Healthpeak Properties and Physicians Realty Trust have agreed to an all-stock merger in a deal that the two REITs have valued at approximately $21 billion.
Each Physicians Realty share will be converted into 0.674 of a newly issued Healthpeak common share, making the purchase price about $2.64 billion based on Physicians' closing price Friday, according to Bloomberg.
The combined company will create a healthcare behemoth that has a 52 million square foot portfolio, including 40 million square feet of outpatient medical properties that are concentrated in Dallas, Houston, Nashville, Phoenix, and Denver.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
