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News Article | October 28, 2016
Site: www.prweb.com

Christenbury Eye Center now offers a new implantable multifocal lens by Abbott Medical Laboratories, the TECNIS® Symfony Extended Range of Vision iOL. Multifocal lens implants have been available for years; however, the TECNIS Symfony implantable lens is an upgraded technology providing even greater benefits. This new lens’ multiple benefits include high-quality vision at all distances and astigmatism correction. Night vision and reading vision in dim illumination is also improved. The implant procedures at Christenbury Eye Center are performed by Dr. Jonathan Christenbury and Dr. Casey Mathys. In a 3-month study by the manufacturer, patients said they would choose the TECNIS Symfony implant procedure again. At Christenbury Eye Center, patients say in their testimonials, they are very pleased with this life-changing procedure. One patient, Niliva Felipe, says, “I spend a lot of time in front of computers…reading, studying and working on my Ph.D. Today, [after TECNIS] I cannot tell you enough that I have bionic eyes. I swear by them…. I feel like I’m 22 again and my vision is better than 20/20.” Patients normally choose a multifocal lens implant procedure to eliminate their reading glasses or bifocals. The TECNIS Symfony lens offers vision near and far and all distances in between. Cataract patients also choose a multifocal lens implant. The implant is performed at the same time as the cataract removal surgery. Post procedure they are not only cataract free, but they no longer require reading glasses or bifocals or the need for future cataract surgeries. “Why would anyone wear glasses at all?” says Dr. Jonathan Christenbury, Medical Director at Christenbury Eye Center. “Multifocal lens implant procedures are so advanced and the results so dramatic, especially with the Symfony lens. I can’t imagine why a patient might not choose this procedure.” Dr. Christenbury’s passion for this procedure results from personal experience. After he received a lens implant in both eyes, his vision continues to be a perfect 20/20 years later. He continues to stay on top of the latest technology in this vastly improving field to bring the best options to his patients. The TECNIS Symfony lens is now available at Christenbury Eye Center. If you would like to see if you qualify for a multifocal lens procedure, contact Christenbury Eye Center at (877) 702-2020 or visit the Christenbury Eye Center website to request a free consultation. Dr. Jonathan Christenbury established Christenbury Eye Center in 1987 and is known for his groundbreaking work in vision care. For two decades he has consistently been one of the first surgeons in the Carolinas to perform many pioneering vision care procedures including LASIK, Visian ICL and TECNIS. Dr. Christenbury performed the first LASIK procedure in the Carolinas in the early 1990s and since that time has performed more than 100,000 laser vision correction procedures. He performed the first WaveFront Customized IntraLASIK in the Carolinas in 2005. Today, Dr. Christenbury is the most experienced multifocal implant surgeon in the United States. Dr. Kenneth Mathys is a Board-Certified, fellowship-trained Cornea and Refractive surgeon. He earned his medical degree at Case Western Reserve University. He completed an ophthalmology residency at the University of North Carolina at Chapel Hill where he was honored with the position of Chief Resident. Upon completion of residency, Dr. Mathys continued his ophthalmic training as a Cornea and Refractive surgical fellow at Piedmont Hospital in Atlanta, GA. Dr. Mathys is a member of the American Academy of Ophthalmology and the American Society of Cataract and Refractive Surgery.


