Exploring Physicians Realty Trust (DOC) Investor Profile: Who’s Buying and Why?

You're looking at Physicians Realty Trust (DOC) and wondering who is driving the stock now that the merger with Healthpeak Properties, Inc. is fully integrated, right? The investor profile for the combined entity, which trades under the DOC ticker, is defintely a story of institutional conviction, with a staggering 93.57% of the stock held by institutions like Vanguard Group Inc and BlackRock, Inc., as of late 2025. This isn't a retail-driven play; it's a massive vote of confidence from sophisticated capital seeking stability in healthcare real estate, a sector that remains resilient.

But what are they really buying? Are they focused on the projected $20 million or more in additional merger synergies expected by year-end 2025, or is the pull the steady income stream? With the company setting its Fiscal Year 2025 Earnings Per Share (EPS) guidance at a solid $1.810-$1.870 and declaring a monthly dividend that implies a strong yield around 7.1%, it's clear the investment thesis is centered on scaled, predictable cash flow. Do you know which of the top holders made the biggest move in the last quarter, and what that tells us about the near-term outlook for this $12.30 billion market cap giant?

Who Invests in Healthpeak Properties (DOC) and Why?

If you're looking at Physicians Realty Trust (DOC) today, you're defintely looking at a different company than two years ago. The investment profile shifted dramatically after the March 2024 all-stock merger with Healthpeak Properties, Inc. The new entity, which retained the DOC ticker, is now a massive, diversified healthcare real estate investment trust (REIT) with a market capitalization of approximately $12.26 billion as of late 2025.

The investor base is a classic institutional-heavy mix, but the motivations are a blend of defensive income and a bet on merger-driven efficiency. You have to understand the new scale; it's a major player in medical office buildings (MOBs) and life science real estate now. This isn't a small-cap play anymore.

Key Investor Types: The Institutional Dominance

The ownership structure of Healthpeak Properties (DOC) is overwhelmingly dominated by institutional investors, which is typical for a large-cap REIT. These are the mutual funds, pension funds, and asset managers that hold the stock for long-term stability and income. As of the third quarter of 2025, institutional investors and hedge funds own an estimated 93.57% of the outstanding shares.

This leaves the retail investor (you and me) with a small, but still significant, float of around 6.06%. The big players are the ones moving the needle, so you should always track their 13F filings. Here's the quick math on who holds the most shares, based on Q3 2025 filings:

• Vanguard Group Inc: The largest holder, with over 111.44 million shares, representing 16.04% of the company.
• BlackRock, Inc.: A close second, holding approximately 74.23 million shares, or 10.68%.
• State Street Corp: Rounding out the top three with nearly 48.6 million shares, accounting for 6.99%.

These passive investment giants-Vanguard and BlackRock-hold nearly 27% combined, mostly through index funds. This means a huge chunk of the stock is held by investors who are simply tracking the REIT sector or the broader S&P 500, providing a stable, low-turnover base.

Investment Motivations: Scale, Income, and Demographics

Investors are attracted to the new DOC for three primary reasons that all tie back to the post-merger structure and the healthcare sector's non-cyclical nature. The core thesis is simple: people get older, and they need more medical care.

The most immediate draw is the reliable dividend income. The combined company's annualized dividend is set at $1.22 per share for 2025, translating to a compelling dividend yield of around 6.92% as of late 2025. For income-focused investors, that yield is a necessary component of total return, especially in a higher interest rate environment.

Second, the merger itself is a major catalyst. Management is targeting more than $20 million in additional annual synergies by the end of 2025, following the 2024 realization of $40 million. This operational efficiency is expected to boost the Funds From Operations (FFO) per share, which is guided to be between $1.81 and $1.87 for the full year 2025. Increased scale means better borrowing terms and more negotiating power with tenants.

Finally, the long-term demographic tailwind is undeniable. The portfolio is concentrated in high-growth markets like Dallas, Houston, and Nashville, focusing on outpatient medical and life science properties. This strategic focus is designed to capture the rising demand for healthcare delivery outside of expensive hospitals, a clear structural trend. You can read more about the company's long-term view here: Mission Statement, Vision, & Core Values of Physicians Realty Trust (DOC).

