Physicians Realty Trust (DOC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des investissements immobiliers de la santé, les médecins Realty Trust (DOC) apparaissent comme une puissance stratégique, transformant les investissements en propriété médicale en un modèle commercial méticuleusement conçu. En tirant parti d'une approche sophistiquée qui s'entrepare une acquisition de biens immobiliers spécialisée, ciblé les informations sur le marché des soins de santé et des stratégies financières robustes, DOC s'est positionné comme un acteur unique dans l'écosystème immobilier médical. Cette toile complète du modèle commercial révèle comment l'entreprise crée systématiquement de la valeur, génère des flux de revenus stables et fournit des solutions innovantes pour les investissements immobiliers des soins de santé qui vont bien au-delà des paradigmes immobiliers traditionnels.

Physicians Realty Trust (DOC) - Modèle commercial: partenariats clés

Développeurs et propriétaires d'installations médicales

Depuis le quatrième trimestre 2023, les médecins Realty Trust entretiennent des partenariats avec 71 développeurs d'établissements médicaux dans 28 États. La valeur totale de l'actif brute de ces partenariats est de 5,2 milliards de dollars.

Catégorie de partenariat	Nombre de partenariats	Valeur totale de l'actif
Développeurs d'installations médicales	71	5,2 milliards de dollars

Systèmes de soins de santé et hôpitaux

DOC a des partenariats stratégiques avec 106 systèmes de soins de santé, représentant 342 propriétés médicales à l'échelle nationale.

• Les principaux partenariats du système de soins de santé comprennent Mayo Clinic, HCA Healthcare et Ascension Health
• Durée moyenne du bail des biens: 10,2 ans
• Taux d'occupation: 98,7%

Sociétés d'investissement immobilier

Les médecins Realty Trust collaborent avec 15 sociétés d'investissement immobilier spécialisées, avec des investissements totaux de coentreprise de 782 millions de dollars en 2023.

Type de l'entreprise d'investissement	Nombre de partenariats	Investissement total de coentreprise
Entreprises immobilières de santé	15	782 millions de dollars

Sociétés de gestion immobilière

DOC travaille avec 24 sociétés de gestion immobilière à travers son portefeuille de 344 propriétés médicales.

• Couverture géographique: 28 États
• Propriété totale gérée en pieds carrés: 6,3 millions de pieds carrés.
• Durée du contrat de gestion de la propriété moyenne: 5,7 ans

Équipements médicaux et fournisseurs de services

Les médecins Realty Trust entretiennent des partenariats avec 42 équipements médicaux et fournisseurs de services, soutenant son infrastructure immobilière médicale.

Catégorie de prestataires	Nombre de partenariats	Valeur de service annuelle
Fournisseurs d'équipements médicaux	28	124 millions de dollars
Fournisseurs de services médicaux	14	87 millions de dollars

Physicians Realty Trust (DOC) - Modèle d'entreprise: activités clés

Acquisition d'immeubles de bureaux médicaux

Au quatrième trimestre 2023, les médecins Realty Trust possédaient 266 immeubles de bureaux médicaux totalisant 14,4 millions de pieds carrés louables dans 32 États. Les acquisitions totales de propriétés pour 2023 étaient de 242,8 millions de dollars.

Métrique d'acquisition	Valeur 2023
Propriétés totales acquises	17 immeubles de bureaux médicaux
Coût total d'acquisition	242,8 millions de dollars
Taille moyenne de la propriété	54 400 pieds carrés

Location et gestion immobilières

Au 31 décembre 2023, la société a maintenu un Taux d'occupation du portefeuille de 92,7%. La durée de bail moyenne pondérée était de 7,1 ans.

• Propriétés louées totales: 266
• Taux d'occupation: 92,7%
• Terme de location moyenne: 7,1 ans

Diversification du portefeuille

Distribution géographique des immeubles de bureaux médicaux dans 32 États avec concentration dans les principales zones métropolitaines.

Région	Pourcentage de portefeuille
Au sud-est	24.3%
Sud-ouest	18.6%
Midwest	22.1%
Ouest	16.5%
Nord-est	18.5%

Optimisation et rénovation des actifs

En 2023, a investi 56,3 millions de dollars dans des améliorations immobilières et des projets de réaménagement.

