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Moody's affirms Physicians Realty operating unit ratings from SNL Real Estate Daily Moody's affirms Physicians Realty operating unit ratings BYLINE: Sylvia Cycil Moody's affirmed its ratings on Physicians Realty Trust's operating subsidiary, with a stable outlook. The action pertains to Physicians Realty LP's Baa3 senior unsecured debt rating and (P)Baa3 senior unsecured shelf rating. The rating reflects the healthcare real estate investment trust's steady operating performance, which Moody's expects will continue given the favorable outlook for its medical office building portfolio. Moody's also noted that Physicians Realty maintains solid credit metrics for its existing rating category with minimal secured debt levels and robust fixed-charge coverage. The rating agency said the competitive acquisition market remains the main credit challenge for the REIT, along with tenant concentration. The stable outlook takes into account Moody's expectation that the REIT will continue to grow its portfolio, investing in well-located medical office buildings, while maintaining modest leverage. |
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