Physicians Realty Trust 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36007
Entity Registrant Name	PHYSICIANS REALTY TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2519850
Entity Address, Address Line One	309 N. Water Street, Suite 500
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	414
Local Phone Number	367-5600
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DOC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		238,454,396
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001574540
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment properties:
Land and improvements	$ 248,123	$ 241,559
Building and improvements	4,696,846	4,659,780
Construction in progress	30,899	18,497
Tenant improvements	91,649	88,640
Acquired lease intangibles	508,549	505,335
Gross real estate property	5,576,066	5,513,811
Accumulated depreciation	(1,092,057)	(996,888)
Net real estate property	4,484,009	4,516,923
Right-of-use lease assets, net	229,110	231,225
Real estate loans receivable, net	88,969	104,973
Investments in unconsolidated entities	73,801	77,716
Net real estate investments	4,875,889	4,930,837
Cash and cash equivalents	245,660	7,730
Tenant receivables, net	8,294	11,503
Other assets	149,695	146,807
Total assets	5,279,538	5,096,877
Liabilities:
Credit facility	392,524	188,328
Notes payable	1,451,162	1,465,437
Mortgage debt	163,926	164,352
Accounts payable	4,209	4,391
Dividends and distributions payable	60,404	60,148
Accrued expenses and other liabilities	93,432	87,720
Lease liabilities	104,696	105,011
Acquired lease intangibles, net	23,211	24,381
Total liabilities	2,293,564	2,099,768
Redeemable noncontrolling interest - Series A Preferred Units and partially owned properties	3,115	3,258
Equity:
Common shares, $0.01 par value, 500,000,000 common shares authorized, 238,451,853 and 233,292,030 common shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	2,385	2,333
Additional paid-in capital	3,813,864	3,743,876
Accumulated deficit	(969,743)	(881,672)
Accumulated other comprehensive income	9,282	5,183
Total shareholders’ equity	2,855,788	2,869,720
Noncontrolling interests:
Operating Partnership	117,766	123,015
Partially owned properties	9,305	1,116
Total noncontrolling interests	127,071	124,131
Total equity	2,982,859	2,993,851
Total liabilities and equity	$ 5,279,538	$ 5,096,877

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	238,451,853	233,292,030
Common stock, shares issued (in shares)	238,451,853	233,292,030

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental and related revenues		$ 131,178	$ 129,328	$ 262,576	$ 257,119
Interest income on real estate loans and other		3,922	2,839	6,868	5,438
Total revenues		135,100	132,167	269,444	262,557
Expenses:
Interest expense		20,634	17,234	39,787	34,057
General and administrative		10,162	10,028	21,362	20,321
Operating expenses		45,075	42,681	90,469	84,433
Depreciation and amortization		47,946	47,702	95,623	94,962
Total expenses		123,817	117,645	247,241	233,773
Income before equity in gain (loss) of unconsolidated entities and gain on sale of investment properties, net:		11,283	14,522	22,203	28,784
Equity in gain (loss) of unconsolidated entities		1,802	(224)	1,538	(390)
Gain on sale of investment properties, net		0	3,634	13	3,481
Net income		13,085	17,932	23,754	31,875
Net income attributable to noncontrolling interests:
Operating Partnership		(515)	(886)	(938)	(1,578)
Partially owned properties	[1]	(26)	(155)	(70)	(314)
Net income attributable to common shareholders		$ 12,544	$ 16,891	$ 22,746	$ 29,983
Net income per share:
Basic (in dollars per share)		$ 0.05	$ 0.07	$ 0.10	$ 0.13
Diluted (in dollars per share)		$ 0.05	$ 0.07	$ 0.10	$ 0.13
Weighted average common shares:
Weighted average common shares - basic (in shares)		238,399,653	225,617,275	237,944,378	225,344,756
Weighted average common shares - diluted (in shares)		249,228,221	239,006,973	249,069,697	238,738,465
Dividends and distributions declared per common share (in usd per share)		$ 0.23	$ 0.23	$ 0.46	$ 0.46
[1]Includes amounts attributable to redeemable noncontrolling interests.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 13,085	$ 17,932	$ 23,754	$ 31,875
Other comprehensive income:
Change in fair value of interest rate swap agreements, net	5,120	3,083	4,099	4,462
Total other comprehensive income	5,120	3,083	4,099	4,462
Comprehensive income	18,205	21,015	27,853	36,337
Comprehensive income attributable to noncontrolling interests - Operating Partnership	(717)	(1,040)	(1,100)	(1,801)
Comprehensive income attributable to noncontrolling interests - partially owned properties	(26)	(155)	(70)	(314)
Comprehensive income attributable to common shareholders	$ 17,462	$ 19,820	$ 26,683	$ 34,222

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Total Shareholders’  Equity	Par Value	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Noncontrolling Interests	Operating Partnership Noncontrolling Interest	Partially Owned Properties Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2021	$ 2,987,033	$ 2,836,308	$ 2,247	$ 3,610,954	$ (776,001)	$ (892)	$ 150,725	$ 150,241	$ 484
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from sale of common shares	5,032	5,032	3	5,029
Restricted share award grants, net	(300)	(300)	3	118	(421)
Purchase of OP Units	(184)						(184)	(184)
Dividends/distributions declared	(54,619)	(51,879)			(51,879)		(2,740)	(2,740)
Contributions	569						569		569
Distributions	(55)						(55)		(55)
Change in market value of Redeemable Noncontrolling Interest in partially owned properties	717	717			717
Change in fair value of interest rate swap agreements	1,379	1,379				1,379
Adjustment for Noncontrolling Interests ownership in Operating Partnership	0	(217)		(217)			217	217
Net income	13,866	13,092			13,092		774	692	82
Balance at end of period at Mar. 31, 2022	2,953,438	2,804,132	2,253	3,615,884	(814,492)	487	149,306	148,226	1,080
Balance at beginning of period at Dec. 31, 2021	2,987,033	2,836,308	2,247	3,610,954	(776,001)	(892)	150,725	150,241	484
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in fair value of interest rate swap agreements	4,462
Balance at end of period at Jun. 30, 2022	2,941,177	2,793,191	2,263	3,637,459	(850,101)	3,570	147,986	146,888	1,098
Balance at beginning of period at Mar. 31, 2022	2,953,438	2,804,132	2,253	3,615,884	(814,492)	487	149,306	148,226	1,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from sale of common shares	18,484	18,484	9	18,475
Restricted share award grants, net	2,678	2,678	1	3,588	(911)
Dividends/distributions declared	(54,828)	(52,116)			(52,116)		(2,712)	(2,712)
Distributions	(61)						(61)		(61)
Change in market value of Redeemable Noncontrolling Interest in partially owned properties	527	527			527
Change in fair value of interest rate swap agreements	3,083	3,083				3,083
Adjustment for Noncontrolling Interests ownership in Operating Partnership	0	(488)		(488)			488	488
Net income	17,856	16,891			16,891		965	886	79
Balance at end of period at Jun. 30, 2022	2,941,177	2,793,191	2,263	3,637,459	(850,101)	3,570	147,986	146,888	1,098
Balance at beginning of period at Dec. 31, 2022	2,993,851	2,869,720	2,333	3,743,876	(881,672)	5,183	124,131	123,015	1,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from sale of common shares	65,813	65,813	44	65,769
Restricted share award grants, net	(1,530)	(1,530)	5	(1,127)	(408)
Conversion of OP Units	0	2,419	2	2,417			(2,419)	(2,419)
Dividends/distributions declared	(57,175)	(54,912)			(54,912)		(2,263)	(2,263)
Contributions	7,884						7,884		7,884
Distributions	(53)						(53)		(53)
Change in fair value of interest rate swap agreements	(1,021)	(1,021)				(1,021)
Adjustment for Noncontrolling Interests ownership in Operating Partnership	0	(431)		(431)			431	431
Net income	10,689	10,202			10,202		487	423	64
Balance at end of period at Mar. 31, 2023	3,018,458	2,890,260	2,384	3,810,504	(926,790)	4,162	128,198	119,187	9,011
Balance at beginning of period at Dec. 31, 2022	2,993,851	2,869,720	2,333	3,743,876	(881,672)	5,183	124,131	123,015	1,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in fair value of interest rate swap agreements	4,099
Balance at end of period at Jun. 30, 2023	2,982,859	2,855,788	2,385	3,813,864	(969,743)	9,282	127,071	117,766	9,305
Balance at beginning of period at Mar. 31, 2023	3,018,458	2,890,260	2,384	3,810,504	(926,790)	4,162	128,198	119,187	9,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from sale of common shares	294	294		294
Restricted share award grants, net	2,899	2,899	1	3,459	(561)
Purchase of OP Units	(72)						(72)	(72)
Dividends/distributions declared	(57,193)	(54,936)			(54,936)		(2,257)	(2,257)
Contributions	287						287		287
Distributions	(52)						(52)		(52)
Change in fair value of interest rate swap agreements	5,120	5,120				5,120
Adjustment for Noncontrolling Interests ownership in Operating Partnership	0	(393)		(393)			393	393
Net income	13,118	12,544			12,544		574	515	59
Balance at end of period at Jun. 30, 2023	$ 2,982,859	$ 2,855,788	$ 2,385	$ 3,813,864	$ (969,743)	$ 9,282	$ 127,071	$ 117,766	$ 9,305

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 23,754	$ 31,875
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	95,623	94,962
Amortization of deferred financing costs	1,265	1,158
Amortization of lease inducements and above/below-market lease intangibles	2,725	3,100
Straight-line rental revenue, net	(1,936)	(3,881)
Amortization of discount on unsecured senior notes	547	527
Amortization of above market assumed debt	0	(10)
Gain on sale of investment properties, net	(13)	(3,481)
Equity in (gain) loss of unconsolidated entities	(1,538)	390
Distributions from unconsolidated entities	3,722	3,932
Provision for bad debts	316	95
Non-cash share compensation	8,322	8,051
Change in operating assets and liabilities:
Tenant receivables	3,651	(1,672)
Other assets	3,910	3,650
Accounts payable	(182)	(1,315)
Accrued expenses and other liabilities	5,619	2,117
Net cash provided by operating activities	145,785	139,498
Cash Flows from Investing Activities:
Proceeds from sale of investment properties	2,553	7,900
Acquisition of investment properties, net	(35,112)	(27,325)
Investment in unconsolidated entities, net	(2,340)	(12,119)
Returns of investment in unconsolidated entities	3,428	0
Development of real estate	(5,296)	0
Escrowed cash - acquisition deposits/earnest deposits	0	360
Capital expenditures on investment properties	(19,458)	(21,515)
Investment in real estate loans receivable	(17,741)	(14,611)
Repayment of real estate loans receivable	27,600	22,441
Leasing commissions	(1,812)	(1,842)
Lease inducements	(400)	(500)
Net cash used in investing activities	(48,578)	(47,211)
Cash Flows from Financing Activities:
Net proceeds from sale of common shares	66,107	23,516
Proceeds from credit facility borrowings	513,000	147,000
Repayment of credit facility borrowings	(306,000)	(157,000)
Repayment of senior unsecured notes	(15,000)	0
Principal payments on mortgage debt	(502)	(838)
Debt issuance costs	(3,813)	(17)
Dividends paid - shareholders	(110,556)	(104,737)
Distributions to noncontrolling interests - Operating Partnership	(4,526)	(5,479)
Contributions from noncontrolling interest	8,171	569
Distributions to noncontrolling interests - partially owned properties	(195)	(331)
Payments of employee taxes for withheld stock-based compensation shares	(5,891)	(4,261)
Purchase of OP Units	(72)	(184)
Net cash provided by (used in) financing activities	140,723	(101,762)
Net increase (decrease) in cash and cash equivalents	237,930	(9,475)
Cash and cash equivalents, beginning of period	7,730	9,876
Cash and cash equivalents, end of period	245,660	401
Supplemental Cash Flow Information [Abstract]
Supplemental disclosure of cash flow information - interest paid during the period	37,957	32,405
Supplemental disclosure of noncash activity—change in fair value of interest rate swap agreements	4,099	4,462
Supplemental disclosure of noncash activity—conversion of loan receivable in connection to the acquisition of investment property	$ 5,398	$ 5,700

