By Chris Katje:
On Friday, shares of Physicians Realty Trust (DOC) are set to hit the New York Stock Exchange. The company will offer 8 million shares, which are expected to price between $ 11.50 and $ 13.50. The company owns 19 medical office buildings and has several areas that could drive growth going forward (prospectus).
Physicians Realty Trust operates 19 medical offices in the following states: Arizona, Wisconsin, Georgia, Texas, Michigan, Tennessee, Maine, Ohio, Illinois, Florida.
At the time of its public filing, 83.1% of available space was leased. The average remaining lease had seven years left under contract. The important thing for investors is, 96% of leases were triple net lease, meaning tenants pay for operating expenses like property taxes and maintenance. The company sees annualized base rent of $ 9.56 billion. The company has a large presence in Georgia, which makes up 34% of current rental revenue.
Physicians Realty Trust should