News Article | May 8, 2017
Acuity Eye Specialists and Dr. Bruce Haight announced that they have entered into a definitive agreement for Acuity Eye Specialists to acquire Grossmont Eye Center, Dr. Bruce Haight’s ophthalmology clinic, in La Mesa, CA. The transaction closed on April 20, 2017. Financial terms were not disclosed. This acquisition is expected to provide Acuity Eye Specialists with an additional clinic and doctors to address the growing needs of patients in the San Diego market, and will increase Acuity Eye Specialists’ footprint in California so they can continue to serve patients throughout the state. “Acquiring Dr. Bruce Haight’s practice is a natural extension for Acuity Eye Specialists as we continue to expand our offerings to help patients access the care they need,” said Tom von Sydow, Chief Operating Officer at Acuity Eye Specialists. "We believe the integration of Dr. Haight’s services into the Acuity Eye Specialists’ platform can further accelerate our leadership and offerings in this growing ophthalmology market." "We are excited to be joining with Acuity Eye Specialists, as our team and patients will greatly benefit from Acuity’s well-established brand and extensive knowledge of the California ophthalmology market," said Dr. Bruce Haight. "Together, we will have the resources to better serve the growing population in San Diego and specifically in La Mesa. Acuity Eye Specialists and I have similar mission-driven cultures with a strong commitment to our patients. I look forward to working together with the Acuity team." This acquisition strengthens Acuity Eye Specialists’ ability to enhance and support its existing patient offerings now and into the future. Acuity Eye Specialists and Dr. Bruce Haight are both committed to providing patients and ophthalmologists access to industry leading research, opportunities to develop clinically so patients receive best-in-class care, and access to effective business support services to streamline the patient visit and better support the doctor. At Acuity Eye Specialists, we are committed to helping ophthalmologists realize their full potential while providing best-in-class patient care to all those in need. We are experts in the business of ophthalmology with years of experience in the industry, a world-class surgeon as our founder, and an unwavering commitment to helping both established practice owners and young professionals further their ophthalmic careers. Headquartered in Pasadena, CA, the Company offers access to ophthalmology services from Fresno to San Diego.
News Article | May 15, 2017
The A-Scan Plus Connect®, in use at all five Perich Eye Center clinics, is the single most effective solution for measuring cataracts, calculating sizes and densities, and refining surgical outcomes. -- Perich Eye Center has added the industry's leading cataract measurement technology at its five offices, promising an improved patient experience for those facing refractive cataract surgery.The A-Scan Plus Connect, in use at every Perich Eye Center location, is the single most effective solution for measuring cataracts, calculating sizes and densities, and refining surgical outcomes. The state-of-the-art technology is effective with dense cataracts, and on patients with fixation difficulties.The A-Scan Plus Connect, made by Accutome, measures cataracts with ultimate precision and, because of its rapid measurement capture, means less time in the chair for patients. Measurement data is quickly and completely available to the entire refractive cataract surgery team via an improved user interface, complete portability for connecting with tablets or laptops, and streamlined data sharing."We're thrilled to adopt this top-line cataract measurement technology for its tremendous medical benefits, and also to improve the entire patient experience at our offices," said Dr. Larry M. Perich ( http://www.pericheye.com/ 73/Dr.-Larry- M.-Perich ) of Perich Eye Center ( http://www.pericheye.com/ ). "The A-Scan Plus Connectallows us to measure cataracts with amazing accuracy, and minimize time and discomfort in the process. Our patients benefit at every step."Improving patient care through technology is a continual process at Perich Eye Center. The central Florida eye care provider recently added several Outcome Health technology platforms at its offices to share information with patients for better education and engagement.With five locations, Perich Eye Centers serve the ever-changing eye care needs of greater Tampa and central Florida through state-of-the-art ophthalmological treatment, and ensuring measured outcomes that meet or exceed patient expectations. Its professional medical staff's expertise is backed by decades of research, education and training. Patient needs are always the guiding force in the clinic's ongoing pursuit of excellence, using the highest standards of quality and ethical values.More information is available by calling (727) 372-1311 or visiting www.pericheye.com.
