Physicians Realty Trust 10-Q 7 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	2-May-14
Document And Entity Information	'	'
Entity Registrant Name	'Physicians Realty Trust	'
Entity Central Index Key	'0001574540	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	21,632,863
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment properties:	'	'
Land and improvements	$44,419	$26,088
Building and improvements	313,985	192,959
Tenant improvements	5,498	5,458
Acquired lease intangibles	39,712	31,236
Property under development	225	225
Total Investment Properties, gross	403,839	255,966
Accumulated depreciation	-30,858	-28,427
Net real estate property	372,981	227,539
Real estate loan receivable	6,855	'
Investment in unconsolidated entity	1,317	'
Net real estate investments	381,153	227,539
Cash and cash equivalents	10,092	56,478
Tenant receivables, net	1,403	837
Deferred costs, net	2,690	2,105
Other assets	6,513	5,901
Total assets	401,851	292,860
Liabilities:	'	'
Debt	159,382	42,821
Accounts payable	722	836
Dividend payable	5,699	5,681
Accrued expenses and other liabilities	3,889	2,288
Derivative liability	356	397
Total liabilities	170,048	52,023
Equity:	'	'
Common shares, $0.01 par value, 500,000,000 shares authorized, 21,632,863 and 21,548,597 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.	216	215
Additional paid-in capital	213,833	213,359
Accumulated deficit	-16,630	-8,670
Total shareholders' equity	197,419	204,904
Noncontrolling interests:	'	'
Operating partnership	33,749	35,310
Partially owned properties	635	623
Total noncontrolling interest	34,384	35,933
Total equity	231,803	240,837
Total liabilities and equity	$401,851	$292,860

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	21,632,863	21,548,597
Common stock, shares outstanding	21,632,863	21,548,597

Consolidated_and_Combined_Stat

Consolidated and Combined Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
		Predecessor
Revenues:	'	'
Rental revenues	$6,808	$2,497
Expense recoveries	1,070	814
Interest income on real estate loans and other	113	5
Total revenues	7,991	3,316
Expenses:	'	'
Interest expense, net	1,281	1,166
General and administrative	2,014	120
Operating expenses	1,609	1,188
Depreciation and amortization	2,416	979
Acquisition expenses	4,287	'
Management fees	'	238
Total expenses	11,607	3,691
Other income:	'	'
Change in fair value of derivative	41	74
Equity in income of unconsolidated entity	17	'
Net loss	-3,558	'
Net loss	'	-301
Less: Net loss attributable to noncontrolling interests - operating partnership	531	'
Less: Net income attributable to noncontrolling interests - partially owned properties	-66	'
Net loss attributable to common shareholders	($3,093)	'
Net loss per share:	'	'
Basic and diluted (in dollars per share)	($0.15)	'
Weighted average common shares:	'	'
Basic and diluted (in shares)	21,298,597	'
Dividends and distributions declared per common share and unit (in dollars per share)	$0.23	'

Consolidated_and_Combined_Stat1

Consolidated and Combined Statement of Equity (USD $)

Total

Par Value

Additional Paid in Capital

Accumulated Deficit

Predecessor Equity

Total Shareholders' and Predecessor Equity

Operating Partnership Noncontrolling interest

Partially Owned Properties Noncontrolling Interest

Total Non-controlling Interests

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

In Thousands, except Share data, unless otherwise specified

Predecessor Equity

Total Shareholders' and Predecessor Equity

Partially Owned Properties Noncontrolling Interest

Total Non-controlling Interests

Balance at Dec. 31, 2012

'

'

'

'

'

'

'

'

'

$19,097

'

'

'

'

Change in predecessor equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss)/income

'

'

'

'

'

'

'

'

'

-301

'

'

'

'

Balance at Mar. 31, 2013

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Dec. 31, 2012

'

'

'

'

'

'

'

'

'

19,097

19,068

19,068

29

29

Change in predecessor equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss)/income

'

'

'

'

'

'

'

'

'

-576

-712

-712

136

136

Transfer

'

'

'

'

'

'

'

'

'

'

36

36

-36

-36

Distributions

'

'

'

'

'

'

'

'

'

-420

-211

-211

-209

-209

Balance at Jul. 23, 2013

'

'

'

'

'

'

'

'

'

18,101

18,181

18,181

-80

-80

Balance at Jul. 24, 2013

18,101

'

'

'

18,181

18,181

'

-80

-80

'

'

'

'

'

Increase (Decrease) in stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common shares

225,920

213

225,707

'

'

225,920

'

'

'

'

'

'

'

'

Net proceeds from sale of common shares (in shares)

'

21,298,597

'

'

'

'

'

'

'

'

'

'

'

'

Formation Transactions

-354

'

35

'

'

-18,146

18,181

-389

17,792

'

'

'

'

'

Restricted share award grants

433

2

431

'

'

433

'

'

'

'

'

'

'

'

Restricted share award grants (in shares)

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

Dividends/distributions declared

-8,335

'

'

-7,009

'

-7,009

-1,326

'

-1,326

'

'

'

'

'

Adjustment for Noncontrolling Interests ownership in Operating Partnership Contributions

'

'

-7,391

'

'

-7,391

7,391

'

7,391

'

'

'

'

'

Contributions

7,387

'

-5,423

'

'

-5,423

11,534

1,276

12,810

'

'

'

'

'

Distributions

-255

'

'

'

'

'

'

-255

-255

'

'

'

'

'

Net (loss) income

-2,060

'

'

-1,661

'

-1,661

-470

71

-399

'

'

'

'

'

Balance at Dec. 31, 2013

240,837

215

213,359

-8,670

'

204,904

35,310

623

35,933

'

'

'

'

'

Balance (in shares) at Dec. 31, 2013

21,548,597

21,548,597

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted share award grants

334

1

333

'

'

334

'

'

'

'

'

'

'

'

Restricted share award grants (in shares)

'

84,266

'

'

'

'

'

'

'

'

'

'

'

'

Dividends/distributions declared

-5,699

'

'

-4,867

'

-4,867

-832

'

-832

'

'

'

'

'

Offering costs

-57

'

-57

'

'

-57

'

'

'

'

'

'

'

'

Adjustment for Noncontrolling Interests ownership in Operating Partnership Contributions

'

'

198

'

'

198

-198

'

-198

'

'

'

'

'

Distributions

-54

'

'

'

'

'

'

-54

-54

'

'

'

'

'

Net (loss) income

-3,558

'

'

-3,093

'

-3,093

-531

66

-465

'

'

'

'

'

Balance at Mar. 31, 2014

$231,803

$216

$213,833

($16,630)

'

$197,419

$33,749

$635

$34,384

'

'

'

'

'

Balance (in shares) at Mar. 31, 2014

21,632,863

21,632,863

'

'

'

'

'

'

'

'

'

'

'

'

Consolidated_and_Combined_Stat2

Consolidated and Combined Statements of Cash Flows (USD $)	3 Months Ended		7 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Jul. 23, 2013
		Predecessor	Predecessor
Cash Flows from Operating Activities:	'	'	'
Net loss	($3,558)	'	'
Net loss	'	-301	-576
Adjustments to reconcile net loss to net cash (used in) provided by operating activities	'	'	'
Depreciation and amortization	2,416	979	'
Amortization of deferred financing costs	148	42	'
Amortization of lease inducements and acquired lease intangibles	81	18	'
Straight-line rental revenue	-652	-5	'
Equity in income of unconsolidated entity	-17	'	'
Change in fair value of derivative	-41	-74	'
Provision for bad debts	6	9	'
Non-cash share compensation	356	'	'
Change in operating assets and liabilities:	'	'	'
Tenant receivables	-591	68	'
Other assets	6	18	'
Accounts payable to related parties	'	134	'
Accounts payable	-114	-216	'
Accrued expenses and other liabilities	1,580	39	'
Net cash (used in) provided by operating activities	-380	711	'
Cash Flows from Investing Activities:	'	'	'
Acquisition of investment properties, net	-138,779	-257	'
Real estate loan receivable	-6,836	'	'
Leasing commissions	-5	'	'
Cash used in investing activities	-145,620	-257	'
Cash Flows from Financing Activities:	'	'	'
Offering costs	-57	'	'
Proceeds from credit facility borrowings	80,000	'	'
Proceeds from issuance of debt	26,550	204	'
Debt issuance costs	-761	'	'
Payments on debt	-384	-432	'
Dividends paid - shareholders	-4,848	'	'
Distributions to noncontrolling interest - operating partnership	-832	'	'
Distributions to members and partners	'	-70	'
Distributions to noncontrolling interest - partially owned properties	-54	-108	'
Net cash provided by (used in) financing activities	99,614	-406	'
Net (decrease) increase in cash and cash equivalents	-46,386	48	'
Cash and cash equivalents, beginning of period	56,478	2,614	2,614
Cash and cash equivalents, end of period	10,092	2,662	'
Supplemental disclosure of cash flow information - interest paid during the period	1,025	1,049	'
Supplemental disclosure of noncash activity - assumed debt	$10,800	'	'

