HEALTHPEAK PROPERTIES, INC., 10-Q filed on 4/25/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-08895  
Entity Registrant Name Healthpeak Properties, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 33-0091377  
Entity Address, Address Line One 4600 South Syracuse Street  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80237  
City Area Code 720  
Local Phone Number 428-5050  
Title of 12(b) Security Common Stock, $1.00 par value  
Trading Symbol DOC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   694,732,106
Entity Central Index Key 0000765880  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate:    
Buildings and improvements $ 16,176,176 $ 16,115,283
Development costs and construction in progress 962,714 880,393
Land and improvements 2,941,082 2,918,758
Accumulated depreciation and amortization (4,240,220) (4,083,030)
Net real estate 15,839,752 15,831,404
Loans receivable, net of reserves of $7,554 and $10,499 698,525 717,190
Investments in and advances to unconsolidated joint ventures 951,978 936,814
Accounts receivable, net of allowance of $2,040 and $2,243 68,908 76,810
Cash and cash equivalents 70,625 119,818
Restricted cash 67,981 64,487
Intangible assets, net 747,789 817,254
Assets held for sale, net 7,840 7,840
Right-of-use asset, net 422,017 424,173
Other assets, net 940,314 942,465
Total assets 19,815,729 19,938,255
LIABILITIES AND EQUITY    
Bank line of credit and commercial paper 164,000 150,000
Term loans 1,646,335 1,646,043
Senior unsecured notes 6,714,279 6,563,256
Mortgage debt 352,051 356,750
Intangible liabilities, net 179,002 191,884
Lease liability 306,577 307,220
Accounts payable, accrued liabilities, and other liabilities 670,221 725,342
Deferred revenue 939,855 940,136
Total liabilities 10,972,320 10,880,631
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests 14,417 2,610
Common stock, $1.00 par value: 1,500,000,000 shares authorized; 698,611,840 and 699,485,139 shares issued and outstanding 698,612 699,485
Additional paid-in capital 12,827,628 12,847,252
Cumulative dividends in excess of earnings (5,345,120) (5,174,279)
Accumulated other comprehensive income (loss) 6,927 28,818
Total stockholders’ equity 8,188,047 8,401,276
Joint venture partners 299,923 315,821
Non-managing member unitholders 341,022 337,917
Total noncontrolling interests 640,945 653,738
Total equity 8,828,992 9,055,014
Total liabilities and equity $ 19,815,729 $ 19,938,255
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Balance Sheet Parenthetical Disclosures    
Reserves for loans receivable $ 7,554 $ 10,499
Allowance for accounts receivable $ 2,040 $ 2,243
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common stock, authorized (in shares) 1,500,000,000 1,500,000,000
Common stock, issued (in shares) 698,611,840 699,485,139
Common stock, outstanding (in shares) 698,611,840 699,485,139
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Rental and related revenues $ 538,141 $ 462,033
Resident fees and services 148,927 138,776
Interest income and other 15,821 5,751
Total revenues 702,889 606,560
Costs and expenses:    
Interest expense 72,693 60,907
Depreciation and amortization 268,546 219,219
Operating 273,143 243,729
General and administrative 26,118 23,299
Transaction and merger-related costs 5,534 107,220
Impairments and loan loss reserves (recoveries), net (3,562) 11,458
Total costs and expenses 642,472 665,832
Other income (expense):    
Gain (loss) on sales of real estate, net 0 3,255
Other income (expense), net (6,126) 78,516
Total other income (expense), net (6,126) 81,771
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 54,291 22,499
Income tax benefit (expense) (2,080) (13,698)
Equity income (loss) from unconsolidated joint ventures (2,147) 2,376
Net income (loss) 50,064 11,177
Noncontrolling interests’ share in earnings (7,236) (4,501)
Net income (loss) attributable to Healthpeak Properties, Inc. 42,828 6,676
Participating securities’ share in earnings (464) (199)
Net income (loss) applicable to common shares $ 42,364 $ 6,477
Earnings (loss) per common share:    
Basic (in dollars per share) $ 0.06 $ 0.01
Diluted (in dollars per share) $ 0.06 $ 0.01
Weighted average shares outstanding:    
Basic (in shares) 699,067 600,898
Diluted (in shares) 699,118 601,188
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 50,064 $ 11,177
Other comprehensive income (loss):    
Net unrealized gains (losses) on derivatives (21,961) 19,108
Change in Supplemental Executive Retirement Plan obligation and other 70 64
Total other comprehensive income (loss) (21,891) 19,172
Total comprehensive income (loss) 28,173 30,349
Total comprehensive (income) loss attributable to noncontrolling interests (7,236) (4,501)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc. $ 20,937 $ 25,848
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($)
shares in Thousands, $ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Cumulative Dividends In Excess Of Earnings
Accumulated Other Comprehensive Income (Loss)
Total Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     547,156        
Beginning balance at Dec. 31, 2023 $ 6,876,042 $ 6,350,446 $ 547,156 $ 10,405,780 $ (4,621,861) $ 19,371 $ 525,596
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 10,994 6,676     6,676   4,318
Other comprehensive income (loss) 19,172 19,172       19,172  
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)     299        
Issuance of common stock, net 308 308 $ 299 9      
Repurchase of common stock (in shares)     (5,953)        
Repurchase of common stock (101,995) (101,995) $ (5,953) (96,042)      
Stock-based compensation 5,219 1,827   1,827     3,392
Common dividends (164,414) (164,414)     (164,414)    
Distributions to noncontrolling interests (6,995)           (6,995)
Contributions from noncontrolling interests 0            
Noncontrolling interests acquired as part of the Merger 136,727           136,727
Adjustments to redeemable noncontrolling interests (4,554) (4,554)   (4,554)      
Ending balance (in shares) at Mar. 31, 2024     703,733        
Ending balance at Mar. 31, 2024 9,544,651 8,881,613 $ 703,733 12,918,936 (4,779,599) 38,543 663,038
Beginning balance at Dec. 31, 2023 48,828            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) 183            
Distributions to noncontrolling interests (263)            
Contributions from noncontrolling interests 10            
Noncontrolling interests acquired as part of the Merger 1,536            
Adjustments to redeemable noncontrolling interests 4,554            
Ending balance at Mar. 31, 2024 54,848            
Beginning balance (in shares) at Dec. 31, 2024     699,485        
Beginning 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 Stockholders' Equity              
Net income (loss) 50,120 42,828     42,828   7,292
Other comprehensive income (loss) (21,891) (21,891)       (21,891)  
Issuance of common stock, net (in shares)     371        
Issuance of common stock, net 254 254 $ 371 (117)      
Conversion of DownREIT units to common stock (in shares)     34        
Conversion of DownREIT units to common stock 0 879 $ 34 845     (879)
Repurchase of common stock (in shares)     (1,278)        
Repurchase of common stock (24,959) (24,959) $ (1,278) (23,681)      
Stock-based compensation 6,186 2,201   2,201     3,985
Common dividends (213,669) (213,669)     (213,669)    
Distributions to noncontrolling interests (10,186)           (10,186)
Adjustments to redeemable noncontrolling interests (11,877) 1,128   1,128     (13,005)
Ending balance (in shares) at Mar. 31, 2025     698,612        
Ending balance at Mar. 31, 2025 8,828,992 $ 8,188,047 $ 698,612 $ 12,827,628 $ (5,345,120) $ 6,927 $ 640,945
Beginning balance at Dec. 31, 2024 2,610            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) (56)            
Distributions to noncontrolling interests (14)            
Adjustments to redeemable noncontrolling interests 11,877            
Ending balance at Mar. 31, 2025 $ 14,417            
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Common dividends, per share (in dollars per share) $ 0.305 $ 0.300
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 50,064 $ 11,177
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 268,546 219,219
Stock-based compensation amortization expense 4,627 3,366
Merger-related post-combination stock compensation expense 0 16,223
Amortization of deferred financing costs and debt discounts (premiums) 7,852 4,522
Straight-line rents (11,153) (12,093)
Amortization of non-refundable entrance fees and above (below) market lease intangibles (34,218) (28,928)
Equity loss (income) from unconsolidated joint ventures 2,147 (2,376)
Distributions of earnings from unconsolidated joint ventures 7,094 1,958
Deferred income tax expense (benefit) 946 10,006
Impairments and loan loss reserves (recoveries), net (3,562) 11,458
Loss (gain) on sales of real estate, net 0 (3,255)
Loss (gain) upon change of control, net 0 (77,781)
Casualty-related loss (recoveries), net 6,249 0
Other non-cash items (2,658) 819
Changes in:    
Decrease (increase) in accounts receivable and other assets, net 7,212 (2,171)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue (23,717) 420
Net cash provided by (used in) operating activities 279,429 152,564
Cash flows from investing activities:    
Acquisitions of real estate (37,533) 0
Development, redevelopment, and other major improvements of real estate (166,040) (107,050)
Leasing costs, tenant improvements, and recurring capital expenditures (23,136) (17,517)
Proceeds from sales of real estate, net 0 28,206
Proceeds from the Callan Ridge JV transaction, net 0 125,662
Investments in unconsolidated joint ventures (32,434) (26,621)
Distributions in excess of earnings from unconsolidated joint ventures 7,478 7,291
Proceeds from insurance recovery 386 2,361
Proceeds from sales/principal repayments on loans receivable 64,141 75,306
Investments in loans receivable and other (43,576) (6,204)
Cash paid in connection with the Merger, net 0 (179,215)
Net cash provided by (used in) investing activities (230,714) (97,781)
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 4,279,000 2,500,000
Repayments under bank line of credit and commercial paper (4,265,000) (3,037,000)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 494,495 750,000
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (352,864) (861)
Payments for deferred financing costs (1,471) (5,438)
Issuance of common stock and exercise of options, net of offering costs 64 94
Repurchase of common stock (24,959) (101,995)
Dividends paid on common stock (213,479) (164,200)
Distributions to and purchase of noncontrolling interests (10,200) (7,258)
Contributions from and issuance of noncontrolling interests 0 10
Net cash provided by (used in) financing activities (94,414) (66,648)
Net increase (decrease) in cash, cash equivalents, and restricted cash (45,699) (11,865)
Cash, cash equivalents, and restricted cash, beginning of period 184,305 169,023
Cash, cash equivalents, and restricted cash, end of period $ 138,606 $ 157,158
v3.25.1
Business
 3 Months Ended
Mar. 31, 2025
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.
The Company is organized as 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.
On March 1, 2024, the Company completed its planned merger with Physicians Realty Trust (see Note 3).
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly owned subsidiaries, joint ventures (“JVs”) that it controls, and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”).
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.
v3.25.1
The Merger
 3 Months Ended
Mar. 31, 2025
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 Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), which requires, among other things, the assets acquired and the liabilities assumed to be recognized at their acquisition date fair value. For accounting purposes, the Company was treated as the accounting acquirer of Physicians Realty Trust. The Company was considered to be the accounting acquirer primarily because: (i) the Company is the entity that transferred consideration to consummate the Merger; (ii) the Company’s stockholders as a group retained the largest portion of the voting rights of the Combined Company and have the ability to elect, appoint, or remove a majority of the members of the Combined Company’s board of directors; and (iii) its senior management constitutes the majority of management of the Combined Company.
The consideration transferred on the Closing Date was as follows (in thousands, except per share data):
March 1,
2024
Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged(1)
240,699
Exchange Ratio0.674
Shares of Healthpeak common stock issued162,231
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 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 progress68,171 — 68,171 
Land and improvements435,353 — 435,353 
Real estate3,703,408 (6,889)3,696,519 
Loans receivable118,908 — 118,908 
Investments in and advances to unconsolidated joint ventures58,636 — 58,636 
Accounts receivable, net(1)
9,536 (254)9,282 
Cash and cash equivalents30,417 — 30,417 
Restricted cash
1,007 — 1,007 
Intangible assets(2)
890,827 — 890,827 
Right-of-use asset191,415 (113)191,302 
Other assets44,691 (668)44,023 
Total assets$5,048,845 $(7,924)$5,040,921 
LIABILITIES AND EQUITY 
Term loans$402,320 $— $402,320 
Senior unsecured notes1,139,760 — 1,139,760 
Mortgage debt
127,176 — 127,176 
Intangible liabilities(3)
149,875 — 149,875 
Lease liability97,160 (113)97,047 
Accounts payable, accrued liabilities, and other liabilities72,864 (2,976)69,888 
Total liabilities$1,989,155 $(3,089)$1,986,066 
Redeemable noncontrolling interests1,536 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 
Goodwill47,136 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 9).
(3)The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 9).
(4)Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7% 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 was attributable to expected synergies, cost savings, acquired workforce, and potential economies of scale benefits from outpatient medical property management and tenant and vendor relationships following the closing of the Merger. None of the goodwill recognized is expected to be deductible for tax purposes.
Merger-Related Costs
During the three months ended March 31, 2025, the Company incurred approximately $5 million of merger-related costs, including severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust. During the three months ended March 31, 2024, the Company incurred approximately $107 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 was: (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 were 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) $19 million of legal, accounting, tax, information technology, and other costs, and (v) $8 million of severance expense related to legacy Healthpeak employees. These merger-related costs are included in transaction and merger-related costs on the Consolidated Statements of Operations.
Unaudited Pro Forma Financial Information
The Consolidated Statements of Operations for the three months ended March 31, 2024 include $49 million of revenues and $19 million of net loss applicable to common shares associated with the results of operations of legacy Physicians Realty Trust from the Closing Date to March 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). There are no pro forma adjustments for the three months ended March 31, 2025 as the Merger was completed on March 1, 2024. The following unaudited pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the unaudited pro forma financial information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.
 
Three Months Ended
March 31, 2024
Total revenues$698,702 
Net income (loss) applicable to common shares87,604 
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 $107 million that were incurred during the three months ended March 31, 2024 were excluded from the unaudited pro forma financial information for the three months ended March 31, 2024 as if they were incurred on the pro forma completion date of January 1, 2023.
v3.25.1
Real Estate Investments
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Real Estate Investments Real Estate Investments
2025 Real Estate Investment Acquisitions
Middletown Medical Portfolio
In February 2025, the Company acquired a portfolio of three outpatient medical buildings in New York for $17 million.
100 Smith Land Parcel
In February 2025, the Company acquired a lab land parcel in Cambridge, Massachusetts for $20 million.
2024 Real Estate Investment Acquisitions
The Merger
As a result of the Merger, the Company acquired 299 outpatient medical buildings (see Note 3).
Development Activities
The Company’s commitments, which are primarily related to development and redevelopment projects and Company-owned tenant improvements, decreased by $4 million to $280 million at March 31, 2025, when compared to December 31, 2024, primarily as a result of construction spend on projects in development and redevelopment, partially offset by additional commitments on projects placed into development and redevelopment during the first quarter of 2025.
v3.25.1
Dispositions of Real Estate
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions of Real Estate Dispositions of Real Estate
2024 Dispositions of Real Estate
During the three months ended March 31, 2024, the Company sold two outpatient medical buildings for $29 million, resulting in total gain on sales of $3 million.
During the year ended December 31, 2024, the Company also 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 7), (ii) 12 outpatient medical buildings for $191 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 7), and (v) a portfolio comprised of a land parcel and various vacant buildings on certain of the Company’s CCRC campuses for $12 million.
Held for Sale
As of March 31, 2025 and 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 March 31, 2025 and December 31, 2024, liabilities related to the assets held for sale were zero.
Impairments of Real Estate
During the three months ended March 31, 2025 and 2024, the Company did not recognize any impairment charges.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Lease Income
The following table summarizes the Company’s lease income (in thousands):
Three Months Ended
March 31,
20252024
Fixed income from operating leases$394,718 $343,414 
Variable income from operating leases143,423 118,619 
Initial Direct Costs
Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs. 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, such as 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 and amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. At March 31, 2025 and December 31, 2024, the balance of net initial direct costs were $203 million and $204 million, respectively.
Straight-Line Rents
For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. At March 31, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, was $349 million and $338 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets.
