Where
Strength
Meets
Resilience

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DEAR SHAREHOLDERS,

The Board of Trustees and the Physicians Realty Trust (NYSE: DOC) team are very proud to report our results for 2019 and look forward to 2020. Since our inception in 2013, we have grown from $124 million to $4.8 billion in gross real estate investments as of December 31, 2019, representing 76% compound annual growth. We invested $452 million into high-quality medical office facilities in 2019, producing 10% annual growth. We could not have generated this growth without investors like you. Many of you have been with us since our IPO and many have joined along the way. We thank you.

We ended 2019 with a healthy portfolio, a strong balance sheet, and a pipeline poised for 2020 growth. 2019 provided opportunities to showcase the resilience of healthcare real estate, especially outpatient-focused medical office real estate, and we expect continued growth and resiliency for years to come. Download PDF

John T. Thomas

President & CEO

Gov. Tommy G. Thompson

Chairman, Board of Trustees

John T. Thomas

President & CEO

Gov. Tommy G. Thompson

Chairman, Board of Trustees

DEAR SHAREHOLDERS,

The Board of Trustees and the Physicians Realty Trust (NYSE: DOC) team are very proud to report our results for 2019 and look forward to 2020. Since our inception in 2013, we have grown from $124 million to $4.8 billion in gross real estate investments as of December 31, 2019, representing 76% compound annual growth. We invested $452 million into high-quality medical office facilities in 2019, producing 10% annual growth. We could not have generated this growth without investors like you. Many of you have been with us since our IPO and many have joined along the way. We thank you.

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2019 Shareholder Return

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Leased Rate

- YRS

Average Remaining Lease Term

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2019 Average Same-Store NOI Growth

Investment and Portfolio Statistics

MOB Same-Store Cash NOI History

DOC’s portfolio achieved MOB Same-Store Cash NOI growth at the top end of Management’s 2% to 3% target range throughout 2019.

FAD PER SHARE HISTORY

Indexed to 1Q15

60 70 80 100 90 110 120 130 140 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 1Q16 2Q16 3Q16 4Q16 1Q15 2Q15 3Q15 4Q15 1Q17 2Q19 3Q19 4Q19 DOC HTA HR (2%) (13%) +33%
DOC benchmarks itself against its peer group using Funds Available for Distribution (FAD), demonstrating superior cash flow growth per share since 2015.

Portfolio Leased Rate

88% 90% 92% 94% 96% 98% DOC Big Three (VTR, PEAK, WELL) - Avg. Peer Competitors (HTA, HR) - Avg. 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 1Q16 2Q16 3Q16 4Q16 1Q15 2Q15 3Q15 4Q15 1Q17 2Q19 3Q19 4Q19 92% 89% 96%
DOC continues to lead the healthcare REIT industry in its portfolio leased rate.

EXPIRING TENANT RENTS

% Leased Gross Leasable Area

DOC’s well-laddered lease expiration schedule provides stability and consistent cash to our investors.

Total Performance Return Since DOC IPO

As of December 31, 2019

A history of strategic growth

Timeline

Since our founding in July 2013, DOC's incredible growth has been built on strong relationships with physicians and hospital executives across the country and centered on a culture of industry-leading customer service and operational excellence.