Physicians Realty Trust acquires Calko Medical Center for $81.5M

Sep. 13, 2022 6:10 PM ETPhysicians Realty Trust (DOC)By: Max Gottlich, SA News Editor6 Comments

Hospital building with glass wall and mirrored building

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  • Physicians Realty Trust (NYSE:DOC) stock advanced 1.6% in Tuesday after-hours trading after the health care REIT, through a joint venture with MedProperties Realty Advisors, closed its acquisition of Brooklyn, New York-based Calko Medical Center for $81.5M.
  • Built in 2013, Calko consists of 85,567 rentable square feet, anchored by Maimonides Medical Center and physicians associated with the health system that operates three nonprofit hospitals in Brooklyn generating $1.3B in annual revenue.
  • The property is currently 100% leased through 14 NNN leases with a weighted average remaining term of approximately seven years.
  • Of note, DOC owns 90% of the joint venture, with MedProperties owning the remaining 10%. The stabilized cash yield on the investment is 5.5%.
  • "This is a fantastic outpatient medical facility with a health care ecosystem that provides access to exceptional care for the larger Brooklyn population," said Physicians Realty CEO and President John T. Thomas.
  • Previously, (Oct. 4) Physicians Realty Trust to acquire medical office portfolio for $764M.

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