Healthpeak Properties, Inc. (NYSE: DOC) and Brookfield Asset Management (NYSE: BAM, TSX: BAM) announced the formation of a long-term strategic capital partnership through a joint venture involving a portfolio of outpatient medical buildings across the United States. The portfolio contributed by Healthpeak is comprised of 86 properties totaling approximately 5.6 million square feet, valued at approximately $2.1 billion. The portfolio is diversified across 11 states, including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York, and is 95% leased with a weighted average remaining lease term of six years. Brookfield and its affiliates own a non-controlling 49% interest in the venture. Healthpeak retained a 51% controlling interest and serves as managing member, providing asset management, leasing, and property management services. Healthpeak received gross proceeds of approximately $1.025 billion from the sale of the 49% interest, implying a trailing cash capitalization rate of approximately 5.9% and a valuation of approximately $380 per square foot. Healthpeak will retain a call right for a finite period beginning after year seven to repurchase...
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