CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Balance Sheet Parenthetical Disclosures | ||
| Reserves for loans receivable | $ 11,602 | $ 10,499 |
| Allowance for accounts receivable | $ 1,933 | $ 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) | 694,946,444 | 699,485,139 |
| Common stock, outstanding (in shares) | 694,946,444 | 699,485,139 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
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| Revenues: | ||||
| Rental and related revenues | $ 539,886 | $ 543,251 | $ 1,607,714 | $ 1,552,065 |
| Resident fees and services | 150,458 | 142,845 | 448,240 | 422,512 |
| Interest income and other | 15,529 | 14,301 | 47,156 | 27,884 |
| Total revenues | 705,873 | 700,397 | 2,103,110 | 2,002,461 |
| Costs and expenses: | ||||
| Interest expense | 76,784 | 74,105 | 224,540 | 209,922 |
| Depreciation and amortization | 262,317 | 280,019 | 796,779 | 782,736 |
| Operating | 291,922 | 280,279 | 841,246 | 797,835 |
| General and administrative | 19,907 | 23,216 | 66,789 | 73,233 |
| Transaction and merger-related costs | 2,420 | 7,134 | 18,169 | 122,113 |
| Impairments and loan loss reserves (recoveries), net | (54) | 441 | (117) | 11,346 |
| Total costs and expenses | 653,296 | 665,194 | 1,947,406 | 1,997,185 |
| Other income (expense): | ||||
| Gain (loss) on sales of real estate, net | 11,500 | 62,325 | 13,136 | 187,624 |
| Other income (expense), net | 1,160 | 982 | (9,658) | 83,502 |
| Total other income (expense), net | 12,660 | 63,307 | 3,478 | 271,126 |
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 65,237 | 98,510 | 159,182 | 276,402 |
| Income tax benefit (expense) | 1,206 | (1,938) | (3,256) | (18,364) |
| Equity income (loss) from unconsolidated joint ventures | (176,291) | (3,834) | (176,691) | (1,407) |
| Net income (loss) | (109,848) | 92,738 | (20,765) | 256,631 |
| Noncontrolling interests’ share in earnings | (7,274) | (6,866) | (21,856) | (18,036) |
| Net income (loss) attributable to Healthpeak Properties, Inc. | (117,122) | 85,872 | (42,621) | 238,595 |
| Participating securities’ share in earnings | (134) | (197) | (714) | (610) |
| Net income (loss) applicable to common shares | $ (117,256) | $ 85,675 | $ (43,335) | $ 237,985 |
| Earnings (loss) per common share: | ||||
| Basic (in dollars per share) | $ (0.17) | $ 0.12 | $ (0.06) | $ 0.36 |
| Diluted (in dollars per share) | $ (0.17) | $ 0.12 | $ (0.06) | $ 0.36 |
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 694,930 | 699,349 | 696,380 | 667,536 |
| Diluted (in shares) | 694,930 | 700,146 | 696,380 | 668,096 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income (loss) | $ (109,848) | $ 92,738 | $ (20,765) | $ 256,631 |
| Other comprehensive income (loss): | ||||
| Net unrealized gains (losses) on derivatives | (3,027) | (54,742) | (37,005) | (31,944) |
| Change in Supplemental Executive Retirement Plan obligation and other | 71 | 64 | 212 | 192 |
| Total other comprehensive income (loss) | (2,956) | (54,678) | (36,793) | (31,752) |
| Total comprehensive income (loss) | (112,804) | 38,060 | (57,558) | 224,879 |
| Total comprehensive (income) loss attributable to noncontrolling interests | (7,274) | (6,866) | (21,856) | (18,036) |
| Total comprehensive income (loss) attributable to Healthpeak Properties, Inc. | $ (120,078) | $ 31,194 | $ (79,414) | $ 206,843 |
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Statement of Stockholders' Equity [Abstract] | ||||
| Common dividends, per share (in dollars per share) | $ 0.305 | $ 0.300 | $ 0.915 | $ 0.900 |
Business |
9 Months Ended |
|---|---|
Sep. 30, 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).
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Summary of Significant Accounting Policies |
9 Months Ended |
|---|---|
Sep. 30, 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 and nine months ended September 30, 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 expects ASU 2023-09 to require additional disclosures in the Notes to the Consolidated Financial Statements. The Company does not expect the amendments to have a material impact to its consolidated financial position, results of operations, or cash flows. 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.
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The Merger |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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):
_______________________________________ (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):
_______________________________________ (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 and nine months ended September 30, 2025, the Company incurred approximately $2 million and $9 million of merger-related costs, respectively, including severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust. During the three months ended September 30, 2024, the Company incurred approximately $6 million of merger-related costs, including severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust. During the nine months ended September 30, 2024, the Company incurred approximately $120 million of merger-related costs, which primarily related to advisory, legal, accounting, information technology, 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) $28 million of legal, accounting, tax, information technology, and other costs, and (v) $12 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 September 30, 2024 include $138 million of revenues and $37 million of net income applicable to common shares associated with the results of operations of legacy Physicians Realty Trust. The Consolidated Statements of Operations for the nine months ended September 30, 2024 include $332 million of revenues and $1 million of net loss applicable to common shares associated with the results of operations of legacy Physicians Realty Trust from the Closing Date to September 30, 2024. The following unaudited pro forma information presents a summary of the results of operations for the Combined Company, as if the Merger had been consummated on January 1, 2023 (in thousands). There are no pro forma adjustments for the three and nine months ended September 30, 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.
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 $6 million and $120 million that were incurred during the three and nine months ended September 30, 2024, respectively, were excluded from the unaudited pro forma financial information for the three and nine months ended September 30, 2024, respectively, as if they were incurred on the pro forma completion date of January 1, 2023.
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Real Estate Investments |
9 Months Ended |
|---|---|
Sep. 30, 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. Atlanta Condominium Interest Acquisition In September 2025, the Company acquired a condominium interest in eight suites within an outpatient medical building in Atlanta, Georgia for $6 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 $28 million to $256 million at September 30, 2025, when compared to December 31, 2024, primarily as a result of construction spend on projects in development and redevelopment, partially offset by commitments on projects placed into development and redevelopment during the period.
