 1,330 26,661 27,991 (1,253) 1987 2024 GA0024 Atlanta GA — 1,031 89,809 424 1,031 90,233 91,264 (3,394) 2009 2024 GA0028 Atlanta GA — 603 40,071 86 603 40,157 40,760 (1,530) 2018 2024 GA0030 Buford GA — — 32,131 10,387 — 42,518 42,518 (867) 2024 2024 GA0026 Duluth GA — 135 11,586 233 135 11,819 11,954 (478) 1994 2024 GA0031 Dunwoody GA — 1,741 3,818 — 1,741 3,818 5,559 (153) 1975 2024 GA0032 Dunwoody GA — 2,219 16,064 14,146 2,219 30,210 32,429 (346) 2024 2024 GA0025 Lawrenceville GA — 182 15,112 283 182 15,395 15,577 (571) 1995 2024 GA0027 Lawrenceville GA — 346 28,592 1,738 346 30,330 30,676 (1,204) 2010 2024 GA3246 Pooler GA — — — 10,810 — 10,810 10,810 — — 2024 3214 Savannah GA — — — 33,381 — 33,381 33,381 (100) 2024 2022 2576 Statesboro GA — — 10,234 1,430 — 11,664 11,664 (3,528) 1999 2016 GA0023 Woodstock GA — 967 26,658 324 967 26,982 27,949 (1,100) 2013 2024 3006 Arlington Heights IL 4,877 3,011 9,651 2,821 3,187 12,296 15,483 (1,998) 1975/2013 2021 2702 Bolingbrook IL — — 21,237 4,108 — 25,345 25,345 (4,203) 2008 2020 IL0002 Bolingbrook IL — 1,464 8,832 — 1,464 8,832 10,296 (360) 2008 2024 IL0004 Elgin IL — 2,723 15,327 563 2,723 15,890 18,613 (662) 2006 2024 3004 Highland Park IL 5,872 2,767 11,495 1,981 2,767 13,476 16,243 (1,728) 2008 2021 3005 Lockport IL 11,048 3,106 22,645 — 3,106 22,645 25,751 (3,102) 2010 2021 1065 Marion IL — 99 11,538 1,986 100 13,523 13,623 (6,489) 2002 2006 2719 Marion IL — — — 5,098 — 5,098 5,098 (684) 2021 2021 Encumbrances at December 31, 2024 Initial Cost to Company Costs Capitalized Subsequent to Acquisition (3) Gross Amount at Which Carried Accumulated Depreciation (5) Year Constructed (6) Year Acquired City State Land and improvements (1) Buildings and Improvements (2) Land and improvements Buildings and Improvements Total (4) IL0005 Palos Heights IL — 2,324 5,087 319 2,324 5,406 7,730 (181) 1985 2024 IL0001 Sandwich IL — 116 10,126 — 116 10,126 10,242 (369) 2007 2024 IN0003 Bloomington IN — 622 3,440 — 622 3,440 4,062 (222) 1996 2024 IN0004 Bloomington IN — 841 2,089 — 841 2,089 2,930 (134) 2000 2024 IN0005 Bloomington IN — 2,830 9,394 — 2,830 9,394 12,224 (584) 2000 2024 IN0006 Bloomington IN — 588 1,414 — 588 1,414 2,002 (91) 2004 2024 IN0007 Bloomington IN — 1,383 7,207 — 1,383 7,207 8,590 (340) 1995 2024 IN0013 Bloomington IN — 1,730 7,304 — 1,730 7,304 9,034 (384) 2008 2024 IN0002 Carmel IN — 38 3,930 658 38 4,588 4,626 (197) 1993 2024 IN0020 Carmel IN — 259 22,311 308 259 22,619 22,878 (763) 2014 2024 IN0021 Fishers IN — 383 34,648 191 383 34,839 35,222 (1,381) 2008 2024 IN0008 Greenwood IN — 1,365 6,934 — 1,365 6,934 8,299 (332) 2008 2024 IN0010 Greenwood IN — 1,015 2,238 1 1,015 2,239 3,254 (122) 2001 2024 IN0011 Greenwood IN — 1,565 10,588 211 1,565 10,799 12,364 (528) 2008 2024 IN0012 Greenwood IN — 993 1,997 42 993 2,039 3,032 (91) 2001 2024 2697 Indianapolis IN — — 59,746 1,018 — 60,764 60,764 (7,389) 2002 2020 2699 Indianapolis IN — — 23,211 747 — 23,958 23,958 (3,142) 2002 2020 IN0009 Indianapolis IN — 764 4,084 9 764 4,093 4,857 (209) 1993 2024 IN0022 Indianapolis IN — 3,772 42,213 — 3,772 42,213 45,985 (1,766) 2007 2024 IN0015 Lafayette IN — 845 9,980 — 845 9,980 10,825 (559) 2001 2024 IN0016 Lafayette IN — 1,433 9,059 — 1,433 9,059 10,492 (605) 2001 2024 IN0017 Lafayette IN — 471 1,130 — 471 1,130 1,601 (74) 2001 2024 IN0018 Lafayette IN — 421 1,170 — 421 1,170 1,591 (74) 2004 2024 IN0001 Mishawaka IN — 3,468 8,175 452 3,468 8,627 12,095 (625) 2007 2024 2698 Mooresville IN — — 20,646 997 — 21,643 21,643 (2,768) 2004 2020 1057 Newburgh IN — — 14,019 3,659 — 17,678 17,678 (8,867) 2005 2006 IN0025 Newburgh IN — 2,182 13,074 — 2,182 13,074 15,256 (707) 2008 2024 2700 Zionsville IN — 2,969 7,281 871 3,075 8,046 11,121 (1,658) 2005 2020 2039 Kansas City KS — 440 2,173 389 541 2,461 3,002 (842) 2006 2012 112 Overland Park KS — 2,316 10,681 312 2,316 10,993 13,309 (8,428) 1989 1988 2043 Overland Park KS — — 7,668 1,425 — 9,093 9,093 (2,765) 2009 2012 3062 Overland Park KS — 872 11,813 8 992 11,701 12,693 (3,121) 2007 2019 483 Wichita KS — 530 3,341 820 605 4,086 4,691 (1,831) 2000 2001 3018 Wichita KS — 3,946 39,795 — 3,946 39,795 43,741 (5,560) 1973/2017 2021 1064 Lexington KY — — 12,726 2,262 — 14,988 14,988 (6,952) 2003 2006 KY0011 Lexington KY — 4,797 18,987 4,218 4,797 23,205 28,002 (1,253) 1992 2024 KY0012 Lexington KY — 1,905 6,918 182 1,905 7,100 9,005 (621) 2000 2024 735 Louisville KY — 936 8,426 13,260 661 21,961 22,622 (12,967) 1971/2019 2005 737 Louisville KY — 835 27,627 7,774 560 35,676 36,236 (18,509) 2002 2005 738 Louisville KY — 780 8,582 4,753 585 13,530 14,115 (10,660) 1978 2005 739 Louisville KY — 826 13,814 3,861 630 17,871 18,501 (8,268) 2003 2005 2834 Louisville KY — 2,983 13,171 5,253 2,983 18,424 21,407 (11,276) 1990 2005 1945 Louisville KY — 3,255 28,644 2,836 3,421 31,314 34,735 (14,486) 2009 2010 1946 Louisville KY — 430 6,125 243 430 6,368 6,798 (2,993) 2002 2010 2237 Louisville KY — 1,519 15,386 6,679 1,672 21,912 23,584 (9,361) 1991 2014 2238 Louisville KY — 1,334 12,172 3,079 1,594 14,991 16,585 (5,989) 1996 2014 2239 Louisville KY — 1,644 10,832 10,093 2,103 20,466 22,569 (8,103) 1988 2014 KY0001 Louisville KY — 1,801 4,672 — 1,801 4,672 6,473 (302) 2013 2024 KY0004 Louisville KY — 383 3,144 263 383 3,407 3,790 (372) 1970 2024 KY0005 Louisville KY — 680 7,568 253 680 7,821 8,501 (522) 1964 2024 KY0006 Louisville KY — 1,774 29,814 — 1,774 29,814 31,588 (1,814) 2003 2024 KY0007 Louisville KY — 3,430 19,016 167 3,430 19,183 22,613 (1,021) 1985 2024 KY0008 Louisville KY — 125 12,503 (72) 125 12,431 12,556 (525) 1991 2024 KY0009 Louisville KY — 48 3,864 17 48 3,881 3,929 (205) 1979 2024 KY0010 Louisville KY — 315 2,585 1,113 315 3,698 4,013 (174) 1974 2024 KY0002 Shepherdsville KY — 973 28,735 571 973 29,306 30,279 (637) 2005 2024 KY0003 Shepherdsville KY — 795 3,355 — 795 3,355 4,150 (193) 2006 2024 3023 Covington LA — 9,490 21,918 (298) 9,507 21,603 31,110 (2,765) 2014 2021 LA0004 Lafayette LA — 353 27,863 (69) 353 27,794 28,147 (744) 2010 2024 LA0001 Metairie LA — 68 38,037 — 68 38,037 38,105 (1,124) 2010 2024 3121 Cambridge MA — 40,663 23,102 — 40,663 23,102 63,765 (2,596) 1983 2021 MD0003 Brandywine MD — 4,757 17,285 — 4,757 17,285 22,042 (903) 2015 2024 1213 Ellicott City MD — 1,115 3,206 2,758 1,357 5,722 7,079 (2,734) 1988 2006 MD0002 Lanham MD — 227 17,283 43 227 17,326 17,553 (584) 2009 2024 1052 Towson MD — — 14,233 1,231 — 15,464 15,464 (6,681) 2005 2006 MD0001 Waldorf MD — 1,759 6,038 53 1,759 6,091 7,850 (361) 1999 2024 2650 Biddeford ME — 1,341 17,376 (558) 309 17,850 18,159 (3,945) 2007 2017 ME0001 Brunswick ME 4,592 920 10,394 — 920 10,394 11,314 (522) 2008 2024 MI0010 Bay City MI — 705 15,282 15 705 15,297 16,002 (695) 2016 2024 MI0006 Grand Blanc MI — 671 12,097 22 671 12,119 12,790 (675) 2006 2024 MI0011 Gross Pointe MI — 138 12,400 — 138 12,400 12,538 (481) 2016 2024 MI0012 Petoskey MI — 236 17,990 166 236 18,156 18,392 (870) 1993 2024 MI0013 Rochester Hills MI — 1,100 20,278 — 1,100 20,278 21,378 (993) 2011 2024 MI0014 Sterling Heights MI — 310 28,116 84 310 28,200 28,510 (1,005) 2009 2024 MI0008 Traverse City MI — 1,709 18,502 99 1,709 18,601 20,310 (1,045) 2004 2024 MI00A8 Traverse City MI — 255 1,854 — 255 1,854 2,109 (108) 2004 2024 Encumbrances at December 31, 2024 Initial Cost to Company Costs Capitalized Subsequent to Acquisition (3) Gross Amount at Which Carried Accumulated Depreciation (5) Year Constructed (6) Year Acquired City State Land and improvements (1) Buildings and Improvements (2) Land and improvements Buildings and Improvements Total (4) MN0018 Apple Valley MN — 2,541 8,011 — 2,541 8,011 10,552 (494) 1974 2024 3002 Burnsville MN 7,763 2,801 17,779 1,151 2,861 18,870 21,731 (4,793) 1988 2021 3003 Burnsville MN 5,176 516 13,200 461 533 13,644 14,177 (3,137) 1992 2021 3009 Burnsville MN 19,110 4,640 38,064 333 4,664 38,373 43,037 (5,513) 2007 2021 MN0004 Chanhassen MN — 919 2,457 211 919 2,668 3,587 (125) 2008 2024 MN0009 Chanhassen MN — 2,609 9,198 — 2,609 9,198 11,807 (452) 2005 2024 MN0008 Coon Rapids MN — 1,032 4,568 — 1,032 4,568 5,600 (256) 2007 2024 MN0003 Crystal MN — 1,852 7,888 36 1,852 7,924 9,776 (358) 2012 2024 MN0001 Edina MN — 377 7,984 87 377 8,071 8,448 (479) 1979 2024 MN0017 Edina MN — 1,654 3,468 — 1,654 3,468 5,122 (164) 1962 2024 MN0010 Hugo MN — 1,285 2,966 — 1,285 2,966 4,251 (147) 2008 2024 MN0016 Lake Elmo MN — 1,939 5,435 — 1,939 5,435 7,374 (356) 2015 2024 MN0013 Little Falls MN — 75 5,980 — 75 5,980 6,055 (317) 1990 2024 MN0014 Little Falls MN — 580 1,618 — 580 1,618 2,198 (122) 1999 2024 MN0015 Little Falls MN — 59 4,932 3 59 4,935 4,994 (277) 1959 2024 MN0012 Maplewood MN — 716 2,031 — 716 2,031 2,747 (119) 2016 2024 MN0019 Maplewood MN — 4,884 38,366 — 4,884 38,366 43,250 (1,685) 2017 2024 240 Minneapolis MN — 117 13,213 5,655 117 18,868 18,985 (12,664) 1986 1997 300 Minneapolis MN — 160 10,131 4,694 214 14,771 14,985 (9,794) 1987 1998 MN0006 Minnetonka MN — 2,701 14,026 — 2,701 14,026 16,727 (654) 2014 2024 MN0007 Minnetonka MN — 1,927 5,979 — 1,927 5,979 7,906 (272) 2014 2024 MN0002 Savage MN — 1,762 6,075 — 1,762 6,075 7,837 (318) 2011 2024 MN0011 Stillwater MN — 1,161 1,676 34 1,161 1,710 2,871 (128) 2011 2024 MN0005 Vadnais Heights MN — 2,028 12,993 — 2,028 12,993 15,021 (603) 2013 2024 2703 Columbia MO — 4,141 20,364 (13,850) 4,141 6,514 10,655 (2,828) 1997 2020 MO0002 Creve Coeur MO — 1,622 7,209 287 1,622 7,496 9,118 (365) 1989 2024 MO0001 Fenton MO — 1,457 3,589 — 1,457 3,589 5,046 (250) 1999 2024 2032 Independence MO — — 48,025 1,654 — 49,679 49,679 (13,551) 2006 2012 MO0003 Kansas City MO — 312 23,251 719 312 23,970 24,282 (884) 2015 2024 2866 Kansas City MO — — — 13,903 — 13,903 13,903 — — 2024 2863 Lee's Summit MO — — — 16,416 — 16,416 16,416 (3,452) 2020 2019 1078 Flowood MS — — 8,413 1,487 — 9,900 9,900 (4,512) 2003 2006 MS0001 Grenada MS — 1,200 8,523 491 1,200 9,014 10,214 (373) 1975 2024 1059 Jackson MS — — 8,868 639 — 9,507 9,507 (4,340) 2002 2006 1060 Jackson MS — — 7,187 2,038 — 9,225 9,225 (4,107) 2005 2006 MS0002 Jackson MS — 1,664 9,691 — 1,664 9,691 11,355 (463) 1987 2024 MS0003 Jackson MS 19,684 1,681 42,202 9 1,681 42,211 43,892 (1,666) 2013 2024 2657 Shallotte NC — 918 3,609 — 918 3,609 4,527 (1,290) 2017 2017 2655 Wilmington NC — 1,949 12,244 (613) 1,336 12,244 13,580 (2,521) 2003 2017 2656 Wilmington NC — 2,071 11,592 — 2,071 11,592 13,663 (3,005) 2006 2017 ND0001 Jamestown ND — 482 10,262 (74) 482 10,188 10,670 (418) 2013 2024 NE0010 Kearney NE — 183 17,068 851 183 17,919 18,102 (846) 1999 2024 NE0011 Kearney NE — 133 1,228 — 133 1,228 1,361 (96) 1984 2024 NE0012 Lincoln NE — 147 13,382 (23) 147 13,359 13,506 (600) 2004 2024 1068 Omaha NE — — 16,243 2,718 24 18,937 18,961 (8,745) 2005 2006 NE0002 Omaha NE — 1,919 21,041 — 1,919 21,041 22,960 (1,112) 2017 2024 NE0004 Omaha NE — 151 15,812 89 151 15,901 16,052 (581) 2000 2024 NE0013 Omaha NE — 445 36,048 — 445 36,048 36,493 (1,413) 2017 2024 2647 Concord NH — 1,961 23,516 (473) 1,053 23,951 25,004 (4,227) 2004 2017 2648 Concord NH — 815 8,902 227 419 9,525 9,944 (2,449) 2008 2017 2649 Epsom NH — 919 5,868 (577) 348 5,862 6,210 (1,242) 2010 2017 3011 Cherry Hill NJ — 5,235 21,731 409 5,235 22,140 27,375 (3,706) 2014 2021 NJ0001 Monroe Township NJ — 2,026 2,847 — 2,026 2,847 4,873 (256) 1992 2024 3012 Morristown NJ — 21,703 32,517 6,855 21,703 39,372 61,075 (6,543) 1983/2013 2021 3013 Morristown NJ — 14,567 20,548 9,252 14,567 29,800 44,367 (3,851) 1990 2021 3014 Morristown NJ — 20,563 31,849 1,986 20,563 33,835 54,398 (3,751) 1981 2021 NJ0002 Old Bridge NJ 19,864 444 36,220 172 444 36,392 36,836 (1,199) 2014 2024 729 Albuquerque NM — — 5,380 2,485 — 7,865 7,865 (3,216) 2006 2005 571 Las Vegas NV — — — 24,349 — 24,349 24,349 (9,435) 2004 2003 660 Las Vegas NV — 1,121 4,363 9,587 1,147 13,924 15,071 (5,896) 1973 2006 661 Las Vegas NV — 2,305 — 1,371 3,676 — 3,676 — — 2006 662 Las Vegas NV — 1,000 — — 1,000 — 1,000 — — 2006 663 Las Vegas NV — 1,717 3,597 12,948 1,724 16,538 18,262 (7,657) 1974/2018 2006 664 Las Vegas NV — 1,172 — 633 1,805 — 1,805 (496) — 2006 691 Las Vegas NV — 3,073 18,339 6,038 3,116 24,334 27,450 (15,329) 1989/2015 2004 2037 Mesquite NV — — 5,559 834 34 6,359 6,393 (2,240) 2004 2012 NY0014 Brooklyn NY — 11,632 39,687 1,161 11,632 40,848 52,480 (1,273) 2013 2024 NY0008 Cornwall NY — 110 9,091 147 110 9,238 9,348 (348) 2006 2024 NY0009 Hudson NY — 68 4,931 230 68 5,161 5,229 (325) 2006 2024 NY0012 Lake Katrine NY — 3,950 31,897 — 3,950 31,897 35,847 (1,051) 2013 2024 NY0013 Rhinebeck NY — 4,312 4,015 — 4,312 4,015 8,327 (313) 1965 2024 NY0001 Wallkill NY — 1,304 5,957 63 1,304 6,020 7,324 (214) 1988 2024 NY0002 Wallkill NY — 518 1,338 310 518 1,648 2,166 (70) 1992 2024 400 Harrison OH — — 4,561 373 — 4,934 4,934 (3,333) 1995 1999 1054 Durant OK — 619 9,256 3,040 666 12,249 12,915 (5,672) 1998 2006 817 Owasso OK — — 6,582 (519) — 6,063 6,063 (2,976) 2006 2005 Encumbrances at December 31, 2024 Initial Cost to Company Costs Capitalized Subsequent to Acquisition (3) Gross Amount at Which Carried Accumulated Depreciation (5) Year Constructed (6) Year Acquired City State Land and improvements (1) Buildings and Improvements (2) Land and improvements Buildings and Improvements Total (4) 3010 Springfield OR 20,802 — 51,998 1,979 — 53,977 53,977 (7,268) 2011 2021 PA0006 Camp Hill PA — 1,014 2,376 183 1,014 2,559 3,573 (173) 1980 2024 PA0002 Carlisle PA — 680 1,468 — 680 1,468 2,148 (116) 2002 2024 PA0004 Carlisle PA — 456 2,333 — 456 2,333 2,789 (161) 1996 2024 PA0014 Erie PA — 251 21,584 — 251 21,584 21,835 (808) 2007 2024 PA0010 Hanover PA — 1,777 8,437 1,001 1,777 9,438 11,215 (526) 2003 2024 PA0007 Harrisburg PA — 1,800 4,397 511 1,823 4,885 6,708 (422) 2000 2024 PA0008 Harrisburg PA — 586 1,115 102 586 1,217 1,803 (68) 1997 2024 PA0005 Hershey PA — 196 2,896 113 196 3,009 3,205 (117) 1994 2024 2570 Limerick PA — 925 20,072 (119) 755 20,123 20,878 (5,801) 1999 2016 2234 Philadelphia PA — 24,264 99,904 53,253 24,288 153,133 177,421 (48,972) 1973/2019 2014 2403 Philadelphia PA — 26,063 97,646 54,119 26,134 151,694 177,828 (58,093) 2000 2015 PA0012 West Easton PA — 2,065 7,718 — 2,065 7,718 9,783 (397) 2017 2024 PA0013 West Mifflin PA — 957 3,193 — 957 3,193 4,150 (201) 1992 2024 2571 Wilkes-Barre PA — — 9,138 11 — 9,149 9,149 (2,915) 2001 2016 PA0011 Wyomissing PA — 298 3,410 — 298 3,410 3,708 (191) 2002 2024 2694 Anderson SC — 405 1,211 (162) 243 1,211 1,454 (270) 2012 2020 2573 Florence SC — — 12,090 90 — 12,180 12,180 (3,100) 1998 2016 2574 Florence SC — — 12,190 87 — 12,277 12,277 (3,120) 1998 2016 2575 Florence SC — — 11,243 56 — 11,299 11,299 (3,516) 1995 2016 2841 Greenville SC — 634 38,386 (2,283) 13 36,724 36,737 (7,237) 1991 2018 2842 Greenville SC — 794 41,293 (3,459) — 38,628 38,628 (7,133) 1999 2018 2843 Greenville SC — 626 22,210 (2,776) — 20,060 20,060 (3,676) 1996 2018 2844 Greenville SC — 806 18,889 (1,811) — 17,884 17,884 (2,947) 1998 2018 2845 Greenville SC — 932 40,879 (3,309) — 38,502 38,502 (6,226) 2005 2018 2846 Greenville SC — 896 38,486 (3,670) — 35,712 35,712 (5,831) 2007 2018 2847 Greenville SC — 600 26,472 200 — 27,272 27,272 (5,264) 1996 2018 2850 Greenville SC — 211 6,503 (1,008) 211 5,495 5,706 (1,044) 2008 2018 2853 Greenville SC — 534 6,430 (1,388) — 5,576 5,576 (1,231) 1998 2018 2854 Greenville SC — 824 13,645 (2,812) — 11,657 11,657 (2,048) 1992 2018 2848 Greer SC — 318 5,816 (791) — 5,343 5,343 (851) 2008 2018 2849 Greer SC — 319 5,836 (777) — 5,378 5,378 (879) 2008 2018 2862 Myrtle Beach SC — — — 28,496 — 28,496 28,496 (7,945) 2019 2018 2851 Travelers Rest SC — 498 1,015 (399) 299 815 1,114 (309) 1998 2018 2865 Brentwood TN — — — 36,965 52 36,913 36,965 (5,487) 2020 2019 TN0007 Chattanooga TN — 139 10,350 281 139 10,631 10,770 (532) 1976 2024 TN0010 Chattanooga TN — 221 17,612 — 221 17,612 17,833 (813) 1993 2024 TN0011 Franklin TN — 3,056 5,484 — 3,056 5,484 8,540 (293) 2014 2024 624 Hendersonville TN — 256 1,530 1,581 256 3,111 3,367 (1,497) 1985 2006 559 Hermitage TN — 830 5,036 13,203 837 18,232 19,069 (7,630) 1999/2019 2003 561 Hermitage TN — 596 9,698 4,457 596 14,155 14,751 (7,773) 1993 2003 562 Hermitage TN — 317 6,528 2,936 317 9,464 9,781 (4,965) 1994 2003 TN0002 Jackson TN — 1,124 5,631 — 1,124 5,631 6,755 (358) 1991 2024 TN0001 Kingsport TN — 2,778 10,365 57 2,835 10,365 13,200 (476) 2005 2024 TN0012 Kingsport TN — 511 59,215 — 511 59,215 59,726 (1,990) 2010 2024 625 Nashville TN — 955 14,289 9,058 955 23,347 24,302 (10,821) 2000 2006 626 Nashville TN — 2,050 5,211 5,984 2,050 11,195 13,245 (4,320) 1987 2006 627 Nashville TN — 1,007 181 986 1,113 1,061 2,174 (660) 1975 2006 628 Nashville TN — 2,980 7,164 3,670 2,980 10,834 13,814 (4,561) 1988 2006 630 Nashville TN — 515 848 351 649 1,065 1,714 (596) 1975 2006 631 Nashville TN — 266 1,305 1,171 266 2,476 2,742 (1,266) 1980 2006 632 Nashville TN — 827 7,642 3,565 827 11,207 12,034 (5,708) 1988 2006 633 Nashville TN — 5,425 12,577 5,876 5,425 18,453 23,878 (9,429) 1971 2006 634 Nashville TN — 3,818 15,185 12,001 3,818 27,186 31,004 (10,703) 1992 2006 636 Nashville TN — 583 450 424 604 853 1,457 (449) 1974 2006 2967 Nashville TN — — — 53,773 — 53,773 53,773 (7,540) 2021 2019 2720 Nashville TN — 102 10,925 749 102 11,674 11,776 (2,415) 1986 2021 TN0005 Nashville TN — 16,857 17,681 (230) 16,857 17,451 34,308 (946) 2015 2024 TN0008 Spring Hill TN — 628 13,821 — 628 13,821 14,449 (655) 2012 2024 2611 Allen TX — 1,330 5,960 1,232 1,374 7,148 8,522 (2,021) 2004 2016 2612 Allen TX — 1,310 4,165 1,683 1,310 5,848 7,158 (1,899) 2005 2016 573 Arlington TX — 769 12,355 25,901 769 38,256 39,025 (10,485) 1995/2023 2006 TX0025 Austin TX — 22,885 16,662 1,065 22,902 17,710 40,612 (1,037) 2006 2024 TX0016 Bedford TX — 627 4,706 — 627 4,706 5,333 (339) 2014 2024 TX0026 Bryan TX — 105 7,013 153 105 7,166 7,271 (344) 1996 2024 TX0027 Bryan TX — 197 4,080 — 197 4,080 4,277 (223) 1997 2024 TX0012 Carrollton TX — 1,723 857 — 1,723 857 2,580 (111) 2001 2024 TX0023 Carrollton TX — 3,461 5,211 208 3,461 5,419 8,880 (477) 2002 2024 2621 Cedar Park TX — 1,617 11,640 945 1,617 12,585 14,202 (2,570) 2007 2017 576 Conroe TX — 324 4,842 5,020 324 9,862 10,186 (4,575) 1983 2006 577 Conroe TX — 397 7,966 2,973 397 10,939 11,336 (5,342) 1995 2006 578 Conroe TX — 388 7,975 2,576 388 10,551 10,939 (4,616) 1997/2012 2006 579 Conroe TX — 188 3,618 1,226 188 4,844 5,032 (2,633) 1995 2006 581 Corpus Christi TX — 717 8,181 4,429 717 12,610 13,327 (5,782) 1995 2006 600 Corpus Christi TX — 328 3,210 2,456 334 5,660 5,994 (3,040) 1995 2006 601 Corpus Christi TX — 313 1,771 1,458 325 3,217 3,542 (1,318) 1985 2006 Encumbrances at December 31, 2024 Initial Cost to Company Costs Capitalized Subsequent to Acquisition (3) Gross Amount at Which Carried Accumulated Depreciation (5) Year Constructed (6) Year Acquired City State Land and improvements (1) Buildings and Improvements (2) Land and improvements Buildings and Improvements Total (4) 2839 Cypress TX — — — 37,654 11 37,643 37,654 (13,846) 2016 2015 582 Dallas TX — 1,664 6,785 3,781 1,793 10,437 12,230 (5,178) 1979 2006 1314 Dallas TX — 15,230 162,970 29,492 23,630 184,062 207,692 (94,164) 1974 2007 1315 Dallas TX — — — 4,485 17 4,468 4,485 (1,431) 1978 2007 1316 Dallas TX — — — 10,361 64 10,297 10,361 (3,075) 1985 2007 1317 Dallas TX — — — 12,298 267 12,031 12,298 (3,024) 1995 2007 1319 Dallas TX — 18,840 155,659 7,310 18,840 162,969 181,809 (81,664) 1974 2007 2721 Dallas TX — 31,707 2,000 698 31,707 2,698 34,405 (1,998) 1983 2020 TX0028 Dallas TX — 448 189,390 1,552 448 190,942 191,390 (6,257) 2011 2024 3007 Denton TX 5,673 2,298 9,502 111 2,338 9,573 11,911 (1,786) 2014 2021 TX0033 Denton TX — 1,524 11,381 — 1,524 11,381 12,905 (434) 2019 2024 TX0001 El Paso TX — 725 2,729 74 725 2,803 3,528 (92) 1987 2024 TX0002 El Paso TX — 1,429 5,104 377 1,429 5,481 6,910 (295) 2004 2024 TX0009 El Paso TX — 2,156 10,909 262 2,156 11,171 13,327 (557) 1983 2024 TX0010 El Paso TX — 913 2,014 89 918 2,098 3,016 (150) 1983 2024 TX0022 Flower Mound TX — 910 3,696 95 910 3,791 4,701 (158) 2011 2024 TX0024 Flower Mound TX — 1,429 12,043 362 1,512 12,322 13,834 (652) 2011 2024 TX0A22 Flower Mound TX — 992 2,628 195 992 2,823 3,815 (116) 2011 2024 583 Fort Worth TX — 898 4,866 4,763 898 9,629 10,527 (4,661) 1995 2006 805 Fort Worth TX — — 2,481 1,416 45 3,852 3,897 (2,650) 1985 2005 806 Fort Worth TX — — 6,070 1,775 51 7,794 7,845 (3,603) 1985 2005 2619 Fort Worth TX — 1,180 13,432 2,000 1,180 15,432 16,612 (2,579) 2006 2017 2620 Fort Worth TX — 1,961 14,155 1,599 2,000 15,715 17,715 (2,732) 2005 2017 2982 Fort Worth TX — 2,720 6,225 6,335 2,719 12,561 15,280 (4,259) 2020 2019 3020 Frisco TX — — 27,201 731 — 27,932 27,932 (3,041) 2004 2021 3021 Frisco TX — — 26,181 2,272 — 28,453 28,453 (3,485) 2004 2021 TX0032 Ft. Worth TX — 866 24,845 63 866 24,908 25,774 (951) 2017 2024 1061 Granbury TX — — 6,863 1,326 — 8,189 8,189 (3,973) 2001 2006 430 Houston TX — 1,927 33,140 22,722 2,388 55,401 57,789 (33,744) 1985/2018 1999 446 Houston TX — 2,200 19,585 11,112 2,936 29,961 32,897 (22,553) 1976/2018 1999 589 Houston TX — 1,676 12,602 16,193 1,676 28,795 30,471 (8,996) 1985/2022 2006 702 Houston TX — — 7,414 2,716 — 10,130 10,130 (5,100) 2006 2006 1044 Houston TX — — 4,838 6,769 1,321 10,286 11,607 (4,127) 2006 2006 2542 Houston TX — 304 17,764 (304) — 17,764 17,764 (4,822) 1990 2015 2543 Houston TX — 116 6,555 (116) — 6,555 6,555 (2,076) 1970 2015 2544 Houston TX — 312 12,094 (312) — 12,094 12,094 (3,830) 1987 2015 2545 Houston TX — 316 13,931 (300) — 13,947 13,947 (3,309) 2005 2015 2546 Houston TX — 408 18,332 1,582 — 20,322 20,322 (6,978) 1977 2015 2547 Houston TX — 470 18,197 429 — 19,096 19,096 (5,762) 1985 2015 2548 Houston TX — 313 7,036 (112) — 7,237 7,237 (2,674) 1979 2015 2549 Houston TX — 530 22,711 148 530 22,859 23,389 (5,298) 2006 2015 2966 Houston TX — — — 40,944 — 40,944 40,944 (5,145) 2022 2020 590 Irving TX — 828 6,160 5,620 828 11,780 12,608 (5,308) 1997 2006 700 Irving TX — — 8,550 2,965 8 11,507 11,515 (5,499) 2004 2006 1207 Irving TX — 1,955 12,793 4,707 2,032 17,423 19,455 (7,447) 2001 2006 TX0013 Katy TX — 2,567 3,105 276 2,567 3,381 5,948 (256) 2005 2024 TX0014 Katy TX — 2,153 21,169 248 2,153 21,417 23,570 (1,156) 2006 2024 2840 Kingwood TX — 3,035 28,373 1,199 3,422 29,185 32,607 (6,930) 2003 2016 591 Lewisville TX — 561 8,043 1,447 561 9,490 10,051 (4,784) 1976 2006 144 Longview TX — 102 7,998 988 102 8,986 9,088 (6,021) 1993 1992 143 Lufkin TX — 338 2,383 219 338 2,602 2,940 (1,722) 1993 1992 TX0019 Lufkin TX — 80 6,314 237 80 6,551 6,631 (318) 1999 2024 TX0020 Lufkin TX — 100 7,954 560 100 8,514 8,614 (366) 2004 2024 TX0021 Lufkin TX — 155 2,668 — 155 2,668 2,823 (172) 1990 2024 TX0008 Mansfield TX — 4,435 3,375 111 4,435 3,486 7,921 (229) 2010 2024 568 McKinney TX — 541 6,217 3,292 541 9,509 10,050 (5,404) 1999 2003 569 McKinney TX — — 636 8,330 — 8,966 8,966 (4,914) 2004 2003 3216 McKinney TX — — — 23,325 — 23,325 23,325 — — 2023 TX0029 Midland TX — 2,933 12,903 — 2,933 12,903 15,836 (663) 2003 2024 596 North Richland Hills TX — 812 8,883 4,631 812 13,514 14,326 (6,093) 1999 2006 TX0030 Pasadena TX — 1,520 8,648 — 1,520 8,648 10,168 (388) 2018 2024 2835 Pearland TX — — 4,014 5,853 41 9,826 9,867 (3,409) 2006 2006 2838 Pearland TX

Schedule IV_ Mortgage Loans on

Schedule IV: Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV: Mortgage Loans on Real Estate	Schedule IV: Mortgage Loans on Real Estate (in thousands) Location Segment Interest Rate Fixed / Variable Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount Subject to Delinquent Principal or Interest First mortgages relating to 61 properties: Multiple Other 6.00 % Fixed 7/19/2026 (1) Interest only $ — $ 418,389 $ 399,209 $ — First mortgages relating to 5 properties: Multiple Other Greater of 9.00% or 4.00% + (SOFR + 10 bps) Variable 8/1/2027 Interest only — 58,090 57,177 — First mortgages relating to 10 properties: Multiple Other Greater of 12.00% or 7.00% + (SOFR + 11 bps) Variable 1/21/2025 (2) Interest only — 48,000 47,911 — Construction loan relating to one property: Arizona Other 7.47 % Fixed 2/6/2027 (3) (4) — 25,654 23,528 — Other construction loans each individually less than 3% of total carrying amount: Various (5) Other 7.57% to 7.84% Fixed 12/31/2026 to 7/19/2027 (4) — 21,238 20,135 — First mortgages relating to one property: Alabama Other 10.00 % Fixed 1/12/2025 (6) (4) — 35,350 34,592 — Other first mortgages each individually less than 3% of total carrying amount: Various (7) Other 7.00% to 10.00% Fixed 6/30/2025 to 12/20/2028 (8) (9) — 31,761 30,232 — $ — $ 638,482 $ 612,784 $ — _______________________________________ (1) This loan includes options to extend the maturity date to July 19, 2028. (2) In January 2025, the Company received full repayment of the outstanding balance of this secured loan (see Note 8 to the Consolidated Financial Statements for additional information). (3) This loan includes an option to extend the maturity date to May 5, 2028. (4) A portion of interest is due monthly with remaining interest added to the outstanding principal balance. (5) Includes various construction loans each related to one property in Arizona and Texas. In January 2025, the Company received full repayment of the $15 million outstanding balance of a construction loan in Texas (see Note 8 to the Consolidated Financial Statements for additional information). (6) In January 2025, the maturity date of this loan was extended to July 12, 2025. (7) Includes various first mortgages each related to one property in Arizona, Florida, Georgia, Texas, and Wisconsin. (8) This loan includes an option to extend the maturity date to December 20, 2029. (9) Includes both (i) loans that are interest only or (ii) loans in which a portion of interest is due monthly with remaining interest added to the outstanding principal balance. Year Ended December 31, 2024 2023 2022 Reconciliation of mortgage loans Balance at beginning of year $ 175,717 $ 341,749 $ 390,291 Additions: New mortgage loans 486,667 — — Draws and additions to existing mortgage loans 30,745 11,602 5,525 Total additions 517,412 11,602 5,525 Deductions: Principal repayments (77,643) (183,084) (47,591) Recoveries (reserves) for loan losses (1) (2,702) 5,450 (6,476) Total deductions (80,345) (177,634) (54,067) Balance at end of year $ 612,784 $ 175,717 $ 341,749 _______________________________________ (1)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 243,142	$ 306,009	$ 500,449

