Milwaukee-based real estate investment trust Physicians Realty Trust today reported fourth quarter net income of $2 million, or 4 cents per share, recovering from a loss of $638,000, or a 4 cent loss per share, in the fourth quarter of 2013.
The company, which focuses on health care facility acquisitions and leasebacks nationwide, reported fourth quarter revenue of $19.7 million, up from $6.5 million in the same period a year ago.
PRT made $104.8 million in investments in the fourth quarter, which included 24 buildings totaling 575,449 square feet and one medical office building term loan.
For the full year, Physicians Realty Trust recorded a net loss of $4.4 million, or a 12 cent loss per share, compared with a net loss of $2.6 million, or a 13 cent loss per share, in 2013.
The company’s 2014 revenue was $53.3 million, up from $17 million in 2013.
PRT has made $172 million of investments so far in 2015.
“Including these newly acquired facilities, we have grown our portfolio from $124 million in gross real estate assets at our IPO just over 18 months ago to over $990 million today,” said John Thomas, president and chief executive officer of PRT. “We continue to focus on the growth and quality of our cash flow and dividend coverage. We are very proud of the quarterly normalized funds from operations of 22 cents per share achieved during the fourth quarter, an increase of 22 percent over the third quarter, and an increase of 57 percent over the fourth quarter of 2013. Total revenue for 2014 was $53.3 million, compared to $17 million in 2013, an increase of 213%. We are excited about our growth trajectory and our team’s execution and ability to continue to source the highest quality health care providers and their facilities, as we strive to become the leading owner of high quality health care facilities in the US.”
