Physicians Realty Trust (NYSE: DOC) made some significant gains this past quarter, the self-managed health care real estate investment trust (REIT) announced Wednesday.

At $70 million, the Milwaukee-based company’s third-quarter 2016 total revenue beat analysts’ expectations by $3.8 million, and was 101% more than its third-quarter 2015 revenue of $34.9 million. The REIT’s third-quarter 2016 net income increased to $10.3 million, compared with its net income of $4 million in the third quarter 2015.

The company’s third-quarter 2016 FFO of 27 cents missed analysts’ expectations by 1 cent, and its portfolio was 95.7% leased as of Sept. 30, 2016.

On Wednesday’s earnings call, CEO John Thomas touched on how the reported merger talks between Catholic Health Initiatives (CHI) and Dignity Health might impact Physicians Realty Trust.

“At this time and after discussions with CHI senior leadership we do not have any additional information to share [about the potential merger], but [we] also remain confident in the future of our CHI relationship, the value of our CHI medical office facilities and potentially an increased opportunity to grow with a CHI and Dignity combined entity,” Thomas said on the call.

Thomas added that Physicians Realty Trust recently held a stewardship meeting with CHI’s C-suite, and Physicians Realty Trust is consequently “more excited than ever about the opportunity to partner with them.”

Physicians Realty Trust raised its acquisition guidance from $1 billion to $1.25 billion, and now anticipates to close between $1.2 billion and $1.3 billion of total real estate investments this year, subject to favorable capital market conditions, the company said in a press release. The company also announced a slew of recent transactions, including the acquisitions of nine health care properties with a combined 426,591 net rentable square feet. These investments totaled about $125.4 million.

Additionally, since Sept. 30, 2016, Physicians Realty Trust has purchased two condominium units containing an aggregate of 55,215 net leasable square feet for an aggregate purchase price of $29.4 million. The company also entered into a single joint venture, representing an investment of $0.9 million and resulting in total subsequent investments of $30.3 million.

Physicians Realty Trust was founded in 2013.

Written by Mary Kate Nelson