Organization_and_Business

Organization and Business	3 Months Ended
	Mar. 31, 2014
Organization and Business	'
Organization and Business	'
	Note 1—Organization and Business
	Physicians Realty Trust (the “Trust”) was organized in the state of Maryland on April 9, 2013. As of March 31, 2014, the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share. The Trust filed a Registration Statement on Form S-11 with the Securities and Exchange Commission with respect to a proposed underwritten initial public offering (the “IPO”) and completed the IPO of its common shares and commenced operations on July 24, 2013.
	The Trust contributed the net proceeds from the IPO to Physicians Realty L.P. (the “Operating Partnership”), a Delaware limited partnership, and is the sole general partner of the Operating Partnership. The Trust’s operations are conducted through the Operating Partnership and wholly-owned and majority-owned subsidiaries of the Operating Partnership. The Trust, as the general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities and results of operations of the Operating Partnership.
	The Trust is a self-managed real estate investment trust (“REIT”) formed primarily to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems.
	Initial Public Offering and Formation Transactions and Follow-On Public Offering
	Pursuant to the IPO, the Trust issued an aggregate of 11,735,597 common shares, including common shares issued upon exercise of the underwriters’ overallotment option, and reserved approximately $123.8 million of net proceeds. The Trust contributed the net proceeds of the IPO to the Operating Partnership in exchange for 11,753,597 common units of partnership interest (“OP Units”). Concurrently with the completion of the IPO, the Trust acquired, through a series of contribution transactions, the entities that own the 19 properties that comprised the Trust’s initial properties from four healthcare real estate funds (the “Ziegler Funds”), as well as certain operating assets and liabilities. The Trust determined that the Ziegler Funds constitute the Trust’s accounting predecessor (the “Predecessor”). The Predecessor, which is not a legal entity, is comprised of the four Ziegler Funds that owned directly or indirectly interests in entities that owned the initial 19 properties in the Trust’s portfolio. The combined historical data for the Predecessor is not necessarily indicative of the Trust’s future financial position or results of operations. In addition, at the completion of the IPO, the Trust entered into a shared services agreement with B.C. Ziegler & Company (“Ziegler”) pursuant to which Ziegler provides office space, IT support, accounting support and other services to the Trust in exchange for an annual fee.
	To acquire the ownership interests in the entities that own the 19 properties included in the Trust’s initial properties, and certain other operating assets and liabilities, from the Ziegler Funds, the Operating Partnership issued to the Ziegler Funds an aggregate of 2,744,000 OP Units, having an aggregate value of approximately $31.6 million based on the price to the public per share in the IPO. These formation transactions were effected concurrently with the completion of the IPO.
	The net proceeds from the IPO, inclusive of shares issued pursuant to the exercise of the underwriters’ overallotment option, were approximately $123.8 million (after deducting the underwriting discount and expenses of the IPO and the formation transactions payable by the Trust). The Trust contributed the net proceeds of the IPO to the Operating Partnership in exchange for 11,753,597 OP Units on July 24, 2013, and upon closing of the IPO, the Trust owned a 79.6% interest in the Operating Partnership. The Operating Partnership used a portion of the IPO proceeds received from the Trust to purchase the 50% interest in the Arrowhead Commons property not owned by the Ziegler Funds for approximately $850,000, after which the Operating Partnership became the 100% owner of the property, and to pay certain expenses related to debt transfers and the Trust’s senior secured revolving credit facility. The balance of the net proceeds was subsequently invested in healthcare properties.
	On December 11, 2013, the Trust completed a public offering of 9,545,000 common shares of beneficial interest, including 1,245,000 shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $103.1 million. The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the Trust’s senior secured revolving credit facility and for general corporate and working capital purposes, funding possible future acquisitions, including any pending acquisitions, and development activities.
	Because the IPO and the formation transactions were completed on July 24, 2013, the Trust had no operations prior to that date.  References in these notes to the consolidated and combined financial statements of Physicians Realty Trust signify the Trust for the period from July 24, 2013, the date of completion of the IPO and the formation transactions, and of the Predecessor for all prior periods.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	Note 2—Summary of Significant Accounting Policies
	The accompanying unaudited consolidated and combined financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods ended March 31, 2014 and 2013 pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 21, 2014.
	Principles of Consolidation
	Property holding entities and other subsidiaries of which the Trust owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. For entities in which the Trust owns less than 100% of the equity interest, the Trust consolidates the property if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Trust records a non-controlling interest representing equity held by non-controlling interests.
	The Trust continually evaluates all of its transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If the Trust determines that it has a variable interest in a VIE, the Trust then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Trust has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Trust consolidates each VIE in which it, by virtue of or transactions with the Trust’s investments in the entity, is considered to be the primary beneficiary.
	The Trust consolidates the following VIE for which it is the primary beneficiary:
	In 2005, Ziegler Florida 4, LLC (Florida 4) entered into an agreement with CED SS II, LLC (CED) to form Ziegler CED Summerfield Square, LLC (Summerfield). Summerfield is in the business of property development. Florida 4 contributed $0.6 million of cash in exchange for a 40 percent interest in Summerfield. CED agreed to manage the development efforts of Summerfield and assume certain risks of project overruns in exchange for a 60 percent interest in Summerfield. Florida 4 is the primary beneficiary of Summerfield because Florida 4 has the power to direct activities of Summerfield that most significantly impact Summerfield’s economic performance. Those activities include management oversight and negotiation of unit sales related to the property. As of March 31, 2014 and December 31, 2013 property under development was approximately $0.2 million.
	Noncontrolling Interests
	Operating Partnership: Net income or loss is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and the Trust. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and the Trust. Such transactions and the related proceeds are treated as capital transactions.
	In connection with the closing of the IPO, the Trust and the Operating Partnership completed related formation transactions pursuant to which the Operating Partnership acquired from the Ziegler Funds, the Ziegler Funds’ ownership interests in 19 medical office buildings located in ten states in exchange for an aggregate of 2,744,000 OP Units.
	In connection with the acquisition of a surgical center hospital in the New Orleans, Louisiana metropolitan area for approximately $37.5 million, on September 30, 2013, the Operating Partnership partially funded the purchase price by issuing 954,877 OP Units valued at approximately $11.5 million on the date of issuance.
	Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors.  As of March 31, 2014, the Trust held an 85.4% interest in the Operating Partnership.  As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operation of the Operating Partnership.
	Holders of OP Units may not transfer their units without the Trust’s prior written consent, as general partner of the Operating Partnership.  Beginning on the first anniversary of the issuance of OP Units, OP Unit holders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of the Trust’s common shares at the time of redemption or, for common shares on a one-for-one basis.  Such election to pay cash or issue shares to satisfy an OP Unit holder’s redemption request is solely within the control of the Trust.  Accordingly, the Trust presents the OP Units of the Operating Partnership held by the Predecessor’s prior investors and other investors as noncontrolling interests within equity in the consolidated balance sheet.
	Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated and combined statement of operations.
	Investment Properties
	A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between land and building based upon their fair values at the date of acquisition.  A property acquired with an existing lease is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations, and recorded at fair value.
	Investments in Unconsolidated Entities
	The Trust reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting.  Under this method of accounting, the Trust’s share of the investee’s earnings or losses is included in its consolidated and combined statement of operations.  The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest.
	Real Estate Loans Receivable
	Real estate loans receivable consists of a mezzanine loan.  Interest income on the loan is recognized as earned based on the terms of the loan subject to evaluation of collectability risks and is included in the Trust’s consolidated and combined statement of operations.
	Dividends and Distributions
	On March 31, 2014, the Trust’s Board of Trustees declared a cash dividend of $0.225 per share for the quarterly period ended March 31, 2014.  The dividend was paid on April 24, 2014 to common shareholders and common OP unit holders of record on April 18, 2014.
	Impairment of Real Estate Property
	The Trust evaluates the recoverability of the recorded amount of real estate property whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. Impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. If the Trust determines that an asset is impaired, the impairment to be recognized is measured as the amount by which the recorded amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the recorded amount or fair value less cost to sell. Fair value is determined using a discounted future cash flow analysis.
	The Trust did not recognize any impairment for the three months ended March 31, 2014, nor did the Predecessor in the comparative period presented.
	Rental Revenue
	Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue for amounts more or less than amounts currently due from tenants. Amounts recognized in excess of amounts currently due from tenants are included in other assets and were $2.6 million and $2.0 million as of March 31, 2014 and December 31, 2013, respectively. If the Trust determines that collectability of straight-line rents is not reasonably assured, the Trust limits future recognition to amounts contractually owed and, where appropriate, establishes an allowance for estimated losses.  Rental revenue is reduced by amortization of lease inducements and above market rents and increased by amortization of below market rents on certain leases.  Lease inducements, above market rents and below market rents are amortized over the average remaining life of the lease.
	Expense Recoveries
	Expense recoveries relate to tenant reimbursement of real estate taxes, insurance and other operating expenses that are recognized as expense recovery revenue in the period the applicable expenses are incurred. The reimbursements are recorded at gross, as the Trust is generally the primary obligor with respect to real estate taxes and purchasing goods and services from third-party suppliers and has discretion in selecting the supplier and bears the credit risk of tenant reimbursement.
	The Trust has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses. For absolute net leases, the Trust does not recognize expense recoveries.
	Earnings Per Share
	The Trust calculates earnings per share based upon the weighted average shares outstanding during the period.  Diluted earnings per share is calculated after giving effect to all potential diluted shares outstanding during the period.  There were 175,988 potentially dilutive shares outstanding related to the 2013 Equity Incentive Plan during the three months ended March 31, 2014. However, the shares were excluded from the computation of diluted shares as their impact would have been anti-dilutive.  As a result, the number of outstanding shares was the same for basic and diluted earnings per share.
	Management Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the amounts of revenue and expenses reported in the period. Significant estimates are made for the valuation of real estate and property, valuation of financial instruments, impairment assessments and fair value assessments with respect to purchase price allocations. Actual results could differ from these estimates.
	Reclassifications
	Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the consolidated financial position or results of operations.