News Article | February 24, 2017
Site: www.businesswire.com

MILWAUKEE--(BUSINESS WIRE)--Physicians Realty Trust (NYSE:DOC) (the “Company,” the “Trust,” “we,” “our” and “us”), a self-managed healthcare real estate investment trust, today announced results for the fourth quarter ended December 31, 2016. John T. Thomas, President and Chief Executive Officer of the Trust, commented, “2016 was a remarkable and transformative year for Physicians Realty Trust. We continued our strong investment and asset management performance in the fourth quarter, and entered 2017 with an outstanding pipeline. We have already purchased $110 million in outstanding medical office facilities in 2017, and now have completed nearly $3 billion in investments since our initial public offering a little more than 3 years ago. Our record investment in Catholic Health Initiatives (CHI) medical office facilities is exceeding our underwritten expectations, and CHI executives, physicians, and our other tenants in those facilities are giving us outstanding positive feedback on our integration of those buildings as well as our on-going service. Our best in class asset management operating platform delivered 2.6% same-store cash NOI growth for the year. We are setting the standard for medical office asset management, and our commitment to People, Process, and Performance is producing outstanding results as health care systems and physicians seek real estate capital and management, from a team that understands healthcare and their needs. We are a high growth organization, investing in best in class and defensive outpatient and medical office facilities, and believe we have the opportunity to continue our high pace of growth in 2017 and beyond.” Total revenue for the fourth quarter ended December 31, 2016 was $73.7 million, an increase of 82% from the same period in 2015. As of December 31, 2016, the portfolio was 96.1% leased. Total expenses for the fourth quarter 2016 were $65.1 million, compared to $34.5 million in the fourth quarter 2015, or an increase of 89%. The increase in expenses was primarily the result of a $12.4 million increase in depreciation and amortization, a $12.0 million increase in operating expenses, and a $4.7 million increase in interest expense. The increase in expenses also includes a $3.7 million charge related to rent and other receivables due from certain assets slated for disposition, but considered uncollectible at this time. Net income for the fourth quarter 2016 grew to $8.6 million, compared to net income of $5.9 million for the fourth quarter 2015, consistent with the same period last year. Net income attributable to common shareholders for the fourth quarter 2016 was $7.8 million. Diluted earnings per share was $0.06 based on 139.6 million weighted average shares and OP units outstanding. Funds from operations (FFO) for the fourth quarter 2016 consisted of net income, less $0.2 million of net income attributable to noncontrolling interests for partially owned properties, plus $26.8 million of depreciation and amortization, less $0.2 million of depreciation and amortization expense for partially owned properties, less $0.4 million of preferred distributions, resulting in $0.25 per diluted share. Normalized FFO, which adjust for $3.7 million of acquisition expenses and $0.2 million of net change in fair value of derivative, was $38.2 million, or $0.27 per diluted share. Normalized funds available for distribution (FAD) for the fourth quarter 2016, which consists of normalized FFO adjusted for non-cash share compensation, straight-line rent adjustments, amortization of acquired above-market and below-market leases, amortization of lease inducements, amortization of deferred financing fees, recurring capital expenditures, and seller master lease and rent abatement payments, was $34.2 million for the fourth quarter 2016. Our same-store portfolio, which includes 122 properties representing approximately 45% of our net leasable square footage, generated year-over-year Same-Store NOI growth of 2.6% for the fourth quarter 2016. The Company has determined that certain past and future rental payments and prepaid expenses from 4 assets affiliated with Foundation Healthcare, Inc. (OTC:FDNH), may be uncollectible at this time and has reserved approximately $3.7 million against previously recognized rental revenue, prepaid expenses, and deferred rent. $1.1 million of this charge is attributable to a lease default by FDNH’s wholly owned subsidiary that rented a medical office facility from us in Oklahoma City. We have entered in to a Purchase and Sale Agreement to sell this medical office building for $15.3 million which would generate a net gain of $1.6 million. The closing of the sale of this property is subject to customary closing conditions, and no assurance can be made that we will complete the sale of this property or as to the timing or terms of any such sale. Approximately $2.6 million of this charge is attributable to obligations under 3 separate leases for 2 surgical hospitals and a medical office building leased to FDNH/physician joint ventures in San Antonio and El Paso, Texas. The Company is actively working with FDNH and the physician co-owners in each separate surgical hospital involved to transfer FDNH’s interest in each joint venture, shift management away from FDNH, and collect past due rent and expenses. Each location is attracting significant interest from surgical hospital management and ownership companies. The Company cannot make any assurance that all or any of the past due rent or prepaid expenses will be collected or that the transfer of joint venture ownership interests from FDNH to a new surgical hospital management company will occur. Both the Foundation Surgical Hospital of San Antonio and the Foundation Surgical Hospital of El Paso have operated continuously throughout this process, and we do not anticipate any disruption in service by either surgical hospital. These three assets and an additional medical office building leased to the FDNH/physician joint venture in San Antonio have been slated for disposition. Finally, the Company has entered into definitive purchase agreements to sell four medical office buildings in Georgia from our legacy portfolio, which consist of 80,292 square feet in the aggregate for a purchase price of $18.2 million, which would generate a net gain of $4.0 million. In total, the 9 assets slated for disposition contain 319,085 square feet of gross leasable area, and the Company currently estimates that these properties will be sold for approximately $100 million to $125 million in the aggregate. No assurance can be made, however, that any or all of the properties will be sold, that the Company will receive the anticipated consideration for the sale of any or all of the properties, or as to the timing of any such sale or sales. During 2016, we entered into separate agreements to purchase 52 medical office facilities (which we now treat as 53 medical office facilities because we consider a certain condominium property as being separate from a nearby surgical center property) from regional health systems controlled by Catholic Health Initiatives (“CHI”) containing 3,159,495 rentable square feet located in 10 states (the “CHI Portfolio”). To date, we have completed the acquisition of 49 of the properties in the CHI Portfolio representing 3,016,926 net leasable square feet. We elected not to complete the acquisition of 2 of the CHI Portfolio properties. We still have one property under one of the original agreements to purchase a medical office facility in Fruitland, Idaho for $4.8 million, and we entered into a separate agreement to purchase a newly constructed medical office facility in Omaha, Nebraska for approximately $33.4 million that is 100% leased and will be 100% occupied by CHI’s affiliate, Creighton University Medical Center, upon its completion of certain tenant improvements. We anticipate closing on the Omaha, Nebraska medical office facility during the first quarter of 2017 and on the Fruitland, Idaho medical office facility later in 2017. On December 22, 2016, our Board of Trustees authorized and declared a cash distribution of $0.225 per common share and OP Unit for the quarterly period ended December 31, 2016. The distribution was paid on January 18, 2017 to common shareholders and OP Unit holders of record as of the close of business on January 5, 2017. In the quarter ended December 31, 2016, the Company completed $226.5 million of investment activity across 9 states, including acquisitions of 11 operating healthcare properties representing 656,458 square feet, joint venture investments of $0.9 million, loan investments of $2.1 million, and noncontrolling interest buyouts of $1.5 million. Since our November 2, 2016 earnings press release, and through December 31, 2016, the Company completed acquisitions of 10 healthcare properties and 1 condominium unit, containing an aggregate of 601,243 net rentable square feet for $192.6 million. The Company also completed $3.6 million of other investment activity, including a mezzanine loan, a construction loan draw, and a joint venture buyout. The property investments are detailed below. Northwest Michigan Surgery Center - Condo Unit. On November 4, 2016, the Company closed the acquisition of an additional condominium unit in the Northwest Michigan Surgery Center, located in Traverse City, Michigan, for a total purchase price of approximately $2.7 million. The condominium unit, which is the third unit in the Northwest Michigan Surgery Center that we have acquired, totals 11,041 net leasable square feet and is leased to Digestive Health Associates. The first year unlevered yield on this investment is expected to be approximately 6.8%. Munson Healthcare, a co-owner of the Surgery Center located in this building, continues to own and utilize a condominium in this facility, and there is one other smaller condominium unit remaining. Syracuse Portfolio. On November 23, 2016, the Company closed the acquisition of 2 on-campus medical office facilities totaling 191,409 net leasable square feet. The Northeast Medical Center and the North Medical Center, located in Fayetteville, NY and Liverpool, NY, respectively, were purchased for approximately $54.2 million. The anchor tenant, St. Joseph's Health, a member of Trinity Health (Moody’s: “Aa3”), leases 41% of the total portfolio. These facilities are 96% leased. The first year unlevered yield on this investment is expected to be approximately 7.2%. Cincinnati Eye Institute. On November 23, 2016, the Company closed the acquisition of a 109,224 square foot medical office facility in Cincinnati, Ohio, for a purchase price of approximately $38.1 million. This single tenant facility is 100% leased to the Cincinnati Eye Institute. The first year unlevered yield on this investment is expected to be approximately 6.6%. HonorHealth Scottsdale MOB. On December 2, 2016, the Company closed the acquisition of a 57,539 square foot medical office facility in Scottsdale, Arizona, for a purchase price of approximately $6.9 million and a total investment commitment of $12.7 million. The single tenant facility is 100% leased to HonorHealth for 15 years. After a 6-month stabilization period to accommodate a build out of tenant improvements, the first year stabilized unlevered cash yield on this investment is expected to be approximately 6.0%. Fox Valley Hematology & Oncology. On December 8, 2016, the Company closed the acquisition of a 70,136 square foot medical office facility in Appleton, Wisconsin, for a purchase price of approximately $28.2 million. This single tenant facility is 100% leased to Fox Valley Hematology & Oncology, S.C. The first year unlevered yield on this investment is expected to be approximately 6.3%. Gastrointestinal Associates MOB. On December 9, 2016, the Company closed the acquisition of a 23,921 square foot medical office facility in Powell, Tennessee, for a purchase price of approximately $6.3 million. This multi-tenant facility is 100% leased