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy In our business operations, we use information technology, enterprise applications, communications tools, cloud network solutions, and related systems to manage our operations, including to manage our building systems, tenant and vendor relationships, accounting and recordkeeping, and communications, among other aspects of our business. We have developed and implemented a cybersecurity risk management program intended to protect our properties, confidential and proprietary data, and information technology and systems, from cybersecurity threats, including unauthorized access or attack. We leverage the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to the business. This does not imply that we meet any particular technical standards, specifications, or requirements. Our processes for assessing, identifying, and managing risks from cybersecurity threats, including operational risks, financial reporting risks, reputational risks, personal data theft, fraud, and other potential risks, are integrated into our overall enterprise risk management process, and share common methodologies, reporting channels, and governance processes that apply across the enterprise risk management process to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes the following: • a multidisciplinary team comprised of personnel from information technology (“IT”), internal audit, accounting, and legal, as well as third-party cybersecurity experts principally responsible for directing (i) our cybersecurity risk assessment processes, (ii) our security processes, and (iii) our response to cybersecurity incidents; • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment; • internal and third-party security tools to monitor our systems, identify cybersecurity risks, and test our IT environment; • the use of third-party cybersecurity experts, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • a cybersecurity incident response plan, business continuity plan, and established policies governing cybersecurity risk management at the corporate and property levels; • cybersecurity training for employees and key business partners with access to our systems; • a third-party cybersecurity risk management process for service providers and vendors who access our systems; • requiring employees, as well as third parties who have access to our systems, to treat confidential and private information and data with care, including performing controls relating to such data; and • cybersecurity risk insurance. We also seek to engage reputable service providers that maintain cybersecurity programs or controls. We have not identified risks from known cybersecurity threats within the prior fiscal year, including as a result of any prior cybersecurity incident, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. Please refer to “Item 1A, Risk Factors” in this report for additional information about certain ongoing risks related to our information technology that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our processes for assessing, identifying, and managing risks from cybersecurity threats, including operational risks, financial reporting risks, reputational risks, personal data theft, fraud, and other potential risks, are integrated into our overall enterprise risk management process, and share common methodologies, reporting channels, and governance processes that apply across the enterprise risk management process to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is an important part of our overall risk management processes and an area of focus for our Board of Directors and management. The Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of material risks arising from cybersecurity threats. The Audit Committee regularly receives updates from management and third-party cybersecurity experts about major cybersecurity risks, their potential impact on our business operations, and management’s processes to identify, monitor, and mitigate such risks, including, as relevant, the results of assessments or audits of our processes. The Audit Committee periodically provides updates on these matters to the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of material risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of material risks arising from cybersecurity threats. The Audit Committee regularly receives updates from management and third-party cybersecurity experts about major cybersecurity risks, their potential impact on our business operations, and management’s processes to identify, monitor, and mitigate such risks, including, as relevant, the results of assessments or audits of our processes. The Audit Committee periodically provides updates on these matters to the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Cybersecurity is an important part of our overall risk management processes and an area of focus for our Board of Directors and management. The Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of material risks arising from cybersecurity threats. The Audit Committee regularly receives updates from management and third-party cybersecurity experts about major cybersecurity risks, their potential impact on our business operations, and management’s processes to identify, monitor, and mitigate such risks, including, as relevant, the results of assessments or audits of our processes. The Audit Committee periodically provides updates on these matters to the Board of Directors. Our enterprise risk team consists of cross-functional professionals who collaborate with subject matter specialists, as necessary, including an independent third-party expert we have retained to functionally serve as a virtual chief information security officer (“CISO”), to identify and assess material risks from cybersecurity threats, their severity, and potential mitigation steps. The CISO is primarily responsible for leading our cybersecurity risk assessment and management processes. This expert has experience having served as the chief information security officer for an international commercial real estate services company and currently serves as chief information security officer of a cybersecurity firm focused on commercial real estate. He is supported by an internal cross-functional management team of IT and internal audit personnel who regularly review and assess cybersecurity initiatives, including our incident response plan, as well as cybersecurity compliance, training and risk management efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Cybersecurity is an important part of our overall risk management processes and an area of focus for our Board of Directors and management. The Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of material risks arising from cybersecurity threats. The Audit Committee regularly receives updates from management and third-party cybersecurity experts about major cybersecurity risks, their potential impact on our business operations, and management’s processes to identify, monitor, and mitigate such risks, including, as relevant, the results of assessments or audits of our processes. The Audit Committee periodically provides updates on these matters to the Board of Directors. Our enterprise risk team consists of cross-functional professionals who collaborate with subject matter specialists, as necessary, including an independent third-party expert we have retained to functionally serve as a virtual chief information security officer (“CISO”), to identify and assess material risks from cybersecurity threats, their severity, and potential mitigation steps. The CISO is primarily responsible for leading our cybersecurity risk assessment and management processes. This expert has experience having served as the chief information security officer for an international commercial real estate services company and currently serves as chief information security officer of a cybersecurity firm focused on commercial real estate. He is supported by an internal cross-functional management team of IT and internal audit personnel who regularly review and assess cybersecurity initiatives, including our incident response plan, as well as cybersecurity compliance, training and risk management efforts.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO is primarily responsible for leading our cybersecurity risk assessment and management processes. This expert has experience having served as the chief information security officer for an international commercial real estate services company and currently serves as chief information security officer of a cybersecurity firm focused on commercial real estate.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our enterprise risk team consists of cross-functional professionals who collaborate with subject matter specialists, as necessary, including an independent third-party expert we have retained to functionally serve as a virtual chief information security officer (“CISO”), to identify and assess material risks from cybersecurity threats, their severity, and potential mitigation steps. The CISO is primarily responsible for leading our cybersecurity risk assessment and management processes. This expert has experience having served as the chief information security officer for an international commercial real estate services company and currently serves as chief information security officer of a cybersecurity firm focused on commercial real estate. He is supported by an internal cross-functional management team of IT and internal audit personnel who regularly review and assess cybersecurity initiatives, including our incident response plan, as well as cybersecurity compliance, training and risk management efforts.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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.
Basis of Presentation	Basis of Presentation 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. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed.
Revenue Recognition	Revenue Recognition Lease Classification The Company classifies a lease as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. Rental and Related Revenues The Company recognizes rental revenue from its outpatient medical and lab buildings in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the building’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. Rental and related revenues from other variable payments are recognized when the associated contingencies are removed. In accordance with ASC 842, the Company accounts for lease and nonlease components as a single lease component for the purpose of revenue recognition and disclosure. 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. Recognizing rental income on a straight-line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the accounts receivable and 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 December 31, 2024 and 2023, straight-line rent receivable, net of allowance, was $338 million and $310 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. The Company’s operating leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notice and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Resident Fees and Services The Company recognizes resident fee and service revenue from its Senior Housing Operating Property (“SHOP”) portfolios and CCRC properties in accordance with ASC 606, Revenue from Contracts with Customers . Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees, and other resident charges. Residency agreements for SHOP and CCRC facilities are generally for a term of 30 days to one year, with resident fees billed monthly, in advance. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. The Company’s CCRCs are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a non-refundable entrance fee, it is recorded in deferred revenue in the Consolidated Balance Sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. Income from Direct Financing Leases The Company utilizes the direct finance method of accounting to record direct financing lease (“DFL”) income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. During the first quarter of 2022, the Company sold its remaining hospital under a DFL. Interest Income Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. When collectibility of the future payments is reasonably assured, the Company utilizes the interest method on a loan-by-loan basis to recognize interest income on its loans, which includes the amortization of discounts and premiums as well as loan fees paid and received. Management Fee Income The Company provides various services to certain of its unconsolidated joint ventures in exchange for fees and reimbursement. These services are considered related party transactions under ASC 850, Related Party Disclosures . Management fee income is recognized in interest income and other on the Consolidated Statements of Operations. Gain (Loss) on Sales of Real Estate, Net The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale.
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 years ended December 31, 2023 and 2022, 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 December 31, 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.
Credit Losses	Credit Losses The Company evaluates the liquidity and creditworthiness of its occupants, operators, and borrowers on a monthly and 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 occupants, operators, and 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 lease or debt service coverages in its assessment of internal ratings that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, 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 occupants’, operators’, and borrowers’ ability to service their obligations with the Company. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “finance receivables”), are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Finance receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List finance receivables are defined as finance receivables that do not meet the definition of Performing or Workout. Workout finance receivables are defined as finance receivables 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 tenant, operator, or 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. Finance receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s, and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for finance receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the finance receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired finance receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a finance receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured.
Real Estate	Real Estate The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. During the holding or development period, certain real estate assets generate incidental income that is not associated with the future profit or return from the intended use of the property. Such income is recognized as a reduction of the associated project costs. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s Consolidated Statements of Cash Flows. Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs and classified as investing activities in the Consolidated Statements of Cash Flows. 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 consist of leasing commissions paid to employees and external third party brokers and lease incentives. Initial direct costs are included in other assets, net in the Consolidated Balance Sheets. At December 31, 2024 and 2023, the balance of net initial direct costs were $204 million and $172 million, respectively. Initial direct costs are amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. These useful lives are reassessed following changes in the remaining period that the asset is expected to be held and used, and depreciation is discontinued when a property meets the criteria to be classified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 50 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any.
Business Combinations	Business Combinations For the Company’s real estate acquisitions that are accounted for as business combinations, such as the Merger, 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 fair values are determined using standard valuation methodologies, such as the cost, market, and income approach. These methodologies require various assumptions, including those of a market participant.
Other Assets, Net	Other Assets, Net Other assets, net consist primarily of straight-line rent receivable (as discussed above), initial direct costs (as discussed above), deferred income taxes (see Note 17), goodwill (see Note 10), corporate assets (see Note 7), derivative assets (see Note 22), other equity investments (as discussed below and see Note 19), and prepaid expenses.
Other Equity Investments	Other Equity Investments The Company has certain investments recognized in accordance with ASC 321, Investments–Equity Securities , within other assets, net on the Consolidated Balance Sheets. These investments do not have readily determinable fair values and the practical expedient to estimate fair value using net asset value per share has not been elected. Accordingly, the investments are measured at cost, less any impairments, and are adjusted for any observable price changes, with such changes included in earnings. An observable price results from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes may result from equity transactions of the same issuer, including subsequent equity offerings. To determine whether transactions are indicative of an observable price change, the Company evaluates, among other factors, whether the transactions have similar rights and obligations, which include voting rights, distribution rights and preferences, and conversion features.
Lessee Accounting	Lessee Accounting For leases greater than 12 months for which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on the Consolidated Balance Sheets at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if they are considered reasonably certain of exercise. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company. Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s Consolidated Statements of Operations.
Impairment of Long-Lived Assets and Goodwill	Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows reflect external market factors and the expected use and eventual disposition of the asset, and based on the specific facts and circumstances, may be probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value. Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (primarily lease revenue rates, expense rates, and growth rates). When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value. A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift may include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions In 2020, the Company concluded that the dispositions of its senior housing triple-net and SHOP portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, the results of senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. In September 2021, the Company successfully completed the disposition of the remaining senior housing triple-net and SHOP properties. See Note 5 for further information.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures Investments in entities the Company does not consolidate, but over which the Company has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in equity income (loss) from unconsolidated joint ventures within the Company’s Consolidated Statements of Operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. If an equity method investment shows indicators of impairment, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in fair value below carrying value of an investment in an unconsolidated joint venture is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale.
Stock-Based Compensation	Stock-Based Compensation Compensation expense for share-based awards granted to employees with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions. 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 the account balances at each institution periodically exceed the FDIC insurance coverage, there is a concentration of credit risk related to amounts in excess of such coverage.
Derivatives and Hedging	Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities to the Consolidated Balance Sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in other income (expense), net. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value related to the ineffective portion would be recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument.
Income Taxes	Income Taxes Healthpeak Properties, Inc. has elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, Healthpeak Properties, Inc. will generally not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries that have elected REIT status. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are subject to state and local income taxes in some jurisdictions. In certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities that have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to federal, state, and local income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.
Advertising Cost	Advertising Costs
Capital Raising Issuance Costs	Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments, excluding line of credit arrangements and commercial paper, are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the effective interest method. Debt issuance costs related to line of credit arrangements and commercial paper are deferred, included in other assets, and amortized to interest expense on a straight-line basis over the remaining term of the related line of credit arrangement. Commercial paper are unsecured short-term debt securities with varying maturities. A line of credit serves as a liquidity backstop for repayment of commercial paper borrowings. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts, and premiums are recognized as income or expense in the Consolidated Statements of Operations at the time of extinguishment.
Segment Reporting	Segment Reporting
Noncontrolling Interests	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. Net income (loss) attributable to a noncontrolling interest is included in net income (loss) on the Consolidated Statements of Operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. Redeemable Noncontrolling Interests Certain of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company upon specified events or after the passage of a predetermined period of time. Each put option is payable in cash and subject to increases in redemption value in the event that the underlying property generates specified returns 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. Healthpeak OP Immediately following the Reorganization, Healthpeak Properties, Inc. was the initial sole member and 100% owner of Healthpeak OP. Subsequent to the Reorganization, certain employees of the Company (“OP Unitholders”) were issued noncontrolling, non-managing member units in Healthpeak OP (“OP Units”). When certain conditions are met, the OP Unitholders have the right to require redemption of part or all of their OP Units for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP. The per unit redemption amount is equal to either one share of the Company’s common stock or cash equal to the fair value of a share of common stock at the time of redemption. The Company classifies the OP Units in permanent equity because it may elect, in its sole discretion, to issue shares of its common stock to OP Unitholders who choose to redeem their OP Units rather than using cash. DownREITs The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) 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.
Fair Value Measurement	Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1—quoted prices for identical instruments in active markets; • Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities that are required to be measured at fair value. When available, the Company utilizes quoted market prices to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based on valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value.
Earnings per Share	Earnings per Share
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. During the year ended December 31, 2024, the amendments in ASU 2023-07 were adopted retrospectively and did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows. Not Yet Adopted 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. Expense Disaggregation . In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), to address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires public companies to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date , which clarifies that the amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact these ASUs will have on its disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2024 2023 2022 Government grant income recorded in other income (expense), net $ — $ 184 $ 6,765 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 229 878 Government grant income recorded in income (loss) from discontinued operations — — 217 Total government grants received $ — $ 413 $ 7,860

The Merger (Tables)

The Merger (Tables)	12 Months Ended
	Dec. 31, 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 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 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 estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands): Preliminary Amounts Recognized on the Closing Date Measurement Period Adjustments Amounts Recognized on the Closing Date (As Adjusted) ASSETS Real estate: Buildings and improvements $ 3,199,884 $ (6,889) $ 3,192,995 Development costs and construction in progress 68,171 — 68,171 Land and improvements 435,353 — 435,353 Real estate 3,703,408 (6,889) 3,696,519 Loans receivable 118,908 — 118,908 Investments in and advances to unconsolidated joint ventures 58,636 — 58,636 Accounts receivable, net (1) 9,536 (254) 9,282 Cash and cash equivalents 30,417 — 30,417 Restricted cash 1,007 — 1,007 Intangible assets (2) 890,827 — 890,827 Right-of-use asset 191,415 (113) 191,302 Other assets 44,691 (668) 44,023 Total assets $ 5,048,845 $ (7,924) $ 5,040,921 LIABILITIES AND EQUITY Term loans $ 402,320 $ — $ 402,320 Senior unsecured notes 1,139,760 — 1,139,760 Mortgage debt 127,176 — 127,176 Intangible liabilities (3) 149,875 — 149,875 Lease liability 97,160 (113) 97,047 Accounts payable, accrued liabilities, and other liabilities 72,864 (2,976) 69,888 Total liabilities $ 1,989,155 $ (3,089) $ 1,986,066 Redeemable noncontrolling interests 1,536 1,573 3,109 Joint venture partners (4) 20,109 (3,043) 17,066 Non-managing member unitholders (5) 116,618 — 116,618 Total noncontrolling interests $ 136,727 $ (3,043) $ 133,684 Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests $ 2,921,427 $ (3,365) $ 2,918,062 Goodwill 47,136 3,365 50,501 Total purchase price $ 2,968,563 $ — $ 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 10). (3) The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 10). (4) Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7% on the Closing Date. (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. Year Ended 2024 2023 Total revenues $ 2,765,670 $ 2,771,468 Net income (loss) applicable to common shares 353,347 24,630

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Capital Improvements	The following table summarizes the Company’s expenditures for construction, tenant improvements, and other capital improvements for its consolidated property investments, excluding expenditures related to properties classified as discontinued operations (in thousands): Year Ended December 31, Segment 2024 2023 2022 Outpatient medical $ 356,273 $ 236,135 $ 237,761 Lab 313,749 428,961 658,542 CCRC 66,741 109,465 65,691 $ 736,763 $ 774,561 $ 961,994

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Dispositions of Real Estate and Discontinued Operations	The results of discontinued operations during the years ended December 31, 2024, 2023, and 2022 are presented below (in thousands) and are included in the consolidated results of operations for the years ended December 31, 2024, 2023, and 2022: Year Ended December 31, 2024 2023 2022 Revenues: Resident fees and services $ — $ — $ 7,489 Total revenues — — 7,489 Costs and expenses: Operating — — 6,452 Total costs and expenses — — 6,452 Other income (expense): Gain (loss) on sales of real estate, net — — 1,344 Other income (expense), net — — 169 Total other income (expense), net — — 1,513 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures — — 2,550 Income tax benefit (expense) — — 270 Equity income (loss) from unconsolidated joint ventures — — 64 Income (loss) from discontinued operations $ — $ — $ 2,884

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Company's Lease Income, Excluding Discontinued Operation	The following table summarizes the Company’s lease income (in thousands): Year Ended December 31, 2024 2023 2022 Fixed income from operating leases $ 1,530,493 $ 1,236,502 $ 1,182,463 Variable income from operating leases 556,703 395,303 359,312 Interest income from direct financing leases — — 1,168
Schedule of Future Minimum Lease Payments Due Under Operating Leases	The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2024 (in thousands): Year Amount 2025 $ 1,427,402 2026 1,339,275 2027 1,246,068 2028 1,138,062 2029 1,003,394 Thereafter 3,681,731 $ 9,835,932
Schedule of Tenant Purchase Options	Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of 2025 $ 16,109 12 2026 19,071 8 2027 8,415 4 2028 16,209 5 2029 6,053 7 Thereafter 22,364 9 $ 88,221 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Schedule of Other Lease Information	The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2024 2023 2022 Total lease expense $ 22,768 $ 17,010 $ 16,689 Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases (1) 48 51 Weighted average discount rate: Operating leases 4.79 % 4.23 % _______________________________________ (1) As of December 31, 2024 and 2023, the weighted average remaining lease term including the Company’s options to extend its operating leases was 66 years and 67 years, respectively.
Schedule of Future Minimum Lease Obligations, 842	The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2024 (in thousands): Year Amount 2025 $ 21,514 2026 18,423 2027 18,434 2028 18,489 2029 18,687 Thereafter 738,666 Undiscounted minimum lease payments included in the lease liability 834,213 Less: imputed interest (526,993) Present value of lease liability $ 307,220

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): December 31, 2024 2023 Secured loans (1)(2) $ 638,482 $ 178,678 CCRC resident loans 61,273 42,733 Mezzanine loans (2) 50,314 — Unamortized discounts and fees (3) (22,380) (131) Reserve for loan losses (10,499) (2,830) Loans receivable, net $ 717,190 $ 218,450 _______________________________________ (1) At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects, of which $49 million related to loans acquired as part of the Merger. 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 December 31, 2024, includes net unamortized discounts of $3 million related to the loans receivable acquired as part of the Merger (see Note 3) and an $18 million unamortized mark-to-market discount related to the Outpatient Medical Seller Financing as discussed below.
Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses	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 December 31, 2024 (in thousands): Investment Type Year of Origination (1) Total 2024 2023 2022 2021 2020 Prior Secured loans Risk rating: Performing loans $ 433,801 $ 48,663 $ 25,232 $ 105,088 $ — $ — $ 612,784 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ 433,801 $ 48,663 $ 25,232 $ 105,088 $ — $ — $ 612,784 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — Mezzanine loans Risk rating: Performing loans $ 13,653 $ 5,284 $ 4,446 $ 6,572 $ 10,094 $ 3,084 $ 43,133 Watch list loans — — — — — — — Workout loans — — — — — — — Total mezzanine loans $ 13,653 $ 5,284 $ 4,446 $ 6,572 $ 10,094 $ 3,084 $ 43,133 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 59,321 $ 1,790 $ 162 $ — $ — $ — $ 61,273 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 59,321 $ 1,790 $ 162 $ — $ — $ — $ 61,273 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — _______________________________________ (1) Additional fundings under existing loans are 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): December 31, 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 2,744 4,925 7,669 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 $ 5,574 $ 4,925 $ 10,499 $ 2,830 $ — $ 2,830 _______________________________________ (1) Includes CCRC resident loans.

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Company Owned Interests in Entities, Accounted Under Equity Method	The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2024 2023 South San Francisco JVs (3) Lab 7 70 $ 446,145 $ 393,374 SWF SH JV Other 19 54 322,551 332,693 Callan Ridge JV Lab 2 35 69,709 — PMAK JV (4) Outpatient medical 59 12 32,511 — Lab JV Lab 1 49 29,916 31,761 Needham Land Parcel JV (5) Lab — 38 21,348 17,084 Davis JV (4) Outpatient medical 15 49 7,435 — Outpatient Medical JVs (6) Outpatient medical 2 20 - 67 7,199 7,941 $ 936,814 $ 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 December 31, 2024. (3) Includes multiple unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. (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 December 31, 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)	12 Months Ended
	Dec. 31, 2024
Intangibles [Abstract]
Schedule of Intangible Lease Assets	The following table summarizes the Company’s intangible lease assets (dollars in thousands): December 31, Intangible lease assets 2024 2023 Gross intangible lease assets (1) $ 1,468,985 $ 739,228 Accumulated depreciation and amortization (2) (651,731) (425,072) Intangible assets, net $ 817,254 $ 314,156 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) As of December 31, 2024 and 2023, includes $1.42 billion and $725 million, respectively, of gross lease-up intangibles and $45 million and $14 million, respectively, of gross above market lease intangibles. (2) As of December 31, 2024 and 2023, includes $640 million and $418 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $12 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): December 31, Intangible lease liabilities 2024 2023 Gross intangible lease liabilities $ 351,602 $ 228,105 Accumulated depreciation and amortization (159,718) (100,725) Intangible liabilities, net $ 191,884 $ 127,380 Weighted average remaining amortization period in years 9 7
Schedule of Amortization of Deferred Lease Costs and Acquisition Related Intangibles	The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands): Year Ended December 31, 2024 2023 2022 Depreciation and amortization expense related to amortization of lease-up intangibles $ 273,146 $ 102,249 $ 104,885 Rental and related revenues related to amortization of net below market lease liabilities 62,894 27,012 24,640
Schedule of Estimated Aggregate Amortization of Intangible Assets and Liabilities for Each of the Five Succeeding Fiscal Years and Thereafter	The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands): Rental and Related Revenues Depreciation and Amortization 2025 $ 32,618 $ 256,925 2026 29,231 171,520 2027 23,304 107,925 2028 17,899 77,072 2029 13,168 53,829 Thereafter 42,816 117,135 $ 159,036 $ 784,406
Schedule of Goodwill	At December 31, 2024 and 2023, goodwill was allocated to the Company’s segment assets as follows (in thousands): Segment December 31, December 31, Outpatient medical $ 64,680 $ 14,178 CCRC 1,998 1,998 Other non-reportable 1,851 1,851 $ 68,529 $ 18,027

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule 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.
Summary of Stated Debt Maturities and Scheduled Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2024 (dollars in thousands): Senior Unsecured Notes (3) Mortgage Debt (4) Year Bank Line of Credit (1) Commercial Paper (1)(2) Term Loans Amount Interest Rate (5) Amount Interest Rate (5) Total 2025 $ — $ — $ — $ 800,000 3.92 % $ 7,432 6.28 % $ 807,432 2026 — — — 650,000 3.40 % 344,999 5.13 % 994,999 2027 — — 500,000 850,000 3.23 % 842 5.59 % 1,350,842 2028 — — 400,000 850,000 3.53 % 2,775 5.34 % 1,252,775 2029 — 150,000 750,000 650,000 3.65 % — — % 1,550,000 Thereafter — — — 2,900,000 4.51 % — — % 2,900,000 — 150,000 1,650,000 6,700,000 356,048 8,856,048 Premiums, (discounts), and debt issuance costs, net — — (3,957) (136,744) 702 (139,999) $ — $ 150,000 $ 1,646,043 $ 6,563,256 $ 356,750 $ 8,716,049 _______________________________________ (1) As of December 31, 2024, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $18 million, which are recorded in other assets, net on the Consolidated Balance Sheets. (2) Commercial Paper Program borrowings are backstopped by the availability under 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. (3) 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 approximately 5 years. (4) Effective interest rates on the mortgage debt range from 3.44% to 8.50% with a weighted average effective interest rate of 5.16% and a weighted average maturity of approximately 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. (5) 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 (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Material Commitments	The following table summarizes the Company’s material commitments, excluding obligations as the lessee under operating leases (see Note 7), commitments to fund additional loans for outpatient medical capital expenditure projects (see Note 8), debt service obligations (see Note 11), and potential future obligations related to redeemable noncontrolling interests (see Note 13) at December 31, 2024 (in thousands): Amount Development and redevelopment commitments (1) $ 199,139 Lease and other contractual commitments (2) 84,654 Letters of credit (3) 11,929 $ 295,722 _______________________________________ (1) Represents construction and other commitments as of December 31, 2024 for developments and redevelopments in progress and includes allowances for Company-owned tenant improvements that the Company has provided as a lessor. (2) Represents the Company’s commitments, as lessor, under signed leases and contracts for operating properties as of December 31, 2024 and includes allowances for Company-owned tenant improvements and leasing commissions. Excludes allowances for Company-owned tenant improvements related to developments and redevelopments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development and redevelopment commitments” line). (3) Represents 15 outstanding letter of credit obligations expiring in 2025 and one outstanding letter of credit obligation expiring in 2026.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Company's Other Common Stock Activities	The following table summarizes the Company’s other common stock activities (in thousands): Year Ended December 31, 2024 2023 2022 Dividend reinvestment and stock purchase plan $ 57 $ 70 $ 59 Conversion of DownREIT units 256 72 27 Vesting of restricted stock units 377 613 820 Repurchase of common stock 10,592 241 2,418
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): December 31, 2024 2023 Unrealized gains (losses) on derivatives, net $ 30,707 $ 21,245 Supplemental Executive Retirement Plan minimum liability (1,889) (1,874) Total accumulated other comprehensive income (loss) $ 28,818 $ 19,371

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2024 2023 2022 Numerator - Basic Income (loss) from continuing operations $ 267,303 $ 334,757 $ 513,540 Noncontrolling interests’ share in continuing operations (24,161) (28,748) (15,975) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 243,142 306,009 497,565 Less: Participating securities’ share in continuing operations (758) (1,725) (2,657) Income (loss) from continuing operations applicable to common shares 242,384 304,284 494,908 Income (loss) from discontinued operations — — 2,884 Net income (loss) applicable to common shares $ 242,384 $ 304,284 $ 497,792 Numerator - Dilutive Net income (loss) applicable to common shares $ 242,384 $ 304,284 $ 497,792 Add: distributions on dilutive convertible units and other 107 — — Dilutive net income (loss) available to common shares $ 242,491 $ 304,284 $ 497,792 Denominator Basic weighted average shares outstanding 675,680 547,006 538,809 Dilutive potential common shares - equity awards (1) 148 269 338 Dilutive potential common shares - OP Units (2) 405 — — Diluted weighted average common shares 676,233 547,275 539,147 Basic earnings (loss) per common share Continuing operations $ 0.36 $ 0.56 $ 0.92 Discontinued operations — — 0.00 Net income (loss) applicable to common shares $ 0.36 $ 0.56 $ 0.92 Diluted earnings (loss) per common share Continuing operations $ 0.36 $ 0.56 $ 0.92 Discontinued operations — — 0.00 Net income (loss) applicable to common shares $ 0.36 $ 0.56 $ 0.92 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the year ended December 31, 2024, represents the dilutive impact of 3 million outstanding OP Units.

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Unit and LTIP Unit activity	The following table summarizes Restricted Stock Unit and LTIP Unit activity for the year ended December 31, 2024 (units in thousands): Restricted Stock Units LTIP Units Number of Units Weighted Number of Units Weighted Unvested at January 1, 2024 879 $ 29.91 1,894 $ 14.26 Granted 597 17.69 1,511 8.75 Vested (377) 28.88 (199) 17.43 Forfeited (224) 27.20 (304) 12.70 Unvested at December 31, 2024 875 $ 22.70 2,902 $ 10.88

Segment Disclosures (Tables)

Segment Disclosures (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Information for the Reportable Segments	The following tables summarize information for the reportable segments for the year ended December 31, 2024 (in thousands): Outpatient Medical Lab CCRC Total Total revenues $ 1,205,744 $ 881,452 $ 568,475 $ 2,655,671 Healthpeak’s share of unconsolidated joint venture total revenues 24,041 19,733 — 43,774 Noncontrolling interests’ share of consolidated joint venture total revenues (37,643) (196) — (37,839) Operating expenses (1) (405,993) (239,620) (429,248) (1,074,861) Healthpeak’s share of unconsolidated joint venture operating expenses (9,034) (6,366) — (15,400) Noncontrolling interests’ share of consolidated joint venture operating expenses 10,582 52 — 10,634 Adjustments to NOI (2) (38,967) (64,449) (3,123) (106,539) Adjusted NOI for reportable segments $ 748,730 $ 590,606 $ 136,104 $ 1,475,440 Plus: Adjustments to NOI (2) 106,539 Interest income and other 44,778 Interest expense (280,430) Depreciation and amortization (1,057,205) General and administrative (97,162) Transaction and merger-related costs (132,685) Impairments and loan loss reserves, net (22,978) Gain (loss) on sales of real estate, net 178,695 Other income (expense), net 59,345 Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (28,374) Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 27,205 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures $ 273,168 _______________________________________ (1) See reconciliation of significant expense categories below. (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. The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2024 (in thousands): Outpatient Medical Lab CCRC Compensation and property management $ 56,066 $ 33,058 $ 277,686 Food — — 26,513 Real estate taxes 95,286 78,488 15,472 Repairs and maintenance 61,409 30,555 18,373 Utilities 69,690 50,793 22,309 Other segment items (1) 123,542 46,726 68,895 Operating expenses $ 405,993 $ 239,620 $ 429,248 _______________________________________ (1) Other segment items for each segment include: • Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. • CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following tables summarize information for the reportable segments for the year ended December 31, 2023 (in thousands): Outpatient Medical Lab CCRC Total Total revenues $ 753,479 $ 878,326 $ 527,417 $ 2,159,222 Government grant income (1) — — 184 184 Healthpeak’s share of unconsolidated joint venture total revenues 3,033 9,924 — 12,957 Noncontrolling interests’ share of consolidated joint venture total revenues (35,073) (619) — (35,692) Operating expenses (2) (263,132) (229,630) (413,472) (906,234) Healthpeak’s share of unconsolidated joint venture operating expenses (1,189) (4,092) — (5,281) Noncontrolling interests’ share of consolidated joint venture operating expenses 9,921 156 — 10,077 Adjustments to NOI (3) (14,314) (36,524) (1,618) (52,456) Adjusted NOI for reportable segments $ 452,725 $ 617,541 $ 112,511 $ 1,182,777 Plus: Adjustments to NOI (3) 52,456 Interest income and other 21,781 Interest expense (200,331) Depreciation and amortization (749,901) Corporate non-segment operating expenses 4,174 General and administrative (95,132) Transaction and merger-related costs (17,515) Impairments and loan loss reserves, net 5,601 Gain (loss) on sales of real estate, net 86,463 Other income (expense), net 6,808 Less: Government grant income (184) Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (7,676) Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 25,615 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures $ 314,936 _______________________________________ (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) See reconciliation of significant expense categories below. (3) 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. The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2023 (in thousands): Outpatient Medical Lab CCRC Compensation and property management $ 29,752 $ 18,096 $ 260,624 Food — — 25,076 Real estate taxes 59,255 77,690 15,851 Repairs and maintenance 38,277 30,554 17,295 Utilities 43,348 45,490 22,787 Other segment items (1) 92,500 57,800 71,839 Operating expenses $ 263,132 $ 229,630 $ 413,472 _______________________________________ (1) Other segment items for each segment include: • Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. • CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following tables summarize information for the reportable segments for the year ended December 31, 2022 (in thousands): Outpatient Medical Lab CCRC Total Total revenues $ 725,370 $ 817,573 $ 494,935 $ 2,037,878 Government grant income (1) — — 6,765 6,765 Healthpeak’s share of unconsolidated joint venture total revenues 2,999 9,921 — 12,920 Healthpeak’s share of unconsolidated joint venture government grant income — — 380 380 Noncontrolling interests’ share of consolidated joint venture total revenues (35,717) (268) — (35,985) Operating expenses (2) (253,309) (209,143) (400,539) (862,991) Healthpeak’s share of unconsolidated joint venture operating expenses (1,178) (2,883) — (4,061) Noncontrolling interests’ share of consolidated joint venture operating expenses 10,317 87 — 10,404 Adjustments to NOI (3) (15,513) (62,754) 2,300 (75,967) Adjusted NOI for reportable segments $ 432,969 $ 552,533 $ 103,841 $ 1,089,343 Plus: Adjustments to NOI (3) 75,967 Interest income and other 23,300 Interest expense (172,944) Depreciation and amortization (710,569) General and administrative (131,033) Transaction and merger-related costs (4,853) Impairments and loan loss reserves, net (7,004) Gain (loss) on sales of real estate, net 9,078 Other income (expense), net 326,268 Less: Government grant income (6,765) Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (9,239) Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 25,581 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures $ 507,130 _______________________________________ (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) See reconciliation of significant expense categories below. (3) 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. The following table summarizes the Company’s significant expense categories by reportable segment for the year ended December 31, 2022 (in thousands): Outpatient Medical Lab CCRC Compensation and property management $ 27,807 $ 16,817 $ 251,804 Food — — 23,641 Real estate taxes 59,992 75,459 14,090 Repairs and maintenance 36,439 26,884 16,522 Utilities 43,329 41,087 21,219 Other segment items (1) 85,742 48,896 73,263 Operating expenses $ 253,309 $ 209,143 $ 400,539 _______________________________________ (1) Other segment items for each segment include: • Outpatient medical and lab – (i) Cleaning expense, (ii) ground rent expense, (iii) insurance expense, (iv) roads and grounds expense, (v) security expense, and (vi) other administrative expense. • CCRC – (i) Cleaning and supplies, (ii) insurance expense, (iii) marketing expense, and (iv) other administrative expense. The following table summarizes the Company’s revenues by reportable segment (in thousands): December 31, Segment 2024 2023 2022 Outpatient medical $ 1,205,744 $ 753,479 $ 725,370 Lab 881,452 878,326 817,573 CCRC 568,475 527,417 494,935 Total revenues for reportable segments 2,655,671 2,159,222 2,037,878 Interest income and other 44,778 21,781 23,300 Total revenues $ 2,700,449 $ 2,181,003 $ 2,061,178

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Common Stock Distributions	The following table shows the characterization of the Company’s annual common stock distributions per share: Year Ended December 31, 2024 2023 2022 Ordinary dividends (1) $ 0.720440 $ 0.909692 $ 0.872948 Capital gains (2)(3) 0.295060 0.116992 0.183208 Nondividend distributions 0.184500 0.173316 0.143844 $ 1.200000 $ 1.200000 $ 1.200000 _______________________________________ (1) For the year ended December 31, 2024, all $0.720440 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2023, the amount includes $0.882312 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.027380 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2022, all $0.872948 of ordinary dividends qualified as business income for purposes of Code Section 199A. (2) For the years ended December 31, 2024, 2023, and 2022, the amount includes $0.215960, $0.036256, and $0.017760, respectively, of unrecaptured Code Section 1250 gain. Pursuant to Treasury Regulation Section 1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Code. Code Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” For the years ended December 31, 2024 and 2023, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains. For the year ended December 31, 2022, the “One Year Amounts” and “Three Year Amounts” are each 89.6708% of the total capital gain distributions and the remaining capital gain distributions are attributable to Code Section 1231 gains, which are not subject to Code Section 1061. (3) For the years ended December 31, 2024, 2023, and 2022, 100%, 100%, and 10.3292%, respectively, of the capital gain distributions represent gains from dispositions of U.S. real property interests pursuant to Code Section 897 for foreign shareholders.
Schedule of Income Tax Expense (Benefit) From Continuing Operations	The total income tax benefit (expense) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2024 2023 2022 Current Federal $ (2,389) $ (1,663) $ (632) State (3,654) (3,325) (689) Total current $ (6,043) $ (4,988) $ (1,321) Deferred Federal $ (3,429) $ 11,682 $ 3,157 State 5,122 2,923 2,589 Total deferred $ 1,693 $ 14,605 $ 5,746 Total income tax benefit (expense) from continuing operations $ (4,350) $ 9,617 $ 4,425
Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded	The following table reconciles income tax benefit (expense) from continuing operations at statutory rates to actual income tax benefit (expense) recorded (in thousands): Year Ended December 31, 2024 2023 2022 Tax benefit (expense) at U.S. federal statutory income tax rate on income or loss subject to tax $ (11,601) $ (1,404) $ 3,698 State income tax benefit (expense), net of federal tax (1,389) (1,035) 911 Gross receipts and margin taxes (1,774) (1,647) (956) Return to provision adjustments (287) (90) 1,260 Change in valuation allowance for deferred tax assets 10,698 13,797 194 Change in tax status of TRS 3 (4) (682) Total income tax benefit (expense) from continuing operations $ (4,350) $ 9,617 $ 4,425
Schedule of Significant Components of the Company's Deferred Tax Asset and Liabilities	The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2024 2023 2022 Deferred tax assets: Deferred revenue $ 103,470 $ 103,530 $ 102,504 Net operating loss carryforward 50,041 54,136 62,280 Expense accruals 11,787 12,324 12,399 Real estate 195 850 150 Other 49 58 689 Total deferred tax assets 165,542 170,898 178,022 Valuation allowance (2,306) (13,004) (26,098) Deferred tax assets, net of valuation allowance $ 163,236 $ 157,894 $ 151,924 Deferred tax liabilities: Real estate $ 47,268 $ 43,488 $ 52,266 Other 876 818 674 Deferred tax liabilities $ 48,144 $ 44,306 $ 52,940 Net deferred tax assets $ 115,092 $ 113,588 $ 98,984
Schedule of Unrecognized Tax Benefits Roll Forward	The following table summarizes the Company’s unrecognized tax benefits (in thousands): December 31, 2024 2023 2022 Total unrecognized tax benefits at January 1 $ — $ — $ 469 Gross amount of decreases for prior years’ tax positions — — (469) Total unrecognized tax benefits at December 31 $ — $ — $ —

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2024 2023 2022 Supplemental cash flow information: Interest paid, net of capitalized interest $ 249,471 $ 188,213 $ 162,115 Income taxes paid (refunded) 7,862 1,923 (1,903) Capitalized interest 69,256 56,849 41,046 Cash paid for amounts included in the measurement of lease liability for operating leases 21,277 21,488 12,594 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 15,457 3,951 9,454 Accrued construction costs 136,767 105,572 178,626 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture — 993 — Retained investment in connection with South San Francisco JVs transaction (see Note 9) — — 293,265 Retained investment in connection with Callan Ridge JV (see Note 9) 69,255 — — Non-cash assets and liabilities assumed in connection with the Merger (see Note 3) 2,926,141 — — Seller financing provided on disposition of real estate assets (see Note 8) 418,389 — — Year Ended December 31, 2024 2023 2022 Leasing costs, tenant improvements, and recurring capital expenditures $ — $ — $ 21 Development, redevelopment, and other major improvements of real estate — — 18 Depreciation and amortization of real estate, in-place lease, and other intangibles — — —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Year Ended December 31, 2024 2023 2022 2024 2023 2022 2024 2023 2022 Continuing operations Discontinued operations Total Beginning of year: Cash and cash equivalents $ 117,635 $ 72,032 $ 158,287 $ — $ — $ 7,707 $ 117,635 $ 72,032 $ 165,994 Restricted cash 51,388 54,802 53,454 — — — 51,388 54,802 53,454 Cash, cash equivalents, and restricted cash $ 169,023 $ 126,834 $ 211,741 $ — $ — $ 7,707 $ 169,023 $ 126,834 $ 219,448 End of year: Cash and cash equivalents $ 119,818 $ 117,635 $ 72,032 $ — $ — $ — $ 119,818 $ 117,635 $ 72,032 Restricted cash 64,487 51,388 54,802 — — — 64,487 51,388 54,802 Cash, cash equivalents, and restricted cash $ 184,305 $ 169,023 $ 126,834 $ — $ — $ — $ 184,305 $ 169,023 $ 126,834

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) LLC Investment and PropTech Investment Other assets, net $ 15,815 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 21,348 _______________________________________ (1)
Schedule of 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): December 31, 2024 2023 Assets Buildings and improvements $ 4,669,914 $ 2,392,375 Development costs and construction in progress 92,710 47,481 Land and improvements 472,232 307,166 Accumulated depreciation and amortization (761,759) (665,791) Net real estate 4,473,097 2,081,231 Loans receivable, net 550,829 — Investments in and advances to unconsolidated joint ventures 39,946 — Accounts receivable, net 17,357 5,906 Cash and cash equivalents 32,421 18,410 Restricted cash 1,029 613 Intangible assets, net 629,802 56,975 Right-of-use asset, net 270,918 97,575 Other assets, net 173,435 79,248 Total assets $ 6,188,834 $ 2,339,958 Liabilities Term loans $ 401,895 $ — Senior unsecured notes 1,151,801 — Mortgage debt 247,776 144,874 Intangible liabilities, net 95,315 11,884 Lease liability 193,421 99,725 Accounts payable, accrued liabilities, and other liabilities 125,688 54,975 Deferred revenue 65,358 48,316 Total liabilities $ 2,281,254 $ 359,774

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Schedule of Concentration of Credit Risk	The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of the Company’s total assets and revenues, excluding discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2024 2023 2024 2023 2022 California 31 38 25 31 31 Florida 10 10 17 18 18 Texas 11 10 12 11 11 Massachusetts 15 17 9 11 10