Acquisitions_and_Investments

Acquisitions and Investments	3 Months Ended
	Mar. 31, 2014
Acquisitions and Investments	'
Acquisitions and Investments	'
	Note 3—Acquisitions and Investments
	During the quarter ended March 31, 2014, the Trust completed acquisitions of 13 operating healthcare properties located in five states for an aggregate purchase price of approximately $147.4 million as summarized below (in thousands):
	Property(1)	Location		Acquisition	Purchase
				Date	Price
	Foundations San Antonio Surgical Hospital(2)	San Antonio, TX		February 19, 2014	$	25,556
	Eagles Landing Family Practice 4 MOBs(2)	Atlanta, GA		February 19, 2014	$	20,800
	21st Century Oncology 4 MOBs(3)	Sarasota, FL		February 26, 2014	$	17,486
	Foundations San Antonio MOB(3)	San Antonio, TX		February 28, 2014	$	6,800
	Peachtree Dunwoody MOB(3)	Atlanta, GA		February 28, 2014	$	36,726
	LifeCare LTACH(2)	Fort Worth, TX		March 28, 2014	$	27,160
	LifeCare LTACH(2)	Pittsburgh, PA		March 28, 2014	$	12,840
	(1)         “MOB” means medical office building and “LTACH” means long term acute care hospital.
	(2)         The Trust accounted for these acquisitions as asset acquisitions and capitalized $0.4 million of total acquisition costs to the basis of the properties
	(3)         The Trust accounted for these acquisitions under the acquisition method and expensed total acquisition costs of $4.3 million.
	The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which we determined using level two and level three inputs (in thousands):
	Land	$	18,331
	Building and improvements	121,472
	In-place lease intangible	7,585
	Above market in-place lease intangible	891
	Investment in unconsolidated entity	1,300
	Debt assumed	(10,800		)
	Net assets acquired	$	138,779
	On January 2, 2014, the Trust completed a $6.9 million mezzanine loan (“Mezzanine Loan”) to affiliates controlled by MedProperties Holdings, LLC, a Dallas, Texas based private investor in medical facilities (“MedProperties”).  The Mezzanine Loan is secured by MedProperties’ ownership interest in two special purpose entities that own a surgical hospital located in San Antonio, Texas (the “Surgical Hospital”) and an inpatient rehabilitation facility located in Scottsdale, Arizona (the “Rehab Hospital,” and together with the Surgical Hospital, the “Hospitals”). The Mezzanine Loan has a five year, interest-only term and bears interest at a rate of 9.0% per annum. As part of the consideration for providing the Mezzanine Loan, the Trust has an option to acquire the property leased to the Hospitals at a formula purchase price during year four of the Mezzanine Loan based on a fixed capitalization rate.
	The Trust completed the acquisition of a 40% ownership interest in the entity that owns the land under Crescent City Surgical Centre for $1.3 million on February 21, 2014.  Such land is leased to the Trust pursuant to a long-term ground lease.  The Trust is accounting for this investment under the equity method of accounting.
	Unaudited Pro Forma Financial Information
	The following table illustrates the effect on net income, earnings per share —basic and diluted as if the Trust had acquired the above acquisitions as of January 1, 2014 (in thousands, except per share amounts):
		Three Months Ended
		March 31, 2014
	Revenue	$	4,329
	Net income	1,795
	Net income available to common shareholders	1,533
	Earnings per share — basic and diluted	$	0.07
	Weighted average common shares — basic and diluted	21,298,597

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2014
Intangibles	'
Intangibles	'
	Note 4—Intangibles
	The following is a summary of the carrying amount of acquired lease intangibles as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31, 2014							December 31, 2013
	Assets	Cost		Accumulated			Net		Cost		Accumulated			Net
				Amortization							Amortization
	In-place leases	$	36,641	$	(8,759	)	$	27,882	$	29,056	$	(8,080	)	$	20,976
	Above market leases	3,071		(95		)	2,976		2,180		(48		)	2,132
	Total	$	39,712	$	(8,854	)	$	30,858	$	31,236	$	(8,128	)	$	23,108
	Amortization expense related to intangible in-place leases was $0.7 million and $0.2 million for the three months ended March 31, 2014 and 2013, respectively. For both the three months ended March 21, 2014 and 2013, rental revenues were reduced by $0.05 million from the amortization of above market lease intangibles.  Future aggregate amortization of the acquired lease intangibles as of March 31, 2014, is as follows (in thousands):
		Assets
	2014	$	2,777
	2015	3,684
	2016	3,671
	2017	3,495
	2018	3,139
	Thereafter	14,092
	Total	$	30,858
	The weighted average amortization period for lease intangibles is 11 years.

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt	'
Debt	'
	Note 5—Debt
	The following is a summary of debt as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,			December 31,
		2014			2013
	$140 million senior secured revolving credit facility bearing interest at floating rates, due August 2016, collateralized by twelve properties with a net book value of $133,140.	$	80,000		$	—
	Mortgage notes, bearing fixed interest from 4.82% to 6.58%, with a weighted average interest rate of 5.26%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by nine properties with a net book value of $50,380.	74,883			38,288
	Mortgage note, bearing variable interest of LIBOR plus 2.65% and due in 2017	4,499			4,533
	Total debt	$	159,382		$	42,821
	Senior Secured Credit Facility:
	On August 29, 2013, the Trust and the Operating Partnership entered into a Credit Agreement with Regions Bank, as Administrative Agent, Regions Capital Markets, as Sole Lead Arranger and Sole Book Runner, and various other lenders in connection with a $75 million senior secured revolving credit facility (the “Credit Agreement”). On November 8, 2013, the Trust agreed with the lenders to increase the total amount available under the credit agreement from $75 million to $90 million. On February 21, 2014, the Trust agreed with the lenders to increase the total amount available under the Trust’s senior secured revolving credit facility from $90 million to $140 million. Subject to satisfaction of certain conditions, including additional lender commitments, we have the option to increase the borrowing capacity under the revolving credit facility to up to $250 million. The amount available to the Trust under the Credit Agreement is subject to certain limitations including, but not limited to, the appraised value of the pledged properties that comprise the borrowing base of the credit facility.
	The Credit Agreement has a three-year term with an initial maturity date of August 29, 2016. Subject to the terms of the Credit Agreement, the Operating Partnership has the option to extend the term of the Credit Agreement to August 29, 2017.
	The obligations of the Operating Partnership under the Credit Agreement are guaranteed by the Trust and certain of its subsidiaries. In addition, the Credit Agreement provides for security in the form of, among other things, mortgage liens on certain properties owned by the Operating Partnership that comprise the borrowing base.
	The Credit Agreement provides for revolving credit loans to the Operating Partnership. Base Rate Loans, Adjusted LIBOR Rate Loans and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the consolidated leverage ratio of the Trust, the Operating Partnership and its subsidiaries as follows:
	Consolidated Leverage	Adjusted LIBOR Rate Loans		Base Rate Loans
	Ratio	and Letter of Credit Fee
	<35%	LIBOR + 2.65%		Base Rate + 1.65%
	>35% and <45%	LIBOR + 2.85%		Base Rate + 1.85%
	>45% and <50%	LIBOR + 2.95%		Base Rate + 1.95%
	>50%	LIBOR + 3.40%		Base Rate + 2.40%
	The Operating Partnership may, at any time, voluntarily prepay any loan under the Credit Agreement in whole or in part without premium or penalty.
	The Credit Agreement contains financial covenants that, among other things, require compliance with loan-to-value, leverage and coverage ratios and maintenance of minimum tangible net worth, as well as covenants that may limit the Trust’s and the Operating Partnership’s ability to incur additional debt or make distributions. The Credit Agreement also contains customary events of default. Any event of default, if not cured or waived, could result in the acceleration of any outstanding indebtedness under the Credit Agreement.  As of March 31, 2014, the Trust was in compliance with all financial covenants.
	As of March 31, 2014, there were $80 million of outstanding borrowings under the Trust’s Credit Agreement and $3.4 million is available to borrow without adding additional properties to the borrowing base securing the Credit Agreement.
	On January 10, 2014, the Trust completed a $7.8 million mortgage financing on Foundation Surgical Affiliates Medical Care Building in Oklahoma City, Oklahoma, which property the Trust acquired in September 2013.  The loan has a seven year term, monthly interest and principal payments of $0.05 million, and bears interest at a rate of 4.71% per annum.
	On January 14, 2014, the Trust completed a $18.8 million mortgage financing on Crescent City Surgical Centre in New Orleans, Louisiana, which property the Trust acquired in September 2013.  The loan has a five year term, interest only payments and bears interest at a rate of 5.0% per annum.
	On February 19, 2014, the Trust assumed debt of approximately $10.8 million in connection with the purchase of a surgical hospital located in San Antonio, Texas.  The loan was recorded at estimated fair value equal to its outstanding principal balance of $10.8 million at the assumption date.  The loan has a remaining term of approximately eight years, monthly interest and principal payments of $0.1 million, and bears interest at a rate of 5.00% per annum until July 2018, after which the rate will be the greater of the prime rate plus 1.75% per annum or 5.00% per annum.
	Scheduled principal payments due on debt as of March 31, 2014, are as follows (in thousands):
	2014	$	1,353
	2015	1,869
	2016	89,427
	2017	28,664
	2018	5,498
	Thereafter	32,571
	Total	$	159,382