• Investissement total de rénovation: 56,3 millions de dollars
• Nombre de propriétés rénovées: 22
• Coût moyen de rénovation par propriété: 2,56 millions de dollars

Développement de stratégie d'investissement

Capitalisation boursière de 3,6 milliards de dollars au 31 décembre 2023. Portefeuille total d'investissement d'une valeur de 5,1 milliards de dollars.

Métrique d'investissement	Valeur 2023
Capitalisation boursière	3,6 milliards de dollars
Valeur totale du portefeuille	5,1 milliards de dollars
Ratio dette / capitalisation	47.3%

Physicians Realty Trust (DOC) - Modèle d'entreprise: Ressources clés

Portfolio immobilier médical de haute qualité

Au quatrième trimestre 2023, Physicians Realty Trust possède 272 immeubles de bureaux médicaux avec une superficie totale de location brute de 17,4 millions de pieds carrés. L'évaluation du portefeuille s'élève à 6,2 milliards de dollars, avec un taux d'occupation de 98,5%.

Métrique de portefeuille	Valeur
Bâtiments totaux	272
Zone de levage brute totale	17,4 millions de pieds carrés
Évaluation du portefeuille	6,2 milliards de dollars
Taux d'occupation	98.5%

Fer solides lignes de capital financier et de crédit

Au 31 décembre 2023, Physicians Realty Trust maintient:

• Facilité de crédit non garantie de 600 millions de dollars
• Dette totale de 3,4 milliards de dollars
• Taux d'intérêt moyen pondéré de 4,7%
• Ratio de capitalisation de la dette / total de 49,4%

Équipe de gestion immobilière expérimentée des soins de santé

L'équipe de leadership comprend 12 cadres supérieurs avec une expérience en moyenne de 18 ans d'expérience immobilière en santé.

Emplacements de propriété géographique stratégique

Région	Nombre de propriétés	Pourcentage de portefeuille
Au sud-est	82	30.1%
Midwest	68	25.0%
Sud-ouest	45	16.5%
Nord-est	40	14.7%
Ouest	37	13.6%

Technologie avancée de gestion immobilière

Les investissements technologiques comprennent:

• Logiciel de gestion immobilière basé sur le cloud
• Système de suivi des baux en temps réel
• Plate-forme de maintenance prédictive avancée
• Portail de communication des locataires numériques

Physicians Realty Trust (DOC) - Modèle d'entreprise: propositions de valeur

Plateforme d'investissement immobilier médical spécialisé

Au quatrième trimestre 2023, les médecins Realty Trust gèrent un portefeuille de 433 propriétés médicales dans 38 États, avec une valeur totale de 5,9 milliards de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux médicaux	351	6,4 millions de pieds carrés
Centres de chirurgie ambulatoire	52	1,1 million de pieds carrés
Installations ambulatoires de l'hôpital	30	850 000 pieds carrés

Sompables de revenu stables de la location de biens de santé

Le portefeuille de location de Doc démontre de solides performances financières:

• Terme de location moyenne pondérée: 9,3 ans
• Taux d'occupation: 96,5%
• Revenus de location annuels: 456,2 millions de dollars

Gestion professionnelle professionnelle pour les locataires médicaux

Segment des locataires	Pourcentage de portefeuille
Systèmes hospitaliers	42%
Groupes de médecins	33%
Services ambulatoires	25%

Investissement ciblé dans la croissance des marchés de la santé

Distribution géographique des propriétés médicales:

• Sud-Est: 28%
• Midwest: 24%
• Sud-Ouest: 18%
• Nord-Est: 16%
• Ouest: 14%

Des rendements dividendes fiables pour les investisseurs

Métriques de performance financière:

Métrique	Valeur
Rendement des dividendes	6.8%
Fonds des opérations (FFO)	263,5 millions de dollars
Ratio de distribution de dividendes	85%

Physicians Realty Trust (DOC) - Modèle d'entreprise: relations clients

Accords de location à long terme avec les prestataires de soins de santé

Physicians Realty Trust maintient une durée de location moyenne de 10,1 ans au quatrième trimestre 2023. Le portefeuille de la société comprend 342 immeubles de bureaux médicaux avec un taux d'occupation de 99,2%. Les accords de location génèrent 342,6 millions de dollars de revenus de location annuels.