Tenant Updates
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, Leases, in the determination of the lease term. During the three months ended March 31, 2025, 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):
Three Months Ended
March 31,
20252024
Fixed income from operating leases$394,718 $343,414 
Variable income from operating leases143,423 118,619 
Initial Direct Costs
Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs. 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, such as 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 and amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. At March 31, 2025 and December 31, 2024, the balance of net initial direct costs were $203 million and $204 million, respectively.
Straight-Line Rents
For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. At March 31, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, was $349 million and $338 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets.
Tenant Updates
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, Leases, in the determination of the lease term. During the three months ended March 31, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues.
Lessee Leases
Lease Income
The following table summarizes the Company’s lease income (in thousands):
Three Months Ended
March 31,
20252024
Fixed income from operating leases$394,718 $343,414 
Variable income from operating leases143,423 118,619 
Initial Direct Costs
Initial direct costs incurred in connection with successful property leasing are capitalized as deferred leasing costs. 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, such as 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 and amortized in depreciation and amortization in the Consolidated Statements of Operations using the straight-line method over the lease term. At March 31, 2025 and December 31, 2024, the balance of net initial direct costs were $203 million and $204 million, respectively.
Straight-Line Rents
For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. At March 31, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, was $349 million and $338 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets.
Tenant Updates
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, Leases, in the determination of the lease term. During the three months ended March 31, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues.
v3.25.1
Loans Receivable
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans Receivable Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
 March 31,
2025		December 31,
2024
Secured loans(1)
$616,706 $638,482 
CCRC resident loans60,638 61,273 
Mezzanine loans48,580 50,314 
Unamortized discounts and fees(19,845)(22,380)
Reserve for loan losses(7,554)(10,499)
Loans receivable, net$698,525 $717,190 
_______________________________________
(1)At March 31, 2025, the Company had $135 million of remaining commitments to fund additional loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects.
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 March 31, 2025, unamortized net discounts on the secured loans and mezzanine loans acquired were $0.6 million and $2 million, respectively. 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 senior housing operating properties (“SHOP”) facilities for $664 million in January 2021, the Company provided the buyer with initial financing of $410 million. The remainder of the sales price was received in cash at the time of sale. Additionally, the Company agreed to provide up to $92 million of additional financing for capital expenditures (up to 65% of the estimated cost of capital expenditures). The initial and additional financing is secured by the buyer’s equity ownership in each property.
Subsequent to the initial financing, the Company received partial principal repayments of $291 million and in February 2024, the remaining balance of $131 million 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 is Term Secured Overnight Financing Rate (“SOFR”) (plus a 10 basis point adjustment related to SOFR transition) plus 4.0% for the first two years of the extended term, and 5.0% for the last 18 months of the extended term, and is subject to a fixed floor of 9%. In May 2024, the Company received a partial principal repayment of $5 million in conjunction with the disposition of underlying collateral. At each of March 31, 2025 and December 31, 2024, this secured loan had an outstanding principal balance of $58 million and the Company had no commitment to provide the borrower with additional financing for capital expenditures.
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 was secured by the buyer’s equity ownership in each property.
During the term of the loan, the Company received partial principal repayments of $102 million, and the remaining $48 million was most recently refinanced with the Company in January 2024 at which time the maturity date was extended to January 2025. The interest rate on the loan was Term SOFR (plus an 11 basis point adjustment related to SOFR transition) plus 7.0%, and was subject to a fixed floor of 12%. The Company also received a $1 million extension fee in connection with the refinance, which was recognized in interest income over the remaining term of the loan. In January 2025, the Company received full repayment of the outstanding balance of this seller financing.
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 three months ended March 31, 2025, the Company recognized $2 million of non-cash interest income related to the amortization of this mark-to-market discount. As of March 31, 2025 and December 31, 2024, the unamortized mark-to-market discount was $17 million and $18 million, respectively.
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%. During the three months ended March 31, 2025, the Company provided initial funding of $28 million 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.
In January 2025, the Company received full repayment of the outstanding balance of one $1 million mezzanine loan with a maturity of June 2025.
In March 2025, the Company entered into an agreement to provide aggregate financing of $41 million to fund the development of an outpatient medical building in Dallas, Texas. The initial term of this financing matures in March 2028 and includes two 12-month extension options. The aggregate interest rate of this financing is 8.3%. During the three months ended March 31, 2025, the Company provided initial funding of $4 million under this agreement.
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%.
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%. At each of March 31, 2025 and December 31, 2024, there were no fundings under this agreement.
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 each of March 31, 2025 and December 31, 2024, the Company held $61 million of such notes receivable.
Loans Receivable Internal Ratings
In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment.
The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of March 31, 2025 (in thousands):
Investment Type
Year of Origination(1)
Total
2025
2024202320222021Prior
Secured loans
Risk rating:
Performing loans$31,575 $436,138 $43,839 $25,789 $57,576 $— $594,917 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$31,575 $436,138 $43,839 $25,789 $57,576 $— $594,917 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$— $13,566 $5,411 $4,557 $6,753 $12,683 $42,970 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$— $13,566 $5,411 $4,557 $6,753 $12,683 $42,970 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
CCRC resident loans
Risk rating:
Performing loans$19,325 $40,974 $179 $160 $— $— $60,638 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total CCRC resident loans$19,325 $40,974 $179 $160 $— $— $60,638 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
_______________________________________
(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
Reserve for Loan Losses
The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers payment history and current credit status, industry conditions, current economic conditions, forecasted economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The determination of loan losses also considers concentration of credit risk associated with the senior housing, outpatient medical, and lab industries to which its loans receivable relate. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the debt service coverages in its assessment of internal ratings that it uses as a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its borrowers’ ability to service their obligations with the Company.
The following table summarizes the Company’s reserve for loan losses (in thousands):
 March 31, 2025December 31, 2024
 Secured Loans
Mezzanine Loans and Other(1)
TotalSecured Loans
Mezzanine Loans and Other(1)
Total
Reserve for loan losses, beginning of period$5,574 $4,925 $10,499 $2,830 $— $2,830 
Provision for expected loan losses (recoveries) on funded loans receivable(1,077)(914)(1,991)2,744 4,925 7,669 
Expected loan losses (recoveries) related to loans sold or repaid(783)(171)(954)— — — 
Reserve for loan losses, end of period$3,714 $3,840 $7,554 $5,574 $4,925 $10,499 
_______________________________________
(1)Includes CCRC resident loans.
Additionally, at March 31, 2025 and December 31, 2024, a liability of $2.2 million and $2.9 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 three months ended March 31, 2025 is primarily due to: (i) changes in operating performance and fair values of the underlying collateral of the Company’s loans receivable and (ii) recoveries related to loans repaid during the three months ended March 31, 2025, partially offset by reserves recognized on new secured loans executed during the three months ended March 31, 2025.
v3.25.1
Investments in and Advances to Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2025
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
   March 31,December 31,
Entity(1)
Segment
Property Count(2)
Ownership %(2)
20252024
South San Francisco JVs(3)
Lab770$446,437 $446,145 
SWF SH JVOther1954319,722 322,551 
Callan Ridge JVLab23568,671 69,709 
Lab JVLab14932,681 29,916 
PMAK JV(4)
Outpatient medical591229,218 32,511 
HQ Point Preferred Equity Investment(4)
Other21921,743 — 
Needham Land Parcel JV(5)
Lab—3821,157 21,348 
Outpatient Medical JVs(6)
Outpatient medical2
20 - 67
7,245 7,199 
Davis JVOutpatient medical15495,104 7,435 
  $951,978 $936,814 
_______________________________________
(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 March 31, 2025.
(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. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to these joint ventures when certain conditions are met. These joint ventures have been aggregated herein due to similarity of the investments and operations.
(4)The properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count.
(5)Land held for development is excluded from the property count as of March 31, 2025.
(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%). These joint ventures have been aggregated herein due to similarity of the investments and operations.
HQ Point Preferred Equity Investment
In February 2025, the Company made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California. This investment is entitled to a preferred return, and the Company has committed to fund up to a total investment of $50 million. As of March 31, 2025, the Company has funded $21 million of its investment.
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 at the time of the transaction 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 three months ended March 31, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.
v3.25.1
Intangibles
 3 Months Ended
Mar. 31, 2025
Intangibles [Abstract]  
Intangibles Intangibles
Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):
Intangible lease assetsMarch 31,
2025		December 31,
2024
Gross intangible lease assets(1)
$1,462,764 $1,468,985 
Accumulated depreciation and amortization(2)
(714,975)(651,731)
Intangible assets, net$747,789 $817,254 
Weighted average remaining amortization period in years55
_______________________________________
(1)At each of March 31, 2025 and December 31, 2024, includes $1.42 billion of gross lease-up intangibles and at March 31, 2025 and December 31, 2024, includes $44 million and $45 million, respectively, of gross above market lease intangibles.
(2)At March 31, 2025 and December 31, 2024, includes $702 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $13 million and $12 million, respectively, of accumulated depreciation and amortization on above market lease intangibles.
Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):
Intangible lease liabilitiesMarch 31,
2025		December 31,
2024
Gross intangible lease liabilities$316,196 $351,602 
Accumulated depreciation and amortization(137,194)(159,718)
Intangible liabilities, net$179,002 $191,884 
Weighted average remaining amortization period in years99
During the three months ended March 31, 2025, in conjunction with the Company’s acquisition of real estate, the Company acquired $3 million of intangible assets with a weighted average amortization period at acquisition of 13 years.
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.
Goodwill
In connection with the Merger, 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 March 31, 2025 and December 31, 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):
Segment
March 31,
2025		December 31,
2024
Outpatient medical
$64,680 $64,680 
CCRC
1,998 1,998 
Other non-reportable
1,851 1,851 
$68,529 $68,529 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025, 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 18 for a discussion of the impact of the related interest rate swap instruments.
Loans outstanding under the 2028 Term Loan bear interest at an annual rate equal to (i) the applicable margin, plus (ii) Daily SOFR (plus a 10 basis point adjustment related to SOFR transition). The applicable margin under the 2028 Term Loan ranges from 0.85% to 1.65% for Daily SOFR loans and is based on the credit ratings of DOC DR OP Sub. Based on the Company’s credit ratings as of March 31, 2025, and inclusive of the adjustment related to SOFR transition, the margin on the 2028 Term Loan was 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 18), 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 the London Interbank Offered Rate (“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 March 31, 2025, and inclusive of a 10 basis point adjustment related to SOFR transition, the margin on the Revolving Facility was 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 March 31, 2025 and December 31, 2024, 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 plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The 2027 Term Loans also include a sustainability-linked pricing component whereby the applicable margin under the 2027 Term Loans may be reduced by 0.01% based on the Company’s achievement of specified sustainability-linked metrics. Based on the Company’s credit ratings as of March 31, 2025, and inclusive of achievement of a sustainability-linked metric and an adjustment related to SOFR transition, the margin on the 2027 Term Loans was 0.94%.
In August 2022, the Company entered into two forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 18). The 2027 Term Loans associated with these interest rate swap instruments are reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on the Company’s credit ratings as of March 31, 2025, 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 March 31, 2025, the unused borrowing capacity under the Term Loan Agreement was $250 million.
Loans outstanding under the 2029 Term Loan accrue interest at Daily SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. Based on the Company’s credit ratings as of March 31, 2025, and inclusive of an adjustment related to SOFR transition, the margin on the 2029 Term Loan was 0.95%.
In January 2024, the Company entered into forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 18). The 2029 Term Loan associated with these interest rate swaps is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on the Company’s credit ratings as of March 31, 2025, 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 each of March 31, 2025 and December 31, 2024, the Company had $1.25 billion 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 March 31, 2025.
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 March 31, 2025 and December 31, 2024, 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 three months ended March 31, 2025 and 2024, the Company recognized $2 million of interest expense related to fees and amortization of debt issuance costs related to its Commercial Paper Program and Revolving Facility. At March 31, 2025, the Company had $164 million notes outstanding under the Commercial Paper Program, with original maturities of approximately 18 days and a weighted average interest rate of 4.70%. 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%.
Senior Unsecured Notes
At March 31, 2025 and December 31, 2024, the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.9 billion and $6.7 billion, respectively. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions, and other customary terms. The Company believes it was in compliance with these covenants at March 31, 2025.
The following table summarizes the Company’s senior unsecured note issuances for the three months ended March 31, 2025 (dollars in thousands):
Issue DateAmount
Coupon Rate(1)
Maturity Year
February 14, 2025$500,000 5.38 %2035
_______________________________________
(1)The effective interest rate, which includes amortization of debt premiums (discounts) and debt issuance costs, is 5.56%.
The following table summarizes the Company’s senior unsecured note repayments during the three months ended March 31, 2025 (dollars in thousands):
Repayment Date
Amount
Coupon Rate(1)
Maturity Year
February 3, 2025$348,194 3.40 %2025
_______________________________________
(1)The effective interest rate, which includes amortization of debt premiums (discounts) and debt issuance costs, was 3.58%.
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.
Mortgage Debt
At March 31, 2025 and December 31, 2024, the Company had $351 million and $356 million, respectively, in aggregate principal of mortgage debt outstanding. At March 31, 2025, this mortgage debt was secured by 18 outpatient medical buildings and 2 CCRCs, with an aggregate carrying value of $749 million. 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.
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 three months ended March 31, 2025 and 2024, the Company made aggregate principal repayments of mortgage debt of $5 million and $1 million, respectively. Included in the $5 million of aggregate principal payments of mortgage debt for the three months ended March 31, 2025 was a $4 million full principal repayment of mortgage debt secured by one outpatient medical building that matured in March 2025.
The Company has $142 million of mortgage debt secured by a portfolio of 13 outpatient medical buildings that matures in May 2026. In April 2022, the Company terminated its existing interest rate cap instruments associated with this variable rate mortgage debt and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026. In February 2023, the agreements associated with this variable rate mortgage debt were amended to change the interest rate benchmarks from LIBOR to SOFR, effective March 2023. Concurrently, the Company modified the related interest rate swap instruments to reflect the change in the interest rate benchmarks from LIBOR to SOFR (see Note 18). The variable rate mortgage debt associated with these interest rate swap instruments is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument.
Debt Maturities
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2025 (dollars in thousands):
Senior Unsecured
Notes(3)
Mortgage
Debt(4)
Year
Bank Line 
of Credit(1)
Commercial Paper(1)(2)
Term LoansAmount
Interest Rate(5)
Amount
Interest Rate(5)
Total
2025$— $— $— $451,806 4.19 %$2,762 3.95 %$454,568 
2026— — — 650,000 3.40 %344,999 5.07 %994,999 
2027— — 500,000 850,000 3.23 %842 5.29 %1,350,842 
2028— — 400,000 850,000 3.53 %2,775 4.82 %1,252,775 
2029— 164,000 750,000 650,000 3.65 %— — %1,564,000 
Thereafter— — — 3,400,000 4.66 %— — %3,400,000 
 — 164,000 1,650,000 6,851,806 351,378 9,017,184 
Premiums, (discounts), and debt issuance costs, net— — (3,665)(137,527)673 (140,519)
$— $164,000 $1,646,335 $6,714,279 $352,051 $8,876,665 
_______________________________________
(1)As of March 31, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $17 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 4.10% and a weighted average maturity of approximately 5 years.
(4)Effective interest rates on the mortgage debt range from 3.44% to 7.31% with a weighted average effective interest rate of 5.06% and a weighted average maturity of approximately 1.5 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.
Additionally, as of March 31, 2025, the Company had 17 outstanding letter of credit obligations totaling $17 million.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
From time to time, the Company is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of the Company’s business. The Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company’s policy is to expense legal costs as they are incurred.
DownREITs and Other Partnerships
In connection with the formation of certain limited liability companies (“DownREITs”), members may contribute appreciated real estate to a DownREIT in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Internal Revenue Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. As of March 31, 2025, the Company had indemnification agreements on a total of 28 properties within its DownREITs.
Additionally, the Company owns a 49% interest in the Lab JV (see Note 8). If the property in the joint venture is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture.
v3.25.1
Equity and Redeemable Noncontrolling Interests
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity and Redeemable Noncontrolling Interests Equity and Redeemable Noncontrolling Interests
Dividends
On April 4, 2025, the Company’s Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for the months of April, May, and June 2025, payable on April 30, 2025, May 30, 2025, and June 27, 2025, respectively, to stockholders of record as of the close of business on April 18, 2025, May 19, 2025, and June 16, 2025, respectively.