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Dispositions of Real Estate |
9 Months Ended |
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Sep. 30, 2025 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Dispositions of Real Estate | Dispositions of Real Estate 2025 Dispositions of Real Estate During the three months ended June 30, 2025, the Company sold one outpatient medical land parcel for $4 million, resulting in gain on sale of $3 million. During the three months ended September 30, 2025, the Company sold two outpatient medical buildings for $27 million, resulting in total gain on sales of $12 million. 2024 Dispositions of Real Estate During the three months ended March 31, 2024, the Company sold two outpatient medical buildings for $29 million, resulting in total gain on sales of $3 million. During the three months ended June 30, 2024, the Company sold a portfolio of seven lab buildings for $180 million and 11 outpatient medical buildings for $179 million, resulting in total gain on sales of $122 million. During the three months ended September 30, 2024, the Company sold a portfolio of 59 outpatient medical buildings for $674 million, resulting in total gain on sales of $60 million, and provided the buyer with a mortgage loan secured by the real estate sold for $405 million (see Note 7). During the year ended December 31, 2024, the Company also sold: (i) one outpatient medical building for $12 million, (ii) 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 (iii) 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 September 30, 2025, six lab buildings were classified as held for sale, with a carrying value of $68 million, primarily comprised of net real estate assets, straight-line rent receivable, and right-of-use assets. As of September 30, 2025, liabilities related to the assets held for sale were $12 million, primarily comprised of lease liabilities and deferred revenue. As of December 31, 2024, one outpatient medical building was classified as held for sale, with a carrying value of $8 million, primarily comprised of net real estate assets. As of December 31, 2024, liabilities related to the asset held for sale were zero. This asset was sold during the three months ended September 30, 2025. Impairments of Real Estate During the three and nine months ended September 30, 2025 and 2024, the Company did not recognize any impairment charges on its consolidated real estate assets. See Note 8 for discussion of the Company’s other-than-temporary impairment charges.
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Leases |
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| Leases | Leases Lease Income The following table summarizes the Company’s lease income (in thousands):
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 September 30, 2025 and December 31, 2024, the balance of net initial direct costs were $210 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 September 30, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, excluding amounts reported in assets held for sale, net, was $368 million and $338 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. At September 30, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, reported in assets held for sale, net, was $0.8 million and zero, respectively. Tenant Updates 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 each of the three and nine months ended September 30, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues. 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.
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| Leases | Leases Lease Income The following table summarizes the Company’s lease income (in thousands):
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 September 30, 2025 and December 31, 2024, the balance of net initial direct costs were $210 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 September 30, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, excluding amounts reported in assets held for sale, net, was $368 million and $338 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. At September 30, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, reported in assets held for sale, net, was $0.8 million and zero, respectively. Tenant Updates 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 each of the three and nine months ended September 30, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues. 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.
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| Lessee | Leases Lease Income The following table summarizes the Company’s lease income (in thousands):
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 September 30, 2025 and December 31, 2024, the balance of net initial direct costs were $210 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 September 30, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, excluding amounts reported in assets held for sale, net, was $368 million and $338 million, respectively. Straight-line rent receivable is included in other assets, net in the Consolidated Balance Sheets. At September 30, 2025 and December 31, 2024, straight-line rent receivable, net of allowance, reported in assets held for sale, net, was $0.8 million and zero, respectively. Tenant Updates 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 each of the three and nine months ended September 30, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues. 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.
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Loans Receivable |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Receivable | Loans Receivable The following table summarizes the Company’s loans receivable (in thousands):
(1)At September 30, 2025, the Company had $121 million of remaining commitments to fund additional principal on loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional principal on loans for outpatient medical capital expenditure projects. The Merger On March 1, 2024, upon the consummation of the Merger, the Company acquired nine 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 September 30, 2025, unamortized net discounts on the secured loans and mezzanine loans acquired were $0.3 million and $1 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 a portfolio of senior housing operating properties (“SHOP”) facilities in January 2021, the Company provided the buyer with financing secured by the buyer’s equity ownership in each property. In February 2024, this secured loan 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. In May 2024, the Company received a partial principal repayment of $5 million in conjunction with the disposition of underlying collateral. At December 31, 2024, this secured loan had an outstanding principal balance of $58 million. In August 2025, the Company received full repayment of the outstanding balance of this seller financing. Other SHOP Seller Financing In conjunction with another SHOP portfolio sale in January 2021, the Company provided the buyer with financing secured by the buyer’s equity ownership in each property. This secured loan was most recently refinanced with the Company in January 2024 at which time the maturity date was extended to January 2025. At December 31, 2024, this secured loan had an outstanding principal balance of $48 million. 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 two 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 and nine months ended September 30, 2025, the Company recognized $2 million and $5 million, respectively, of non-cash interest income related to the amortization of this mark-to-market discount. During each of the three and nine months ended September 30, 2024, the Company recognized $1 million of non-cash interest income related to the amortization of this mark-to-market discount. As of September 30, 2025 and December 31, 2024, the unamortized mark-to-market discount was $13 million and $18 million, respectively. 2025 Other Loans Receivable Transactions During the nine months ended September 30, 2025, the Company: (i) entered into one secured loan to provide up to $75 million to fund a portion of the acquisition and redevelopment of a lab building, $28 million of which was funded upon closing of the loan, (ii) entered into an agreement to provide aggregate financing of $41 million to fund the development of an outpatient medical building, $4 million of which was funded upon closing of the loan, (iii) entered into and funded a $4 million loan secured by a land parcel, (iv) entered into and funded a $4 million mezzanine loan to one of its unconsolidated joint ventures, and (v) funded $27 million of principal on its existing secured loans. During the nine months ended September 30, 2025, the Company received full repayment of: (i) the outstanding balance of one $15 million secured loan and (ii) the outstanding balance of one $1 million mezzanine loan. During the nine months ended September 30, 2025, the Company also received partial repayments of $3 million on one secured loan. 2024 Other Loans Receivable Transactions During the year ended December 31, 2024, the Company entered into one construction loan agreement to provide up to $36 million to fund a portion of the construction of an outpatient medical building, none of which was funded upon closing of the loan. Also during the year ended December 31, 2024, the Company entered into and funded one $15 million mezzanine loan. CCRC Resident Loans For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the resident’s previous home. At September 30, 2025 and December 31, 2024, the Company held $67 million and $61 million, respectively, of such notes receivable. Loans Receivable Internal Ratings In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of September 30, 2025 (in thousands):
_______________________________________ (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):
_______________________________________ (1)Includes CCRC resident loans. Additionally, at September 30, 2025 and December 31, 2024, a liability of $1.6 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 nine months ended September 30, 2025 is primarily due to reserves recognized on new and amended loans during the nine months then ended, partially offset by recoveries related to loans repaid during the same period.