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Physicians Realty Trust (the “Trust” or the “Company”) was organized in the state of Maryland on April 9, 2013. As of June 30, 2023, the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share. The Trust filed a Registration Statement on Form S-11 with the Commission with respect to a proposed underwritten initial public offering (the “IPO”) and completed the IPO of its common shares and commenced operations on July 24, 2013. The Trust contributed the net proceeds from the IPO to Physicians Realty L.P, a Delaware limited partnership (the “Operating 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 REIT formed primarily to acquire, selectively develop, own, and manage health care properties that are leased to physicians, hospitals, and health care delivery systems. ATM Program In May 2021, the Trust and the Operating Partnership entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., and Raymond James & Associates, Inc. in their capacity as agents for the Company and/or forward sellers and Stifel, Nicolaus & Company, Incorporated in its capacity as sales agent for the Company (collectively, the “Agents”) and Bank of Montreal, Credit Agricole Corporate and Investments Bank, KeyBanc Capital Markets Inc., and Raymond James & Associates, Inc. as forward purchasers for the Company (the “Forward Purchasers”), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $500 million through the Agents (the “ATM Program”). The Sales Agreement contemplates that, in addition to the issuance and sale of the Trust’s common shares through the Agents, the Trust may also enter into one or more forward sales agreements from time to time in the future with each of the Forward Purchasers. During the quarters ended March 31, 2023 and June 30, 2023, the Trust issued and sold common shares through the ATM Program as follows (net proceeds in thousands): Common Weighted average price Net Quarter ended March 31, 2023 4,400,000 $ 15.10 $ 65,776 Quarter ended June 30, 2023 — — — Year to date 4,400,000 $ 15.10 $ 65,776 As of June 30, 2023, the Trust has $158.6 million of common shares remaining available under the ATM Program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 June 30, 2023 and 2022 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 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 2022 Annual Report. The Company has consistently applied its accounting policies to all periods presented in these consolidated financial statements. Noncontrolling Interests The Company 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 Company’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Noncontrolling interests in the Company include partnership interests of the Operating Partnership (“OP Units”) held by other investors. Net income or loss is allocated to noncontrolling interests (limited partners) 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. As of June 30, 2023, the Trust held a 96.0% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operations of the Operating Partnership. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the consolidated balance sheets for the portion of consolidated properties that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of income. Redeemable Noncontrolling Interests - Partially Owned Properties In connection with the Company’s acquisitions of the outpatient medical facility, ambulatory surgery center, and hospital located on the Great Falls Hospital campus in Great Falls, Montana, physicians affiliated with the sellers retained non-controlling interests which were, at the holders’ option, able to be redeemed at any time after May 1, 2023. Due to the redemption provision, which was outside of the control of the Trust, the Trust classified the investment in the mezzanine section of its consolidated balance sheets. On July 14, 2022, the Company disposed of these three properties and removed the related redeemable noncontrolling interests from its consolidated balance sheets. Through a consolidated joint venture with MedProperties Realty Advisors, LLC (“MedProperties”), the Company acquired Calko Medical Center in Brooklyn, New York. As part of the joint venture, MedProperties can redeem its interest, at its option, at any time after September 9, 2025. Due to the redemption provision, which is outside of the control of the Company, the Company classifies the noncontrolling interests in the mezzanine section of its consolidated balance sheets. The Company records the carrying amount of the redeemable noncontrolling interests at the greater of the carrying value or redemption value. Dividends and Distributions On June 16, 2023, the Trust announced that its Board of Trustees authorized, and the Trust declared, a cash dividend of $0.23 per common share for the quarter ended June 30, 2023. The dividend was paid on July 18, 2023, to common shareholders and holders of record of OP Units as of the close of business on July 5, 2023. Tax Status of Dividends and Distributions The Company’s distributions of current and accumulated earnings and profits for U.S. federal income tax purposes generally are taxable to shareholders as ordinary income. Distributions in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof (non-dividend distributions) and thereafter as taxable gain. Any cash distributions received by an OP Unit holder in respect of its OP Units generally will not be taxable to such OP Unit holder for U.S. federal income tax purposes, to the extent that such distribution does not exceed the OP Unit holder’s basis in its OP Units. Any such distribution will instead reduce the OP Unit holder’s basis in its OP Units (and OP Unit holders will be subject to tax on the taxable income allocated to them by the Operating Partnership in respect of their OP Units when such income is earned by the Operating Partnership, with such income allocation increasing the OP Unit holders’ basis in their OP Units). The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. To date, these income taxes have been de minimis. Real Estate Loans Receivable, Net Real estate loans receivable consists of eight mezzanine loans, five term loans, and two construction loans as of June 30, 2023. Generally, each mezzanine loan is collateralized by a pledge of the borrower’s ownership interest in the respective real estate owner, each term loan is secured by a mortgage on a related outpatient medical facility, and construction loans are secured by mortgages on the land and the improvements as constructed. The reserve for loan losses was $0.2 million as of June 30, 2023. Rental and Related Revenues Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is probable. 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 $103.9 million and $101.3 million as of June 30, 2023 and December 31, 2022, respectively. If the Company determines that collectability of straight-line rents is not probable, income recognition is limited to the lesser of cash collected, or lease income reflected on a straight-line basis, plus variable rent when it becomes accruable. In accordance with ASC 842, Leases , Topic 842, if the collectability of a lease changes after the commencement date, any difference between lease income that would have been recognized and the lease payments shall be recognized as an adjustment to lease income. Bad debt recognized as an adjustment to rental and related revenues was $0.9 million for the six months ended June 30, 2023 and $0.2 million for the six months ended June 30, 2022. Rental revenue is adjusted by the amortization of lease inducements and above-market or below-market rents on certain leases. Lease inducements and above-market or below-market rents are amortized on a straight-line basis over the remaining lease term. Rental and related revenues also include expense recoveries, which relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized in the period the applicable expenses are incurred. The reimbursements are recorded gross, as these costs are incurred by the Company and reimbursed by the tenants. The Company has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses and the Company does not recognize expense recoveries. Reclassifications Certain amounts in the accompanying consolidated balance sheet for 2022 have been reclassified to conform to the 2023 consolidated financial statement presentation. The reclassifications had no impact on total assets or any balance sheet total or subtotal. New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional relief to applying reference rate reform to changing reference rates, contracts, hedging relationships, and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”). The amendments in this update may be applied through December 31, 2024. On March 31, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a First Amendment to the Third Amended and Restated Credit Agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), as the reference rate for the purpose of calculating interest under the agreement. The Company also amended its fixed interest rate swap agreement on its mortgage debt to update the reference rate from LIBOR to SOFR. As a result, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. As of June 30, 2023, the Company has one mortgage contract referencing LIBOR, which transitioned to an alternative interest rate following the the discontinuation of LIBOR. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Investment and Disposition Acti

Investment and Disposition Activity	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Investment and Disposition Activity	Investment and Disposition Activity During the six months ended June 30, 2023, the Company executed contractual commitments related to a $40.5 million development project, with $5.3 million spent on construction in progress thus far, completed the acquisition of two outpatient medical facilities and three medical condominium units for an investment of $35.9 million and one parcel of land adjacent to one of its outpatient medical facilities for an investment of $0.8 million, and paid $2.2 million of additional purchase consideration under four earn-out agreements. The Company also closed on a $35.8 million construction loan, funding $6.6 million to date. Additionally, the Company funded an aggregate of $11.4 million on new term loans, previously announced loan commitments, and other investments. The Company contributed $2.0 million to the joint venture with Davis Medical Investors, LLC (the “Davis Joint Venture”) to fund additional purchase consideration related to the venture’s acquisitions. Investment activity totaled approximately $64.2 million during the six months ended June 30, 2023. As part of these investments, the Company incurred approximately $1.6 million of capitalized acquisition costs. Investment activity for the three months ended June 30, 2023, included the acquisition of two outpatient medical facilities and two medical condominium units for a purchase price of $34.6 million. Additionally, the Company funded an aggregate of $7.0 million on a new term loan, previously announced loan commitments, and other investments. The Company contributed $2.0 million to the Davis Joint Venture to fund additional purchase consideration related to the venture’s acquisitions and $1.9 million of additional purchase consideration under two earn-out agreements. Additionally, the Company funded construction in progress of $4.3 million, resulting in total investment activity of approximately $49.8 million as of June 30, 2023. The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, as well as follow-on capitalized costs during the six months ended June 30, 2023, which the Company determined using Level 2 and Level 3 inputs (in thousands): 1st Quarter 2nd Quarter Total Land $ 1,356 $ 6,016 $ 7,372 Building and improvements 1,294 28,353 29,647 In-place lease intangibles — 3,491 3,491 Net assets acquired $ 2,650 $ 37,860 $ 40,510 Satisfaction of real estate loans receivable — (5,398) (5,398) Cash used in acquisition of investment property $ 2,650 $ 32,462 $ 35,112 Dispositions During the six months ended June 30, 2023, the Company sold one outpatient medical facility for approximately $2.6 million, realizing an insignificant gain.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Intangibles	Intangibles The following is a summary of the carrying amount of intangible assets and liabilities as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Cost Accumulated Net Cost Accumulated Net Assets In-place leases $ 448,797 $ (262,439) $ 186,358 $ 445,583 $ (241,643) $ 203,940 Above-market leases $ 59,752 $ (32,909) $ 26,843 $ 59,752 $ (30,096) $ 29,656 Liabilities Below-market leases $ 36,409 $ (13,198) $ 23,211 $ 37,002 $ (12,621) $ 24,381 The following is a summary of acquired lease intangible amortization for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Amortization expense related to in-place leases $ 10,461 $ 11,145 $ 21,073 $ 22,185 Decrease in rental income related to above-market leases 1,398 1,503 2,813 3,006 Increase in rental income related to below-market leases 585 508 1,171 966 Future aggregate net amortization of acquired lease intangibles as of June 30, 2023, is as follows (in thousands): Net Decrease (Increase) Net Increase in 2023 $ 1,548 $ 19,812 2024 2,929 35,116 2025 2,357 29,594 2026 1,203 23,479 2027 1,036 20,557 Thereafter (5,441) 57,800 Total $ 3,632 $ 186,358

