Physicians Realty Trust 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document And Entity Information
Entity Registrant Name	Physicians Realty Trust
Entity Central Index Key	1574540
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		70,314,808
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investment properties:
Land and improvements	$99,950	$79,334
Building and improvements	817,673	644,086
Tenant improvements	6,417	5,614
Acquired lease intangibles	109,173	72,985
Gross real estate property	1,033,213	802,019
Accumulated depreciation	-53,451	-45,569
Net real estate property	979,762	756,450
Real estate loans receivable	16,094	15,876
Investment in unconsolidated entity	1,324	1,324
Net real estate investments	997,180	773,650
Cash and cash equivalents	35,774	15,923
Tenant receivables, net	2,127	1,324
Deferred costs, net	4,601	4,870
Other assets	26,525	15,806
Total assets	1,066,207	811,573
Liabilities:
Credit facility	73,000	138,000
Mortgage debt	83,952	78,105
Accounts payable	448	700
Dividends payable	16,722	16,548
Accrued expenses and other liabilities	13,029	6,140
Acquired lease intangibles, net	3,056	2,871
Total liabilities	190,207	242,364
Redeemable noncontrolling interest - Operating Partnership and partially owned properties	13,721
Equity:
Common shares, $0.01 par value, 500,000,000 shares authorized, 69,943,001 and 50,640,863 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively.	703	510
Additional paid-in capital	886,092	586,017
Accumulated deficit	-68,161	-51,797
Total shareholders' equity	818,634	534,730
Noncontrolling interests:
Operating Partnership	42,430	33,727
Partially owned properties	1,215	752
Total noncontrolling interests	43,645	34,479
Total equity	862,279	569,209
Total liabilities and equity	$1,066,207	$811,573

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	69,943,001	50,640,863
Common stock, shares outstanding	69,943,001	50,640,863

Consolidated_and_Combined_Stat

Consolidated and Combined Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental revenues	$20,341	$6,808
Expense recoveries	3,536	1,070
Interest income on real estate loans and other	607	154
Total revenues	24,484	8,032
Expenses:
Interest expense	1,710	1,281
General and administrative	3,352	2,014
Operating expenses	5,709	1,609
Depreciation and amortization	8,240	2,416
Acquisition expenses	5,932	4,287
Total expenses	24,943	11,607
Loss before equity in income of unconsolidated entity, loss on sale of investment property, and noncontrolling interests:	-459	-3,575
Equity in income of unconsolidated entity	26	17
Loss on sale of investment properties	-15
Net loss	-448	-3,558
Net (income) loss attributable to noncontrolling interests:
Operating Partnership	24	531
Partially owned properties	-32	-66
Net loss attributable to controlling interest	-456	-3,093
Preferred distribution	-66
Net loss attributable to common shareholders	($522)	($3,093)
Net loss per share:
Basic and diluted (in dollars per share)	($0.01)	($0.15)
Weighted average common shares:
Weighted average common shares outstanding - Basic and diluted	65,649,478	21,298,897
Dividends and distributions declared per common share and unit (in dollars per share)	$0.23	$0.23

Consolidated_and_Combined_Stat1

Consolidated and Combined Statement of Equity (USD $)	Par Value	Additional Paid in Capital	Accumulated Deficit	Total Shareholders' Equity	Operating Partnership Noncontrolling interest	Partially Owned Properties Noncontrolling Interest	Total Non-controlling Interests	Total
In Thousands, unless otherwise specified
Balance at Dec. 31, 2014	$510	$586,017	($51,797)	$534,730	$33,727	$752	$34,479	$569,209
Increase (Decrease) in stockholders' Equity
Net proceeds from sale of common shares	192	301,580		301,772				301,772
Restricted share award grants, net	1	866	-21	846				846
Purchase of OP units					-205		-205	-205
Conversion of OP units		18		18	-18		-18
Dividends/distributions declared			-15,821	-15,821	-809		-809	-16,630
Preferred distribution			-66	-66				-66
Issuance of OP Units in connection with acquisitions					7,314		7,314	7,314
Contribution						500	500	500
Distributions						-69	-69	-69
Change in market value redeemable noncontrolling interests - Operating Partnerhip and partially owned properties		56		56				56
Net (loss) income			-456	-456	-24	32	8	-448
Adjustment for Noncontrolling Interests ownership in Operating Partnership		-2,445		-2,445	2,445		2,445
Balance at Mar. 31, 2015	$703	$886,092	($68,161)	$818,634	$42,430	$1,215	$43,645	$862,279

Consolidated_and_Combined_Stat2

Consolidated and Combined Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net loss	($448)	($3,558)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	8,240	2,416
Amortization of deferred financing costs	293	148
Amortization of lease inducements and above/below market lease intangibles	302	81
Straight-line rental revenue/expense	-2,012	-652
Amortization of above market assumed debt	-10
Loss on sale of investment properties	15
Equity in income of unconsolidated entity	-26	-17
Distribution from unconsolidated entity	26
Change in fair value of derivatives	-13	-41
Provision for bad debts		6
Non-cash share compensation	867	356
Change in operating assets and liabilities:
Tenant receivables	-1,022	-591
Other assets	-580	6
Accounts payable	-252	-114
Accrued expenses and other liabilities	4,345	1,580
Net cash provided by (used in) operating activities	9,725	-380
Cash Flows from Investing Activities:
Proceeds on sales of investment property	1,550
Acquisition of investment properties, net	-205,278	-138,779
Capital expenditures on existing investment properties	-1,028
Real estate loans receivable		-6,836
Note receivable	-4,123
Leasing commissions	-35	-5
Lease inducements	-462
Net cash used in investing activities	-209,376	-145,620
Cash Flows from Financing Activities:
Net proceeds from sale of common shares	301,772	-57
Proceeds from credit facility borrowings	73,000	80,000
Payment on credit facility borrowings	-138,000
Proceeds from issuance of mortgage debt		26,550
Principal payments on mortgage debt	-466	-384
Debt issuance costs	-24	-761
Dividends paid - shareholders	-15,792	-4,848
Distributions to noncontrolling interest- Operating Partnership	-714	-832
Distributions to noncontrolling interest - partially owned properties	-69	-54
Purchase of OP Units	-205
Net cash provided by financing activities	219,502	99,614
Net increase (decrease) in cash and cash equivalents	19,851	-46,386
Cash and cash equivalents, beginning of year	15,923	56,478
Cash and cash equivalents, end of period	35,774	10,092
Supplemental disclosure of cash flow information - interest paid during the period	1,402	1,025
Supplemental disclosure of noncash activity - assumed debt	6,323	10,800
Supplemental disclosure of noncash activity - issuance of OP units in connection with acquisitions	17,017
Supplemental disclosure of noncash activity - contingent consideration	$1,482

