Here's a closer look at the recent deals:

The acquisition of Peachtree Dunwoody Medical Center, a 131,000 square foot multi-tenant MOB in Atlanta's "Pill Hill" district. The purchase price was $36.6 million, representing a cap rate of about 7 percent based on the expected net operating income (NOI) in 2014. The REIT paid for the property with cash on hand and paid off existing debt secured by the building, which is 96 percent occupied and includes, as its largest tenant, Northside Hospital.
The acquisition of four MOBs in the Florida cities of Sarasota, Venice, Engelwood and Port Charlotte. The REIT paid a total of $17.5 million, a price that represents a first-year estimated cash yield of 8.3 percent. With a total of 44,295 square feet, the PSF works out to $395. The seller was Dr. Alan Porter, an oncologist whose longstanding practice, Porter Radiation Oncology Centers, recently became affiliated with Fort Myers, FL-based 21st Century Oncology.
The purchase of four buildings occupied by McDonough, GA-based Eagles Landing Family Practice. The buildings are in the Georgia cities of McDonough, Jackson and Conyers. The REIT paid $20.8 million for the MOBs, which have a total of about 68,700 square feet of space; the PSF was $302. Eagles Landing, which entered 15-year leases for the buildings, has seven locations in cities southwest of Atlanta.
An agreement to purchase a 45,200-square foot, 100 percent occupied MOB in Mishawaka, IN, for $14.9 million. The purchase price represents a first year cash yield of about 7.9 percent.
The recapitalization of a surgical hospital in San Antonio. The 46,000 square foot hospital is 100 percent occupied by Foundation Bariatric Hospital of San Antonio LLC. The price was $18.9 million, or $410 PSF. The REIT paid cash, less about $10.8 million in assumed debt.
An agreement to purchase an MOB near the Foundation Bariatric Hospital of San Antonio. The price is $6.8 million and the seller is Foundation Bariatric Real Estate of Huebner LP.

Instant Insights /

Physicians Realty Trust Off to Quick Start in 2014

Related Stories

Recommended For You