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Tables in the 10-Q of HEALTHPEAK PROPERTIES, INC.
57 tables with numbers, filed Oct 24, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| PART I. FINANCIAL INFORMATION | | |
| Item 1. | Financial Statements (Unaudited): | 3 |
| Consolidated Balance Sheets | 3 |
| Consolidated Statements of Operations | 4 |
| Consolidated Statements of Comprehensive Income (Loss) | 5 |
| Consolidated Statements of Equity and Redeemable Noncontrolling Interests | 6 |
| Consolidated Statements of Cash Flows | 8 |
| Notes to the Consolidated Financial Statements | 9 |
First 8 of 17 rows. The CSV has all of them.
| September 30, 2025 | December 31, 2024 | |
| ASSETS | | | |
| Real estate: | | | |
| Buildings and improvements | $16,192,972 | | $16,115,283 |
| Development costs and construction in progress | 1,148,903 | | 880,393 |
| Land and improvements | 2,927,571 | | 2,918,758 |
| Accumulated depreciation and amortization | (4,438,273) | | (4,083,030) |
| Net real estate | 15,831,173 | | 15,831,404 |
First 8 of 41 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| 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: | | | | | | |
First 8 of 33 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| 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 |
First 8 of 10 rows. The CSV has all of them.
Table 5 after “For the three months ended September 30, 2025:”
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| Common Stock | Additional Paid-In Capital | | Cumulative Dividends In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | | Total Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | | | | |
| Shares | Amount | | | | | | | | | | | | |
| July 1, 2025 | 694,916 | | $694,916 | | $12,763,723 | | $(5,525,520) | | $(5,019) | | $7,928,100 | $638,737 | $8,566,837 | $20,104 |
| Net income (loss) | — | | — | | — | | (117,122) | | — | | (117,122) | 7,381 | (109,741) | (107) |
| Other comprehensive income (loss) | — | | — | | — | | — | | (2,956) | | (2,956) | — | (2,956) | — |
| Issuance of common stock, net | 24 | | 24 | | 359 | | — | | — | | 383 | — | 383 | — |
| Conversion of non-managing member units to common stock | 7 | | 7 | | 191 | | — | | — | | 198 | (198) | — | — |
| Repurchase of common stock | (1) | | (1) | | (16) | | — | | — | | (17) | — | (17) | — |
First 8 of 14 rows. The CSV has all of them.
Table 6 after “For the three months ended September 30, 2024:”
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| Common Stock | Additional Paid-In Capital | | Cumulative Dividends In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | | Total Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | | | | |
| Shares | Amount | | | | | | | | | | | | |
| July 1, 2024 | 700,317 | | $700,317 | | $12,859,567 | | $(4,844,683) | | $42,297 | | $8,757,498 | $659,840 | $9,417,338 | $1,433 |
| Net income (loss) | — | | — | | — | | 85,872 | | — | | 85,872 | 6,916 | 92,788 | (50) |
| Other comprehensive income (loss) | — | | — | | — | | — | | (54,678) | | (54,678) | — | (54,678) | — |
| Issuance of common stock, net | 12 | | 12 | | 243 | | — | | — | | 255 | — | 255 | — |
| Conversion of non-managing member units to common stock | 112 | | 112 | | 1,874 | | — | | — | | 1,986 | (1,986) | — | — |
| Repurchase of common stock | (1,036) | | (1,036) | | (19,099) | | — | | — | | (20,135) | — | (20,135) | — |
First 8 of 12 rows. The CSV has all of them.
Table 7 after “For the nine months ended September 30, 2025:”
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| Common Stock | Additional Paid-In Capital | | Cumulative Dividends In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | | Total Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | | | | |
| Shares | Amount | | | | | | | | | | | | |
| January 1, 2025 | 699,485 | | $699,485 | | $12,847,252 | | $(5,174,279) | | $28,818 | | $8,401,276 | $653,738 | $9,055,014 | $2,610 |
| Net income (loss) | — | | — | | — | | (42,621) | | — | | (42,621) | 22,145 | (20,476) | (289) |
| Other comprehensive income (loss) | — | | — | | — | | — | | (36,793) | | (36,793) | — | (36,793) | — |
| Issuance of common stock, net | 521 | | 521 | | 415 | | — | | — | | 936 | — | 936 | — |
| Conversion of non-managing member units to common stock | 171 | | 171 | | 3,967 | | — | | — | | 4,138 | (4,138) | — | — |
| Repurchase of common stock | (5,231) | | (5,231) | | (91,827) | | — | | — | | (97,058) | — | (97,058) | — |
First 8 of 14 rows. The CSV has all of them.