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2014
Stock-based Compensation	'
Stock-based Compensation	'
	Note 6—Stock-based Compensation
	The Trust follows ASC 718 in accounting for its share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee’s requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized when incurred.  Share-based payments classified as liability awards are marked to fair value at each reporting period.
	Certain of the Trust’s employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable.  Consequently, the Trust’s determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets.  Additionally, the Trust must make estimates regarding employee forfeitures in determining compensation expense.  Subsequent changes in actual experience are monitored and estimates are updated as information is available.
	In connection with the IPO, the Trust adopted the 2013 Equity Incentive Plan which made available 600,000 restricted shares to be administered by the Compensation and Nominating Governance Committee of the Board of Trustees.  The committee has broad discretion in administering the terms of the plan.  Restricted shares granted under the plan are eligible for dividends as well as the right to vote.  The Trust granted to management and the Board of Trustees 250,000 restricted common shares upon completion of the IPO under the Trust’s 2013 Equity Incentive Plan at a value per share of $11.50 and total value of $2.9 million with a vesting period of three years. In March 2014, an additional 84,266 restricted common shares were granted to management and the Board of Trustees.
		Shares	Weighted Average
			Grant Date Fair
			Value
	Non-vested at December 31, 2013	250,000	$	11.5
	Granted	84,266	13.47
	Vested	—	—
	Forfeited	—	—
	Non-vested at March 31, 2014	334,266	$	12
	For all service awards, we record compensation expense for the entire award on a straight-line basis (or, if applicable, on the accelerated method) over the requisite service period.  For the three months ended March 31, 2014, the Trust recognized non-cash share compensation of $0.3 million.  Unrecognized compensation expense at March 31, 2014 was $4.1 million.  The Trust’s compensation expense recorded in connection with grants of restricted stock reflects an initial estimated cumulative forfeiture rate of 0% over the requisite service period of the awards. That estimate will be revised if subsequent information indicates that the actual number of awards expected to vest is likely to differ from previous estimates.
	Restricted Share Units:
	In March 2014, under the Trust’s 2013 Equity Incentive Plan, the Trust granted 55,680 performance-based restricted share units at target level to management, which are subject to various performance measurements and a three year service period.  Also, each restricted share unit contains one dividend equivalent.  The recipient will accrue dividend equivalents on awarded share units equal to the cash dividend that would have been paid on the awarded share unit had the awarded share unit been an issued and outstanding common share on the record date for the dividend.  For the three months ended March 31, 2014, the Trust recognized non-cash share unit compensation of $0.02 million.  Unrecognized compensation expense at March 31, 2014 was $0.8 million.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	Note 7—Fair Value Measurements
	Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provides a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the valuation techniques and inputs used to measure fair value.
	In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.
	Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.
	The derivative instrument (Note 9) consists solely of an interest rate swap that is not traded on an exchange and is recorded at fair value based on a variety of observable inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs.
	The Trust measures its interest rate swap at fair value on a recurring basis. The fair value of ($0.4) million and $(0.4) million as of March 31, 2014 and December 31, 2013, respectively, is based on primarily Level 2 inputs described above.
	The Trust also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis.  This generally includes assets subject to impairments.  There were no such assets measured at fair value as of March 31, 2014.
	The carrying amounts of cash and cash equivalents, tenant receivables, payables, accrued interest, and the Credit Agreement are reasonable estimates of fair value because of the short maturities of these instruments. Fair values for mortgage notes are estimated based on rates currently prevailing for similar instruments of similar maturities.
	The following table presents the fair value of other financial instruments (in thousands). The swap is measured at fair value on a recurring basis.
		March 31,				December 31,
		2014				2013
		(unaudited)
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Cash and cash equivalents	$	10,092	$	10,092	$	56,478	$	56,478
	Real estate loan receivable	$	6,855	$	6,855	$	—	$	—
	Mortgage notes	$	79,382	$	80,242	$	42,821	$	44,130
	Derivative liability	$	356	$	356	$	397	$	397

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	Note 8—Derivative Financial Instruments
	The Trust is exposed to certain risks in the normal course of its business operations. One risk relating to the variability of interest on variable rate debt is managed through the use of derivatives. All derivative financial instruments are reported in the balance sheet at fair value.  The Trust has elected not to apply hedge accounting to its derivative financial instrument.
	Generally, the Trust enters into swap relationships such that changes in the fair value or cash flows of items and transactions being hedged are expected to be offset by corresponding changes in the values of the derivatives.
	The Trust and the Predecessor held a swap to pay fixed/receive variable interest rates with a total notional amount of $7.9 million as of each of March 31, 2014 and December 31, 2013.  Gains recognized on the interest rate swap of $0.04 million and $0.07 million were included in change in fair value of derivatives, net in the consolidated and combined statements of operations for the three months ended March 31, 2014 and 2013, respectively.

Tenant_Operating_Leases

Tenant Operating Leases	3 Months Ended
	Mar. 31, 2014
Tenant Operating Leases	'
Tenant Operating Leases	'
	Note 9—Tenant Operating Leases
	The Trust is lessor of medical office buildings and other healthcare facilities. Leases have expirations from 2014 through 2028. As of March 31, 2014, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands):
	2014	$	25,440
	2015	34,193
	2016	33,818
	2017	33,601
	2018	31,653
	Thereafter	264,848
	Total	$	423,553

Rent_Expense

Rent Expense	3 Months Ended
	Mar. 31, 2014
Rent Expense	'
Rent Expense	'
	Note 10—Rent Expense
	The Trust leases the land upon which three of its properties are located from third party land owners pursuant to separate ground leases.  The ground leases require fixed annual rental payments and may also include escalation clauses and renewal options. These leases have terms up to 68 years remaining, excluding extension options. As of March 31, 2014, the future minimum lease obligations under non-cancelable ground leases were as follows (in thousands):
	2014	$	210
	2015	287
	2016	295
	2017	304
	2018	313
	Thereafter	26,091
	Total	$	27,500

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share	'
Earnings Per Share	'
	Note 11—Earnings Per Share
	The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share. As the three months ended March 31, 2014 resulted in a net loss, there is no dilution to earnings per share (in thousands, except share and per share data):
		Three Months
		Ended March 31,
		2014
	Numerator for earnings per share — basic and diluted:
	Net loss	$	(3,558	)
	Less: Loss allocable to noncontrolling interests	465
	Numerator for earnings per share — basic and diluted	$	(3,093	)
	Denominator for earnings per share - basic and diluted shares:	21,298,597
	Basic and diluted earnings per share	$	(0.15	)