During the three months ended March 31, 2025 and 2024, the Company declared and paid common stock cash dividends of $0.305 and $0.300 per share, respectively.
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, 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: (i) 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 and (ii) each of May 2024 and February 2025 to add certain banks as sales agents, a forward seller, and a forward purchaser under the 2023 ATM Program. 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- to two-year term. At any time during the term, the Company may settle a forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price the Company expects to receive upon settlement of outstanding ATM forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the ATM forward contract.
At March 31, 2025, $1.5 billion of the Company’s common stock remained available for sale under the 2023 ATM Program.
ATM Forward Contracts
During each of the three months ended March 31, 2025 and 2024, the Company did not utilize the forward provisions under the ATM Programs.
ATM Direct Issuances
During each of the three months ended March 31, 2025 and 2024, there were no direct issuances of shares of common stock under the ATM Programs.
Share Repurchase Programs
On August 1, 2022, the Company’s Board of Directors approved a share repurchase program under which the Company could acquire shares of its common stock in the open market up to an aggregate purchase price of $500 million (the “2022 Share Repurchase Program”). Purchases of common stock under the 2022 Share Repurchase Program could be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. Under Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued. During the three months ended March 31, 2024, the Company repurchased 5.8 million shares of its common stock under the 2022 Share Repurchase Program at a weighted average price of $17.11 per share for a total of $100 million. 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. During the three months ended March 31, 2025, the Company repurchased 1.15 million shares of its common stock under the 2024 Share Repurchase Program at a weighted average price of $19.45 per share for a total of $22 million. Therefore, at March 31, 2025, $478 million of the Company’s common stock remained available for repurchase under the 2024 Share Repurchase Program.
From April 1, 2025 through April 25, 2025, the Company repurchased an additional 3.94 million shares of its common stock under the 2024 Share Repurchase Program at a weighted average price of $18.22 per share for a total of $72 million.
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):
 March 31,
2025		December 31,
2024
Unrealized gains (losses) on derivatives, net$8,746 $30,707 
Supplemental Executive Retirement Plan minimum liability(1,819)(1,889)
Total accumulated other comprehensive income (loss)$6,927 $28,818 
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 after the passage of a predetermined period of time (the “Put Option”). Each put option is payable in cash and subject to changes in redemption value, which is generally based on the underlying property’s fair value. 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, the Company has the ability to buy out the interests of certain 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. The Put Option is currently exercisable for $12 million of these interests, and the remaining $3 million will become exercisable during the second half of 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 three months ended June 30, 2024, the Company made aggregate cash payments for the total redemption value of $53 million to the related noncontrolling interest holders and acquired the redeemable noncontrolling interests associated with the entities.
Healthpeak OP
During each of the three months ended March 31, 2025 and 2024, certain employees of the Company (“OP Unitholders”) were issued approximately 2 million non-managing member units in Healthpeak OP (“OP Units”), all of which were profits interests in Healthpeak OP. 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 March 31, 2025, there were approximately 5 million OP Units outstanding and 257 thousand had met the criteria for redemption. As of December 31, 2024, there were approximately 3 million OP Units outstanding and 76 thousand 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 each of March 31, 2025 and December 31, 2024, there were approximately 11 million DownREIT units (13 million and 14 million shares of Healthpeak common stock are issuable upon conversion, respectively) outstanding in eight DownREIT LLCs, for all of which the Company holds a controlling interest and/or acts as the managing member. At March 31, 2025 and December 31, 2024, the carrying value of the 11 million DownREIT units was $309 million and $310 million, respectively.
v3.25.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method, common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, OP Units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented.
Certain restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share.
The Company considers the potential dilution resulting from forward agreements under its ATM Programs to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. Refer to Note 12 for a discussion of the sale of shares under and settlement of forward sales agreements, of which there were none during the three months ended March 31, 2025 and 2024.
The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
 Three Months Ended
March 31,
 20252024
Numerator
Net income (loss)$50,064 $11,177 
Noncontrolling interests’ share in earnings(7,236)(4,501)
Net income (loss) attributable to Healthpeak Properties, Inc.42,828 6,676 
Less: Participating securities’ share in earnings
(464)(199)
Net income (loss) applicable to common shares - basic and diluted$42,364 $6,477 
Denominator  
Basic weighted average shares outstanding699,067 600,898 
Dilutive potential common shares - equity awards(1)
51 181 
Dilutive potential common shares - OP Units(2)
— 109 
Diluted weighted average common shares699,118 601,188 
Earnings (loss) per common share
Basic$0.06 $0.01 
Diluted$0.06 $0.01 
_______________________________________
(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).
(2)For the three months ended March 31, 2025 and 2024, represents the dilutive impact of 5 million and 3 million outstanding OP Units, respectively.
For the three months ended March 31, 2025 and 2024, all 13 million and 14 million shares issuable upon conversion of DownREIT units, respectively, were not included because they were anti-dilutive.
v3.25.1
Segment Disclosures
 3 Months Ended
Mar. 31, 2025
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 Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC, as updated by Note 2 herein.
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 three months ended March 31, 2025 (in thousands):
Outpatient MedicalLabCCRCTotal
Total revenues$320,548 $217,593 $148,927 $687,068 
Healthpeak’s share of unconsolidated joint venture total revenues7,259 2,800 — 10,059 
Noncontrolling interests’ share of consolidated joint venture total revenues(9,973)— — (9,973)
Operating expenses(1)
(105,225)(57,658)(110,260)(273,143)
Healthpeak’s share of unconsolidated joint venture operating expenses(2,994)(1,666)— (4,660)
Noncontrolling interests’ share of consolidated joint venture operating expenses2,778 — — 2,778 
Adjustments to NOI(2)
(12,082)(14,836)— (26,918)
Adjusted NOI for reportable segments$200,311 $146,233 $38,667 $385,211 
Plus: Adjustments to NOI(2)
26,918 
Interest income and other15,821 
Interest expense(72,693)
Depreciation and amortization(268,546)
General and administrative(26,118)
Transaction and merger-related costs(5,534)
Impairments and loan loss reserves, net3,562 
Other income (expense), net(6,126)
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(5,399)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI7,195 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$54,291 
_______________________________________
(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 three months ended March 31, 2025 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$14,629 $8,310 $70,003 
Food— — 6,442 
Real estate taxes24,079 19,021 4,508 
Repairs and maintenance15,503 7,358 4,846 
Utilities17,912 10,423 5,663 
Other segment items(1)
33,102 12,546 18,798 
Operating expenses$105,225 $57,658 $110,260 
_______________________________________
(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 three months ended March 31, 2024 (in thousands):
 Outpatient MedicalLabCCRCTotal
Total revenues$238,272 $223,761 $138,776 $600,809 
Healthpeak’s share of unconsolidated joint venture total revenues2,739 4,861 — 7,600 
Noncontrolling interests’ share of consolidated joint venture total revenues(8,876)(163)— (9,039)
Operating expenses(1)
(81,268)(56,840)(105,621)(243,729)
Healthpeak’s share of unconsolidated joint venture operating expenses(1,083)(1,324)— (2,407)
Noncontrolling interests’ share of consolidated joint venture operating expenses2,430 43 — 2,473 
Adjustments to NOI(2)
(6,127)(21,435)— (27,562)
Adjusted NOI for reportable segments$146,087 $148,903 $33,155 $328,145 
Plus: Adjustments to NOI(2)
27,562 
Interest income and other5,751 
Interest expense(60,907)
Depreciation and amortization(219,219)
General and administrative(23,299)
Transaction and merger-related costs(107,220)
Impairments and loan loss reserves, net(11,458)
Gain (loss) on sales of real estate, net3,255 
Other income (expense), net78,516 
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(5,193)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI6,566 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$22,499 
_______________________________________
(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 three months ended March 31, 2024 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$11,097 $8,377 $67,622 
Food— — 6,463 
Real estate taxes20,128 19,897 4,301 
Repairs and maintenance11,591 6,611 4,614 
Utilities12,887 11,184 5,336 
Other segment items(1)
25,565 10,771 17,285 
Operating expenses$81,268 $56,840 $105,621 
_______________________________________
(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):
 Three Months Ended
March 31,
Segment20252024
Outpatient medical
$320,548 $238,272 
Lab
217,593 223,761 
CCRC148,927 138,776 
Total revenues for reportable segments
687,068 600,809 
Interest income and other
15,821 5,751 
Total revenues$702,889 $606,560 
v3.25.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table provides supplemental cash flow information (in thousands):
 Three Months Ended March 31,
 20252024
Supplemental cash flow information:  
Interest paid, net of capitalized interest$80,706 $73,789 
Income taxes paid (refunded)256 871 
Capitalized interest20,035 15,232 
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs128,341 108,797 
Increase in ROU asset in exchange for new lease liability related to operating leases— 4,339 
Retained investment in connection with Callan Ridge JV (see Note 8)— 69,255 
Non-cash assets and liabilities assumed in connection with the Merger (see Note 3)— 2,927,611 
The following table summarizes cash, cash equivalents, and restricted cash (in thousands):
Three Months Ended March 31,
20252024
Beginning of period:
Cash and cash equivalents$119,818 $117,635 
Restricted cash64,487 51,388 
Cash, cash equivalents, and restricted cash$184,305 $169,023 
End of period:
Cash and cash equivalents$70,625 $101,763 
Restricted cash67,981 55,395 
Cash, cash equivalents, and restricted cash$138,606 $157,158 
Cash and Cash Equivalents
The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of March 31, 2025 and December 31, 2024, the account balances at certain institutions exceeded the FDIC insurance coverage.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
Operating Subsidiary
Healthpeak OP is the Company’s operating subsidiary and a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds a membership interest in Healthpeak OP, acts as the managing member of Healthpeak OP, and exercises full responsibility, discretion, and control over the day-to-day management of Healthpeak OP. Because the noncontrolling interests in Healthpeak OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights, the Company has determined that Healthpeak OP is a VIE. The Company, as managing member, has the power to direct the core activities of Healthpeak OP that most significantly affect Healthpeak OP’s performance, and through its interest in Healthpeak OP, has both the right to receive benefits from and the obligation to absorb losses of Healthpeak OP. Accordingly, the Company is the primary beneficiary of Healthpeak OP and consolidates Healthpeak OP. As the Company conducts its business and holds its assets and liabilities through Healthpeak OP, the total consolidated assets and liabilities, income (losses), and cash flows of Healthpeak OP represent substantially all of the total consolidated assets and liabilities, including the consolidated and unconsolidated entities discussed in this Note 16, income (losses), and cash flows of the Company.
Unconsolidated Variable Interest Entities
The Company has investments in certain unconsolidated VIEs. 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, as more fully discussed below, it has no formal involvement in these VIEs beyond its investments.
LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC (“LLC Investment”) that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner. The assets and liabilities of the entity primarily consist of three hospitals as well as senior housing real estate. Any assets generated by the entity may only be used to settle its contractual obligations (primarily capital expenditures and debt service payments).
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”). During the three months ended March 31, 2025, the Company provided additional funding of $1 million. Therefore, as of March 31, 2025, the Company’s total investment in the PropTech Investment was $2 million. The Company has an aggregate commitment of $10 million, or approximately 5% of total fund commitments. 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).
HQ Point Preferred Equity Investment. In February 2025, the Company made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California. As of March 31, 2025, the Company has funded $21 million of its investment. Current equity at risk is not sufficient to finance the entity’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).
Loans Receivable Investments. In March 2025, the Company entered into an agreement to provide aggregate financing of $41 million to fund the development of an outpatient medical building in Dallas, Texas. The borrower entity for these investments meets the criteria of a VIE in accordance with ASC 810, Consolidation, and the Company is not the primary beneficiary of the borrower.
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 March 31, 2025 was as follows (in thousands):
VIE TypeAsset Type
Maximum Loss
Exposure and
Carrying Amount(1)
LLC Investment and PropTech InvestmentOther assets, net$16,875 
Needham Land Parcel JV and HQ Point Preferred Equity InvestmentInvestments in and advances to unconsolidated joint ventures42,900 
Loans Receivable InvestmentsLoans receivable, net3,522 
_______________________________________
(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.
As of March 31, 2025, 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 March 31, 2025 and December 31, 2024 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 March 31, 2025 and December 31, 2024, the Company held a controlling ownership interest in and was the managing member of eight DownREITs. The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of 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).
Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):
 March 31,
2025		December 31,
2024
Assets  
Buildings and improvements$4,745,424 $4,669,914 
Development costs and construction in progress75,420 92,710 
Land and improvements476,244 472,232 
Accumulated depreciation and amortization(819,325)(761,759)
Net real estate4,477,763 4,473,097 
Loans receivable, net548,738 550,829 
Investments in and advances to unconsolidated joint ventures34,322 39,946 
Accounts receivable, net8,760 17,357 
Cash and cash equivalents30,050 32,421 
Restricted cash2,321 1,029 
Intangible assets, net586,168 629,802 
Right-of-use asset, net272,838 270,918 
Other assets, net174,678 173,435 
Total assets$6,135,638 $6,188,834 
Liabilities  
Term loans$401,767 $401,895 
Senior unsecured notes1,155,895 1,151,801 
Mortgage debt245,611 247,776 
Intangible liabilities, net90,221 95,315 
Lease liability196,540 193,421 
Accounts payable, accrued liabilities, and other liabilities105,617 125,688 
Deferred revenue62,212 65,358 
Total liabilities $2,257,863 $2,281,254 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
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):
 
March 31, 2025(3)
December 31, 2024(3)
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
Loans receivable, net(2)
$698,525 $712,404 $717,190 $729,637 
Interest rate swap assets(2)
13,514 13,514 35,120 35,120 
Bank line of credit and commercial paper(2)
164,000 164,000 150,000 150,000 
Term loans(2)
1,646,335 1,646,335 1,646,043 1,646,043 
Senior unsecured notes(1)
6,714,279 6,592,068 6,563,256 6,373,528 
Mortgage debt(2)
352,051 347,889 356,750 350,292 
Interest rate swap liabilities(2)
294 294 — — 
_______________________________________
(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 three months ended March 31, 2025 and year ended December 31, 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.
v3.25.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025, 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 $50 million.
In April 2022, the Company entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026 on $142 million of variable rate mortgage debt secured by a portfolio of outpatient medical buildings (see Note 10). In February 2023, the Company modified these two interest rate swap instruments to reflect the change in the related variable rate mortgage debt’s interest rate benchmarks from LIBOR to SOFR (see Note 10).
In August 2022, the Company entered into two forward-starting interest rate swap instruments on the $500 million aggregate principal amount of the 2027 Term Loans (see Note 10). The interest rate swap instruments are designated as cash flow hedges.
In January 2024, the Company entered into forward-starting interest rate swap instruments on the $750 million aggregate principal amount of the 2029 Term Loan (see Note 10). The interest rate swap instruments are designated as cash flow hedges.
Additionally, on March 1, 2024, concurrently with the consummation of the Merger, the Company acquired: (i) three interest rate swap instruments on the $400 million aggregate principal amount of the 2028 Term Loan that are designated as cash flow hedges and (ii) one interest rate swap instrument on $36 million of variable rate mortgage debt that was designated as a cash flow hedge (see Note 10), 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 DateHedge DesignationNotional AmountPay RateReceive RateMarch 31,
2025		December 31,
2024
Interest rate swap assets:
April 2022May 2026Cash flow$51,100 4.99 %
USD-SOFR w/ -5 Day Lookback + 2.50%
$765 $1,050 
April 2022May 2026Cash flow91,000 4.54 %
USD-SOFR w/ -5 Day Lookback + 2.05%
1,363 1,870 
August 2022February 2027Cash flow250,000 2.60 %1 mo. USD-SOFR CME Term4,963 7,224 
August 2022August 2027Cash flow250,000 2.54 %1 mo. USD-SOFR CME Term6,261 9,122 
May 2023(3)(4)
May 2028Cash flow400,000 3.59 %USD-SOFR w/ -5 Day Lookback— 4,887 
January 2024(5)
February 2029Cash flow350,000 3.57 %USD-SOFR w/ -5 Day Lookback162 5,347 
January 2024(6)
February 2029Cash flow400,000 3.60 %USD-SOFR w/ -5 Day Lookback— 5,620 
      Total interest rate swap assets
$13,514 $35,120 
Interest rate swap liabilities:
May 2023(3)(4)
May 2028Cash flow400,000 3.59 %USD-SOFR w/ -5 Day Lookback$(11)$— 
January 2024(6)
February 2029Cash flow400,000 3.60 %USD-SOFR w/ -5 Day Lookback(283)— 
      Total interest rate swap liabilities
$(294)$— 
_____________________________
(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 and derivative liabilities are recorded at fair value in accounts payable, accrued liabilities, and other liabilities 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 three months ended March 31, 2025 and 2024, the Company recognized $0.4 million and $0.2 million, respectively, 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; and (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount.
