Definitions |
2 |
Definitions |
3 |
Definitions |
4 |
Definitions |
5 |
Reconciliations | ||
Funds From Operations |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) applicable to common shares | $ | 51,750 | $ | 68,057 | $ | 169,449 | $ | 137,693 | |||||||||||||||
Real estate related depreciation and amortization | 197,573 | 180,489 | 376,798 | 358,222 | |||||||||||||||||||
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 5,893 | 5,210 | 11,887 | 10,345 | |||||||||||||||||||
Noncontrolling interests’ share of real estate related depreciation and amortization | (4,685) | (4,844) | (9,470) | (9,685) | |||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net | (4,885) | (12,903) | (86,463) | (16,688) | |||||||||||||||||||
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | — | 129 | — | (150) | |||||||||||||||||||
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net | — | — | 11,546 | 12 | |||||||||||||||||||
Loss (gain) upon change of control, net | (234) | — | (234) | — | |||||||||||||||||||
Taxes associated with real estate dispositions | — | 16 | — | (166) | |||||||||||||||||||
Nareit FFO applicable to common shares | 245,412 | 236,154 | 473,513 | 479,583 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,342 | 2,352 | 4,687 | 4,704 | |||||||||||||||||||
Diluted Nareit FFO applicable to common shares | $ | 247,754 | $ | 238,506 | $ | 478,200 | $ | 484,287 | |||||||||||||||
Weighted average shares outstanding - diluted Nareit FFO | 554,584 | 547,132 | 554,494 | 547,018 | |||||||||||||||||||
Impact of adjustments to Nareit FFO: | |||||||||||||||||||||||
Transaction-related items | $ | 581 | $ | 596 | $ | 2,944 | $ | 893 | |||||||||||||||
Other impairments (recoveries) and other losses (gains), net(1) | 2,432 | 139 | 1,159 | (8,770) | |||||||||||||||||||
Restructuring and severance-related charges | 1,368 | — | 1,368 | — | |||||||||||||||||||
Casualty-related charges (recoveries), net(2) | (591) | (411) | (243) | (411) | |||||||||||||||||||
Total adjustments | 3,790 | 324 | 5,228 | (8,288) | |||||||||||||||||||
FFO as Adjusted applicable to common shares | 249,202 | 236,478 | 478,741 | 471,295 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,338 | 2,351 | 4,680 | 4,719 | |||||||||||||||||||
Diluted FFO as Adjusted applicable to common shares | $ | 251,540 | $ | 238,829 | $ | 483,421 | $ | 476,014 | |||||||||||||||
Weighted average shares outstanding - diluted FFO as Adjusted | 554,584 | 547,132 | 554,494 | 547,018 | |||||||||||||||||||
FFO as Adjusted applicable to common shares | $ | 249,202 | $ | 236,478 | $ | 478,741 | $ | 471,295 | |||||||||||||||
Stock-based compensation amortization expense | 4,245 | 5,300 | 7,532 | 10,021 | |||||||||||||||||||
Amortization of deferred financing costs | 2,954 | 2,689 | 5,774 | 5,377 | |||||||||||||||||||
Straight-line rents(3) | (4,683) | (12,713) | (5,431) | (23,872) | |||||||||||||||||||
AFFO capital expenditures | (19,444) | (27,906) | (42,233) | (50,745) | |||||||||||||||||||
Deferred income taxes | (242) | (1,188) | (503) | (927) | |||||||||||||||||||
Amortization of above (below) market lease intangibles, net | (8,838) | (5,885) | (14,641) | (11,653) | |||||||||||||||||||
Other AFFO adjustments | (2,339) | (1,180) | (730) | (1,871) | |||||||||||||||||||
AFFO applicable to common shares | 220,855 | 195,595 | 428,509 | 397,625 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,342 | 1,649 | 4,686 | 3,296 | |||||||||||||||||||
Diluted AFFO applicable to common shares | $ | 223,197 | $ | 197,244 | $ | 433,195 | $ | 400,921 | |||||||||||||||
Weighted average shares outstanding - diluted AFFO | 554,584 | 545,307 | 554,494 | 545,193 |
6 |
Reconciliations | ||
Funds From Operations |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Diluted earnings per common share | $ | 0.09 | $ | 0.13 | $ | 0.31 | $ | 0.26 | |||||||||||||||
Depreciation and amortization | 0.37 | 0.33 | 0.69 | 0.66 | |||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net | (0.01) | (0.02) | (0.14) | (0.03) | |||||||||||||||||||
Loss (gain) upon change of control, net(2) | 0.00 | — | 0.00 | — | |||||||||||||||||||
Taxes associated with real estate dispositions | — | 0.00 | — | 0.00 | |||||||||||||||||||
Diluted Nareit FFO per common share | $ | 0.45 | $ | 0.44 | $ | 0.86 | $ | 0.89 | |||||||||||||||
Transaction-related items | 0.00 | 0.00 | 0.01 | 0.00 | |||||||||||||||||||
Other impairments (recoveries) and other losses (gains), net(1) | 0.00 | 0.00 | 0.00 | (0.02) | |||||||||||||||||||
Restructuring and severance-related charges | 0.00 | — | 0.00 | — | |||||||||||||||||||
Casualty-related charges (recoveries), net(2) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Diluted FFO as Adjusted per common share | $ | 0.45 | $ | 0.44 | $ | 0.87 | $ | 0.87 | |||||||||||||||
Stock-based compensation amortization expense | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||||||||
Amortization of deferred financing costs | 0.01 | 0.00 | 0.01 | 0.01 | |||||||||||||||||||
Straight-line rents(3) | (0.01) | (0.03) | (0.01) | (0.05) | |||||||||||||||||||
AFFO capital expenditures | (0.04) | (0.05) | (0.08) | (0.09) | |||||||||||||||||||
Deferred income taxes | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Amortization of above (below) market lease intangibles, net | (0.02) | (0.01) | (0.03) | (0.02) | |||||||||||||||||||
Other AFFO adjustments | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Diluted AFFO per common share | $ | 0.40 | $ | 0.36 | $ | 0.78 | $ | 0.74 |
7 |
Reconciliations | ||
Projected Future Operations(1) |
Full Year 2023 | |||||||||||
Low | High | ||||||||||
Diluted earnings per common share | $ | 0.49 | $ | 0.53 | |||||||
Real estate related depreciation and amortization | 1.36 | 1.36 | |||||||||
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 0.05 | 0.05 | |||||||||
Noncontrolling interests' share of real estate related depreciation and amortization | (0.04) | (0.04) | |||||||||
Loss (gain) on sales of depreciable real estate, net | (0.16) | (0.16) | |||||||||
Noncontrolling interests' share of gain (loss) on sale of depreciable real estate, net | 0.02 | 0.02 | |||||||||
Diluted Nareit FFO per common share | $ | 1.72 | $ | 1.76 | |||||||
Transaction-related items | 0.01 | 0.01 | |||||||||
Diluted FFO as Adjusted per common share | $ | 1.73 | $ | 1.77 | |||||||
Stock-based compensation amortization expense | $ | 0.03 | $ | 0.03 | |||||||
Amortization of deferred financing costs | 0.02 | 0.02 | |||||||||
Straight-line rents | (0.06) | (0.06) | |||||||||
AFFO capital expenditures | (0.19) | (0.19) | |||||||||
Amortization of above (below) market lease intangibles, net | (0.05) | (0.05) | |||||||||
Other AFFO adjustments | 0.01 | 0.01 | |||||||||
Diluted AFFO per common share | $ | 1.49 | $ | 1.53 |
8 |
Reconciliations | ||
Projected NOI(1) |
Lab | Outpatient Medical | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 387 | $ | 216 | $ | (36) | $ | 21 | $ | (295) | $ | 297 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | 257 | 248 | 140 | (5) | 288 | 924 | ||||||||||||||||||||||||||||||||