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
Related Party Transactions	'
	Note 12—Related Party Transactions
	The Trust has entered into a shared services agreement with Ziegler pursuant to which Ziegler provides office space, IT support, accounting support and other services to the Trust in exchange for an annual fee. The shared service fee was $0.2 million for the three months ended March 31, 2014, and is recorded in general and administrative expense in the consolidated statement of operations.
	Ziegler charged the Predecessor an annual management fee equal to 2 percent of the total capital commitments. Total management fees charged to the Predecessor were $0.2 million for the three months ended March 31, 2013. The Trust did not incur a management fee for the three months ended March 31, 2014.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	Note 13 — Subsequent Events
	Events subsequent to March 31, 2014, were evaluated through the date these financials statements were issued.
	On April 4, 2014, the Audit Committee of the Board of Trustees completed a “Response for Proposal” process to determine whom to engage to perform the Trust’s independent public audit for the fiscal year ended December 31, 2014.  As a result of that process, which included Plante & Moran, PLLC, the independent registered public accounting firm that performed audit and other assurance services for the Trust’s Predecessor and for the Trust for the fiscal year ended December 31, 2013, the Audit Committee determined that it was in the best interest of the Trust to appoint Ernst & Young LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2014. Additional information regarding the change in the Trust’s independent registered public accounting firm can be found in our Current Report on Form 8-K filed with the Securities and Exchange Commission on April 7, 2014.
	The Trust, through subsidiaries of its operating partnership, closed on the below acquisitions (in thousands):
	Property(1)	Location	Acquisition	Purchase
			Date	Price
	Pinnacle Health 2 MOBs	Wormleysburg & Carlisle, PA	April 22, 2014	$	9,300
	South Bend MOB	Mishawaka, IN	April 30, 2014	$	14,900
	Grenada MOB	Grenada, MS	April 30, 2014	$	7,100
	(1)         “MOB” means medical office building.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Principles of Consolidation	'
	Principles of Consolidation
	Property holding entities and other subsidiaries of which the Trust owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. For entities in which the Trust owns less than 100% of the equity interest, the Trust consolidates the property if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Trust records a non-controlling interest representing equity held by non-controlling interests.
	The Trust continually evaluates all of its transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If the Trust determines that it has a variable interest in a VIE, the Trust then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Trust has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Trust consolidates each VIE in which it, by virtue of or transactions with the Trust’s investments in the entity, is considered to be the primary beneficiary.
	The Trust consolidates the following VIE for which it is the primary beneficiary:
	In 2005, Ziegler Florida 4, LLC (Florida 4) entered into an agreement with CED SS II, LLC (CED) to form Ziegler CED Summerfield Square, LLC (Summerfield). Summerfield is in the business of property development. Florida 4 contributed $0.6 million of cash in exchange for a 40 percent interest in Summerfield. CED agreed to manage the development efforts of Summerfield and assume certain risks of project overruns in exchange for a 60 percent interest in Summerfield. Florida 4 is the primary beneficiary of Summerfield because Florida 4 has the power to direct activities of Summerfield that most significantly impact Summerfield’s economic performance. Those activities include management oversight and negotiation of unit sales related to the property. As of March 31, 2014 and December 31, 2013 property under development was approximately $0.2 million.
Noncontrolling Interests	'
	Noncontrolling Interests
	Operating Partnership: Net income or loss is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and the Trust. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and the Trust. Such transactions and the related proceeds are treated as capital transactions.
	In connection with the closing of the IPO, the Trust and the Operating Partnership completed related formation transactions pursuant to which the Operating Partnership acquired from the Ziegler Funds, the Ziegler Funds’ ownership interests in 19 medical office buildings located in ten states in exchange for an aggregate of 2,744,000 OP Units.
	In connection with the acquisition of a surgical center hospital in the New Orleans, Louisiana metropolitan area for approximately $37.5 million, on September 30, 2013, the Operating Partnership partially funded the purchase price by issuing 954,877 OP Units valued at approximately $11.5 million on the date of issuance.
	Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors.  As of March 31, 2014, the Trust held an 85.4% interest in the Operating Partnership.  As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operation of the Operating Partnership.
	Holders of OP Units may not transfer their units without the Trust’s prior written consent, as general partner of the Operating Partnership.  Beginning on the first anniversary of the issuance of OP Units, OP Unit holders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of the Trust’s common shares at the time of redemption or, for common shares on a one-for-one basis.  Such election to pay cash or issue shares to satisfy an OP Unit holder’s redemption request is solely within the control of the Trust.  Accordingly, the Trust presents the OP Units of the Operating Partnership held by the Predecessor’s prior investors and other investors as noncontrolling interests within equity in the consolidated balance sheet.
	Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated and combined statement of operations.
Investment Properties	'
	Investment Properties
	A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between land and building based upon their fair values at the date of acquisition.  A property acquired with an existing lease is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations, and recorded at fair value.
Investments in Unconsolidated Entities	'
	Investments in Unconsolidated Entities
	The Trust reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting.  Under this method of accounting, the Trust’s share of the investee’s earnings or losses is included in its consolidated and combined statement of operations.  The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest.
Real Estate Loans Receivable	'
	Real Estate Loans Receivable
	Real estate loans receivable consists of a mezzanine loan.  Interest income on the loan is recognized as earned based on the terms of the loan subject to evaluation of collectability risks and is included in the Trust’s consolidated and combined statement of operations.
Dividends and Distributions	'
	Dividends and Distributions
	On March 31, 2014, the Trust’s Board of Trustees declared a cash dividend of $0.225 per share for the quarterly period ended March 31, 2014.  The dividend was paid on April 24, 2014 to common shareholders and common OP unit holders of record on April 18, 2014.
Impairment of Real Estate Property	'
	Impairment of Real Estate Property
	The Trust evaluates the recoverability of the recorded amount of real estate property whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. Impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. If the Trust determines that an asset is impaired, the impairment to be recognized is measured as the amount by which the recorded amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the recorded amount or fair value less cost to sell. Fair value is determined using a discounted future cash flow analysis.
	The Trust did not recognize any impairment for the three months ended March 31, 2014, nor did the Predecessor in the comparative period presented.
Rental Revenue	'
	Rental Revenue
	Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue for amounts more or less than amounts currently due from tenants. Amounts recognized in excess of amounts currently due from tenants are included in other assets and were $2.6 million and $2.0 million as of March 31, 2014 and December 31, 2013, respectively. If the Trust determines that collectability of straight-line rents is not reasonably assured, the Trust limits future recognition to amounts contractually owed and, where appropriate, establishes an allowance for estimated losses.  Rental revenue is reduced by amortization of lease inducements and above market rents and increased by amortization of below market rents on certain leases.  Lease inducements, above market rents and below market rents are amortized over the average remaining life of the lease.
Expense Recoveries	'
	Expense Recoveries
	Expense recoveries relate to tenant reimbursement of real estate taxes, insurance and other operating expenses that are recognized as expense recovery revenue in the period the applicable expenses are incurred. The reimbursements are recorded at gross, as the Trust is generally the primary obligor with respect to real estate taxes and purchasing goods and services from third-party suppliers and has discretion in selecting the supplier and bears the credit risk of tenant reimbursement.
	The Trust has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses. For absolute net leases, the Trust does not recognize expense recoveries.
Earnings Per Share	'
	Earnings Per Share
	The Trust calculates earnings per share based upon the weighted average shares outstanding during the period.  Diluted earnings per share is calculated after giving effect to all potential diluted shares outstanding during the period.  There were 175,988 potentially dilutive shares outstanding related to the 2013 Equity Incentive Plan during the three months ended March 31, 2014. However, the shares were excluded from the computation of diluted shares as their impact would have been anti-dilutive.  As a result, the number of outstanding shares was the same for basic and diluted earnings per share.
Management Estimates	'
	Management Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the amounts of revenue and expenses reported in the period. Significant estimates are made for the valuation of real estate and property, valuation of financial instruments, impairment assessments and fair value assessments with respect to purchase price allocations. Actual results could differ from these estimates.
Reclassifications	'
	Reclassifications
	Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the consolidated financial position or results of operations.