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2023
Other Assets, Unclassified [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Straight line rent receivable, net $ 103,866 $ 101,306 Leasing commissions, net 13,882 13,231 Lease inducements, net 7,822 7,894 Prepaid expenses 7,499 11,009 Interest rate swaps 6,749 2,045 Escrows 1,499 1,565 Notes receivable, net 365 370 Other 8,013 9,387 Total $ 149,695 $ 146,807

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following is a summary of debt as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Fixed interest mortgage notes (1) $ 59,511 $ 59,776 Variable interest mortgage notes (2) 104,916 105,153 Total mortgage debt 164,427 164,929 $1.0 billion unsecured revolving credit facility due September 2025 (3) — 193,000 $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028 (4) 400,000 — $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 400,000 400,000 $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 350,000 350,000 $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031 500,000 500,000 $135 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031 135,000 150,000 $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 75,000 75,000 Total principal 2,024,427 1,832,929 Unamortized deferred financing costs (10,003) (7,453) Unamortized discounts (6,812) (7,359) Total debt $ 2,007,612 $ 1,818,117 (1) As of June 30, 2023, fixed interest mortgage notes bear interest from 3.25% to 4.63%, due in 2024, with a weighted average interest rate of 3.80%. As of December 31, 2022, fixed interest mortgage notes bear interest from 3.33% to 4.63%, due in 2024, with a weighted average interest rate of 3.85%. The notes are collateralized by two properties with a net book value of $91.7 million as of June 30, 2023 and two properties with a net book value of $94.9 million as of December 31, 2022. One mortgage note bears interest at LIBOR plus 1.90% and the Trust entered into a pay-fixed receive-variable interest rate swap, fixing the variable component at 1.35% as of June 30, 2023 and 1.43% as of December 31, 2022. (2) Variable interest mortgage notes bear variable interest of SOFR plus 1.85% and LIBOR plus 2.75% for a weighted average interest rate of 6.99% and 6.20% as of June 30, 2023 and December 31, 2022, respectively. The notes are due in 2026 and 2028 and collateralized by four properties with a net book value of $287.8 million as of June 30, 2023 and $295.5 million as of December 31, 2022. (3) The unsecured revolving credit facility bears variable interest of SOFR plus 0.95%, inclusive of a 0.10% SOFR index adjustment, as of June 30, 2023 and LIBOR plus 0.85% as of December 31, 2022. (4) The Company’s borrowings under the term loan feature of the Credit Agreement (as defined below) bear interest at a rate equal to 1.10%, inclusive of a 0.10% SOFR index adjustment, plus Daily Simple SOFR as of June 30, 2023 based on the Company’s current credit rating. The Company entered into fixed-for-floating interest rate swaps for the full borrowing amount, fixing the SOFR component of this rate at 3.593%, and a current all-in fixed rate of 4.693%. On September 24, 2021, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a Third Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) which extended the maturity date of the revolving credit facility under the Credit Agreement to September 24, 2025 and reduced the interest rate margin applicable to borrowings. The Credit Agreement included an unsecured revolving credit facility of $1.0 billion and contained a term loan feature of $250.0 million, bringing total borrowing capacity to $1.25 billion. The Credit Agreement also included a swingline loan commitment for up to 10% of the maximum principal amount and provided an accordion feature allowing the Operating Partnership to increase borrowing capacity by up to an additional $500.0 million, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.75 billion. The revolving credit facility under the Credit Agreement also included two six-month extension options. On March 31, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a First Amendment to the Credit Agreement which expanded the accordion feature allowing the Operating Partnership to increase borrowing capacity by up to an additional $500.0 million, and replaced the LIBOR-based benchmark rates applicable to borrowings under the Credit Agreement with SOFR based benchmark rates plus a SOFR index adjustment of 0.10%. On May 24, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a Second Amendment to the Credit Agreement, which added a new $400 million unsecured term loan with a scheduled maturity date of May 24, 2028 and expanded the accordion feature, which allows the Operating Partnership to increase borrowing capacity under the Credit Agreement by up to an additional $500 million, subject to customary terms and conditions, for a maximum aggregate principal amount of all revolving commitments and term loans under the Credit Agreement of $1.9 billion. On the same day, the Operating Partnership borrowed $400 million under the term loan feature of the Credit Agreement. Borrowings under the term loan feature of the Credit Agreement bear interest on the outstanding principal amount at a rate equal to 1.10%, inclusive of a 0.10% SOFR index adjustment, plus Daily Simple SOFR as defined in the Credit Agreement. The Company simultaneously entered into fixed-for-floating interest rate swaps for the full borrowing amount under the term loan, fixing the Daily Simple SOFR component of the borrowing rate at 3.593%, for a current all-in fixed rate of 4.693%. Both the borrowing and the fixed-for-floating interest rate swaps have a maturity date of May 24, 2028. As of June 30, 2023, the borrower had investment grade ratings of BBB from S&P and Baa2 from Moody’s. As such, borrowings under the revolving credit facility of the Credit Agreement accrue interest on the outstanding principal at a rate of SOFR plus 0.95%, inclusive of a 0.10% SOFR index adjustment. The Credit Agreement includes a facility fee equal to 0.20% per annum, which is also determined by the borrower’s investment grade rating. Base Rate Loans, Adjusted SOFR Loans, and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the borrower’s investment grade rating as follows: Credit Rating Applicable Margin for Revolving Loans: SOFR Loans Applicable Margin for Revolving Loans: Base Rate Loans Applicable Margin for Term Loans: SOFR Loans Applicable Margin for Term Loans: Base Rate Loans At Least A- or A3 SOFR + 0.725% — % SOFR + 0.85% — % At Least BBB+ or Baa1 SOFR + 0.775% — % SOFR + 0.90% — % At Least BBB or Baa2 SOFR + 0.85% — % SOFR + 1.00% — % At Least BBB- or Baa3 SOFR + 1.05% 0.05 % SOFR + 1.25% 0.25 % Below BBB- or Baa3 SOFR + 1.40% 0.40 % SOFR + 1.65% 0.65 % 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, grant liens, or make distributions. The Company may, at any time, voluntarily prepay any revolving or term loan under the Credit Agreement in whole or in part without premium or penalty. As of June 30, 2023, the Company was in compliance with all financial covenants related to the Credit Agreement. The Credit Agreement includes customary representations and warranties by the Trust and the Operating Partnership and imposes customary covenants on the Operating Partnership and the Trust. 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. As of June 30, 2023, the Company did not have any borrowings outstanding under its $1.0 billion unsecured revolving credit facility feature of the Credit Agreement and had $400 million of borrowings outstanding under the term loan feature of the Credit Agreement. Notes Payable As of June 30, 2023, the Company had $1.5 billion aggregate principal amount of senior notes issued and outstanding by the Operating Partnership, comprised of $25.0 million maturing in 2025, $70.0 million maturing in 2026, $425.0 million maturing in 2027, $395.0 million maturing in 2028, and $545.0 million maturing in 2031. Certain properties are encumbered by mortgage loans that contains financial covenants. As of June 30, 2023, the Trust was in compliance with all mortgage debt financial covenants. Scheduled principal payments due on consolidated debt as of June 30, 2023 are as follows (in thousands): 2023 $ 505 2024 59,719 2025 25,476 2026 170,476 2027 425,476 Thereafter 1,342,775 Total Payments $ 2,024,427 As of June 30, 2023, the Company had total consolidated indebtedness of approximately $2.0 billion. The weighted average interest rate on consolidated indebtedness was 4.04% (based on the 30-day LIBOR rate of 5.18% and a SOFR rate of 5.09% as of June 30, 2023). For the three months ended June 30, 2023 and 2022, the Company incurred interest expense on its debt, exclusive of deferred financing cost amortization, of $19.9 million and $16.7 million, respectively. For the six month periods ending June 30, 2023 and 2022, the Company incurred interest expense on its debt, exclusive of deferred financing cost amortization, of $38.5 million and $32.9 million, respectively.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
Derivative Instrument Detail [Abstract]
Derivatives	Derivatives In the normal course of business, a variety of financial instruments are used to manage or hedge interest rate risk. The Company has implemented ASC 815, Derivatives and Hedging (“ASC 815”), which establishes accounting and reporting standards requiring that all derivatives, including certain derivative instruments embedded in other contracts, be recorded as either an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sales exception. When specific hedge accounting criteria are not met, ASC 815 requires that changes in a derivative’s fair value be recognized currently in earnings. Changes in the fair market values of the Company’s derivative instruments are recorded in the consolidated statements of income if such derivatives do not qualify for, or the Company does not elect to apply for, hedge accounting. As a result of the Company’s adoption of ASU 2017-12 as of January 1, 2019, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of June 30, 2023, the Company had four outstanding interest rate swaps designated as cash flow hedges of interest rate risk. See Note 2 (Summary of Significant Accounting Policies) of the 2022 Annual Report for a further discussion of our derivatives. In addition, the Company recognizes its share of other comprehensive income related to derivative instruments held by unconsolidated entities. The following table presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Company’s Consolidated Balance Sheets as of June 30, 2023 (in thousands): Derivatives Designed as Maturity Date Number of Instruments Total Notional Amount Interest Rate Balance Sheet Location Fair Value Interest rate swap 5/24/2028 3 $ 400,000 3.59 % Other Assets $ 4,922 Interest rate swap 10/31/2024 1 36,050 1.90 % Other Assets 1,827 Total 4 $ 436,050 $ 6,749

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Prepaid rent $ 25,113 $ 21,062 Real estate taxes payable 22,102 23,303 Accrued interest 18,684 18,196 Accrued expenses 7,226 7,920 Security deposits 4,539 4,338 Accrued incentive compensation 3,422 2,700 Tenant improvement allowances 1,853 1,831 Other 10,493 8,370 Total $ 93,432 $ 87,720

