Physicians Realty Trust 10-K 12 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Mar. 09, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	Physicians Realty Trust
Entity Central Index Key	1574540
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$487.70
Entity Common Stock, Shares Outstanding		70,237,520
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated_and_Combined_Bala

Consolidated and Combined Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment properties:
Land and improvements	$79,334	$26,088
Building and improvements	644,086	193,184
Tenant improvements	5,614	5,458
Acquired lease intangibles	72,985	31,236
Gross real estate property	802,019	255,966
Accumulated depreciation	-45,569	-28,427
Net real estate property	756,450	227,539
Real estate loans receivable	15,876
Investment in unconsolidated entity	1,324
Net real estate investments	773,650	227,539
Cash and cash equivalents	15,923	56,478
Tenant receivables, net	1,324	837
Deferred costs, net	4,870	2,105
Other assets	15,806	5,901
Total assets	811,573	292,860
Liabilities:
Credit facility	138,000
Mortgage debt	78,105	42,821
Accounts payable	700	836
Dividends Payable	16,548	5,681
Accrued expenses and other liabilities	6,140	2,685
Acquired lease intangibles, net	2,871
Total liabilities	242,364	52,023
Equity:
Common shares, $0.01 par value, 500,000,000 shares authorized, 50,640,863 and 21,548,597 shares issued and outstanding as of December 31, 2014 and December 31, 2013, respectively.	510	215
Additional paid-in capital	586,017	213,359
Accumulated deficit	-51,797	-8,670
Total shareholders' equity	534,730	204,904
Noncontrolling interests:
Operating Partnership	33,727	35,310
Partially owned properties	752	623
Total noncontrolling interests	34,479	35,933
Total equity	569,209	240,837
Total liabilities and equity	$811,573	$292,860

Consolidated_and_Combined_Bala1

Consolidated and Combined Balance Sheets (Parenthetical) (USD $)	Dec. 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	50,640,863	21,548,597
Common stock, shares outstanding	50,640,863	21,548,597

Consolidated_and_Combined_Stat

Consolidated and Combined Statements of Operations (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental revenues	$46,397	$13,565
Expense recoveries	5,871	3,234
Interest income on real estate loans and other	1,066	246
Total revenues	53,334	17,045
Expenses:
Interest expense	6,907	4,295
General and administrative	11,440	3,214
Operating expenses	10,154	4,650
Depreciation and amortization	16,731	5,107
Acquisition expenses	10,897	1,938
Management fees		475
Impairment loss	1,750	0
Total expenses	57,879	19,679
Loss before equity in income of unconsolidated entity, gain(loss) on sale of investment properties, discontinued operations, and noncontrolling interests	-4,545	-2,634
Equity in income of unconsolidated entity	95
Gain (loss) on sale of investment properties	32	-2
Loss from continuing operations	-4,418	-2,636
Discontinued operations:
Net loss	-4,418	-2,636
Less: Net loss attributable to Predecessor		576
Less: Net loss attributable to noncontrolling interests - Operating Partnership	695	470
Less: Net income attributable to noncontrolling interests - partially owned properties	-314	-71
Net loss attributable to common shareholders	-4,037	-1,661
Net loss per share:
Basic and diluted (in dollars per share)	($0.12)	($0.13)
Weighted average common shares:
Weighted average common shares outstanding - Basic and diluted	33,063,093	12,883,917
Dividends/distributions declared per common share and unit (in dollars per share)	$0.90	$0.41
Predecessor
Revenues:
Rental revenues			9,821
Expense recoveries			3,111
Interest income on real estate loans and other			137
Total revenues			13,069
Expenses:
Interest expense			4,538
General and administrative			362
Operating expenses			4,758
Depreciation and amortization			4,150
Management fees			951
Impairment loss			937
Total expenses			15,696
Loss before equity in income of unconsolidated entity, gain(loss) on sale of investment properties, discontinued operations, and noncontrolling interests			-2,627
Gain (loss) on sale of investment properties			-228
Loss from continuing operations			-2,855
Discontinued operations:
Loss from operations on discontinued investment properties			-198
Gain on sale of discontinued investment properties			1,519
Income from discontinued operations			1,321
Net loss			($1,534)

Consolidated_and_Combined_Stat1

Consolidated and Combined Statement of Equity (USD $)	Predecessor	Predecessor	Predecessor	Predecessor	Predecessor	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	Total
In Thousands, unless otherwise specified	Predecessor Equity	Total Shareholders' and Predecessor Equity	Partially Owned Properties Noncontrolling Interest	Total Non-controlling Interests
Balance at Dec. 31, 2011	$22,503	$22,503	$112	$112	$22,615
Change in predecessor equity
Net (loss) income	-1,659	-1,659	125	125	-1,534
Transfer	-105	-105	105	105
Distributions	-1,671	-1,671	-313	-313	-1,984
Increase (Decrease) in stockholders' Equity
Net (loss) income					-1,534
Balance at Dec. 31, 2012	19,068	19,068	29	29	19,097
Change in predecessor equity
Net (loss) income	-712	-712	136	136	-576
Transfer	36	36	-36	-36
Distributions	-211	-211	-209	-209	-420
Balance at Jul. 23, 2013	18,181	18,181	-80	-80	18,101
Balance at Jul. 24, 2013									18,181	18,181		-80	-80	18,101
Increase (Decrease) in stockholders' Equity
Net proceeds from sale of common shares						213	225,707			225,920				225,920
Formation Transactions							35		-18,181	-18,146	18,181	-389	17,792	-354
Restricted share award grants, net						2	431			433				433
Dividends declared								-7,009		-7,009	-1,326		-1,326	-8,335
Adjustment for Noncontrolling Interests ownership in Operating Partnership							-7,391			-7,391	7,391		7,391
Contributions							-5,423			-5,423	11,534	1,276	12,810	7,387
Distributions												-255	-255	-255
Net (loss) income								-1,661		-1,661	-470	71	-399	-2,060
Balance at Dec. 31, 2013						215	213,359	-8,670		204,904	35,310	623	35,933	240,837
Balance at Dec. 31, 2013														240,837
Increase (Decrease) in stockholders' Equity
Net proceeds from sale of common shares						272	350,113			350,385				350,385
Restricted share award grants, net						2	2,100	-42		2,060				2,060
Issuance of common shares in connection with the Ziegler shared service amendment payment						1	1,799			1,800				1,800
Purchase of OP units											-7,546		-7,546	-7,546
Conversion of OP units						20	13,266			13,286	-13,286		-13,286
Dividends declared								-39,048		-39,048	-3,265		-3,265	-42,313
Adjustment for Noncontrolling Interests ownership in Operating Partnership							5,380			5,380	-5,380		-5,380
Issuance of OP Units in connection with acquisitions											28,589		28,589	28,589
Distributions												-185	-185	-185
Net (loss) income								-4,037		-4,037	-695	314	-381	-4,418
Balance at Dec. 31, 2014						510	586,017	-51,797		534,730	33,727	752	34,479	569,209
Balance at Dec. 31, 2014														$569,209

Consolidated_and_Combined_Stat2

Consolidated and Combined Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities:
Net loss	($4,418)	($2,636)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	16,731	5,107
Amortization of deferred financing costs	1,097	510
Amortization of lease inducements and above/below market lease intangibles	571	141
Straight-line rental revenue/expense	-4,366	-675
(Gain) loss on sale of investment properties	-32	2
Equity in income of unconsolidated entity	-95
Distribution from unconsolidated entity	71
Change in fair value of derivatives	-161	-246
Provision for bad debts	9	30
Non-cash share compensation	2,422	433
Ziegler shared service amendment payment	1,800
Impairment on investment properties	1,750	0
Change in operating assets and liabilities:
Tenant receivables	-986	-184
Other assets	-3,518	-1,074
Accounts payable to related parties		-1,530
Accounts payable	-136	34
Accrued expenses and other liabilities	2,556	1,256
Net cash provided by operating activities	13,295	1,168
Cash Flows from Investing Activities:
Proceeds on sale of investment properties	235	448
Acquisition of investment properties, net	-501,127	-125,728
Capital expenditures on existing investment properties	-900
Real estate loan receivable	-15,386
Leasing commissions	-100	-163
Lease inducements	-1,532	-1,000
Net cash (used in) provided by investing activities	-518,810	-126,443
Cash Flows from Financing Activities:
Net proceeds from sale of common shares	350,384	225,920
Formation transactions		-354
Proceeds from credit facility borrowings	395,200	52,350
Payment on credit facility borrowings	-257,200	-52,350
Proceeds from issuance of mortgage debt	26,550	162
Principal payments on mortgage debt	-6,549	-41,832
Debt issuance costs	-3,887	-1,428
Dividends paid - shareholders	-28,104	-2,161
Distributions to noncontrolling interest- Operating Partnership	-3,382	-493
Distributions to members and partners		-211
Distributions to noncontrolling interest - partially owned properties	-185	-464
Purchase of OP Units	-7,546
Common shares repurchased and retired	-321
Net cash provided by (used in) financing activities	464,960	179,139
Net (decrease) increase in cash and cash equivalents	-40,555	53,864
Cash and cash equivalents, beginning of year	56,478	2,614
Cash and cash equivalents, end of period	15,923	56,478
Supplemental disclosure of cash flow information - interest paid during the period	5,606	3,942
Supplemental disclosure of noncash activity - assumed debt	15,283
Supplemental disclosure of noncash activity - issuance of OP units in connection with acquisitions	28,589	11,535
Supplemental disclosure of noncash activity - contingent consideration	840
Predecessor
Cash Flows from Operating Activities:
Net loss			-1,534
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization			4,150
Amortization of deferred financing costs			268
Amortization of lease inducements and above/below market lease intangibles			70
Straight-line rental revenue/expense			-100
(Gain) loss on sale of investment properties			-1,291
Change in fair value of derivatives			-122
Provision for bad debts			320
Impairment on investment properties			937
Change in operating assets and liabilities:
Tenant receivables			33
Other assets			379
Accounts payable to related parties			255
Accounts payable			204
Accrued expenses and other liabilities			-56
Net cash provided by operating activities			3,513
Cash Flows from Investing Activities:
Proceeds on sale of investment properties			14,525
Capital expenditures on existing investment properties			-845
Leasing commissions			-153
Net cash (used in) provided by investing activities			13,527
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage debt			45
Principal payments on mortgage debt			-14,149
Debt issuance costs			-270
Distributions to members and partners			-1,671
Distributions to noncontrolling interest - partially owned properties			-313
Net cash provided by (used in) financing activities			-16,358
Net (decrease) increase in cash and cash equivalents			682
Cash and cash equivalents, beginning of year			1,932
Cash and cash equivalents, end of period			2,614
Supplemental disclosure of cash flow information - interest paid during the period			$5,126

Organization_and_Business

Organization and Business	12 Months Ended
	Dec. 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 December 31, 2014, the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share (“common shares”). The Trust filed a Registration Statement on Form S-11 with the Securities and Exchange Commission (the “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
	Pursuant to the IPO, the Trust issued an aggregate of 11,753,597 common shares, including common shares issued upon exercise of the underwriters’ overallotment option, and received approximately $123.8 million of net proceeds (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 common units of partnership interest (“OP Units”) on July 24, 2013.  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, including the assumption of approximately $84.3 million of debt related to such properties. 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 per share to the public in the IPO. These formation transactions were effected concurrently with the completion of the IPO.
	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 assumptions and the Trust’s former senior secured revolving credit facility. The balance of the net proceeds was subsequently invested in healthcare properties.
	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.
	Follow-On Public Offerings
	On December 11, 2013, the Trust completed a public offering of 9,545,000 common shares, including 1,245,000 common 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 9,545,000 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the Trust’s former senior secured revolving credit facility and for general corporate and working capital purposes and funding acquisitions.
	On May 27, 2014, the Trust completed a public offering of 12,650,000 common shares, including 1,650,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $149.9 million. The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 12,650,000 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the Trust’s former senior secured revolving credit facility and for general corporate and working capital purposes and funding acquisitions.
	On August 19, 2014, the Trust’s Registration Statement on Form S-3 (File No. 333-197842) (the “Shelf Registration Statement”), filed with the Commission on August 4, 2014, was declared effective by the Commission.  The Shelf Registration Statement covers the offering, from time to time, of various securities with an aggregate value of up to $900 million and the secondary offering of common shares by certain selling shareholders.
	On August 19, 2014, the Trust and the Operating Partnership entered into separate At Market Issuance Sales Agreements (the “Sales Agreements”) with each of MLV & Co. LLC, KeyBanc Capital Markets Inc., JMP Securities LLC, and RBC Capital Markets, LLC (the “Agents”), pursuant to which the Trust may issue and sell common shares having an aggregate offering price of up to $150 million, from time to time, through the Agents pursuant to the Shelf Registration Statement (the “ATM Program”). In accordance with the Sales Agreements, the Trust may offer and sell its common shares through any of the Agents, from time to time, by any method deemed to be an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), which includes sales made directly on the New York Stock Exchange (the “NYSE”), or other existing trading market, or sales made to or through a market maker. With the Trust’s express written consent, sales also may be made in negotiated transactions or any other method permitted by law. During 2014, the Trust sold 3,576,010 common shares pursuant to the ATM Program, at a weighted average price of $15.54 per share resulting in total proceeds of approximately $55.6 million, before $0.8 million in commissions.
	On September 12, 2014, the Trust completed a public offering of 10,925,000 common shares, including 1,425,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $145.7 million. The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 10,925,000 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the Trust’s former senior secured revolving credit facility and for general corporate and working capital purposes and funding acquisitions.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies
	Principles of Consolidation
	Property holding entities and other subsidiaries of which the Trust or the Operating Partnership 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 in consolidation. 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.
	U.S. generally accepted accounting principles (“GAAP”) requires the Trust to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Trust consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Trust may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.
	The Trust identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Trust performs this analysis on an ongoing basis.
	Noncontrolling Interests
	The Trust presents the portion of any equity it does not own in entities that it controls (and thus consolidates) as noncontrolling interests and classifies such interests as a component of consolidated equity, separate from the Trust’s total shareholders’ equity, on the consolidated balance sheets.
	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 and the payment of approximately $36.9 million of debt related to such properties.
	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 Trust partially funded the purchase price by issuing 954,877 OP Units valued at approximately $11.5 million on the date of issuance.
	During the year ended December 31, 2014, the Operating Partnership partially funded five property acquisitions by issuing an aggregate of 2,042,313 OP Units valued at approximately $28.6 million on the date of issuance.  The five acquisitions had a total purchase price of approximately $103.6 million.
	Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors. As of December 31, 2014, the Trust held a 94.1% 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 unregistered common shares on a one-for-one basis.  Such selection to pay cash or issue common 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.
	Dividends and Distributions
	Declaration Date		Record Date		Payment Date	Cash Dividend
						per Share/Unit
	December 30, 2014		January 23, 2015		February 6, 2015	$	0.225
	September 26, 2014		October 17, 2014		October 30, 2014	$	0.225
	June 26, 2014		July 18, 2014		August 1, 2014	$	0.225
	March 27, 2014		April 11, 2014		April 25, 2014	$	0.225
	December 30, 2013		January 24, 2014		February 7, 2014	$	0.225
	September 30, 2013		October 18, 2013		November 1, 2013	$	0.18	-1
		-1		Prorated cash dividend of $0.18 per share for the quarterly period from July 19, 2013 (the date of the IPO) through September 30, 2013, which was equivalent to a full quarterly dividend of $0.225 per share. The dividend was paid on November 1, 2013 to common shareholders and common OP Unit holders of record on October 18, 2013, with the exception of the OP Units issued in the acquisition of Crescent City Surgical Centre.
	Purchase of 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 the acquired tangible assets and assumed liabilities based upon their relative fair values at the date of acquisition.  A property acquired with an existing lease is accounted for as a business combination pursuant to the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”), and assets acquired and liabilities assumed, including identified intangible assets and liabilities, are recorded at fair value.
	The determination of fair value involves the use of significant judgment and estimation.  The Trust makes estimates of the fair value of the tangible and intangible acquired assets and assumed liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence and may include the assistance of a third party appraiser.  The Trust estimates the fair value of buildings acquired on an as-if-vacant basis and depreciates the building value over the estimated remaining life of the building. The Trust determines the allocated value of other fixed assets, such as site improvements, based upon the replacement cost and depreciates such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. The fair value of land is determined either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within the Trust’s portfolio.
	In recognizing identified intangible assets and liabilities in connection with a business combination, the value of above-or-below market leases is estimated based on the present value (using an interest rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market lease intangibles are amortized as a reduction or addition to rental income over the estimated remaining term of the respective leases.
	In determining the value of in-place leases and tenant relationships, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including leasing commissions, tenant improvements, legal, and other related costs based on current market demand. The values assigned to in-place leases and tenant relationships are amortized over the estimated remaining term of the lease.
	The values assigned to all lease intangible assets and liabilities are amortized over the estimated remaining term of the lease. If a lease terminates prior to its scheduled expiration, all unamortized costs related to that lease are written off.
	The Trust calculates the fair value of any long-term debt assumed by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which the Trust approximates based on the rate at which it would expect to incur on a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
	Based on these estimates, the Trust recognizes the acquired assets and assumed liabilities at their estimated fair values, which are generally determined using Level 3 inputs, such as market rental rates, capitalization rates, discount rates, or other available market data. Initial valuations are subject to change until the information is finalized, no later than 12 months from the acquisition date. The Trust expenses transaction costs associated with acquisitions accounted for as business combinations in the period incurred.
	Impairment of Intangible and Long-Lived Assets
	The Trust periodically evaluates its long-lived assets, primarily consisting of investments in real estate, for impairment indicators or whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. If indicators of impairment are present, the Trust evaluates the carrying value of the related real estate properties in relation to the undiscounted expected future cash flows of the underlying operations.   In performing this evaluation, management considers market conditions and current intentions with respect to holding or disposing of the real estate property. The Trust adjusts the net book value of real estate properties to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. The Trust recognizes an impairment loss at the time it makes any such determination.   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. Fair value is typically determined using a discounted future cash flow analysis or other acceptable valuation techniques, which are based, in turn, upon Level 3 inputs, such as revenue and expense growth rates, capitalization rates, discount rates or other available market data.
	The Trust recorded real estate impairment charges of $1.8 million and $0 for the years ended December 31, 2014 and 2013, respectively. The Predecessor recognized impairments totaling $0.9 million for the year ended December 31, 2012.
	Assets Held for Sale and Discontinued Operations
	The Trust may sell properties from time to time for various reasons, including favorable market conditions. The Trust classifies certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated.
	In 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in the Trust’s previously issued financial statements. The Trust early adopted ASU 2014-08 for the quarter ended March 31, 2014.  Such adoption has had no impact on the Trust’s financial statements as no dispositions have occurred during the year ended December 31, 2014.
	Prior to the adoption of ASU 2014-08, the results of operations for assets meeting the definition of discontinued operations are reflected in the consolidated and combined statements of operations as discontinued operations for all periods presented. The Trust allocates estimated interest expense to discontinued operations based on property values and either the weighted average interest rate of the Trust or the property’s actual mortgage interest.
	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 statements of operations.  The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest.
	During 2014, the Trust completed the acquisition of a 40% limited liability company membership interest in Jeff-Orleans Medical Development Real Estate, L.L.C, the entity that owns and leases to us the land on which the Crescent City Surgical Centre is situated, for $1.3 million.
	Real Estate Loans Receivable
	Real estate loans receivable consists of a mezzanine loan and a term loan which are collateralized by an equity interest in a two medical office building developments.  Interest income on the loans are recognized as earned based on the terms of the loans subject to evaluation of collectability risks and are included in the Trust’s consolidated and combined statement of operations.
	On January 2, 2014, the Trust completed a $6.9 million 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 and an inpatient rehabilitation facility located in Scottsdale, Arizona. 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 at a formula purchase price during year four of the mezzanine loan based on a fixed capitalization rate.
	On November 26, 2014, the Trust made an $8.6 million term loan to fund the renovations and additions of two re-purposed buildings in Jacksonville, Florida. Upon completion of the expansion and renovations, the properties will be approximately 40,000 square feet in the aggregate. Upon completion of the construction of the buildings and them becoming fully occupied, the Trust has the option to purchase the buildings. The term loan bears interest at a rate of 9.0%.
	Cash and cash equivalents
	Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less from the date of purchase.
	The Trust is subject to concentrations of credit risk as a result of its temporary cash investments. The Trust places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk.
	Escrow reserves
	The Trust is required to maintain various escrow reserves on certain notes payable to cover future property taxes and insurance and tenant improvements costs as defined in each loan agreement.  The total reserves as of December 31, 2014 and 2013 are $1.9 million and $1.6 million, respectively, which are included in other assets in the consolidated balance sheets.
	Deferred costs
	Deferred costs consist primarily of fees paid to obtain financing and costs associated with the origination of long-term lease on real estate properties.  After the purchase of a property, lease commissions incurred to extend in-place leases or generate new lease are added to deferred lease costs.  Deferred lease costs are amortized on a straight-line basis over the terms of their respective agreements. The Trust amortizes deferred financing costs as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield.
	Derivatives
	Derivatives consist of an interest rate swap and is recognized as a liability on the consolidated balance sheets and is measured at fair value.  Any change in the fair value is recognized immediately in earnings unless the derivative qualified as a hedge.  No derivatives have been designated as hedges.
	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 measured and reported in the consolidated balance sheets at fair value.  The Trust has elected not to apply hedge accounting to its derivative financial instruments and as such, any changes in the fair values of its derivatives are recognized immediately in earnings.  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 holds one swap to pay fixed/receive variable interest rates with a total notional amount of $7.7 million and $7.9 million as of December 31, 2014 and 2013, respectively.  The interest rate swap liability is reported in accrued expenses and other liabilities on the consolidated balance sheet, as of December 31, 2014 and 2013, the interest rate swap liability was $0.2 million and $0.4 million, respectively.  Gains recognized on the interest rate swaps of $(0.2) million, $(0.2) million and $(0.1) million were included in interest income on real estate loans and other in the consolidated and combined statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.
	Tenant receivables, net
	Tenant accounts receivable are stated net of the applicable allowance.  Rental payments under these contracts are primarily due monthly. The Trust assesses the collectability of tenant receivables, including straight-line rent receivables, and defers recognition of revenue if collectability is not reasonably assured. The Trust bases its assessment of the collectability of rent receivables on several factors, including, among other things, payment history, the financial strength of the tenant and current economic conditions. If management’s evaluation of these factors indicates it is probable that the Trust will be unable to recover the full value of the receivable, the Trust provides a reserve against the portion of the receivable that it estimates may not be recovered.  At December 31, 2014 and 2013, the allowance for doubtful accounts was $0.1 million.
	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 approximately $6.4 million and $2.0 million as of December 31, 2014 and 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 adjusted by amortization of lease inducements and above or below market rents on certain leases. Lease inducements and above or 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
	Income taxes
Prior to completion of the IPO, the Trust elected to be taxed as an S corporation for federal income tax purposes beginning with the first day of its existence with such election thereafter being revoked effective on the date of completion of the IPO. The Trust filed a Form 1120-REIT for its short taxable year beginning on the effective date of such revocation and ending on December 31, 2013, thereby effectuating its election to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes commencing with such short taxable year. The Trust had no taxable income prior to electing REIT status. To qualify as a REIT, the Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Trust generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its shareholders. If the Trust fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Trust relief under certain statutory provisions. Such an event could materially adversely affect the Trust’s net income and net cash available for distribution to shareholders. However, the Trust intends to organize and operate in such a manner as to qualify for treatment as a REIT. Even if the Trust qualifies for taxation as a REIT, the Trust may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Management Estimates
The preparation of consolidated and combined financial statements in conformity with GAAP 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 fair value assessments with respect to purchase price allocations, impairment assessments, and the valuation of financial instruments.  Actual results could differ from these estimates.
Contingent Liability
The Trust records a liability for contingent consideration (included in accrued expenses and other liabilities on its consolidated balance sheets) at fair value as of the acquisition date and reassess the fair value at the end of each reporting period, with any changes being recognized in earnings. Increases or decreases in the fair value of contingent consideration can result from changes in discount periods, discount rates and probabilities that contingencies will be met.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the previously reported consolidated financial position or consolidated and combined results of operations.
Segment reporting
Under the provision of Codification Topic 280, Segment Reporting, the Company has determined that it has one reportable segment with activities related to leasing and managing healthcare properties.
New Accounting Pronouncements
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic Accounting Standards Codification (Topic 606).  The standard is principle-based and provides a five-step model to determine when and how revenue is recognized.  The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.  This standard is effective for interim or annual periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption.  Early adoption of this standard is not allowed.  The Trust is currently evaluating the impact the adoption of Topic 606 will have on its financial statements, if any.
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to address financial reporting considerations about an entity’s ability to continue as a going concern.  ASU 2014-15 is effective for annual periods ending after December 15, 2016 and for interim periods within annual periods beginning after December 15, 2016.