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Summary of the Carrying Values and Fair Values 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): December 31, 2024 (3) 2023 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 717,190 $ 729,637 $ 218,450 $ 218,450 Interest rate swap assets (2) 35,120 35,120 21,359 21,359 Bank line of credit and commercial paper (2) 150,000 150,000 720,000 720,000 Term loans (2) 1,646,043 1,646,043 496,824 496,824 Senior unsecured notes (1) 6,563,256 6,373,528 5,403,378 5,144,667 Mortgage debt (2) 356,750 350,292 256,097 244,135 _______________________________________ (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 years ended December 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, December 31, April 2022 May 2026 Cash flow $ 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% $ 1,050 $ 1,602 April 2022 May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 1,870 2,851 August 2022 February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 7,224 7,933 August 2022 August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 9,122 8,973 May 2023 (3)(4) May 2028 Cash flow 400,000 3.59 % USD-SOFR w/ -5 Day Lookback 4,887 — January 2024 (5) February 2029 Cash flow 750,000 3.59 % USD-SOFR w/ -5 Day Lookback 10,967 — $ 35,120 $ 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) 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). The interest rate swap instrument on $36 million of mortgage debt that was acquired as part of the Merger matured in October 2024 and has been excluded herein. 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. The aggregate fair value as of the Closing Date is being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related interest rate swap instruments. During the year ended December 31, 2024, the Company recognized $2 million of related amortization into interest expense. (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) Includes the following: (i) two interest rate swap instruments each with a pay rate of 3.56% and $50 million notional amount; (ii) three interest rate swap instruments each with a pay rate of 3.57% and $50 million notional amount; (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount; (iv) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount; and (v) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2024 2023 Refundable entrance fees $ 236,563 $ 251,874 Accrued construction costs 136,767 105,572 Accrued interest 76,040 59,492 Other accounts payable and accrued liabilities 275,972 240,258 Accounts payable, accrued liabilities, and other liabilities $ 725,342 $ 657,196

Deferred Revenue (Tables)

Deferred Revenue (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2024 2023 Non-refundable entrance fees (1) $ 615,723 $ 562,026 Other deferred revenue (2) 324,413 343,607 Deferred revenue $ 940,136 $ 905,633 _______________________________________ (1) During the years ended December 31, 2024 and 2023, the Company collected non-refundable entrance fees of $143 million and $127 million, respectively. During the years ended December 31, 2024, 2023, and 2022, the Company recognized amortization of $89 million, $83 million, and $79 million, respectively, which 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 years ended December 31, 2024, 2023, and 2022, the Company recognized amortization related to other deferred revenue of $53 million, $68 million, and $44 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 10, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Straight line rent receivable, net of allowances		$ 338	$ 310
Residency agreement term, minimum		30 days
Residency agreement term, maximum		1 year
Maximum period available for occupancy from cessation of significant construction activity		1 year
Initial direct costs		$ 204	172
Advertising expense		$ 9	$ 8	$ 8
Healthpeak OP
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
Healthpeak OP | Total Noncontrolling Interests
Schedule of Equity Method Investments [Line Items]
Common stock, unit redemption share amount	1
Building and Building Improvements
Schedule of Equity Method Investments [Line Items]
Property, plant and equipment, useful life		50 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Government Grant Receivables Cares Act (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Government grant income	$ 0	$ 413	$ 7,860
Government grant income recorded in other income (expense), net
Schedule of Equity Method Investments [Line Items]
Government grant income	0	184	6,765
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Government grant income	0	229	878
Government grant income recorded in income (loss) from discontinued operations
Schedule of Equity Method Investments [Line Items]
Government grant income	$ 0	$ 0	$ 217

The Merger - Narrative (Details

The Merger - Narrative (Details) $ in Thousands		12 Months Ended
	Mar. 01, 2024 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real estate acquisitions [Line Items]
Goodwill	$ 51,000	$ 68,529	$ 18,027
Transaction and merger-related costs		132,685	17,515	$ 4,853
Physicians Realty Trust
Real estate acquisitions [Line Items]
Exchange ratio	0.674
Goodwill	$ 50,501
Transaction and merger-related costs		129,000	11,000
Revenue of acquiree since acquisition date, actual		473,000
Earnings (loss) of acquiree since acquisition date, actual		(6,000)
Physicians Realty Trust | Fees Paid to Investment Banks and Advisors
Real estate acquisitions [Line Items]
Transaction and merger-related costs		38,000
Physicians Realty Trust | Success-Based Payments Related to Service Providers
Real estate acquisitions [Line Items]
Transaction and merger-related costs		21,000
Physicians Realty Trust | Severance Expense Due to Dual-Trigger Severance Arrangements
Real estate acquisitions [Line Items]
Transaction and merger-related costs		26,000
Physicians Realty Trust | Post-Combination Expense, Accelerated Vesting of Acquiree Equity Awards
Real estate acquisitions [Line Items]
Transaction and merger-related costs		16,000
Physicians Realty Trust | Legal, Accounting, Tax, and Other Costs
Real estate acquisitions [Line Items]
Transaction and merger-related costs		35,000	$ 11,000
Physicians Realty Trust | Severance Expense Related to Elimination of Certain Positions
Real estate acquisitions [Line Items]
Transaction and merger-related costs		$ 13,000
Physicians Realty Trust | Outpatient Medical Buildings
Real estate acquisitions [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
Real estate acquisitions [Line Items]
Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs 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 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
Real estate acquisitions [Line Items]
Shares of Healthpeak common stock issued (in shares) | shares	200
Common Stock
Real estate acquisitions [Line Items]
Shares of Healthpeak common stock issued (in shares) | shares	1,000
Restricted Stock Units
Real estate acquisitions [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		12 Months Ended
	Mar. 01, 2024 USD ($) joint_venture	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
LIABILITIES AND EQUITY
Goodwill	$ 51,000	$ 68,529	$ 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	$ 3,192,995
Development costs and construction in progress	68,171
Land and improvements	435,353
Real estate	3,696,519
Loans receivable	118,908
Investments in and advances to unconsolidated joint ventures	58,636
Accounts receivable, net	9,282
Cash and cash equivalents	30,417
Restricted cash	1,007
Intangible assets	890,827
Right-of-use asset	191,302
Other assets	44,023
Total assets	5,040,921
LIABILITIES AND EQUITY
Term loans	402,320
Senior unsecured notes	1,139,760
Mortgage debt	127,176
Intangible liabilities	149,875
Lease liability	97,047
Accounts payable, accrued liabilities, and other liabilities	69,888
Total liabilities	1,986,066
Redeemable noncontrolling interests	3,109
Joint venture partners	17,066
Non-managing member unitholders	116,618
Total noncontrolling interests	133,684
Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests	2,918,062
Goodwill	50,501
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 | Previously Reported
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	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
Physicians Realty Trust | Revision of Prior Period, Adjustment
Real estate:
Buildings and improvements	(6,889)
Development costs and construction in progress	0
Land and improvements	0
Real estate	(6,889)
Loans receivable	0
Investments in and advances to unconsolidated joint ventures	0
Accounts receivable, net	(254)
Cash and cash equivalents	0
Restricted cash	0
Intangible assets	0
Right-of-use asset	(113)
Other assets	(668)
Total assets	(7,924)
LIABILITIES AND EQUITY
Term loans	0
Senior unsecured notes	0
Mortgage debt	0
Intangible liabilities	0
Lease liability	(113)
Accounts payable, accrued liabilities, and other liabilities	(2,976)
Total liabilities	(3,089)
Redeemable noncontrolling interests	1,573
Joint venture partners	(3,043)
Non-managing member unitholders	0
Total noncontrolling interests	(3,043)
Fair value of net assets acquired and liabilities assumed, net of noncontrolling interests	(3,365)
Goodwill	3,365
Total purchase price	$ 0
Physicians Realty Trust | Minimum
LIABILITIES AND EQUITY
Ownership percentage	56.70%
Physicians Realty Trust | Maximum
LIABILITIES AND EQUITY
Ownership percentage	99.70%

The Merger - Schedule of Profor

The Merger - Schedule of Proforma Financial Information (Details) - Physicians Realty Trust - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real estate acquisitions [Line Items]
Total revenues	$ 2,765,670	$ 2,771,468
Net income (loss) applicable to common shares	$ 353,347	$ 24,630

Real Estate Investments - 2024

Real Estate Investments - 2024 Real Estate Investment Acquisitions (Details)	Mar. 01, 2024 property
Outpatient Medical Buildings | Physicians Realty Trust
Real Estate [Line Items]
Number of properties acquired	299

Real Estate Investments - 2023

Real Estate Investments - 2023 Real Estate Investment Acquisitions (Details) $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2024
HCP Ventures IV, LLC
Real Estate [Line Items]
Investment ownership percentage	80%	80%						20%
Property count | property	1	1
Payments to acquire equity method investments	$ 4	$ 4
Gain on investments	$ 0.2
Massachusetts | Lab
Real Estate [Line Items]
Payments to acquire real estate			$ 9	$ 18			$ 72
California | Lab
Real Estate [Line Items]
Payments to acquire real estate							$ 24
Texas | Outpatient medical
Real Estate [Line Items]
Payments to acquire real estate						$ 43
ARKANSAS | Outpatient medical
Real Estate [Line Items]
Payments to acquire real estate					$ 26

Real Estate Investments - 2022

Real Estate Investments - 2022 Real Estate Investment Acquisitions (Details) $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Jan. 31, 2022 USD ($)
Massachusetts | Lab
Real Estate [Line Items]
Payments to acquire real estate	$ 9	$ 18			$ 72
California | Lab
Real Estate [Line Items]
Payments to acquire real estate					$ 24
Texas | Outpatient medical
Real Estate [Line Items]
Payments to acquire real estate				$ 43
Number of properties acquired | property				2
ARKANSAS | Outpatient medical
Real Estate [Line Items]
Payments to acquire real estate			$ 26
Number of properties acquired | property			1

Real Estate Investments - Const

Real Estate Investments - Construction, Tenant, and Other Capital Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	$ 736,763	$ 774,561	$ 961,994
Outpatient Medical
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	356,273	236,135	237,761
Lab
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	313,749	428,961	658,542
CCRC
Real estate acquisitions [Line Items]
Funding for construction, tenant and other capital improvements	$ 66,741	$ 109,465	$ 65,691

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - 2024 Dispositions of Real Estate (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net		$ 178,695	$ 86,463	$ 9,078
Dispositions of 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net		$ 179,000
Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets sold | property	59	59
Proceeds from sale of buildings	$ 674,000	$ 674,000
Investments in loans receivable	$ 405,000	$ 405,000
Fourteen Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets sold | property		14
Proceeds from sale of buildings		$ 220,000
Lab Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets sold | property		7		1
Proceeds from sale of buildings		$ 180,000		$ 14,000
Two Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets sold | property		2
Proceeds from sale of buildings		$ 23,000
Investments in loans receivable		14,000
CCRC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of buildings		$ 12,000

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - 2023 Dispositions of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net	$ 178,695	$ 86,463	$ 9,078
Dispositions of 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net		$ 81,000
Lab
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets sold | property		2
Proceeds from sale of buildings		$ 113,000
Outpatient Medical
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of assets sold | property		2	5
Proceeds from sale of buildings		$ 32,000

Dispositions of Real Estate a_5

Dispositions of Real Estate and Discontinued Operations - 2022 Dispositions of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net	$ 178,695	$ 86,463	$ 9,078
Dispositions of 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net			$ 15,000
Lab Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	7		1
Proceeds from sale of buildings	$ 180,000		$ 14,000
Outpatient Medical
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		2	5
Proceeds from sale of buildings		$ 32,000
Outpatient Medical Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property			1
Proceeds from sale of buildings			$ 36,000

Dispositions of Real Estate a_6

Dispositions of Real Estate and Discontinued Operations - Held for Sale and Discontinued Operations (Details)	Dec. 31, 2024 USD ($) property	Mar. 31, 2024 property	Dec. 31, 2023 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 7,840,000		$ 117,986,000
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	8,000,000		118,000,000
Liabilities related to assets held for sale, net	0		1,000,000
Assets held for sale, net	0		0
Liabilities related to assets held for sale, net	$ 0		$ 0
Held-for-sale | Outpatient Medical
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	1		1
Held-for-sale | Lab
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
Discontinued Operations, Disposed of by Sale | Lab
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
Discontinued Operations, Disposed of by Sale | Lab | Lab
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment ownership percentage		65%

Dispositions of Real Estate a_7

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other income (expense):
Income tax benefit (expense)	$ 0	$ 0	$ 300,000
Held-for-sale
Revenues:
Resident fees and services	0	0	7,489,000
Total revenues	0	0	7,489,000
Costs and expenses:
Operating	0	0	6,452,000
Total costs and expenses	0	0	6,452,000
Other income (expense):
Gain (loss) on sales of real estate, net	0	0	1,344,000
Other income (expense), net	0	0	169,000
Total other income (expense), net	0	0	1,513,000
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	0	0	2,550,000
Income tax benefit (expense)	0	0	270,000
Equity income (loss) from unconsolidated joint ventures	0	0	64,000
Income (loss) from discontinued operations	$ 0	$ 0	$ 2,884,000

Impairments of Real Estate (Det

Impairments of Real Estate (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate		$ 0	$ 0
Insured event loss	$ (29,076,000)	3,085,000	(7,168,000)
Outpatient Medical
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	$ 13,000,000
Number of real estate properties impaired | property	1
Outpatient Medical | Held-for-sale
Impaired Long-Lived Assets Held and Used [Line Items]
Aggregate carrying value before impairment	$ 21,000,000
Real estate held-for-sale	8,000,000
Casualty-Related Losses
Impaired Long-Lived Assets Held and Used [Line Items]
Insured event loss	30,000,000	(3,000,000)	6,000,000
Casualty-Related Losses | Rental Revenues And Resident Fees And Services
Impaired Long-Lived Assets Held and Used [Line Items]
Insured event loss	$ 700,000	$ 4,000,000	3,000,000
Planned MOB Demolition, Tenant Relocation And Other Costs
Impaired Long-Lived Assets Held and Used [Line Items]
Expense on other			$ 14,000,000

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Fixed income from operating leases	$ 1,530,493	$ 1,236,502	$ 1,182,463
Variable income from operating leases	556,703	395,303	359,312
Interest income from direct financing leases	$ 0	$ 0	$ 1,168

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivables	$ 68,000
Gain on sale of direct financing lease	$ 23,000
General and administrative		$ 97,162	$ 95,132	$ 131,033
Corporate Segment | Continuing Operations
Lessor, Lease, Description [Line Items]
General and administrative				$ 7,000

Leases - Future Minimum Rents (

Leases - Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 1,427,402
2026	1,339,275
2027	1,246,068
2028	1,138,062
2029	1,003,394
Thereafter	3,681,731
Total	$ 9,835,932

Leases - Tenant Purchase Option

Leases - Tenant Purchase Options (Details) $ in Thousands	Dec. 31, 2024 USD ($) property
Leases [Abstract]
2025 | $	$ 16,109
2026 | $	19,071
2027 | $	8,415
2028 | $	16,209
2029 | $	6,053
Thereafter | $	22,364
Total | $	$ 88,221
Number of Properties
2025 | property	12
2026 | property	8
2027 | property	4
2028 | property	5
2029 | property	7
Thereafter | property	9
Total | property	45

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Total lease expense	$ 22,768	$ 17,010	$ 16,689
Weighted average remaining lease term (years)	48 years	51 years
Weighted average discount rate, operating leases	4.79%	4.23%
Option to extend lease, term	66 years	67 years

Leases - Future Lease Obligatio

Leases - Future Lease Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 21,514
2026	18,423
2027	18,434
2028	18,489
2029	18,687
Thereafter	738,666
Undiscounted minimum lease payments included in the lease liability	834,213
Less: imputed interest	(526,993)
Present value of lease liability	$ 307,220

Leases - Depreciation Expense (

Leases - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Corporate assets	$ 38	$ 39
General and Administrative Expense
Lessor, Lease, Description [Line Items]
Depreciation expense related to corporate assets	2	3	$ 3
Other Assets
Lessor, Lease, Description [Line Items]
Accumulated depreciation related to corporate assets	$ 8	$ 10

Leases - Denver Office Relocati

Leases - Denver Office Relocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
General and administrative	$ 97,162	$ 95,132	$ 131,033
Corporate Segment | Continuing Operations
Lessor, Lease, Description [Line Items]
General and administrative			$ 7,000

Leases - Tenant Updates (Detail

Leases - Tenant Updates (Details) ft² in Thousands, $ in Thousands, squareFeet in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 26, 2023 USD ($) lease	Jul. 31, 2024 ft² squareFeet	Mar. 31, 2023 USD ($) lease	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2024
Lessor, Lease, Description [Line Items]
Straight line rent				$ 41,276	$ 14,387	$ 49,183
Litigation settlement, amount awarded from other party					4,000
Cash paid for amounts included in the measurement of lease liability for operating leases				$ 21,277	$ 21,488	$ 12,594
Operating lease, area of square feet renewed | squareFeet		2
Operating lease, percentage of annual lease escalations		0.030					0.025
Area of square feet with early termination right | ft²		200
Sorrento Therapeutics, Inc.
Lessor, Lease, Description [Line Items]
Straight line rent			$ 9,000
Number of leases | lease			4	4
Number of leases approved | lease				3
Graphite Bio, Inc
Lessor, Lease, Description [Line Items]
Number of leases | lease	1
Cash paid for amounts included in the measurement of lease liability for operating leases	$ 37,000
Termination fees	21,000
Prepayment of rent	16,000
Rent adjustments	$ 37,000
Common Spirit
Lessor, Lease, Description [Line Items]
Percentage of segment revenues				3%
Common Spirit | Outpatient Medical
Lessor, Lease, Description [Line Items]
Percentage of segment revenues				6%

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 01, 2024	Feb. 29, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts and fees	$ (22,380,000)	$ (131,000)
Reserve for loan losses	(10,499,000)	(2,830,000)	$ (8,280,000)
Loans receivable, net	717,190,000	218,450,000
Remaining loans receivable commitments	85,000,000			$ 49,000,000
Unamortized discount	3,000,000
Interest income and other	44,778,000	21,781,000	23,300,000
Sunrise Senior Housing Portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Remaining loans receivable commitments		29,000,000			$ 0
Outpatient Medical Buildings
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discount	18,000,000
Mortgage Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	612,784,000
Interest income and other	40,000,000	22,000,000	22,000,000
Secured loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	638,482,000	178,678,000
Reserve for loan losses	(5,574,000)	(2,830,000)	$ (8,280,000)
CCRC resident loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	61,273,000	42,733,000
Mezzanine loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 50,314,000	$ 0

Loans Receivable - The Merger (

Loans Receivable - The Merger (Details) $ in Millions	Mar. 01, 2024 USD ($) loan	Dec. 31, 2024 USD ($)
Loans Receivable:
Loans receivables, acquired	$ 124
Secured Mortgage Loans
Loans Receivable:
Number of loans | loan	9
Outstanding balance	$ 89
Receivable with imputed interest		$ 1
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
Outstanding balance	$ 36
Receivable with imputed interest		$ 2
Mezzanine loans | Minimum
Loans Receivable:
Loans receivable, interest rate	0.0800
Mezzanine loans | Maximum
Loans Receivable:
Loans receivable, interest rate	0.1000

Loans Receivable - Sunrise Seni

Loans Receivable - Sunrise Senior Housing Portfolio Seller Financing and Other Seller Financing (Details) $ in Thousands	1 Months Ended						12 Months Ended
	May 31, 2024 USD ($)	Feb. 29, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jun. 30, 2023	Feb. 28, 2023 USD ($)	Jan. 31, 2021 USD ($) facility property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2024 USD ($)
Loans receivable
Loans receivable, net							$ 218,450			$ 717,190
Secured Mortgage Loans
Loans receivable
Loans receivable, conversion of basis spread on variable rate			0.11%
Proceeds from the collection of loans receivable					$ 102,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR)
Loans receivable, floor rate percentage			12%
Loans receivable, extension fee			$ 1,000
Secured Overnight Financing Rate (SOFR) | Secured Mortgage Loans
Loans receivable
Variable rate					0.11%
Loans receivable, floor rate percentage			7%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, First Six Months | Secured Mortgage Loans
Loans receivable
Variable rate					6%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Last Six Months | Secured Mortgage Loans
Loans receivable
Variable rate					7%
Loans receivable, extension fee					$ 1,000
Senior Housing Operating Portfolio
Loans receivable
Proceeds from sale of buildings						$ 230,000
Investments in loans receivable						$ 150,000
Loans receivable, net							131,000			58,000
Number of assets sold | property						16
Senior Housing Operating Portfolio | Secured Mortgage Loans
Loans receivable
Loans receivable, net							48,000			$ 48,000
Sunrise Senior Housing Portfolio
Loans receivable
Number of properties sold | facility						32
Proceeds from sale of buildings						$ 664,000
Investments in loans receivable						410,000
Capital expenditure funding, amount committed		$ 1,000				$ 92,000	40,000
Capital expenditure funding, cost of capital, percent committed						65%
Proceeds from the collection of loans receivable	$ 5,000	$ 69,000						$ 45,000	$ 246,000
Capital expenditure funding, amount funded							$ 11,000
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 percentage		9%
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR), First Two Years
Loans receivable
Variable rate		4%
Loan receivable, extended maturity term		2 years
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR), Last Eighteen Months
Loans receivable
Variable rate		5%
Loan receivable, extended maturity term		18 months

Loans Receivable - Outpatient M

Loans Receivable - Outpatient Medical Seller Financing (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($) property extension_option	Dec. 31, 2024 USD ($) property
Outpatient Medical Buildings
Loans Receivable:
Number of assets sold | property	59	59
Proceeds from sale of buildings	$ 674	$ 674
Investments in loans receivable	$ 405	405
Loans receivable, number of extensions | extension_option	2
Loan receivable, period of extensions	12 months
Proceeds from loan originations	$ 1
Mark to market discount of real estate		21
Non-cash interest income		$ 3
Outpatient Medical Buildings | Minimum
Loans Receivable:
Loans receivable, interest rate	0.060
Outpatient Medical Buildings | Maximum
Loans Receivable:
Loans receivable, interest rate	0.065
Two Outpatient Medical Buildings
Loans Receivable:
Number of assets sold | property		2
Proceeds from sale of buildings		$ 23
Investments in loans receivable		$ 14

Loans Receivable - 2025 Loans R

Loans Receivable - 2025 Loans Receivable Transactions (Details) - Secured Mortgage Loans $ in Millions		1 Months Ended							12 Months Ended
	Mar. 01, 2024 USD ($)	Jan. 31, 2025 USD ($) extension_option loan	Oct. 31, 2023 USD ($)	May 31, 2023 USD ($) loan	Apr. 30, 2023 USD ($) loan	Feb. 28, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	May 31, 2022 loan	Dec. 31, 2024 USD ($)
Loans Receivable:
Outstanding balance	$ 89
Proceeds from the collection of loans receivable						$ 102
Other
Loans Receivable:
Outstanding balance							$ 61		$ 85
Secured loan | loan				1	1	1	4	1
Proceeds from the collection of loans receivable			$ 21	$ 21	$ 14	$ 35
Other | Subsequent Event
Loans Receivable:
Outstanding balance		$ 67
Loans receivable, number of extensions | extension_option		1
Loan receivable, period of extensions		12 months
Loans receivable, interest rate		0.08
Payments for loans receivable		$ 28
Secured loan | loan		1
Proceeds from the collection of loans receivable		$ 15
Other | Subsequent Event | Lab
Loans Receivable:
Outstanding balance		$ 75

Loans Receivable - 2024 Loans R

Loans Receivable - 2024 Loans Receivable Transactions (Details)		1 Months Ended						12 Months Ended
	Mar. 01, 2024 USD ($) loan	May 31, 2023 loan	Apr. 30, 2023 loan	Feb. 28, 2023 loan	Dec. 31, 2022 USD ($) loan	Nov. 30, 2022 loan	May 31, 2022 loan	Dec. 31, 2024 USD ($) loan
Secured Mortgage Loans
Loans Receivable:
Outstanding balance	$ 89,000,000
Number of loans | loan	9
Mezzanine loans
Loans Receivable:
Outstanding balance	$ 36,000,000
Number of loans | loan	10
Other | Secured Mortgage Loans
Loans Receivable:
Outstanding balance					$ 61,000,000			$ 85,000,000
Secured loan | loan		1	1	1	4		1
Other | Mezzanine loans
Loans Receivable:
Outstanding balance								$ 15,000,000
Loans receivable, interest rate								0.1100
Number of loans | loan						1
Other | Construction loan commitments
Loans Receivable:
Outstanding balance								$ 36,000,000
Loans receivable, interest rate								0.0800
Payments for loans receivable								$ 0
Other | During June 2024 to June 2025 | Secured Mortgage Loans
Loans Receivable:
Outstanding balance								$ 12,000,000
Secured loan | loan								1
Other | During June 2024 to June 2025 | Mezzanine loans
Loans Receivable:
Outstanding balance								$ 1,000,000
Number of loans | loan								1
Other | During May 2026 to May 2027 | Mezzanine loans
Loans Receivable:
Outstanding balance								$ 2,000,000
Number of loans | loan								1
Other | During October 2024 to April 2026 | Mezzanine loans
Loans Receivable:
Outstanding balance								$ 2,000,000
Number of loans | loan								1

Loans Receivable - 2023 Loans R

Loans Receivable - 2023 Loans Receivable Transactions (Details) $ in Millions	1 Months Ended
	Jan. 31, 2024	Oct. 31, 2023 USD ($)	May 31, 2023 USD ($) loan	Apr. 30, 2023 USD ($) loan	Feb. 28, 2023 USD ($) loan	Dec. 31, 2022 loan	May 31, 2022 loan
Secured Mortgage Loans
Loans Receivable:
Proceeds from the collection of loans receivable					$ 102
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Loans receivable, conversion of basis spread on variable rate	0.11%
Other | Secured Mortgage Loans
Loans Receivable:
Secured loan | loan			1	1	1	4	1
Proceeds from the collection of loans receivable		$ 21	$ 21	$ 14	$ 35
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR)
Loans receivable, conversion of basis spread on variable rate			0.10%
Other | Secured Mortgage Loans 1
Loans Receivable:
Secured loan | loan			2
Proceeds from the collection of loans receivable			$ 12

Loans Receivable - 2022 Loans R

Loans Receivable - 2022 Loans Receivable Transactions (Details) $ in Millions		1 Months Ended						12 Months Ended
	Mar. 01, 2024 USD ($) loan	May 31, 2023 loan	Apr. 30, 2023 loan	Feb. 28, 2023 loan	Dec. 31, 2022 USD ($) loan	Nov. 30, 2022 USD ($) loan	May 31, 2022 USD ($) loan	Dec. 31, 2024 USD ($)
Secured Mortgage Loans
Loans Receivable:
Number of loans | loan	9
Outstanding balance	$ 89
Mezzanine loans
Loans Receivable:
Number of loans | loan	10
Outstanding balance	$ 36
Other | Secured Mortgage Loans
Loans Receivable:
Secured loan | loan		1	1	1	4		1
Principal repayments received							$ 2
Outstanding balance					$ 61			$ 85
Loans receivable, term					1 year
Variable rate					0.10%
Other | Mezzanine loans
Loans Receivable:
Principal repayments received						$ 1
Number of loans | loan						1
Outstanding balance								$ 15
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, First Six Months | Secured Mortgage Loans
Loans Receivable:
Variable rate				6%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, First Six Months | Other | Secured Mortgage Loans
Loans Receivable:
Variable rate					8.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Last Six Months | Secured Mortgage Loans
Loans Receivable:
Variable rate				7%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Last Six Months | Other | Secured Mortgage Loans
Loans Receivable:
Variable rate					10.50%

Loans Receivable - CCRC Residen

Loans Receivable - CCRC Resident Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Loans Receivable:
Loans receivable, net	$ 717,190	$ 218,450
Brookedale MTCA | CCRC JV Investment | Other
Loans Receivable:
Loans receivable, net	$ 61,000	$ 43,000

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Secured loans
Loans receivable
2024	$ 433,801
2023	48,663
2022	25,232
2021	105,088
2020	0
Prior	0
Total	612,784
Secured loans | Performing loans
Loans receivable
2024	433,801
2023	48,663
2022	25,232
2021	105,088
2020	0
Prior	0
Total	612,784
Secured loans | Watch list loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Secured loans | Workout loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Secured loans | Current period gross write-offs
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Secured loans | Current period recoveries
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Secured loans | Current period net write-offs
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Mezzanine loans
Loans receivable
2024	13,653
2023	5,284
2022	4,446
2021	6,572
2020	10,094
Prior	3,084
Total	43,133
Mezzanine loans | Performing loans
Loans receivable
2024	13,653
2023	5,284
2022	4,446
2021	6,572
2020	10,094
Prior	3,084
Total	43,133
Mezzanine loans | Watch list loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Mezzanine loans | Workout loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Mezzanine loans | Current period gross write-offs
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Mezzanine loans | Current period recoveries
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
Mezzanine loans | Current period net write-offs
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
CCRC resident loans
Loans receivable
2024	59,321
2023	1,790
2022	162
2021	0
2020	0
Prior	0
Total	61,273
CCRC resident loans | Performing loans
Loans receivable
2024	59,321
2023	1,790
2022	162
2021	0
2020	0
Prior	0
Total	61,273
CCRC resident loans | Watch list loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
CCRC resident loans | Workout loans
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
CCRC resident loans | Current period gross write-offs
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
CCRC resident loans | Current period recoveries
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	0
CCRC resident loans | Current period net write-offs
Loans receivable
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	$ 0

Loans Receivable - Loan Losses

Loans Receivable - Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	7,669	2,088
Expected loan losses related to loans sold or repaid	0	(7,538)
Reserve for loan losses, end of period	10,499	2,830
Credit loss reserve on unfunded loan commitments	2,900	700
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	2,744	2,088
Expected loan losses related to loans sold or repaid	0	(7,538)
Reserve for loan losses, end of period	5,574	2,830
Mezzanine 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	4,925	0
Expected loan losses related to loans sold or repaid	0	0
Reserve for loan losses, end of period	$ 4,925	$ 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, 2024 USD ($) property joint_venture	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures | $			$ 936,814	$ 782,853
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property	2
Number of unconsolidated 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%
Payments to acquire equity method investments | $	$ 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 | $			$ 446,145	393,374
Lab Buildings | Callan Ridge JV
Schedule of Equity Method Investments [Line Items]
Property count | property			2
Investment ownership percentage			35%
Equity method investments | $			$ 69,709	0
Lab Buildings | Lab JV
Schedule of Equity Method Investments [Line Items]
Property count | property			1
Investment ownership percentage			49%
Equity method investments | $			$ 29,916	31,761
Lab Buildings | Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count | property			0
Investment ownership percentage			38%
Equity method investments | $			$ 21,348	17,084
Other | SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count | property			19
Investment ownership percentage			54%
Equity method investments | $			$ 322,551	332,693
Outpatient Medical | PMAK JV
Schedule of Equity Method Investments [Line Items]
Property count | property			59
Investment ownership percentage			12%
Equity method investments | $			$ 32,511	0
Outpatient Medical | Davis JV
Schedule of Equity Method Investments [Line Items]
Property count | property			15
Investment ownership percentage			49%
Equity method investments | $			$ 7,435	0
Outpatient Medical | Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property			2
Equity method investments | $			$ 7,199	$ 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	12 Months Ended
	Aug. 01, 2022 USD ($) property	Jan. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Difference between carrying amount and underlying equity			$ 42		$ 49
Gain (loss) on deconsolidation			$ 78	$ 311
Life Science Joint Venture In San Francisco, California | Lab
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	70%
Property count | property	7
Callan Ridge JV | Lab
Schedule of Equity Method Investments [Line Items]
Property count | property		2
Life Science Joint Venture In San Francisco, California | Life Science Joint Venture In San Francisco, California | Lab
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	30%
Cash proceeds	$ 126
Callan Ridge JV | Callan Ridge JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		35%
Callan Ridge JV | Callan Ridge JV | Lab
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		65%
Cash proceeds		$ 128

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangibles Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Intangibles [Abstract]
Gross intangible lease assets	$ 1,468,985	$ 739,228
Accumulated depreciation and amortization	(651,731)	(425,072)
Intangible assets, net	$ 817,254	$ 314,156
Weighted average remaining amortization period in years	5 years	5 years
Gross lease-up intangibles	$ 1,420,000	$ 725,000
Gross above market lease intangibles	45,000	14,000
Depreciation and amortization of lease-up intangibles	640,000	418,000
Depreciation and amortization of above market lease intangibles	$ 12,000	$ 7,000

Intangibles - Schedule of Int_2

Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Intangibles [Abstract]
Gross intangible lease liabilities	$ 351,602	$ 228,105
Accumulated depreciation and amortization	(159,718)	(100,725)
Intangible liabilities, net	$ 191,884	$ 127,380
Weighted average remaining amortization period in years	9 years	7 years

Intangibles - Amortization of D

Intangibles - Amortization of Deferred Leasing Costs and Acquisition Related Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangibles [Abstract]
Depreciation and amortization expense related to amortization of lease-up intangibles	$ 273,146	$ 102,249	$ 104,885
Rental and related revenues related to amortization of net below market lease liabilities	$ 62,894	$ 27,012	$ 24,640

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($)		12 Months Ended
	Mar. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 891,000,000		$ 500,000
Lease-up intangibles	852,000,000
Above market lease, intangibles	39,000,000
Intangible liabilities acquired	$ 150,000,000
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	$ 51,000,000	$ 68,529,000	$ 18,027,000
Goodwill, impairment loss		$ 0	$ 0	$ 0
Other Property
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years			5 years

Intangibles - Estimated Aggrega

Intangibles - Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Estimated aggregate amortization of Intangible Assets
Intangible assets, net	$ 817,254	$ 314,156
Rental and Related Revenues
Estimated aggregate amortization of Intangible Assets
2025	32,618
2026	29,231
2027	23,304
2028	17,899
2029	13,168
Thereafter	42,816
Intangible assets, net	159,036
Depreciation and Amortization
Estimated aggregate amortization of Intangible Assets
2025	256,925
2026	171,520
2027	107,925
2028	77,072
2029	53,829
Thereafter	117,135
Intangible assets, net	$ 784,406

Intangibles - Schedule of Goodw

Intangibles - Schedule of Goodwill Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 01, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 68,529	$ 51,000	$ 18,027
Outpatient Medical
Finite-Lived Intangible Assets [Line Items]
Goodwill	64,680		14,178
CCRC
Finite-Lived Intangible Assets [Line Items]
Goodwill	1,998		1,998
Other
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,851		$ 1,851

Debt - The Merger (Details)

Debt - The Merger (Details) $ in Thousands		12 Months Ended
	Mar. 01, 2024 USD ($) building derivative_held	Dec. 31, 2024 USD ($) derivative_held	Feb. 28, 2023 derivative_held	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held		1
Capitalized costs	$ 1,000
Net discount on mortgage debt		$ 139,999
Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held		2
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held				2
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held			2		2
Senior Unsecured Term Loan
Debt Instrument [Line Items]
Face amount	1,250,000
2028 Term Loan | Senior Unsecured Term Loan
Debt Instrument [Line Items]
Face amount	$ 400,000
Interest rate, effective percentage	4.44%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Loan, basis spread on variable rate	0.10%	1%
2028 Term Loan | Senior Unsecured Term Loan | Minimum
Debt Instrument [Line Items]
Loan, basis spread on variable rate	0.85%
2028 Term Loan | Senior Unsecured Term Loan | Maximum
Debt Instrument [Line Items]
Loan, 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 [Line Items]
Number of interest-rate contracts held | derivative_held	3
Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Face amount	$ 400,000
Interest rate (as a percent)	4.30%
Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Face amount	$ 350,000
Interest rate (as a percent)	3.95%
Senior Unsecured Notes Due 2031
Debt Instrument [Line Items]
Face amount	$ 500,000
Interest rate (as a percent)	2.63%
Mortgage Debt
Debt Instrument [Line Items]
Face 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 [Line Items]
Property count | building	5
Debt assumed	$ 259,000
Mortgage Debt | Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Face amount	$ 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		12 Months Ended
	Mar. 01, 2024 USD ($)	Aug. 22, 2022 USD ($) loan	May 23, 2019 USD ($) renewal_option	Dec. 31, 2024 USD ($) derivative_held renewal_option	Sep. 30, 2021 USD ($) renewal_option	Dec. 31, 2024 USD ($) derivative_held renewal_option	Feb. 29, 2024 USD ($)	Jan. 31, 2024	Dec. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 derivative_held
Debt Instrument [Line Items]
Bank line of credit and commercial paper				$ 150,000,000		$ 150,000,000			$ 720,000,000
Number of interest-rate contracts held | derivative_held				1		1
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held											2
Term Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000						$ 1,000,000,000
Bank line of credit and commercial paper				$ 1,250,000,000		$ 1,250,000,000			500,000,000
Number of loans | loan		2
Debt instrument, covenant secured debt to assets (as a percent)				40%		40%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)				60%		60%
Debt instrument, covenant minimum fixed charge coverage ratio				1.5		1.5
Debt instrument, covenant net worth, minimum				$ 7,700,000,000		$ 7,700,000,000
Term Loan Agreement | Interest rate swap instruments
Debt Instrument [Line Items]
Fixed interest rate				3.76%		3.76%
Unsecured Term Loan
Debt Instrument [Line Items]
Face amount	$ 750,000,000
Debt instrument, term (in months)	5 years
Unused borrowing capacity				$ 250,000,000		$ 250,000,000
Unsecured Term Loan | 2029 Term Loan
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Loan, basis spread on variable rate						0.95%
Interest rate, effective percentage								4.66%
Revolving Credit Facility | Bank Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,500,000,000		$ 3,000,000,000
Number of extensions (in renewal options) | renewal_option			2	2	2	2
Length of debt instrument extension period			6 months	6 months	6 months
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]						Secured Overnight Financing Rate (SOFR)
Loan, basis spread on variable rate						0.10%
Debt instrument, facility fee (as a percent)						0.15%
Line of credit facility additional aggregate amount, maximum					$ 750,000,000
Bank line of credit and commercial paper				$ 0		$ 0			$ 0
Revolving Credit Facility | Bank Line of Credit | Variable Rate Component One
Debt Instrument [Line Items]
Loan, basis spread on variable rate						0.88%
Term Loan Facilities | Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument, covenant debt to assets (as a percent)				60%		60%
Term Loan Facilities | Bank Line of Credit | Term Loan Agreement
Debt Instrument [Line Items]
Length of debt instrument extension period		1 year
Face amount		$ 500,000,000								$ 500,000,000
Debt instrument, period after closing		180 days
Debt instrument, term (in months)		4 years 6 months
Term Loan Facilities One | Bank Line of Credit | Term Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000
Term Loan Facilities Two | Bank Line of Credit | Term Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000
Debt instrument, term (in months)		5 years
2027 Term Loan Facilities | Bank Line of Credit | Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument, interest rate, reduction available for sustainability metrics		0.0001
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Loan, basis spread on variable rate						0.94%

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - Commercial Paper Program - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000	$ 2,000,000,000
Interest expense related to fees and amortization of debt issuance costs	9,000,000	9,000,000	$ 9,000,000
Short-term debt	$ 150,000,000	$ 720,000,000
Term of facility	25 days	37 days
Weighted-average interest rate (as a percent)	4.65%	5.70%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Feb. 04, 2025	Dec. 31, 2024	Mar. 01, 2024	Dec. 31, 2023	May 10, 2023	Jan. 17, 2023
Debt Instrument [Line Items]
Long-term debt, gross		$ 8,856,048
Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 6,700,000		$ 5,500,000
Face amount			$ 1,250,000
Senior Unsecured Notes | Senior Unsecured Notes 5.25%
Debt Instrument [Line Items]
Face amount					$ 350,000	$ 400,000
Interest rate (as a percent)					5.25%	5.25%
Senior Unsecured Notes | Senior Unsecured Notes 3.40% | Subsequent Event
Debt Instrument [Line Items]
Interest rate (as a percent)	3.40%
Repayments of debt	$ 348,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) loan facility	Dec. 31, 2024 USD ($) derivative_held facility	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)	Feb. 28, 2023 derivative_held	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Debt Instrument [Line Items]
Principal balance on debt		$ 8,856,048
Number of interest-rate contracts held | derivative_held		1
Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held		2
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held						2
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Number of interest-rate contracts held | derivative_held					2		2
Outpatient Medical | Mortgage Debt
Debt Instrument [Line Items]
Property count | facility		1
Debt instrument, periodic payment, principal		$ 23,000
CCRC | Mortgage Debt
Debt Instrument [Line Items]
Face amount	$ 85,000		$ 85,000
Number of loans | loan	1
Mortgage Debt
Debt Instrument [Line Items]
Principal balance on debt	$ 255,000	356,048	255,000
Debt instrument, collateral, healthcare facilities carrying value	$ 587,000	770,000	587,000
Debt instrument, periodic payment, principal		$ 27,000	$ 90,000	$ 5,000
Mortgage Debt | Outpatient Medical
Debt Instrument [Line Items]
Property count | facility	15	19	15
Mortgage Debt | Outpatient Medical | Mortgage Debt
Debt Instrument [Line Items]
Property count | facility		13
Face amount		$ 142,000
Mortgage Debt | CCRC
Debt Instrument [Line Items]
Property count | facility	2	2	2

