Cash Flow Statement

Operating Cash Flow

+39%

+65%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	126	131	144	137	135	131	144	159	178	182	167	169	166	167	178	173	188	186	218	418	505	535	780	614	525	692	501	471	468	331	156	146	178	165	234	344	334	480	629	555	677	648	671	847	884	896	934	985	1 015	1 020	1 035	937	436	381	248	(546)	(189)	(52)	(16)	640	984	702	542	423	2	73	181	1 074	1 095	992	847	60	278	343	325	428	295	522	644	526	452	242	538	516	576	560	270	335	211	308	332	267	306	192	(10)	101
Depreciation & Amortization	66	69	69	68	69	71	68	80	82	81	88	73	76	82	86	86	90	89	90	118	149	180	223	258	278	300	307	312	315	316	320	316	314	312	310	307	320	332	339	346	340	335	335	354	372	396	417	423	428	431	449	455	467	474	486	505	530	550	557	568	565	556	545	535	541	554	556	550	538	560	600	660	717	731	732	697	665	658	662	684	705	714	710	711	712	729	741	750	790	876	972	1 057	1 106	1 089	1 071	1 059
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	49	49	47	47	(10)	(15)	(18)	(6)	0	(0)	(1)	(19)	(20)	(19)	(20)	(18)	(39)	(43)	(12)	(15)	9	15	(10)	(6)	(5)	(4)	(7)	(6)	(6)	(6)	(2)	(15)	(4)	(3)	(2)	(2)	(11)	(11)	(13)	4
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8	2	6	9	11	12	13	14	14	14	14	14	14	14	15	15	15	17	17	19	20	20	21	22	23	23	24	40	40	39	39	23	22	23	27	26	26	25	20	24	23	21	20	14	14	16	17	16	17	15	17	18	18	19	17	17	17	17	18	18	18	19	19	19	26	25	24	23	14	31	31	32	32	17	14	14	0
Other Non-Cash Items	22	19	11	33	39	43	40	19	7	10	19	28	30	24	16	23	22	30	(3)	(225)	(319)	(340)	(593)	(426)	(340)	(508)	(262)	(223)	(221)	(87)	(62)	(35)	(62)	(40)	10	(74)	(67)	(114)	(178)	(163)	(173)	(141)	(141)	(172)	(190)	(181)	(182)	(215)	(227)	(232)	(274)	(161)	339	377	514	1 301	869	755	699	(103)	(477)	(306)	(234)	(129)	253	167	38	(825)	(833)	(756)	(635)	102	(240)	(330)	(365)	(474)	(256)	(473)	(564)	(441)	(379)	(163)	(444)	(441)	(486)	(475)	(177)	(198)	(198)	(320)	(378)	(325)	(251)	(125)	89	(35)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	1	2	2	2	1	0	0	0	0	0	0	0	1	2	2	5	5	5	5	3	2	2	2	2	2	2	2	2	1	2	2	2	3	2	2	2	0	0	1	2	4	5	5	5	6	7	8	9	8	14	14	20	18	10	9	2	2	5	3	3	4	1	1	0	0	(1)	3	3	3	5	0	(0)	(2)	(2)	0	2	1	2	3	4	7	8	7	5	3	3
Cash Interest Paid	0	0	134	82	98	0	106	88	109	134	86	87	86	89	96	100	109	117	130	166	218	241	301	330	372	368	376	344	251	249	237	292	288	287	288	283	278	282	341	349	401	399	397	390	407	402	414	412	410	411	408	410	426	423	444	452	455	476	460	490	426	411	350	309	294	287	274	276	237	234	214	202	220	206	225	210	228	215	189	173	142	138	145	162	169	179	175	188	197	218	241	249	256	257	264	260
Change in Working Capital	(11)	(9)	(1)	(6)	10	5	1	6	(5)	(8)	(5)	3	3	16	14	1	3	12	11	30	0	10	(13)	7	36	26	52	9	(7)	(14)	89	89	79	104	3	3	34	39	(53)	(14)	(83)	(67)	(8)	6	(3)	13	(11)	(45)	(34)	(34)	(22)	18	(10)	3	(15)	(38)	1	(6)	66	62	76	42	18	24	54	62	68	69	31	12	53	42	67	85	76	121	72	76	59	31	94	97	121	120	84	115	100	84	136	92	96	73	47	99	104	123