Investment Strategies: Value and Long-Term Income

The strategies employed by the major investors fall squarely into two camps: long-term income holding and a value-driven recovery play.

Active managers are buying in because the stock trades at a significant discount to its fair value, which is a classic value investing signal. They see the high dividend yield as a buffer while they wait for the market to recognize the improved scale and efficiency from the merger. Plus, the consistent insider buying activity from executives and board members throughout 2025 suggests a strong internal belief that the stock is undervalued.

Institutional Ownership and Major Shareholders of Physicians Realty Trust (DOC)

You need to understand who holds the power in Physicians Realty Trust (DOC) now that the company has fundamentally changed. The direct answer is that the investor profile is dominated by massive index and asset managers, a shift cemented by the $21 billion all-stock merger with Healthpeak Properties, Inc. (PEAK) in March 2024. The combined entity, which retained the DOC ticker, is now a healthcare and life sciences real estate giant, and institutional investors own approximately 92.36% of its stock.

This high institutional ownership means the stock's price and long-term strategy are defintely influenced by the decisions of a few behemoth firms. Vanguard and BlackRock, for example, hold a combined ownership stake of over 26%, reflecting the stock's inclusion in major Real Estate Investment Trust (REIT) and index funds. This is a passive, long-term commitment, but their sheer size gives them enormous influence.

Top Institutional Investors and Their Stakes

As of the third quarter of the 2025 fiscal year (September 30, 2025), the top institutional holders of Physicians Realty Trust (DOC), now Healthpeak Properties, Inc., are the world's largest asset managers. These firms are buying the combined entity for its scale-a 52-million-square-foot portfolio-and its focus on high-growth outpatient medical and life science real estate.

Here's the quick math: Vanguard's stake alone is worth nearly $2 billion, making it the single most important shareholder.

Near-Term Ownership Trends: Buying the Synergy Story

The trend in 2025 has been mixed, but the accumulation score suggests institutions are net buyers, particularly in the first half of the year. Some institutions are clearly buying into the merger's synergy story, while others are trimming positions post-merger for portfolio rebalancing or risk management. For instance, Davis Selected Advisers increased its position by 57.7% in Q2 2025, adding 142,380 shares.

On the flip side, some funds, like PNC Financial Services Group Inc., decreased their position by 33.5% in the second quarter of 2025, selling 61,069 shares. This tells you that while the mega-funds maintain their passive stakes, active managers are making tactical decisions based on the integration progress and macro-economic outlook. The market is still digesting the full impact of the combined company's financial guidance, which projects a full-year 2025 Earnings Per Share (EPS) between $1.810 and $1.870.

• Buy-Side: Brooklyn Investment Group grew its position by a massive 198.9% in Q1 2025, betting on the combined platform.
• Sell-Side: Invesco Ltd. showed a significant reduction in its Q3 2025 filing, cutting its position by over 21%.

The Impact on Strategy and Valuation

These large institutional holders play a critical role, not just in providing stock stability, but in validating the strategic direction of the new Physicians Realty Trust (DOC). Their investment confirms confidence in the post-merger strategy of focusing on the highest-quality medical office buildings (MOBs) and Life Science Real Estate (LSRE). The merger integration, which is now complete, is expected to generate total run-rate synergies north of $65 million, a key metric these investors are tracking.

When Vanguard or BlackRock hold over a quarter of the shares, they are essentially endorsing the management team's focus on operational efficiency and debt management, particularly the repayment of $210 million of Physicians Realty Trust private placement notes using proceeds from a new term loan. Their passive presence reduces volatility, but any major shift in their index fund methodologies could still cause a shock. The company's strong Q3 2025 FFO as Adjusted of $0.46 per share, beating consensus estimates, is what keeps these large investors comfortable. For a deeper dive into the company's foundation, you can review Physicians Realty Trust (DOC): History, Ownership, Mission, How It Works & Makes Money.

