Healthpeak Properties and Physicians Realty Trust Announce Merger

Denver, CO and Milwaukee, WI—Healthpeak Properties Inc. (PEAK) and Physicians Realty Trust (DOC) have announced an all-stock merger of equals with a total value of approximately $21 billion.

Key Details:

• Each share of Physicians Realty Trust will be converted into 0.674 of a newly issued share by Healthpeak Properties.
• The merger will establish a robust real estate platform dedicated to healthcare discovery and delivery.
• The combined company will have a portfolio of 52 million square feet, including 40 million square feet of outpatient medical properties concentrated in high-growth markets such as Dallas, Houston, Nashville, Phoenix, and Denver.

Leadership and Impact:

• Scott Briner, current CEO of Healthpeak, will become the CEO of the merged company.
• John Thomas, head of Physicians Realty, will take on the role of vice chair of the board.
• The deal is expected to enhance run-rate adjusted funds from operations (AFFO).
• Anticipated synergies are estimated to reach at least $40 million by the end of year one and up to $60 million by the end of year two.

Trade Name and Stock Exchange Listing:

• After the merger is completed in the first half of 2024, the combined company will be known as Healthpeak Properties.
• The company's stock will be listed as "DOC" on the New York Stock Exchange.

Healthpeak Properties' stock was down 1.3% premarket, while Physicians Realty's stock was up 4.4%.