BREAKING NEWS: Healthpeak, Physicians Realty to Merge for $21B REIT
Healthpeak Properties, Inc. and Physicians Realty Trust said Monday they had entered into a definitive agreement to combine in an all-stock merger of equals valued at approximately $21 billion. The combined company aims to benefit from the secular growth in healthcare discovery and delivery with a 52 million square foot portfolio including one of the largest outpatient medical portfolios comprising 40 million square feet.
“Physicians Realty Trust brings complementary strengths to Healthpeak, including its internal property management platform and established industry relationships,” said Scott Brinker, president and CEO of Healthpeak. “We expect the transaction to be immediately accretive to each company’s shareholders, augment our strong balance sheet, and position the combined company for offense.”
Brinker will serve as president and CEO of the combined company. His counterpart as Physicians Realty, John T. Thomas, will serve as vice chairman of the board.
Upon completion of the merger, the combined company will operate with the Healthpeak Properties, Inc. name, although it’s expected to trade under the Physicians Realty ticker symbol “DOC” on the New York Stock Exchange. The headquarters of the combined company will be in Denver and it will maintain other existing offices.