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation The Company 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. Any common shares issued pursuant to the Company's incentive equity compensation and employee stock purchase plans will result in the Operating Partnership issuing OP Units to the Trust on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances. Certain of the Company’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 Company’s determination of the amount of stock compensation expense requires judgment in estimating the probability of achievement of these performance targets. Subsequent changes in actual experience are monitored and estimates are updated as information is available. In connection with the IPO, the Trust adopted the Physicians Realty Trust 2013 Equity Incentive Plan, which made shares available for awards for participants (the “2013 Plan”). At the Company’s Annual Meeting of Shareholders held on May 3, 2023, shareholders approved the Amended and Restated Physicians Realty Trust 2013 Equity Incentive Plan (the “Amended and Restated 2013 Plan”). The Amended and Restated 2013 Plan increased the number of common shares authorized for issuance to a total of 11,000,000. The Amended and Restated 2013 Plan also extended the term of the plan from 2029 to 2033, among other changes. Restricted Common Shares Restricted common shares granted under the 2013 Plan are eligible for dividends as well as the right to vote. In the six months ended June 30, 2023, the Trust granted a total of 342,939 restricted common shares with a total value of $5.0 million to its officers and certain of its employees, which have a vesting period of one A summary of the status of the Trust’s non-vested restricted common shares as of June 30, 2023 and changes during the six month period then ended follow: Common Shares Weighted Non-vested at December 31, 2022 272,898 $ 16.69 Granted 342,939 14.57 Vested (239,602) 16.54 Forfeited (364) 17.45 Non-vested at June 30, 2023 375,871 $ 14.84 For all service awards, the Company records compensation expense for the entire award on a straight-line basis over the requisite service period. For the three months ended June 30, 2023 and 2022, the Company recognized non-cash share compensation of $1.2 million and $1.0 million, respectively. For the six month periods ending June 30, 2023 and 2022, the Company recognized non-cash share compensation of $2.3 million and $1.9 million, respectively. Unrecognized compensation expense on June 30, 2023 was $4.1 million. Restricted Share Units In January 2023, under the 2013 Plan, the Company granted 11,274 restricted share units to certain of its trustees in lieu of all or a portion of such trustee’s 2023 cash retainer. These units are subject to certain timing conditions and a one-year service period. Each restricted share unit contains one dividend equivalent. Each 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. With respect to the performance and timing conditions of the January 2023 grants, the grant date fair value of $14.47 per unit was based on the share price at the date of grant. In March 2023, under the 2013 Plan, the Company granted restricted share units at a target level of 355,388 to its officers and certain of its employees and 62,586 to its trustees. Units granted to officers and certain employees under the Company’s 2013 Plan are subject to certain performance and market conditions and a three-year service period. Units granted to trustees are subject to certain timing conditions and a two-year service period for full vesting. Each restricted share unit contains one dividend equivalent. Each 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 30% of the restricted share units issued to officers and certain employees under the Company’s 2013 Plan in 2023 vest based on a certain market condition. The awards containing the market condition were valued with the assistance of independent valuation specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $18.71 per unit for the March 2023 grant using the following assumptions: Volatility 23.4 % Dividend assumption reinvested Expected term in years 2.83 years Risk-free rate 4.70 % Share price (per share) $ 14.70 The remaining 70% of the restricted share units issued to officers and certain employees under the Company’s 2013 Plan, and 100% of other restricted share units issued to trustees vest based upon certain performance or timing conditions. With respect to the performance and timing conditions of the March 2023 grants, the grant date fair value of $14.70 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2023 restricted share units issued to officers and certain employees was $15.90 per unit. The following is a summary of the activity in the Trust’s restricted share units during the six months ended June 30, 2023: Executive Awards Trustee Awards Restricted Share Weighted Restricted Share Weighted Non-vested at December 31, 2022 1,046,940 $ 21.41 77,992 $ 16.60 Granted 355,388 15.90 73,860 14.66 Vested (223,579) (1) 24.36 (49,890) 16.74 Non-vested at June 30, 2023 1,178,749 $ 19.19 101,962 $ 15.13 (1) Restricted units vested by Company executives in 2023 resulted in the issuance of 652,851 common shares, less 290,380 common shares withheld to cover minimum withholding tax obligations. For the three months ended June 30, 2023 and 2022, the Company recognized non-cash share compensation of $2.4 million and $2.8 million, respectively. For the six month periods ending June 30, 2023 and 2022, the Company recognized non-cash share compensation of $5.9 million and $6.1 million, respectively. Unrecognized compensation expense on June 30, 2023 was $14.1 million.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 Company 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. As part of the Company’s acquisition process, Level 3 inputs are used to measure the fair value of the assets acquired and liabilities assumed. The Company’s derivative instruments as of June 30, 2023 consist of four interest rate swaps, as detailed in the Derivative Instruments section of Note 7 (Derivatives) of this report and Note 2 (Summary of Significant Accounting Policies) of Part II, Item 8 (Financial Statements and Supplementary Data) of our 2022 Annual Report. The interest rate swaps are not traded on an exchange. The Company’s derivative assets and liabilities are 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 Company measures its derivatives at fair value on a recurring basis. The fair values are based on Level 2 inputs described above. The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivatives. The Company 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 June 30, 2023. 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 Company’s financial instruments (in thousands): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Real estate loans receivable, net $ 88,970 $ 87,036 $ 104,973 $ 102,162 Notes receivable, net $ 365 $ 365 $ 370 $ 370 Derivative assets $ 6,749 $ 6,749 $ 2,045 $ 2,045 Liabilities: Credit facility $ (400,000) $ (400,000) $ (193,000) $ (193,000) Notes payable $ (1,460,000) $ (1,284,250) $ (1,475,000) $ (1,302,767) Mortgage debt $ (164,427) $ (162,649) $ (164,929) $ (163,129)

Tenant Operating Leases

Tenant Operating Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Tenant Operating Leases	Tenant Operating Leases The Company is a lessor of outpatient medical facilities and other health care facilities. Leases have expirations from 2023 through 2042. As of June 30, 2023, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries and minimum rental payments for assets classified as held for sale, if applicable, were as follows (in thousands): 2023 $ 185,592 2024 358,748 2025 340,921 2026 289,769 2027 232,726 Thereafter 802,665 Total $ 2,210,421 For the three months ended June 30, 2023 and 2022, the Company recognized $131.2 million and $129.3 million, respectively, of rental and other lease-related income related to our operating leases, of which $37.6 million and $35.8 million, respectively, were variable lease payments. For the six month periods ending June 30, 2023 and 2022, the Company recognized $262.6 million and $257.1 million, respectively, of rental and other leased-related income with respect to our operating leases, of which $75.4 million and $71.0 million, respectively, were variable lease payments.

Rent Expense

Rent Expense	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Rent Expense	Rent Expense The Company leases the rights to parking structures at two of its properties, the air that one property occupies, and the land upon which 97 of its properties are located from third party landowners pursuant to separate leases. In addition, the Company has nine corporate leases, primarily for office space. The Company’s leases include both fixed and variable rental payments and may also include escalation clauses and renewal options. These leases have terms of up to 92 years remaining, excluding extension options, with a weighted average remaining term of 43 years. At the inception of a new lease, the Company establishes an operating or finance lease asset and operating or finance lease liability calculated as the present value of future minimum lease payments. As the Company’s leases do not provide an implicit rate, the Company calculates a discount rate that approximates its incremental borrowing rate available at lease commencement in order to determine the present value of future minimum lease payments. The approximated weighted average discount rate was 4.4% as of June 30, 2023. There are no operating or finance leases that have not yet commenced that would have a significant impact on the Company’s consolidated balance sheets. As of June 30, 2023, the future minimum lease obligations under non-cancelable parking, air, ground, and corporate leases were as follows (in thousands): 2023 $ 2,216 2024 4,819 2025 4,798 2026 4,787 2027 4,789 Thereafter 239,130 Total undiscounted lease payments $ 260,539 Less: Interest (155,843) Present value of lease liabilities $ 104,696 Lease costs consisted of the following for the six months ended June 30, 2023 (in thousands): Fixed lease cost $ 1,649 Variable lease cost 672 Total lease cost $ 2,321

Credit Concentration

Credit Concentration	6 Months Ended
	Jun. 30, 2023
Concentration Risks, Types, No Concentration Percentage [Abstract]
Credit Concentration	Credit Concentration The Company uses annualized base rent (“ABR”) as its credit concentration metric. ABR is calculated by multiplying contractual base rent for the month ended June 30, 2023 by 12, excluding the impact of concessions and straight-line rent. The following table summarizes certain information about the Company’s top five tenant credit concentrations as of June 30, 2023 (in thousands): Tenant Total ABR Percent of ABR CommonSpirit - CHI - Nebraska $ 18,615 5.1 % Northside Hospital 16,409 4.5 % UofL Health - Louisville, Inc. 14,637 4.0 % HonorHealth 11,310 3.1 % US Oncology 11,024 3.0 % Remaining portfolio 294,395 80.3 % Total $ 366,390 100.0 % ABR collected from the Company’s top five tenant relationships comprises 19.7% of its total ABR as of June 30, 2023. Total ABR from CommonSpirit-affiliated tenants totals 14.9%, including the affiliate disclosed above. The following table summarizes certain information about the Company’s top five geographic concentrations as of June 30, 2023: State Total ABR Percent of ABR Texas $ 49,041 13.4 % Georgia 26,949 7.4 % Florida 25,667 7.0 % Indiana 23,729 6.5 % Arizona 21,668 5.9 % Other 219,336 59.8 % Total $ 366,390 100.0 %

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	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 Six Months Ended 2023 2022 2023 2022 Numerator for earnings per share - basic: Net income $ 13,085 $ 17,932 $ 23,754 $ 31,875 Net income attributable to noncontrolling interests: Operating Partnership (515) (886) (938) (1,578) Partially owned properties (26) (155) (70) (314) Numerator for earnings per share - basic $ 12,544 $ 16,891 $ 22,746 $ 29,983 Numerator for earnings per share - diluted: Numerator for earnings per share - basic $ 12,544 $ 16,891 $ 22,746 $ 29,983 Noncontrolling interest - Operating Partnership income 515 886 938 1,578 Numerator for earnings per share - diluted $ 13,059 $ 17,777 $ 23,684 $ 31,561 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 238,399,653 225,617,275 237,944,378 225,344,756 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 9,838,203 11,914,523 9,840,200 11,913,318 Restricted common shares 49,891 52,843 112,101 102,651 Restricted share units 940,474 1,422,332 1,173,018 1,377,740 Denominator for earnings per share - diluted: 249,228,221 239,006,973 249,069,697 238,738,465 Earnings per share - basic $ 0.05 $ 0.07 $ 0.10 $ 0.13 Earnings per share - diluted $ 0.05 $ 0.07 $ 0.10 $ 0.13

