Physicians Realty Trust (DOC) Misses Q3 FFO by 1c
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Physicians Realty Trust (NYSE: DOC) reported Q3 FFO of $0.27, $0.01 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $70 million versus the consensus estimate of $66.21 million.
John T. Thomas, President and Chief Executive Officer of the Trust, commented, “We are very pleased with our third quarter results. While we intentionally slowed down new business development as we focused on the integration of the Catholic Health Initiatives (“CHI”) portfolio, we still had a very strong quarter of new business activity with $177 million of new investments, and approximately $30 million of investments already completed in the fourth quarter. We now own more than 10 million square feet that is almost 96% leased for an average lease term of approximately 8.5 years. Our team’s attention to detail and focus on tenant satisfaction has produced a remarkable integration of the CHI medical office facilities, and early feedback from physician tenants and the CHI hospitals has been very positive. These efforts and our executive attention to operational excellence, as well as new and renewal leasing, is producing far better results than we could have anticipated this early in the relationship. We are determined to set a new high standard for medical office asset management, which starts with sourcing, underwriting, investing, and then managing our high-quality medical office portfolio.”
For earnings history and earnings-related data on Physicians Realty Trust (DOC) click here.
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