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FBR Capital Markets & Co. initiates coverage of Physicians Realty Trust at 'outperform'

FBR CapitalMarkets & Co. analyst Bryan Maher initiated coverage of Physicians Realty Trust with a rating of "outperform,"and a price target of $23.

The analystwrote in a research report: - "We think DOC is one of the better-positionedgrowth stories in the healthcare REIT space. The company has grown at a tremendouspace since it was founded in 2013. Assets have grown from $124 million at its IPOin July 2013 to $2.9 billion at YE16. In fact, DOC acquired $1.3 billion in healthcarereal estate in 2016 alone and forecasts $800 million to $1 billion in acquisitionsin 2017. Driving this growth, management's deep industry relationships help theREIT to source non-marketed (or lightly marketed) transactions. It has also benefitedfrom timely capital markets transactions (both equity and debt), which have helpedto keep leverage to 35% (total debt/total assets), resulting in an investment-graderating from Moody's (Baa3)."