Physicians Realty Trust ( NYSE: DOC ) Q4 earnings matched the average Wall Street estimate and was unchanged from a year ago as higher interest rates and market uncertainty continued to drive slower investment activity, the company said Wednesday.
"Our leasing team completed over 182,000 square feet of leasing activity during the fourth quarter with a weighted average lease term of 5 years," said President and CEO John T. Thomas. And "the weighted average leasing spread was 7.0% on 140,000 renewed square feet with 75% tenant retention on our consolidated portfolio."
Q4 normalized FFO per share of $0.26 for the three months ended Dec. 31, 2022, unchanged from the three months ended Dec. 31, 2021.
Revenue of $132.57M, topping the $130.28M consensus, climbed from $116.12M in the year-earlier quarter.
Total expenses were $120.35M compared with $106.57M a year before.
Cash net operating income of $92.51M rose from $84.57M in Q4 2021.
Adjusted EBITDAre came in at $87.91M, down slightly from $87.99M a year ago.
For 2023, the health care REIT expects general and administrative expenses to be $41M-$43M, and recurring capital expenditures to be $24M-$26M.
Conference call at 10:00 a.m. ET.
Earlier, Physicians Realty normalized FFO of $0.26 in-line, revenue of $132.56M beats by $2.28M .
For further details see:
Physicians Realty Q4 profit unchanged Y/Y as investment activity slows