Métrique de location	Valeur
Terme de location moyenne	10,1 ans
Immeubles de bureaux médicaux totaux	342
Taux d'occupation	99.2%
Revenus de location annuels	342,6 millions de dollars

Services de gestion immobilière personnalisés

DOC fournit une gestion immobilière spécialisée avec des équipes dédiées desservant des régions géographiques spécifiques. La société gère environ 14,1 millions de pieds carrés de biens immobiliers médicaux dans 28 États.

• Équipes de gestion régionale dédiée
• Solutions d'amélioration des locataires personnalisés
• Services stratégiques d'optimisation des propriétés

Communication proactive du locataire

Physicians Realty Trust met en œuvre des séances de fiançailles trimestrielles sur les locataires avec 87% de ses clients de prestataires de soins de santé. Les canaux de communication comprennent des plateformes numériques, des réunions directes et des avis sur les performances.

Rapports de performance de portefeuille réguliers

La société produit des rapports trimestriels complets détaillant:

• Métriques d'occupation
• Performance des revenus de location
• Mises à jour de l'évaluation de la propriété
• Stratégies d'expansion du marché

Entretien réactif et support des installations

Doc maintient un Système de support des installations 24/7 avec un temps de réponse moyen de 2,3 heures pour les demandes de maintenance critiques. La société alloue 18,7 millions de dollars par an pour la maintenance des biens et les mises à niveau.

Métrique de maintenance	Valeur
Temps de réponse moyen	2,3 heures
Budget de maintenance annuel	18,7 millions de dollars
Disponibilité du support d'urgence	24/7

Physicians Realty Trust (DOC) - Modèle commercial: canaux

Ventes et acquisitions immobilières directes

Au quatrième trimestre 2023, Physicians Realty Trust a signalé un portefeuille de 352 immeubles de bureaux médicaux totalisant 24,1 millions de pieds carrés louables dans 38 États.

Métrique du canal	2023 données
Acquisitions totales de propriétés	328,7 millions de dollars
Dispositions	84,5 millions de dollars
Taux d'occupation	94.5%

Plateforme de relations avec les investisseurs en ligne

Les canaux numériques pour l'engagement des investisseurs comprennent:

• Webdication trimestriel
• Référentiel de classement SEC
• Téléchargements de présentation des investisseurs

Conférences de l'industrie des soins de santé

Type de conférence	Participation annuelle
Conférence Nareit	1 conférence
Conférence immobilière des soins de santé	2-3 conférences

Présentations du marché financier

DOC a organisé 127 réunions d'investisseurs en 2023 sur plusieurs plateformes financières.

Outils de communication d'investissement numérique

• Site Web de relations avec les investisseurs
• Distribution par e-mail de newsletter
• Rapport annuel des actionnaires

Canal numérique	Métrique de l'engagement
Visites du site Web des investisseurs	42 500 visites annuelles
Courriel Base d'abonné	8 700 abonnés

Physicians Realty Trust (DOC) - Modèle d'entreprise: segments de clientèle

Systèmes de santé

Au quatrième trimestre 2023, Physicians Realty Trust dessert 66 systèmes de santé aux États-Unis.

Type de client	Nombre de systèmes	Valeur totale de la propriété
Grands systèmes de santé	22	1,2 milliard de dollars
Systèmes de santé de taille moyenne	44	780 millions de dollars

Pratiques médicales privées

DOC gère l'immobilier médical pour 312 pratiques médicales privées en 2024.

• Les spécialités incluent l'oncologie, l'orthopédie et la cardiologie
• Taille moyenne de la pratique: 12 500 pieds carrés
• Portfolio de propriété de pratique médicale totale: 425 millions de dollars

Centres de chirurgie ambulatoire

Physicians Realty Trust soutient 87 centres de chirurgie ambulatoire à l'échelle nationale.

Type de centre	Nombre de centres	Taux d'occupation
ASC multi-spécialités	52	94%
ASC unique	35	91%

Installations d'imagerie diagnostique

DOC gère l'immobilier pour 103 installations d'imagerie de diagnostic en 2024.

