P 
Physicians Realty Trust DOC · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
20.62
+1.78%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.82bn
FY2016FY2025
Net income
$71.3m
FY2016FY2025
Free cash flow
$1.12bn
FY2016FY2025
Shareholders' equity
$7.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.82bn | $2.70bn | $2.18bn | $2.06bn | $1.90bn | $1.64bn | $1.24bn | $1.19bn | $1.85bn | $2.13bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 |
| Operating income | $544.1m | $471.2m | $433.9m | $529.5m | $340.3m | $215.1m | $306.9m | $577.6m | $558.6m | $719.2m |
| Net income | $71.3m | $243.1m | $306.0m | $500.4m | $505.5m | $413.6m | $45.5m | $1.06bn | $414.2m | $627.7m |
| Diluted earnings per share | 0.10 | 0.35 | 0.56 | 0.93 | 0.94 | 0.77 | 0.23 | 5.65 | 0.88 | 1.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $20.34bn | $19.94bn | $15.70bn | $15.77bn | $15.26bn | $15.92bn | $4.35bn | $4.14bn | $4.16bn | $2.89bn |
| Cash and short-term investments | $537.7m | $119.8m | $117.6m | $72.0m | $158.3m | $44.2m | $2.4m | $19.2m | $2.7m | $15.5m |
| Total liabilities | $12.03bn | $10.88bn | $8.77bn | $8.48bn | $8.11bn | $8.57bn | $1.84bn | $1.67bn | $1.60bn | $1.08bn |
| Debt | $9.85bn | $8.72bn | $6.88bn | $6.50bn | $6.17bn | $6.30bn | $6.35bn | $5.57bn | $7.88bn | $9.19bn |
| Shareholders' equity | $7.50bn | $8.40bn | $6.35bn | $6.65bn | $6.52bn | $6.73bn | $2.51bn | $2.47bn | $2.56bn | $1.81bn |
| Shares outstanding | 696m | 700m | 547m | 538m | 540m | 538m | 195m | 188m | 469m | 468m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.25bn | $1.07bn | $956.2m | $900.3m | $795.2m | $758.4m | $846.1m | $848.7m | $847.0m | $1.21bn |
| Capital spending | −$134.0m | −$115.8m | −$113.6m | −$108.5m | −$111.5m | −$639.3m | −$2.00bn | −$34.6m | −$23.2m | −$11.3m |
| Free cash flow | $1.12bn | $954.7m | $842.6m | $791.8m | $683.8m | $119.1m | −$1.15bn | $814.1m | $823.8m | $1.20bn |
| Dividends paid | −$849.1m | −$794.8m | −$657.0m | −$648.0m | −$650.1m | −$787.1m | −$720.1m | −$696.9m | −$695.0m | −$979.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $771.6m | $753.0m | $719.4m | $705.9m | $694.3m | $702.9m | $698.0m | $700.4m |
| Operating income | $154.1m | $287.2m | $145.8m | $131.7m | $116.5m | $127.0m | $122.6m | $172.6m |
| Net income | $63.2m | $193.6m | $114.0m | −$117.1m | $31.7m | $42.8m | $4.5m | $85.9m |
| Diluted earnings per share | 0.09 | 0.28 | 0.16 | -0.17 | 0.05 | 0.06 | 0.01 | 0.12 |
| Cash from operations | $361.0m | $260.0m | $294.0m | $314.0m | $363.0m | $279.0m | $283.0m | $318.0m |
| Capital spending | −$883.0m | −$23.0m | −$57.0m | −$27.0m | −$25.0m | −$203.0m | −$604.0m | −$23.0m |
| Free cash flow | −$522.0m | $237.0m | $237.0m | $287.0m | $338.0m | $76.0m | −$321.0m | $295.0m |
| Total assets | $21.68bn | $21.62bn | $20.34bn | $19.58bn | $19.81bn | $19.82bn | $19.94bn | $19.97bn |
| Cash and short-term investments | $1.63bn | $1.17bn | $537.7m | $91.0m | $89.4m | $70.6m | $119.8m | $180.4m |
| Debt | $9.29bn | $9.56bn | $9.85bn | $9.50bn | $9.82bn | $9.04bn | $8.06bn | $8.58bn |
| Shareholders' equity | $7.84bn | $7.83bn | $7.50bn | $7.60bn | $7.93bn | $8.19bn | $8.40bn | $8.56bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 19.3% | 17.4% | 19.9% | 25.7% | 17.9% | 13.1% | — | — |
| Net margin | 2.5% | 9.0% | 14.0% | 24.3% | 26.7% | 25.1% | — | — |
| Return on equity | 1.0% | 2.9% | 4.8% | 7.5% | 7.8% | 6.1% | — | — |
| Return on assets | 0.4% | 1.2% | 1.9% | 3.2% | 3.3% | 2.6% | — | — |
| Free cash flow yield | 10.2% | 8.7% | 10.0% | 9.6% | 8.6% | 13.3% | — | — |
| Revenue growth | 4.5% | 23.8% | 5.8% | 8.7% | 15.3% | 32.6% | — | — |
| Earnings growth | -70.7% | -20.5% | -38.9% | -1.0% | 22.2% | 808.3% | — | — |
| Current ratio | 1.09x | 1.13x | 0.41x | 0.34x | 0.37x | 2.28x | — | — |
| Debt to equity | 1.30x | 1.04x | 1.08x | 0.98x | 0.95x | 0.95x | — | — |
| Equity ratio | 36.9% | 42.1% | 40.5% | 42.2% | 42.7% | 42.3% | — | — |
| Interest coverage | 1.78x | 1.68x | 2.17x | 3.06x | 2.15x | 0.99x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.5% | -27.8% | -1.7% | 0.2% | -0.2% | -7.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.0% | 11.4% | 3.8% |
| Operating income | 0.9% | 20.4% | -2.9% |
| Net income | -47.8% | -29.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.4% | 20.3% | 19.0% | 25.1% |
| Net margin | 5.7% | 11.5% | 15.3% | 16.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 157.2 | 58.3 | 23.8 | 15.6 | 20.1 | 23.2 | 81.1 | 2.8 | 20.4 | 14.1 |
| Price to sales | 4.0 | 5.3 | 3.3 | 3.8 | 5.4 | 5.8 | 3.0 | 2.5 | 4.6 | 4.2 |
Market value over time
30 Nov 2016 to 2 Oct 2026, in USD
$13.82bn$13.45bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -18% | 50% | -9% | -19% | 0% | -4% | 14% | -8% | -5% | 13% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 19 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.019 | 1.22 | 1.20 | 2.12 | 2.474 | 2.12 | 2.40 | 2.40 |
- 2-for-1 split · 2 Mar 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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