(6)Includes the following: (i) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount and (ii) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.
v3.25.1
Accounts Payable, Accrued Liabilities, and Other Liabilities
 3 Months Ended
Mar. 31, 2025
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):
 March 31,
2025		December 31,
2024
Refundable entrance fees$233,358 $236,563 
Accrued construction costs128,341 136,767 
Accrued interest60,174 76,040 
Other accounts payable and accrued liabilities(1)
248,348 275,972 
Accounts payable, accrued liabilities, and other liabilities$670,221 $725,342 
_______________________________________
(1)As of March 31, 2025 and December 31, 2024, includes $3 million and $4 million, respectively, of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid.
v3.25.1
Deferred Revenue
 3 Months Ended
Mar. 31, 2025
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):
March 31,
2025		December 31,
2024
Non-refundable entrance fees(1)
$620,420 $615,723 
Other deferred revenue(2)
319,435 324,413 
Deferred revenue$939,855 $940,136 
_______________________________________
(1)During each of the three months ended March 31, 2025 and 2024, the Company collected non-refundable entrance fees of $29 million. During the three months ended March 31, 2025 and 2024, the Company recognized amortization of $24 million and $22 million, respectively. The amortization of non-refundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations.
(2)Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three months ended March 31, 2025 and 2024, the Company recognized amortization related to other deferred revenue of $11 million and $15 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) Attributable to Parent $ 42,828 $ 6,676
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly owned subsidiaries, joint ventures (“JVs”) that it controls, and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”).
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.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of March 31, 2025 and December 31, 2024, the account balances at certain institutions exceeded the FDIC insurance coverage.
v3.25.1
The Merger (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Consideration Transferred
The consideration transferred on the Closing Date was as follows (in thousands, except per share data):
March 1,
2024
Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged(1)
240,699
Exchange Ratio0.674
Shares of Healthpeak common stock issued162,231
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 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 progress68,171 — 68,171 
Land and improvements435,353 — 435,353 
Real estate3,703,408 (6,889)3,696,519 
Loans receivable118,908 — 118,908 
Investments in and advances to unconsolidated joint ventures58,636 — 58,636 
Accounts receivable, net(1)
9,536 (254)9,282 
Cash and cash equivalents30,417 — 30,417 
Restricted cash
1,007 — 1,007 
Intangible assets(2)
890,827 — 890,827 
Right-of-use asset191,415 (113)191,302 
Other assets44,691 (668)44,023 
Total assets$5,048,845 $(7,924)$5,040,921 
LIABILITIES AND EQUITY 
Term loans$402,320 $— $402,320 
Senior unsecured notes1,139,760 — 1,139,760 
Mortgage debt
127,176 — 127,176 
Intangible liabilities(3)
149,875 — 149,875 
Lease liability97,160 (113)97,047 
Accounts payable, accrued liabilities, and other liabilities72,864 (2,976)69,888 
Total liabilities$1,989,155 $(3,089)$1,986,066 
Redeemable noncontrolling interests1,536 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 
Goodwill47,136 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 9).
(3)The intangible liabilities acquired had a weighted average amortization period of 9 years (see Note 9).
(4)Includes six consolidated joint ventures in which the Company held ownership interests ranging from 56.7% to 99.7% 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.
 
Three Months Ended
March 31, 2024
Total revenues$698,702 
Net income (loss) applicable to common shares87,604 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Income
The following table summarizes the Company’s lease income (in thousands):
Three Months Ended
March 31,
20252024
Fixed income from operating leases$394,718 $343,414 
Variable income from operating leases143,423 118,619 
v3.25.1
Loans Receivable (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
 March 31,
2025		December 31,
2024
Secured loans(1)
$616,706 $638,482 
CCRC resident loans60,638 61,273 
Mezzanine loans48,580 50,314 
Unamortized discounts and fees(19,845)(22,380)
Reserve for loan losses(7,554)(10,499)
Loans receivable, net$698,525 $717,190 
_______________________________________
(1)At March 31, 2025, the Company had $135 million of remaining commitments to fund additional loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects.
Schedule of Loans Receivable by Origination Year
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 March 31, 2025 (in thousands):
Investment Type
Year of Origination(1)
Total
2025
2024202320222021Prior
Secured loans
Risk rating:
Performing loans$31,575 $436,138 $43,839 $25,789 $57,576 $— $594,917 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$31,575 $436,138 $43,839 $25,789 $57,576 $— $594,917 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$— $13,566 $5,411 $4,557 $6,753 $12,683 $42,970 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$— $13,566 $5,411 $4,557 $6,753 $12,683 $42,970 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
CCRC resident loans
Risk rating:
Performing loans$19,325 $40,974 $179 $160 $— $— $60,638 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total CCRC resident loans$19,325 $40,974 $179 $160 $— $— $60,638 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
_______________________________________
(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
Schedule of Reserve for Loan Losses
The following table summarizes the Company’s reserve for loan losses (in thousands):
 March 31, 2025December 31, 2024
 Secured Loans
Mezzanine Loans and Other(1)
TotalSecured Loans
Mezzanine Loans and Other(1)
Total
Reserve for loan losses, beginning of period$5,574 $4,925 $10,499 $2,830 $— $2,830 
Provision for expected loan losses (recoveries) on funded loans receivable(1,077)(914)(1,991)2,744 4,925 7,669 
Expected loan losses (recoveries) related to loans sold or repaid(783)(171)(954)— — — 
Reserve for loan losses, end of period$3,714 $3,840 $7,554 $5,574 $4,925 $10,499 
_______________________________________
(1)Includes CCRC resident loans.
v3.25.1
Investments in and Advances to Unconsolidated Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): 
  Carrying Amount
   March 31,December 31,
Entity(1)
Segment
Property Count(2)
Ownership %(2)
20252024
South San Francisco JVs(3)
Lab770$446,437 $446,145 
SWF SH JVOther1954319,722 322,551 
Callan Ridge JVLab23568,671 69,709 
Lab JVLab14932,681 29,916 
PMAK JV(4)
Outpatient medical591229,218 32,511 
HQ Point Preferred Equity Investment(4)
Other21921,743 — 
Needham Land Parcel JV(5)
Lab—3821,157 21,348 
Outpatient Medical JVs(6)
Outpatient medical2
20 - 67
7,245 7,199 
Davis JVOutpatient medical15495,104 7,435 
  $951,978 $936,814 
_______________________________________
(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 March 31, 2025.
(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. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to these joint ventures when certain conditions are met. These joint ventures have been aggregated herein due to similarity of the investments and operations.
(4)The properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count.
(5)Land held for development is excluded from the property count as of March 31, 2025.
(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%). These joint ventures have been aggregated herein due to similarity of the investments and operations.
v3.25.1
Intangibles (Tables)
 3 Months Ended
Mar. 31, 2025
Intangibles [Abstract]  
Schedule of Intangible Lease Assets
Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):
Intangible lease assetsMarch 31,
2025		December 31,
2024
Gross intangible lease assets(1)
$1,462,764 $1,468,985 
Accumulated depreciation and amortization(2)
(714,975)(651,731)
Intangible assets, net$747,789 $817,254 
Weighted average remaining amortization period in years55
_______________________________________
(1)At each of March 31, 2025 and December 31, 2024, includes $1.42 billion of gross lease-up intangibles and at March 31, 2025 and December 31, 2024, includes $44 million and $45 million, respectively, of gross above market lease intangibles.
(2)At March 31, 2025 and December 31, 2024, includes $702 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $13 million and $12 million, respectively, of accumulated depreciation and amortization on above market lease intangibles.
Schedule of Intangible Lease Liabilities
Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):
Intangible lease liabilitiesMarch 31,
2025		December 31,
2024
Gross intangible lease liabilities$316,196 $351,602 
Accumulated depreciation and amortization(137,194)(159,718)
Intangible liabilities, net$179,002 $191,884 
Weighted average remaining amortization period in years99
Schedule of Goodwill Segments At March 31, 2025 and December 31, 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):
Segment
March 31,
2025		December 31,
2024
Outpatient medical
$64,680 $64,680 
CCRC
1,998 1,998 
Other non-reportable
1,851 1,851 
$68,529 $68,529 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Unsecured Note
The following table summarizes the Company’s senior unsecured note issuances for the three months ended March 31, 2025 (dollars in thousands):
Issue DateAmount
Coupon Rate(1)
Maturity Year
February 14, 2025$500,000 5.38 %2035
_______________________________________
(1)The effective interest rate, which includes amortization of debt premiums (discounts) and debt issuance costs, is 5.56%.
The following table summarizes the Company’s senior unsecured note repayments during the three months ended March 31, 2025 (dollars in thousands):
Repayment Date
Amount
Coupon Rate(1)
Maturity Year
February 3, 2025$348,194 3.40 %2025
_______________________________________
(1)The effective interest rate, which includes amortization of debt premiums (discounts) and debt issuance costs, was 3.58%.
Schedule of Principal Repayments
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2025 (dollars in thousands):
Senior Unsecured
Notes(3)
Mortgage
Debt(4)
Year
Bank Line 
of Credit(1)
Commercial Paper(1)(2)
Term LoansAmount
Interest Rate(5)
Amount
Interest Rate(5)
Total
2025$— $— $— $451,806 4.19 %$2,762 3.95 %$454,568 
2026— — — 650,000 3.40 %344,999 5.07 %994,999 
2027— — 500,000 850,000 3.23 %842 5.29 %1,350,842 
2028— — 400,000 850,000 3.53 %2,775 4.82 %1,252,775 
2029— 164,000 750,000 650,000 3.65 %— — %1,564,000 
Thereafter— — — 3,400,000 4.66 %— — %3,400,000 
 — 164,000 1,650,000 6,851,806 351,378 9,017,184 
Premiums, (discounts), and debt issuance costs, net— — (3,665)(137,527)673 (140,519)
$— $164,000 $1,646,335 $6,714,279 $352,051 $8,876,665 
_______________________________________
(1)As of March 31, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $17 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 4.10% and a weighted average maturity of approximately 5 years.
(4)Effective interest rates on the mortgage debt range from 3.44% to 7.31% with a weighted average effective interest rate of 5.06% and a weighted average maturity of approximately 1.5 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.
v3.25.1
Equity and Redeemable Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other comprehensive Income (Loss)
The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):
 March 31,
2025		December 31,
2024
Unrealized gains (losses) on derivatives, net$8,746 $30,707 
Supplemental Executive Retirement Plan minimum liability(1,819)(1,889)
Total accumulated other comprehensive income (loss)$6,927 $28,818 
v3.25.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings per Share
The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
 Three Months Ended
March 31,
 20252024
Numerator
Net income (loss)$50,064 $11,177 
Noncontrolling interests’ share in earnings(7,236)(4,501)
Net income (loss) attributable to Healthpeak Properties, Inc.42,828 6,676 
Less: Participating securities’ share in earnings
(464)(199)
Net income (loss) applicable to common shares - basic and diluted$42,364 $6,477 
Denominator  
Basic weighted average shares outstanding699,067 600,898 
Dilutive potential common shares - equity awards(1)
51 181 
Dilutive potential common shares - OP Units(2)
— 109 
Diluted weighted average common shares699,118 601,188 
Earnings (loss) per common share
Basic$0.06 $0.01 
Diluted$0.06 $0.01 
_______________________________________
(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).
(2)For the three months ended March 31, 2025 and 2024, represents the dilutive impact of 5 million and 3 million outstanding OP Units, respectively.
v3.25.1
Segment Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Information for the Reportable Segments
The following tables summarize information for the reportable segments for the three months ended March 31, 2025 (in thousands):
Outpatient MedicalLabCCRCTotal
Total revenues$320,548 $217,593 $148,927 $687,068 
Healthpeak’s share of unconsolidated joint venture total revenues7,259 2,800 — 10,059 
Noncontrolling interests’ share of consolidated joint venture total revenues(9,973)— — (9,973)
Operating expenses(1)
(105,225)(57,658)(110,260)(273,143)
Healthpeak’s share of unconsolidated joint venture operating expenses(2,994)(1,666)— (4,660)
Noncontrolling interests’ share of consolidated joint venture operating expenses2,778 — — 2,778 
Adjustments to NOI(2)
(12,082)(14,836)— (26,918)
Adjusted NOI for reportable segments$200,311 $146,233 $38,667 $385,211 
Plus: Adjustments to NOI(2)
26,918 
Interest income and other15,821 
Interest expense(72,693)
Depreciation and amortization(268,546)
General and administrative(26,118)
Transaction and merger-related costs(5,534)
Impairments and loan loss reserves, net3,562 
Other income (expense), net(6,126)
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(5,399)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI7,195 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$54,291 
_______________________________________
(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 three months ended March 31, 2025 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$14,629 $8,310 $70,003 
Food— — 6,442 
Real estate taxes24,079 19,021 4,508 
Repairs and maintenance15,503 7,358 4,846 
Utilities17,912 10,423 5,663 
Other segment items(1)
33,102 12,546 18,798 
Operating expenses$105,225 $57,658 $110,260 
_______________________________________
(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 three months ended March 31, 2024 (in thousands):
 Outpatient MedicalLabCCRCTotal
Total revenues$238,272 $223,761 $138,776 $600,809 
Healthpeak’s share of unconsolidated joint venture total revenues2,739 4,861 — 7,600 
Noncontrolling interests’ share of consolidated joint venture total revenues(8,876)(163)— (9,039)
Operating expenses(1)
(81,268)(56,840)(105,621)(243,729)
Healthpeak’s share of unconsolidated joint venture operating expenses(1,083)(1,324)— (2,407)
Noncontrolling interests’ share of consolidated joint venture operating expenses2,430 43 — 2,473 
Adjustments to NOI(2)
(6,127)(21,435)— (27,562)
Adjusted NOI for reportable segments$146,087 $148,903 $33,155 $328,145 
Plus: Adjustments to NOI(2)
27,562 
Interest income and other5,751 
Interest expense(60,907)
Depreciation and amortization(219,219)
General and administrative(23,299)
Transaction and merger-related costs(107,220)
Impairments and loan loss reserves, net(11,458)
Gain (loss) on sales of real estate, net3,255 
Other income (expense), net78,516 
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI(5,193)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI6,566 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures$22,499 
_______________________________________
(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 three months ended March 31, 2024 (in thousands):
Outpatient MedicalLabCCRC
Compensation and property management$11,097 $8,377 $67,622 
Food— — 6,463 
Real estate taxes20,128 19,897 4,301 
Repairs and maintenance11,591 6,611 4,614 
Utilities12,887 11,184 5,336 
Other segment items(1)
25,565 10,771 17,285 
Operating expenses$81,268 $56,840 $105,621 
_______________________________________
(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.
