$DOC

HCP, INC.

CIK:0000765880|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental and related revenues	$ 533,354	$ 529,687	$ 1,071,790	$ 1,067,828
Resident fees and services	216,456	148,855	416,801	297,782
Interest income and other	21,769	15,806	35,940	31,627
Total revenues	771,579	694,348	1,524,531	1,397,237
Costs and expenses:
Operating	333,123	276,181	656,984	549,324
Depreciation and amortization	283,390	265,916	573,124	534,462
Interest expense	92,280	75,063	179,572	147,756
General and administrative	22,517	20,764	47,108	46,882
Transaction costs	9,172	10,215	33,321	15,749
Impairments and loan loss reserves (recoveries), net	(1,479)	3,499	(3,754)	(63)
Total costs and expenses	739,003	651,638	1,486,355	1,294,110
Other income (expense):
Gain (loss) on sales of real estate, net	9,988	1,636	60,657	1,636
Gain (loss) on debt extinguishments	0	0	(403)	0
Other income (expense), net	16,766	(4,692)	156,545	(10,818)
Total other income (expense), net	26,754	(3,056)	216,799	(9,182)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	59,330	39,654	254,975	93,945
Income tax benefit (expense)	1,402	(2,382)	1,148	(4,462)
Equity income (loss) from unconsolidated joint ventures	2,509	1,747	6,774	(400)
Net income (loss)	63,241	39,019	262,897	89,083
Noncontrolling interests’ share in earnings	(10,423)	(7,346)	(16,446)	(14,582)
Net income (loss) attributable to Healthpeak Properties, Inc.	52,818	31,673	246,451	74,501
Participating securities’ share in earnings	(150)	(115)	(299)	(579)
Net income (loss) applicable to common shares	$ 52,668	$ 31,558	$ 246,152	$ 73,922
Earnings per common share:
Basic (in dollars per share)	$ 0.08	$ 0.05	$ 0.36	$ 0.11
Diluted (in dollars per share)	$ 0.08	$ 0.05	$ 0.36	$ 0.11
Weighted average shares outstanding:
Basic (in shares)	689,885	695,188	692,508	697,117
Diluted (in shares)	689,885	695,194	692,843	697,146

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 262,897	$ 89,083
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 intangibles	573,124	534,462
Stock-based compensation amortization expense	9,308	6,365
Stock-based compensation issued as part of initial public offering of Janus Living, Inc.	4,872	0
Amortization of deferred financing costs and debt discounts (premiums)	17,264	15,727
Straight-line rents	(23,088)	(16,554)
Amortization of above (below) market lease intangibles	(12,905)	(20,296)
Amortization of non-refundable entrance fees	(55,010)	(47,658)
Equity loss (income) from unconsolidated joint ventures	(6,774)	400
Distributions of earnings from unconsolidated joint ventures	905	9,720
Deferred income tax expense (benefit)	(3,097)	2,068
Impairments and loan loss reserves (recoveries), net	(3,754)	(63)
Loss (gain) on debt extinguishments	403	0
Loss (gain) on sales of real estate, net	(60,657)	(1,636)
Loss (gain) upon change of control, net	(138,343)	0
Casualty-related loss (recoveries), net	(5,697)	11,308
Other non-cash items	(13,716)	(5,214)
Changes in:
Decrease (increase) in accounts receivable and other assets	27,131	30,883
Increase (decrease) in accounts payable, accrued liabilities, and other liabilities	(29,850)	31,189
Increase (decrease) in deferred revenue	78,968	3,130
Net cash provided by (used in) operating activities	621,981	642,914
Cash flows from investing activities:
Acquisitions of real estate	(542,338)	(37,533)
Joint venture buyout, net	(295,808)	0
Development, redevelopment, and other major improvements of real estate	(299,158)	(324,372)
Leasing costs, tenant improvements, and recurring capital expenditures	(66,061)	(48,864)
Proceeds from sales of real estate, net	146,960	5,089
Proceeds from the BX JV I and II transaction, net	162,801	0
Investments in unconsolidated joint ventures	(1,932)	(53,907)
Distributions in excess of earnings from unconsolidated joint ventures	15,905	15,548
Proceeds from insurance recovery	13,969	1,676
Proceeds from sales/principal repayments on loans receivable and other	403,839	67,287
Investments in loans receivable and other	(44,153)	(65,897)
Net cash provided by (used in) investing activities	(505,976)	(440,973)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	13,741,850	6,733,650
Repayments under bank line of credit and commercial paper	(13,324,706)	(6,108,650)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	0	494,495
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(244,552)	(805,576)
Payments for debt extinguishment and deferred financing costs	(4,801)	(1,471)
Issuance of common stock, net of offering costs	733	171
Repurchase of common stock	(101,561)	(97,041)
Dividends paid on common stock	(422,250)	(425,360)
Distributions to and redemption of noncontrolling interests	(164,136)	(19,155)
Proceeds from Janus Living public offerings, net of underwriting fees	1,592,524	0
Contributions from and issuance of noncontrolling interests	760	5,970
Noncontrolling interest issuance costs	(8,883)	0
Net cash provided by (used in) financing activities	1,064,978	(222,967)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,180,983	(21,026)
Cash, cash equivalents, and restricted cash, beginning of period	537,702	184,305
Cash, cash equivalents, and restricted cash, end of period	$ 1,718,685	$ 163,279

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate:
Buildings and improvements	$ 17,211,536	$ 16,593,535
Development costs and construction in progress	969,495	1,010,657
Land and improvements	3,225,957	3,007,346
Accumulated depreciation	(4,543,382)	(4,512,443)
Net real estate	16,863,606	16,099,095
Loans receivable, net of reserves of $8,165 and $11,345	261,398	606,020
Investments in unconsolidated joint ventures	526,780	802,601
Accounts receivable, net of allowance of $3,523 and $2,018	72,134	78,327
Cash and cash equivalents	1,626,827	467,457
Restricted cash	91,858	70,245
Intangible assets	717,494	654,516
Assets held for sale	37,101	80,621
Right-of-use asset	395,124	412,198
Deferred tax assets	122,320	111,248
Goodwill	68,529	68,529
Other assets	896,875	885,161
Total assets	21,680,046	20,336,018
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	1,495,994	1,078,850
Term loans	1,646,282	1,647,113
Senior unsecured notes	6,785,697	6,772,722
Mortgage debt	104,213	349,209
Intangible liabilities	155,466	173,697
Liabilities related to assets held for sale	594	11,900
Lease liability	288,194	296,260
Accounts payable, accrued liabilities, and other liabilities	678,687	718,509
Deferred revenue	1,026,479	985,307
Total liabilities	12,181,606	12,033,567
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	27,695	159,581
Common stock, $1.00 par value: 1,500,000,000 shares authorized; 689,465,312 and 695,036,731 shares issued and outstanding	689,465	695,037
Additional paid-in capital	13,273,880	12,767,914
Cumulative dividends in excess of earnings	(6,129,129)	(5,952,920)
Accumulated other comprehensive income (loss)	10,534	(9,937)
Total stockholders’ equity	7,844,750	7,500,094
Public investors of Janus Living, Inc.	979,186	0
Joint venture partners	291,294	295,455
Non-managing member unitholders	355,515	347,321
Total noncontrolling interests	1,625,995	642,776
Total equity	9,470,745	8,142,870
Total liabilities and equity	$ 21,680,046	$ 20,336,018