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DOC > SEC Filings for DOC > Form 8-K on 27-Aug-2013All Recent SEC Filings

Show all filings for PHYSICIANS REALTY TRUST



Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

Effective August 21, 2013, Physicians Realty Trust (the "Company"), through its operating partnership, Physicians Realty L.P. (the "Operating Partnership"), entered into an Agreement of Sale and Purchase (the "Purchase Agreement") with 6800 Preston Limited, a Texas limited partnership (the "Seller"), to acquire from the Seller a 66-bed post-acute care specialty hospital, accredited by JCAHO, located in Plano, Texas for $18.2 million. The hospital is currently leased to Lifecare Hospitals of North Texas, L.P. and the Operating Partnership will acquire the Seller's interest in the remaining term of the lease, which expires in 2023, with two five year options for the tenant to extend. The tenant's obligations under the lease are guaranteed by Lifecare-Hospitals, L.L.C., which operates 26 hospitals in nine states. The Company expects to fund the purchase price for the property with proceeds from the Company's recently completed initial public offering.

The material terms of the Purchase Agreement provide for (i) a due diligence period ending on September 18, 2013 and (ii) a closing date to occur ten days after the expiration of the due diligence period or such earlier date as the Operating Partnership may designate by giving at least five days advance notice to the Seller, but in no event later than September 27, 2013. However, because the acquisition is subject to customary closing requirements and conditions, the Company can give no assurance that the transaction will be consummated during that time period, or at all.

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