Definitions |
2 |
Definitions |
3 |
Definitions |
4 |
Definitions |
5 |
Definitions |
Reconciliations | ||
In thousands, except per share data |
Funds From Operations |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) applicable to common shares | $ | 353,366 | $ | 54,442 | $ | 491,398 | $ | 473,778 | |||||||||||||||
Real estate related depreciation and amortization | 173,190 | 177,175 | 531,412 | 506,172 | |||||||||||||||||||
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures | 8,704 | 4,722 | 19,049 | 12,044 | |||||||||||||||||||
Noncontrolling interests’ share of real estate related depreciation and amortization | (4,464) | (4,849) | (14,487) | (14,599) | |||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net(1) | 5,280 | (41,393) | (11,408) | (598,531) | |||||||||||||||||||
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | 239 | (1,068) | 89 | (6,934) | |||||||||||||||||||
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net | — | 3,450 | 12 | 5,628 | |||||||||||||||||||
Loss (gain) upon change of control, net(2) | (311,438) | — | (311,438) | (1,042) | |||||||||||||||||||
Taxes associated with real estate dispositions | 197 | 483 | 31 | 2,666 | |||||||||||||||||||
Impairments (recoveries) of depreciable real estate, net | — | 1,952 | — | 5,695 | |||||||||||||||||||
Nareit FFO applicable to common shares | 225,074 | 194,914 | 704,658 | 384,877 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,352 | 1,651 | 7,055 | — | |||||||||||||||||||
Diluted Nareit FFO applicable to common shares | $ | 227,426 | $ | 196,565 | $ | 711,713 | $ | 384,877 | |||||||||||||||
Weighted average shares outstanding - diluted Nareit FFO | 546,015 | 544,889 | 546,677 | 539,159 | |||||||||||||||||||
Impact of adjustments to Nareit FFO: | |||||||||||||||||||||||
Transaction-related items | $ | 681 | $ | 1,259 | $ | 1,573 | $ | 6,638 | |||||||||||||||
Other impairments (recoveries) and other losses (gains), net(3) | 2,897 | 20,073 | (5,874) | 25,161 | |||||||||||||||||||
Restructuring and severance related charges | — | — | — | 2,463 | |||||||||||||||||||
Loss (gain) on debt extinguishments | — | 667 | — | 225,824 | |||||||||||||||||||
Casualty-related charges (recoveries), net(4) | 4,514 | 558 | 4,103 | 5,203 | |||||||||||||||||||
Total adjustments | 8,092 | 22,557 | (198) | 265,289 | |||||||||||||||||||
FFO as Adjusted applicable to common shares | 233,166 | 217,471 | 704,460 | 650,166 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 2,338 | 2,313 | 7,055 | 6,323 | |||||||||||||||||||
Diluted FFO as Adjusted applicable to common shares | $ | 235,504 | $ | 219,784 | $ | 711,515 | $ | 656,489 | |||||||||||||||
Weighted average shares outstanding - diluted FFO as Adjusted | 546,015 | 546,714 | 546,677 | 546,485 | |||||||||||||||||||
Diluted earnings per common share | $ | 0.65 | $ | 0.10 | $ | 0.91 | $ | 0.88 | |||||||||||||||
Depreciation and amortization | 0.33 | 0.33 | 0.98 | 0.93 | |||||||||||||||||||
Loss (gain) on sales of depreciable real estate, net | 0.01 | (0.07) | (0.02) | (1.11) | |||||||||||||||||||
Loss (gain) upon change of control, net(2) | (0.57) | — | (0.57) | 0.00 | |||||||||||||||||||
Taxes associated with real estate dispositions | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Impairments (recoveries) of depreciable real estate, net | — | 0.00 | — | 0.01 | |||||||||||||||||||
Diluted Nareit FFO per common share | $ | 0.42 | $ | 0.36 | $ | 1.30 | $ | 0.71 | |||||||||||||||
Transaction-related items | 0.00 | 0.00 | 0.00 | 0.01 | |||||||||||||||||||
Other impairments (recoveries) and other losses (gains), net(3) | 0.00 | 0.04 | (0.01) | 0.05 | |||||||||||||||||||
Restructuring and severance related charges | — | — | — | 0.00 | |||||||||||||||||||
Loss (gain) on debt extinguishments | — | 0.00 | — | 0.42 | |||||||||||||||||||
Casualty-related charges (recoveries), net(4) | 0.01 | 0.00 | 0.01 | 0.01 | |||||||||||||||||||
Diluted FFO as Adjusted per common share | $ | 0.43 | $ | 0.40 | $ | 1.30 | $ | 1.20 |
7 |
Reconciliations | ||
In thousands, except per share data |
Adjusted Funds From Operations |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
FFO as Adjusted applicable to common shares | $ | 233,166 | $ | 217,471 | $ | 704,460 | $ | 650,166 | |||||||||||||||
Stock-based compensation amortization expense | 4,614 | 4,436 | 14,635 | 13,895 | |||||||||||||||||||
Amortization of deferred financing costs | 2,691 | 2,343 | 8,069 | 6,677 | |||||||||||||||||||
Straight-line rents | (12,965) | (8,290) | (36,837) | (23,627) | |||||||||||||||||||
AFFO capital expenditures | (24,358) | (28,980) | (75,103) | (72,112) | |||||||||||||||||||
Deferred income taxes | (2,814) | (1,747) | (3,741) | (6,240) | |||||||||||||||||||
Other AFFO adjustments | (7,020) | (5,494) | (20,545) | (15,181) | |||||||||||||||||||
AFFO applicable to common shares | 193,314 | 179,739 | 590,938 | 553,578 | |||||||||||||||||||
Distributions on dilutive convertible units and other | 1,649 | 1,650 | 4,945 | 4,512 | |||||||||||||||||||
Diluted AFFO applicable to common shares | $ | 194,963 | $ | 181,389 | $ | 595,883 | $ | 558,090 | |||||||||||||||
Weighted average shares outstanding - diluted AFFO | 544,190 | 544,889 | 544,852 | 544,660 |
8 |
Reconciliations | ||
Per share data |
Projected Future Operations(1) |
Full Year 2022 | |||||||||||
Low | High | ||||||||||
Diluted earnings per common share | $ | 0.94 | $ | 0.96 | |||||||
Real estate related depreciation and amortization | 1.32 | 1.32 | |||||||||
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 real estate, net | (0.02) | (0.02) | |||||||||
Loss (gain) upon change of control, net | (0.58) | (0.58) | |||||||||
Diluted Nareit FFO per common share | $ | 1.67 | $ | 1.69 | |||||||
Other impairments (recoveries) and other losses (gains), net | (0.01) | (0.01) | |||||||||
Severance-related charge | 0.05 | 0.05 | |||||||||
Casualty-related charges (recoveries), net | 0.01 | 0.01 | |||||||||
Diluted FFO as Adjusted per common share | $ | 1.72 | $ | 1.74 |
9 |
Reconciliations | ||
In millions |
Projected SS Cash NOI(1) |
Life Science | Medical Office | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 613 | $ | 212 | $ | (36) | $ | 14 | $ | (277) | $ | 526 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | — | 234 | 137 | 1 | 277 | 650 | ||||||||||||||||||||||||||||||||
NOI | $ | 613 | $ | 446 | $ | 101 | $ | 15 | $ | — | $ | 1,176 | ||||||||||||||||||||||||||
Non-SS NOI | (154) | (86) | 1 | (15) | — | (254) | ||||||||||||||||||||||||||||||||
SS NOI | 459 | 361 | 102 | — | — | 922 | ||||||||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(3) | (37) | (3) | 1 | — | — | (39) | ||||||||||||||||||||||||||||||||
SS Cash (Adjusted) NOI | $ | 423 | $ | 358 | $ | 103 | $ | — | $ | — | $ | 883 | ||||||||||||||||||||||||||
Life Science | Medical Office | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 611 | $ | 210 | $ | (33) | $ | 19 | $ | (273) | $ | 534 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | 5 | 239 | 137 | 1 | 274 | 656 | ||||||||||||||||||||||||||||||||
NOI | $ | 616 | $ | 449 | $ | 104 | $ | 20 | $ | 1 | $ | 1,190 | ||||||||||||||||||||||||||
Non-SS NOI | (155) | (86) | 1 | (20) | (1) | (261) | ||||||||||||||||||||||||||||||||
SS NOI | 461 | 363 | 106 | — | — | 930 | ||||||||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(3) | (37) | (3) | 1 | — | — | (39) | ||||||||||||||||||||||||||||||||
SS Cash (Adjusted) NOI | $ | 425 | $ | 359 | $ | 107 | $ | — | $ | — | $ | 891 | ||||||||||||||||||||||||||
Life Science | Medical Office | CCRC | Other | Corporate Adjustments | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 245 | $ | 356 | $ | (40) | $ | 39 | $ | (74) | $ | 526 | ||||||||||||||||||||||||||
Other income, costs, and expenses excluded from NOI(2) | 306 | 68 | 132 | (21) | 77 | 562 | ||||||||||||||||||||||||||||||||
