Physicians Realty Trust, a medical real estate investment trust (REIT) based in Milwaukee, Wisconsin, has announced its plans to merge with Healthpeak Properties Inc. The all-stock merger is estimated at $21 billion and is expected to be finalized in the first half of 2024. The combined company will manage approximately 52 million square feet of medical and lab space.
The merged entity will operate under the name Healthpeak Properties Inc., with its headquarters located in Denver. It will also take over Physicians Realty Trust’s trading symbol on the New York Stock Exchange. Physicians Realty Trust currently owns an office building on North Water Street in Milwaukee’s Third Ward.
Healthpeak Properties Inc., valued at $16 billion and owning 475 properties, is larger than Physicians Realty Trust which held its initial public offering back in 2013 with only 18 healthcare properties worth around $124 million. However, it has now grown to own a total of 278 hospitals, clinics and medical office buildings valued at $5 billion.
