Healthpeak Properties Closes Merger with Physicians Realty Trust

Healthpeak Properties, Inc. (NYSE: PEAK) (“Healthpeak”) today announced that it has closed on the previously announced merger with Physicians Realty Trust. The combined company will operate under the name “Healthpeak Properties, Inc.” and is expected to begin trading under the ticker symbol “DOC” at the open of trading on The New York Stock Exchange on March 4, 2024.

“We are pleased to announce the completion of our merger with Physicians Realty Trust,” said Scott Brinker, President and Chief Executive Officer of Healthpeak. “We believe this transaction augments our earnings, balance sheet, and platform. Our integration efforts are progressing ahead of schedule with property management internalized in four markets to date, with an additional five markets scheduled by the end of the second quarter. We expect to generate merger-related synergies of $40 million during 2024 with potential for $20 million or more of additional synergies by year-end 2025.”

In connection with the completion of the merger, the Healthpeak Board of Directors expanded from 8 to 13 directors with the addition of five new directors that previously served on the board of trustees of Physicians Realty Trust: John Thomas, who will serve as Vice Chair of the Healthpeak Board, as well as Ava Lias-Booker, Pamela Kessler, Governor Tommy Thompson, and Richard Weiss.

Additionally, on March 1, 2024, Healthpeak entered into a new $750 million 5-year unsecured term loan. Proceeds from the term loan were used toward the repayment of $210 million of Physicians Realty Trust private placement notes and will be used for general corporate purposes, including transaction costs and repayment of borrowings under Healthpeak's commercial paper program. Healthpeak has entered into swap agreements to fix the interest rate of the new term loan at approximately 4.5% for the full 5-year term of the loan.

ADVISORS

Barclays and Morgan Stanley & Co. LLC served as lead financial advisors, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, and Wells Fargo served as additional financial advisors, and Latham & Watkins LLP acted as legal advisor to Healthpeak.

BofA Securities and KeyBanc Capital Markets Inc. acted as lead financial advisors, BMO Capital Markets Corp. served as financial advisor, and Baker McKenzie acted as legal advisor to Physicians Realty Trust.

ABOUT HEALTHPEAK PROPERTIES

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.