Physicians Realty Trust, a self-managed healthcare real estate investment trust, has closed the first tranche of its previously announced pending purchase of medical office facilities owned by Englewood, Colo.-based based Catholic Health Initiatives.
Here are six things to know about the transaction.
1. The first tranche included 26 medical office facilities for a purchase price of approximately $324 million.
2. These 26 facilities are 90.4 percent occupied, with 75 percent of the space leased by CHI affiliated hospitals and physicians.
3. Eighty-two percent of the rentable square feet of these facilities are on a CHI hospital campus.
4. Overall, Physicians Realty Trust plans to purchase 51 medical office buildings leased primarily to CHI's affiliated hospitals across 10 states.
5. In a prepared statement, John T. Thomas, president and CEO of Physicians Realty Trust, said both parties are working together to complete the final purchase of the remaining medical office facilities "as soon as reasonably practical after CHI receives consent from the Vatican for the sale."
6. Aside from one project that is currently under construction, Physicians Realty Trust expects the closing on the remainder of the portfolio to occur by the end of the second quarter of 2016.
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