with 74% occupied by anchor tenant Gastrointestinal Associates, with the balance leased to an ambulatory endoscopy center joint venture owned by Gastrointestinal Associates and Amsurg (NASDAQ:AMSG). The first year unlevered yield on this investment is expected to be approximately 7.3%. Northern Vision Eye Center. On December 15, 2016, the Company closed the acquisition of a 9,997 square foot medical office facility in Traverse City, Michigan, for a purchase price of approximately $2.8 million. This single tenant facility is 100% leased to the Northern Vision Eye Center. The first year unlevered yield on this investment is expected to be approximately 7.3%. Flower Mound MOB. On December 16, 2016, the Company closed the acquisition of a medical office facility totaling 34,910 net leasable square feet in Flower Mound, Texas, for a purchase price of approximately $12.2 million. This multi-tenant facility is 100% leased with 29% occupied by anchor tenant USMD / Medical Clinic of North Texas. The first year unlevered yield on this investment is expected to be approximately 6.8%. Carrollton MOB. On December 16, 2016, the Company closed the acquisition of a 38,648 square foot medical office facility in Carrollton, Texas, for a purchase price of approximately $15.6 million. This multi-tenant facility is 100% leased with 73% occupied by anchor tenant OrthoTexas, with the balance leased to an ambulatory surgery center joint venture owned by OrthoTexas, United Surgical Partners, Inc. and an affiliate of Baylor Scott & White Health. The first year unlevered yield on this investment is expected to be approximately 6.5%. HonorHealth IRF. On December 22, 2016, the Company closed the acquisition of a 54,418 square foot inpatient rehabilitation hospital in Scottsdale, Arizona, for a purchase price of approximately $25.6 million. This single tenant facility is 100% leased to the GlobalRehab-Scottsdale, LLC, which is a joint venture between HonorHealth and Select Medical (NYSE:SEM), with the lease supported by corporate guarantees of each of HonorHealth and Select Medical. The investment resulted from the repayment to the Company of a mezzanine loan in the amount of $7.1 million and the Company’s exercise of its rights under an option to acquire the facility under the original terms of the mezzanine loan. This is the fifth facility we own anchored by and leased to an affiliate of HonorHealth. The first year unlevered yield on this investment is expected to be approximately 7.2%. Since December 31, 2016, the Company has acquired four medical office facilities containing an aggregate of 238,312 net leasable square feet for an aggregate purchase price of $109.5 million and are detailed below. The Company also completed loan transactions totaling $2.3 million. Orthopedic Associates. On January 5, 2017, the Company closed the acquisition of a 45,046 square foot medical office facility in Flower Mound, Texas, for a purchase price of approximately $18.8 million. This multi-tenant facility is 100% leased with 66% occupied by anchor tenant Orthopedic Associates and 34% occupied by a joint venture between Orthopedic Associates, Surgical Care Affiliates (NASDAQ:SCAI), and Texas Health Resources (Moody’s: “AA”). The first year unlevered yield on this investment is expected to be approximately 6.1%. Medical Arts Center at Hartford. On January 11, 2017, the Company closed the acquisition of a 72,022 square foot medical office facility in Plainville, Connecticut, for a purchase price of approximately $30.3 million. This multi-tenant facility is 95% leased with 56% occupied by anchor tenant Hospital of Central Connecticut/Hartford Healthcare PhysicianCare (Moody’s: “A2”), an affiliate of Hartford Healthcare. The first year unlevered yield on this investment is expected to be approximately 6.0%. CareMount Portfolio. On February 14, 2017, the Company closed the acquisition of two medical office facilities totaling 121,244 square feet in Lake Katrine and Rhinebeck, New York, for a purchase price of approximately $60.4 million. These single-tenant facilities are 100% leased to CareMount Medical. The first year unlevered yield on these investments is expected to be approximately 6.0%. The Company expects to close between $800 million and $1 billion of total real estate investments in 2017, subject to favorable capital market conditions. This guidance is inclusive of any acquisitions previously announced in 2017, including those detailed in the “Recent Investment Activity” portion of this press release. The Company has scheduled a conference call on Friday, February 24, 2017, at 10:00 a.m. ET to discuss its financial performance and operating results for the fourth quarter ended December 31, 2016. The conference call can be accessed by dialing (877) 407-0784 from within the U.S. or (201) 689-8560 for international callers. Participants can reference the Physicians Realty Trust Fourth Quarter Earnings Call or passcode 13651740. The conference call also will be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.docreit.com. A replay of the conference call will be available beginning February 24, 2017, at 1:00 p.m. ET until March 17, 2017, at 11:59 p.m. ET, by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International); passcode: 13651740. A replay of the webcast also will be accessible on the Investor Relations website for one year following the event. Beginning February 24, 2017, the Company’s supplemental information package for the fourth quarter 2016 will be accessible through the Investor Relations section of the Company’s website under the “Supplemental Information” tab. 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 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. The Company is the sole general partner of the operating partnership and, as of December 31, 2016, owned approximately 97.5% of the partnership interests in our operating partnership (“OP Units”). 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 Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements may include statements regarding the Company’s strategic and operational plans, the Company’s ability to generate internal and external growth, the future outlook, anticipated cash returns, cap rates or yields on properties, anticipated closing of property acquisitions, and ability to execute its business plan. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. 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 after the date of this release, whether as a result of new information, future events or otherwise. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed by the Company with the Commission on February 24, 2017. This press release includes Funds From Operations (FFO), Normalized FFO, Normalized Funds Available For Distribution (FAD), Net Operating Income (NOI), Cash NOI and Same-Store Cash NOI, which are non-GAAP financial measures. For purposes of the SEC’s Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the company, or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this press release, GAAP refers to generally accepted accounting principles in the United States of America. Pursuant to the requirements of Regulation G, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. We believe that information regarding FFO is helpful to shareholders and potential investors because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. We calculate FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as net income or loss (computed in accordance with GAAP) before noncontrolling interests of holders of OP units, excluding preferred distributions, gains (or losses) on sales of depreciable operating property, impairment write-downs on depreciable assets, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs). Our FFO computation may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with NAREIT definition or that interpret the NAREIT definition differently than we do. The GAAP measure that we believe to be most directly comparable to FFO, net income, includes depreciation and amortization expenses, gains or losses on property sales, impairments and noncontrolling interests. In computing FFO, we eliminate these items because, in our view, they are not indicative of the results from the operations of our properties. To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in our financial statements. FFO does not represent cash generated from operating activities in accordance with GAAP, should not be considered to be an alternative to net income or loss (determined in accordance with GAAP) as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We use Normalized FFO, which excludes from FFO net change in fair value of derivative financial instruments, acquisition-related expenses, acceleration of deferred financing costs, and other normalizing items. However, our use of the term Normalized FFO may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Normalized FFO should not be considered as an alternative to net income or loss (computed in accordance with GAAP), as an indicator of our financial performance or of cash flow from operating activities (computed in accordance with GAAP), or as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including its ability to make distributions. Normalized FFO should be reviewed in connection with other GAAP measurements. We define Normalized FAD, a non-GAAP measure, which excludes from Normalized FFO non-cash compensation expense, straight-line rent adjustments, amortization of acquired above or below market leases and assumed debt, amortization of deferred financing costs, amortization of lease inducements, and recurring capital expenditures related to tenant improvements and leasing commissions, and includes cash payments from seller master leases and rent abatement payments. Other REITs or real estate companies may use different methodologies for calculating Normalized FAD, and accordingly, our computation may not be comparable to those reported by other REITs. Although our computation of Normalized FAD may not be comparable to that of other REITs, we believe Normalized FAD provides a meaningful supplemental measure of our performance due to its frequency of use by analysts, investors, and other interested parties in the evaluation of our performance as a REIT. Normalized FAD should not be considered as an alternative to net income or loss attributable to controlling interest (computed in accordance with GAAP) or as an indicator of our financial performance. Normalized FAD should be reviewed in connection with other GAAP measurements. NOI is a non-GAAP financial measure that is defined as net income or loss, computed in accordance with GAAP, generated from our total portfolio of properties before general and administrative expenses, acquisition-related expenses, depreciation and amortization expense, interest expense, net change in the fair value of derivative financial instruments, gain or loss on the sale of investment properties, and impairment losses. We believe that NOI provides an accurate measure of operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. Our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Cash NOI is a non-GAAP financial measure which excludes from NOI straight-line rent adjustments, amortization of acquired above and below market leases, and other non-cash and normalizing items. Other non-cash and normalizing items include items such as the amortization of lease inducements and payments received from seller master leases and rent abatements. We believe that Cash NOI provides an accurate measure of the operating performance of our operating assets because it excludes certain items that are not associated with management of the properties. Additionally, we believe that Cash NOI is a widely accepted measure of comparative operating performance in the real estate community. Our use of the term Cash NOI may not be comparable to that of other real estate companies as such other companies may have different methodologies for computing this amount.


