Physicians Realty Trust
Physicians Realty Trust (formerly NYSE: DOC) was a U.S. healthcare REIT that owned and leased outpatient medical office buildings to healthcare providers and health systems. Effective March 1, 2024, it merged into Healthpeak Properties, ceasing to exist as an independent listed entity.
- Company typePublic
- Founded2013
- HeadquartersMilwaukee, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Physicians Realty Trust does
Physicians Realty Trust (formerly NYSE: DOC) was a publicly traded U.S. healthcare REIT that owned and managed a portfolio of outpatient medical office buildings leased primarily to healthcare providers, physician groups, and health systems. Founded in 2013 and headquartered at 309 N Water St., Milwaukee, WI, the trust operated through a wholly-owned operating partnership, Physicians Realty L.P., which held the company's real estate assets and co-borrowed on its credit instruments. Its core offering was the Outpatient Medical Facilities Portfolio — a single-platform investment vehicle focused on purpose-built clinical real estate supporting the secular shift from inpatient to outpatient care delivery. Ancillary services included a Tenant Login Portal for building tenants and an Investor Relations Portal hosting SEC filings, annual reports, ESG reports, and press releases.
Economically, the trust generated recurring revenue through long-term triple-net and gross-lease rental income on its medical office building portfolio, with economic terms negotiated lease-by-lease rather than via published pricing. Growth was funded through a combination of equity issuance and debt, including a $1.4 billion unsecured credit facility and a $400 million five-year unsecured term loan (maturing May 2028) used to finance acquisitions and development. The go-to-market was a sales-led, direct-to-tenant B2B motion via the corporate website, a (844) DOC-REIT phone line, and investor-facing channels, primarily serving U.S.-based healthcare tenants across the North American outpatient medical market, which was sized at $19.8 billion in 2024.
As of March 1, 2024, Physicians Realty Trust completed a merger with Healthpeak Properties, ceasing to exist as an independent listed entity. Post-merger, outpatient medical accounts for 50% of Healthpeak's combined portfolio income and, together with Lab space, generates over 85% of net operating income; Healthpeak has realized approximately $70 million in synergies from the combination and continues to execute a $1 billion capital recycling strategy. The DOC brand, ticker, and website (docreit.com) now redirect to healthpeak.com, and all current operational disclosures are issued under the Healthpeak Properties name.
Physicians Realty Trust firmographics
Firmographics- Name
- Physicians Realty Trust
- Legal name
- Physicians Realty Trust
- Website
- https://docreit.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Acquired
- Headcount range
- 101–250 employees
- Short description
- Physicians Realty Trust (formerly NYSE: DOC) was a U.S. healthcare REIT that owned and leased outpatient medical office buildings to healthcare providers and health systems. Effective March 1, 2024, it merged into Healthpeak Properties, ceasing to exist as an independent listed entity.
- Ownership category
- akta.pro rank
Physicians Realty Trust industry classification
Industry- Product category
- Healthcare REIT — Outpatient Medical Office Real Estate
- NAICS
- Offices of Physicians (except Mental Health Specialists) (621111), Offices of Physicians (62111), Trusts, Estates, and Agency Accounts (52592)
- SIC
- Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531), Real Estate Dealers (For Their Own Account) (6532)
- akta.pro primary industry
- Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)
- akta.pro secondary industries
- Healthcare & Medical Office Brokerage (BPAJABAF), Healthcare & Medical Office Tenant Representation (BPAJALAF), Healthcare & Medical Office Property Management (BPAJAGAF)
Keywords
Where Physicians Realty Trust is headquartered
LocationHeadquarters
- HQ city
- Milwaukee
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Physicians Realty Trust business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Rental income from outpatient medical office buildings: Long-term triple-net and gross lease rental income from a portfolio of outpatient medical office buildings leased to healthcare providers and health systems; recurring revenue stream characteristic of a healthcare REIT.
- Real estate operations and property-level income: Income derived from ownership and operation of outpatient medical facilities, supported by a $1.4 billion unsecured credit facility and a $400 million five-year unsecured term loan maturing May 2028 to fund acquisitions and liquidity.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Physicians Realty Trust product offering
Product offeringCore offering
Physicians Realty Trust owns, acquires, and leases a portfolio of outpatient medical office buildings to healthcare providers and health systems under long-term triple-net and gross lease arrangements. The company operated as a self-managed healthcare REIT generating recurring rental income, with ancillary tenant support services and a Landmark Acquisition transaction showcased as a flagship portfolio addition.
Product overview
Physicians Realty Trust (NYSE: DOC) operated as a single-platform healthcare REIT built around one core offering — its Outpatient Medical Facilities Portfolio — supported by ancillary stakeholder services rather than a modular product architecture. The Tenant Login Portal served building tenants, while the Investor Relations Portal served shareholders, and flagship deals such as the Landmark Acquisition were showcased as portfolio case studies. As of March 1, 2024 the entire company was merged into Healthpeak Properties, so the Outpatient Medical Facilities Portfolio, Tenant Login, and Investor Relations offerings now sit inside the combined Healthpeak platform.
Differentiator
Problem solved
Functional benefit
Products and services
- Outpatient Medical Facilities Portfolio A portfolio of outpatient medical office buildings leased to healthcare providers, physician groups, and hospital/health systems under long-term triple-net and gross lease arrangements. This was Physicians Realty Trust's core investment offering, providing healthcare tenants with purpose-built outpatient medical space while generating recurring rental income for the REIT.