Organization_and_Business

Organization and Business	3 Months Ended
	Mar. 31, 2015
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” or the “SEC”) 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.
	Follow-On Public Offerings
	On January 21, 2015, the Trust completed a public offering of 18,975,000 common shares, including 2,475,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $297.7 million. The trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 18,975,000 partnership interests in our Operating Partnership (“OP Units”), and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the Trust’s unsecured revolving credit facility and for general corporate and working capital purposes, including funding acquisitions.
	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”). During the quarterly period ended March 31, 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 $4.1 million, before $0.1 million in commissions.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies
	The accompanying unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods ended March 31, 2015 and 2014 pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 12, 2015.
	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 noncontrolling interest representing equity held by noncontrolling 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.
	During the three months ended March 31, 2015, the Operating Partnership partially funded a property acquisition by issuing an aggregate of 420,963 OP Units valued at approximately $7.3 million.  The acquisition had a total purchase price of approximately $10.0 million.
	Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors. As of March 31, 2015, the Trust held a 95.1% 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 OP 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 OP 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 net income or loss attributable to noncontrolling interests partially owned properties in the consolidated statement of operations.
	Redeemable Noncontrolling Interests — Operating Partnership and Partially Owned Properties
	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 registered common shares.  Instruments that require settlement in registered shares may not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares.
	On February 5, 2015, the acquisition of the Minnetonka MOB was partially funded with the issuance of 44,685 Series A Preferred Units with a value of $9.7 million.  Due to the redemption rights associated with the Series A Preferred Units the Trust classifies the Series A Preferred Units in the mezzanine section of its consolidated balance sheet.
	A noncontrolling interest of a consolidated joint venture was classified as redeemable at March 31, 2015. Accordingly, the Trust records the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interest’s share of net income or loss and distributions) or the redemption value. The Trust’s joint venture partner has certain redemption rights with respect to their noncontrolling interest in the joint venture that are outside of the Trust’s control, and therefore, the redeemable noncontrolling interest is classified in the mezzanine section of the Trust’s consolidated balance sheet. The Trust recognizes changes in carrying value of redeemable noncontrolling interests through additional paid-in-capital.
	Dividends and Distributions
	On March 31, 2015, the Trust’s Board of Trustees declared a cash dividend of $0.225 per common share for the quarterly period ended March 31, 2015.  The dividend was paid on May 1, 2015 to common shareholders and common OP Unit holders of record on April 17, 2015.
	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 did not record an impairment charge in either the three months ended March 31, 2015 or 2014.
	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 statements of operations.  The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest.
	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 statement of operations.
	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 $8.5 million and $6.4 million as of March 31, 2015 and December 31, 2014, 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 elected to be taxed as a real estate investment trust (“REIT”) for federal tax purposes commencing with the filing of its tax return for the short taxable year ending December 31, 2013. 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 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 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 Liabilities
	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 reasseses 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 results of operations.
	New Accounting Pronouncements
	In May 2014, the FASB issued ASU 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 consolidated financial statements.
	In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest.  The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015.  The Trust is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements.
	In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The impact will be a reduction of other assets and the associated reported debt liability.

Acquisitions_and_Disposition

Acquisitions and Disposition	3 Months Ended
	Mar. 31, 2015
Acquisitions and Disposition
Acquisitions and Disposition	Note 3—Acquisitions and Disposition
	During the three months ended March 31, 2015, the Trust completed acquisitions of 23 operating healthcare properties located in nine states for an aggregate purchase price of approximately $234.1 million as summarized below:
	Property(1)		Location		Acquisition		Purchase
					Date		Price
							(in thousands)
	Minnesota Portfolio (2)
	Edina MOB (6)		Edina, MN		January 22, 2015		$	14,190
	Savage MOB (6)		Savage, MN		January 22, 2015		12,800
	Crystal MOB (6)		Crystal, MN		January 22, 2015		14,782
	Dell Rd. MOB (6)		Chanhassen, MN		January 22, 2015		6,410
	Vadnais Heights MOB (6)		Vadnais Heights, MN		January 29, 2015		18,422
	Minnetonka MOB (6)(3)		Minnetonka, MN		February 5, 2015		26,000
	Jamestown MOB (6)		Jamestown, ND		February 5, 2015		12,819
	Minnesota Eye MOB (6)		Minnetonka, MN		February 17, 2015		10,882
	Columbus MOB (4)(6)		Columbus, GA		January 23, 2015		6,540
	Methodist Sports MOB (5)(7)		Greenwood, IN		January 28, 2015		10,000
	Indianapolis South 4 MOBs (6)		Greenwood, IN		February 13, 2015		17,183
	Bridgeport Medical Center (6)		Lakewood, WA		February 27, 2015		13,750
	Baylor Cancer Center (6)		Dallas, TX		February 27, 2015		8,200
	Renaissance Office Building (6)		Milwaukee, WI		March 27, 2015		6,500
	University of Rochester Strong Memorial Portfolio 5 MOBs (6)		Rochester, NY		March 31, 2015		41,000
	Avalon Park Florida Hospital MOB (6)		Avalon Park, FL		March 31, 2015		14,600
							$	234,078
		-1		“MOB” means medical office building.
		-2		Through subsidiaries of the Operating Partnership, the Trust acquired seven medical office facilities located in the Minneapolis-St. Paul Metropolitan area and one additional medical office facility located in Jamestown, North Dakota from affiliates of The Davis Group and investors associated with The Davis Group. The Davis Group retained a less than 1% minority interest in the property holding entities.
		-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 to affiliates of The Davis Group. Holders of the Series A Preferred Units issued in connection with the acquisition of the Minnetonka MOB are entitled to certain redemption rights under the partnership agreement of the Operating Partnership which allow them to cause the Operating Partnership to redeem the Series A Preferred Units in exchange for cash, or at the Trust’s option, for common shares, pursuant to a formula provided in the partnership agreement and currently on an approximately one-for-12.65 basis. The investors in the Series A Preferred Units have agreed not cause the Operating Partnership to redeem their Series A Preferred Units prior to February 5, 2016.
		-4		This is the final building of the previously announced $34.5 million portfolio of 13 on-campus medical office facilities located in Columbus, Georgia.
		-5		The Trust accounted for this acquisition as asset acquisition and capitalized $0.1 million of total acquisition costs to the basis of the property.
		-6		The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $5.9 million.
		-7		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.
	For the three months ended March 31, 2015, the Trust recorded revenues and net income of $2.8 million and $0.6 million, respectively, from its first quarter 2015 acquisitions.
	The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which the Trust determined using level 2 and level 3 inputs (in thousands):
	Land		$	21,075
	Building and improvements		175,050
	In-place lease intangible		32,398
	Above market in-place lease intangible		3,679
	Below market in-place lease intangible		(315		)
	Below market in-place ground lease		158
	Lease inducement		462
	Contingent consideration		(1,482		)
	Receivables		3,564
	Debt assumed		(6,323		)
	Issuance of OP Units		(7,314		)
	Issuance of Series A Preferred Units		(9,704		)
	Noncontrolling interest		(5,508		)
	Net assets acquired		$	205,740
	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 effect on net income, earnings per share —basic and diluted as if the Trust had acquired the above acquisitions as of January 1, 2014 (in thousands, except per share amounts):
			Three Months Ended March 31,
			2015			2014
	Revenue		$	27,672		$	14,021
	Net income (loss)		5,817			(2,672		)
	Net income (loss) available to common shareholders		5,530			(2,336		)
	Earnings per share - basic and diluted		$	0.08		$	(0.03	)
	Common shares issued and outstanding		70,314,134			70,314,134
	Disposition
	On March 26, 2015, the Trust sold a 20,329 square foot medical office building located in Ohio for approximately $1.6 million and recognized a loss on sale of approximately $15,000.  Due to the Trust’s adoption of 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, the Trust did not report this disposition as a discontinued operation.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2015
Intangibles
Intangibles	Note 4—Intangibles
	The following is a summary of the carrying amount of intangible assets and liabilities as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015								December 31, 2014
		Cost			Accumulated			Net		Cost		Accumulated			Net
					Amortization							Amortization
	Assets
	In-place leases	$	97,175		$	(14,687	)	$	82,488	$	64,777	$	(12,213	)	$	52,564
	Above market leases	11,128			(930		)	10,198		7,449		(578		)	6,871
	Leasehold interest	712			(20		)	692		759		(5		)	754
	Below market ground lease	158			(1		)	157		—		—			—
	Total	$	109,173		$	(15,638	)	$	93,535	$	72,985	$	(12,796	)	$	60,189
	Liability
	Below market lease	$	2,645		$	(282	)	$	2,363	2,330		(156		)	2,174
	Above market ground lease	701			(8		)	693		701		(4		)	697
	Total	$	3,346		$	(290	)	$	3,056	$	3,031	(160		)	$	2,871
	The following is a summary of the acquired lease intangible amortization for the three month period ended March 31, 2015 and 2014, respectively (in thousands):
		2015			2014
	Amortization expense related to in-place leases	$	2,474		$	700
	Decrease of rental income related to above-market leases	352			48
	Decrease of rental income related to leasehold interest	15			—
	Increase of rental income related to below-market leases	126			—
	Decrease of operating expense related to above market ground leases	4			—
	Increase in operating expense related to below market ground lease	1			—
	Future aggregate net amortization of the acquired lease intangibles as of March 31, 2015, is as follows (in thousands):
		Net Decrease in			Net Increase in
		Revenue			Expenses
	2015	$	(1,087	)	$	10,599
	2016	(1,406		)	14,103
	2017	(1,042		)	11,691
	2018	(870		)	9,852
	2019	(744		)	7,432
	Thereafter	(3,377		)	28,276
	Total	$	(8,526	)	$	81,953
	For the three months ended March 31, 2015, the weighted average amortization period for asset lease intangibles and liability lease intangible is nine years and 15 years, respectively.