An internationally recognized expert on pediatric ophthalmology, Dr. Steven J. Lichtenstein sees Avenova as an important advance in the treatment of children's eye conditions PEORIA, IL--(Marketwired - Dec 19, 2016) - The Illinois Eye Center announced today that one of its top ophthalmologists, Steven J. Lichtenstein, M.D, has written an article [http://www.illinoiseyecenter.com/about/press-releases/avenova-neutrox-brings-quick-relief-children-suffering-eye-conditions/] describing an important new advance, Avenova from NovaBay® Pharmaceuticals, Inc. ( : NBY), for the management of children's eye conditions. "When we think of often-painful eye conditions like blepharitis and dry eye, we usually assume that the patients are adults," Dr. Lichtenstein writes. "But that's not true. I see a surprising number of children who are suffering from these conditions." Some have blepharitis, where bacteria on the eyelids contribute to inflammation, pain, and a crusty build-up of debris on the eyelids. Others suffer from blockages of small glands near the eyelid margin, called meibomian glands. The blockage can cause dry eye, inflammation, discomfort or even small painful bumps called chalazions. "In fact, children can be especially at risk for these conditions," Dr. Lichtenstein writes. That's because these problems are caused or exacerbated by bacteria and tiny parasitic mites that live on the eyelids -- and children may add to the microbial populations by rubbing their eyes or failing to wash their faces frequently. "Doctors used to treat these young patients with warm compresses, antibiotics, or steroids," Dr. Lichtenstein explains. "But none of these is ideal," he writes. The warm compresses typically bring only temporary relief, while steroids and antibiotics have significant side effects that are often more worrisome in children than in adults. "Now, there's a more effective and safer approach," he writes. It is an eyelid hygiene product called Avenova® with Neutrox from NovaBay Pharmaceuticals. Dr. Lichtenstein explains that Avenova contains pure hypochlorous acid (Neutrox). Neutrox kills bacteria and prevents the proliferation of mites. That directly fights the underlying cause of blepharitis, meibomian gland blockage, and other problems -- and is completely safe. "I've had great results using twice-daily wipes with Avenova for children with blepharitis and other conditions," Dr. Lichtenstein writes. The approach quickly reduces inflammation, pain, and other problems. Children also say that Avenova feels refreshing and brings quick relief, and parents like the fact that Avenova is easy to apply to children's lids. "Avenova has become first line therapy for my young patients," Dr. Lichtenstein concludes. In addition to his private practice at the Illinois Eye Center, Steven J. Lichtenstein, M.D., F.A.A.P., F.A.C.S., F.A.A.O. is an Associate Professor of Clinical Surgery and Pediatrics at the University of Illinois College of Medicine, and Medical Director of Pediatric Ophthalmology at Children's Hospital of Illinois.


