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DEAR SHAREHOLDERS,

In 2020, our Board of Trustees and the Physicians Realty Trust (NYSE: DOC) team rose to meet the challenges of a year unlike any other. Our success resulted from our continued dedication to our core values, summarized by C.A.R.E.: Collaborate and Communicate, Act with Integrity, Respect the Relationship, and Execute Consistently.

By adhering to C.A.R.E., we remained disciplined, operationally and financially, to deliver safer health care facilities for our providers and their patients, as well as safer results for our shareholders. During 2020, we collected over 99% of all rent and other charges due from our tenants. We ended the year with the lowest outstanding accounts receivable balance we have ever had as a percentage of revenue and an occupancy rate of 96%, the highest of all public owners of medical office facilities. While the equity market was volatile, we ended the year with the best total shareholder return of any public REIT with a significant medical office portfolio.

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Investment and Portfolio Statistics

Portfolio Leased Rate

DOC continues to lead the health care REIT industry in its portfolio leased rate.

EXPIRING TENANT RENTS

% Leased Gross Leasable Area

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

MOB Same-Store Cash NOI History

DOC’s portfolio has averaged MOB Same-Store Cash NOI growth of 2.2% since 2019, in line with Management’s 2% to 3% target range.

FAD PER SHARE HISTORY

Indexed to 1Q16

DOC benchmarks itself against its peer group using Funds Available for Distribution (FAD), demonstrating superior cash flow growth per share over both the long and short term.
HTA and HR FAD adjusted to include $4.7mm and $0.9mm, respectively, in recurring tenant bad debt expense incurred during 2Q 2020.

Total Performance Return Since DOC IPO

As of December 31, 2020