Acquisitions_and_Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2014
Acquisitions and Dispositions
Acquisitions and Dispositions	Note 3—Acquisitions and Dispositions
	During 2014, the Trust completed acquisitions of 61 healthcare properties located in 15 states for an aggregate purchase price of approximately $543.4 million as summarized below:
	Property(1)		Location		Acquisition		Purchase
					Date		Price
							(in thousands)
	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
	Pinnacle Health Cardiology Portfolio 2 MOBs (3)		Carlisle & Wormleyburg, PA		April 22, 2014		9,208
	South Bend Orthopedic MOB (3)		South Bend, IN		April 30, 2014		14,900
	Grenada Medical Complex MOB (3)		Grenada, MS		April 30,2014		7,100
	Mississippi Sports Medicine and Orthopaedics Center MOB (2)(4)		Jackson, MS		May 23, 2014		16,700
	Carmel Medical Pavilion MOB (3)(5)		Carmel, IN		May 28, 2014		4,664
	Summit Urology MOB (2)		Bloomington, IN		June 30, 2014		4,783
	Renaissance Center (3)		Oshkosh, WI		June 30, 2014		8,500
	Presbyterian Medical Plaza MOB (3)		Monroe, NC		June 30, 2014		7,750
	Landmark Medical Portfolio (Premier) 3 MOBs (2)(6)		Bloomington, IN		July 1, 2014		23,837
	Carlisle II MOB (3)		Carlisle, PA		July 25, 2014		4,500
	Surgical Institute of Monroe ASC (2)		Monroe, MI		July 28, 2014		6,000
	The Oaks Medical Building MOB (3)		Lady Lake, FL		July 31, 2014		10,600
	Baylor Surgicare ASC — Mansfield (3)		Mansfield, TX		September 2, 2014		8,500
	Eye Center of Southern Indiana (2)(7)		Bloomington, IN		September 5, 2014		12,174
	Wayne State Medical Center and MOB (2)		Troy, MI		September 10, 2014		46,500
	El Paso Portfolio (specialty surgical hospital and 2 MOBs) (3)(8)		El Paso, TX		September 30, 2014		46,235
	The Mark H. Zangmeister Center (3)		Columbus, OH		September 30, 2014		36,600
	Berger Medical Center (3)		Orient, OH		September 30, 2014		6,785
	Orthopedic One 2 MOBs (3)		Columbus, OH Westerville, OH		September 30, 2014		24,500
	Pinnacle Health Portfolio 5 MOBs (3)		Harrisburg, PA		October 29, 2014		23,100
	Columbus Regional Health Portfolio 12 MOBs (3) Columbus Regional Health Portfolio 1 MOB (3)		Columbus, GA Phenix City, AL		November 20, 2014		27,997
	Middletown Medical 2 MOBs (2)		Middletown, NY		November 26. 2014		14,399
	Carle Danville Clinic MOB(3)		Danville, IL		November 26, 2014		10,300
	Napoleon Medical Building MOB (3)		New Orleans, LA		December 18, 2014		10,500
	West Tennessee Bone & Joint 1 MOB 1 ASC (2)		Jackson, TN		December 30, 2014		9,936
	Total						$	543,436
		-1		“MOB” means medical office building, “LTACH” means long-term acute care hospital and “ASC” means ambulatory surgical center.
		-2		The Trust accounted for these acquisitions as asset acquisitions and capitalized $1.7 million of total acquisition costs to the basis of the properties.
		-3		The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $10.9 million.
		-4		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 147,659 OP Units valued at approximately $1.9 million in the aggregate on the date of issuance.
		-5		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 96,099 OP Units valued at approximately $1.2 million in the aggregate on the date of issuance.
		-6		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 576,040 OP Units valued at approximately $8.3 million in the aggregate on the date of issuance.
		-7		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 272,191 OP Units valued at approximately $4.0 million in the aggregate on the date of issuance.
		-8		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 950,324 OP Units valued at approximately $13.2 million in the aggregate on the date of issuance.
	For 2014, the Trust recorded revenues and net income of $26.0 million and $3.7 million, respectively, from its 2014 acquisitions.
	The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Trust determined using Level 2 and Level 3 inputs (in thousands):
	Land		$	53,687
	Building and improvements		451,691
	In-place lease intangibles		35,720
	Above market in-place lease intangibles		5,270
	Below market in-place lease intangibles		(2,330		)
	Above market in-place ground lease		(701		)
	Investment in unconsolidated entity		1,300
	Issuance of OP units		(28,589		)
	Mortgage debt assumed		(15,283		)
	Lease inducement		1,532
	Derivative liability assumed		(197		)
	Contingent consideration		(840		)
	Leasehold interest		759
	Receivable		640
	Net assets acquired		$	502,659
	These preliminary allocations are subject to revision within the measurement period, not to exceed one year from the date of the acquisitions.
Unaudited Pro Forma Financial Information
The following table illustrates the pro forma combined revenue, net income, and earnings per share —basic and diluted as if the Trust had acquired the above acquisitions as of January 1, 2013 (in thousands, except per share amounts):
		Year  Ended December 31,
		2014			2013
Revenue		$	81,507		$	71,183
Net income		17,948			11,461
Net income available to common shareholders		14,925			11,053
Earnings per share - basic and diluted		$	0.29		$	0.22
Common shares issued and outstanding		50,640,863			50,640,863

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2014
Intangibles
Intangibles	Note 4—Intangibles
	The following is a summary of the carrying amount of intangible assets and liabilities as of 2014 and 2013 (in thousands):
		December 31, 2014								December 31, 2013
		Cost			Accumulated			Net		Cost		Accumulated			Net
					Amortization							Amortization
	Assets
	In-place leases	$	64,777		$	(12,213	)	$	52,564	$	29,056	$	(8,080	)	$	20,976
	Above market leases	7,449			(578		)	6,871		2,180		(48		)	2,132
	Leasehold interest	759			(5		)	754
	Total	$	72,985		$	(12,796	)	$	60,189	$	31,236	$	(8,128	)	$	23,108
	Liability
	Below market lease	$	2,330		$	(156	)	$	2,174	—		—			—
	Above market ground lease	701			(4		)	697		—		—			—
	Total	$	3,031		$	(160	)	$	2,871	—		—			—
	The following is a summary of the acquired lease intangible amortization for the years ended December 31, 2014, 2013 and 2012 (in thousands):
		December 31,
		2014			2013			2012
	Amortization expense related to in-place leases	$	4,133		$	1,252		$	900
	Decrease of rental income related to above-market leases	530			48			—
	Decrease of rental income related to leasehold interest	5			—			—
	Increase of rental income related to below-market leases	156			—			—
	Decrease of operating expense related to above market ground leases	4			—			—
	Future aggregate net amortization of the acquired lease intangibles as of December 31, 2014, is as follows (in thousands):
		Net Decrease in			Net Increase in
		Revenue			Expenses
	2015	$	(667	)	$	7,446
	2016	(689		)	7,384
	2017	(567		)	7,165
	2018	(560		)	6,628
	2019	(458		)	4,625
	Thereafter	(2,511		)	18,618
	Total	$	(5,452	)	$	51,866
	For the year ended December 31, 2014, the weighted average amortization period for asset lease intangibles and liability lease intangible is nine years and 17 years, respectively.

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2014
Other Assets
Other Assets	Note 5—Other Assets
	Other assets consisted of the following as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014		2013
	Straight line rent receivable	$	6,431	$	2,018
	Lease inducements, net	2,845		1,509
	Escrows	1,906		1,552
	Earnest deposits	2,343		—
	Prepaid expenses and other	2,281		822
	Total	$	15,806	$	5,901

Debt

Debt	12 Months Ended
	Dec. 31, 2014
Debt
Debt	Note 6—Debt
	The following is a summary of debt as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014			2013
	Mortgage notes, bearing fixed interest from 4.71% 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 $118,247	$	73,706		$	38,288
	Mortgage note, bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,249	4,399			4,533
	Total mortgage debt	78,105			42,821
	$400 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.50%, due September 2018	138,000			—
	Total debt	$	216,105		$	42,821
	Effective September 18, 2014, the Credit Agreement, dated as of August 29, 2013 (as amended, restated, increased, extended, supplemented or otherwise modified from time to time, the “Prior Credit Agreement”), among the Operating Partnership, as borrower, the Trust, certain subsidiaries and other affiliates of the Operating Partnership, as guarantors, Regions Bank, as administrative agent, Regions Capital Markets, as sole lead arranger and sole book runner, and the lenders party thereto, and all commitments provided thereunder, were terminated. All amounts due and outstanding under the Prior Credit Agreement were repaid on or prior to such date.
	On September 18, 2014, the Operating Partnership, as borrower, and the Trust and certain subsidiaries and other affiliates of the Trust, as guarantors, entered into a Credit Agreement with KeyBank National Association as administrative agent, KeyBanc Capital Markets Inc., Regions Capital Markets and BMO Capital Markets, as joint lead arrangers and joint bookrunners, Regions Capital Markets and BMO Capital Markets, as co-syndication agents, and the lenders party thereto in connection with an unsecured revolving credit facility in the maximum principal amount of $400 million (“Credit Agreement”). The Credit Agreement includes a swingline loan commitment for up to 10% of the maximum principal amount and provides an accordion feature allowing the Trust to increase borrowing capacity by up to an additional $350 million, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $750 million. The Credit Agreement replaced the Trust’s senior secured revolving credit facility in the maximum principal amount of $200 million under the Prior Credit Agreement.
	The Credit Agreement has a maturity date of September 18, 2018 and includes a one year extension option. Borrowings under the Credit Agreement bear interest on the outstanding principal amount at a rate equal to LIBOR plus 1.50% to 2.20% depending on the Trust’s consolidated leverage ratio. In addition, the Credit Agreement includes an unused fee equal to 0.15% or 0.25% per annum, which is determined by usage under the Credit Agreement.  As of December 31, 2014, the weighted average interest rate on borrowings outstanding was 1.68%.
	The Credit Agreement contains financial covenants that, among other things, require compliance with 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 Trust may, at any time, voluntarily prepay any loan under the Credit Agreement in whole or in part without premium or penalty. As of December 31, 2014, the Trust was in compliance with all financial covenants.
	The Credit Agreement includes customary representations and warranties by the Operating Partnership, the Trust and each other guarantor and imposes customary covenants on the Operating Partnership, the Trust and each other guarantor. The Credit Agreement also contains customary events of default, and if an event of default occurs and continues, the Operating Partnership is subject to certain actions by the administrative agent, including without limitation, the acceleration of repayment of all amounts outstanding under the Credit Agreement.
	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 + 1.50%		0.50	%
	>35% and <45%	LIBOR + 1.65%		0.65	%
	>45% and <45%	LIBOR + 1.75%		0.75	%
	>45% and <50%	LIBOR + 1.85%		0.85	%
	>50% and <55%	LIBOR + 2.00%		1.00	%
	>55%	LIBOR + 2.20%		1.20	%
	As of December 31, 2014, there were $138 million of borrowings outstanding under our unsecured revolving credit facility and $189 million available for us to borrow without adding additional properties to the unencumbered borrowing base of assets, as defined by the Credit Agreement.
	Certain properties have mortgage debt that contains financial covenants.  As of December 31, 2014, the Trust was in compliance with all mortgage debt financial covenants.
	Scheduled principal payments due on debt as of December 31, 2014, are as follows (in thousands):
	2015	$	1,864
	2016	9,421
	2017	28,750
	2018	139,100
	2019	19,906
	Thereafter	17,064
	Total Payments	$	216,105
	For the years ended December 31, 2014 and 2013, the Trust incurred interest expense on its debt of $5.8 million and $3.9 million, respectively.