News Article | March 3, 2017
Site: www.24-7pressrelease.com

BALTIMORE, MD, March 03, 2017-- Baltimore Washington Eye Center is pleased to announce their calendar of eye health screening dates for 2017 to help patients learn more about their eye disease risk factors and take the needed steps toward reducing preventable blindness and visual impairment. "As eye care clinicians we know that patient education and building awareness of personal risk factors along with medical eye screening at an appropriate level will go a long way in our initiative of early detection, diagnosis and treatment of four major eye disorders-cataract, diabetic retinopathy, glaucoma and macular degeneration-that are responsible for the majority of preventable blindness and visual impairment," explained Arturo Betancourt, M.D. Medical Director of Baltimore Washington Eye Center.Baltimore Washington Eye Center will be offering medical eye screenings for the noted eye diseases at the following locations and dates:Baltimore Washington Eye Center2391 Brandermill Blvd., Suite 200, Gambrills, Maryland 21061Baltimore Washington Eye CenterTurf Valley Town Center, 11089 Resort Road, Suite 206, Ellicott City, Maryland 21042Screening Dates_Macular Degeneration ScreeningsDates: March 1-31, 2017_Glaucoma ScreeningsDates: April 1-30, 2017_Cataracts ScreeningsDates: May 1-31, 2017_Diabetic Eye Problem ScreeningsDates: June 1, 2017 - June 30, 2017November 1, 2017- November 30, 2017To schedule a date and time please call our Gambrills (Waugh Chapel) office at: 443-302-2108 or our Ellicott City (Turf Valley) office at: 410-461-7222.Baltimore Washington Eye Center is a leading eye care practice with office locations in Glen Burnie ( https://goo.gl/maps/3bSCtz9RGdq ) at 200 Hospital Drive, Suite 600, Glen Burnie, Maryland 21061; in Gambrills ( https://goo.gl/maps/nuGNLU2ypCN2 ) at 2391 Brandermill Blvd., Suite 200, Gambrills, Maryland 21061 and in Ellicott City ( https://goo.gl/maps/kAjXKc9aWbq ) at Turf Valley Town Center, 11089 Resort Road, Suite 206, Ellicott City, Maryland 21042. Baltimore Washington Eye Center serves the greater Baltimore and Washington, D.C. area.Baltimore Washington Eye Center was founded in 1969 by Paul A. Kohlhepp, M.D. to serve the eye care needs of greater Baltimore and Washington, D.C., and to provide access to the region's premier eye care facility. Our caring, experienced and extensively trained professional staff specializes in a full range of ophthalmology procedures and has demonstrated an outstanding record of patient satisfaction and community service. Through the combination of medical and surgical expertise, a patient-centered approach to customer service, and personalized attention, we make our patients' goals a reality. Under my medical direction, we can state with confidence that Baltimore Washington Eye Center is now the most comprehensive eye care center in the area. Our Center - similar to the nationally renowned Johns Hopkins Wilmer Eye Institute and University of Maryland Department of Ophthalmology - offers a full range of eye care services for adults and children, including general ophthalmology, cataract evaluation and laser assisted cataract surgery with advanced technology lens implants, laser eye surgery including laser vision correction such as LASIK, eyelid surgery, diagnosis and treatment of glaucoma, diabetic retinopathy, macular degeneration (AMD), dry eye and low vision rehabilitation. We offer a full service optical center for eyeglasses and eyewear as well as convenient close to home eye surgery at our Baltimore Washington Eye Surgery Center-a fully AAAHC (Accreditation Association for Ambulatory Health Care) Medicare and State of Maryland certified, fully equipped, state-of-the-art, on-site ambulatory surgery center. Our surgical center, located between Baltimore and Washington, D.C., offers the latest amenities and modern technology, allowing us to perform all of our eye surgery procedures safely, efficiently and comfortably.For additional information, contact:Jeffrey Trimmer, Baltimore Washington Eye Center, 200 Hospital Drive, Suite 600, Glen Burnie, Maryland 21061, jtrimmer@bweyecenter.com , 800-495-3937.SOURCE: Medical Management Services Group, L.L.C.


