Physicians Realty Trust (DOC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do investimento imobiliário em saúde, o Physicians Realty Trust (DOC) surge como uma potência estratégica, transformando investimentos em propriedades médicas em um modelo de negócios meticulosamente criado. Ao alavancar uma abordagem sofisticada que entrelaça a aquisição de imóveis especializada, as idéias direcionadas do mercado de assistência médica e as estratégias financeiras robustas, o DOC se posicionou como um participante único no ecossistema imobiliário médico. Esse modelo abrangente de negócios revela como a empresa cria sistematicamente valor, gera fluxos de renda estáveis ​​e fornece soluções inovadoras para investimentos em propriedades em saúde que vão muito além dos paradigmas imobiliários tradicionais.

Physicians Realty Trust (DOC) - Modelo de Negócios: Principais Parcerias

Desenvolvedores e proprietários de instalações médicas

A partir do quarto trimestre 2023, a Physicians Realty Trust mantém parcerias com 71 desenvolvedores de instalações médicas em 28 estados. O valor total do ativo bruto dessas parcerias é de US $ 5,2 bilhões.

Categoria de parceria	Número de parcerias	Valor total do ativo
Desenvolvedores de instalações médicas	71	US $ 5,2 bilhões

Sistemas de saúde e hospitais

O DOC possui parcerias estratégicas com 106 sistemas de saúde, representando 342 propriedades médicas em todo o país.

• As principais parcerias do sistema de saúde incluem Mayo Clinic, HCA Healthcare e Ascension Health
• Duração média do arrendamento de propriedades: 10,2 anos
• Taxa de ocupação: 98,7%

Empresas de investimento imobiliário

A Physicians Realty Trust colabora com 15 empresas especializadas em investimentos imobiliários, com investimentos totais de joint venture de US $ 782 milhões em 2023.

Tipo de empresa de investimento	Número de parcerias	Investimento total de joint venture
Empresas imobiliárias de saúde	15	US $ 782 milhões

Empresas de gerenciamento de propriedades

A DOC trabalha com 24 empresas de gerenciamento de propriedades em seu portfólio de 344 propriedades médicas.

• Cobertura geográfica: 28 estados
• Total Gerenciado Propriedade Quadra Quadra: 6,3 milhões de pés quadrados.
• Duração média do contrato de gerenciamento de propriedades: 5,7 anos

Fornecedores de equipamentos médicos e serviços

A Physicians Realty Trust mantém parcerias com 42 provedores de equipamentos e serviços médicos, apoiando sua infraestrutura de propriedade médica.

Categoria de provedor	Número de parcerias	Valor anual do serviço
Provedores de equipamentos médicos	28	US $ 124 milhões
Provedores de serviços médicos	14	US $ 87 milhões

Physicians Realty Trust (DOC) - Modelo de Negócios: Atividades -chave

Aquisição de edifício de escritórios médicos

A partir do quarto trimestre de 2023, a Physicians Realty Trust possuía 266 edifícios de consultórios médicos, totalizando 14,4 milhões de pés quadrados alugáveis ​​em 32 estados. O total de aquisições de propriedades para 2023 foi de US $ 242,8 milhões.

Métrica de aquisição	2023 valor
Propriedades totais adquiridas	17 edifícios de consultórios médicos
Custo total de aquisição	US $ 242,8 milhões
Tamanho médio da propriedade	54.400 pés quadrados

Leasing e gerenciamento de propriedades

Em 31 de dezembro de 2023, a empresa mantinha um Taxa de ocupação de portfólio de 92,7%. O termo médio de arrendamento ponderado foi de 7,1 anos.

• Total de propriedades arrendadas: 266
• Taxa de ocupação: 92,7%
• Termo médio de arrendamento: 7,1 anos

Diversificação do portfólio

Distribuição geográfica de edifícios de consultórios médicos em 32 estados com concentração nas principais áreas metropolitanas.

Região	Porcentagem de portfólio
Sudeste	24.3%
Sudoeste	18.6%
Centro -Oeste	22.1%
Oeste	16.5%
Nordeste	18.5%

Otimização e reforma de ativos

Em 2023, investiu US $ 56,3 milhões em melhorias de propriedades e projetos de reconstrução.

