Last updated on May 15th, 2019 at 04:56 pm
Physicians Realty Trust, a self-managed health care real estate investment trust, announced its second quarter financial results Friday, which included increases in revenue and net income.
Total revenue for the second quarter was up 43.9 percent from the same period last year, to $76.6 million. As of June 30, 2017, the portfolio was 96.3 percent leased.
Net income for the second quarter of 2017 grew to $10.3 million, compared to net income of $7.2 million for the second quarter 2016, an increase of 43.8 percent.
Total expenses for the second quarter 2017 were $71.6 million, an increase of 55.5 percent from the same period in 2016. The increase in expenses was primarily the result of an $8.3 million increase in depreciation and amortization, a $6.7 million increase in operating expenses, and a $7.2 million increase in interest expense.
Physicians Realty Trust has grown rapidly since its 2013 formation and initial public offering.
“We completed another very successful quarter of growth, continuing our long-term strategy of partnering directly with high quality health systems and high quality physician groups,” John Thomas, president and CEO of Physicians Realty Trust said in a written statement. “The transactions we completed directly and indirectly with Baylor Scott & White Health, Ascension Health, and Catholic Health Initiatives, and the announced and pending Northside Hospital transaction, demonstrate the strength of our relationships with these great health care systems and our belief that when health systems and other providers have the option to choose a trusted real estate capital and operating partner, they often will choose Physicians Realty Trust.”
As of Friday, PRT had entered into definitive agreements, made directly or indirectly through subsidiaries of our Operating Partnership, to acquire eight more health care properties in six states, comprising approximately 763,554 net leasable square feet, for an aggregate purchase price of approximately $280.2 million.
The company expects to close between $1.2 billion and $1.4 billion of total real estate investments in 2017, subject to favorable capital market conditions.