Table 8 after “For the nine months ended September 30, 2024:”
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| Common Stock | Additional Paid-In Capital | | Cumulative Dividends In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | | Total Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | | | | |
| Shares | Amount | | | | | | | | | | | | |
| January 1, 2024 | 547,156 | | $547,156 | | $10,405,780 | | $(4,621,861) | | $19,371 | | $6,350,446 | $525,596 | $6,876,042 | $48,828 |
| Net income (loss) | — | | — | | — | | 238,595 | | — | | 238,595 | 17,943 | 256,538 | 93 |
| Other comprehensive income (loss) | — | | — | | — | | — | | (31,752) | | (31,752) | — | (31,752) | — |
| Shares issued as part of the Merger | 162,231 | | 162,231 | | 2,611,916 | | — | | — | | 2,774,147 | — | 2,774,147 | — |
| Issuance of common stock, net | 387 | | 387 | | 444 | | — | | — | | 831 | — | 831 | — |
| Conversion of non-managing member units to common stock | 208 | | 208 | | 4,150 | | — | | — | | 4,358 | (4,358) | — | — |
First 8 of 17 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Cash flows from operating activities: | | | |
| Net income (loss) | $(20,765) | | $256,631 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
| Depreciation and amortization of real estate, in-place lease, and other intangibles | 796,779 | | 782,736 |
| Stock-based compensation amortization expense | 10,410 | | 11,935 |
| Merger-related post-combination stock compensation expense | — | | 16,223 |
First 8 of 51 rows. The CSV has all of them.
Table 10 after “The consideration transferred on the Closing Date was as follows (in thousands, except per share data):”
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| March 1, 2024 |
| Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged(1) | 240,699 |
| Exchange Ratio | 0.674 |
| Shares of Healthpeak common stock issued | 162,231 |
| Closing price of Healthpeak common stock on March 1, 2024(2) | $17.10 |
| Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs | $2,774,147 |
| Less: Fair value of share consideration attributable to the post-combination period(3) | (16,223) |
| Physicians Realty Trust revolving credit facility termination(4) | $175,411 |
First 8 of 12 rows. The CSV has all of them.
Table 11 after “The following table summarizes the fair values of the assets acquired, liabilities assumed, and noncontrolling interests at the Closing Date”
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| Preliminary Amounts Recognized on the Closing Date | Measurement Period Adjustments | | Amounts Recognized on the Closing Date (As Adjusted) | |
| ASSETS | | | | | |
| Real estate: | | | | | |
| Buildings and improvements | $3,199,884 | | $(6,889) | | $3,192,995 |
| Development costs and construction in progress | 68,171 | | — | | 68,171 |
| Land and improvements | 435,353 | | — | | 435,353 |
| Real estate | 3,703,408 | | (6,889) | | 3,696,519 |
| Loans receivable | 118,908 | | — | | 118,908 |
First 8 of 31 rows. The CSV has all of them.
Table 12 after “The following unaudited pro forma financial information is not necessarily indicative of the results of operations had the acquisition been ”
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| Three Months EndedSeptember 30, 2024 | Nine Months EndedSeptember 30, 2024 | |
| Total revenues | $691,327 | | $2,078,322 |
| Net income (loss) applicable to common shares | 95,234 | | 337,520 |
Table 13 after “The following table summarizes the Company’s lease income (in thousands):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| 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 |
Table 14 after “The following table summarizes the Company’s loans receivable (in thousands):”
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| September 30, 2025 | December 31, 2024 | |
| Secured loans(1) | $580,912 | | $638,482 |
| CCRC resident loans | 66,549 | | 61,273 |
| Mezzanine loans | 53,120 | | 50,314 |
| Unamortized discounts and fees | (15,477) | | (22,380) |
| Reserve for loan losses | (11,602) | | (10,499) |
| Loans receivable, net | $673,502 | | $717,190 |
Table 15 after “The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, f”
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| Investment Type | | Year of Origination(1) | | Total | | | | | | | | |
| 2025 | | 2024 | | 2023 | 2022 | | 2021 | Prior | | | |
| Secured loans | | | | | | | | | | | | |
| Risk rating: | | | | | | | | | | | | |
| Performing loans | | $36,445 | | | $441,192 | | $53,216 | | $30,302 | $— | $— | $561,155 |
| Watch list loans | | — | | | — | | — | | — | — | — | — |
| Workout loans | | — | | | — | | — | | — | — | — | — |
| Total secured loans | | $36,445 | | | $441,192 | | $53,216 | | $30,302 | $— | $— | $561,155 |
First 8 of 29 rows. The CSV has all of them.
