$225 Million of Medical Facility Investments
Completed in Fourth Quarter 2016
The Retirement of the Company’s Founder and
Chief Investment Officer John W. Sweet
The Promotion of Deeni Taylor to EVP-Chief
Investment Officer and the Promotion of Daniel M. Klein to the
Position of SVP-Deputy Chief Investment Officer
Physicians Realty Trust (NYSE:DOC) (the “Company”), a
self-managed healthcare properties REIT, announced today that the
Company completed investments during 2016 of approximately $1.28
billion, with the addition of 11 medical office facilities acquired
during the fourth quarter for $225 million.
John Thomas, the Company’s President and Chief Executive
Officer, stated, “2016 was another record year of growth for
Physicians Realty Trust, led by our investment in medical office
facilities affiliated with Catholic Health Initiatives (“CHI”), but
also many more investments with high quality health systems and
physician groups all around the United States. We now have nearly
11 million rentable square feet of medical office space which is
more than 95% leased, and approximately 1,100 health system and
medical service provider tenants. We look forward to sharing more
information about all of the fourth quarter acquisitions and an
update on our progress with the CHI investments with our earnings
release on February 24, 2017.”
The Company also announces today the retirement of John W.
Sweet, our founder, and since the initial public offering, our
Executive Vice President and Chief Investment Officer, effective as
of December 31, 2016. Mr. Sweet will continue in a consulting role
with the Company, working on specific projects and investment
opportunities with the Company’s CEO and his successor Chief
Investment Officer.
Prior to the Company’s IPO, Mr. Sweet served from 2005 to 2013
as a Managing Director for the investment banking firm, BC Ziegler
and raised and managed a medical office building investment fund
which became the initial core portfolio for the Company. In 2002,
he cofounded Windrose Medical Properties Trust, a publicly traded
medical office REIT that was sold in 2006 to Healthcare REIT, now
known as Welltower (NYSE:HCN). From 1997-2001, he was a Managing
Director of BC Ziegler, engaged in healthcare related mergers and
acquisitions.
Over a span of 50 years, John served in numerous financial
positions with public and private companies as well as serving in
senior advisory positions with family investment offices. He has
also served on the boards of philanthropic and charitable
organizations and was in the Army from 1968-1970. Mr. Sweet has a
B.S. in Business Administration from St. John Fisher College and a
Master’s from Rochester Institute of Technology.
Mr. Sweet was most recently appointed to the Board of Directors
of Wheeler Real Estate Investment Trust (NASDAQ:WHLR).
John Thomas commented, “John Sweet is a great husband, father,
grandfather, and entrepreneur. His legacy includes three public
companies he led through the public offering process, as well as
building a foundation for our Company that we expect to last for
generations to come. John has been more than an icon in our
industry for a long time, but a true mentor and friend, and we will
miss him around the office on a daily basis. During Mr. Sweet’s
tenure as our Chief Investment Officer, the Company has grown from
$125 million in real estate assets to just shy of $3 billion at the
time of his retirement, with all of that growth achieved in less
than 42 months. It should be noted, he led the fund and sourced all
of that original $125 million in medical office facilities as well.
Fortunately, John has agreed to continue to support us from time to
time with specific projects and potential investments, while he
also fulfills his responsibilities on the Wheeler Board of
Directors and other business and community interests he
pursues.”
Governor Tommy G. Thompson, Chairman of the Board of Trustees of
the Company, added, “On behalf of the Board of Trustees of
Physicians Realty Trust, we would like to recognize and commend
John Sweet for his incredible career and the legacy we now all
enjoy with the Company. We wish him many healthy and happy years in
retirement with his wife, four children, two grandchildren, and
many friends and colleagues, in his future endeavors and
interests.”
Mr. Sweet added, “This has been the most extraordinary and
rewarding period of my working career. I may be credited with
coming up with the idea to go public, but from there on, it was our
board, our management team, and the entire DOC team that made this
company a reality and huge success.”
As part of the Company’s succession plan, it announced today
that it has promoted Deeni Taylor to succeed Mr. Sweet, to serve as
the Company’s Executive Vice President-Chief Investment Officer,
effective January 1, 2017. Mr. Taylor joined the Company on October
1, 2015. Mr. Taylor will continue to report directly to the
Company’s President and Chief Executive Officer, John T.