• Les modalités comprennent des centres d'IRM, de CT, de radiographie et d'échographie
• Valeur de propriété totale de l'installation d'imagerie: 340 millions de dollars
• Couverture géographique: 28 États

Institutions de recherche médicale

Les médecins Realty Trust s'associent à 24 institutions de recherche médicale.

Type d'institution	Nombre d'institutions	Investissement immobilier total de recherche
Centres médicaux académiques	14	620 millions de dollars
Centres de recherche indépendants	10	280 millions de dollars

Physicians Realty Trust (DOC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, Physicians Realty Trust a dépensé 292,3 millions de dollars pour les acquisitions de biens. Le coût moyen par immeuble de bureaux médicaux était d'environ 7,2 millions de dollars.

Catégorie d'acquisition	Dépenses totales	Coût moyen par propriété
Immeubles de bureaux médicaux	292,3 millions de dollars	7,2 millions de dollars

Entretien et rénovation des biens

Les coûts annuels de la maintenance des biens et de la rénovation pour 2023 étaient de 43,6 millions de dollars, ce qui représente 2,1% de la valeur totale du portefeuille.

• Entretien de routine: 24,1 millions de dollars
• Rénovations majeures: 19,5 millions de dollars

Gestion et frais généraux administratifs

Les dépenses administratives pour 2023 ont totalisé 37,8 millions de dollars, la rupture comme suit:

Catégorie de dépenses	Montant
Rémunération des dirigeants	12,4 millions de dollars
Coûts administratifs généraux	15,6 millions de dollars
Services professionnels	9,8 millions de dollars

Paiements d'intérêts sur le financement de la dette

Les frais d'intérêt total pour 2023 étaient de 98,7 millions de dollars, avec un taux d'intérêt moyen de 4,3% sur la dette en circulation.

Type de dette	Dette totale	Intérêts	Taux d'intérêt moyen
Dette à long terme	1,8 milliard de dollars	98,7 millions de dollars	4.3%

Frais opérationnels et de conformité

Les dépenses opérationnelles et de conformité pour 2023 s'élevaient à 22,5 millions de dollars.

• Conformité réglementaire: 8,3 millions de dollars
• Coûts d'assurance: 6,7 millions de dollars
• Technologie et infrastructure: 7,5 millions de dollars

Physicians Realty Trust (DOC) - Modèle commercial: Strots de revenus

Revenu de location d'immeubles de bureaux médicaux

Au quatrième trimestre 2023, Physicians Realty Trust a déclaré un chiffre d'affaires annuel total de 276,6 millions de dollars. Le portefeuille se compose de 272 immeubles de bureaux médicaux avec une superficie totale de 16,7 millions de pieds carrés. Le taux d'occupation était de 89,8% au 31 décembre 2023.

Métrique	Valeur
Revenus locatifs annualisés totaux	276,6 millions de dollars
Nombre d'immeubles de bureaux médicaux	272
Zone de levage brute totale	16,7 millions de pieds carrés
Taux d'occupation	89.8%

Appréciation des biens

En 2023, le total des investissements immobiliers de la société était évalué à environ 4,9 milliards de dollars. Le portefeuille a démontré un durée de location moyenne pondérée de 7,3 ans avec un potentiel d'appréciation à long terme.

Escalade de taux de location

• Escalade de taux de location annuel contractuel en moyenne de 2,5 à 3,0%
• Les structures de location comprennent les ajustements de l'indice des prix à la consommation (IPC)
• Les termes de location typiques varient de 5 à 10 ans

Distributions de dividendes

En février 2024, Physicians Realty Trust maintient un dividende trimestriel de 0,235 $ par action. Le rendement annuel des dividendes est d'environ 6,8% sur la base des prix actuels.

Détail des dividendes	Valeur
Dividende trimestriel	0,235 $ par action
Rendement annuel sur le dividende	6.8%

Ventes de propriétés stratégiques

En 2023, la Société a achevé des dispositions de propriété stratégiques totalisant 155,4 millions de dollars, avec un taux de capitalisation moyen de 6,7%. Ces ventes faisaient partie des stratégies d'optimisation du portefeuille.