Table 16 after “The following table summarizes the Company’s reserve for loan losses (in thousands):”
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| September 30, 2025 | December 31, 2024 | | | | | | | |
| Secured Loans | Mezzanine Loans and Other(1) | | Total | Secured Loans | Mezzanine Loans and Other(1) | | Total | |
| Reserve for loan losses, beginning of period | $5,574 | | $4,925 | | $10,499 | | $2,830 | $— | $2,830 |
| Provision for expected loan losses (recoveries) on funded loans receivable | 1,153 | | 1,581 | | 2,734 | | 2,744 | 4,925 | 7,669 |
| Expected loan losses (recoveries) related to loans sold or repaid | (1,460) | | (171) | | (1,631) | | — | — | — |
| Reserve for loan losses, end of period | $5,267 | | $6,335 | | $11,602 | | $5,574 | $4,925 | $10,499 |
Table 17 after “The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):”
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| | | | Carrying Amount | | | |
| | | | | September 30, | December 31, | |
| Entity(1) | Segment | Property Count(2) | Ownership %(2) | | 2025 | 2024 | |
| SWF SH JV | Other | 19 | 54 | | $312,093 | | $322,551 |
| South San Francisco JVs(3) | Lab | 7 | 70 | | 285,044 | | 446,145 |
| Callan Ridge JV | Lab | 2 | 35 | | 75,069 | | 69,709 |
| HQ Point Preferred Equity Investment(2) | Other | 2 | 33 | | 47,017 | | — |
| Lab JV | Lab | 1 | 49 | | 31,848 | | 29,916 |
First 8 of 13 rows. The CSV has all of them.
Table 18 after “Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s”
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| Intangible lease assets | September 30, 2025 | December 31, 2024 | |
| Gross intangible lease assets(1) | $1,321,174 | | $1,468,985 |
| Accumulated depreciation and amortization(2) | (710,661) | | (651,731) |
| Intangible assets, net | $610,513 | | $817,254 |
| Weighted average remaining amortization period in years | 5 | 5 | |
Table 19 after “Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities ”
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| Intangible lease liabilities | September 30, 2025 | December 31, 2024 | |
| 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 | 9 | |
Table 20 after “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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| Segment | September 30, 2025 | December 31, 2024 | |
| Outpatient medical | $64,680 | | $64,680 |
| CCRC | 1,998 | | 1,998 |
| Other non-reportable | 1,851 | | 1,851 |
| $68,529 | | $68,529 |
Table 21 after “The following table summarizes the Company’s senior unsecured note issuances for the nine months ended September 30, 2025 (dollars in thousa”
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| Issue Date | Amount | Coupon Rate(1) | | Maturity Year | |
| February 14, 2025 | $500,000 | | 5.38% | | 2035 |
| August 14, 2025 | 500,000 | | 4.75% | | 2033 |
Table 22 after “The following table summarizes the Company’s senior unsecured note repayments during the nine months ended September 30, 2025 (dollars in th”
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| Repayment Date | Amount | Coupon Rate(1) | | Maturity Year | |
| February 3, 2025 | $348,194 | | 3.40% | | 2025 |
| June 2, 2025 | 451,806 | | 4.00% | | 2025 |
Table 23 after “The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2025 (dollars in tho”
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| | | | | Senior UnsecuredNotes(3) | MortgageDebt(4) | | | | | | | | |
| Year | Bank Line of Credit(1) | Commercial Paper(1)(2) | | Term Loans | Amount | Interest Rate(5) | | Amount | Interest Rate(5) | Total | | | | |
| 2025 | $— | | $— | | $— | | $— | | —% | | $940 | 3.91% | | $940 |
| 2026 | — | | — | | — | | 650,000 | | 3.40% | | 344,999 | 4.99% | | 994,999 |
| 2027 | — | | — | | 500,000 | | 850,000 | | 3.23% | | 842 | 5.11% | | 1,350,842 |
| 2028 | — | | — | | 400,000 | | 850,000 | | 3.53% | | 2,775 | 4.51% | | 1,252,775 |
| 2029 | — | | 368,125 | | 750,000 | | 650,000 | | 3.65% | | — | —% | | 1,768,125 |
| Thereafter | — | | — | | — | | 3,900,000 | | 4.71% | | — | —% | | 3,900,000 |
First 8 of 11 rows. The CSV has all of them.
Table 24 after “The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands):”
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| September 30, 2025 | December 31, 2024 | |
| 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 |
Table 25 after “The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Numerator - Basic | | | | | | |
| 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 |
| Less: Participating securities’ share in earnings | (134) | | (197) | | (714) | (610) |
| Net income (loss) applicable to common shares | $(117,256) | | $85,675 | | $(43,335) | $237,985 |
First 8 of 20 rows. The CSV has all of them.
