National + Healthcare | October 30, 2023

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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