NOI | $ | 551 | $ | 424 | $ | 92 | $ | 18 | $ | 3 | $ | 1,088 | ||||||||||||||||||||||||||
Non-SS NOI | (113) | (71) | 1 | (18) | (3) | (203) | ||||||||||||||||||||||||||||||||
SS NOI | 438 | 353 | 94 | — | — | 885 | ||||||||||||||||||||||||||||||||
Non-cash adjustments to SS NOI(3) | (35) | (8) | 3 | — | — | (40) | ||||||||||||||||||||||||||||||||
SS Cash (Adjusted) NOI | $ | 403 | $ | 345 | $ | 97 | $ | — | $ | — | $ | 845 | ||||||||||||||||||||||||||
10 |
Reconciliations | ||
In thousands |
Enterprise Gross Assets and Portfolio Investment |
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Life Science | Medical Office | CCRC | Other | Discontinued Operations(1) | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||||
Consolidated total assets(2) | $ | 7,937,414 | $ | 4,729,926 | $ | 2,077,955 | $ | 728,633 | $ | 2,824 | $ | 185,204 | $ | 15,661,956 | |||||||||||||||||||||||||||
Investments in and advances to unconsolidated JVs | (341,143) | (8,855) | — | (348,905) | — | — | (698,903) | ||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization(3) | 1,315,937 | 1,815,372 | 407,130 | — | — | — | 3,538,439 | ||||||||||||||||||||||||||||||||||
Consolidated Gross Assets | $ | 8,912,208 | $ | 6,536,443 | $ | 2,485,085 | $ | 379,728 | $ | 2,824 | $ | 185,204 | $ | 18,501,492 | |||||||||||||||||||||||||||
Healthpeak's share of unconsolidated JV gross assets | 383,765 | 19,047 | 403 | 486,617 | 61 | — | 889,893 | ||||||||||||||||||||||||||||||||||
Enterprise Gross Assets | $ | 9,295,973 | $ | 6,555,490 | $ | 2,485,488 | $ | 866,345 | $ | 2,885 | $ | 185,204 | $ | 19,391,385 | |||||||||||||||||||||||||||
Land held for development | (595,689) | (4,690) | — | — | — | — | (600,379) | ||||||||||||||||||||||||||||||||||
Fully depreciated real estate and intangibles | 415,045 | 520,723 | 17,389 | — | — | — | 953,157 | ||||||||||||||||||||||||||||||||||
Non-real estate related assets(4) | (292,983) | (394,327) | (230,077) | (22,934) | (2,885) | (185,204) | (1,128,410) | ||||||||||||||||||||||||||||||||||
Real estate intangible liabilities | (193,095) | (137,890) | — | — | — | — | (330,985) | ||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs real estate and related intangibles | (9,322) | (387,699) | — | — | — | — | (397,021) | ||||||||||||||||||||||||||||||||||
Portfolio Investment | $ | 8,619,929 | $ | 6,151,607 | $ | 2,272,800 | $ | 843,411 | $ | — | $ | — | $ | 17,887,747 | |||||||||||||||||||||||||||
11 |
Reconciliations | ||
In thousands |
Revenues |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Life Science | $ | 184,213 | $ | 184,170 | $ | 194,055 | $ | 207,771 | $ | 207,795 | |||||||||||||||||||
Medical Office | 171,482 | 174,264 | 177,263 | 179,308 | 184,506 | ||||||||||||||||||||||||
CCRC | 119,022 | 118,867 | 121,560 | 125,360 | 122,142 | ||||||||||||||||||||||||
Other | 6,748 | 5,904 | 5,494 | 5,493 | 5,963 | ||||||||||||||||||||||||
Total revenues | $ | 481,465 | $ | 483,205 | $ | 498,372 | $ | 517,932 | $ | 520,406 | |||||||||||||||||||
Life Science | — | — | — | — | — | ||||||||||||||||||||||||
Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | 15 | — | 6,552 | 209 | 4 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Government grant income | $ | 15 | $ | — | $ | 6,552 | $ | 209 | $ | 4 | |||||||||||||||||||
Life Science | — | — | — | — | — | ||||||||||||||||||||||||
Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | (6,748) | (5,904) | (5,494) | (5,493) | (5,963) | ||||||||||||||||||||||||
Less: Interest income | $ | (6,748) | $ | (5,904) | $ | (5,494) | $ | (5,493) | $ | (5,963) | |||||||||||||||||||
Life Science | 1,521 | 1,487 | 1,431 | 1,267 | 2,938 | ||||||||||||||||||||||||
Medical Office | 737 | 720 | 732 | 761 | 756 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 17,109 | 17,233 | 18,045 | 18,215 | 18,656 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs real estate revenues | $ | 19,367 | $ | 19,440 | $ | 20,208 | $ | 20,243 | $ | 22,350 | |||||||||||||||||||
Life Science | — | — | — | — | — | ||||||||||||||||||||||||
Medical Office | — | — | — | — | — | ||||||||||||||||||||||||
CCRC | — | — | 333 | — | — | ||||||||||||||||||||||||
Other | — | 739 | 315 | — | 183 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs government grant income | $ | — | $ | 739 | $ | 648 | $ | — | $ | 183 | |||||||||||||||||||
Life Science | (82) | (70) | (57) | (62) | (55) | ||||||||||||||||||||||||
Medical Office | (8,954) | (8,658) | (8,820) | (8,943) | (8,968) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs real estate revenues | $ | (9,036) | $ | (8,728) | $ | (8,877) | $ | (9,005) | $ | (9,023) | |||||||||||||||||||
Life Science | 185,652 | 185,588 | 195,429 | 208,976 | 210,678 | ||||||||||||||||||||||||
Medical Office | 163,265 | 166,325 | 169,175 | 171,126 | 176,294 | ||||||||||||||||||||||||
CCRC | 119,037 | 118,868 | 128,445 | 125,569 | 122,146 | ||||||||||||||||||||||||
Other | 17,109 | 17,972 | 18,360 | 18,215 | 18,839 | ||||||||||||||||||||||||
Portfolio Real Estate Revenues | $ | 485,063 | $ | 488,753 | $ | 511,409 | $ | 523,886 | $ | 527,957 | |||||||||||||||||||
Life Science | (11,030) | (11,402) | (14,272) | (21,653) | (15,231) | ||||||||||||||||||||||||
Medical Office | (4,337) | (4,306) | (4,180) | (3,643) | (4,780) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | 12 | (4) | 23 | 86 | 66 | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | (15,355) | $ | (15,712) | $ | (18,429) | $ | (25,210) | $ | (19,945) | |||||||||||||||||||
12 |
Reconciliations | ||
In thousands |
Revenues |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Life Science | 174,622 | 174,186 | 181,157 | 187,323 | 195,447 | ||||||||||||||||||||||||
Medical Office | 158,928 | 162,019 | 164,995 | 167,483 | 171,514 | ||||||||||||||||||||||||
CCRC | 119,037 | 118,868 | 128,445 | 125,569 | 122,146 | ||||||||||||||||||||||||
Other | 17,121 | 17,968 | 18,383 | 18,301 | 18,905 | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues | $ | 469,708 | $ | 473,041 | $ | 492,980 | $ | 498,676 | $ | 508,012 | |||||||||||||||||||
Life Science | 11,030 | 11,402 | 14,272 | 21,653 | 15,231 | ||||||||||||||||||||||||
Medical Office | 4,337 | 4,306 | 4,180 | 3,643 | 4,780 | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | (12) | 4 | (23) | (86) | (66) | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | 15,355 | $ | 15,712 | $ | 18,429 | $ | 25,210 | $ | 19,945 | |||||||||||||||||||
Life Science | (29,131) | (31,038) | (35,239) | (44,009) | (40,999) | ||||||||||||||||||||||||
Medical Office | (21,346) | (24,360) | (24,526) | (25,472) | (27,407) | ||||||||||||||||||||||||
CCRC | — | — | (333) | — | — | ||||||||||||||||||||||||
Other | (17,109) | (17,972) | (18,360) | (18,215) | (18,839) | ||||||||||||||||||||||||
Non-SS Portfolio Real Estate Revenues | $ | (67,586) | $ | (73,370) | $ | (78,458) | $ | (87,696) | $ | (87,245) | |||||||||||||||||||
Life Science | 156,521 | 154,550 | 160,190 | 164,967 | 169,679 | ||||||||||||||||||||||||
Medical Office | 141,919 | 141,965 | 144,649 | 145,654 | 148,887 | ||||||||||||||||||||||||
CCRC | 119,037 | 118,868 | 128,112 | 125,569 | 122,146 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 417,477 | $ | 415,383 | $ | 432,951 | $ | 436,190 | $ | 440,712 | |||||||||||||||||||
Life Science | (9,150) | (8,533) | (9,749) | (10,883) | (10,477) | ||||||||||||||||||||||||
Medical Office | (3,378) | (3,063) | (2,916) | (2,618) | (2,915) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (12,528) | $ | (11,596) | $ | (12,665) | $ | (13,501) | $ | (13,392) | |||||||||||||||||||
Life Science | 147,371 | 146,017 | 150,441 | 154,084 | 159,202 | ||||||||||||||||||||||||
Medical Office | 138,541 | 138,902 | 141,733 | 143,036 | 145,972 | ||||||||||||||||||||||||