News Article | February 24, 2017
Site: www.24-7pressrelease.com

GAMBRILLS, MD, February 24, 2017-- Vision loss and eye disorders can present some of the most costly financial and social challenges for our greater Baltimore community. "The effects of visual impairment, blindness and disability can be observed in all age groups. Yet, so many eye problems and disorders simply go undiagnosed," counseled Arturo Betancourt, M.D. Medical Director of Baltimore Washington Eye Center.According to a study from the National Academies of Sciences, Engineering, and Medicine (NASEM) four major eye disorders-cataract, diabetic retinopathy, glaucoma and macular degeneration, along with uncorrected refractive error (URE) cause the vast majority of vision loss and visual impairment in the United States. Some 18 million Americans suffer vision loss, including impairment or blindness due to an undiagnosed or untreated condition. Of this, 15.9 million or 88% is due to uncorrected refractive error (URE), and an 8% is due to cataract. "The shame is that uncorrected refractive error can be easily addressed with a routine eye exam and prescription eyeglasses and in almost all instances, vision loss from cataract can be restored with cataract surgery and lens implants," explained Brad Spagnolo, M.D., Director of Refractive Surgery. "This is in contrast to as many as 700,000 patients who may have some vision loss due to undiagnosed or untreated diabetic retinopathy, macular degeneration or glaucoma where often their vision cannot be recovered. Our mandate for early detection, diagnosis and treatment of these eye diseases is clear.""While cataract, diabetic retinopathy, glaucoma and macular degeneration are certainly more common with increasing age, the negative effects of uncorrected refractive error such as nearsightedness, farsightedness and astigmatism on school performance and learning can be quite noticeable," explained Dr. Shari Strier, Director of Clinical Services at Baltimore Washington Eye Center. "We know that more than 60 million Americans are at risk for vision loss, yet only about half of those actually visited an eye doctor in the last 12 months. We really need to regularly see those patients who are at risk, especially those who have a family history of diabetes, glaucoma or macular degeneration as well as children in order to make real headway in decreasing preventable blindness and visual impairment."Early detection, diagnosis and treatment where necessary are the keys to addressing preventable blindness and decrease the incidence of vision loss and visual impairment. If you have not had a recent eye exam and wish to do so, or to learn more about your risk factors for cataract, diabetic retinopathy, glaucoma and macular degeneration please call Baltimore Washington Eye Center at 800-495-3937, or visit Baltimore Washington Eye Center at http://www.bweyecenter.com , Google+ at https://plus.google.com/u/0/+BaltimoreWashingtonEyeCenterGlenBurnie or on Facebook at http://www.facebook.com/baltimorewashingtoneyecenter Baltimore Washington Eye Center is a leading eye care practice with office locations at 2391 Brandermill Blvd., Suite 200, Gambrills, Maryland 21061 ( https://goo.gl/maps/Z27kjfZdfu82 ), Turf Valley Town Center, 11089 Resort Road, Suite 206, Ellicott City, Maryland 21042 ( https://goo.gl/maps/ZLCsb7TfB112 ) and 200 Hospital Drive, Suite 600, Glen Burnie, Maryland 21061 ( https://goo.gl/maps/GWHgEqQf86P2 ), serving the greater Baltimore and Washington, D.C. area.Baltimore Washington Eye Center was founded in 1969 by Paul A. Kohlhepp, M.D. to serve the eye care needs of greater Baltimore and Washington, D.C., and to provide access to the region's premier eye care facility. Our caring, experienced and extensively trained professional staff specializes in a full range of ophthalmology procedures and has demonstrated an outstanding record of patient satisfaction and community service. Through the combination of medical and surgical expertise, a patient-centered approach to customer service, and personalized attention, we make our patients' goals a reality. Under my medical direction, we can state with confidence that Baltimore Washington Eye Center is now the most comprehensive eye care center in the area. Our Center - similar to the nationally renowned Johns Hopkins Wilmer Eye Institute and University of Maryland Department of Ophthalmology - offers a full range of eye care services for adults and children, including general ophthalmology, cataract evaluation and laser assisted cataract surgery with advanced technology lens implants, laser eye surgery including laser vision correction such as LASIK, eyelid surgery, diagnosis and treatment of glaucoma, diabetic retinopathy, macular degeneration (AMD), dry eye and low vision rehabilitation. We offer a full service optical center for eyeglasses and eyewear as well as convenient close to home eye surgery at our Baltimore Washington Eye Surgery Center-a fully AAAHC (Accreditation Association for Ambulatory Health Care) Medicare and State of Maryland certified, fully equipped, state-of-the-art, on-site ambulatory surgery center. Our surgical center, located between Baltimore and Washington, D.C., offers the latest amenities and modern technology, allowing us to perform all of our eye surgery procedures safely, efficiently and comfortably.For additional information, contact:Jeffrey Trimmer, Baltimore Washington Eye Center, 200 Hospital Drive, Suite 600, Glen Burnie, Maryland 21061, jtrimmer@bweyecenter.com , 800-495-3937.SOURCE: Medical Management Services Group, L.L.C.