• Investimento total de renovação: US $ 56,3 milhões
• Número de propriedades reformadas: 22
• Custo médio de renovação por propriedade: US $ 2,56 milhões

Desenvolvimento da estratégia de investimento

Capitalização de mercado de US $ 3,6 bilhões em 31 de dezembro de 2023. O portfólio total de investimentos avaliado em US $ 5,1 bilhões.

Métrica de investimento	2023 valor
Capitalização de mercado	US $ 3,6 bilhões
Valor total do portfólio	US $ 5,1 bilhões
Taxa de dívida / capitalização	47.3%

Physicians Realty Trust (DOC) - Modelo de Negócios: Recursos Principais

Portfólio imobiliário médico de alta qualidade

A partir do quarto trimestre de 2023, a Physicians Realty Trust possui 272 edifícios de consultórios médicos, com uma área total arrecadada de 17,4 milhões de pés quadrados. A avaliação do portfólio é de US $ 6,2 bilhões, com uma taxa de ocupação de 98,5%.

Métrica do portfólio	Valor
Total de edifícios	272
Área Lasível Bruta Total	17,4 milhões de pés quadrados
Avaliação do portfólio	US $ 6,2 bilhões
Taxa de ocupação	98.5%

Fortes linhas de capital financeiro e crédito

Em 31 de dezembro de 2023, a Physicians Realty Trust mantém:

• Linha de crédito não garantida de US $ 600 milhões
• Dívida total de US $ 3,4 bilhões
• Taxa de juros médios ponderados de 4,7%
• Índice de capitalização dívida-total de 49,4%

Equipe de gestão imobiliária experiente em saúde

A equipe de liderança compreende 12 executivos seniores com média de 18 anos de experiência imobiliária em saúde.

Locais estratégicos de propriedades geográficas

Região	Número de propriedades	Porcentagem de portfólio
Sudeste	82	30.1%
Centro -Oeste	68	25.0%
Sudoeste	45	16.5%
Nordeste	40	14.7%
Oeste	37	13.6%

Tecnologia avançada de gerenciamento de propriedades

Os investimentos em tecnologia incluem:

• Software de gerenciamento de propriedades baseado em nuvem
• Sistema de rastreamento de arrendamento em tempo real
• Plataforma de manutenção preditiva avançada
• Portal de comunicação de inquilino digital

Physicians Realty Trust (DOC) - Modelo de Negócios: Proposições de Valor

Plataforma especializada de investimento imobiliário médico

A partir do quarto trimestre de 2023, a Physicians Realty Trust gerencia um portfólio de 433 propriedades médicas em 38 estados, com um valor total de ativos brutos de US $ 5,9 bilhões.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Edifícios de consultórios médicos	351	6,4 milhões de pés quadrados
Centros de cirurgia ambulatorial	52	1,1 milhão de pés quadrados
Instalações ambulatoriais do hospital	30	850.000 pés quadrados

Fluxos de renda estável do leasing de propriedades da saúde

O portfólio de arrendamento da DOC demonstra forte desempenho financeiro:

• Termo médio ponderado de arrendamento: 9,3 anos
• Taxa de ocupação: 96,5%
• Receita anual de aluguel: US $ 456,2 milhões

Gerenciamento de propriedade profissional para inquilinos médicos

Segmento de inquilino	Porcentagem de portfólio
Sistemas hospitalares	42%
Grupos médicos	33%
Serviços ambulatoriais	25%

Investimento direcionado no cultivo de mercados de saúde

Distribuição geográfica das propriedades médicas:

• Sudeste: 28%
• Centro -Oeste: 24%
• Sudoeste: 18%
• Nordeste: 16%
• Oeste: 14%

Retornos de dividendos confiáveis ​​para investidores

Métricas de desempenho financeiro:

Métrica	Valor
Rendimento de dividendos	6.8%
Fundos das operações (FFO)	US $ 263,5 milhões
Taxa de pagamento de dividendos	85%

Physicians Realty Trust (DOC) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com prestadores de serviços de saúde

A Physicians Realty Trust mantém um prazo médio de arrendamento de 10,1 anos a partir do quarto trimestre 2023. O portfólio da empresa inclui 342 edifícios de consultórios médicos com taxa de ocupação de 99,2%. Os contratos de arrendamento geram US $ 342,6 milhões em receita anual de aluguel.