Schedule of Reconciliation of Company's Revenues by Segment
The following table summarizes the Company’s revenues by reportable segment (in thousands):
 Three Months Ended
March 31,
Segment20252024
Outpatient medical
$320,548 $238,272 
Lab
217,593 223,761 
CCRC148,927 138,776 
Total revenues for reportable segments
687,068 600,809 
Interest income and other
15,821 5,751 
Total revenues$702,889 $606,560 
v3.25.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
The following table provides supplemental cash flow information (in thousands):
 Three Months Ended March 31,
 20252024
Supplemental cash flow information:  
Interest paid, net of capitalized interest$80,706 $73,789 
Income taxes paid (refunded)256 871 
Capitalized interest20,035 15,232 
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs128,341 108,797 
Increase in ROU asset in exchange for new lease liability related to operating leases— 4,339 
Retained investment in connection with Callan Ridge JV (see Note 8)— 69,255 
Non-cash assets and liabilities assumed in connection with the Merger (see Note 3)— 2,927,611 
Schedule of Cash, Cash Equivalents and Restricted Cash
The following table summarizes cash, cash equivalents, and restricted cash (in thousands):
Three Months Ended March 31,
20252024
Beginning of period:
Cash and cash equivalents$119,818 $117,635 
Restricted cash64,487 51,388 
Cash, cash equivalents, and restricted cash$184,305 $169,023 
End of period:
Cash and cash equivalents$70,625 $101,763 
Restricted cash67,981 55,395 
Cash, cash equivalents, and restricted cash$138,606 $157,158 
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 was as follows (in thousands):
VIE TypeAsset Type
Maximum Loss
Exposure and
Carrying Amount(1)
LLC Investment and PropTech InvestmentOther assets, net$16,875 
Needham Land Parcel JV and HQ Point Preferred Equity InvestmentInvestments in and advances to unconsolidated joint ventures42,900 
Loans Receivable InvestmentsLoans receivable, net3,522 
_______________________________________
(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.
Schedule of Consolidated Assets and Liabilities of VIEs
Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):
 March 31,
2025		December 31,
2024
Assets  
Buildings and improvements$4,745,424 $4,669,914 
Development costs and construction in progress75,420 92,710 
Land and improvements476,244 472,232 
Accumulated depreciation and amortization(819,325)(761,759)
Net real estate4,477,763 4,473,097 
Loans receivable, net548,738 550,829 
Investments in and advances to unconsolidated joint ventures34,322 39,946 
Accounts receivable, net8,760 17,357 
Cash and cash equivalents30,050 32,421 
Restricted cash2,321 1,029 
Intangible assets, net586,168 629,802 
Right-of-use asset, net272,838 270,918 
Other assets, net174,678 173,435 
Total assets$6,135,638 $6,188,834 
Liabilities  
Term loans$401,767 $401,895 
Senior unsecured notes1,155,895 1,151,801 
Mortgage debt245,611 247,776 
Intangible liabilities, net90,221 95,315 
Lease liability196,540 193,421 
Accounts payable, accrued liabilities, and other liabilities105,617 125,688 
Deferred revenue62,212 65,358 
Total liabilities $2,257,863 $2,281,254 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carry Amounts and Fair Value of Financial Instruments
The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands):
 
March 31, 2025(3)
December 31, 2024(3)
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
Loans receivable, net(2)
$698,525 $712,404 $717,190 $729,637 
Interest rate swap assets(2)
13,514 13,514 35,120 35,120 
Bank line of credit and commercial paper(2)
164,000 164,000 150,000 150,000 
Term loans(2)
1,646,335 1,646,335 1,646,043 1,646,043 
Senior unsecured notes(1)
6,714,279 6,592,068 6,563,256 6,373,528 
Mortgage debt(2)
352,051 347,889 356,750 350,292 
Interest rate swap liabilities(2)
294 294 — — 
_______________________________________
(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 three months ended March 31, 2025 and year ended December 31, 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.
v3.25.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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 DateHedge DesignationNotional AmountPay RateReceive RateMarch 31,
2025		December 31,
2024
Interest rate swap assets:
April 2022May 2026Cash flow$51,100 4.99 %
USD-SOFR w/ -5 Day Lookback + 2.50%
$765 $1,050 
April 2022May 2026Cash flow91,000 4.54 %
USD-SOFR w/ -5 Day Lookback + 2.05%
1,363 1,870 
August 2022February 2027Cash flow250,000 2.60 %1 mo. USD-SOFR CME Term4,963 7,224 
August 2022August 2027Cash flow250,000 2.54 %1 mo. USD-SOFR CME Term6,261 9,122 
May 2023(3)(4)
May 2028Cash flow400,000 3.59 %USD-SOFR w/ -5 Day Lookback— 4,887 
January 2024(5)
February 2029Cash flow350,000 3.57 %USD-SOFR w/ -5 Day Lookback162 5,347 
January 2024(6)
February 2029Cash flow400,000 3.60 %USD-SOFR w/ -5 Day Lookback— 5,620 
      Total interest rate swap assets
$13,514 $35,120 
Interest rate swap liabilities:
May 2023(3)(4)
May 2028Cash flow400,000 3.59 %USD-SOFR w/ -5 Day Lookback$(11)$— 
January 2024(6)
February 2029Cash flow400,000 3.60 %USD-SOFR w/ -5 Day Lookback(283)— 
      Total interest rate swap liabilities
$(294)$— 
_____________________________
(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 and derivative liabilities are recorded at fair value in accounts payable, accrued liabilities, and other liabilities 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 three months ended March 31, 2025 and 2024, the Company recognized $0.4 million and $0.2 million, respectively, 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; and (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount.
(6)Includes the following: (i) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount and (ii) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.
v3.25.1
Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable, Accrued Liabilities, and Other Liabilities
The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities (in thousands):
 March 31,
2025		December 31,
2024
Refundable entrance fees$233,358 $236,563 
Accrued construction costs128,341 136,767 
Accrued interest60,174 76,040 
Other accounts payable and accrued liabilities(1)
248,348 275,972 
Accounts payable, accrued liabilities, and other liabilities$670,221 $725,342 
_______________________________________
(1)As of March 31, 2025 and December 31, 2024, includes $3 million and $4 million, respectively, of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid.
v3.25.1
Deferred Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
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):
March 31,
2025		December 31,
2024
Non-refundable entrance fees(1)
$620,420 $615,723 
Other deferred revenue(2)
319,435 324,413 
Deferred revenue$939,855 $940,136 
_______________________________________
(1)During each of the three months ended March 31, 2025 and 2024, the Company collected non-refundable entrance fees of $29 million. During the three months ended March 31, 2025 and 2024, the Company recognized amortization of $24 million and $22 million, respectively. The amortization of non-refundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations.
(2)Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three months ended March 31, 2025 and 2024, the Company recognized amortization related to other deferred revenue of $11 million and $15 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.
v3.25.1
The Merger - Narrative (Details)
 3 Months Ended
Mar. 01, 2024
USD ($)
property
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Business Acquisition [Line Items]        
Goodwill $ 51,000,000 $ 68,529,000   $ 68,529,000
Transaction and merger-related costs   5,534,000 $ 107,220,000  
Physicians Realty Trust        
Business Acquisition [Line Items]        
Exchange Ratio 0.674      
Goodwill $ 50,501,000      
Expected tax deductible amount of goodwill $ 0      
Transaction and merger-related costs   5,000,000 107,000,000  
Revenue of acquiree since acquisition date, actual   49,000,000    
Earnings (loss) of acquiree since acquisition date, actual   $ (19,000,000)    
Physicians Realty Trust | Fees Paid to Investment Banks and Advisors        
Business Acquisition [Line Items]        
Transaction and merger-related costs     38,000,000  
Physicians Realty Trust | Success-Based Payments Related to Service Providers        
Business Acquisition [Line Items]        
Transaction and merger-related costs     21,000,000  
Physicians Realty Trust | Severance Expense Due to Dual-Trigger Severance Arrangements        
Business Acquisition [Line Items]        
Transaction and merger-related costs     26,000,000  
Physicians Realty Trust | Post-Combination Expense, Accelerated Vesting of Acquiree Equity Awards        
Business Acquisition [Line Items]        
Transaction and merger-related costs     16,000,000  
Physicians Realty Trust | Legal, Accounting, Tax, and Other Costs        
Business Acquisition [Line Items]        
Transaction and merger-related costs     19,000,000  
Physicians Realty Trust | Severance Expense Related to Elimination of Certain Positions        
Business Acquisition [Line Items]        
Transaction and merger-related costs     $ 8,000,000  
Physicians Realty Trust | Outpatient Medical Buildings        
Business Acquisition [Line Items]        
Number of properties acquired | property 299      
v3.25.1
The Merger- Schedule of Consideration Transferred (Details) - Physicians Realty Trust
$ / shares in Units, shares in Thousands, $ in Thousands
Mar. 01, 2024
USD ($)
$ / shares
shares
Business Acquisition [Line Items]  
Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs 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 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
Cash consideration 210,639
Consideration transferred $ 2,968,563
Restricted Shares  
Business Acquisition [Line Items]  
Shares of Healthpeak common stock issued (in shares) | shares 200
Common Stock  
Business Acquisition [Line Items]  
Shares of Healthpeak common stock issued (in shares) | shares 1,000
Restricted Stock Units (RSUs)  
Business Acquisition [Line Items]  
Shares of Healthpeak common stock issued (in shares) | shares 300
v3.25.1
The Merger - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 01, 2024
USD ($)
joint_venture
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
LIABILITIES AND EQUITY      
Goodwill $ 51,000 $ 68,529 $ 68,529
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      
VIE ownership percentage 56.70%    
Physicians Realty Trust | Maximum      
LIABILITIES AND EQUITY      
VIE ownership percentage 99.70%    
v3.25.1
The Merger - Schedule of Proforma Financial Information (Details) - Physicians Realty Trust
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Business Acquisition [Line Items]  
Total revenues $ 698,702
Net income (loss) applicable to common shares $ 87,604
v3.25.1
Real Estate Investments - Real Estate Investments (Details)
$ in Millions
 1 Months Ended
Mar. 01, 2024
property
Feb. 28, 2025
USD ($)
property
MASSACHUSETTS | Lab Buildings    
Real Estate [Line Items]    
Payments to acquire real estate | $   $ 20
Outpatient Medical Buildings | NEW YORK    
Real Estate [Line Items]    
Number of properties acquired | property   3
Payments to acquire real estate | $   $ 17
Outpatient Medical Buildings | Physicians Realty Trust    
Real Estate [Line Items]    
Number of properties acquired | property 299  
v3.25.1
Real Estate Investments - Development Activities (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Real Estate [Abstract]  
Development and redevelopment projects, increase (decrease) $ (4)
Development and redevelopment projects $ 280
v3.25.1
Dispositions of Real Estate (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2024
USD ($)
property
Jul. 31, 2024
USD ($)
property
Mar. 31, 2025
USD ($)
property
Mar. 31, 2024
USD ($)
property
Dec. 31, 2024
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     $ 0 $ 3,255,000  
Assets held for sale, net     7,840,000   $ 7,840,000
Impairment of real estate     0 $ 0  
Outpatient Medical Buildings          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties sold | property   59   2 59
Proceeds from sale of property   $ 674,000,000   $ 29,000,000 $ 674,000,000
Gain (loss) on sales of real estate, net       $ 3,000,000  
Investments in loans receivable   $ 405,000,000     $ 405,000,000
Lab Buildings          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties sold | property         7
Proceeds from sale of property         $ 180,000,000
twelve Outpatient Medical Buildings          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties sold | property         12
Proceeds from sale of property         $ 191,000,000
Two Outpatient Medical Buildings          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties sold | property 2       2
Proceeds from sale of property $ 23,000,000       $ 23,000,000
Investments in loans receivable $ 14,000,000       14,000,000
CCRC          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Proceeds from sale of property         12,000,000
Held-for-sale          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Assets held for sale, net     8,000,000   8,000,000
Liabilities related to assets held for sale, net     $ 0   $ 0
Held-for-sale | Outpatient Medical Buildings          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties classified as held for sale | property     1   1
v3.25.1
Leases - Schedule of Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and Other Income [Abstract]    
Fixed income from operating leases $ 394,718 $ 343,414
Variable income from operating leases $ 143,423 $ 118,619
v3.25.1
Leases - Narrative (Details)
$ in Thousands, squareFeet in Millions
 1 Months Ended 3 Months Ended
Oct. 26, 2023
USD ($)
property
Jul. 31, 2024
ft²
squareFeet
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
Lessor, Lease, Description [Line Items]            
Initial direct costs     $ 203,000   $ 204,000  
Straight line rent receivable, net of allowances     349,000   $ 338,000  
Rental and related revenues     538,141 $ 462,033    
Fixed income from operating leases     $ 394,718 $ 343,414    
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   200,000        
Graphite Bio, Inc.            
