Last updated on May 15th, 2019 at 05:04 pm
Milwaukee-based real estate investment trust Physicians Realty Trust, which invests in health care facilities, today reported it more than doubled its revenue year-over-year.
Fourth quarter revenue totaled $40.4 million in the fourth quarter, up 105 percent from $19.7 million in the same period a year ago.
Net income in the fourth quarter was also much higher at $5.9 million, or 6 cents per diluted share, up nearly 200 percent from $2 million, or 4 cents per share, in the fourth quarter of 2014.
During the fourth quarter, PRT invested $152.8 million in 19 health care facilities totaling 494,567 leasable square feet. Its overall portfolio was 95.8 percent leased at the end of 2015.
The company raised $320.9 million in net equity from its public offering of 21 million shares in January.
Physicians Realty Trust expects to make real estate investments totaling between $750 million and $1 billion in 2016.
“We are very proud of our operating performance and growth completed during the fourth quarter and all of 2015,” said John Thomas, president and chief executive officer of PRT. “As a pure play medical office and outpatient care real estate investor, the substantial majority of our revenues are provided by private pay tenants, and we have no exposure to nursing homes or senior housing facilities which are being negatively impacted by cost pressures and increasing supply. We appreciate the strong support by our investors in the follow-on offerings completed in October of last year and most recently on January 25, 2016, both of which further strengthened our balance sheet and positioned us for continued and sustainable growth.”