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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 001-08895
Healthpeak Properties, Inc.
(Exact name of registrant as specified in its charter)
Maryland 33-0091377
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
5050 South Syracuse Street, Suite 800
Denver, CO 80237
(Address of principal executive offices) (Zip Code)
(720) 428-5050
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valuePEAKNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
As of October 31, 2022, there were 537,540,144 shares of the registrant’s $1.00 par value common stock outstanding.


HEALTHPEAK PROPERTIES, INC.
INDEX

2

PART I. FINANCIAL INFORMATION
Item 1.  Financial Statements (Unaudited)
Healthpeak Properties, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
 September 30,
2022
December 31,
2021
ASSETS  
Real estate:  
Buildings and improvements$12,633,935 $12,025,271 
Development costs and construction in progress744,711 877,423 
Land2,647,430 2,603,964 
Accumulated depreciation and amortization(3,148,019)(2,839,229)
Net real estate12,878,057 12,667,429 
Net investment in direct financing leases 44,706 
Loans receivable, net of reserves of $5,115 and $1,813
383,991 415,811 
Investments in and advances to unconsolidated joint ventures698,903 403,634 
Accounts receivable, net of allowance of $2,521 and $1,870
53,964 48,691 
Cash and cash equivalents112,452 158,287 
Restricted cash54,500 53,454 
Intangible assets, net444,215 519,760 
Assets held for sale and discontinued operations, net51,495 37,190 
Right-of-use asset, net232,155 233,942 
Other assets, net752,224 674,615 
Total assets$15,661,956 $15,257,519 
LIABILITIES AND EQUITY  
Bank line of credit and commercial paper$1,585,333 $1,165,975 
Senior unsecured notes4,657,651 4,651,933 
Mortgage debt347,987 352,081 
Intangible liabilities, net162,874 177,232 
Liabilities related to assets held for sale and discontinued operations, net12,831 15,056 
Lease liability200,813 204,547 
Accounts payable, accrued liabilities, and other liabilities732,895 755,384 
Deferred revenue835,223 789,207 
Total liabilities8,535,607 8,111,415 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests127,583 87,344 
Common stock, $1.00 par value: 750,000,000 shares authorized; 537,533,719 and 539,096,879 shares issued and outstanding
537,534 539,097 
Additional paid-in capital10,014,707 10,100,294 
Cumulative dividends in excess of earnings(4,114,806)(4,120,774)
Accumulated other comprehensive income (loss)29,526 (3,147)
Total stockholders’ equity6,466,961 6,515,470 
Joint venture partners330,749 342,234 
Non-managing member unitholders201,056 201,056 
Total noncontrolling interests531,805 543,290 
Total equity6,998,766 7,058,760 
Total liabilities and equity$15,661,956 $15,257,519 
See accompanying Notes to the Unaudited Consolidated Financial Statements.

3

Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenues:  
Rental and related revenues$392,301 $353,516 $1,149,530 $1,022,130 
Resident fees and services122,142 119,022 369,062 352,458 
Income from direct financing leases 2,179 1,168 6,522 
Interest income5,963 6,748 16,950 31,869 
Total revenues520,406 481,465 1,536,710 1,412,979 
Costs and expenses:  
Interest expense44,078 35,905 123,531 121,429 
Depreciation and amortization173,190 177,175 531,412 506,172 
Operating220,208 202,139 642,499 574,032 
General and administrative24,549 23,270 73,161 72,260 
Transaction costs728  1,636 1,417 
Impairments and loan loss reserves (recoveries), net3,407 285 3,678 4,458 
Total costs and expenses466,160 438,774 1,375,917 1,279,768 
Other income (expense):  
Gain (loss) on sales of real estate, net(4,149)14,635 10,047 189,873 
Gain (loss) on debt extinguishments (667) (225,824)
Other income (expense), net305,678 1,670 326,855 5,604 
Total other income (expense), net301,529 15,638 336,902 (30,347)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures355,775 58,329 497,695 102,864 
Income tax benefit (expense)3,834 649 3,775 1,404 
Equity income (loss) from unconsolidated joint ventures(325)2,327 2,141 4,517 
Income (loss) from continuing operations359,284 61,305 503,611 108,785 
Income (loss) from discontinued operations(1,298)601 2,011 384,569 
Net income (loss)357,986 61,906 505,622 493,354 
Noncontrolling interests’ share in continuing operations(4,016)(7,195)(11,701)(14,036)
Noncontrolling interests’ share in discontinued operations   (2,539)
Net income (loss) attributable to Healthpeak Properties, Inc.353,970 54,711 493,921 476,779 
Participating securities’ share in earnings(604)(269)(2,523)(3,001)
Net income (loss) applicable to common shares$353,366 $54,442 $491,398 $473,778 
Basic earnings (loss) per common share:
Continuing operations$0.66 $0.10 $0.91 $0.17 
Discontinued operations0.00 0.00 0.00 0.71 
Net income (loss) applicable to common shares$0.66 $0.10 $0.91 $0.88 
Diluted earnings (loss) per common share:
Continuing operations$0.65 $0.10 $0.91 $0.17 
Discontinued operations0.00 0.00 0.00 0.71 
Net income (loss) applicable to common shares$0.65 $0.10 $0.91 $0.88 
Weighted average shares outstanding:
Basic538,417 539,021 539,105 538,879 
Diluted546,015 539,388 544,852 539,159 
See accompanying Notes to the Unaudited Consolidated Financial Statements.