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2015
Other Assets
Other Assets	Note 5—Other Assets
	Other assets consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31,		December 31,
		2015		2014
	Straight line rent receivable	$	8,486	$	6,431
	Lease inducements, net	3,242		2,845
	Escrows	5,105		1,906
	Earnest deposits	2,685		2,343
	Note receivable	4,140		—
	Prepaid expenses and other	2,867		2,281
	Total	$	26,525	$	15,806

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt
Debt	Note 6—Debt
	The following is a summary of debt as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31,			December 31,
		2015			2014
	Mortgage notes, bearing fixed interest from 4.71% to 6.58%, with a weighted average interest rate of 5.28%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by 10 properties with a net book value of $129,946.	$	79,156		$	73,706
	Mortgage note, bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,185.	4,365			4,399
	Total mortgage debt	83,521			78,105
	$400 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.50%, due September 2018.	73,000			138,000
	Total principal	156,521			216,105
	Unamortized fair value adjustment	431			—
	Total debt	$	156,952		$	216,105
	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 March 31, 2015, the current 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 March 31, 2015, 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 March 31, 2015, there were $73.0 million of borrowings outstanding under the Trust’s unsecured revolving credit facility and $254.6 million available for us to borrow without adding additional properties to the unencumbered borrowing base of assets, as defined by the Credit Agreement.  Also, the Trust had an additional $72.4 million of availability under its unsecured revolving credit facility as of March 31, 2015 which is subject to customary property underwriting standards.
	Certain properties have mortgage debt that contains financial covenants.  As of March 31, 2015, the Trust was in compliance with all mortgage debt financial covenants.
	Scheduled principal payments due on debt as of March 31, 2015, are as follows (in thousands):
	2015	$	1,514
	2016	9,566
	2017	28,922
	2018	74,265
	2019	20,081
	Thereafter	22,173
	Total Payments	$	156,521
	For the three month periods ended March 31, 2015 and 2014, the Trust incurred interest expense on its debt of $1.4 million and $1.1 million, respectively.

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2015
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, including management, and the Board of Trustees with a one year vesting period. In the three month period ended March 31, 2015, a total of 124,609 restricted common shares with a total value of $2.0 million were granted to management and Trust employees with a one-year and three-year vesting periods, respectively.
	A summary of the status of the Trust’s nonvested restricted common shares as of March 31, 2015 and changes during the three month period then ended follow:
		Shares		Weighted
				Average Grant
				Date Fair Value
	Non-vested at December 31, 2014	319,654		$	12.6
	Granted	124,609		16.2
	Vested	(73,130	)	13.47
	Non-vested at March 31, 2015	371,133		$	13.64
	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 three month periods ended March 31, 2015 and 2014, the Trust recognized non-cash share compensation of $0.7 million and $0.3 million, respectively.  Unrecognized compensation expense at March 31, 2015 was $3.7 million.  The Trust’s compensation expense recorded in connection with grants of restricted stock reflects an initial estimated cumulative forfeiture rate of 0% over the requisite service period of the awards. That estimate will be revised if subsequent information indicates that the actual number of awards expected to vest is likely to differ from previous estimates.
	Restricted Share Units:
	In March 2015 and March 2014, under the Trust’s 2013 Plan, the Trust granted restricted share units at target level of  116,206 and 55,680, respectively, to management and trustees, which are subject to certain performance and market conditions and a two-year and three-year service period for trustees and management, respectively.  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.
	Approximately 80% of the restricted share units vest based on certain market conditions.  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 $20.06 per unit for the March 2015 grant using the following assumptions:
	Volatility	20.7	%
	Dividend assumption	reinvested
	Expected term in years	2.8
	Risk-free rate	1.14	%
	Stock price (per share)	15.87
	The remaining 20% of the restricted share units vest based upon certain performance conditions.  With respect to the performance conditions, the grant date fair value of $15.87 per unit was based on the share price at the date of grant.  The restricted stock units’ combined weighted average grant date fair value is $19.22 per unit.
	The following is a summary of the activity in the Trust’s restricted share units during the three months ended March 31, 2015:
		Restricted		Weighted
		Share Units		Average Grant
				Date Fair Value
	Non-vested at December 31, 2014	55,680		$	16.94
	Granted	116,206		19.22
	Non-vested at March 31, 2015	171,886		$	18.48
	The Trust recognized $0.1 million of non-cash share unit compensation expense for the three months ended March 31, 2015.  Unrecognized compensation expense at March 31, 2015 was $2.6 million.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
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.  This generally includes assets subject to impairment.  There were no such assets measured at fair value as of March 31, 2015.
	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 primarily on Level 2 inputs.
	The following table presents the fair value of the Trust’s financial instruments (in thousands).
		March 31,						December 31,
		2015						2014
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Real estate loans receivable	$	16,094		$	16,094		$	15,876		$	15,876
	Credit facility	$	(73,000	)	$	(73,000	)	$	(138,000	)	$	(138,000	)
	Mortgage debt	$	(83,952	)	$	(84,393	)	$	(78,105	)	$	(78,642	)
	Derivative liabilities	$	(1,200	)	$	(1,200	)	$	(233	)	$	(233	)