Cash from Operating Activities	202 N/A	211 +4%	223 +6%	233 +4%	253 +9%	250 -1%	253 +1%	264 +4%	261 -1%	266 +2%	270 +2%	273 +1%	275 +1%	289 +5%	293 +1%	282 -4%	302 +7%	316 +5%	316 0%	341 +8%	336 -2%	384 +14%	397 +3%	453 +14%	498 +10%	509 +2%	599 +18%	569 -5%	554 -3%	546 -1%	503 -8%	516 +3%	508 -1%	542 +7%	557 +3%	581 +4%	621 +7%	737 +19%	737 0%	724 -2%	761 +5%	775 +2%	858 +11%	1 035 +21%	1 063 +3%	1 123 +6%	1 158 +3%	1 149 -1%	1 182 +3%	1 185 +0%	1 188 +0%	1 249 +5%	1 232 -1%	1 235 +0%	1 233 0%	1 222 -1%	1 261 +3%	1 295 +3%	1 353 +4%	1 214 -10%	1 139 -6%	979 -14%	853 -13%	847 -1%	850 +0%	855 +1%	842 -2%	849 +1%	811 -4%	790 -3%	844 +7%	846 +0%	783 -8%	785 +0%	757 -4%	758 +0%	786 +4%	798 +2%	790 -1%	795 +1%	867 +9%	885 +2%	917 +4%	900 -2%	880 -2%	922 +5%	932 +1%	956 +3%	935 -2%	953 +2%	1 018 +7%	1 070 +5%	1 197 +12%	1 244 +4%	1 241 0%	1 252 +1%
Investing Cash Flow
Capital Expenditures	(258)	(295)	(244)	(273)	(177)	(118)	(254)	(216)	(243)	(339)	(225)	(337)	(289)	(307)	(495)	(447)	(630)	(581)	(407)	(480)	(512)	(491)	(483)	(426)	(247)	(224)	(218)	(156)	(133)	(122)	(94)	(97)	(107)	(214)	(254)	(305)	(339)	(296)	(247)	(198)	(155)	(113)	(287)	(2 022)	(2 064)	(2 087)	(1 923)	(195)	(170)	(425)	(620)	(682)	(776)	(1 694)	(717)	(894)	(955)	176	(836)	(889)	(770)	(774)	(724)	(934)	(995)	(1 003)	(1 194)	(930)	(1 037)	(1 837)	(2 029)	(2 231)	(2 218)	(1 763)	(1 393)	(1 962)	(1 883)	(2 050)	(2 453)	(2 094)	(2 256)	(1 839)	(1 461)	(1 040)	(943)	(924)	(862)	(747)	(639)	(567)	(553)	(604)	(701)	(736)	(791)	(1 250)
Other Items	42	30	(81)	(118)	(139)	(143)	39	(91)	117	122	85	253	92	78	70	32	29	40	(24)	(3 212)	(2 801)	(2 405)	(4 806)	(2 463)	(2 891)	(2 815)	(279)	583	564	131	(4)	35	25	(19)	(66)	(126)	(629)	(4 239)	(4 408)	(4 382)	(3 881)	(516)	(393)	(293)	(277)	(335)	(15)	(2)	(16)	264	(260)	(830)	(1 018)	(1 078)	(1 524)	(766)	(543)	(345)	547	460	2 222	2 475	2 350	2 181	537	764	1 517	2 759	2 695	2 085	1 599	782	778	868	619	955	1 794	3 290	3 416	2 625	1 773	197	210	163	369	370	203	170	(92)	218	457	490	454	92	(72)	216
Cash from Investing Activities	(216) N/A	(265) -23%	(325) -23%	(391) -20%	(315) +19%	(261) +17%	(215) +18%	(307) -43%	(126) +59%	(217) -72%	(140) +35%	(85) +40%	(197) -133%	(229) -16%	(426) -86%	(415) +3%	(601) -45%	(541) +10%	(432) +20%	(3 692) -755%	(3 313) +10%	(2 895) +13%	(5 289) -83%	(2 888) +45%	(3 137) -9%	(3 039) +3%	(497) +84%	427 N/A	431 +1%	9 -98%	(98) N/A	(61) +37%	(82) -34%	(234) -184%	(320) -37%	(431) -35%	(968) -125%	(4 534) -369%	(4 655) -3%	(4 581) +2%	(4 036) +12%	(629) +84%	(680) -8%	(2 314) -240%	(2 341) -1%	(2 422) -3%	(1 938) +20%	(197) +90%	(186) +5%	(161) +13%	(880) -447%	(1 512) -72%	(1 794) -19%	(2 772) -55%	(2 240) +19%	(1 660) +26%	(1 498) +10%	(169) +89%	(289) -71%	(429) -48%	1 452 N/A	1 701 +17%	1 626 -4%	1 246 -23%	(458) N/A	(239) +48%	323 N/A	1 829 +466%	1 658 -9%	249 -85%	(430) N/A	(1 449) -237%	(1 440) +1%	(895) +38%	(774) +14%	(1 008) -30%	(89) +91%	1 240 N/A	963 -22%	531 -45%	(483) N/A	(1 642) -240%	(1 251) +24%	(876) +30%	(574) +34%	(554) +4%	(659) -19%	(577) +13%	(731) -27%	(348) +52%	(96) +73%	(114) -19%	(247) -117%	(645) -161%	(863) -34%	(1 035) -20%
