Earnings Review and Free Research Report: Physicians Realty’s Revenue Soared 43.9%; Net Income Climbed 43.8%
Research Desk Line-up: Omega Healthcare Investors Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Physicians Realty Trust (NYSE: DOC) ("Physicians Realty"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DOC, following the Company's reporting of its second quarter fiscal 2017 operating results on August 03, 2017. The health care real estate investment outperformed revenue and funds from operations (FFO) estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Healthcare Facilities industry. Pro-TD has currently selected Omega Healthcare Investors, Inc. (NYSE: OHI) for due-diligence and potential coverage as the Company announced on July 26, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Omega Healthcare Investors when we publish it.
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For the second quarter ended June 30, 2017, Physicians Realty's total revenue was $76.60 million, reflecting an increase of 43.9% from revenue of $53.22 million in Q2 2016. As of June 30, 2017, the portfolio was 96.3% leased. The Company's revenue numbers exceeded analysts' expectations of $74.8 million.
Physicians Realty's total expenses were $71.61 million for Q2 2017, an increase of 55.5% from total expenses of $46.06 million in Q2 2016. The increase in expenses was primarily the result of an $8.3 million increase in depreciation and amortization; a $6.7 million increase in operating expenses; and a $7.2 million increase in interest expenses.
For Q2 2017, Physicians Realty's net income grew to $10.3 million compared to net income of $7.2 million for Q2 2016; an increase of 43.8%. The Company's net income attributable to common shareholders was of $9.7 million and diluted earnings per share was $0.06 for the reported quarter.
Physicians Realty's FFO was $32.65 million, or $0.20 per common share, for Q2 2017 compared to FFO of $26.31 million, or $0.19 per common share. The Company's normalized FFO was $37.89 million, or $0.24 per diluted share, for the reported quarter compared to $29.54 million, or $0.22 common share, and OP unit. Physicians Realty's FFO exceeded estimates of $0.23 per share.
Physicians Realty's same-store portfolio, which includes 156 properties representing approximately 48.5% of the Company's net leasable square footage, generated a same-store net operating income (NOI) growth of 1.0% for Q2 2017.
Assets Slated for Disposition
As of June 30, 2017, Physicians Realty had six properties, representing 260,131 square feet of gross leasable area, to be slated for disposition. These assets consist of five assets affiliated with Foundation Healthcare, Inc. and one medical office building in Michigan.
In the quarter ended June 30, 2017, Physicians Realty completed property acquisitions representing an aggregate of 1,284,276 net leasable square feet for an aggregate purchase price of approximately $581.9 million. Total investment activity was approximately $588.2 million for the reported quarter.
Since its press release on June 28, 2017, and through June 30, 2017, the Company completed acquisitions containing an aggregate of 1,223,436 net rentable square feet for $562.3 million.
Physicians Realty's operating partnership entered into two separate purchase and sale agreements with certain subsidiaries and affiliates of Catholic Health Initiatives ("CHI") to acquire 13 medical office facilities located in six states, comprising approximately 676,745 net leasable square feet for an aggregate purchase price of approximately $157.1 million. On June 29, 2017, the Company closed on the acquisition of eight medical office buildings totaling 492,338 square feet located in Arkansas, Minnesota, North Dakota, Nebraska, Tennessee, and Texas for a purchase price of $124.2 million.
On June 29, 2017, Physicians Realty closed the acquisition of an 85,847 square foot medical office facility in Carmel, Indiana, for a purchase price of approximately $33.1 million. This multi-tenant facility is 87% leased with 73% occupied by St. Vincent Health for a remaining term of approximately 6 years.
On June 29, 2017, Physicians Realty closed the acquisition of a 120,158 square foot medical office facility in Fishers, Indiana, for a purchase price of approximately $60.8 million. This multi-tenant facility is 100% leased with 86% occupied by various 10-year St. Vincent Health leases. The first year unleveraged yield on the St. Vincent Health investments described above is expected to be approximately 4.7%.
On June 30, 2017, Physicians Realty closed the acquisition of a 458,396 square foot medical office facility in Dallas, Texas, for a purchase price of approximately $290.0 million. This multi-tenant facility is 95% leased with 40% occupied by US Oncology (McKesson) and 55% occupied by Baylor Health Care. This 10-story medical office building was built in 2011 and has 8.6 years remaining on the in-place leases.
On June 30, 2017, Physicians Realty closed the acquisition of a 66,697 square foot medical office facility in Appleton, Wisconsin, for a purchase price of approximately $27.9 million. This facility is 100% leased by a group of physicians under NOVO Health. The first year unlevered yield on this investment is expected to be approximately 6.5%.
On April 07, 2017, Physicians Realty sold four medical office buildings, representing an aggregate 80,292 square feet, in Georgia, for approximately $18.2 million and recognized a gain on the sale of approximately $5.3 million.
2017 Acquisition Guidance
Physicians Realty expects to close between $1.2 billion and $1.4 billion of total real estate investments in 2017 subject to favorable capital market conditions.
On Tuesday, August 22, 2017, Physicians Realty Trust's stock closed the trading session at $18.18, marginally up 0.17% from its previous closing price of $18.15. A total volume of 1.13 million shares were exchanged during the session. Shares of the Company have a PE ratio of 77.69 and have a dividend yield of 5.06%. The stock currently has a market cap of $3.30 billion.
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