Métriques de vente de propriétés	Valeur
Total des dispositions de propriété	155,4 millions de dollars
Taux de capitalisation moyen	6.7%

Physicians Realty Trust (DOC) - Canvas Business Model: Value Propositions

You're looking at the value proposition side of the Business Model Canvas for Physicians Realty Trust (DOC) as it exists following the merger with Healthpeak Properties, which closed in March 2024. The combined entity, now operating as Healthpeak Properties, Inc. but under the DOC ticker, offers a distinct set of benefits to its healthcare partners and investors.

Single platform for both healthcare discovery and delivery needs.

The merger created a platform with significant scale, positioning it as a leader in the healthcare real estate space. This scale is a direct value driver for large health systems needing extensive, consistent real estate solutions across multiple geographies.

The combined operational footprint is substantial:

• Total portfolio size: approximately 52 million square feet.
• Outpatient medical properties (MOBs) component: approximately 40 million square feet.
• Affiliations with each of the 10 largest health systems in the United States.

The recent Q3 2025 revenue for the combined entity was reported at $705.87 million. This scale supports the ability to manage complex real estate needs for major healthcare providers.

High-quality, modern Medical Office Buildings (MOBs) for tenants.

A core value proposition is the focus on high-quality, modern assets, which helps tenants optimize efficiency and patient access. The legacy Physicians Realty Trust portfolio was noted for its quality, which was integrated into the larger platform.

The quality of the portfolio is reflected in its composition and tenant base:

Metric	Data Point	Context
Legacy DOC Portfolio Asset Quality	Newer assets	Implied lower future Capital Expenditures (CapEx)
Legacy DOC Portfolio Lease Term	Longer weight average lease terms (WALTs)	Implied stable cash flow
Combined Top 10 Tenants	7 out of 10 rated investment-grade	Indicates high credit quality among top revenue contributors
Investment-Grade Caliber Tenants (Total Top 10 Rent)	Approximately 60% of total rent	Based on top ten tenants

The combined company is also internalizing property management, with nearly 20 million square feet managed internally in 2024, and an additional 14 million square feet planned for internalization in 2025 and beyond. That's hands-on management for a huge chunk of the space.

Lower cost of capital and enhanced scale post-merger.

The merger, initially valued at approximately $21 billion, was designed to enhance financial strength and lower the cost of capital. The combined entity is expected to benefit from this improved financial profile.

Financial positioning points include:

• Expected synergies surpassed initial targets, now projected to be north of $65 million.
• The combined company maintained a strong credit rating of S&P: BBB.
• The merger was viewed by S&P as a 'modest credit positive' due to leverage-neutral nature and diversification.
• The combined company entered a new five-year term loan, with one report citing $500 million at SOFR plus 85 basis points, and another citing a new $750 million loan fixed at about 4.5 percent.

This enhanced scale and financial footing are intended to provide a lower cost of capital for future growth initiatives.

Long-term, stable leases with investment-grade tenants.

Stability comes from the duration and credit quality of the leases. The legacy Physicians Realty Trust portfolio specifically contributed longer lease terms and a higher concentration of investment-grade tenants, which translates directly to predictable cash flow for the combined entity.

Looking at the pre-merger DOC portfolio as of December 31, 2023, the weighted average remaining lease term was approximately 5.1 years. The focus on investment-grade tenants, as noted above, underpins the stability of the rental income stream.

Strategic locations in high-growth US markets like Dallas and Denver.

The portfolio is intentionally concentrated in markets showing strong secular growth trends in healthcare delivery. This focus on high-growth areas is a key differentiator.

The combined platform's outpatient medical properties are specifically concentrated in these key markets:

• Dallas
• Denver
• Houston
• Nashville
• Phoenix

This geographic concentration in Sun Belt cities and high-growth secondary markets aligns with broader investor preferences for 2024 and beyond. Finance: draft 13-week cash view by Friday.

Physicians Realty Trust (DOC) - Canvas Business Model: Customer Relationships

You're looking at the relationships that keep the revenue flowing, which, for Physicians Realty Trust, now operating as Healthpeak Properties, Inc. following the March 2024 merger, centers on deep ties with major healthcare providers.

Dedicated asset managers for key health system relationships.