News Article | May 25, 2017
Current patients can continue to expect the same services and level of care they received for more than 30 years, and now can receive the additional expertise of renowned ophthalmologists, Dr. Jitendra Swarup and Dr. Peter Mitrev. Dr. Swarup is eastern North Carolina's leading laser cataract surgeon, and Dr. Mitrev is a board-certified, fellowship trained glaucoma specialist. Also, the Outer Banks location is adding a new Optometrist, Nicholas E. Bem, OD. "This is going to be a natural progression for both practices," says Dr. William Blakemore, owner of Edenton and Outer Banks Eye Care, of the merger. "We're going to maintain the same expertise in Edenton and the Outer Banks that we have provided for years, with the addition of some other specialty services for these communities." Albemarle Eye Center provides expert LenSx surgery for the treatment of cataracts, lens replacement, glaucoma and other eye conditions at each of their locations in northeastern North Carolina. Each office also includes Optometry services, so patients can receive comprehensive eye care from one practice. To learn more about the merger, find a list of providers and services offered by Albemarle Eye Center, or to schedule an appointment, call 252-335-5446, or visit their website at http://www.precisioneyenc.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/albemarle-eye-center-merges-with-two-practices-in-the-east-300464059.html
News Article | April 17, 2017
In their March Ophthalmology Business article titled “The Shifting Role of the Modern Ophthalmic Administrator,” Medical Consulting Group Founder and Managing Principal William B. Rabourn and Hollingshead Eye Center Chief of Financial and Operations Louis Pennow reveal one of the best ways for administrators to adapt to their ever-mounting responsibilities and ensure practice profitability. Rabourn says the main issue is that many doctors are currently caught up in their own changing roles within the practice. They have yet to realize how the administrator’s “bucket” of job responsibilities has grown so full that it is unrealistic to expect one person to effectively tackle every crucial item on the practice management list. “Our aim with this article was to reveal how outsourcing, if done well and managed by a qualified administrator, could revitalize a practice,” says Pennow. RABOURN Bill Rabourn has 28 years of comprehensive experience in business strategy with a specialty in medical business. He provides consulting and creative services to a select group of medical and surgical ophthalmology and plastic surgery practices. Visit MedCGroup.com to contact him or to learn more. PENNOW Louis Pennow has more than 25 years of experience in managing high-volume refractive and cataract practices. Visit HollingsheadEyeCenter.com to contact him or to learn more.
News Article | June 1, 2017
"The day we transplanted a PDEK graft successfully at the Duke Eye Center was the epitome of my time here at Duke," Dr. Nariani says. "It was the day when we embarked on the transition from older forms of corneal transplantation to one that has the potential to utilize young donor cells while maintaining thin grafts, thereby enhancing optical clarity." "I believe that Miracles In Sight, by offering this exquisitely prepared donor PDEK tissue, is bringing in an era of a new and elevated standard for eye banking in the U.S.," Dr. Carlson says. The PDEK procedure involves injecting an air bubble into a donated cornea. The air bubble isolates the cornea's endothelium, Descemet's membrane, and the newly described Dua's Layer, creating a graft that is roughly 35 micrometers in thickness. "Two procedures – DSAEK and DMEK – are currently the most widely performed types of endothelial keratoplasty procedures," explains Isaac Perry, Director of Clinical Services at Miracles In Sight. "The current feedback from surgeons is that PDEK combines some of the advantages of each type of procedure, and may offer better outcomes for their patients." Perry adds, "We've worked tirelessly on perfecting this preparation technique for a year and a half. To see such a positive outcome and success is truly rewarding." Each year, MIS sponsors a cornea fellow at Duke. Dr. Nariani was last year's fellow, and culminated her fellowship with the PDEK transplant. "I am proud of the work done by Duke Eye Center and the Miracles In Sight Eye Bank," Dr. Nariani says. "Special thanks to Dr. Agarwal for helping us make the transition here in the United States." Currently, MIS provides corneas for more than 3,600 transplants each year. MIS has been providing eye banking services since 1951. In its more than 65-year history, the organization has developed well-known processes that ensure quality corneal tissue is delivered in a timely way to surgeons. As part of its mission, MIS provides extensive training and support opportunities for physicians and their staff, including scholarships for qualified surgeons to attend advanced industry training seminars, onsite training of physicians' office staff, and financial support for academic training at University hospitals in North and South Carolina. Miracles In Sight also hopes the successful surgery serves as a call to action for more people to become organ, eye and tissue donors. Our mission is to support the restoration, preservation and enhancement of sight through transplant, research, education and innovation. For more information about Miracles In Sight, the donation process and how you can become a donor, please visit www.miraclesinsight.org Miracles In Sight (formerly the North Carolina Eye Bank), based in Winston-Salem, NC, USA is one of the largest eye banks in the world. The mission of Miracles In Sight is to recover, process and distribute ocular tissue for the restoration of sight through corneal transplantation and related medical therapy and research. A significant part of this mission is stewardship focused on training and educating the medical community and supporting partners and organizations around the world. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/winston-salem-nc-based-miracles-in-sight-plays-critical-role-in-brand-new-surgical-technique-set-to-transform-corneal-transplantation-300467140.html
