Physicians Realty Trust
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Physicians Realty Trust is a self-managed healthcare real estate company organized to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The last earnings update was 15 days ago. More info.
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DOC Share Price and Events
7 Day Returns
1 Year Returns
DOC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Physicians Realty Trust (DOC) | 2.7% | 2.4% | -1.7% | 25.8% | -1.3% | 43% |
| US REITs | 0.2% | -1.4% | 3.2% | 13% | 8.8% | 24% |
| US Market | -3.9% | -3.6% | 1.8% | 1.4% | 35.8% | 40.8% |
1 Year Return vs Industry and Market
- DOC outperformed the REITs industry which returned 13% over the past year.
- DOC outperformed the Market in United States of America which returned 1.4% over the past year.
DOC Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Physicians Realty Trust
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Physicians Realty Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 9 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.6% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (46.41%)) |
0.817 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.82 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.817 * 5.96%) |
7.6% |
Discounted Cash Flow Calculation for NYSE:DOC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Physicians Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Physicians Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.6%) |
|
|---|---|---|---|
| 2019 | 185.16 | Analyst x9 | 172.09 |
| 2020 | 197.79 | Analyst x10 | 170.85 |
| 2021 | 229.25 | Analyst x2 | 184.04 |
| 2022 | 251.65 | Analyst x1 | 187.76 |
| 2023 | 263.34 | Analyst x1 | 182.61 |
| 2024 | 282.66 | Est @ 7.33% | 182.16 |
| 2025 | 299.48 | Est @ 5.95% | 179.38 |
| 2026 | 314.41 | Est @ 4.99% | 175.03 |
| 2027 | 327.96 | Est @ 4.31% | 169.68 |
| 2028 | 340.54 | Est @ 3.84% | 163.75 |
| Present value of next 10 years cash flows | $1,767.33 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $340.54 × (1 + 2.73%) ÷ (7.6% – 2.73%) |
$7,188.07 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $7,188.07 ÷ (1 + 7.6%)10 |
$3,456.32 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $1,767.33 + $3,456.32 |
$5,223.65 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $5,223.65 / 189.26 |
$27.71 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $27.71 |
| Current discount | Discount to share price of
$18.36
= -1 x ($18.36 - $27.71) / $27.71 |
33.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Physicians Realty Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Physicians Realty Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Physicians Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Physicians Realty Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $0.30 |
| NYSE:DOC Share Price ** | NYSE (2019-05-15) in USD | $18.36 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.37x |
| United States of America Market PE Ratio | Median Figure of 3,087 Publicly-Listed Companies | 17.79x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Physicians Realty Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:DOC Share Price ÷ EPS (both in USD) = 18.36 ÷ 0.30 |
60.58x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Physicians Realty Trust is overvalued based on earnings compared to the US REITs industry average.
- Physicians Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Physicians Realty Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 60.58x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts |
8.1%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 1.91x |
| United States of America Market PEG Ratio | Median Figure of 2,113 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 60.58x ÷ 8.1% |
7.47x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Physicians Realty Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Physicians Realty Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $12.90 |
| NYSE:DOC Share Price * | NYSE (2019-05-15) in USD | $18.36 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,195 Publicly-Listed Companies | 1.83x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:DOC Share Price ÷ Book Value per Share (both in USD) = 18.36 ÷ 12.90 |
1.42x |
* Primary Listing of Physicians Realty Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Physicians Realty Trust is good value based on assets compared to the US REITs industry average.
Value checks
We assess Physicians Realty Trust's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Physicians Realty Trust has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
DOC Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Physicians Realty Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Physicians Realty Trust's earnings growth is positive but not above the United States of America market average.