Financing Cash Flow
Net Issuance of Common Stock	195	80	104	102	108	29	134	215	206	273	138	43	37	49	50	45	44	25	23	989	1 251	1 257	1 272	619	352	910	1 379	1 061	1 055	909	846	853	853	872	526	2 427	3 676	3 268	3 211	1 328	477	534	534	1 497	1 132	1 072	1 081	114	107	98	83	84	116	124	184	198	172	154	87	59	28	26	22	23	24	15	11	214	212	616	719	791	1 849	1 445	1 342	1 058	(10)	(10)	(7)	(8)	(8)	(8)	(68)	240	245	245	301	(6)	(102)	(170)	(189)	(190)	(113)	(117)	(97)	(96)
Net Issuance of Debt	14	172	207	275	184	208	57	70	(85)	(71)	(9)	28	133	161	373	360	564	473	980	2 719	2 132	1 982	3 983	2 298	2 789	1 949	(1 430)	(1 578)	(1 586)	(1 083)	(693)	(710)	(764)	(578)	(282)	(1 043)	1 335	1 504	1 498	2 392	(1)	52	247	905	771	1 061	609	(45)	(110)	(117)	670	1 096	1 575	2 531	1 927	1 398	1 018	(278)	(130)	(1 748)	(2 695)	(3 252)	(3 400)	(1 370)	(240)	(100)	(674)	(2 313)	(2 189)	(1 145)	(333)	654	363	203	(302)	63	(422)	(1 619)	(815)	(301)	446	1 417	1 050	325	120	119	77	378	632	357	237	153	96	414	525	1 109
Cash Paid for Dividends	(197)	(204)	(208)	(213)	(218)	(220)	(223)	(223)	(229)	(234)	(238)	(243)	(244)	(245)	(247)	(248)	(251)	(252)	(254)	(267)	(300)	(334)	(367)	(394)	(401)	(416)	(439)	(458)	(475)	(485)	(497)	(517)	(538)	(557)	(575)	(591)	(632)	(691)	(742)	(788)	(815)	(826)	(840)	(865)	(893)	(920)	(944)	(957)	(968)	(980)	(991)	(1 002)	(1 012)	(1 023)	(1 034)	(1 047)	(1 054)	(1 062)	(1 069)	(980)	(885)	(790)	(694)	(695)	(696)	(696)	(697)	(697)	(700)	(703)	(711)	(720)	(731)	(754)	(771)	(787)	(763)	(725)	(688)	(650)	(649)	(649)	(649)	(648)	(650)	(652)	(654)	(657)	(656)	(703)	(749)	(795)	(844)	(845)	(847)	(849)
Other	2	(1)	2	(6)	(5)	(3)	(8)	(9)	(14)	(17)	(20)	(15)	(15)	(16)	(16)	(20)	(19)	(18)	(26)	(53)	(61)	(66)	(71)	(51)	(48)	(46)	(63)	(60)	(66)	(63)	(34)	(26)	1	2	2	(19)	(89)	(104)	(56)	(79)	(28)	(12)	(67)	(44)	(33)	(31)	(14)	(13)	(23)	(25)	(37)	(33)	(30)	(35)	(33)	65	72	74	73	1 615	1 612	1 612	1 560	(107)	(169)	(166)	142	175	236	228	(43)	(77)	(80)	(105)	(108)	(88)	(245)	(276)	(274)	(330)	(171)	(111)	(100)	(33)	(53)	(56)	(52)	(52)	(38)	(90)	(93)	(109)	(108)	(48)	(41)	(27)
Cash from Financing Activities	14 N/A	47 +246%	104 +120%	158 +53%	69 -56%	14 -80%	(40) N/A	53 N/A	(121) N/A	(48) +60%	(128) -165%	(188) -46%	(89) +53%	(51) +42%	160 N/A	137 -15%	338 +147%	228 -33%	723 +218%	3 388 +369%	3 022 -11%	2 839 -6%	4 816 +70%	2 473 -49%	2 693 +9%	2 397 -11%	(553) N/A	(1 035) -87%	(1 072) -4%	(722) +33%	(378) +48%	(400) -6%	(448) -12%	(261) +42%	(329) -26%	775 N/A	4 291 +454%	3 977 -7%	3 911 -2%	2 853 -27%	(366) N/A	(252) +31%	(127) +50%	1 493 N/A	978 -35%	1 182 +21%	732 -38%	(900) N/A	(995) -10%	(1 024) -3%	(275) +73%	145 N/A	648 +348%	1 597 +146%	1 044 -35%	614 -41%	208 -66%	