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Investments in and Advances to Unconsolidated Joint Ventures |
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| 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):
_______________________________________ (1)These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2)Property counts and ownership percentages are as of September 30, 2025. Land held for development and the properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count. (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)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. Other-Than-Temporary Impairments The Company reviews its investments in unconsolidated joint ventures for indicators of impairment on a quarterly basis and records an impairment charge when a decline in the fair value below the carrying value has been determined to be other-than-temporary. Indicators of impairment have been identified related to the cumulative impact of depressed biotechnology capital raising, lower market rents, increased capitalization rates, and oversupply affecting the life science industry. These conditions are a shift since the time of formation of the South San Francisco JVs, a period marked by historically low interest rates coupled with market rents and valuations at or near industry highs when the JV partner acquired its 30% interest. As the South San Francisco JVs include recently completed and in-process redevelopment properties, these economic conditions have resulted in an increase to the timeframe required to reach stabilized occupancy and changes to management’s estimates of market rents upon completion of redevelopment activities. Additionally, there has been a shift in development plans of the Needham Land Parcel JV from a life science development to a mixed-use project, resulting in an extended timeline and delayed project commencement. These circumstances have contributed to a sustained decrease in the value of these investments. During the three months ended September 30, 2025, the Company determined that the length of time and extent of the decline in fair values below carrying values represent other-than-temporary impairments. Accordingly, during the three months ended September 30, 2025, the Company recorded impairment charges of $169 million related to its investments in the South San Francisco JVs and $7 million related to its investment in the Needham Land Parcel JV, net of tax. These impairment charges are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The discounted cash flow models utilized to determine the impairment charges were considered Level 3 measurements within the fair value hierarchy. These discounted cash flow models utilized the following key assumptions: (i) forecasted occupancy and market rents, (ii) a terminal capitalization rate of 6.50%, (iii) discount rates ranging from 7.50% to 8.75%, with a weighted average of 7.95% (weighted by each property’s relative fair value), (iv) expected capital expenditures, and (v) specific to Needham Land Parcel JV, land values based on a comparable sales approach. 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 September 30, 2025, the Company had funded $45 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 nine months ended September 30, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.
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| 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):
_______________________________________ (1)At September 30, 2025 and December 31, 2024, includes $1.28 billion and $1.42 billion, respectively, of gross lease-up intangibles and at September 30, 2025 and December 31, 2024, includes $43 million and $45 million, respectively, of gross above market lease intangibles. (2)At September 30, 2025 and December 31, 2024, includes $694 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $16 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):
During the nine months ended September 30, 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 September 30, 2025 and December 31, 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):
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| 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. 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. 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 September 30, 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 (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 September 30, 2025, and inclusive of the adjustment related to SOFR transition, the margin on the 2028 Term Loan was 1.00%. In October 2025, the Company executed an amendment to the 2028 Term Loan to remove the adjustment related to SOFR transition from the determination of the margin. 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 . 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 September 30, 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 September 30, 2025 and December 31, 2024, the Company had no balance outstanding under the Revolving Facility. In October 2025, the Company executed an amendment to the Revolving Facility to, among other immaterial changes, remove the 10 basis point adjustment related to SOFR transition from the determination of the margin. 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 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2025 and December 31, 2024, the Company had $1.25 billion of loans outstanding under the Term Loan Agreement. In October 2025, the Company executed an amendment to the Term Loan Agreement to remove the adjustment related to SOFR transition from the determination of the margin. 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 September 30, 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 September 30, 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 September 30, 2025 and 2024, the Company recognized $2 million of interest expense related to fees and amortization of debt issuance costs in connection with its Commercial Paper Program and Revolving Facility. During each of the nine months ended September 30, 2025 and 2024, the Company recognized $7 million of interest expense related to fees and amortization of debt issuance costs in connection with its Commercial Paper Program and Revolving Facility. At September 30, 2025, the Company had $368 million notes outstanding under the Commercial Paper Program, with original maturities of approximately 22 days and a weighted average interest rate of 4.36%. 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 September 30, 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 September 30, 2025. The following table summarizes the Company’s senior unsecured note issuances for the nine months ended September 30, 2025 (dollars in thousands):
_______________________________________ (1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, is 5.56% for the senior unsecured notes issued in February 2025 and 5.02% for the senior unsecured notes issued in August 2025. The following table summarizes the Company’s senior unsecured note repayments during the nine months ended September 30, 2025 (dollars in thousands):
_______________________________________ (1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.58% for the senior unsecured notes repaid in February 2025 and 4.19% for the senior unsecured notes repaid in June 2025. 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 September 30, 2025 and December 31, 2024, the Company had $350 million and $356 million, respectively, in aggregate principal of mortgage debt outstanding. At September 30, 2025, this mortgage debt was secured by 18 outpatient medical buildings and 2 CCRCs, with an aggregate carrying value of $752 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 each of the three months ended September 30, 2025 and 2024, the Company made aggregate principal repayments of mortgage debt of $1 million. During the nine months ended September 30, 2025 and 2024, the Company made aggregate principal repayments of mortgage debt of $6 million and $3 million, respectively. Included in the $6 million of aggregate principal payments of mortgage debt for the nine months ended September 30, 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 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 September 30, 2025 (dollars in thousands):
_______________________________________ (1)As of September 30, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $15 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 4.16% and a weighted average maturity of approximately 5 years. (4)Effective interest rates on the mortgage debt range from 3.43% to 7.03% with a weighted average effective interest rate of 4.99% and a weighted average maturity of approximately 1 year. 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 September 30, 2025, the Company had 16 outstanding letter of credit obligations totaling $16 million.