NOI(3) | $ | 644 | $ | 464 | $ | 105 | $ | 15 | $ | (6) | $ | 1,221 | ||||||||||||||||||||||||||
Non-SS NOI | (160) | (39) | 1 | (15) | 6 | (207) | ||||||||||||||||||||||||||||||||
SS NOI | $ | 484 | $ | 424 | $ | 106 | $ | — | $ | — | $ | 1,013 | ||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(4) | (26) | (11) | (1) | — | — | (38) | ||||||||||||||||||||||||||||||||
SS Cash (Adjusted) NOI | $ | 458 | $ | 413 | $ | 105 | $ | — | $ | — | $ | 975 | ||||||||||||||||||||||||||
Non-SS cash NOI | 148 | 37 | (1) | 15 | (4) | 195 | ||||||||||||||||||||||||||||||||
Cash (Adjusted) NOI(5) | $ | 606 | $ | 449 | $ | 104 | $ | 15 | $ | (4) | $ | 1,171 | ||||||||||||||||||||||||||
Lab | Outpatient Medical | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 396 | $ | 221 | $ | (31) | $ | 31 | $ | (294) | $ | 323 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | 257 | 248 | 140 | (5) | 288 | 928 | ||||||||||||||||||||||||||||||||
NOI(3) | $ | 654 | $ | 468 | $ | 109 | $ | 26 | $ | (5) | $ | 1,251 | ||||||||||||||||||||||||||
Non-SS NOI | (162) | (40) | 1 | (26) | 5 | (222) | ||||||||||||||||||||||||||||||||
SS NOI | $ | 491 | $ | 428 | $ | 110 | $ | — | $ | — | $ | 1,028 | ||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(4) | (27) | (12) | (1) | — | — | (39) | ||||||||||||||||||||||||||||||||
SS Cash (Adjusted) NOI | $ | 464 | $ | 417 | $ | 109 | $ | — | $ | — | $ | 989 | ||||||||||||||||||||||||||
Non-SS cash NOI | 151 | 37 | (1) | 26 | (12) | 200 | ||||||||||||||||||||||||||||||||
Cash (Adjusted) NOI(5) | $ | 615 | $ | 454 | $ | 108 | $ | 26 | $ | (12) | $ | 1,191 | ||||||||||||||||||||||||||
9 |
Reconciliations | ||
NOI(1) |
Lab | Outpatient Medical | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 627 | $ | 210 | $ | (37) | $ | 19 | $ | (303) | $ | 516 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | (12) | 239 | 140 | (3) | 303 | 667 | ||||||||||||||||||||||||||||||||
NOI | $ | 615 | $ | 448 | $ | 103 | $ | 17 | $ | — | $ | 1,183 | ||||||||||||||||||||||||||
Non-SS NOI | (128) | (33) | (7) | (17) | — | (184) | ||||||||||||||||||||||||||||||||
SS NOI | $ | 487 | $ | 416 | $ | 96 | $ | — | $ | — | $ | 999 | ||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(3) | (43) | (14) | 2 | — | — | (54) | ||||||||||||||||||||||||||||||||
SS Cash (Adjusted) NOI | $ | 444 | $ | 402 | $ | 98 | $ | — | $ | — | $ | 945 | ||||||||||||||||||||||||||
Non-SS cash NOI | 108 | 31 | 7 | 17 | — | 163 | ||||||||||||||||||||||||||||||||
Cash (Adjusted) NOI | $ | 553 | $ | 433 | $ | 105 | $ | 17 | $ | — | $ | 1,108 | ||||||||||||||||||||||||||
10 |
Reconciliations | ||
Enterprise Gross Assets |
June 30, 2023 | |||||
Consolidated total assets(1) | $ | 15,603,540 | |||
Investments in and advances to unconsolidated joint ventures | (731,956) | ||||
Accumulated depreciation and amortization of real estate | 3,379,874 | ||||
Accumulated amortization of real estate intangibles | 393,829 | ||||
Accumulated depreciation and amortization of real estate assets held for sale | 5,367 | ||||
Consolidated Gross Assets | $ | 18,650,654 | |||
Healthpeak's share of unconsolidated joint venture gross assets | 946,835 | ||||
Enterprise Gross Assets | $ | 19,597,489 | |||
Portfolio Investment |
June 30, 2023 | |||||||||||||||||||||||||||||
Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
Net real estate | $ | 7,342,873 | $ | 4,095,060 | $ | 1,659,270 | $ | — | $ | 13,097,203 | |||||||||||||||||||
Real estate assets held for sale, net | — | 8,067 | — | — | 8,067 | ||||||||||||||||||||||||
Intangible assets, net | 82,914 | 126,988 | 154,551 | — | 364,453 | ||||||||||||||||||||||||
Accumulated depreciation and amortization of real estate | 1,353,865 | 1,708,040 | 317,969 | — | 3,379,874 | ||||||||||||||||||||||||
Accumulated amortization of real estate intangibles | 74,005 | 137,697 | 182,127 | — | 393,829 | ||||||||||||||||||||||||
Accumulated depreciation and amortization of real estate assets held for sale | — | 5,367 | — | — | 5,367 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture gross real estate assets | 403,080 | 18,819 | — | 467,765 | 889,664 | ||||||||||||||||||||||||
Fully depreciated and amortization real estate and intangibles assets | 489,428 | 654,559 | 18,714 | — | 1,162,701 | ||||||||||||||||||||||||
Leasing commissions and other | 86,507 | 66,270 | — | — | 152,777 | ||||||||||||||||||||||||
Debt investments | — | — | — | 187,363 | 187,363 | ||||||||||||||||||||||||
Land held for development | (685,010) | (4,676) | — | — | (689,686) | ||||||||||||||||||||||||
Real estate intangible liabilities, gross | (195,268) | (136,853) | — | — | (332,121) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture real estate and related intangibles | (5,081) | (380,974) | — | — | (386,055) | ||||||||||||||||||||||||
Portfolio Investment | $ | 8,947,313 | $ | 6,298,364 | $ | 2,332,631 | $ | 655,128 | $ | 18,233,436 |
11 |
Reconciliations | ||
Revenues |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Lab | $ | 207,771 | $ | 207,795 | $ | 207,952 | $ | 205,464 | $ | 223,306 | |||||||||||||||||||
Outpatient Medical | 179,308 | 184,506 | 184,293 | 186,967 | 186,661 | ||||||||||||||||||||||||
CCRC | 125,360 | 122,142 | 125,873 | 127,084 | 130,184 | ||||||||||||||||||||||||
Other | 5,493 | 5,963 | 6,350 | 6,163 | 5,279 | ||||||||||||||||||||||||
Total revenues | $ | 517,932 | $ | 520,406 | $ | 524,468 | $ | 525,678 | $ | 545,430 | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | 209 | 4 | — | 137 | 47 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Government grant income | $ | 209 | $ | 4 | $ | — | $ | 137 | $ | 47 | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | (5,493) | (5,963) | (6,350) | (6,163) | (5,279) | ||||||||||||||||||||||||
Less: Interest income | $ | (5,493) | $ | (5,963) | $ | (6,350) | $ | (6,163) | $ | (5,279) | |||||||||||||||||||
Lab | 1,267 | 2,938 | 4,285 | 2,165 | 1,928 | ||||||||||||||||||||||||
Outpatient Medical | 761 | 756 | 750 | 745 | 754 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 18,215 | 18,656 | 18,969 | 20,346 | 20,261 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture real estate revenues | $ | 20,243 | $ | 22,350 | $ | 24,004 | $ | 23,256 | $ | 22,943 | |||||||||||||||||||
Lab | — | — | — | — | — | ||||||||||||||||||||||||
Outpatient Medical | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | — | 47 | — | — | ||||||||||||||||||||||||
Other | — | 183 | — | 228 | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture government grant income | $ | — | $ | 183 | $ | 47 | $ | 228 | $ | — | |||||||||||||||||||
Lab | (62) | (55) | (94) | (143) | (151) | ||||||||||||||||||||||||
Outpatient Medical | (8,943) | (8,968) | (8,986) | (8,963) | (8,665) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture real estate revenues | $ | (9,005) | $ | (9,023) | $ | (9,080) | $ | (9,106) | $ | (8,816) | |||||||||||||||||||
Lab | 208,976 | 210,678 | 212,143 | 207,486 | 225,083 | ||||||||||||||||||||||||