Stockbased_Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2014
Stock-based Compensation
Stock-based Compensation	Note 7—Stock-based Compensation
	The Trust follows ASC 718, Compensation — Stock Compensation (“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 (“2013 Plan”), which made available 600,000 common shares to be administered by the Compensation and Nominating Governance Committee of the Board of Trustees.  On August 7, 2014, at the Annual Meeting of Shareholders of Physicians Realty Trust, the Trust’s shareholders approved an amendment to the 2013 Plan to increase the number of common shares authorized for issuance under the 2013 Plan by 1,850,000 common shares, for a total of 2,450,000 common shares authorized for issuance.
	The committee has broad discretion in administering the terms of the 2013 Plan.  Restricted shares granted under the 2013 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 Plan at a value per share of $11.50 and total value of $2.9 million with a vesting period of three years. During 2014, a total of 152,987 restricted common shares with a total value of $2.1 million were granted to Trust employees and the Board of Trustees.
	A summary of the status of the Trust’s nonvested restricted common shares as of December 31, 2014 and changes during the year then ended follow:
		Shares		Weighted
				Average Grant
				Date Fair Value
	Non-vested at December 31, 2013	250,000		$	11.5
	Granted	152,987		13.79
	Vested	(61,179	)	11.5
	Share repurchase	(22,154	)	14.49
	Non-vested at December 31, 2014	319,654		$	12.6
	For all service awards, the Trust records 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 years ended December 31, 2014, and 2013, the Trust recognized non-cash share compensation of $2.2 million, $0.4 million, respectively.  Unrecognized compensation expense at December 31, 2014 and 2013 was $2.4 million and $2.5 million, respectively.  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 Plan, the Trust granted 55,680 restricted share units at target level to management, which are subject to certain performance and market conditions and a three-year service period.  In addition, 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.
	The market conditions were valued with the assistance of independent valuation specialists.  The Trust, utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.25 per unit using the following assumptions:
	Volatility	18.8% - 34.2%
	Dividend assumption	reinvested
	Expected term in years	2.83
	Risk-free rate	0.65%
	Stock price (per share)	13.47
	With respect to the performance conditions, the grant date fair value of $13.47 per unit was calculated on the grant date.  The restricted stock units’ combined weighted average grant date fair value is $16.94 per unit.
	The following is a summary of the activity in the Trust’s restricted share units during 2014:
		Restricted Share		Weighted
		Units		Average Grant
				Date Fair Value
	Non-vested at December 31, 2013	—		$	—
	Granted	55,680		16.94
	Vested	—		—
	Forfeited	—		—
	Non-vested at December 31, 2014	55,680		$	16.94
	The Trust recognized $0.3 million of non-cash share unit compensation expense for the year ended December 31, 2014.  Unrecognized compensation expense at December 31, 2014 was $0.7 million.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Measurements
Fair Value Measurements	Note 8—Fair Value Measurements
	ASC Topic 820, Fair Value Measurement (“ASC 820”), requires certain assets and liabilities be reported and/or disclosed 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 or liability. 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 consists solely of one 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 values are based on 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.  The following table sets forth by level the fair value hierarchy of the Trust’s assets that were accounted for on a non-recurring basis as of December 31, 2014.
					Non-recurring Fair Value Measurements At Report
					Date using:
		Carrying Value as			Quoted Prices in			Significant			Significant			Total Losses for Year
		of December 31,			Active Markets for			Other			Unobservable			Ended December 31,
		2013			Identical Assets			Observable			Inputs			2014
					(Level 1)			Inputs			(Level 3)
								(Level 2)
	Investment properties	$	4,551		$	1,529		$	—		$	1,272		$	(1,750	)
	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level 3 for the fair value hierarchy as of December 31, 2014 (in thousands).
	Asset Category	Fair Value at			Valuation Technique		Unobservable Inputs		Rate
		December 31, 2014
	Investment properties	$	1,272		Market comparable/		Discount rate		11.00	%
					Discounted cash flow		Capitalization rate		8.00	%
	The carrying amounts of cash and cash equivalents, tenant receivables, payables, and accrued interest are reasonable estimates of fair value because of the short term maturities of these instruments. Fair values for real estate loans receivable and mortgage debt are estimated based on rates currently prevailing for similar instruments of similar maturities and are based on Level 2 inputs.
	The following table presents the fair value of the Trust’s financial instruments (in thousands).
		December 31,						December 31,
		2014						2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Real estate loans receivable	$	15,876		$	15,876		$	—		$	—
	Credit facility	$	(138,000	)	$	(138,000	)	—			—
	Mortgage debt	$	(78,105	)	$	(78,642	)	$	(42,821	)	$	(44,130	)
	Derivative liabilities	$	(233	)	$	(233	)	$	(397	)	$	(397	)

Tenant_Operating_Leases

Tenant Operating Leases	12 Months Ended
	Dec. 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 2015 through 2028. As of December 31, 2014, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands):
	2015	$	65,905
	2016	65,323
	2017	65,179
	2018	62,637
	2019	59,464
	Thereafter	418,400
	Total	$	736,908

Rent_Expense

Rent Expense	12 Months Ended
	Dec. 31, 2014
Rent Expense
Rent Expense	Note 10—Rent Expense
	The Trust leases the rights to a parking structure at one of its properties and the land upon which seven of its properties are located from third party land owners pursuant to separate ground and parking leases.  The parking and ground leases require fixed annual rental payments and may also include escalation clauses and renewal options. These leases have terms up to 67 years remaining, excluding extension options. As of December 31, 2014, the future minimum lease obligations under non-cancelable parking and ground leases were as follows (in thousands):
	2015	$	1,426
	2016	1,442
	2017	1,480
	2018	1,521
	2019	1,564
	Thereafter	23,317
	Total	$	30,750
	Rent expense for the parking and ground leases of $0.9 million, $0.02 million and $0.02 million for the years ended December 31, 2014, 2013 and 2012, respectively, are reported in operating expenses in the consolidated and combined statements of operations.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 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. (in thousands, except share and per share data):
		Year Ended
		December 31,
		2014			2013
	Numerator for earnings per share — basic and diluted:
	Net loss	$	(4,418	)	$	(2,636	)
	Less: Net loss attributable to Predecessor	—			576
	Less: Net loss attributable to noncontrolling interests —Operating Partnership	695			470
	Less: Net income attributable to noncontrolling interests — partially owned properties	(314		)	(71		)
	Numerator for earnings per share — basic and diluted	$	(4,037	)	$	(1,661	)
	Denominator for earnings per share - basic and diluted shares:	33,063,093			12,883,917
	Basic and diluted earnings per share	$	(0.12	)	$	(0.13	)
	There were 375,334 and 250,000 restricted common shares and units outstanding related to the 2013 Plan during the years ended December 31, 2014 and 2013, respectively. However, these restricted common shares and units are not dilutive due to the net loss.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Related Party Transactions
Related Party Transactions	Note 12—Related Party Transactions
	The Trust 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 amounted to $0.4 million and $0.3 million for years ended December 31, 2014 and 2013, respectively, and is recorded in general and administrative expense in the consolidated and combined statements 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 was $0.5 million and $1.0 million for the years ended December 31, 2013 and 2012, respectively. Total other fees charged to the Predecessor were $0.03 million for the year ended December 31, 2012. The other fees include fees for accounting expenses and other expenses owed to Ziegler. The Trust did not incur a management fee for the year ended December 31, 2014.
	The Operating Partnership and the Trust entered into the First Amendment to Shared Services Agreement, dated July 31, 2014 (the “First Amendment”), with Ziegler, which amended certain terms of the shared services agreement. Among other things, the First Amendment reduced the shared services to be provided by Ziegler, the term of the shared services agreement, and the monthly fee to be paid by the Trust for the remainder of the term.  In consideration of these changes, the Trust was obligated to make a one-time payment to Ziegler in the amount of $1.8 million (the “Amendment Payment”), which could be paid in cash or in unrestricted common shares of the Trust as determined by the Trust in its sole discretion.  On August 19, 2014, the Trust made the Amendment Payment by issuing 124,913 common shares to Ziegler.  The $1.8 million one-time payment is included in general and administrative expense in the consolidated statement of operations for the year ended December 31, 2014.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events.
Subsequent Events	Note 13—Subsequent Events
	The Trust, through subsidiaries of its Operating Partnership, closed on the below acquisitions:
	Property(1)		Location		Acquisition	Purchase
					Date	Price
						(in thousands)
	Edina MOB		Edina, MN		January 22, 2015	$	14,190
	Savage MOB		Savage, MN		January 22, 2015	12,800
	Crystal MOB		Crystal, MN		January 22, 2015	14,782
	Dell Rd MOB		Chanhassen, MN		January 22, 2015	6,410
	Columbus MOB		Columbus, GA		January 23, 2015	6,540
	Methodist Sports MOB (2)		Greenwood, IN		January 28, 2015	10,000
	Vadnais Heights MOB		Vadnais Heights, MN		January 29, 2015	18,422
	Minnetonka MOB (3)		Minnetonka, MN		February 5, 2015	26,000
	Jamestown MOB		Jamestown, ND		February 5, 2015	12,819
	Indianapolis South 4 MOBs		Greenwood, IN		February 13, 2015	17,183
	Minnesota Eye MOB		Minnetonka, MN		February 17, 2015	10,882
	Bridgeport Medical Center		Lakewood, WA		February 27, 2015	13,750
	Baylor Cancer Center		Dallas, TX		February 27, 2015	8,200
						$	171,978
		-1		“MOB” means medical office building.
		-2		The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 420,963 OP Units valued at approximately $7.3 million in the aggregate on the date of issuance.
		-3		The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 44,685 Series A Preferred Units valued at approximately $9.7 million in the aggregate on the date of issuance.
	On February 5, 2015, the Trust entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the newly designated Series A Participating Redeemable Preferred Units of the operating partnership (“Series A Preferred Units”). The Series A Preferred Units will have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. In addition, the Series A Preferred Units will be redeemable at the option of the holders on or after the one year anniversary of their issuance, which redemption obligation may be satisfied, at the Trust’s option, in cash or shares of its common stock.
	On January 21, 2015, the Trust repaid the outstanding balance of $138.0 million on the unsecured revolving credit facility.
	On January 21, 2015, the Trust completed a follow-on public offering of 18,975,000 common shares of beneficial interest, including 2,475,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to it of approximately $297.2 million. The Trust contributed the net proceeds of this offering to its Operating Partnership in exchange for 18,975,000 OP Units, and its Operating Partnership used the net proceeds of the public offering to repay borrowings under its unsecured revolving credit facility and for general corporate and working capital purposes and funding acquisitions.
	During 2015, the Trust sold 247,397 common shares pursuant to the ATM Program, at a weighted average price of $16.96 per share resulting in total proceeds of approximately $4.2 million, before $55,696 in commissions. As of the date of this prospectus supplement, the Trust has $90.2 million remaining available under the ATM Program.
	See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Recent Developments” for a further discussion of these acquisitions.

Quarterly_Data

Quarterly Data	12 Months Ended
	Dec. 31, 2014
Quarterly Data
Quarterly Data	Note 14—Quarterly Data
	The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for common share and per share amounts.
			Quarter Ended
	2014		March 31			June 30			September 30			December 31
	Total revenues		$	8,032		$	11,447		$	14,161		$	19,694
	Operating (loss) income		(3,575		)	(626		)	(2,311		)	1,967
	Net (loss) income		(3,558		)	(600		)	(2,251		)	1,991
	Net (loss) income attributable to common shareholders		(3,093		)	(561		)	(2,094		)	1,711
	Earnings per share — basic:
	Net (loss) income available to common shareholder		$	(0.15	)	$	(0.02	)	$	(0.06	)	$	0.04
	Weighted average common shares outstanding		21,298,597			26,163,982			36,313,644			48,145,409
	Earnings per share — diluted:
	Net (loss) income available to common shareholder		$	(0.15	)	$	(0.02	)	$	(0.06	)	$	0.04
	Weighted average common shares outstanding		21,298,597			26,163,982			36,313,644			48,354,493
	As a result of the acquisition activity and equity offerings throughout 2014, the quarterly periods are not comparable quarter over quarter.
			Quarter Ended
	2013		March 31 (1)			June 30 (1)			September 30			December 31
	Total revenues		$	3,390		$	3,437		$	3,729		$	6,488
	Operating loss		(301		)	(283		)	(1,414		)	(638		)
	Net loss		(301		)	(283		)	(1,416		)	(638		)
	Net loss available to common shareholder		—			—			(1,160		)	(501		)
	Earnings per share — basic and diluted:
	Net income available to common shareholder		$	—		$	—		$	(0.10	)	$	(0.04	)
	Weighted average common shares outstanding		—			—			11,486,011			13,932,347
		-1		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.

SCHEDULE_III_REAL_ESTATE_AND_A

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2014
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
	PHYSICIANS REALTY TRUST
	SCHEDULE III — REAL ESTATE AND
	ACCUMULATED DEPRECIATION
						Initial Cost to Company								Gross Amount at Which Carried as of Close of Period
	Description	Location		Encumbrances		Land			Buildings and		Cost			Land		Buildings and			Total		Accumulated		Date of	Date Acquired	Life on Which
									Improvements		Capitalized					Improvements					Depreciation		Construction		Building Depreciation
											Subsequent														in Income Statement
											to														is Computed
											Acquisitions
	Arrowhead Commons	Phoenix, AZ		—		$	740		$	2,551	$	1		$	740	$	2,552		$	3,292	(366	)	2004	5/31/08	46
	Aurora Medical Office Building	Green Bay, WI		—		500			1,566		—			500		1,566			2,066		(149	)	2010	4/15/10	50
	Austell Medical Office Building	Atlanta, GA		—		289			1,992		313			289		2305			2,594		(397	)	1971	6/30/08	36
	Canton Medical Office Building	Atlanta, GA		6,207		710			7,225		97			710		7,322			8,032		(1,851	)	1994	5/25/07	30
	Decatur Medical Office Building	Atlanta, GA		—		740			2,604		45			740		2,649			3,389		(679	)	1974	10/12/07	28
	El Paso Medical Office Building	El Paso, TX		—		860			2,866		357			860		3,223			4,083		(1,293	)	1987	8/24/06	21
	Farmington Professional Pavillion	Detroit, MI		—		580			1,793		87			580		1,880			2,460		(1,081	)	1972	1/5/06	15
	Firehouse Square	Milwaukee, WI		2,765		1,120			2,768		—			1,120		2,768			3,888		(684	)	2002	8/15/07	30
	Hackley Medical Center	Grand Rapids, MI		5,397		1,840			6,402		24			1,840		6,426			8,266		(1,674	)	1968	12/22/06	30
	Ingham Regional Medical Center	Lansing, MI		—		310			2,893		(1,134		)	310		1,759			2,069		(800	)	1994	7/26/06	39
	Meadow View Professional Center	Kingsport, TN		10,410		2,270			11,344		—			2,270		11,344			13,614		(2,923	)	2005	5/10/07	30
	Mid Coast Hospital Office Building	Portland, ME		7,869		—			11,247		8			—		11,255			11,255		(2,477	)	2008	5/1/08	30
	New Albany Professional Building	Columbus, OH		—		237			2,767		20			237		2,787			3,024		(472	)	2000	1/4/08	42
	Northpark Trail	Atlanta, GA		—		839			1,245		235			839		1,480			2,319		(539	)	2001	12/28/05	35
	Remington Medical Commons	Chicago, IL		4,399		895			6,499		319			895		6,818			7,713		(1,464	)	2008	6/1/08	30
	Stonecreek Family Health Center	Columbus, OH		—		459			1,898		(153		)	459		1,745			2,204		(687	)	1996	9/15/06	23
	Summit Healthplex	Atlanta, GA		—		2,633			15,576		4,412			2,633		19,988			22,621		(3,735	)	2002	7/3/08	44
	Valley West Hospital Medical Office Building	Chicago, IL		4,878		—			6,275		611			—		6,886			6,886		(1,588	)	2007	11/1/07	30
	East El Paso MOB	El Paso, TX		—		710			4,500		—			710		4,500			5,210		(171	)	2004	8/30/13	35
	East El Paso Surgery Center	El Paso, TX		—		3,070			23,627		—			3,070		23,627			26,697		(875	)	2004	8/30/13	36
	LifeCare Plano LTACH	Plano, TX		—		3,370			11,689		455			3,370		12,144			15,514		(613	)	1987	9/18/13	25
	Crescent City Surgical Centre	New Orleans, LA		18,750		—			34,208		—			—		34,208			34,208		(891	)	2010	9/30/13	48
	Foundation Surgical Affiliates MOB	Oklahoma City, OK		7,647		1,300			12,724		—			1,300		12,724			14,024		(370	)	2004	9/30/13	43
	Pensacola Medical Office Building	Pensacola, FL		—		990			5,005		6			990		5,011			6,001		(128	)	2012	10/4/13	49
	Central Ohio Neurosurgical Surgeons MOB (CONS)	Columbus, OH		—		981			7,620		—			981		7,620			8,601		(188	)	2007	11/27/13	44
	Great Falls Ambulatory Surgery Center	Great Falls, MT		—		203			3,224		—			203		3,224			3,427		(102	)	1999	12/11/13	33
	Eagles Landing Family Practice Medical Office Building	Conyers, GA		—		1,000			3,345		—			1,000		3,345			4,345		(78	)	2008	2/19/14	37
	Eagles Landing Family Practice Medical Office Building	McDonough, GA		—		800			4,893		—			800		4,893			5,693		(116	)	2007	2/19/14	36
	Eagles Landing Family Practice Medical Office Building	McDonough, GA		—		400			5,086		—			400		5,086			5,486		(116	)	2006	2/19/14	37
	Eagles Landing Family Practice Medical Office Building	Jackson, GA		—		800			4,600		—			800		4,600			5,400		(103	)	2010	2/19/14	38
	Foundation Surgical Hospital of San Antonio	San Antonio, TX		9,783		2,230			23,346		—			2,230		23,346			25,576		(634	)	2007	2/19/14	35
	Foundation Healthplex of San Antonio	San Antonio, TX		—		911			4,189		—			911		4,189			5,100		(104	)	2007	2/16/14	35
	21st Century Radiation Oncology — Sarasota	Sarasota, FL		—		633			6,557		—			633		6,557			7,190		(211	)	1975	2/26/14	27
	21st Century Radiation Oncology — Venice	Venice, FL		—		814		2,952		—	814		2,952		3,766	(79	)	1987		2/26/14	35
	21st Century Radiation Oncology — Englewood	Englewood, FL		—		350		1,878		—	350		1,878		2,228	(45	)	1992		2/26/14	38
	21st Century Radiation Oncology — Port Charlotte	Port Charlotte, FL		—		269		2,326		—	269		2,326		2,595	(57	)	1996		2/26/14	36
	Peachtree Dunwoody Medical Office Building Center	Atlanta, GA		—		6,046		27,435		7	6,046		27,442		33,488	(936	)	1987		2/28/14	25
	Lifecare LTACH — Pittsburgh	Pittsburgh, PA		—		1,142		11,737		—	1,142		11,737		12,879	(315	)	1987		3/28/14	30
	Lifecare LTACH — Ft Worth	Ft. Worth, TX		—		2,730		24,639		—	2,730		24,639		27,369	(632	)	1987		3/28/14	30
	Pinnacle Health Medical Office Building	Carlisle, PA		—		424		2,232		—	424		2,232		2,656	(46	)	2002		4/22/14	35
	Pinnacle Health Medical Office Building	Harrisburg, PA		—		795		4,601		—	795		4,601		5,396	(133	)	1990		4/22/14	25
	South Bend Orthopaedics Medical Office Building	South Bend, IN		—		2,418		11,355		—	2,418		11,355		13,773	(217	)	2007		4/30/14	40
	Grenada Medical Complex	Grenada, MS		—		185		5,820		—	185		5,820		6,005	(151	)	1975		4/30/14	30
	Mississippi Ortho Medical Office Building	Jackson, MS		—		1,272		14,177		—	1,272		14,177		15,449	(248	)	1987		5/23/14	35
	Carmel Medical Pavilion	Carmel, IN		—		—		3,917		—	—		3,917		3,917	(97	)	1993		5/28/14	25
	Presbyterian Medical Plaza	Monroe, NC		—		1,195		5,681		—	1,195		5,681		6,876	(67	)	2008		6/30/14	45
	Renaissance Ambulatory Surgery Center	Oshkosh, WI		—		228		7,658		—	228		7,658		7,886	(99	)	2007		6/30/14	40
	Summit Urology	Bloomington, IN		—		125		4,792		—	125		4,792		4,917	(82	)	1996		6/30/14	30
	500 Landmark	Bloomington, IN		—		627		3,549		—	627		3,549		4,176	(53	)	2000		7/1/14	35
	550 Landmark	Bloomington, IN		—		2,717		15,224		—	2,717		15,224		17,941	(227	)	2000		7/1/14	35
	574 Landmark	Bloomington, IN		—		418		1,493		—	418		1,493		1,911	(23	)	2004		7/1/14	35
	Carlisle II MOB	Carlisle, PA		—		412		3,962		—	412		3,962		4,374	(39	)	1996		7/25/14	45
	Surgical Institute of Monroe	Monroe, MI		—		410		5,743		—	410		5,743		6,153	(80	)	2010		7/28/14	35
	The Oaks at Lady Lake	Lady Lake, FL		—		1,065		8,642		—	1,065		8,642		9,707	(87	)	2011		7/31/14	42
Mansfield ASC	Mansfield, TX		—		1,491		6,471		—	1,491		6,471		7,962	(52	)	2010		9/2/14	46
Eye Center of Southern Indiana	Bloomington, IN		—		910		11,477		—	910		11,477		12,387	(113	)	1995		9/5/14	35
Wayne State	Troy, MI		—		3,560		43,052		—	3,560		43,052		46,612	(392	)	1986		9/10/14	38
Zangmesiter	Columbus, OH		—		1,610		31,120		—	1,610		31,120		32,730	(203	)	2007		9/30/14	40
El Paso — Lee Trevino	El Paso, TX		—		2,294		11,316		183	2,294		11,499		13,793	(101	)	1983		9/30/14	30
El Paso — Kenworthy	El Paso, TX		—		728		2,178		—	728		2,178		2,906	(17	)	1983		9/30/14	35
El Paso — Murchison	El Paso, TX		—		2,283		24,543		—	2,283		24,543		26,826	(211	)	1970		9/30/14	30
Berger Medical Center	Columbus, OH		—		—		5,950		—	—		5,950		5,950	(43	)	2007		9/30/14	38
Ortho One — Columbus	Columbus, OH		—		—		16,234		—	—		16,234		16,234	(100	)	2009		9/30/14	45
Ortho One — Westerville	Westerville, OH		—		362		3,944		—	362		3,944		4,306	(25	)	2007		9/30/14	43
Pinnacle — 32 Northeast	Hershey, PA		—		408		3,232		—	408		3,232		3,640	(18	)	1994		10/29/14	33
Pinnacle — 240 Grandview	Camp Hill, PA		—		321		4,242		—	321		4,242		4,563	(22	)	1980		10/29/14	35
Pinnacle — 4518 Union Deposit	Harrisburg, PA		—		617		7,305		—	617		7,305		7,922	(42	)	2004		10/29/14	31
Pinnacle — 4520 Union Deposit	Harrisburg, PA		—		169		2,055		—	169		2,055		2,224	(13	)	1997		10/29/14	28
Pinnacle — Market Place Way	Harrisburg, PA		—		808		2,383		—	808		2,383		3,191	(11	)	2004		10/29/14	35
Columbus — 2000 10th Avenue	Columbus, GA		—		380		2,737		—	380		2,737		3,117	(12	)	1989		11/20/14	22
Columbus — 1942 North Avenue	Columbus, GA		—		91		273		—	91		273		364	(2	)	1971		11/20/14	12
Columbus — 920 18th Street	Columbus, GA		—		110		281		—	110		281		391	(3	)	1982		11/20/14	8
Columbus — 1900 10th Ave	Columbus, GA		—		474		5,580		—	474		5,580		6,054	(19	)	1976		11/20/14	26
Columbus — 1800 10th Ave	Columbus, GA		—		539		5,238		—	539		5,238		5,777	(17	)	1976		11/20/14	28
Columbus — 705 17th Street	Columbus, GA		—		372		2,346		—	372		2,346		2,718	(14	)	1994		11/20/14	15
Columbus — 615 19th Street	Columbus, GA		—		75		113		—	75		113		188	(3	)	1976		11/20/14	3
Columbus — 1968 North Avenue	Columbus, GA		—		89		32		—	89		32		121	(1	)	1966		11/20/14	4
Columbus — 633 19th Street	Columbus, GA		—		99		255		—	99		255		354	(3	)	1972		11/20/14	9
Columbus — 500 18th Street	Columbus, GA		—		430		170		—	430		170		600	(3	)	1982		11/20/14	8
Columbus — 2200 Hamilton Rd	Columbus, GA		—		267		1,579		—	267		1,579		1,846	(7	)	1992		11/20/14	22
Columbus — 1810 Stadium Drive	Phenix City, AL		—		202		149		—	202		149		351	(2	)	1999		11/20/14	30
Middletown Medical — 111 Maltese	Wallkill, NY		—		670		9,921		—	670		9,921		10,591	(24	)	1988		11/26/14	35
Middletown Medical — 2 Edgewater	Wallkill, NY		—		200		2,966		—	200		2,966		3,166	(7	)	1992		11/26/14	35
Carle Danville MOB	Danville, IL		—		607		7,136		—	607		7,136		7,743	(20	)	2007		11/26/14	33
Napoleon MOB	New Orleans, LA		—				1,202			7,412				5			1,202			7,417			8,619		—			1974	12/18/14	25
West TN Bone & Joint — Physicians Drive	Jackson, TN		—				650			2,960				—			650			2,960			3,610		—			1996	12/30/14	35
West TN Bone & Joint	Jackson, TN		—				1,254			5,215				—			1,254			5,215			6,469		—			1991	12/30/14	31
			$		78,105		$		79,334	$		643,802		$	5,898		$		79,334	$		649,700	$	729,034	$	(32,772	)
The cost capitalized subsequent to acquisitions is net of dispositions.
The changes in total real estate for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):
	Year Ended December 31,
	2014			2013			2012
Balance as of the beginning of the year	$	224,730		$	111,149		$	124,333
Acquisitions	505,379			113,225			—
Additions	900			806			786
Impairment	(1,750		)	—			(937		)
Dispositions	(225		)	(450		)	(13,033		)
Balance as of the end of the year	$	729,034		$	224,730		$	111,149
The changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):
	Year Ended December 31,
	2014			2013			2012
Balance as of the beginning of the year	$	20,299		$	16,495		$	14,484
Acquisitions	6,575			694			—
Additions	5,898			3,110			3,024
Dispositions	—			—			(1,013		)
Balance as of the end of the year	$	32,772		$	20,299		$	16,495

