Healthcare Realty Trust and Healthcare Trust of America have agreed to enter into a strategic business combination in a deal valued at $18 billion. 

This transaction will create one of the largest pure play medical office  REITs in the market, with 727 properties totaling 44 million square feetnearly double the square footage of the next largest MOB portfolio. The company will own the largest portfolio of on or adjacent to hospital campus properties comprising 28.2 million square feet. Also, 94% of the portfolio's square feet will be in the top 100 MSAs.

Across the entire portfolio, the company will have 147 clusters, each comprising two to eleven properties within two miles of each other and averaging approximately 195,000 square feet per cluster.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.