Shares of Physicians Realty Trust (NYSE:DOC) ended Friday session in green amid volatile trading. The shares closed up +0.18 points or 0.90% at $20.29 with 3.73 million shares getting traded. Post opening the session at $20.08, the shares hit an intraday low of $19.97 and an intraday high of $20.35 and the price vacillated in this range throughout the day. The company has a market cap of $2.66 billion and the numbers of outstanding shares have been calculated to be 134.58 million shares.
Physicians Realty Trust (DOC) on August 3, 2016 announced results for the second quarter ended June 30, 2016.
Second Quarter Financial Results
Total revenue for the second quarter ended June 30, 2016 was $53.2 million, an increase of 79% from the same period in 2015. As of June 30, 2016, the portfolio was 95.7% leased. On a pro forma basis, if all of the 2016 second quarter acquisitions occurred on the first day of the second quarter, total quarterly revenue would have increased by an additional $19.0 million, to a pro forma total of $72.2 million.
Total expenses for the second quarter 2016 were $46.1 million, compared to $26.4 million in the second quarter 2015, or an increase of 74%. The increase in expenses was the result of a $9.4 million increase in depreciation and amortization, a $6.5 million increase in operating expenses, a $2.1 million increase in interest expenses, a $0.7 million increase in acquisition expenses, and a $0.9 million increase in general and administrative expenses. On a pro forma basis, if all of the 2016 second quarter acquisitions occurred on the first day of the second quarter, depreciation and amortization expense and operating expenses would have increased by an additional $6.4 million and $7.4 million, respectively.
Net income for the second quarter 2016 grew to $7.2 million, compared to net income of $3.3 million for the second quarter 2015.
John T. Thomas, President and Chief Executive Officer of the Trust, commented, “We just celebrated the third anniversary of our initial public offering on July 19 and are very pleased to report the results of the second quarter of 2016. In just three short years, we have grown from 19 medical office properties valued at about $124 million to more than $2.5 billion of medical office and outpatient care facilities. This growth is fueled by a strong investor base, excellent physician and other provider relationships, and a team of people dedicated to building and managing a best-in-class medical office portfolio and operating platform. Our incredible team of professionals and partners have completed substantially all of the CHI acquisitions we announced in April, with only 4 of the 51 buildings left to acquire. We expect three to close during the third quarter, and the last one to close in early 2017 after construction is completed. We are proud of our team’s hard work and unique ability to underwrite, inspect, document, and close on the acquisition of over 50 facilities this quarter, investing $680 million over just three months time. In addition to the CHI portfolio, we also completed a handful of smaller acquisitions during the quarter, all of which are off-market growth opportunities with existing clients or relationships, including one leased to CHI’s KentuckyOne Health that is adjacent to another facility we own and lease to them in Kentucky. Our outstanding property operations team delivered a revenue increase of 79% compared to the second quarter of 2015, resulting in net income per share and OP Unit of $0.05 on a fully diluted basis, an increase of 25% year-over-year, and normalized FFO of $0.22 per common share and OP Unit during the second quarter, a 4.8% increase over the same period last year.”
Shares of CIT Group Inc. (NYSE:CIT) ended Friday session in red amid volatile trading. The shares closed down -0.54 points or -1.54% at $34.81 with 3.70 million shares getting traded. Post opening the session at $35.04, the shares hit an intraday low of $34.38 and an intraday high of $35.13 and the price vacillated in this range throughout the day. The company has a market cap of $6.89 billion and the numbers of outstanding shares have been calculated to be 201.99 million shares.
CIT Group Inc. (CIT) on September 15, 2016 announced that CIT Healthcare Finance served as Lead Arranger and Administrative Agent for a $242 million senior secured credit facility to Jordan Health Services, one of the largest providers of home healthcare and hospice services in Texas and Oklahoma, with a growing presence in Arkansas and Louisiana. Jordan is a portfolio company of affiliates of Palladium Equity Partners, LLC (“Palladium”), a private equity firm that specializes in investing in middle-market companies. The financing will support the refinancing of Jordan’s existing debt and provide incremental capital to support Jordan’s growth objectives. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
CIT has had a long-standing relationship with Jordan, having assisted Jordan in expanding its geographic and service footprint by helping to finance numerous transactions since 2007. This latest transaction provides substantial flexibility for Jordan to continue its pursuit of growth through acquisitions and the build-out of its service offering in its target markets.
Scott Herman, Chief Executive Officer, Jordan Health Services, said, “This financing will help consolidate our financial position as well as add flexibility for future acquisitions as we grow our footprint and patient populations. The delivery of high-caliber patient care in the post-acute health services market is a core value that we hold in very high regard. CIT has been a long-term partner and holds extensive knowledge of our business and this industry. We are very pleased to continue working with them as we progressively build our post-acute continuum, focused on delivering care to America’s most vulnerable and costly population of patients.”