IRVINE, Calif.—Healthpeak Properties, Inc. (NYSE: PEAK) announced multiple transactions to enhance the continued growth of its senior housing business, as well as those for its life science and medical office businesses.
“We are pleased to announce several important transactions that will be funded primarily through our recent forward equity offering and senior housing joint venture proceeds,” said Tom Herzog, Healthpeak’s CEO. “Our portfolio repositioning included $4.5 billion of non-core senior housing sales over the last few years in order to achieve our desired portfolio quality and mix. We are now able to focus on investing accretively in new, high-quality properties across all three of our core asset classes.”
Healthpeak and Oakmont Senior Living entered into an agreement that provides Healthpeak the option to acquire up to 24 of Oakmont’s senior housing community properties when Oakmont elects to sell. The communities are concentrated in California and have a projected value of approximately $1.3 billion in the aggregate. They are expected to be offered between 2020 and 2023.
At the closing of each acquisition, Healthpeak would enter into a highly incentivized management contract with Oakmont Management Group, creating a strong alignment of interest.
In addition, Healthpeak will commence construction on a $164 million life science development and redevelopment project, The Boardwalk, located on Science Center Drive in the Torrey Pines life science cluster in San Diego, for occupancy in 2021.
As part of Healthpeak’s development program with HCA, Healthpeak and HCA have entered into an agreement on an additional development project, a medical office building on the TriStar Centennial Medical Center Campus in Nashville, Tenn. The $46 million development will expand the TriStar Centennial campus, which is HCA’s second-largest campus in the United States. Construction is expected to begin in mid-2020.
About Healthpeak Properties
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay health care asset classes of life science, senior housing and medical office, designed to provide stability through the inevitable industry cycles. At Healthpeak, we pair our deep understanding of the health care real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit healthpeak.com.
