On this page of StockholderLetter.com we present the latest annual shareholder letter from Physicians Realty Trust — ticker symbol DOC. Reading current and past DOC letters to shareholders can bring important insights into the investment thesis.

Governor Tommy G. Thompson
Chairman, Board of Trustees
John T. Thomas
President & Chief Executive Officer
A Year to be
Smart,
Strong,
& Steadfast
Dear Shareholders,
2022 required Physicians Realty Trust (NYSE: DOC) to be exceptionally smart, focus on our
strengths, and remain steadfast in our commitment to our core values of C.A.R.E.: Collaborate
and Communicate, Act with Integrity, Respect the Relationship, and Execute Consistently.
3
Corporate Headquarters | Milwaukee, WI
In a year marked by inflation and rising interest rates,
our Total Shareholder Return (   TSR   ) outperformed our
health care REIT peer group and the MSCI U.S. REIT
Index (   RMZ   ). We capitalized on strategic portfolio
opportunities, which translated into an increase in our
cash net operating income for the ninth consecutive
year. Similarly, our talented team carefully managed
capital expenditures and remained disciplined in
controlling general and administrative costs. These
measures resulted in our highest Funds Available
for Distribution (   FAD   ) in company history, from
$219 million in 2021 to $242 million in 2022.1
In addition to our strong
portfolio and financial
performance in 2022, our
talented team continued
to earn local and national
accolades. The Milwaukee
Journal Sentinel named us
to their Top Workplaces list.
Five Time Consecutive Winner
DOC ended 2022 with our balance sheet in a position
of strength, with debt representing only 30% of our
Gross Assets. Because we have always managed our
capital structure carefully, only $298 million of our
outstanding debt is short-term variable-rate debt. Of
this debt, $193 million is on our revolving line of credit
that extends through 2025. The remaining $105 million
is comprised of mortgages that mature in 2026 and
2028. Also, 84% of our consolidated debt is fixed or
hedged, and the earliest of our material debt doesn   t
mature until 2027. We believe our exposure to the
dramatic increases in interest rates in 2022 is limited
and manageable.
We ended the year with over 16 million square feet of
high-quality outpatient medical space, 95% leased,
with a weighted average lease term of 5.6 years, due
in no small part to our hospital and physician group
relationships. Overall, 67% of our consolidated space
is leased to investment grade quality health systems
or their subsidiaries. We believe this is the highest
percentage in the medical office industry and provides
superior strength to the stability of our cash flows.
Modern Healthcare honored us with Best Places to
Work recognition for the second consecutive year.
These prestigious awards embody the close family
culture that thrives at DOC and our reputation as a
place that empowers our team to provide industryleading customer service to our health care provider
partners and their patients.
1. See page 58 of the attached annual report on Form 10-K for a reconciliation to GAAP net income.
5
 • shareholder letter icon 3/23/2023 Letter Continued (Full PDF)
 • stockholder letter icon More "REITs" Category Stockholder Letters
 • Benford's Law Stocks icon DOC Benford's Law Stock Score = 88


DOC Shareholder/Stockholder Letter Transcript:


Governor Tommy G. Thompson
Chairman, Board of Trustees
John T. Thomas
President & Chief Executive Officer

A Year to be
Smart,
Strong,
& Steadfast
Dear Shareholders,
2022 required Physicians Realty Trust (NYSE: DOC) to be exceptionally smart, focus on our
strengths, and remain steadfast in our commitment to our core values of C.A.R.E.: Collaborate
and Communicate, Act with Integrity, Respect the Relationship, and Execute Consistently.
3

Corporate Headquarters | Milwaukee, WI

In a year marked by inflation and rising interest rates,
our Total Shareholder Return (   TSR   ) outperformed our
health care REIT peer group and the MSCI U.S. REIT
Index (   RMZ   ). We capitalized on strategic portfolio
opportunities, which translated into an increase in our
cash net operating income for the ninth consecutive
year. Similarly, our talented team carefully managed
capital expenditures and remained disciplined in
controlling general and administrative costs. These
measures resulted in our highest Funds Available
for Distribution (   FAD   ) in company history, from
$219 million in 2021 to $242 million in 2022.1
In addition to our strong
portfolio and financial
performance in 2022, our
talented team continued
to earn local and national
accolades. The Milwaukee
Journal Sentinel named us
to their Top Workplaces list.
Five Time Consecutive Winner
DOC ended 2022 with our balance sheet in a position
of strength, with debt representing only 30% of our
Gross Assets. Because we have always managed our
capital structure carefully, only $298 million of our
outstanding debt is short-term variable-rate debt. Of
this debt, $193 million is on our revolving line of credit
that extends through 2025. The remaining $105 million
is comprised of mortgages that mature in 2026 and
2028. Also, 84% of our consolidated debt is fixed or
hedged, and the earliest of our material debt doesn   t
mature until 2027. We believe our exposure to the
dramatic increases in interest rates in 2022 is limited
and manageable.
We ended the year with over 16 million square feet of
high-quality outpatient medical space, 95% leased,
with a weighted average lease term of 5.6 years, due
in no small part to our hospital and physician group
relationships. Overall, 67% of our consolidated space
is leased to investment grade quality health systems
or their subsidiaries. We believe this is the highest
percentage in the medical office industry and provides
superior strength to the stability of our cash flows.
Modern Healthcare honored us with Best Places to
Work recognition for the second consecutive year.
These prestigious awards embody the close family
culture that thrives at DOC and our reputation as a
place that empowers our team to provide industryleading customer service to our health care provider
partners and their patients.
1. See page 58 of the attached annual report on Form 10-K for a reconciliation to GAAP net income.
5



shareholder letter icon 3/23/2023 Letter Continued (Full PDF)
 

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