Announces Commencement of Hire on Kennewick MOB
Physicians Realty Assurance (DOC) (the “Company,” the “Trust,” “we,” “our” and “us”), a self-managed healthcare complete acreage advance trust, today appear that it entered into an adapted and restated acclaim acceding (the “Credit Agreement”), extending the adeptness date of the Acclaim Acceding from September 18, 2020 to September 18, 2022. In addition, the Acclaim Acceding reduces the per annum absorption bulk beneath both the revolving and appellation accommodation accoutrement of the adeptness and modifies several cyberbanking covenants.
Borrowings beneath the Acclaim Acceding buck absorption on the outstanding arch bulk at a bulk according to LIBOR added 0.775% to 1.45% for the revolving acclaim adeptness and LIBOR added 0.85% to 1.65% for the appellation accommodation facility, in anniversary case, bent based on the ambit into which the borrower’s acclaim appraisement again falls. Based on the Company’s accepted acclaim rating, borrowings beneath the revolving and appellation accommodation appearance of the Acclaim Acceding will aftereffect in accumulation of 10 and 55 base points, respectively, about to the Company’s bequest acclaim acceding anachronous June 2016.
Jeff Theiler, Executive Vice President and Chief Cyberbanking Officer of the Trust, commented, “We acknowledge the abutment apparent by our cyberbanking ally throughout this process, with all associates of our bequest adeptness electing to abide their accord in this amendment. In accession to extending the adeptness date of the revolving basic of the Acclaim Adeptness to 2022, this transaction reduces absorption costs above both our blaster and appellation loan. Including the account of our LIBOR hedges put in abode in 2016, the anchored all-in bulk for the 5 year appellation accommodation drops to 2.32%. This alteration additionally removes or agreeably modifies several cyberbanking covenants, which provides cardinal adaptability to the Company.”
The Adapted Acclaim Adeptness was abiding by KeyBanc Capital Markets Inc., BMO Capital Markets, and Citizens Bank, N.A. as the Collective Lead Arrangers. KeyBank National Association is the Administrative Agent. BMO Capital Markets and Citizens Bank, N.A. were the Co-Syndication Agents. Added lenders included; Bank of America, N.A., Raymond James Bank N.A., Royal Bank of Canada, Regions Capital Markets, Branch Cyberbanking & Assurance Company, Crédit Agricole Corporate and Advance Bank, J.P. Morgan Chase Bank, N.A., Morgan Stanley Bank, N.A., PNC Bank, N.A., Comerica Bank, The Huntington National Bank, Associated Bank, N.A., and Synovus Bank.
Other Recent Events
On August 3, 2018, the Aggregation completed the beheading of an eight-year complete net charter with an associate of RCCH Healthcare Ally (“RCCH”), who acquired Kennewick, Washington-based Trios Health through a collective adventure with Seattle, Washington-based University of Washington Medicine, for 100% of the Company’s 160,000 rentable aboveboard bottom medical appointment architecture (the “Kennewick MOB”) on the campus of and absorbed to the Trios Southridge Hospital. The RCCH charter commenced anon as of that date, with RCCH advantageous the aboriginal month’s hire and authoritative the appropriate $500,000 aegis deposit. The charter includes accoutrement for bristles abstracted five-year charter face-lifting terms. The charter is absolutely affirmed by an associate of RCCH. In accession to the RCCH lease, Trios Health conveyed to the Aggregation the fee simple absorption in the about 4.89 acre bindle of acreage on which the Kennewick MOB and accompanying apparent parking are situated, replacing the arena charter amid Trios Health and the Company, for no added consideration.
About Physicians Realty Trust
Physicians Realty Assurance is a self-managed healthcare complete acreage aggregation organized to acquire, selectively develop, own, and administer healthcare backdrop that are busy to physicians, hospitals, and healthcare commitment systems. The Aggregation invests in complete acreage that is basic to accouterment aerial affection healthcare. The Aggregation conducts its business through an UPREIT anatomy in which its backdrop are endemic by Physicians Realty L.P., a Delaware bound affiliation (the “operating partnership”), anon or through bound partnerships, bound accountability companies, or added subsidiaries. The Aggregation is the sole accepted accomplice of the operating affiliation and, as of June 30, 2018, endemic about 97.1% of the affiliation interests in the operating partnership.
Investors are encouraged to appointment the Broker Relations allocation of the Company’s website (www.docreit.com) for added information, including Anniversary Letters on Form 10-K, Quarterly Letters on Form 10-Q, Accepted Letters on Form 8-K and amendments to those letters filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, columnist releases, added advice bales and broker presentations.
This columnist absolution contains statements that are “forward-looking statements” aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe anchorage accoutrement of the Private Securities Litigation Reform Act of 1995. Advanced statements may be articular by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, “continue”, and “project” and added agnate expressions that adumbrate or announce approaching contest or trends or that are not statements of absolute matters. These advanced attractive statements may accommodate statements apropos the Company’s cardinal and operational plans, the Company’s adeptness to accomplish centralized and alien growth, the approaching outlook, advancing banknote returns, cap ante or yields on properties, advancing closing of acreage acquisitions, and adeptness to assassinate its business plan. While advanced statements reflect our acceptable acceptance beliefs, they are not guarantees of approaching performance. Advanced attractive statements should not be apprehend as a agreement of approaching achievement or results, and will not necessarily be authentic break of the times at, or by, which such achievement or after-effects will be achieved. Advanced attractive statements are based on advice accessible at the time those statements are fabricated and/or management’s acceptable acceptance acceptance as of that time with account to approaching events, and are accountable to risks and uncertainties that could account absolute achievement or after-effects to alter materially from those bidding in or appropriate by the advanced attractive statements. These advanced statements are accountable to assorted risks and uncertainties, not all of which are accepted to the Aggregation and abounding of which are above the Company’s control, which could account absolute after-effects to alter materially from such statements. These risks and uncertainties are declared in greater detail in the Company’s filings with the Securities and Exchange Commission (the “Commission”), including, afterwards limitation, the Company’s anniversary and alternate letters and added abstracts filed with the Commission. Unless accurately required, the Aggregation disclaims any obligation to amend any advanced statements afterwards the date of this release, whether as a aftereffect of new information, approaching contest or otherwise. For a description of factors that may account the Company’s absolute after-effects or achievement to alter from its advanced statements, amuse analysis the advice beneath the branch “Risk Factors” included in the Company’s Anniversary Report on Form 10-K for the budgetary year concluded December 31, 2017, filed by the Aggregation with the Commission on March 1, 2018, and in the Company’s Quarterly Report on Form 10-Q for the budgetary abode concluded March 31, 2018 and June 30, 2018, filed by the Aggregation with the Commission on May 4, 2018 and August 3, 2018, respectively.
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