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Physicians Realty Trust shares up after debut

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July 19, 2013 11:22 AM EST | AP

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MILWAUKEE — Physician Realty Trust shares rose slightly on their first day of trading.

The health care real estate investment trust priced its initial public offering of 10.4 million shares at $11.50 per share, the low end of its expected range of $11.50 to $13.50.

By midmorning, its shares had added 2 cents and were trading at $11.52 amid a dip in the broader market.

Physician Realty Trust said that it anticipates net proceeds of $109.8 million from the offering after costs that it will ultimately use to pay down debt, buy the remaining stake of an entity that owns one of its properties and for other corporate purposes.

The company, based in Milwaukee, was recently organized to acquire, develop, own and manage health care properties that are leased to physicians, hospitals and health care delivery systems.

Physicians Realty has granted the underwriters a 30-day option to purchase nearly 1.6 million shares to cover overallotments. The underwriters include Wunderlich Securities Inc., Oppenheimer & Co. Inc., Janney Montgomery Scott LLC, JMP Securities LLC and BB&T Capital Markets.

The shares are listed on the New York Stock Exchange under the symbol "DOC."

The IPO comes on the same day as another real estate investment trust, Rexford Industrial Realty, made its market debut. Brixmor Property Group Inc., a real estate investment trust under private equity firm The Blackstone Group, said earlier this month that it also intends to go public.