CCRC | 119,037 | 118,868 | 128,112 | 125,569 | 122,146 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 404,949 | $ | 403,787 | $ | 420,286 | $ | 422,689 | $ | 427,320 | |||||||||||||||||||
13 |
Reconciliations | ||
In thousands |
Operating Expenses |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Life Science | $ | 44,923 | $ | 43,936 | $ | 48,189 | $ | 49,446 | $ | 55,162 | |||||||||||||||||||
Medical Office | 58,430 | 59,184 | 61,170 | 63,321 | 64,782 | ||||||||||||||||||||||||
CCRC | 98,799 | 96,127 | 97,888 | 102,277 | 100,264 | ||||||||||||||||||||||||
Other | (13) | — | — | — | — | ||||||||||||||||||||||||
Operating expenses | $ | 202,139 | $ | 199,247 | $ | 207,247 | $ | 215,044 | $ | 220,208 | |||||||||||||||||||
Life Science | 463 | 520 | 483 | 483 | 777 | ||||||||||||||||||||||||
Medical Office | 305 | 258 | 299 | 301 | 313 | ||||||||||||||||||||||||
CCRC | 32 | (346) | — | — | — | ||||||||||||||||||||||||
Other | 13,450 | 13,370 | 14,055 | 14,150 | 14,599 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs operating expenses | $ | 14,250 | $ | 13,802 | $ | 14,837 | $ | 14,934 | $ | 15,689 | |||||||||||||||||||
Life Science | (25) | (21) | (19) | (19) | (21) | ||||||||||||||||||||||||
Medical Office | (2,659) | (2,356) | (2,602) | (2,726) | (2,558) | ||||||||||||||||||||||||
CCRC | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs operating expenses | $ | (2,684) | $ | (2,377) | $ | (2,621) | $ | (2,745) | $ | (2,579) | |||||||||||||||||||
Life Science | 45,361 | 44,435 | 48,653 | 49,910 | 55,918 | ||||||||||||||||||||||||
Medical Office | 56,076 | 57,086 | 58,867 | 60,896 | 62,537 | ||||||||||||||||||||||||
CCRC | 98,831 | 95,781 | 97,888 | 102,277 | 100,264 | ||||||||||||||||||||||||
Other | 13,437 | 13,370 | 14,055 | 14,150 | 14,599 | ||||||||||||||||||||||||
Portfolio Operating Expenses | $ | 213,705 | $ | 210,672 | $ | 219,463 | $ | 227,233 | $ | 233,318 | |||||||||||||||||||
Life Science | (10) | (9) | (160) | (9) | (10) | ||||||||||||||||||||||||
Medical Office | (711) | (740) | (633) | (694) | (701) | ||||||||||||||||||||||||
CCRC | (724) | (1,270) | — | — | — | ||||||||||||||||||||||||
Other | 113 | 27 | 31 | 32 | (10) | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Operating Expenses | $ | (1,332) | $ | (1,992) | $ | (762) | $ | (671) | $ | (721) | |||||||||||||||||||
Life Science | 45,351 | 44,426 | 48,493 | 49,901 | 55,908 | ||||||||||||||||||||||||
Medical Office | 55,365 | 56,346 | 58,234 | 60,202 | 61,836 | ||||||||||||||||||||||||
CCRC | 98,107 | 94,511 | 97,888 | 102,277 | 100,264 | ||||||||||||||||||||||||
Other | 13,550 | 13,397 | 14,086 | 14,182 | 14,589 | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses | $ | 212,373 | $ | 208,680 | $ | 218,701 | $ | 226,562 | $ | 232,597 | |||||||||||||||||||
Life Science | 10 | 9 | 160 | 9 | 10 | ||||||||||||||||||||||||
Medical Office | 711 | 740 | 633 | 694 | 701 | ||||||||||||||||||||||||
CCRC | 724 | 1,270 | — | — | — | ||||||||||||||||||||||||
Other | (113) | (27) | (31) | (32) | 10 | ||||||||||||||||||||||||
Non-cash adjustments to Portfolio Operating Expenses | $ | 1,332 | $ | 1,992 | $ | 762 | $ | 671 | $ | 721 | |||||||||||||||||||
Life Science | (6,437) | (7,373) | (9,222) | (9,752) | (10,974) | ||||||||||||||||||||||||
Medical Office | (8,244) | (9,117) | (10,391) | (11,746) | (11,810) | ||||||||||||||||||||||||
CCRC | (426) | (62) | (490) | (443) | (350) | ||||||||||||||||||||||||
Other | (13,437) | (13,370) | (14,055) | (14,150) | (14,599) | ||||||||||||||||||||||||
Non-SS Portfolio Operating Expenses | $ | (28,544) | $ | (29,922) | $ | (34,158) | $ | (36,091) | $ | (37,733) | |||||||||||||||||||
14 |
Reconciliations | ||
In thousands |
Operating Expenses |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Life Science | 38,924 | 37,062 | 39,431 | 40,158 | 44,944 | ||||||||||||||||||||||||
Medical Office | 47,832 | 47,969 | 48,476 | 49,150 | 50,727 | ||||||||||||||||||||||||
CCRC | 98,405 | 95,719 | 97,398 | 101,834 | 99,914 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Operating Expenses - SS(1) | $ | 185,161 | $ | 180,750 | $ | 185,305 | $ | 191,142 | $ | 195,585 | |||||||||||||||||||
Life Science | (10) | (9) | (160) | (9) | (9) | ||||||||||||||||||||||||
Medical Office | (661) | (626) | (620) | (620) | (615) | ||||||||||||||||||||||||
CCRC | (724) | (1,542) | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio Operating Expenses | $ | (1,395) | $ | (2,177) | $ | (780) | $ | (629) | $ | (624) | |||||||||||||||||||
Life Science | 38,914 | 37,053 | 39,271 | 40,149 | 44,935 | ||||||||||||||||||||||||
Medical Office | 47,171 | 47,343 | 47,856 | 48,530 | 50,112 | ||||||||||||||||||||||||
CCRC | 97,681 | 94,177 | 97,398 | 101,834 | 99,914 | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Portfolio Cash Operating Expenses - SS(1) | $ | 183,766 | $ | 178,573 | $ | 184,525 | $ | 190,513 | $ | 194,961 |
15 |
Reconciliations | ||
In thousands |
Revenues | Operating Expenses |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||
Life Science | $ | 609,620 | Life Science | $ | 152,796 | ||||||||||||
Medical Office | 541,078 | Medical Office | 189,274 | ||||||||||||||
CCRC | 369,062 | CCRC | 300,429 | ||||||||||||||
Other | 16,950 | Other | — | ||||||||||||||
Total revenues | $ | 1,536,710 | Operating expenses | $ | 642,499 | ||||||||||||
Life Science | — | Life Science | 1,744 | ||||||||||||||
Medical Office | — | Medical Office | 912 | ||||||||||||||
CCRC | 6,765 | CCRC | — | ||||||||||||||
Other | — | Other | 42,804 | ||||||||||||||
Government grant income | $ | 6,765 | Healthpeak's share of unconsolidated JVs operating expenses | $ | 45,460 | ||||||||||||
Life Science | — | Life Science | (59) | ||||||||||||||
Medical Office | — | Medical Office | (7,886) | ||||||||||||||
CCRC | — | CCRC | — | ||||||||||||||
Other | (16,950) | Other | — | ||||||||||||||
Less: Interest income | $ | (16,950) | Noncontrolling interests' share of consolidated JVs operating expenses | $ | (7,945) | ||||||||||||
Life Science | 5,637 | Life Science | 154,481 | ||||||||||||||
Medical Office | 2,249 | Medical Office | 182,300 | ||||||||||||||
CCRC | — | CCRC | 300,429 | ||||||||||||||
Other | 54,918 | Other | 42,804 | ||||||||||||||
Healthpeak's share of unconsolidated JVs real estate revenues | $ | 62,804 | Portfolio Operating Expenses | $ | 680,014 | ||||||||||||
Life Science | — | Life Science | (178) | ||||||||||||||
Medical Office | — | Medical Office | (2,028) | ||||||||||||||
CCRC | 334 | CCRC | — | ||||||||||||||
Other | 497 | Other | 53 | ||||||||||||||
Healthpeak's share of unconsolidated JVs government grant income | $ | 831 | Non-cash adjustments to Portfolio Operating Expenses | $ | (2,153) | ||||||||||||
Life Science | (174) | Life Science | 154,303 | ||||||||||||||
Medical Office | (26,732) | Medical Office | 180,272 | ||||||||||||||
CCRC | — | CCRC | 300,429 | ||||||||||||||
Other | — | Other | 42,857 | ||||||||||||||
Noncontrolling interests' share of consolidated JVs real estate revenues | $ | (26,906) | Portfolio Cash Operating Expenses | $ | 677,861 | ||||||||||||
Life Science | 615,083 | Life Science | $ | 178 | |||||||||||||
Medical Office | 516,595 | Medical Office | 2,028 | ||||||||||||||
CCRC | 376,161 | CCRC | — | ||||||||||||||
Other | 55,415 | Other | (53) | ||||||||||||||
Portfolio Real Estate Revenues | $ | 1,563,254 | Non-cash Portfolio Cash Operating Expenses | $ | 2,153 | ||||||||||||
Life Science | (51,155) | Life Science | (42,110) | ||||||||||||||
Medical Office | (12,602) | Medical Office | (43,894) | ||||||||||||||
CCRC | — | CCRC | (1,283) | ||||||||||||||
Other | 173 | Other | (42,804) | ||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | (63,584) | Non-SS Portfolio Operating Expenses | $ | (130,091) |
16 |
Reconciliations | ||
In thousands |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||
