Milwaukee-based Physicians Realty Trust announced it has made $234 million in nine acquisitions of 23 properties in nine states since January 1.
The Real Estate Investment Trust, which invests in health care real estate, said the acquisitions amounted to 913,636 gross leasable square feet. In addition, the company recently purchased for $6.5 million the seven-story Renaissance on Water office building in Milwaukee’s Historic Third Ward, which will house its headquarters.
PRT recently sold a vacant 20,329-square-foot medical office building in its portfolio for $1.6 million.
“The Physicians Realty Trust Team has completed our busiest quarter yet, and we have achieved two very important milestones, furthering our commitment to building and managing our organization to deliver stable cash flow and outstanding total shareholder returns for the long term,” said John Thomas, president and chief executive officer. “We have surpassed $1.05 billion in total gross real estate assets and identified a permanent home for our team. … We now own more than 4 million square feet of medical facilities in 22 states, more than 95 percent leased with 10 years of average lease term remaining. We believe we have established solid foundation for stable and increasing cash flow and future growth. We also have invested in our future through the acquisition of the Renaissance office building in Milwaukee. We anticipate that this historic and wonderful facility will produce quality investment returns for our shareholders and will be a valuable tool for retention and recruitment for our team as we continue to grow the company.”