- Physicians Realty Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:DOC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts | 8.1% |
| NYSE:DOC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts | 4.6% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.2% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 515 | 78 | 1 | |
| 2022-12-31 | 492 | 72 | 1 | |
| 2021-12-31 | 471 | 61 | 3 | |
| 2020-12-31 | 447 | 56 | 9 | |
| 2019-12-31 | 426 | 53 | 9 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 423 | 55 | |
| 2018-12-31 | 423 | 209 | 55 |
| 2018-09-30 | 413 | 198 | 54 |
| 2018-06-30 | 403 | 194 | 43 |
| 2018-03-31 | 372 | 187 | 42 |
| 2017-12-31 | 344 | 180 | 37 |
| 2017-09-30 | 318 | 166 | 36 |
| 2017-06-30 | 294 | 156 | 33 |
| 2017-03-31 | 271 | 141 | 30 |
| 2016-12-31 | 241 | 127 | 28 |
| 2016-09-30 | 207 | 109 | 25 |
| 2016-06-30 | 173 | 98 | 19 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
All data from Physicians Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 0.27 | 0.29 | 0.25 | 2.00 |
| 2020-12-31 | 0.28 | 0.35 | 0.24 | 7.00 |
| 2019-12-31 | 0.28 | 0.30 | 0.26 | 5.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.30 |
| 2018-12-31 | 0.30 |
| 2018-09-30 | 0.30 |
| 2018-06-30 | 0.24 |
| 2018-03-31 | 0.24 |
| 2017-12-31 | 0.23 |
| 2017-09-30 | 0.23 |
| 2017-06-30 | 0.23 |
| 2017-03-31 | 0.22 |
| 2016-12-31 | 0.22 |
| 2016-09-30 | 0.22 |
| 2016-06-30 | 0.20 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Physicians Realty Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Physicians Realty Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Physicians Realty Trust has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
DOC Past Performance
How has Physicians Realty Trust performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Physicians Realty Trust has delivered over 20% year on year earnings growth in the past 5 years.
- Physicians Realty Trust's 1-year earnings growth is less than its 5-year average (32.7% vs 55.2%)
- Physicians Realty Trust's earnings growth has exceeded the US REITs industry average in the past year (32.7% vs 16%).
Earnings and Revenue History
All data from Physicians Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 422.81 | 55.24 | 29.33 | |
| 2018-12-31 | 422.66 | 54.89 | 28.82 | |
| 2018-09-30 | 412.52 | 53.97 | 28.27 | |
| 2018-06-30 | 402.69 | 43.28 | 27.54 | |
| 2018-03-31 | 372.31 | 41.65 | 26.68 | |
| 2017-12-31 | 343.92 | 37.42 | 22.96 | |
| 2017-09-30 | 317.94 | 35.70 | 21.28 | |
| 2017-06-30 | 294.12 | 33.11 | 20.34 | |
| 2017-03-31 | 270.70 | 29.93 | 19.01 | |
| 2016-12-31 | 240.91 | 28.12 | 18.40 | |
| 2016-09-30 | 206.80 | 25.45 | 17.51 | |
| 2016-06-30 | 172.66 | 19.42 | 16.61 | |
| 2016-03-31 | 149.01 | 15.51 | 15.68 | |
| 2015-12-31 | 129.38 | 10.60 | 14.91 | |
| 2015-09-30 | 108.67 | 7.16 | 12.13 | |
| 2015-06-30 | 87.81 | 1.67 | 12.56 | |
| 2015-03-31 | 69.76 | -1.47 | 10.98 | |
| 2014-12-31 | 53.27 | -4.04 | 9.64 | |
| 2014-09-30 | 40.15 | -6.25 | 10.57 | |
| 2014-06-30 | 29.69 | -4.73 | 7.41 | |
| 2014-03-31 | 21.49 | -4.45 | 5.11 | |
| 2013-12-31 | 16.80 | -1.66 | 3.21 | |
| 2013-09-30 | 13.75 | -2.37 | 1.58 | |
| 2013-06-30 | 13.13 | -2.38 | 0.40 | |
| 2013-03-31 | 13.00 | -2.54 | -0.84 | |
| 2012-12-31 | 12.95 | -2.86 | 0.36 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Physicians Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Physicians Realty Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Physicians Realty Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Physicians Realty Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Physicians Realty Trust has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
