DOC · 8-K · 20260804PR052608

Outpatient Medical Joint Venture

HEALTHPEAK PROPERTIES, INC. · 2026-08-04 · Importance 71 · Surprise 60 · In source text

In July 2026, Healthpeak contributed an 86-property, 5.6 million-square-foot Outpatient Medical portfolio valued at approximately $2.1 billion to a joint venture with Brookfield affiliates. Brookfield acquired a 49% non-controlling interest, while Healthpeak retained 51% and management responsibilities. Healthpeak received approximately $1.025 billion of proceeds, and the portfolio was 95% leased with a six-year weighted average remaining lease term.

Key facts

• In July 2026, Healthpeak closed recapitalization and sale of a 49% joint venture interest in an 86-asset, 5.6 million square foot outpatient medical portfolio to affiliates of Brookfield at a gross valuation of $2.1 billion generating proceeds of approximately $1.025 billion source
• Healthpeak retains a call right beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield a 6.5% net annual rate of return excluding initial transaction expenses source
• The Atlanta outpatient medical development is 84% pre-leased to Northside Hospital and affiliated physician groups source
• Under the joint venture terms, Brookfield owns a 49% non-controlling equity interest and Healthpeak retains a 51% interest and serves as managing member source
• The outpatient medical portfolio contributed to the Brookfield joint venture comprises approximately 5.6 million square feet across 86 properties located across 11 states source
• The transaction implies a trailing cash capitalization rate of approximately 5.9% and a valuation of approximately $380 per square foot source
• The outpatient medical portfolio was 95% leased with a weighted average remaining lease term of six years source

Impact estimates