Métrica de arrendamento	Valor
Termo de arrendamento médio	10,1 anos
Total de edifícios de consultórios médicos	342
Taxa de ocupação	99.2%
Receita anual de aluguel	US $ 342,6 milhões

Serviços personalizados de gerenciamento de propriedades

O DOC fornece gerenciamento de propriedade especializado com equipes dedicadas que atendem regiões geográficas específicas. A empresa gerencia aproximadamente 14,1 milhões de pés quadrados de imóveis médicos em 28 estados.

• Equipes de gestão regional dedicadas
• Soluções personalizadas de melhoria de inquilinos
• Serviços estratégicos de otimização de propriedades

Comunicação proativa do inquilino

A Physicians Realty Trust implementa sessões trimestrais de engajamento de inquilinos com 87% de seus clientes de prestadores de serviços de saúde. Os canais de comunicação incluem plataformas digitais, reuniões diretas e análises de desempenho.

Relatórios regulares de desempenho do portfólio

A empresa produz relatórios trimestrais abrangentes detalhando:

• Métricas de ocupação
• Desempenho de renda de aluguel
• Atualizações de avaliação de propriedades
• Estratégias de expansão de mercado

Manutenção responsiva e suporte da instalação

Doc mantém um Sistema de suporte à instalação 24/7 com um tempo médio de resposta de 2,3 horas para solicitações críticas de manutenção. A empresa aloca US $ 18,7 milhões anualmente para manutenção e atualizações de propriedades.

Métrica de manutenção	Valor
Tempo médio de resposta	2,3 horas
Orçamento anual de manutenção	US $ 18,7 milhões
Disponibilidade de suporte de emergência	24/7

Physicians Realty Trust (DOC) - Modelo de Negócios: Canais

Vendas e aquisições diretas de imóveis

A partir do quarto trimestre de 2023, a Physicians Realty Trust relatou um portfólio de 352 edifícios de consultórios médicos, totalizando 24,1 milhões de pés quadrados alugáveis ​​em 38 estados.

Métrica de canal	2023 dados
Total de aquisições de propriedades	US $ 328,7 milhões
Disposições	US $ 84,5 milhões
Taxa de ocupação	94.5%

Plataforma de Relações com Investidores Online

Os canais digitais para o envolvimento dos investidores incluem:

• Webcast trimestral de ganhos
• Sec Repositório de arquivamento
• Downloads de apresentação do investidor

Conferências do setor de saúde

Tipo de conferência	Participação anual
Conferência Nareit	1 conferência
Conferência imobiliária da HealthCare	2-3 Conferências

Apresentações do mercado financeiro

O DOC realizou 127 reuniões de investidores em 2023 em várias plataformas financeiras.

Ferramentas de comunicação de investimento digital

• Site de Relações com Investidores
• Distribuição do boletim informativo por e -mail
• Relatório Anual dos Acionistas

Canal digital	Métrica de engajamento
Visitas ao site do investidor	42.500 visitas anuais
Base de assinante de email	8.700 assinantes

Physicians Realty Trust (DOC) - Modelo de Negócios: Segmentos de Clientes

Sistemas de saúde

A partir do quarto trimestre de 2023, a Physicians Realty Trust serve 66 sistemas de saúde nos Estados Unidos.

Tipo de cliente	Número de sistemas	Valor total da propriedade
Grandes sistemas de saúde	22	US $ 1,2 bilhão
Sistemas de saúde de tamanho médio	44	US $ 780 milhões

Práticas médicas privadas

Doc gerencia imóveis médicos para 312 práticas médicas privadas em 2024.

• Especialidades incluem oncologia, ortopedia e cardiologia
• Tamanho médio da prática: 12.500 pés quadrados
• Portfólio de propriedades de prática médica total: US $ 425 milhões

Centros de cirurgia ambulatorial

Os médicos Realty Trust apoiam 87 centros de cirurgia ambulatorial em todo o país.

Tipo central	Número de centros	Taxa de ocupação
ASCs multi-especializado	52	94%
ASCs de especialidade única	35	91%

Instalações de diagnóstico de imagem

Doc gerencia imóveis para 103 instalações de diagnóstico em 2024.

