Overview
Physicians Realty Trust completed an all-stock merger of equals with Healthpeak Properties in March 2024, forming a premier, integrated healthcare real estate platform valued at approximately $21 billion. The combined entity operates under the name Healthpeak Properties but transitioned its NYSE ticker to 'DOC'. The company boasts a 52-million-square-foot portfolio heavily concentrated in premier, high-barrier metropolitan markets. It operates across three core segments: Outpatient Medical (40M sq. ft. situated on top-tier hospital campuses in high-growth hubs like Dallas, Houston, Nashville, Phoenix, and Denver), Life Science properties (12.2M sq. ft. located in the top three global biotech clusters: South San Francisco, Boston, and San Diego), and Senior Housing. In March 2026, the company strategically optimized its capital structure by spinning off its senior housing segment into a new subsidiary, Janus Living, Inc. (NYSE: JAN), via an IPO that raised $880 million. Despite unlocking this private-market value, DOC retains an 81.6% voting interest and continues to consolidate Janus, maintaining significant economic exposure to the sector's upside. The company's tenant base consists of dominant non-profit health systems, multi-specialty physician groups, multinational pharmaceutical developers, and academic research institutions who choose DOC's platform for its irreplaceable, strategically located assets adjacent to premier clinical and academic talent hubs.