• The combined platform now has affiliations with each of the 10 largest health systems in the United States.
• The legacy Physicians Realty Trust portfolio, as of December 31, 2023, had approximately 90% of its net leasable square footage either on a hospital campus or strategically affiliated with a health system.

Long-term, sticky relationships with large tenants.

The stickiness is reflected in the lease structure and duration. As of December 31, 2023, the weighted average remaining lease term for the legacy Physicians Realty Trust portfolio was approximately 5.1 years. Furthermore, approximately 93% of the annualized base rent payments from those properties were from absolute net or triple-net leases as of December 31, 2022, meaning tenants handle operating expenses.

Here's a quick look at the scale of the combined entity's relationship footprint post-merger:

Metric	Value
Combined Portfolio Square Footage	Nearly 50 million square feet
Top 10 US Health System Affiliations	10
Legacy DOC Properties (12/31/2023)	278 health care properties

Direct, professional property management services.

The integration strategy included bringing property management in-house for better control. As of the merger close in March 2024, property management was internalized in four markets, with an additional five markets scheduled for internalization by the end of the second quarter of 2024.

Transactional for new property acquisitions.

The focus post-merger is on realizing expected financial improvements. The combined company projected potential for $20 million or more of additional synergies by year-end 2025.

Finance: draft 13-week cash view by Friday.

Physicians Realty Trust (DOC) - Canvas Business Model: Channels

You're looking at how Physicians Realty Trust, now operating as Healthpeak Properties, Inc. (ticker DOC) following its March 2024 merger, gets its value proposition to the market and manages its capital structure as of late 2025. The channels rely heavily on direct engagement following the internalization of property management.

Direct leasing teams for property occupancy

The direct leasing teams, bolstered by the completed merger integration, are focused on driving high-quality occupancy and favorable lease economics across the combined outpatient medical and life sciences portfolio. The shift is now toward prioritizing economic returns over sheer volume, reflecting landlord leverage in the current market.

Here are the key leasing metrics from the third quarter ended September 30, 2025:

Metric	Value/Rate	Segment Focus
Outpatient Portfolio Occupancy (Q3 2025)	91%	Outpatient Medical
Total Occupancy Change (Sequential Q3 2025)	Up +10 basis points	Total Portfolio
Cash Re-leasing Spreads (Q3 2025 Renewals)	+5.4%	Outpatient Medical
Annual Escalators on New Leases (Q3 2025)	+3%	Outpatient Medical
Annual Escalators on Existing Portfolio	+2.7%	Outpatient Medical
Tenant Improvement Outlays on Renewals (Q3 2025)	Less than 5% of rent	Outpatient Medical

The leasing activity volume for the quarter was substantial, showing strong demand flow, especially in the core medical office space.

• Total new and renewal lease executions (Q3 2025): 1.5 million square feet.
• Outpatient Medical new and renewal lease executions (Q3 2025): 1.2 million square feet.
• Lab new and renewal lease executions (Q3 2025): 339,000 square feet.

The leasing pipeline is reported at its highest level since the second quarter of 2024, suggesting continued strong execution into the near term.

Corporate development and M&A for portfolio growth

Corporate development channels are currently focused on capital recycling and strategic acquisitions, leveraging the successful merger integration which is now complete. The platform's scale is a key asset here, providing deep access to major healthcare players.

The combined entity maintains critical relationships:

• Affiliations with each of the 10 largest health systems in the United States.
• A leading platform with affiliations across many of the world's largest biopharma companies.

Growth is being pursued through opportunistic asset sales to recycle capital into higher-return opportunities. The company is in negotiations for opportunistic sales and recapitalizations targeting proceeds of $1 billion or more at attractive prices.

Investor Relations for equity and debt capital

The Investor Relations function manages the balance sheet through debt markets, as equity issuance appears less prioritized given current capital allocation strategies favoring asset recycling and acquisitions. The focus is on maintaining balance sheet strength following the merger.

Recent debt capital activities include:

Transaction Type	Amount	Date/Period	Interest Rate/Term
Senior Unsecured Notes Issued	$500 million	August 2025	4.75% due 2033
Total Loan Repayments Year-to-Date	$125 million	Through August 2025	Blended rate of 10%
Single Opportunistic Sale Expected Close	$68 million	January 2026	Cash Cap Rate of approx. 11%

The company's strategy is to use proceeds from sales/recapitalizations to strengthen the balance sheet, fund highly pre-leased developments, or acquire distressed lab properties.