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Commitments and Contingencies |
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Sep. 30, 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 September 30, 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.
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Equity and Redeemable Noncontrolling Interests |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity and Redeemable Noncontrolling Interests | Equity and Redeemable Noncontrolling Interests Dividends On October 6, 2025, the Company’s Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December 2025, payable on October 30, 2025, November 26, 2025, and December 30, 2025, respectively, to stockholders of record as of the close of business on October 17, 2025, November 14, 2025, and December 19, 2025, respectively. During the three months ended September 30, 2025 and 2024, the Company declared and paid common stock cash dividends of $0.305 and $0.300 per share, respectively. During the nine months ended September 30, 2025 and 2024, the Company declared and paid common stock cash dividends of $0.915 and $0.900 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 its previous at-the-market equity offering program and established a new at-the-market equity offering program (the “ATM Program”). The 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 ATM Program. The ATM Program allows 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 - 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 September 30, 2025, $1.5 billion of the Company’s common stock remained available for sale under the ATM Program. ATM Forward Contracts During each of the three and nine months ended September 30, 2025 and 2024, the Company did not utilize the forward provisions under the ATM Program. ATM Direct Issuances During each of the three and nine months ended September 30, 2025 and 2024, there were no direct issuances of shares of common stock under the ATM Program. 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 September 30, 2024, the Company repurchased 1.0 million shares of its common stock under the 2022 Share Repurchase Program at a weighted average price of $19.42 per share for a total of $20 million. During the nine months ended September 30, 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 September 30, 2025, there were no repurchases of common stock under the 2024 Share Repurchase Program. During the nine months ended September 30, 2025, the Company repurchased 5.09 million shares of its common stock under the 2024 Share Repurchase Program at a weighted average price of $18.50 per share for a total of $94 million. At September 30, 2025, $406 million remained available for the repurchase of the Company’s common stock under the 2024 Share Repurchase Program. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):
The Company has a defined benefit pension plan, known as the Supplemental Executive Retirement Plan, with one plan participant, a former Chief Executive Officer (“CEO”) of the Company who departed in 2003. Changes to the Supplemental Executive Retirement Plan minimum liability are reflected in other comprehensive income (loss). Noncontrolling Interests Redeemable Noncontrolling Interests Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Certain of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company upon specified events or after the passage of a predetermined period of time (each, a “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. During the nine months ended September 30, 2025, the Company entered into two outpatient medical development joint ventures in which the noncontrolling interest holders have a Put Option. As of September 30, 2025, the estimated redemption value of the redeemable noncontrolling interests with currently exercisable Put Options is $15 million. The estimated redemption value of the redeemable noncontrolling interests that will become exercisable upon completion of each of the related development projects is $13 million. 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 nine months ended September 30, 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 September 30, 2025, there were approximately 4 million OP Units outstanding and 265 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 September 30, 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 September 30, 2025 and December 31, 2024, the carrying value of the 11 million DownREIT units was $307 million and $310 million, respectively.
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Earnings Per Common Share |
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| 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 Program to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. Refer to Note 12 for a discussion of the sale of shares under and settlement of forward sales agreements, of which there were none during the three and nine months ended September 30, 2025 and 2024. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
_______________________________________ (1)For each of the three and nine months ended September 30, 2025, the 1 million outstanding equity awards (restricted stock units and stock options) were anti-dilutive. For each of the three and nine months ended September 30, 2024, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2)For each of the three and nine months ended September 30, 2025, all 4 million outstanding OP Units were anti-dilutive. For each of the three and nine months ended September 30, 2024, represents the dilutive impact of 3 million outstanding OP Units. For each of the three and nine months ended September 30, 2025, all 13 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive. For each of the three and nine months ended September 30, 2024, all 14 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive.
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Segment Disclosures |
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| 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”), (v) loans receivable, and (vi) a preferred equity investment. 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, loans receivable, and preferred equity investment 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 table summarizes financial information for the reportable segments for the three months ended September 30, 2025 (in thousands):
_______________________________________ (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 September 30, 2025 (in thousands):
_______________________________________ (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 financial information for the reportable segments for the three months ended September 30, 2024 (in thousands):
_______________________________________ (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 September 30, 2024 (in thousands):
_______________________________________ (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 financial information for the reportable segments for the nine months ended September 30, 2025 (in thousands):
_______________________________________ (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 nine months ended September 30, 2025 (in thousands):
_______________________________________ (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 financial information for the reportable segments for the nine months ended September 30, 2024 (in thousands):
(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 nine months ended September 30, 2024 (in thousands):
_______________________________________ (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):
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands):
The following table summarizes cash, cash equivalents, and restricted cash (in thousands):
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 September 30, 2025 and December 31, 2024, the account balances at certain institutions exceeded the FDIC insurance coverage.
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Variable Interest Entities |
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| 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 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 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). Other Equity Investments. The Company holds certain limited partner interests in funds that make venture capital investments in various early-stage technology solutions (“Other Equity Investments”). As of September 30, 2025, the Company had an aggregate commitment of $12 million related to its Other Equity Investments and as of September 30, 2025 and December 31, 2024, the Company’s total investments aggregated $3 million and $1 million, respectively. The Other Equity Investments have been identified as VIEs. The Company’s involvement in the entities 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 entities primarily consist of its capital investments. 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 September 30, 2025, the Company had funded $45 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 September 30, 2025 was as follows (in thousands):
_______________________________________ (1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments. As of September 30, 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 September 30, 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 September 30, 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):
_______________________________________ (1)Relates to four assets classified as held for sale as of September 30, 2025. Assets held for sale, net, primarily includes: (i) net real estate of $27 million and (ii) right-of-use assets of $7 million. Liabilities related to assets held for sale, net, primarily includes: (i) lease liabilities of $9 million and (ii) deferred revenue of $3 million
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Fair Value Measurements |
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| 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):
(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 nine months ended September 30, 2025 and year ended December 31, 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates and their related potential impact on future earnings and cash flows. The Company does not use derivative instruments for speculative or trading purposes. At September 30, 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 $43 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):
_____________________________ (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). 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 September 30, 2025 and 2024, the Company recognized $0.4 million and $1 million, respectively, of related amortization into interest expense. During the nine months ended September 30, 2025 and 2024, the Company recognized $1 million and $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; (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount; (iv) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount; and (v) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.