Lessor, Lease, Description [Line Items]            
Property count | property 1          
Rental and related revenues $ 37,000          
Termination fees 21,000          
Fixed income from operating leases $ 16,000          
Common Spirit            
Lessor, Lease, Description [Line Items]            
Percentage of segment revenues     3.00%      
Common Spirit | Outpatient medical            
Lessor, Lease, Description [Line Items]            
Percentage of segment revenues     6.00%      
v3.25.1
Loans Receivable - Schedule of Loans Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]      
Unamortized discounts and fees $ (19,845) $ (22,380)  
Reserve for loan losses (7,554) (10,499) $ (2,830)
Loans receivable, net 698,525 717,190  
Loans and leases receivable, remaining commitments 135,000    
Outpatient Medical Buildings      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans and leases receivable, remaining commitments   85,000  
Unamortized discount 17,000 18,000  
Secured loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing receivable, gross 616,706 638,482  
Reserve for loan losses (3,714) (5,574) $ (2,830)
CCRC resident loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing receivable, gross 60,638 61,273  
Mezzanine loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing receivable, gross $ 48,580 $ 50,314  
v3.25.1
Loans Receivable - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended 24 Months Ended
Mar. 01, 2024
USD ($)
loan
Mar. 31, 2025
USD ($)
extension_option
Jan. 31, 2025
USD ($)
loan
extension_option
Nov. 30, 2024
USD ($)
property
Jul. 31, 2024
USD ($)
property
extension_option
May 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
Jan. 31, 2024
USD ($)
Feb. 28, 2023
USD ($)
Jan. 31, 2021
USD ($)
facility
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2022
USD ($)
Loans Receivable:                            
Loans receivables, acquired $ 124,000,000                          
Financing receivable, after allowance for credit loss   $ 698,525,000                 $ 698,525,000   $ 717,190,000  
Credit loss reserve on unfunded loan commitments   2,200,000                 2,200,000   2,900,000  
Sunrise Senior Housing Portfolio                            
Loans Receivable:                            
Loans receivable, outstanding balance             $ 131,000,000              
Number of assets to be sold | facility                   32        
Proceeds from sale of property                   $ 664,000,000        
Investments in loans receivable                   410,000,000        
Capital expenditure funding, amount committed                   $ 92,000,000        
Capital expenditure funding, cost of capital, percent committed                   65.00%        
Proceeds from the collection of loans receivable           $ 5,000,000 $ 69,000,000             $ 291,000,000
Financing receivable, after allowance for credit loss   58,000,000                 58,000,000   58,000,000  
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR)                            
Loans Receivable:                            
Loans receivable, conversion of basis spread on variable rate             0.10%              
Loans receivable, floor rate             9.00%              
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR), First Two Years                            
Loans Receivable:                            
Loans receivable, basis spread on variable rate             4.00%              
Loan receivable, extended maturity term             2 years              
Sunrise Senior Housing Portfolio | Secured Overnight Financing Rate (SOFR), Last Eighteen Months                            
Loans Receivable:                            
Loans receivable, basis spread on variable rate             5.00%              
Loan receivable, extended maturity term             18 months              
SHOP                            
Loans Receivable:                            
Number of assets to be sold | facility                   16        
Proceeds from sale of property                   $ 230,000,000        
Investments in loans receivable                   $ 150,000,000        
Outpatient Medical Buildings                            
Loans Receivable:                            
Proceeds from sale of property         $ 674,000,000             $ 29,000,000 674,000,000  
Investments in loans receivable         $ 405,000,000               $ 405,000,000  
Number of properties sold | property         59             2 59  
Loans receivable, number of extensions | extension_option         2                  
Loan receivable, period of extensions         12 months                  
Proceeds from loan originations         $ 1,000,000                  
Mark-to-market discount of real estate                         $ 21,000,000  
Noncash or part noncash, interest income                     2,000,000      
Other non-reportable | Brookedale MTCA | Lessor Asset Under Operating Lease | CCRC JV                            
Loans Receivable:                            
Financing receivable, after allowance for credit loss   61,000,000                 61,000,000   61,000,000  
Two Outpatient Medical Buildings                            
Loans Receivable:                            
Proceeds from sale of property       $ 23,000,000                 23,000,000  
Investments in loans receivable       $ 14,000,000                 $ 14,000,000  
Number of properties sold | property       2                 2  
Minimum | Outpatient Medical Buildings                            
Loans Receivable:                            
Loans receivable, interest rate         0.060                  
Maximum | Outpatient Medical Buildings                            
Loans Receivable:                            
Loans receivable, interest rate         0.065                  
Secured Mortgage Loans                            
Loans Receivable:                            
Number of loans | loan 9                          
Loans receivable, outstanding balance $ 89,000,000                          
Receivable with imputed interest   600,000                 600,000   $ 1,000,000  
Secured Mortgage Loans | Other                            
Loans Receivable:                            
Number of loans | loan     1                      
Proceeds from the collection of loans receivable     $ 15,000,000                      
Secured Mortgage Loans | SHOP                            
Loans Receivable:                            
Loans receivable, outstanding balance               $ 48,000,000            
Proceeds from the collection of loans receivable                 $ 102,000,000          
Loans receivable, floor rate               12.00%            
Loans receivable, extension fee               $ 1,000,000            
Secured Mortgage Loans | SHOP | Secured Overnight Financing Rate (SOFR)                            
Loans Receivable:                            
Loans receivable, conversion of basis spread on variable rate               0.11%            
Loans receivable, floor rate               7.00%            
Secured Mortgage Loans | Lab | Other                            
Loans Receivable:                            
Loans receivable, outstanding balance     $ 75,000,000                      
Loans receivable, interest rate     0.08                      
Loans receivable, number of extensions | extension_option     1                      
Loan receivable, period of extensions     12 months                      
Payments for loans receivable                     $ 28,000,000      
Secured Mortgage Loans | Outpatient medical | Other                            
Loans Receivable:                            
Loans receivable, outstanding balance   $ 41,000,000                        
Loans receivable, interest rate   0.083                 0.083      
Loans receivable, number of extensions | extension_option   2                        
Loan receivable, period of extensions   12 months                        
Payments for loans receivable                     $ 4,000,000      
Secured Mortgage Loans | Minimum                            
Loans Receivable:                            
Loans receivable, interest rate 0.0700                          
Secured Mortgage Loans | Maximum                            
Loans Receivable:                            
Loans receivable, interest rate 0.1000                          
Mezzanine loans                            
Loans Receivable:                            
Number of loans | loan 10                          
Loans receivable, outstanding balance $ 36,000,000                          
Receivable with imputed interest   $ 2,000,000                 2,000,000   2,000,000  
Mezzanine loans | Other                            
Loans Receivable:                            
Number of loans | loan     1                      
Loans receivable, outstanding balance                         $ 15,000,000  
Loans receivable, interest rate                         0.1100  
Proceeds from the collection of loans receivable     $ 1,000,000                      
Mezzanine loans | Minimum                            
Loans Receivable:                            
Loans receivable, interest rate 0.0800                          
Mezzanine loans | Maximum                            
Loans Receivable:                            
Loans receivable, interest rate 0.1000                          
Construction Loan Commitments | Other                            
Loans Receivable:                            
Loans receivable, outstanding balance                         $ 36,000,000  
Loans receivable, interest rate                         0.0800  
Payments for loans receivable                     $ 0   $ 0  
v3.25.1
Loans Receivable - Schedule of Loans Receivable by Origination Year (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Secured loans  
Loans receivable  
2025 $ 31,575
2024 436,138
2023 43,839
2022 25,789
2021 57,576
Prior 0
Total 594,917
Secured loans | Performing loans  
Loans receivable  
2025 31,575
2024 436,138
2023 43,839
2022 25,789
2021 57,576
Prior 0
Total 594,917
Secured loans | Watch list loans  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Secured loans | Workout loans  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Secured loans | Current period gross write-offs  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Secured loans | Current period recoveries  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Secured loans | Current period net write-offs  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Mezzanine loans  
Loans receivable  
2025 0
2024 13,566
2023 5,411
2022 4,557
2021 6,753
Prior 12,683
Total 42,970
Mezzanine loans | Performing loans  
Loans receivable  
2025 0
2024 13,566
2023 5,411
2022 4,557
2021 6,753
Prior 12,683
Total 42,970
Mezzanine loans | Watch list loans  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Mezzanine loans | Workout loans  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Mezzanine loans | Current period gross write-offs  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Mezzanine loans | Current period recoveries  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Mezzanine loans | Current period net write-offs  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
CCRC resident loans  
Loans receivable  
2025 19,325
2024 40,974
2023 179
2022 160
2021 0
Prior 0
Total 60,638
CCRC resident loans | Performing loans  
Loans receivable  
2025 19,325
2024 40,974
2023 179
2022 160
2021 0
Prior 0
Total 60,638
CCRC resident loans | Watch list loans  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
CCRC resident loans | Workout loans  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
CCRC resident loans | Current period gross write-offs  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
CCRC resident loans | Current period recoveries  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
CCRC resident loans | Current period net write-offs  
Loans receivable  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total $ 0
v3.25.1
Loans Receivable - Schedule of Reserve for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Reserve for loan losses, beginning of period $ 10,499 $ 2,830
Provision for expected loan losses (recoveries) on funded loans receivable (1,991) 7,669
Expected loan losses (recoveries) related to loans sold or repaid (954) 0
Reserve for loan losses, end of period 7,554 10,499
Secured Loans    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Reserve for loan losses, beginning of period 5,574 2,830
Provision for expected loan losses (recoveries) on funded loans receivable (1,077) 2,744
Expected loan losses (recoveries) related to loans sold or repaid (783) 0
Reserve for loan losses, end of period 3,714 5,574
Mezzanine loans    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Reserve for loan losses, beginning of period 4,925 0
Provision for expected loan losses (recoveries) on funded loans receivable (914) 4,925
Expected loan losses (recoveries) related to loans sold or repaid (171) 0
Reserve for loan losses, end of period $ 3,840 $ 4,925
v3.25.1
Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
joint_venture
property
Dec. 31, 2024
USD ($)
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]      
Investments in and advances to unconsolidated joint ventures $ 951,978 $ 936,814  
South San Francisco JVs | Lab Buildings      
Schedule of Equity Method Investments [Line Items]      
Property count | property 7    
Investment ownership percentage 70.00%    
Equity method investment, amount $ 446,437 446,145  
SWF SH JV | Other non-reportable      
Schedule of Equity Method Investments [Line Items]      
Property count | property 19    
Investment ownership percentage 54.00%    
Equity method investment, amount $ 319,722 322,551  
Callan Ridge JV | Lab Buildings      
Schedule of Equity Method Investments [Line Items]      
Property count | property 2    
Investment ownership percentage 35.00%    
Equity method investment, amount $ 68,671 69,709  
PMAK JV | Outpatient Medical      
Schedule of Equity Method Investments [Line Items]      
Property count | property 59    
Investment ownership percentage 12.00%    
Equity method investment, amount $ 29,218 32,511  
Lab JV | Lab Buildings      
Schedule of Equity Method Investments [Line Items]      
Property count | property 1    
Investment ownership percentage 49.00%    
Equity method investment, amount $ 32,681 29,916  
Needham Land Parcel JV | Lab Buildings      
Schedule of Equity Method Investments [Line Items]      
Property count | property 0    
Investment ownership percentage 38.00%   38.00%
Equity method investment, amount $ 21,157 21,348  
HQ Point Investment | Other non-reportable      
Schedule of Equity Method Investments [Line Items]      
Property count | property 2    
Investment ownership percentage 19.00%    
Equity method investment, amount $ 21,743 0  
Davis JV | Outpatient Medical      
Schedule of Equity Method Investments [Line Items]      
Property count | property 15    
Investment ownership percentage 49.00%    
Equity method investment, amount $ 5,104 7,435  
Outpatient Medical JVs      
Schedule of Equity Method Investments [Line Items]      
Number of unconsolidated joint ventures (in joint ventures) | joint_venture 2    
Outpatient Medical JVs | Outpatient Medical      
Schedule of Equity Method Investments [Line Items]      
Property count | property 2    
Equity method investment, amount $ 7,245 $ 7,199  
Outpatient Medical JVs | Outpatient Medical | Minimum      
Schedule of Equity Method Investments [Line Items]      
Investment ownership percentage 20.00%    
Outpatient Medical JVs | Outpatient Medical | Maximum      
Schedule of Equity Method Investments [Line Items]      
Investment ownership percentage 67.00%    
HCP Ventures IV, LLC      
Schedule of Equity Method Investments [Line Items]      
Investment ownership percentage 20.00%    
Suburban Properties, LLC      
Schedule of Equity Method Investments [Line Items]      
Investment ownership percentage 67.00%    
v3.25.1
Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2024
USD ($)
property
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Feb. 28, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]        
Gain on deconsolidation     $ 78  
HQ Point Investment        
Schedule of Equity Method Investments [Line Items]        
Equity investment, aggregate cost       $ 50
HQ Point Investment | Lab Buildings        
Schedule of Equity Method Investments [Line Items]        
Payments to acquire equity investments   $ 21    
Callan Ridge Joint Venture | Callan Ridge Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Investment ownership percentage 35.00%      
Callan Ridge Joint Venture | Lab Buildings        
Schedule of Equity Method Investments [Line Items]        
Property count | property 2      
Callan Ridge Joint Venture | Lab Buildings | Callan Ridge Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Investment ownership percentage 65.00%      
Cash proceeds $ 128      
v3.25.1
Intangibles - Schedule of Intangible Lease Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Intangibles [Abstract]    
Gross intangible lease assets $ 1,462,764 $ 1,468,985
Accumulated depreciation and amortization (714,975) (651,731)
Intangible assets, net $ 747,789 $ 817,254
Weighted average remaining amortization period in years 5 years 5 years
Gross lease-up intangibles $ 1,420,000 $ 1,420,000
Gross above market lease intangibles 44,000 45,000
Depreciation and amortization of lease-up intangibles 702,000 640,000
Depreciation and amortization of above market lease intangibles $ 13,000 $ 12,000
v3.25.1
Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Intangibles [Abstract]    
Gross intangible lease liabilities $ 316,196 $ 351,602
Accumulated depreciation and amortization (137,194) (159,718)
Intangible liabilities, net $ 179,002 $ 191,884
Weighted average remaining amortization period in years 9 years 9 years
v3.25.1
Intangibles - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 01, 2024
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]      
Intangible assets acquired $ 891,000 $ 3,000  
Weighted average remaining amortization period in years   5 years 5 years
Intangible liabilities acquired 150,000    
Weighted average remaining amortization period in years   9 years 9 years
Lease-up intangibles 852,000    
Above market lease, intangibles $ 39,000    
Intangible assets, weighted average amortization, useful life 6 years    
Intangible liabilities, weighted average amortization, useful life 9 years    
Goodwill $ 51,000 $ 68,529 $ 68,529
Other Property      
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining amortization period in years   13 years  
v3.25.1
Intangibles - Schedule of Goodwill Segments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 01, 2024
Finite-Lived Intangible Assets [Line Items]      
Goodwill $ 68,529 $ 68,529 $ 51,000
Outpatient medical      
Finite-Lived Intangible Assets [Line Items]      
Goodwill 64,680 64,680  
CCRC      
Finite-Lived Intangible Assets [Line Items]      
