Physicians Realty Trust (NYSE: DOC) reported Q3 EPS of $0.07, $0.01 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $109.6 million versus the consensus estimate of $108.95 million.

Third Quarter and Recent Highlights:

• Reported third quarter 2020 total revenue of $109.6 million, an increase of 1.8% over the prior year period.
• Generated third quarter net income per share and OP Unit of $0.07 on a fully diluted basis, compared to net income per share and OP Unit of $0.08 on a fully diluted basis in the same period last year.
• Generated third quarter normalized funds from operations (Normalized FFO) of $0.26 per share and OP Unit on a fully diluted basis.
• Reported third quarter net income of $16.5 million, an increase of 5.5% compared to the prior year period.
• Third quarter MOB Same-Store Cash Net Operating Income (Cash NOI) growth was 0.8% year-over-year.
• Declared a quarterly dividend of $0.23 per share and OP Unit for the third quarter 2020, paid October 16, 2020.
• Sold 78,194 common shares pursuant to the ATM program at a weighted average price of $18.52 during the third quarter 2020, resulting in total proceeds of approximately $1.4 million.
• Assigned a corporate credit rating of 'BBB' from Fitch Ratings, Inc.
• Collected 98.4% of third quarter rent and reached a deferral agreement on 0.8% to be paid by June 2021.
• Collected 98.3% of October rent.

John T. Thomas, President and Chief Executive Officer of the Trust, commented, “At Physicians Realty Trust, we continue to view medical office as the most resilient class of real estate in the market, and our portfolio of MOBs delivered outstanding results during the quarter. Our portfolio rent was 98.4% collected for the third quarter, and each of our assets remains open and operating to meet the needs of healthcare providers and the patients they serve. Our largest single tenant that struggled to operate and pay rent at the height of the pandemic is back in their offices, paying rent, and has formally committed to a deferral and payment plan for the back rent and charges due as well as multi-year extensions on most of their leases.

“In the quarter, we were excited to report that Physicians Realty Trust has been assigned a corporate credit rating of ‘BBB’ from Fitch Ratings, Inc. (“Fitch”) with a stable outlook. In their commentary, Fitch noted that Physicians Realty Trust offers ‘durable cash flows relative to the broader REIT universe’ and that ‘the coronavirus pandemic has not resulted in any meaningful erosion in DOC’s credit profile.’ We look forward to working with Fitch and the other agencies as we continue to grow prudently and strengthen what we believe is our already best in class balance sheet.

“Our continued emphasis on portfolio quality has distinguished us in this time of uncertainty, as our actual cash rent collections lead the industry. We look forward to discussing third quarter performance during today’s conference call,” Mr. Thomas concluded.

For earnings history and earnings-related data on Physicians Realty Trust (DOC) click here.