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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, 2021
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 November 1, 2021, there were 539,072,223 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,
2021
December 31,
2020
ASSETS  
Real estate:  
Buildings and improvements$11,759,664 $11,048,433 
Development costs and construction in progress845,382 613,182 
Land2,206,422 1,867,278 
Accumulated depreciation and amortization(2,734,832)(2,409,135)
Net real estate12,076,636 11,119,758 
Net investment in direct financing leases44,706 44,706 
Loans receivable, net of reserves of $2,727 and $10,280
411,062 195,375 
Investments in and advances to unconsolidated joint ventures389,095 402,871 
Accounts receivable, net of allowance of $3,690 and $3,994
44,699 42,269 
Cash and cash equivalents201,099 44,226 
Restricted cash53,699 67,206 
Intangible assets, net520,335 519,917 
Assets held for sale and discontinued operations, net105,009 2,626,306 
Right-of-use asset, net218,524 192,349 
Other assets, net678,638 665,106 
Total assets$14,743,502 $15,920,089 
LIABILITIES AND EQUITY  
Bank line of credit and commercial paper$1,024,000 $129,590 
Term loan 249,182 
Senior unsecured notes4,157,834 5,697,586 
Mortgage debt356,570 221,621 
Intangible liabilities, net144,004 144,199 
Liabilities related to assets held for sale and discontinued operations, net18,910 415,737 
Lease liability191,444 179,895 
Accounts payable, accrued liabilities, and other liabilities729,939 760,617 
Deferred revenue782,413 774,316 
Total liabilities7,405,114 8,572,743 
Commitments and contingencies
Redeemable noncontrolling interests119,591 57,396 
Common stock, $1.00 par value: 750,000,000 shares authorized; 539,066,131 and 538,405,393 shares issued and outstanding
539,066 538,405 
Additional paid-in capital10,122,112 10,175,235 
Cumulative dividends in excess of earnings(3,987,537)(3,976,232)
Accumulated other comprehensive income (loss)(3,281)(3,685)
Total stockholders’ equity6,670,360 6,733,723 
Joint venture partners347,180 357,069 
Non-managing member unitholders201,257 199,158 
Total noncontrolling interests548,437 556,227 
Total equity7,218,797 7,289,950 
Total liabilities and equity$14,743,502 $15,920,089 
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,
 2021202020212020
Revenues:  
Rental and related revenues$353,516 $301,941 $1,022,130 $872,511 
Resident fees and services119,022 115,031 352,458 320,737 
Income from direct financing leases2,179 2,150 6,522 7,569 
Interest income6,748 4,443 31,869 12,361 
Total revenues481,465 423,565 1,412,979 1,213,178 
Costs and expenses:  
Interest expense35,905 53,734 121,429 164,248 
Depreciation and amortization177,175 141,971 506,172 406,774 
Operating202,139 183,141 574,032 598,326 
General and administrative23,270 21,661 72,260 67,730 
Transaction costs 1,984 1,417 16,920 
Impairments and loan loss reserves (recoveries), net285 (1,777)4,458 16,167 
Total costs and expenses438,774 400,714 1,279,768 1,270,165 
Other income (expense):  
Gain (loss) on sales of real estate, net14,635 2,283 189,873 85,636 
Gain (loss) on debt extinguishments(667)(17,921)(225,824)(42,912)
Other income (expense), net1,670 6,744 5,604 234,812 
Total other income (expense), net15,638 (8,894)(30,347)277,536 
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures58,329 13,957 102,864 220,549 
Income tax benefit (expense)649 (22,970)1,404 6,792 
Equity income (loss) from unconsolidated joint ventures2,327 (18,749)4,517 (47,630)
Income (loss) from continuing operations61,305 (27,762)108,785 179,711 
Income (loss) from discontinued operations601 (31,819)384,569 98,297 
Net income (loss)61,906 (59,581)493,354 278,008 
Noncontrolling interests’ share in continuing operations(7,195)(3,616)(14,036)(10,565)
Noncontrolling interests’ share in discontinued operations (220)(2,539)(274)
Net income (loss) attributable to Healthpeak Properties, Inc.54,711 (63,417)476,779 267,169 
Participating securities’ share in earnings(269)(351)(3,001)(2,151)
