After accounting for a 74 percent year-over-year increase in expenses, Physicians Realty Trust ended the second quarter with net income of $7.2 million, compared to net income of $3.3 million in the same period of 2015.
In April, PRT said it was looking to boost its portfolio with the addition of 52 medical office facilities owned by Englewood, Colo.-based Catholic Health Initiatives. In May, PRT closed the first tranche of 26 medical offices, and the company closed the second tranche of 20 offices in July. Since then, PRT has closed on one additional medical office in the CHI portfolio.
“We are proud of our team’s hard work and unique ability to underwrite, inspect, document and close on the acquisition of over 50 facilities this quarter, investing $680 million over just three months time,” Physicians Realty Trust said. The closing of 46 buildings in the CHI portfolio accounted for $615.5 million of the $679.5 million investment activity.
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