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 807,432
2026	994,999
2027	1,350,842
2028	1,252,775
2029	1,550,000
Thereafter	2,900,000
Long-term debt, gross	8,856,048
Premiums, (discounts), and debt issuance costs, net	(139,999)
Long-term debt	8,716,049
Unamortized debt issuance expense	18,000
Bank Line of Credit
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Long-term debt, gross	0
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	0
Commercial Paper
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	150,000
Thereafter	0
Long-term debt, gross	150,000
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	150,000
Term Loans
Debt Instrument [Line Items]
2025	0
2026	0
2027	500,000
2028	400,000
2029	750,000
Thereafter	0
Long-term debt, gross	1,650,000
Premiums, (discounts), and debt issuance costs, net	(3,957)
Long-term debt	1,646,043
Senior Unsecured Notes
Debt Instrument [Line Items]
2025	800,000
2026	650,000
2027	850,000
2028	850,000
2029	650,000
Thereafter	2,900,000
Long-term debt, gross	6,700,000	$ 5,500,000
Premiums, (discounts), and debt issuance costs, net	(136,744)
Long-term debt	$ 6,563,256
Weighted-average interest rate (as a percent)	3.96%
Weighted-average maturity	5 years
Senior Unsecured Notes | 2025
Debt Instrument [Line Items]
Interest rate (as a percent)	3.92%
Senior Unsecured Notes | 2026
Debt Instrument [Line Items]
Interest rate (as a percent)	3.40%
Senior Unsecured Notes | 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	3.23%
Senior Unsecured Notes | 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	3.53%
Senior Unsecured Notes | 2029
Debt Instrument [Line Items]
Interest rate (as a percent)	3.65%
Senior Unsecured Notes | Thereafter
Debt Instrument [Line Items]
Interest rate (as a percent)	4.51%
Senior Unsecured Notes | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	1.54%
Senior Unsecured Notes | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.87%
Mortgage Debt
Debt Instrument [Line Items]
2025	$ 7,432
2026	344,999
2027	842
2028	2,775
2029	0
Thereafter	0
Long-term debt, gross	356,048	$ 255,000
Premiums, (discounts), and debt issuance costs, net	702
Long-term debt	$ 356,750
Weighted-average interest rate (as a percent)	5.16%
Weighted-average maturity	2 years
Mortgage Debt | 2025
Debt Instrument [Line Items]
Interest rate (as a percent)	6.28%
Mortgage Debt | 2026
Debt Instrument [Line Items]
Interest rate (as a percent)	5.13%
Mortgage Debt | 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	5.59%
Mortgage Debt | 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	5.34%
Mortgage Debt | 2029
Debt Instrument [Line Items]
Interest rate (as a percent)	0%
Mortgage Debt | Thereafter
Debt Instrument [Line Items]
Interest rate (as a percent)	0%
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.44%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	8.50%

Commitments and Contingencies -

Commitments and Contingencies - DownREIT LLCs (Details) - property	Jan. 31, 2025	Dec. 31, 2024
Callan Ridge JV | Lab
Loss Contingencies [Line Items]
Investment ownership percentage		49%
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties, indemnification agreement		41
Indemnification Agreement | Subsequent Event
Loss Contingencies [Line Items]
Number of properties, indemnification agreement	13

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contractual Obligation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2026 obligation	Dec. 31, 2025 obligation	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
Commitments			$ 295,722
Development and redevelopment commitments
Other Commitments [Line Items]
Commitments			199,139
Lease and other contractual commitments
Other Commitments [Line Items]
Commitments			84,654
Letter of credit
Other Commitments [Line Items]
Commitments			$ 11,929
Letter of credit | Forecast
Other Commitments [Line Items]
Number of obligations expiring | obligation	1	15

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				12 Months Ended
	Feb. 03, 2025 $ / shares	Feb. 02, 2025 $ / shares	Mar. 01, 2024 shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)				$ 1.20	$ 1.20	$ 1.20
Common Stock
Subsequent Event [Line Items]
Common stock, convertible, conversion ratio			0.674
Shares issued as part of the Merger (in shares) | shares			162,000	162,231
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.305	$ 0.30

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - ATM Program (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net		$ 1,094,000	$ 1,438,000	$ 309,417,000
At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
Aggregate amount authorized		$ 1,500,000,000
Maximum shares issuable under forward equity sales agreement (in shares)	9,100,000				9,100,000
Forward rate per share (in dollars per share)	$ 34.01				$ 35.25
Issuance of common stock, net	$ 308,000,000
At-The-Market Program | Minimum
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term		1 year
At-The-Market Program | Maximum
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term		2 years
2023 At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
Aggregate amount remaining		$ 1,500,000,000
ATM Direct Issuances | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net (in shares)		0	0	0

Equity and Redeemable Noncont_5

Equity and Redeemable Noncontrolling Interests - Share Repurchase Programs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Jul. 24, 2024	Aug. 01, 2022
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount				$ 500,000,000
2022 Share Repurchase Program
Share Repurchase Program [Line Items]
Common stock repurchased (in shares)	10,500,000	2,100,000
Average cost per share (in dollars per share)	$ 17.98	$ 27.16
Stock repurchase program, total value	$ 188,000,000	$ 56,000,000
2024 Share Repurchase Program
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount			$ 500,000,000
Common stock repurchased (in shares)	0
Stock repurchase program, remaining authorized repurchase amount	$ 500,000,000

Equity and Redeemable Noncont_6

Equity and Redeemable Noncontrolling Interests - Schedule of Other Common Stock Activities (Details) - Common Stock - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividend Reinvestment and Stock Purchase Plan (in shares)	57	70	59
Conversion of DownREIT units (in shares)	256	72	27
Vesting of restricted stock units (in shares)	377	613	820
Repurchase of common stock (in shares)	10,592	241	2,418

Equity and Redeemable Noncont_7

Equity and Redeemable Noncontrolling Interests - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) plan_participant	Dec. 31, 2023 USD ($)
Equity [Abstract]
Unrealized gains (losses) on derivatives, net	$ 30,707	$ 21,245
Supplemental Executive Retirement Plan minimum liability	(1,889)	(1,874)
Total accumulated other comprehensive income (loss)	$ 28,818	$ 19,371
Number of plan participants | plan_participant	1

Equity and Redeemable Noncont_8

Equity and Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interests and Healthpeak OP (Details) $ in Millions		12 Months Ended
	Feb. 10, 2023 shares	Dec. 31, 2024 unit	Dec. 31, 2023 unit	Apr. 30, 2024 USD ($) interest	Mar. 01, 2024 interest
Noncontrolling Interest [Line Items]
Number of redeemable noncontrolling interest | interest					1
Number of redeemable noncontrolling interest with redemption conditions | interest				4
Redemption value | $				$ 53
Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
Issuance of OP units (in units)		3,000,000	2,000,000
Issuance of OP units criteria redemption (in units)		76,000	0
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)		2,000,000	2,000,000
Common stock, unit redemption share amount | shares	1

Equity and Redeemable Noncont_9

Equity and Redeemable Noncontrolling Interests - DownREITs (Details) $ in Thousands, shares in Millions	Dec. 31, 2024 USD ($) entity shares	Dec. 31, 2023 USD ($) entity shares
Noncontrolling Interest [Line Items]
Non-managing member unitholders | $	$ 337,917	$ 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 (in entities) | entity	8	7
Non-managing member unitholders | $	$ 310,000	$ 199,000

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator - Basic
Income (loss) from continuing operations	$ 267,303	$ 334,757	$ 513,540
Noncontrolling interests’ share in continuing operations	(24,161)	(28,748)	(15,975)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	243,142	306,009	497,565
Less: Participating securities’ share in continuing operations	(758)	(1,725)	(2,657)
Income (loss) from continuing operations applicable to common shares	242,384	304,284	494,908
Income (loss) from discontinued operations	0	0	2,884
Net income (loss) applicable to common shares	242,384	304,284	497,792
Add: distributions on dilutive convertible units and other	107	0	0
Dilutive net income (loss) available to common shares	$ 242,491	$ 304,284	$ 497,792
Denominator
Basic weighted average shares outstanding (in shares)	675,680	547,006	538,809
Dilutive potential common shares - equity awards (in shares)	148	269	338
Dilutive potential common shares - OP Units (in shares)	405	0	0
Diluted (in shares)	676,233	547,275	539,147
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.36	$ 0.56	$ 0.92
Discontinued operations (in dollars per share)	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	0.36	0.56	0.92
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.36	0.56	0.92
Discontinued operations (in dollars per share)	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	$ 0.36	$ 0.56	$ 0.92
Outstanding equity awards (in shares)	1,000	1,000	1,000
Dilutive potential common shares - OP Units (in shares)	3,000

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Forward sales agreements that have been settled (in shares)	0	0
Down REIT
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,000,000	7,000,000	7,000,000

Compensation Plans - Stock Base

Compensation Plans - Stock Based Compensation (Details) - shares	Dec. 31, 2024	Apr. 23, 2023
2006 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)		0
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)		0
2023 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)	28,000,000
Maximum number of shares reserved for awards (in shares)	31,000,000
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit (in shares)	19,000,000

Compensation Plans - Restricted

Compensation Plans - Restricted Stock Awards (Details) shares in Thousands, unit in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) unit shares	Dec. 31, 2023 USD ($) unit shares	Dec. 31, 2022 USD ($) shares
Total Noncontrolling Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of OP units (in units) | unit	3	2
Healthpeak OP | Total Noncontrolling Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of OP units (in units) | unit	2	2
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld to offset tax withholding obligations (in shares) | shares	123	241	356
Market Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Expected term	3 years	3 years	3 years
Volatility rate	26%	33%	38.90%
Expected dividend yield	5.20%	4.40%	3.50%
Risk free interest rate	4.50%	4.40%	1.80%
Postvesting restrictions	10%	10%	5.80%
Total grant date fair value	$ 11	$ 9	$ 27
Total fair values (at vesting) of restricted stock and restricted stock units vested	7	16	27
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value	11	9	27
Total fair values (at vesting) of restricted stock and restricted stock units vested	$ 7	16	$ 27
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Percentage of performance metrics during performance period	10%
Total grant date fair value	$ 13	29
Total fair values (at vesting) of restricted stock and restricted stock units vested	$ 3	$ 2
Minimum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	1 year
Minimum | Market Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance metrics during performance period	0%
Minimum | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Percentage of performance metrics during performance period	0%
Maximum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	5 years
Maximum | Market Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance metrics during performance period	200%
Maximum | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	6 years
Percentage of performance metrics during performance period	200%

Compensation Plans - Stock Opti

Compensation Plans - Stock Options (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense recognized	$ 20,000,000	$ 19,000,000	$ 32,000,000
Accelerated cost		10,000,000
Share-based payment arrangement, amount capitalized	4,000,000	$ 4,000,000	4,000,000
Nonvested award, cost not yet recognized, amount	$ 22,000,000
Total unrecognized compensation cost, period of recognition	1 year 7 months 6 days
Common Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options shares outstanding (in shares)	0	0.2
Proceeds received from options exercised	$ 0	$ 0	0
Total share-based compensation expense recognized	$ 0	$ 0	$ 0

Compensation Plans - Schedule o

Compensation Plans - Schedule of Restricted Stock Unit and LTIP Unit activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares) | shares	879
Granted (in shares) | shares	597
Vested (in shares) | shares	(377)
Forfeited (in shares) | shares	(224)
Unvested at the end of the period (in shares) | shares	875
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 29.91
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	17.69
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	28.88
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	27.20
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 22.70
LTIP Units
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares) | shares	1,894
Granted (in shares) | shares	1,511
Vested (in shares) | shares	(199)
Forfeited (in shares) | shares	(304)
Unvested at the end of the period (in shares) | shares	2,902
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 14.26
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	8.75
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	17.43
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	12.70
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 10.88

Compensation Plans - Departure

Compensation Plans - Departure of Executives (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Severance costs	$ 10
Accounts Payable and Accrued Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Severance costs		$ 4	$ 8
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Severance costs	$ 33

Segment Disclosures - Narrative

Segment Disclosures - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) property	Mar. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of facilities owned by unconsolidated joint venture | property	19
Goodwill	$ 68,529	$ 51,000	$ 18,027
Outpatient Medical
Segment Reporting Information [Line Items]
Goodwill	64,680		14,178
CCRC
Segment Reporting Information [Line Items]
Goodwill	1,998		1,998
Other
Segment Reporting Information [Line Items]
Goodwill	1,851		1,851
Operating segment | Outpatient Medical
Segment Reporting Information [Line Items]
Goodwill	65,000		14,000
Operating segment | CCRC
Segment Reporting Information [Line Items]
Goodwill	2,000		2,000
Operating segment | Other
Segment Reporting Information [Line Items]
Goodwill	$ 2,000		$ 2,000

Segment Disclosures - Schedule

Segment Disclosures - Schedule of Information for the Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	$ 2,700,449	$ 2,181,003	$ 2,061,178
Plus: Adjustments to NOI	106,539	52,456	75,967
Interest income and other	44,778	21,781	23,300
Interest expense	(280,430)	(200,331)	(172,944)
Depreciation and amortization	(1,057,205)	(749,901)	(710,569)
Corporate non-segment operating expenses		4,174
General and administrative	(97,162)	(95,132)	(131,033)
Transaction and merger-related costs	(132,685)	(17,515)	(4,853)
Impairments and loan loss reserves, net	(22,978)	5,601	(7,004)
Gain (loss) on sales of real estate, net	178,695	86,463	9,078
Other income (expense), net	59,345	6,808	326,268
Less: Government grant income		(184)	(6,765)
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI	(28,374)	(7,676)	(9,239)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI	27,205	25,615	25,581
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	273,168	314,936	507,130
Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	2,655,671	2,159,222	2,037,878
Government grant income		184	6,765
Healthpeak’s share of unconsolidated joint venture total revenues	43,774	12,957	12,920
Healthpeak’s share of unconsolidated joint venture government grant income			380
Noncontrolling interests’ share of consolidated joint venture total revenues	(37,839)	(35,692)	(35,985)
Operating expenses	(1,074,861)	(906,234)	(862,991)
Healthpeak’s share of unconsolidated joint venture operating expenses	(15,400)	(5,281)	(4,061)
Noncontrolling interests’ share of consolidated joint venture operating expenses	10,634	10,077	10,404
Adjustments to NOI	(106,539)	(52,456)	(75,967)
Adjusted NOI for reportable segments	1,475,440	1,182,777	1,089,343
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	273,168
Operating Segment | Outpatient Medical
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	1,205,744	753,479	725,370
Government grant income		0	0
Healthpeak’s share of unconsolidated joint venture total revenues	24,041	3,033	2,999
Healthpeak’s share of unconsolidated joint venture government grant income			0
Noncontrolling interests’ share of consolidated joint venture total revenues	(37,643)	(35,073)	(35,717)
Operating expenses	(405,993)	(263,132)	(253,309)
Healthpeak’s share of unconsolidated joint venture operating expenses	(9,034)	(1,189)	(1,178)
Noncontrolling interests’ share of consolidated joint venture operating expenses	10,582	9,921	10,317
Adjustments to NOI	(38,967)	(14,314)	(15,513)
Adjusted NOI for reportable segments	748,730	452,725	432,969
Operating Segment | Lab
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	881,452	878,326	817,573
Government grant income		0	0
Healthpeak’s share of unconsolidated joint venture total revenues	19,733	9,924	9,921
Healthpeak’s share of unconsolidated joint venture government grant income			0
Noncontrolling interests’ share of consolidated joint venture total revenues	(196)	(619)	(268)
Operating expenses	(239,620)	(229,630)	(209,143)
Healthpeak’s share of unconsolidated joint venture operating expenses	(6,366)	(4,092)	(2,883)
Noncontrolling interests’ share of consolidated joint venture operating expenses	52	156	87
Adjustments to NOI	(64,449)	(36,524)	(62,754)
Adjusted NOI for reportable segments	590,606	617,541	552,533
Operating Segment | CCRC
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues	568,475	527,417	494,935
Government grant income		184	6,765
Healthpeak’s share of unconsolidated joint venture total revenues	0	0	0
Healthpeak’s share of unconsolidated joint venture government grant income			380
Noncontrolling interests’ share of consolidated joint venture total revenues	0	0	0
Operating expenses	(429,248)	(413,472)	(400,539)
Healthpeak’s share of unconsolidated joint venture operating expenses	0	0	0
Noncontrolling interests’ share of consolidated joint venture operating expenses	0	0	0
Adjustments to NOI	(3,123)	(1,618)	2,300
Adjusted NOI for reportable segments	$ 136,104	$ 112,511	$ 103,841

Segment Disclosures - Significa

Segment Disclosures - Significant Expense Categories by Segment (Details) - Operating segment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Disclosure
Operating expenses	$ 1,074,861	$ 906,234	$ 862,991
Outpatient Medical
Segment Disclosure
Compensation and property management	56,066	29,752	27,807
Food	0	0	0
Real estate taxes	95,286	59,255	59,992
Repairs and maintenance	61,409	38,277	36,439
Utilities	69,690	43,348	43,329
Other segment items	123,542	92,500	85,742
Operating expenses	405,993	263,132	253,309
Lab
Segment Disclosure
Compensation and property management	33,058	18,096	16,817
Food	0	0	0
Real estate taxes	78,488	77,690	75,459
Repairs and maintenance	30,555	30,554	26,884
Utilities	50,793	45,490	41,087
Other segment items	46,726	57,800	48,896
Operating expenses	239,620	229,630	209,143
CCRC
Segment Disclosure
Compensation and property management	277,686	260,624	251,804
Food	26,513	25,076	23,641
Real estate taxes	15,472	15,851	14,090
Repairs and maintenance	18,373	17,295	16,522
Utilities	22,309	22,787	21,219
Other segment items	68,895	71,839	73,263
Operating expenses	$ 429,248	$ 413,472	$ 400,539

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Disclosure
Total revenues for reportable segments	$ 2,700,449	$ 2,181,003	$ 2,061,178
Interest income and other	44,778	21,781	23,300
Total revenues	2,700,449	2,181,003	2,061,178
Assets	19,938,255	15,698,850
Operating segment
Segment Disclosure
Total revenues for reportable segments	2,655,671	2,159,222	2,037,878
Total revenues	2,655,671	2,159,222	2,037,878
Operating segment | Outpatient Medical
Segment Disclosure
Total revenues for reportable segments	1,205,744	753,479	725,370
Total revenues	1,205,744	753,479	725,370
Operating segment | Lab
Segment Disclosure
Total revenues for reportable segments	881,452	878,326	817,573
Total revenues	881,452	878,326	817,573
Operating segment | CCRC
Segment Disclosure
Total revenues for reportable segments	568,475	527,417	494,935
Total revenues	$ 568,475	$ 527,417	$ 494,935

Income Taxes - Schedule of Comm

Income Taxes - Schedule of Common Stock Distribution (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary dividends (in dollars per share)	$ 0.720440	$ 0.909692	$ 0.872948
Capital gains (in dollars per share)	0.295060	0.116992	0.183208
Nondividend distributions (in dollars per share)	0.184500	0.173316	0.143844
Dividends (in dollars per share)	1.200000	1.200000	1.200000
Qualified business income for purpose of Code Section 199A (in dollars per share)	0.720440	0.882312	0.872948
Qualified dividend income for purposes of Code Section 1(h)(11) (in dollars per share)		0.027380
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.215960	$ 0.036256	$ 0.017760
Section 1231, capital distribution percentage	0%	0%	89.6708%
Section 897, capital distribution percentage	100%	100%	10.3292%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes	$ 272,000,000	$ 325,000,000	$ 509,000,000
Income (loss) before income taxes	273,168,000	314,936,000	507,130,000
Income tax benefit (expense)	0	0	300,000
Income tax expense (benefit)	4,350,000	(9,617,000)	(4,425,000)
Deferred income tax expense (benefit)	(1,693,000)	(14,605,000)	(6,001,000)
Net operating loss carryforward	50,041,000	54,136,000	62,280,000
Unrecognized tax benefits	0	0	0	$ 469,000
Down REIT
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes	217,000,000	318,000,000	527,000,000
TRS
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	55,000,000	7,000,000	(18,000,000)
Income tax expense (benefit)	(11,000,000)	(14,000,000)
Deferred income tax expense (benefit)	2,000,000	$ 13,000,000	$ 26,000,000
Net operating loss carryforward	193,000,000
Net operating loss carryforwards subject to expiration	2,000,000
Net operating loss carryforwards not subject to expiration	191,000,000
TRS | Callan Ridge JV
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 12,000,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ (2,389)	$ (1,663)	$ (632)
State	(3,654)	(3,325)	(689)
Total current	(6,043)	(4,988)	(1,321)
Deferred
Federal	(3,429)	11,682	3,157
State	5,122	2,923	2,589
Total deferred	1,693	14,605	5,746
Total income tax benefit (expense) from continuing operations	$ (4,350)	$ 9,617	$ 4,425

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax benefit (expense) at U.S. federal statutory income tax rate on income or loss subject to tax	$ (11,601)	$ (1,404)	$ 3,698
State income tax benefit (expense), net of federal tax	(1,389)	(1,035)	911
Gross receipts and margin taxes	(1,774)	(1,647)	(956)
Return to provision adjustments	(287)	(90)	1,260
Change in valuation allowance for deferred tax assets	10,698	13,797	194
Change in tax status of TRS	3	(4)	(682)
Total income tax benefit (expense) from continuing operations	$ (4,350)	$ 9,617	$ 4,425

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Deferred revenue	$ 103,470	$ 103,530	$ 102,504
Net operating loss carryforward	50,041	54,136	62,280
Expense accruals	11,787	12,324	12,399
Real estate	195	850	150
Other	49	58	689
Total deferred tax assets	165,542	170,898	178,022
Valuation allowance	(2,306)	(13,004)	(26,098)
Deferred tax assets, net of valuation allowance	163,236	157,894	151,924
Deferred tax liabilities:
Real estate	47,268	43,488	52,266
Other	876	818	674
Deferred tax liabilities	48,144	44,306	52,940
Net deferred tax assets	$ 115,092	$ 113,588	$ 98,984

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Total unrecognized tax benefits at January 1	$ 0	$ 0	$ 469,000
Gross amount of decreases for prior years’ tax positions	0	0	(469,000)
Total unrecognized tax benefits at December 31	$ 0	$ 0	$ 0

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 249,471	$ 188,213	$ 162,115
Income taxes paid (refunded)	7,862	1,923	(1,903)
Capitalized interest	69,256	56,849	41,046
Cash paid for amounts included in the measurement of lease liability for operating leases	21,277	21,488	12,594
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases	15,457	3,951	9,454
Accrued construction costs	136,767	105,572	178,626
Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture	0	993	0
Non-cash assets and liabilities assumed in connection with the Merger (see Note 3)	2,926,141	0	0
Seller financing provided on disposition of real estate assets (see Note 8)	418,389	0	0
South San Francisco JVs
Supplemental schedule of non-cash investing and financing activities:
Retained investments in connection with joint ventures	0	0	293,265
Callan Ridge JV
Supplemental schedule of non-cash investing and financing activities:
Retained investments in connection with joint ventures	$ 69,255	$ 0	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of cash flow information discontinued operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures	$ 115,784	$ 113,596	$ 108,510
Development, redevelopment, and other major improvements of real estate	597,494	731,206	861,636
Depreciation and amortization of real estate, in-place lease, and other intangibles	1,057,205	749,901	710,569
Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures	0	0	21
Development, redevelopment, and other major improvements of real estate	0	0	18
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 0	$ 0	$ 0

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Summary of cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Continuing operations
Cash and cash equivalents	$ 119,818	$ 117,635	$ 72,032	$ 158,287
Restricted cash	64,487	51,388	54,802	53,454
Cash, cash equivalents, and restricted cash	184,305	169,023	126,834	211,741
Discontinued operations
Cash and cash equivalents	0	0	0	7,707
Restricted cash	0	0	0	0
Cash, cash equivalents, and restricted cash	0	0	0	7,707
Cash and cash equivalents	119,818	117,635	72,032	165,994
Restricted cash	64,487	51,388	54,802	53,454
Cash, cash equivalents, and restricted cash	$ 184,305	$ 169,023	$ 126,834	$ 219,448

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2024 USD ($) hospital joint_venture	Dec. 31, 2023 joint_venture	Dec. 31, 2022 USD ($)
PropTech
Variable Interest Entity [Line Items]
Payments to acquire equity investments		$ 1
Equity investment, aggregate cost		5%
Equity investment, percentage of total fund commitments		$ 10
Funding period		5 years
Lab | Needham Land Parcel JV
Variable Interest Entity [Line Items]
Investment ownership percentage	38%
Payments to acquire equity method investment	$ 13
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures | joint_venture		2	2
Variable Interest Entity, Not Primary Beneficiary | Commercial Mortgage-Backed Securities
Variable Interest Entity [Line Items]
Number of hospitals | hospital		3
Debt securities				$ 22
Ventures V, LLC
Variable Interest Entity [Line Items]
Ownership percentage		51%
Downreit Partnerships
Variable Interest Entity [Line Items]
Number of DownREIT LLCs (in entities) | joint_venture		8	7
Callan Ridge JV
Variable Interest Entity [Line Items]
Ownership percentage			98%
MSREI MOB JV
Variable Interest Entity [Line Items]
Ownership percentage		51%

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
LLC Investment and PropTech Investment
Variable Interest Entity [Line Items]
Maximum loss exposure and carrying amount	$ 15,815
Needham Land Parcel JV
Variable Interest Entity [Line Items]
Maximum loss exposure and carrying amount	$ 21,348

Variable Interest Entities - Ba

Variable Interest Entities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 16,115,283	$ 13,329,464
Development costs and construction in progress	880,393	643,217
Accumulated depreciation and amortization	(4,083,030)	(3,591,951)
Net real estate	15,831,404	13,028,363
Loans receivable, net	717,190	218,450
Investments in and advances to unconsolidated joint ventures	936,814	782,853
Accounts receivable, net	76,810	55,820
Cash and cash equivalents	119,818	117,635	$ 72,032	$ 158,287
Intangible assets, net	817,254	314,156
Right-of-use asset, net	424,173	240,155
Other assets, net	942,465	772,044
Total assets	19,938,255	15,698,850
LIABILITIES AND EQUITY
Term loans	1,646,043	496,824
Senior unsecured notes	6,563,256	5,403,378
Mortgage debt	356,750	256,097
Intangible liabilities, net	191,884	127,380
Lease liability	307,220	206,743
Accounts payable, accrued liabilities, and other liabilities	725,342	657,196
Deferred revenue	940,136	905,633
Total liabilities	10,880,631	8,773,980
Variable Interest Entity
ASSETS
Buildings and improvements	4,669,914	2,392,375
Development costs and construction in progress	92,710	47,481
Land and improvements	472,232	307,166
Accumulated depreciation and amortization	(761,759)	(665,791)
Net real estate	4,473,097	2,081,231
Loans receivable, net	550,829	0
Investments in and advances to unconsolidated joint ventures	39,946	0
Accounts receivable, net	17,357	5,906
Cash and cash equivalents	32,421	18,410
Restricted cash	1,029	613
Intangible assets, net	629,802	56,975
Right-of-use asset, net	270,918	97,575
Other assets, net	173,435	79,248
Total assets	6,188,834	2,339,958
LIABILITIES AND EQUITY
Term loans	401,895	0
Senior unsecured notes	1,151,801	0
Mortgage debt	247,776	144,874
Intangible liabilities, net	95,315	11,884
Lease liability	193,421	99,725
Accounts payable, accrued liabilities, and other liabilities	125,688	54,975
Deferred revenue	65,358	48,316
Total liabilities	$ 2,281,254	$ 359,774

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Geographical Concentration of Credit Risk (Details) - tenant	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Number of tenants	2
Percentage of Total Company Revenues | Customer Concentration Risk | Outpatient Medical | Largest Tenant | HCA Healthcare, Inc
Concentration Risk [Line Items]
Concentration risk (as a percent)	7%
Percentage of Total Company Revenues | Customer Concentration Risk | Outpatient Medical | Largest Tenant | Common Spirit
Concentration Risk [Line Items]
Concentration risk (as a percent)	3%
California | Percentage of Total Company Assets | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	31%	38%
California | Percentage of Total Company Revenues | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	25%	31%	31%
Florida | Percentage of Total Company Assets | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	10%	10%
Florida | Percentage of Total Company Revenues | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	17%	18%	18%
Texas | Percentage of Total Company Assets | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	11%	10%
Texas | Percentage of Total Company Revenues | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	12%	11%	11%
Massachusetts | Percentage of Total Company Assets | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	15%	17%
Massachusetts | Percentage of Total Company Revenues | Geographic Concentration Risk | Continuing Operations
Concentration Risk [Line Items]
Concentration risk (as a percent)	9%	11%	10%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Summary of financial instruments
Bank line of credit and commercial paper	$ 150,000	$ 720,000
Senior unsecured notes	6,563,256	5,403,378
Mortgage debt	$ 356,750	$ 256,097
Derivative Liability, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag	false	false
Carrying Value
Summary of financial instruments
Loans receivable, net	$ 717,190	$ 218,450
Bank line of credit and commercial paper	150,000	720,000
Term loan	1,646,043	496,824
Senior unsecured notes	6,563,256	5,403,378
Mortgage debt	356,750	256,097
Carrying Value | Interest rate swap instruments
Summary of financial instruments
Interest rate instruments	35,120	21,359
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	6,373,528	5,144,667
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	729,637	218,450
Bank line of credit and commercial paper	150,000	720,000
Term loan	1,646,043	496,824
Mortgage debt	350,292	244,135
Fair Value | Level 2 | Interest rate swap instruments
Summary of financial instruments
Interest rate instruments	$ 35,120	$ 21,359

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) derivative_held	Dec. 31, 2022 USD ($)	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	$ 53	$ 2
Number of interest-rate contracts held | derivative_held	1
Notional amount	$ 180
Senior Unsecured Term Loan
Derivative [Line Items]
Face amount			$ 1,250
2028 Term Loan | Senior Unsecured Term Loan
Derivative [Line Items]
Face amount			400
Mortgage Debt
Derivative [Line Items]
Face amount			$ 128
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held	2
Notional amount	$ 110
Interest rate swap instruments | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held						2
Derivative amount						$ 500
Notional amount				$ 750
Interest rate swap instruments | Designated as Hedging Instrument | Mortgage Debt
Derivative [Line Items]
Derivative amount							$ 142
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held					2		2
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging | 2028 Term Loan | Senior Unsecured Term Loan
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held			3
Notional amount			$ 400
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging | Mortgage Debt
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held			1
Face amount			$ 36

Derivative Financial Instrume_4

Derivative Financial Instruments - Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) derivative_held	Mar. 01, 2024 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2023 derivative_held	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 180,000
Number of interest-rate contracts held | derivative_held	1
Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 110,000
Fair value	$ 35,120			$ 21,359
Number of interest-rate contracts held | derivative_held	2
Interest rate swap instruments | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount			$ 750,000
Number of interest-rate contracts held | derivative_held						2
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest-rate contracts held | derivative_held					2		2
Interest Rate Swap, 4.99% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 51,100
Pay Rate	4.99%
Derivative, basis spread on variable rate	2.50%
Fair value	$ 1,050			1,602
Interest Rate Swap, 4.54% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 91,000
Pay Rate	4.54%
Derivative, basis spread on variable rate	2.05%
Fair value	$ 1,870			2,851
Interest Rate Swap, 2.60% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 250,000
Pay Rate	2.60%
Fair value	$ 7,224			7,933
Interest Rate Swap, 2.54% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 250,000
Pay Rate	2.54%
Fair value	$ 9,122			8,973
Interest Rate Swap, 3.59% Pay Rate, One | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 400,000
Pay Rate	3.59%
Fair value	$ 4,887	$ 7,000		0
Interest expense	2,000
Interest Rate Swap, 3.59% Pay Rate, One | Designated as Hedging Instrument | Cash Flow Hedging | Mortgages
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value	36,000
Interest Rate Swap, 3.59% Pay Rate, Two | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 750,000
Pay Rate	3.59%
Fair value	$ 10,967			$ 0
Interest Rate Swap, 3.56% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 50,000
Pay Rate	3.56%
Number of interest-rate contracts held | derivative_held	2
Interest Rate Swap, 3.57% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 50,000
Pay Rate	3.57%
Number of interest-rate contracts held | derivative_held	3
Interest Rate Swap, 3.58% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 100,000
Pay Rate	3.58%
Number of interest-rate contracts held | derivative_held	1
Interest Rate Swap, 3.60% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 50,000
Pay Rate	3.60%
Number of interest-rate contracts held | derivative_held	5
Interest Rate Swap, 3.61% Pay Rate | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 50,000
Pay 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	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Refundable entrance fees	$ 236,563	$ 251,874
Accrued construction costs	136,767	105,572
Accrued interest	76,040	59,492
Other accounts payable and accrued liabilities	275,972	240,258
Accounts payable, accrued liabilities, and other liabilities	$ 725,342	$ 657,196

Deferred Revenue - Schedule of

Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Nonrefundable entrance fees	$ 615,723	$ 562,026
Other deferred revenue	324,413	343,607
Deferred revenue	940,136	905,633
Proceeds from nonrefundable entrance fees	143,000	127,000
Amortization of nonrefundable entrance fee	89,000	83,000	$ 79,000
Amortization of other deferred charges	$ 53,000	$ 68,000	$ 44,000

Schedule II_ Valuation and Qu_2

Schedule II: Valuation and Qualifying Accounts (Details) - Allowance Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Continuing Operations
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 2,282	$ 2,399	$ 1,870
Additions
Amounts Charged Against Operations, net	0	0	529
Acquired Properties	0	0	0
Deductions	(39)	(117)	0
Balance at End of Year	2,243	2,282	2,399
Discontinued Operations
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	0	0	4,138
Additions
Amounts Charged Against Operations, net	0	0	0
Acquired Properties	0	0	0
Deductions	0	0	(4,138)
Balance at End of Year	$ 0	$ 0	$ 0

