Milwaukee-based real estate investment trust Physicians Realty Trust today reported a second quarter net loss of $600,000, or 2 cents per share, compared to a net loss of $283,000 in the second quarter of 2013.
Total revenues were $11.4 million, up significantly from $3.4 million in the same period a year ago.
PRT surpassed $500 million in real estate portfolio value during the quarter. It also closed on eight acquisitions totaling nine buildings and 279,000 square feet for $73.6 million.
“We are very pleased with our recent performance, as we achieved a significant milestone in portfolio growth, while expanding our leadership team and further enhancing our capital position,” said John Thomas, president and chief executive officer. ”During the second quarter, we utilized our strong balance sheet to close over $73 million in acquisitions. This includes dual-tenant buildings in Bloomington, Ind. and our home state of Wisconsin, as well as our first property in North Carolina. Additionally, we closed on the purchase of a medical office building in Jackson, Miss. and a medical pavilion in Carmel, Ind. We are particularly excited with the purchase of these two properties as the former owners of both buildings, primarily physicians, opted to take a portion of the proceeds from the acquisition in operating partnership units, demonstrating their confidence in the long-term success of Physicians Realty Trust. We also acquired two properties in Pennsylvania and one property in each of Indiana and Mississippi. We have strong portfolio representation in each of these three states. Finally, with the acquisition of three buildings in Bloomington, Ind. on July 1, we surpassed $500 million in total real estate assets within our portfolio. We are extremely proud of this achievement given that we started from an initial portfolio of just $124 million in July of last year.”