Outpatient Medical | 171,126 | 176,294 | 176,057 | 178,749 | 178,749 | ||||||||||||||||||||||||
CCRC | 125,569 | 122,146 | 125,920 | 127,221 | 130,231 | ||||||||||||||||||||||||
Other | 18,215 | 18,839 | 18,969 | 20,574 | 20,261 | ||||||||||||||||||||||||
Portfolio Real Estate Revenues | $ | 523,886 | $ | 527,957 | $ | 533,089 | $ | 534,030 | $ | 554,324 | |||||||||||||||||||
Lab | (21,653) | (15,231) | (11,786) | (842) | (14,950) | ||||||||||||||||||||||||
Outpatient Medical | (3,643) | (4,780) | (5,631) | (4,470) | (4,685) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 86 | 66 | 55 | (8) | 17 | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | (25,210) | $ | (19,945) | $ | (17,362) | $ | (5,320) | $ | (19,618) | |||||||||||||||||||
12 |
Reconciliations | ||
Revenues |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Lab | 187,323 | 195,447 | 200,357 | 206,644 | 210,133 | ||||||||||||||||||||||||
Outpatient Medical | 167,483 | 171,514 | 170,426 | 174,279 | 174,064 | ||||||||||||||||||||||||
CCRC | 125,569 | 122,146 | 125,920 | 127,221 | 130,231 | ||||||||||||||||||||||||
Other | 18,301 | 18,905 | 19,024 | 20,566 | 20,278 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues | $ | 498,676 | $ | 508,012 | $ | 515,727 | $ | 528,710 | $ | 534,706 | |||||||||||||||||||
Lab | 21,653 | 15,231 | 11,786 | 842 | 14,950 | ||||||||||||||||||||||||
Outpatient Medical | 3,643 | 4,780 | 5,631 | 4,470 | 4,685 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | (86) | (66) | (55) | 8 | (17) | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | 25,210 | $ | 19,945 | $ | 17,362 | $ | 5,320 | $ | 19,618 | |||||||||||||||||||
Lab | (38,022) | (34,842) | (36,619) | (38,764) | (47,030) | ||||||||||||||||||||||||
Outpatient Medical | (14,450) | (15,338) | (15,566) | (16,858) | (15,866) | ||||||||||||||||||||||||
CCRC | (209) | (3) | (47) | (137) | (232) | ||||||||||||||||||||||||
Other | (18,215) | (18,839) | (18,969) | (20,574) | (20,261) | ||||||||||||||||||||||||
Non-SS Portfolio Real Estate Revenues | $ | (70,896) | $ | (69,022) | $ | (71,201) | $ | (76,333) | $ | (83,389) | |||||||||||||||||||
Lab | 170,954 | 175,836 | 175,524 | 168,722 | 178,053 | ||||||||||||||||||||||||
Outpatient Medical | 156,676 | 160,956 | 160,491 | 161,891 | 162,883 | ||||||||||||||||||||||||
CCRC | 125,360 | 122,143 | 125,873 | 127,084 | 129,999 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Real Estate Revenue - SS | $ | 452,990 | $ | 458,935 | $ | 461,888 | $ | 457,697 | $ | 470,935 | |||||||||||||||||||
Lab | (13,637) | (12,567) | (10,978) | 1,053 | (11,621) | ||||||||||||||||||||||||
Outpatient Medical | (3,512) | (4,288) | (5,115) | (4,050) | (4,141) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (17,149) | $ | (16,855) | $ | (16,093) | $ | (2,997) | $ | (15,762) | |||||||||||||||||||
Lab | 157,317 | 163,269 | 164,546 | 169,775 | 166,432 | ||||||||||||||||||||||||
Outpatient Medical | 153,164 | 156,668 | 155,376 | 157,841 | 158,742 | ||||||||||||||||||||||||
CCRC | 125,360 | 122,143 | 125,873 | 127,084 | 129,999 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenue - SS | $ | 435,841 | $ | 442,080 | $ | 445,795 | $ | 454,700 | $ | 455,173 | |||||||||||||||||||
13 |
Reconciliations | ||
Operating Expenses |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Lab | $ | 49,446 | $ | 55,162 | $ | 56,346 | $ | 57,566 | $ | 54,832 | |||||||||||||||||||
Outpatient Medical | 63,321 | 64,782 | 64,036 | 64,398 | 65,350 | ||||||||||||||||||||||||
CCRC | 102,277 | 100,264 | 100,110 | 101,124 | 101,655 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Operating expenses | $ | 215,044 | $ | 220,208 | $ | 220,492 | $ | 223,088 | $ | 221,837 | |||||||||||||||||||
Lab | 483 | 777 | 1,140 | 1,182 | 848 | ||||||||||||||||||||||||
Outpatient Medical | 301 | 313 | 265 | 305 | 288 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 14,150 | 14,599 | 14,828 | 15,006 | 14,618 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | $ | 14,934 | $ | 15,689 | $ | 16,233 | $ | 16,493 | $ | 15,754 | |||||||||||||||||||
Lab | (19) | (21) | (28) | (40) | (35) | ||||||||||||||||||||||||
Outpatient Medical | (2,726) | (2,558) | (2,431) | (2,595) | (2,409) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | $ | (2,745) | $ | (2,579) | $ | (2,459) | $ | (2,635) | $ | (2,444) | |||||||||||||||||||
Lab | 49,910 | 55,918 | 57,458 | 58,708 | 55,645 | ||||||||||||||||||||||||
Outpatient Medical | 60,896 | 62,537 | 61,870 | 62,108 | 63,229 | ||||||||||||||||||||||||
CCRC | 102,277 | 100,264 | 100,110 | 101,124 | 101,655 | ||||||||||||||||||||||||
Other | 14,150 | 14,599 | 14,828 | 15,006 | 14,618 | ||||||||||||||||||||||||
Portfolio Operating Expenses | $ | 227,233 | $ | 233,318 | $ | 234,266 | $ | 236,946 | $ | 235,147 | |||||||||||||||||||
Lab | (9) | (10) | (8) | (10) | (7) | ||||||||||||||||||||||||
Outpatient Medical | (694) | (701) | (692) | (649) | (677) | ||||||||||||||||||||||||
CCRC | — | — | (2,299) | (50) | 728 | ||||||||||||||||||||||||
Other | 32 | (10) | 8 | 13 | 27 | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Operating Expenses | $ | (671) | $ | (721) | $ | (2,991) | $ | (696) | $ | 71 | |||||||||||||||||||
Lab | 49,901 | 55,908 | 57,450 | 58,698 | 55,638 | ||||||||||||||||||||||||
Outpatient Medical | 60,202 | 61,836 | 61,178 | 61,459 | 62,552 | ||||||||||||||||||||||||
CCRC | 102,277 | 100,264 | 97,811 | 101,074 | 102,383 | ||||||||||||||||||||||||
Other | 14,182 | 14,589 | 14,836 | 15,019 | 14,645 | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses | $ | 226,562 | $ | 232,597 | $ | 231,275 | $ | 236,250 | $ | 235,218 | |||||||||||||||||||
Lab | 9 | 10 | 8 | 10 | 7 | ||||||||||||||||||||||||
Outpatient Medical | 694 | 701 | 692 | 649 | 677 | ||||||||||||||||||||||||
CCRC | — | — | 2,299 | 50 | (728) | ||||||||||||||||||||||||
Other | (32) | 10 | (8) | (13) | (27) | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Operating Expenses | $ | 671 | $ | 721 | $ | 2,991 | $ | 696 | $ | (71) | |||||||||||||||||||
Lab | (8,874) | (9,635) | (10,787) | (9,772) | (9,908) | ||||||||||||||||||||||||
Outpatient Medical | (7,994) | (7,842) | (7,671) | (7,070) | (7,312) | ||||||||||||||||||||||||
CCRC | (443) | (350) | (341) | (446) | (445) | ||||||||||||||||||||||||
Other | (14,150) | (14,599) | (14,828) | (15,006) | (14,618) | ||||||||||||||||||||||||
Non-SS Portfolio Operating Expenses | $ | (31,461) | $ | (32,426) | $ | (33,627) | $ | (32,294) | $ | (32,283) | |||||||||||||||||||
14 |
Reconciliations | ||
Operating Expenses |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Lab | 41,036 | 46,283 | 46,671 | 48,936 | 45,737 | ||||||||||||||||||||||||
Outpatient Medical | 52,902 | 54,695 | 54,199 | 55,038 | 55,917 | ||||||||||||||||||||||||
CCRC | 101,834 | 99,914 | 99,769 | 100,678 | 101,210 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Operating Expenses - SS | $ | 195,772 | $ | 200,892 | $ | 200,639 | $ | 204,652 | $ | 202,864 | |||||||||||||||||||