Schedule III_ Real Estate and_2

Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Outpatient Medical) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Held-for-sale
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land and improvements	4,141
Building and Improvements	20,364
Costs Capitalized Subsequent to Acquisition	(13,844)
Gross Amount at Which Carried As of Year End
Land and improvements	4,141
Buildings and Improvements	6,520
Total	10,661
Accumulated Depreciation	(2,821)
Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	356,750
Initial Cost to Company
Land and improvements	2,887,257
Building and Improvements	11,334,757
Costs Capitalized Subsequent to Acquisition	5,692,420
Gross Amount at Which Carried As of Year End
Land and improvements	2,918,758
Buildings and Improvements	16,995,676
Total	19,914,434
Accumulated Depreciation	(4,083,030)
Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	250,503
Initial Cost to Company
Land and improvements	860,670
Building and Improvements	6,577,057
Costs Capitalized Subsequent to Acquisition	1,629,467
Gross Amount at Which Carried As of Year End
Land and improvements	877,189
Buildings and Improvements	8,190,005
Total	9,067,194
Accumulated Depreciation	(2,005,342)
638 Anchorage, AK | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,456
Building and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	10,740
Gross Amount at Which Carried As of Year End
Land and improvements	1,456
Buildings and Improvements	21,390
Total	22,846
Accumulated Depreciation	(10,227)
AL0006 Birmingham, AL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	382
Building and Improvements	8,522
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	382
Buildings and Improvements	8,522
Total	8,904
Accumulated Depreciation	(376)
AL0010 Birmingham, AL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,975
Building and Improvements	9,317
Costs Capitalized Subsequent to Acquisition	147
Gross Amount at Which Carried As of Year End
Land and improvements	2,975
Buildings and Improvements	9,464
Total	12,439
Accumulated Depreciation	(590)
AL0012 Birmingham, AL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,925
Building and Improvements	17,289
Costs Capitalized Subsequent to Acquisition	36
Gross Amount at Which Carried As of Year End
Land and improvements	3,925
Buildings and Improvements	17,325
Total	21,250
Accumulated Depreciation	(747)
AL0003 Fairhope, AL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,714
Building and Improvements	6,265
Costs Capitalized Subsequent to Acquisition	125
Gross Amount at Which Carried As of Year End
Land and improvements	1,714
Buildings and Improvements	6,390
Total	8,104
Accumulated Depreciation	(305)
AL0005 Foley, AL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	569
Building and Improvements	691
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	569
Buildings and Improvements	691
Total	1,260
Accumulated Depreciation	(49)
AL0011 Huntsville, AL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,771
Building and Improvements	25,636
Costs Capitalized Subsequent to Acquisition	461
Gross Amount at Which Carried As of Year End
Land and improvements	4,771
Buildings and Improvements	26,097
Total	30,868
Accumulated Depreciation	(1,155)
3026 Bentonville, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	912
Building and Improvements	21,724
Costs Capitalized Subsequent to Acquisition	735
Gross Amount at Which Carried As of Year End
Land and improvements	912
Buildings and Improvements	22,459
Total	23,371
Accumulated Depreciation	(2,768)
AR005 Hot Springs, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	108
Building and Improvements	8,819
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	108
Buildings and Improvements	8,819
Total	8,927
Accumulated Depreciation	(411)
AR0006 Hot Springs, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	211
Building and Improvements	4,324
Costs Capitalized Subsequent to Acquisition	763
Gross Amount at Which Carried As of Year End
Land and improvements	238
Buildings and Improvements	5,060
Total	5,298
Accumulated Depreciation	(240)
AR0007 Hot Springs, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	464
Building and Improvements	9,076
Costs Capitalized Subsequent to Acquisition	745
Gross Amount at Which Carried As of Year End
Land and improvements	464
Buildings and Improvements	9,821
Total	10,285
Accumulated Depreciation	(503)
AR0008 Hot Springs, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	49
Building and Improvements	3,667
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	49
Buildings and Improvements	3,667
Total	3,716
Accumulated Depreciation	(171)
AR0004 Hot Springs Village, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	656
Building and Improvements	3,238
Costs Capitalized Subsequent to Acquisition	384
Gross Amount at Which Carried As of Year End
Land and improvements	656
Buildings and Improvements	3,622
Total	4,278
Accumulated Depreciation	(183)
AR0001 Little Rock, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	822
Building and Improvements	7,018
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	822
Buildings and Improvements	7,018
Total	7,840
Accumulated Depreciation	(460)
AR0002 Little Rock, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	780
Building and Improvements	3,323
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	780
Buildings and Improvements	3,323
Total	4,103
Accumulated Depreciation	(195)
0126 Sherwood, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	709
Building and Improvements	9,604
Costs Capitalized Subsequent to Acquisition	242
Gross Amount at Which Carried As of Year End
Land and improvements	709
Buildings and Improvements	9,846
Total	10,555
Accumulated Depreciation	(7,236)
2572 Springdale, AR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	27,714
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	27,714
Total	27,714
Accumulated Depreciation	(7,329)
AZ0002 Avondale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,694
Building and Improvements	11,388
Costs Capitalized Subsequent to Acquisition	564
Gross Amount at Which Carried As of Year End
Land and improvements	3,455
Buildings and Improvements	11,191
Total	14,646
Accumulated Depreciation	(657)
520 Chandler, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,669
Building and Improvements	13,503
Costs Capitalized Subsequent to Acquisition	6,076
Gross Amount at Which Carried As of Year End
Land and improvements	4,041
Buildings and Improvements	19,207
Total	23,248
Accumulated Depreciation	(9,866)
113 Glendale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,565
Building and Improvements	7,050
Costs Capitalized Subsequent to Acquisition	175
Gross Amount at Which Carried As of Year End
Land and improvements	1,565
Buildings and Improvements	7,225
Total	8,790
Accumulated Depreciation	(5,491)
AZ00021 Glendale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	640
Building and Improvements	2,473
Costs Capitalized Subsequent to Acquisition	(9)
Gross Amount at Which Carried As of Year End
Land and improvements	640
Buildings and Improvements	2,464
Total	3,104
Accumulated Depreciation	(131)
AZ0008 Glendale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,692
Building and Improvements	6,538
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,692
Buildings and Improvements	6,538
Total	9,230
Accumulated Depreciation	(329)
AZ0003 Goodyear, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,139
Building and Improvements	18,196
Costs Capitalized Subsequent to Acquisition	457
Gross Amount at Which Carried As of Year End
Land and improvements	4,139
Buildings and Improvements	18,653
Total	22,792
Accumulated Depreciation	(974)
2040 Mesa, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	17,314
Costs Capitalized Subsequent to Acquisition	3,895
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	21,209
Total	21,209
Accumulated Depreciation	(5,449)
AZ0012 Mesa, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,124
Building and Improvements	2,121
Costs Capitalized Subsequent to Acquisition	100
Gross Amount at Which Carried As of Year End
Land and improvements	1,124
Buildings and Improvements	2,221
Total	3,345
Accumulated Depreciation	(131)
AZ0005 Phoenix, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	405
Building and Improvements	32,432
Costs Capitalized Subsequent to Acquisition	236
Gross Amount at Which Carried As of Year End
Land and improvements	405
Buildings and Improvements	32,668
Total	33,073
Accumulated Depreciation	(1,277)
AZ0007 Phoenix, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,528
Building and Improvements	3,495
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,528
Buildings and Improvements	3,495
Total	6,023
Accumulated Depreciation	(164)
AZ0015 Phoenix, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	218
Building and Improvements	17,922
Costs Capitalized Subsequent to Acquisition	332
Gross Amount at Which Carried As of Year End
Land and improvements	218
Buildings and Improvements	18,254
Total	18,472
Accumulated Depreciation	(668)
AZ00A7 Phoenix, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,526
Building and Improvements	694
Costs Capitalized Subsequent to Acquisition	624
Gross Amount at Which Carried As of Year End
Land and improvements	2,526
Buildings and Improvements	1,318
Total	3,844
Accumulated Depreciation	(35)
2021 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,312
Costs Capitalized Subsequent to Acquisition	5,124
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,436
Total	17,436
Accumulated Depreciation	(7,674)
2022 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	9,179
Costs Capitalized Subsequent to Acquisition	3,733
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	12,912
Total	12,912
Accumulated Depreciation	(5,455)
2023 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	6,398
Costs Capitalized Subsequent to Acquisition	2,370
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	8,768
Total	8,768
Accumulated Depreciation	(3,694)
2024 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	9,522
Costs Capitalized Subsequent to Acquisition	1,700
Gross Amount at Which Carried As of Year End
Land and improvements	32
Buildings and Improvements	11,190
Total	11,222
Accumulated Depreciation	(5,284)
2025 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,102
Costs Capitalized Subsequent to Acquisition	2,557
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	6,659
Total	6,659
Accumulated Depreciation	(2,901)
2026 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	3,655
Costs Capitalized Subsequent to Acquisition	2,087
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,742
Total	5,742
Accumulated Depreciation	(2,905)
2027 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	7,168
Costs Capitalized Subsequent to Acquisition	2,410
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,578
Total	9,578
Accumulated Depreciation	(4,722)
2028 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	6,659
Costs Capitalized Subsequent to Acquisition	5,237
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,896
Total	11,896
Accumulated Depreciation	(6,013)
2696 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,151
Building and Improvements	14,925
Costs Capitalized Subsequent to Acquisition	20
Gross Amount at Which Carried As of Year End
Land and improvements	9,234
Buildings and Improvements	15,862
Total	25,096
Accumulated Depreciation	(3,118)
AZ0009 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,563
Building and Improvements	9,361
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,563
Buildings and Improvements	9,361
Total	11,924
Accumulated Depreciation	(449)
AZ0010 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,096
Building and Improvements	19,515
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,096
Buildings and Improvements	19,515
Total	20,611
Accumulated Depreciation	(842)
AZ0011 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,809
Building and Improvements	2,646
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,809
Buildings and Improvements	2,646
Total	5,455
Accumulated Depreciation	(217)
AZ0014 Scottsdale, AZ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	506
Building and Improvements	43,211
Costs Capitalized Subsequent to Acquisition	3,451
Gross Amount at Which Carried As of Year End
Land and improvements	506
Buildings and Improvements	46,662
Total	47,168
Accumulated Depreciation	(1,448)
1041 Brentwood, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	30,864
Costs Capitalized Subsequent to Acquisition	9,176
Gross Amount at Which Carried As of Year End
Land and improvements	122
Buildings and Improvements	39,918
Total	40,040
Accumulated Depreciation	(16,525)
1200 Encino, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,151
Building and Improvements	10,438
Costs Capitalized Subsequent to Acquisition	6,680
Gross Amount at Which Carried As of Year End
Land and improvements	6,373
Buildings and Improvements	16,896
Total	23,269
Accumulated Depreciation	(8,545)
1038 Fresno, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,652
Building and Improvements	29,113
Costs Capitalized Subsequent to Acquisition	21,935
Gross Amount at Which Carried As of Year End
Land and improvements	3,652
Buildings and Improvements	51,048
Total	54,700
Accumulated Depreciation	(25,001)
659 Los Gatos, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,718
Building and Improvements	3,124
Costs Capitalized Subsequent to Acquisition	1,393
Gross Amount at Which Carried As of Year End
Land and improvements	1,796
Buildings and Improvements	4,439
Total	6,235
Accumulated Depreciation	(2,231)
421 San Diego, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,910
Building and Improvements	19,984
Costs Capitalized Subsequent to Acquisition	15,149
Gross Amount at Which Carried As of Year End
Land and improvements	2,964
Buildings and Improvements	35,079
Total	38,043
Accumulated Depreciation	(19,150)
564 San Jose, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,935
Building and Improvements	1,728
Costs Capitalized Subsequent to Acquisition	2,595
Gross Amount at Which Carried As of Year End
Land and improvements	1,935
Buildings and Improvements	4,323
Total	6,258
Accumulated Depreciation	(1,905)
565 San Jose, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,460
Building and Improvements	7,672
Costs Capitalized Subsequent to Acquisition	2,273
Gross Amount at Which Carried As of Year End
Land and improvements	1,492
Buildings and Improvements	9,913
Total	11,405
Accumulated Depreciation	(5,460)
CA0001 Walnut Creek, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,533
Building and Improvements	5,116
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,533
Buildings and Improvements	5,116
Total	6,649
Accumulated Depreciation	(255)
CA0002 Walnut Creek, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,189
Building and Improvements	1,179
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,189
Buildings and Improvements	1,179
Total	2,368
Accumulated Depreciation	(74)
CA0003 Walnut Creek, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,168
Building and Improvements	1,368
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,168
Buildings and Improvements	1,368
Total	2,536
Accumulated Depreciation	(81)
CA0004 Walnut Creek, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,143
Building and Improvements	5,390
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,143
Buildings and Improvements	5,390
Total	8,533
Accumulated Depreciation	(299)
CA0005 Walnut Creek, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,140
Building and Improvements	2,260
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,140
Buildings and Improvements	2,260
Total	3,400
Accumulated Depreciation	(118)
440 West Hills, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,100
Building and Improvements	11,595
Costs Capitalized Subsequent to Acquisition	12,917
Gross Amount at Which Carried As of Year End
Land and improvements	2,203
Buildings and Improvements	24,409
Total	26,612
Accumulated Depreciation	(9,359)
3008 West Hills, CA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	12,137
Initial Cost to Company
Land and improvements	5,795
Building and Improvements	13,933
Costs Capitalized Subsequent to Acquisition	3,872
Gross Amount at Which Carried As of Year End
Land and improvements	5,823
Buildings and Improvements	17,777
Total	23,600
Accumulated Depreciation	(2,536)
728 Aurora, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,764
Costs Capitalized Subsequent to Acquisition	2,794
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,558
Total	11,558
Accumulated Depreciation	(4,589)
1196 Aurora, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	210
Building and Improvements	12,362
Costs Capitalized Subsequent to Acquisition	5,923
Gross Amount at Which Carried As of Year End
Land and improvements	210
Buildings and Improvements	18,285
Total	18,495
Accumulated Depreciation	(8,389)
1197 Aurora, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	200
Building and Improvements	8,414
Costs Capitalized Subsequent to Acquisition	6,235
Gross Amount at Which Carried As of Year End
Land and improvements	285
Buildings and Improvements	14,564
Total	14,849
Accumulated Depreciation	(7,259)
2965 Aurora, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	39,026
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	39,026
Total	39,026
Accumulated Depreciation	0
127 Colorado Springs, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	690
Building and Improvements	8,338
Costs Capitalized Subsequent to Acquisition	367
Gross Amount at Which Carried As of Year End
Land and improvements	690
Buildings and Improvements	8,705
Total	9,395
Accumulated Depreciation	(6,267)
882 Colorado Springs, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,933
Costs Capitalized Subsequent to Acquisition	8,913
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	21,846
Total	21,846
Accumulated Depreciation	(11,516)
1199 Denver, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	493
Building and Improvements	7,897
Costs Capitalized Subsequent to Acquisition	1,642
Gross Amount at Which Carried As of Year End
Land and improvements	604
Buildings and Improvements	9,428
Total	10,032
Accumulated Depreciation	(4,874)
808 Englewood, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,616
Costs Capitalized Subsequent to Acquisition	6,221
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	14,837
Total	14,837
Accumulated Depreciation	(7,838)
809 Englewood, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,449
Costs Capitalized Subsequent to Acquisition	20,199
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	28,648
Total	28,648
Accumulated Depreciation	(7,329)
810 Englewood, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,040
Costs Capitalized Subsequent to Acquisition	16,738
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	24,778
Total	24,778
Accumulated Depreciation	(10,816)
811 Englewood, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,472
Costs Capitalized Subsequent to Acquisition	12,707
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	21,179
Total	21,179
Accumulated Depreciation	(8,346)
CO0005 Englewood, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,994
Building and Improvements	6,363
Costs Capitalized Subsequent to Acquisition	575
Gross Amount at Which Carried As of Year End
Land and improvements	1,994
Buildings and Improvements	6,938
Total	8,932
Accumulated Depreciation	(638)
CO0002 Triscp, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	370
Building and Improvements	3,235
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	370
Buildings and Improvements	3,235
Total	3,605
Accumulated Depreciation	(196)
2658 Highlands Ranch, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,637
Building and Improvements	10,063
Costs Capitalized Subsequent to Acquisition	95
Gross Amount at Which Carried As of Year End
Land and improvements	1,732
Buildings and Improvements	10,063
Total	11,795
Accumulated Depreciation	(2,730)
CO0001 Johnstown, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,254
Building and Improvements	5,646
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,254
Buildings and Improvements	5,646
Total	6,900
Accumulated Depreciation	(271)
812 Littleton, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,562
Costs Capitalized Subsequent to Acquisition	2,383
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	6,945
Total	6,945
Accumulated Depreciation	(3,582)
813 Littleton, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,926
Costs Capitalized Subsequent to Acquisition	2,189
Gross Amount at Which Carried As of Year End
Land and improvements	246
Buildings and Improvements	6,869
Total	7,115
Accumulated Depreciation	(3,058)
570 Lone Tree, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	21,731
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	21,731
Total	21,731
Accumulated Depreciation	(10,737)
666 Lone Tree, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	23,274
Costs Capitalized Subsequent to Acquisition	3,959
Gross Amount at Which Carried As of Year End
Land and improvements	17
Buildings and Improvements	27,216
Total	27,233
Accumulated Depreciation	(13,399)
2233 Lone Tree, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	6,734
Costs Capitalized Subsequent to Acquisition	34,699
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	41,433
Total	41,433
Accumulated Depreciation	(14,519)
3000 Lone Tree, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,393
Building and Improvements	31,643
Costs Capitalized Subsequent to Acquisition	10,249
Gross Amount at Which Carried As of Year End
Land and improvements	4,552
Buildings and Improvements	41,733
Total	46,285
Accumulated Depreciation	(5,919)
510 Thornton, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	236
Building and Improvements	10,206
Costs Capitalized Subsequent to Acquisition	14,228
Gross Amount at Which Carried As of Year End
Land and improvements	455
Buildings and Improvements	24,215
Total	24,670
Accumulated Depreciation	(9,530)
CO0004 Thornton, CO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,843
Building and Improvements	2,302
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,843
Buildings and Improvements	2,302
Total	4,145
Accumulated Depreciation	(158)
CT0002 Manchester, CT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,159
Building and Improvements	4,828
Costs Capitalized Subsequent to Acquisition	62
Gross Amount at Which Carried As of Year End
Land and improvements	2,164
Buildings and Improvements	4,885
Total	7,049
Accumulated Depreciation	(251)
CT0003 Manchester, CT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,620
Building and Improvements	7,364
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at Which Carried As of Year End
Land and improvements	1,620
Buildings and Improvements	7,375
Total	8,995
Accumulated Depreciation	(346)
CT0001 Plainville, CT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,515
Building and Improvements	15,515
Costs Capitalized Subsequent to Acquisition	113
Gross Amount at Which Carried As of Year End
Land and improvements	3,520
Buildings and Improvements	15,623
Total	19,143
Accumulated Depreciation	(865)
CT0002 Plainville, CT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,445
Building and Improvements	3,161
Costs Capitalized Subsequent to Acquisition	7
Gross Amount at Which Carried As of Year End
Land and improvements	1,445
Buildings and Improvements	3,168
Total	4,613
Accumulated Depreciation	(216)
DE0001 Dover, DE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,483
Building and Improvements	34,034
Costs Capitalized Subsequent to Acquisition	379
Gross Amount at Which Carried As of Year End
Land and improvements	1,577
Buildings and Improvements	34,319
Total	35,896
Accumulated Depreciation	(1,555)
434 Atlantis, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	2,027
Costs Capitalized Subsequent to Acquisition	182
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	2,209
Total	2,209
Accumulated Depreciation	(1,530)
435 Atlantis, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	2,000
Costs Capitalized Subsequent to Acquisition	738
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	2,738
Total	2,738
Accumulated Depreciation	(1,723)
602 Atlantis, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	455
Building and Improvements	2,231
Costs Capitalized Subsequent to Acquisition	729
Gross Amount at Which Carried As of Year End
Land and improvements	455
Buildings and Improvements	2,960
Total	3,415
Accumulated Depreciation	(1,475)
FL0012 Atlantis, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	100
Building and Improvements	8,120
Costs Capitalized Subsequent to Acquisition	305
Gross Amount at Which Carried As of Year End
Land and improvements	100
Buildings and Improvements	8,425
Total	8,525
Accumulated Depreciation	(340)
FL0033 Atlantis, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,219
Building and Improvements	29,984
Costs Capitalized Subsequent to Acquisition	48
Gross Amount at Which Carried As of Year End
Land and improvements	1,219
Buildings and Improvements	30,032
Total	31,251
Accumulated Depreciation	(1,321)
3217 Brandon, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	10,057
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	10,057
Total	10,057
Accumulated Depreciation	0
2963 Brooksville, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	13,292
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	13,292
Total	13,292
Accumulated Depreciation	(2,141)
604 Englewood, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	170
Building and Improvements	1,134
Costs Capitalized Subsequent to Acquisition	1,118
Gross Amount at Which Carried As of Year End
Land and improvements	230
Buildings and Improvements	2,192
Total	2,422
Accumulated Depreciation	(965)
FL0004 Englewood, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	478
Building and Improvements	1,974
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	478
Buildings and Improvements	1,974
Total	2,452
Accumulated Depreciation	(125)
FL0032 Jacksonville, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	60,025
Initial Cost to Company
Land and improvements	5,738
Building and Improvements	88,295
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	5,738
Buildings and Improvements	88,295
Total	94,033
Accumulated Depreciation	(3,747)
609 Kissimmee, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	788
Building and Improvements	174
Costs Capitalized Subsequent to Acquisition	798
Gross Amount at Which Carried As of Year End
Land and improvements	788
Buildings and Improvements	972
Total	1,760
Accumulated Depreciation	(364)
610 Kissimmee, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	481
Building and Improvements	347
Costs Capitalized Subsequent to Acquisition	465
Gross Amount at Which Carried As of Year End
Land and improvements	488
Buildings and Improvements	805
Total	1,293
Accumulated Depreciation	(378)
671 Kissimmee, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	7,574
Costs Capitalized Subsequent to Acquisition	1,052
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	8,626
Total	8,626
Accumulated Depreciation	(4,000)
FL0008 Lady Alke, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	921
Building and Improvements	7,403
Costs Capitalized Subsequent to Acquisition	81
Gross Amount at Which Carried As of Year End
Land and improvements	921
Buildings and Improvements	7,484
Total	8,405
Accumulated Depreciation	(217)
603 Lake Worth, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,507
Building and Improvements	2,894
Costs Capitalized Subsequent to Acquisition	537
Gross Amount at Which Carried As of Year End
Land and improvements	1,507
Buildings and Improvements	3,431
Total	4,938
Accumulated Depreciation	(1,609)
612 Margate, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,553
Building and Improvements	6,898
Costs Capitalized Subsequent to Acquisition	4,180
Gross Amount at Which Carried As of Year End
Land and improvements	1,553
Buildings and Improvements	11,078
Total	12,631
Accumulated Depreciation	(5,692)
613 Miami, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,392
Building and Improvements	11,841
Costs Capitalized Subsequent to Acquisition	11,642
Gross Amount at Which Carried As of Year End
Land and improvements	4,454
Buildings and Improvements	23,421
Total	27,875
Accumulated Depreciation	(9,527)
2202 Miami, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	13,123
Costs Capitalized Subsequent to Acquisition	10,870
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	23,993
Total	23,993
Accumulated Depreciation	(11,737)
2203 Miami, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,877
Costs Capitalized Subsequent to Acquisition	5,310
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	14,187
Total	14,187
Accumulated Depreciation	(6,044)
1067 Milton, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,566
Costs Capitalized Subsequent to Acquisition	1,555
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	10,121
Total	10,121
Accumulated Depreciation	(4,470)
2577 Naples, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	29,186
Costs Capitalized Subsequent to Acquisition	1,805
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	30,991
Total	30,991
Accumulated Depreciation	(8,021)
2578 Naples, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	18,819
Costs Capitalized Subsequent to Acquisition	667
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	19,486
Total	19,486
Accumulated Depreciation	(4,270)
2964 Okeechobee, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	17,797
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,797
Total	17,797
Accumulated Depreciation	(2,120)
2962 Orange Park, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	18,302
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	18,302
Total	18,302
Accumulated Depreciation	(2,649)
563 Orlando, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,144
Building and Improvements	5,136
Costs Capitalized Subsequent to Acquisition	13,014
Gross Amount at Which Carried As of Year End
Land and improvements	12,830
Buildings and Improvements	7,464
Total	20,294
Accumulated Depreciation	(6,902)
FL0025 Orlando, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,905
Building and Improvements	16,988
Costs Capitalized Subsequent to Acquisition	144
Gross Amount at Which Carried As of Year End
Land and improvements	1,905
Buildings and Improvements	17,132
Total	19,037
Accumulated Depreciation	(669)
833 Pace, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	10,309
Costs Capitalized Subsequent to Acquisition	1,621
Gross Amount at Which Carried As of Year End
Land and improvements	28
Buildings and Improvements	11,902
Total	11,930
Accumulated Depreciation	(4,886)
834 Pensacola, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	11,166
Costs Capitalized Subsequent to Acquisition	481
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,647
Total	11,647
Accumulated Depreciation	(4,786)
FL0030 Pensacola, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,475
Building and Improvements	20,675
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,475
Buildings and Improvements	20,675
Total	24,150
Accumulated Depreciation	(864)
673 Plantation, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,091
Building and Improvements	7,176
Costs Capitalized Subsequent to Acquisition	2,778
Gross Amount at Which Carried As of Year End
Land and improvements	1,091
Buildings and Improvements	9,954
Total	11,045
Accumulated Depreciation	(4,894)
674 Plantation, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,273
Costs Capitalized Subsequent to Acquisition	1,354
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,627
Total	9,627
Accumulated Depreciation	(1,496)
FL0029 Port Charlotte, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,244
Building and Improvements	6,801
Costs Capitalized Subsequent to Acquisition	285
Gross Amount at Which Carried As of Year End
Land and improvements	2,244
Buildings and Improvements	7,086
Total	9,330
Accumulated Depreciation	(357)
2579 Punta Gorda, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	9,379
Costs Capitalized Subsequent to Acquisition	139
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,518
Total	9,518
Accumulated Depreciation	(2,250)
2833 St. Petersburg, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	13,754
Costs Capitalized Subsequent to Acquisition	12,662
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	26,416
Total	26,416
Accumulated Depreciation	(10,982)
FL0022 Stuart, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	869
Building and Improvements	4,496
Costs Capitalized Subsequent to Acquisition	100
Gross Amount at Which Carried As of Year End
Land and improvements	869
Buildings and Improvements	4,596
Total	5,465
Accumulated Depreciation	(176)
FL0026 Stuart, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,882
Building and Improvements	9,104
Costs Capitalized Subsequent to Acquisition	692
Gross Amount at Which Carried As of Year End
Land and improvements	2,882
Buildings and Improvements	9,796
Total	12,678
Accumulated Depreciation	(470)
FL0003 Venice, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,344
Building and Improvements	2,910
Costs Capitalized Subsequent to Acquisition	67
Gross Amount at Which Carried As of Year End
Land and improvements	1,344
Buildings and Improvements	2,977
Total	4,321
Accumulated Depreciation	(185)
FL0031 Wesley Chapel, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	313
Building and Improvements	29,074
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried As of Year End
Land and improvements	313
Buildings and Improvements	29,118
Total	29,431
Accumulated Depreciation	(1,083)
FL0034 Yulee, FL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	793
Building and Improvements	7,994
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	793
Buildings and Improvements	7,994
Total	8,787
Accumulated Depreciation	(406)
887 Atlanta, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,300
Building and Improvements	13,690
Costs Capitalized Subsequent to Acquisition	(1,800)
Gross Amount at Which Carried As of Year End
Land and improvements	4,300
Buildings and Improvements	11,890
Total	16,190
Accumulated Depreciation	(10,602)
GA0010 Atlanta, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,330
Building and Improvements	25,942
Costs Capitalized Subsequent to Acquisition	719
Gross Amount at Which Carried As of Year End
Land and improvements	1,330
Buildings and Improvements	26,661
Total	27,991
Accumulated Depreciation	(1,253)
GA0024 Atlanta, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,031
Building and Improvements	89,809
Costs Capitalized Subsequent to Acquisition	424
Gross Amount at Which Carried As of Year End
Land and improvements	1,031
Buildings and Improvements	90,233
Total	91,264
Accumulated Depreciation	(3,394)
GA0028 Atlanta, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	603
Building and Improvements	40,071
Costs Capitalized Subsequent to Acquisition	86
Gross Amount at Which Carried As of Year End
Land and improvements	603
Buildings and Improvements	40,157
Total	40,760
Accumulated Depreciation	(1,530)
GA0030 Buford, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	32,131
Costs Capitalized Subsequent to Acquisition	10,387
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	42,518
Total	42,518
Accumulated Depreciation	(867)
GA0026 Duluth, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	135
Building and Improvements	11,586
Costs Capitalized Subsequent to Acquisition	233
Gross Amount at Which Carried As of Year End
Land and improvements	135
Buildings and Improvements	11,819
Total	11,954
Accumulated Depreciation	(478)
GA0031 Dunwoody, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,741
Building and Improvements	3,818
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,741
Buildings and Improvements	3,818
Total	5,559
Accumulated Depreciation	(153)
GA0032 Dunwoody, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,219
Building and Improvements	16,064
Costs Capitalized Subsequent to Acquisition	14,146
Gross Amount at Which Carried As of Year End
Land and improvements	2,219
Buildings and Improvements	30,210
Total	32,429
Accumulated Depreciation	(346)
GA0025 Lawrenceville, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	182
Building and Improvements	15,112
Costs Capitalized Subsequent to Acquisition	283
Gross Amount at Which Carried As of Year End
Land and improvements	182
Buildings and Improvements	15,395
Total	15,577
Accumulated Depreciation	(571)
GA0027 Lawrenceville, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	346
Building and Improvements	28,592
Costs Capitalized Subsequent to Acquisition	1,738
Gross Amount at Which Carried As of Year End
Land and improvements	346
Buildings and Improvements	30,330
Total	30,676
Accumulated Depreciation	(1,204)
GA3246 Pooler, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	10,810
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	10,810
Total	10,810
Accumulated Depreciation	0
3214 Savannah, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	33,381
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	33,381
Total	33,381
Accumulated Depreciation	(100)
2576 Statesboro, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	10,234
Costs Capitalized Subsequent to Acquisition	1,430
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,664
Total	11,664
Accumulated Depreciation	(3,528)
GA0023 Woodstock, GA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	967
Building and Improvements	26,658
Costs Capitalized Subsequent to Acquisition	324
Gross Amount at Which Carried As of Year End
Land and improvements	967
Buildings and Improvements	26,982
Total	27,949
Accumulated Depreciation	(1,100)
3006 Arlington Heights, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	4,877
Initial Cost to Company
Land and improvements	3,011
Building and Improvements	9,651
Costs Capitalized Subsequent to Acquisition	2,821
Gross Amount at Which Carried As of Year End
Land and improvements	3,187
Buildings and Improvements	12,296
Total	15,483
Accumulated Depreciation	(1,998)
2702 Bolingbrook, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	21,237
Costs Capitalized Subsequent to Acquisition	4,108
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	25,345
Total	25,345
Accumulated Depreciation	(4,203)
IL0002 Bolingbrook, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,464
Building and Improvements	8,832
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,464
Buildings and Improvements	8,832
Total	10,296
Accumulated Depreciation	(360)
IL0002 Elgin, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,723
Building and Improvements	15,327
Costs Capitalized Subsequent to Acquisition	563
Gross Amount at Which Carried As of Year End
Land and improvements	2,723
Buildings and Improvements	15,890
Total	18,613
Accumulated Depreciation	(662)
3004 Highland Park, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	5,872
Initial Cost to Company
Land and improvements	2,767
Building and Improvements	11,495
Costs Capitalized Subsequent to Acquisition	1,981
Gross Amount at Which Carried As of Year End
Land and improvements	2,767
Buildings and Improvements	13,476
Total	16,243
Accumulated Depreciation	(1,728)
3005 Lockport, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	11,048
Initial Cost to Company
Land and improvements	3,106
Building and Improvements	22,645
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,106
Buildings and Improvements	22,645
Total	25,751
Accumulated Depreciation	(3,102)
1065 Marion, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	99
Building and Improvements	11,538
Costs Capitalized Subsequent to Acquisition	1,986
Gross Amount at Which Carried As of Year End
Land and improvements	100
Buildings and Improvements	13,523
Total	13,623
Accumulated Depreciation	(6,489)
2719 Marion, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	5,098
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,098
Total	5,098
Accumulated Depreciation	(684)
IL0005 Palos Heights, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,324
Building and Improvements	5,087
Costs Capitalized Subsequent to Acquisition	319
Gross Amount at Which Carried As of Year End
Land and improvements	2,324
Buildings and Improvements	5,406
Total	7,730
Accumulated Depreciation	(181)
IL0001 Sandwich, IL | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	116
Building and Improvements	10,126
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	116
Buildings and Improvements	10,126
Total	10,242
Accumulated Depreciation	(369)
IN0003 Bloomington, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	622
Building and Improvements	3,440
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	622
Buildings and Improvements	3,440
Total	4,062
Accumulated Depreciation	(222)
IN0004 Bloomington, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	841
Building and Improvements	2,089
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	841
Buildings and Improvements	2,089
Total	2,930
Accumulated Depreciation	(134)
IN0005 Bloomington, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,830
Building and Improvements	9,394
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,830
Buildings and Improvements	9,394
Total	12,224
Accumulated Depreciation	(584)
IN0006 Bloomington, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	588
Building and Improvements	1,414
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	588
Buildings and Improvements	1,414
Total	2,002
Accumulated Depreciation	(91)
IN0007 Bloomington, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,383
Building and Improvements	7,207
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,383
Buildings and Improvements	7,207
Total	8,590
Accumulated Depreciation	(340)
IN0013 Bloomington, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,730
Building and Improvements	7,304
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,730
Buildings and Improvements	7,304
Total	9,034
Accumulated Depreciation	(384)
IN0002 Carmel, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	38
Building and Improvements	3,930
Costs Capitalized Subsequent to Acquisition	658
Gross Amount at Which Carried As of Year End
Land and improvements	38
Buildings and Improvements	4,588
Total	4,626
Accumulated Depreciation	(197)
IN0020 Carmel, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	259
Building and Improvements	22,311
Costs Capitalized Subsequent to Acquisition	308
Gross Amount at Which Carried As of Year End
Land and improvements	259
Buildings and Improvements	22,619
Total	22,878
Accumulated Depreciation	(763)
IN0021 Fishers, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	383
Building and Improvements	34,648
Costs Capitalized Subsequent to Acquisition	191
Gross Amount at Which Carried As of Year End
Land and improvements	383
Buildings and Improvements	34,839
Total	35,222
Accumulated Depreciation	(1,381)
IN0008 Greenwood, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,365
Building and Improvements	6,934
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,365
Buildings and Improvements	6,934
Total	8,299
Accumulated Depreciation	(332)
IN0010 Greenwood, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,015
Building and Improvements	2,238
Costs Capitalized Subsequent to Acquisition	1
Gross Amount at Which Carried As of Year End
Land and improvements	1,015
Buildings and Improvements	2,239
Total	3,254
Accumulated Depreciation	(122)
IN0011 Greenwood, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,565
Building and Improvements	10,588
Costs Capitalized Subsequent to Acquisition	211
Gross Amount at Which Carried As of Year End
Land and improvements	1,565
Buildings and Improvements	10,799
Total	12,364
Accumulated Depreciation	(528)
IN0012 Greenwood, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	993
Building and Improvements	1,997
Costs Capitalized Subsequent to Acquisition	42
Gross Amount at Which Carried As of Year End
Land and improvements	993
Buildings and Improvements	2,039
Total	3,032
Accumulated Depreciation	(91)
2697 Indianapolis, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	59,746
Costs Capitalized Subsequent to Acquisition	1,018
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	60,764
Total	60,764
Accumulated Depreciation	(7,389)
2699 Indianapolis, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	23,211
Costs Capitalized Subsequent to Acquisition	747
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	23,958
Total	23,958
Accumulated Depreciation	(3,142)
IN0009 Indianapolis, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	764
Building and Improvements	4,084
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land and improvements	764
Buildings and Improvements	4,093
Total	4,857
Accumulated Depreciation	(209)
IN0022 Indianapolis, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,772
Building and Improvements	42,213
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,772
Buildings and Improvements	42,213
Total	45,985
Accumulated Depreciation	(1,766)
IN0015 Lafayette, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	845
Building and Improvements	9,980
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	845
Buildings and Improvements	9,980
Total	10,825
Accumulated Depreciation	(559)
IN0016 Lafayette, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,433
Building and Improvements	9,059
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,433
Buildings and Improvements	9,059
Total	10,492
Accumulated Depreciation	(605)
IN0017 Lafayette, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	471
Building and Improvements	1,130
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	471
Buildings and Improvements	1,130
Total	1,601
Accumulated Depreciation	(74)
IN0018 Lafayette, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	421
Building and Improvements	1,170
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	421
Buildings and Improvements	1,170
Total	1,591
Accumulated Depreciation	(74)
IN0001 Mishawaka, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,468
Building and Improvements	8,175
Costs Capitalized Subsequent to Acquisition	452
Gross Amount at Which Carried As of Year End
Land and improvements	3,468
Buildings and Improvements	8,627
Total	12,095
Accumulated Depreciation	(625)
2698 Mooresville, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	20,646
Costs Capitalized Subsequent to Acquisition	997
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	21,643
Total	21,643
Accumulated Depreciation	(2,768)
1057 Newburgh, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	14,019
Costs Capitalized Subsequent to Acquisition	3,659
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,678
Total	17,678
Accumulated Depreciation	(8,867)
IN0025 Newburgh, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,182
Building and Improvements	13,074
