Physicians Realty Trust(DOC) - 2023 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2023 was $135.5 million, an increase of 2.2% from Q4 2022[3] - Net income for Q4 2023 was $7.1 million, a decrease of 40.1% compared to Q4 2022, with diluted earnings per share of $0.03[4] - Normalized Funds From Operations (FFO) for Q4 2023 was $64.1 million, or $0.26 per share on a fully diluted basis[6] - Total revenues for Q4 2023 were $135.472 million, a 2.9% increase from $132.565 million in Q4 2022[23] - Net income for Q4 2023 was $7.122 million, down 40.1% from $11.881 million in Q4 2022[23] - Rental and related revenues for the year ended December 31, 2023, were $528.093 million, compared to $515.373 million in 2022, reflecting a 2.5% increase[23] - Basic earnings per share for Q4 2023 were $0.03, down from $0.05 in Q4 2022[29] - Total revenue for the year ended December 31, 2023, was $43.767 million, down from $110.036 million in 2022, representing a decline of 60.2%[30] Investments and Expenses - The company completed $47.4 million in investments during Q4 2023, including funding of previous loan commitments[4] - The company recorded merger and transaction-related expenses of $6.9 million in 2023 related to the proposed merger with Healthpeak[23] - General and administrative expenses decreased to $7.623 million in Q4 2023 from $9.809 million in Q4 2022, a reduction of 22.3%[30] - Merger and transaction-related expenses amounted to $6.934 million in 2023, primarily due to the proposed merger with Healthpeak[30] Portfolio and Leasing - The consolidated portfolio was approximately 94.3% leased as of December 31, 2023[3] - The weighted average leasing spread for the year ended 2023 was 4.2% with a 74% retention rate[4] - Outpatient Medical Same-Store Cash Net Operating Income growth was 1.0% year-over-year for Q4 2023[8] - Outpatient Medical Same-Store Cash NOI for Q4 2023 was $84.555 million, up from $83.734 million in Q4 2022, an increase of 1.0%[30] Cash and Assets - Total assets as of December 31, 2023, were $5.156 billion, compared to $5.097 billion as of December 31, 2022, representing a 1.2% increase[27] - Total liabilities increased to $2.266 billion in 2023 from $2.100 billion in 2022, a rise of 7.9%[27] - Cash and cash equivalents increased significantly to $156.779 million in 2023 from $7.730 million in 2022[27] Earnings and Dividends - A quarterly dividend of $0.23 per share was declared for Q4 2023, paid on January 18, 2024[13] - The company declared dividends of $0.23 per common share for both Q4 2023 and Q4 2022[29] Other Financial Metrics - EBITDAre for Q4 2023 was $77.164 million, down from $82.958 million in Q4 2022, reflecting a decrease of 7.0%[32] - Adjusted EBITDAre increased to $89.984 million in Q4 2023 from $87.914 million in Q4 2022, an increase of 2.4%[32] - Cash NOI for the year was $371.506 million, compared to $367.248 million in 2022, showing a growth of 1.0%[30] - Interest expense rose to $21.514 million in Q4 2023, compared to $19.878 million in Q4 2022, an increase of 8.2%[32] - The company recorded a non-cash share compensation expense of $3.386 million in Q4 2023, slightly up from $3.272 million in Q4 2022[32] Mergers and Acquisitions - The company announced an all-stock merger with Healthpeak Properties, expected to close on or about March 1, 2024[2]