Physicians Realty Q1 Revenues Beat Estimates, Normalized FFO Down Y/Y

Physicians Realty Trust DOC reported Q1 2023 revenue increase of 3.0% Y/Y to $134.3 million, exceeding the consensus of $132.2 million.
The normalized FFO of $0.24 was lower than $0.27 a year ago.
Medical Office Building (MOB), which includes 269 properties, same-store cash net operating income grew 1.0% Y/Y
Total expenses rose to $123.4 million from $116.1 million a year ago. DOC reported net income of $10.7 million, a decline of 23.5% Y/Y in the quarter.
The company completed contractual commitments related to a $40.5 million development project and acquired one medical condominium unit for $1.3 million in the quarter. Investment activity totaled around $14.4 million in Q1.
Also, the company sold a 30,000-square-foot medical office for $2.6 million in the quarter.
Cash and equivalents stood at $3.36 million at the end of the quarter.
"We are excited to announce the closing of our first development transaction with Northside Hospital in the high-growth suburbs of Atlanta, Georgia. The Northside Buford MOB is 100% pre-leased on 10-year lease terms. The deal adds to our long-standing partnership with Northside Hospital and comes with future development opportunities," stated John T. Thomas, President and CEO.
Price Action: DOC shares are trading lower by 2.22% at $14.31 on the last check Thursday.

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