Table 26 after “The following table summarizes financial information for the reportable segments for the three months ended September 30, 2025 (in thousands”
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| Outpatient Medical | Lab | | CCRC | | Total | |
| Total revenues | $326,561 | | $213,325 | | $150,458 | | $690,344 |
| Healthpeak’s share of unconsolidated joint venture total revenues | 7,327 | | 6,834 | | — | | 14,161 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | (10,334) | | — | | — | | (10,334) |
| Operating expenses(1) | (113,660) | | (64,352) | | (113,910) | | (291,922) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (2,887) | | (2,229) | | — | | (5,116) |
| Noncontrolling interests’ share of consolidated joint venture operating expenses | 3,765 | | — | | — | | 3,765 |
| Adjustments to NOI(2) | (10,358) | | (15,520) | | — | | (25,878) |
First 8 of 21 rows. The CSV has all of them.
Table 27 after “The following table summarizes the Company’s significant expense categories by reportable segment for the three months ended September 30, 2”
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| Outpatient Medical | Lab | | CCRC | |
| Compensation and property management | $15,451 | | $8,484 | | $71,809 |
| Food | — | | — | | 6,855 |
| Real estate taxes | 25,584 | | 19,500 | | 4,073 |
| Repairs and maintenance | 17,848 | | 8,966 | | 5,461 |
| Utilities | 21,614 | | 14,855 | | 6,278 |
| Other segment items(1) | 33,163 | | 12,547 | | 19,434 |
| Operating expenses | $113,660 | | $64,352 | | $113,910 |
Table 28 after “The following table summarizes financial information for the reportable segments for the three months ended September 30, 2024 (in thousands”
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| Outpatient Medical | Lab | | CCRC | | Total | |
| Total revenues | $317,659 | | $225,592 | | $142,845 | | $686,096 |
| Healthpeak’s share of unconsolidated joint venture total revenues | 7,065 | | 5,242 | | — | | 12,307 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | (9,734) | | — | | — | | (9,734) |
| Operating expenses(1) | (106,484) | | (64,075) | | (109,720) | | (280,279) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (2,832) | | (1,811) | | — | | (4,643) |
| Noncontrolling interests’ share of consolidated joint venture operating expenses | 2,851 | | — | | — | | 2,851 |
| Adjustments to NOI(2) | (11,020) | | (16,900) | | 95 | | (27,825) |
First 8 of 21 rows. The CSV has all of them.
Table 29 after “The following table summarizes the Company’s significant expense categories by reportable segment for the three months ended September 30, 2”
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| Outpatient Medical | Lab | | CCRC | |
| Compensation and property management | $14,527 | | $7,835 | | $69,873 |
| Food | — | | — | | 6,563 |
| Real estate taxes | 23,861 | | 19,830 | | 3,989 |
| Repairs and maintenance | 16,241 | | 7,768 | | 4,692 |
| Utilities | 20,437 | | 16,535 | | 6,042 |
| Other segment items(1) | 31,418 | | 12,107 | | 18,561 |
| Operating expenses | $106,484 | | $64,075 | | $109,720 |
Table 30 after “The following table summarizes financial information for the reportable segments for the nine months ended September 30, 2025 (in thousands)”
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| Outpatient Medical | Lab | | CCRC | | Total | |
| Total revenues | $967,591 | | $640,123 | | $448,240 | | $2,055,954 |
| Healthpeak’s share of unconsolidated joint venture total revenues | 21,769 | | 16,992 | | — | | 38,761 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | (30,327) | | — | | — | | (30,327) |
| Operating expenses(1) | (324,216) | | (181,412) | | (335,618) | | (841,246) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (8,576) | | (5,793) | | — | | (14,369) |
| Noncontrolling interests’ share of consolidated joint venture operating expenses | 9,344 | | — | | — | | 9,344 |
| Adjustments to NOI(2) | (33,253) | | (42,844) | | (844) | | (76,941) |
First 8 of 21 rows. The CSV has all of them.
Table 31 after “The following table summarizes the Company’s significant expense categories by reportable segment for the nine months ended September 30, 20”
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| Outpatient Medical | Lab | | CCRC | |
| Compensation and property management | $45,089 | | $25,071 | | $213,558 |
| Food | — | | — | | 20,080 |
| Real estate taxes | 74,963 | | 57,510 | | 12,905 |
| Repairs and maintenance | 48,741 | | 24,526 | | 15,181 |
| Utilities | 57,858 | | 35,965 | | 17,660 |
| Other segment items(1) | 97,565 | | 38,340 | | 56,234 |
| Operating expenses | $324,216 | | $181,412 | | $335,618 |
Table 32 after “The following table summarizes financial information for the reportable segments for the nine months ended September 30, 2024 (in thousands)”
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| Outpatient Medical | Lab | | CCRC | | Total | |
| Total revenues | $888,446 | | $663,619 | | $422,512 | | $1,974,577 |
| Healthpeak’s share of unconsolidated joint venture total revenues | 16,707 | | 14,404 | | — | | 31,111 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | (27,952) | | (196) | | — | | (28,148) |
| Operating expenses(1) | (299,455) | | (177,571) | | (320,809) | | (797,835) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (6,380) | | (4,663) | | — | | (11,043) |
| Noncontrolling interests’ share of consolidated joint venture operating expenses | 7,889 | | 52 | | — | | 7,941 |
| Adjustments to NOI(2) | (27,573) | | (51,624) | | (1,645) | | (80,842) |
First 8 of 21 rows. The CSV has all of them.