Acquisitions_and_Investments_T

Acquisitions and Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Acquisitions and Investments	'
Schedule of acquisitions and aggregate purchase price	'
	During the quarter ended March 31, 2014, the Trust completed acquisitions of 13 operating healthcare properties located in five states for an aggregate purchase price of approximately $147.4 million as summarized below (in thousands):
	Property(1)	Location		Acquisition	Purchase
				Date	Price
	Foundations San Antonio Surgical Hospital(2)	San Antonio, TX		February 19, 2014	$	25,556
	Eagles Landing Family Practice 4 MOBs(2)	Atlanta, GA		February 19, 2014	$	20,800
	21st Century Oncology 4 MOBs(3)	Sarasota, FL		February 26, 2014	$	17,486
	Foundations San Antonio MOB(3)	San Antonio, TX		February 28, 2014	$	6,800
	Peachtree Dunwoody MOB(3)	Atlanta, GA		February 28, 2014	$	36,726
	LifeCare LTACH(2)	Fort Worth, TX		March 28, 2014	$	27,160
	LifeCare LTACH(2)	Pittsburgh, PA		March 28, 2014	$	12,840
	(1)         “MOB” means medical office building and “LTACH” means long term acute care hospital.
	(2)         The Trust accounted for these acquisitions as asset acquisitions and capitalized $0.4 million of total acquisition costs to the basis of the properties
	(3)         The Trust accounted for these acquisitions under the acquisition method and expensed total acquisition costs of $4.3 million.
Schedule of acquisition date fair values of assets acquired and liabilities assumed	'
	The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which we determined using level two and level three inputs (in thousands):
	Land	$	18,331
	Building and improvements	121,472
	In-place lease intangible	7,585
	Above market in-place lease intangible	891
	Investment in unconsolidated entity	1,300
	Debt assumed	(10,800		)
	Net assets acquired	$	138,779
Schedule of effect on net income, earnings per share-basic and diluted as if the trust had acquired the acquisitions as of January 1, 2014	'
	The following table illustrates the effect on net income, earnings per share —basic and diluted as if the Trust had acquired the above acquisitions as of January 1, 2014 (in thousands, except per share amounts):
		Three Months Ended
		March 31, 2014
	Revenue	$	4,329
	Net income	1,795
	Net income available to common shareholders	1,533
	Earnings per share — basic and diluted	$	0.07
	Weighted average common shares — basic and diluted	21,298,597

Intangibles_Tables

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2014
Intangibles	'
Summary of the carrying amount of acquired lease intangibles	'
	The following is a summary of the carrying amount of acquired lease intangibles as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31, 2014							December 31, 2013
	Assets	Cost		Accumulated			Net		Cost		Accumulated			Net
				Amortization							Amortization
	In-place leases	$	36,641	$	(8,759	)	$	27,882	$	29,056	$	(8,080	)	$	20,976
	Above market leases	3,071		(95		)	2,976		2,180		(48		)	2,132
	Total	$	39,712	$	(8,854	)	$	30,858	$	31,236	$	(8,128	)	$	23,108
Schedule of future amortization of the acquired lease intangibles	'
	Future aggregate amortization of the acquired lease intangibles as of March 31, 2014, is as follows (in thousands):
		Assets
	2014	$	2,777
	2015	3,684
	2016	3,671
	2017	3,495
	2018	3,139
	Thereafter	14,092
	Total	$	30,858

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt	'
Schedule of debt	'
	The following is a summary of debt as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,			December 31,
		2014			2013
	$140 million senior secured revolving credit facility bearing interest at floating rates, due August 2016, collateralized by twelve properties with a net book value of $133,140.	$	80,000		$	—
	Mortgage notes, bearing fixed interest from 4.82% to 6.58%, with a weighted average interest rate of 5.26%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by nine properties with a net book value of $50,380.	74,883			38,288
	Mortgage note, bearing variable interest of LIBOR plus 2.65% and due in 2017	4,499			4,533
	Total debt	$	159,382		$	42,821
Schedule of consolidated leverage ratios	'
	Consolidated Leverage	Adjusted LIBOR Rate Loans		Base Rate Loans
	Ratio	and Letter of Credit Fee
	<35%	LIBOR + 2.65%		Base Rate + 1.65%
	>35% and <45%	LIBOR + 2.85%		Base Rate + 1.85%
	>45% and <50%	LIBOR + 2.95%		Base Rate + 1.95%
	>50%	LIBOR + 3.40%		Base Rate + 2.40%
Schedule of principal payments due on debt	'
	Scheduled principal payments due on debt as of March 31, 2014, are as follows (in thousands):
	2014	$	1,353
	2015	1,869
	2016	89,427
	2017	28,664
	2018	5,498
	Thereafter	32,571
	Total	$	159,382

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Stock-based Compensation	'
Schedule of restricted stock activity	'
		Shares	Weighted Average
			Grant Date Fair
			Value
	Non-vested at December 31, 2013	250,000	$	11.5
	Granted	84,266	13.47
	Vested	—	—
	Forfeited	—	—
	Non-vested at March 31, 2014	334,266	$	12

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Schedule of fair value of other financial instruments	'
	The following table presents the fair value of other financial instruments (in thousands).
		March 31,				December 31,
		2014				2013
		(unaudited)
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value
	Cash and cash equivalents	$	10,092	$	10,092	$	56,478	$	56,478
	Real estate loan receivable	$	6,855	$	6,855	$	—	$	—
	Mortgage notes	$	79,382	$	80,242	$	42,821	$	44,130
	Derivative liability	$	356	$	356	$	397	$	397

Tenant_Operating_Leases_Tables

Tenant Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2014
Tenant Operating Leases	'
Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries	'
	As of March 31, 2014, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands):
	2014	$	25,440
	2015	34,193
	2016	33,818
	2017	33,601
	2018	31,653
	Thereafter	264,848
	Total	$	423,553

Rent_Expense_Tables

Rent Expense (Tables)	3 Months Ended
	Mar. 31, 2014
Rent Expense	'
Schedule of future minimum lease obligations under non-cancelable ground leases	'
	As of March 31, 2014, the future minimum lease obligations under non-cancelable ground leases were as follows (in thousands):
	2014	$	210
	2015	287
	2016	295
	2017	304
	2018	313
	Thereafter	26,091
	Total	$	27,500

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share	'
Schedule of amounts used in computing basic and diluted earnings per share	'
	The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share. As the three months ended March 31, 2014 resulted in a net loss, there is no dilution to earnings per share (in thousands, except share and per share data):
		Three Months
		Ended March 31,
		2014
	Numerator for earnings per share — basic and diluted:
	Net loss	$	(3,558	)
	Less: Loss allocable to noncontrolling interests	465
	Numerator for earnings per share — basic and diluted	$	(3,093	)
	Denominator for earnings per share - basic and diluted shares:	21,298,597
	Basic and diluted earnings per share	$	(0.15	)

Subsequent_Events_Tables

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2014
Subsequent events	'
Schedule of acquisitions through subsidiaries of operating partnership	'
	During the quarter ended March 31, 2014, the Trust completed acquisitions of 13 operating healthcare properties located in five states for an aggregate purchase price of approximately $147.4 million as summarized below (in thousands):
	Property(1)	Location	Acquisition	Purchase
			Date	Price
	Foundations San Antonio Surgical Hospital(2)	San Antonio, TX	February 19, 2014	$	25,556
	Eagles Landing Family Practice 4 MOBs(2)	Atlanta, GA	February 19, 2014	$	20,800
	21st Century Oncology 4 MOBs(3)	Sarasota, FL	February 26, 2014	$	17,486
	Foundations San Antonio MOB(3)	San Antonio, TX	February 28, 2014	$	6,800
	Peachtree Dunwoody MOB(3)	Atlanta, GA	February 28, 2014	$	36,726
	LifeCare LTACH(2)	Fort Worth, TX	March 28, 2014	$	27,160
	LifeCare LTACH(2)	Pittsburgh, PA	March 28, 2014	$	12,840
	(1)         “MOB” means medical office building and “LTACH” means long term acute care hospital.
	(2)         The Trust accounted for these acquisitions as asset acquisitions and capitalized $0.4 million of total acquisition costs to the basis of the properties
	(3)         The Trust accounted for these acquisitions under the acquisition method and expensed total acquisition costs of $4.3 million.
Subsequent events | Medical Office Buildings | Operating Partnership	'
Subsequent events	'
Schedule of acquisitions through subsidiaries of operating partnership	'
	The Trust, through subsidiaries of its operating partnership, closed on the below acquisitions (in thousands):
	Property(1)	Location	Acquisition	Purchase
			Date	Price
	Pinnacle Health 2 MOBs	Wormleysburg & Carlisle, PA	April 22, 2014	$	9,300
	South Bend MOB	Mishawaka, IN	April 30, 2014	$	14,900
	Grenada MOB	Grenada, MS	April 30, 2014	$	7,100
	(1)         “MOB” means medical office building.