Life Science | 563,928 | Life Science | 112,371 | ||||||||||||||
Medical Office | 503,993 | Medical Office | 138,406 | ||||||||||||||
CCRC | 376,161 | CCRC | 299,146 | ||||||||||||||
Other | 55,588 | Other | — | ||||||||||||||
Portfolio Cash Real Estate Revenues | $ | 1,499,670 | Portfolio Operating Expenses - SS(1) | $ | 549,923 | ||||||||||||
Life Science | 51,155 | Life Science | (178) | ||||||||||||||
Medical Office | 12,602 | Medical Office | (1,689) | ||||||||||||||
CCRC | — | CCRC | — | ||||||||||||||
Other | (173) | Other | — | ||||||||||||||
Non-cash adjustments to Portfolio Real Estate Revenues | $ | 63,584 | Non-cash adjustment to SS Portfolio Operating Expenses | $ | (1,867) | ||||||||||||
Life Science | (157,265) | Life Science | 112,193 | ||||||||||||||
Medical Office | (103,956) | Medical Office | 136,717 | ||||||||||||||
CCRC | (333) | CCRC | 299,146 | ||||||||||||||
Other | (55,415) | Other | — | ||||||||||||||
Non-SS Portfolio Real Estate Revenue | $ | (316,969) | Portfolio Cash Operating Expenses - SS(1) | $ | 548,056 | ||||||||||||
Life Science | $ | 457,818 | |||||||||||||||
Medical Office | 412,639 | ||||||||||||||||
CCRC | 375,828 | ||||||||||||||||
Other | — | ||||||||||||||||
Portfolio Real Estate Revenue - SS(1) | $ | 1,246,285 | |||||||||||||||
Life Science | (28,925) | ||||||||||||||||
Medical Office | (7,007) | ||||||||||||||||
CCRC | — | ||||||||||||||||
Other | — | ||||||||||||||||
Non-cash adjustment to SS Portfolio Real Estate Revenues | $ | (35,932) | |||||||||||||||
Life Science | 428,893 | ||||||||||||||||
Medical Office | 405,632 | ||||||||||||||||
CCRC | 375,828 | ||||||||||||||||
Other | — | ||||||||||||||||
Portfolio Cash Real Estate Revenue - SS(1) | $ | 1,210,353 | |||||||||||||||
17 |
Reconciliations | ||
In thousands |
EBITDAre and Adjusted EBITDAre |
Three Months Ended September 30, 2022 | |||||
Net income (loss) | $ | 357,986 | |||
Interest expense | 44,078 | ||||
Income tax expense (benefit)(1) | (3,724) | ||||
Depreciation and amortization | 173,190 | ||||
Other depreciation and amortization | 1,315 | ||||
Loss (gain) on sales of real estate(1) | 5,280 | ||||
Loss (gain) upon change of control | (311,438) | ||||
Share of unconsolidated JV: | |||||
Interest expense | (272) | ||||
Income tax expense (benefit) | 118 | ||||
Depreciation and amortization | 8,704 | ||||
Loss (gain) on sale of real estate from unconsolidated JVs | 239 | ||||
EBITDAre | $ | 275,476 | |||
Transaction-related items, net | 728 | ||||
Other impairments (recoveries) and losses (gains)(2) | 3,407 | ||||
Casualty-related charges (recoveries) | 5,380 | ||||
Stock-based compensation amortization expense | 4,614 | ||||
Impact of transactions closed during the quarter(3) | (8) | ||||
Adjusted EBITDAre | $ | 289,597 |
Adjusted Fixed Charge Coverage |
Three Months Ended September 30, 2022 | |||||
Interest expense, including unconsolidated JV interest expense at share | 43,806 | ||||
Capitalized interest | 10,911 | ||||
Fixed Charges | $ | 54,717 | |||
Adjusted Fixed Charge Coverage | 5.3x |
18 |
Reconciliations | ||
In thousands |
Enterprise Debt and Net Debt |
September 30, 2022 | |||||
Bank line of credit and commercial paper | $ | 1,585,333 | |||
Senior unsecured notes | 4,657,651 | ||||
Mortgage debt | 347,987 | ||||
Consolidated Debt | $ | 6,590,971 | |||
Share of unconsolidated JV mortgage debt | 39,776 | ||||
Enterprise Debt | $ | 6,630,747 | |||
Cash and cash equivalents(1) | (114,624) | ||||
Share of unconsolidated JV cash and cash equivalents | (24,463) | ||||
Restricted cash | (54,500) | ||||
Share of unconsolidated JV restricted cash | (3,057) | ||||
Expected net proceeds from forward contracts | (308,491) | ||||
Net Debt | $ | 6,125,612 |
Financial Leverage |
September 30, 2022 | |||||
Enterprise Debt | $ | 6,630,747 | |||
Enterprise Gross Assets | 19,391,385 | ||||
Financial Leverage | 34.2% |
Secured Debt Ratio |
September 30, 2022 | |||||
Mortgage debt | $ | 347,987 | |||
Share of unconsolidated JV mortgage debt | 39,776 | ||||
Enterprise Secured Debt | $ | 387,763 | |||
Enterprise Gross Assets | 19,391,385 | ||||
Secured Debt Ratio | 2.0% |
Net Debt to Adjusted EBITDAre |
September 30, 2022 | |||||
Net Debt | $ | 6,125,612 | |||
Annualized Adjusted EBITDAre(2) | 1,158,388 | ||||
Net Debt to Adjusted EBITDAre | 5.3x |
19 |
Reconciliations | ||
In thousands |
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Net income (loss) | $ | 61,906 | $ | 32,576 | $ | 75,343 | $ | 72,293 | $ | 357,986 | |||||||||||||||||||
Loss (income) from discontinued operations | (601) | (3,633) | (317) | (2,992) | 1,298 | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 61,305 | $ | 28,943 | $ | 75,026 | $ | 69,301 | $ | 359,284 | |||||||||||||||||||
Interest income | (6,748) | (5,904) | (5,494) | (5,493) | (5,963) | ||||||||||||||||||||||||
Interest expense | 35,905 | 36,551 | 37,586 | 41,867 | 44,078 | ||||||||||||||||||||||||
Depreciation and amortization | 177,175 | 178,114 | 177,733 | 180,489 | 173,190 | ||||||||||||||||||||||||
General and administrative | 23,270 | 26,043 | 23,831 | 24,781 | 24,549 | ||||||||||||||||||||||||
Transaction costs | — | 424 | 296 | 612 | 728 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (14,635) | (717) | (3,856) | (10,340) | 4,149 | ||||||||||||||||||||||||
Impairments and loan loss reserves (recoveries), net | 285 | 18,702 | 132 | 139 | 3,407 | ||||||||||||||||||||||||
Other expense (income), net | (1,670) | (662) | (18,316) | (2,861) | (305,678) | ||||||||||||||||||||||||
Loss (gain) on debt extinguishments | 667 | — | — | — | — | ||||||||||||||||||||||||
Income tax expense (benefit) | (649) | (1,857) | 777 | (718) | (3,834) | ||||||||||||||||||||||||
Government grant income | 15 | — | 6,552 | 209 | 4 | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (2,327) | (1,583) | (2,084) | (382) | 325 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs NOI | 5,117 | 6,378 | 6,019 | 5,309 | 6,844 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | (6,352) | (6,351) | (6,256) | (6,260) | (6,444) | ||||||||||||||||||||||||
Portfolio NOI | $ | 271,358 | $ | 278,081 | $ | 291,946 | $ | 296,653 | $ | 294,639 | |||||||||||||||||||
Adjustment to Portfolio NOI | (14,023) | (13,719) | (17,666) | (24,539) | (19,224) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 257,335 | $ | 264,362 | $ | 274,280 | $ | 272,114 | $ | 275,415 | |||||||||||||||||||
Interest income | 6,748 | 5,904 | 5,494 | 5,493 | 5,963 | ||||||||||||||||||||||||
Portfolio Income | $ | 264,083 | $ | 270,266 | $ | 279,774 | $ | 277,607 | $ | 281,378 | |||||||||||||||||||
Interest income | (6,748) | (5,904) | (5,494) | (5,493) | (5,963) | ||||||||||||||||||||||||
Adjustment to Portfolio NOI | 14,023 | 13,719 | 17,666 | 24,539 | 19,224 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (39,042) | (43,449) | (44,300) | (51,605) | (49,512) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 232,316 | $ | 234,632 | $ | 247,646 | $ | 245,048 | $ | 245,127 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (11,134) | (9,418) | (11,885) | (12,872) | (12,769) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 221,182 | $ | 225,214 | $ | 235,761 | $ | 232,176 | $ | 232,358 |
20 |
Reconciliations | ||
In thousands |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Net income (loss) | $ | 60,326 | $ | 62,419 | $ | 72,249 | $ | 78,794 | $ | 393,487 | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 60,326 | $ | 62,419 | $ | 72,249 | $ | 78,794 | $ | 393,487 | |||||||||||||||||||
Interest expense | 46 | 36 | — | — | — | ||||||||||||||||||||||||
Depreciation and amortization | 79,570 | 78,237 | 78,138 | 79,673 | 70,141 | ||||||||||||||||||||||||
Transaction costs | — | 13 | 292 | 35 | 40 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | — | (3,856) | — | — | ||||||||||||||||||||||||