4

Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income (loss)$357,986 $61,906 $505,622 $493,354 
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives30,744  32,373 332 
Change in Supplemental Executive Retirement Plan obligation and other100 108 300 323 
Reclassification adjustment realized in net income (loss)   (251)
Total other comprehensive income (loss)30,844 108 32,673 404 
Total comprehensive income (loss)388,830 62,014 538,295 493,758 
Total comprehensive (income) loss attributable to noncontrolling interests’ share in continuing operations(4,016)(7,195)(11,701)(14,036)
Total comprehensive (income) loss attributable to noncontrolling interests’ share in discontinued operations   (2,539)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.$384,814 $54,819 $526,594 $477,183 
See accompanying Notes to the Unaudited Consolidated Financial Statements.

5

Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(In thousands, except per share data)
(Unaudited)

For the three months ended September 30, 2022:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
Redeemable Noncontrolling Interests
 SharesAmount
July 1, 2022539,580 $539,580 $10,073,712 $(4,306,762)$(1,318)$6,305,212 $535,176 $6,840,388 $115,877 
Net income (loss) — — — 353,970 — 353,970 4,003 357,973 13 
Other comprehensive income (loss) — — — — 30,844 30,844 — 30,844 — 
Issuance of common stock, net 16 16 359 — — 375 — 375 — 
Repurchase of common stock (2,062)(2,062)(53,966)— — (56,028)— (56,028)— 
Amortization of stock-based compensation — — 6,030 — — 6,030 — 6,030 — 
Common dividends ($0.30 per share)
— — — (162,014)— (162,014)— (162,014)— 
Distributions to noncontrolling interests— — — — — — (7,374)(7,374)(42)
Contributions from noncontrolling interests— — — — — — — — 307 
Adjustments to redemption value of redeemable noncontrolling interests— — (11,428)— — (11,428)— (11,428)11,428 
September 30, 2022537,534 $537,534 $10,014,707 $(4,114,806)$29,526 $6,466,961 $531,805 $6,998,766 $127,583 

For the three months ended September 30, 2021:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
Redeemable Noncontrolling Interests
 SharesAmount
July 1, 2021538,955 $538,955 $10,147,230 $(3,880,253)$(3,389)$6,802,543 $548,867 $7,351,410 $85,367 
Net income (loss)— — — 54,711 — 54,711 7,172 61,883 23 
Other comprehensive income (loss)— — — — 108 108 — 108 — 
Issuance of common stock, net20 20 358 — — 378 — 378 — 
Repurchase of common stock(2)(2)(71)— — (73)— (73)— 
Exercise of stock options93 93 3,073 — — 3,166 — 3,166 — 
Amortization of stock-based compensation— — 5,666 — — 5,666 — 5,666 — 
Common dividends ($0.30 per share)
— — — (161,995)— (161,995)— (161,995)— 
Distributions to noncontrolling interests— — — — — — (7,602)(7,602)(43)
Contributions from noncontrolling interests— — — — — — — — 100 
Adjustments to redemption value of redeemable noncontrolling interests — — (34,144)— — (34,144)— (34,144)34,144 
September 30, 2021539,066 $539,066 $10,122,112 $(3,987,537)$(3,281)$6,670,360 $548,437 $7,218,797 $119,591 


