DOC - Physicians Realty Trust announces $400M term loan

2023-05-24 17:52:27 ET

• Physicians Realty Trust ( NYSE: DOC ) said Wednesday it closed on a $400M term loan maturing May 2028.
• The loan will bear interest at a rate equal to adj. daily simple SOFR plus a spread of between 0.85% and 1.65% that is determined based on the REIT's credit rating. The loan bears interest at a current rate of 4.69%.
• Physicians Realty ( DOC ) also executed $400M of variable-to-fixed interest rate swaps concurrent with the loan's closing, which fix the variable component of the term loan at 3.59% for the duration of the borrowing.
• "This transaction enhances our liquidity and financial flexibility by allowing us to term out our revolver which meaningfully reduces our exposure to floating rate debt and lowers interest expense," said CFO Jeffrey Theiler.
• Earlier, Physicians Realty Trust ( DOC ) Q1 earnings slipped as expenses rose.

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