News Article | May 30, 2017
Un outil diagnostique révolutionnaire améliore de manière significative les résultats pour les patients astigmates qui subissent une chirurgie réfractive de la cataracte TORONTO, ONTARIO--(Marketwired - 30 mai 2017) - Alcon Canada, une division d'Alcon (le chef de file mondial en matière de soins oculaires), a fait l'annonce suivante aujourd'hui : le Valley Laser Eye Centre d'Abbotsford (C.-B.) est récemment devenu le premier établissement au Canada à offrir le système ORAMC doté de la technologie VerifEyeMC à ses patients ayant besoin d'une chirurgie de la cataracte. Le système ORAMC doté de la technologie VerifEyeMC est un aberromètre peropératoire qui permet le guidage par images et qui transmet en temps réel des données fiables aux ophtalmologistes. Ces derniers peuvent ainsi choisir la position et la puissance de la lentille intraoculaire de technologie avancée appropriées durant la chirurgie de la cataracte. « Le système ORAMC doté de la technologie VerifEyeMC est un outil très précieux pour les chirurgiens. Il permet d'améliorer les résultats liés à la vision après l'intervention, et ce, même chez les patients ayant déjà subi une correction de la vision au laser ou une photokératectomie réfractive », a dit le Dr John Blaylock, FRCSC, du Valley Laser Eye Center. « L'aberrométrie peropératoire ORA est le plus important progrès technologique dans le domaine de la chirurgie de la cataracte et de l'échange de lentille réfractive depuis l'arrivée de la chirurgie de la cataracte assistée par laser », a dit le Dr Blaylock. Plus tôt ce mois-ci, ce dernier a mené une discussion sur l'aberrométrie peropératoire lors de la réunion annuelle de la B.C. Society of Eye Physicians and Surgeons. D'après une étude, l'utilisation du système ORAMC doté de la technologie VerifEyeMC a permis de réduire de près de 54 % le nombre de patients qui n'atteignaient pas l'objectif prévu d'astigmatisme1. Le système s'est aussi révélé efficace dans les cas plus complexes, comme chez les patients ayant déjà subi une correction de la vision au laser. D'après une étude connexe, 45 % plus de patients ayant déjà subi ce type d'intervention atteignaient l'objectif de réfraction prévu pour la chirurgie de la cataracte lorsque celle-ci était réalisée avec le système ORA (comparativement aux chirurgies réalisées sans le système)2. « Le système ORAMC doté de la technologie VerifEyeMC joue le rôle d'une "police d'assurance" », dit Brian Chan, chef de produits principal, CORE, Lasers pour chirurgie réfractive et de la cataracte chez Alcon Canada. « Il permet aux chirurgiens de vérifier leurs mesures et de détecter les problèmes liés à la réfraction tout au long de l'intervention, y compris durant les moments cruciaux suivant le retrait du cristallin du patient qui présente une cataracte. » Utiliser ou non le système ORAMC doté de la technologie VerifEyeMC peut avoir d'autres répercussions importantes sur la qualité de vie des patients. « Le patient pourrait devoir porter des lunettes ou non après la chirurgie de la cataracte », dit M. Chan. En plus d'offrir une grande exactitude, le robuste logiciel du système (compatible avec toute la suite cataracte-réfraction d'Alcon) peut analyser les résultats après la chirurgie réfractive, et permettre aux chirurgiens de les comparer avec ceux de leurs collègues partout dans le monde. Selon le Dr Blaylock, « la précision du système ORA élimine l'incertitude liée à la prévision des résultats de la chirurgie réfractive, et réduit grandement le besoin de retirer et de remplacer les lentilles, ce qui est avantageux pour ma pratique et surtout pour mes patients. » Pour en savoir plus sur le système ORA, visitez le site : http://bit.ly/AlconOra Les cataractes sont la première cause de cécité traitable dans le monde. Elles touchent plus de 240 millions de personnes à l'échelle du globe, et sont fréquentes chez les gens de 55 ans et plus. En tant que chef de file mondial en matière de dispositifs médicaux et d'instruments associés à la chirurgie de la cataracte, Alcon offre la gamme de produits chirurgicaux la plus complète de l'industrie pour la chirurgie de la cataracte (notamment des instruments pour ce type d'intervention). Elle offre aussi des lentilles intraoculaires pour le traitement des cataractes et pour la correction de troubles liés à la réfraction, comme la presbytie et l'astigmatisme. Alcon Canada, une division d'Alcon, chef de file mondial en matière de soins oculaires, offre des produits novateurs qui améliorent la qualité de vie des gens du monde entier en leur procurant une meilleure vision. Les deux divisions d'Alcon - Applications chirurgicales et Soins oculaires - offrent le plus vaste éventail de produits de soins oculaires au monde. Alcon est la deuxième division en importance du Groupe Novartis, son chiffre d'affaires net ayant atteint 5,8 milliards de dollars américains en 2016. Alcon, dont le siège social est situé à Fort Worth, au Texas, est présente dans 75 pays, et ses produits sont en vente sur 180 marchés. Pour obtenir de plus amples renseignements, visitez le site : www.alcon.ca/fr
News Article | February 24, 2017
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.
News Article | March 3, 2017
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, email@example.com , 800-495-3937.SOURCE: Medical Management Services Group, L.L.C.
News Article | February 24, 2017
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, firstname.lastname@example.org , 800-495-3937.SOURCE: Medical Management Services Group, L.L.C.
News Article | February 15, 2017
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.