DOC Health
How is Physicians Realty Trust's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Physicians Realty Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- Physicians Realty Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Physicians Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Physicians Realty Trust Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 2,467.21 | 1,606.53 | 5.05 |
| 2018-12-31 | 2,476.08 | 1,532.85 | 34.28 |
| 2018-09-30 | 2,510.73 | 1,522.41 | 25.66 |
| 2018-06-30 | 2,527.00 | 1,565.60 | 29.52 |
| 2018-03-31 | 2,554.77 | 1,587.59 | 25.53 |
| 2017-12-31 | 2,559.98 | 1,477.47 | 17.42 |
| 2017-09-30 | 2,549.14 | 1,172.22 | 17.68 |
| 2017-06-30 | 2,159.00 | 1,397.22 | 25.19 |
| 2017-03-31 | 2,104.47 | 1,006.68 | 132.79 |
| 2016-12-31 | 1,814.37 | 991.16 | 29.37 |
| 2016-09-30 | 1,800.49 | 786.40 | 8.40 |
| 2016-06-30 | 1,824.15 | 633.54 | 37.95 |
| 2016-03-31 | 1,416.63 | 380.16 | 22.91 |
| 2015-12-31 | 1,111.57 | 483.62 | 3.14 |
| 2015-09-30 | 871.49 | 568.20 | 4.72 |
| 2015-06-30 | 883.88 | 286.77 | 22.55 |
| 2015-03-31 | 876.00 | 156.95 | 35.77 |
| 2014-12-31 | 569.21 | 216.11 | 15.92 |
| 2014-09-30 | 535.66 | 153.42 | 17.03 |
| 2014-06-30 | 376.07 | 79.29 | 6.70 |
| 2014-03-31 | 231.80 | 159.74 | 10.09 |
| 2013-12-31 | 240.84 | 43.22 | 56.48 |
| 2013-09-30 | 232.95 | 39.98 | 13.41 |
| 2013-06-30 | 18.20 | 84.25 | 2.37 |
| 2013-03-31 | 18.62 | 84.83 | 2.66 |
| 2012-12-31 | 19.10 | 85.13 | 2.61 |
- Physicians Realty Trust's level of debt (65.1%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (68.1% vs 65.1% today).
- Debt is not well covered by operating cash flow (13%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Physicians Realty Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Physicians Realty Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
DOC Dividends
What is Physicians Realty Trust's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Physicians Realty Trust
shares you are expected to receive
$100
in your first year as a dividend.
Dividend Amount
- Physicians Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- Physicians Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.93 | 2.00 |
| 2022-12-31 | 0.93 | 2.00 |
| 2021-12-31 | 0.94 | 4.00 |
| 2020-12-31 | 0.93 | 11.00 |
| 2019-12-31 | 0.92 | 9.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-28 | 0.920 | 5.046 |
| 2018-12-21 | 0.920 | 5.242 |
| 2018-09-19 | 0.920 | 5.475 |
| 2018-06-21 | 0.920 | 5.585 |
| 2018-03-23 | 0.920 | 6.121 |
| 2017-12-21 | 0.920 | 5.805 |
| 2017-09-21 | 0.920 | 5.134 |
| 2017-06-12 | 0.920 | 4.841 |
| 2017-03-17 | 0.900 | 4.518 |
| 2016-12-22 | 0.900 | 4.742 |
| 2016-09-26 | 0.900 | 4.709 |
| 2016-06-23 | 0.900 | 4.270 |
| 2016-03-18 | 0.900 | 4.761 |
| 2016-01-04 | 0.900 | 5.279 |
| 2015-09-28 | 0.900 | 5.670 |
| 2015-07-01 | 0.900 | 5.866 |
| 2015-05-08 | 0.900 | 5.608 |
| 2015-05-07 | 0.900 | 5.431 |
| 2014-12-30 | 0.900 | 5.301 |
| 2014-09-26 | 0.900 | 5.946 |
| 2014-06-27 | 0.900 | 6.287 |
| 2014-03-27 | 0.900 | 6.603 |
| 2013-12-30 | 0.900 | 6.952 |
| 2013-09-30 | 0.900 | 7.305 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Physicians Realty Trust has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Physicians Realty Trust only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of
Physicians Realty Trust's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.2x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (238.1x coverage).