Goodwill 1,998 1,998  
Other non-reportable      
Finite-Lived Intangible Assets [Line Items]      
Goodwill $ 1,851 $ 1,851  
v3.25.1
Debt - The Merger (Details)
$ in Thousands
 3 Months Ended
Mar. 01, 2024
USD ($)
building
derivative_held
Mar. 31, 2025
USD ($)
derivative_held
Aug. 31, 2022
derivative_held
Apr. 30, 2022
derivative_held
Debt Instrument        
Number of interest-rate contracts held | derivative_held   1    
Capitalized costs $ 1,000      
Net discount on mortgage debt   $ 140,519    
Cash Flow Hedging | Designated as Hedging Instrument        
Debt Instrument        
Number of interest-rate contracts held | derivative_held   2    
Interest rate swap instruments | Designated as Hedging Instrument        
Debt Instrument        
Number of interest-rate contracts held | derivative_held     2  
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument        
Debt Instrument        
Number of interest-rate contracts held | derivative_held       2
2028 Term Loan | Senior Unsecured Term Loan        
Debt Instrument        
Aggregate principal amount $ 400,000      
Interest rate, effective percentage   4.44%    
2028 Term Loan | Senior Unsecured Term Loan | Variable Rate Component One        
Debt Instrument        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR)      
Debt instrument, basis spread on variable rate 0.10% 1.00%    
2028 Term Loan | Senior Unsecured Term Loan | Variable Rate Component One | Minimum        
Debt Instrument        
Debt instrument, basis spread on variable rate 0.85%      
2028 Term Loan | Senior Unsecured Term Loan | Variable Rate Component One | Maximum        
Debt Instrument        
Debt instrument, basis spread on variable rate 1.65%      
2028 Term Loan | Senior Unsecured Term Loan | Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument        
Debt Instrument        
Number of interest-rate contracts held | derivative_held 3      
Senior Unsecured Term Loan        
Debt Instrument        
Aggregate principal amount $ 1,250,000      
Senior Unsecured Notes Due 2027        
Debt Instrument        
Aggregate principal amount $ 400,000      
Interest rate 4.30%      
Senior Unsecured Notes Due 2028        
Debt Instrument        
Aggregate principal amount $ 350,000      
Interest rate 3.95%      
Senior Unsecured Notes Due 2031        
Debt Instrument        
Aggregate principal amount $ 500,000      
Interest rate 2.63%      
Mortgage Debt        
Debt Instrument        
Aggregate principal amount $ 128,000      
Interest payment $ 59,000      
Bearing fixed interest rate (as a percent) 3.77%      
Variable interest, amount $ 69,000      
Bearing variable interest rate (as a percent) 7.25%      
Net discount on mortgage debt $ 500      
Mortgage Debt | Outpatient Medical Buildings        
Debt Instrument        
Property count | building 5      
Debt assumed $ 259,000      
Mortgage Debt | Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument        
Debt Instrument        
Aggregate principal amount $ 36,000      
Number of interest-rate contracts held | derivative_held 1      
v3.25.1
Debt - Bank Line of Credit and Term Loan (Details)
 1 Months Ended 3 Months Ended
Mar. 01, 2024
USD ($)
Feb. 10, 2023
renewal_option
Aug. 22, 2022
USD ($)
loan
May 23, 2019
USD ($)
renewal_option
Sep. 30, 2021
USD ($)
renewal_option
Mar. 31, 2025
USD ($)
derivative_held
Dec. 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
Oct. 31, 2022
USD ($)
Aug. 31, 2022
derivative_held
Debt Instrument                    
Bank line of credit and commercial paper           $ 164,000,000 $ 150,000,000      
Number of interest-rate contracts held | derivative_held           1        
Interest rate swap instruments | Designated as Hedging Instrument                    
Debt Instrument                    
Number of interest-rate contracts held | derivative_held                   2
Term Loan Agreement                    
Debt Instrument                    
Line of credit facility, maximum borrowing capacity $ 1,500,000,000             $ 1,000,000,000    
Bank line of credit and commercial paper           $ 1,250,000,000 1,250,000,000      
Number of loans | loan     2              
Debt instrument, covenant debt to assets (as a percent)           60.00%        
Debt instrument, covenant secured debt to assets (as a percent)           40.00%        
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)           60.00%        
Debt instrument, covenant minimum fixed charge coverage ratio           1.5        
Debt instrument, covenant net worth, minimum           $ 7,700,000,000        
Term Loan Agreement | Interest rate swap instruments                    
Debt Instrument                    
Interest rate           3.76%        
Unsecured Term Loan                    
Debt Instrument                    
Aggregate principal amount $ 750,000,000                  
Debt instrument, term (in months) 5 years                  
Unused borrowing capacity, amount           $ 250,000,000        
Unsecured Term Loan | 2029 Term Loan                    
Debt Instrument                    
Interest rate, effective percentage           4.66%        
Unsecured Term Loan | Variable Rate Component One | 2029 Term Loan                    
Debt Instrument                    
Debt instrument, basis spread on variable rate           0.95%        
Revolving Credit Facility | Bank Line  of Credit                    
Debt Instrument                    
Line of credit facility, maximum borrowing capacity       $ 2,500,000,000 $ 3,000,000,000          
Number of extensions | renewal_option   2   2 2          
Length of debt instrument extension period (in months)   6 months   6 months 6 months          
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR)                
Debt instrument, basis spread on variable rate           0.10%        
Line of credit facility additional aggregate amount, maximum         $ 750,000,000          
Bank line of credit and commercial paper           $ 0 $ 0      
Revolving Credit Facility | Bank Line  of Credit | Variable Rate Component One                    
Debt Instrument                    
Debt instrument, basis spread on variable rate           0.88%        
Debt instrument, facility fee (as a percent)           0.15%        
2027 Term Loan Facilities | Bank Line  of Credit | Term Loan Agreement                    
Debt Instrument                    
Length of debt instrument extension period (in months)     1 year              
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     Secured Overnight Financing Rate (SOFR)              
Aggregate principal amount     $ 500,000,000           $ 500,000,000  
Debt instrument, period after closing     180 days              
Debt instrument, term (in months)     4 years 6 months              
Debt Instrument, interest rate, reduction available for sustainability metrics     0.0001              
2027 Term Loan Facilities | Bank Line  of Credit | Variable Rate Component One | Term Loan Agreement                    
Debt Instrument                    
Debt instrument, basis spread on variable rate           0.94%        
2027 Term Loan Facilities One | Bank Line  of Credit | Term Loan Agreement                    
Debt Instrument                    
Line of credit facility, maximum borrowing capacity     $ 250,000,000              
2027 Term Loan Facilities Two | Bank Line  of Credit | Term Loan Agreement                    
Debt Instrument                    
Line of credit facility, maximum borrowing capacity     $ 250,000,000              
Debt instrument, term (in months)     5 years              
v3.25.1
Debt - Commercial Paper Program (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Commercial Paper      
Debt Instrument      
Borrowings $ 164,000,000    
Commercial Paper Program      
Debt Instrument      
Maximum outstanding amount capacity 2,000,000,000   $ 2,000,000,000
Amortization of debt issuance costs $ 2,000,000 $ 2,000,000  
Borrowings     $ 150,000,000
Debt instrument, term (in months) 18 days   25 days
Weighted-average interest rate (as a percent) 4.70%   4.65%
v3.25.1
Debt - Senior Unsecured Note (Details) - Senior Unsecured Notes - USD ($)
$ in Thousands
Mar. 31, 2025
Feb. 14, 2025
Feb. 03, 2025
Mar. 01, 2024
Debt Instrument        
Aggregate principal amount       $ 1,250,000
Senior Unsecured Notes 5.38%        
Debt Instrument        
Aggregate principal amount   $ 500,000    
Interest rate   5.38%    
Senior Unsecured Notes 3.40%        
Debt Instrument        
Aggregate principal amount     $ 348,194  
Interest rate     3.40%  
Senior Unsecured Notes 5.56%        
Debt Instrument        
Interest rate 5.56%      
Senior Unsecured Notes 3.58%        
Debt Instrument        
Interest rate 3.58%      
v3.25.1
Debt - Mortgage Debt (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
derivative_held
facility
obligation
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
facility
Aug. 31, 2022
derivative_held
Apr. 30, 2022
derivative_held
Debt Instrument          
Principal balance on debt $ 9,017,184        
Number of interest-rate contracts held | derivative_held 1        
Letter of Credit          
Debt Instrument          
Number of obligations expiring | obligation 17        
Contractual obligation $ 17,000        
Cash Flow Hedging | Designated as Hedging Instrument          
Debt Instrument          
Number of interest-rate contracts held | derivative_held 2        
Interest rate swap instruments | Designated as Hedging Instrument          
Debt Instrument          
Number of interest-rate contracts held | derivative_held       2  
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument          
Debt Instrument          
Number of interest-rate contracts held | derivative_held         2
Outpatient Medical Buildings | Secured Debt          
Debt Instrument          
Property count | facility 13        
Aggregate principal amount $ 142,000        
Outpatient medical | Secured Debt          
Debt Instrument          
Property count | facility 1        
Debt instrument, periodic payment $ 4,000        
Secured Debt          
Debt Instrument          
Principal balance on debt 351,378   $ 356,000    
Debt instrument, collateral, healthcare facilities carrying value 749,000   $ 770,000    
Debt instrument, periodic payment $ 5,000 $ 1,000      
Secured Debt | Outpatient Medical Buildings          
Debt Instrument          
Property count | facility 18   19    
Secured Debt | CCRC          
Debt Instrument          
Property count | facility 2   2    
v3.25.1
Debt - Schedule of Principal Repayments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument    
2025 $ 454,568  
2026 994,999  
2027 1,350,842  
2028 1,252,775  
2029 1,564,000  
Thereafter 3,400,000  
Total debt before discount, net 9,017,184  
Premiums, (discounts), and debt issuance costs, net (140,519)  
Long-term debt 8,876,665  
Unamortized debt issuance expense 17,000  
Bank Line  of Credit    
Debt Instrument    
2025 0  
2026 0  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total debt before discount, net 0  
Premiums, (discounts), and debt issuance costs, net 0  
Long-term debt 0  
Commercial Paper    
Debt Instrument    
2025 0  
2026 0  
2027 0  
2028 0  
2029 164,000  
Thereafter 0  
Total debt before discount, net 164,000  
Premiums, (discounts), and debt issuance costs, net 0  
Long-term debt 164,000  
Term Loans    
Debt Instrument    
2025 0  
2026 0  
2027 500,000  
2028 400,000  
2029 750,000  
Thereafter 0  
Total debt before discount, net 1,650,000  
Premiums, (discounts), and debt issuance costs, net (3,665)  
Long-term debt 1,646,335  
Senior Unsecured Notes    
Debt Instrument    
2025 451,806  
2026 650,000  
2027 850,000  
2028 850,000  
2029 650,000  
Thereafter 3,400,000  
Total debt before discount, net 6,851,806 $ 6,700,000
Premiums, (discounts), and debt issuance costs, net (137,527)  
Long-term debt $ 6,714,279  
Weighted-average interest rate (as a percent) 4.10%  
Weighted-average maturity (in years) 5 years  
Senior Unsecured Notes | Minimum    
Debt Instrument    
Interest rate 1.54%  
Senior Unsecured Notes | Maximum    
Debt Instrument    
Interest rate 6.87%  
Senior Unsecured Notes | 2025    
Debt Instrument    
Interest rate 4.19%  
Senior Unsecured Notes | 2026    
Debt Instrument    
Interest rate 3.40%  
Senior Unsecured Notes | 2027    
Debt Instrument    
Interest rate 3.23%  
Senior Unsecured Notes | 2028    
Debt Instrument    
Interest rate 3.53%  
Senior Unsecured Notes | 2029    
Debt Instrument    
Interest rate 3.65%  
Senior Unsecured Notes | Thereafter    
Debt Instrument    
Interest rate 4.66%  
Secured Debt    
Debt Instrument    
2025 $ 2,762  
2026 344,999  
2027 842  
2028 2,775  
2029 0  
Thereafter 0  
Total debt before discount, net 351,378 $ 356,000
Premiums, (discounts), and debt issuance costs, net 673  
Long-term debt $ 352,051  
Weighted-average interest rate (as a percent) 5.06%  
Weighted-average maturity (in years) 1 year 6 months  
Secured Debt | Minimum    
Debt Instrument    
Interest rate 3.44%  
Secured Debt | Maximum    
Debt Instrument    
Interest rate 7.31%  
Secured Debt | 2025    
Debt Instrument    
Interest rate 3.95%  
Secured Debt | 2026    
Debt Instrument    
Interest rate 5.07%  
Secured Debt | 2027    
Debt Instrument    
Interest rate 5.29%  
Secured Debt | 2028    
Debt Instrument    
Interest rate 4.82%  
Secured Debt | 2029    
Debt Instrument    
Interest rate 0.00%  
Secured Debt | Thereafter    
Debt Instrument    
Interest rate 0.00%  
v3.25.1
Commitments and Contingencies (Details)
Mar. 31, 2025
property
Lab JV | Lab Buildings  
Loss Contingencies [Line Items]  
Investment ownership percentage 49.00%
Indemnification Agreement  
Loss Contingencies [Line Items]  
Number of properties may be contributed in the agreement 28
v3.25.1
Equity and Redeemable Noncontrolling Interests - Dividends and Issuance of Common Stock in Connection with the Mergers (Details)
shares in Thousands
 3 Months Ended
Apr. 04, 2025
$ / shares
Mar. 01, 2024
shares
Mar. 31, 2025
$ / shares
Mar. 31, 2024
$ / shares
shares
Noncontrolling Interest [Line Items]        
Dividends declared (in dollars per share)     $ 0.305 $ 0.300
Dividends paid (in dollars per share)     $ 0.305 $ 0.300
Subsequent Event        
Noncontrolling Interest [Line Items]        
Dividends declared (in dollars per share) $ 0.10167      
Common Stock        
Noncontrolling Interest [Line Items]        
Conversion ratio   0.674    
Merger shares (in shares) | shares   162,000   162,231
v3.25.1
Equity and Redeemable Noncontrolling Interests - ATM Program (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Subsidiary or Equity Method Investee [Line Items]    
Issuance of common stock, net $ 254,000 $ 308,000
At-The-Market Program    
Subsidiary or Equity Method Investee [Line Items]    
ATM aggregate amount authorized 1,500,000,000  
Issuance of common stock, net $ 0 $ 0
At-The-Market Program | Minimum    
Subsidiary or Equity Method Investee [Line Items]    
Option indexed to issuers equity, term (in years) 1 year  
At-The-Market Program | Maximum    
Subsidiary or Equity Method Investee [Line Items]    
Option indexed to issuers equity, term (in years) 2 years  
2023 At-The-Market Program    
Subsidiary or Equity Method Investee [Line Items]    
ATM aggregate amount remaining $ 1,500,000,000  
v3.25.1
Equity and Redeemable Noncontrolling Interests - Share Repurchase Programs (Details) - USD ($)
$ / shares in Units, shares in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Jul. 24, 2024
Aug. 01, 2022
2022 Share Repurchase Program            
Share Repurchase Program [Line Items]            
Stock repurchase program, authorized amount           $ 500,000,000
Common stock repurchased (in shares)     5,800 10,500    
Average cost per share (in dollars per share)     $ 17.11 $ 17.98    
Stock repurchase program, total value     $ 100,000,000 $ 188,000,000    
2024 Share Repurchase Program            
Share Repurchase Program [Line Items]            
Stock repurchase program, authorized amount         $ 500,000,000  
Common stock repurchased (in shares)   1,150        
Average cost per share (in dollars per share)   $ 19.45        
Stock repurchase program, total value   $ 22,000,000        
Stock repurchase program, remaining authorized repurchase amount   $ 478,000,000        
2024 Share Repurchase Program | Subsequent Event            
Share Repurchase Program [Line Items]            
Common stock repurchased (in shares) 3,940          
Average cost per share (in dollars per share) $ 18.22          
Stock repurchase program, total value $ 72,000,000          
v3.25.1
Equity and Redeemable Noncontrolling Interests - Schedule of Accumulated Other comprehensive Income (Loss) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
plan_participant
Dec. 31, 2024
USD ($)
Accumulated Other Comprehensive Loss    
Unrealized gains (losses) on derivatives, net $ 8,746 $ 30,707
Supplemental Executive Retirement Plan minimum liability (1,819) (1,889)
Total accumulated other comprehensive income (loss) $ 6,927 $ 28,818
Number of participants | plan_participant 1  
v3.25.1
Equity and Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interests and Healthpeak OP (Details)
unit in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
unit
shares
Mar. 31, 2024
unit
Dec. 31, 2024
unit
Apr. 30, 2024
USD ($)
property
Noncontrolling Interest [Line Items]        
Noncontrolling interests, option requirements met | $ $ 12      
Noncontrolling interests, option requirements remaining | $ $ 3      
Number of redeemable noncontrolling interests with redemption conditions | property       4
Redemption value | $       $ 53
Units outstanding (in units) | unit 5,000   3,000  
Issuance of OP units criteria redemption (in units) | unit 257   76  
Healthpeak OP | Total Noncontrolling Interests        
Noncontrolling Interest [Line Items]        
Issuance of OP units (in units) | unit 2,000 2,000    
Common stock, unit redemption share amount | shares 1      
v3.25.1
Equity and Redeemable Noncontrolling Interests - DownREITs (Details)
$ in Thousands, shares in Millions
Mar. 31, 2025
USD ($)
entity
shares
Dec. 31, 2024
USD ($)
entity
shares
Noncontrolling Interest [Line Items]    
DownREIT units outstanding (in shares) | shares 11 11
Number of DownREIT LLCs | entity 8 8
Non-managing member unitholders | $ $ 341,022 $ 337,917
Down REIT    
Noncontrolling Interest [Line Items]    
Common stock issuable (in shares) | shares 13 14
Non-managing member unitholders | $ $ 309,000 $ 310,000
v3.25.1
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator    
Net income (loss) $ 50,064 $ 11,177
Noncontrolling interests’ share in earnings (7,236) (4,501)
Net income (loss) attributable to Healthpeak Properties, Inc. 42,828 6,676
Less: Participating securities’ share in earnings (464) (199)
Net income (loss) applicable to common shares $ 42,364 $ 6,477
Denominator    
Basic weighted average shares outstanding (in shares) 699,067 600,898
Dilutive potential common shares - equity awards (in shares) 51 181
Dilutive potential common shares - OP Units (in shares) 0 109