• Modalidades incluem centros de ressonância magnética, CT, raio-X e ultrassom
• Valor da propriedade total da instalação de imagem: US $ 340 milhões
• Cobertura geográfica: 28 estados

Instituições de Pesquisa Médica

Physicians Realty Trust parceira com 24 instituições de pesquisa médica.

Tipo de instituição	Número de instituições	Investimento total de propriedades de pesquisa
Centros Médicos Acadêmicos	14	US $ 620 milhões
Centros de pesquisa independentes	10	US $ 280 milhões

Physicians Realty Trust (DOC) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

Em 2023, a Physicians Realty Trust gastou US $ 292,3 milhões em aquisições de propriedades. O custo médio por prédio de consultórios médicos foi de aproximadamente US $ 7,2 milhões.

Categoria de aquisição	Gasto total	Custo médio por propriedade
Edifícios de consultórios médicos	US $ 292,3 milhões	US $ 7,2 milhões

Manutenção e reforma de propriedades

Os custos anuais de manutenção e renovação da propriedade para 2023 foram de US $ 43,6 milhões, representando 2,1% do valor total da portfólio.

• Manutenção de rotina: US $ 24,1 milhões
• Principais reformas: US $ 19,5 milhões

Gestão e sobrecarga administrativa

As despesas administrativas de 2023 totalizaram US $ 37,8 milhões, quebrando a seguinte forma:

Categoria de despesa	Quantia
Compensação executiva	US $ 12,4 milhões
Custos administrativos gerais	US $ 15,6 milhões
Serviços profissionais	US $ 9,8 milhões

Pagamentos de juros sobre financiamento da dívida

As despesas totais de juros de 2023 foram de US $ 98,7 milhões, com uma taxa de juros média de 4,3% em dívidas pendentes.

Tipo de dívida	Dívida total	Despesa de juros	Taxa de juros média
Dívida de longo prazo	US $ 1,8 bilhão	US $ 98,7 milhões	4.3%

Custos operacionais e de conformidade

As despesas operacionais e de conformidade em 2023 totalizaram US $ 22,5 milhões.

• Conformidade regulatória: US $ 8,3 milhões
• Custos de seguro: US $ 6,7 milhões
• Tecnologia e infraestrutura: US $ 7,5 milhões

Physicians Realty Trust (DOC) - Modelo de negócios: fluxos de receita

Receita de arrendamento de edifício de escritórios médicos

A partir do quarto trimestre de 2023, a Physicians Realty Trust registrou receita total de aluguel anualizada de US $ 276,6 milhões. O portfólio consiste em 272 edifícios de consultórios médicos, com uma área total de 16,7 milhões de pés quadrados. A taxa de ocupação era de 89,8% em 31 de dezembro de 2023.

Métrica	Valor
Receita de aluguel anualizada total	US $ 276,6 milhões
Número de edifícios de consultórios médicos	272
Área Lasível Bruta Total	16,7 milhões de pés quadrados
Taxa de ocupação	89.8%

Apreciação da propriedade

Em 2023, o total de investimentos imobiliários da empresa foi avaliado em aproximadamente US $ 4,9 bilhões. O portfólio demonstrou um termo de arrendamento médio ponderado de 7,3 anos com potencial para apreciação a longo prazo.

Escalas da taxa de aluguel

• Escalas anuais contratuais da taxa de aluguel com média de 2,5-3,0%
• As estruturas de arrendamento incluem ajustes do índice de preços ao consumidor (CPI)
• Os termos de arrendamento típicos variam de 5 a 10 anos

Distribuições de dividendos

Em fevereiro de 2024, a Physicians Realty Trust mantém um dividendo trimestral de US $ 0,235 por ação. O rendimento anual de dividendos é de aproximadamente 6,8% com base nos preços atuais de ações.

Detalhes de dividendos	Valor
Dividendo trimestral	US $ 0,235 por ação
Rendimento anual de dividendos	6.8%

Vendas estratégicas de propriedades

Em 2023, a empresa concluiu as disposições estratégicas de propriedade, totalizando US $ 155,4 milhões, com uma taxa de capitalização média de 6,7%. Essas vendas faziam parte das estratégias de otimização de portfólio.

Métricas de venda de propriedades	Valor
Disposições totais de propriedade	US $ 155,4 milhões
Taxa de capitalização média	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.