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,182
Buildings and Improvements	13,074
Total	15,256
Accumulated Depreciation	(707)
2700 Zionsville, IN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,969
Building and Improvements	7,281
Costs Capitalized Subsequent to Acquisition	871
Gross Amount at Which Carried As of Year End
Land and improvements	3,075
Buildings and Improvements	8,046
Total	11,121
Accumulated Depreciation	(1,658)
2039 Kansas City, KS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	440
Building and Improvements	2,173
Costs Capitalized Subsequent to Acquisition	389
Gross Amount at Which Carried As of Year End
Land and improvements	541
Buildings and Improvements	2,461
Total	3,002
Accumulated Depreciation	(842)
112 Overland Park, KS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,316
Building and Improvements	10,681
Costs Capitalized Subsequent to Acquisition	312
Gross Amount at Which Carried As of Year End
Land and improvements	2,316
Buildings and Improvements	10,993
Total	13,309
Accumulated Depreciation	(8,428)
2043 Overland Park, KS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	7,668
Costs Capitalized Subsequent to Acquisition	1,425
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,093
Total	9,093
Accumulated Depreciation	(2,765)
3062 Overland Park, KS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	872
Building and Improvements	11,813
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried As of Year End
Land and improvements	992
Buildings and Improvements	11,701
Total	12,693
Accumulated Depreciation	(3,121)
483 Wichita, KS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	530
Building and Improvements	3,341
Costs Capitalized Subsequent to Acquisition	820
Gross Amount at Which Carried As of Year End
Land and improvements	605
Buildings and Improvements	4,086
Total	4,691
Accumulated Depreciation	(1,831)
3018 Wichita, KS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,946
Building and Improvements	39,795
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,946
Buildings and Improvements	39,795
Total	43,741
Accumulated Depreciation	(5,560)
1064 Lexington, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,726
Costs Capitalized Subsequent to Acquisition	2,262
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	14,988
Total	14,988
Accumulated Depreciation	(6,952)
KY0011 Lexington, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,797
Building and Improvements	18,987
Costs Capitalized Subsequent to Acquisition	4,218
Gross Amount at Which Carried As of Year End
Land and improvements	4,797
Buildings and Improvements	23,205
Total	28,002
Accumulated Depreciation	(1,253)
KY0012 Lexington, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,905
Building and Improvements	6,918
Costs Capitalized Subsequent to Acquisition	182
Gross Amount at Which Carried As of Year End
Land and improvements	1,905
Buildings and Improvements	7,100
Total	9,005
Accumulated Depreciation	(621)
735 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	936
Building and Improvements	8,426
Costs Capitalized Subsequent to Acquisition	13,260
Gross Amount at Which Carried As of Year End
Land and improvements	661
Buildings and Improvements	21,961
Total	22,622
Accumulated Depreciation	(12,967)
737 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	835
Building and Improvements	27,627
Costs Capitalized Subsequent to Acquisition	7,774
Gross Amount at Which Carried As of Year End
Land and improvements	560
Buildings and Improvements	35,676
Total	36,236
Accumulated Depreciation	(18,509)
738 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	780
Building and Improvements	8,582
Costs Capitalized Subsequent to Acquisition	4,753
Gross Amount at Which Carried As of Year End
Land and improvements	585
Buildings and Improvements	13,530
Total	14,115
Accumulated Depreciation	(10,660)
739 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	826
Building and Improvements	13,814
Costs Capitalized Subsequent to Acquisition	3,861
Gross Amount at Which Carried As of Year End
Land and improvements	630
Buildings and Improvements	17,871
Total	18,501
Accumulated Depreciation	(8,268)
2834 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,983
Building and Improvements	13,171
Costs Capitalized Subsequent to Acquisition	5,253
Gross Amount at Which Carried As of Year End
Land and improvements	2,983
Buildings and Improvements	18,424
Total	21,407
Accumulated Depreciation	(11,276)
1945 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,255
Building and Improvements	28,644
Costs Capitalized Subsequent to Acquisition	2,836
Gross Amount at Which Carried As of Year End
Land and improvements	3,421
Buildings and Improvements	31,314
Total	34,735
Accumulated Depreciation	(14,486)
1946 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	430
Building and Improvements	6,125
Costs Capitalized Subsequent to Acquisition	243
Gross Amount at Which Carried As of Year End
Land and improvements	430
Buildings and Improvements	6,368
Total	6,798
Accumulated Depreciation	(2,993)
2237 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,519
Building and Improvements	15,386
Costs Capitalized Subsequent to Acquisition	6,679
Gross Amount at Which Carried As of Year End
Land and improvements	1,672
Buildings and Improvements	21,912
Total	23,584
Accumulated Depreciation	(9,361)
2238 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,334
Building and Improvements	12,172
Costs Capitalized Subsequent to Acquisition	3,079
Gross Amount at Which Carried As of Year End
Land and improvements	1,594
Buildings and Improvements	14,991
Total	16,585
Accumulated Depreciation	(5,989)
2239 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,644
Building and Improvements	10,832
Costs Capitalized Subsequent to Acquisition	10,093
Gross Amount at Which Carried As of Year End
Land and improvements	2,103
Buildings and Improvements	20,466
Total	22,569
Accumulated Depreciation	(8,103)
KY0001 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,801
Building and Improvements	4,672
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,801
Buildings and Improvements	4,672
Total	6,473
Accumulated Depreciation	(302)
KY0004 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	383
Building and Improvements	3,144
Costs Capitalized Subsequent to Acquisition	263
Gross Amount at Which Carried As of Year End
Land and improvements	383
Buildings and Improvements	3,407
Total	3,790
Accumulated Depreciation	(372)
KY0005 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	680
Building and Improvements	7,568
Costs Capitalized Subsequent to Acquisition	253
Gross Amount at Which Carried As of Year End
Land and improvements	680
Buildings and Improvements	7,821
Total	8,501
Accumulated Depreciation	(522)
KY0006 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,774
Building and Improvements	29,814
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,774
Buildings and Improvements	29,814
Total	31,588
Accumulated Depreciation	(1,814)
KY0007 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,430
Building and Improvements	19,016
Costs Capitalized Subsequent to Acquisition	167
Gross Amount at Which Carried As of Year End
Land and improvements	3,430
Buildings and Improvements	19,183
Total	22,613
Accumulated Depreciation	(1,021)
KY0008 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	125
Building and Improvements	12,503
Costs Capitalized Subsequent to Acquisition	(72)
Gross Amount at Which Carried As of Year End
Land and improvements	125
Buildings and Improvements	12,431
Total	12,556
Accumulated Depreciation	(525)
KY0009 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	48
Building and Improvements	3,864
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land and improvements	48
Buildings and Improvements	3,881
Total	3,929
Accumulated Depreciation	(205)
KY0010 Louisville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	315
Building and Improvements	2,585
Costs Capitalized Subsequent to Acquisition	1,113
Gross Amount at Which Carried As of Year End
Land and improvements	315
Buildings and Improvements	3,698
Total	4,013
Accumulated Depreciation	(174)
KY0002 Shepherdsville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	973
Building and Improvements	28,735
Costs Capitalized Subsequent to Acquisition	571
Gross Amount at Which Carried As of Year End
Land and improvements	973
Buildings and Improvements	29,306
Total	30,279
Accumulated Depreciation	(637)
KY0003 Shepherdsville, KY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	795
Building and Improvements	3,355
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	795
Buildings and Improvements	3,355
Total	4,150
Accumulated Depreciation	(193)
3023 Covington, LA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,490
Building and Improvements	21,918
Costs Capitalized Subsequent to Acquisition	(298)
Gross Amount at Which Carried As of Year End
Land and improvements	9,507
Buildings and Improvements	21,603
Total	31,110
Accumulated Depreciation	(2,765)
LA0004 Lafayette, LA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	353
Building and Improvements	27,863
Costs Capitalized Subsequent to Acquisition	(69)
Gross Amount at Which Carried As of Year End
Land and improvements	353
Buildings and Improvements	27,794
Total	28,147
Accumulated Depreciation	(744)
LA0001 Metairie, LA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	68
Building and Improvements	38,037
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	68
Buildings and Improvements	38,037
Total	38,105
Accumulated Depreciation	(1,124)
3121 Cambrigde, MA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	40,663
Building and Improvements	23,102
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	40,663
Buildings and Improvements	23,102
Total	63,765
Accumulated Depreciation	(2,596)
MD0003 Brandywine, MD | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,757
Building and Improvements	17,285
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	4,757
Buildings and Improvements	17,285
Total	22,042
Accumulated Depreciation	(903)
1213 Ellicott City, MD | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,115
Building and Improvements	3,206
Costs Capitalized Subsequent to Acquisition	2,758
Gross Amount at Which Carried As of Year End
Land and improvements	1,357
Buildings and Improvements	5,722
Total	7,079
Accumulated Depreciation	(2,734)
MD0002 Lanham, MD | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	227
Building and Improvements	17,283
Costs Capitalized Subsequent to Acquisition	43
Gross Amount at Which Carried As of Year End
Land and improvements	227
Buildings and Improvements	17,326
Total	17,553
Accumulated Depreciation	(584)
1052 Towson, MD | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	14,233
Costs Capitalized Subsequent to Acquisition	1,231
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	15,464
Total	15,464
Accumulated Depreciation	(6,681)
MD0001 Waldorf, MD | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,759
Building and Improvements	6,038
Costs Capitalized Subsequent to Acquisition	53
Gross Amount at Which Carried As of Year End
Land and improvements	1,759
Buildings and Improvements	6,091
Total	7,850
Accumulated Depreciation	(361)
2650 Biddeford, ME | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,341
Building and Improvements	17,376
Costs Capitalized Subsequent to Acquisition	(558)
Gross Amount at Which Carried As of Year End
Land and improvements	309
Buildings and Improvements	17,850
Total	18,159
Accumulated Depreciation	(3,945)
ME0001 Brunswick, ML | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	4,592
Initial Cost to Company
Land and improvements	920
Building and Improvements	10,394
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	920
Buildings and Improvements	10,394
Total	11,314
Accumulated Depreciation	(522)
MI0010 Bay City, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	705
Building and Improvements	15,282
Costs Capitalized Subsequent to Acquisition	15
Gross Amount at Which Carried As of Year End
Land and improvements	705
Buildings and Improvements	15,297
Total	16,002
Accumulated Depreciation	(695)
MI0006 Grand Blanc, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	671
Building and Improvements	12,097
Costs Capitalized Subsequent to Acquisition	22
Gross Amount at Which Carried As of Year End
Land and improvements	671
Buildings and Improvements	12,119
Total	12,790
Accumulated Depreciation	(675)
MI0011 Gross Pointe, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	138
Building and Improvements	12,400
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	138
Buildings and Improvements	12,400
Total	12,538
Accumulated Depreciation	(481)
MI0012 Petoskey, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	236
Building and Improvements	17,990
Costs Capitalized Subsequent to Acquisition	166
Gross Amount at Which Carried As of Year End
Land and improvements	236
Buildings and Improvements	18,156
Total	18,392
Accumulated Depreciation	(870)
MI0013 Rochester Hills, Mi | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,100
Building and Improvements	20,278
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,100
Buildings and Improvements	20,278
Total	21,378
Accumulated Depreciation	(993)
MI0014 Sterling Heights, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	310
Building and Improvements	28,116
Costs Capitalized Subsequent to Acquisition	84
Gross Amount at Which Carried As of Year End
Land and improvements	310
Buildings and Improvements	28,200
Total	28,510
Accumulated Depreciation	(1,005)
MI0008 Traverse City, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,709
Building and Improvements	18,502
Costs Capitalized Subsequent to Acquisition	99
Gross Amount at Which Carried As of Year End
Land and improvements	1,709
Buildings and Improvements	18,601
Total	20,310
Accumulated Depreciation	(1,045)
MI000A8 Traverse City, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	255
Building and Improvements	1,854
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	255
Buildings and Improvements	1,854
Total	2,109
Accumulated Depreciation	(108)
MI0018 Apple Valley, MI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,541
Building and Improvements	8,011
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,541
Buildings and Improvements	8,011
Total	10,552
Accumulated Depreciation	(494)
3002 Burnsville, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	7,763
Initial Cost to Company
Land and improvements	2,801
Building and Improvements	17,779
Costs Capitalized Subsequent to Acquisition	1,151
Gross Amount at Which Carried As of Year End
Land and improvements	2,861
Buildings and Improvements	18,870
Total	21,731
Accumulated Depreciation	(4,793)
3003 Burnsville, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	5,176
Initial Cost to Company
Land and improvements	516
Building and Improvements	13,200
Costs Capitalized Subsequent to Acquisition	461
Gross Amount at Which Carried As of Year End
Land and improvements	533
Buildings and Improvements	13,644
Total	14,177
Accumulated Depreciation	(3,137)
3009 Burnsville, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	19,110
Initial Cost to Company
Land and improvements	4,640
Building and Improvements	38,064
Costs Capitalized Subsequent to Acquisition	333
Gross Amount at Which Carried As of Year End
Land and improvements	4,664
Buildings and Improvements	38,373
Total	43,037
Accumulated Depreciation	(5,513)
MN0004 Chanhassen, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	919
Building and Improvements	2,457
Costs Capitalized Subsequent to Acquisition	211
Gross Amount at Which Carried As of Year End
Land and improvements	919
Buildings and Improvements	2,668
Total	3,587
Accumulated Depreciation	(125)
MN0009 Chanhassen, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,609
Building and Improvements	9,198
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,609
Buildings and Improvements	9,198
Total	11,807
Accumulated Depreciation	(452)
MN0008 Coon Rapids, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,032
Building and Improvements	4,568
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,032
Buildings and Improvements	4,568
Total	5,600
Accumulated Depreciation	(256)
MN0003 Crystal, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,852
Building and Improvements	7,888
Costs Capitalized Subsequent to Acquisition	36
Gross Amount at Which Carried As of Year End
Land and improvements	1,852
Buildings and Improvements	7,924
Total	9,776
Accumulated Depreciation	(358)
MN0001 Edina, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	377
Building and Improvements	7,984
Costs Capitalized Subsequent to Acquisition	87
Gross Amount at Which Carried As of Year End
Land and improvements	377
Buildings and Improvements	8,071
Total	8,448
Accumulated Depreciation	(479)
MN0017 Edina, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,654
Building and Improvements	3,468
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,654
Buildings and Improvements	3,468
Total	5,122
Accumulated Depreciation	(164)
MN0010 Hugo, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,285
Building and Improvements	2,966
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,285
Buildings and Improvements	2,966
Total	4,251
Accumulated Depreciation	(147)
MN0016 Lake Elmo, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,939
Building and Improvements	5,435
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,939
Buildings and Improvements	5,435
Total	7,374
Accumulated Depreciation	(356)
MN0013 Little Falls, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	75
Building and Improvements	5,980
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	75
Buildings and Improvements	5,980
Total	6,055
Accumulated Depreciation	(317)
MN0014 Little Falls, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	580
Building and Improvements	1,618
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	580
Buildings and Improvements	1,618
Total	2,198
Accumulated Depreciation	(122)
MN0015 Little Falls, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	59
Building and Improvements	4,932
Costs Capitalized Subsequent to Acquisition	3
Gross Amount at Which Carried As of Year End
Land and improvements	59
Buildings and Improvements	4,935
Total	4,994
Accumulated Depreciation	(277)
MN0012 Maplewood, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	716
Building and Improvements	2,031
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	716
Buildings and Improvements	2,031
Total	2,747
Accumulated Depreciation	(119)
MN0019 Maplewood, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,884
Building and Improvements	38,366
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	4,884
Buildings and Improvements	38,366
Total	43,250
Accumulated Depreciation	(1,685)
240 Minneapolis, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	117
Building and Improvements	13,213
Costs Capitalized Subsequent to Acquisition	5,655
Gross Amount at Which Carried As of Year End
Land and improvements	117
Buildings and Improvements	18,868
Total	18,985
Accumulated Depreciation	(12,664)
300 Minneapolis, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	160
Building and Improvements	10,131
Costs Capitalized Subsequent to Acquisition	4,694
Gross Amount at Which Carried As of Year End
Land and improvements	214
Buildings and Improvements	14,771
Total	14,985
Accumulated Depreciation	(9,794)
MN0006 Minnetonka, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,701
Building and Improvements	14,026
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,701
Buildings and Improvements	14,026
Total	16,727
Accumulated Depreciation	(654)
MN0007 Minnetonka, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,927
Building and Improvements	5,979
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,927
Buildings and Improvements	5,979
Total	7,906
Accumulated Depreciation	(272)
MN0002 Savage, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,762
Building and Improvements	6,075
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,762
Buildings and Improvements	6,075
Total	7,837
Accumulated Depreciation	(318)
MN0011 Stillwater, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,161
Building and Improvements	1,676
Costs Capitalized Subsequent to Acquisition	34
Gross Amount at Which Carried As of Year End
Land and improvements	1,161
Buildings and Improvements	1,710
Total	2,871
Accumulated Depreciation	(128)
MN0005 Vadnais Heights, MN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,028
Building and Improvements	12,993
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,028
Buildings and Improvements	12,993
Total	15,021
Accumulated Depreciation	(603)
2703 Columbia, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,141
Building and Improvements	20,364
Costs Capitalized Subsequent to Acquisition	(13,850)
Gross Amount at Which Carried As of Year End
Land and improvements	4,141
Buildings and Improvements	6,514
Total	10,655
Accumulated Depreciation	(2,828)
MO0002 Creve Coeur, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,622
Building and Improvements	7,209
Costs Capitalized Subsequent to Acquisition	287
Gross Amount at Which Carried As of Year End
Land and improvements	1,622
Buildings and Improvements	7,496
Total	9,118
Accumulated Depreciation	(365)
MO0001 Eenton, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,457
Building and Improvements	3,589
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,457
Buildings and Improvements	3,589
Total	5,046
Accumulated Depreciation	(250)
2032 Independence, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	48,025
Costs Capitalized Subsequent to Acquisition	1,654
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	49,679
Total	49,679
Accumulated Depreciation	(13,551)
MO0003 Kansas City, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	312
Building and Improvements	23,251
Costs Capitalized Subsequent to Acquisition	719
Gross Amount at Which Carried As of Year End
Land and improvements	312
Buildings and Improvements	23,970
Total	24,282
Accumulated Depreciation	(884)
2866 Kansas City, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	13,903
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	13,903
Total	13,903
Accumulated Depreciation	0
2863 Lee's Summitt, MO | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	16,416
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	16,416
Total	16,416
Accumulated Depreciation	(3,452)
1078 Flowood, MS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,413
Costs Capitalized Subsequent to Acquisition	1,487
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,900
Total	9,900
Accumulated Depreciation	(4,512)
MS0001 Grenada, MS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,200
Building and Improvements	8,523
Costs Capitalized Subsequent to Acquisition	491
Gross Amount at Which Carried As of Year End
Land and improvements	1,200
Buildings and Improvements	9,014
Total	10,214
Accumulated Depreciation	(373)
1059 Jackson, MS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,868
Costs Capitalized Subsequent to Acquisition	639
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,507
Total	9,507
Accumulated Depreciation	(4,340)
1060 Jackson, MS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	7,187
Costs Capitalized Subsequent to Acquisition	2,038
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,225
Total	9,225
Accumulated Depreciation	(4,107)
MS0002 Jackson, MS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,664
Building and Improvements	9,691
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,664
Buildings and Improvements	9,691
Total	11,355
Accumulated Depreciation	(463)
MS0003 Jackson, MS | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	19,684
Initial Cost to Company
Land and improvements	1,681
Building and Improvements	42,202
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land and improvements	1,681
Buildings and Improvements	42,211
Total	43,892
Accumulated Depreciation	(1,666)
2657 Shallotte, NC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	918
Building and Improvements	3,609
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	918
Buildings and Improvements	3,609
Total	4,527
Accumulated Depreciation	(1,290)
2655 Wilmington, NC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,949
Building and Improvements	12,244
Costs Capitalized Subsequent to Acquisition	(613)
Gross Amount at Which Carried As of Year End
Land and improvements	1,336
Buildings and Improvements	12,244
Total	13,580
Accumulated Depreciation	(2,521)
2656 Wilmington, NC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,071
Building and Improvements	11,592
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,071
Buildings and Improvements	11,592
Total	13,663
Accumulated Depreciation	(3,005)
ND0001 Jamestown, ND | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	482
Building and Improvements	10,262
Costs Capitalized Subsequent to Acquisition	(74)
Gross Amount at Which Carried As of Year End
Land and improvements	482
Buildings and Improvements	10,188
Total	10,670
Accumulated Depreciation	(418)
NE0010 Kearney, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	183
Building and Improvements	17,068
Costs Capitalized Subsequent to Acquisition	851
Gross Amount at Which Carried As of Year End
Land and improvements	183
Buildings and Improvements	17,919
Total	18,102
Accumulated Depreciation	(846)
NE0011 Kearney, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	133
Building and Improvements	1,228
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	133
Buildings and Improvements	1,228
Total	1,361
Accumulated Depreciation	(96)
NE0012 Kearney, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	147
Building and Improvements	13,382
Costs Capitalized Subsequent to Acquisition	(23)
Gross Amount at Which Carried As of Year End
Land and improvements	147
Buildings and Improvements	13,359
Total	13,506
Accumulated Depreciation	(600)
1068 Omaha, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	16,243
Costs Capitalized Subsequent to Acquisition	2,718
Gross Amount at Which Carried As of Year End
Land and improvements	24
Buildings and Improvements	18,937
Total	18,961
Accumulated Depreciation	(8,745)
NE0002 Omaha, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,919
Building and Improvements	21,041
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,919
Buildings and Improvements	21,041
Total	22,960
Accumulated Depreciation	(1,112)
NE0004 Omaha, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	151
Building and Improvements	15,812
Costs Capitalized Subsequent to Acquisition	89
Gross Amount at Which Carried As of Year End
Land and improvements	151
Buildings and Improvements	15,901
Total	16,052
Accumulated Depreciation	(581)
NE0013 Omaha, NE | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	445
Building and Improvements	36,048
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	445
Buildings and Improvements	36,048
Total	36,493
Accumulated Depreciation	(1,413)
2647 Concord, NH | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,961
Building and Improvements	23,516
Costs Capitalized Subsequent to Acquisition	(473)
Gross Amount at Which Carried As of Year End
Land and improvements	1,053
Buildings and Improvements	23,951
Total	25,004
Accumulated Depreciation	(4,227)
2648 Concord, NH | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	815
Building and Improvements	8,902
Costs Capitalized Subsequent to Acquisition	227
Gross Amount at Which Carried As of Year End
Land and improvements	419
Buildings and Improvements	9,525
Total	9,944
Accumulated Depreciation	(2,449)
2649 Epsom, NH | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	919
Building and Improvements	5,868
Costs Capitalized Subsequent to Acquisition	(577)
Gross Amount at Which Carried As of Year End
Land and improvements	348
Buildings and Improvements	5,862
Total	6,210
Accumulated Depreciation	(1,242)
3011 Cherry Hill, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,235
Building and Improvements	21,731
Costs Capitalized Subsequent to Acquisition	409
Gross Amount at Which Carried As of Year End
Land and improvements	5,235
Buildings and Improvements	22,140
Total	27,375
Accumulated Depreciation	(3,706)
NJ0001 Monroe Township, NJ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,026
Building and Improvements	2,847
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,026
Buildings and Improvements	2,847
Total	4,873
Accumulated Depreciation	(256)
3012 Morristown, NJ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	21,703
Building and Improvements	32,517
Costs Capitalized Subsequent to Acquisition	6,855
Gross Amount at Which Carried As of Year End
Land and improvements	21,703
Buildings and Improvements	39,372
Total	61,075
Accumulated Depreciation	(6,543)
3013 Morristown, NJ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	14,567
Building and Improvements	20,548
Costs Capitalized Subsequent to Acquisition	9,252
Gross Amount at Which Carried As of Year End
Land and improvements	14,567
Buildings and Improvements	29,800
Total	44,367
Accumulated Depreciation	(3,851)
3014 Morristown, NJ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	20,563
Building and Improvements	31,849
Costs Capitalized Subsequent to Acquisition	1,986
Gross Amount at Which Carried As of Year End
Land and improvements	20,563
Buildings and Improvements	33,835
Total	54,398
Accumulated Depreciation	(3,751)
NJ0002 Old Bridge, NJ | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	19,864
Initial Cost to Company
Land and improvements	444
Building and Improvements	36,220
Costs Capitalized Subsequent to Acquisition	172
Gross Amount at Which Carried As of Year End
Land and improvements	444
Buildings and Improvements	36,392
Total	36,836
Accumulated Depreciation	(1,199)
729 Albuquerque, NM | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	5,380
Costs Capitalized Subsequent to Acquisition	2,485
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	7,865
Total	7,865
Accumulated Depreciation	(3,216)
571 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	24,349
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	24,349
Total	24,349
Accumulated Depreciation	(9,435)
660 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,121
Building and Improvements	4,363
Costs Capitalized Subsequent to Acquisition	9,587
Gross Amount at Which Carried As of Year End
Land and improvements	1,147
Buildings and Improvements	13,924
Total	15,071
Accumulated Depreciation	(5,896)
661 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,305
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	1,371
Gross Amount at Which Carried As of Year End
Land and improvements	3,676
Buildings and Improvements	0
Total	3,676
Accumulated Depreciation	0
662 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,000
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,000
Buildings and Improvements	0
Total	1,000
Accumulated Depreciation	0
663 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,717
Building and Improvements	3,597
Costs Capitalized Subsequent to Acquisition	12,948
Gross Amount at Which Carried As of Year End
Land and improvements	1,724
Buildings and Improvements	16,538
Total	18,262
Accumulated Depreciation	(7,657)
664 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,172
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	633
Gross Amount at Which Carried As of Year End
Land and improvements	1,805
Buildings and Improvements	0
Total	1,805
Accumulated Depreciation	(496)
691 Las Vegas, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,073
Building and Improvements	18,339
Costs Capitalized Subsequent to Acquisition	6,038
Gross Amount at Which Carried As of Year End
Land and improvements	3,116
Buildings and Improvements	24,334
Total	27,450
Accumulated Depreciation	(15,329)
2037 Mesquite, NV | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	5,559
Costs Capitalized Subsequent to Acquisition	834
Gross Amount at Which Carried As of Year End
Land and improvements	34
Buildings and Improvements	6,359
Total	6,393
Accumulated Depreciation	(2,240)
NY0014 Brooklyn, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,632
Building and Improvements	39,687
Costs Capitalized Subsequent to Acquisition	1,161
Gross Amount at Which Carried As of Year End
Land and improvements	11,632
Buildings and Improvements	40,848
Total	52,480
Accumulated Depreciation	(1,273)
NY0008 Cornwall, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	110
Building and Improvements	9,091
Costs Capitalized Subsequent to Acquisition	147
Gross Amount at Which Carried As of Year End
Land and improvements	110
Buildings and Improvements	9,238
Total	9,348
Accumulated Depreciation	(348)
NY0009 Hudson, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	68
Building and Improvements	4,931
Costs Capitalized Subsequent to Acquisition	230
Gross Amount at Which Carried As of Year End
Land and improvements	68
Buildings and Improvements	5,161
Total	5,229
Accumulated Depreciation	(325)
NY0012 Lake Katrine, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,950
Building and Improvements	31,897
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,950
Buildings and Improvements	31,897
Total	35,847
Accumulated Depreciation	(1,051)
NY0013 Rhinebeck, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,312
Building and Improvements	4,015
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	4,312
Buildings and Improvements	4,015
Total	8,327
Accumulated Depreciation	(313)
NY0001 Wallkill, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,304
Building and Improvements	5,957
Costs Capitalized Subsequent to Acquisition	63
Gross Amount at Which Carried As of Year End
Land and improvements	1,304
Buildings and Improvements	6,020
Total	7,324
Accumulated Depreciation	(214)
NY0002 Wallkill, NY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	518
Building and Improvements	1,338
Costs Capitalized Subsequent to Acquisition	310
Gross Amount at Which Carried As of Year End
Land and improvements	518
Buildings and Improvements	1,648
Total	2,166
Accumulated Depreciation	(70)
400 Harrison, OH | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,561
Costs Capitalized Subsequent to Acquisition	373
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	4,934
Total	4,934
Accumulated Depreciation	(3,333)
1054 Durant, OK | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	619
Building and Improvements	9,256
Costs Capitalized Subsequent to Acquisition	3,040
Gross Amount at Which Carried As of Year End
Land and improvements	666
Buildings and Improvements	12,249
Total	12,915
Accumulated Depreciation	(5,672)
817 Owasso, OK | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	6,582
Costs Capitalized Subsequent to Acquisition	(519)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	6,063
Total	6,063
Accumulated Depreciation	(2,976)
3010 Springfield, OR | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	20,802
Initial Cost to Company
Land and improvements	0
Building and Improvements	51,998
Costs Capitalized Subsequent to Acquisition	1,979
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	53,977
Total	53,977
Accumulated Depreciation	(7,268)
PA0006 Camp Hill, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,014
Building and Improvements	2,376
Costs Capitalized Subsequent to Acquisition	183
Gross Amount at Which Carried As of Year End
Land and improvements	1,014
Buildings and Improvements	2,559
Total	3,573
Accumulated Depreciation	(173)
PA0002 Carlisle, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	680
Building and Improvements	1,468
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	680
Buildings and Improvements	1,468
Total	2,148
Accumulated Depreciation	(116)
PA0004 Carlisle, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	456
Building and Improvements	2,333
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	456
Buildings and Improvements	2,333
Total	2,789
Accumulated Depreciation	(161)
PA0014 Erie, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	251
Building and Improvements	21,584
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	251
Buildings and Improvements	21,584
Total	21,835
Accumulated Depreciation	(808)
PA0010 Hanover, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,777
Building and Improvements	8,437
Costs Capitalized Subsequent to Acquisition	1,001
Gross Amount at Which Carried As of Year End
Land and improvements	1,777
Buildings and Improvements	9,438
Total	11,215
Accumulated Depreciation	(526)
PA0007 Harrisburg, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,800
Building and Improvements	4,397
Costs Capitalized Subsequent to Acquisition	511
Gross Amount at Which Carried As of Year End
Land and improvements	1,823
Buildings and Improvements	4,885
Total	6,708
Accumulated Depreciation	(422)
PA0008 Harrisburg, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	586
Building and Improvements	1,115
Costs Capitalized Subsequent to Acquisition	102
Gross Amount at Which Carried As of Year End
Land and improvements	586
Buildings and Improvements	1,217
Total	1,803
Accumulated Depreciation	(68)
PA0005 Hershey, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	196
Building and Improvements	2,896
Costs Capitalized Subsequent to Acquisition	113
Gross Amount at Which Carried As of Year End
Land and improvements	196
Buildings and Improvements	3,009
Total	3,205
Accumulated Depreciation	(117)
2570 Limerick, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	925
Building and Improvements	20,072
Costs Capitalized Subsequent to Acquisition	(119)
Gross Amount at Which Carried As of Year End
Land and improvements	755
Buildings and Improvements	20,123
Total	20,878
Accumulated Depreciation	(5,801)
2234 Philadelphia, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	24,264
Building and Improvements	99,904
Costs Capitalized Subsequent to Acquisition	53,253
Gross Amount at Which Carried As of Year End
Land and improvements	24,288
Buildings and Improvements	153,133
Total	177,421
Accumulated Depreciation	(48,972)
2403 Philadelphia, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	26,063
Building and Improvements	97,646
Costs Capitalized Subsequent to Acquisition	54,119
Gross Amount at Which Carried As of Year End
Land and improvements	26,134
Buildings and Improvements	151,694
Total	177,828
Accumulated Depreciation	(58,093)
PA0012 West Easton, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,065
Building and Improvements	7,718
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,065
Buildings and Improvements	7,718
Total	9,783
Accumulated Depreciation	(397)
PA0013 West Mifflin, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	957
Building and Improvements	3,193
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	957
Buildings and Improvements	3,193
Total	4,150
Accumulated Depreciation	(201)
2571 Wilkes-Barre, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	9,138
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	9,149
Total	9,149
Accumulated Depreciation	(2,915)
PA0011 Wyomissing, PA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	298
Building and Improvements	3,410
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	298
Buildings and Improvements	3,410
Total	3,708
Accumulated Depreciation	(191)
2694 Anderson, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	405
Building and Improvements	1,211
Costs Capitalized Subsequent to Acquisition	(162)
Gross Amount at Which Carried As of Year End
Land and improvements	243
Buildings and Improvements	1,211
Total	1,454
Accumulated Depreciation	(270)
2573 Florence, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	90
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	12,180
Total	12,180
Accumulated Depreciation	(3,100)
2574 Florence, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,190
Costs Capitalized Subsequent to Acquisition	87
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	12,277
Total	12,277
Accumulated Depreciation	(3,120)
2575 Florence, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	11,243
Costs Capitalized Subsequent to Acquisition	56
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,299
Total	11,299
Accumulated Depreciation	(3,516)
2841 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	634
Building and Improvements	38,386
Costs Capitalized Subsequent to Acquisition	(2,283)
Gross Amount at Which Carried As of Year End
Land and improvements	13
Buildings and Improvements	36,724
Total	36,737
Accumulated Depreciation	(7,237)
2842 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	794
Building and Improvements	41,293
Costs Capitalized Subsequent to Acquisition	(3,459)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	38,628
Total	38,628
Accumulated Depreciation	(7,133)
2843 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	626
Building and Improvements	22,210
Costs Capitalized Subsequent to Acquisition	(2,776)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	20,060
Total	20,060
Accumulated Depreciation	(3,676)
2844 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	806
Building and Improvements	18,889
Costs Capitalized Subsequent to Acquisition	(1,811)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,884
Total	17,884
Accumulated Depreciation	(2,947)
2845 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	932
Building and Improvements	40,879
Costs Capitalized Subsequent to Acquisition	(3,309)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	38,502
Total	38,502
Accumulated Depreciation	(6,226)
2846 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	896
Building and Improvements	38,486
Costs Capitalized Subsequent to Acquisition	(3,670)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	35,712
Total	35,712
Accumulated Depreciation	(5,831)
2847 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	600
Building and Improvements	26,472
Costs Capitalized Subsequent to Acquisition	200
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	27,272
Total	27,272
Accumulated Depreciation	(5,264)
2850 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	211
Building and Improvements	6,503
Costs Capitalized Subsequent to Acquisition	(1,008)
Gross Amount at Which Carried As of Year End
Land and improvements	211
Buildings and Improvements	5,495
Total	5,706
Accumulated Depreciation	(1,044)
2853 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	534
Building and Improvements	6,430
Costs Capitalized Subsequent to Acquisition	(1,388)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,576
Total	5,576
Accumulated Depreciation	(1,231)
2854 Greenville, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	824
Building and Improvements	13,645
Costs Capitalized Subsequent to Acquisition	(2,812)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,657
Total	11,657
Accumulated Depreciation	(2,048)
2848 Greer, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	318
Building and Improvements	5,816
Costs Capitalized Subsequent to Acquisition	(791)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,343
Total	5,343
Accumulated Depreciation	(851)
2849 Greer, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	319
Building and Improvements	5,836
Costs Capitalized Subsequent to Acquisition	(777)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,378
Total	5,378
Accumulated Depreciation	(879)
2862 Myrtle Beach, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	28,496
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	28,496
Total	28,496
Accumulated Depreciation	(7,945)
2851 Travelers Rest, SC | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	498
Building and Improvements	1,015
Costs Capitalized Subsequent to Acquisition	(399)
Gross Amount at Which Carried As of Year End
Land and improvements	299
Buildings and Improvements	815
Total	1,114
Accumulated Depreciation	(309)
2865 Brentwood, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	36,965
Gross Amount at Which Carried As of Year End
Land and improvements	52
Buildings and Improvements	36,913
Total	36,965
Accumulated Depreciation	(5,487)
TN0007 Chattanooga, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	139
Building and Improvements	10,350
Costs Capitalized Subsequent to Acquisition	281
Gross Amount at Which Carried As of Year End
Land and improvements	139
Buildings and Improvements	10,631
Total	10,770
Accumulated Depreciation	(532)
TN0010 Chattanooga, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	221
Building and Improvements	17,612
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	221
Buildings and Improvements	17,612
Total	17,833
Accumulated Depreciation	(813)
TN0011 Franklin, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,056
Building and Improvements	5,484
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,056
Buildings and Improvements	5,484
Total	8,540
Accumulated Depreciation	(293)
624 Hendersonville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	256
Building and Improvements	1,530
Costs Capitalized Subsequent to Acquisition	1,581
Gross Amount at Which Carried As of Year End
Land and improvements	256
Buildings and Improvements	3,111
Total	3,367
Accumulated Depreciation	(1,497)
559 Hermitage, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	830
Building and Improvements	5,036
Costs Capitalized Subsequent to Acquisition	13,203
Gross Amount at Which Carried As of Year End
Land and improvements	837
Buildings and Improvements	18,232
Total	19,069
Accumulated Depreciation	(7,630)
561 Hermitage, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	596
Building and Improvements	9,698
Costs Capitalized Subsequent to Acquisition	4,457
Gross Amount at Which Carried As of Year End
Land and improvements	596
Buildings and Improvements	14,155
Total	14,751
Accumulated Depreciation	(7,773)
562 Hermitage, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	317
Building and Improvements	6,528
Costs Capitalized Subsequent to Acquisition	2,936
Gross Amount at Which Carried As of Year End
Land and improvements	317
Buildings and Improvements	9,464
Total	9,781
Accumulated Depreciation	(4,965)
TN0002 Jackson, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,124
Building and Improvements	5,631
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,124
Buildings and Improvements	5,631
Total	6,755
Accumulated Depreciation	(358)
TN0001 Kingsport, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,778
Building and Improvements	10,365
Costs Capitalized Subsequent to Acquisition	57
Gross Amount at Which Carried As of Year End
Land and improvements	2,835
Buildings and Improvements	10,365
Total	13,200
Accumulated Depreciation	(476)
TN0012 Kingsport, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	511
Building and Improvements	59,215
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	511
Buildings and Improvements	59,215
Total	59,726
Accumulated Depreciation	(1,990)
625 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	955
Building and Improvements	14,289
Costs Capitalized Subsequent to Acquisition	9,058
Gross Amount at Which Carried As of Year End
Land and improvements	955