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 20, 2023, the Company closed on the acquisition of an outpatient medical facility in Palos Heights, Illinois for approximately $2.6 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Noncontrolling Interests	Noncontrolling Interests The Company 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 Company’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Noncontrolling interests in the Company include partnership interests of the Operating Partnership (“OP Units”) held by other investors. Net income or loss is allocated to noncontrolling interests (limited partners) 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. As of June 30, 2023, the Trust held a 96.0% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operations of the Operating Partnership. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the consolidated balance sheets for the portion of consolidated properties that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of income.
Tax Status of Dividends and Distributions	Tax Status of Dividends and Distributions The Company’s distributions of current and accumulated earnings and profits for U.S. federal income tax purposes generally are taxable to shareholders as ordinary income. Distributions in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof (non-dividend distributions) and thereafter as taxable gain. Any cash distributions received by an OP Unit holder in respect of its OP Units generally will not be taxable to such OP Unit holder for U.S. federal income tax purposes, to the extent that such distribution does not exceed the OP Unit holder’s basis in its OP Units. Any such distribution will instead reduce the OP Unit holder’s basis in its OP Units (and OP Unit holders will be subject to tax on the taxable income allocated to them by the Operating Partnership in respect of their OP Units when such income is earned by the Operating Partnership, with such income allocation increasing the OP Unit holders’ basis in their OP Units).
Real Estate Loans Receivable, Net	Real Estate Loans Receivable, Net
Rental and Related Revenues	Rental and Related Revenues Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is probable. 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 $103.9 million and $101.3 million as of June 30, 2023 and December 31, 2022, respectively. If the Company determines that collectability of straight-line rents is not probable, income recognition is limited to the lesser of cash collected, or lease income reflected on a straight-line basis, plus variable rent when it becomes accruable. In accordance with ASC 842, Leases , Topic 842, if the collectability of a lease changes after the commencement date, any difference between lease income that would have been recognized and the lease payments shall be recognized as an adjustment to lease income. Bad debt recognized as an adjustment to rental and related revenues was $0.9 million for the six months ended June 30, 2023 and $0.2 million for the six months ended June 30, 2022. Rental revenue is adjusted by the amortization of lease inducements and above-market or below-market rents on certain leases. Lease inducements and above-market or below-market rents are amortized on a straight-line basis over the remaining lease term. Rental and related revenues also include expense recoveries, which relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized in the period the applicable expenses are incurred. The reimbursements are recorded gross, as these costs are incurred by the Company and reimbursed by the tenants. The Company has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses and the Company does not recognize expense recoveries.
Reclassifications	Reclassifications Certain amounts in the accompanying consolidated balance sheet for 2022 have been reclassified to conform to the 2023 consolidated financial statement presentation. The reclassifications had no impact on total assets or any balance sheet total or subtotal.
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional relief to applying reference rate reform to changing reference rates, contracts, hedging relationships, and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”). The amendments in this update may be applied through December 31, 2024. On March 31, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a First Amendment to the Third Amended and Restated Credit Agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), as the reference rate for the purpose of calculating interest under the agreement. The Company also amended its fixed interest rate swap agreement on its mortgage debt to update the reference rate from LIBOR to SOFR. As a result, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. As of June 30, 2023, the Company has one mortgage contract referencing LIBOR, which transitioned to an alternative interest rate following the the discontinuation of LIBOR. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
Derivatives	In the normal course of business, a variety of financial instruments are used to manage or hedge interest rate risk. The Company has implemented ASC 815, Derivatives and Hedging (“ASC 815”), which establishes accounting and reporting standards requiring that all derivatives, including certain derivative instruments embedded in other contracts, be recorded as either an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sales exception. When specific hedge accounting criteria are not met, ASC 815 requires that changes in a derivative’s fair value be recognized currently in earnings. Changes in the fair market values of the Company’s derivative instruments are recorded in the consolidated statements of income if such derivatives do not qualify for, or the Company does not elect to apply for, hedge accounting. As a result of the Company’s adoption of ASU 2017-12 as of January 1, 2019, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of June 30, 2023, the Company had four outstanding interest rate swaps designated as cash flow hedges of interest rate risk. See Note 2 (Summary of Significant Accounting Policies) of the 2022 Annual Report for a further discussion of our derivatives. In addition, the Company recognizes its share of other comprehensive income related to derivative instruments held by unconsolidated entities.
Fair Value Measurements	The Company’s derivative instruments as of June 30, 2023 consist of four interest rate swaps, as detailed in the Derivative Instruments section of Note 7 (Derivatives) of this report and Note 2 (Summary of Significant Accounting Policies) of Part II, Item 8 (Financial Statements and Supplementary Data) of our 2022 Annual Report. The interest rate swaps are not traded on an exchange. The Company’s derivative assets and liabilities are 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 Company measures its derivatives at fair value on a recurring basis. The fair values are based on Level 2 inputs described above. The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivatives. The Company 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 June 30, 2023. 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.
Stock-based Compensation	The Company 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. Any common shares issued pursuant to the Company's incentive equity compensation and employee stock purchase plans will result in the Operating Partnership issuing OP Units to the Trust on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances. Certain of the Company’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 Company’s determination of the amount of stock compensation expense requires judgment in estimating the probability of achievement of these performance targets. Subsequent changes in actual experience are monitored and estimates are updated as information is available.

Organization and Business (Tabl

Organization and Business (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule Of Sale Or Issuance Of Common Stock	During the quarters ended March 31, 2023 and June 30, 2023, the Trust issued and sold common shares through the ATM Program as follows (net proceeds in thousands): Common Weighted average price Net Quarter ended March 31, 2023 4,400,000 $ 15.10 $ 65,776 Quarter ended June 30, 2023 — — — Year to date 4,400,000 $ 15.10 $ 65,776

Investment and Disposition Ac_2

Investment and Disposition Activity (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, as well as follow-on capitalized costs during the six months ended June 30, 2023, which the Company determined using Level 2 and Level 3 inputs (in thousands): 1st Quarter 2nd Quarter Total Land $ 1,356 $ 6,016 $ 7,372 Building and improvements 1,294 28,353 29,647 In-place lease intangibles — 3,491 3,491 Net assets acquired $ 2,650 $ 37,860 $ 40,510 Satisfaction of real estate loans receivable — (5,398) (5,398) Cash used in acquisition of investment property $ 2,650 $ 32,462 $ 35,112

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2023
Finite-Lived Intangible Assets, Net [Abstract]
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 June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Cost Accumulated Net Cost Accumulated Net Assets In-place leases $ 448,797 $ (262,439) $ 186,358 $ 445,583 $ (241,643) $ 203,940 Above-market leases $ 59,752 $ (32,909) $ 26,843 $ 59,752 $ (30,096) $ 29,656 Liabilities Below-market leases $ 36,409 $ (13,198) $ 23,211 $ 37,002 $ (12,621) $ 24,381
Summary of the carrying amount of acquired lease intangibles	The following is a summary of acquired lease intangible amortization for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Amortization expense related to in-place leases $ 10,461 $ 11,145 $ 21,073 $ 22,185 Decrease in rental income related to above-market leases 1,398 1,503 2,813 3,006 Increase in rental income related to below-market leases 585 508 1,171 966
Schedule of future amortization of the acquired lease intangibles	Future aggregate net amortization of acquired lease intangibles as of June 30, 2023, is as follows (in thousands): Net Decrease (Increase) Net Increase in 2023 $ 1,548 $ 19,812 2024 2,929 35,116 2025 2,357 29,594 2026 1,203 23,479 2027 1,036 20,557 Thereafter (5,441) 57,800 Total $ 3,632 $ 186,358

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets, Unclassified [Abstract]
Schedule of other assets	Other assets consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Straight line rent receivable, net $ 103,866 $ 101,306 Leasing commissions, net 13,882 13,231 Lease inducements, net 7,822 7,894 Prepaid expenses 7,499 11,009 Interest rate swaps 6,749 2,045 Escrows 1,499 1,565 Notes receivable, net 365 370 Other 8,013 9,387 Total $ 149,695 $ 146,807

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of debt	The following is a summary of debt as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Fixed interest mortgage notes (1) $ 59,511 $ 59,776 Variable interest mortgage notes (2) 104,916 105,153 Total mortgage debt 164,427 164,929 $1.0 billion unsecured revolving credit facility due September 2025 (3) — 193,000 $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028 (4) 400,000 — $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 400,000 400,000 $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 350,000 350,000 $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031 500,000 500,000 $135 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031 135,000 150,000 $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 75,000 75,000 Total principal 2,024,427 1,832,929 Unamortized deferred financing costs (10,003) (7,453) Unamortized discounts (6,812) (7,359) Total debt $ 2,007,612 $ 1,818,117 (1) As of June 30, 2023, fixed interest mortgage notes bear interest from 3.25% to 4.63%, due in 2024, with a weighted average interest rate of 3.80%. As of December 31, 2022, fixed interest mortgage notes bear interest from 3.33% to 4.63%, due in 2024, with a weighted average interest rate of 3.85%. The notes are collateralized by two properties with a net book value of $91.7 million as of June 30, 2023 and two properties with a net book value of $94.9 million as of December 31, 2022. One mortgage note bears interest at LIBOR plus 1.90% and the Trust entered into a pay-fixed receive-variable interest rate swap, fixing the variable component at 1.35% as of June 30, 2023 and 1.43% as of December 31, 2022. (2) Variable interest mortgage notes bear variable interest of SOFR plus 1.85% and LIBOR plus 2.75% for a weighted average interest rate of 6.99% and 6.20% as of June 30, 2023 and December 31, 2022, respectively. The notes are due in 2026 and 2028 and collateralized by four properties with a net book value of $287.8 million as of June 30, 2023 and $295.5 million as of December 31, 2022. (3) The unsecured revolving credit facility bears variable interest of SOFR plus 0.95%, inclusive of a 0.10% SOFR index adjustment, as of June 30, 2023 and LIBOR plus 0.85% as of December 31, 2022. (4) The Company’s borrowings under the term loan feature of the Credit Agreement (as defined below) bear interest at a rate equal to 1.10%, inclusive of a 0.10% SOFR index adjustment, plus Daily Simple SOFR as of June 30, 2023 based on the Company’s current credit rating. The Company entered into fixed-for-floating interest rate swaps for the full borrowing amount, fixing the SOFR component of this rate at 3.593%, and a current all-in fixed rate of 4.693%.
Schedule of adjusted LIBOR rate loans and interest rates based on credit rating	Base Rate Loans, Adjusted SOFR Loans, and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the borrower’s investment grade rating as follows: Credit Rating Applicable Margin for Revolving Loans: SOFR Loans Applicable Margin for Revolving Loans: Base Rate Loans Applicable Margin for Term Loans: SOFR Loans Applicable Margin for Term Loans: Base Rate Loans At Least A- or A3 SOFR + 0.725% — % SOFR + 0.85% — % At Least BBB+ or Baa1 SOFR + 0.775% — % SOFR + 0.90% — % At Least BBB or Baa2 SOFR + 0.85% — % SOFR + 1.00% — % At Least BBB- or Baa3 SOFR + 1.05% 0.05 % SOFR + 1.25% 0.25 % Below BBB- or Baa3 SOFR + 1.40% 0.40 % SOFR + 1.65% 0.65 %
Schedule of principal payments due on debt	Scheduled principal payments due on consolidated debt as of June 30, 2023 are as follows (in thousands): 2023 $ 505 2024 59,719 2025 25,476 2026 170,476 2027 425,476 Thereafter 1,342,775 Total Payments $ 2,024,427

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instrument Detail [Abstract]
Schedule of interest rate derivatives	The following table presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Company’s Consolidated Balance Sheets as of June 30, 2023 (in thousands): Derivatives Designed as Maturity Date Number of Instruments Total Notional Amount Interest Rate Balance Sheet Location Fair Value Interest rate swap 5/24/2028 3 $ 400,000 3.59 % Other Assets $ 4,922 Interest rate swap 10/31/2024 1 36,050 1.90 % Other Assets 1,827 Total 4 $ 436,050 $ 6,749

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of accrued expenses and other liabilities	Accrued expenses and other liabilities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Prepaid rent $ 25,113 $ 21,062 Real estate taxes payable 22,102 23,303 Accrued interest 18,684 18,196 Accrued expenses 7,226 7,920 Security deposits 4,539 4,338 Accrued incentive compensation 3,422 2,700 Tenant improvement allowances 1,853 1,831 Other 10,493 8,370 Total $ 93,432 $ 87,720

