DOC-Integrated Medical Services Avondale, Arizona building. Photo by Physicians Realty Trust
Physicians Realty Trust, a healthcare properties real estate investment trust, revealed it invested about $1.287 billion in 2016, $225 million of that in the fourth quarter as it bought 11 additional medical office facilities.
The "record growth," according to a statement from President and CEO John Thomas, was led in large part by the company's investment in facilities affiliated with Catholic Health Initiatives. He said PRT now has 11 million rentable square feet of medical office space, of which more than 95 percent is leased, and about 1,100 health system and medical service provider tenants.
As the company announced those figures, it also bid farewell to founder John Sweet, who officially retired on Dec. 31. Sweet had been serving as executive vice president and chief investment officer, and will continue in a consulting role with the company.
Prior to the company's initial public offering, Sweet served from 2005 to 2013 as a managing director for the investment banking firm BC Ziegler, and raised and managed a medical office building investment fund which became the initial core portfolio for PRT.
In 2002, he cofounded Windrose Medical Properties Trust, a publicly traded medical office REIT that was sold in 2006 to Healthcare REIT, now known as Welltower. From 1997-2001, he was a managing director of BC Ziegler, engaged in healthcare-related mergers and acquisitions.
Over a span of 50 years, Sweet served in numerous financial positions with public and private companies, as well as serving in senior advisory positions with family investment offices. He has also served on the boards of philanthropic and charitable organizations and was in the U.S. Army from 1968-1970. He has a B.S. in Business Administration from St. John Fisher College and a Master's from Rochester Institute of Technology.
Sweet was most recently appointed to the Board of Directors of Wheeler Real Estate Investment Trust.
Deeni Taylor succeeded Sweet on Jan. 1. Taylor joined the Company on Oct. 1, 2015 after a nine-year stint with Indianapolis-based Duke Realty, Inc. Prior to that he had a 25-year hospital career, serving as executive vice president and chief strategy officer for St. Vincent Health, an Ascension Health Ministry, including 16 hospitals serving central Indiana.
He also served as President of UNITY Health Management Services in Birmingham, Alabama and worked for Ascension's St. Vincent's Hospital in Birmingham as the vice president of planning and marketing. Prior to that, He worked for St. Joseph Hospital in Augusta, Georgia, where he served as Vice President Ancillary Services.
The company also announced that it has named Daniel Klein to the newly created position of senior vice president-deputy chief investment officer. He joined the company in 2016.