- Tenant Login Portal A web-based portal accessible from the corporate website for tenants of Physicians Realty Trust's outpatient medical office buildings, supporting tenant communications and building services.
Quantifiable outcome
- $70 million in synergies realized from the Physicians Realty Trust merger by Healthpeak
- +2 more outcomes
Companies that use Physicians Realty Trust
Customer profileSegments2 records
Ideal customer profiles2 records
Physicians Realty Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Physicians Realty Trust partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Healthpeak PropertiesflagshipAs of March 1, 2024, Physicians Realty Trust merged with Healthpeak Properties. Following the merger, outpatient medical accounts for 50% of Healthpeak's combined portfolio income and, together with Lab space, generates over 85% of net operating income. Healthpeak has realized $70 million in synergies from the Physicians Realty Trust merger and continues a $1 billion capital recycling strategy.
Scale indicators7 records
Recent moves5 records
Expansion highlights5 records
Physicians Realty Trust competitors and assessment
Company assessmentEmerging players
- LTC Properties: Smaller healthcare REIT focused on senior living and skilled nursing; comparable as a healthcare property landlord, though with a narrower footprint and less MOB exposure.
Broad incumbents
- Healthpeak Properties: Acquirer of Physicians Realty Trust effective March 1, 2024; Healthpeak is a diversified healthcare REIT whose combined outpatient medical and lab space now generates over 85% of NOI, making it the closest direct comp and successor entity for the legacy DOC portfolio.
- Ventas: Diversified healthcare REIT with a meaningful medical office building portfolio; directly comparable to Physicians Realty Trust on outpatient medical strategy and health system tenant base.
- Welltower: Largest U.S. healthcare REIT and senior housing operator; competes with DOC/Healthpeak for high-quality medical office and outpatient real estate and serves overlapping health system tenants.
Direct peers
- CareTrust REIT: Healthcare REIT primarily focused on skilled nursing and seniors housing, with growing exposure to medical office — a smaller-scale but directly comparable healthcare REIT peer.
- Sabra Health Care REIT: Healthcare REIT with skilled nursing and senior housing assets, also investing in specialty medical facilities; comparable as a healthcare-focused property landlord serving similar tenants.
- Omega Healthcare Investors: Skilled nursing facility-focused REIT; relevant comp on healthcare landlord economics and triple-net lease structures though tilted toward SNF rather than outpatient medical.
- Medical Properties Trust: Healthcare REIT specializing in acute care and post-acute hospital real estate; comparable to DOC as a healthcare property landlord though more focused on inpatient facilities.
- National Health Investors: Healthcare REIT that has historically leased senior housing and medical facilities; competes with DOC for healthcare tenant relationships and triple-net lease structures.
- Healthcare Realty Trust: Pure-play medical office building REIT focused on outpatient medical facilities leased to healthcare providers — the closest direct peer to Physicians Realty Trust's standalone strategy.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights6 records
Customer concentration
Physicians Realty Trust social profiles
Digital presencePhysicians Realty Trust compliance and trust
Trust signalCompliance1 record
Physicians Realty Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Physicians Realty Trust leadership team
Management profileNumber of profiles
Profiles1 record
Physicians Realty Trust subsidiaries and ownership
Company hierarchySubsidiaries1 record
Physicians Realty Trust funding detail
Funding detailFunding overview
Funding rounds7 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Physicians Realty Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Physicians Realty Trust
What does Physicians Realty Trust do?
Physicians Realty Trust owns, acquires, and leases a portfolio of outpatient medical office buildings to healthcare providers and health systems under long-term triple-net and gross lease arrangements. The company operated as a self-managed healthcare REIT generating recurring rental income, with ancillary tenant support services and a Landmark Acquisition transaction showcased as a flagship portfolio addition.
Is Physicians Realty Trust a public or private company?
Physicians Realty Trust is a public company. It is classified as public and is currently acquired.
When was Physicians Realty Trust founded?
Physicians Realty Trust was founded in 2013. It employs 101 to 250 people.
Where is Physicians Realty Trust based?
Physicians Realty Trust is headquartered in Milwaukee, United States, in the North America region.
How does Physicians Realty Trust make money?
Two revenue lines are on record. Rental income from outpatient medical office buildings are the primary driver. The others are real estate operations and property-level income.
Who are Physicians Realty Trust's main competitors?
LTC Properties is listed as an emerging player. Broad incumbents are Healthpeak Properties, Ventas and Welltower. Direct peers are CareTrust REIT, Sabra Health Care REIT, Omega Healthcare Investors, Medical Properties Trust, National Health Investors and Healthcare Realty Trust.
Does Physicians Realty Trust have an API?
No public API is recorded for Physicians Realty Trust.
What industry is Physicians Realty Trust in?
Physicians Realty Trust's product category is Healthcare REIT — Outpatient Medical Office Real Estate. Its primary akta.pro industry code is BPAJAMAH, Healthcare & Senior Housing Real Estate Asset Management, with a secondary code of BPAJABAF, Healthcare & Medical Office Brokerage. Its NAICS code is 621111 and its SIC code is 6798.