Key Investors and Their Impact on Physicians Realty Trust (DOC)

The investor profile for Physicians Realty Trust (DOC) fundamentally changed in the 2025 fiscal year due to the all-stock merger with Healthpeak Properties, Inc., which closed in March 2024. The combined entity retained the ticker 'DOC,' so when you look at the Q2 2025 filings, you are seeing the institutional ownership of a much larger, more diversified healthcare and life sciences real estate investment trust (REIT). The direct takeaway is that while institutional ownership remains high, the second quarter of 2025 saw significant portfolio rebalancing among major funds, reflecting a post-merger reassessment of the new company's strategy.

This is a major shift. The merger, valued at approximately $21 billion, created a platform with a 52-million-square-foot portfolio, and the investor moves we see now are a direct reaction to that scale and the projected synergies.

The Institutional Giants: Who's Buying and Selling Now?

Institutional investors, including asset managers, pension funds, and hedge funds, dominate the ownership of Physicians Realty Trust (DOC), as is typical for a large-cap REIT. Their trading activity in the second quarter of 2025 shows a clear divergence in strategy, with some funds aggressively adding shares while others significantly reduced their positions.

BlackRock, Inc., a perennial top holder in most large-cap stocks, was a notable seller, removing 6,838,974 shares from its portfolio in Q2 2025, a reduction of about 8.4%, valued at an estimated $119,750,434. This move, and others like it, suggests a minor de-risking or reallocation away from the combined entity by some of the largest, most passive funds. Conversely, other institutions saw a clear opportunity in the post-merger structure. Principal Financial Group Inc. was a massive buyer, adding 10,011,315 shares, which represented a +56.1% increase in their position, valued at an estimated $175,298,125. That's a powerful vote of confidence in the merger's long-term value proposition.

Here's the quick math on some of the largest Q2 2025 institutional moves:

• Principal Financial Group Inc.: Added 10,011,315 shares (+56.1%) for ~$175.3 million.
• UBS AM: Removed 8,209,933 shares (-89.1%) for ~$143.8 million.
• BlackRock, Inc.: Removed 6,838,974 shares (-8.4%) for ~$119.8 million.
• Nordea Investment Management AB: Added 3,871,201 shares (+7,444.0%) for ~$67.8 million.

The sheer volume of these trades confirms the market is actively repricing and re-underwriting the combined company. For a more detailed look at the new entity's balance sheet, you should check out Breaking Down Physicians Realty Trust (DOC) Financial Health: Key Insights for Investors.

Investor Influence and Merger Synergies

The influence of the former Physicians Realty Trust investors is baked directly into the new company's corporate governance. The Healthpeak Board of Directors expanded from eight to 13 members with the addition of five directors who previously served on the Physicians Realty Trust board. This includes John Thomas, the former President and CEO of Physicians Realty Trust, who now serves as Vice Chair of the combined Healthpeak Board, ensuring the medical office building (MOB) expertise remains central to the strategy. This board representation is the most direct form of investor influence, ensuring the legacy Physicians Realty Trust's focus on high-quality medical properties is maintained.

From a financial standpoint, the investors are holding the company accountable for the promised merger synergies (cost savings and revenue gains from the combination). The company is on track to deliver an additional $20 million or more of synergies by year-end 2025, which is critical to realizing the full value of the transaction. This is what the large institutional buyers are betting on-a more efficient, higher-growth platform.

Insider Sentiment: A Clear Signal

While institutional funds move billions, a strong signal comes from the company's own leadership. Insider trading activity in the six months leading up to October 2025 was overwhelmingly positive: 14 purchases and 0 sales. This is defintely a bullish sign.

For example, President and CEO Scott M Brinker personally purchased 21,380 shares for an estimated $373,313 during this period. When the people running the company are using their own cash to buy stock on the open market, it suggests they believe the shares are undervalued and the integration risk is manageable. This is a powerful counterpoint to the institutional sellers, indicating that management sees the stock's price lagging the fundamental improvements, like the Q3 2025 Funds From Operations (FFO) of $0.46 per share, which beat consensus estimates.