Table 33 after “The following table summarizes the Company’s significant expense categories by reportable segment for the nine months ended September 30, 20”
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| Outpatient Medical | Lab | | CCRC | |
| Compensation and property management | $40,802 | | $24,257 | | $205,979 |
| Food | — | | — | | 19,632 |
| Real estate taxes | 71,795 | | 58,534 | | 12,567 |
| Repairs and maintenance | 44,337 | | 21,586 | | 13,884 |
| Utilities | 52,120 | | 38,632 | | 16,750 |
| Other segment items(1) | 90,401 | | 34,562 | | 51,997 |
| Operating expenses | $299,455 | | $177,571 | | $320,809 |
Table 34 after “The following table summarizes the Company’s revenues by reportable segment (in thousands):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| Segment | 2025 | 2024 | | 2025 | 2024 | |
| Outpatient medical | $326,561 | | $317,659 | | $967,591 | $888,446 |
| Lab | 213,325 | | 225,592 | | 640,123 | 663,619 |
| CCRC | 150,458 | | 142,845 | | 448,240 | 422,512 |
| Total revenues for reportable segments | 690,344 | | 686,096 | | 2,055,954 | 1,974,577 |
| Interest income and other | 15,529 | | 14,301 | | 47,156 | 27,884 |
| Total revenues | $705,873 | | $700,397 | | $2,103,110 | $2,002,461 |
Table 35 after “The following table provides supplemental cash flow information (in thousands):”
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| Nine Months Ended September 30, | | |
| 2025 | 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 |
First 8 of 12 rows. The CSV has all of them.
Table 36 after “The following table summarizes cash, cash equivalents, and restricted cash (in thousands):”
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| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Beginning of period: | | | |
| Cash and cash equivalents | $119,818 | | $117,635 |
| Restricted cash | 64,487 | | 51,388 |
| Cash, cash equivalents, and restricted cash | $184,305 | | $169,023 |
| End of period: | | | |
| Cash and cash equivalents | $91,038 | | $180,430 |
First 8 of 10 rows. The CSV has all of them.
Table 37 after “The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these V”
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| VIE Type | Asset Type | Maximum LossExposure and Carrying Amount(1) |
| LLC Investment and Other Equity Investments | Other assets, net | $17,515 |
| Needham Land Parcel JV and HQ Point Preferred Equity Investment | Investments in and advances to unconsolidated joint ventures | 59,308 |
| Loans Receivable Investments | Loans receivable, net | 7,048 |
Table 38 after “Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands):”
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| September 30, 2025 | December 31, 2024 | |
| Assets | | | |
| Buildings and improvements | $4,707,134 | | $4,669,914 |
| Development costs and construction in progress | 135,076 | | 92,710 |
| Land and improvements | 474,058 | | 472,232 |
| Accumulated depreciation and amortization | (895,705) | | (761,759) |
| Net real estate | 4,420,563 | | 4,473,097 |
| Loans receivable, net | 566,552 | | 550,829 |
First 8 of 27 rows. The CSV has all of them.
Table 39 after “The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a rec”
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| September 30, 2025(3) | December 31, 2024(3) | | | | |
| Carrying Value | Fair Value | | Carrying Value | Fair Value | |
| Loans receivable, net(2) | $673,502 | | $688,697 | | $717,190 | $729,637 |
| Interest rate swap assets(2) | 7,742 | | 7,742 | | 35,120 | 35,120 |
| Bank line of credit and commercial paper(2) | 368,125 | | 368,125 | | 150,000 | 150,000 |
| Term loans(2) | 1,646,912 | | 1,646,912 | | 1,646,043 | 1,646,043 |
| Senior unsecured notes(1) | 6,766,350 | | 6,781,049 | | 6,563,256 | 6,373,528 |
| Mortgage debt(2) | 350,174 | | 348,418 | | 356,750 | 350,292 |
First 8 of 9 rows. The CSV has all of them.