Net income (loss) applicable to common shares$54,442 $(63,768)$473,778 $265,018 
Basic earnings (loss) per common share:
Continuing operations$0.10 $(0.06)$0.17 $0.32 
Discontinued operations0.00 (0.06)0.71 0.18 
Net income (loss) applicable to common shares$0.10 $(0.12)$0.88 $0.50 
Diluted earnings (loss) per common share:
Continuing operations$0.10 $(0.06)$0.17 $0.32 
Discontinued operations0.00 (0.06)0.71 0.18 
Net income (loss) applicable to common shares$0.10 $(0.12)$0.88 $0.50 
Weighted average shares outstanding:
Basic539,021 538,333 538,879 527,908 
Diluted539,388 538,333 539,159 528,455 
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,
 2021202020212020
Net income (loss)$61,906 $(59,581)$493,354 $278,008 
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives (942)332 (651)
Change in Supplemental Executive Retirement Plan obligation and other108 (108)323 272 
Reclassification adjustment realized in net income (loss)  (251) 
Total other comprehensive income (loss)108 (1,050)404 (379)
Total comprehensive income (loss)62,014 (60,631)493,758 277,629 
Total comprehensive (income) loss attributable to noncontrolling interests’ share in continuing operations(7,195)(3,616)(14,036)(10,565)
Total comprehensive (income) loss attributable to noncontrolling interests’ share in discontinued operations (220)(2,539)(274)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.$54,819 $(64,467)$477,183 $266,790 
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, 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, net 20 20 358 — — 378 — 378 — 
Repurchase of common stock (2)(2)(71)— — (73)— (73)— 
Exercise of stock options 93 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 

For the three months ended September 30, 2020:
 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, 2020538,318 $538,318 $10,191,263 $(3,660,187)$(2,186)$7,067,208 $570,048 $7,637,256 $34,054 
Net income (loss)— — — (63,417)— (63,417)3,836 (59,581)— 
Other comprehensive income (loss)— — — — (1,050)(1,050)— (1,050)— 
Issuance of common stock, net47 47 464 — — 511 — 511 — 
Repurchase of common stock(10)(10)(265)— — (275)— (275)— 
Amortization of stock-based compensation— — 5,159 — — 5,159 — 5,159 — 
Common dividends ($0.37 per share)
— — — (199,546)— (199,546)— (199,546)— 
Distributions to noncontrolling interests— — — — — — (7,631)(7,631)(13)
Contributions from noncontrolling interests— — — — — — — — 157 
Adjustments to redemption value of redeemable noncontrolling interests — — (12,652)— — (12,652)— (12,652)12,652 
September 30, 2020538,355 $538,355 $10,183,969 $(3,923,150)$(3,236)$6,795,938 $566,253 $7,362,191 $46,850 
6

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 
For the nine months ended September 30, 2020:
 Common StockAdditional Paid-In CapitalCumulative Dividends In Excess Of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityTotal Noncontrolling InterestsTotal
Equity
Redeemable Noncontrolling Interests
 SharesAmount
December 31, 2019505,222 $505,222 $9,175,277 $(3,601,199)$(2,857)$6,076,443 $582,416 $6,658,859 $11,106 
Impact of adoption of ASU No. 2016-13(1)
— — — (1,524)— (1,524)— (1,524)— 
January 1, 2020505,222 505,222 9,175,277 (3,602,723)(2,857)6,074,919 582,416 6,657,335 11,106 
Net income (loss)— — — 267,169 — 267,169 10,839 278,008 — 
Other comprehensive income (loss)— — — — (379)(379)— (379)— 
Issuance of common stock, net33,248 33,248 1,032,652 — — 1,065,900 — 1,065,900 — 
Conversion of DownREIT units to common stock120 120 3,957 — — 4,077 (4,077) — 
Repurchase of common stock(289)(289)(9,984)— — (10,273)— (10,273)— 
Exercise of stock options54 54 1,752 — — 1,806 — 1,806 — 
Amortization of stock-based compensation— — 15,817 — — 15,817 — 15,817 — 
Common dividends ($1.11 per share)
— — — (587,596)— (587,596)— (587,596)— 
Distributions to noncontrolling interests— — — — — — (22,925)(22,925)(32)
Contributions from noncontrolling interests— — — — — — — — 274 
Adjustments to redemption value of redeemable noncontrolling interests— — (35,502)— — (35,502)—