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of non-vested restricted common shares	A summary of the status of the Trust’s non-vested restricted common shares as of June 30, 2023 and changes during the six month period then ended follow: Common Shares Weighted Non-vested at December 31, 2022 272,898 $ 16.69 Granted 342,939 14.57 Vested (239,602) 16.54 Forfeited (364) 17.45 Non-vested at June 30, 2023 375,871 $ 14.84
Schedule of weighted average grant date fair value assumptions	The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $18.71 per unit for the March 2023 grant using the following assumptions: Volatility 23.4 % Dividend assumption reinvested Expected term in years 2.83 years Risk-free rate 4.70 % Share price (per share) $ 14.70
Summary of the activity in the restricted share units	The following is a summary of the activity in the Trust’s restricted share units during the six months ended June 30, 2023: Executive Awards Trustee Awards Restricted Share Weighted Restricted Share Weighted Non-vested at December 31, 2022 1,046,940 $ 21.41 77,992 $ 16.60 Granted 355,388 15.90 73,860 14.66 Vested (223,579) (1) 24.36 (49,890) 16.74 Non-vested at June 30, 2023 1,178,749 $ 19.19 101,962 $ 15.13 (1) Restricted units vested by Company executives in 2023 resulted in the issuance of 652,851 common shares, less 290,380 common shares withheld to cover minimum withholding tax obligations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value of other financial instruments	The following table presents the fair value of the Company’s financial instruments (in thousands): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Real estate loans receivable, net $ 88,970 $ 87,036 $ 104,973 $ 102,162 Notes receivable, net $ 365 $ 365 $ 370 $ 370 Derivative assets $ 6,749 $ 6,749 $ 2,045 $ 2,045 Liabilities: Credit facility $ (400,000) $ (400,000) $ (193,000) $ (193,000) Notes payable $ (1,460,000) $ (1,284,250) $ (1,475,000) $ (1,302,767) Mortgage debt $ (164,427) $ (162,649) $ (164,929) $ (163,129)

Tenant Operating Leases (Tables

Tenant Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Lessor, operating lease, payments to be received, maturity	As of June 30, 2023, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries and minimum rental payments for assets classified as held for sale, if applicable, were as follows (in thousands): 2023 $ 185,592 2024 358,748 2025 340,921 2026 289,769 2027 232,726 Thereafter 802,665 Total $ 2,210,421

Rent Expense (Tables)

Rent Expense (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of future minimum lease obligations under non-cancelable ground leases	As of June 30, 2023, the future minimum lease obligations under non-cancelable parking, air, ground, and corporate leases were as follows (in thousands): 2023 $ 2,216 2024 4,819 2025 4,798 2026 4,787 2027 4,789 Thereafter 239,130 Total undiscounted lease payments $ 260,539 Less: Interest (155,843) Present value of lease liabilities $ 104,696
Lease cost	Lease costs consisted of the following for the six months ended June 30, 2023 (in thousands): Fixed lease cost $ 1,649 Variable lease cost 672 Total lease cost $ 2,321

Credit Concentration (Tables)

Credit Concentration (Tables)	6 Months Ended
	Jun. 30, 2023
Concentration Risks, Types, No Concentration Percentage [Abstract]
Schedules of concentration of risk, by risk factor	The following table summarizes certain information about the Company’s top five tenant credit concentrations as of June 30, 2023 (in thousands): Tenant Total ABR Percent of ABR CommonSpirit - CHI - Nebraska $ 18,615 5.1 % Northside Hospital 16,409 4.5 % UofL Health - Louisville, Inc. 14,637 4.0 % HonorHealth 11,310 3.1 % US Oncology 11,024 3.0 % Remaining portfolio 294,395 80.3 % Total $ 366,390 100.0 % The following table summarizes certain information about the Company’s top five geographic concentrations as of June 30, 2023: State Total ABR Percent of ABR Texas $ 49,041 13.4 % Georgia 26,949 7.4 % Florida 25,667 7.0 % Indiana 23,729 6.5 % Arizona 21,668 5.9 % Other 219,336 59.8 % Total $ 366,390 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
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 Six Months Ended 2023 2022 2023 2022 Numerator for earnings per share - basic: Net income $ 13,085 $ 17,932 $ 23,754 $ 31,875 Net income attributable to noncontrolling interests: Operating Partnership (515) (886) (938) (1,578) Partially owned properties (26) (155) (70) (314) Numerator for earnings per share - basic $ 12,544 $ 16,891 $ 22,746 $ 29,983 Numerator for earnings per share - diluted: Numerator for earnings per share - basic $ 12,544 $ 16,891 $ 22,746 $ 29,983 Noncontrolling interest - Operating Partnership income 515 886 938 1,578 Numerator for earnings per share - diluted $ 13,059 $ 17,777 $ 23,684 $ 31,561 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 238,399,653 225,617,275 237,944,378 225,344,756 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 9,838,203 11,914,523 9,840,200 11,913,318 Restricted common shares 49,891 52,843 112,101 102,651 Restricted share units 940,474 1,422,332 1,173,018 1,377,740 Denominator for earnings per share - diluted: 249,228,221 239,006,973 249,069,697 238,738,465 Earnings per share - basic $ 0.05 $ 0.07 $ 0.10 $ 0.13 Earnings per share - diluted $ 0.05 $ 0.07 $ 0.10 $ 0.13

Organization and Business - Add

Organization and Business - Additional Information (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Organization and Business - ATM

Organization and Business - ATM Program (Details) - Private Placement - ATM Program - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Maximum
Class of Stock [Line Items]
Aggregate offering price of common stock	$ 500,000,000
Operating Partnership
Class of Stock [Line Items]
Common shares sold (in shares)		0	4,400,000	4,400,000
Weighted average price (in dollars per share)		$ 0	$ 15.10	$ 15.10
Proceeds from issuance of common stock		$ 0	$ 65,776,000	$ 65,776,000
Sale of stock, remaining authorized amount		$ 158,600,000		$ 158,600,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Noncontrolling Interests and Redeemable Noncontrolling Interests (Details)	6 Months Ended
	Jun. 30, 2023
Physicians Realty Trust
Business Acquisition [Line Items]
Percentage of interest held	96%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Dividends and Distributions (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jun. 16, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Dividends and distributions declared per common share and OP Unit (in dollars per share)	$ 0.23	$ 0.23	$ 0.23	$ 0.46	$ 0.46

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Real Estate Loans Receivable, Net (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) loan
Property, Plant and Equipment [Line Items]
Financing receivable, allowance for credit loss | $	$ 0.2
Mezzanine Loan Receivable
Property, Plant and Equipment [Line Items]
Number of mezzanine loans collateralized	8
Term Loan Receivable
Property, Plant and Equipment [Line Items]
Number of mezzanine loans collateralized	5
Construction Loans
Property, Plant and Equipment [Line Items]
Number of mezzanine loans collateralized	2

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Rental and Related Revenues (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Straight line rent receivable, net	$ 103,866		$ 101,306
Operating lease, bad debt expense	$ 900	$ 200

Investment and Disposition Ac_3

Investment and Disposition Activity - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) earn-outAgreement medicalFacility condominiumUnit	Jun. 30, 2023 USD ($) condominiumUnit medicalFacility land earn-outAgreement	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Contractual obligation	$ 40,500	$ 40,500
Construction in progress	4,300	5,300
Real estate loans receivable, net	88,969	88,969		$ 104,973
Investment in unconsolidated entities, net		2,340	$ 12,119
Payments to acquire real estate, payments for loans receivable and payments for real estate investments	49,800	64,200
Asset acquisition, capitalized costs		1,600
InterMed MOB - Davis Joint Venture
Asset Acquisition [Line Items]
Investment in unconsolidated entities, net	2,000	$ 2,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Asset Acquisition [Line Items]
Proceeds from divestiture of businesses	$ 2,600
Number of real estate properties sold | medicalFacility	1	1
Health Care Properties And Medical Condominiums
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 34,600	$ 35,900
Outpatient Medical Facilities
Asset Acquisition [Line Items]
Number of outpatient medical facilities | medicalFacility	2	2
Medical Condominium Units
Asset Acquisition [Line Items]
Number of medical condominium units | condominiumUnit	2	3
Parcels Of Land
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 800
Number of land parcels acquired | land		1
Earn-Out Investments
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 1,900	$ 2,200
Number of earn-out agreements | earn-outAgreement	2	4
Construction Loans
Asset Acquisition [Line Items]
Real estate loans receivable, net	$ 35,800	$ 35,800
Payments for (proceeds from) loans receivable		6,600
Term Loan
Asset Acquisition [Line Items]
Payments for (proceeds from) loans receivable	$ 7,000	$ 11,400

Investment and Disposition Ac_4

Investment and Disposition Activity - Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Asset Acquisition [Line Items]
Land	$ 7,372
Building and improvements	29,647
Net assets acquired	40,510
Satisfaction of real estate loans receivable	(5,398)
Cash used in acquisition of investment property	35,112
1st Quarter
Asset Acquisition [Line Items]
Land		$ 1,356
Building and improvements		1,294
Net assets acquired		2,650
Satisfaction of real estate loans receivable		0
Cash used in acquisition of investment property		2,650
2nd Quarter
Asset Acquisition [Line Items]
Land	6,016
Building and improvements	28,353
Net assets acquired	37,860
Satisfaction of real estate loans receivable	(5,398)
Cash used in acquisition of investment property	32,462
In-place lease intangibles
Asset Acquisition [Line Items]
In-place lease intangibles	3,491
In-place lease intangibles | 1st Quarter
Asset Acquisition [Line Items]
In-place lease intangibles		$ 0
In-place lease intangibles | 2nd Quarter
Asset Acquisition [Line Items]
In-place lease intangibles	$ 3,491

Intangibles - Summary of Carryi

Intangibles - Summary of Carrying Amount of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Liabilities
Below-market leases, net	$ 23,211	$ 24,381
In-place leases
Assets:
Cost	448,797	445,583
Accumulated Amortization	(262,439)	(241,643)
Net	186,358	203,940
Above-market leases
Assets:
Cost	59,752	59,752
Accumulated Amortization	(32,909)	(30,096)
Net	26,843	29,656
Below-market leases
Liabilities
Below-market leases, cost	36,409	37,002
Below-market leases, accumulated amortization	(13,198)	(12,621)
Below-market leases, net	$ 23,211	$ 24,381

Intangibles - Summary of Acquir

Intangibles - Summary of Acquired Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortization expense related to in-place leases
Intangibles
Amortization expense related to in-place leases	$ 10,461	$ 11,145	$ 21,073	$ 22,185
Decrease in rental income related to above-market leases
Intangibles
Decrease of rental income	1,398	1,503	2,813	3,006
Below market in-place lease intangibles
Intangibles
Increase in rental income related to below-market leases	$ 585	$ 508	$ 1,171	$ 966

Intangibles - Additional Inform

Intangibles - Additional Information (Details)	Jun. 30, 2023
In-place lease intangibles
Intangibles
Weighted average amortization period for lease intangibles	7 years
Above-market leases
Intangibles
Weighted average amortization period for lease intangibles	7 years
Below market in-place lease intangibles
Intangibles
Weighted average amortization period for lease intangibles	15 years

Intangibles - Future Aggregate

Intangibles - Future Aggregate Net Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Net Decrease (Increase)  in Revenue
2023	$ 1,548
2024	2,929
2025	2,357
2026	1,203
2027	1,036
Thereafter	(5,441)
Total	3,632
Net Increase in  Expenses
2023	19,812
2024	35,116
2025	29,594
2026	23,479
2027	20,557
Thereafter	57,800
Total	$ 186,358

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets, Unclassified [Abstract]
Straight line rent receivable, net	$ 103,866	$ 101,306
Leasing commissions, net	13,882	13,231
Lease inducements, net	7,822	7,894
Prepaid expenses	7,499	11,009
Interest rate swaps	6,749	2,045
Escrows	1,499	1,565
Notes receivable, net	365	370
Other	8,013	9,387
Total	$ 149,695	$ 146,807

