Common stock, shares authorized (in shares)

[Table of Contents](#ifa3dff468a15495db7b57c65ada0de74_7)PART I. FINANCIAL INFORMATIONItem 1.  Financial Statements (Unaudited)Healthpeak Properties, Inc.CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)(Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|   | March 31,2022 |  | December 31,2021 |
| ASSETS |   |  |   |
| Real estate: |   |  |   |
| Buildings and improvements | $ | 12,368,124  |  |  | $ | 12,025,271  |  |
| Development costs and construction in progress | 739,451  |  |  | 877,423  |  |
| Land | 2,706,909  |  |  | 2,603,964  |  |
| Accumulated depreciation and amortization | (2,975,337) |  |  | (2,839,229) |  |
| Net real estate | 12,839,147  |  |  | 12,667,429  |  |
| Net investment in direct financing leases | —  |  |  | 44,706  |  |
| Loans receivable, net of reserves of $1,944 and $1,813 | 409,753  |  |  | 415,811  |  |
| Investments in and advances to unconsolidated joint ventures | 403,159  |  |  | 403,634  |  |
| Accounts receivable, net of allowance of $2,068 and $1,870 | 54,106  |  |  | 48,691  |  |
| Cash and cash equivalents | 89,066  |  |  | 158,287  |  |
| Restricted cash | 52,103  |  |  | 53,454  |  |
| Intangible assets, net | 497,104  |  |  | 519,760  |  |
| Assets held for sale and discontinued operations, net | 33,812  |  |  | 37,190  |  |
| Right-of-use asset, net | 232,457  |  |  | 233,942  |  |
| Other assets, net | 676,543  |  |  | 674,615  |  |
| Total assets | $ | 15,287,250  |  |  | $ | 15,257,519  |  |
|  |  |  |  |
| LIABILITIES AND EQUITY |   |  |   |
| Bank line of credit and commercial paper | $ | 1,330,813  |  |  | $ | 1,165,975  |  |
|  |  |  |  |
| Senior unsecured notes | 4,654,056  |  |  | 4,651,933  |  |
| Mortgage debt | 350,713  |  |  | 352,081  |  |
| Intangible liabilities, net | 175,355  |  |  | 177,232  |  |
| Liabilities related to assets held for sale and discontinued operations, net | 14,318  |  |  | 15,056  |  |
| Lease liability | 203,988  |  |  | 204,547  |  |
| Accounts payable, accrued liabilities, and other liabilities | 695,373  |  |  | 755,384  |  |
| Deferred revenue | 817,022  |  |  | 789,207  |  |
| Total liabilities | 8,241,638  |  |  | 8,111,415  |  |
|  |  |  |  |
| Commitments and contingencies (Note 10) |  |  |  |
|  |  |  |  |
| Redeemable noncontrolling interests | 97,890  |  |  | 87,344  |  |
|  |  |  |  |
|  |  |  |  |
| Common stock, $1.00 par value: 750,000,000 shares authorized; 539,523,537 and 539,096,879 shares issued and outstanding | 539,524  |  |  | 539,097  |  |
| Additional paid-in capital | 10,084,687  |  |  | 10,100,294  |  |
| Cumulative dividends in excess of earnings | (4,212,941) |  |  | (4,120,774) |  |
| Accumulated other comprehensive income (loss) | (3,047) |  |  | (3,147) |  |
| Total stockholders’ equity | 6,408,223  |  |  | 6,515,470  |  |
| Joint venture partners | 338,443  |  |  | 342,234  |  |
| Non-managing member unitholders | 201,056  |  |  | 201,056  |  |
| Total noncontrolling interests | 539,499  |  |  | 543,290  |  |
| Total equity | 6,947,722  |  |  | 7,058,760  |  |
| Total liabilities and equity | $ | 15,287,250  |  |  | $ | 15,257,519  |  |

See accompanying Notes to the Unaudited Consolidated Financial Statements.  
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