Buildings and Improvements	23,347
Total	24,302
Accumulated Depreciation	(10,821)
626 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,050
Building and Improvements	5,211
Costs Capitalized Subsequent to Acquisition	5,984
Gross Amount at Which Carried As of Year End
Land and improvements	2,050
Buildings and Improvements	11,195
Total	13,245
Accumulated Depreciation	(4,320)
627 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,007
Building and Improvements	181
Costs Capitalized Subsequent to Acquisition	986
Gross Amount at Which Carried As of Year End
Land and improvements	1,113
Buildings and Improvements	1,061
Total	2,174
Accumulated Depreciation	(660)
628 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,980
Building and Improvements	7,164
Costs Capitalized Subsequent to Acquisition	3,670
Gross Amount at Which Carried As of Year End
Land and improvements	2,980
Buildings and Improvements	10,834
Total	13,814
Accumulated Depreciation	(4,561)
630 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	515
Building and Improvements	848
Costs Capitalized Subsequent to Acquisition	351
Gross Amount at Which Carried As of Year End
Land and improvements	649
Buildings and Improvements	1,065
Total	1,714
Accumulated Depreciation	(596)
631 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	266
Building and Improvements	1,305
Costs Capitalized Subsequent to Acquisition	1,171
Gross Amount at Which Carried As of Year End
Land and improvements	266
Buildings and Improvements	2,476
Total	2,742
Accumulated Depreciation	(1,266)
632 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	827
Building and Improvements	7,642
Costs Capitalized Subsequent to Acquisition	3,565
Gross Amount at Which Carried As of Year End
Land and improvements	827
Buildings and Improvements	11,207
Total	12,034
Accumulated Depreciation	(5,708)
633 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,425
Building and Improvements	12,577
Costs Capitalized Subsequent to Acquisition	5,876
Gross Amount at Which Carried As of Year End
Land and improvements	5,425
Buildings and Improvements	18,453
Total	23,878
Accumulated Depreciation	(9,429)
634 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,818
Building and Improvements	15,185
Costs Capitalized Subsequent to Acquisition	12,001
Gross Amount at Which Carried As of Year End
Land and improvements	3,818
Buildings and Improvements	27,186
Total	31,004
Accumulated Depreciation	(10,703)
636 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	583
Building and Improvements	450
Costs Capitalized Subsequent to Acquisition	424
Gross Amount at Which Carried As of Year End
Land and improvements	604
Buildings and Improvements	853
Total	1,457
Accumulated Depreciation	(449)
2967 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	53,773
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	53,773
Total	53,773
Accumulated Depreciation	(7,540)
2720 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	102
Building and Improvements	10,925
Costs Capitalized Subsequent to Acquisition	749
Gross Amount at Which Carried As of Year End
Land and improvements	102
Buildings and Improvements	11,674
Total	11,776
Accumulated Depreciation	(2,415)
TN0005 Nashville, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	16,857
Building and Improvements	17,681
Costs Capitalized Subsequent to Acquisition	(230)
Gross Amount at Which Carried As of Year End
Land and improvements	16,857
Buildings and Improvements	17,451
Total	34,308
Accumulated Depreciation	(946)
TN0008 Spring Hill, TN | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	628
Building and Improvements	13,821
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	628
Buildings and Improvements	13,821
Total	14,449
Accumulated Depreciation	(655)
2611 Allen, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,330
Building and Improvements	5,960
Costs Capitalized Subsequent to Acquisition	1,232
Gross Amount at Which Carried As of Year End
Land and improvements	1,374
Buildings and Improvements	7,148
Total	8,522
Accumulated Depreciation	(2,021)
2612 Allen, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,310
Building and Improvements	4,165
Costs Capitalized Subsequent to Acquisition	1,683
Gross Amount at Which Carried As of Year End
Land and improvements	1,310
Buildings and Improvements	5,848
Total	7,158
Accumulated Depreciation	(1,899)
573 Arlington, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	769
Building and Improvements	12,355
Costs Capitalized Subsequent to Acquisition	25,901
Gross Amount at Which Carried As of Year End
Land and improvements	769
Buildings and Improvements	38,256
Total	39,025
Accumulated Depreciation	(10,485)
TX0025 Austin, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	22,885
Building and Improvements	16,662
Costs Capitalized Subsequent to Acquisition	1,065
Gross Amount at Which Carried As of Year End
Land and improvements	22,902
Buildings and Improvements	17,710
Total	40,612
Accumulated Depreciation	(1,037)
TX0026 Bedford, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	627
Building and Improvements	4,706
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	627
Buildings and Improvements	4,706
Total	5,333
Accumulated Depreciation	(339)
TX0026 Bryan, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	105
Building and Improvements	7,013
Costs Capitalized Subsequent to Acquisition	153
Gross Amount at Which Carried As of Year End
Land and improvements	105
Buildings and Improvements	7,166
Total	7,271
Accumulated Depreciation	(344)
TX0027 Bryan, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	197
Building and Improvements	4,080
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	197
Buildings and Improvements	4,080
Total	4,277
Accumulated Depreciation	(223)
TX0012 Carrollton, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,723
Building and Improvements	857
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,723
Buildings and Improvements	857
Total	2,580
Accumulated Depreciation	(111)
TX0023 Carrollton, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,461
Building and Improvements	5,211
Costs Capitalized Subsequent to Acquisition	208
Gross Amount at Which Carried As of Year End
Land and improvements	3,461
Buildings and Improvements	5,419
Total	8,880
Accumulated Depreciation	(477)
2621 Cedar Park, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,617
Building and Improvements	11,640
Costs Capitalized Subsequent to Acquisition	945
Gross Amount at Which Carried As of Year End
Land and improvements	1,617
Buildings and Improvements	12,585
Total	14,202
Accumulated Depreciation	(2,570)
576 Conroe, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	324
Building and Improvements	4,842
Costs Capitalized Subsequent to Acquisition	5,020
Gross Amount at Which Carried As of Year End
Land and improvements	324
Buildings and Improvements	9,862
Total	10,186
Accumulated Depreciation	(4,575)
577 Conroe, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	397
Building and Improvements	7,966
Costs Capitalized Subsequent to Acquisition	2,973
Gross Amount at Which Carried As of Year End
Land and improvements	397
Buildings and Improvements	10,939
Total	11,336
Accumulated Depreciation	(5,342)
578 Conroe, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	388
Building and Improvements	7,975
Costs Capitalized Subsequent to Acquisition	2,576
Gross Amount at Which Carried As of Year End
Land and improvements	388
Buildings and Improvements	10,551
Total	10,939
Accumulated Depreciation	(4,616)
579 Conroe, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	188
Building and Improvements	3,618
Costs Capitalized Subsequent to Acquisition	1,226
Gross Amount at Which Carried As of Year End
Land and improvements	188
Buildings and Improvements	4,844
Total	5,032
Accumulated Depreciation	(2,633)
581 Corpus Christi, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	717
Building and Improvements	8,181
Costs Capitalized Subsequent to Acquisition	4,429
Gross Amount at Which Carried As of Year End
Land and improvements	717
Buildings and Improvements	12,610
Total	13,327
Accumulated Depreciation	(5,782)
600 Corpus Christi, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	328
Building and Improvements	3,210
Costs Capitalized Subsequent to Acquisition	2,456
Gross Amount at Which Carried As of Year End
Land and improvements	334
Buildings and Improvements	5,660
Total	5,994
Accumulated Depreciation	(3,040)
601 Corpus Christi, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	313
Building and Improvements	1,771
Costs Capitalized Subsequent to Acquisition	1,458
Gross Amount at Which Carried As of Year End
Land and improvements	325
Buildings and Improvements	3,217
Total	3,542
Accumulated Depreciation	(1,318)
2839 Cypress, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	37,654
Gross Amount at Which Carried As of Year End
Land and improvements	11
Buildings and Improvements	37,643
Total	37,654
Accumulated Depreciation	(13,846)
582 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,664
Building and Improvements	6,785
Costs Capitalized Subsequent to Acquisition	3,781
Gross Amount at Which Carried As of Year End
Land and improvements	1,793
Buildings and Improvements	10,437
Total	12,230
Accumulated Depreciation	(5,178)
1314 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	15,230
Building and Improvements	162,970
Costs Capitalized Subsequent to Acquisition	29,492
Gross Amount at Which Carried As of Year End
Land and improvements	23,630
Buildings and Improvements	184,062
Total	207,692
Accumulated Depreciation	(94,164)
1315 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	4,485
Gross Amount at Which Carried As of Year End
Land and improvements	17
Buildings and Improvements	4,468
Total	4,485
Accumulated Depreciation	(1,431)
1316 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	10,361
Gross Amount at Which Carried As of Year End
Land and improvements	64
Buildings and Improvements	10,297
Total	10,361
Accumulated Depreciation	(3,075)
1317 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	12,298
Gross Amount at Which Carried As of Year End
Land and improvements	267
Buildings and Improvements	12,031
Total	12,298
Accumulated Depreciation	(3,024)
1319 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	18,840
Building and Improvements	155,659
Costs Capitalized Subsequent to Acquisition	7,310
Gross Amount at Which Carried As of Year End
Land and improvements	18,840
Buildings and Improvements	162,969
Total	181,809
Accumulated Depreciation	(81,664)
2721 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	31,707
Building and Improvements	2,000
Costs Capitalized Subsequent to Acquisition	698
Gross Amount at Which Carried As of Year End
Land and improvements	31,707
Buildings and Improvements	2,698
Total	34,405
Accumulated Depreciation	(1,998)
TX0028 Dallas, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	448
Building and Improvements	189,390
Costs Capitalized Subsequent to Acquisition	1,552
Gross Amount at Which Carried As of Year End
Land and improvements	448
Buildings and Improvements	190,942
Total	191,390
Accumulated Depreciation	(6,257)
3007 Denton, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	5,673
Initial Cost to Company
Land and improvements	2,298
Building and Improvements	9,502
Costs Capitalized Subsequent to Acquisition	111
Gross Amount at Which Carried As of Year End
Land and improvements	2,338
Buildings and Improvements	9,573
Total	11,911
Accumulated Depreciation	(1,786)
TX0033 Denton, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,524
Building and Improvements	11,381
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,524
Buildings and Improvements	11,381
Total	12,905
Accumulated Depreciation	(434)
TX0001 El Paso, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	725
Building and Improvements	2,729
Costs Capitalized Subsequent to Acquisition	74
Gross Amount at Which Carried As of Year End
Land and improvements	725
Buildings and Improvements	2,803
Total	3,528
Accumulated Depreciation	(92)
TX0002 El Paso, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,429
Building and Improvements	5,104
Costs Capitalized Subsequent to Acquisition	377
Gross Amount at Which Carried As of Year End
Land and improvements	1,429
Buildings and Improvements	5,481
Total	6,910
Accumulated Depreciation	(295)
TX0009 El Paso, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,156
Building and Improvements	10,909
Costs Capitalized Subsequent to Acquisition	262
Gross Amount at Which Carried As of Year End
Land and improvements	2,156
Buildings and Improvements	11,171
Total	13,327
Accumulated Depreciation	(557)
TX0010 El Paso, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	913
Building and Improvements	2,014
Costs Capitalized Subsequent to Acquisition	89
Gross Amount at Which Carried As of Year End
Land and improvements	918
Buildings and Improvements	2,098
Total	3,016
Accumulated Depreciation	(150)
TX0022 Flower Mound, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	910
Building and Improvements	3,696
Costs Capitalized Subsequent to Acquisition	95
Gross Amount at Which Carried As of Year End
Land and improvements	910
Buildings and Improvements	3,791
Total	4,701
Accumulated Depreciation	(158)
TX0024 Flower Mound, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,429
Building and Improvements	12,043
Costs Capitalized Subsequent to Acquisition	362
Gross Amount at Which Carried As of Year End
Land and improvements	1,512
Buildings and Improvements	12,322
Total	13,834
Accumulated Depreciation	(652)
TX0A22 Flower Mound, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	992
Building and Improvements	2,628
Costs Capitalized Subsequent to Acquisition	195
Gross Amount at Which Carried As of Year End
Land and improvements	992
Buildings and Improvements	2,823
Total	3,815
Accumulated Depreciation	(116)
583 Fort Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	898
Building and Improvements	4,866
Costs Capitalized Subsequent to Acquisition	4,763
Gross Amount at Which Carried As of Year End
Land and improvements	898
Buildings and Improvements	9,629
Total	10,527
Accumulated Depreciation	(4,661)
805 Fort Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	2,481
Costs Capitalized Subsequent to Acquisition	1,416
Gross Amount at Which Carried As of Year End
Land and improvements	45
Buildings and Improvements	3,852
Total	3,897
Accumulated Depreciation	(2,650)
806 Fort Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	6,070
Costs Capitalized Subsequent to Acquisition	1,775
Gross Amount at Which Carried As of Year End
Land and improvements	51
Buildings and Improvements	7,794
Total	7,845
Accumulated Depreciation	(3,603)
2619 Fort Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,180
Building and Improvements	13,432
Costs Capitalized Subsequent to Acquisition	2,000
Gross Amount at Which Carried As of Year End
Land and improvements	1,180
Buildings and Improvements	15,432
Total	16,612
Accumulated Depreciation	(2,579)
2620 Fort Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,961
Building and Improvements	14,155
Costs Capitalized Subsequent to Acquisition	1,599
Gross Amount at Which Carried As of Year End
Land and improvements	2,000
Buildings and Improvements	15,715
Total	17,715
Accumulated Depreciation	(2,732)
2982 Fort Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,720
Building and Improvements	6,225
Costs Capitalized Subsequent to Acquisition	6,335
Gross Amount at Which Carried As of Year End
Land and improvements	2,719
Buildings and Improvements	12,561
Total	15,280
Accumulated Depreciation	(4,259)
3020 Frisco, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	27,201
Costs Capitalized Subsequent to Acquisition	731
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	27,932
Total	27,932
Accumulated Depreciation	(3,041)
3021 Frisco, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	26,181
Costs Capitalized Subsequent to Acquisition	2,272
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	28,453
Total	28,453
Accumulated Depreciation	(3,485)
TX0032 Ft. Worth, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	866
Building and Improvements	24,845
Costs Capitalized Subsequent to Acquisition	63
Gross Amount at Which Carried As of Year End
Land and improvements	866
Buildings and Improvements	24,908
Total	25,774
Accumulated Depreciation	(951)
1061 Granbury, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	6,863
Costs Capitalized Subsequent to Acquisition	1,326
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	8,189
Total	8,189
Accumulated Depreciation	(3,973)
430 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,927
Building and Improvements	33,140
Costs Capitalized Subsequent to Acquisition	22,722
Gross Amount at Which Carried As of Year End
Land and improvements	2,388
Buildings and Improvements	55,401
Total	57,789
Accumulated Depreciation	(33,744)
446 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,200
Building and Improvements	19,585
Costs Capitalized Subsequent to Acquisition	11,112
Gross Amount at Which Carried As of Year End
Land and improvements	2,936
Buildings and Improvements	29,961
Total	32,897
Accumulated Depreciation	(22,553)
589 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,676
Building and Improvements	12,602
Costs Capitalized Subsequent to Acquisition	16,193
Gross Amount at Which Carried As of Year End
Land and improvements	1,676
Buildings and Improvements	28,795
Total	30,471
Accumulated Depreciation	(8,996)
702 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	7,414
Costs Capitalized Subsequent to Acquisition	2,716
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	10,130
Total	10,130
Accumulated Depreciation	(5,100)
1044 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,838
Costs Capitalized Subsequent to Acquisition	6,769
Gross Amount at Which Carried As of Year End
Land and improvements	1,321
Buildings and Improvements	10,286
Total	11,607
Accumulated Depreciation	(4,127)
2542 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	304
Building and Improvements	17,764
Costs Capitalized Subsequent to Acquisition	(304)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,764
Total	17,764
Accumulated Depreciation	(4,822)
2543 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	116
Building and Improvements	6,555
Costs Capitalized Subsequent to Acquisition	(116)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	6,555
Total	6,555
Accumulated Depreciation	(2,076)
2544 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	312
Building and Improvements	12,094
Costs Capitalized Subsequent to Acquisition	(312)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	12,094
Total	12,094
Accumulated Depreciation	(3,830)
2545 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	316
Building and Improvements	13,931
Costs Capitalized Subsequent to Acquisition	(300)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	13,947
Total	13,947
Accumulated Depreciation	(3,309)
2546 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	408
Building and Improvements	18,332
Costs Capitalized Subsequent to Acquisition	1,582
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	20,322
Total	20,322
Accumulated Depreciation	(6,978)
2547 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	470
Building and Improvements	18,197
Costs Capitalized Subsequent to Acquisition	429
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	19,096
Total	19,096
Accumulated Depreciation	(5,762)
2548 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	313
Building and Improvements	7,036
Costs Capitalized Subsequent to Acquisition	(112)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	7,237
Total	7,237
Accumulated Depreciation	(2,674)
2549 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	530
Building and Improvements	22,711
Costs Capitalized Subsequent to Acquisition	148
Gross Amount at Which Carried As of Year End
Land and improvements	530
Buildings and Improvements	22,859
Total	23,389
Accumulated Depreciation	(5,298)
2966 Houston, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	40,944
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	40,944
Total	40,944
Accumulated Depreciation	(5,145)
590 Irving, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	828
Building and Improvements	6,160
Costs Capitalized Subsequent to Acquisition	5,620
Gross Amount at Which Carried As of Year End
Land and improvements	828
Buildings and Improvements	11,780
Total	12,608
Accumulated Depreciation	(5,308)
700 Irving, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,550
Costs Capitalized Subsequent to Acquisition	2,965
Gross Amount at Which Carried As of Year End
Land and improvements	8
Buildings and Improvements	11,507
Total	11,515
Accumulated Depreciation	(5,499)
1207 Irving, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,955
Building and Improvements	12,793
Costs Capitalized Subsequent to Acquisition	4,707
Gross Amount at Which Carried As of Year End
Land and improvements	2,032
Buildings and Improvements	17,423
Total	19,455
Accumulated Depreciation	(7,447)
TX0013 Katy, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,567
Building and Improvements	3,105
Costs Capitalized Subsequent to Acquisition	276
Gross Amount at Which Carried As of Year End
Land and improvements	2,567
Buildings and Improvements	3,381
Total	5,948
Accumulated Depreciation	(256)
TX0014 Katy, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,153
Building and Improvements	21,169
Costs Capitalized Subsequent to Acquisition	248
Gross Amount at Which Carried As of Year End
Land and improvements	2,153
Buildings and Improvements	21,417
Total	23,570
Accumulated Depreciation	(1,156)
2840 Kingwood, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,035
Building and Improvements	28,373
Costs Capitalized Subsequent to Acquisition	1,199
Gross Amount at Which Carried As of Year End
Land and improvements	3,422
Buildings and Improvements	29,185
Total	32,607
Accumulated Depreciation	(6,930)
591 Lewisville, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	561
Building and Improvements	8,043
Costs Capitalized Subsequent to Acquisition	1,447
Gross Amount at Which Carried As of Year End
Land and improvements	561
Buildings and Improvements	9,490
Total	10,051
Accumulated Depreciation	(4,784)
144 Longview, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	102
Building and Improvements	7,998
Costs Capitalized Subsequent to Acquisition	988
Gross Amount at Which Carried As of Year End
Land and improvements	102
Buildings and Improvements	8,986
Total	9,088
Accumulated Depreciation	(6,021)
143 Lufkin, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	338
Building and Improvements	2,383
Costs Capitalized Subsequent to Acquisition	219
Gross Amount at Which Carried As of Year End
Land and improvements	338
Buildings and Improvements	2,602
Total	2,940
Accumulated Depreciation	(1,722)
TX0019 Lufkin, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	80
Building and Improvements	6,314
Costs Capitalized Subsequent to Acquisition	237
Gross Amount at Which Carried As of Year End
Land and improvements	80
Buildings and Improvements	6,551
Total	6,631
Accumulated Depreciation	(318)
TX0020 Lufkin, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	100
Building and Improvements	7,954
Costs Capitalized Subsequent to Acquisition	560
Gross Amount at Which Carried As of Year End
Land and improvements	100
Buildings and Improvements	8,514
Total	8,614
Accumulated Depreciation	(366)
TX0021 Lufkin, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	155
Building and Improvements	2,668
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	155
Buildings and Improvements	2,668
Total	2,823
Accumulated Depreciation	(172)
TX0008 Mansfield, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,435
Building and Improvements	3,375
Costs Capitalized Subsequent to Acquisition	111
Gross Amount at Which Carried As of Year End
Land and improvements	4,435
Buildings and Improvements	3,486
Total	7,921
Accumulated Depreciation	(229)
568 McKinney, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	541
Building and Improvements	6,217
Costs Capitalized Subsequent to Acquisition	3,292
Gross Amount at Which Carried As of Year End
Land and improvements	541
Buildings and Improvements	9,509
Total	10,050
Accumulated Depreciation	(5,404)
569 McKinney, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	636
Costs Capitalized Subsequent to Acquisition	8,330
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	8,966
Total	8,966
Accumulated Depreciation	(4,914)
3216 McKinney, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	23,325
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	23,325
Total	23,325
Accumulated Depreciation	0
TX0029 Midland, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,933
Building and Improvements	12,903
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,933
Buildings and Improvements	12,903
Total	15,836
Accumulated Depreciation	(663)
596 N Richland Hills, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	812
Building and Improvements	8,883
Costs Capitalized Subsequent to Acquisition	4,631
Gross Amount at Which Carried As of Year End
Land and improvements	812
Buildings and Improvements	13,514
Total	14,326
Accumulated Depreciation	(6,093)
TX0030 Pasadena, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,520
Building and Improvements	8,648
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	1,520
Buildings and Improvements	8,648
Total	10,168
Accumulated Depreciation	(388)
2835 Pearland, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,014
Costs Capitalized Subsequent to Acquisition	5,853
Gross Amount at Which Carried As of Year End
Land and improvements	41
Buildings and Improvements	9,826
Total	9,867
Accumulated Depreciation	(3,409)
2838 Pearland, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	18,054
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	18,054
Total	18,054
Accumulated Depreciation	(5,867)
597 Plano, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,210
Building and Improvements	9,588
Costs Capitalized Subsequent to Acquisition	7,510
Gross Amount at Which Carried As of Year End
Land and improvements	1,225
Buildings and Improvements	17,083
Total	18,308
Accumulated Depreciation	(7,807)
672 Plano, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,389
Building and Improvements	12,768
Costs Capitalized Subsequent to Acquisition	4,751
Gross Amount at Which Carried As of Year End
Land and improvements	1,389
Buildings and Improvements	17,519
Total	18,908
Accumulated Depreciation	(7,944)
1384 Plano, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,290
Building and Improvements	22,686
Costs Capitalized Subsequent to Acquisition	8,430
Gross Amount at Which Carried As of Year End
Land and improvements	6,290
Buildings and Improvements	31,116
Total	37,406
Accumulated Depreciation	(26,707)
2653 Rockwall, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	788
Building and Improvements	9,020
Costs Capitalized Subsequent to Acquisition	(369)
Gross Amount at Which Carried As of Year End
Land and improvements	536
Buildings and Improvements	8,903
Total	9,439
Accumulated Depreciation	(1,761)
TX0031 Rockwall, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	606
Building and Improvements	15,815
Costs Capitalized Subsequent to Acquisition	375
Gross Amount at Which Carried As of Year End
Land and improvements	606
Buildings and Improvements	16,190
Total	16,796
Accumulated Depreciation	(714)
815 San Antonio, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	9,193
Costs Capitalized Subsequent to Acquisition	3,637
Gross Amount at Which Carried As of Year End
Land and improvements	75
Buildings and Improvements	12,755
Total	12,830
Accumulated Depreciation	(6,170)
816 San Antonio, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	1,180
Initial Cost to Company
Land and improvements	0
Building and Improvements	8,699
Costs Capitalized Subsequent to Acquisition	13,052
Gross Amount at Which Carried As of Year End
Land and improvements	26
Buildings and Improvements	21,725
Total	21,751
Accumulated Depreciation	(7,068)
2837 San Antonio, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	26,191
Costs Capitalized Subsequent to Acquisition	4,413
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	30,604
Total	30,604
Accumulated Depreciation	(13,873)
TX0005 San Antonio, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,100
Building and Improvements	20,829
Costs Capitalized Subsequent to Acquisition	101
Gross Amount at Which Carried As of Year End
Land and improvements	4,100
Buildings and Improvements	20,930
Total	25,030
Accumulated Depreciation	(968)
TX0006 San Antonio, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	687
Building and Improvements	2,796
Costs Capitalized Subsequent to Acquisition	42
Gross Amount at Which Carried As of Year End
Land and improvements	687
Buildings and Improvements	2,838
Total	3,525
Accumulated Depreciation	(196)
2852 Shenandoah, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	29,980
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	29,980
Total	29,980
Accumulated Depreciation	(9,663)
TX0017 Spring, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	892
Building and Improvements	25,022
Costs Capitalized Subsequent to Acquisition	(3)
Gross Amount at Which Carried As of Year End
Land and improvements	892
Buildings and Improvements	25,019
Total	25,911
Accumulated Depreciation	(909)
598 Sugar Land, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,078
Building and Improvements	5,158
Costs Capitalized Subsequent to Acquisition	4,447
Gross Amount at Which Carried As of Year End
Land and improvements	1,112
Buildings and Improvements	9,571
Total	10,683
Accumulated Depreciation	(3,860)
599 Texas City, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	9,519
Costs Capitalized Subsequent to Acquisition	2,067
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,586
Total	11,586
Accumulated Depreciation	(5,526)
2550 The Woodlands, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	115
Building and Improvements	5,141
Costs Capitalized Subsequent to Acquisition	(115)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,141
Total	5,141
Accumulated Depreciation	(1,395)
2551 The Woodlands, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	296
Building and Improvements	18,282
Costs Capitalized Subsequent to Acquisition	(296)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	18,282
Total	18,282
Accumulated Depreciation	(4,342)
2552 The Woodlands, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	374
Building and Improvements	25,125
Costs Capitalized Subsequent to Acquisition	(374)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	25,125
Total	25,125
Accumulated Depreciation	(5,304)
TX0018 The Woodlands, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	715
Building and Improvements	13,972
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	715
Buildings and Improvements	13,972
Total	14,687
Accumulated Depreciation	(724)
152 Victoria, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	125
Building and Improvements	8,977
Costs Capitalized Subsequent to Acquisition	535
Gross Amount at Which Carried As of Year End
Land and improvements	125
Buildings and Improvements	9,512
Total	9,637
Accumulated Depreciation	(6,120)
2198 Webster, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,220
Building and Improvements	9,602
Costs Capitalized Subsequent to Acquisition	142
Gross Amount at Which Carried As of Year End
Land and improvements	2,220
Buildings and Improvements	9,744
Total	11,964
Accumulated Depreciation	(4,325)
3024 Webster, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,196
Building and Improvements	12,911
Costs Capitalized Subsequent to Acquisition	325
Gross Amount at Which Carried As of Year End
Land and improvements	3,212
Buildings and Improvements	13,220
Total	16,432
Accumulated Depreciation	(1,393)
3025 Webster, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,209
Building and Improvements	23,782
Costs Capitalized Subsequent to Acquisition	141
Gross Amount at Which Carried As of Year End
Land and improvements	3,225
Buildings and Improvements	23,907
Total	27,132
Accumulated Depreciation	(2,487)
TX3249 Webster, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,265
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,265
Buildings and Improvements	0
Total	2,265
Accumulated Depreciation	0
3215 Wylie, TX | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	874
Building and Improvements	4,122
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at Which Carried As of Year End
Land and improvements	874
Buildings and Improvements	4,133
Total	5,007
Accumulated Depreciation	(421)
1592 Bountiful, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	999
Building and Improvements	7,426
Costs Capitalized Subsequent to Acquisition	2,807
Gross Amount at Which Carried As of Year End
Land and improvements	1,019
Buildings and Improvements	10,213
Total	11,232
Accumulated Depreciation	(4,260)
169 Bountiful, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	276
Building and Improvements	5,237
Costs Capitalized Subsequent to Acquisition	5,377
Gross Amount at Which Carried As of Year End
Land and improvements	599
Buildings and Improvements	10,291
Total	10,890
Accumulated Depreciation	(4,934)
2035 Draper, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	3,748
Initial Cost to Company
Land and improvements	0
Building and Improvements	10,803
Costs Capitalized Subsequent to Acquisition	867
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,670
Total	11,670
Accumulated Depreciation	(3,194)
469 Kaysville, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	530
Building and Improvements	4,493
Costs Capitalized Subsequent to Acquisition	550
Gross Amount at Which Carried As of Year End
Land and improvements	530
Buildings and Improvements	5,043
Total	5,573
Accumulated Depreciation	(2,373)
456 Layton, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	371
Building and Improvements	7,073
Costs Capitalized Subsequent to Acquisition	2,910
Gross Amount at Which Carried As of Year End
Land and improvements	401
Buildings and Improvements	9,953
Total	10,354
Accumulated Depreciation	(5,596)
2042 Layton, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	10,975
Costs Capitalized Subsequent to Acquisition	1,794
Gross Amount at Which Carried As of Year End
Land and improvements	44
Buildings and Improvements	12,725
Total	12,769
Accumulated Depreciation	(3,561)
357 Orem, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	337
Building and Improvements	8,744
Costs Capitalized Subsequent to Acquisition	1,042
Gross Amount at Which Carried As of Year End
Land and improvements	306
Buildings and Improvements	9,817
Total	10,123
Accumulated Depreciation	(6,590)
353 Salt Lake City, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	190
Building and Improvements	779
Costs Capitalized Subsequent to Acquisition	280
Gross Amount at Which Carried As of Year End
Land and improvements	273
Buildings and Improvements	976
Total	1,249
Accumulated Depreciation	(692)
354 Salt Lake City, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	220
Building and Improvements	10,732
Costs Capitalized Subsequent to Acquisition	4,567
Gross Amount at Which Carried As of Year End
Land and improvements	309
Buildings and Improvements	15,210
Total	15,519
Accumulated Depreciation	(9,481)
355 Salt Lake City, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	180
Building and Improvements	14,792
Costs Capitalized Subsequent to Acquisition	5,604
Gross Amount at Which Carried As of Year End
Land and improvements	180
Buildings and Improvements	20,396
Total	20,576
Accumulated Depreciation	(12,561)
467 Salt Lake City, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,000
Building and Improvements	7,541
Costs Capitalized Subsequent to Acquisition	2,158
Gross Amount at Which Carried As of Year End
Land and improvements	3,019
Buildings and Improvements	9,680
Total	12,699
Accumulated Depreciation	(5,395)
566 Salt Lake City, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	509
Building and Improvements	4,044
Costs Capitalized Subsequent to Acquisition	3,828
Gross Amount at Which Carried As of Year End
Land and improvements	509
Buildings and Improvements	7,872
Total	8,381
Accumulated Depreciation	(4,071)
2041 Salt Lake City, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,326
Costs Capitalized Subsequent to Acquisition	1,009
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	13,335
Total	13,335
Accumulated Depreciation	(3,813)
2033 Sandy, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	867
Building and Improvements	3,513
Costs Capitalized Subsequent to Acquisition	2,920
Gross Amount at Which Carried As of Year End
Land and improvements	1,356
Buildings and Improvements	5,944
Total	7,300
Accumulated Depreciation	(3,667)
2864 Washington Terrace, UT | Outpatient medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	20,163
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	20,163
Total	20,163
Accumulated Depreciation	(4,116)
351 Washington Terrace, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,573
Costs Capitalized Subsequent to Acquisition	3,091
Gross Amount at Which Carried As of Year End
Land and improvements	17
Buildings and Improvements	7,647
Total	7,664
Accumulated Depreciation	(3,863)
352 Washington Terrace, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	2,692
Costs Capitalized Subsequent to Acquisition	1,581
Gross Amount at Which Carried As of Year End
Land and improvements	15
Buildings and Improvements	4,258
Total	4,273
Accumulated Depreciation	(2,042)
2034 West Jordan, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	12,021
Costs Capitalized Subsequent to Acquisition	(177)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,844
Total	11,844
Accumulated Depreciation	(3,282)
2036 West Jordan, UT | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	1,383
Costs Capitalized Subsequent to Acquisition	1,378
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	2,761
Total	2,761
Accumulated Depreciation	(1,677)
1208 Fairfax, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,396
Building and Improvements	16,710
Costs Capitalized Subsequent to Acquisition	11,995
Gross Amount at Which Carried As of Year End
Land and improvements	8,742
Buildings and Improvements	28,359
Total	37,101
Accumulated Depreciation	(16,235)
2230 Fredericksburg, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,101
Building and Improvements	8,570
Costs Capitalized Subsequent to Acquisition	156
Gross Amount at Which Carried As of Year End
Land and improvements	1,113
Buildings and Improvements	8,714
Total	9,827
Accumulated Depreciation	(2,554)
VA0001 Fredericksburg, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,674
Building and Improvements	14,182
Costs Capitalized Subsequent to Acquisition	2,448
Gross Amount at Which Carried As of Year End
Land and improvements	3,043
Buildings and Improvements	16,261
Total	19,304
Accumulated Depreciation	(780)
VA0002 Hampton, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,865
Building and Improvements	11,976
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	4,865
Buildings and Improvements	11,976
Total	16,841
Accumulated Depreciation	(713)
3001 Leesburg, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	10,252
Initial Cost to Company
Land and improvements	3,549
Building and Improvements	24,059
Costs Capitalized Subsequent to Acquisition	5,717
Gross Amount at Which Carried As of Year End
Land and improvements	3,549
Buildings and Improvements	29,776
Total	33,325
Accumulated Depreciation	(5,670)
3015 Midlothian, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	12,734
Initial Cost to Company
Land and improvements	0
Building and Improvements	21,442
Costs Capitalized Subsequent to Acquisition	22
Gross Amount at Which Carried As of Year End
Land and improvements	59
Buildings and Improvements	21,405
Total	21,464
Accumulated Depreciation	(2,288)
3016 Midlothian, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	12,038
Initial Cost to Company
Land and improvements	0
Building and Improvements	20,610
Costs Capitalized Subsequent to Acquisition	(147)
Gross Amount at Which Carried As of Year End
Land and improvements	32
Buildings and Improvements	20,431
Total	20,463
Accumulated Depreciation	(2,156)
3017 Midlothian, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	13,928
Initial Cost to Company
Land and improvements	0
Building and Improvements	22,531
Costs Capitalized Subsequent to Acquisition	(1,031)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	21,500
Total	21,500
Accumulated Depreciation	(2,539)
572 Reston, VA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	11,902
Costs Capitalized Subsequent to Acquisition	(860)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	11,042
Total	11,042
Accumulated Depreciation	(5,902)
WA0009 Federal Way, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	397
Building and Improvements	6,502
Costs Capitalized Subsequent to Acquisition	368
Gross Amount at Which Carried As of Year End
Land and improvements	397
Buildings and Improvements	6,870
Total	7,267
Accumulated Depreciation	(357)
WA0006 Gig Harbor, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	87
Building and Improvements	1,938
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	87
Buildings and Improvements	1,938
Total	2,025
Accumulated Depreciation	(116)
WA0002 Kennewick, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,611
Building and Improvements	25,463
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	3,611
Buildings and Improvements	25,463
Total	29,074
Accumulated Depreciation	(1,458)
WA0001 Lakewood, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,967
Building and Improvements	5,588
Costs Capitalized Subsequent to Acquisition	21
Gross Amount at Which Carried As of Year End
Land and improvements	3,967
Buildings and Improvements	5,609
Total	9,576
Accumulated Depreciation	(361)
WA0010 Lakewood, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	400
Building and Improvements	3,665
Costs Capitalized Subsequent to Acquisition	90
Gross Amount at Which Carried As of Year End
Land and improvements	400
Buildings and Improvements	3,755
Total	4,155
Accumulated Depreciation	(286)
448 Renton, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	18,724
Costs Capitalized Subsequent to Acquisition	4,630
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	23,354
Total	23,354
Accumulated Depreciation	(14,684)
781 Seattle, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	52,703
Costs Capitalized Subsequent to Acquisition	10,268
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	62,971
Total	62,971
Accumulated Depreciation	(30,822)
782 Seattle, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	24,382
Costs Capitalized Subsequent to Acquisition	22,359
Gross Amount at Which Carried As of Year End
Land and improvements	125
Buildings and Improvements	46,616
Total	46,741
Accumulated Depreciation	(18,601)
783 Seattle, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	5,625
Costs Capitalized Subsequent to Acquisition	2,164
Gross Amount at Which Carried As of Year End
Land and improvements	69
Buildings and Improvements	7,720
Total	7,789
Accumulated Depreciation	(6,215)
785 Seattle, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	7,293
Costs Capitalized Subsequent to Acquisition	933
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	8,226
Total	8,226
Accumulated Depreciation	(5,253)
1385 Seattle, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	45,027
Costs Capitalized Subsequent to Acquisition	18,577
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	63,604
Total	63,604
Accumulated Depreciation	(29,496)
3022 Seattle, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	35,624
Building and Improvements	4,176
Costs Capitalized Subsequent to Acquisition	1
Gross Amount at Which Carried As of Year End
Land and improvements	35,625
Buildings and Improvements	4,176
Total	39,801
Accumulated Depreciation	(2,741)
WI0003 Tacoma, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	269
Building and Improvements	1,900
Costs Capitalized Subsequent to Acquisition	383
Gross Amount at Which Carried As of Year End
Land and improvements	269
Buildings and Improvements	2,283
Total	2,552
Accumulated Depreciation	(206)
WI0004 Tacoma, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	479
Building and Improvements	6,955
Costs Capitalized Subsequent to Acquisition	237
Gross Amount at Which Carried As of Year End
Land and improvements	479
Buildings and Improvements	7,192
Total	7,671
Accumulated Depreciation	(462)
WI0005 Tacoma, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	440
Building and Improvements	6,778
Costs Capitalized Subsequent to Acquisition	329
Gross Amount at Which Carried As of Year End
Land and improvements	440
Buildings and Improvements	7,107
Total	7,547
Accumulated Depreciation	(381)
WI0007 Tacoma, WA | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	186
Building and Improvements	15,111
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	186
Buildings and Improvements	15,111
Total	15,297
Accumulated Depreciation	(747)
WI0006 Appleton, WI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,892
Building and Improvements	13,896
Costs Capitalized Subsequent to Acquisition	80
Gross Amount at Which Carried As of Year End
Land and improvements	1,892
Buildings and Improvements	13,976
Total	15,868
Accumulated Depreciation	(587)
WI0007 Appleton, WI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,477
Building and Improvements	15,188
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	2,477
Buildings and Improvements	15,188
Total	17,665
Accumulated Depreciation	(862)
WI0005 Brookfield, WI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,183
Building and Improvements	3,391
Costs Capitalized Subsequent to Acquisition	46
Gross Amount at Which Carried As of Year End
Land and improvements	1,183
Buildings and Improvements	3,437
Total	4,620
Accumulated Depreciation	(151)
WI0004 Milwaukee, WI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,052
Building and Improvements	13,111
Costs Capitalized Subsequent to Acquisition	612
Gross Amount at Which Carried As of Year End
Land and improvements	3,052
Buildings and Improvements	13,723
Total	16,775
Accumulated Depreciation	(541)
WI0002 Shawano, WI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	347
Building and Improvements	1,571
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	347
Buildings and Improvements	1,571
Total	1,918
Accumulated Depreciation	(96)
WI0001 West Allis, WI | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	980
Building and Improvements	388
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land and improvements	980
Buildings and Improvements	397
Total	1,377
Accumulated Depreciation	(63)
2038 Evanston, WY | Outpatient Medical | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	4,601
Costs Capitalized Subsequent to Acquisition	1,204
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	5,805
Total	5,805
Accumulated Depreciation	$ (2,202)

