Healthpeak and Physicians Realty Trust to combine in $21B all-stock merger of equals

HEALTHPEAK PROPERTIES, INC.

Each DOC share converts to 0.674 PEAK share; pro forma PEAK owns 77%, DOC 23%.
Expected close in H1 2024; run-rate synergies at least $40M by Y1, up to $60M by Y2.
Combined company to trade as DOC; Scott Brinker CEO, John Thomas Vice Chair of Board.
Pro forma portfolio 52M sq ft (40M outpatient medical); dividend set at $1.20/share annualized.
Pro forma net debt/EBITDAre low 5x; new $500M term loan at SOFR+85 bps assumed.

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