Table 40 after “The following table summarizes the Company’s interest rate swap instruments (in thousands):”
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| | | | | | Fair Value(2) | | | |
| Date Entered(1) | Maturity Date | Hedge Designation | Notional Amount | Pay Rate | Receive Rate | September 30, 2025 | | December 31, 2024 | |
| Interest rate swap assets: | | | | | | | | | |
| April 2022 | May 2026 | Cash flow | $51,100 | | 4.99 % | USD-SOFR w/ -5 Day Lookback + 2.50% | $382 | | $1,050 |
| April 2022 | May 2026 | Cash flow | 91,000 | | 4.54 % | USD-SOFR w/ -5 Day Lookback + 2.05% | 680 | | 1,870 |
| August 2022 | February 2027 | Cash flow | 250,000 | | 2.60 % | 1 mo. USD-SOFR CME Term | 2,913 | | 7,224 |
| August 2022 | August 2027 | Cash flow | 250,000 | | 2.54 % | 1 mo. USD-SOFR CME Term | 3,767 | | 9,122 |
| May 2023(3)(4) | May 2028 | Cash flow | 400,000 | | 3.59 % | USD-SOFR w/ -5 Day Lookback | — | | 4,887 |
First 8 of 14 rows. The CSV has all of them.
Table 41 after “The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities (in thousands):”
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| September 30, 2025 | December 31, 2024 | |
| 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(1) | 301,244 | | 275,972 |
| Accounts payable, accrued liabilities, and other liabilities | $746,229 | | $725,342 |
Table 42 after “The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in ”
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| September 30, 2025 | December 31, 2024 | |
| Non-refundable entrance fees(1) | $652,173 | | $615,723 |
| Other deferred revenue(2) | 317,904 | | 324,413 |
| Deferred revenue | $970,077 | | $940,136 |
Table 43 after “properties; (ii) Lab – 139 properties; (iii) CCRC – 15 properties; and (iv) Other non-reportable – 19 properties. The following table summar”
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| Segment | Adjusted NOI by Reportable Segment(1) |
| Outpatient medical | $200,414 |
| Lab | 138,058 |
| CCRC | 36,548 |
Table 44 after “The following table summarizes our common stock cash dividends declared in 2025:”
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| Declaration Date | Record Date | Amount Per Share(1) | Dividend Payment Date | |
| February 3 | February 14 | $0.30500 | | February 26 |
| April 4 | April 18 | 0.10167 | | April 30 |
| April 4 | May 19 | 0.10167 | | May 30 |
| April 4 | June 16 | 0.10167 | | June 27 |
| July 7 | July 18 | 0.10167 | | July 31 |
| July 7 | August 18 | 0.10167 | | August 29 |
| July 7 | September 19 | 0.10167 | | September 30 |
First 8 of 11 rows. The CSV has all of them.
| Three Months Ended September 30, | | | | |
| 2025 | 2024 | | Change | |
| Net income (loss) applicable to common shares | $(117,256) | | $85,675 | | $(202,931) |
| Nareit FFO | 318,155 | | 311,247 | | 6,908 |
| FFO as Adjusted | 318,750 | | 316,205 | | 2,545 |
| AFFO | 291,974 | | 295,979 | | (4,005) |
| Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | Change | |
| Net income (loss) applicable to common shares | $(43,335) | | $237,985 | | $(281,320) |
| Nareit FFO | 940,418 | | 785,876 | | 154,542 |
| FFO as Adjusted | 965,087 | | 907,128 | | 57,959 |
| AFFO | 903,977 | | 833,281 | | 70,696 |
Table 47 after “The following table summarizes results at and for the three months ended September 30, 2025 and 2024 (dollars and square feet in thousands, ”
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| Merger-Combined SS | Total Portfolio(1) | | | | | | | | |
| Three Months Ended September 30, | Three Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Rental and related revenues | $315,473 | | $304,315 | | $11,158 | | $326,561 | | $317,659 | $8,902 |
| Healthpeak’s share of unconsolidated joint venture total revenues | 6,970 | | 6,883 | | 87 | | 7,327 | | 7,065 | 262 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | (10,129) | | (9,553) | | (576) | | (10,334) | | (9,734) | (600) |
| Operating expenses | (107,921) | | (99,414) | | (8,507) | | (113,660) | | (106,484) | (7,176) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (2,750) | | (2,761) | | 11 | | (2,887) | | (2,832) | (55) |
First 8 of 20 rows. The CSV has all of them.