News Article | November 18, 2016
Site: www.24-7pressrelease.com

ELLICOTT CITY, MD, November 18, 2016-- Dry eye is a common ocular condition that has a significant impact on the quality of life of those it affects due to the physical discomfort and visual disability it causes. "Although the symptoms of dry improve with treatment, the best results are achieved for patients when we treat the root cause of dry eye rather than the symptoms," explained Arturo Betancourt, M.D., Medical Director of Baltimore Washington Eye Center. "While there are many causes of dry eye, by far and away, the most common cause is Meibomian Gland Dysfunction (MGD). "Meibomian gland dysfunction is a blockage or some other abnormality of the tiny glands in your eyelids called Meibomian glands, so they don't secrete enough oil into the tears. This causes your tears to evaporate too quickly leading to dry eye symptoms which might include dryness, irritation, redness, watering, grittiness, and even pain. MGD is a leading cause of dry eye syndrome. MGD also may cause an eyelid problem called blepharitis which can cause your eyelids to become red, crusty and inflamed," further explained Dr. Betancourt.About LipiFlow for Dry Eye & Meibomian Gland DysfunctionUntil now eye doctors have used warm compresses, digital massage and eye drops to attempt to treat Meibomian Gland Dysfunction. Thanks to advances in Vectored Thermal Pulsation (VTP) technology the eye doctors at Baltimore Washington Eye Center are now able to treat MGD, dry eye and related eyelid problems such as blepharitis using a device called LipiFlow. LipiFlow is an electronic device cleared by the FDA for the treatment of MGD by removing blockages of the glands and restoration of their function so that they provide normal oily secretions for a healthy tear film. LipiFlow is an in-office procedure that uses directed heat and gentle pressure to liquefy and express the contents of the Meibomian glands. In a clinical study, 90% of patients achieved improvements in gland secretions after a single LipiFlow treatment.If you suffer from the symptoms of dry eyes such as dryness, scratchy or gritty sensations, redness, watering or just general eye discomfort and fatigue and wish to learn more about dry eye, blepharitis, Meibomian Gland Disease or LipiFlow treatment, please call Baltimore Washington Eye Center at 800-495-3937, visit Baltimore Washington Eye Center, Google+,Facebook.com/baltimorewashingtoneyecenter or follow our eye care blog.Baltimore Washington Eye Center is a leading eye care practice with office locations at 200 Hospital Drive, Suite 600, Glen Burnie, Maryland 21061, 2391 Brandermill Blvd., Suite 200, Gambrills, Maryland 21061 and Turf Valley Town Center, 11089 Resort Road, Suite 206, Ellicott City, Maryland 21042, serving the greater Baltimore and Washington, D.C. area.For additional information, contact:Jeff Trimmer, Baltimore Washington Eye Center, 200 Hospital Drive, Suite 600, Glen Burnie, Maryland 21061, jtrimmer@bweyecenter.com , 800-495-3937.Baltimore Washington Eye Center was founded in 1969 by Paul A. Kohlhepp, M.D. to serve the eye care needs of greater Baltimore and Washington, D.C., and to provide access to the region's premier eye care facility. Our caring, experienced and extensively trained professional staff specializes in a full range of ophthalmology procedures and has demonstrated an outstanding record of patient satisfaction and community service. Through the combination of medical and surgical expertise, a patient-centered approach to customer service, and personalized attention, we make our patients' goals a reality. Under my medical direction, we can state with confidence that Baltimore Washington Eye Center is now the most comprehensive eye care center in the area. Our Center - similar to the nationally renowned Johns Hopkins Wilmer Eye Institute and University of Maryland Department of Ophthalmology - offers a full range of eye care services for adults and children, including general ophthalmology, cataract evaluation and laser assisted cataract surgery with advanced technology lens implants, laser eye surgery including laser vision correction such as LASIK, eyelid surgery, diagnosis and treatment of glaucoma, diabetic retinopathy, macular degeneration (AMD), dry eye and low vision rehabilitation. We offer a full service optical center for eyeglasses and eyewear as well as convenient close to home eye surgery at our Baltimore Washington Eye Surgery Center-a fully AAAHC (Accreditation Association for Ambulatory Health Care) Medicare and State of Maryland certified, fully equipped, state-of-the-art, on-site ambulatory surgery center. Our surgical center, located between Baltimore and Washington, D.C., offers the latest amenities and modern technology, allowing us to perform all of our eye surgery procedures safely, efficiently and comfortably.SOURCE: Medical Management Services Group, L.L.C.


