Physicians Realty Trust downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Todd Thomas downgraded Physicians Realty Trust (DOC) to Sector Weight from Overweight without a price target following the announced merger with Healthpeak (PEAK). While Physicians Realty Trust’s valuation appears more attractive following Healthpeak’s underperformance and increasing access to capital among lab space tenants could improve tenant demand in 2024, greater certainty around market rent trends and capital deployment opportunities likely remain key to the story, the analyst tells investors in a research note.