Physicians Realty Trust Announces Closing of the First Tranche of the Catholic Health Initiatives Acquisition With a Total In...
May 12 2016 - 8:15AM
Business Wire
Highlights:
- 26 medical office facilities totaling
1,390,646 rentable square feet with 90.4% occupancy
- Catholic Health Initiatives (CHI)
affiliated hospitals and physicians lease 75% of the rentable
square feet in these facilities
- 82% of the rentable square feet of
these facilities are on a CHI hospital campus
- Additional medical office facilities
under executed Purchase and Sale Agreements to be acquired from CHI
later in the second quarter of 2016
Physicians Realty Trust (NYSE:DOC) (the “Company,” the “Trust,”
“we,” “our” and “us”), a self-managed healthcare real estate
investment trust, today announced that it has closed the first
tranche of its previously announced pending purchase of medical
office facilities from Catholic Health Initiatives (“CHI”). The
first tranche included 26 medical office facilities for a purchase
price of approximately $324 million. These 26 facilities are 90.4%
occupied, with 75% of the space leased by CHI affiliated hospitals
and physicians.
John T. Thomas, President and Chief Executive Officer of the
Trust, commented, “We are honored to have been chosen by Catholic
Health Initiatives to acquire 51 mission-critical medical office
buildings leased primarily to CHI’s affiliated hospitals in 10
markets. This was not only the largest ever hospital
monetization of medical office buildings, but also the first step
toward establishing a long term partnership with CHI. Our team
has worked closely with CHI and its affiliates in each market over
the past three months to complete this acquisition, and
with today’s acquisition, we have taken over property
management in the multi-tenant CHI facilities. We
are working closely with our partners at CHI
to complete the final purchase of the remaining
medical office facilities as soon as reasonably practical after CHI
receives consent from the Vatican for the sale. Except for one
project that is currently under construction, we expect the closing
on the remainder of the portfolio to occur by the end of the second
quarter, but we cannot provide any assurance that any or all of
these follow-on acquisitions will be completed.”
About Physicians Realty Trust
Physicians Realty Trust is a self-managed healthcare real estate
company organized to acquire, selectively develop, own and manage
healthcare properties that are leased to physicians, hospitals and
healthcare delivery systems. The Company invests in real estate
that is integral to providing high quality healthcare. The Company
conducts its business through an UPREIT structure in which its
properties are owned by Physicians Realty L.P., a Delaware limited
partnership (the “operating partnership”), directly or through
limited partnerships, limited liability companies or other
subsidiaries. The Company is the sole general partner of the
operating partnership and, as of March 31, 2016, owned
approximately 96.5% of the partnership interests in our operating
partnership (“OP Units”).
Investors are encouraged to visit the Investor Relations portion
of the Company’s website (www.docreit.com) for additional information,
including annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and amendments to those reports
filed or furnished pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended, press releases,
supplemental information packages and investor presentations.
Forward-Looking Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”,
and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward looking statements may include
statements regarding the Company’s strategic and operational plans,
the Company’s ability to generate internal and external growth, the
future outlook, anticipated cash returns, cap rates or yields on
properties, anticipated closing of property acquisitions, and
ability to execute its business plan. While forward-looking
statements reflect our good faith beliefs, they are not guarantees
of future performance. Forward looking statements should not be
read as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward looking
statements are based on information available at the time those
statements are made and/or management’s good faith belief as of
that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward looking statements. These forward-looking statements are
subject to various risks and uncertainties, not all of which are
known to the Company and many of which are beyond the Company’s
control, which could cause actual results to differ materially from
such statements. These risks and uncertainties are described in
greater detail in the Company’s filings with the Securities and
Exchange Commission (the “Commission”), including, without
limitation, the Company’s annual and periodic reports and other
documents filed with the Commission. Unless legally required, the
Company disclaims any obligation to update any forward-looking
statements after the date of this release, whether as a result of
new information, future events or otherwise. For a description of
factors that may cause the Company’s actual results or performance
to differ from its forward-looking statements, please review the
information under the heading “Risk Factors” included in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2015 filed by the Company with the Commission on
February 29, 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512005401/en/
Physicians Realty TrustJohn T. Thomas, 214-549-6611President and
CEOjtt@docreit.comJeffrey N. Theiler, 414-367-5610Executive Vice
President and CFOjnt@docreit.com
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