Diluted weighted average common shares (in shares) 699,118 601,188
Earnings (loss) per common share    
Basic (in dollars per share) $ 0.06 $ 0.01
Diluted (in dollars per share) $ 0.06 $ 0.01
Outstanding equity awards (in shares) 1,000 1,000
Dilutive potential common shares - OP Units (in shares) 5,000 3,000
v3.25.1
Earnings Per Common Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Down REIT    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares) 13 14
v3.25.1
Segment Disclosures - Narrative (Details)
Mar. 31, 2025
property
Segment Reporting Information [Line Items]  
Number of facilities owned by unconsolidated joint venture 19
v3.25.1
Segment Disclosures - Schedule of Information for the Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information, Revenue for Reportable Segment [Abstract]    
Total revenues $ 702,889 $ 606,560
Plus: Adjustments to NOI 26,918 27,562
Interest income and other 15,821 5,751
Interest expense (72,693) (60,907)
Depreciation and amortization (268,546) (219,219)
General and administrative (26,118) (23,299)
Transaction and merger-related costs (5,534) (107,220)
Impairments and loan loss reserves, net 3,562 (11,458)
Gain (loss) on sales of real estate, net 0 3,255
Other income (expense), net (6,126) 78,516
Less: Healthpeak’s share of unconsolidated joint venture Adjusted NOI (5,399) (5,193)
Plus: Noncontrolling interests’ share of consolidated joint venture Adjusted NOI 7,195 6,566
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 54,291 22,499
Outpatient Medical    
Segment Reporting Information, Revenue for Reportable Segment [Abstract]    
Gain (loss) on sales of real estate, net   3,000
Operating Segment    
Segment Reporting Information, Revenue for Reportable Segment [Abstract]    
Total revenues 687,068 600,809
Healthpeak’s share of unconsolidated joint venture total revenues 10,059 7,600
Noncontrolling interests’ share of consolidated joint venture total revenues (9,973) (9,039)
Operating expenses (273,143) (243,729)
Healthpeak’s share of unconsolidated joint venture operating expenses (4,660) (2,407)
Noncontrolling interests’ share of consolidated joint venture operating expenses 2,778 2,473
Adjustments to NOI (26,918) (27,562)
Adjusted NOI for reportable segments 385,211 328,145
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 54,291 22,499
Operating Segment | Outpatient Medical    
Segment Reporting Information, Revenue for Reportable Segment [Abstract]    
Total revenues 320,548 238,272
Healthpeak’s share of unconsolidated joint venture total revenues 7,259 2,739
Noncontrolling interests’ share of consolidated joint venture total revenues (9,973) (8,876)
Operating expenses (105,225) (81,268)
Healthpeak’s share of unconsolidated joint venture operating expenses (2,994) (1,083)
Noncontrolling interests’ share of consolidated joint venture operating expenses 2,778 2,430
Adjustments to NOI (12,082) (6,127)
Adjusted NOI for reportable segments 200,311 146,087
Operating Segment | Lab    
Segment Reporting Information, Revenue for Reportable Segment [Abstract]    
Total revenues 217,593 223,761
Healthpeak’s share of unconsolidated joint venture total revenues 2,800 4,861
Noncontrolling interests’ share of consolidated joint venture total revenues 0 (163)
Operating expenses (57,658) (56,840)
Healthpeak’s share of unconsolidated joint venture operating expenses (1,666) (1,324)
Noncontrolling interests’ share of consolidated joint venture operating expenses 0 43
Adjustments to NOI (14,836) (21,435)
Adjusted NOI for reportable segments 146,233 148,903
Operating Segment | CCRC    
Segment Reporting Information, Revenue for Reportable Segment [Abstract]    
Total revenues 148,927 138,776
Healthpeak’s share of unconsolidated joint venture total revenues 0 0
Noncontrolling interests’ share of consolidated joint venture total revenues 0 0
Operating expenses (110,260) (105,621)
Healthpeak’s share of unconsolidated joint venture operating expenses 0 0
Noncontrolling interests’ share of consolidated joint venture operating expenses 0 0
Adjustments to NOI 0 0
Adjusted NOI for reportable segments $ 38,667 $ 33,155
v3.25.1
Segment Disclosures - Schedule of Significant Expense Categories By Reportable Segment (Details) - Operating segment - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Operating expenses $ 273,143 $ 243,729
Outpatient medical    
Segment Reporting Information [Line Items]    
Compensation and property management 14,629 11,097
Food 0 0
Real estate taxes 24,079 20,128
Repairs and maintenance 15,503 11,591
Utilities 17,912 12,887
Other segment item 33,102 25,565
Operating expenses 105,225 81,268
Lab    
Segment Reporting Information [Line Items]    
Compensation and property management 8,310 8,377
Food 0 0
Real estate taxes 19,021 19,897
Repairs and maintenance 7,358 6,611
Utilities 10,423 11,184
Other segment item 12,546 10,771
Operating expenses 57,658 56,840
CCRC    
Segment Reporting Information [Line Items]    
Compensation and property management 70,003 67,622
Food 6,442 6,463
Real estate taxes 4,508 4,301
Repairs and maintenance 4,846 4,614
Utilities 5,663 5,336
Other segment item 18,798 17,285
Operating expenses $ 110,260 $ 105,621
v3.25.1
Segment Disclosures - Revenues by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Disclosure    
Total revenues for reportable segments $ 702,889 $ 606,560
Interest income and other 15,821 5,751
Total revenues 702,889 606,560
Operating segment    
Segment Disclosure    
Total revenues for reportable segments 687,068 600,809
Total revenues 687,068 600,809
Operating segment | Outpatient medical    
Segment Disclosure    
Total revenues for reportable segments 320,548 238,272
Total revenues 320,548 238,272
Operating segment | Lab    
Segment Disclosure    
Total revenues for reportable segments 217,593 223,761
Total revenues 217,593 223,761
Operating segment | CCRC    
Segment Disclosure    
Total revenues for reportable segments 148,927 138,776
Total revenues $ 148,927 $ 138,776
v3.25.1
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Supplemental cash flow information:    
Interest paid, net of capitalized interest $ 80,706 $ 73,789
Income taxes paid (refunded) 256 871
Capitalized interest 20,035 15,232
Supplemental schedule of non-cash investing and financing activities:    
Accrued construction costs 128,341 108,797
Increase in ROU asset in exchange for new lease liability related to operating leases 0 4,339
Retained investment in connection with Callan Ridge JV 0 69,255
Non-cash assets and liabilities assumed in connection with the Merger $ 0 $ 2,927,611
v3.25.1
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Continuing operations        
Cash and cash equivalents $ 70,625 $ 119,818 $ 101,763 $ 117,635
Restricted cash 67,981 64,487 55,395 51,388
Cash, cash equivalents, and restricted cash $ 138,606 $ 184,305 $ 157,158 $ 169,023
v3.25.1
Variable Interest Entities - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 01, 2024
USD ($)
Mar. 31, 2025
USD ($)
joint_venture
entity
hospital
Dec. 31, 2021
USD ($)
Mar. 31, 2025
USD ($)
joint_venture
entity
hospital
Dec. 31, 2024
USD ($)
joint_venture
entity
Feb. 28, 2025
USD ($)
Variable Interest Entity [Line Items]            
Number of DownREIT LLCs | entity   8   8 8  
Loans receivable, net of reserves of $7,554 and $10,499   $ 698,525   $ 698,525 $ 717,190  
Secured Mortgage Loans            
Variable Interest Entity [Line Items]            
Loans receivable, outstanding balance $ 89,000          
Outpatient medical | Other | Secured Mortgage Loans            
Variable Interest Entity [Line Items]            
Loans receivable, outstanding balance   41,000        
Payments for loans receivable       4,000    
PropTech            
Variable Interest Entity [Line Items]            
Payments to acquire equity investments       1,000 1,000  
Equity investment, aggregate cost   $ 10,000   $ 10,000    
Equity investment, percentage of total fund commitments   5.00%   5.00%    
Equity method investment, amount   $ 2,000   $ 2,000    
Needham Land Parcel JV | Lab Buildings            
Variable Interest Entity [Line Items]            
Investment ownership percentage   38.00% 38.00% 38.00%    
Cash paid     $ 13,000      
Equity method investment, amount   $ 21,157   $ 21,157 $ 21,348  
HQ Point Investment            
Variable Interest Entity [Line Items]            
Equity investment, aggregate cost           $ 50,000
HQ Point Investment | Lab Buildings            
Variable Interest Entity [Line Items]            
Payments to acquire equity investments       $ 21,000    
Unconsolidated Variable Interest Entities | Commercial Mortgage-Backed Securities            
Variable Interest Entity [Line Items]            
Number of hospitals | hospital   3   3    
Ventures V            
Variable Interest Entity [Line Items]            
VIE ownership percentage       51.00%    
MSREI JV            
Variable Interest Entity [Line Items]            
VIE ownership percentage       51.00%    
DownREIT Partnerships            
Variable Interest Entity [Line Items]            
Number of DownREIT LLCs | joint_venture   8   8 8  
v3.25.1
Variable Interest Entities - Schedule of Variable Interest Entities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
LLC Investment and PropTech Investment  
Variable Interest Entity [Line Items]  
Maximum Loss Exposure and Carrying Amount $ 16,875
Needham Land Parcel JV and HQ Point Preferred Equity Investment  
Variable Interest Entity [Line Items]  
Maximum Loss Exposure and Carrying Amount 42,900
Loans Receivable Investments  
Variable Interest Entity [Line Items]  
Maximum Loss Exposure and Carrying Amount $ 3,522
v3.25.1
Variable Interest Entities - Schedule of Consolidated Assets and Liabilities of VIEs (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets        
Buildings and improvements $ 16,176,176 $ 16,115,283    
Development costs and construction in progress 962,714 880,393    
Land and improvements 2,941,082 2,918,758    
Accumulated depreciation and amortization (4,240,220) (4,083,030)    
Net real estate 15,839,752 15,831,404    
Loans receivable, net 698,525 717,190    
Investments in and advances to unconsolidated joint ventures 951,978 936,814    
Accounts receivable, net 68,908 76,810    
Cash and cash equivalents 70,625 119,818 $ 101,763 $ 117,635
Intangible assets, net 747,789 817,254    
Right-of-use asset, net 422,017 424,173    
Other assets, net 940,314 942,465    
Total assets 19,815,729 19,938,255    
Liabilities        
Term loans 1,646,335 1,646,043    
Senior unsecured notes 6,714,279 6,563,256    
Mortgage debt 352,051 356,750    
Intangible liabilities, net 179,002 191,884    
Lease liability 306,577 307,220    
Accounts payable, accrued liabilities, and other liabilities 670,221 725,342    
Deferred revenue 939,855 940,136    
Total liabilities 10,972,320 10,880,631    
Consolidated Lessees VIE        
Assets        
Buildings and improvements 4,745,424 4,669,914    
Development costs and construction in progress 75,420 92,710    
Land and improvements 476,244 472,232    
Accumulated depreciation and amortization (819,325) (761,759)    
Net real estate 4,477,763 4,473,097    
Loans receivable, net 548,738 550,829    
Investments in and advances to unconsolidated joint ventures 34,322 39,946    
Accounts receivable, net 8,760 17,357    
Cash and cash equivalents 30,050 32,421    
Restricted cash 2,321 1,029    
Intangible assets, net 586,168 629,802    
Right-of-use asset, net 272,838 270,918    
Other assets, net 174,678 173,435    
Total assets 6,135,638 6,188,834    
Liabilities        
Term loans 401,767 401,895    
Senior unsecured notes 1,155,895 1,151,801    
Mortgage debt 245,611 247,776    
Intangible liabilities, net 90,221 95,315    
Lease liability 196,540 193,421    
Accounts payable, accrued liabilities, and other liabilities 105,617 125,688    
Deferred revenue 62,212 65,358    
Total liabilities $ 2,257,863 $ 2,281,254    
v3.25.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Summary of financial instruments    
Bank line of credit and commercial paper $ 164,000 $ 150,000
Senior unsecured notes 6,714,279 6,563,256
Mortgage debt 352,051 356,750
Carrying Value    
Summary of financial instruments    
Loans receivable, net 698,525 717,190
Bank line of credit and commercial paper 164,000 150,000
Term loans 1,646,335 1,646,043
Senior unsecured notes 6,714,279 6,563,256
Mortgage debt 352,051 356,750
Interest rate swap liabilities 294 0
Carrying Value | Interest rate swap instruments    
Summary of financial instruments    
Interest rate swap assets 13,514 35,120
Fair Value | Level 2    
Summary of financial instruments    
Loans receivable, net 712,404 729,637
Bank line of credit and commercial paper 164,000 150,000
Term loans 1,646,335 1,646,043
Mortgage debt 347,889 350,292
Interest rate swap liabilities 294 0
Fair Value | Level 2 | Interest rate swap instruments    
Summary of financial instruments    
Interest rate swap assets 13,514 35,120
Fair Value | Level 1    
Summary of financial instruments    
Senior unsecured notes $ 6,592,068 $ 6,373,528
v3.25.1
Derivative Financial Instruments - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
derivative_held
Mar. 01, 2024
USD ($)
derivative_held
Jan. 31, 2024
USD ($)
Feb. 28, 2023
derivative_held
Aug. 31, 2022
USD ($)
derivative_held
Apr. 30, 2022
USD ($)
derivative_held
Derivative [Line Items]            
Asset at fair value, changes in fair value resulting from changes in assumptions $ 50          
Number of interest-rate contracts held | derivative_held 1          
Notional Amount $ 180          
Mortgage Debt            
Derivative [Line Items]            
Aggregate principal amount   $ 128        
Senior Unsecured Term Loan | 2028 Term Loan            
Derivative [Line Items]            
Aggregate principal amount   $ 400        
Cash Flow Hedging | Designated as Hedging Instrument            
Derivative [Line Items]            
Number of interest-rate contracts held | derivative_held 2          
Notional Amount $ 110          
Interest rate swap instruments | Secured Overnight Financing Rate (SOFR)            
Derivative [Line Items]            
Number of interest-rate contracts held | derivative_held       2    
Interest rate swap instruments | Designated as Hedging Instrument            
Derivative [Line Items]            
Number of interest-rate contracts held | derivative_held         2  
Notional Amount     $ 750   $ 500  
Interest rate swap instruments | Designated as Hedging Instrument | Mortgage Debt            
Derivative [Line Items]            
Derivative, notional amount           $ 142
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument            
Derivative [Line Items]            
Number of interest-rate contracts held | derivative_held           2
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument | Mortgage Debt            
Derivative [Line Items]            
Number of interest-rate contracts held | derivative_held   1        
Aggregate principal amount   $ 36        
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument | Senior Unsecured Term Loan | 2028 Term Loan            
Derivative [Line Items]            
Number of interest-rate contracts held | derivative_held   3        
Notional Amount   $ 400        
v3.25.1
Derivative Financial Instruments - Schedule of Derivative Instruments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
derivative_held
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Mar. 01, 2024
USD ($)
Derivative [Line Items]        
Notional Amount $ 180,000      
Number of interest-rate contracts held | derivative_held 1      
Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 110,000      
Total interest rate swap assets 13,514   $ 35,120 $ 7,000
Interest rate swap liabilities: (294)   0  
Interest expense $ 400 $ 200    
Number of interest-rate contracts held | derivative_held 2      
Cash Flow Hedging | Designated as Hedging Instrument | Mortgages        
Derivative [Line Items]        
Total interest rate swap assets $ 36,000      
Interest Rate Swap, 4.99% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 51,100      
Interest rate 4.99%      
Receive Rate 2.50%      
Total interest rate swap assets $ 765   1,050  
Interest Rate Swap, 4.54% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 91,000      
Interest rate 4.54%      
Receive Rate 2.05%      
Total interest rate swap assets $ 1,363   1,870  
Interest Rate Swap, 2.60% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 250,000      
Interest rate 2.60%      
Total interest rate swap assets $ 4,963   7,224  
Interest Rate Swap, 2.54% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 250,000      
Interest rate 2.54%      
Total interest rate swap assets $ 6,261   9,122  
Interest Rate Swap, 3.59% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount 400,000      
Notional Amount $ 400,000      
Interest rate 3.59%      
Total interest rate swap assets $ 0   4,887  
Interest rate swap liabilities: (11)   0  
Interest Rate Swap, 3.57% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 350,000      
Interest rate 3.57%      
Total interest rate swap assets $ 162   5,347  
Interest Rate Swap, 3.60% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount 400,000      
Notional Amount $ 400,000      
Interest rate 3.60%      
Total interest rate swap assets $ 0   5,620  
Interest rate swap liabilities: (283)   $ 0  
Interest Rate Swap, 3.56% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 50,000      
Interest rate 3.56%      
Number of interest-rate contracts held | derivative_held 2      
Interest Rate Swap, 3.57% Pay Rate, One | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 50,000      
Interest rate 3.57%      
Number of interest-rate contracts held | derivative_held 3      
Interest Rate Swap, 3.58% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 100,000      
Interest rate 3.58%      
Number of interest-rate contracts held | derivative_held 1      
Interest Rate Swap, 3.60% Pay Rate, One | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 50,000      
Interest rate 3.60%      
Number of interest-rate contracts held | derivative_held 5      
Interest Rate Swap, 3.61% Pay Rate | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional Amount $ 50,000      
Interest rate 3.61%      
Number of interest-rate contracts held | derivative_held 3      
v3.25.1
Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Refundable entrance fees $ 233,358 $ 236,563
Accrued construction costs 128,341 136,767
Accrued interest 60,174 76,040
Other accounts payable and accrued liabilities 248,348 275,972
Accounts payable, accrued liabilities, and other liabilities 670,221 725,342
Severance-related charges $ 3,000 $ 4,000
v3.25.1
Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenues [Abstract]      
Nonrefundable entrance fees $ 620,420   $ 615,723
Other deferred revenue 319,435   324,413
Deferred revenue 939,855   $ 940,136
Proceeds from nonrefundable entrance fees 29,000 $ 29,000  
Amortization of nonrefundable entrance fee 24,000 22,000  
Amortization of other deferred charges $ 11,000 $ 15,000