Physicians Realty Trust, a self-managed healthcare real estate company, agreed to acquire 15 Class-A medical office buildings in eight states, comprising approximately 1,460,000 square feet, for an aggregate purchase price of approximately $764.3 million.
The portfolio is approximately 95% leased with a weighted average remaining lease term of approximately 7.4 years. Each of the 15 buildings are either located on a health system campus or are affiliated with a health system, and approximately 74% of aggregate leased space is attributable to investment grade health systems or their subsidiaries. Upon closing, the first year unlevered cash yield of the portfolio is expected to be 4.9%. The company expects the transaction will close in the fourth quarter. Read more.