Lab | (9) | (9) | (10) | (9) | (6) | ||||||||||||||||||||||||
Outpatient Medical | (657) | (652) | (648) | (607) | (638) | ||||||||||||||||||||||||
CCRC | — | — | (2,300) | (50) | 728 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio Operating Expenses | $ | (666) | $ | (661) | $ | (2,958) | $ | (666) | $ | 84 | |||||||||||||||||||
Lab | 41,027 | 46,274 | 46,661 | 48,927 | 45,731 | ||||||||||||||||||||||||
Outpatient Medical | 52,245 | 54,043 | 53,551 | 54,431 | 55,279 | ||||||||||||||||||||||||
CCRC | 101,834 | 99,914 | 97,469 | 100,628 | 101,938 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses - SS | $ | 195,106 | $ | 200,231 | $ | 197,681 | $ | 203,986 | $ | 202,948 |
15 |
Reconciliations | ||
Revenue | Operating Expenses |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||
Lab | $ | 428,770 | Lab | $ | 112,397 | ||||||||||||
Outpatient Medical | 373,628 | Outpatient Medical | 129,749 | ||||||||||||||
CCRC | 257,268 | CCRC | 202,779 | ||||||||||||||
Other | 11,442 | Other | — | ||||||||||||||
Total revenues | $ | 1,071,108 | Operating expenses | $ | 444,925 | ||||||||||||
Lab | — | Lab | 2,030 | ||||||||||||||
Outpatient Medical | — | Outpatient Medical | 595 | ||||||||||||||
CCRC | 184 | CCRC | — | ||||||||||||||
Other | — | Other | 29,624 | ||||||||||||||
Government grant income | $ | 184 | Healthpeak's share of unconsolidated joint venture operating expenses | $ | 32,249 | ||||||||||||
Lab | — | Lab | (75) | ||||||||||||||
Outpatient Medical | — | Outpatient Medical | (5,004) | ||||||||||||||
CCRC | — | CCRC | — | ||||||||||||||
Other | (11,442) | Other | — | ||||||||||||||
Less: Interest income | $ | (11,442) | Noncontrolling interests' share of consolidated joint venture operating expenses | $ | (5,079) | ||||||||||||
Lab | 4,093 | Lab | 114,353 | ||||||||||||||
Outpatient Medical | 1,498 | Outpatient Medical | 125,339 | ||||||||||||||
CCRC | — | CCRC | 202,779 | ||||||||||||||
Other | 40,607 | Other | 29,624 | ||||||||||||||
Healthpeak's share of unconsolidated joint venture real estate revenues | $ | 46,198 | Portfolio Operating Expenses | $ | 472,095 | ||||||||||||
Lab | — | Lab | (17) | ||||||||||||||
Outpatient Medical | — | Outpatient Medical | (1,328) | ||||||||||||||
CCRC | — | CCRC | 678 | ||||||||||||||
Other | 229 | Other | 40 | ||||||||||||||
Healthpeak's share of unconsolidated joint venture government grant income | $ | 229 | Non-cash adjustments to Portfolio Operating Expenses | $ | (627) | ||||||||||||
Lab | (294) | Lab | 114,336 | ||||||||||||||
Outpatient Medical | (17,628) | Outpatient Medical | 124,011 | ||||||||||||||
CCRC | — | CCRC | 203,457 | ||||||||||||||
Other | — | Other | 29,664 | ||||||||||||||
Noncontrolling interests' share of consolidated joint venture real estate revenues | $ | (17,922) | Portfolio Cash Operating Expenses | $ | 471,468 | ||||||||||||
Lab | 432,569 | Lab | $ | 16 | |||||||||||||
Outpatient Medical | 357,498 | Outpatient Medical | 1,330 | ||||||||||||||
CCRC | 257,452 | CCRC | (678) | ||||||||||||||
Other | 40,836 | Other | (40) | ||||||||||||||
Portfolio Real Estate Revenues | $ | 1,088,355 | Non-cash Portfolio Cash Operating Expenses | $ | 628 | ||||||||||||
Lab | (15,792) | Lab | (21,463) | ||||||||||||||
Outpatient Medical | (9,155) | Outpatient Medical | (16,138) | ||||||||||||||
CCRC | — | CCRC | (891) | ||||||||||||||
Other | 8 | Other | (29,624) | ||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | (24,939) | Non-SS Portfolio Operating Expenses | $ | (68,116) | ||||||||||||
16 |
Reconciliations | ||
Revenue | Operating Expenses |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||
Lab | 416,777 | Lab | 92,889 | ||||||||||||||
Outpatient Medical | 348,343 | Outpatient Medical | 109,203 | ||||||||||||||
CCRC | 257,452 | CCRC | 201,888 | ||||||||||||||
Other | 40,844 | Other | — | ||||||||||||||
Portfolio Cash Real Estate Revenues | $ | 1,063,416 | Portfolio Operating Expenses - SS(1) | $ | 403,980 | ||||||||||||
Lab | 15,792 | Lab | (16) | ||||||||||||||
Outpatient Medical | 9,155 | Outpatient Medical | (1,244) | ||||||||||||||
CCRC | — | CCRC | 677 | ||||||||||||||
Other | (8) | Other | — | ||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | 24,939 | Non-cash adjustment to SS Portfolio Operating Expenses | $ | (583) | ||||||||||||
Lab | (92,828) | Lab | 92,873 | ||||||||||||||
Outpatient Medical | (36,807) | Outpatient Medical | 107,959 | ||||||||||||||
CCRC | (368) | CCRC | 202,565 | ||||||||||||||
Other | (40,837) | Other | — | ||||||||||||||
Non-SS Portfolio Real Estate Revenue | $ | (170,840) | Portfolio Cash Operating Expenses - SS(1) | $ | 403,397 | ||||||||||||
Lab | $ | 339,741 | |||||||||||||||
Outpatient Medical | 320,691 | ||||||||||||||||
CCRC | 257,084 | ||||||||||||||||
Other | — | ||||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 917,516 | |||||||||||||||
Lab | (11,147) | ||||||||||||||||
Outpatient Medical | (7,582) | ||||||||||||||||
CCRC | — | ||||||||||||||||
Other | — | ||||||||||||||||
Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (18,729) | |||||||||||||||
Lab | 328,594 | ||||||||||||||||
Outpatient Medical | 313,109 | ||||||||||||||||
CCRC | 257,084 | ||||||||||||||||
Other | — | ||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 898,787 | |||||||||||||||
17 |
Reconciliations | ||
Net Income to Adjusted EBITDAre |
Three Months Ended June 30, 2023 | |||||
Net income (loss) | $ | 56,199 | |||
Interest expense | 49,074 | ||||
Income tax expense (benefit) | 1,136 | ||||
Depreciation and amortization | 197,573 | ||||
Other depreciation and amortization | 1,162 | ||||
Loss (gain) on sales of real estate | (4,885) | ||||
Loss (gain) upon change of control | (234) | ||||
Share of unconsolidated JV: | |||||
Interest expense | 220 | ||||
Income tax expense (benefit) | 235 | ||||
Depreciation and amortization | 5,893 | ||||
EBITDAre | $ | 306,373 | |||
Transaction-related items(1) | 637 | ||||
Other impairments (recoveries) and losses (gains)(1) | 2,835 | ||||
Restructuring and severance-related charges | 1,368 | ||||
Casualty-related charges (recoveries)(1) | (795) | ||||
Stock-based compensation amortization expense | 4,245 | ||||
Impact of transactions closed during the period(2) | (279) | ||||
Adjusted EBITDAre | $ | 314,384 |
Adjusted Fixed Charge Coverage |
Three Months Ended June 30, 2023 | |||||
Interest expense, including unconsolidated JV interest expense at share | 49,294 | ||||
Capitalized interest, including unconsolidated JV capitalized interest at share | 14,518 | ||||
Fixed Charges | $ | 63,812 | |||
Adjusted Fixed Charge Coverage | 4.9x |
18 |
Reconciliations | ||
Enterprise Debt and Net Debt |
June 30, 2023 | |||||
Bank line of credit and commercial paper | $ | 329,000 | |||
Term loan | 496,382 | ||||
Senior unsecured notes | 5,399,504 | ||||
Mortgage debt | 343,766 | ||||
Consolidated Debt | $ | 6,568,652 | |||
Share of unconsolidated JV mortgage debt | 39,898 | ||||
Enterprise Debt | $ | 6,608,550 | |||
Cash and cash equivalents | (103,780) | ||||