Thomas.
Mr. Thomas commented, “Deeni Taylor is one of the most respected
executives in the healthcare and medical office industry, with
healthcare industry relationships across the United States. Deeni,
similar to John Sweet and me, is a healthcare professional who
entered healthcare real estate investment and development. He has
been a fabulous addition to our team since he joined us in late
2015, helping Mr. Sweet and the Company reach record levels of
acquisitions and growth in 2016. While he has very big shoes to
fill, we are confident Deeni can help lead us to even greater
growth and high quality medical office facility investments with
his and our relationships.”
Deeni Taylor came to the Company from Indianapolis-based Duke
Realty, Inc. (NYSE:DRE), where Deeni served as an Executive Vice
President helping to lead Duke’s healthcare team since he joined
that firm in 2006. Prior to his healthcare real estate career,
Deeni enjoyed a 25-year hospital career. He served as Executive
Vice President and Chief Strategy Officer for St. Vincent Health,
an Ascension Health Ministry, including 16 hospitals serving
central Indiana. He also served as President of UNITY Health
Management Services in Birmingham, Alabama and worked for
Ascension’s St. Vincent’s Hospital in Birmingham, Alabama as the
Vice President of Planning and Marketing. Prior to that, Deeni
worked for St. Joseph Hospital in Augusta, Georgia, where he served
as Vice President Ancillary Services.
A graduate of Purdue University, with a B.S. in Pharmacy, and
Central Michigan University with a Masters in Science
Administration, Mr. Taylor is a member of ULI and serves on its
Healthcare and Life Science Council. He is a past Diplomat in
American College of Healthcare Executives and is an active member
of the Purdue National Leadership Circle Executive Committee. Mr.
Taylor has served on Peyton Manning's PeyBack Foundation since
2001.
Mr. Taylor stated, “I have enjoyed my time over the past 15
months with Physicians Realty Trust, working closely with John
Sweet, Governor Tommy Thompson, and John Thomas, as we have worked
together to continue to build an outstanding organization that John
Sweet founded. I look forward to continuing to build upon that
foundation and success.”
The Company also announced today that it has named Daniel M.
Klein to the newly created position of Senior Vice President-Deputy
Chief Investment Officer. Mr. Klein will report directly to the
Company’s President and CEO, John Thomas, while working hand in
hand with the Company’s EVP-CIO, Deeni Taylor. In this role, Dan
will help drive the Company’s new investment activities with health
systems, physicians, and real estate developers working closely
with these health systems, physicians, and other providers.
Dan Klein joined the Company in 2016, with a specific focus on
supporting the Company’s integration of the CHI medical office
facilities, as well as supporting new business development working
with Messrs. Sweet, Taylor, and Thomas. Dan sits on several
prominent industry boards, is a frequent speaker at industry
events, and has published articles in the medical office space. Dan
also worked for many years at Welltower (NYSE:HCN). Prior to that,
Mr. Klein was Co-Founder and President of CB Richard Ellis/Reichle
Klein, a full-service commercial real estate firm. He is an
attorney and holds IREM’s CPM© designation. Mr. Klein received a
B.S. from the University of Virginia, where he was a four-year
member of the men’s golf team, and a law degree from The University
of Toledo College of Law. Dan lives in Charleston, South Carolina
with his wife, Robin, and four daughters.
John Thomas commented, “I am thrilled to have the opportunity to
work with Dan Klein again, as we have worked closely together since
2010. Dan’s physician and provider network of relationships,
diverse real estate background and skill set, and professionalism,
are great additions to our organization. Not only will he assist
Mr. Taylor and me, primarily, with new business development, he
brings extensive experience to support our asset management and
leasing team. Dan also enhances our senior team for long term
growth and stability.”
Mr. Klein added, “I am very excited to be part of this
organization, which is full of talented and diligent people. The
company is poised for continued growth, I look forward to doing my
part to contribute to our future success, and I look forward to
working with John, Deeni and the rest of the leadership team.”
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 September 30, 2016, owned
approximately 97.4% 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/20170103005397/en/
Physicians Realty TrustJohn T. Thomas, 214-549-6611President and
CEOjtt@docreit.comorJeffrey N. Theiler, 414-367-5610Executive Vice
President and CFOjnt@docreit.com
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