Organization_and_Business_Deta

Organization and Business (Details) (USD $)	0 Months Ended			0 Months Ended		3 Months Ended	0 Months Ended
	Jul. 24, 2013	Mar. 31, 2014	Dec. 31, 2013	Dec. 11, 2013	Jul. 24, 2013	Mar. 31, 2014	Jul. 24, 2013	Jul. 24, 2013	Jul. 24, 2013	Jul. 24, 2013
				Common Stock	Physicians Realty, L.P.	Physicians Realty, L.P.	Physicians Realty, L.P.	Units	Ziegler Funds Properties	Ziegler Funds Properties
							Arrowhead Commons		Physicians Realty, L.P.	Units
									properties	Physicians Realty, L.P.
									fund
Organization and Business	'	'	'	'	'	'	'	'	'	'
Common stock, shares authorized	'	500,000,000	500,000,000	'	'	'	'	'	'	'
Common stock, par value (in dollars per share)	'	$0.01	$0.01	'	'	'	'	'	'	'
Organization and Business	'	'	'	'	'	'	'	'	'	'
Aggregate common shares issued pursuant to the IPO	11,753,597	'	'	'	'	'	'	'	'	'
Number of properties	'	'	'	'	'	'	'	'	19	'
Number of healthcare real estate funds managed	'	'	'	'	'	'	'	'	4	'
Number of partnership units issued	'	'	'	'	'	'	'	'	'	2,744,000
Aggregate value from issuance of OP Units	'	'	'	'	'	'	'	'	$31,600,000	'
Net proceeds from IPO, after deducting underwriting discounts and commissions and estimated expenses of the IPO	123,800,000	'	'	'	'	'	'	'	'	'
Number of shares issued	'	'	'	9,545,000	'	'	'	11,753,597	'	'
Common units of partnership interest (as a percent)	'	'	'	'	79.60%	85.40%	'	'	'	'
Additional ownership percentage of interest acquired	'	'	'	'	'	'	50.00%	'	'	'
Purchase price	'	'	'	'	'	'	850,000	'	'	'
Percentage of ownership interest acquired	'	'	'	'	'	'	100.00%	'	'	'
Shares issued upon exercise of the underwriters' overallotment option	'	'	'	1,245,000	'	'	'	'	'	'
Net proceeds from issuance of shares	'	'	'	$103,100,000	'	'	'	'	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended				12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2005	Dec. 31, 2005
			Ziegler CED Summerfield Square, LLC (Summerfield)	Ziegler CED Summerfield Square, LLC (Summerfield)	Ziegler Florida 4, LLC (Florida 4)	CED SS II, LLC (CED)
					Ziegler CED Summerfield Square, LLC (Summerfield)	Ziegler CED Summerfield Square, LLC (Summerfield)
Principles of Consolidation	'	'	'	'	'	'
Ownership interest in consolidated subsidiaries (as a percent)	100.00%	'	'	'	'	'
Capital contributed	'	'	'	'	$600,000	'
Ownership interest (as a percent)	'	'	'	'	40.00%	60.00%
Property under development	$225,000	$225,000	$200,000	$200,000	'	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended	0 Months Ended		3 Months Ended	0 Months Ended
	Mar. 31, 2014	Sep. 30, 2013	Jul. 24, 2013	Mar. 31, 2014	Sep. 30, 2013	Jul. 24, 2013	Jul. 24, 2013
		New Orleans, LA acquisitions	Operating Partnership	Operating Partnership	Operating Partnership	Ziegler Funds Properties	Ziegler Funds Properties
					New Orleans, LA acquisitions	Operating Partnership	Operating Partnership
					Units	properties	Units
						state
Noncontrolling Interests	'	'	'	'	'	'	'
Number of medical office buildings	'	'	'	'	'	19	'
Number of states	'	'	'	'	'	10	'
Number of partnership units issued	'	'	'	'	'	'	2,744,000
Repayment of outstanding indebtedness	$384,000	'	'	'	'	'	'
Purchase price	147,400,000	37,500,000	'	'	'	'	'
Number of units issued for funding purchase price	'	'	'	'	954,877	'	'
Value of units issued for funding purchase price	'	'	'	'	$11,500,000	'	'
Percentage of interest held	'	'	79.60%	85.40%	'	'	'
Operating partnership units redemption ratio	1	'	'	'	'	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Dividends and Distributions	'	'
Cash dividend declared to common shareholders (in dollars per share)	$0.23	'
Rental Revenue	'	'
Rental revenue due in excess of amounts currently due from tenants	$2.60	$2

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 4)	3 Months Ended
	Mar. 31, 2014
Earnings per share	'
Number of potentially dilutive shares	175,988

Acquisitions_and_Investments_D

Acquisitions and Investments (Details) (USD $)	3 Months Ended			0 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Feb. 19, 2014	Feb. 28, 2014	Feb. 28, 2014	Feb. 19, 2014	Feb. 26, 2014	Mar. 28, 2014	Mar. 28, 2014	Jan. 02, 2014
	state	In-place leases	Above market in-place leases	San Antonio, TX	San Antonio, TX	Atlanta, GA	Atlanta, GA	Sarasota, FL	Fort Worth, TX	Pittsburgh, PA	Mezzanine loan
	item			Surgical Hospital	Medical Office Buildings	Medical Office Buildings	Medical Office Buildings	Medical Office Buildings	Long Term Acute Care Hospital	Long Term Acute Care Hospital	item
							properties	properties
Acquisitions and investments	'	'	'	'	'	'	'	'	'	'	'
Number of operating healthcare properties	13	'	'	'	'	'	'	'	'	'	'
Number of states in which operating healthcare properties and land parcel located	5	'	'	'	'	'	'	'	'	'	'
Number of medical office buildings	'	'	'	'	'	'	4	4	'	'	'
Purchase price	$147,400,000	'	'	$25,556,000	$6,800,000	$36,726,000	$20,800,000	$17,486,000	$27,160,000	$12,840,000	'
Acquisition costs expensed	4,300,000	'	'	'	'	'	'	'	'	'	'
Acquisition costs capitalized	400,000	'	'	'	'	'	'	'	'	'	'
Acquisition date fair values of the assets acquired and the liabilities assumed	'	'	'	'	'	'	'	'	'	'	'
Land	18,331,000	'	'	'	'	'	'	'	'	'	'
Building and improvements	121,472,000	'	'	'	'	'	'	'	'	'	'
Intangible assets	'	7,585,000	891,000	'	'	'	'	'	'	'	'
Investment in unconsolidated entity	1,300,000	'	'	'	'	'	'	'	'	'	'
Debt assumed	-10,800,000	'	'	'	'	'	'	'	'	'	'
Net assets acquired	138,779,000	'	'	'	'	'	'	'	'	'	'
Loan to affiliates	'	'	'	'	'	'	'	'	'	'	$6,900,000
Number of special purpose entities, ownership interest in which is used as security for Mezzanine Loan	'	'	'	'	'	'	'	'	'	'	2
Term of loan	'	'	'	'	'	'	'	'	'	'	'5 years
Interest rate on loan (as a percent)	'	'	'	'	'	'	'	'	'	'	9.00%

Acquisitions_and_Investments_D1

Acquisitions and Investments (Details 2) (USD $)	3 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Feb. 21, 2014
		Crescent City Surgical Centre
Investments in unconsolidated entities	'	'
Ownership interest acquired (as a percent)	'	40.00%
Acquisition price	$147,400	$1,300

Acquisitions_and_Investments_D2

Acquisitions and Investments (Details 3) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Unaudited Pro Forma Financial Information	'
Revenue	$4,329
Net income	1,795
Net income available to common shareholders	$1,533
Earnings per share - basic (in dollars per share)	$0.07
Earnings per share - diluted (in dollars per share)	$0.07
Weighted average common shares - basic (in shares)	21,298,597
Weighted average common shares - diluted (in shares)	21,298,597

Intangibles_Details

Intangibles (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Intangibles	'	'
Cost	$39,712	$31,236
Accumulated Amortization	-8,854	-8,128
Total	30,858	23,108
In-place leases	'	'
Intangibles	'	'
Cost	36,641	29,056
Accumulated Amortization	-8,759	-8,080
Total	27,882	20,976
Above market leases	'	'
Intangibles	'	'
Cost	3,071	2,180
Accumulated Amortization	-95	-48
Total	$2,976	$2,132

Intangibles_Details_2

Intangibles (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
In-place leases	'	'
Intangibles	'	'
Amortization expense	$0.70	$0.20
Above market leases	'	'
Intangibles	'	'
Reduction in rental revenue	$0.05	$0.05

Intangibles_Details_3

Intangibles (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
2014	$2,777	'
2015	3,684	'
2016	3,671	'
2017	3,495	'
2018	3,139	'
Thereafter	14,092	'
Total	$30,858	$23,108
Weighted average amortization period for lease intangibles	'11 years	'

