A Year to be Steadfast

2022 presented numerous opportunities to grow through property and portfolio acquisitions of all sizes, including the opportunity to acquire our largest pure-play competitor and portfolios of medical office facilities owned by other investors. Ultimately, we acquired neither because DOC’s strategy has never been to “grow just to grow.” Instead, we grow intentionally through accretive investments favorable to our cost of capital and aligned with our mission to help health care providers, developers, and shareholders realize better health care, better communities, and better returns.

We launched DOC on July 19, 2013, with an initial public offering on the New York Stock Exchange, grossing $135 million. We had the same vision then that energizes us today of building a real estate investment trust focused on the future of health care delivery, specifically outpatient care.

Our investments since then and careful, disciplined management have allowed us to pay a dividend every fiscal quarter of our existence, totaling 39 consecutive quarters.

As we approach our 10th anniversary, we celebrate our Company’s journey and renew our steadfast commitment to you, our shareholders, and the 105 employees and their families that comprise the DOC team.

We ended 2022 with a portfolio of 290 medical office facilities in 36 states totaling over 16 million square feet of rentable space. Our total shareholder return since our IPO, through December 31, 2022, is 108% in total and 8.04% on average per year, including dividends.

“

Since our beginnings, DOC has focused on a relationship-first approach. As a result, almost ten years since our IPO, we’ve built a fantastic portfolio of truly Class-A properties supported by a Class-A team.”

Mark Theine EVP, Asset Management Co-Founder

We look forward to the next 10 years as we remain smart, strong, and steadfastly committed to maintaining and growing our dividends for your benefit and the patients, families, and providers we serve. We hope to see you in Milwaukee for our Annual Meeting of Shareholders on May 3, 2023. Thank you for your partnership in the months and years to come.

Sincerely,

Governor Tommy G. Thompson Chairman, Board of Trustees

John T. Thomas President & Chief Executive Officer