Other expense (income), net | (22) | (1) | 9 | (29) | (311,912) | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (630) | (470) | (966) | (148) | 877 | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs NOI | 1,058 | 967 | 948 | 784 | 2,161 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | (57) | (49) | (38) | (43) | (34) | ||||||||||||||||||||||||
Portfolio NOI | $ | 140,291 | $ | 141,152 | $ | 146,776 | $ | 159,066 | $ | 154,760 | |||||||||||||||||||
Adjustment to Portfolio NOI | (11,021) | (11,392) | (14,112) | (21,644) | (15,221) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 129,270 | $ | 129,760 | $ | 132,664 | $ | 137,422 | $ | 139,539 | |||||||||||||||||||
Adjustment to Portfolio NOI | 11,021 | 11,392 | 14,112 | 21,644 | 15,221 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (22,694) | (23,664) | (26,017) | (34,257) | (30,025) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 117,597 | $ | 117,488 | $ | 120,759 | $ | 124,809 | $ | 124,735 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (9,141) | (8,524) | (9,589) | (10,874) | (10,469) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 108,456 | $ | 108,964 | $ | 111,170 | $ | 113,935 | $ | 114,266 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Net income (loss) | $ | 58,632 | $ | 27,064 | $ | 58,417 | $ | 56,929 | $ | 47,663 | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 58,632 | $ | 27,064 | $ | 58,417 | $ | 56,929 | $ | 47,663 | |||||||||||||||||||
Interest expense | 1,104 | 852 | 1,036 | 1,930 | 1,964 | ||||||||||||||||||||||||
Depreciation and amortization | 66,189 | 68,232 | 67,773 | 68,873 | 70,917 | ||||||||||||||||||||||||
Transaction costs | — | 28 | 4 | 70 | 94 | ||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | 1,952 | 19,625 | — | — | — | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (14,635) | (717) | — | (10,340) | (554) | ||||||||||||||||||||||||
Other expense (income), net | 30 | 241 | (10,937) | (1,264) | (154) | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (220) | (245) | (200) | (211) | (206) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs NOI | 432 | 462 | 433 | 460 | 443 | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | (6,295) | (6,302) | (6,218) | (6,217) | (6,410) | ||||||||||||||||||||||||
Portfolio NOI | $ | 107,189 | $ | 109,240 | $ | 110,308 | $ | 110,230 | $ | 113,757 | |||||||||||||||||||
Adjustment to Portfolio NOI | (3,626) | (3,566) | (3,546) | (2,949) | (4,079) | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 103,563 | $ | 105,674 | $ | 106,762 | $ | 107,281 | $ | 109,678 | |||||||||||||||||||
Adjustment to Portfolio NOI | 3,626 | 3,566 | 3,546 | 2,949 | 4,079 | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (13,102) | (15,244) | (14,135) | (13,726) | (15,597) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 94,087 | $ | 93,996 | $ | 96,173 | $ | 96,504 | $ | 98,160 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (2,717) | (2,437) | (2,296) | (1,998) | (2,300) | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 91,370 | $ | 91,559 | $ | 93,877 | $ | 94,506 | $ | 95,860 |
21 |
Reconciliations | ||
In thousands |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Net income (loss) | $ | (12,170) | $ | (11,498) | $ | (2,965) | $ | (10,170) | $ | (19,821) | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (12,170) | $ | (11,498) | $ | (2,965) | $ | (10,170) | $ | (19,821) | |||||||||||||||||||
Interest expense | 1,936 | 1,923 | 1,865 | 1,876 | 1,887 | ||||||||||||||||||||||||
Depreciation and amortization | 31,416 | 31,645 | 31,822 | 31,943 | 32,132 | ||||||||||||||||||||||||
Transaction costs | — | 356 | — | 64 | 594 | ||||||||||||||||||||||||
Other expense (income), net | (114) | 314 | (6,511) | (630) | 7,086 | ||||||||||||||||||||||||
Government grant income | 15 | — | 6,552 | 209 | 4 | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (845) | — | (539) | — | — | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs NOI | (32) | 347 | 333 | — | — | ||||||||||||||||||||||||
Portfolio NOI | $ | 20,206 | $ | 23,087 | $ | 30,557 | $ | 23,292 | $ | 21,882 | |||||||||||||||||||
Adjustment to Portfolio NOI | 724 | 1,271 | — | — | — | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(1) | $ | 20,930 | $ | 24,358 | $ | 30,557 | $ | 23,292 | $ | 21,882 | |||||||||||||||||||
Adjustment to Portfolio NOI | (724) | (1,271) | — | — | — | ||||||||||||||||||||||||
Non-SS Portfolio NOI | 426 | 61 | 157 | 443 | 350 | ||||||||||||||||||||||||
SS Portfolio NOI | $ | 20,632 | $ | 23,148 | $ | 30,714 | $ | 23,735 | $ | 22,232 | |||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | 724 | 1,543 | — | — | — | ||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | 21,356 | $ | 24,691 | $ | 30,714 | $ | 23,735 | $ | 22,232 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Net income (loss) | $ | 9,061 | $ | 7,671 | $ | 5,709 | $ | 5,395 | $ | (1,801) | |||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 9,061 | $ | 7,671 | $ | 5,709 | $ | 5,395 | $ | (1,801) | |||||||||||||||||||
Interest income | (6,748) | (5,904) | (5,494) | (5,493) | (5,963) | ||||||||||||||||||||||||
Transaction costs | — | 27 | — | — | — | ||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | (1,667) | (923) | 132 | 139 | 3,407 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | — | — | — | 4,703 | ||||||||||||||||||||||||
Other expense (income), net | (1) | (3) | 32 | (18) | — | ||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (632) | (868) | (379) | (23) | (346) | ||||||||||||||||||||||||
Healthpeak's share of unconsolidated JVs NOI | 3,659 | 4,602 | 4,305 | 4,065 | 4,240 | ||||||||||||||||||||||||
Portfolio NOI | $ | 3,672 | $ | 4,602 | $ | 4,305 | $ | 4,065 | $ | 4,240 | |||||||||||||||||||
Adjustment to Portfolio NOI | (100) | (32) | (8) | 54 | 76 | ||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 3,572 | $ | 4,570 | $ | 4,297 | $ | 4,119 | $ | 4,316 | |||||||||||||||||||
Interest income | 6,748 | 5,904 | 5,494 | 5,493 | 5,963 | ||||||||||||||||||||||||
Portfolio Income | $ | 10,320 | $ | 10,474 | $ | 9,791 | $ | 9,612 | $ | 10,279 | |||||||||||||||||||
Interest income | (6,748) | (5,904) | (5,494) | (5,493) | (5,963) | ||||||||||||||||||||||||
Adjustment to Portfolio NOI | 100 | 32 | 8 | (54) | (76) | ||||||||||||||||||||||||
Non-SS Portfolio NOI | (3,672) | (4,602) | (4,305) | (4,065) | (4,240) | ||||||||||||||||||||||||
SS Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
22 |
Reconciliations | ||
In thousands |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Net income (loss) | $ | (53,943) | $ | (53,080) | $ | (58,067) | $ | (58,655) | $ | (61,542) | |||||||||||||||||||
Loss (income) from discontinued operations | (601) | (3,633) | (317) | (2,992) | 1,298 | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (54,544) | $ | (56,713) | $ | (58,384) | $ | (61,647) | $ | (60,244) | |||||||||||||||||||
Interest expense | 32,819 | 33,740 | 34,685 | 38,061 | 40,227 | ||||||||||||||||||||||||
General and administrative | 23,270 | 26,043 | 23,831 | 24,781 | 24,549 | ||||||||||||||||||||||||
Transaction costs | — | — | — | 443 | — | ||||||||||||||||||||||||
Loss (gain) on debt extinguishments | 667 | — | — | — | — | ||||||||||||||||||||||||
Other expense (income), net | (1,563) | (1,213) | (909) | (920) | (698) | ||||||||||||||||||||||||
Income tax expense (benefit) | (649) | (1,857) | 777 | (718) | (3,834) | ||||||||||||||||||||||||
Portfolio NOI | $ | — | $ | — | $ | — | $ | — | $ | — |
23 |
Reconciliations | ||
In thousands |
Segment Portfolio NOI and Cash (Adjusted) NOI, Portfolio Income, and SS |
Life Science | Medical Office | CCRC | Other | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 544,530 | $ | 163,007 | $ | (32,957) | $ | 9,304 | $ | (178,262) | $ | 505,622 | ||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | (2,011) | (2,011) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 544,530 | $ | 163,007 | $ | (32,957) | $ | 9,304 | $ | (180,273) | $ | 503,611 | ||||||||||||||||||||||||||