6


For the nine months ended September 30, 2022:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
Redeemable Noncontrolling Interests
 SharesAmount
January 1, 2022539,097 $539,097 $10,100,294 $(4,120,774)$(3,147)$6,515,470 $543,290 $7,058,760 $87,344 
Net income (loss)— — — 493,921 — 493,921 11,663 505,584 38 
Other comprehensive income (loss)— — — — 32,673 32,673 — 32,673 — 
Issuance of common stock, net847 847 184 — — 1,031 — 1,031 — 
Repurchase of common stock(2,410)(2,410)(65,232)— — (67,642)— (67,642)— 
Amortization of stock-based compensation— — 18,895 — — 18,895 — 18,895 — 
Common dividends ($0.90 per share)
— — — (487,953)— (487,953)— (487,953)— 
Distributions to noncontrolling interests— — — — — — (23,148)(23,148)(127)
Contributions from noncontrolling interests— — — — — — — — 894 
Adjustments to redemption value of redeemable noncontrolling interests— — (39,434)— — (39,434)— (39,434)39,434 
September 30, 2022537,534 $537,534 $10,014,707 $(4,114,806)$29,526 $6,466,961 $531,805 $6,998,766 $127,583 
For the nine months ended September 30, 2021:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
Redeemable Noncontrolling Interests
 SharesAmount
January 1, 2021538,405 $538,405 $10,175,235 $(3,976,232)$(3,685)$6,733,723 $556,227 $7,289,950 $57,396 
Net income (loss)— — — 476,779 — 476,779 16,552 493,331 23 
Other comprehensive income (loss)— — — — 404 404 — 404 — 
Issuance of common stock, net974 974 448 — — 1,422 — 1,422 — 
Repurchase of common stock(410)(410)(12,143)— — (12,553)— (12,553)— 
Exercise of stock options97 97 3,194 — — 3,291 — 3,291 — 
Amortization of stock-based compensation— — 17,224 — — 17,224 — 17,224 — 
Common dividends ($0.90 per share)
— — — (488,084)— (488,084)— (488,084)— 
Distributions to noncontrolling interests— — — — — — (24,277)(24,277)(95)
Purchase of noncontrolling interests— — (5)— — (5)(65)(70)— 
Contributions from noncontrolling interests— — — — — — — — 426 
Adjustments to redemption value of redeemable noncontrolling interests— — (61,841)— — (61,841)— (61,841)61,841 
September 30, 2021539,066 $539,066 $10,122,112 $(3,987,537)$(3,281)$6,670,360 $548,437 $7,218,797 $119,591 
_______________________________________
See accompanying Notes to the Unaudited Consolidated Financial Statements.
7

Healthpeak Properties, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended
September 30,
 20222021
Cash flows from operating activities:
Net income (loss)$505,622 $493,354 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease, and other intangibles531,412 506,172 
Stock-based compensation amortization expense14,635 13,895 
Amortization of deferred financing costs8,069 6,677 
Straight-line rents(36,837)(23,627)
Amortization of nonrefundable entrance fees and above/below market lease intangibles(75,635)(68,854)
Equity loss (income) from unconsolidated joint ventures(2,205)(9,508)
Distributions of earnings from unconsolidated joint ventures708 4,731 
Loss (gain) on sale of real estate under direct financing leases(22,693) 
Deferred income tax expense (benefit)(5,199)(3,999)
Impairments and loan loss reserves (recoveries), net3,678 37,194 
Loss (gain) on debt extinguishments 225,824 
Loss (gain) on sales of real estate, net(11,408)(598,531)
Loss (gain) upon change of control, net(311,438)(1,042)
Casualty-related loss (recoveries), net6,457 1,632 
Other non-cash items(1,029)(8,640)
Changes in:
Decrease (increase) in accounts receivable and other assets, net(2,751)