News Article | February 15, 2017
Site: www.prweb.com

Highland Ophthalmology Associates (http://www.highlandophthalmology.com), a leading eye specialty center in the Hudson Valley of New York, announced today that it is now providing a new FDA-approved procedure, Avedro Corneal Collagen Cross-Linking, to patients who suffer from Keratoconus. Keratoconus, often referred to as “KC”, is an eye condition in which the cornea weakens and thins over time, causing the development of a cone-like bulge and optical irregularity of the cornea. Though a rare condition, keratoconus typically first appears in individuals who are in their late teens or early twenties. It can result in significant visual loss and, in severe cases, may require corneal transplant surgery to help restore vision. As corneal specialists who have been involved in the care of many Keratoconus patients over the years, Dr. Mary Davidian and Dr. Julia Mathew of Highland Ophthalmology Associates are excited to be able to make use of this new technology. For patients, it offers the hope of possibly being able to avoid major corneal transplant surgery and maintain good visual acuity through implementation of this 1 hour, out-patient procedure. The corneal collagen cross-linking procedure stiffens corneas that have been weakened and, in many cases, helps halt progression of the Keratoconus disease process, allowing good vision to be maintained. The procedure involves applying numbing drops to the eye and then gently removing the surface layer of the cornea. Next, Photrexa® Viscous drops are applied to the eye over a 30-minute period. The cornea is then exposed to UV light with the use of the Avedro KXL® System for 30 minutes, while additional Photrexa® Viscous drops are applied. The patient returns home with a bandage contact lens in place to help with discomfort and is monitored by their Highland Ophthalmology eye surgeon over the next few weeks. Currently, the Avedro KXL® System with the Photrexa® Viscous drops is the first and only FDA-approved corneal collagen cross-linking treatment available in the United States. As corneal specialists, the doctors at Highland Ophthalmology are fully certified to offer this latest treatment to Keratoconus patients. For more information about corneal collagen cross-linking and Keratoconus, contact Highland Ophthalmology Associates by calling 845-562-0138 or visit http://www.highlandophthalmology.com. About Highland Ophthalmology Associates, LLC Highland Ophthalmology Associates has been providing specialty eye care services in Orange County, NY and the Greater Hudson Valley area since 1997. As a highly established eye care center, the primary goal of Highland Ophthalmology Associates is to provide patients with personalized eye care, including the latest technology in Cataract, Cornea, Dry Eye and Glaucoma treatment. We have assembled a team of some of the country’s finest ophthalmologists and optometrists, making Hudson Valley a destination for people who want the best in eye health and vision correction. The medical team of experienced, highly respected and devoted specialists is comprised of Dr. Mary Davidian, Dr. Thien (Tim) Huynh, Dr. Julia Mathew, Dr. Michael Stagner and Dr. Sharon Powell. The medical doctors of Highland Ophthalmology Associates are affiliated with leading medical and academic centers in the Hudson Valley and Greater NY Metropolitan Area, including the New York Eye and Ear Infirmary, Westchester Medical Center, Central New York Eye Center and Vassar Brothers Medical Center. For more information please visit http://www.highlandophthalmology.com.


News Article | November 10, 2016
Site: www.prweb.com

Eye surgeon Dr. Ryan Barrett of Hollingshead Eye Center in Boise, ID, now offers corneal crosslinking as the first and only FDA-approved treatment for patients with keratoconus, a condition that can be difficult to correct with glasses and contacts and can result in significant visual impairment if untreated. Keratoconus is an eye condition in which the typically dome-shaped cornea progressively thins and weakens. This weakening allows the cornea to change shape, often bulging and becoming cone-like, which may result in blurry or distorted vision and increased light sensitivity. Keratoconus is a part of a broader group of corneal-thinning conditions called corneal ectasia. Corneal ectasia conditions may be inherited, develop spontaneously, or be caused by repeated rubbing of the eyes. “Corneal crosslinking is really the first therapeutic treatment that has been rigorously tested and approved for keratoconus,” says Dr. Barrett. “It’s a minimally invasive procedure designed to stop the progression of this disease and similar conditions. While it can’t reverse the distortion of the cornea, it locks the cornea into its current shape and helps prevent the disease from worsening to the point where a more invasive corneal transplant may be needed; this is why early evaluation is critical. I had the chance to treat patients with corneal crosslinking as part of the FDA trials and the results can be life-changing for patients. I’m so pleased to now be able to provide this treatment for our patients here in the Treasure Valley.” During this procedure, drops of riboflavin solution (a form of vitamin-B2) are applied to the cornea, followed by a small amount of UVA light. This process strengthens and stabilizes the weakened links bonding the corneal fibers together, helping preserve vision quality. Dr. Mark Hollingshead, also of Hollingshead Eye Center, is just as eager as his colleague to offer a next-generation treatment option for the disease affecting so many of his patients. “Keratoconus is the most common form of corneal dystrophy in the U.S.,” he says, “We’re always tracking and evaluating the advancements circulating in eye care, looking for innovations like this one that offer proven results. It’s very exciting to be able to provide an effective solution for a problem that affects such a larger portion of our patient family, and to be able to do it right here at our Boise office.” To learn more about corneal crosslinking with Dr. Barrett at Hollingshead Eye Center, call (208) 336-8700 or watch the crosslinking video at HollingsheadEyeCenter.com. HOLLINGSHEAD EYE CENTER Eye surgeon Dr. Mark Hollingshead has been part of the Boise community in Idaho’s Treasure Valley for more than 20 years. With the addition of highly trained eye surgeon Dr. Ryan Barrett in 2016, the Hollingshead Eye Center team offers patients an even wider range of state-of-the-art medical and surgical vision services than ever before, from LASIK laser vision correction to state-of-the-art cataract surgery, and now, corneal crosslinking.


ORANGE COUNTY, N.C., Dec. 13, 2016 /PRNewswire/ -- Leland Little Auctions of Hillsborough, NC will hold a Single-Owner Auction from the Collection of Dr. & Mrs. Richard Epes, at the direction of Gerald A. Jeutter, Jr., the court appointed Receiver for the Southeastern Eye Center of...

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