Milwaukee-based health care real estate investment trust Physicians Realty Trust today reported its revenue was up 82 percent in 2016’s fourth quarter, compared to the same period in 2015.
The company, which invests in health care properties around the country and leases them back to physician groups, reported $73.7 million in fourth quarter revenue, up from $40.4 million in the fourth quarter of 2015.
However, the company’s expenses nearly doubled, to $65.1 million, driven by higher operating expenses, including $3.7 million in uncollectible rent and $12.4 million more in depreciation and amortization. PRT’s net income was $8.6 million, or 6 cents per diluted share, up from $5.9 million, or 6 cents per share, in the fourth quarter of 2015.
The REIT invested $226.5 million in 11 health care facilities in the fourth quarter.
For the full year, PRT reported net income of $31.5 million, or 22 cents per diluted share, up from $12.7 million, or 15 cents per share, in 2015.
Its 2016 revenues totaled $241 million, up from $129.4 million in the prior year.
PRT expects to spend between $800 million and $1 billion on real estate investments in 2017. It plans to sell nine of its assets in 2017, bringing in about $100 million.
“2016 was a remarkable and transformative year for Physicians Realty Trust,” said John Thomas, president and chief executive officer. “We continued our strong investment and asset management performance in the fourth quarter, and entered 2017 with an outstanding pipeline. We have already purchased $110 million in outstanding medical office facilities in 2017, and now have completed nearly $3 billion in investments since our initial public offering a little more than three years ago.”
