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Companies & People: DOC picked up the pace in late 2020

REIT invested $208.2 million in Q4 after a slow first three quarters of the year

By John B. Mugford

Physicians Realty Trust acquired the newly completed, 56,800 square foot Ascension Sacred Heart Health Center at Summit, Pensacola, Fla., in December for $32.4 million. (Photo courtesy of Ascension)

Like a number of the other publicly traded healthcare real estate investment trusts (REITs), Milwaukee-based Physicians Realty Trust (NYSE: DOC) slowed its investment activity throughout most of the pandemic-ridden year of 2020.

But as the year came to a close, DOC significantly picked up the pace, making investments totaling $208.2 million in the fourth quarter (Q4), according to its Feb. 25 earnings report. That was three times the total of $67.3 million that the REIT had invested all year up to that point, as earlier pandemic restrictions hampered healthcare and real estate activity in most areas.

DOC, which primarily focuses on medical office buildings (MOBs), made acquisitions totaling $275.5 million last year — not a staggering figure for a REIT that has, since its founding in 2013, accumulated a $5 billion portfolio with more than 275 properties.

However, as it looks to 2021, DOC anticipates that the acquisition momentum it started in Q4 will continue. In its earnings report, the firm put its investment guidance, or its anticipated acquisition activity, for the coming year at between

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