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation
	Property holding entities and other subsidiaries of which the Trust or the Operating Partnership 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 in consolidation. 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.
	U.S. generally accepted accounting principles (“GAAP”) requires the Trust to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Trust consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Trust may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.
	The Trust identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Trust performs this analysis on an ongoing basis.
Noncontrolling Interests	Noncontrolling Interests
	The Trust presents the portion of any equity it does not own in entities that it controls (and thus consolidates) as noncontrolling interests and classifies such interests as a component of consolidated equity, separate from the Trust’s total shareholders’ equity, on the consolidated balance sheets.
	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 and the payment of approximately $36.9 million of debt related to such properties.
	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 Trust partially funded the purchase price by issuing 954,877 OP Units valued at approximately $11.5 million on the date of issuance.
	During the year ended December 31, 2014, the Operating Partnership partially funded five property acquisitions by issuing an aggregate of 2,042,313 OP Units valued at approximately $28.6 million on the date of issuance.  The five acquisitions had a total purchase price of approximately $103.6 million.
	Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors. As of December 31, 2014, the Trust held a 94.1% 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 unregistered common shares on a one-for-one basis.  Such selection to pay cash or issue common 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.
Dividends and Distributions	Dividends and Distributions
	Declaration Date		Record Date		Payment Date	Cash Dividend
						per Share/Unit
	December 30, 2014		January 23, 2015		February 6, 2015	$	0.225
	September 26, 2014		October 17, 2014		October 30, 2014	$	0.225
	June 26, 2014		July 18, 2014		August 1, 2014	$	0.225
	March 27, 2014		April 11, 2014		April 25, 2014	$	0.225
	December 30, 2013		January 24, 2014		February 7, 2014	$	0.225
	September 30, 2013		October 18, 2013		November 1, 2013	$	0.18	-1
		-1		Prorated cash dividend of $0.18 per share for the quarterly period from July 19, 2013 (the date of the IPO) through September 30, 2013, which was equivalent to a full quarterly dividend of $0.225 per share. The dividend was paid on November 1, 2013 to common shareholders and common OP Unit holders of record on October 18, 2013, with the exception of the OP Units issued in the acquisition of Crescent City Surgical Centre.
Purchase of Investment Properties	Purchase of 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 the acquired tangible assets and assumed liabilities based upon their relative fair values at the date of acquisition.  A property acquired with an existing lease is accounted for as a business combination pursuant to the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”), and assets acquired and liabilities assumed, including identified intangible assets and liabilities, are recorded at fair value.
	The determination of fair value involves the use of significant judgment and estimation.  The Trust makes estimates of the fair value of the tangible and intangible acquired assets and assumed liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence and may include the assistance of a third party appraiser.  The Trust estimates the fair value of buildings acquired on an as-if-vacant basis and depreciates the building value over the estimated remaining life of the building. The Trust determines the allocated value of other fixed assets, such as site improvements, based upon the replacement cost and depreciates such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. The fair value of land is determined either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within the Trust’s portfolio.
	In recognizing identified intangible assets and liabilities in connection with a business combination, the value of above-or-below market leases is estimated based on the present value (using an interest rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market lease intangibles are amortized as a reduction or addition to rental income over the estimated remaining term of the respective leases.
	In determining the value of in-place leases and tenant relationships, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including leasing commissions, tenant improvements, legal, and other related costs based on current market demand. The values assigned to in-place leases and tenant relationships are amortized over the estimated remaining term of the lease.
	The values assigned to all lease intangible assets and liabilities are amortized over the estimated remaining term of the lease. If a lease terminates prior to its scheduled expiration, all unamortized costs related to that lease are written off.
	The Trust calculates the fair value of any long-term debt assumed by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which the Trust approximates based on the rate at which it would expect to incur on a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
	Based on these estimates, the Trust recognizes the acquired assets and assumed liabilities at their estimated fair values, which are generally determined using Level 3 inputs, such as market rental rates, capitalization rates, discount rates, or other available market data. Initial valuations are subject to change until the information is finalized, no later than 12 months from the acquisition date. The Trust expenses transaction costs associated with acquisitions accounted for as business combinations in the period incurred.
Impairment of Intangible and Long-Lived Assets	Impairment of Intangible and Long-Lived Assets
	The Trust periodically evaluates its long-lived assets, primarily consisting of investments in real estate, for impairment indicators or whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. If indicators of impairment are present, the Trust evaluates the carrying value of the related real estate properties in relation to the undiscounted expected future cash flows of the underlying operations.   In performing this evaluation, management considers market conditions and current intentions with respect to holding or disposing of the real estate property. The Trust adjusts the net book value of real estate properties to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. The Trust recognizes an impairment loss at the time it makes any such determination.   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. Fair value is typically determined using a discounted future cash flow analysis or other acceptable valuation techniques, which are based, in turn, upon Level 3 inputs, such as revenue and expense growth rates, capitalization rates, discount rates or other available market data.
	The Trust recorded real estate impairment charges of $1.8 million and $0 for the years ended December 31, 2014 and 2013, respectively. The Predecessor recognized impairments totaling $0.9 million for the year ended December 31, 2012.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations
	The Trust may sell properties from time to time for various reasons, including favorable market conditions. The Trust classifies certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated.
	In 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in the Trust’s previously issued financial statements. The Trust early adopted ASU 2014-08 for the quarter ended March 31, 2014.  Such adoption has had no impact on the Trust’s financial statements as no dispositions have occurred during the year ended December 31, 2014.
	Prior to the adoption of ASU 2014-08, the results of operations for assets meeting the definition of discontinued operations are reflected in the consolidated and combined statements of operations as discontinued operations for all periods presented. The Trust allocates estimated interest expense to discontinued operations based on property values and either the weighted average interest rate of the Trust or the property’s actual mortgage interest.
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 statements of operations.  The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest.
	During 2014, the Trust completed the acquisition of a 40% limited liability company membership interest in Jeff-Orleans Medical Development Real Estate, L.L.C, the entity that owns and leases to us the land on which the Crescent City Surgical Centre is situated, for $1.3 million.
Real Estate Loans Receivable	Real Estate Loans Receivable
	Real estate loans receivable consists of a mezzanine loan and a term loan which are collateralized by an equity interest in a two medical office building developments.  Interest income on the loans are recognized as earned based on the terms of the loans subject to evaluation of collectability risks and are included in the Trust’s consolidated and combined statement of operations.
	On January 2, 2014, the Trust completed a $6.9 million 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 and an inpatient rehabilitation facility located in Scottsdale, Arizona. 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 at a formula purchase price during year four of the mezzanine loan based on a fixed capitalization rate.
	On November 26, 2014, the Trust made an $8.6 million term loan to fund the renovations and additions of two re-purposed buildings in Jacksonville, Florida. Upon completion of the expansion and renovations, the properties will be approximately 40,000 square feet in the aggregate. Upon completion of the construction of the buildings and them becoming fully occupied, the Trust has the option to purchase the buildings. The term loan bears interest at a rate of 9.0%.
Cash and cash equivalents	Cash and cash equivalents
	Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less from the date of purchase.
	The Trust is subject to concentrations of credit risk as a result of its temporary cash investments. The Trust places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk.
Escrow reserves	Escrow reserves
	The Trust is required to maintain various escrow reserves on certain notes payable to cover future property taxes and insurance and tenant improvements costs as defined in each loan agreement.  The total reserves as of December 31, 2014 and 2013 are $1.9 million and $1.6 million, respectively, which are included in other assets in the consolidated balance sheets.
Deferred costs	Deferred costs
	Deferred costs consist primarily of fees paid to obtain financing and costs associated with the origination of long-term lease on real estate properties.  After the purchase of a property, lease commissions incurred to extend in-place leases or generate new lease are added to deferred lease costs.  Deferred lease costs are amortized on a straight-line basis over the terms of their respective agreements. The Trust amortizes deferred financing costs as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield.
Derivatives	Derivatives
	Derivatives consist of an interest rate swap and is recognized as a liability on the consolidated balance sheets and is measured at fair value.  Any change in the fair value is recognized immediately in earnings unless the derivative qualified as a hedge.  No derivatives have been designated as hedges.
	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 measured and reported in the consolidated balance sheets at fair value.  The Trust has elected not to apply hedge accounting to its derivative financial instruments and as such, any changes in the fair values of its derivatives are recognized immediately in earnings.  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 holds one swap to pay fixed/receive variable interest rates with a total notional amount of $7.7 million and $7.9 million as of December 31, 2014 and 2013, respectively.  The interest rate swap liability is reported in accrued expenses and other liabilities on the consolidated balance sheet, as of December 31, 2014 and 2013, the interest rate swap liability was $0.2 million and $0.4 million, respectively.  Gains recognized on the interest rate swaps of $(0.2) million, $(0.2) million and $(0.1) million were included in interest income on real estate loans and other in the consolidated and combined statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.
Tenant receivables, net	Tenant receivables, net
	Tenant accounts receivable are stated net of the applicable allowance.  Rental payments under these contracts are primarily due monthly. The Trust assesses the collectability of tenant receivables, including straight-line rent receivables, and defers recognition of revenue if collectability is not reasonably assured. The Trust bases its assessment of the collectability of rent receivables on several factors, including, among other things, payment history, the financial strength of the tenant and current economic conditions. If management’s evaluation of these factors indicates it is probable that the Trust will be unable to recover the full value of the receivable, the Trust provides a reserve against the portion of the receivable that it estimates may not be recovered.  At December 31, 2014 and 2013, the allowance for doubtful accounts was $0.1 million.
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 approximately $6.4 million and $2.0 million as of December 31, 2014 and 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 adjusted by amortization of lease inducements and above or below market rents on certain leases. Lease inducements and above or 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
Income Taxes	Income taxes
	Prior to completion of the IPO, the Trust elected to be taxed as an S corporation for federal income tax purposes beginning with the first day of its existence with such election thereafter being revoked effective on the date of completion of the IPO. The Trust filed a Form 1120-REIT for its short taxable year beginning on the effective date of such revocation and ending on December 31, 2013, thereby effectuating its election to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes commencing with such short taxable year. The Trust had no taxable income prior to electing REIT status. To qualify as a REIT, the Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Trust generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its shareholders. If the Trust fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Trust relief under certain statutory provisions. Such an event could materially adversely affect the Trust’s net income and net cash available for distribution to shareholders. However, the Trust intends to organize and operate in such a manner as to qualify for treatment as a REIT. Even if the Trust qualifies for taxation as a REIT, the Trust may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Management Estimates	Management Estimates
	The preparation of consolidated and combined financial statements in conformity with GAAP 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 fair value assessments with respect to purchase price allocations, impairment assessments, and the valuation of financial instruments.  Actual results could differ from these estimates.
Contingent Liability	Contingent Liability
	The Trust records a liability for contingent consideration (included in accrued expenses and other liabilities on its consolidated balance sheets) at fair value as of the acquisition date and reassess the fair value at the end of each reporting period, with any changes being recognized in earnings. Increases or decreases in the fair value of contingent consideration can result from changes in discount periods, discount rates and probabilities that contingencies will be met.
Reclassifications	Reclassifications
	Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the previously reported consolidated financial position or consolidated and combined results of operations.
Segment reporting	Segment reporting
	Under the provision of Codification Topic 280, Segment Reporting, the Company has determined that it has one reportable segment with activities related to leasing and managing healthcare properties.
New Accounting Pronouncements	New Accounting Pronouncements
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic Accounting Standards Codification (Topic 606).  The standard is principle-based and provides a five-step model to determine when and how revenue is recognized.  The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.  This standard is effective for interim or annual periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption.  Early adoption of this standard is not allowed.  The Trust is currently evaluating the impact the adoption of Topic 606 will have on its financial statements, if any.
	In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to address financial reporting considerations about an entity’s ability to continue as a going concern.  ASU 2014-15 is effective for annual periods ending after December 15, 2016 and for interim periods within annual periods beginning after December 15, 2016.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Schedule of dividend declared
	Declaration Date		Record Date		Payment Date	Cash Dividend
						per Share/Unit
	December 30, 2014		January 23, 2015		February 6, 2015	$	0.225
	September 26, 2014		October 17, 2014		October 30, 2014	$	0.225
	June 26, 2014		July 18, 2014		August 1, 2014	$	0.225
	March 27, 2014		April 11, 2014		April 25, 2014	$	0.225
	December 30, 2013		January 24, 2014		February 7, 2014	$	0.225
	September 30, 2013		October 18, 2013		November 1, 2013	$	0.18	-1
		-1		Prorated cash dividend of $0.18 per share for the quarterly period from July 19, 2013 (the date of the IPO) through September 30, 2013, which was equivalent to a full quarterly dividend of $0.225 per share. The dividend was paid on November 1, 2013 to common shareholders and common OP Unit holders of record on October 18, 2013, with the exception of the OP Units issued in the acquisition of Crescent City Surgical Centre.