Tenant_Operating_Leases

Tenant Operating Leases	3 Months Ended
	Mar. 31, 2015
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 2034. As of March 31, 2015, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands):
	2015	$	62,296
	2016	81,970
	2017	79,681
	2018	75,377
	2019	71,142
	Thereafter	485,793
	Total	$	856,259

Rent_Expense

Rent Expense	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, the future minimum lease obligations under non-cancelable parking and ground leases were as follows (in thousands):
	2015	$	1,171
	2016	1,572
	2017	1,610
	2018	1,651
	2019	1,694
	Thereafter	27,976
	Total	$	35,674
	Rent expense for the parking and ground leases of $0.4 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively, are reported in operating expenses in the consolidated statements of operations.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2015
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):
		Three Months Ended
		March 31,
		2015			2014
	Numerator for earnings per share — basic and diluted:
	Net loss	$	(448	)	$	(3,558	)
	Net (income) loss attributable to noncontrolling interests:
	Operating Partnerhip	24			531
	Partially owned properties	(32		)	(66		)
	Preferred distribution	(66		)	—
	Numerator for earnings per share — basic and diluted	$	(522	)	$	(3,093	)
	Denominator for earnings per share - basic and diluted shares:	65,649,478			21,298,597
	Earnings per share - basic and diluted	$	(0.01	)	$	(0.15	)
	There were 426,164 restricted common shares and OP Units outstanding related to the 2013 Plan during the three months ended March 31, 2015. However, these restricted common shares and OP Units are not dilutive due to the net loss.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events.
Subsequent Events	Note 12—Subsequent Events
	The Trust, through subsidiaries of its Operating Partnership, closed on the below acquisitions:
	Property(1)		Location		Acquisition	Purchase
					Date	Price
						(in thousands)
	Premier Surgery Center of Louisville		Louisville, KY		April 10, 2015	$	8,000
	Baton Rouge MOB		Baton Rouge, LA		April 15, 2015	10,486
	Health Park MOB		Grand Blanc, MI		April 30, 2015	18,913
	Plaza HCA MOB		Jacksonville, FL		April 30, 2015	19,000
						$	56,399
		-1		“MOB” means medical office building.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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 noncontrolling interest representing equity held by noncontrolling 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.
	During the three months ended March 31, 2015, the Operating Partnership partially funded a property acquisition by issuing an aggregate of 420,963 OP Units valued at approximately $7.3 million.  The acquisition had a total purchase price of approximately $10.0 million.
	Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors. As of March 31, 2015, the Trust held a 95.1% 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 OP 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 OP 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 net income or loss attributable to noncontrolling interests partially owned properties in the consolidated statement of operations.
	Redeemable Noncontrolling Interests — Operating Partnership and Partially Owned Properties
	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 registered common shares.  Instruments that require settlement in registered shares may not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares.
	On February 5, 2015, the acquisition of the Minnetonka MOB was partially funded with the issuance of 44,685 Series A Preferred Units with a value of $9.7 million.  Due to the redemption rights associated with the Series A Preferred Units the Trust classifies the Series A Preferred Units in the mezzanine section of its consolidated balance sheet.
	A noncontrolling interest of a consolidated joint venture was classified as redeemable at March 31, 2015. Accordingly, the Trust records the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interest’s share of net income or loss and distributions) or the redemption value. The Trust’s joint venture partner has certain redemption rights with respect to their noncontrolling interest in the joint venture that are outside of the Trust’s control, and therefore, the redeemable noncontrolling interest is classified in the mezzanine section of the Trust’s consolidated balance sheet. The Trust recognizes changes in carrying value of redeemable noncontrolling interests through additional paid-in-capital.
Dividends and Distributions	Dividends and Distributions
	On March 31, 2015, the Trust’s Board of Trustees declared a cash dividend of $0.225 per common share for the quarterly period ended March 31, 2015.  The dividend was paid on May 1, 2015 to common shareholders and common OP Unit holders of record on April 17, 2015.
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 did not record an impairment charge in either the three months ended March 31, 2015 or 2014.
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 statements of operations.  The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest.
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 statement of operations.
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 $8.5 million and $6.4 million as of March 31, 2015 and December 31, 2014, 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 elected to be taxed as a real estate investment trust (“REIT”) for federal tax purposes commencing with the filing of its tax return for the short taxable year ending December 31, 2013. 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 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 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 Liabilities	Contingent Liabilities
	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 reasseses 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 results of operations.
New Accounting Pronouncements	New Accounting Pronouncements
	In May 2014, the FASB issued ASU 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 consolidated financial statements.
	In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest.  The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015.  The Trust is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements.
	In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The impact will be a reduction of other assets and the associated reported debt liability.

