MILWAUKEE--(BUSINESS WIRE)--Physicians Realty Trust (the "Company") (NYSE:DOC), a self-managed healthcare real estate company, announced today that it has amended and upsized its unsecured revolving credit facility (the "Amended Credit Facility") from $400 million to $750 million. The Amended Credit Facility also provides an accordion feature allowing for an additional $350 million of capacity, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.1 billion.
The Amended Credit Facility has a maturity date of September 18, 2019 and includes a one year extension option. Borrowings under the Amended Credit Facility bear interest on the outstanding principal amount at a rate equal to LIBOR plus 1.50% - 2.20%. In addition, the Amended Credit Facility includes an unused fee equal to 0.15% or 0.25% per annum, which is determined by usage under such facility. In the event that the Company achieves at least one investment grade rating from either S&P or Moody's, the Company will be able to borrow at reduced rates.
“We believe the increased size of our Amended Credit Facility will enable us to maintain maximum flexibility as we continue to execute on our disciplined acquisition strategy” stated Jeff Theiler, CFO of Physicians Realty Trust. “We greatly appreciate the trust placed in us by our banking partners, which is a testament to the strong relationships we have built with them as well as our track record of success over the past two years.”
The Amended Credit Facility was arranged by KeyBanc Capital Markets Inc., Regions Capital Markets, and BMO Capital Markets as the Co-Book Runners. KeyBank National Association is the Administrative Agent. Regions Capital Markets and BMO Capital Markets were the Co-Syndication Agents. Other lenders included; Bank of America, N.A., Royal Bank of Canada, RBS Citizens, N.A., Morgan Stanley Bank, N.A., Raymond James Bank N.A., PNC Bank, N.A., Crédit Agricole Corporate and Investment Bank, J.P. Morgan Chase Bank, N.A., Branch Banking & Trust Company, Comerica Bank, Synovus Bank, Associated Bank, N.A., and The Huntington National Bank.
About Physicians Realty Trust
Physicians Realty Trust is a self-managed healthcare real estate company organized to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The Company invests in real estate that is integral to providing high quality healthcare. The Company is a Maryland real estate investment trust and elected to be taxed as a REIT for U.S. federal income tax purposes beginning with its short taxable year ended December 31, 2013. The Company conducts its business through an UPREIT structure in which its properties are owned by Physicians Realty L.P., a Delaware limited partnership (the “operating partnership”), directly or through limited partnerships, limited liability companies or other subsidiaries.
Investors are encouraged to visit the Investor Relations portion of the Company’s website (www.docreit.com) for additional information, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, press releases, supplemental information packages and investor presentations.
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties are described in greater detail in the Company’s filings with the Securities and Exchange Commission (the “Commission”), including, without limitation, the Company’s annual and periodic reports and other documents filed with the Commission. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.