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Accounts Payable, Accrued Liabilities, and Other Liabilities |
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Sep. 30, 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):
_______________________________________ (1)As of September 30, 2025 and December 31, 2024, includes $0.2 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.
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Deferred Revenue |
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Sep. 30, 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):
_______________________________________ (1)During the three and nine months ended September 30, 2025, the Company collected non-refundable entrance fees of $37 million and $108 million, respectively, and recognized amortization of $24 million and $72 million, respectively. During the three and nine months ended September 30, 2024, the Company collected non-refundable entrance fees of $34 million and $96 million, respectively, and recognized amortization of $23 million and $66 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 and nine months ended September 30, 2025, the Company recognized amortization related to other deferred revenue of $13 million and $37 million, respectively. During the three and nine months ended September 30, 2024, the Company recognized amortization related to other deferred revenue of $13 million and $40 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.
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Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 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 |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 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 and nine months ended September 30, 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”).
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| 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 expects ASU 2023-09 to require additional disclosures in the Notes to the Consolidated Financial Statements. The Company does not expect the amendments to have a material impact to its consolidated financial position, results of operations, or cash flows. 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.
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| 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 September 30, 2025 and December 31, 2024, the account balances at certain institutions exceeded the FDIC insurance coverage.
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The Merger (Tables) |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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):
_______________________________________ (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.
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| Schedule of Summarizes the Fair Values of the Assets Acquired, Liabilities Assumed, and Noncontrolling Interests | The following table summarizes the fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date (in thousands):
_______________________________________ (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.
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| Schedule of Pro forma 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.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule of Lease Income | The following table summarizes the Company’s lease income (in thousands):
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Loans Receivable (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loans Receivable | The following table summarizes the Company’s loans receivable (in thousands):
(1)At September 30, 2025, the Company had $121 million of remaining commitments to fund additional principal on loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional principal on loans for outpatient medical capital expenditure projects.
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| Schedule of Internal Ratings for Loans Receivable | The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of September 30, 2025 (in thousands):
_______________________________________ (1)Additional fundings under existing loans are included in the year of origination of the initial loan.
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| Schedule of Reserve for Loan Losses | The following table summarizes the Company’s reserve for loan losses (in thousands):
_______________________________________ (1)Includes CCRC resident loans.
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Investments in and Advances to Unconsolidated Joint Ventures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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):
_______________________________________ (1)These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2)Property counts and ownership percentages are as of September 30, 2025. Land held for development and the properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count. (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)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.
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Intangibles (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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):
_______________________________________ (1)At September 30, 2025 and December 31, 2024, includes $1.28 billion and $1.42 billion, respectively, of gross lease-up intangibles and at September 30, 2025 and December 31, 2024, includes $43 million and $45 million, respectively, of gross above market lease intangibles. (2)At September 30, 2025 and December 31, 2024, includes $694 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $16 million and $12 million, respectively, of accumulated depreciation and amortization on above market lease intangibles.
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| 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):
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| Schedule of Goodwill Segments | At September 30, 2025 and December 31, 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Senior Unsecured Note | The following table summarizes the Company’s senior unsecured note issuances for the nine months ended September 30, 2025 (dollars in thousands):
_______________________________________ (1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, is 5.56% for the senior unsecured notes issued in February 2025 and 5.02% for the senior unsecured notes issued in August 2025. The following table summarizes the Company’s senior unsecured note repayments during the nine months ended September 30, 2025 (dollars in thousands):
_______________________________________ (1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.58% for the senior unsecured notes repaid in February 2025 and 4.19% for the senior unsecured notes repaid in June 2025.
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| Schedule of Principal Repayments | The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2025 (dollars in thousands):
_______________________________________ (1)As of September 30, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $15 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 4.16% and a weighted average maturity of approximately 5 years. (4)Effective interest rates on the mortgage debt range from 3.43% to 7.03% with a weighted average effective interest rate of 4.99% and a weighted average maturity of approximately 1 year. 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.
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Equity and Redeemable Noncontrolling Interests (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other comprehensive Income (Loss) | The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):
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Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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):
_______________________________________ (1)For each of the three and nine months ended September 30, 2025, the 1 million outstanding equity awards (restricted stock units and stock options) were anti-dilutive. For each of the three and nine months ended September 30, 2024, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2)For each of the three and nine months ended September 30, 2025, all 4 million outstanding OP Units were anti-dilutive. For each of the three and nine months ended September 30, 2024, represents the dilutive impact of 3 million outstanding OP Units.
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Segment Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Information for the Reportable Segments and Significant Expense Categories By Reportable Segment | The following table summarizes financial information for the reportable segments for the three months ended September 30, 2025 (in thousands):
_______________________________________ (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 September 30, 2025 (in thousands):
_______________________________________ (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 financial information for the reportable segments for the three months ended September 30, 2024 (in thousands):
_______________________________________ (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 September 30, 2024 (in thousands):
_______________________________________ (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 financial information for the reportable segments for the nine months ended September 30, 2025 (in thousands):
_______________________________________ (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 nine months ended September 30, 2025 (in thousands):
_______________________________________ (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 financial information for the reportable segments for the nine months ended September 30, 2024 (in thousands):
(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 nine months ended September 30, 2024 (in thousands):
_______________________________________ (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.
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| Schedule of Reconciliation of Company's Revenues by Segment | The following table summarizes the Company’s revenues by reportable segment (in thousands):
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Supplemental Cash Flow Information | The following table provides supplemental cash flow information (in thousands):
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| Schedule of Cash, Cash Equivalents and Restricted Cash | The following table summarizes cash, cash equivalents, and restricted cash (in thousands):
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Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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 September 30, 2025 was as follows (in thousands):
_______________________________________ (1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.
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| 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):
_______________________________________ (1)Relates to four assets classified as held for sale as of September 30, 2025. Assets held for sale, net, primarily includes: (i) net real estate of $27 million and (ii) right-of-use assets of $7 million. Liabilities related to assets held for sale, net, primarily includes: (i) lease liabilities of $9 million and (ii) deferred revenue of $3 million
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Amounts and Fair Values of the Company’s 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):
(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 nine months ended September 30, 2025 and year ended December 31, 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.