Acquisitions_and_Disposition_T

Acquisitions and Disposition (Tables)	3 Months Ended
	Mar. 31, 2015
Acquisitions and Disposition
Schedule of acquisitions and aggregate purchase price	Property(1)		Location		Acquisition		Purchase
					Date		Price
							(in thousands)
	Minnesota Portfolio (2)
	Edina MOB (6)		Edina, MN		January 22, 2015		$	14,190
	Savage MOB (6)		Savage, MN		January 22, 2015		12,800
	Crystal MOB (6)		Crystal, MN		January 22, 2015		14,782
	Dell Rd. MOB (6)		Chanhassen, MN		January 22, 2015		6,410
	Vadnais Heights MOB (6)		Vadnais Heights, MN		January 29, 2015		18,422
	Minnetonka MOB (6)(3)		Minnetonka, MN		February 5, 2015		26,000
	Jamestown MOB (6)		Jamestown, ND		February 5, 2015		12,819
	Minnesota Eye MOB (6)		Minnetonka, MN		February 17, 2015		10,882
	Columbus MOB (4)(6)		Columbus, GA		January 23, 2015		6,540
	Methodist Sports MOB (5)(7)		Greenwood, IN		January 28, 2015		10,000
	Indianapolis South 4 MOBs (6)		Greenwood, IN		February 13, 2015		17,183
	Bridgeport Medical Center (6)		Lakewood, WA		February 27, 2015		13,750
	Baylor Cancer Center (6)		Dallas, TX		February 27, 2015		8,200
	Renaissance Office Building (6)		Milwaukee, WI		March 27, 2015		6,500
	University of Rochester Strong Memorial Portfolio 5 MOBs (6)		Rochester, NY		March 31, 2015		41,000
	Avalon Park Florida Hospital MOB (6)		Avalon Park, FL		March 31, 2015		14,600
							$	234,078
		-1		“MOB” means medical office building.
		-2		Through subsidiaries of the Operating Partnership, the Trust acquired seven medical office facilities located in the Minneapolis-St. Paul Metropolitan area and one additional medical office facility located in Jamestown, North Dakota from affiliates of The Davis Group and investors associated with The Davis Group. The Davis Group retained a less than 1% minority interest in the property holding entities.
		-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 to affiliates of The Davis Group. Holders of the Series A Preferred Units issued in connection with the acquisition of the Minnetonka MOB are entitled to certain redemption rights under the partnership agreement of the Operating Partnership which allow them to cause the Operating Partnership to redeem the Series A Preferred Units in exchange for cash, or at the Trust’s option, for common shares, pursuant to a formula provided in the partnership agreement and currently on an approximately one-for-12.65 basis. The investors in the Series A Preferred Units have agreed not cause the Operating Partnership to redeem their Series A Preferred Units prior to February 5, 2016.
		-4		This is the final building of the previously announced $34.5 million portfolio of 13 on-campus medical office facilities located in Columbus, Georgia.
		-5		The Trust accounted for this acquisition as asset acquisition and capitalized $0.1 million of total acquisition costs to the basis of the property.
		-6		The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $5.9 million.
		-7		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.
Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed	The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which the Trust determined using level 2 and level 3 inputs (in thousands):
	Land		$	21,075
	Building and improvements		175,050
	In-place lease intangible		32,398
	Above market in-place lease intangible		3,679
	Below market in-place lease intangible		(315		)
	Below market in-place ground lease		158
	Lease inducement		462
	Contingent consideration		(1,482		)
	Receivables		3,564
	Debt assumed		(6,323		)
	Issuance of OP Units		(7,314		)
	Issuance of Series A Preferred Units		(9,704		)
	Noncontrolling interest		(5,508		)
	Net assets acquired		$	205,740
Schedule of pro forma combined revenue, net income, and earnings per share-basic and diluted	The following table illustrates the effect on net income, earnings per share —basic and diluted as if the Trust had acquired the above acquisitions as of January 1, 2014 (in thousands, except per share amounts):
			Three Months Ended March 31,
			2015			2014
	Revenue		$	27,672		$	14,021
	Net income (loss)		5,817			(2,672		)
	Net income (loss) available to common shareholders		5,530			(2,336		)
	Earnings per share - basic and diluted		$	0.08		$	(0.03	)
	Common shares issued and outstanding		70,314,134			70,314,134

Intangibles_Tables

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015								December 31, 2014
		Cost			Accumulated			Net		Cost		Accumulated			Net
					Amortization							Amortization
	Assets
	In-place leases	$	97,175		$	(14,687	)	$	82,488	$	64,777	$	(12,213	)	$	52,564
	Above market leases	11,128			(930		)	10,198		7,449		(578		)	6,871
	Leasehold interest	712			(20		)	692		759		(5		)	754
	Below market ground lease	158			(1		)	157		—		—			—
	Total	$	109,173		$	(15,638	)	$	93,535	$	72,985	$	(12,796	)	$	60,189
	Liability
	Below market lease	$	2,645		$	(282	)	$	2,363	2,330		(156		)	2,174
	Above market ground lease	701			(8		)	693		701		(4		)	697
	Total	$	3,346		$	(290	)	$	3,056	$	3,031	(160		)	$	2,871
Summary of the carrying amount of acquired lease intangibles	The following is a summary of the acquired lease intangible amortization for the three month period ended March 31, 2015 and 2014, respectively (in thousands):
		2015			2014
	Amortization expense related to in-place leases	$	2,474		$	700
	Decrease of rental income related to above-market leases	352			48
	Decrease of rental income related to leasehold interest	15			—
	Increase of rental income related to below-market leases	126			—
	Decrease of operating expense related to above market ground leases	4			—
	Increase in operating expense related to below market ground lease	1			—
Schedule of future amortization of the acquired lease intangibles	Future aggregate net amortization of the acquired lease intangibles as of March 31, 2015, is as follows (in thousands):
		Net Decrease in			Net Increase in
		Revenue			Expenses
	2015	$	(1,087	)	$	10,599
	2016	(1,406		)	14,103
	2017	(1,042		)	11,691
	2018	(870		)	9,852
	2019	(744		)	7,432
	Thereafter	(3,377		)	28,276
	Total	$	(8,526	)	$	81,953

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Other Assets
Schedule Of Other Assets	Other assets consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31,		December 31,
		2015		2014
	Straight line rent receivable	$	8,486	$	6,431
	Lease inducements, net	3,242		2,845
	Escrows	5,105		1,906
	Earnest deposits	2,685		2,343
	Note receivable	4,140		—
	Prepaid expenses and other	2,867		2,281
	Total	$	26,525	$	15,806

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt
Schedule of debt	The following is a summary of debt as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31,			December 31,
		2015			2014
	Mortgage notes, bearing fixed interest from 4.71% to 6.58%, with a weighted average interest rate of 5.28%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by 10 properties with a net book value of $129,946.	$	79,156		$	73,706
	Mortgage note, bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,185.	4,365			4,399
	Total mortgage debt	83,521			78,105
	$400 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.50%, due September 2018.	73,000			138,000
	Total principal	156,521			216,105
	Unamortized fair value adjustment	431			—
	Total debt	$	156,952		$	216,105
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 March 31, 2015, are as follows (in thousands):
	2015	$	1,514
	2016	9,566
	2017	28,922
	2018	74,265
	2019	20,081
	Thereafter	22,173
	Total Payments	$	156,521