Income/ dividend checks
We assess Physicians Realty Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Physicians Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Physicians Realty Trust has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
DOC Management
CEO
| COMPENSATION | $4,141,269 |
| AGE | 52 |
| TENURE AS CEO | 6.3 years |
CEO Bio
Mr. John T. Thomas is Physicians Realty Trust’s President and Chief Executive Officer and also serves on its Board. Mr. Thomas has been an Executive Officer and Trustee of Physicians Realty Trust since April 2013. Mr. Thomas was the Executive Vice President-Medical Facilities Group for Welltower Inc. (formerly known as Health Care REIT Inc.). During that three and a half year time frame, Mr. Thomas’ group expanded WELL’s medical office building portfolio from 128 properties to 210 properties with rentable square feet growing from 5.6 million to 13 million and the percentage of medical office buildings affiliated with healthcare delivery systems growing from 62% to approximately 90%, while occupancy for the medical office buildings improved from 90% to almost 94% during this period. The medical facilities division’s annualized net operating income increased from $131 million in 2008 to more than $350 million while Mr. Thomas led WELL’s medical facilities division. From July 2012 to July 2013, Mr. Thomas was self-employed as a healthcare consultant and lawyer. Mr. Thomas has relationships with over 25 national operators and healthcare delivery systems with whom he has worked to develop and acquire healthcare facilities occupied by these healthcare delivery systems and operators. Prior to WELL, Mr. Thomas served as President, Chief Development Officer and Business Counsel of Cirrus Health from August 2005 to December 2008, where he led efforts to acquire and manage four hospitals and an endoscopy center, as well as efforts to develop other facilities. From October 2000 to July 2005, he served as Senior Vice President and General Counsel for Baylor Health Care System in Dallas, Texas. As General Counsel for Baylor Health Care System, he was responsible for legal and government affairs. Mr. Thomas has been recognized for his team’s advocacy work on Texas H.B. 3 and Proposition 12, the 2003 Texas legislative and constitutional amendment efforts to increase patient access to physicians and care through reforms to Texas’ medical malpractice laws. He was also Co-Founder and Chairman of the Coalition for Affordable and Reliable Healthcare, a national coalition to reform medical malpractice laws through federal legislation. Mr. Thomas has testified before the Ways and Means Committee and Energy and Commerce Committee of the U.S. House of Representatives and a sub-committee of the U.S. Senate’s Homeland Security Committee, all related to health care policy. From April 1997 to October 2000, he served as General Counsel and Secretary for Unity Health System, a five hospital division of the Sisters of Mercy Health System in St. Louis, MO, where he oversaw legal affairs for the healthcare delivery system and its operating subsidiaries. Mr. Thomas has served on the Board of Directors of Education Realty Trust, Inc. since October 2016. He also serves on the Board of Trustees for the Jacksonville State University Foundation. Mr. Thomas began his career as a tax lawyer at Milbank, Tweed, Hadley and McCoy in New York, NY in 1990, and was elected a partner at Sonnenschein, Nath and Rosenthal (now Dentons) in April 1997. Mr. Thomas received his J.D. from Vanderbilt University Law School and his B.S. in Economics from Jacksonville State University, where he was a scholarship letterman on the football team and was a member of the Academic All-Conference Team. Mr. Thomas graduated with Distinction and Special Honors in Economics.
CEO Compensation
- John's compensation has been consistent with company performance over the past year.
- John's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Physicians Realty Trust management team in years:
- The tenure for the Physicians Realty Trust management team is about average.
Management Team
John Thomas
President
$4M
52
6.3 yrs
Jeff Theiler
Executive VP
$2M
44
4.8 yrs
Del Mar Taylor
Executive VP & Chief Investment Officer
$2M
61
2.3 yrs
Bradley Page
Senior VP & General Counsel
$1M
57
4.3 yrs
John Lucey
Chief Accounting & Administrative Officer
$1M
56
2.5 yrs
Daniel Klein
Senior VP of Investments & Deputy Chief Investment Officer
$1M
53
2.3 yrs
Laurie Becker
Senior VP & Controller
39
Board of Directors Tenure
Average tenure and age of the Physicians Realty Trust board of directors in years:
- The tenure for the Physicians Realty Trust board of directors is about average.
Board of Directors
Tommy Thompson
Non-Executive Chairman of the Board
$286K
76
5.8 yrs
John Thomas
President
$4M
52
6.1 yrs
Stanton Anderson
$187K
78
5.8 yrs
Mark Baumgartner
$207K
63
5.8 yrs
Albert Black
$187K
59
5.8 yrs
Richard Weiss
$187K
72
5.8 yrs
William Ebinger
$167K
64
5.8 yrs
Pam Shelley-Kessler
$160K
52
1.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Physicians Realty Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Physicians Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
DOC News
Simply Wall St News
Is Physicians Realty Trust (NYSE:DOC) A Smart Pick For Income Investors?