Brokerage networks for property dispositions and acquisitions

While direct leasing is emphasized for occupancy, brokerage networks are utilized for significant capital recycling events, namely dispositions. The company is actively engaging in transactions that allow for the rotation of capital.

The current disposition pipeline suggests active use of external channels for sales:

• Negotiations underway for sales/recapitalizations targeting proceeds exceeding $1 billion.
• One expected sale in January 2026 has a contractual purchase price of $68 million.

These transactions are designed to recycle capital into new outpatient medical developments or opportunistic lab acquisitions.

Physicians Realty Trust (DOC) - Canvas Business Model: Customer Segments

You're looking at the customer segments for what is now Healthpeak Properties, Inc., trading under the ticker DOC, following the March 2024 merger with Physicians Realty Trust. Honestly, the core customer base remains deeply rooted in the healthcare delivery side, but the scale is much larger now.

The primary customers are the entities that occupy the real estate, which are heavily weighted toward established medical providers. As of December 31, 2024, the portfolio data shows a clear concentration:

Customer Type Category	Portfolio Metric (As of 12/31/2024)	Value/Amount
Leased to Health Systems	Percentage of Outpatient Medical Portfolio Leased	70%
Total Outpatient Medical Square Footage	Total SF	37 Million SF
Total Properties in Portfolio	Total Count	524 Properties
Overall Portfolio Occupancy	Percentage Leased	92%

This table reflects the core real estate tenants. The pre-merger focus of Physicians Realty Trust, which is now integrated, specifically targeted these groups:

• Large, national health systems and hospitals.
• Regional physician groups and specialty clinics.

The strategic focus also included growth areas that serve the life science ecosystem, which is a distinct customer set from the direct care providers. The opportunity set discussed prior to the merger included:

• Distressed acquisition opportunities in life science driven by refinancing challenges or delayed do lease-up.
• Activating a 5 million square foot life science land bank when fundamentals are favorable.

So, for the real estate side, you're looking at major health systems and the physician/clinic groups they often affiliate with, plus a strategic, though smaller, segment focused on biopharma and life science research institutions.

Now, for the financial customer segment-the shareholders. While I don't have the precise breakdown as of late 2025, the merger structure itself gives you a clue about the initial investor base composition. At the close of the merger in March 2024, the ownership split was approximately:

• 77% Healthpeak Properties shareholders.
• 23% Physicians Realty Trust shareholders.

These shareholders, both individual and institutional investors, are buying into the combined entity's platform, which is now the leading real estate platform dedicated to healthcare discovery and delivery. Finance: draft 13-week cash view by Friday.

Physicians Realty Trust (DOC) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Physicians Realty Trust, now operating as the combined entity under the Healthpeak Properties name, trading as DOC. Since the merger closed in March 2024, the cost base reflects integration and new financing. Here's the quick math on the major expense categories as of late 2025, based on the latest available reporting.

A significant portion of the cost structure is insulated due to the lease structure. As of December 31, 2022, approximately 93% of annualized base rent came from absolute net and triple net leases. This means tenants are generally responsible for the direct operating expenses, which helps insulate Physicians Realty Trust (DOC) from volatility in costs like real estate taxes, utilities, and property insurance.

For the remaining properties where DOC bears some direct operating expense, the trend in 2022 showed increases. For example, operating expenses on comparable properties increased by $7.7 million, or 5.8% year-over-year in 2022, driven by utility costs of $3.6 million and maintenance costs of $2.4 million. Real estate taxes and insurance premiums are part of these variable operating expenses, though largely passed through to tenants in most leases. Insurance costs specifically rose by $1.0 million in that 2022 comparison period.

Interest expense is a major component, heavily influenced by recent debt activities. The new $750 million, 5-year unsecured term loan, entered into on March 1, 2024, has its interest rate fixed at approximately 4.5% for the full term through swap agreements. This loan was used, in part, to repay $210 million of Physicians Realty Trust private placement notes. To give you context on interest rate impact, in 2022, total interest expense increased by $12.1 million, or 20.1% compared to 2021, partly due to a higher effective interest rate on the credit facility.

