Get instant alerts when news breaks on your stocks. Claim your one week free trial for StreetInsider Premium here.
MILWAUKEE–(BUSINESS WIRE)–Physicians Realty Trust (NYSE: DOC) (the “Company”), through a joint venture with MedProperties Realty Advisors, LLC (“MedProperties”), based in Dallas, Texas, is proud to announce the closing of the acquisition of Calko Medical Center. This freestanding Class A facility, built in 2013, contains 85,567 leasable square feet, anchored by Maimonides Medical Center and Maimonides Associate Physicians, and is 100% leased and occupied. The Company owns 90% of the joint venture, with MedProperties owning the remaining 10%. The stabilized cash yield of the investment is 5.5%.
This building is anchored by the Brooklyn Surgery Center, a joint venture with physicians and Maimonides Medical Center, recently ranked by Newsweek as the 4th best ASC in New York State and the best surgery center in Brooklyn.
In addition to the surgery center, the purpose-built medical facility houses a state-of-the-art urgent care center, full orthopedic department, pain management center, pathology lab, fertility clinic and 30,000 square feet. of private doctor office space. The facility also includes one of the largest endoscopy programs in the country, with the latest imaging equipment and a state-of-the-art radiology department.
The property is currently 100% leased under 14 NNN leases with a weighted average remaining term of approximately 7 years. Major tenants are Maimonides Medical Center (31% GLA), Brooklyn Surgery Center (25% GLA), and RadNet Imaging (11% GLA).
John T. Thomas, President and CEO of Physicians Realty Trust, said, “We are delighted to partner again with MedProperties, who found this acquisition opportunity and worked with us to complete the transaction. This is a fantastic outpatient medical facility with a healthcare ecosystem that provides access to exceptional care for everyone in Brooklyn. We look forward to working with Maimonides Medical Center, the doctors and other providers at this facility for years to come. »
About Brooklyn Surgery Center
The Brooklyn Surgery Center is a modern, state-of-the-art, multi-specialty surgical center offering specialized medical care in the heart of Brooklyn. The main surgical specialties are gastroenterology and orthopedics, but other specialties include general surgery, colorectal surgery, podiatry, pain management, plastic surgery, urology, in vitro fertilization procedures / gynecology and pediatric urology.
About Maimonides Medical Center
Maimonides Medical Center is a health system operating three nonprofit hospitals in Brooklyn, New York, generating $1.3 billion in annual revenue. In addition, Maimonides’ FHA bonds carry an S&P rating of “AA+”. It has been ranked among the nation’s top 10 hospitals for clinical excellence according to data released by the US Centers for Medicare & Medicaid Services. Services offered at the particular facility include Orthopedics, Gastroenterology, OBGYN and Fertility, Pediatrics, Pathology and Laboratory, and PT and Rehabilitation.
About the Physicians Building 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 which is integral to the delivery of high quality healthcare. The Company is a Maryland real estate investment trust and has elected to be taxed as a REIT for US federal income tax purposes. The Company operates through an UPREIT structure in which its properties are owned by the Operating Company either directly or through limited partnerships, limited liability companies or other subsidiaries.
About MedProperties Realty Advisors, LLC
MedProperties Realty Advisors, LLC is a Dallas-based healthcare real estate private equity firm that invests directly and indirectly (through joint venture relationships) in the development of new value-added healthcare real estate and stabilized, including multi-tenant medical buildings. office properties and single-tenant specialty healthcare facilities in the United States MedProperties invests through its discretionary funds and stand-alone investment vehicles. MedProperties is dedicated solely to investments in healthcare real estate. For more information about MedProperties, please visit www.medpropertieslp.com.
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. in accordance with 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”, “continue”, “intend” and “project” and other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These forward-looking statements may include statements regarding the Company’s strategic and operating plans, the Company’s ability to generate internal and external growth, future prospects, expected cash returns, capitalization rates or property yields, the expected closing of property acquisitions, the ability to execute its business plans and the impact of the COVID-19 pandemic on the Company’s business. Although forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Forward-looking statements should not be construed as a guarantee of future performance or results, and will not necessarily be precise 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 such statements are made and/or the good faith belief of management at that time regarding future events, and are subject to risks and uncertainties that could cause a material difference in performance or actual results. of those expressed or implied 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 these statements. These risks and uncertainties are more fully described in the Company’s filings with the Securities and Exchange Commission (the “Commission”), including, without limitation, the annual and periodic reports of the Company and other documents filed with the Commission. Except as required by law, 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 discussion of factors that could affect the Company’s results, performance or transactions, see Part I, Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Physicians Real Estate Trust
John T. Thomas
President and CEO
Jeffrey N. Theiler
Executive Vice President and Chief Financial Officer
Source: Physicians Real Estate Trust