Share of unconsolidated JV cash and cash equivalents | (38,270) | ||||
Restricted cash | (56,745) | ||||
Share of unconsolidated JV restricted cash | (3,105) | ||||
Net Debt | $ | 6,406,650 |
Financial Leverage |
June 30, 2023 | |||||
Enterprise Debt | $ | 6,608,550 | |||
Enterprise Gross Assets | 19,597,489 | ||||
Financial Leverage | 33.7% |
Secured Debt Ratio |
June 30, 2023 | |||||
Mortgage debt | $ | 343,766 | |||
Share of unconsolidated JV mortgage debt | 39,898 | ||||
Enterprise Secured Debt | $ | 383,664 | |||
Enterprise Gross Assets | 19,597,489 | ||||
Secured Debt Ratio | 2.0% |
Net Debt to Adjusted EBITDAre |
Three Months Ended June 30, 2023 | |||||
Net Debt | $ | 6,406,650 | |||
Annualized Adjusted EBITDAre(1) | 1,257,536 | ||||
Net Debt to Adjusted EBITDAre | 5.1x |
19 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 72,293 | $ | 357,986 | $ | 10,802 | $ | 134,507 | $ | 56,199 | |||||||||||||||||||
Loss (income) from discontinued operations | (2,992) | 1,298 | (873) | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 69,301 | $ | 359,284 | $ | 9,929 | $ | 134,507 | $ | 56,199 | |||||||||||||||||||
Interest income | (5,493) | (5,963) | (6,350) | (6,163) | (5,279) | ||||||||||||||||||||||||
Interest expense | 41,867 | 44,078 | 49,413 | 47,963 | 49,074 | ||||||||||||||||||||||||
Depreciation and amortization | 180,489 | 173,190 | 179,157 | 179,225 | 197,573 | ||||||||||||||||||||||||
General and administrative | 24,781 | 24,549 | 57,872 | 24,547 | 25,936 | ||||||||||||||||||||||||
Transaction costs | 612 | 728 | 3,217 | 2,425 | 637 | ||||||||||||||||||||||||
Impairments and loan loss reserves (recoveries), net | 139 | 3,407 | 3,326 | (2,213) | 2,607 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (10,340) | 4,149 | 969 | (81,578) | (4,885) | ||||||||||||||||||||||||
Other expense (income), net | (2,861) | (305,678) | 587 | (772) | (1,955) | ||||||||||||||||||||||||
Government grant income | 209 | 4 | — | 137 | 47 | ||||||||||||||||||||||||
Income tax expense (benefit) | (718) | (3,834) | (650) | 302 | 1,136 | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated joint ventures | (382) | 325 | 156 | (1,816) | (2,729) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 5,309 | 6,844 | 7,818 | 6,991 | 7,189 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (6,260) | (6,444) | (6,621) | (6,471) | (6,372) | ||||||||||||||||||||||||
Portfolio NOI | $ | 296,653 | $ | 294,639 | $ | 298,823 | $ | 297,084 | $ | 319,178 | |||||||||||||||||||
Adjustment to Portfolio NOI | (24,539) | (19,224) | (14,371) | (4,624) | (19,688) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 272,114 | $ | 275,415 | $ | 284,452 | $ | 292,460 | $ | 299,490 | |||||||||||||||||||
Interest income | 5,493 | 5,963 | 6,350 | 6,163 | 5,279 | ||||||||||||||||||||||||
Portfolio Income | $ | 277,607 | $ | 281,378 | $ | 290,802 | $ | 298,623 | $ | 304,769 | |||||||||||||||||||
Interest income | (5,493) | (5,963) | (6,350) | (6,163) | (5,279) | ||||||||||||||||||||||||
Adjustment to Portfolio NOI | 24,539 | 19,224 | 14,371 | 4,624 | 19,688 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (39,438) | (36,595) | (37,575) | (44,039) | (51,108) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 257,215 | $ | 258,044 | $ | 261,248 | $ | 253,045 | $ | 268,070 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (16,480) | (16,195) | (13,134) | (2,331) | (15,846) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 240,735 | $ | 241,849 | $ | 248,114 | $ | 250,714 | $ | 252,224 |
20 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Lab | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 78,794 | $ | 393,487 | $ | 75,575 | $ | 133,258 | $ | 76,551 | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 78,794 | $ | 393,487 | $ | 75,575 | $ | 133,258 | $ | 76,551 | |||||||||||||||||||
Depreciation and amortization | 79,673 | 70,141 | 74,697 | 75,582 | 93,235 | ||||||||||||||||||||||||
Transaction costs | 35 | 40 | 20 | 158 | — | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | — | 112 | (60,498) | — | ||||||||||||||||||||||||
Other expense (income), net | (29) | (311,912) | (7) | (4) | 2 | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated joint ventures | (148) | 877 | 1,209 | (598) | (1,314) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 784 | 2,161 | 3,145 | 983 | 1,080 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (43) | (34) | (66) | (103) | (116) | ||||||||||||||||||||||||
Portfolio NOI | $ | 159,066 | $ | 154,760 | $ | 154,685 | $ | 148,778 | $ | 169,438 | |||||||||||||||||||
Adjustment to Portfolio NOI | (21,644) | (15,221) | (11,778) | (832) | (14,943) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 137,422 | $ | 139,539 | $ | 142,907 | $ | 147,946 | $ | 154,495 | |||||||||||||||||||
Adjustment to Portfolio NOI | 21,644 | 15,221 | 11,778 | 832 | 14,943 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (29,150) | (25,206) | (25,833) | (28,991) | (37,124) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 129,916 | $ | 129,554 | $ | 128,852 | $ | 119,787 | $ | 132,314 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (13,626) | (12,559) | (10,967) | 1,061 | (11,613) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 116,290 | $ | 116,995 | $ | 117,885 | $ | 120,848 | $ | 120,701 |
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 56,929 | $ | 47,663 | $ | 45,571 | $ | 71,064 | $ | 48,068 | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 56,929 | $ | 47,663 | $ | 45,571 | $ | 71,064 | $ | 48,068 | |||||||||||||||||||
Interest expense | 1,930 | 1,964 | 1,970 | 1,920 | 1,924 | ||||||||||||||||||||||||
Depreciation and amortization | 68,873 | 70,917 | 71,983 | 71,158 | 71,722 | ||||||||||||||||||||||||
Transaction costs | 70 | 94 | 1,087 | 132 | 16 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (10,340) | (554) | 235 | (21,312) | — | ||||||||||||||||||||||||
Other expense (income), net | (1,264) | (154) | (354) | (204) | (235) | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated joint ventures | (211) | (206) | (235) | (189) | (184) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 460 | 443 | 485 | 440 | 466 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (6,217) | (6,410) | (6,555) | (6,368) | (6,256) | ||||||||||||||||||||||||
Portfolio NOI | $ | 110,230 | $ | 113,757 | $ | 114,187 | $ | 116,641 | $ | 115,521 | |||||||||||||||||||
Adjustment to Portfolio NOI | (2,949) | (4,079) | (4,939) | (3,821) | (4,008) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 107,281 | $ | 109,678 | $ | 109,248 | $ | 112,820 | $ | 111,513 | |||||||||||||||||||
Adjustment to Portfolio NOI | 2,949 | 4,079 | 4,939 | 3,821 | 4,008 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (6,457) | (7,496) | (7,895) | (9,789) | (8,554) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 103,773 | $ | 106,261 | $ | 106,292 | $ | 106,852 | $ | 106,967 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (2,854) | (3,636) | (4,467) | (3,442) | (3,505) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 100,919 | $ | 102,625 | $ | 101,825 | $ | 103,410 | $ | 103,462 |