General and administrative costs are being actively managed post-merger. The expected run-rate synergies from the merger were projected to reach up to $60 million by the end of year two (2025). Furthermore, the Q3 2025 report specifically noted that the early rollout of a tech-enabled platform has already resulted in a 5% reduction in G&A guidance for 2025. This is a direct cost-saving action following the integration.

Capital expenditures (CapEx) for property improvements and tenant fit-outs are managed alongside asset recycling. While specific 2025 CapEx is not isolated, in 2022, the company achieved a 6.3% year-over-year saving in CapEx, spending $23.9 million that year compared to $25.5 million in 2021.

Here is a snapshot of key financial figures related to the cost base, drawing from the most recent merger-related disclosures and 2022 expense details for context:

Cost Component	Relevant Figure/Rate	Context/Year
New Term Loan Amount	$750 million	Entered March 1, 2024
Interest Rate on New Term Loan	Approximately 4.5%	Fixed via swaps for 5-year term (as of March 2024)
Repaid Debt Amount	$210 million	Physicians Realty Trust private placement notes repaid using term loan proceeds
Expected Merger Synergies Potential	Up to $60 million	By year-end 2025
G&A Guidance Reduction (2025)	5%	Attributed to tech platform rollout (as of Q3 2025)
2022 Operating Expense Increase (Non-Net Leased)	$7.7 million (or 5.8%)	Year-over-year for comparable properties in 2022
2022 Capital Expenditures	$23.9 million	Actual spend in 2022

The structure relies heavily on the triple net lease model, which shifts the burden of rising costs for maintenance, utilities, and property insurance to the tenant base. Still, the interest expense on the combined debt load, including the $750 million term loan, is a fixed, known cost at 4.5% for that tranche, which is helpful for near-term forecasting.

You should review the Q4 2025 supplemental data when it releases to see the realized G&A savings against the 5% guidance reduction and the final synergy capture against the $60 million target. Finance: draft 13-week cash view by Friday.

Physicians Realty Trust (DOC) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Physicians Realty Trust, which, following the March 2024 merger, now operates as Healthpeak Properties, Inc. (DOC). The core of the business is collecting rent on high-quality healthcare real estate, primarily Medical Office Buildings (MOBs) and Life Science Real Estate (LSRE).

The latest reported revenue figure for the combined entity, as of the first quarter ended March 31, 2025, was $\mathbf{\$702.89}$ million. This number reflects the scale of the combined $\mathbf{52}$ million-square-foot portfolio. The rental income stream is the dominant factor here, supported by the long-term nature of the leases.

To give you a sense of the composition before the full 2025 figures are in, we can look at the portfolio income split as of the end of 2023, which forms the base of the current structure:

Revenue Source Component (Based on 2023 Portfolio Income)	Percentage of Portfolio Income
Life Science Real Estate (LSRE)	50.5 percent
Medical Office Buildings (MOBs)	36.6 percent
Other Product Types	12.9 percent

The structure relies heavily on the stability of these long-term contracts. Recoveries from tenants for operating expenses are inherent in the triple-net lease structure common in this sector, meaning tenants generally cover property taxes, insurance, and maintenance, which flows through as part of the effective rental income.

Income from property management fees is being actively integrated. Following the merger, the company achieved property-level Net Operating Income (NOI) benefits from internalizing property management in several markets. The expectation for further efficiency and revenue enhancement is clear:

• Expected additional merger-related synergies by year-end $\mathbf{2025}$: $\mathbf{\$20}$ million or more.

Finally, a key component of capital management that impacts the overall financial picture is the strategic recycling of capital through asset sales. This is not recurring operational revenue but a source of cash flow and portfolio refinement:

• Proceeds from strategic dispositions of non-core assets in 2024: $\mathbf{\$1.3}$ billion.
• The plan for the go-forward portfolio includes targeting approximately $\mathbf{85}$ assets for disposition, valued around $\mathbf{\$1.2}$ billion.

Leasing activity also directly feeds the rental income stream. For the first quarter of 2025, new and renewal lease executions totaled $\mathbf{1.2}$ million square feet across the combined portfolio.