Table 48 after “The following table summarizes results at and for the nine months ended September 30, 2025 and 2024 (dollars and square feet in thousands, e”
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| Merger-Combined SS(1) | Total Portfolio(2) | | | | | | | | |
| Nine Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Rental and related revenues | $932,264 | | $894,342 | | $37,922 | | $967,591 | | $888,446 | $79,145 |
| Healthpeak’s share of unconsolidated joint venture total revenues | 21,073 | | 20,221 | | 852 | | 21,769 | | 16,707 | 5,062 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | (28,121) | | (27,103) | | (1,018) | | (30,327) | | (27,952) | (2,375) |
| Operating expenses | (306,044) | | (294,525) | | (11,519) | | (324,216) | | (299,455) | (24,761) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (8,296) | | (7,627) | | (669) | | (8,576) | | (6,380) | (2,196) |
First 8 of 21 rows. The CSV has all of them.
Table 49 after “The following table summarizes results at and for the three months ended September 30, 2025 and 2024 (dollars and square feet in thousands, ”
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| Merger-Combined SS | Total Portfolio(1) | | | | | | | | |
| Three Months Ended September 30, | Three Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Rental and related revenues | $178,162 | | $181,087 | | $(2,925) | | $213,325 | | $225,592 | $(12,267) |
| Healthpeak’s share of unconsolidated joint venture total revenues | 2,282 | | 2,083 | | 199 | | 6,834 | | 5,242 | 1,592 |
| Operating expenses | (51,086) | | (51,829) | | 743 | | (64,352) | | (64,075) | (277) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (762) | | (754) | | (8) | | (2,229) | | (1,811) | (418) |
| Adjustments to NOI(2) | (12,499) | | (10,646) | | (1,853) | | (15,520) | | (16,900) | 1,380 |
First 8 of 18 rows. The CSV has all of them.
Table 50 after “The following table summarizes results at and for the nine months ended September 30, 2025 and 2024 (dollars and square feet in thousands, e”
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| Merger-Combined SS | Total Portfolio(1) | | | | | | | | |
| Nine Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Rental and related revenues | $532,732 | | $519,783 | | $12,949 | | $640,123 | | $663,619 | $(23,496) |
| Healthpeak’s share of unconsolidated joint venture total revenues | 5,761 | | 5,880 | | (119) | | 16,992 | | 14,404 | 2,588 |
| Noncontrolling interests’ share of consolidated joint venture total revenues | — | | — | | — | | — | | (196) | 196 |
| Operating expenses | (143,544) | | (141,130) | | (2,414) | | (181,412) | | (177,571) | (3,841) |
| Healthpeak’s share of unconsolidated joint venture operating expenses | (1,845) | | (1,933) | | 88 | | (5,793) | | (4,663) | (1,130) |
First 8 of 20 rows. The CSV has all of them.
Table 51 after “The following table summarizes results at and for the three months ended September 30, 2025 and 2024 (dollars in thousands, except per unit ”
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| Merger-Combined SS | Total Portfolio | | | | | | | | |
| Three Months Ended September 30, | Three Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Resident fees and services | $150,458 | | $142,845 | | $7,613 | | $150,458 | | $142,845 | $7,613 |
| Operating expenses | (113,518) | | (109,163) | | (4,355) | | (113,910) | | (109,720) | (4,190) |
| Adjustments to NOI(1) | — | | 95 | | (95) | | — | | 95 | (95) |
| Adjusted NOI | $36,940 | | $33,777 | | $3,163 | | 36,548 | | 33,220 | 3,328 |
| Plus (less): Merger-Combined Non-SS adjustments | | | | | 392 | | 557 | | (165) | |
First 8 of 14 rows. The CSV has all of them.
Table 52 after “The following table summarizes results at and for the nine months ended September 30, 2025 and 2024 (dollars in thousands, except per unit d”
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| Merger-Combined SS | Total Portfolio | | | | | | | | |
| Nine Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Resident fees and services | $448,240 | | $422,512 | | $25,728 | | $448,240 | | $422,512 | $25,728 |
| Operating expenses | (334,436) | | (319,349) | | (15,087) | | (335,618) | | (320,809) | (14,809) |
| Adjustments to NOI(1) | (844) | | (1,642) | | 798 | | (844) | | (1,645) | 801 |
| Adjusted NOI | $112,960 | | $101,521 | | $11,439 | | 111,778 | | 100,058 | 11,720 |
| Plus (less): Merger-Combined Non-SS adjustments | | | | | 1,182 | | 1,463 | | (281) | |
First 8 of 14 rows. The CSV has all of them.
