Milwaukee-based health care real estate investment trust Physicians Realty Trust reported its revenue was up 76.7 percent in the first quarter, compared to the same period in 2016.
The company, which invests in health care properties around the country and leases them back to physician groups, reported net income also grew in the first quarter 23.8 percent to $6.7 million, compared to net income of $5.4 million for the first quarter 2016.
As of March 31, the company’s real estate portfolio was 96.5 percent leased.
“Our continued disciplined growth serves to enhance our operational scale and platform, as evidenced by our outstanding operating results and more than 96 percent portfolio occupancy, among the best in the health care REIT industry,” said John Thomas, president and chief executive officer of Physicians Realty Trust.
Total expenses for the first quarter increased 80.6 percent from the same period in 2016. The expenses were $70 million. The increase in expenses was primarily the result of an $11.9 million increase in depreciation and amortization, an $11.1 million increase in operating expenses, and a $5.6 million increase in interest expense.
Some of the transnational highlights of the quarter include: the sale of four medical office buildings in Georgia for approximately $18.2 million, with a recognized gain of $5.5 million.
During 2016, PRT entered into separate agreements to purchase more than 50 medical office facilities from regional health systems controlled by Catholic Health Initiatives. The company later decided not to complete two of the acquisitions.
On March 28, PRT completed the acquisition of the Creighton University Medical Center in Omaha, Nebraska, for approximately $33.5 million.
