Physicians Realty (DOC) announces $764 million portfolio acquisition.

Physicians Realty Trust (DOC) announced today that it has agreed to acquire 15 Class-A medical office buildings for $764.3 million.  The properties comprise approximately 1,460,000 sf and are 95% leased with an average remaining lease term of approximately 7.4 years.  The company expects to complete the acquisition in the fourth quarter of 2021.

To finance the purchase, Physicians Realty will assume existing mortgage debt on certain properties, issue operating partnership units to the sellers, and draw on its unsecured line of credit for the remaining balance.  Details of any permanent financing have yet to be released.

Established in 2013, Physicians Realty Trust focuses on the acquisition and ownership of medical office properties across the U.S. As of June 30, 2021, the company's portfolio included 275 properties in 31 states with 14.7 million square feet of GLA. DOC is a member of the S&P MidCap 400 index with a total market capitalization of approximately $5.5 billion.