KenWiedemann
Physicians Realty Trust (NYSE:DOC) stock slipped 1.7% in Thursday trading after the medical office building REIT turned in Q1 earnings that trailed the average analyst estimate. Total expenses rose during the quarter and adjusted EBITDAre slipped from the prior quarter and a year ago.
Q1 normalized FFO per share of $0.24, missing the $0.25 consensus, dropped from $0.26 in the prior quarter and from $0.27 in the year-ago period.
Q1 revenue of $134.3M, exceeding the $131.5M consensus, rose from $132.6M in Q4 2022 and from $130.4M in Q1 2022. As of March 31, 2023, the portfolio was 95% leased.
Total expenses of $123.4M vs. $120.4M in the prior quarter and $116.1M in the year-ago quarter. General & administrative expense rose to $11.2M in Q1 from $9.81M in the prior quarter and from $10.3M in the year-ago period.
During Physician Realty’s (DOC) earnings call, Chief Financial Officer Jeff Theiler said the company is on track for its G&A expense guidance and reminded investors that G&A is always seasonally higher in Q1; “we expect it to moderate going forward.” In February, the company said it expects 2023 G&A expense of $41M-$43M.
Cash net operating income of $92.3M compared with $92.5M in Q4 2022 and from $91.2M in Q1 2022.
Adjusted EBITDAre of $87.3M vs. $87.9M in the prior quarter and $87.6M in the year-ago quarter.
Earlier, Physicians Realty Trust (DOC) FFO of $0.24 misses by $0.01, revenue of $134.34M beats by $2.85M
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