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Derivative Financial Instruments (Tables) |
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest Rate Swap Instruments | The following table summarizes the Company’s interest rate swap instruments (in thousands):
_____________________________ (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). 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 September 30, 2025 and 2024, the Company recognized $0.4 million and $1 million, respectively, of related amortization into interest expense. During the nine months ended September 30, 2025 and 2024, the Company recognized $1 million and $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; (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount; (iv) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount; and (v) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.
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Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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):
_______________________________________ (1)As of September 30, 2025 and December 31, 2024, includes $0.2 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.
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Deferred Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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):
_______________________________________ (1)During the three and nine months ended September 30, 2025, the Company collected non-refundable entrance fees of $37 million and $108 million, respectively, and recognized amortization of $24 million and $72 million, respectively. During the three and nine months ended September 30, 2024, the Company collected non-refundable entrance fees of $34 million and $96 million, respectively, and recognized amortization of $23 million and $66 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 and nine months ended September 30, 2025, the Company recognized amortization related to other deferred revenue of $13 million and $37 million, respectively. During the three and nine months ended September 30, 2024, the Company recognized amortization related to other deferred revenue of $13 million and $40 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.
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The Merger - Schedule of Pro forma Financial Information (Details) - Physicians Realty Trust - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2024 |
|
| Business Combination [Line Items] | ||
| Total revenues | $ 691,327 | $ 2,078,322 |
| Net income (loss) applicable to common shares | $ 95,234 | $ 337,520 |
Real Estate Investments - Real Estate Investments (Details) $ in Millions |
1 Months Ended | ||
|---|---|---|---|
|
Mar. 01, 2024
property
|
Sep. 30, 2025
USD ($)
property
|
Feb. 28, 2025
USD ($)
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 | GEORGIA | |||
| Real Estate [Line Items] | |||
| Number of properties acquired | property | 8 | ||
| Payments to acquire real estate | $ | $ 6 | ||
| Outpatient Medical Buildings | Physicians Realty Trust | |||
| Real Estate [Line Items] | |||
| Number of properties acquired | property | 299 | ||
Real Estate Investments - Development Activities (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2025
USD ($)
| |
| Real Estate [Abstract] | |
| Development and redevelopment projects, increase (decrease) | $ (28) |
| Development and redevelopment projects | $ 256 |
Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Interest and Other Income [Abstract] | ||||
| Fixed income from operating leases | $ 392,915 | $ 394,263 | $ 1,178,305 | $ 1,141,901 |
| Variable income from operating leases | $ 146,971 | $ 148,988 | $ 429,409 | $ 410,164 |
Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Unamortized discounts and fees | $ (15,477) | $ (22,380) | |
| Reserve for loan losses | (11,602) | (10,499) | $ (2,830) |
| Loans receivable, net | 673,502 | 717,190 | |
| Loans and leases receivable, remaining commitments | 121,000 | ||
| Outpatient Medical Buildings | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans and leases receivable, remaining commitments | 85,000 | ||
| Secured loans | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Financing receivable, gross | 580,912 | 638,482 | |
| Reserve for loan losses | (5,267) | (5,574) | $ (2,830) |
| CCRC resident loans | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Financing receivable, gross | 66,549 | 61,273 | |
| Mezzanine loans | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Financing receivable, gross | $ 53,120 | $ 50,314 |
Intangibles - Schedule of Intangible Lease Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2025 |
Dec. 31, 2024 |
|
| Intangibles [Abstract] | ||
| Gross intangible lease assets | $ 1,321,174 | $ 1,468,985 |
| Accumulated depreciation and amortization | (710,661) | (651,731) |
| Intangible assets, net | $ 610,513 | $ 817,254 |
| Weighted average remaining amortization period in years | 5 years | 5 years |
| Gross lease-up intangibles | $ 1,280,000 | $ 1,420,000 |
| Gross above market lease intangibles | 43,000 | 45,000 |
| Depreciation and amortization of lease-up intangibles | 694,000 | 640,000 |
| Depreciation and amortization of above market lease intangibles | $ 16,000 | $ 12,000 |
Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2025 |
Dec. 31, 2024 |
|
| Intangibles [Abstract] | ||
| Gross intangible lease liabilities | $ 308,127 | $ 351,602 |
| Accumulated depreciation and amortization | (152,570) | (159,718) |
| Intangible liabilities, net | $ 155,557 | $ 191,884 |
| Weighted average remaining amortization period in years | 9 years | 9 years |
Intangibles - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 01, 2024 |
Sep. 30, 2025 |
Dec. 31, 2024 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets acquired | $ 891,000 | $ 3,000 | |