Debt_Details

Debt (Details) (USD $)	0 Months Ended	3 Months Ended
	Dec. 31, 2013	Mar. 31, 2014
Debt	'	'
Total debt	42,821,000	159,382,000
$140 million senior secured revolving credit facility bearing interest at floating rates, due August 2016	'	'
Debt	'	'
Total debt	'	80,000,000
Maximum borrowing capacity	'	140,000,000
Number of properties included in collateralized	'	12
Net book value of properties included in the collateralized	'	133,140,000
Mortgage notes, bearing fixed interest from 4.82% to 6.58%	'	'
Debt	'	'
Total debt	38,288,000	74,883,000
Weighted average interest rate (as a percent)	5.26%	5.26%
Number of properties included in collateralized	'	9
Net book value of properties included in the collateralized	'	50,380,000
Mortgage notes, bearing fixed interest from 4.82% to 6.58% | Minimum	'	'
Debt	'	'
Interest rate (as a percent)	4.82%	4.82%
Mortgage notes, bearing fixed interest from 4.82% to 6.58% | Maximum	'	'
Debt	'	'
Interest rate (as a percent)	6.58%	6.58%
Mortgage note, bearing variable interest of LIBOR plus 2.65%	'	'
Debt	'	'
Total debt	4,533,000	4,499,000
Mortgage note, bearing variable interest of LIBOR plus 2.65% | LIBOR	'	'
Debt	'	'
Variable rate basis	'LIBOR	'LIBOR
Margin (as a percent)	2.65%	2.65%

Debt_Details_2

Debt (Details 2) (USD $)

0 Months Ended

0 Months Ended

0 Months Ended

In Millions, unless otherwise specified

Feb. 19, 2014

Aug. 29, 2013

Aug. 29, 2013

Aug. 29, 2013

Aug. 29, 2013

Aug. 29, 2013

Aug. 29, 2013

Aug. 29, 2013

Aug. 29, 2013

Mar. 31, 2014

Aug. 29, 2013

Mar. 31, 2014

Feb. 21, 2014

Nov. 08, 2013

Jan. 10, 2014

Jan. 14, 2014

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Credit Agreement

Credit Agreement

Credit Agreement

Credit Agreement

Credit Agreement

Mortgage financing

Mortgage financing

Surgical Hospital

LIBOR

LIBOR

LIBOR

LIBOR

Base Rate

Base Rate

Base Rate

Base Rate

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Foundation Surgical Affiliates Medical Care Building

Crescent City Surgical Centre

San Antonio, Texas Acquisitions

Adjusted LIBOR Rate Loans and Letter of Credit

Adjusted LIBOR Rate Loans and Letter of Credit

Adjusted LIBOR Rate Loans and Letter of Credit

Adjusted LIBOR Rate Loans and Letter of Credit

Base Rate Loans

Base Rate Loans

Base Rate Loans

Base Rate Loans

Consolidated Leverage Ratio, 35%

Consolidated Leverage Ratio, >35% and 45%

Consolidated Leverage Ratio, >45% and 50%

Consolidated Leverage Ratio, >50%

Consolidated Leverage Ratio, 35%

Consolidated Leverage Ratio, >35% and 45%

Consolidated Leverage Ratio, >45% and 50%

Consolidated Leverage Ratio, >50%

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

$140

$75

'

$140

$90

'

'

Maximum borrowing capacity, option

'

'

'

'

'

'

'

'

'

'

250

'

'

'

'

'

Term of facility

'8 years

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'7 years

'5 years

Consolidated leverage ratio, minimum (as a percent)

'

'

35.00%

45.00%

50.00%

'

35.00%

45.00%

50.00%

'

'

'

'

'

'

'

Consolidated leverage ratio, maximum (as a percent)

'

35.00%

45.00%

50.00%

'

35.00%

45.00%

50.00%

'

'

'

'

'

'

'

'

Variable rate basis

'

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'Base Rate

'Base Rate

'Base Rate

'Base Rate

'

'

'

'

'

'

'

Margin (as a percent)

'

2.65%

2.85%

2.95%

3.40%

1.65%

1.85%

1.95%

2.40%

'

'

'

'

'

'

'

Amount outstanding

'

'

'

'

'

'

'

'

'

'

'

80

'

'

'

'

Current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

3.4

'

'

'

'

Face amount of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.8

18.8

Monthly interest and principal payments

0.1

'

'

'

'

'

'

'

'

'

'

'

'

'

0.05

'

Interest rate (as a percent)

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

4.71%

5.00%

Variable rate basis after July 2018

'prime rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Margin after July 2018 (as a percent)

1.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate after July 2018 (as a percent)

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt assumed

10.8

'

'

'

'

'

'

'

'

'

'

'

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Outstanding principal balance

$10.80

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Debt_Details_3

Debt (Details 3) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Scheduled principal payments	'
2014	$1,353
2015	1,869
2016	89,427
2017	28,664
2018	5,498
Thereafter	32,571
Total	$159,382

Stockbased_Compensation_Detail

Stock-based Compensation (Details) (USD $)	0 Months Ended	3 Months Ended
	Jul. 24, 2013	Mar. 31, 2014
Weighted Average Grant Date Fair Value	'	'
Non-cash share compensation	'	$356,000
Restricted common shares	'	'
Stock-based compensation	'	'
Maximum number of shares authorized	600,000	'
Grant date value (in dollars)	2,900,000	'
Vesting period	'3 years	'
Shares	'	'
Non-vested at the beginning of the period	'	250,000
Granted (in shares)	250,000	84,266
Non-vested at the end of the period	'	334,266
Weighted Average Grant Date Fair Value	'	'
Non-vested at beginning of period	'	$11.50
Grant date value (in dollars per share)	$11.50	$13.47
Non-vested at the end of period	'	$12
Non-cash share compensation	'	300,000
Unrecognized compensation expense	'	$4,100,000
Initial estimated cumulative forfeiture rate (as a percent)	'	0.00%

Stockbased_Compensation_Detail1

Stock-based Compensation (Details 2) (USD $)	1 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014
Stock-based compensation	'	'
Non-cash share compensation	'	$356,000
Performance-based restricted share units	'	'
Stock-based compensation	'	'
Granted (in shares)	55,680	'
Vesting period	'3 years	'
Number of dividend equivalent included in award	1	1
Non-cash share compensation	'	20,000
Unrecognized compensation expense	$800,000	$800,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair value measurements	'	'
Fair value of derivative	($356)	($397)
Recurring basis | Significant Other Observable Inputs (Level 2) | Interest rates swaps	'	'
Fair value measurements	'	'
Fair value of derivative	-400	-400
Nonrecurring basis	'	'
Fair value measurements	'	'
Assets subject to impairment	$0	'

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair value of other financial instruments	'	'
Real estate loan receivable	$6,855	'
Derivative liability	356	397
Carrying Amount	'	'
Fair value of other financial instruments	'	'
Cash and cash equivalents	10,092	56,478
Real estate loan receivable	6,855	'
Mortgage notes	79,382	42,821
Fair Value	'	'
Fair value of other financial instruments	'	'
Cash and cash equivalents	10,092	56,478
Real estate loan receivable	6,855	'
Mortgage notes	80,242	44,130
Recurring basis | Carrying Amount | Interest rates swaps	'	'
Fair value of other financial instruments	'	'
Derivative liability	356	397
Recurring basis | Fair Value | Interest rates swaps	'	'
Fair value of other financial instruments	'	'
Derivative liability	$356	$397

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Details) (Interest rates swaps, Designated as hedge, Cash flow hedges, USD $)	3 Months Ended		3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
			Ziegler Healthcare Real Estate Funds
Derivative financial instruments	'	'	'
Notional amount	$7.90	$7.90	'
Gains recognized	$0.04	'	$0.07

Tenant_Operating_Leases_Detail

Tenant Operating Leases (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Future minimum rental payments on noncancelable leases	'
2014	$25,440
2015	34,193
2016	33,818
2017	33,601
2018	31,653
Thereafter	264,848
Total	$423,553

Rent_Expense_Details

Rent Expense (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	item
Rent Expense	'
Number of leases properties	3
Maximum leases terms	'68 years
Future minimum lease obligations under non-cancelable ground leases	'
2014	$210
2015	287
2016	295
2017	304
2018	313
Thereafter	26,091
Total	$27,500

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended	5 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Numerator for earnings per share - basic and diluted:	'	'
Net loss	($3,558)	($2,060)
Less: Loss allocable to noncontrolling interests	465	'
Net loss attributable to common shareholders	($3,093)	'
Denominator for earnings per share - basic and diluted shares:	21,298,597	'
Basic and diluted earnings per share (in dollar per share)	($0.15)	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (Ziegler, USD $)	3 Months Ended		7 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Jul. 23, 2013	Mar. 31, 2013
	Shared service fee	Management fees	Ziegler Healthcare Real Estate Funds	Ziegler Healthcare Real Estate Funds
				Management fees
Related Party Transactions	'	'	'	'
Fees charged	$0.20	$0.20	'	$0.20
Annual management fee as a percentage of total capital commitments	'	'	2.00%	'

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent events, Medical Office Buildings, Operating Partnership, USD $)	0 Months Ended
	Apr. 22, 2014	Apr. 30, 2014	Apr. 30, 2014
	Wormleysburg and Carlisle, PA	Mishawaka, IN	Grenada, MS
Subsequent events	'	'	'
Purchase price	$9,300,000	$14,900,000	$7,100,000