(1 112) N/A	(1 039) +7%	(1 054) -1%	(1 939) -84%	(2 404) -24%	(2 512) -5%	(2 149) +14%	(1 081) +50%	(948) +12%	(1 218) -28%	(2 621) -115%	(2 441) +7%	(1 004) +59%	(368) +63%	647 N/A	1 400 +116%	790 -44%	161 -80%	247 +53%	(1 439) N/A	(2 630) -83%	(1 783) +32%	(1 289) +28%	(383) +70%	649 N/A	234 -64%	(117) N/A	(338) -190%	(344) -2%	(328) +5%	(337) -3%	(164) +51%	(606) -269%	(794) -31%	(941) -18%	(969) -3%	(596) +39%	(460) +23%	136 N/A
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	0	2	2	2	0	(2)	(2)	(2)	(1)	(1)	(1)	(0)	0	0	1	0	0	0	0	0	(0)	0	0	0	0	(0)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	0 N/A	(7) N/A	2 N/A	0 -88%	7 +3 400%	3 -63%	(2) N/A	9 N/A	15 +57%	0 -99%	2 +1 600%	0 -94%	(10) N/A	8 N/A	28 +234%	4 -84%	39 +807%	3 -94%	607 +24 184%	37 -94%	45 +21%	327 +634%	(77) N/A	38 N/A	54 +41%	(132) N/A	(452) -242%	(39) +91%	(88) -127%	(167) -91%	27 N/A	55 +101%	(22) N/A	47 N/A	(92) N/A	925 N/A	3 944 +327%	180 -95%	(8) N/A	(1 003) -13 100%	(3 641) -263%	(106) +97%	52 N/A	214 +315%	(300) N/A	(117) +61%	(47) +60%	53 N/A	2 -96%	1 -55%	34 +3 320%	(117) N/A	88 N/A	62 -30%	37 -40%	174 +372%	(31) N/A	12 N/A	24 +93%	(270) N/A	651 N/A	276 -58%	(33) N/A	(55) -69%	(688) -1 156%	(331) +52%	(52) +84%	58 N/A	29 -50%	34 +19%	47 +36%	45 -4%	743 +1 559%	680 -8%	144 -79%	(3) N/A	(742) -24 637%	(592) +20%	(31) +95%	38 N/A	1 -97%	(108) N/A	(100) +8%	(93) +7%	(32) +66%	25 N/A	(55) N/A	42 N/A	40 -5%	(1) N/A	128 N/A	15 -88%	(19) N/A	4 N/A	(83) N/A	353 N/A
Free Cash Flow
Free Cash Flow	(56) N/A	(84) -51%	(21) +75%	(40) -95%	77 N/A	132 +71%	(1) N/A	47 N/A	18 -61%	(73) N/A	45 N/A	(65) N/A	(13) +80%	(19) -41%	(202) -976%	(165) +18%	(329) -99%	(265) +19%	(92) +65%	(139) -52%	(176) -27%	(107) +39%	(87) +19%	28 N/A	251 +811%	285 +14%	381 +33%	413 +9%	421 +2%	424 +1%	409 -4%	419 +2%	401 -4%	327 -18%	303 -7%	276 -9%	282 +2%	442 +57%	490 +11%	526 +7%	606 +15%	662 +9%	571 -14%	(987) N/A	(1 001) -1%	(964) +4%	(765) +21%	954 N/A	1 012 +6%	761 -25%	568 -25%	567 0%	456 -20%	(459) N/A	517 N/A	328 -37%	306 -7%	1 471 +381%	517 -65%	326 -37%	368 +13%	205 -44%	130 -37%	(87) N/A	(145) -66%	(148) -2%	(352) -138%	(81) +77%	(226) -179%	(1 047) -364%	(1 185) -13%	(1 385) -17%	(1 435) -4%	(978) +32%	(635) +35%	(1 204) -89%	(1 097) +9%	(1 252) -14%	(1 663) -33%	(1 298) +22%	(1 389) -7%	(954) +31%	(543) +43%	(140) +74%	(63) +55%	(2) +97%	70 N/A	209 +199%	296 +41%	387 +31%	465 +20%	466 +0%	496 +6%	508 +2%	450 -11%	2 -100%

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Physicians Realty Trust
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Cash Flow Statement

Cash Flow Statement
Physicians Realty Trust

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Physicians Realty Trust NYSE:DOC

Cash Flow Statement

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Physicians Realty Trust
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Cash Flow Statement
Physicians Realty Trust