Interest income | — | — | — | (16,950) | — | (16,950) | ||||||||||||||||||||||||||||||||
Interest expense | — | 4,931 | 5,629 | — | 112,971 | 123,531 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 227,952 | 207,563 | 95,897 | — | — | 531,412 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 73,161 | 73,161 | ||||||||||||||||||||||||||||||||
Transaction costs | 367 | 168 | 658 | — | 443 | 1,636 | ||||||||||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | — | — | — | 3,678 | — | 3,678 | ||||||||||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (3,856) | (10,894) | — | 4,703 | — | (10,047) | ||||||||||||||||||||||||||||||||
Other expense (income), net | (311,932) | (12,354) | (55) | 13 | (2,527) | (326,855) | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | (3,775) | (3,775) | ||||||||||||||||||||||||||||||||
Government grant income | — | — | 6,765 | — | — | 6,765 | ||||||||||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 3,893 | 1,337 | 334 | 12,611 | — | 18,175 | ||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (115) | (18,846) | — | — | — | (18,961) | ||||||||||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (237) | (617) | (539) | (748) | — | (2,141) | ||||||||||||||||||||||||||||||||
Portfolio NOI | $ | 460,602 | $ | 334,295 | $ | 75,732 | $ | 12,611 | $ | — | $ | 883,240 | ||||||||||||||||||||||||||
Adjustment to NOI | (50,977) | (10,574) | — | 120 | — | (61,431) | ||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 409,625 | $ | 323,721 | $ | 75,732 | $ | 12,731 | $ | — | $ | 821,809 | ||||||||||||||||||||||||||
Interest Income | — | — | — | 16,950 | — | 16,950 | ||||||||||||||||||||||||||||||||
Portfolio Income | $ | 409,625 | $ | 323,721 | $ | 75,732 | $ | 29,681 | $ | — | $ | 838,759 | ||||||||||||||||||||||||||
Interest income | — | — | — | (16,950) | (16,950) | |||||||||||||||||||||||||||||||||
Adjustment to NOI | 50,977 | 10,574 | — | (120) | — | 61,431 | ||||||||||||||||||||||||||||||||
Non-SS Portfolio NOI | (115,154) | (60,061) | 949 | (12,611) | — | (186,877) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 345,448 | $ | 274,234 | $ | 76,681 | $ | — | $ | — | $ | 696,363 | ||||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (28,748) | (5,319) | — | — | — | (34,067) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 316,700 | $ | 268,915 | $ | 76,681 | $ | — | $ | — | $ | 662,296 |
24 |
Reconciliations | ||
In thousands |
Life Science | Medical Office | CCRC | Other | Corporate Non-segment | Total | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 182,103 | $ | 328,975 | $ | (28,911) | $ | 31,673 | $ | (20,486) | $ | 493,354 | ||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | (384,569) | (384,569) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 182,103 | $ | 328,975 | $ | (28,911) | $ | 31,673 | $ | (405,055) | $ | 108,785 | ||||||||||||||||||||||||||
Interest income | — | — | — | (31,869) | — | (31,869) | ||||||||||||||||||||||||||||||||
Interest expense | 196 | 1,985 | 5,778 | — | 113,470 | 121,429 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 224,958 | 187,512 | 93,702 | — | — | 506,172 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 72,260 | 72,260 | ||||||||||||||||||||||||||||||||
Transaction costs | 11 | 295 | 1,090 | 21 | — | 1,417 | ||||||||||||||||||||||||||||||||
Impairments and loan loss (reserves) recoveries, net | — | 1,952 | — | 2,506 | — | 4,458 | ||||||||||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | (189,873) | — | — | — | (189,873) | ||||||||||||||||||||||||||||||||
Loss (gain) on debt extinguishments | — | — | — | — | 225,824 | 225,824 | ||||||||||||||||||||||||||||||||
Other expense (income), net | (54) | 2,483 | (2,456) | (482) | (5,095) | (5,604) | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | (1,404) | (1,404) | ||||||||||||||||||||||||||||||||
Government grant income | — | — | 1,412 | — | — | 1,412 | ||||||||||||||||||||||||||||||||
Healthpeak's share of unconsolidated joint venture NOI | 2,954 | 1,247 | 118 | 12,916 | — | 17,235 | ||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated joint venture NOI | (156) | (18,990) | — | — | — | (19,146) | ||||||||||||||||||||||||||||||||
Equity loss (income) from unconsolidated JVs | (648) | (549) | (1,484) | (1,836) | — | (4,517) | ||||||||||||||||||||||||||||||||
Portfolio NOI | $ | 409,364 | $ | 315,037 | $ | 69,249 | $ | 12,929 | $ | — | $ | 806,579 | ||||||||||||||||||||||||||
Adjustment to NOI | (35,197) | (7,553) | 1,971 | (15) | — | (40,794) | ||||||||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI | $ | 374,167 | $ | 307,484 | $ | 71,220 | $ | 12,914 | $ | — | $ | 765,785 | ||||||||||||||||||||||||||
Interest Income | — | — | — | 31,869 | — | 31,869 | ||||||||||||||||||||||||||||||||
Portfolio Income | $ | 374,167 | $ | 307,484 | $ | 71,220 | $ | 44,783 | $ | — | $ | 797,654 | ||||||||||||||||||||||||||
Interest income | — | — | — | (31,869) | — | (31,869) | ||||||||||||||||||||||||||||||||
Adjustment to NOI | 35,197 | 7,553 | (1,971) | 15 | — | 40,794 | ||||||||||||||||||||||||||||||||
Non-SS Portfolio NOI | (80,175) | (50,752) | 1,420 | (12,929) | — | (142,436) | ||||||||||||||||||||||||||||||||
SS Portfolio NOI(1) | $ | 329,189 | $ | 264,285 | $ | 70,669 | $ | — | $ | — | $ | 664,143 | ||||||||||||||||||||||||||
Non-cash adjustment to SS Portfolio NOI | (26,962) | (6,552) | 1,935 | — | — | (31,579) | ||||||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(1) | $ | 302,227 | $ | 257,733 | $ | 72,604 | $ | — | $ | — | $ | 632,564 |
25 |
Reconciliations | ||
In thousands |
Healthpeak's Share of Unconsolidated Joint Venture's NOI |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 2,327 | $ | 1,583 | $ | 2,084 | $ | 382 | $ | (325) | |||||||||||||||||||
Depreciation and amortization | 4,722 | 5,041 | 5,135 | 5,210 | 8,704 | ||||||||||||||||||||||||
General and administrative | 25 | 6 | 30 | 71 | 177 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | (890) | 329 | (210) | 150 | 239 | ||||||||||||||||||||||||
Other expense (income), net | (371) | (130) | (1,067) | (592) | (2,069) | ||||||||||||||||||||||||
Income tax expense (benefit) | (696) | (451) | 47 | 88 | 118 | ||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | 5,117 | $ | 6,378 | $ | 6,019 | $ | 5,309 | $ | 6,844 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 630 | $ | 470 | $ | 966 | $ | 148 | $ | (877) | |||||||||||||||||||
Depreciation and amortization | 811 | 754 | 760 | 776 | 3,709 | ||||||||||||||||||||||||
Other expense (income), net | (383) | (257) | (778) | (140) | (794) | ||||||||||||||||||||||||
General and administrative | — | — | — | — | 123 | ||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | 1,058 | $ | 967 | $ | 948 | $ | 784 | $ | 2,161 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 220 | $ | 245 | $ | 200 | $ | 211 | $ | 206 | |||||||||||||||||||
Depreciation and amortization | 207 | 228 | 221 | 226 | 225 | ||||||||||||||||||||||||
General and administrative | 3 | 4 | 7 | 17 | 5 | ||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | (17) | (2) | — | — | ||||||||||||||||||||||||
Other expense (income), net | — | (5) | — | — | — | ||||||||||||||||||||||||
Income tax expense (benefit) | 2 | 7 | 7 | 6 | 7 | ||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | 432 | $ | 462 | $ | 433 | $ | 460 | $ | 443 |
26 |
Reconciliations | ||
In thousands |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 845 | $ | — | $ | 539 | $ | — | $ | — | |||||||||||||||||||
Loss (gain) on sales of real estate, net | (890) | 346 | (208) | 150 | — | ||||||||||||||||||||||||