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-based Compensation
Schedule of non-vested restricted common shares		Shares		Weighted
				Average Grant
				Date Fair Value
	Non-vested at December 31, 2014	319,654		$	12.6
	Granted	124,609		16.2
	Vested	(73,130	)	13.47
	Non-vested at March 31, 2015	371,133		$	13.64
Schedule of weighted average grant date fair value assumptions	Volatility	20.7	%
	Dividend assumption	reinvested
	Expected term in years	2.8
	Risk-free rate	1.14	%
	Stock price (per share)	15.87
Summary of the activity in the restricted share units		Restricted		Weighted
		Share Units		Average Grant
				Date Fair Value
	Non-vested at December 31, 2014	55,680		$	16.94
	Granted	116,206		19.22
	Non-vested at March 31, 2015	171,886		$	18.48

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Schedule of fair value of other financial instruments	The following table presents the fair value of the Trust’s financial instruments (in thousands).
		March 31,						December 31,
		2015						2014
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Real estate loans receivable	$	16,094		$	16,094		$	15,876		$	15,876
	Credit facility	$	(73,000	)	$	(73,000	)	$	(138,000	)	$	(138,000	)
	Mortgage debt	$	(83,952	)	$	(84,393	)	$	(78,105	)	$	(78,642	)
	Derivative liabilities	$	(1,200	)	$	(1,200	)	$	(233	)	$	(233	)

Tenant_Operating_Leases_Tables

Tenant Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2015
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 2034. As of March 31, 2015, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands):
	2015	$	62,296
	2016	81,970
	2017	79,681
	2018	75,377
	2019	71,142
	Thereafter	485,793
	Total	$	856,259

Rent_Expense_Tables

Rent Expense (Tables)	3 Months Ended
	Mar. 31, 2015
Rent Expense
Schedule of future minimum lease obligations under non-cancelable ground leases	As of March 31, 2015, the future minimum lease obligations under non-cancelable parking and ground leases were as follows (in thousands):
	2015	$	1,171
	2016	1,572
	2017	1,610
	2018	1,651
	2019	1,694
	Thereafter	27,976
	Total	$	35,674

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
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):
		Three Months Ended
		March 31,
		2015			2014
	Numerator for earnings per share — basic and diluted:
	Net loss	$	(448	)	$	(3,558	)
	Net (income) loss attributable to noncontrolling interests:
	Operating Partnerhip	24			531
	Partially owned properties	(32		)	(66		)
	Preferred distribution	(66		)	—
	Numerator for earnings per share — basic and diluted	$	(522	)	$	(3,093	)
	Denominator for earnings per share - basic and diluted shares:	65,649,478			21,298,597
	Earnings per share - basic and diluted	$	(0.01	)	$	(0.15	)

Subsequent_Events_Tables

Subsequent Events (Tables) (Medical Building, Operating Partnership)	3 Months Ended
	Mar. 31, 2015
Medical Building | Operating Partnership
Subsequent events
Schedule of acquisitions through subsidiaries of operating partnership
	Property(1)		Location		Acquisition	Purchase
					Date	Price
						(in thousands)
	Premier Surgery Center of Louisville		Louisville, KY		April 10, 2015	$	8,000
	Baton Rouge MOB		Baton Rouge, LA		April 15, 2015	10,486
	Health Park MOB		Grand Blanc, MI		April 30, 2015	18,913
	Plaza HCA MOB		Jacksonville, FL		April 30, 2015	19,000
						$	56,399
		-1		“MOB” means medical office building.

Organization_and_Business_Deta

Organization and Business (Details) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 21, 2015	Mar. 31, 2015	Aug. 19, 2014	Dec. 31, 2014
Organization and Business
Common stock, shares authorized		500,000,000		500,000,000
Common stock, par value (in dollars per share)		$0.01		$0.01
Organization and Business
Number of shares issued	18,975,000
Shares issued upon exercise of the underwriters' overallotment option	2,475,000
Number of partnership units issued	18,975,000
Units
Organization and Business
Net proceeds from issuance of shares	297.7
ATM Program | Operating Partnership
Organization and Business
Number of shares issued		247,397
Net proceeds from issuance of shares		4.1
Commission on sale of shares		0.1
ATM Program | Maximum
Organization and Business
Aggregate offering price of common stock			$150
ATM Program | Weighted average | Operating Partnership
Organization and Business
Price of common share		$16.96

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2015
Principles of Consolidation
Ownership interest in consolidated subsidiaries (as a percent)	100.00%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 05, 2015	Jan. 21, 2015
Noncontrolling Interests
Number of partnership units issued				18,975,000
Repayment of outstanding indebtedness	$466,000	$384,000
Purchase price	234,078,000
Operating partnership units redemption ratio	1
Minnetonka MOB | Series A Preferred units
Noncontrolling Interests
Number of units issued for funding purchase price			44,685
Value of units issued for funding purchase price			9,700,000
Operating Partnership
Noncontrolling Interests
Purchase price	10,000,000
Percentage of interest held	95.10%
Operating Partnership | Units
Noncontrolling Interests
Number of units issued for funding purchase price	420,963
Value of units issued for funding purchase price	$7,300,000

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Dividends and Distributions
Cash dividend declared to common shareholders (in dollars per share)	$0.23	$0.23
Rental Revenue
Rental revenue due in excess of amounts currently due from tenants	$8.50		$6.40
Minimum
Income taxes
Distribution requirement to shareholders to qualify as a REIT	90.00%

Acquisitions_and_Disposition_D

Acquisitions and Disposition (Details) (USD $)

