Health care real estate firm eyeing metro Denver for corporate headquarters

A multibillion-dollar California real estate investment trust and the U.S. arm of a Japanese aerospace firm are considering locating their headquarters in metro Denver, according to incentive requests approved this week by the Colorado Economic Development Commission.

Healthpeak Properties, a real estate investment trust based in Irvine, Calif., was approved for up to $5.3 million in Job Growth Incentive Tax Credits if it brings 166 net new full-time jobs to the state. The company, which applied under the codename Project Pegasus, expects the primarily executive-level jobs will pay an average annual wage of $425,213 a year.

“It would be the highest projected average annual wage if they move forward with Colorado,” said Jill McGranahan, a spokeswoman for the Colorado Office of Economic Development & International Trade.

One question around Healthpeak’s award is whether it could actually take advantage of those state tax credits. Real  estate investment trusts must pay out 90% of their profits as dividends to investors, meaning it may not be much state income to offset for tax purposes.

Jim Croy, a senior vice president at Healthpeak, told members of the EDC on a video call that the company is “very interested in Colorado.” The trust focuses on investing in life science facilities, medical offices, and senior housing. Croy described metro Denver as being closer to its markets and a better location than Irvine.

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