Table 53 after “The following table summarizes the results of our other income and expense items for the three and nine months ended September 30, 2025 and ”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | |
| 2025 | 2024 | | Change | 2025 | 2024 | | Change | | |
| Interest income and other | $15,529 | | $14,301 | | $1,228 | | $47,156 | | $27,884 | $19,272 |
| Interest expense | 76,784 | | 74,105 | | 2,679 | | 224,540 | | 209,922 | 14,618 |
| Depreciation and amortization | 262,317 | | 280,019 | | (17,702) | | 796,779 | | 782,736 | 14,043 |
| General and administrative | 19,907 | | 23,216 | | (3,309) | | 66,789 | | 73,233 | (6,444) |
| Transaction and merger-related costs | 2,420 | | 7,134 | | (4,714) | | 18,169 | | 122,113 | (103,944) |
| Impairments and loan loss reserves (recoveries), net | (54) | | 441 | | (495) | | (117) | | 11,346 | (11,463) |
First 8 of 13 rows. The CSV has all of them.
Table 54 after “The following table sets forth changes in cash flows (in thousands):”
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| Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | Change | |
| Net cash provided by (used in) operating activities | $957,875 | | $786,966 | | $170,909 |
| Net cash provided by (used in) investing activities | (629,053) | | 119,975 | | (749,028) |
| Net cash provided by (used in) financing activities | (353,395) | | (833,919) | | 480,524 |
Table 55 after “The following is a reconciliation from net income (loss) applicable to common shares, the most directly comparable financial measure calcula”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Net income (loss) applicable to common shares | $(117,256) | | $85,675 | | $(43,335) | $237,985 |
| Real estate related depreciation and amortization | 262,317 | | 280,019 | | 796,779 | 782,736 |
| Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 12,574 | | 12,127 | | 37,304 | 32,520 |
| Noncontrolling interests’ share of real estate related depreciation and amortization | (3,807) | | (4,534) | | (12,686) | (13,705) |
| Loss (gain) on sales of depreciable real estate, net | (11,500) | | (62,325) | | (13,136) | (187,624) |
| Loss (gain) upon change of control, net(1) | — | | 430 | | — | (77,548) |
First 8 of 33 rows. The CSV has all of them.
Table 56 after “The following table sets forth information with respect to purchases of our common stock made by us or on our behalf during the three months”
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| Period Covered | Total Numberof SharesPurchased | Average Price Paid per Share | | Total Number of SharesPurchased asPart of PubliclyAnnounced Plans orPrograms(1) | Maximum Number (orApproximate Dollar Value)of Shares that May Yet be PurchasedUnder the Plans orPrograms(1) | |
| July 1-31, 2025 | — | | $— | | — | $405,831,746 |
| August 1-31, 2025 | — | | — | | — | 405,831,746 |
| September 1-30, 2025 | — | | — | | — | 405,831,746 |
| — | | $— | | — | $405,831,746 |
| 2.1+ | Agreement and Plan of Merger, dated February 7, 2023, by and among Healthpeak Properties, Inc., New Healthpeak, Inc. and Healthpeak Merger Sub, Inc. (incorporated herein by reference to Exhibit 2.1 to Healthpeak’s Current Report on Form 8-K12B filed February 10, 2023). |
| 2.2+ | Agreement and Plan of Merger, dated as of October 29, 2023, by and among Healthpeak Properties, Inc., DOC DR Holdco, LLC (formerly Alpine Sub, LLC), DOC DR, LLC (formerly Alpine OP Sub, LLC), Physicians Realty Trust and Physicians Realty L.P. (incorporated herein by reference to Exhibit 2.1 to Healthpeak’s Current Report on Form 8-K filed October 30, 2023). |
| 3.1 | Articles of Amendment and Restatement of Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.) effective February 10, 2023 (incorporated herein by reference to Exhibit 3.1 to Healthpeak’s Current Report on Form 8-K12B filed February 10, 2023). |
| 3.2 | Articles of Amendment of Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.) effective February 10, 2023 (incorporated herein by reference to Exhibit 3.2 to Healthpeak’s Current Report on Form 8-K12B filed February 10, 2023). |
| 3.3 | Articles of Amendment of Healthpeak Properties, Inc., effective February 29, 2024 (incorporated herein by reference to Exhibit 3.1 to Healthpeak’s Current Report on Form 8-K filed March 1, 2024). |
| 3.4 | Amended and Restated Bylaws of Healthpeak Properties, Inc. (formerly New Healthpeak, Inc.), dated February 10, 2023 (incorporated herein by reference to Exhibit 3.4 to Healthpeak’s Current Report on Form 8-K12B filed February 10, 2023). |
| 3.5 | Amendment to the Bylaws of Healthpeak Properties, Inc., effective March 1, 2024 (incorporated herein by reference to Exhibit 3.2 to Healthpeak’s Current Report on Form 8-K filed March 1, 2024). |
| 4.1 | Second Supplemental Indenture, dated August 14, 2025, by and among Healthpeak OP, LLC, the Guarantors, and U.S. Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to Healthpeak’s Current Report on Form 8-K filed August 14, 2025). |
First 8 of 22 rows. The CSV has all of them.