Last updated on May 15th, 2019 at 05:05 pm
Milwaukee-based Physicians Realty Trust today reported second quarter net income of $3.3 million, or 4 cents per share, compared with a net loss of $600,000, or 2 cents lost per share, in the second quarter of 2014.
The real estate investment trust, which made its initial public offering two years ago, reported revenue of $29.7 million, up from $11.4 million in the same period a year ago.
During the quarter, PRT purchased 13 facilities totaling 460,857 square feet for about $157 million.
“We continued to execute our growth strategy during the second quarter by adding 14 high quality health care investments to our portfolio with an aggregate value of $157 million,” said John Thomas, president and chief executive officer. “We are excited about our growth trajectory and our team’s execution and ability to source premium health care providers and their facilities. The facilities we have purchased during the second quarter align our fast-growing REIT with forward-thinking physician groups, positioning themselves to deliver the highest quality health care in an evolving consolidating U.S. health care system. The IMS Phoenix portfolio, discussed in further detail below, is another powerful example of large primarily on-campus physician-developed and owned medical office facilities occupied by primary care, specialists and health care systems on the leading edge of the rapid expansion of outpatient health care delivery, providing higher quality, in more efficient, lower cost settings.”