21 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
CCRC | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | (10,170) | $ | (19,821) | $ | (10,097) | $ | (9,227) | $ | (5,514) | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (10,170) | $ | (19,821) | $ | (10,097) | $ | (9,227) | $ | (5,514) | |||||||||||||||||||
Interest expense | 1,876 | 1,887 | 1,881 | 1,816 | 1,823 | ||||||||||||||||||||||||
Depreciation and amortization | 31,943 | 32,132 | 32,477 | 32,485 | 32,616 | ||||||||||||||||||||||||
Transaction costs | 64 | 594 | 67 | 219 | 278 | ||||||||||||||||||||||||
Other expense (income), net | (630) | 7,086 | 1,435 | 667 | (674) | ||||||||||||||||||||||||
Government grant income | 209 | 4 | — | 137 | 47 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | — | — | 47 | — | — | ||||||||||||||||||||||||
Portfolio NOI | $ | 23,292 | $ | 21,882 | $ | 25,810 | $ | 26,097 | $ | 28,576 | |||||||||||||||||||
Adjustment to Portfolio NOI | — | — | 2,299 | 50 | (728) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 23,292 | $ | 21,882 | $ | 28,109 | $ | 26,147 | $ | 27,848 | |||||||||||||||||||
Adjustment to Portfolio NOI | — | — | (2,299) | (50) | 728 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | 234 | 347 | 294 | 309 | 213 | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 23,526 | $ | 22,229 | $ | 26,104 | $ | 26,406 | $ | 28,789 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | — | — | 2,300 | 50 | (728) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 23,526 | $ | 22,229 | $ | 28,404 | $ | 26,456 | $ | 28,061 |
Other | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 5,395 | $ | (1,801) | $ | 3,221 | $ | 9,173 | $ | 8,769 | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 5,395 | $ | (1,801) | $ | 3,221 | $ | 9,173 | $ | 8,769 | |||||||||||||||||||
Interest income | (5,493) | (5,963) | (6,350) | (6,163) | (5,279) | ||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | 139 | 3,407 | 3,326 | (2,213) | 2,607 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | 4,703 | 622 | 232 | (4,885) | ||||||||||||||||||||||||
Other expense (income), net | (18) | — | (1) | — | 19 | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated joint ventures | (23) | (346) | (818) | (1,029) | (1,231) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 4,065 | 4,240 | 4,141 | 5,568 | 5,643 | ||||||||||||||||||||||||
Portfolio NOI | $ | 4,065 | $ | 4,240 | $ | 4,141 | $ | 5,568 | $ | 5,643 | |||||||||||||||||||
Adjustment to Portfolio NOI | 54 | 76 | 47 | (21) | (9) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 4,119 | $ | 4,316 | $ | 4,188 | $ | 5,547 | $ | 5,634 | |||||||||||||||||||
Interest income | 5,493 | 5,963 | 6,350 | 6,163 | 5,279 | ||||||||||||||||||||||||
Portfolio Income | $ | 9,612 | $ | 10,279 | $ | 10,538 | $ | 11,710 | $ | 10,913 | |||||||||||||||||||
Interest income | (5,493) | (5,963) | (6,350) | (6,163) | (5,279) | ||||||||||||||||||||||||
Adjustment to Portfolio NOI | (54) | (76) | (47) | 21 | 9 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (4,065) | (4,240) | (4,141) | (5,568) | (5,643) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
22 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Corporate Non-Segment | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | (58,655) | $ | (61,542) | $ | (103,468) | $ | (69,761) | $ | (71,675) | |||||||||||||||||||
Loss (income) from discontinued operations | (2,992) | 1,298 | (873) | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (61,647) | $ | (60,244) | $ | (104,341) | $ | (69,761) | $ | (71,675) | |||||||||||||||||||
Interest expense | 38,061 | 40,227 | 45,562 | 44,227 | 45,327 | ||||||||||||||||||||||||
General and administrative | 24,781 | 24,549 | 57,872 | 24,547 | 25,936 | ||||||||||||||||||||||||
Transaction costs | 443 | — | 2,043 | 1,916 | 343 | ||||||||||||||||||||||||
Other expense (income), net | (920) | (698) | (486) | (1,231) | (1,067) | ||||||||||||||||||||||||
Income tax expense (benefit) | (718) | (3,834) | (650) | 302 | 1,136 | ||||||||||||||||||||||||
Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
23 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Lab | Outpatient Medical | CCRC | Other Non-reportable | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 209,809 | $ | 119,130 | $ | (14,740) | $ | 17,942 | $ | (141,435) | $ | 190,706 | ||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 209,809 | $ | 119,130 | $ | (14,740) | $ | 17,942 | $ | (141,435) | $ | 190,706 | ||||||||||||||||||||||||||
Interest income | — | — | — | (11,442) | — | (11,442) | ||||||||||||||||||||||||||||||||
Interest expense | — | 3,845 | 3,639 | — | 89,553 | 97,037 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 168,817 | 142,881 | 65,100 | — | — | 376,798 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 50,483 | 50,483 | ||||||||||||||||||||||||||||||||
Transaction costs | 158 | 148 | 497 | — | 2,259 | 3,062 | ||||||||||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | — | — | — | 394 | — | 394 | ||||||||||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (60,498) | (21,312) | — | (4,653) | — | (86,463) | ||||||||||||||||||||||||||||||||
Other expense (income), net | (2) | (439) | (7) | 19 | (2,298) | (2,727) | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | 1,438 | 1,438 | ||||||||||||||||||||||||||||||||
Government grant income | — | — | 184 | — | — | 184 | ||||||||||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 2,063 | 903 | — | 11,214 | — | 14,180 | ||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (219) | (12,624) | — | — | — | (12,843) | ||||||||||||||||||||||||||||||||
Equity loss (income) from unconsolidated joint ventures | (1,911) | (374) | — | (2,260) | — | (4,545) | ||||||||||||||||||||||||||||||||
Portfolio NOI | $ | 318,217 | $ | 232,158 | $ | 54,673 | $ | 11,214 | $ | — | $ | 616,262 | ||||||||||||||||||||||||||
Adjustment to NOI | (15,776) | (7,825) | (678) | (33) | — | (24,312) | ||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 302,441 | $ | 224,333 | $ | 53,995 | $ | 11,181 | $ | — | $ | 591,950 | ||||||||||||||||||||||||||
Interest Income | — | — | — | 11,442 | — | 11,442 | ||||||||||||||||||||||||||||||||
Portfolio Income | $ | 302,441 | $ | 224,333 | $ | 53,995 | $ | 22,623 | $ | — | $ | 603,392 | ||||||||||||||||||||||||||
Interest income | — | — | — | (11,442) | — | (11,442) | ||||||||||||||||||||||||||||||||
Adjustment to NOI | 15,776 | 7,825 | 678 | 33 | — | 24,312 | ||||||||||||||||||||||||||||||||
Non-SS Portfolio NOI | (71,367) | (20,669) | 523 | (11,214) | — | (102,727) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 246,850 | $ | 211,489 | $ | 55,196 | $ | — | $ | — | $ | 513,535 | ||||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (11,129) | (6,338) | (678) | — | — | (18,145) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 235,721 | $ | 205,151 | $ | 54,518 | $ | — | $ | — | $ | 495,390 |
24 |
Reconciliations | ||