Acquisitions_and_Dispositions_

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2014
Acquisitions and Dispositions
Schedule of acquisitions and aggregate purchase price
	During 2014, the Trust completed acquisitions of 61 healthcare properties located in 15 states for an aggregate purchase price of approximately $543.4 million as summarized below:
	Property(1)		Location		Acquisition		Purchase
					Date		Price
							(in thousands)
	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
	Pinnacle Health Cardiology Portfolio 2 MOBs (3)		Carlisle & Wormleyburg, PA		April 22, 2014		9,208
	South Bend Orthopedic MOB (3)		South Bend, IN		April 30, 2014		14,900
	Grenada Medical Complex MOB (3)		Grenada, MS		April 30,2014		7,100
	Mississippi Sports Medicine and Orthopaedics Center MOB (2)(4)		Jackson, MS		May 23, 2014		16,700
	Carmel Medical Pavilion MOB (3)(5)		Carmel, IN		May 28, 2014		4,664
	Summit Urology MOB (2)		Bloomington, IN		June 30, 2014		4,783
	Renaissance Center (3)		Oshkosh, WI		June 30, 2014		8,500
	Presbyterian Medical Plaza MOB (3)		Monroe, NC		June 30, 2014		7,750
	Landmark Medical Portfolio (Premier) 3 MOBs (2)(6)		Bloomington, IN		July 1, 2014		23,837
	Carlisle II MOB (3)		Carlisle, PA		July 25, 2014		4,500
	Surgical Institute of Monroe ASC (2)		Monroe, MI		July 28, 2014		6,000
	The Oaks Medical Building MOB (3)		Lady Lake, FL		July 31, 2014		10,600
	Baylor Surgicare ASC — Mansfield (3)		Mansfield, TX		September 2, 2014		8,500
	Eye Center of Southern Indiana (2)(7)		Bloomington, IN		September 5, 2014		12,174
	Wayne State Medical Center and MOB (2)		Troy, MI		September 10, 2014		46,500
	El Paso Portfolio (specialty surgical hospital and 2 MOBs) (3)(8)		El Paso, TX		September 30, 2014		46,235
	The Mark H. Zangmeister Center (3)		Columbus, OH		September 30, 2014		36,600
	Berger Medical Center (3)		Orient, OH		September 30, 2014		6,785
	Orthopedic One 2 MOBs (3)		Columbus, OH Westerville, OH		September 30, 2014		24,500
	Pinnacle Health Portfolio 5 MOBs (3)		Harrisburg, PA		October 29, 2014		23,100
	Columbus Regional Health Portfolio 12 MOBs (3) Columbus Regional Health Portfolio 1 MOB (3)		Columbus, GA Phenix City, AL		November 20, 2014		27,997
	Middletown Medical 2 MOBs (2)		Middletown, NY		November 26. 2014		14,399
	Carle Danville Clinic MOB(3)		Danville, IL		November 26, 2014		10,300
	Napoleon Medical Building MOB (3)		New Orleans, LA		December 18, 2014		10,500
	West Tennessee Bone & Joint 1 MOB 1 ASC (2)		Jackson, TN		December 30, 2014		9,936
	Total						$	543,436
		-1		“MOB” means medical office building, “LTACH” means long-term acute care hospital and “ASC” means ambulatory surgical center.
		-2		The Trust accounted for these acquisitions as asset acquisitions and capitalized $1.7 million of total acquisition costs to the basis of the properties.
		-3		The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $10.9 million.
		-4		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 147,659 OP Units valued at approximately $1.9 million in the aggregate on the date of issuance.
		-5		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 96,099 OP Units valued at approximately $1.2 million in the aggregate on the date of issuance.
		-6		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 576,040 OP Units valued at approximately $8.3 million in the aggregate on the date of issuance.
		-7		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 272,191 OP Units valued at approximately $4.0 million in the aggregate on the date of issuance.
		-8		The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 950,324 OP Units valued at approximately $13.2 million in the aggregate on the date of issuance.
Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed
	The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Trust determined using Level 2 and Level 3 inputs (in thousands):
	Land		$	53,687
	Building and improvements		451,691
	In-place lease intangibles		35,720
	Above market in-place lease intangibles		5,270
	Below market in-place lease intangibles		(2,330		)
	Above market in-place ground lease		(701		)
	Investment in unconsolidated entity		1,300
	Issuance of OP units		(28,589		)
	Mortgage debt assumed		(15,283		)
	Lease inducement		1,532
	Derivative liability assumed		(197		)
	Contingent consideration		(840		)
	Leasehold interest		759
	Receivable		640
	Net assets acquired		$	502,659
Schedule of pro forma combined revenue, net income, and earnings per share-basic and diluted
	The following table illustrates the pro forma combined revenue, net income, and earnings per share —basic and diluted as if the Trust had acquired the above acquisitions as of January 1, 2013 (in thousands, except per share amounts):
			Year  Ended December 31,
			2014			2013
	Revenue		$	81,507		$	71,183
	Net income		17,948			11,461
	Net income available to common shareholders		14,925			11,053
	Earnings per share - basic and diluted		$	0.29		$	0.22
	Common shares issued and outstanding		50,640,863			50,640,863

Intangibles_Tables

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2014
Intangibles
Summary of the carrying amount of intangible assets and liabilities
	The following is a summary of the carrying amount of intangible assets and liabilities as of 2014 and 2013 (in thousands):
		December 31, 2014								December 31, 2013
		Cost			Accumulated			Net		Cost		Accumulated			Net
					Amortization							Amortization
	Assets
	In-place leases	$	64,777		$	(12,213	)	$	52,564	$	29,056	$	(8,080	)	$	20,976
	Above market leases	7,449			(578		)	6,871		2,180		(48		)	2,132
	Leasehold interest	759			(5		)	754
	Total	$	72,985		$	(12,796	)	$	60,189	$	31,236	$	(8,128	)	$	23,108
	Liability
	Below market lease	$	2,330		$	(156	)	$	2,174	—		—			—
	Above market ground lease	701			(4		)	697		—		—			—
	Total	$	3,031		$	(160	)	$	2,871	—		—			—
Summary of the acquired lease intangible amortization
	The following is a summary of the acquired lease intangible amortization for the years ended December 31, 2014, 2013 and 2012 (in thousands):
		December 31,
		2014			2013			2012
	Amortization expense related to in-place leases	$	4,133		$	1,252		$	900
	Decrease of rental income related to above-market leases	530			48			—
	Decrease of rental income related to leasehold interest	5			—			—
	Increase of rental income related to below-market leases	156			—			—
	Decrease of operating expense related to above market ground leases	4			—			—
Schedule of future aggregate amortization of the acquired lease intangibles
	Future aggregate net amortization of the acquired lease intangibles as of December 31, 2014, is as follows (in thousands):
		Net Decrease in			Net Increase in
		Revenue			Expenses
	2015	$	(667	)	$	7,446
	2016	(689		)	7,384
	2017	(567		)	7,165
	2018	(560		)	6,628
	2019	(458		)	4,625
	Thereafter	(2,511		)	18,618
	Total	$	(5,452	)	$	51,866

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Other Assets
Schedule Of Other Assets
	Other assets consisted of the following as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014		2013
	Straight line rent receivable	$	6,431	$	2,018
	Lease inducements, net	2,845		1,509
	Escrows	1,906		1,552
	Earnest deposits	2,343		—
	Prepaid expenses and other	2,281		822
	Total	$	15,806	$	5,901

Debt_Tables

Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Debt
Schedule of debt
	The following is a summary of debt as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014			2013
	Mortgage notes, bearing fixed interest from 4.71% 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 $118,247	$	73,706		$	38,288
	Mortgage note, bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,249	4,399			4,533
	Total mortgage debt	78,105			42,821
	$400 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.50%, due September 2018	138,000			—
	Total debt	$	216,105		$	42,821
Schedule of consolidated leverage ratios
	Consolidated Leverage	Adjusted LIBOR Rate Loans		Base Rate Loans
	Ratio	and Letter of Credit Fee
	<35%	LIBOR + 1.50%		0.50	%
	>35% and <45%	LIBOR + 1.65%		0.65	%
	>45% and <45%	LIBOR + 1.75%		0.75	%
	>45% and <50%	LIBOR + 1.85%		0.85	%
	>50% and <55%	LIBOR + 2.00%		1.00	%
	>55%	LIBOR + 2.20%		1.20	%
Schedule of principal payments due on debt
	Scheduled principal payments due on debt as of December 31, 2014, are as follows (in thousands):
	2015	$	1,864
	2016	9,421
	2017	28,750
	2018	139,100
	2019	19,906
	Thereafter	17,064
	Total Payments	$	216,105

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Stock-based Compensation
Schedule of non-vested restricted common shares
		Shares		Weighted
				Average Grant
				Date Fair Value
	Non-vested at December 31, 2013	250,000		$	11.5
	Granted	152,987		13.79
	Vested	(61,179	)	11.5
	Share repurchase	(22,154	)	14.49
	Non-vested at December 31, 2014	319,654		$	12.6
Schedule of weighted average grant date fair value assumptions
	Volatility	18.8% - 34.2%
	Dividend assumption	reinvested
	Expected term in years	2.83
	Risk-free rate	0.65%
	Stock price (per share)	13.47
Summary of the activity in the restricted share units
		Restricted Share		Weighted
		Units		Average Grant
				Date Fair Value
	Non-vested at December 31, 2013	—		$	—
	Granted	55,680		16.94
	Vested	—		—
	Forfeited	—		—
	Non-vested at December 31, 2014	55,680		$	16.94

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Measurements
Schedule of assets and liabilities that were accounted for on a nonrecurring basis by level within the fair value hierarchy
					Non-recurring Fair Value Measurements At Report
					Date using:
		Carrying Value as			Quoted Prices in			Significant			Significant			Total Losses for Year
		of December 31,			Active Markets for			Other			Unobservable			Ended December 31,
		2013			Identical Assets			Observable			Inputs			2014
					(Level 1)			Inputs			(Level 3)
								(Level 2)
	Investment properties	$	4,551		$	1,529		$	—		$	1,272		$	(1,750	)
Summary of quantitative inputs and assumptions used for items categorized in Level 3 for the fair value hierarchy
	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level 3 for the fair value hierarchy as of December 31, 2014 (in thousands).
	Asset Category	Fair Value at			Valuation Technique		Unobservable Inputs		Rate
		December 31, 2014
	Investment properties	$	1,272		Market comparable/		Discount rate		11.00	%
					Discounted cash flow		Capitalization rate		8.00	%
Schedule of fair value of other financial instruments
	The following table presents the fair value of the Trust’s financial instruments (in thousands).
		December 31,						December 31,
		2014						2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Real estate loans receivable	$	15,876		$	15,876		$	—		$	—
	Credit facility	$	(138,000	)	$	(138,000	)	—			—
	Mortgage debt	$	(78,105	)	$	(78,642	)	$	(42,821	)	$	(44,130	)
	Derivative liabilities	$	(233	)	$	(233	)	$	(397	)	$	(397	)

Tenant_Operating_Leases_Tables

Tenant Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2014
Tenant Operating Leases
Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries
	The Trust is lessor of medical office buildings and other healthcare facilities. Leases have expirations from 2015 through 2028. As of December 31, 2014, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands):
	2015	$	65,905
	2016	65,323
	2017	65,179
	2018	62,637
	2019	59,464
	Thereafter	418,400
	Total	$	736,908

Rent_Expense_Tables

Rent Expense (Tables)	12 Months Ended
	Dec. 31, 2014
Rent Expense
Schedule of future minimum lease obligations under non-cancelable ground leases	As of December 31, 2014, the future minimum lease obligations under non-cancelable parking and ground leases were as follows (in thousands):
	2015	$	1,426
	2016	1,442
	2017	1,480
	2018	1,521
	2019	1,564
	Thereafter	23,317
	Total	$	30,750

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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. (in thousands, except share and per share data):
		Year Ended
		December 31,
		2014			2013
	Numerator for earnings per share — basic and diluted:
	Net loss	$	(4,418	)	$	(2,636	)
	Less: Net loss attributable to Predecessor	—			576
	Less: Net loss attributable to noncontrolling interests —Operating Partnership	695			470
	Less: Net income attributable to noncontrolling interests — partially owned properties	(314		)	(71		)
	Numerator for earnings per share — basic and diluted	$	(4,037	)	$	(1,661	)
	Denominator for earnings per share - basic and diluted shares:	33,063,093			12,883,917
	Basic and diluted earnings per share	$	(0.12	)	$	(0.13	)

Subsequent_Events_Tables

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2014
Subsequent Events.
Schedule of acquisitions through subsidiaries of operating partnership
	Property(1)		Location		Acquisition	Purchase
					Date	Price
						(in thousands)
	Edina MOB		Edina, MN		January 22, 2015	$	14,190
	Savage MOB		Savage, MN		January 22, 2015	12,800
	Crystal MOB		Crystal, MN		January 22, 2015	14,782
	Dell Rd MOB		Chanhassen, MN		January 22, 2015	6,410
	Columbus MOB		Columbus, GA		January 23, 2015	6,540
	Methodist Sports MOB (2)		Greenwood, IN		January 28, 2015	10,000
	Vadnais Heights MOB		Vadnais Heights, MN		January 29, 2015	18,422
	Minnetonka MOB (3)		Minnetonka, MN		February 5, 2015	26,000
	Jamestown MOB		Jamestown, ND		February 5, 2015	12,819
	Indianapolis South 4 MOBs		Greenwood, IN		February 13, 2015	17,183
	Minnesota Eye MOB		Minnetonka, MN		February 17, 2015	10,882
	Bridgeport Medical Center		Lakewood, WA		February 27, 2015	13,750
	Baylor Cancer Center		Dallas, TX		February 27, 2015	8,200
						$	171,978
		-1		“MOB” means medical office building.
		-2		The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 420,963 OP Units valued at approximately $7.3 million in the aggregate on the date of issuance.
		-3		The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 44,685 Series A Preferred Units valued at approximately $9.7 million in the aggregate on the date of issuance.

Quarterly_Data_Tables

Quarterly Data (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Data
Schedule of Quarterly Financial Information
			Quarter Ended
	2014		March 31			June 30			September 30			December 31
	Total revenues		$	8,032		$	11,447		$	14,161		$	19,694
	Operating (loss) income		(3,575		)	(626		)	(2,311		)	1,967
	Net (loss) income		(3,558		)	(600		)	(2,251		)	1,991
	Net (loss) income attributable to common shareholders		(3,093		)	(561		)	(2,094		)	1,711
	Earnings per share — basic:
	Net (loss) income available to common shareholder		$	(0.15	)	$	(0.02	)	$	(0.06	)	$	0.04
	Weighted average common shares outstanding		21,298,597			26,163,982			36,313,644			48,145,409
	Earnings per share — diluted:
	Net (loss) income available to common shareholder		$	(0.15	)	$	(0.02	)	$	(0.06	)	$	0.04
	Weighted average common shares outstanding		21,298,597			26,163,982			36,313,644			48,354,493
			Quarter Ended
	2013		March 31 (1)			June 30 (1)			September 30			December 31
	Total revenues		$	3,390		$	3,437		$	3,729		$	6,488
	Operating loss		(301		)	(283		)	(1,414		)	(638		)
	Net loss		(301		)	(283		)	(1,416		)	(638		)
	Net loss available to common shareholder		—			—			(1,160		)	(501		)
	Earnings per share — basic and diluted:
	Net income available to common shareholder		$	—		$	—		$	(0.10	)	$	(0.04	)
	Weighted average common shares outstanding		—			—			11,486,011			13,932,347
		-1		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.

Organization_and_Business_Deta

Organization and Business (Details) (USD $)	0 Months Ended	12 Months Ended		0 Months Ended
	Jul. 24, 2013	Dec. 31, 2014	Dec. 31, 2013	Sep. 12, 2014	27-May-14	Dec. 11, 2013	Aug. 19, 2014
Organization and Business
Common stock, shares authorized		500,000,000	500,000,000			1,245,000
Common stock, par value (in dollars per share)		$0.01	$0.01
Aggregate common shares issued pursuant to the IPO	11,753,597
Debt related to properties acquired		$15,283,000
Net proceeds from IPO, after deducting underwriting discounts and commissions and estimated expenses of the IPO	123,800,000
Net proceeds from issuance of shares		350,384,000	225,920,000
Par Value
Organization and Business
Number of shares				10,925,000	12,650,000	9,545,000
Shares issued upon exercise of the underwriters' overallotment option				1,425,000	1,650,000	1,245,000
Net proceeds from issuance of shares				145,700,000	149,900,000	103,100,000
Maximum
Organization and Business
Aggregate value of various securities from offering covered under shelf registration statement							900,000,000
Maximum | ATM Program
Organization and Business
Aggregate offering price of common stock							150,000,000
Operating Partnership
Organization and Business
Common units of partnership interest (as a percent)	79.60%	94.10%
Operating Partnership | ATM Program
Organization and Business
Number of shares		3,576,010
Net proceeds from issuance of shares		55,600,000
Commission on sale of shares		800,000
Operating Partnership | Arrowhead Commons
Organization and Business
Additional ownership percentage of interest acquired	50.00%
Acquisition price	850,000
Equity interest in acquiree after subsequent acquisition (as a percent)	100.00%
Operating Partnership | Weighted average | ATM Program
Organization and Business
Price of common share		$15.54
Units
Organization and Business
Number of shares	11,753,597			10,925,000	12,650,000	9,545,000
Ziegler Funds Properties | Operating Partnership
Organization and Business
Number of properties	19
Debt related to properties acquired	84,300,000
Number of healthcare real estate funds managed	4
Aggregate value from issuance of OP Units	$31,600,000
Ziegler Funds Properties | Units | Operating Partnership
Organization and Business
Number of partnership units issued	2,744,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2014
Principles of Consolidation
Ownership interest in consolidated subsidiaries (as a percent)	100.00%

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jul. 24, 2013
Noncontrolling Interests
Repayment of outstanding indebtedness	$6,549,000	$41,832,000
Purchase price	543,436,000
Operating partnership units redemption ratio	1
New Orleans, LA
Noncontrolling Interests
Purchase price			37,500,000
2014 acquisitions
Noncontrolling Interests
Purchase price	103,600,000
Number of acquisitions	5
Jeff-Orleans Medical Development Real Estate, LLC
Noncontrolling Interests
Purchase price	1,300,000
Percentage of interest held	40.00%
Operating Partnership
Noncontrolling Interests
Percentage of interest held	94.10%			79.60%
Operating Partnership | New Orleans, LA | Units
Noncontrolling Interests
Number of units issued for funding purchase price			954,877
Value of units issued for funding purchase price			11,500,000
Operating Partnership | 2014 acquisitions | Units
Noncontrolling Interests
Number of units issued for funding purchase price	2,042,313
Value of units issued for funding purchase price	28,600,000
Ziegler Funds Properties | Operating Partnership
Noncontrolling Interests
Number of medical office buildings				19
Number of states				10
Repayment of outstanding indebtedness				36,900,000
Ziegler Funds Properties | Operating Partnership | Units
Noncontrolling Interests
Number of partnership units issued				2,744,000

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

Dec. 30, 2014

Sep. 26, 2014

Jun. 26, 2014

Mar. 27, 2014

Dec. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jan. 02, 2014

Nov. 26, 2014

segment

item

building

item

Dividends and Distributions

Cash dividend declared to common shareholders (in dollars per share)

$0.23

$0.23

$0.23

$0.23

$0.23

$0.18

$0.90

$0.41

Cash dividend declared to common shareholders, which is equivalent to a full quarterly dividend (in dollars per share)