Other expense (income), net | 13 | 1 | 2 | (150) | — | ||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | (32) | $ | 347 | $ | 333 | $ | — | $ | — |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 632 | $ | 868 | $ | 379 | $ | 23 | $ | 346 | |||||||||||||||||||
Depreciation and amortization | 3,704 | 4,059 | 4,154 | 4,208 | 4,770 | ||||||||||||||||||||||||
General and administrative | 22 | 2 | 23 | 54 | 49 | ||||||||||||||||||||||||
Other expense (income), net | (1) | 131 | (291) | (302) | (1,036) | ||||||||||||||||||||||||
Income tax expense (benefit) | (698) | (458) | 40 | 82 | 111 | ||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | 3,659 | $ | 4,602 | $ | 4,305 | $ | 4,065 | $ | 4,240 |
27 |
Reconciliations | ||
In thousands |
Healthpeak's Share of Unconsolidated Joint Venture's NOI |
Life Science | Medical Office | CCRC | Other | Total | ||||||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 237 | $ | 617 | $ | 539 | $ | 748 | $ | 2,141 | ||||||||||||||||||||||
Depreciation and amortization | 5,245 | 672 | — | 13,132 | 19,049 | |||||||||||||||||||||||||||
General and administrative | 123 | 30 | — | 126 | 279 | |||||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | (2) | 181 | — | 179 | |||||||||||||||||||||||||||
Other expense (income), net | (1,712) | — | (386) | (1,628) | (3,726) | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | 20 | — | 233 | 253 | |||||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | 3,893 | $ | 1,337 | $ | 334 | $ | 12,611 | $ | 18,175 |
Life Science | Medical Office | CCRC | Other | Total | ||||||||||||||||||||||||||||
Equity income (loss) from unconsolidated JV | $ | 648 | $ | 549 | $ | 1,484 | $ | 1,836 | $ | 4,517 | ||||||||||||||||||||||
Depreciation and amortization | 2,268 | 657 | — | 9,115 | 12,040 | |||||||||||||||||||||||||||
General and administrative | 1 | 28 | — | 200 | 229 | |||||||||||||||||||||||||||
Loss (gain) on sales of real estate, net | — | — | (1,363) | — | (1,363) | |||||||||||||||||||||||||||
Other expense (income), net | 37 | — | (3) | 3,423 | 3,457 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | 13 | — | (1,658) | (1,645) | |||||||||||||||||||||||||||
Healthpeak's Share of unconsolidated JVs NOI | $ | 2,954 | $ | 1,247 | $ | 118 | $ | 12,916 | $ | 17,235 |
28 |
Reconciliations | ||
In thousands |
Noncontrolling Interests' Share of Consolidated Joint Venture's NOI |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 7,195 | $ | 3,815 | $ | 3,730 | $ | 3,955 | $ | 4,016 | |||||||||||||||||||
Gain on sales of real estate, net | (3,385) | 76 | (12) | — | — | ||||||||||||||||||||||||
Depreciation and amortization | 4,790 | 4,768 | 4,693 | 4,710 | 4,696 | ||||||||||||||||||||||||
Other expense (income), net | 105 | 74 | 195 | (26) | 82 | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (2,353) | (2,382) | (2,350) | (2,379) | (2,350) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | $ | 6,352 | $ | 6,351 | $ | 6,256 | $ | 6,260 | $ | 6,444 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 929 | $ | 956 | $ | 916 | $ | 946 | $ | 922 | |||||||||||||||||||
Depreciation and amortization | 27 | 25 | 20 | 25 | 13 | ||||||||||||||||||||||||
Other expense (income), net | 4 | — | 3 | 2 | — | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (903) | (932) | (901) | (930) | (901) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | $ | 57 | $ | 49 | $ | 38 | $ | 43 | $ | 34 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 6,266 | $ | 2,859 | $ | 2,814 | $ | 3,009 | $ | 3,094 | |||||||||||||||||||
Gain on sales of real estate, net | (3,385) | 76 | (12) | — | — | ||||||||||||||||||||||||
Depreciation and amortization | 4,763 | 4,743 | 4,673 | 4,685 | 4,683 | ||||||||||||||||||||||||
Other expense (income), net | 101 | 74 | 192 | (28) | 82 | ||||||||||||||||||||||||
Dividends attributable to noncontrolling interest | (1,450) | (1,450) | (1,449) | (1,449) | (1,449) | ||||||||||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | $ | 6,295 | $ | 6,302 | $ | 6,218 | $ | 6,217 | $ | 6,410 |
29 |
Reconciliations | ||
In thousands |
Noncontrolling Interests' Share of Consolidated Joint Venture's NOI |
Life Science | Medical Office | Total | ||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 2,784 | $ | 8,917 | $ | 11,701 | ||||||||||||||
Gain on sales of real estate, net | — | (12) | (12) | |||||||||||||||||
Depreciation and amortization | 59 | 14,041 | 14,100 | |||||||||||||||||
Other expense (income), net | 5 | 247 | 252 | |||||||||||||||||
Dividends attributable to noncontrolling interest | (2,733) | (4,347) | (7,080) | |||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | $ | 115 | $ | 18,846 | $ | 18,961 |
Life Science | Medical Office | Total | ||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interest | $ | 2,770 | $ | 11,266 | $ | 14,036 | ||||||||||||||
Gain on sales of real estate, net | — | (3,477) | (3,477) | |||||||||||||||||
Depreciation and amortization | 78 | 14,521 | 14,599 | |||||||||||||||||
Other expense (income), net | 46 | 590 | 636 | |||||||||||||||||
Dividends attributable to noncontrolling interest | (2,738) | (3,910) | (6,648) | |||||||||||||||||
Noncontrolling interests' share of consolidated JVs NOI | $ | 156 | $ | 18,990 | $ | 19,146 |
30 |
Reconciliations | ||
In thousands |
CCRC Pro Forma Portfolio Real Estate Revenues and NOI(1) |
Pro Forma SS Portfolio Real Estate Revenues | Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||
Portfolio Real Estate Revenues - SS(2) | $ | 119,037 | $ | 118,868 | $ | 128,112 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
Pro forma adjustments to exclude government grants | (15) | — | (6,552) | (209) | (4) | |||||||||||||||||||||||||||
Pro forma Portfolio Real Estate Revenues - SS(3) | $ | 119,022 | $ | 118,868 | $ | 121,560 | $ | 125,360 | $ | 122,143 |
Pro Forma SS Portfolio Cash Real Estate Revenues | Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues - SS(2) | $ | 119,037 | $ | 118,868 | $ | 128,112 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
Pro forma adjustments to exclude government grants | (15) | — | (6,552) | (209) | (4) | |||||||||||||||||||||||||||
Pro forma Portfolio Cash Real Estate Revenues - SS(3) | $ | 119,022 | $ | 118,868 | $ | 121,560 | $ | 125,360 | $ | 122,143 |
Pro Forma SS Portfolio NOI | Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||
SS Portfolio NOI(4) | $ | 20,632 | $ | 23,148 | $ | 30,714 | $ | 23,735 | $ | 22,232 | ||||||||||||||||||||||
Pro forma adjustment to exclude government grants | (15) | — | (6,552) | (209) | (4) | |||||||||||||||||||||||||||
Pro forma SS Portfolio NOI(3) | $ | 20,617 | $ | 23,148 | $ | 24,162 | $ | 23,526 | $ | 22,228 |
Pro Forma SS Portfolio Cash (Adjusted) NOI | Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||
SS Portfolio Cash (Adjusted) NOI(4) | $ | 21,356 | $ | 24,691 | $ | 30,714 | $ | 23,735 | $ | 22,232 | ||||||||||||||||||||||
Pro forma adjustment to exclude government grants | (15) | — | (6,552) | (209) | (4) | |||||||||||||||||||||||||||
Pro forma SS Portfolio Cash (Adjusted) NOI(3) | $ | 21,341 | $ | 24,691 | $ | 24,162 | $ | 23,526 | $ | 22,228 |
31 |
Reconciliations | ||
In thousands, except per month data |
REVPOR CCRC(1) |
Three Months Ended | ||||||||||||||||||||||||||||||||
REVPOR CCRC | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 119,037 | $ | 118,868 | $ | 128,445 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
Other adjustments to REVPOR CCRC(3) | — | — | (333) | — | — | |||||||||||||||||||||||||||
REVPOR CCRC revenues | $ | 119,037 | $ | 118,868 | $ | 128,112 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
Average occupied units/month | 5,910 | 5,852 | 5,939 | 5,952 | 5,894 | |||||||||||||||||||||||||||
REVPOR CCRC per month(4) | $ | 6,714 | $ | 6,770 | $ | 7,190 | $ | 7,032 | $ | 6,908 |