Is Physicians Realty Trust (NYSE:DOC) a good dividend stock? … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Physicians Realty Trust has grown its earnings per share at 51% per annum over the past five years. … Physicians Realty Trust's is paying out more than half its income as dividends, but at least the dividend is covered both by reported earnings and cashflow.
Simply Wall St - – Full articleIs Physicians Realty Trust's (NYSE:DOC) 2.4% ROE Worse Than Average?
Our data shows Physicians Realty Trust has a return on equity of 2.4% for the last year. … That means that for every $1 worth of shareholders' equity, it generated $0.024 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleHow Should You Analyze REIT Stock Physicians Realty Trust (NYSE:DOC)?
Physicians Realty Trust is a US$3.4b. … real estate investment trust (REIT) based in Milwaukee, United States. … View our latest analysis for Physicians Realty Trust.
Simply Wall St - – Full articleThe Physicians Realty Trust Share Price Has Gained 35% And Shareholders Are Hoping For More
Furthermore, you'd generally like to see the share price rise faster than the market. … But Physicians Realty Trust (NYSE:DOC) has fallen short of that second goal, with a share price rise of 35% over five years, which is below the market return. … Indeed, the Physicians Realty Trust share price has gained 3.0% in three years.
Simply Wall St - – Full articleDoes Physicians Realty Trust's (NYSE:DOC) CEO Pay Reflect Performance?
This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for Physicians Realty Trust … How Does John Thomas's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleNeed To Know: Physicians Realty Trust (NYSE:DOC) Insiders Have Been Buying Shares
So shareholders might well want to know whether insiders have been buying or selling shares in Physicians Realty Trust (NYSE:DOC). … Physicians Realty Trust Insider Transactions Over The Last Year. … In any event it's generally a positive if insiders are buying shares at around the current price
Simply Wall St - – Full articleWhat You Need To Know Before Investing In Physicians Realty Trust (NYSE:DOC)
Physicians Realty Trust is a US$3.3b. … real estate investment trust (REIT) based in Milwaukee, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.
Simply Wall St - – Full articleShould We Be Cautious About Physicians Realty Trust's (NYSE:DOC) ROE Of 1.8%?
Over the last twelve months Physicians Realty Trust has recorded a ROE of 1.8%. … That means that for every $1 worth of shareholders' equity, it generated $0.018 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhat Did Physicians Realty Trust's (NYSE:DOC) CEO Take Home Last Year?
John Thomas became the CEO of Physicians Realty Trust (NYSE:DOC) in 2013. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Physicians Realty Trust has a market capitalization of US$3.1b, and pays its CEO total annual compensation worth US$4m.
Simply Wall St - – Full articleInterested In Physicians Realty Trust (NYSE:DOC)’s Upcoming US$0.23 Dividend? You Have 2 Days Left
Have you been keeping an eye on Physicians Realty Trust's (NYSE:DOC) upcoming dividend of US$0.23 per share payable on the 18 July 2018? … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Physicians Realty Trust's latest financial data to analyse its dividend characteristics. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:
Simply Wall St - – Full articleDOC Company Info
Description
Physicians Realty Trust is a self-managed healthcare real estate company organized to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The Company invests in real estate that is integral to providing high quality healthcare. The Company conducts its business through an UPREIT structure in which its properties are owned by Physicians Realty L.P., a Delaware limited partnership (the “operating partnership”), directly or through limited partnerships, limited liability companies or other subsidiaries. The Company is the sole general partner of the operating partnership and, as of March 31, 2019, owned approximately 97.3% of OP units.
Details
| Name: | Physicians Realty Trust |
| DOC | |
| Exchange: | NYSE |
| Founded: | 2013 |
| $3,461,584,823 | |
| $3,379,759,675 | |
| 189,261,062 | |
| Website: | http://www.docreit.com |
| Address: |
Physicians Realty Trust 309 North Water Street, Suite 500, Milwaukee, Wisconsin, 53202, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | DOC | Common Shares | New York Stock Exchange | US | USD | 19. Jul 2013 |
Number of employees
Current staff
Industry
| Health Care REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/16 02:34 |
| End of day share price update: | 2019/05/15 00:00 |
| Last estimates confirmation: | 2019/05/13 |
| Last earnings filing: | 2019/05/01 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