$0.23

Rental Revenue

Rental revenue due in excess of amounts currently due from tenants

$6,400,000

$2,000,000

Impairment of Intangible and Long-Lived Assets

Impairment on investment properties

1,750,000

0

Investments in Unconsolidated Entities

Purchase price

543,436,000

Escrow Reserves

Escrow Deposit

1,906,000

1,552,000

Derivatives

Number of derivatives been designated as hedges

0

Tenant receivables, net

Allowance for doubtful accounts

100,000

100,000

Rental Revenue

Rental revenue due in excess of amounts currently due from tenants

6,400,000

2,000,000

Segment reporting

Number of reportable segments

1

Interest rates swaps

Derivatives

Notional amount

7,700,000

7,900,000

Derivative liability

200,000

400,000

Gains recognized

-200,000

-200,000

-100,000

Predecessor

Impairment of Intangible and Long-Lived Assets

Impairment on investment properties

937,000

Mezzanine loan

Real Estate Loans Receivable

Number of medical office buildings

2

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%

Medical Building

Real Estate Loans Receivable

Number of medical office buildings

2

Area of property after expansion (in square feet)

40,000

Medical Building | Term loan

Real Estate Loans Receivable

Loan to affiliates

8,600,000

Interest rate on loan (as a percent)

9.00%

Acquisitions_and_Dispositions_1

Acquisitions and Dispositions (Details) (USD $)

3 Months Ended

5 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Feb. 19, 2014

Feb. 28, 2014

Feb. 26, 2014

Mar. 28, 2014

Apr. 22, 2014

Apr. 30, 2014

23-May-14

28-May-14

Jun. 30, 2014

Jul. 01, 2014

Sep. 05, 2014

Jul. 25, 2014

Jul. 28, 2014

Jul. 31, 2014

Sep. 02, 2014

Sep. 10, 2014

Sep. 30, 2014

Oct. 29, 2014

Nov. 20, 2014

Nov. 26, 2014

Sep. 30, 2013

Dec. 18, 2014

Dec. 30, 2014

state

item

Acquisitions and Dispositions

Number of healthcare properties acquired during the period

61

Number of states in which operating healthcare properties and land parcel located

15

Acquisition price

$543,436,000

Acquisition costs expensed

10,897,000

1,938,000

Acquisition costs capitalized

1,700,000

Revenue

19,694,000

14,161,000

11,447,000

8,032,000

6,488,000

3,729,000

3,437,000

3,390,000

53,334,000

17,045,000

Net (loss) income

1,991,000

-2,251,000

-600,000

-3,558,000

-638,000

-1,416,000

-283,000

-301,000

-2,060,000

-4,418,000

-2,636,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]

Land

53,687,000

53,687,000

Building and improvements

451,691,000

451,691,000

Investment in unconsolidated entity

1,300,000

1,300,000

Issuance of OP units

-28,589,000

-28,589,000

Debt assumed

-15,283,000

-15,283,000

Lease inducement

1,532,000

1,532,000

Derivative liability

-197,000

-197,000

Contingent consideration

-840,000

-840,000

Leasehold interest

759,000

759,000

Receivable

640,000

640,000

Net assets acquired

502,659,000

502,659,000

In-place leases

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]

In-place leases

35,720,000

35,720,000

Above market leases

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]

In-place leases

5,270,000

5,270,000

Below market in-place lease

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]

Intangible leases

-2,330,000

-2,330,000

Above market ground lease

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]

Intangible leases

-701,000

-701,000

San Antonio, TX | Surgical Hospital

Acquisitions and Dispositions

Acquisition price

25,556,000

San Antonio, TX | Medical Building

Acquisitions and Dispositions

Acquisition price

6,800,000

Atlanta, GA | Medical Building

Acquisitions and Dispositions

Acquisition price

20,800,000

36,726,000

Sarasota, FL | Medical Building

Acquisitions and Dispositions

Acquisition price

17,486,000

Fort Worth, TX | LTACH

Acquisitions and Dispositions

Acquisition price

27,160,000

Pittsburgh, PA | LTACH

Acquisitions and Dispositions

Acquisition price

12,840,000

Carlisle & Wormleyburg, PA | Medical Building

Acquisitions and Dispositions

Acquisition price

9,208,000

South Bend, IN | Medical Building

Acquisitions and Dispositions

Acquisition price

14,900,000

Grenada, MS | Medical Building

Acquisitions and Dispositions

Acquisition price

7,100,000

Jackson, MS | Medical Building

Acquisitions and Dispositions

Acquisition price

16,700,000

Carmel, IN | Medical Building

Acquisitions and Dispositions

Acquisition price

4,664,000

Bloomington, IN | Medical Building

Acquisitions and Dispositions

Acquisition price

4,783,000

Bloomington, IN | Landmark Medical Portfolio (Premier) 3 MOBs

Acquisitions and Dispositions

Acquisition price

23,837,000

Bloomington, IN | Eye Center

Acquisitions and Dispositions

Acquisition price

12,174,000

Oshkosh, WI | Surgical Center

Acquisitions and Dispositions

Acquisition price

8,500,000

Monroe, NC | Medical Building

Acquisitions and Dispositions

Acquisition price

7,750,000

Carlisle, PA | Medical Building

Acquisitions and Dispositions

Acquisition price

4,500,000

Monroe, MI | Surgical Institute

Acquisitions and Dispositions

Acquisition price

6,000,000

Lady Lake, FL | Medical Building

Acquisitions and Dispositions

Acquisition price

10,600,000

Mansfield, TX | Surgical Center

Acquisitions and Dispositions

Acquisition price

8,500,000

Troy, MI | Medical Building

Acquisitions and Dispositions

Acquisition price

46,500,000

El Paso, TX | Medical Building

Acquisitions and Dispositions

Acquisition price

46,235,000

Columbus, OH | Cancer Center

Acquisitions and Dispositions

Acquisition price

36,600,000

Orient, OH | Medical Center

Acquisitions and Dispositions

Acquisition price

6,785,000

Columbus, OH And Westerville, OH | Medical Building

Acquisitions and Dispositions

Acquisition price

24,500,000

Harrisburg, PA | Medical Building

Acquisitions and Dispositions

Acquisition price

23,100,000

Columbus, GA And Phenix City, AL | Medical Building

Acquisitions and Dispositions

Acquisition price

27,997,000

Middletown, NY | Medical Building

Acquisitions and Dispositions

Acquisition price

14,399,000

Danville, IL | Medical Building

Acquisitions and Dispositions

Acquisition price

10,300,000

2014 acquisitions

Acquisitions and Dispositions

Acquisition price

103,600,000

Revenue

26,000,000

Net (loss) income

3,700,000

New Orleans, LA

Acquisitions and Dispositions

Acquisition price

37,500,000

New Orleans, LA | Medical Building

Acquisitions and Dispositions

Acquisition price

10,500,000

Jackson, TN | Surgical Center

Acquisitions and Dispositions

Acquisition price

9,936,000

Physicians Realty LP | 2014 acquisitions | Units

Acquisitions and Dispositions

Number of units issued for funding purchase price

147,659

96,099

576,040

272,191

950,324

Value of units issued for funding purchase price

$13,200,000

$1,900,000

$1,200,000

$8,300,000

$4,000,000

$13,200,000

Acquisitions_and_Dispositions_2

Acquisitions and Dispositions (Detail 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Unaudited Pro Forma Financial Information
Revenue	$81,507	$71,183
Net income	17,948	11,461
Net income available to common shareholders	$14,925	$11,053
Earnings per share - basic (in dollars per share)	$0.29	$0.22
Earnings per share - diluted (in dollars per share)	$0.29	$0.22
Common shares issued and outstanding	50,640,863	50,640,863

Intangibles_Details

Intangibles (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Intangibles
Cost	$72,985	$31,236
Accumulated Amortization	-12,796	-8,128
Total	60,189	23,108
Liability
Cost	3,031
Accumulated Amortization	-160
Total	2,871
In-place leases
Intangibles
Cost	64,777	29,056
Accumulated Amortization	-12,213	-8,080
Total	52,564	20,976
Above market leases
Intangibles
Cost	7,449	2,180
Accumulated Amortization	-578	-48
Total	6,871	2,132
Leasehold interest
Intangibles
Cost	759
Accumulated Amortization	-5
Total	754
Below market in-place lease
Liability
Below market lease, cost	2,330
Below market lease, accumulated amortization	156
Below Market Lease, Net	2,174
Above market ground lease
Liability
Cost	701
Accumulated Amortization	-4
Total	$697

Intangibles_Details_2

Intangibles (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In-place leases
Intangibles
Amortization expense	$4,133	$1,252	$900
Above market leases
Intangibles
Decrease of rental income	530	48
Leasehold interest
Intangibles
Decrease of rental income	5
Below market in-place lease
Intangibles
Increase of rental income	156
Above market ground lease
Intangibles
Decrease of operating expense	$4

Intangibles_Details_3

Intangibles (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses)
2015	$7,446
2016	7,384
2017	7,165
2018	6,628
2019	4,625
Thereafter	18,618
Total	51,866
Weighted average amortization period for lease intangibles	9 years
Future aggregate net amortization of acquired lease intangibles (Net Decrease in Revenue)
2015	-667
2016	-689
2017	-567
2018	-560
2019	-458
Thereafter	-2,511
Total	($5,452)
Weighted average amortization period for lease intangible liability	17 years

Other_Assets_Details

Other Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Assets
Straight line rent receivable	$6,431	$2,018
Lease inducements, net	2,845	1,509
Escrows	1,906	1,552
Earnest deposits	2,343
Prepaid expenses and other	2,281	822
Total	$15,806	$5,901

Debt_Details

Debt (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt
Mortgage debt	78,105,000	$42,821,000
Unsecured Debt	138,000,000
Total debt	216,105,000	42,821,000
Credit Agreement
Debt
Unsecured Debt	138,000,000
Maximum borrowing capacity	400,000,000
Credit Agreement | LIBOR
Debt
Variable rate basis	LIBOR
Margin (as a percent)	1.50%
Mortgage notes, bearing fixed interest from 4.71% to 6.58%
Debt
Mortgage debt	73,706,000	38,288,000
Weighted average interest rate (as a percent)	5.26%
Number of properties included in collateralized	9
Net book value of properties included in the collateralized	118,247,000
Mortgage notes, bearing fixed interest from 4.71% to 6.58% | Minimum
Debt
Interest rate (as a percent)	4.71%	4.71%
Mortgage notes, bearing fixed interest from 4.71% to 6.58% | Maximum
Debt
Interest rate (as a percent)	6.58%	6.58%
Mortgage note, bearing variable interest of LIBOR plus 2.75%
Debt
Mortgage debt	4,399,000	4,533,000
Number of properties included in collateralized	1
Net book value of properties included in the collateralized	6,249,000
Mortgage note, bearing variable interest of LIBOR plus 2.75% | LIBOR
Debt
Variable rate basis	LIBOR
Variable interest (as a percent)	2.75%

Debt_Details_2

Debt (Details 2) (USD $)	12 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Sep. 18, 2014
Operating Partnership | Base Rate Loans | Consolidated Leverage Ratio, 35%
Debt
Consolidated leverage ratio, minimum (as a percent)	35.00%
Margin (as a percent)	0.50%
Operating Partnership | Base Rate Loans | Consolidated Leverage Ratio, >35% and 45%
Debt
Consolidated leverage ratio, minimum (as a percent)	35.00%
Consolidated leverage ratio, maximum (as a percent)	45.00%
Margin (as a percent)	0.65%
Operating Partnership | Base Rate Loans | Consolidated Leverage Ratio, >45% and 45%
Debt
Consolidated leverage ratio, minimum (as a percent)	45.00%
Margin (as a percent)	0.75%
Operating Partnership | Base Rate Loans | Consolidated Leverage Ratio, >45% and 50%
Debt
Consolidated leverage ratio, minimum (as a percent)	45.00%
Consolidated leverage ratio, maximum (as a percent)	50.00%
Margin (as a percent)	0.85%
Operating Partnership | Base Rate Loans | Consolidated Leverage Ratio, >50% and 55%
Debt
Consolidated leverage ratio, minimum (as a percent)	50.00%
Consolidated leverage ratio, maximum (as a percent)	55.00%
Margin (as a percent)	1.00%
Operating Partnership | Base Rate Loans | Consolidated Leverage Ratio, >55%
Debt
Consolidated leverage ratio, minimum (as a percent)	55.00%
Margin (as a percent)	1.20%
Operating Partnership | LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, 35%
Debt
Consolidated leverage ratio, maximum (as a percent)	35.00%
Variable rate basis	LIBOR
Margin (as a percent)	1.50%
Operating Partnership | LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >35% and 45%
Debt
Consolidated leverage ratio, minimum (as a percent)	35.00%
Consolidated leverage ratio, maximum (as a percent)	45.00%
Variable rate basis	LIBOR
Margin (as a percent)	1.65%
Operating Partnership | LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >45% and 45%
Debt
Consolidated leverage ratio, minimum (as a percent)	45.00%
Consolidated leverage ratio, maximum (as a percent)	45.00%
Variable rate basis	LIBOR
Margin (as a percent)	1.75%
Operating Partnership | LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >45% and 50%
Debt
Consolidated leverage ratio, minimum (as a percent)	45.00%
Consolidated leverage ratio, maximum (as a percent)	50.00%
Variable rate basis	LIBOR
Margin (as a percent)	1.85%
Operating Partnership | LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >50% and 55%
Debt
Consolidated leverage ratio, minimum (as a percent)	50.00%
Consolidated leverage ratio, maximum (as a percent)	55.00%
Variable rate basis	LIBOR
Margin (as a percent)	2.00%
Operating Partnership | LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >55%
Debt
Consolidated leverage ratio, minimum (as a percent)	55.00%
Variable rate basis	LIBOR
Margin (as a percent)	2.20%
Prior Credit Agreement | Operating Partnership
Debt
Maximum borrowing capacity		$200
Credit Agreement
Debt
Maximum borrowing capacity	400
Amount outstanding	138
Current borrowing capacity	189
Credit Agreement | LIBOR
Debt
Variable rate basis	LIBOR
Margin (as a percent)	1.50%
Credit Agreement | Operating Partnership
Debt
Maximum borrowing capacity		400
Term of extension option		1 year
Weighted average interest rate (as a percent)	1.68%
Credit Agreement | Operating Partnership | LIBOR
Debt
Variable rate basis		LIBOR
Credit Agreement | Operating Partnership | Swingline loan
Debt
Maximum borrowing capacity as a percentage of maximum principal amount		10.00%
Minimum | Credit Agreement | Operating Partnership
Debt
Unused fee (as a percent)		0.15%
Minimum | Credit Agreement | Operating Partnership | LIBOR
Debt
Margin (as a percent)		1.50%
Maximum | Credit Agreement | Operating Partnership
Debt
Maximum borrowing capacity		750
Unused fee (as a percent)		0.25%
Maximum | Credit Agreement | Operating Partnership | LIBOR
Debt
Margin (as a percent)		2.20%
Maximum | Credit Agreement | Operating Partnership | Accordion feature
Debt
Increase in maximum borrowing capacity		$350

Debt_Details_3

Debt (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt
Interest expense	$5,800,000	$3,900,000
Scheduled principal payments
2015	1,864,000
2016	9,421,000
2017	28,750,000
2018	139,100,000
2019	19,906,000
Thereafter	17,064,000
Total Payments	$216,105,000

Stockbased_Compensation_Detail

Stock-based Compensation (Details) (USD $)	0 Months Ended		12 Months Ended
	Aug. 07, 2014	Jul. 24, 2013	Dec. 31, 2014	Dec. 31, 2013	Aug. 07, 2014	Jul. 24, 2013
Weighted Average Grant Date Fair Value
Non-cash share compensation			$2,422,000	$433,000
2013 Plan | Restricted common shares
Stock-based compensation
Maximum number of shares authorized		600,000				600,000
Increase in number of common shares authorized for issuance under Physicians Realty Trust 2013 Equity Incentive Plan	1,850,000
Shares available for grant	2,450,000				2,450,000
Grant date value (in dollars)		2,900,000	2,100,000
Vesting period		3 years
Shares
Non-vested at the beginning of the period			250,000
Granted (in shares)		250,000	152,987
Vested (in shares)			-61,179
Share repurchase (in shares)			-22,154
Non-vested at the end of the period			319,654	250,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period			$11.50
Grant date value (in dollars per share)		$11.50	$13.79
Vested (in dollars per share)			$11.50
Share repurchase (in dollars per share)			$14.49
Non-vested at the end of period			$12.60	$11.50
Non-cash share compensation			2,200,000	400,000
Unrecognized compensation expense			$2,400,000	$2,500,000
Initial estimated cumulative forfeiture rate (as a percent)			0.00%

Stockbased_Compensation_Detail1

Stock-based Compensation (Details 2) (USD $)	12 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
Stock-based compensation
Non-cash share compensation	$2,422,000	$433,000
2013 Plan | Restricted Share Units
Stock-based compensation
Granted (in shares)	55,680		55,680
Non-vested at the end of the period	55,680
Grant date value (in dollars per share)	$16.94		$19.25
Weighted average grant date fair value	$16.94
Vesting period			3 years
Number of dividend equivalent included in award			1
Non-cash share compensation	300,000
Unrecognized compensation expense	$700,000
Performance conditions grant date fair value (in dollars per share)			$13.47
Share based compensation fair value assumptions
Volatility, minimum (as a percent)	18.80%
Volatility, maximum (as a percent)	34.20%
Expected term in years	2 years 9 months 29 days
Risk-free rate	0.65%
Stock price (per share)	$13.47

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	item
Interest rates swaps
Fair value measurements
Number of swap agreement that are not traded on exchange	1
Nonrecurring basis | Investment properties
Fair value measurements
Total Gains (Losses)	-1,750
Nonrecurring basis | Carrying Amount | Investment properties
Fair value measurements
Assets fair value		4,551
Nonrecurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Investment properties
Fair value measurements
Assets fair value	1,529
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Investment properties
Fair value measurements
Assets fair value	1,272

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (Nonrecurring basis, Significant Unobservable Inputs (Level 3), USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Investment properties
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	1,272
Discounted cash flow
Unobservable Inputs
Discount rate (as a percent)	11.00%
Capitalization rate (as a percent)	8.00%

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair value of other financial instruments
Real estate loans receivable	$15,876
Credit facility	-138,000
Carrying Amount
Fair value of other financial instruments
Real estate loans receivable	15,876
Credit facility	-138,000
Mortgage debt	-78,105	-42,821
Carrying Amount | Interest rates swaps
Fair value of other financial instruments
Derivative liabilities	-233	-397
Fair Value
Fair value of other financial instruments
Real estate loans receivable	15,876
Credit facility	-138,000
Mortgage debt	-78,642	-44,130
Fair Value | Interest rates swaps | Recurring basis
Fair value of other financial instruments
Derivative liabilities	($233)	($397)

Tenant_Operating_Leases_Detail

Tenant Operating Leases (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Future minimum rental payments on non-cancelable leases
2015	$65,905
2016	65,323
2017	65,179
2018	62,637
2019	59,464
Thereafter	418,400
Total	$736,908

