Grubb & Ellis Healthcare REIT II, Inc. reported net operating income of approximately $4.8 million in the first quarter of 2011, an increase of more than 30% compared to the $3.7 million during the fourth quarter of 2010.
Funds from operations came in at $1.3 million, up from $236,000 in the fourth quarter of 2010.
The REIT reported a net loss of $885,000, a significant improvement over the loss of $1.6 million recorded in the fourth quarter of 2010.
“Grubb & Ellis Healthcare REIT II continued to perform strongly during the first quarter of the year, following an exceptional 2010 when we began property operations and established a pattern for robust quarterly growth,” said Danny Prosky, president and chief operating officer. “During the first quarter we expanded our portfolio with three accretive acquisitions and realized impressive quarter-over-quarter growth as a result.”
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