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) healthcareproperty	Dec. 31, 2022 USD ($) healthcareproperty	May 24, 2023 USD ($)	Sep. 24, 2021 USD ($)
Debt
Long-term debt, gross	$ 2,024,427,000	$ 1,832,929,000
Unamortized deferred financing costs	(10,003,000)	(7,453,000)
Unamortized discounts	(6,812,000)	(7,359,000)
Total debt	$ 2,007,612,000	1,818,117,000
Interest Rate Swap
Debt
Interest Rate	1.35%
$1.0 billion unsecured revolving credit facility due September 2025
Debt
Current borrowing capacity				$ 1,250,000,000
Mortgages
Debt
Long-term debt, gross	$ 164,427,000	164,929,000
Mortgages | Fixed rate mortgage
Debt
Long-term debt, gross	$ 59,511,000	$ 59,776,000
Weighted average interest rate	3.80%	3.85%
Pledged assets separately reported real estate pledged as collateral number | healthcareproperty	2	2
Mortgages | Fixed rate mortgage | Asset Pledged as Collateral
Debt
Financial instruments, owned, at fair value	$ 91,700,000	$ 94,900,000
Mortgages | Fixed rate mortgage | Minimum
Debt
Interest rate (as a percent)	3.25%	3.33%
Mortgages | Fixed rate mortgage | Maximum
Debt
Interest rate (as a percent)	4.63%	4.63%
Mortgages | Variable interest mortgage note
Debt
Long-term debt, gross	$ 104,916,000	$ 105,153,000
Weighted average interest rate	6.99%	6.20%
Pledged assets separately reported real estate pledged as collateral number | healthcareproperty	4
Mortgages | Variable interest mortgage note | Asset Pledged as Collateral
Debt
Financial instruments, owned, at fair value	$ 287,800,000	$ 295,500,000
Mortgages | Variable interest mortgage note | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt
Reference rate (as a percent)	1.85%
Mortgages | Variable interest mortgage note | London Interbank Offered Rate
Debt
Reference rate (as a percent)	2.75%
Revolving credit facility | $1.0 billion unsecured revolving credit facility due September 2025
Debt
Long-term debt, gross	$ 0	$ 193,000,000
Current borrowing capacity	$ 1,000,000,000			1,000,000,000
Revolving credit facility | $1.0 billion unsecured revolving credit facility due September 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	0.95%
Debt instrument, variable rate, index adjustment	0.10%
Revolving credit facility | $1.0 billion unsecured revolving credit facility due September 2025 | London Interbank Offered Rate
Debt
Reference rate (as a percent)		0.85%
Term Loan | $1.0 billion unsecured revolving credit facility due September 2025
Debt
Current borrowing capacity				$ 250,000,000
Term Loan | $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028
Debt
Long-term debt, gross	$ 400,000,000	$ 0	$ 400,000,000
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Interest rate (as a percent)	4.693%
Interest rate, before index rate adjustment	1.10%
Term Loan | $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Interest Rate	3.593%		3.593%
Debt instrument, variable rate, index adjustment	0.10%
Senior notes
Debt
Total debt	$ 1,500,000,000
Senior notes | $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027
Debt
Long-term debt, gross	400,000,000	400,000,000
Debt instrument, face amount	$ 400,000,000
Interest rate (as a percent)	4.30%
Senior notes | $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028
Debt
Long-term debt, gross	$ 350,000,000	350,000,000
Debt instrument, face amount	$ 350,000,000
Interest rate (as a percent)	3.95%
Senior notes | $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031
Debt
Long-term debt, gross	$ 500,000,000	500,000,000
Debt instrument, face amount	$ 500,000,000
Interest rate (as a percent)	2.625%
Senior notes | $135 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031
Debt
Long-term debt, gross	$ 135,000,000	150,000,000
Debt instrument, face amount	$ 135,000,000
Senior notes | $135 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031 | Minimum
Debt
Interest rate (as a percent)	4.43%
Senior notes | $135 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031 | Maximum
Debt
Interest rate (as a percent)	4.74%
Senior notes | $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027
Debt
Long-term debt, gross	$ 75,000,000	$ 75,000,000
Debt instrument, face amount	$ 75,000,000
Senior notes | $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 | Minimum
Debt
Interest rate (as a percent)	4.09%
Senior notes | $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 | Maximum
Debt
Interest rate (as a percent)	4.24%
Unsecured Debt | Interest Rate Swap
Debt
Interest Rate		1.43%
Unsecured Debt | 2018 Credit Agreement Amendment
Debt
Reference rate (as a percent)	1.90%

Debt - Additional Information (

Debt - Additional Information (Details)		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) extensionOption	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) extensionOption	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 24, 2023 USD ($)	Sep. 24, 2021 USD ($)
Debt
Total Notional Amount		$ 436,050,000		$ 436,050,000
Long-term debt		2,007,612,000		2,007,612,000		$ 1,818,117,000
Long-term debt, gross		2,024,427,000		2,024,427,000		1,832,929,000
Interest expense, debt		$ 19,900,000	$ 16,700,000	$ 38,500,000	$ 32,900,000
Interest Rate Swap, May 24, 2028
Debt
Derivative, fixed interest rate		3.59%		3.59%
Total Notional Amount		$ 400,000,000		$ 400,000,000
2021 Third Amended and Restated Credit Agreement
Debt
Current borrowing capacity								$ 1,250,000,000
Maximum borrowing capacity as a percentage of maximum principal amount								10%
Accordion feature, increase limit								$ 500,000,000
Maximum borrowing capacity under accordion feature								1,750,000,000
2023 First Amendment To The Third Amended And Restated Credit Agreement
Debt
Accordion feature, increase limit	$ 500,000,000
Unused fee (as a percent)				0.20%
2023 First Amendment To The Third Amended And Restated Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Debt instrument, variable rate, index adjustment	0.10%			0.10%
Reference rate (as a percent)				0.95%
Second Amendment To The Credit Agreement
Debt
Accordion feature, increase limit							$ 500,000,000
Line of credit facility, accordion feature, high borrowing capacity option							1,900,000,000
Revolving credit facility
Debt
Number of extension options | extensionOption		2		2
Term of extension option				6 months
Revolving credit facility | 2021 Third Amended and Restated Credit Agreement
Debt
Current borrowing capacity		$ 1,000,000,000		$ 1,000,000,000				1,000,000,000
Long-term debt, gross		0		$ 0		$ 193,000,000
Revolving credit facility | 2021 Third Amended and Restated Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Debt instrument, variable rate, index adjustment				0.10%
Reference rate (as a percent)				0.95%
Revolving credit facility | 2021 Third Amended and Restated Credit Agreement | London Interbank Offered Rate
Debt
Reference rate (as a percent)						0.85%
Term Loan | 2021 Third Amended and Restated Credit Agreement
Debt
Current borrowing capacity								$ 250,000,000
Term Loan | $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028
Debt
Debt instrument, face amount		$ 400,000,000		$ 400,000,000			400,000,000
Interest rate, before index rate adjustment		1.10%		1.10%
Interest rate (as a percent)		4.693%		4.693%
Long-term debt, gross		$ 400,000,000		$ 400,000,000		$ 0	$ 400,000,000
Term Loan | $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Debt instrument, variable rate, index adjustment				0.10%
Derivative, fixed interest rate		3.593%		3.593%			3.593%
Senior notes
Debt
Long-term debt		$ 1,500,000,000		$ 1,500,000,000
Senior notes | Senior Notes Due 2025
Debt
Long-term debt		25,000,000		25,000,000
Senior notes | Senior Notes Due 2026
Debt
Long-term debt		70,000,000		70,000,000
Senior notes | Senior Notes Due 2027
Debt
Long-term debt		425,000,000		425,000,000
Senior notes | Senior Notes Due 2028
Debt
Long-term debt		395,000,000		395,000,000
Senior notes | Senior Notes Due 2031
Debt
Long-term debt		$ 545,000,000		$ 545,000,000
Operating Partnership | Revolving credit facility
Debt
Interest rate at end of period (as a percent)		4.04%		4.04%
Operating Partnership | Revolving credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)				5.09%
Operating Partnership | Revolving credit facility | London Interbank Offered Rate
Debt
Reference rate (as a percent)				5.18%

Debt - Trust Investment Grade R

Debt - Trust Investment Grade Rating (Details)	6 Months Ended
	Jun. 30, 2023
At Least A- or A3 | Adjusted SOFR rate loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	0.725%
At Least A- or A3 | Adjusted SOFR rate term loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	0.85%
At Least BBB+ or Baa1 | Adjusted SOFR rate loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	0.775%
At Least BBB+ or Baa1 | Adjusted SOFR rate term loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	0.90%
At Least BBB or Baa2 | Adjusted SOFR rate loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	0.85%
At Least BBB or Baa2 | Adjusted SOFR rate term loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	1%
At Least BBB- or Baa3 | Adjusted SOFR rate loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	1.05%
At Least BBB- or Baa3 | Adjusted SOFR rate term loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	1.25%
Below BBB- or Baa3 | Adjusted SOFR rate loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	1.40%
Below BBB- or Baa3 | Adjusted SOFR rate term loans and letter of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Reference rate (as a percent)	1.65%
Applicable Margin for Revolving Loans: Base Rate Loans | At Least A- or A3 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0%
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB+ or Baa1 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0%
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB or Baa2 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0%
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB- or Baa3 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0.05%
Applicable Margin for Revolving Loans: Base Rate Loans | Below BBB- or Baa3 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0.40%
Term Loan | At Least A- or A3 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0%
Term Loan | At Least BBB+ or Baa1 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0%
Term Loan | At Least BBB or Baa2 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0%
Term Loan | At Least BBB- or Baa3 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0.25%
Term Loan | Below BBB- or Baa3 | Base rate loans | Base rate
Debt
Reference rate (as a percent)	0.65%

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 505
2024	59,719
2025	25,476
2026	170,476
2027	425,476
Thereafter	1,342,775
Total Payments	$ 2,024,427	$ 1,832,929

Derivatives - Additional Inform

Derivatives - Additional Information (Details)	Jun. 30, 2023 instrument
Derivative Instrument Detail [Abstract]
Number of Instruments	4

Derivatives - Location and Aggr

Derivatives - Location and Aggregate Fair Value of Interest Rate Swaps (Details) $ in Thousands	Jun. 30, 2023 USD ($) instrument
Derivative [Line Items]
Number of Instruments | instrument	4
Total Notional Amount	$ 436,050
Fair Value	$ 6,749
Interest Rate Swap, May 24, 2028
Derivative [Line Items]
Number of Instruments | instrument	3
Total Notional Amount	$ 400,000
Interest Rate	3.59%
Fair Value	$ 4,922
Interest Rate Swap, October 31, 2024
Derivative [Line Items]
Number of Instruments | instrument	1
Total Notional Amount	$ 36,050
Interest Rate	1.90%
Fair Value	$ 1,827