Rent_Expense_Details

Rent Expense (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item
Rent Expense
Number of properties on which rights to parking structure is leased	1
Number of properties pursuant to ground and parking leases	7
Maximum lease terms	67 years
Future minimum lease obligations under non-cancelable ground leases
2015	$1,426,000
2016	1,442,000
2017	1,480,000
2018	1,521,000
2019	1,564,000
Thereafter	23,317,000
Total	30,750,000
Rent expenses for parking and ground leases	$900,000	$20,000	$20,000

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended								5 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Numerator for earnings per share - basic and diluted:
Net loss	$1,991	($2,251)	($600)	($3,558)	($638)	($1,416)	($283)	($301)	($2,060)	($4,418)	($2,636)
Less: Loss attributable to Predecessor											576
Less: Net loss attributable to noncontrolling interests - Operating Partnership										695	470
Less: Net income attributable to noncontrolling interests - partially owned properties										-314	-71
Net loss attributable to common shareholders	$1,711	($2,094)	($561)	($3,093)	($501)	($1,160)				($4,037)	($1,661)
Denominator for earnings per share - basic and diluted shares:					13,932,347	11,486,011				33,063,093	12,883,917
Basic and diluted earnings per share (in dollar per share)					($0.04)	($0.10)				($0.12)	($0.13)
2013 Plan | Restricted common shares and units
Numerator for earnings per share - basic and diluted:
Outstanding non-vested shares	375,334				250,000				250,000	375,334	250,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2014	Aug. 19, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2014
Related Party Transactions
Amount of one-time payment which may be paid in cash or in Amount of one-time payment paid in unrestricted shares	$1,800,000
Ziegler
Related Party Transactions
Shares issued to related party		124,913
Ziegler | Shared service fee
Related Party Transactions
Fees charged	400,000		300,000
Predecessor | Ziegler
Related Party Transactions
Annual management fee as a percentage of total capital commitments			2.00%	2.00%
Amount of one-time payment which may be paid in cash or in unrestricted shares					1,800,000
Amount of one-time payment which may be paid in cash or in Amount of one-time payment paid in unrestricted shares	1,800,000
Predecessor | Ziegler | Management fees
Related Party Transactions
Fees charged			500,000	1,000,000
Predecessor | Ziegler | Other fees
Related Party Transactions
Fees charged				30,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Jan. 21, 2015

Feb. 27, 2015

Jan. 23, 2015

Jan. 22, 2015

Feb. 13, 2015

Jan. 28, 2015

Jan. 29, 2015

Feb. 17, 2015

Feb. 05, 2015

Feb. 27, 2015

Sep. 12, 2014

27-May-14

Dec. 11, 2013

Jul. 24, 2013

Dec. 31, 2015

Subsequent events

Purchase price

$543,436,000

Net proceeds from issuance of shares

350,384,000

225,920,000

Subsequent events | Credit Agreement

Subsequent events

Repayments of unsecured debt

138,000,000

Subsequent events | Operating Partnership

Subsequent events

Purchase price

171,978,000

Shares issued upon exercise of the underwriters' overallotment option

2,475,000

Number of shares

18,975,000

Net proceeds from issuance of shares

297,200,000

Subsequent events | Medical Building | Operating Partnership | Columbus, GA

Subsequent events

Purchase price

6,540,000

Subsequent events | Medical Building | Operating Partnership | Edina, MN

Subsequent events

Purchase price

14,190,000

Subsequent events | Medical Building | Operating Partnership | Savage, MN

Subsequent events

Purchase price

12,800,000

Subsequent events | Medical Building | Operating Partnership | Crystal, MN

Subsequent events

Purchase price

14,782,000

Subsequent events | Medical Building | Operating Partnership | Chanhassen, MN

Subsequent events

Purchase price

6,410,000

Subsequent events | Medical Building | Operating Partnership | Greenwood, IN

Subsequent events

Purchase price

17,183,000

10,000,000

Subsequent events | Medical Building | Operating Partnership | Vadnais Heights, MN

Subsequent events

Purchase price

18,422,000

Subsequent events | Medical Building | Operating Partnership | Minnetonka, MN

Subsequent events

Purchase price

10,882,000

26,000,000

Subsequent events | Medical Building | Operating Partnership | Jamestown, ND

Subsequent events

Purchase price

12,819,000

Subsequent events | Medical Center | Operating Partnership | Lakewood, WA

Subsequent events

Purchase price

13,750,000

Subsequent events | Cancer Center | Operating Partnership | Dallas, TX

Subsequent events

Purchase price

8,200,000

Units

Subsequent events

Number of shares

10,925,000

12,650,000

9,545,000

11,753,597

Units | Subsequent events

Subsequent events

Number of shares

18,975,000

Units | Subsequent events | Operating Partnership

Subsequent events

Number of units issued for funding purchase price

420,963

Value of units issued for funding purchase price

7,300,000

Units | Subsequent events | Operating Partnership | Series A Preferred units

Subsequent events

Number of units issued for funding purchase price

44,685

Value of units issued for funding purchase price

9,700,000

ATM Program | Operating Partnership

Subsequent events

Number of shares

3,576,010

Net proceeds from issuance of shares

55,600,000

Commission on sale of shares

800,000

ATM Program | Operating Partnership | Weighted average

Subsequent events

Price of common share

$15.54

ATM Program | Subsequent events

Subsequent events

Number of shares

247,397

Net proceeds from issuance of shares

4,200,000

Commission on sale of shares

$55,696

Shares available under the Sales agreement

90,200,000

ATM Program | Subsequent events | Weighted average

Subsequent events

Price of common share

$16.96

Quarterly_Data_Details

Quarterly Data (Details) (USD $)	3 Months Ended								5 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Quarterly Data
Total revenues	$19,694	$14,161	$11,447	$8,032	$6,488	$3,729	$3,437	$3,390		$53,334	$17,045
Operating (loss) income	1,967	-2,311	-626	-3,575	-638	-1,414	-283	-301		-4,545	-2,634
Net (loss) income	1,991	-2,251	-600	-3,558	-638	-1,416	-283	-301	-2,060	-4,418	-2,636
Net loss attributable to common shareholders	$1,711	($2,094)	($561)	($3,093)	($501)	($1,160)				($4,037)	($1,661)
Earnings per share - basic:
Net (loss) income available to common shareholder	$0.04	($0.06)	($0.02)	($0.15)
Weighted average common shares outstanding	48,145,409	36,313,644	26,163,982	21,298,597
Earnings per share - diluted:
Net (loss) income available to common shareholder (in dollars per share)	$0.04	($0.06)	($0.02)	($0.15)
Weighted average common shares outstanding	48,354,493	36,313,644	26,163,982	21,298,597
Earnings per share - basic and diluted:
Basic and diluted (in dollars per share)					($0.04)	($0.10)				($0.12)	($0.13)
Weighted average common shares outstanding - Basic and diluted					13,932,347	11,486,011				33,063,093	12,883,917