Schedule III_ Real Estate and_3

Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Lab) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Held-for-sale
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land and improvements	4,141
Building and Improvements	20,364
Costs Capitalized Subsequent to Acquisition	(13,844)
Gross Amount at Which Carried As of Year End
Land and improvements	4,141
Buildings and Improvements	6,520
Total	10,661
Accumulated Depreciation	(2,821)
Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	356,750
Initial Cost to Company
Land and improvements	2,887,257
Building and Improvements	11,334,757
Costs Capitalized Subsequent to Acquisition	5,692,420
Gross Amount at Which Carried As of Year End
Land and improvements	2,918,758
Buildings and Improvements	16,995,676
Total	19,914,434
Accumulated Depreciation	(4,083,030)
Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,874,225
Building and Improvements	3,195,605
Costs Capitalized Subsequent to Acquisition	3,742,955
Gross Amount at Which Carried As of Year End
Land and improvements	1,877,701
Buildings and Improvements	6,935,084
Total	8,812,785
Accumulated Depreciation	(1,644,660)
1483 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,498
Building and Improvements	500
Costs Capitalized Subsequent to Acquisition	83,876
Gross Amount at Which Carried As of Year End
Land and improvements	8,498
Buildings and Improvements	84,376
Total	92,874
Accumulated Depreciation	(9,494)
1484 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,331
Building and Improvements	689
Costs Capitalized Subsequent to Acquisition	159,655
Gross Amount at Which Carried As of Year End
Land and improvements	11,331
Buildings and Improvements	160,344
Total	171,675
Accumulated Depreciation	(15,892)
1485 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,331
Building and Improvements	600
Costs Capitalized Subsequent to Acquisition	154,111
Gross Amount at Which Carried As of Year End
Land and improvements	11,331
Buildings and Improvements	154,711
Total	166,042
Accumulated Depreciation	(17,187)
1486 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,331
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	135,416
Gross Amount at Which Carried As of Year End
Land and improvements	11,331
Buildings and Improvements	135,416
Total	146,747
Accumulated Depreciation	(28,636)
1487 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,498
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	76,411
Gross Amount at Which Carried As of Year End
Land and improvements	8,498
Buildings and Improvements	76,411
Total	84,909
Accumulated Depreciation	(9,682)
2874 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	26,895
Building and Improvements	62,318
Costs Capitalized Subsequent to Acquisition	76,313
Gross Amount at Which Carried As of Year End
Land and improvements	26,295
Buildings and Improvements	139,231
Total	165,526
Accumulated Depreciation	(16,804)
2875 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	24,092
Building and Improvements	56,623
Costs Capitalized Subsequent to Acquisition	11,039
Gross Amount at Which Carried As of Year End
Land and improvements	24,092
Buildings and Improvements	67,662
Total	91,754
Accumulated Depreciation	(10,300)
3139 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	35,805
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	7,726
Gross Amount at Which Carried As of Year End
Land and improvements	35,805
Buildings and Improvements	7,726
Total	43,531
Accumulated Depreciation	0
3140 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	35,805
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	4,312
Gross Amount at Which Carried As of Year End
Land and improvements	35,805
Buildings and Improvements	4,312
Total	40,117
Accumulated Depreciation	0
3142 Brisbane, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	3,768
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	3,768
Total	3,768
Accumulated Depreciation	(471)
1401 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	900
Building and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	12,656
Gross Amount at Which Carried As of Year End
Land and improvements	1,338
Buildings and Improvements	19,318
Total	20,656
Accumulated Depreciation	(7,075)
1402 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,500
Building and Improvements	6,400
Costs Capitalized Subsequent to Acquisition	6,837
Gross Amount at Which Carried As of Year End
Land and improvements	1,500
Buildings and Improvements	13,237
Total	14,737
Accumulated Depreciation	(3,865)
1403 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,900
Building and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	7,873
Gross Amount at Which Carried As of Year End
Land and improvements	1,900
Buildings and Improvements	14,973
Total	16,873
Accumulated Depreciation	(6,858)
1404 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,200
Building and Improvements	17,200
Costs Capitalized Subsequent to Acquisition	9,007
Gross Amount at Which Carried As of Year End
Land and improvements	2,200
Buildings and Improvements	26,207
Total	28,407
Accumulated Depreciation	(11,504)
1405 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,000
Building and Improvements	3,200
Costs Capitalized Subsequent to Acquisition	646
Gross Amount at Which Carried As of Year End
Land and improvements	1,000
Buildings and Improvements	3,846
Total	4,846
Accumulated Depreciation	(1,805)
1549 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,006
Building and Improvements	4,259
Costs Capitalized Subsequent to Acquisition	4,080
Gross Amount at Which Carried As of Year End
Land and improvements	1,006
Buildings and Improvements	8,339
Total	9,345
Accumulated Depreciation	(4,984)
1550 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	677
Building and Improvements	2,761
Costs Capitalized Subsequent to Acquisition	774
Gross Amount at Which Carried As of Year End
Land and improvements	677
Buildings and Improvements	3,535
Total	4,212
Accumulated Depreciation	(2,174)
1551 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	661
Building and Improvements	1,995
Costs Capitalized Subsequent to Acquisition	2,900
Gross Amount at Which Carried As of Year End
Land and improvements	661
Buildings and Improvements	4,895
Total	5,556
Accumulated Depreciation	(2,111)
1552 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,187
Building and Improvements	7,139
Costs Capitalized Subsequent to Acquisition	1,725
Gross Amount at Which Carried As of Year End
Land and improvements	1,187
Buildings and Improvements	8,864
Total	10,051
Accumulated Depreciation	(6,135)
1553 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,189
Building and Improvements	9,465
Costs Capitalized Subsequent to Acquisition	1,045
Gross Amount at Which Carried As of Year End
Land and improvements	1,189
Buildings and Improvements	10,510
Total	11,699
Accumulated Depreciation	(7,258)
1554 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,246
Building and Improvements	5,179
Costs Capitalized Subsequent to Acquisition	11,972
Gross Amount at Which Carried As of Year End
Land and improvements	1,246
Buildings and Improvements	17,151
Total	18,397
Accumulated Depreciation	(7,808)
1555 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,521
Building and Improvements	13,546
Costs Capitalized Subsequent to Acquisition	7,516
Gross Amount at Which Carried As of Year End
Land and improvements	1,521
Buildings and Improvements	21,062
Total	22,583
Accumulated Depreciation	(15,597)
1556 Hayward, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,212
Building and Improvements	5,120
Costs Capitalized Subsequent to Acquisition	1,516
Gross Amount at Which Carried As of Year End
Land and improvements	1,212
Buildings and Improvements	6,636
Total	7,848
Accumulated Depreciation	(4,134)
1424 La Jolla, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,175
Building and Improvements	25,283
Costs Capitalized Subsequent to Acquisition	44,524
Gross Amount at Which Carried As of Year End
Land and improvements	11,389
Buildings and Improvements	69,593
Total	80,982
Accumulated Depreciation	(20,050)
1425 La Jolla, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,217
Building and Improvements	19,883
Costs Capitalized Subsequent to Acquisition	61
Gross Amount at Which Carried As of Year End
Land and improvements	7,217
Buildings and Improvements	19,944
Total	27,161
Accumulated Depreciation	(8,695)
1426 La Jolla, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,381
Building and Improvements	12,412
Costs Capitalized Subsequent to Acquisition	20,834
Gross Amount at Which Carried As of Year End
Land and improvements	8,381
Buildings and Improvements	33,246
Total	41,627
Accumulated Depreciation	(17,322)
1427 La Jolla, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,127
Building and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	13,272
Gross Amount at Which Carried As of Year End
Land and improvements	10,355
Buildings and Improvements	30,027
Total	40,382
Accumulated Depreciation	(11,912)
1949 La Jolla, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,686
Building and Improvements	11,045
Costs Capitalized Subsequent to Acquisition	17,501
Gross Amount at Which Carried As of Year End
Land and improvements	2,686
Buildings and Improvements	28,546
Total	31,232
Accumulated Depreciation	(9,932)
2229 La Jolla, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,753
Building and Improvements	32,528
Costs Capitalized Subsequent to Acquisition	16,664
Gross Amount at Which Carried As of Year End
Land and improvements	8,777
Buildings and Improvements	49,168
Total	57,945
Accumulated Depreciation	(15,310)
1499 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,400
Building and Improvements	5,500
Costs Capitalized Subsequent to Acquisition	2,652
Gross Amount at Which Carried As of Year End
Land and improvements	3,455
Buildings and Improvements	8,097
Total	11,552
Accumulated Depreciation	(3,743)
1500 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,500
Building and Improvements	4,100
Costs Capitalized Subsequent to Acquisition	1,038
Gross Amount at Which Carried As of Year End
Land and improvements	2,500
Buildings and Improvements	5,138
Total	7,638
Accumulated Depreciation	(2,678)
1501 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,600
Building and Improvements	4,600
Costs Capitalized Subsequent to Acquisition	1,895
Gross Amount at Which Carried As of Year End
Land and improvements	3,600
Buildings and Improvements	6,495
Total	10,095
Accumulated Depreciation	(3,705)
1502 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,100
Building and Improvements	5,100
Costs Capitalized Subsequent to Acquisition	3,542
Gross Amount at Which Carried As of Year End
Land and improvements	3,100
Buildings and Improvements	8,642
Total	11,742
Accumulated Depreciation	(3,548)
1503 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,800
Building and Improvements	17,300
Costs Capitalized Subsequent to Acquisition	8,351
Gross Amount at Which Carried As of Year End
Land and improvements	4,800
Buildings and Improvements	25,651
Total	30,451
Accumulated Depreciation	(10,467)
1504 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,400
Building and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	11,098
Gross Amount at Which Carried As of Year End
Land and improvements	5,400
Buildings and Improvements	26,598
Total	31,998
Accumulated Depreciation	(12,781)
1505 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,000
Building and Improvements	3,500
Costs Capitalized Subsequent to Acquisition	6,366
Gross Amount at Which Carried As of Year End
Land and improvements	3,000
Buildings and Improvements	9,866
Total	12,866
Accumulated Depreciation	(4,028)
1506 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,000
Building and Improvements	14,300
Costs Capitalized Subsequent to Acquisition	14,300
Gross Amount at Which Carried As of Year End
Land and improvements	6,000
Buildings and Improvements	28,600
Total	34,600
Accumulated Depreciation	(17,972)
1507 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,900
Building and Improvements	12,800
Costs Capitalized Subsequent to Acquisition	11,655
Gross Amount at Which Carried As of Year End
Land and improvements	1,900
Buildings and Improvements	24,455
Total	26,355
Accumulated Depreciation	(8,804)
1508 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,700
Building and Improvements	11,300
Costs Capitalized Subsequent to Acquisition	17,193
Gross Amount at Which Carried As of Year End
Land and improvements	2,700
Buildings and Improvements	28,493
Total	31,193
Accumulated Depreciation	(11,068)
1509 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,700
Building and Improvements	10,900
Costs Capitalized Subsequent to Acquisition	1,565
Gross Amount at Which Carried As of Year End
Land and improvements	2,700
Buildings and Improvements	12,465
Total	15,165
Accumulated Depreciation	(5,360)
1510 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,200
Building and Improvements	12,000
Costs Capitalized Subsequent to Acquisition	6,243
Gross Amount at Which Carried As of Year End
Land and improvements	2,200
Buildings and Improvements	18,243
Total	20,443
Accumulated Depreciation	(8,259)
1511 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,600
Building and Improvements	9,300
Costs Capitalized Subsequent to Acquisition	17,497
Gross Amount at Which Carried As of Year End
Land and improvements	2,600
Buildings and Improvements	26,797
Total	29,397
Accumulated Depreciation	(14,437)
1512 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,300
Building and Improvements	18,000
Costs Capitalized Subsequent to Acquisition	19,072
Gross Amount at Which Carried As of Year End
Land and improvements	3,300
Buildings and Improvements	37,072
Total	40,372
Accumulated Depreciation	(21,007)
1513 Redwood City, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,300
Building and Improvements	17,900
Costs Capitalized Subsequent to Acquisition	18,365
Gross Amount at Which Carried As of Year End
Land and improvements	3,326
Buildings and Improvements	36,239
Total	39,565
Accumulated Depreciation	(18,383)
678 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,603
Building and Improvements	11,051
Costs Capitalized Subsequent to Acquisition	3,587
Gross Amount at Which Carried As of Year End
Land and improvements	2,766
Buildings and Improvements	14,475
Total	17,241
Accumulated Depreciation	(7,299)
679 San Diego CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,269
Building and Improvements	23,566
Costs Capitalized Subsequent to Acquisition	23,990
Gross Amount at Which Carried As of Year End
Land and improvements	5,669
Buildings and Improvements	47,156
Total	52,825
Accumulated Depreciation	(20,424)
837 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,630
Building and Improvements	2,028
Costs Capitalized Subsequent to Acquisition	3,302
Gross Amount at Which Carried As of Year End
Land and improvements	4,630
Buildings and Improvements	5,330
Total	9,960
Accumulated Depreciation	(2,648)
838 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,040
Building and Improvements	903
Costs Capitalized Subsequent to Acquisition	3,354
Gross Amount at Which Carried As of Year End
Land and improvements	2,040
Buildings and Improvements	4,257
Total	6,297
Accumulated Depreciation	(1,439)
839 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,940
Building and Improvements	3,184
Costs Capitalized Subsequent to Acquisition	2,995
Gross Amount at Which Carried As of Year End
Land and improvements	4,036
Buildings and Improvements	6,083
Total	10,119
Accumulated Depreciation	(2,847)
840 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,690
Building and Improvements	4,579
Costs Capitalized Subsequent to Acquisition	1,486
Gross Amount at Which Carried As of Year End
Land and improvements	5,830
Buildings and Improvements	5,925
Total	11,755
Accumulated Depreciation	(2,789)
1418 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,700
Building and Improvements	31,243
Costs Capitalized Subsequent to Acquisition	59,338
Gross Amount at Which Carried As of Year End
Land and improvements	11,700
Buildings and Improvements	90,581
Total	102,281
Accumulated Depreciation	(21,029)
1419 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,324
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	33,175
Gross Amount at Which Carried As of Year End
Land and improvements	2,324
Buildings and Improvements	33,175
Total	35,499
Accumulated Depreciation	(4,422)
1420 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,200
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	41,225
Gross Amount at Which Carried As of Year End
Land and improvements	4,200
Buildings and Improvements	41,225
Total	45,425
Accumulated Depreciation	(3,755)
1421 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,000
Building and Improvements	33,779
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	7,000
Buildings and Improvements	33,779
Total	40,779
Accumulated Depreciation	(14,708)
1422 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,179
Building and Improvements	3,687
Costs Capitalized Subsequent to Acquisition	2,081
Gross Amount at Which Carried As of Year End
Land and improvements	7,179
Buildings and Improvements	5,768
Total	12,947
Accumulated Depreciation	(3,687)
1423 San Diego CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,400
Building and Improvements	33,144
Costs Capitalized Subsequent to Acquisition	34,028
Gross Amount at Which Carried As of Year End
Land and improvements	8,400
Buildings and Improvements	67,172
Total	75,572
Accumulated Depreciation	(24,422)
1947 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,581
Building and Improvements	10,534
Costs Capitalized Subsequent to Acquisition	4,497
Gross Amount at Which Carried As of Year End
Land and improvements	2,581
Buildings and Improvements	15,031
Total	17,612
Accumulated Depreciation	(8,664)
1948 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,879
Building and Improvements	25,305
Costs Capitalized Subsequent to Acquisition	8,311
Gross Amount at Which Carried As of Year End
Land and improvements	5,879
Buildings and Improvements	33,616
Total	39,495
Accumulated Depreciation	(14,802)
2197 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,621
Building and Improvements	3,913
Costs Capitalized Subsequent to Acquisition	7,590
Gross Amount at Which Carried As of Year End
Land and improvements	7,621
Buildings and Improvements	11,503
Total	19,124
Accumulated Depreciation	(7,733)
2476 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,661
Building and Improvements	9,918
Costs Capitalized Subsequent to Acquisition	18,298
Gross Amount at Which Carried As of Year End
Land and improvements	7,661
Buildings and Improvements	28,216
Total	35,877
Accumulated Depreciation	(4,442)
2477 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,207
Building and Improvements	14,613
Costs Capitalized Subsequent to Acquisition	8,481
Gross Amount at Which Carried As of Year End
Land and improvements	9,207
Buildings and Improvements	23,094
Total	32,301
Accumulated Depreciation	(6,775)
2478 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,000
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	120,761
Gross Amount at Which Carried As of Year End
Land and improvements	6,000
Buildings and Improvements	120,761
Total	126,761
Accumulated Depreciation	0
2617 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,734
Building and Improvements	5,195
Costs Capitalized Subsequent to Acquisition	9,363
Gross Amount at Which Carried As of Year End
Land and improvements	2,734
Buildings and Improvements	14,558
Total	17,292
Accumulated Depreciation	(4,106)
2618 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,100
Building and Improvements	12,395
Costs Capitalized Subsequent to Acquisition	22,843
Gross Amount at Which Carried As of Year End
Land and improvements	4,100
Buildings and Improvements	35,238
Total	39,338
Accumulated Depreciation	(14,493)
2622 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	17,201
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,201
Total	17,201
Accumulated Depreciation	(2,091)
2872 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,120
Building and Improvements	38,351
Costs Capitalized Subsequent to Acquisition	1,044
Gross Amount at Which Carried As of Year End
Land and improvements	10,120
Buildings and Improvements	39,395
Total	49,515
Accumulated Depreciation	(9,481)
2873 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,052
Building and Improvements	14,122
Costs Capitalized Subsequent to Acquisition	1,445
Gross Amount at Which Carried As of Year End
Land and improvements	6,052
Buildings and Improvements	15,567
Total	21,619
Accumulated Depreciation	(2,941)
3069 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,054
Building and Improvements	7,794
Costs Capitalized Subsequent to Acquisition	24,081
Gross Amount at Which Carried As of Year End
Land and improvements	6,954
Buildings and Improvements	31,975
Total	38,929
Accumulated Depreciation	(4,467)
3110 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	19,120
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	9,373
Gross Amount at Which Carried As of Year End
Land and improvements	20,587
Buildings and Improvements	7,906
Total	28,493
Accumulated Depreciation	(14)
3111 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	24,729
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	2,141
Gross Amount at Which Carried As of Year End
Land and improvements	24,830
Buildings and Improvements	2,040
Total	26,870
Accumulated Depreciation	(18)
3153 San Diego, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,215
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	15
Gross Amount at Which Carried As of Year End
Land and improvements	1,217
Buildings and Improvements	13
Total	1,230
Accumulated Depreciation	0
1410 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,900
Building and Improvements	18,100
Costs Capitalized Subsequent to Acquisition	12,327
Gross Amount at Which Carried As of Year End
Land and improvements	4,900
Buildings and Improvements	30,427
Total	35,327
Accumulated Depreciation	(16,142)
1411 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,000
Building and Improvements	27,700
Costs Capitalized Subsequent to Acquisition	33,196
Gross Amount at Which Carried As of Year End
Land and improvements	8,000
Buildings and Improvements	60,896
Total	68,896
Accumulated Depreciation	(21,778)
1412 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,100
Building and Improvements	22,521
Costs Capitalized Subsequent to Acquisition	10,501
Gross Amount at Which Carried As of Year End
Land and improvements	10,100
Buildings and Improvements	33,022
Total	43,122
Accumulated Depreciation	(14,123)
1413 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,000
Building and Improvements	28,299
Costs Capitalized Subsequent to Acquisition	8,603
Gross Amount at Which Carried As of Year End
Land and improvements	8,000
Buildings and Improvements	36,902
Total	44,902
Accumulated Depreciation	(19,128)
1430 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,700
Building and Improvements	23,621
Costs Capitalized Subsequent to Acquisition	27,995
Gross Amount at Which Carried As of Year End
Land and improvements	10,733
Buildings and Improvements	51,583
Total	62,316
Accumulated Depreciation	(16,385)
1431 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,000
Building and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	10,711
Gross Amount at Which Carried As of Year End
Land and improvements	7,022
Buildings and Improvements	26,189
Total	33,211
Accumulated Depreciation	(10,767)
1435 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	13,800
Building and Improvements	42,500
Costs Capitalized Subsequent to Acquisition	26,593
Gross Amount at Which Carried As of Year End
Land and improvements	13,800
Buildings and Improvements	69,093
Total	82,893
Accumulated Depreciation	(24,860)
1436 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	14,500
Building and Improvements	45,300
Costs Capitalized Subsequent to Acquisition	42,147
Gross Amount at Which Carried As of Year End
Land and improvements	14,500
Buildings and Improvements	87,447
Total	101,947
Accumulated Depreciation	(26,760)
1437 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,400
Building and Improvements	24,800
Costs Capitalized Subsequent to Acquisition	36,750
Gross Amount at Which Carried As of Year End
Land and improvements	9,400
Buildings and Improvements	61,550
Total	70,950
Accumulated Depreciation	(24,113)
1439 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,900
Building and Improvements	68,848
Costs Capitalized Subsequent to Acquisition	13,735
Gross Amount at Which Carried As of Year End
Land and improvements	11,900
Buildings and Improvements	82,583
Total	94,483
Accumulated Depreciation	(29,994)
1440 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,000
Building and Improvements	57,954
Costs Capitalized Subsequent to Acquisition	15,024
Gross Amount at Which Carried As of Year End
Land and improvements	10,000
Buildings and Improvements	72,978
Total	82,978
Accumulated Depreciation	(24,006)
1441 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,300
Building and Improvements	43,549
Costs Capitalized Subsequent to Acquisition	22,619
Gross Amount at Which Carried As of Year End
Land and improvements	9,300
Buildings and Improvements	66,168
Total	75,468
Accumulated Depreciation	(16,875)
1442 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,000
Building and Improvements	47,289
Costs Capitalized Subsequent to Acquisition	42,668
Gross Amount at Which Carried As of Year End
Land and improvements	11,000
Buildings and Improvements	89,957
Total	100,957
Accumulated Depreciation	(26,528)
1443 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	13,200
Building and Improvements	60,932
Costs Capitalized Subsequent to Acquisition	3,283
Gross Amount at Which Carried As of Year End
Land and improvements	13,200
Buildings and Improvements	64,215
Total	77,415
Accumulated Depreciation	(26,657)
1444 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,500
Building and Improvements	33,776
Costs Capitalized Subsequent to Acquisition	13,824
Gross Amount at Which Carried As of Year End
Land and improvements	10,500
Buildings and Improvements	47,600
Total	58,100
Accumulated Depreciation	(14,058)
1445 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,600
Building and Improvements	34,083
Costs Capitalized Subsequent to Acquisition	46
Gross Amount at Which Carried As of Year End
Land and improvements	10,600
Buildings and Improvements	34,129
Total	44,729
Accumulated Depreciation	(14,848)
1458 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,900
Building and Improvements	20,900
Costs Capitalized Subsequent to Acquisition	6,924
Gross Amount at Which Carried As of Year End
Land and improvements	10,900
Buildings and Improvements	27,824
Total	38,724
Accumulated Depreciation	(10,664)
1459 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,800
Building and Improvements	394
Costs Capitalized Subsequent to Acquisition	157,274
Gross Amount at Which Carried As of Year End
Land and improvements	9,800
Buildings and Improvements	157,668
Total	167,468
Accumulated Depreciation	(11,273)
1462 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,117
Building and Improvements	600
Costs Capitalized Subsequent to Acquisition	5,280
Gross Amount at Which Carried As of Year End
Land and improvements	7,117
Buildings and Improvements	5,880
Total	12,997
Accumulated Depreciation	(1,956)
1463 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,381
Building and Improvements	2,300
Costs Capitalized Subsequent to Acquisition	17,197
Gross Amount at Which Carried As of Year End
Land and improvements	10,381
Buildings and Improvements	19,497
Total	29,878
Accumulated Depreciation	(6,763)
1464 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,403
Building and Improvements	700
Costs Capitalized Subsequent to Acquisition	9,060
Gross Amount at Which Carried As of Year End
Land and improvements	7,403
Buildings and Improvements	9,760
Total	17,163
Accumulated Depreciation	(3,302)
1468 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,100
Building and Improvements	24,013
Costs Capitalized Subsequent to Acquisition	11,565
Gross Amount at Which Carried As of Year End
Land and improvements	10,100
Buildings and Improvements	35,578
Total	45,678
Accumulated Depreciation	(16,168)
1480 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	32,210
Building and Improvements	3,110
Costs Capitalized Subsequent to Acquisition	160,550
Gross Amount at Which Carried As of Year End
Land and improvements	32,210
Buildings and Improvements	163,660
Total	195,870
Accumulated Depreciation	(7,004)
1528 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	188,739
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	188,739
Total	188,739
Accumulated Depreciation	(275)
1559 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,666
Building and Improvements	5,773
Costs Capitalized Subsequent to Acquisition	199
Gross Amount at Which Carried As of Year End
Land and improvements	5,666
Buildings and Improvements	5,972
Total	11,638
Accumulated Depreciation	(5,923)
1560 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,204
Building and Improvements	1,293
Costs Capitalized Subsequent to Acquisition	2,683
Gross Amount at Which Carried As of Year End
Land and improvements	1,204
Buildings and Improvements	3,976
Total	5,180
Accumulated Depreciation	(3,267)
1983 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,648
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	90,582
Gross Amount at Which Carried As of Year End
Land and improvements	8,648
Buildings and Improvements	90,582
Total	99,230
Accumulated Depreciation	(31,738)
1984 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,844
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	90,761
Gross Amount at Which Carried As of Year End
Land and improvements	7,844
Buildings and Improvements	90,761
Total	98,605
Accumulated Depreciation	(34,910)
1985 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,708
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	122,716
Gross Amount at Which Carried As of Year End
Land and improvements	6,708
Buildings and Improvements	122,716
Total	129,424
Accumulated Depreciation	(43,270)
1986 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,708
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	120,758
Gross Amount at Which Carried As of Year End
Land and improvements	6,708
Buildings and Improvements	120,758
Total	127,466
Accumulated Depreciation	(38,078)
1987 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,544
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	100,777
Gross Amount at Which Carried As of Year End
Land and improvements	8,544
Buildings and Improvements	100,777
Total	109,321
Accumulated Depreciation	(28,885)
1988 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	10,120
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	119,625
Gross Amount at Which Carried As of Year End
Land and improvements	10,120
Buildings and Improvements	119,625
Total	129,745
Accumulated Depreciation	(35,906)
1989 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,169
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	100,395
Gross Amount at Which Carried As of Year End
Land and improvements	9,169
Buildings and Improvements	100,395
Total	109,564
Accumulated Depreciation	(23,508)
2553 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,897
Building and Improvements	8,691
Costs Capitalized Subsequent to Acquisition	4,478
Gross Amount at Which Carried As of Year End
Land and improvements	2,897
Buildings and Improvements	13,169
Total	16,066
Accumulated Depreciation	(5,172)
2554 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	995
Building and Improvements	2,754
Costs Capitalized Subsequent to Acquisition	2,332
Gross Amount at Which Carried As of Year End
Land and improvements	995
Buildings and Improvements	5,086
Total	6,081
Accumulated Depreciation	(1,757)
2555 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,202
Building and Improvements	10,776
Costs Capitalized Subsequent to Acquisition	2,527
Gross Amount at Which Carried As of Year End
Land and improvements	2,202
Buildings and Improvements	13,303
Total	15,505
Accumulated Depreciation	(3,917)
2556 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,962
Building and Improvements	15,108
Costs Capitalized Subsequent to Acquisition	1,557
Gross Amount at Which Carried As of Year End
Land and improvements	2,962
Buildings and Improvements	16,665
Total	19,627
Accumulated Depreciation	(4,704)
2557 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,453
Building and Improvements	13,063
Costs Capitalized Subsequent to Acquisition	3,842
Gross Amount at Which Carried As of Year End
Land and improvements	2,453
Buildings and Improvements	16,905
Total	19,358
Accumulated Depreciation	(6,725)
2558 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,163
Building and Improvements	5,925
Costs Capitalized Subsequent to Acquisition	315
Gross Amount at Which Carried As of Year End
Land and improvements	1,163
Buildings and Improvements	6,240
Total	7,403
Accumulated Depreciation	(1,626)
2624 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	25,502
Building and Improvements	42,910
Costs Capitalized Subsequent to Acquisition	14,832
Gross Amount at Which Carried As of Year End
Land and improvements	25,502
Buildings and Improvements	57,742
Total	83,244
Accumulated Depreciation	(14,353)
2870 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	23,297
Building and Improvements	41,797
Costs Capitalized Subsequent to Acquisition	28,804
Gross Amount at Which Carried As of Year End
Land and improvements	23,330
Buildings and Improvements	70,568
Total	93,898
Accumulated Depreciation	(21,151)
2871 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	20,293
Building and Improvements	41,262
Costs Capitalized Subsequent to Acquisition	22,121
Gross Amount at Which Carried As of Year End
Land and improvements	20,333
Buildings and Improvements	63,343
Total	83,676
Accumulated Depreciation	(23,373)
3100 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	14,245
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	15,095
Gross Amount at Which Carried As of Year End
Land and improvements	14,245
Buildings and Improvements	15,095
Total	29,340
Accumulated Depreciation	0
3101 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	61,208
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	29,603
Gross Amount at Which Carried As of Year End
Land and improvements	61,208
Buildings and Improvements	29,603
Total	90,811
Accumulated Depreciation	0
3102 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	43,885
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	6,359
Gross Amount at Which Carried As of Year End
Land and improvements	43,885
Buildings and Improvements	6,359
Total	50,244
Accumulated Depreciation	0
3123 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	6,456
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	6,456
Total	6,456
Accumulated Depreciation	0
3154 South San Francisco, CA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	56,590
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	56,590
Total	56,590
Accumulated Depreciation	307
2705 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	24,371
Building and Improvements	128,498
Costs Capitalized Subsequent to Acquisition	197
Gross Amount at Which Carried As of Year End
Land and improvements	24,371
Buildings and Improvements	128,695
Total	153,066
Accumulated Depreciation	(17,582)
2706 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	15,473
Building and Improvements	149,051
Costs Capitalized Subsequent to Acquisition	850
Gross Amount at Which Carried As of Year End
Land and improvements	15,473
Buildings and Improvements	149,901
Total	165,374
Accumulated Depreciation	(22,324)
2707 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	25,549
Building and Improvements	229,547
Costs Capitalized Subsequent to Acquisition	8,597
Gross Amount at Which Carried As of Year End
Land and improvements	25,549
Buildings and Improvements	238,144
Total	263,693
Accumulated Depreciation	(33,377)
2708 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	17,751
Costs Capitalized Subsequent to Acquisition	539
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	18,290
Total	18,290
Accumulated Depreciation	(1,902)
2709 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	15,451
Costs Capitalized Subsequent to Acquisition	29
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	15,480
Total	15,480
Accumulated Depreciation	(1,579)
2928 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	44,215
Building and Improvements	24,120
Costs Capitalized Subsequent to Acquisition	3,154
Gross Amount at Which Carried As of Year End
Land and improvements	44,215
Buildings and Improvements	27,274
Total	71,489
Accumulated Depreciation	(5,108)
2929 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	20,516
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	159,436
Gross Amount at Which Carried As of Year End
Land and improvements	20,516
Buildings and Improvements	159,436
Total	179,952
Accumulated Depreciation	(15,859)
3074 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	78,762
Building and Improvements	252,153
Costs Capitalized Subsequent to Acquisition	14,635
Gross Amount at Which Carried As of Year End
Land and improvements	78,762
Buildings and Improvements	266,788
Total	345,550
Accumulated Depreciation	(41,328)
3106 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	20,644
Building and Improvements	2,982
Costs Capitalized Subsequent to Acquisition	621
Gross Amount at Which Carried As of Year End
Land and improvements	20,644
Buildings and Improvements	3,603
Total	24,247
Accumulated Depreciation	(340)
3107 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	19,009
Building and Improvements	12,327
Costs Capitalized Subsequent to Acquisition	1,875
Gross Amount at Which Carried As of Year End
Land and improvements	19,009
Buildings and Improvements	14,202
Total	33,211
Accumulated Depreciation	(1,202)
3108 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	123,074
Building and Improvements	7,513
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried As of Year End
Land and improvements	123,074
Buildings and Improvements	7,521
Total	130,595
Accumulated Depreciation	(969)
3109 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,903
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	637
Gross Amount at Which Carried As of Year End
Land and improvements	5,903
Buildings and Improvements	637
Total	6,540
Accumulated Depreciation	0
3112 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	23,402
Building and Improvements	47,623
Costs Capitalized Subsequent to Acquisition	1,385
Gross Amount at Which Carried As of Year End
Land and improvements	23,402
Buildings and Improvements	49,008
Total	72,410
Accumulated Depreciation	(5,706)
3113 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	32,244
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	8,417
Gross Amount at Which Carried As of Year End
Land and improvements	36,119
Buildings and Improvements	4,542
Total	40,661
Accumulated Depreciation	0
3114 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	22,969
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	(1,179)
Gross Amount at Which Carried As of Year End
Land and improvements	22,969
Buildings and Improvements	(1,179)
Total	21,790
Accumulated Depreciation	0
3115 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	66,786
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	2,536
Gross Amount at Which Carried As of Year End
Land and improvements	66,786
Buildings and Improvements	2,536
Total	69,322
Accumulated Depreciation	0
3116 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	17,413
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	17,413
Total	17,413
Accumulated Depreciation	0
3119 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	29,667
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	29,667
Total	29,667
Accumulated Depreciation	(2,984)
3120 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	18,063
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	1,417
Gross Amount at Which Carried As of Year End
Land and improvements	18,063
Buildings and Improvements	1,417
Total	19,480
Accumulated Depreciation	0
3122 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	25,247
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	3,293
Gross Amount at Which Carried As of Year End
Land and improvements	25,247
Buildings and Improvements	3,293
Total	28,540
Accumulated Depreciation	0
3136 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,118
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	(161)
Gross Amount at Which Carried As of Year End
Land and improvements	4,119
Buildings and Improvements	(162)
Total	3,957
Accumulated Depreciation	0
3137 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	41,327
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	4,680
Gross Amount at Which Carried As of Year End
Land and improvements	41,327
Buildings and Improvements	4,680
Total	46,007
Accumulated Depreciation	0
3141 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	72,466
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	9,303
Gross Amount at Which Carried As of Year End
Land and improvements	72,768
Buildings and Improvements	9,001
Total	81,769
Accumulated Depreciation	0
3148 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	2,277
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	67
Gross Amount at Which Carried As of Year End
Land and improvements	2,290
Buildings and Improvements	54
Total	2,344
Accumulated Depreciation	0
3149 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,690
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	625
Gross Amount at Which Carried As of Year End
Land and improvements	5,746
Buildings and Improvements	569
Total	6,315
Accumulated Depreciation	0
3150 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,651
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	360
Gross Amount at Which Carried As of Year End
Land and improvements	1,659
Buildings and Improvements	352
Total	2,011
Accumulated Depreciation	0
3151 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,532
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	904
Gross Amount at Which Carried As of Year End
Land and improvements	8,583
Buildings and Improvements	853
Total	9,436
Accumulated Depreciation	0
3152 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	9,892
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	1,525
Gross Amount at Which Carried As of Year End
Land and improvements	10,507
Buildings and Improvements	910
Total	11,417
Accumulated Depreciation	0
MA5394 Cambridge, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	4,441
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	113
Gross Amount at Which Carried As of Year End
Land and improvements	4,441
Buildings and Improvements	113
Total	4,554
Accumulated Depreciation	0
2630 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	16,411
Building and Improvements	49,682
Costs Capitalized Subsequent to Acquisition	(2,284)
Gross Amount at Which Carried As of Year End
Land and improvements	12,967
Buildings and Improvements	50,842
Total	63,809
Accumulated Depreciation	(12,431)
2631 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	7,759
Building and Improvements	142,081
Costs Capitalized Subsequent to Acquisition	30,473
Gross Amount at Which Carried As of Year End
Land and improvements	6,978
Buildings and Improvements	173,335
Total	180,313
Accumulated Depreciation	(34,532)
2632 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	21,390
Costs Capitalized Subsequent to Acquisition	126,772
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	148,162
Total	148,162
Accumulated Depreciation	(25,261)
3070 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	14,013
Building and Improvements	17,083
Costs Capitalized Subsequent to Acquisition	(269)
Gross Amount at Which Carried As of Year End
Land and improvements	14,013
Buildings and Improvements	16,814
Total	30,827
Accumulated Depreciation	(3,110)
3071 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	14,930
Building and Improvements	16,677
Costs Capitalized Subsequent to Acquisition	(121)
Gross Amount at Which Carried As of Year End
Land and improvements	14,930
Buildings and Improvements	16,556
Total	31,486
Accumulated Depreciation	(2,782)
3072 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	34,598
Building and Improvements	43,032
Costs Capitalized Subsequent to Acquisition	(288)
Gross Amount at Which Carried As of Year End
Land and improvements	34,598
Buildings and Improvements	42,744
Total	77,342
Accumulated Depreciation	(9,256)
3073 Lexington, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	37,050
Building and Improvements	44,647
Costs Capitalized Subsequent to Acquisition	144
Gross Amount at Which Carried As of Year End
Land and improvements	37,050
Buildings and Improvements	44,791
Total	81,841
Accumulated Depreciation	(9,883)
3093 Waltham, MA | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	47,792
Building and Improvements	275,556
Costs Capitalized Subsequent to Acquisition	26,887
Gross Amount at Which Carried As of Year End
Land and improvements	47,790
Buildings and Improvements	302,445
Total	350,235
Accumulated Depreciation	(49,524)
9999 Denton, TX | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	100
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land and improvements	100
Buildings and Improvements	0
Total	100
Accumulated Depreciation	0
464 Salt Lake City, UT | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	630
Building and Improvements	6,921
Costs Capitalized Subsequent to Acquisition	2,563
Gross Amount at Which Carried As of Year End
Land and improvements	630
Buildings and Improvements	9,484
Total	10,114
Accumulated Depreciation	(6,260)
465 Salt Lake City, UT | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	125
Building and Improvements	6,368
Costs Capitalized Subsequent to Acquisition	68
Gross Amount at Which Carried As of Year End
Land and improvements	125
Buildings and Improvements	6,436
Total	6,561
Accumulated Depreciation	(3,415)
466 Salt Lake City, UT | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	14,614
Costs Capitalized Subsequent to Acquisition	(1,401)
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	13,213
Total	13,213
Accumulated Depreciation	(5,702)
1593 Salt Lake City, UT | Lab | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	0
Building and Improvements	23,998
Costs Capitalized Subsequent to Acquisition	250
Gross Amount at Which Carried As of Year End
Land and improvements	0
Buildings and Improvements	24,248
Total	24,248
Accumulated Depreciation	$ (10,516)

Schedule III_ Real Estate and_4

Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Continuing Care Retirement Community) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Held-for-sale
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land and improvements	4,141
Building and Improvements	20,364
Costs Capitalized Subsequent to Acquisition	(13,844)
Gross Amount at Which Carried As of Year End
Land and improvements	4,141
Buildings and Improvements	6,520
Total	10,661
Accumulated Depreciation	(2,821)
Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	356,750
Initial Cost to Company
Land and improvements	2,887,257
Building and Improvements	11,334,757
Costs Capitalized Subsequent to Acquisition	5,692,420
Gross Amount at Which Carried As of Year End
Land and improvements	2,918,758
Buildings and Improvements	16,995,676
Total	19,914,434
Accumulated Depreciation	(4,083,030)
Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	106,247
Initial Cost to Company
Land and improvements	156,503
Building and Improvements	1,582,459
Costs Capitalized Subsequent to Acquisition	306,154
Gross Amount at Which Carried As of Year End
Land and improvements	168,009
Buildings and Improvements	1,877,107
Total	2,045,116
Accumulated Depreciation	(435,849)
3089 Birmingham, AL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,193
Building and Improvements	32,146
Costs Capitalized Subsequent to Acquisition	7,845
Gross Amount at Which Carried As of Year End
Land and improvements	6,670
Buildings and Improvements	39,514
Total	46,184
Accumulated Depreciation	(9,716)
3090 Bradenton, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,216
Building and Improvements	88,090
Costs Capitalized Subsequent to Acquisition	29,437
Gross Amount at Which Carried As of Year End
Land and improvements	6,037
Buildings and Improvements	116,706
Total	122,743
Accumulated Depreciation	(27,956)
2997 Clearwater, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	64,402
Initial Cost to Company
Land and improvements	6,680
Building and Improvements	132,521
Costs Capitalized Subsequent to Acquisition	23,978
Gross Amount at Which Carried As of Year End
Land and improvements	7,317
Buildings and Improvements	155,862
Total	163,179
Accumulated Depreciation	(27,404)
3086 Jacksonville, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	19,660
Building and Improvements	167,860
Costs Capitalized Subsequent to Acquisition	27,057
Gross Amount at Which Carried As of Year End
Land and improvements	21,211
Buildings and Improvements	193,366
Total	214,577
Accumulated Depreciation	(38,594)
2996 Leesburg, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	8,941
Building and Improvements	65,698
Costs Capitalized Subsequent to Acquisition	20,758
Gross Amount at Which Carried As of Year End
Land and improvements	9,817
Buildings and Improvements	85,580
Total	95,397
Accumulated Depreciation	(19,236)
2995 Port Charlotte, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	5,344
Building and Improvements	159,612
Costs Capitalized Subsequent to Acquisition	21,429
Gross Amount at Which Carried As of Year End
Land and improvements	7,102
Buildings and Improvements	179,283
Total	186,385
Accumulated Depreciation	(30,007)
2998 Seminole, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	41,845
Initial Cost to Company
Land and improvements	14,080
Building and Improvements	77,485
Costs Capitalized Subsequent to Acquisition	14,823
Gross Amount at Which Carried As of Year End
Land and improvements	15,047
Buildings and Improvements	91,341
Total	106,388
Accumulated Depreciation	(14,930)
3085 Seminole, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	13,038
Building and Improvements	116,819
Costs Capitalized Subsequent to Acquisition	11,766
Gross Amount at Which Carried As of Year End
Land and improvements	13,834
Buildings and Improvements	127,789
Total	141,623
Accumulated Depreciation	(28,051)
3092 Sun City Center, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	25,254
Building and Improvements	175,535
Costs Capitalized Subsequent to Acquisition	25,544
Gross Amount at Which Carried As of Year End
Land and improvements	26,918
Buildings and Improvements	199,415
Total	226,333
Accumulated Depreciation	(46,179)
3087 The Villages, FL | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	6,311
Building and Improvements	113,061
Costs Capitalized Subsequent to Acquisition	19,819
Gross Amount at Which Carried As of Year End
Land and improvements	6,707
Buildings and Improvements	132,484
Total	139,191
Accumulated Depreciation	(26,539)
3084 Holland, MI | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	1,572
Building and Improvements	88,960
Costs Capitalized Subsequent to Acquisition	13,297
Gross Amount at Which Carried As of Year End
Land and improvements	2,134
Buildings and Improvements	101,695
Total	103,829
Accumulated Depreciation	(19,395)
2991 Coatesville, PA | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	12,949
Building and Improvements	126,243
Costs Capitalized Subsequent to Acquisition	22,116
Gross Amount at Which Carried As of Year End
Land and improvements	13,616
Buildings and Improvements	147,692
Total	161,308
Accumulated Depreciation	(26,697)
3080 Haverford, PA | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	16,461
Building and Improvements	108,816
Costs Capitalized Subsequent to Acquisition	32,212
Gross Amount at Which Carried As of Year End
Land and improvements	16,461
Buildings and Improvements	141,028
Total	157,489
Accumulated Depreciation	(57,476)
3088 Spring, TX | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	3,210
Building and Improvements	30,085
Costs Capitalized Subsequent to Acquisition	13,679
Gross Amount at Which Carried As of Year End
Land and improvements	3,544
Buildings and Improvements	43,430
Total	46,974
Accumulated Depreciation	(7,776)
3081 Fort Belvoir, VA | Continuing care retirement community | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land and improvements	11,594
Building and Improvements	99,528
Costs Capitalized Subsequent to Acquisition	22,394
Gross Amount at Which Carried As of Year End
Land and improvements	11,594
Buildings and Improvements	121,922
Total	133,516
Accumulated Depreciation	$ (55,893)

Schedule III_ Real Estate and_5

Schedule III: Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Billions	Dec. 31, 2024 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Amount that the tax basis of the Company's net real estate is less than the reported amounts	$ 21
Life on Which Depreciation in Latest Income Statement is Computed	50 years

Schedule III_ Real Estate and_6

Schedule III: Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated depreciation:
Deconsolidation of real estate	$ 0	$ 0	$ (89,766)
Continuing Operations
Real estate:
Balances at beginning of year	16,620,314	16,211,621	15,506,658
Real estate assets acquired in connection with the Merger	3,696,519	0	0
Acquisition of real estate and development and improvements	668,803	754,225	1,102,593
Sales and/or transfers to assets held for sale	(909,629)	(137,731)	(82,350)
Deconsolidation of real estate	0	0	(189,605)
Impairments	(13,118)	0	0
Other	(148,455)	(207,801)	(125,675)
Balances at end of year	19,914,434	16,620,314	16,211,621
Accumulated depreciation:
Balances at beginning of year	3,591,951	3,188,138	2,839,229
Depreciation expense	749,376	609,461	575,125
Sales and/or transfers to assets held for sale	(132,604)	(12,711)	(30,428)
Other	(125,693)	(192,937)	(106,022)
Balances at end of year	$ 4,083,030	$ 3,591,951	$ 3,188,138

Schedule IV_ Mortgage Loans o_2

Schedule IV: Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	638,482
Carrying Amount of Mortgages	612,784	$ 175,717	$ 341,749	$ 390,291
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Arizona And Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	1
Alabama
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	1
Arizona, Florida, Georgia, Texas, and Wisconsin
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	1
Mortgage loan on real estate, multiple due 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	61
Mortgage loan on real estate, multiple due 2026 | Other Operating Segment [Member] | Multiple Locations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6%
Prior Liens	$ 0
Face Amount of Mortgages	418,389
Carrying Amount of Mortgages	399,209
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, multiple due 2027
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	5
Mortgage loan on real estate, multiple due 2027 | Other Operating Segment [Member] | Multiple Locations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4%
Prior Liens	$ 0
Face Amount of Mortgages	58,090
Carrying Amount of Mortgages	57,177
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, multiple due 2027 | Other Operating Segment [Member] | Multiple Locations | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9%
Mortgage loan on real estate, multiple due 2027 | Secured Overnight Financing Rate (SOFR) | Other Operating Segment [Member] | Multiple Locations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.10%
Mortgage loan on real estate, multiple due 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of properties with first mortgages | property	10
Mortgage loan on real estate, multiple due 2025 | Other Operating Segment [Member] | Multiple Locations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7%
Prior Liens	$ 0
Face Amount of Mortgages	48,000
Carrying Amount of Mortgages	47,911
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, multiple due 2025 | Other Operating Segment [Member] | Multiple Locations | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12%
Mortgage loan on real estate, multiple due 2025 | Secured Overnight Financing Rate (SOFR) | Other Operating Segment [Member] | Multiple Locations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.11%
Construction loans on real estate interest multiple due 2027 | Other Operating Segment [Member] | Arizona
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.47%
Prior Liens	$ 0
Face Amount of Mortgages	25,654
Carrying Amount of Mortgages	23,528
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Construction loans on real estate interest multiple due 2026 to 2027
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of carrying amount	3%
Construction loans on real estate interest multiple due 2026 to 2027 | Other Operating Segment [Member] | Arizona And Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	21,238
Carrying Amount of Mortgages	20,135
Principal Amount Subject to Delinquent Principal or Interest	0
Proceeds from repayment	$ 15,000
Construction loans on real estate interest multiple due 2026 to 2027 | Other Operating Segment [Member] | Arizona And Texas | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.57%
Construction loans on real estate interest multiple due 2026 to 2027 | Other Operating Segment [Member] | Arizona And Texas | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.84%
Mortgage loan on real estate, multiple due 2025 | Other Operating Segment [Member] | Alabama
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10%
Prior Liens	$ 0
Face Amount of Mortgages	35,350
Carrying Amount of Mortgages	34,592
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, multiple due 2025 to 2028
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of carrying amount	3%
Mortgage loan on real estate, multiple due 2025 to 2028 | Other Operating Segment [Member] | Arizona, Florida, Georgia, Texas, and Wisconsin
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	31,761
Carrying Amount of Mortgages	30,232
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage loan on real estate, multiple due 2025 to 2028 | Other Operating Segment [Member] | Arizona, Florida, Georgia, Texas, and Wisconsin | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7%
Mortgage loan on real estate, multiple due 2025 to 2028 | Other Operating Segment [Member] | Arizona, Florida, Georgia, Texas, and Wisconsin | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10%

Schedule IV_ Mortgage Loans o_3

Schedule IV: Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 175,717	$ 341,749	$ 390,291
New mortgage loans	486,667	0	0
Draws and additions to existing mortgage loans	30,745	11,602	5,525
Total additions	517,412	11,602	5,525
Principal repayments	(77,643)	(183,084)	(47,591)
Reserve for loan losses	(2,702)	5,450	(6,476)
Total deductions	(80,345)	(177,634)	(54,067)
Balance at end of year	$ 612,784	$ 175,717	$ 341,749