3 Months Ended

0 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Jan. 22, 2015

Jan. 29, 2015

Feb. 05, 2015

Feb. 17, 2015

Jan. 23, 2015

Feb. 13, 2015

Jan. 28, 2015

Feb. 27, 2015

Mar. 27, 2015

Mar. 31, 2015

building

Acquisitions and Disposition

Acquisition price

$234,078,000

Operating partnership units redemption ratio

1

Acquisition expenses

5,932,000

4,287,000

Revenue

24,484,000

8,032,000

Net (loss) income

-448,000

-3,558,000

Fair values of the assets acquired and the liabilities assumed

Land

21,075,000

21,075,000

Building and improvements

175,050,000

175,050,000

Lease inducement

462,000

462,000

Contingent consideration

-1,482,000

-1,482,000

Receivable

3,564,000

3,564,000

Debt assumed

-6,323,000

-6,323,000

Issuance of OP units

-7,314,000

-7,314,000

Noncontrolling interest

5,508,000

Net assets acquired

205,740,000

205,740,000

Series A Preferred units

Fair values of the assets acquired and the liabilities assumed

Issuance of preferred units

-9,704,000

In-place leases

Fair values of the assets acquired and the liabilities assumed

In-place leases

32,398,000

32,398,000

Above market leases

Fair values of the assets acquired and the liabilities assumed

In-place leases

3,679,000

3,679,000

Below market in-place lease

Fair values of the assets acquired and the liabilities assumed

In-place leases

158,000

158,000

Below Market Ground Lease

Fair values of the assets acquired and the liabilities assumed

Intangible leases

-315,000

-315,000

Edina, MN | Medical Building

Acquisitions and Disposition

Acquisition price

14,190,000

Savage, MN | Medical Building

Acquisitions and Disposition

Acquisition price

12,800,000

Crystal, MN | Medical Building

Acquisitions and Disposition

Acquisition price

14,782,000

Chanhassen, MN | Medical Building

Acquisitions and Disposition

Acquisition price

6,410,000

Vadnais Heights, MN | Medical Building

Acquisitions and Disposition

Acquisition price

18,422,000

Minnetonka, MN | Series A Preferred units

Acquisitions and Disposition

Operating partnership units redemption ratio

0.0791

Number of units issued for funding purchase price

44,685

Value of units issued for funding purchase price

9,700,000

Minnetonka, MN | Medical Building

Acquisitions and Disposition

Acquisition price

26,000,000

10,882,000

Jamestown, ND

Acquisitions and Disposition

Number of medical office buildings

1

Jamestown, ND | Medical Building

Acquisitions and Disposition

Acquisition price

12,819,000

Columbus, GA

Acquisitions and Disposition

Number of medical office buildings

13

Acquisition price

34,500,000

Columbus, GA | Medical Building

Acquisitions and Disposition

Acquisition price

6,540,000

Greenwood, IN | Medical Building

Acquisitions and Disposition

Acquisition price

17,183,000

10,000,000

Acquisition costs capitalized

100,000

Lakewood, WA | Medical Center

Acquisitions and Disposition

Acquisition price

13,750,000

Dallas, TX | Cancer Center

Acquisitions and Disposition

Acquisition price

8,200,000

Milwaukee, WI | Surgical Center

Acquisitions and Disposition

Acquisition price

6,500,000

Rochester, NY | Medical Building

Acquisitions and Disposition

Acquisition price

41,000,000

Avalon Park, FL | Medical Building

Acquisitions and Disposition

Acquisition price

14,600,000

Minneapolis, St. Paul

Acquisitions and Disposition

Number of medical office buildings

7

2015 acquisitions

Acquisitions and Disposition

Number of medical office buildings

23

Number of states

9

9

Revenue

3,000,000

Net (loss) income

800,000

2015 acquisitions | Maximum

Acquisitions and Disposition

Minority interest in property holding entities

1.00%

Operating Partnership

Acquisitions and Disposition

Acquisition price

10,000,000

Operating Partnership | Units

Acquisitions and Disposition

Number of units issued for funding purchase price

420,963

Value of units issued for funding purchase price

7,300,000

7,300,000

Operating Partnership | Greenwood, IN | Units

Acquisitions and Disposition

Number of units issued for funding purchase price

420,963

Value of units issued for funding purchase price

$7,300,000

Acquisitions_and_Disposition_D1

Acquisitions and Disposition (Detail 2) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Unaudited Pro Forma Financial Information
Revenue	$27,672	$14,021
Net income (loss)	5,817	-2,672
Net income (loss) available to common shareholders	$5,530	($2,336)
Earnings per share - basic (in dollars per share)	$0.08	($0.03)
Common shares issued and outstanding	70,314,134	70,314,134

Acquisitions_and_Disposition_D2

Acquisitions and Disposition (Details 3) (Medical Building, USD $)	0 Months Ended
	Mar. 26, 2015	Mar. 26, 2015
		sqft
Medical Building
Acquisitions and Disposition
Area of property (in square feet)	20,329	20,329
Proceeds from sale of building	$1,600,000
Loss on sale of buildings	$15,000

Intangibles_Details

Intangibles (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Intangibles
Cost	$109,173	$72,985
Accumulated Amortization	-15,638	-12,796
Total	93,535	60,189
Liability
Cost	3,346	3,031
Accumulated Amortization	-290	-160
Total	3,056	2,871
In-place leases
Intangibles
Cost	97,175	64,777
Accumulated Amortization	-14,687	-12,213
Total	82,488	52,564
Above market leases
Intangibles
Cost	11,128	7,449
Accumulated Amortization	-930	-578
Total	10,198	6,871
Leasehold interest
Intangibles
Cost	712	759
Accumulated Amortization	-20	-5
Total	692	754
Below market in-place lease
Intangibles
Cost	158
Accumulated Amortization	-1
Total	157
Liability
Below market lease, cost	2,645	2,330
Below market lease, accumulated amortization	-282	-156
Below Market Lease, Net	2,363	2,174
Above market ground lease
Liability
Cost	701	701
Accumulated Amortization	-8	-4
Total	$693	$697

Intangibles_Details_2

Intangibles (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Intangibles
Amortization expense	$2,474	$700
Above market leases
Intangibles
Decrease of rental income	352	48
Leasehold interest
Intangibles
Decrease of rental income	15
Below market in-place lease
Intangibles
Increase of rental income	126
Above market ground lease
Intangibles
Decrease (increase) of operating expense	4
Below Market Ground Lease
Intangibles
Decrease (increase) of operating expense	($1)

Intangibles_Details_3

Intangibles (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses)
2015	$10,599
2016	14,103
2017	11,691
2018	9,852
2019	7,432
Thereafter	28,276
Total	81,953
Weighted average amortization period for lease intangibles	9 years
Future aggregate net amortization of acquired lease intangibles (Net decrease in Revenue)
2015	-1,087
2016	-1,406
2017	-1,042
2018	-870
2019	-744
Thereafter	-3,377
Total	($8,526)
Weighted average amortization period for lease intangible liability	15 years

Other_Assets_Details

Other Assets (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Other Assets
Straight line rent receivable	$8,486	$6,431
Lease inducements, net	3,242	2,845
Escrows	5,105	1,906
Earnest deposits	2,685	2,343
Notes receivable	4,140
Prepaid expenses and other	2,867	2,281
Total	$26,525	$15,806

Debt_Details

Debt (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Debt
Total mortgage debt	83,521,000	$78,105,000
Unsecured Debt	73,000,000	138,000,000
Total principal	156,521,000	216,105,000
Unamortized fair value adjustment	431,000
Total debt	156,952,000	216,105,000
Mortgage notes, bearing fixed interest from 4.71% to 6.58%
Debt
Total mortgage debt	79,156,000	73,706,000
Weighted average interest rate (as a percent)	5.28%
Number of properties included in collateralized	10
Net book value of properties included in the collateralized	129,946,000
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
Total mortgage debt	4,365,000	4,399,000
Number of properties included in collateralized	1
Net book value of properties included in the collateralized	6,185,000
Mortgage note, bearing variable interest of LIBOR plus 2.75% | LIBOR
Debt
Variable interest (as a percent)	2.75%		2.75%
Credit Agreement
Debt
Unsecured Debt	73,000,000	138,000,000
Maximum borrowing capacity	400,000,000
Credit Agreement | LIBOR
Debt
Margin (as a percent)	1.50%