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Lab | Outpatient Medical | CCRC | Other Non-reportable | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 151,043 | $ | 115,346 | $ | (13,135) | $ | 11,105 | $ | (116,723) | $ | 147,636 | ||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | 3,309 | 3,309 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 151,043 | $ | 115,346 | $ | (13,135) | $ | 11,105 | $ | (120,032) | $ | 144,327 | ||||||||||||||||||||||||||
Interest income | — | — | — | (10,987) | — | (10,987) | ||||||||||||||||||||||||||||||||
Interest expense | — | 2,966 | 3,741 | — | 72,746 | 79,453 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 157,811 | 136,646 | 63,765 | — | — | 358,222 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 48,612 | 48,612 | ||||||||||||||||||||||||||||||||
Transaction costs | 327 | 74 | 64 | — | 443 | 908 | ||||||||||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | — | — | — | 271 | — | 271 | ||||||||||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (3,856) | (10,340) | — | — | — | (14,196) | ||||||||||||||||||||||||||||||||
Other expense (income), net | (20) | (12,201) | (7,141) | 13 | (1,828) | (21,177) | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | 59 | 59 | ||||||||||||||||||||||||||||||||
Government grant income | — | — | 6,762 | — | — | 6,762 | ||||||||||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 1,733 | 892 | 333 | 8,370 | — | 11,328 | ||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (81) | (12,435) | — | — | — | (12,516) | ||||||||||||||||||||||||||||||||
Equity loss (income) from unconsolidated joint ventures | (1,114) | (411) | (539) | (402) | — | (2,466) | ||||||||||||||||||||||||||||||||
Portfolio NOI | $ | 305,843 | $ | 220,537 | $ | 53,850 | $ | 8,370 | $ | — | $ | 588,600 | ||||||||||||||||||||||||||
Adjustment to NOI | (35,756) | (6,495) | — | 45 | — | (42,206) | ||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 270,087 | $ | 214,042 | $ | 53,850 | $ | 8,415 | $ | — | $ | 546,394 | ||||||||||||||||||||||||||
Interest Income | — | — | — | 10,987 | — | 10,987 | ||||||||||||||||||||||||||||||||
Portfolio Income | $ | 270,087 | $ | 214,042 | $ | 53,850 | $ | 19,402 | $ | — | $ | 557,381 | ||||||||||||||||||||||||||
Interest income | — | — | — | (10,987) | — | (10,987) | ||||||||||||||||||||||||||||||||
Adjustment to NOI | 35,756 | 6,495 | — | (45) | — | 42,206 | ||||||||||||||||||||||||||||||||
Non-SS Portfolio NOI | (56,610) | (15,223) | (6,162) | (8,370) | — | (86,365) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 249,233 | $ | 205,314 | $ | 47,688 | $ | — | $ | — | $ | 502,235 | ||||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (24,462) | (6,426) | — | — | — | (30,888) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 224,771 | $ | 198,888 | $ | 47,688 | $ | — | $ | — | $ | 471,347 |
25 |
Reconciliations | ||
Healthpeak's Share of Unconsolidated Joint Venture NOI |
Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 382 | $ | (325) | $ | (156) | $ | 1,816 | $ | 2,729 | |||||||||||||||||||
Depreciation and amortization | 5,210 | 8,704 | 8,642 | 5,993 | 5,893 | ||||||||||||||||||||||||
General and administrative | 71 | 177 | 167 | 444 | 249 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | 150 | 239 | 45 | — | — | ||||||||||||||||||||||||
Other expense (income), net | (592) | (2,069) | (861) | (1,478) | (1,917) | ||||||||||||||||||||||||
Income tax expense (benefit) | 88 | 118 | (19) | 216 | 235 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 5,309 | $ | 6,844 | $ | 7,818 | $ | 6,991 | $ | 7,189 |
Lab | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 148 | $ | (877) | $ | (1,209) | $ | 598 | $ | 1,314 | |||||||||||||||||||
Depreciation and amortization | 776 | 3,709 | 5,037 | 1,521 | 1,415 | ||||||||||||||||||||||||
General and administrative | — | 123 | 160 | 345 | 209 | ||||||||||||||||||||||||
Other expense (income), net | (140) | (794) | (843) | (1,481) | (1,858) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 784 | $ | 2,161 | $ | 3,145 | $ | 983 | $ | 1,080 |
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 211 | $ | 206 | $ | 235 | $ | 189 | $ | 184 | |||||||||||||||||||
Depreciation and amortization | 226 | 225 | 240 | 238 | 256 | ||||||||||||||||||||||||
General and administrative | 17 | 5 | 3 | 7 | 21 | ||||||||||||||||||||||||
Income tax expense (benefit) | 6 | 7 | 7 | 6 | 5 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 460 | $ | 443 | $ | 485 | $ | 440 | $ | 466 |
CCRC | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Loss (gain) on sales of real estate, net | 150 | — | 45 | — | — | ||||||||||||||||||||||||
Other expense (income), net | (150) | — | 2 | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | — | $ | — | $ | 47 | $ | — | $ | — |
Other | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 23 | $ | 346 | $ | 818 | $ | 1,029 | $ | 1,231 | |||||||||||||||||||
Depreciation and amortization | 4,208 | 4,770 | 3,365 | 4,234 | 4,222 | ||||||||||||||||||||||||
General and administrative | 54 | 49 | 4 | 92 | 19 | ||||||||||||||||||||||||
Other expense (income), net | (302) | (1,036) | (20) | 3 | (59) | ||||||||||||||||||||||||
Income tax expense (benefit) | 82 | 111 | (26) | 210 | 230 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 4,065 | $ | 4,240 | $ | 4,141 | $ | 5,568 | $ | 5,643 |
26 |
Reconciliations | ||
Healthpeak's Share of Unconsolidated Joint Venture NOI |
Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 1,911 | $ | 374 | $ | — | $ | 2,260 | $ | 4,545 | |||||||||||||||||||
Depreciation and amortization | 2,936 | 494 | — | 8,457 | 11,887 | ||||||||||||||||||||||||
General and administrative | 554 | 24 | — | 110 | 688 | ||||||||||||||||||||||||
Other expense (income), net | (3,338) | — | — | (55) | (3,393) | ||||||||||||||||||||||||
Income tax expense (benefit) | — | 11 | — | 440 | 451 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 2,063 | $ | 903 | $ | — | $ | 11,212 | $ | 14,178 |
Lab | Outpatient Medical | CCRC | Other | Total | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | $ | 1,114 | $ | 411 | $ | 539 | $ | 402 | $ | 2,466 | |||||||||||||||||||
Depreciation and amortization | 1,537 | 447 | — | 8,362 | 10,346 | ||||||||||||||||||||||||
General and administrative | — | 25 | — | 77 | 102 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | (2) | (58) | — | (60) | ||||||||||||||||||||||||
Other expense (income), net | (919) | — | (148) | (593) | (1,660) | ||||||||||||||||||||||||
Income tax expense (benefit) | — | 12 | — | 122 | 134 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | $ | 1,732 | $ | 893 | $ | 333 | $ | 8,370 | 11,328 |
27 |
Reconciliations | ||
Noncontrolling Interests' Share of Consolidated Joint Venture NOI |
Total Portfolio | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 3,955 | $ | 4,016 | $ | 4,274 | $ | 15,555 | $ | 4,300 | |||||||||||||||||||
Gain on sales of real estate, net | — | — | — | (11,546) | — | ||||||||||||||||||||||||