| Intangible assets, weighted average amortization, useful life (in years) | 5 years | 5 years | |
| Lease-up intangibles | 852,000 | ||
| Above market lease, intangibles | 39,000 | ||
| Intangible liabilities acquired | $ 150,000 | ||
| Intangible assets, weighted average amortization, useful life (in years) | 6 years | ||
| Intangible liabilities, weighted average amortization, useful life (in years) | 9 years | ||
| Goodwill | $ 51,000 | $ 68,529 | $ 68,529 |
| Other Property | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets, weighted average amortization, useful life (in years) | 13 years |
Intangibles - Schedule of Goodwill Segments (Details) - USD ($) $ in Thousands |
Sep. 30, 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 |
Debt - Commercial Paper Program (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Commercial Paper | |||||
| Debt Instrument | |||||
| Borrowings | $ 368,000,000 | $ 368,000,000 | |||
| Senior Unsecured Notes | |||||
| Debt Instrument | |||||
| Weighted-average interest rate (as a percent) | 4.16% | 4.16% | |||
| Commercial Paper Program | |||||
| Debt Instrument | |||||
| Maximum outstanding amount capacity | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | ||
| Amortization of debt issuance costs | $ 2,000,000 | $ 2,000,000 | $ 7,000,000 | $ 7,000,000 | |
| Borrowings | $ 150,000,000 | ||||
| Debt instrument, term (in months) | 22 days | 25 days | |||
| Weighted-average interest rate (as a percent) | 4.36% | 4.36% | 4.65% | ||
Debt - Schedule of Senior Unsecured Note (Details) - Senior Unsecured Notes - USD ($) $ in Thousands |
Sep. 30, 2025 |
Aug. 14, 2025 |
Jun. 02, 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 (as a percent) | 5.38% | |||||
| Interest rate, effective (as a percent) | 5.56% | |||||
| Senior Unsecured Notes 4.75% | ||||||
| Debt Instrument | ||||||
| Aggregate principal amount | $ 500,000 | |||||
| Interest rate (as a percent) | 4.75% | |||||
| Interest rate, effective (as a percent) | 5.02% | |||||
| Senior Unsecured Notes 3.40% | ||||||
| Debt Instrument | ||||||
| Aggregate principal amount | $ 348,194 | |||||
| Interest rate (as a percent) | 3.40% | |||||
| Interest rate, effective (as a percent) | 3.58% | |||||
| Senior Unsecured Notes 4.00% | ||||||
| Debt Instrument | ||||||
| Aggregate principal amount | $ 451,806 | |||||
| Interest rate (as a percent) | 4.00% | |||||
| Interest rate, effective (as a percent) | 4.19% |
Commitments and Contingencies (Details) |
Sep. 30, 2025
property
|
|---|---|
| Lab JV | Lab Buildings | |
| Loss Contingencies [Line Items] | |
| Investment ownership (as a percent) | 49.00% |
| Indemnification Agreement | |
| Loss Contingencies [Line Items] | |
| Number of properties may be contributed in the agreement | 28 |
Equity and Redeemable Noncontrolling Interests - Dividends and Issuance of Common Stock in Connection with the Mergers (Details) shares in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Oct. 06, 2025
$ / shares
|
Mar. 01, 2024
shares
|
Sep. 30, 2025
$ / shares
|
Sep. 30, 2024
$ / shares
|
Sep. 30, 2025
$ / shares
|
Sep. 30, 2024
$ / shares
shares
|
|
| Noncontrolling Interest [Line Items] | ||||||
| Dividends declared (in dollars per share) | $ 0.305 | $ 0.300 | $ 0.915 | $ 0.900 | ||
| Dividends paid (in dollars per share) | $ 0.305 | $ 0.300 | $ 0.915 | $ 0.900 | ||
| 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 | ||||
Equity and Redeemable Noncontrolling Interests - Share Repurchase Programs and Employee Stock Purchase Plan (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 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) | 1,000,000 | 10,500,000 | ||||
| Average cost per share (in dollars per share) | $ 19.42 | $ 17.98 | ||||
| Stock repurchase program, total value | $ 20,000,000 | $ 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) | 0 | 5,090,000.00 | ||||
| Average cost per share (in dollars per share) | $ 18.50 | |||||
| Stock repurchase program, total value | $ 94,000,000 | |||||
| Stock repurchase program, remaining authorized repurchase amount | $ 406,000,000 | $ 406,000,000 | ||||
Equity and Redeemable Noncontrolling Interests - Schedule of Accumulated Other comprehensive Income (Loss) (Details) $ in Thousands |
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2025
USD ($)
plan_participant
|
Dec. 31, 2024
USD ($)
|
|
| Accumulated Other Comprehensive Loss | ||
| Unrealized gains (losses) on derivatives, net | $ (6,298) | $ 30,707 |
| Supplemental Executive Retirement Plan minimum liability | (1,677) | (1,889) |
| Total accumulated other comprehensive income (loss) | $ (7,975) | $ 28,818 |
| Number of participants | plan_participant | 1 |
Equity and Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interests and Healthpeak OP (Details) unit in Thousands, $ in Millions |
9 Months Ended | |||
|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
joint_venture
unit
shares
|
Sep. 30, 2024
unit
|
Dec. 31, 2024
unit
|
Apr. 30, 2024
USD ($)
property
|
|
| Noncontrolling Interest [Line Items] | ||||
| Currently exercisable put options | $ | $ 15 | |||
| Exercisable upon completion of development projects | $ | $ 13 | |||
| Number of redeemable noncontrolling interests with redemption conditions | property | 4 | |||
| Redemption value | $ | $ 53 | |||
| Units outstanding (in units) | unit | 4,000 | 3,000 | ||
| Issuance of OP units criteria redemption (in units) | unit | 265 | 76 | ||
| Outpatient medical | ||||
| Noncontrolling Interest [Line Items] | ||||
| Number of joint ventures | joint_venture | 2 | |||
| 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 | |||
Equity and Redeemable Noncontrolling Interests - DownREITs (Details) $ in Thousands, shares in Millions |
Sep. 30, 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 | $ | $ 343,743 | $ 337,917 |
| Down REIT | ||
| Noncontrolling Interest [Line Items] | ||
| Common stock issuable (in shares) | shares | 13 | 14 |
