Physicians Realty Trust acquires Northwest Michigan Surgery Center: 5 key notes


Physicians Realty Trust acquired a new building in late October, purchasing Northwest Michigan Surgery Center in Traverse City, according to a BizTimes Milwaukee report.

Here are five things to know:

1. The company issued $19.3 million in shares to the building owners instead of cash. Physicians Realty Trust issued 46 people shares to purchase Northwest Michigan Surgery Center for $29.4 million.

2. The company plans to close another large facility deal, purchasing a building for $4.5 million from Catholic Health Initiatives in the fourth quarter. Early next year, the Physicians Realty Trust plans to purchase a $33.4 million medical office facility in Omaha; currently Creighton University Medical Center occupies the building.

3. Net income for the third quarter was $10.3 million, up from $4 million in the same time last year. Revenue increased 101 percent to $70 million.

4. Physicians Realty Trust was able to double their rental revenues over the third quarter last year and reported higher expense recoveries.

5. The company currently owns 10 million square feet of space and 96 percent is leased. The average lease term is around 8.5 years.

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