Depreciation and amortization | 4,710 | 4,696 | 4,657 | 4,691 | 4,593 | ||||||||||||||||||||||||
Other expense (income), net | (26) | 82 | 69 | 113 | 40 | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (2,379) | (2,350) | (2,379) | (2,342) | (2,561) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 6,260 | $ | 6,444 | $ | 6,621 | $ | 6,471 | $ | 6,372 |
Lab | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 946 | $ | 922 | $ | 1,000 | $ | 1,483 | $ | 1,078 | |||||||||||||||||||
Gain on sales of real estate, net | — | — | — | (413) | — | ||||||||||||||||||||||||
Depreciation and amortization | 25 | 13 | 31 | 37 | 52 | ||||||||||||||||||||||||
Other expense (income), net | 2 | — | (35) | (103) | (84) | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (930) | (901) | (930) | (901) | (930) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 43 | $ | 34 | $ | 66 | $ | 103 | $ | 116 |
Outpatient Medical | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 3,009 | $ | 3,094 | $ | 3,274 | $ | 14,072 | $ | 3,032 | |||||||||||||||||||
Gain on sales of real estate, net | — | — | — | (11,133) | — | ||||||||||||||||||||||||
Depreciation and amortization | 4,685 | 4,683 | 4,626 | 4,654 | 4,541 | ||||||||||||||||||||||||
Other expense (income), net | (28) | 82 | 104 | 216 | 124 | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (1,449) | (1,449) | (1,449) | (1,441) | (1,441) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 6,217 | $ | 6,410 | $ | 6,555 | $ | 6,368 | $ | 6,256 |
Corporate Non-segment | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | — | $ | — | $ | — | $ | — | $ | 190 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | — | — | — | — | (190) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
28 |
Reconciliations | ||
Noncontrolling Interests' Share of Consolidated Joint Venture NOI |
Lab | Outpatient Medical | Corporate Non-segment | Total | ||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 2,561 | $ | 17,104 | $ | 190 | $ | 19,855 | |||||||||||||||
Gain on sales of real estate, net | (413) | (11,133) | — | (11,546) | |||||||||||||||||||
Depreciation and amortization | 89 | 9,195 | — | 9,284 | |||||||||||||||||||
Other expense (income), net | (187) | 340 | — | 153 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | (1,831) | (2,882) | (190) | (4,903) | |||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 219 | $ | 12,624 | $ | — | $ | 12,843 |
Lab | Outpatient Medical | Corporate Non-segment | Total | ||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 1,862 | $ | 5,823 | $ | — | $ | 7,685 | |||||||||||||||
Gain on sales of real estate, net | — | (12) | — | (12) | |||||||||||||||||||
Depreciation and amortization | 46 | 9,358 | — | 9,404 | |||||||||||||||||||
Other expense (income), net | 5 | 164 | — | 169 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | (1,832) | (2,898) | — | (4,730) | |||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | $ | 81 | $ | 12,435 | $ | — | $ | 12,516 |
29 |
Reconciliations | ||
REVPOR CCRC(1) |
Three Months Ended | |||||||||||||||||||||||||||||
REVPOR CCRC | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 125,569 | $ | 122,146 | $ | 125,920 | $ | 127,221 | $ | 130,231 | |||||||||||||||||||
Other adjustments to REVPOR CCRC(3) | — | — | (47) | — | (184) | ||||||||||||||||||||||||
REVPOR CCRC revenues | $ | 125,569 | $ | 122,146 | $ | 125,873 | $ | 127,221 | $ | 130,046 | |||||||||||||||||||
Average occupied units/month | 5,952 | 5,894 | 5,918 | 5,908 | 5,925 | ||||||||||||||||||||||||
REVPOR CCRC per month(4) | $ | 7,032 | $ | 6,908 | $ | 7,090 | $ | 7,179 | $ | 7,317 |
Three Months Ended | |||||||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | ||||||||||||||||||||||||
REVPOR CCRC revenues | $ | 125,569 | $ | 122,146 | $ | 125,873 | $ | 127,221 | $ | 130,046 | |||||||||||||||||||
NREF Amortization(5) | (19,444) | (19,706) | (21,260) | (19,887) | (20,287) | ||||||||||||||||||||||||
REVPOR CCRC revenues excluding NREF Amortization | $ | 106,125 | $ | 102,440 | $ | 104,612 | $ | 107,334 | $ | 109,759 | |||||||||||||||||||
Average occupied units/month | 5,952 | 5,894 | 5,918 | 5,908 | 5,925 | ||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,943 | $ | 5,794 | $ | 5,892 | $ | 6,056 | $ | 6,175 |
Three Months Ended | |||||||||||||||||||||||||||||
SS REVPOR CCRC | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | ||||||||||||||||||||||||
SS REVPOR CCRC revenues(6) | $ | 125,360 | $ | 122,143 | $ | 125,873 | $ | 127,084 | $ | 129,999 | |||||||||||||||||||
SS average occupied units/month | 5,952 | 5,894 | 5,918 | 5,908 | 5,925 | ||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 7,020 | $ | 6,908 | $ | 7,090 | $ | 7,171 | $ | 7,314 |
Three Months Ended | |||||||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | ||||||||||||||||||||||||
SS REVPOR CCRC revenues(6) | $ | 125,360 | $ | 122,143 | $ | 125,873 | $ | 127,084 | $ | 129,999 | |||||||||||||||||||
NREF Amortization | (19,444) | (19,706) | (21,260) | (19,887) | (20,287) | ||||||||||||||||||||||||
SS REVPOR CCRC revenues excluding NREF Amortization | $ | 105,916 | $ | 102,436 | $ | 104,612 | $ | 107,197 | $ | 109,712 | |||||||||||||||||||
SS Average occupied units/month | 5,952 | 5,894 | 5,918 | 5,908 | 5,925 | ||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,931 | $ | 5,794 | $ | 5,892 | $ | 6,049 | $ | 6,173 |
30 |
Reconciliations | ||
REVPOR(1) |
Three Months Ended | ||||||||||||||||||||||||||||||||
REVPOR | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 18,301 | $ | 18,905 | $ | 19,024 | $ | 20,566 | $ | 20,278 | ||||||||||||||||||||||
Other adjustments to REVPOR(3) | (2,280) | (2,371) | (2,423) | (2,532) | (2,365) | |||||||||||||||||||||||||||
REVPOR revenues | $ | 16,021 | $ | 16,534 | $ | 16,601 | $ | 18,034 | $ | 17,914 | ||||||||||||||||||||||
Average occupied units/month | 1,261 | 1,289 | 1,302 | 1,297 | 1,303 | |||||||||||||||||||||||||||
REVPOR per month(4) | $ | 4,234 | $ | 4,276 | $ | 4,250 | $ | 4,633 | $ | 4,584 |
31 |
Reconciliations | ||
Discontinued Operations Reconciliation |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Resident fees and services | $ | — | $ | 2,825 | — | 5,480 | |||||||||||||||||
Total revenues | — | 2,825 | — | 5,480 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Operating | — | 2,442 | — | 5,116 | |||||||||||||||||||
Total costs and expenses | — | 2,442 | — | 5,116 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Gain (loss) on sales of real estate, net | — | 2,563 | — | 2,492 | |||||||||||||||||||
Other income (expense), net | — | 16 | — | 19 | |||||||||||||||||||
Total other income (expense), net | — | 2,579 | — | 2,511 | |||||||||||||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | — | 2,962 | — | 2,875 | |||||||||||||||||||
Income tax benefit (expense) | — | 30 | — | 370 | |||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | — | — | — | 64 | |||||||||||||||||||
Income (loss) from discontinued operations | $ | — | $ | 2,992 | $ | — | $ | 3,309 |
32 |