The table below summarizes the insider buying activity from the past six months, which shows a unified belief in the post-merger future:

Finance: Track the top 10 institutional holders' Q3 2025 filings for any further material rebalancing by the end of the year.

Market Impact and Investor Sentiment

The investor profile for Physicians Realty Trust (DOC) is now defined entirely by the post-merger entity, Healthpeak Properties, Inc., which closed its all-stock merger of equals in March 2024. The core takeaway is a mixed, yet fundamentally bullish, institutional sentiment: major investors are actively reshuffling their positions, but the company's insiders are defintely buying, signaling strong internal conviction.

Institutional ownership is massive, accounting for approximately 93.57% of the stock. This is a blue-chip shareholder base, but their actions in the third quarter of 2025 were a blend of profit-taking and accumulation, reflecting a nuanced view of the combined entity's valuation. For instance, while Vanguard Group Inc. and Blackrock, Inc. reduced their stakes by 2,084,334 and 1,222,267 shares, respectively, as of September 30, 2025, other heavyweights saw a deep-value opportunity.

Jpmorgan Chase & Co. added a substantial 8,212,504 shares in the same period, showing conviction in the long-term strategy. Honestly, that kind of volume from a name like Jpmorgan is a powerful counter-signal to the more passive index funds reducing their positions. Here's the quick math on the institutional churn:

• Vanguard Group Inc.: Sold 2,084,334 shares (as of 9/30/2025).
• Blackrock, Inc.: Sold 1,222,267 shares (as of 9/30/2025).
• Jpmorgan Chase & Co.: Bought 8,212,504 shares (as of 9/30/2025).
• Fuller & Thaler Asset Management, Inc.: Bought 1,735,740 shares (as of 9/30/2025).

Recent Market Reactions and Insider Confidence

The market has been cautious, still pricing in the integration risks of the $21 billion merger, but recent performance shows momentum. The stock's year-to-date return is down 11.6% (as of November 2025), reflecting earlier 2025 headwinds like interest rate uncertainty. But, the short-term picture is better: the stock saw a strong 90-day share price return of 5.1%, suggesting the market is starting to reward the successful integration and synergy realization.

What's most telling is the insider activity. The CEO, Scott Brinker, and other executives and directors have been consistently buying shares on the open market for the last six months, with zero sales. This is a classic sign of internal confidence, a belief that the stock is trading below its intrinsic value. For example, the CEO made multiple open market purchases in July and August 2025, putting his own capital on the line.

The company's financial results are reinforcing this positive shift. The Q3 2025 earnings report showed revenue of $705.87 million, which beat the consensus estimate of $681.65 million. Plus, the quarterly Earnings Per Share (EPS) of $0.46 topped the $0.45 consensus. This operational beat is what turns cautious sentiment into buy orders. You can dive deeper into the operational metrics in Breaking Down Physicians Realty Trust (DOC) Financial Health: Key Insights for Investors.

Analyst Perspectives on Value and Opportunity

Wall Street analysts are generally positive, seeing the current valuation as an opportunity. The consensus rating is a Moderate Buy, based on seven Buy ratings and five Holds. The average 12-month price target sits around $20.82 (as of November 2025), which is a clear upside from recent trading levels. One popular valuation model suggests the stock is currently 15.3% Undervalued, with a fair value estimate of $21.03.

The bullish case hinges on the merger synergies. Management expects total merger-related synergies to be north of $65 million, significantly exceeding the initial targets. This synergy capture, combined with the combined entity's focus on high-acuity outpatient medical buildings and life science real estate, is expected to drive steady Funds From Operations (FFO) growth.

What this estimate hides is the risk of elevated leverage and capital allocation in a high-cost environment, which is why some analysts maintain a 'Hold' rating. Still, the company's FY 2025 EPS guidance is tight, set between $1.810 and $1.870, which shows management has clear visibility on near-term earnings. The dividend is also a major draw for income investors, with a monthly payout of $0.1017 per share, translating to an annualized yield of roughly 6.8%.