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Expense and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Prepaid rent	$ 25,113	$ 21,062
Real estate taxes payable	22,102	23,303
Accrued interest	18,684	18,196
Accrued expenses	7,226	7,920
Security deposits	4,539	4,338
Accrued incentive compensation	3,422	2,700
Tenant improvement allowances	1,853	1,831
Other	10,493	8,370
Total	$ 93,432	$ 87,720

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details)	May 03, 2023 shares
2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares authorized (in shares)	11,000,000

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Common Shares (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash share compensation				$ 8,322	$ 8,051
2013 Plan | Restricted common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				342,939
Non-cash share compensation		$ 1,200	$ 1,000	$ 2,300	$ 1,900
Unrecognized compensation expense		$ 4,100		$ 4,100
2013 Plan | Restricted common shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
2013 Plan | Restricted common shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
2013 Plan, Salary Deferral Program | Restricted common shares | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
2013 Plan, Salary Deferral Program | Restricted common shares | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Officers and Certain Employees | 2013 Plan | Restricted common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				342,939
Grant date value				$ 5,000

Stock-based Compensation - Summ

Stock-based Compensation - Summary of the Status of the Trust's Non-Vested Restricted Common Shares (Details) - 2013 Plan - Restricted common shares	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Common Shares
Non-vested at the beginning of the period (in shares) | shares	272,898
Granted (in shares) | shares	342,939
Vested (in shares) | shares	(239,602)
Forfeited (in shares) | shares	(364)
Non-vested at the end of the period (in shares) | shares	375,871
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) | $ / shares	$ 16.69
Granted (in dollars per share) | $ / shares	14.57
Vested (in dollars per share) | $ / shares	16.54
Forfeited (in dollars per share) | $ / shares	17.45
Non-vested at end of period (in dollars per share) | $ / shares	$ 14.84

Stock-based Compensation - Re_2

Stock-based Compensation - Restricted Share Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash share compensation						$ 8,322	$ 8,051
2013 Plan | Restricted share units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of dividend equivalent included in each award (in shares)	1			1
Non-cash share compensation			$ 2,400		$ 2,800	5,900	$ 6,100
Unrecognized compensation expense			$ 14,100			$ 14,100
2013 Plan | Performance based restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance conditions grant date fair value (in dollars per share)				$ 14.70
Granted (in dollars per share)				15.90
2013 Plan | Market Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)				$ 18.71
Officers and Certain Employees | 2013 Plan | Restricted share units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	355,388
Vesting period	3 years	1 year
Officers and Certain Employees | 2013 Plan | Performance based restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				70%
Officers and Certain Employees | 2013 Plan | Market Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				30%
Trustees | 2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		11,274
Trustees | 2013 Plan | Restricted share units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	62,586
Vesting period	2 years
Number of dividend equivalent included in each award (in shares)		1
Trustees | 2013 Plan | Performance based restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance conditions grant date fair value (in dollars per share)		$ 14.47
Percentage of restricted share units issued to trustees				100%

Stock-based Compensation - Re_3

Stock-based Compensation - Restricted Share Assumptions (Details) - 2013 Plan - Restricted share units (RSUs)	1 Months Ended
	Mar. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	23.40%
Expected term in years	2 years 9 months 29 days
Risk-free rate	4.70%
Share price (per share)	$ 14.70

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Activity in the Trust's Restricted Share Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value
Common stock, shares issued (in shares)	238,451,853	233,292,030
2013 Plan | Executive Awards
Restricted Share Units
Non-vested at the beginning of the period (in shares)	1,046,940
Granted (in shares)	355,388
Vested (in shares)	(223,579)
Non-vested at the end of the period (in shares)	1,178,749
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 21.41
Granted (in dollars per share)	15.90
Vested (in dollars per share)	24.36
Non-vested at end of period (in dollars per share)	$ 19.19
Common stock, shares issued (in shares)	652,851
Restricted stock, shares issued net of shares for tax withholdings (in shares)	290,380
2013 Plan | Trustee Awards
Restricted Share Units
Non-vested at the beginning of the period (in shares)	77,992
Granted (in shares)	73,860
Vested (in shares)	(49,890)
Non-vested at the end of the period (in shares)	101,962
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 16.60
Granted (in dollars per share)	14.66
Vested (in dollars per share)	16.74
Non-vested at end of period (in dollars per share)	$ 15.13

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2023 instrument asset
Fair value of other financial instruments
Number of Instruments | instrument	4
Fair value, measurements, nonrecurring
Fair value of other financial instruments
Number of assets measured at fair value | asset	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Notes receivable, net	$ 365	$ 370
Fair Value	6,749
Liabilities:
Credit facility	(392,524)	(188,328)
Notes payable	(1,451,162)	(1,465,437)
Mortgage debt	(163,926)	(164,352)
Carrying Amount
Assets:
Real estate loans receivable, net	88,970	104,973
Notes receivable, net	365	370
Liabilities:
Credit facility	(400,000)	(193,000)
Notes payable	(1,460,000)	(1,475,000)
Mortgage debt	(164,427)	(164,929)
Carrying Amount | Interest Rate Swap
Assets:
Fair Value	6,749	2,045
Fair Value
Assets:
Real estate loans receivable, net	87,036	102,162
Notes receivable, net	365	370
Liabilities:
Credit facility	(400,000)	(193,000)
Notes payable	(1,284,250)	(1,302,767)
Mortgage debt	(162,649)	(163,129)
Fair Value | Interest Rate Swap
Assets:
Fair Value	$ 6,749	$ 2,045

Tenant Operating Leases - Sched

Tenant Operating Leases - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
2023	$ 185,592		$ 185,592
2024	358,748		358,748
2025	340,921		340,921
2026	289,769		289,769
2027	232,726		232,726
Thereafter	802,665		802,665
Total	2,210,421		2,210,421
Operating lease, lease income	131,200	$ 129,300	262,600	$ 257,100
Operating lease, variable lease income	$ 37,600	$ 35,800	$ 75,400	$ 71,000

Rent Expense - Additional Infor

Rent Expense - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) lease property
Leases [Abstract]
Number of properties subject to parking lease	2
Number of properties subject to air space lease	1
Number of properties subject to ground leases	97
Number of office space leases | lease	9
Maximum lease terms	92 years
Operating lease, weighted average remaining lease term	43 years
Operating lease, weighted average discount rate, percent	4.40%
Fixed lease cost | $	$ 1,649

Rent Expense - Schedule of Futu

Rent Expense - Schedule of Future Minimum Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 2,216
2024	4,819
2025	4,798
2026	4,787
2027	4,789
Thereafter	239,130
Total undiscounted lease payments	260,539
Less: Interest	(155,843)
Present value of lease liabilities	$ 104,696	$ 105,011

Rent Expense - Lease Cost (Deta

Rent Expense - Lease Cost (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Leases [Abstract]
Fixed lease cost	$ 1,649
Variable lease cost	672
Total lease cost	$ 2,321

Credit Concentration - Schedule

Credit Concentration - Schedule of ABR (Annualized Base Rent) (Details) - Sales Revenue, Services, Net	6 Months Ended
	Jun. 30, 2023 USD ($) Rate
Customer Concentration Risk
Concentration Risk [Line Items]
Total ABR	$ 366,390,000
Percent of ABR | Rate	100%
Customer Concentration Risk | CommonSpirit - CHI - Nebraska
Concentration Risk [Line Items]
Total ABR	$ 18,615,000
Percent of ABR | Rate	5.10%
Customer Concentration Risk | Northside Hospital
Concentration Risk [Line Items]
Total ABR	$ 16,409,000
Percent of ABR | Rate	4.50%
Customer Concentration Risk | UofL Health - Louisville, Inc.
Concentration Risk [Line Items]
Total ABR	$ 14,637,000
Percent of ABR | Rate	4%
Customer Concentration Risk | HonorHealth
Concentration Risk [Line Items]
Total ABR	$ 11,310,000
Percent of ABR | Rate	3.10%
Customer Concentration Risk | US Oncology
Concentration Risk [Line Items]
Total ABR	$ 11,024,000
Percent of ABR | Rate	3%
Customer Concentration Risk | Remaining portfolio
Concentration Risk [Line Items]
Total ABR	$ 294,395,000
Percent of ABR | Rate	80.30%
Geographic Concentration Risk
Concentration Risk [Line Items]
Total ABR	$ 366,390,000
Percent of ABR | Rate	100%
Geographic Concentration Risk | Texas
Concentration Risk [Line Items]
Total ABR	$ 49,041,000
Percent of ABR	13.40%
Geographic Concentration Risk | Georgia
Concentration Risk [Line Items]
Total ABR	$ 26,949,000
Percent of ABR	7.40%
Geographic Concentration Risk | Florida
Concentration Risk [Line Items]
Total ABR	$ 25,667,000
Percent of ABR	7%
Geographic Concentration Risk | Indiana
Concentration Risk [Line Items]
Total ABR	$ 23,729,000
Percent of ABR	6.50%
Geographic Concentration Risk | Arizona
Concentration Risk [Line Items]
Total ABR	$ 21,668,000
Percent of ABR	5.90%
Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Total ABR	$ 219,336,000
Percent of ABR	59.80%

Credit Concentration - Addition

Credit Concentration - Additional Information (Details) - Sales Revenue, Services, Net - Customer Concentration Risk	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023 Rate
Concentration Risk [Line Items]
Percent of ABR		100%
Top five tenant relationships
Concentration Risk [Line Items]
Percent of ABR	19.70%
CHI Portfolio
Concentration Risk [Line Items]
Percent of ABR	14.90%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share and Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for earnings per share - basic:
Net income		$ 13,085	$ 17,932	$ 23,754	$ 31,875
Net income attributable to noncontrolling interests:
Operating Partnership		(515)	(886)	(938)	(1,578)
Partially owned properties	[1]	(26)	(155)	(70)	(314)
Net income attributable to common shareholders		12,544	16,891	22,746	29,983
Numerator for earnings per share - diluted:
Numerator for earnings per share - basic		12,544	16,891	22,746	29,983
Noncontrolling interest - Operating Partnership income		515	886	938	1,578
Numerator for earnings per share - diluted		$ 13,059	$ 17,777	$ 23,684	$ 31,561
Denominator for earnings per share - basic and diluted:
Weighted average number of shares outstanding - basic (in shares)		238,399,653	225,617,275	237,944,378	225,344,756
Effect of dilutive securities:
Noncontrolling interest - Operating Partnership units (in shares)		9,838,203	11,914,523	9,840,200	11,913,318
Denominator for earnings per share - diluted (in shares)		249,228,221	239,006,973	249,069,697	238,738,465
Earnings per share - basic (in dollars per share)		$ 0.05	$ 0.07	$ 0.10	$ 0.13
Earnings per share - diluted (in dollars per share)		$ 0.05	$ 0.07	$ 0.10	$ 0.13
Restricted common shares
Effect of dilutive securities:
Restricted common shares/units (in shares)		49,891	52,843	112,101	102,651
Restricted share units
Effect of dilutive securities:
Restricted common shares/units (in shares)		940,474	1,422,332	1,173,018	1,377,740
[1]Includes amounts attributable to redeemable noncontrolling interests.

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions	Jul. 20, 2023 USD ($)
Subsequent Event | Medical Facility, Palos Heights, Illinois
Subsequent Event [Line Items]
Asset acquisition, consideration transferred	$ 2.6