| Non-managing member unitholders | $ | $ 307,000 | $ 310,000 |
Earnings Per Common Share - Narrative (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 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 | 13 | 14 |
Segment Disclosures - Narrative (Details) |
Sep. 30, 2025
property
|
|---|---|
| Segment Reporting [Abstract] | |
| Number of facilities owned by unconsolidated joint venture | 19 |
Segment Disclosures - Schedule of Significant Expense Categories By Reportable Segment (Details) - Operating segment - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Segment Reporting Information [Line Items] | ||||
| Operating expenses | $ 291,922 | $ 280,279 | $ 841,246 | $ 797,835 |
| Outpatient medical | ||||
| Segment Reporting Information [Line Items] | ||||
| Compensation and property management | 15,451 | 14,527 | 45,089 | 40,802 |
| Food | 0 | 0 | 0 | 0 |
| Real estate taxes | 25,584 | 23,861 | 74,963 | 71,795 |
| Repairs and maintenance | 17,848 | 16,241 | 48,741 | 44,337 |
| Utilities | 21,614 | 20,437 | 57,858 | 52,120 |
| Other segment item | 33,163 | 31,418 | 97,565 | 90,401 |
| Operating expenses | 113,660 | 106,484 | 324,216 | 299,455 |
| Lab | ||||
| Segment Reporting Information [Line Items] | ||||
| Compensation and property management | 8,484 | 7,835 | 25,071 | 24,257 |
| Food | 0 | 0 | 0 | 0 |
| Real estate taxes | 19,500 | 19,830 | 57,510 | 58,534 |
| Repairs and maintenance | 8,966 | 7,768 | 24,526 | 21,586 |
| Utilities | 14,855 | 16,535 | 35,965 | 38,632 |
| Other segment item | 12,547 | 12,107 | 38,340 | 34,562 |
| Operating expenses | 64,352 | 64,075 | 181,412 | 177,571 |
| CCRC | ||||
| Segment Reporting Information [Line Items] | ||||
| Compensation and property management | 71,809 | 69,873 | 213,558 | 205,979 |
| Food | 6,855 | 6,563 | 20,080 | 19,632 |
| Real estate taxes | 4,073 | 3,989 | 12,905 | 12,567 |
| Repairs and maintenance | 5,461 | 4,692 | 15,181 | 13,884 |
| Utilities | 6,278 | 6,042 | 17,660 | 16,750 |
| Other segment item | 19,434 | 18,561 | 56,234 | 51,997 |
| Operating expenses | $ 113,910 | $ 109,720 | $ 335,618 | $ 320,809 |
Segment Disclosures - Schedule of Reconciliation of Company's Revenues by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Segment Disclosure | ||||
| Total revenues for reportable segments | $ 705,873 | $ 700,397 | $ 2,103,110 | $ 2,002,461 |
| Interest income and other | 15,529 | 14,301 | 47,156 | 27,884 |
| Total revenues | 705,873 | 700,397 | 2,103,110 | 2,002,461 |
| Operating segment | ||||
| Segment Disclosure | ||||
| Total revenues for reportable segments | 690,344 | 686,096 | 2,055,954 | 1,974,577 |
| Total revenues | 690,344 | 686,096 | 2,055,954 | 1,974,577 |
| Operating segment | Outpatient medical | ||||
| Segment Disclosure | ||||
| Total revenues for reportable segments | 326,561 | 317,659 | 967,591 | 888,446 |
| Total revenues | 326,561 | 317,659 | 967,591 | 888,446 |
| Operating segment | Lab | ||||
| Segment Disclosure | ||||
| Total revenues for reportable segments | 213,325 | 225,592 | 640,123 | 663,619 |
| Total revenues | 213,325 | 225,592 | 640,123 | 663,619 |
| Operating segment | CCRC | ||||
| Segment Disclosure | ||||
| Total revenues for reportable segments | 150,458 | 142,845 | 448,240 | 422,512 |
| Total revenues | $ 150,458 | $ 142,845 | $ 448,240 | $ 422,512 |
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Supplemental cash flow information: | ||
| Interest paid, net of capitalized interest | $ 219,686 | $ 204,858 |
| Income taxes paid (refunded), net | 2,089 | 6,820 |
| Capitalized interest | 63,541 | 48,446 |
| Supplemental schedule of non-cash investing and financing activities: | ||
| Accrued construction costs | 164,460 | 120,543 |
| Increase in ROU asset in exchange for new lease liability related to operating leases | 7,049 | 15,406 |
| Retained investment in connection with Callan Ridge JV (see Note 8) | 0 | 69,255 |
| Non-cash assets and liabilities assumed in connection with the Merger (see Note 3) | 0 | 2,927,611 |
| Seller financing provided on disposition of real estate assets (see Note 7) | $ 0 | $ 404,598 |
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|
| Continuing operations | ||||
| Cash and cash equivalents | $ 91,038 | $ 119,818 | $ 180,430 | $ 117,635 |
| Restricted cash | 68,694 | 64,487 | 61,615 | 51,388 |
| Cash, cash equivalents, and restricted cash | $ 159,732 | $ 184,305 | $ 242,045 | $ 169,023 |
Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands |
Sep. 30, 2025
USD ($)
|
|---|---|
| LLC Investment and Other Equity Investments | |
| Variable Interest Entity [Line Items] | |
| Maximum Loss Exposure and Carrying Amount | $ 17,515 |
| Needham Land Parcel JV and HQ Point Preferred Equity Investment | |
| Variable Interest Entity [Line Items] | |
| Maximum Loss Exposure and Carrying Amount | 59,308 |
| Loans Receivable Investments | |
| Variable Interest Entity [Line Items] | |
| Maximum Loss Exposure and Carrying Amount | $ 7,048 |
Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2025 |
Dec. 31, 2024 |
|
| Payables and Accruals [Abstract] | ||
| Refundable entrance fees | $ 223,339 | $ 236,563 |
| Accrued construction costs | 164,460 | 136,767 |
| Accrued interest | 57,186 | 76,040 |
| Other accounts payable and accrued liabilities | 301,244 | 275,972 |
| Accounts payable, accrued liabilities, and other liabilities | 746,229 | 725,342 |
| Severance-related charges | $ 200 | $ 4,000 |
Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Revenues [Abstract] | |||||
| Non-refundable entrance fees | $ 652,173 | $ 652,173 | $ 615,723 | ||
| Other deferred revenue | 317,904 | 317,904 | 324,413 | ||
| Deferred revenue | 970,077 | 970,077 | $ 940,136 | ||
| Proceeds from nonrefundable entrance fees | 37,000 | $ 34,000 | 108,000 | $ 96,000 | |
| Amortization of nonrefundable entrance fee | 24,000 | 23,000 | 72,000 | 66,000 | |
| Amortization of other deferred charges | $ 13,000 | $ 13,000 | $ 37,000 | $ 40,000 | |