Three Months Ended | ||||||||||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
REVPOR CCRC revenues | $ | 119,037 | $ | 118,868 | $ | 128,112 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
NREF Amortization | (18,900) | (19,745) | (18,957) | (19,444) | (19,706) | |||||||||||||||||||||||||||
REVPOR CCRC revenues excluding NREF Amortization | $ | 100,137 | $ | 99,123 | $ | 109,155 | $ | 106,125 | $ | 102,440 | ||||||||||||||||||||||
Average occupied units/month | 5,910 | 5,852 | 5,939 | 5,952 | 5,894 | |||||||||||||||||||||||||||
REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,648 | $ | 5,646 | $ | 6,126 | $ | 5,943 | $ | 5,794 |
Three Months Ended | ||||||||||||||||||||||||||||||||
SS REVPOR CCRC | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
SS REVPOR CCRC revenues(5) | $ | 119,037 | $ | 118,868 | $ | 128,112 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
SS average occupied units/month | 5,910 | 5,852 | 5,939 | 5,952 | 5,894 | |||||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 6,714 | $ | 6,770 | $ | 7,190 | $ | 7,032 | $ | 6,908 |
Three Months Ended | ||||||||||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
SS REVPOR CCRC revenues(5) | $ | 119,037 | $ | 118,868 | $ | 128,112 | $ | 125,569 | $ | 122,146 | ||||||||||||||||||||||
NREF Amortization | (18,900) | (19,745) | (18,957) | (19,444) | (19,706) | |||||||||||||||||||||||||||
SS REVPOR CCRC revenues excluding NREF Amortization | $ | 100,137 | $ | 99,123 | $ | 109,155 | $ | 106,125 | $ | 102,440 | ||||||||||||||||||||||
SS Average occupied units/month | 5,910 | 5,852 | 5,939 | 5,952 | 5,894 | |||||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,648 | $ | 5,646 | $ | 6,126 | $ | 5,943 | $ | 5,794 |
Three Months Ended | ||||||||||||||||||||||||||||||||
PRO FORMA SS REVPOR CCRC | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Pro Forma SS REVPOR CCRC revenues(6) | $ | 119,022 | $ | 118,868 | $ | 121,560 | $ | 125,360 | $ | 122,143 | ||||||||||||||||||||||
SS average occupied units/month | 5,910 | 5,852 | 5,939 | 5,952 | 5,894 | |||||||||||||||||||||||||||
SS REVPOR CCRC per month(4) | $ | 6,713 | $ | 6,770 | $ | 6,822 | $ | 7,020 | $ | 6,908 |
32 |
Reconciliations | ||
In thousands, except per month data |
Three Months Ended | ||||||||||||||||||||||||||||||||
PRO FORMA SS REVPOR CCRC excluding NREF Amortization | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Pro Forma SS REVPOR CCRC revenues(6) | $ | 119,022 | $ | 118,868 | $ | 121,560 | $ | 125,360 | $ | 122,143 | ||||||||||||||||||||||
NREF Amortization | (18,900) | (19,745) | (18,957) | (19,444) | (19,706) | |||||||||||||||||||||||||||
SS REVPOR CCRC revenues excluding NREF Amortization | $ | 100,122 | $ | 99,123 | $ | 102,603 | $ | 105,916 | $ | 102,436 | ||||||||||||||||||||||
Average occupied units/month | 5,910 | 5,852 | 5,939 | 5,952 | 5,894 | |||||||||||||||||||||||||||
SS REVPOR CCRC excluding NREF Amortization per month(4) | $ | 5,647 | $ | 5,646 | $ | 5,758 | $ | 5,931 | $ | 5,794 |
33 |
Reconciliations | ||
In thousands |
Other Pro Forma Portfolio Real Estate Revenues and NOI(1) |
Three Months Ended | ||||||||||||||||||||||||||||||||
Pro Forma Portfolio Real Estate Revenues | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Portfolio Real Estate Revenues(2) | $ | 17,109 | $ | 17,972 | $ | 18,360 | $ | 18,215 | $ | 18,839 | ||||||||||||||||||||||
Pro forma adjustments to exclude government grants | — | (739) | (315) | — | (183) | |||||||||||||||||||||||||||
Pro forma Portfolio Real Estate Revenues(3) | $ | 17,109 | $ | 17,232 | $ | 18,045 | $ | 18,215 | $ | 18,657 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Pro Forma Portfolio Cash Real Estate Revenues | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 17,121 | $ | 17,968 | $ | 18,383 | $ | 18,301 | $ | 18,905 | ||||||||||||||||||||||
Pro forma adjustments to exclude government grants | — | (739) | (315) | — | (183) | |||||||||||||||||||||||||||
Pro forma Portfolio Cash Real Estate Revenues(3) | $ | 17,121 | $ | 17,228 | $ | 18,067 | $ | 18,301 | $ | 18,722 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Pro Forma Portfolio NOI | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Portfolio NOI(4) | $ | 3,672 | $ | 4,602 | $ | 4,305 | $ | 4,065 | $ | 4,240 | ||||||||||||||||||||||
Pro forma adjustments to exclude government grants | — | (739) | (315) | — | (183) | |||||||||||||||||||||||||||
Pro forma Portfolio NOI(3) | $ | 3,672 | $ | 3,863 | $ | 3,990 | $ | 4,065 | $ | 4,058 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Pro Forma Portfolio Cash (Adjusted) NOI | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Portfolio Cash (Adjusted) NOI(4) | $ | 3,572 | $ | 4,570 | $ | 4,297 | $ | 4,119 | $ | 4,316 | ||||||||||||||||||||||
Pro forma adjustments to exclude government grants | — | (739) | (315) | — | (183) | |||||||||||||||||||||||||||
Pro forma Portfolio Cash (Adjusted) NOI(3) | $ | 3,572 | $ | 3,831 | $ | 3,981 | $ | 4,119 | $ | 4,134 |
34 |
Reconciliations | ||
In thousands, except per month data |
REVPOR Other(1) |
Three Months Ended | ||||||||||||||||||||||||||||||||
REVPOR Other | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Portfolio Cash Real Estate Revenues(2) | $ | 17,121 | $ | 17,968 | $ | 18,383 | $ | 18,301 | $ | 18,905 | ||||||||||||||||||||||
Other adjustments to REVPOR Other(3) | (3,509) | (3,863) | (2,201) | (2,280) | (2,371) | |||||||||||||||||||||||||||
REVPOR Other revenues | $ | 13,612 | $ | 14,105 | $ | 16,182 | $ | 16,021 | $ | 16,534 | ||||||||||||||||||||||
Average occupied units/month | 1,134 | 1,142 | 1,261 | 1,261 | 1,289 | |||||||||||||||||||||||||||
REVPOR Other per month(4) | $ | 4,000 | $ | 4,118 | $ | 4,278 | $ | 4,234 | $ | 4,276 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Pro Forma REVPOR Other | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
REVPOR Other revenues | $ | 13,612 | $ | 14,105 | $ | 16,182 | $ | 16,021 | $ | 16,534 | ||||||||||||||||||||||
Pro Forma adjustments to REVPOR Other(5) | — | (532) | (258) | — | (168) | |||||||||||||||||||||||||||
Pro Forma REVPOR Other revenues | $ | 13,612 | $ | 13,573 | $ | 15,923 | $ | 16,021 | $ | 16,365 | ||||||||||||||||||||||
Average occupied units/month | 1,134 | 1,142 | 1,261 | 1,261 | 1,289 | |||||||||||||||||||||||||||
Pro Forma REVPOR Other per month(4) | $ | 4,000 | $ | 3,963 | $ | 4,210 | $ | 4,234 | $ | 4,232 |
35 |
Reconciliations | ||
In thousands |
Discontinued Operations Reconciliation |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and related revenues | $ | — | $ | 694 | $ | — | $ | 7,535 | |||||||||||||||
Resident fees and services | 1,284 | 8,507 | 6,765 | 111,777 | |||||||||||||||||||
Total revenues | 1,284 | 9,201 | 6,765 | 119,312 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Interest expense | — | 47 | — | 3,900 | |||||||||||||||||||
Operating | 1,334 | 13,010 | 6,451 | 118,175 | |||||||||||||||||||
Transaction costs | — | — | — | 76 | |||||||||||||||||||
Impairments and loan loss reserves (recoveries), net | — | 21,740 | — | 32,736 | |||||||||||||||||||
Total costs and expenses | 1,334 | 34,797 | 6,451 | 154,887 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Gain (loss) on sales of real estate, net | (1,131) | 26,758 | 1,361 | 408,658 | |||||||||||||||||||
Other income (expense), net | (7) | (863) | 12 | 5,150 | |||||||||||||||||||
Total other income (expense), net | (1,138) | 25,895 | 1,373 | 413,808 | |||||||||||||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | (1,188) | 299 | 1,687 | 378,233 | |||||||||||||||||||
Income tax benefit (expense) | (110) | 221 | 260 | 1,345 | |||||||||||||||||||
Equity income (loss) from unconsolidated joint ventures | — | 81 | 64 | 4,991 | |||||||||||||||||||
Income (loss) from discontinued operations | $ | (1,298) | $ | 601 | $ | 2,011 | $ | 384,569 |
36 |