Healthpeak, Physicians Realty Trust to Merge in $21 Billion Deal

Healthpeak Properties, Inc. (NYSE: PEAK) and Physicians Realty Trust (NYSE: DOC) have entered into an agreement to combine in an all-stock merger valued at approximately $21 billion, according to a news release issued Monday. 

Healthpeak’s senior housing holdings now include 15 continuing care retirement communities (CCRC) in five states and Washington D.C., with the highest concentration of properties in Florida. At one time, the real estate investment trust — formerly known as HCP — was one of the largest owners of senior housing assets in the United States, before deciding to largely exit the space through about $4 billion worth of dispositions.

Under the agreement announced Monday, DOC shares will be converted into 0.674 of a newly-issued Healthpeak common share, with the merger creating a “leading real estate platform dedicated to healthcare discovery and delivery.” The combined entity will have a 52-million square-foot portfolio that includes 40-million square-feet of outpatient medical properties across primary markets including Dallas, Denver, Nashville and Phoenix.


“This combination joins two leading platforms, bringing them to the next level to create a company uniquely focused on healthcare discovery and delivery, a large and attractive playing field with strong secular growth,” Healthpeak President and CEO Scott Brinker said in the news release.

Brinker was named CEO of Denver, Colorado-based Healthpeak in October of last year after Tom Herzog stepped down in a mutual decision at the time. In 2019, Healthpeak changed its name from HCP. Brinker will now serve as president and CEO of the combined company, while Physicians Realty Trust President and CEO John Thomas will now serve as vice chairperson of the combined organizations’ board of directors.

The all-stock merger is expected to close in the first half of 2024 pending closing conditions and approval from shareholders, with both boards having unanimously approved the transaction. At closing of the merger, the combined company is projected to pay an annualized dividend of $1.20 per share.


A combined headquarters will now be located in Denver and existing offices will stay open in operation, the release states.

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