Denver-based Healthpeak Properties and Milwaukee-based Physicians Realty Trust announced a definitive agreement Oct. 30 to combine in an all-stock merger of equals valued at approximately $21 billion.
The combined company will have a portfolio of 52 million square feet with footprints in more than 30 markets. This includes 40 million square feet in outpatient medical settings, which are concentrated in high-growth markets like Dallas, Houston, Nashville, Phoenix and Denver with hospital and health system affiliations.
The transaction is expected to close in the first half of 2024. The combined company will operate with the name Healthpeak Properties with headquarters in Denver.
Scott Brinker, president and CEO of Healthpeak, will serve as president and CEO of the combined company. John Thomas, president and CEO of Physicians Realty Trust, will serve as vice chair of the board, which will be made up of eight existing Healthpeak directors and five existing Physicians Realty Trust directors.
Healthpeak and Physicians Realty Trust shareholders will own approximately 77% and 23% of the combined company, respectively.