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Milwaukee-based Physicians Realty Trust to Merge with Denver Firm
Milwaukee, Wisconsin-based Physicians Realty Trust announced plans to merge with Healthpeak Properties in a deal valued at roughly $21 billion. The all-stock merger of the two medical REITs is expected to close in the first half of 2024, with the combined entity having around 52 million square feet of medical and lab space under management.
The merged company will operate under the Healthpeak Properties Inc. name, with its headquarters in Denver and take over Physician Realty Trust’s trading symbol on the New York Stock Exchange. Physicians Realty is based in an office building the company owns on North Water Street in Milwaukee’s Third Ward.
Healthpeak is currently valued at $16 billion with 475 properties. Physicians Realty Trust is the smaller of the two companies, and it held its initial public offering in 2013 with 18 healthcare properties worth almost $124 million. It is now valued at $5 billion with 278 hospitals, clinics and medical office buildings.
