Physicians Realty Q1 Revenues Beat Estimates, Normalized FFO Down Y/Y – Physicians Realty Trust (NYSE:DOC)

  • Physicians Realty Trust DOC reported Q1 2023 revenue increase of 3.0% Y/Y to $134.3 million, exceeding the consensus of $132.2 million.
  • The normalized FFO of $0.24 was lower than $0.27 a year ago.
  • Medical Office Building (MOB), which includes 269 properties, same-store cash net operating income grew 1.0% Y/Y
  • Total expenses rose to $123.4 million from $116.1 million a year ago. DOC reported net income of $10.7 million, a decline of 23.5% Y/Y in the quarter.
  • The company completed contractual commitments related to a $40.5 million development project and acquired one medical condominium unit for $1.3 million in the quarter. Investment activity totaled around $14.4 million in Q1.
  • Also, the company sold a 30,000-square-foot medical office for $2.6 million in the quarter.
  • Cash and equivalents stood at $3.36 million at the end of the quarter. 
  • “We are excited to announce the closing of our first development transaction with Northside Hospital in the high-growth suburbs of Atlanta, Georgia. The Northside Buford MOB is 100% pre-leased on 10-year lease terms. The deal adds to our long-standing partnership with Northside Hospital and comes with future development opportunities,” stated John T. Thomas, President and CEO.
  • Price Action: DOC shares are trading lower by 2.22% at $14.31 on the last check Thursday.

Source link