SCHEDULE_III_REAL_ESTATE_AND_A1

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$78,105
Initial Cost to Company
Land	79,334
Buildings and Improvements	643,802
Cost Capitalized Subsequent to Acquisitions	5,898
Gross Amount at Which Carried as of Close of Period
Land	79,334
Buildings and Improvements	649,700
Total	729,034	224,730	111,149	124,333
Accumulated Depreciation	-32,772	-20,299	-16,495	-14,484
Arrowhead Commons, Phoenix, AZ
Initial Cost to Company
Land	740
Buildings and Improvements	2,551
Cost Capitalized Subsequent to Acquisitions	1
Gross Amount at Which Carried as of Close of Period
Land	740
Buildings and Improvements	2,552
Total	3,292
Accumulated Depreciation	-366
Life on Which Building Depreciation in Income Statement is Computed	46 years
Aurora Medical Office Building, Green Bay, WI
Initial Cost to Company
Land	500
Buildings and Improvements	1,566
Gross Amount at Which Carried as of Close of Period
Land	500
Buildings and Improvements	1,566
Total	2,066
Accumulated Depreciation	-149
Life on Which Building Depreciation in Income Statement is Computed	50 years
Austell Medical Office Building, Atlanta, GA
Initial Cost to Company
Land	289
Buildings and Improvements	1,992
Cost Capitalized Subsequent to Acquisitions	313
Gross Amount at Which Carried as of Close of Period
Land	289
Buildings and Improvements	2,305
Total	2,594
Accumulated Depreciation	-397
Life on Which Building Depreciation in Income Statement is Computed	36 years
Canton Medical Office Building, Atlanta, GA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	6,207
Initial Cost to Company
Land	710
Buildings and Improvements	7,225
Cost Capitalized Subsequent to Acquisitions	97
Gross Amount at Which Carried as of Close of Period
Land	710
Buildings and Improvements	7,322
Total	8,032
Accumulated Depreciation	-1,851
Life on Which Building Depreciation in Income Statement is Computed	30 years
Decatur Medical Office Building, Atlanta, GA
Initial Cost to Company
Land	740
Buildings and Improvements	2,604
Cost Capitalized Subsequent to Acquisitions	45
Gross Amount at Which Carried as of Close of Period
Land	740
Buildings and Improvements	2,649
Total	3,389
Accumulated Depreciation	-679
Life on Which Building Depreciation in Income Statement is Computed	28 years
El Paso Medical Office Building, El Paso, TX
Initial Cost to Company
Land	860
Buildings and Improvements	2,866
Cost Capitalized Subsequent to Acquisitions	357
Gross Amount at Which Carried as of Close of Period
Land	860
Buildings and Improvements	3,223
Total	4,083
Accumulated Depreciation	-1,293
Life on Which Building Depreciation in Income Statement is Computed	21 years
Farmington Professional Pavillion, Detroit, MI
Initial Cost to Company
Land	580
Buildings and Improvements	1,793
Cost Capitalized Subsequent to Acquisitions	87
Gross Amount at Which Carried as of Close of Period
Land	580
Buildings and Improvements	1,880
Total	2,460
Accumulated Depreciation	-1,081
Life on Which Building Depreciation in Income Statement is Computed	15 years
Firehouse Square, Milwaukee, WI
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	2,765
Initial Cost to Company
Land	1,120
Buildings and Improvements	2,768
Gross Amount at Which Carried as of Close of Period
Land	1,120
Buildings and Improvements	2,768
Total	3,888
Accumulated Depreciation	-684
Life on Which Building Depreciation in Income Statement is Computed	30 years
Hackley Medical Center, Grand Rapids, MI
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	5,397
Initial Cost to Company
Land	1,840
Buildings and Improvements	6,402
Cost Capitalized Subsequent to Acquisitions	24
Gross Amount at Which Carried as of Close of Period
Land	1,840
Buildings and Improvements	6,426
Total	8,266
Accumulated Depreciation	-1,674
Life on Which Building Depreciation in Income Statement is Computed	30 years
Ingham Regional Medical Center, Lansing, MI
Initial Cost to Company
Land	310
Buildings and Improvements	2,893
Cost Capitalized Subsequent to Acquisitions	-1,134
Gross Amount at Which Carried as of Close of Period
Land	310
Buildings and Improvements	1,759
Total	2,069
Accumulated Depreciation	-800
Life on Which Building Depreciation in Income Statement is Computed	39 years
Meadow View Professional Center, Kingsport, TN
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	10,410
Initial Cost to Company
Land	2,270
Buildings and Improvements	11,344
Gross Amount at Which Carried as of Close of Period
Land	2,270
Buildings and Improvements	11,344
Total	13,614
Accumulated Depreciation	-2,923
Life on Which Building Depreciation in Income Statement is Computed	30 years
Mid Coast Hospital Office Building, Portland, ME
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	7,869
Initial Cost to Company
Buildings and Improvements	11,247
Cost Capitalized Subsequent to Acquisitions	8
Gross Amount at Which Carried as of Close of Period
Buildings and Improvements	11,255
Total	11,255
Accumulated Depreciation	-2,477
Life on Which Building Depreciation in Income Statement is Computed	30 years
New Albany Professional Building, Columbus, OH
Initial Cost to Company
Land	237
Buildings and Improvements	2,767
Cost Capitalized Subsequent to Acquisitions	20
Gross Amount at Which Carried as of Close of Period
Land	237
Buildings and Improvements	2,787
Total	3,024
Accumulated Depreciation	-472
Life on Which Building Depreciation in Income Statement is Computed	42 years
Northpark Trail, Atlanta, GA
Initial Cost to Company
Land	839
Buildings and Improvements	1,245
Cost Capitalized Subsequent to Acquisitions	235
Gross Amount at Which Carried as of Close of Period
Land	839
Buildings and Improvements	1,480
Total	2,319
Accumulated Depreciation	-539
Life on Which Building Depreciation in Income Statement is Computed	35 years
Remington Medical Commons, Chicago, IL
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	4,399
Initial Cost to Company
Land	895
Buildings and Improvements	6,499
Cost Capitalized Subsequent to Acquisitions	319
Gross Amount at Which Carried as of Close of Period
Land	895
Buildings and Improvements	6,818
Total	7,713
Accumulated Depreciation	-1,464
Life on Which Building Depreciation in Income Statement is Computed	30 years
Stonecreek Family Health Center, Columbus, OH
Initial Cost to Company
Land	459
Buildings and Improvements	1,898
Cost Capitalized Subsequent to Acquisitions	-153
Gross Amount at Which Carried as of Close of Period
Land	459
Buildings and Improvements	1,745
Total	2,204
Accumulated Depreciation	-687
Life on Which Building Depreciation in Income Statement is Computed	23 years
Summit Healthplex, Atlanta, GA
Initial Cost to Company
Land	2,633
Buildings and Improvements	15,576
Cost Capitalized Subsequent to Acquisitions	4,412
Gross Amount at Which Carried as of Close of Period
Land	2,633
Buildings and Improvements	19,988
Total	22,621
Accumulated Depreciation	-3,735
Life on Which Building Depreciation in Income Statement is Computed	44 years
Valley West Hospital Medical Office Building, Chicago, IL
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	4,878
Initial Cost to Company
Buildings and Improvements	6,275
Cost Capitalized Subsequent to Acquisitions	611
Gross Amount at Which Carried as of Close of Period
Buildings and Improvements	6,886
Total	6,886
Accumulated Depreciation	-1,588
Life on Which Building Depreciation in Income Statement is Computed	30 years
East El Paso MOB, El Paso, TX
Initial Cost to Company
Land	710
Buildings and Improvements	4,500
Gross Amount at Which Carried as of Close of Period
Land	710
Buildings and Improvements	4,500
Total	5,210
Accumulated Depreciation	-171
Life on Which Building Depreciation in Income Statement is Computed	35 years
East El Paso Surgery Center, El Paso, TX
Initial Cost to Company
Land	3,070
Buildings and Improvements	23,627
Gross Amount at Which Carried as of Close of Period
Land	3,070
Buildings and Improvements	23,627
Total	26,697
Accumulated Depreciation	-875
Life on Which Building Depreciation in Income Statement is Computed	36 years
LifeCare Plano LTACH, Plano, TX
Initial Cost to Company
Land	3,370
Buildings and Improvements	11,689
Cost Capitalized Subsequent to Acquisitions	455
Gross Amount at Which Carried as of Close of Period
Land	3,370
Buildings and Improvements	12,144
Total	15,514
Accumulated Depreciation	-613
Life on Which Building Depreciation in Income Statement is Computed	25 years
Crescent City Surgical Centre, New Orleans, LA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	18,750
Initial Cost to Company
Buildings and Improvements	34,208
Gross Amount at Which Carried as of Close of Period
Buildings and Improvements	34,208
Total	34,208
Accumulated Depreciation	-891
Life on Which Building Depreciation in Income Statement is Computed	48 years
Foundation Surgical Affiliates MOB, Oklahoma City, OK
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	7,647
Initial Cost to Company
Land	1,300
Buildings and Improvements	12,724
Gross Amount at Which Carried as of Close of Period
Land	1,300
Buildings and Improvements	12,724
Total	14,024
Accumulated Depreciation	-370
Life on Which Building Depreciation in Income Statement is Computed	43 years
Pensacola Medical Office Building, Pensacola, FL
Initial Cost to Company
Land	990
Buildings and Improvements	5,005
Cost Capitalized Subsequent to Acquisitions	6
Gross Amount at Which Carried as of Close of Period
Land	990
Buildings and Improvements	5,011
Total	6,001
Accumulated Depreciation	-128
Life on Which Building Depreciation in Income Statement is Computed	49 years
Central Ohio Neurosurgical Surgeons MOB (CONS), Columbus, OH
Initial Cost to Company
Land	981
Buildings and Improvements	7,620
Gross Amount at Which Carried as of Close of Period
Land	981
Buildings and Improvements	7,620
Total	8,601
Accumulated Depreciation	-188
Life on Which Building Depreciation in Income Statement is Computed	44 years
Great Falls Ambulatory Surgery Center, Great Falls, MT
Initial Cost to Company
Land	203
Buildings and Improvements	3,224
Gross Amount at Which Carried as of Close of Period
Land	203
Buildings and Improvements	3,224
Total	3,427
Accumulated Depreciation	-102
Life on Which Building Depreciation in Income Statement is Computed	33 years
Eagles Landing Family Practice Medical Office Building, Conyers, GA
Initial Cost to Company
Land	1,000
Buildings and Improvements	3,345
Gross Amount at Which Carried as of Close of Period
Land	1,000
Buildings and Improvements	3,345
Total	4,345
Accumulated Depreciation	-78
Life on Which Building Depreciation in Income Statement is Computed	37 years
Eagles Landing Family Practice Medical Office Building, McDonough, GA
Initial Cost to Company
Land	800
Buildings and Improvements	4,893
Gross Amount at Which Carried as of Close of Period
Land	800
Buildings and Improvements	4,893
Total	5,693
Accumulated Depreciation	-116
Life on Which Building Depreciation in Income Statement is Computed	36 years
Eagles Landing Family Practice Medical Office Building, McDonough, GA
Initial Cost to Company
Land	400
Buildings and Improvements	5,086
Gross Amount at Which Carried as of Close of Period
Land	400
Buildings and Improvements	5,086
Total	5,486
Accumulated Depreciation	-116
Life on Which Building Depreciation in Income Statement is Computed	37 years
Eagles Landing Family Practice Medical Office Building, Jackson, GA
Initial Cost to Company
Land	800
Buildings and Improvements	4,600
Gross Amount at Which Carried as of Close of Period
Land	800
Buildings and Improvements	4,600
Total	5,400
Accumulated Depreciation	-103
Life on Which Building Depreciation in Income Statement is Computed	38 years
Foundation Surgical Hospital of San Antonio, San Antonio, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,783
Initial Cost to Company
Land	2,230
Buildings and Improvements	23,346
Gross Amount at Which Carried as of Close of Period
Land	2,230
Buildings and Improvements	23,346
Total	25,576
Accumulated Depreciation	-634
Life on Which Building Depreciation in Income Statement is Computed	35 years
Foundation Healthplex of San Antonio, San Antonio, TX
Initial Cost to Company
Land	911
Buildings and Improvements	4,189
Gross Amount at Which Carried as of Close of Period
Land	911
Buildings and Improvements	4,189
Total	5,100
Accumulated Depreciation	-104
Life on Which Building Depreciation in Income Statement is Computed	35 years
21st Century Radiation Oncology - Sarasota, FL
Initial Cost to Company
Land	633
Buildings and Improvements	6,557
Gross Amount at Which Carried as of Close of Period
Land	633
Buildings and Improvements	6,557
Total	7,190
Accumulated Depreciation	-211
Life on Which Building Depreciation in Income Statement is Computed	27 years
21st Century Radiation Oncology - Venice, FL
Initial Cost to Company
Land	814
Buildings and Improvements	2,952
Gross Amount at Which Carried as of Close of Period
Land	814
Buildings and Improvements	2,952
Total	3,766
Accumulated Depreciation	-79
Life on Which Building Depreciation in Income Statement is Computed	35 years
21st Century Radiation Oncology - Englewood, FL
Initial Cost to Company
Land	350
Buildings and Improvements	1,878
Gross Amount at Which Carried as of Close of Period
Land	350
Buildings and Improvements	1,878
Total	2,228
Accumulated Depreciation	-45
Life on Which Building Depreciation in Income Statement is Computed	38 years
21st Century Radiation Oncology - Port Charlotte, FL
Initial Cost to Company
Land	269
Buildings and Improvements	2,326
Gross Amount at Which Carried as of Close of Period
Land	269
Buildings and Improvements	2,326
Total	2,595
Accumulated Depreciation	-57
Life on Which Building Depreciation in Income Statement is Computed	36 years
Peachtree Dunwoody Medical Office Building Center, Atlanta, GA
Initial Cost to Company
Land	6,046
Buildings and Improvements	27,435
Cost Capitalized Subsequent to Acquisitions	7
Gross Amount at Which Carried as of Close of Period
Land	6,046
Buildings and Improvements	27,442
Total	33,488
Accumulated Depreciation	-936
Life on Which Building Depreciation in Income Statement is Computed	25 years
Lifecare LTACH - Pittsburgh, PA
Initial Cost to Company
Land	1,142
Buildings and Improvements	11,737
Gross Amount at Which Carried as of Close of Period
Land	1,142
Buildings and Improvements	11,737
Total	12,879
Accumulated Depreciation	-315
Life on Which Building Depreciation in Income Statement is Computed	30 years
Lifecare LTACH - Ft. Worth, TX
Initial Cost to Company
Land	2,730
Buildings and Improvements	24,639
Gross Amount at Which Carried as of Close of Period
Land	2,730
Buildings and Improvements	24,639
Total	27,369
Accumulated Depreciation	-632
Life on Which Building Depreciation in Income Statement is Computed	30 years
Pinnacle Health Medical Office Building, Carlisle, PA
Initial Cost to Company
Land	424
Buildings and Improvements	2,232
Gross Amount at Which Carried as of Close of Period
Land	424
Buildings and Improvements	2,232
Total	2,656
Accumulated Depreciation	-46
Life on Which Building Depreciation in Income Statement is Computed	35 years
Pinnacle Health Medical Office Building, Harrisburg, PA
Initial Cost to Company
Land	795
Buildings and Improvements	4,601
Gross Amount at Which Carried as of Close of Period
Land	795
Buildings and Improvements	4,601
Total	5,396
Accumulated Depreciation	-133
Life on Which Building Depreciation in Income Statement is Computed	25 years
South Bend Orthopaedics Medical Office Building, South Bend, IN
Initial Cost to Company
Land	2,418
Buildings and Improvements	11,355
Gross Amount at Which Carried as of Close of Period
Land	2,418
Buildings and Improvements	11,355
Total	13,773
Accumulated Depreciation	-217
Life on Which Building Depreciation in Income Statement is Computed	40 years
Grenada Medical Complex, Grenada, MS
Initial Cost to Company
Land	185
Buildings and Improvements	5,820
Gross Amount at Which Carried as of Close of Period
Land	185
Buildings and Improvements	5,820
Total	6,005
Accumulated Depreciation	-151
Life on Which Building Depreciation in Income Statement is Computed	30 years
Mississippi Ortho Medical Office Building, Jackson, MS
Initial Cost to Company
Land	1,272
Buildings and Improvements	14,177
Gross Amount at Which Carried as of Close of Period
Land	1,272
Buildings and Improvements	14,177
Total	15,449
Accumulated Depreciation	-248
Life on Which Building Depreciation in Income Statement is Computed	35 years
Carmel Medical Pavilion, Carmel, IN
Initial Cost to Company
Buildings and Improvements	3,917
Gross Amount at Which Carried as of Close of Period
Buildings and Improvements	3,917
Total	3,917
Accumulated Depreciation	-97
Life on Which Building Depreciation in Income Statement is Computed	25 years
Presbyterian Medical Plaza, Monroe, NC
Initial Cost to Company
Land	1,195
Buildings and Improvements	5,681
Gross Amount at Which Carried as of Close of Period
Land	1,195
Buildings and Improvements	5,681
Total	6,876
Accumulated Depreciation	-67
Life on Which Building Depreciation in Income Statement is Computed	45 years
Renaissance Ambulatory Surgery Center, Oshkosh, WI
Initial Cost to Company
Land	228
Buildings and Improvements	7,658
Gross Amount at Which Carried as of Close of Period
Land	228
Buildings and Improvements	7,658
Total	7,886
Accumulated Depreciation	-99
Life on Which Building Depreciation in Income Statement is Computed	40 years
Summit Urology, Bloomington, IN
Initial Cost to Company
Land	125
Buildings and Improvements	4,792
Gross Amount at Which Carried as of Close of Period
Land	125
Buildings and Improvements	4,792
Total	4,917
Accumulated Depreciation	-82
Life on Which Building Depreciation in Income Statement is Computed	30 years
500 Landmark, Bloomington, IN
Initial Cost to Company
Land	627
Buildings and Improvements	3,549
Gross Amount at Which Carried as of Close of Period
Land	627
Buildings and Improvements	3,549
Total	4,176
Accumulated Depreciation	-53
Life on Which Building Depreciation in Income Statement is Computed	35 years
550 Landmark, Bloomington, IN
Initial Cost to Company
Land	2,717
Buildings and Improvements	15,224
Gross Amount at Which Carried as of Close of Period
Land	2,717
Buildings and Improvements	15,224
Total	17,941
Accumulated Depreciation	-227
Life on Which Building Depreciation in Income Statement is Computed	35 years
574 Landmark, Bloomington, IN
Initial Cost to Company
Land	418
Buildings and Improvements	1,493
Gross Amount at Which Carried as of Close of Period
Land	418
Buildings and Improvements	1,493
Total	1,911
Accumulated Depreciation	-23
Life on Which Building Depreciation in Income Statement is Computed	35 years
Carlisle II MOB, Carlisle, PA
Initial Cost to Company
Land	412
Buildings and Improvements	3,962
Gross Amount at Which Carried as of Close of Period
Land	412
Buildings and Improvements	3,962
Total	4,374
Accumulated Depreciation	-39
Life on Which Building Depreciation in Income Statement is Computed	45 years
Surgical Institute of Monroe, Monroe, MI
Initial Cost to Company
Land	410
Buildings and Improvements	5,743
Gross Amount at Which Carried as of Close of Period
Land	410
Buildings and Improvements	5,743
Total	6,153
Accumulated Depreciation	-80
Life on Which Building Depreciation in Income Statement is Computed	35 years
The Oaks at Lady Lake, Lady Lake, FL
Initial Cost to Company
Land	1,065
Buildings and Improvements	8,642
Gross Amount at Which Carried as of Close of Period
Land	1,065
Buildings and Improvements	8,642
Total	9,707
Accumulated Depreciation	-87
Life on Which Building Depreciation in Income Statement is Computed	42 years
Mansfield ASC, Mansfield, TX
Initial Cost to Company
Land	1,491
Buildings and Improvements	6,471
Gross Amount at Which Carried as of Close of Period
Land	1,491
Buildings and Improvements	6,471
Total	7,962
Accumulated Depreciation	-52
Life on Which Building Depreciation in Income Statement is Computed	46 years
Eye Center of Southern Indiana, Bloomington, IN
Initial Cost to Company
Land	910
Buildings and Improvements	11,477
Gross Amount at Which Carried as of Close of Period
Land	910
Buildings and Improvements	11,477
Total	12,387
Accumulated Depreciation	-113
Life on Which Building Depreciation in Income Statement is Computed	35 years
Wayne State, Troy, MI
Initial Cost to Company
Land	3,560
Buildings and Improvements	43,052
Gross Amount at Which Carried as of Close of Period
Land	3,560
Buildings and Improvements	43,052
Total	46,612
Accumulated Depreciation	-392
Life on Which Building Depreciation in Income Statement is Computed	38 years
Zangmesiter, Columbus, OH
Initial Cost to Company
Land	1,610
Buildings and Improvements	31,120
Gross Amount at Which Carried as of Close of Period
Land	1,610
Buildings and Improvements	31,120
Total	32,730
Accumulated Depreciation	-203
Life on Which Building Depreciation in Income Statement is Computed	40 years
El Paso - Lee Trevino, El Paso, TX
Initial Cost to Company
Land	2,294
Buildings and Improvements	11,316
Cost Capitalized Subsequent to Acquisitions	183
Gross Amount at Which Carried as of Close of Period
Land	2,294
Buildings and Improvements	11,499
Total	13,793
Accumulated Depreciation	-101
Life on Which Building Depreciation in Income Statement is Computed	30 years
El Paso - Kenworthy, El Paso, TX
Initial Cost to Company
Land	728
Buildings and Improvements	2,178
Gross Amount at Which Carried as of Close of Period
Land	728
Buildings and Improvements	2,178
Total	2,906
Accumulated Depreciation	-17
Life on Which Building Depreciation in Income Statement is Computed	35 years
El Paso - Murchison, El Paso, TX
Initial Cost to Company
Land	2,283
Buildings and Improvements	24,543
Gross Amount at Which Carried as of Close of Period
Land	2,283
Buildings and Improvements	24,543
Total	26,826
Accumulated Depreciation	-211
Life on Which Building Depreciation in Income Statement is Computed	30 years
Berger Medical Center, Columbus, OH
Initial Cost to Company
Buildings and Improvements	5,950
Gross Amount at Which Carried as of Close of Period
Buildings and Improvements	5,950
Total	5,950
Accumulated Depreciation	-43
Life on Which Building Depreciation in Income Statement is Computed	38 years
Ortho One - Columbus, OH
Initial Cost to Company
Buildings and Improvements	16,234
Gross Amount at Which Carried as of Close of Period
Buildings and Improvements	16,234
Total	16,234
Accumulated Depreciation	-100
Life on Which Building Depreciation in Income Statement is Computed	45 years
Ortho One - Westerville, OH
Initial Cost to Company
Land	362
Buildings and Improvements	3,944
Gross Amount at Which Carried as of Close of Period
Land	362
Buildings and Improvements	3,944
Total	4,306
Accumulated Depreciation	-25
Life on Which Building Depreciation in Income Statement is Computed	43 years
Pinnacle - 32 Northeast, Hershey, PA
Initial Cost to Company
Land	408
Buildings and Improvements	3,232
Gross Amount at Which Carried as of Close of Period
Land	408
Buildings and Improvements	3,232
Total	3,640
Accumulated Depreciation	-18
Life on Which Building Depreciation in Income Statement is Computed	33 years
Pinnacle - 240 Grandview, Camp Hill, PA
Initial Cost to Company
Land	321
Buildings and Improvements	4,242
Gross Amount at Which Carried as of Close of Period
Land	321
Buildings and Improvements	4,242
Total	4,563
Accumulated Depreciation	-22
Life on Which Building Depreciation in Income Statement is Computed	35 years
Pinnacle - 4518 Union Deposit, Harrisburg, PA
Initial Cost to Company
Land	617
Buildings and Improvements	7,305
Gross Amount at Which Carried as of Close of Period
Land	617
Buildings and Improvements	7,305
Total	7,922
Accumulated Depreciation	-42
Life on Which Building Depreciation in Income Statement is Computed	31 years
Pinnacle - 4520 Union Deposit, Harrisburg, PA
Initial Cost to Company
Land	169
Buildings and Improvements	2,055
Gross Amount at Which Carried as of Close of Period
Land	169
Buildings and Improvements	2,055
Total	2,224
Accumulated Depreciation	-13
Life on Which Building Depreciation in Income Statement is Computed	28 years
Pinnacle - Market Place Way ,Harrisburg, PA
Initial Cost to Company
Land	808
Buildings and Improvements	2,383
Gross Amount at Which Carried as of Close of Period
Land	808
Buildings and Improvements	2,383
Total	3,191
Accumulated Depreciation	-11
Life on Which Building Depreciation in Income Statement is Computed	35 years
Columbus - 2000 10th Aveunue, Columbus, GA
Initial Cost to Company
Land	380
Buildings and Improvements	2,737
Gross Amount at Which Carried as of Close of Period
Land	380
Buildings and Improvements	2,737
Total	3,117
Accumulated Depreciation	-12
Life on Which Building Depreciation in Income Statement is Computed	22 years
Columbus - 1942 North Avenue, Columbus, GA
Initial Cost to Company
Land	91
Buildings and Improvements	273
Gross Amount at Which Carried as of Close of Period
Land	91
Buildings and Improvements	273
Total	364
Accumulated Depreciation	-2
Life on Which Building Depreciation in Income Statement is Computed	12 years
Columbus - 920 18th Street, Columbus, GA
Initial Cost to Company
Land	110
Buildings and Improvements	281
Gross Amount at Which Carried as of Close of Period
Land	110
Buildings and Improvements	281
Total	391
Accumulated Depreciation	-3
Life on Which Building Depreciation in Income Statement is Computed	8 years
Columbus - 1900 10th Ave, Columbus, GA
Initial Cost to Company
Land	474
Buildings and Improvements	5,580
Gross Amount at Which Carried as of Close of Period
Land	474
Buildings and Improvements	5,580
Total	6,054
Accumulated Depreciation	-19
Life on Which Building Depreciation in Income Statement is Computed	26 years
Columbus - 1800 10th Ave, Columbus, GA
Initial Cost to Company
Land	539
Buildings and Improvements	5,238
Gross Amount at Which Carried as of Close of Period
Land	539
Buildings and Improvements	5,238
Total	5,777
Accumulated Depreciation	-17
Life on Which Building Depreciation in Income Statement is Computed	28 years
Columbus - 705 17th Street, Columbus, GA
Initial Cost to Company
Land	372
Buildings and Improvements	2,346
Gross Amount at Which Carried as of Close of Period
Land	372
Buildings and Improvements	2,346
Total	2,718
Accumulated Depreciation	-14
Life on Which Building Depreciation in Income Statement is Computed	15 years
Columbus - 615 19th Street, Columbus, GA
Initial Cost to Company
Land	75
Buildings and Improvements	113
Gross Amount at Which Carried as of Close of Period
Land	75
Buildings and Improvements	113
Total	188
Accumulated Depreciation	-3
Life on Which Building Depreciation in Income Statement is Computed	3 years
Columbus - 1968 North Avenue, Columbus, GA
Initial Cost to Company
Land	89
Buildings and Improvements	32
Gross Amount at Which Carried as of Close of Period
Land	89
Buildings and Improvements	32
Total	121
Accumulated Depreciation	-1
Life on Which Building Depreciation in Income Statement is Computed	4 years
Columbus - 633 19th Street, Columbus, GA
Initial Cost to Company
Land	99
Buildings and Improvements	255
Gross Amount at Which Carried as of Close of Period
Land	99
Buildings and Improvements	255
Total	354
Accumulated Depreciation	-3
Life on Which Building Depreciation in Income Statement is Computed	9 years
Columbus - 500 18th Street, Columbus, GA
Initial Cost to Company
Land	430
Buildings and Improvements	170
Gross Amount at Which Carried as of Close of Period
Land	430
Buildings and Improvements	170
Total	600
Accumulated Depreciation	-3
Life on Which Building Depreciation in Income Statement is Computed	8 years
Columbus - 2200 Hamilton Rd, Columbus, GA
Initial Cost to Company
Land	267
Buildings and Improvements	1,579
Gross Amount at Which Carried as of Close of Period
Land	267
Buildings and Improvements	1,579
Total	1,846
Accumulated Depreciation	-7
Life on Which Building Depreciation in Income Statement is Computed	22 years
Columbus - 1810 Stadium Drive, Phenix City, AL
Initial Cost to Company
Land	202
Buildings and Improvements	149
Gross Amount at Which Carried as of Close of Period
Land	202
Buildings and Improvements	149
Total	351
Accumulated Depreciation	-2
Life on Which Building Depreciation in Income Statement is Computed	30 years
Middletown Medical - 111 Maltese, Wallkill, NY
Initial Cost to Company
Land	670
Buildings and Improvements	9,921
Gross Amount at Which Carried as of Close of Period
Land	670
Buildings and Improvements	9,921
Total	10,591
Accumulated Depreciation	-24
Life on Which Building Depreciation in Income Statement is Computed	35 years
Middletown Medical - 2 Edgewater, Wallkill, NY
Initial Cost to Company
Land	200
Buildings and Improvements	2,966
Gross Amount at Which Carried as of Close of Period
Land	200
Buildings and Improvements	2,966
Total	3,166
Accumulated Depreciation	-7
Life on Which Building Depreciation in Income Statement is Computed	35 years
Carle Danville MOB, Danville, IL
Initial Cost to Company
Land	607
Buildings and Improvements	7,136
Gross Amount at Which Carried as of Close of Period
Land	607
Buildings and Improvements	7,136
Total	7,743
Accumulated Depreciation	-20
Life on Which Building Depreciation in Income Statement is Computed	33 years
Napoleon MOB, New Orleans, LA
Initial Cost to Company
Land	1,202
Buildings and Improvements	7,412
Cost Capitalized Subsequent to Acquisitions	5
Gross Amount at Which Carried as of Close of Period
Land	1,202
Buildings and Improvements	7,417
Total	8,619
Life on Which Building Depreciation in Income Statement is Computed	25 years
West TN Bone & Joint - Physicians Drive, Jackson, TN
Initial Cost to Company
Land	650
Buildings and Improvements	2,960
Gross Amount at Which Carried as of Close of Period
Land	650
Buildings and Improvements	2,960
Total	3,610
Life on Which Building Depreciation in Income Statement is Computed	35 years
West TN Bone & Joint, Jackson, TN
Initial Cost to Company
Land	1,254
Buildings and Improvements	5,215
Gross Amount at Which Carried as of Close of Period
Land	1,254
Buildings and Improvements	5,215
Total	$6,469
Life on Which Building Depreciation in Income Statement is Computed	31 years

SCHEDULE_III_REAL_ESTATE_AND_A2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in total real estate
Balance as of the beginning of the year	$224,730	$111,149	$124,333
Acquisitions	505,379	113,225
Additions	900	806	786
Impairment	-1,750		-937
Dispositions	-225	-450	-13,033
Balance as of the end of the year	729,034	224,730	111,149
Changes in accumulated depreciation
Balance as of the beginning of the year	20,299	16,495	14,484
Acquisitions	6,575	694
Additions	5,898	3,110	3,024
Dispositions			-1,013
Balance as of the end of the year	$32,772	$20,299	$16,495