Debt_Details_2

Debt (Details 2) (USD $)	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Sep. 18, 2014
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%
Operating Partnership | Base Rate | Base Rate Loans | Consolidated Leverage Ratio, 35%
Debt
Margin (as a percent)	0.50%
Operating Partnership | Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >35% and 45%
Debt
Margin (as a percent)	0.65%
Operating Partnership | Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >45% and 45%
Debt
Margin (as a percent)	0.75%
Operating Partnership | Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >45% and 50%
Debt
Margin (as a percent)	0.85%
Operating Partnership | Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >50% and 55%
Debt
Margin (as a percent)	1.00%
Operating Partnership | Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >55%
Debt
Margin (as a percent)	1.20%
Prior Credit Agreement | Operating Partnership
Debt
Maximum borrowing capacity		$200
Credit Agreement
Debt
Maximum borrowing capacity	400
Amount outstanding	73
Current borrowing capacity	254.6
Remaining borrowing capacity	72.4
Credit Agreement | LIBOR
Debt
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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Debt
Interest expense	$1,400,000	$1,100,000
Scheduled principal payments
2015	1,514,000
2016	9,566,000
2017	28,922,000
2018	74,265,000
2019	20,081,000
Thereafter	22,173,000
Total principal	$156,521,000		$216,105,000

Stockbased_Compensation_Detail

Stock-based Compensation (Details) (USD $)	0 Months Ended		3 Months Ended		12 Months Ended
	Aug. 07, 2014	Jul. 24, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Aug. 07, 2014	Jul. 24, 2013
Weighted Average Grant Date Fair Value
Non-cash share compensation			$867,000	$356,000
2013 Plan | Restricted common shares
Stock-based compensation
Maximum number of shares authorized	2,450,000	600,000				2,450,000	600,000
Increase in number of common shares authorized for issuance	1,850,000
Grant date value (in dollars)		2,900,000	2,000,000		2,100,000
Vesting period		3 years			1 year
Shares
Non-vested at the beginning of the period			319,654
Granted (in shares)		250,000	124,609		152,987
Vested (in shares)			-73,130
Non-vested at the end of the period			371,133		319,654
Weighted Average Grant Date Fair Value
Non-vested at beginning of period			$12.60
Grant date value (in dollars per share)		$11.50	$16.20
Vested (in dollars per share)			$13.47
Non-vested at the end of period			$13.64		$12.60
Non-cash share compensation			700,000	300,000
Unrecognized compensation expense			$3,700,000
Initial estimated cumulative forfeiture rate (as a percent)			0.00%
2013 Plan | Restricted common shares | Management
Stock-based compensation
Vesting period			1 year
2013 Plan | Restricted common shares | Trust Employees
Stock-based compensation
Vesting period			3 years

Stockbased_Compensation_Detail1

Stock-based Compensation (Details 2) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Stock-based compensation
Non-cash share compensation	$867,000	$356,000
2013 Plan | Restricted Share Units
Stock-based compensation
Non-vested at the beginning of the period	55,680
Granted (in shares)	116,206		116,206	55,680
Non-vested at the end of the period	171,886		171,886
Non-vested at beginning of period	$16.94
Grant date value (in dollars per share)	$19.22		$20.06
Non-vested at the end of period	$18.48		$18.48
Vesting percentage			80.00%
Number of dividend equivalent included in award	1		1
Non-cash share compensation	100,000
Unrecognized compensation expense	$2,600,000		$2,600,000
Share based compensation fair value assumptions
Volatility			20.70%
Expected term in years			2 years 9 months 18 days
Risk-free rate			1.14%
Stock price (per share)	$15.87		$15.87
2013 Plan | Restricted Share Units | Trustees
Stock-based compensation
Service period	2 years
2013 Plan | Restricted Share Units | Management
Stock-based compensation
Service period	3 years
2013 Plan | Performance based RSU
Stock-based compensation
Vesting percentage			20.00%
Performance conditions grant date fair value (in dollars per share)			$15.87

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	item
Interest rates swaps
Fair value measurements
Number of swap agreement that are not traded on exchange	1
Nonrecurring basis
Fair value measurements
Assets subject to impairment	0

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details2 ) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair value of other financial instruments
Real estate loans receivable	$16,094	$15,876
Credit facility	-73,000	-138,000
Carrying Amount
Fair value of other financial instruments
Real estate loans receivable	16,094	15,876
Credit facility	-73,000	-138,000
Mortgage debt	-83,952	-78,105
Carrying Amount | Interest rates swaps | Recurring basis
Fair value of other financial instruments
Derivative liabilities	-1,200	-233
Fair Value
Fair value of other financial instruments
Real estate loans receivable	16,094	15,876
Credit facility	-73,000	-138,000
Mortgage debt	-84,393	-78,642
Fair Value | Interest rates swaps | Recurring basis
Fair value of other financial instruments
Derivative liabilities	($1,200)	($233)

Tenant_Operating_Leases_Detail

Tenant Operating Leases (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Future minimum rental payments on non-cancelable leases
2015	$62,296
2016	81,970
2017	79,681
2018	75,377
2019	71,142
Thereafter	485,793
Total	$856,259

Rent_Expense_Details

Rent Expense (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
	item
Rent Expense
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	$1,171,000
2016	1,572,000
2017	1,610,000
2018	1,651,000
2019	1,694,000
Thereafter	27,976,000
Total	35,674,000
Rent expenses for parking and ground leases	$400,000	$100,000

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator for earnings per share - basic and diluted:
Net loss	($448)	($3,558)
Operating Partnership	24	531
Partially owned properties	-32	-66
Preferred distribution	-66
Net loss attributable to common shareholders	($522)	($3,093)
Denominator for earnings per share - basic and diluted shares:	65,649,478	21,298,897
Earnings per share - basic and diluted (in dollar per share)	($0.01)	($0.15)
2013 Plan | Restricted common shares and units
Numerator for earnings per share - basic and diluted:
Outstanding non-vested shares	426,164

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Apr. 30, 2015	Apr. 10, 2015	Apr. 15, 2015
Subsequent events
Purchase price	$234,078
Operating Partnership
Subsequent events
Purchase price	10,000
Subsequent events | Surgery Building/Center | Operating Partnership
Subsequent events
Purchase price		56,399
Subsequent events | Surgery Building/Center | Operating Partnership | Louisville, KY
Subsequent events
Purchase price			8,000
Subsequent events | Surgery Building/Center | Operating Partnership | Baton Rouge, LA
Subsequent events
Purchase price				10,486
Subsequent events | Surgery Building/Center | Operating Partnership | Grand Blanc, MI
Subsequent events
Purchase price		18,913
Subsequent events | Surgery Building/Center | Operating Partnership | Jacksonville, FL
Subsequent events
Purchase price		$19,000

Uncategorized_Items

Uncategorized Items	1/1/2014 - 3/31/2014
	USD ($)
[us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest]	-3,558,000