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Healthpeak Properties (DOC+0.08%) has completed its merger with Physicians Realty Trust, as detailed in the Form 10-K filing for the fiscal year ended December 31, 2024.
The merger was executed under an Agreement and Plan of Merger dated October 29, 2023, with Healthpeak Properties issuing 162 million shares of its common stock to former holders of Physicians Realty Trust shares.
The transaction resulted in the acquisition of 299 outpatient medical buildings, expanding Healthpeak's portfolio significantly.
The merger was accounted for as a business combination, with the total consideration valued at approximately $3 billion, allocated to the assets acquired and liabilities assumed at fair value.
The merger is expected to enhance Healthpeak's competitive position and accelerate its investment activities in the healthcare real estate sector.
In connection with the merger, Healthpeak assumed $1.25 billion of senior unsecured notes and $400 million of term loans, among other liabilities.
Healthpeak incurred approximately $129 million in merger-related costs, which included advisory, legal, and severance expenses.
The merger is projected to result in synergies and cost savings, contributing to Healthpeak's long-term growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Healthpeak Properties annual 10-K report dated February 4, 2025. To report an error, please email earnings@qz.com.